Wrap Text
HAR - Harmony Gold Mining Company Limited - Results For the second quarter
FY12 and six months ended 31 December 2011
Harmony Gold Mining Company Limited
("Harmony" or "Company")
Incorporated in the Republic of South Africa
Registration number 1950/038232/06
JSE Share code: HAR
NYSE Share code: HMY
ISIN: ZAE000015228
RESULTS FOR THE SECOND QUARTER FY12 AND SIX MONTHS ENDED 31 DECEMBER 2011
KEY FEATURES
- Record operating profits of R2.1bn (US$257m)
- Record headline earnings of R1.0bn (US$129m)
* 155% increase in HEPS at 242 SA cents (30 US cents)
- Gold production up by 5% - 10 718kg (344 592oz)
* recovery grade increased by 13% to 2.36g/t
- Cash operating costs reduced by 6% to R249 356/kg (US$958/oz)
- Interim dividend declared (ZAR0.40/share)
Financial summary for the second quarter FY12 and six months ended
31 December 2011
Quarter Quarter Q-on-Q
December September Variance
2011 2011 %
Gold - kg 10 718 10 207 5
produced (1) - oz 344 592 328 162 5
Cash costs - R/kg 249 356 265 288 6
- US$/oz 958 1 156 17
Gold sold - kg 11 000 9 948 11
- oz 353 658 319 836 11
Gold price - R/kg 438 183 396 405 11
received - US$/oz 1 683 1 727 (3)
Operating - R million 2 077 1 306 59
profit - US$ million 257 183 40
Basic - SAc/s 243 111 119
earnings - USc/s 30 16 88
per share*
Headline - Rm 1 041 411 153
profit* - US$m 129 58 122
Headline - SAc/s 242 95 155
earnings - USc/s 30 13 131
per share*
Exchange - R/US$ 8.10 7.14 13
rate
6 months 6 months
December December Variance
2011 2010 %
Gold - kg 20 925 20 526 2
produced (1) - oz 672 754 659 925 2
Cash costs - R/kg 257 114 222 787 (15)
- US$/oz 1 051 965 (9)
Gold sold - kg 20 948 20 915 -
- oz 673 494 672 433 -
Gold price - R/kg 418 381 295 069 42
received - US$/oz 1 711 1 294 32
Operating - R million 3 383 1 519 123
profit - US$ million 443 215 106
Basic - SAc/s 354 93 281
earnings - USc/s 46 13 254
per share*
Headline - Rm 1 452 435 234
profit* - US$m 191 61 213
Headline - SAc/s 337 101 234
earnings - USc/s 44 14 214
per share*
Exchange - R/US$ 7.61 7.09 7
rate
* Reported amounts include continuing operations only.
(1) Production statistics for Target 3 and Steyn 2 have been included. These
mines were in a build-up phase up to the end of June 2011 and September 2011
respectively, revenue and costs were capitalised. Revenue capitalised
includes: Quarter ended December 2011 Target 3, nil (September 2011 - nil) and
Steyn 2, nil (September 2011 - 36kg), six months ended December 2011 Target 3,
nil (December 2010 - 281kg) and Steyn 2, 36kg (December 2010 - 49kg).
Shareholder information
Issued ordinary
share capital at 431 312 677
31 December 2011
Issued ordinary
share capital at 430 272 715
30 September 2011
Market capitalisation
At 31 December 2011 ZARm 40 975
At 31 December 2011 US$m 5 020
Harmony ordinary share and
ADR prices
12 month high
(1 January 2011 -
31 December 2011) R115.75
for ordinary shares
12 month low
(1 January 2011 -
31 December 2011) R74.77
for ordinary shares
12 month high
(1 January 2011 -
31 December 2011) US$15.57
for ADRs
12 month low
(1 January 2011 -
31 December 2011) US$10.56
for ADRs
Free float
Ordinary shares 100%
ADR ratio 1:1
JSE Limited HAR
Range for quarter
(1 October 2011 -
31 December 2011 R92.64 - R115.75
closing prices)
Average daily volume
for the quarter
(1 October 2011 - 1 184 707 shares
31 December 2011)
New York Stock Exchange, Inc
including other HMY
US trading
Range for quarter
(1 October 2011 -
31 December 2011 US$11.34 - US$14.37
closing prices)
Average daily volume
for the quarter
(1 October 2011 - 2 174 204 shares
31 December 2011)
Harmony`s Annual Report, Notice of Annual General Meeting, its Sustainable
Development Report and its Annual Report filed on a form 20F with the United
States` Securities and Exchange Commission for the year ended 30 June 2011 are
available on our website: www.harmony.co.za
Forward-looking statements
This quarterly report contains forward-looking statements within the meaning
of the United States Private Securities Litigation Reform Act of 1995 with
respect to Harmony`s financial condition, results of operations, business
strategies, operating efficiencies, competitive positions, growth
opportunities for existing services, plans and objectives of management,
markets for stock and other matters. Statements in this quarter that are not
historical facts are "forward-looking statements" for the purpose of the safe
harbour provided by Section 21E of the U.S. Securities Exchange Act of 1934,
as amended, and Section 27A of the U.S. Securities Act of 1933, as amended.
Forward-looking statements are statements that are not historical facts.
These statements include financial projections and estimates and their
underlying assumptions, statements regarding plans, objectives and
expectations with respect to future operations, products and services, and
statements regarding future performance. Forward-looking statements are
generally identified by the words "expect", "anticipates", "believes",
"intends", "estimates" and similar expressions. These statements are only
predictions. All forward-looking statements involve a number of risks,
uncertainties and other factors and we cannot assure you that such statements
will prove to be correct. Risks, uncertainties and other factors could cause
actual events or results to differ from those expressed or implied by the
forward-looking statements.
These forward-looking statements, including, among others, those relating to
the future business prospects, revenues and income of Harmony, wherever they
may occur in this quarterly report and the exhibits to this quarterly report,
are necessarily estimates reflecting the best judgment of the senior
management of Harmony and involve a number of risks and uncertainties that
could cause actual results to differ materially from those suggested by the
forward-looking statements. As a consequence, these forward-looking statements
should be considered in light of various important factors, including those
set forth in this quarterly report.
Important factors that could cause actual results to differ materially from
estimates or projections contained in the forward-looking statements include,
without limitation: overall economic and business conditions in the countries
in which we operate; the ability to achieve anticipated efficiencies and other
cost savings in connection with past and future acquisitions; increases or
decreases in the market price of gold; the occurrence of hazards associated
with underground and surface gold mining; the occurrence of labour
disruptions; availability, terms and deployment of capital; changes in
government regulations, particularly mining rights and environmental
regulations; fluctuations in exchange rates; currency devaluations and other
macroeconomic monetary policies; and socio-economic instability in the
countries in which we operate.
Competent person`s declaration
Harmony reports in terms of the South African Code for the Reporting of
Exploration results, Mineral Resources and Ore Reserves (SAMREC). Harmony
employs an ore reserve manager at each of its operations who takes
responsibility for reporting mineral resources and mineral reserves at his
operation.
The mineral resources and mineral reserves in this report are based on
information compiled by the following competent persons:
Reserves and resources South Africa:
Jaco Boshoff, Pri Sci Nat, who has 16 years` relevant experience and is
registered with the South African Council for Natural Scientific Professions
(SACNASP).
Reserves and resources PNG:
Stuart Hayward for the Wafi-Golpu mineral resources, Gregory Job for the Golpu
mineral reserve, James Francis for the Hidden Valley mineral resources and
Anton Kruger for the Hidden Valley mineral reserve. Messers Job, Francis and
Kruger are corporate members of the Australian Institute of Mining and
Metallurgy and Mr Hayward is a member of the Australian Institute of
Geoscientists. All have relevant experience in the type and style of
mineralisation for which they are reporting, and are competent persons as
defined by the code.
These competent persons consent to the inclusion in the report of the matters
based on the information in the form and context in which it appears. Mr
Boshoff and Mr Job are full-time employees of Harmony Gold Mining Company
Limited and Mr Hayward is a full-time employee of Wafi-Golpu Services Limited.
Mr Francis and Mr Kruger are full-time employees of Newcrest Mining Limited
(Newcrest). Newcrest is Harmony`s joint venture partner in the Morobe Mining
Joint Venture on the Hidden Valley mine and Wafi-Golpu project.
Chief Executive Officer`s Review
In the second quarter of financial year 2012, Harmony generated a record
operating profit of R2 billion (US$257 million) and recorded its 5th
consecutive quarter of operating cash flow. These results were achieved due to
a continued focus on improving grade quality and controlling costs during a
period when the gold price remained strong, but volatile. An interim dividend
of ZAR0.40 cents has been declared. Harmony remains focused on its long term
strategic goal of achieving sustainable profitability and delivering
shareholder value.
Some key financial highlights for the period are listed below:
- Record operating profits of R2.1bn (US$257m);
- Record headline earnings of R1.0bn (US$129m)
- 155% increase in HEPS at 242 SA cents (30 US cents);
- Gold production up by 5% to 10 718kg (344 592oz)
- recovery grade increased by 13% at 2.36g/t;
- Cash operating costs reduced by 6% to R249 356/kg (US$958/oz);
- Interim dividend declared of ZAR0.40 per share
Safety
Harmony is committed to improving the safety of its workers with an ultimate
target of zero harm to all. It is therefore with regret that I report that
seven of our colleagues died in work-related incidents during the quarter.
Those who died were: Domingos Chivure (team leader, Evander), Petrus Steyn and
Willem Momberg (both proto team members, Evander), Sipho Makhoba (engineering
assistant, Kusasalethu), Mzwabantu Wanga (engineering assistant, Evander) and
Simiao Macuacua (water jet operator, Kusasalethu) and Tefayo Bhambatha (water
jet operator, Tshepong). I would like to extend my deepest condolences to
their families, friends and colleagues.
As part of the drive to stop repetitive accidents, risk assessments have been
re-emphasized throughout the company. As part of our short term safety
strategy more focus will be placed on the prevention of fall of ground, trucks
and tramming accidents and the elimination of silicosis. Please see page 4 for
more information on safety and health.
Operational review
Gold production increased by 511kg in the December 2011 quarter to 10 718kg,
compared to 10 207kg in the September 2011 quarter. The increase in production
is mainly due to the following:
- Tshepong: grade increased by 23% (4.12g/t to 5.08g/t), tonnes milled
increased by 7% from 287 000 tonnes to 306 000 tonnes;
- Phakisa: tonnes milled increased by 12% to 126 000 tonnes, with a 12%
improvement in grade from 4.65g/t to 5.22g/t in December 2011 quarter;
- Unisel: grade increased by 25% from 3.70g/t to 4.62g/t; tonnes milled
improved by 9% to 100 000 tonnes;
- Masimong: showed a 12% improvement in grade from 3.43g/t in the September
2011 quarter to 3.85g/t in December 2011 quarter;
- Target 1: grade improved by 10% from 4.47g/t to 4.91g/t;
- Steyn 2: continued to build up production;
- Target 3: showed a marked improvement in grade of 26% from 3.09g/t to
3.89g/t in the quarter under review;
- Hidden Valley: gold production increased by 3% to 816kg gold while silver
production increased by 25% to 8 552kg.
The following operations recorded a decrease in production:
- Kusasalethu: safety stoppages (due to two fatal accidents) resulted in a 23%
decrease in tonnes milled;
- Bambanani: restructuring of the shaft resulted in a decrease of 73% in
tonnes milled
Financial performance
Quarter on quarter
Cash operating costs decreased by 6% from R265 288/kg in the September 2011
quarter to R249 356/kg in the past quarter, mainly due to a 5% increase in
gold produced.
The gold price received increased by 11% from R396 405/kg in the previous
quarter to R438 183/kg in the December 2011 quarter. An increase in production
and a higher gold price resulted in revenue increasing by 23% or R891 million.
Total capital expenditure for the December 2011 quarter was R782 million, a
12% (R82 million) increase in comparison to the September 2011 quarter (R700
million). We expect the latter part of the year to be more capital intensive
and maintain our expectation of full year capital of R3.7 billion.
Operating profit for the December 2011 quarter increased by R771 million or
59% to R2 077 million, compared to R1 306 million recorded in the September
2011 quarter.
Six months ended December 2011 vs six months ended December 2010
Gold production increased by 2% at 20 925kg in the six months ended December
2011 when compared to the six months ended December 2010. The gold price
received increased by 42% from R295 069/kg in the previous period to R418 381
/kg in the six months ended December 2011. An increase in production and a
higher gold price resulted in revenue increasing by R2 676 million or 44%.
Cash operating costs increased by 15% from R222 787/kg in the six months ended
December 2010 to R257 114/kg in the past six months to December 2011, mainly
due to increases in electricity and inflation driven costs.
Operating profit for the six months ended December 2011 increased by 123% to
R3 383 million, compared to R1 519 million recorded in the December 2010
period.
Optimising our asset portfolio
Evander
On 30 January 2012 Harmony announced that it had signed a sale of shares and
claims agreement ("the agreement") with a consortium comprised of Pan African
Resources plc ("Pan African") and Witwatersrand Consolidated Gold Resources
Limited ("Wits Gold") (the "Consortium"), for the disposal of Harmony`s entire
interest in Evander Gold Mines Limited (Evander), with effect from the closing
date.
The purchase consideration of R1.7 billion, less certain distributions made by
Evander to Harmony between 1 April 2012 and the closing date of the
Transaction ("Closing Date") will be payable as follows:
- R1.4 billion less certain distributions made by Evander to Harmony between 1
April 2012 and the Closing Date of the Transaction;
- four cash payments of R25 million each, payable quarterly and commencing
three months after the Closing Date, amounting to R100 million in the
aggregate;
- a further R100 million payable 19 months after the Closing Date, provided
the average rand gold price exceeds R410 000 per kg over the preceding 12
months. This payment can be made in either cash or shares (or a combination of
both) at the election of the Consortium and should the Consortium elect to
make payment wholly or partially in shares, each of Pan African and Wits Gold
will issue shares to Harmony in equal value proportions; and
- R100 million payable 31 months after the Closing Date, provided the average
rand gold price exceeds R450 000 per kg during the preceding 12 months. This
payment can be made in either cash or shares (or a combination of both) at the
election of the Consortium and should the Consortium elect to make payment
wholly or partially in shares, each of Pan African and Wits Gold will issue
shares to Harmony in equal value proportions.
Evander, a wholly owned subsidiary of Harmony, will be sold as a going
concern. The Evander operations comprise the Evander 8 shaft which is located
in Mpumalanga. Evander also includes several potential development projects
namely Rolspruit, Poplar, Evander South and Libra. The disposal of Evander is
in line with Harmony`s growth strategy, allowing the company to further
optimise its asset portfolio. Harmony does not intend spending capital on
developing the potential Evander projects and selling the assets to the
Consortium creates a new dynamic for junior gold miners in South Africa. The
proceeds from the transaction will be used towards funding the development of
Wafi-Golpu.
Rand Uranium
A process was initiated during financial year 2011 for the disposal Rand
Uranium (Proprietary) Limited ("Rand Uranium"), of which Harmony held 40%.
Gold One International Limited ("Gold One") made a binding offer to acquire
100% of Rand Uranium for a total consideration of US$250 million. The offer
was accepted by the shareholders of Rand Uranium. All conditions precedent to
the agreement were fulfilled and the transaction was declared unconditional
and closed on Friday 6 January 2012 ("Completion Date").
Harmony`s portion of the purchase price amounts to approximately US$38 million
of which US$24 million was settled in cash on 6 January 2012 realising an
amount of R193 million. The balance of US$14 million is to be settled in
either cash, Gold One ordinary shares, or a combination thereof within 90 days
of the Completion Date.
Wafi-Golpu
Pre-feasibility studies are progressing according to schedule. Key strategy
milestones were reached in the selection of preferred strategies for mining,
underground access, processing, port and power infrastructure. This has
allowed work to commence on detailed engineering, cost estimates and schedules
for procurement and construction for early works. At the end of the December
2011 quarter, seven drill rigs were operating with six engaged on extension of
the Golpu orebody to the north and infill of deeper sections. One drill
continued with geotechnical investigation drilling along the access decline
route.
Given the early stage of orebody knowledge and evaluation of mining options
the access strategy has been developed to preserve maximum flexibility to
accommodate changes in orebody shape and mining sequence.
Gold market
The gold price has posted its tenth straight year of gains since 2001 and
benefitted from the global economic uncertainty that prevailed throughout
calendar year 2011. Gold continues to prove itself as a currency and store of
wealth. Investors in Harmony have complete exposure to the spot gold price, as
the company does not hedge its gold.
During the past quarter, the gold price received increased by 11% from R396
405/kg in the September 2011 quarter to R438 183/kg in the December 2011
quarter. At the current price our margins therefore remain strong. We remain
bullish on the gold price and it is our view that the gold price in dollar
terms will continue to strengthen, as the fundamentals that drove the gold
price up are still in place and the global financial markets have not yet
stabilised. We expect that gold will reach an average price of $1 850/oz for
calendar year 2012 and we may even see it as high as $2 000/oz later this
year.
Dividend
We are very pleased to declare an interim dividend of ZAR0.40 cents.
The Board of Harmony believes that the upswing in the gold price and the
company`s results warrant an interim dividend.
Conclusion
During the quarter our Financial Director, Hannes Meyer, was approached by a
Canadian mining company, and he will be leaving us on 14 March 2012. Frank
Abbott who joined Harmony in 1994 as a member of the board and who held
various executive and non-executive roles, has been appointed as Financial
Director effective 7 February 2012. We wish both Hannes and Frank well with
their new responsibilities.
As our growth projects come on stream, and our existing mines operate to
tailored business plans, we remain confident of reaching our long-term
targets.
Graham Briggs
Chief Executive Officer
Safety and health
Safety
The past quarter`s safety performance was very disappointing, with seven
fatalities being recorded. This resulted in the 2012 year to date fatal injury
frequency rate (FIFR) deteriorating to 0.20 compared to 0.17 in 2011. Common
management system failures that have been identified are risk management and
change management. As part of the drive to stop repetitive accidents, risk
assessments have been re-emphasised throughout the company.
The lost time injury frequency rate (LTIFR) showed an improvement from the
previous quarter to 7.99. A single digit figure was recorded for the 13th
consecutive quarter. This is encouraging and proves that the foundation of the
safety improvements over the last five years is still intact.
As part of our short term safety strategy more focus will be placed on the
prevention of fall of ground, trucks and tramming accidents and the
elimination of silicosis. The implementation of the Harmony Ground Control
Strategy and ensuring full compliance to the Rail Bound Code of Practice will
ensure a reduction of incidents and accidents as a result of these agencies in
the short term.
The first step towards a more sustainable safety performance is to improve our
safety management framework. IRCA Global - an internationally recognised
company with expertise in the field of safety, health, environmental and
quality management - was contracted to do a gap audit against international
standards of Harmony`s South African operations. The common critical
shortcomings identified during the audit were in the following areas of safety
management:
- Risk assessments;
- Management of change;
- Technical planning;
- Management of close out actions;
- Leadership controls.
There were also operations that showed remarkable improvement in safety trends
during the past six months. Target 1 and 3, Bambanani, Phakisa, Doornkop and
Kalgold showed good improvements and are also fatality free for the year to
date.
Health
The health and wellness of our workforce is as vital as their safety and
serves as a key component to our on-going business success. We continue to
review and improve our policies, procedures and process to ensure a better
quality of life for our employees.
Our employees are our biggest asset and therefore we acknowledge the joint
responsibility to ensure their optimal health and well-being. We are committed
to improving the wellness of our people which include their physical,
emotional, developmental and occupational needs amongst others.
See our 2011 Sustainable Development Report for more details on our
website www.harmony.co.za.
Financial overview
Cash operating profit
Cash operating profit increased by 59% to R2.1 billion in the December 2011
quarter, with an increase in revenue being the main contributor.
Revenue
The increase in revenue from R3.9 billion to R4.8 billion is due to an 11%
increase on the R/kg gold price received (R396 405/kg to R438 183/kg) and an
11% increase in gold sold.
Cost of sales
Production cost is slightly higher at R2 743 million. Cash operating cost
decreased by R26 million, but gold inventory movement caused an increase of
R146 million, resulting in the overall 5% increase.
Net gain/(loss) on financial instruments
The fair value of the Nedbank Equity Linked Deposits, held by the
Environmental Trusts, is linked to the equity market. During the quarter
equity markets increased, resulting in the gain of R67 million.
Taxation
The taxation expense for the December quarter increased to R270 million and
comprise current taxation of R58 million and deferred taxation of R212
million. Many mines in the group have redeemed capital allowances against
taxable income, resulting in the low current tax expense, but a higher
deferred tax expense.
Earnings per share
Basic earnings per share increased from 111 SA cents to 243 SA cents per
share. Headline earnings per share increased from earnings of 95 SA cents per
share to 242 SA cents per share.
Property, plant and equipment
Capital expenditure for the quarter increased from R700 million to R782
million.
Trade and other receivables (current)
Trade and other receivables increased by R255 million quarter on quarter to R1
131 million, with the annual insurance pre-payment and self-insurance fund
contributions contributing to R220 million of the increase.
Borrowings
Borrowings decreased by R701 million to R1 314 million, mainly as a result of
a re-payment on the Rand Nedbank facilities. The group`s Rand revolving credit
facility of R850 million is fully repaid and remains available until the end
of 2013.
Notice of cash dividend
Dividend No. 83 of 40 cents per ordinary share, being an interim dividend for
the half year ended 31 December 2011, has been declared payable on Monday, 12
March 2012 to those shareholders recorded in the books of the company at the
close of business on Friday, 9 March 2012. The dividend is declared in the
currency of the Republic of South Africa. Any change in address or dividend
instruction to apply to this dividend must be received by the company`s
transfer secretaries or registrar not later than Friday, 2 March 2012.
Last date to trade ordinary
shares cum dividend Friday, 2 March 2012
Ordinary shares trade ex dividend Monday, 5 March 2012
Currency conversion date in respect
of the UK own name shareholders Monday, 5 March 2012
Record date Friday, 9 March 2012
Payment date Monday, 12 March 2012
No dematerialisation or rematerialisation of share certificates may occur
between Monday, 5 March 2012 and Friday, 9 March 2012, both dates inclusive,
nor may any transfers between registers take place during this period.
CONDENSED CONSOLIDATED INCOME STATEMENTS (Rand)
Quarter ended
31 December 30 September 31 December
2011 2011 2010
Figures in million Note (Unaudited) (Unaudited) (Unaudited)
Continuing operations
Revenue 4 820 3 929 2 990
Cost of sales 2 (3 337) (3 192) (2 506)
Production costs (2 743) (2 623) (2 123)
Amortisation and
depreciation (528) (475) (442)
Impairment of assets - - -
Employment termination
and restructuring costs (17) (34) (54)
Other items (49) (60) 113
Gross profit 1 483 737 484
Corporate, administration
and other expenditure (90) (84) (96)
Social investment
expenditure (14) (15) (23)
Exploration expenditure (99) (97) (76)
Profit on sale of
property, plant and equipment 4 26 1
Other income/(expenses)
- net 24 18 6
Operating profit 1 308 585 296
Loss from associates - - (19)
Reversal of
impairment/(impairment)
of investment in
associate 3 2 48 -
Net gain/(loss) on
financial instruments 67 (26) 78
Gain on farm-in option - - -
Investment income 22 16 38
Finance cost (83) (73) (69)
Profit before taxation 1 316 550 324
Taxation (270) (72) (28)
Normal taxation (58) (40) -
Deferred taxation 4 (212) (32) (28)
Net profit from
continuing operations 1 046 478 296
Discontinued operations
Profit from discontinued
operations - - 23
Net profit for the period 1 046 478 319
Attributable to:
Owners of the parent 1 046 478 319
Non-controlling interest - - -
Earnings per ordinary
share (cents) 5
Earnings from continuing
operations 243 111 69
Earnings from
discontinued operations - - 5
Total earnings per
ordinary share (cents) 243 111 74
Diluted earnings per
ordinary share (cents) 5
Earnings from continuing
operations 242 111 69
Earnings from
discontinued operations - - 5
Total diluted earnings
per ordinary share (cents) 242 111 74
Six months ended Year ended
31 December 31 December 30 June
2011 2010 2011
Figures in million (Audited)
Continuing operations
Revenue 8 749 6 073 12 445
Cost of sales (6 529) (5 501) (11 615)
Production costs (5 366) (4 554) (9 170)
Amortisation and depreciation (1 003) (868) (1 776)
Impairment of assets - - (264)
Employment termination
and restructuring costs (51) (132) (158)
Other items (109) 53 (247)
Gross profit 2 220 572 830
Corporate, administration
and other expenditure (174) (190) (354)
Social investment expenditure (29) (39) (84)
Exploration expenditure (196) (175) (353)
Profit on sale of property,
plant and equipment 30 17 29
Other income/(expenses) - net 42 (48) (24)
Operating profit 1 893 137 44
Loss from associates - (27) (51)
Reversal of impairment/(impairment)
of investment in associate 50 - (142)
Net gain/(loss) on financial instruments 41 389 141
Gain on farm-in option - - 273
Investment income 38 52 140
Finance cost (156) (128) (288)
Profit before taxation 1 866 423 117
Taxation (342) (22) 480
Normal taxation (98) (9) (12)
Deferred taxation (244) (13) 492
Net profit from
continuing operations 1 524 401 597
Discontinued operations
Profit from discontinued operations - 20 20
Net profit for the period 1 524 421 617
Attributable to:
Owners of the parent 1 524 421 617
Non-controlling interest - - -
Earnings per ordinary share (cents)
Earnings from continuing operations 354 93 139
Earnings from discontinued operations - 5 5
Total earnings per
ordinary share (cents) 354 98 144
Diluted earnings per
ordinary share (cents)
Earnings from continuing operations 353 93 139
Earnings from discontinued operations - 5 5
Total diluted earnings per
ordinary share (cents) 353 98 144
The accompanying notes are an integral part of these condensed consolidated
financial statements.
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Rand)
Quarter ended
31 December 30 September 31 December
2011 2011 2010
Figures in million (Unaudited) (Unaudited) (Unaudited)
Net profit for the period 1 046 478 319
Other comprehensive income for
the period, net of income tax 179 955 (161)
Foreign exchange translation 212 924 (131)
(Loss)/gain on fair value movement of
available-for-sale investments (33) 31 (30)
Total comprehensive income
for the period 1 225 1 433 158
Attributable to:
Owners of the parent 1 225 1 433 158
Non-controlling interest - - -
Six months ended Year ended
31 December 31 December 30 June
2011 2010 2011
Figures in million (Audited)
Net profit for the period 1 524 421 617
Other comprehensive income for
the period, net of income tax 1 134 (55) 368
Foreign exchange translation 1 136 (25) 470
(Loss)/gain on fair value movement of
available-for-sale investments (2) (30) (102)
Total comprehensive income
for the period 2 658 366 985
Attributable to:
Owners of the parent 2 658 366 985
Non-controlling interest - - -
The accompanying notes are an integral part of these condensed consolidated
financial statements.
The preparation of the reviewed financial statements for the six months ended
31 December 2011 was supervised by the financial director, Hannes Meyer. These
financial statements were reviewed by the group`s external auditors,
PricewaterhouseCoopers Incorporated (see note 11) and approved by the Board of
Harmony Gold Mining Company Limited.
CONDENSED CONSOLIDATED BALANCE SHEETS (Rand)
At At
31 December 30 September
2011 2011
Figures in million Note (Unaudited)
ASSETS
Non-current assets
Property, plant and equipment 32 830 32 278
Intangible assets 2 185 2 171
Restricted cash 31 31
Restricted investments 1 929 1 860
Investments in associates - -
Deferred tax assets 1 179 1 287
Investments in financial assets 183 215
Inventories 169 168
Trade and other receivables 28 24
Total non-current assets 38 534 38 034
Current assets
Inventories 990 1 006
Trade and other receivables 1 131 876
Income and mining taxes 194 100
Cash and cash equivalents 1 205 1 325
3 520 3 307
Assets of disposal groups classified as
held-for-sale 3 315 314
Total current assets 3 835 3 621
Total assets 42 369 41 655
EQUITY AND LIABILITIES
Share capital and reserves
Share capital 28 326 28 314
Other reserves 1 945 1 741
Retained earnings 2 359 1 313
Total equity 32 630 31 368
Non-current liabilities
Deferred tax liabilities 4 452 4 300
Provision for environmental
rehabilitation 2 092 2 046
Retirement benefit obligation and other
provisions 177 174
Borrowings 6 991 1 684
Total non-current liabilities 7 712 8 204
Current liabilities
Borrowings 6 323 331
Income and mining taxes 3 3
Trade and other payables 1 684 1 733
2 010 2 067
Liabilities of disposal groups
classified as held-for-sale 3 17 16
Total current liabilities 2 027 2 083
Total equity and liabilities 42 369 41 655
At At
30 June 31 December
2011 2010
Figures in million (Audited)
ASSETS
Non-current assets
Property, plant and equipment 31 221 30 218
Intangible assets 2 170 2 199
Restricted cash 31 26
Restricted investments 1 883 1 864
Investments in associates - 358
Deferred tax assets 1 149 723
Investments in financial assets 185 264
Inventories 172 232
Trade and other receivables 23 69
Total non-current assets 36 834 35 953
Current assets
Inventories 837 943
Trade and other receivables 1 073 962
Income and mining taxes 139 102
Cash and cash equivalents 693 837
2 742 2 844
Assets of disposal groups classified as held-for-sale 268 -
Total current assets 3 010 2 844
Total assets 39 844 38 797
EQUITY AND LIABILITIES
Share capital and reserves
Share capital 28 305 28 277
Other reserves 762 266
Retained earnings 1 093 897
Total equity 30 160 29 440
Non-current liabilities
Deferred tax liabilities 4 216 4 336
Provision for environmental rehabilitation 1 971 1 752
Retirement benefit obligation and other provisions 174 179
Borrowings 1 229 1 243
Total non-current liabilities 7 590 7 510
Current liabilities
Borrowings 330 344
Income and mining taxes 2 10
Trade and other payables 1 746 1 493
2 078 1 847
Liabilities of disposal groups classified as
held-for-sale 16 -
Total current liabilities 2 094 1 847
Total equity and liabilities 39 844 38 797
The accompanying notes are an integral part of these condensed consolidated
financial statements.
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (Rand)
for the six months ended 31 December 2011
Share Other Retained
Figures in million capital reserves earnings Total
Balance - 30 June 2011 28 305 762 1 093 30 160
Issue of shares 21 - - 21
Share-based payments - 49 - 49
Net profit for the period - - 1 524 1 524
Other comprehensive income
for the period - 1 134 - 1 134
Dividends paid - - (258) (258)
Balance - 31 December 2011 28 326 1 945 2 359 32 630
Balance - 30 June 2010 28 261 258 690 29 209
Issue of shares 16 - - 16
Share-based payments - 63 - 63
Net profit for the period - - 421 421
Other comprehensive income
for the period - (55) - (55)
Dividends paid - - (214) (214)
Balance - 31 December 2010 28 277 266 897 29 440
The accompanying notes are an integral part of these condensed consolidated
financial statements.
CONDENSED CONSOLIDATED CASH FLOW STATEMENTS (Rand)
Quarter ended
31 December 30 September 31 December
2011 2011 2010
Figures in million (Unaudited) (Unaudited) (Unaudited)
Cash flow from operating activities
Cash generated by operations 1 566 1 092 450
Interest and dividends received 12 16 38
Interest paid (36) (41) (35)
Income and mining taxes paid (149) - (30)
Cash generated by operating activities 1 393 1 067 423
Cash flow from investing activities
Decreased in restricted cash - - 90
Proceeds on disposal of
investment in subsidiary - - -
Proceeds on disposal of
available-for-sale financial assets - - 2
Pre-payment for Evander 6
and Twistdraai transaction - - -
Other investing activities 3 - (6)
Net additions to property, plant
and equipment (779) (668) (846)
Cash utilised by investing activities (776) (668) (760)
Cash flow from financing activities
Borrowings raised - 799 525
Borrowings repaid (718) (352) (107)
Ordinary shares issued - net of expenses 11 9 8
Dividends paid - (258) -
Cash (utilised)/generated
by financing activities (707) 198 426
Foreign currency translation
adjustments (30) 35 (24)
Net (decrease)/increase in cash
and cash equivalents (120) 632 65
Cash and cash equivalents
- beginning of period 1 325 693 772
Cash and cash equivalents
- end of period 1 205 1 325 837
Six months ended Year ended
31 December 31 December 30 June
2011 2010 2011
Figures in million (Audited)
Cash flow from operating activities
Cash generated by operations 2 658 1 153 2 418
Interest and dividends received 28 52 140
Interest paid (77) (65) (134)
Income and mining taxes paid (149) (34) (45)
Cash generated by operating activities 2 460 1 106 2 379
Cash flow from investing activities
Decreased in restricted cash - 120 116
Proceeds on disposal of investment
in subsidiary - 229 229
Proceeds on disposal of available-for-sale
financial assets - 2 16
Pre-payment for Evander 6
and Twistdraai transaction - - 100
Other investing activities 3 4 (5)
Net additions to property, plant
and equipment (1 447) (1 594) (3 110)
Cash utilised by investing activities (1 444) (1 239) (2 654)
Cash flow from financing activities
Borrowings raised 799 525 925
Borrowings repaid (1 070) (114) (546)
Ordinary shares issued - net of expenses 20 16 44
Dividends paid (258) (214) (214)
Cash (utilised)/generated
by financing activities (509) 213 209
Foreign currency translation adjustments 5 (13) (11)
Net (decrease)/increase in cash
and cash equivalents 512 67 (77)
Cash and cash equivalents
- beginning of period 693 770 770
Cash and cash equivalents
- end of period 1 205 837 693
The accompanying notes are an integral part of these condensed consolidated
financial statements.
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2011 (Rand)
1. Accounting policies
Basis of accounting
The condensed consolidated financial statements for the six months ended 31
December 2011 have been prepared in accordance with IAS 34, Interim Financial
Reporting, JSE Listings Requirements and in the manner required by the
Companies Act of South Africa. They should be read in conjunction with the
annual financial statements for the year ended 30 June 2011, which have been
prepared in accordance with International Financial Reporting Standards as
issued by the International Accounting Standards Board (IFRS). The accounting
policies are consistent with those described in the annual financial
statements, except for the adoption of applicable revised and/or new standards
issued by the International Accounting Standards Board.
2. Cost of sales
Quarter ended
31 December 30 September 31 December
2011 2011 2010
Figures in million (Unaudited) (Unaudited) (Unaudited)
Production costs - excluding royalty 2 684 2 591 2 093
Royalty expense 59 32 30
Amortisation and depreciation 528 475 442
Impairment of assets - - -
Rehabilitation expenditure 1 5 5
Care and maintenance cost
of restructured shafts 23 31 28
Employment termination and
restructuring costs (1) 17 34 54
Share-based payments 25 24 32
Other - - (178)
Total cost of sales 3 337 3 192 2 506
Six months ended Year ended
31 December 31 December 30 June
2011 2010 2011
Figures in million (Audited)
Production costs - excluding royalty 5 275 4 501 9 074
Royalty expense 91 53 96
Amortisation and depreciation 1 003 868 1 776
Impairment of assets - - 264
Rehabilitation expenditure 6 9 74
Care and maintenance cost
of restructured shafts 54 53 124
Employment termination and
restructuring costs (1) 51 132 158
Share-based payments 49 63 136
Other - (178) (87)
Total cost of sales 6 529 5 501 11 615
(1) The amount of R17 million in December 2011 quarter (R34 million in
September 2011 quarter) relates to restructuring at the Bambanani shaft.
3. Disposal groups classified as held for sale and discontinued operations
Investment in associate
The investment in Rand Uranium (Proprietary) Limited ("Rand Uranium") has been
classified as held for sale following a decision by the shareholders of the
company to commence with a process to sell the company. In terms of the
binding offer accepted by the shareholders on 21 April 2011, the capital
portion of the subordinated shareholder`s loan of R61 million due to the group
will be repaid out of the sale proceeds. The group`s attributable portion of
the sale proceeds amounts to approximately US$38 million.
The investment is carried at the lower of carrying value and fair value less
cost to sell. At each reporting date, the carrying value is remeasured for
possible impairment or reversal of impairment. An impairment of R142 million
has been recognised for the 2011 year. During December 2011 quarter, a
reversal of impairment of R2 million (year to date R50 million) was recognised
resulting from changes in the US$/R exchange rate.
See note 8 for developments after balance sheet date.
4. Deferred taxation
During the December quarter several mines in the group redeemed capital
allowances against their increased taxable income, resulting in the increased
deferred tax expense.
5. Earnings and net asset value per share
Earnings per share is calculated on the weighted average number of shares in
issue for the quarter ended 31 December 2011: 430.5 million (30 September
2011: 430.1 million, 31 December 2010: 429.1 million), six months ended 31
December 2011: 430.2 million (31 December 2010: 428.9 million), and the year
ended 30 June 2011: 429.3 million.
Diluted earnings per share is calculated on weighted average number of diluted
shares in issue for the quarter ended 31 December 2011: 432.3 million (30
September 2011: 431.6 million, 31 December 2010: 429.9 million), six months
ended 31 December 2011: 431.9 million (31 December 2010: 429.7 million), and
the year ended 30 June 2011: 430.4 million.
Quarter ended
31 December 30 September 31 December
2011 2011 2010
(Unaudited) (Unaudited) (Unaudited)
Total earnings per share (cents):
Basic earnings 243 111 74
Diluted earnings 242 111 74
Headline earnings 242 95 69
- from continuing operations 242 95 69
- from discontinued operations - - -
Diluted headline earnings 241 95 69
- from continuing operations 241 95 69
- from discontinued operations - - -
Figures in million
Reconciliation of headline earnings:
Continuing operations
Net profit 1 046 478 296
Adjusted for:
Profit on sale of property,
plant and equipment (4) (26) (1)
Taxation effect of profit on
sale of property, plant and equipment 1 7 -
Net gain on financial instruments - - (1)
Taxation effect of net gain
on financial instruments - - -
(Reversal of impairment)/impairment
of investment in associate* (2) (48) -
Foreign exchange loss
reclassified from
other comprehensive income* - - -
Impairment of assets - - -
Taxation effect of impairment of assets - - -
Headline earnings 1 041 411 294
Discontinued operations
Net profit - - 23
Adjusted for:
Profit on sale of investment in
subsidiary - - (23)
Taxation effect of profit on
sale of investment in subsidiary - - -
Headline earnings - - -
Total headline earnings 1 041 411 294
Six months ended Year ended
31 December 31 December 30 June
2011 2010 2011
(Audited)
Total earnings per share (cents):
Basic earnings 354 98 144
Diluted earnings 353 98 144
Headline earnings 337 101 223
- from continuing operations 337 101 223
- from discontinued operations - - -
Diluted headline earnings 336 101 222
- from continuing operations 336 101 222
- from discontinued operations - - -
Figures in million
Reconciliation of headline earnings:
Continuing operations
Net profit 1 524 401 597
Adjusted for:
Profit on sale of property,
plant and equipment (30) (17) (29)
Taxation effect of profit on sale of
property, plant and equipment 8 5 7
Net gain on financial instruments - (1) (7)
Taxation effect of net gain
on financial instruments - - 2
(Reversal of impairment)/impairment
of investment in associate* (50) - 142
Foreign exchange loss reclassified
from other comprehensive income* - 47 47
Impairment of assets - - 264
Taxation effect of impairment of assets - - (66)
Headline earnings 1 452 435 957
Discontinued operations
Net profit - 20 20
Adjusted for:
Profit on sale of investment in subsidiary - (54) (54)
Taxation effect of profit on sale of
investment in subsidiary - 34 34
Headline earnings - - -
Total headline earnings 1 452 435 957
* There is no taxation effect on these items.
Net asset value
per share (cents)
At At At At
31 December 30 September 30 June 31 December
2011 2011 2011 2010
(Unaudited) (Audited)
Number of shares
in issue 431 312 677 430 272 715 430 084 628 429 506 618
Net asset value
per share (cents) 7 565 7 290 7 013 6 854
6. Borrowings
At At At At
31 December 30 September 30 June 31 December
2011 2011 2011 2010
Figures in million (Unaudited) (Audited)
Total long-term
borrowings 991 1 684 1 229 1 243
Total current portion of
borrowings 323 331 330 344
Total borrowings (1) (2) 1 314 2 015 1 559 1 587
(1) The Nedbank revolving credit facility was repaid in full during the
December 2011 quarter following repayments totalling R550 million. The full
R850 million facility is available until December 2013.
A bi-annual repayment of R152.5 million on the Nedbank term facilities during
the December 2011 quarter reduced the balance to R915 million.
There is no change regarding the US$300 million syndicated revolving credit
facility, with US$250 million still available. The facility is repayable by
August 2015 and attracts interest at LIBOR plus 260 basis points, which is
payable quarterly.
(2) Included in the borrowings is R44 million (30 September 2011: R52 million;
December 2010: R63 million) owed to Westpac Bank Limited in terms of a finance
lease agreement. The future minimum lease payments are as follows:
At At At At
31 December 30 September 30 June 31 December
2011 2011 2011 2010
Figures in million (Unaudited) (Audited)
Due within one year 34 31 29 28
Due between one and
five years 11 22 23 36
45 53 52 64
Future finance charges (1) (1) (1) (1)
Total future minimum
lease payments 44 52 51 63
7. Commitments and
contingencies
At At At At
31 December 30 September 30 June 31 December
2011 2011 2011 2010
Figures in million (Unaudited) (Audited)
Capital expenditure
commitments:
Contracts for
capital expenditure 291 290 194 166
Authorised by the
directors but not
contracted for 3 373 3 570 1 504 2 669
3 664 3 860 1 698 2 835
This expenditure will be financed from existing resources and, where
appropriate, borrowings.
Contingent liability
For a detailed disclosure on contingent liabilities refer to Harmony`s annual
report for the financial year ended 30 June 2011, available on the group`s
website (www.harmony.co.za). There were no significant changes in
contingencies since 30 June 2011, except as discussed below:
Harmony reached a mutually acceptable settlement with the plaintiff class and
this settlement was found to be fair and reasonable and was approved by the
United States District Court in November 2011. A single class member has filed
an appeal of the District Court`s order approving the settlement. That appeal
is currently pending in the United States Court of Appeals for the Second
Circuit. The settlement amount has been paid into escrow by the company`s
insurers and will be distributed to the plaintiffs once the appeal has been
finalised.
8. Subsequent events
(a) SA process was initiated during financial year 2011 for the disposal Rand
Uranium (Proprietary) Limited ("Rand Uranium"), of which Harmony held 40%.
Gold One International Limited ("Gold One") made a binding offer to acquire
100% of Rand Uranium for a total consideration of US$250 million. The offer
was accepted by the shareholders of Rand Uranium. All conditions precedent to
the agreement were fulfilled and the transaction was declared unconditional
and closed on Friday 6 January 2012 ("Completion Date").
Harmony`s portion of the purchase price amounts to approximately US$38 million
of which US$24 million was settled in cash on 6 January 2012 realising an
amount of R193 million. The balance of US$14 million is to be settled in
either cash, Gold One ordinary shares, or a combination thereof within 90 days
of the Completion Date.
(b) Harmony has signed a sale of share and claims agreement on 30 January 2012
with Pan Africa Resources plc and Witwatersrand Consolidated Gold Resources
Limited (the "Consortium") for the disposal of Harmony`s entire interest in
Evander Gold Mines Limited ("Evander"). The disposal will be for an aggregate
purchase consideration of R1.7 billion, excluding the proceeds of the Taung
Gold Limited transaction and less certain distributions made by Evander to
Harmony between 1 April 2012 and the close of the transaction.
The transaction is subject to, among others, the following conditions
precedent:
- the Consortium raising the required funding comprising of debt and/or
equity;
- each of the Consortium members obtaining the requisite shareholder approvals
for the acquisition; and
- obtaining all relevant regulatory approvals.
(c) On 2 February 2012, the Board approved an interim dividend of 40 cents,
amounting to approximately R173 million, payable on 12 March 2012.
9. Segment report
The segment report follows after note 11.
10. Reconciliation of segment information to consolidated income statements
Six months ended
31 December 31 December
Figures in million 2011 2010
The "Reconciliation of segment information to
consolidated income statement" line item in the
segment report is broken down in the following
elements, to give a better understanding of the
differences between the income statement, balance
sheet and segment report:
Reconciliation of production profit to gross profit
Total segment revenue 8 749 6 073
Total segment production costs and royalty expense (5 366) (4 554)
Production profit per segment report 3 383 1 519
Cost of sales items, other than production costs
and royalty expense (1 163) (947)
Amortisation and depreciation (1 003) (868)
Employment termination and restructuring costs (51) (132)
Share-based payments (49) (63)
Rehabilitation costs (6) (9)
Care and maintenance costs of restructured shafts (54) (53)
Other - 178
Gross profit as per income statements * 2 220 572
* The reconciliation was done up to the first recognisable line item on the
income statement. The reconciliation will follow the income statement after
that.
11. Review report
The condensed consolidated financial statements for the six months ended 31
December 2011 have been reviewed in accordance with International Standards on
Review Engagements 2410 - "Review of interim financial information performed
by the Independent Auditors of the entity" by PricewaterhouseCoopers Inc.
Their unqualified review report is available for inspection at the company`s
registered office.
SEGMENT REPORT (Rand)
for the six months ended 31 December 2011
Production Production
Revenue cost profit/(loss)
31 December 31 December 31 December
2011 2010 2011 2010 2011 2010
R million R million R million
Continuing operations
South Africa
Underground
Bambanani 322 502 365 421 (43) 81
Doornkop 746 360 448 295 298 65
Evander 688 315 349 316 339 (1)
Joel 612 169 299 198 313 (29)
Kusasalethu 1 099 772 660 643 439 129
Masimong 715 730 438 397 277 333
Phakisa 501 267 389 223 112 44
Target 1 047 511 635 358 412 153
Tshepong 1 164 1 000 631 581 533 419
Virginia 343 398 251 349 92 49
Surface
All other surface
operations 792 589 485 431 307 158
Total South Africa 8 029 5 613 4 950 4 212 3 079 1 401
International
Hidden Valley 720 460 416 342 304 118
Other - - - - - -
Total international 720 460 416 342 304 118
Total continuing
operations 8 749 6 073 5 366 4 554 3 383 1 519
Reconciliation of the
segment information to
the consolidated
income statement
(refer to note 10) - - - -
8 749 6 073 5 366 4 554
Capital Kilograms Tonnes
expenditure produced* milled*
31 December 31 December 31 December
2011 2010 2011 2010 2011 2010
R million kg t`000
Continuing operations
South Africa
Underground
Bambanani 143 156 825 1 716 132 233
Doornkop 139 154 1 763 1 184 509 311
Evander 88 116 1 695 1 069 240 279
Joel 28 40 1 418 556 297 168
Kusasalethu 211 189 2 822 2 559 587 497
Masimong 122 89 1 690 2 414 464 462
Phakisa 149 194 1 184 882 239 193
Target 164 252 2 497 1 982 572 401
Tshepong 135 133 2 738 3 316 593 683
Virginia 34 49 802 1 326 192 366
Surface
All other surface
operations 62 66 1 883 2 024 4 698 5 328
Total South Africa 1 275 1 438 19 317 19 028 8 523 8 921
International
Hidden Valley 93 144 1 608 1 498 889 852
Other 114 - - - - -
Total international 207 144 1 608 1 498 889 852
Total continuing
operations 1 482 1 582 20 925 20 526 9 412 9 773
* Production statistics are unaudited.
Harmony`s strategy
Harmony`s strategy is to produce 1.8 to 2 million* safe and profitable ounces
of gold by 2015. Following a review of assets during 2011, action was taken
and capital committed to increase production at existing operations, further
the development of current projects and advance scoping studies so as to
ensure the future production pipeline of tomorrow`s gold by growing reserves
and resources and strengthening the quality of our asset base.
Our challenge going forward is to meet our targets and objectives and, more
specifically, to deliver consistent production results, improve productivity,
curb costs and to create and deliver value to shareholders.
* Excludes future acquisitions or disposals.
CONTACT DETAILS
Corporate Office
Randfontein Office Park
PO Box 2, Randfontein, 1760, South Africa
Corner Main Reef Road/Ward Avenue, Randfontein, 1759, South Africa
Telephone: +27 11 411 2000
Website: www.harmony.co.za
Directors
P T Motsepe* Chairman
D Noko* Deputy Chairman
G P Briggs Chief Executive Officer
F Abbott Financial Director
H E Mashego Executive Director, H O Meyer Executive Director
F F T De Buck* Lead independent director
J A Chissano*1, K V Dicks*, Dr D S Lushaba*, C Markus*,
M Motloba*, M Msimang*, J Wetton*, A J Wilkens*
* Non-executive
Independent
1 Mozambican
Investor relations team
Henrika Basterfield
Investor Relations Officer
Telephone: +27 11 411 2314
Fax: +27 11 692 3879
Mobile: +27 82 759 1775
E-mail: henrika@harmony.co.za
Marian van der Walt
Executive: Corporate and Investor Relations
Telephone: +27 11 411 2037
Fax: +27 86 614 0999
Mobile: +27 82 888 1242
E-mail: marian@harmony.co.za
Company Secretary
iThemba Governance and Statutory Solutions (Pty) Ltd
Riana Bisschoff
Telephone: 011 411 2127
Mobile: +27 83 629 4706
E-mail: riana.bisschoff@harmony.co.za
South African Share Transfer Secretaries
Link Market Services South Africa (Proprietary) Limited
(Registration number 2000/007239/07)
13th Floor, Rennie House, 19 Ameshoff Street, Braamfontein, 2001
PO Box 4844, Johannesburg, 2000, South Africa
Telephone: +27 86 154 6572
Fax: +27 86 674 4381
United Kingdom Registrars
Capita Registrars
The Registry, 34 Beckenham Road, Beckenham
Kent BR3 4TU, United Kingdom
Telephone: 0871 664 0300 (UK) (calls cost 10p a minute plus network
extras, lines are open 8:30am - 5:30pm, Monday to Friday)
or +44 (0) 20 8639 3399 (calls from overseas)
Fax: +44 (0) 20 8639 2220
ADR Depository
Deutsche Bank Trust Company Americas
c/o American Stock Transfer and Trust Company, Peck Slip Station
PO Box 2050, New York, NY 10272-2050
Email Queries: adr@db.com
Toll Free: +1-866-243-9656
Intl: +1-718-921-8200
Fax: +1-718-921-8334
Sponsor
JP Morgan Equities Limited
1 Fricker Road, corner Hurlingham Road, Illovo, Johannesburg, 2196
Private Bag X9936, Sandton, 2146
Telephone: +27 11 507 0300
Fax: +27 11 507 0503
Trading Symbols
JSE Limited: HAR
New York Stock Exchange, Inc: HMY
Euronext, Brussels: HMY
Berlin Stock Exchange: HAM1
Registration number
1950/038232/06
Incorporated in the Republic of South Africa
ISIN
ZAE000015228
Date: 06/02/2012 07:05:16 Supplied by www.sharenet.co.za
Produced by the JSE SENS Department.
The SENS service is an information dissemination service administered by the
JSE Limited (`JSE`). The JSE does not, whether expressly, tacitly or
implicitly, represent, warrant or in any way guarantee the truth, accuracy or
completeness of the information published on SENS. The JSE, their officers,
employees and agents accept no liability for (or in respect of) any direct,
indirect, incidental or consequential loss or damage of any kind or nature,
howsoever arising, from the use of SENS or the use of, or reliance on,
information disseminated through SENS.
Sharenet Sites 
