Harmony Gold (HMY) is a South African based gold miner with operation in Papua New Guinea and Africa.The company has experienced many issues but the stock is down to the point that it might finally be a buy. The company has 436 million shares and trades at a market cap of $357 million.The rand has been crushed and it now takes 15.04 to buy one dollar.Gold trades at $1,064 an ounce.Harmony received $1,133 an ounce per gold in the most recent quarter but lost 9¢ a share. Whether Harmony can sustain a continued decline in gold is the question.As of the latest quarter, the balance sheet showed R 1.487 billion ($99 million) in cash, R 754 million ($50 million) in accounts receivable, and R 1.263 billion ($84 million in inventories).This is to R 1.831 billion ($122 million) in accounts payable and R 4.129 billion ($275 million) in debt.Harmony knows it has some issues and is trying to keep a clean balance sheet. The problem with South African miners is that it is risky.There are labor problems, problems with electricity, and problems getting good ore out of the ground.As of the latest quarter, the all in sustaining cost was $1,040 an ounce.Yikes! Harmony lost four miners in the recent quarter.I've been reading the Annual Reports for a few years and the company reports many deaths.That's very sad. A three year contract was signed with the miners.The average wage increase for FY 2016 is 6.5%.There have been some nasty strikes in South Africa. Harmony has several open pit mines and a joint venture in Papua New Guinea.The major new discoveries are in PNG too.You can see where the company is headed. The stock was $12 a few years ago.Since then, it has gotten crushed.We own the stock at a loss.I'd buy more but we already own enough precious metals and miners.The thesis to buying the stock is not difficult to understand:it's down and can't go down much further unless it goes to zero.It also depends on gold and we certainly don't know where that is headed.Harmony is a buy for small amounts of money, as it is a very risky stock.