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Increase in gold production boosts cash flow
Harmony Gold Mining Company Limited
Registration number 1950/038232/06
Incorporated in the Republic of South Africa
ISIN: ZAE000015228
JSE share code: HAR
(“Harmony” or “the Company”)
Increase in gold production boosts cash flow
• 6% increase in gold production to 9 435kg (303 341oz)
• 8% increase in production profit at R913 million (US$85 million)
• Grade continues to increase
– 4% improvement in underground recovered grade at 4.84g/t
– on back of 5% improvement in recovered grade for the year ended 30
June 2014
• 18% increase in revenue to R4.4 billion (US$412 million)
• Net debt reduced from R1.0 billion to R771 million (from US$98
million to US$68 million)
• Net loss reduced by 78% to R266 million loss (US$25 million)
Harmony Gold Mining Company Limited (“Harmony”) is pleased to announce
that its gold production increased by 6% to 9 435kg. Revenue
increased by 18% to R4 431 million (US$412 million), as a result of a
16% increase in gold sold to 9 987kg and a 2% increase in the Rand gold
price received at R443 690/kg in the September 2014 quarter.
Quarter on quarter underground grade improved by 4% - to 4.84g/t - on
the back of a 5% year-on-year increase in recovered grade at the end of
June 2014.
Although production profit increased by 8% to R913 million (US$85
million), a net loss was recorded due to a foreign exchange translation
loss of R190 million (US$18 million) on foreign debt, as well as an
increase in depreciation of R124 million (US$10 million). Quarter on
quarter net debt was reduced to R771 million (US$68 million), compared
to net debt in the previous quarter of R1 031 million (US$98 million).
The net loss of R1 223 million (US$116 million) in the June 2014
quarter reduced to R266 million (US$25 million) in the September 2014
quarter.
“Our efforts to improve efficiencies are aimed not only at mining and
processing, but in every aspect of our business. We remain the most
efficient South African gold miner, focused on improving our margins
and funding our capital. Harmony owns 50% of the spectacular Golpu ore
body in Papua New Guinea, which has the potential to develop into a
world-class copper gold mine and will allow us to sustain our business
well into the future. Harmony remains undervalued and its successes
are not currently factored into the share price”, said Graham Briggs,
chief executive officer.
For more details contact:
Henrika Ninham
Investor Relations Manager
+27 (0) 82 759 1775 (mobile)
Marian van der Walt
Executive: Corporate and Investor Relations
+27 (0) 82 888 1242 (mobile)
5 November 2014
Sponsor:
J.P. Morgan Equities South Africa Proprietary Limited
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