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Harmony’s production guidance for quarter 2, financial year 2015
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”)
Harmony’s production guidance for quarter 2, financial year 2015
Harmony Gold Mining Company Limited (“Harmony” and/or “the Company”)
announces that its South African operations reported its first ever
fatal free quarter, with a majority of its operations performing in
line with their production plans. Underground grade remained consistent
quarter on quarter.
Target 3 was placed on care and maintenance as planned, with
Kusasalethu’s underperformance trailing down the overall production
performance. On 2 December 2014 Harmony announced that a new plan was
being implemented to return Kusasalethu to profitability. The Section
189 consultation process in terms of the Labour Relations Act is in
progress. The new plan for Kusasalethu should return the mine to
profitability at the end of the fourth quarter of financial year 2015,
mining lower volumes at higher grades and at a reduced cost. Our focus
at each of our mines remains safe, profitable ounces.
Hidden Valley also contributed to the quarter’s lower production, due
to a fatality and a belt tear on the overland conveyor (OLC). Both
resulted in production stoppages at the mine. There was no structural
damage to the OLC, but belt replacement work was not completed until
January 2015. Maintenance scheduled for the OLC and the metallurgical
plant in the first half of 2015 was brought forward and conducted while
the belt was being replaced. Ore was hauled to the mill by truck during
this period, adversely impacting costs.
As a result of the above, gold production for the December 2014 quarter
decreased by approximately 10% quarter on quarter, entirely due to
production stoppages at Kusasalethu and Hidden Valley.
Harmony’s results for the second quarter of financial year 2015 ended
31 December 2014 will be released in Cape Town during a presentation,
webcast and conference call on Monday, 9 February 2015. Please refer
to our website www.harmony.co.za for details.
For more details contact:
Marian van der Walt
Executive: Corporate and Investor Relations
+27 (0) 82 888 1242 (mobile)
29 January 2015
Sponsor:
J.P. Morgan Equities South Africa Proprietary Limited
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