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Operational update for the nine months ended 31 March 2017
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
OPERATIONAL UPDATE
FOR THE NINE MONTHS ENDED 31 MARCH 2017
HARMONY'S ANNUAL PRODUCTION GUIDANCE WELL IN REACH
Johannesburg. Tuesday, 9 May 2017. Harmony Gold Mining Company Limited ("Harmony" or "the company") advises that the annual
gold production guidance of 1.05 million ounces is well in reach, with year to date production at 812 000 ounces at a cash operating
cost of R439 669/kg (US$996/oz).
Harmony recorded an 8% operating free cash flow margin year to date, strengthened by the gold hedging agreements that are in
place. The company's underground average recovered grade remains above 5g/t. The all-in sustaining costs (AISC) for the nine months
ended 31 March 2017 is US$1170/oz or R516 630/kg.
Quarter on quarter gold production was 7% lower mainly due to the customary slow start up after the December holidays. AISC
increased by 5% to R529 409/kg (or 10% to US$1 246/oz) quarter on quarter.
Chief Executive Officer, Peter Steenkamp, commented that: "The fundamentals underpinning our mine plans enable us to achieve
our annual production guidance. Safety, costs and grade continue to be a focus and higher production in the fourth quarter will drive
down unit costs".
Below is a table setting out Harmony's operational results for the nine months ended 31 March 2017:
Nine
months
ended
March
2017
Gold produced - kg 25 262
- oz 812 192
Underground grade - g/t 5.03
Gold price received - R/kg 573 229
- US$/oz 1 299
Cash operating costs - R/kg 439 669
- US$/oz 996
All-in sustaining costs - R/kg 516 630
- US$/oz 1 170
Production profit - R million 3 276
- US$ million 239
Operating free cash flow margin - % 8
Exchange rate - R/US$ 13.73
Quarter on quarter operating results tables is included below.
The operational update report has not been reviewed or audited by the company's external auditors. Detailed financial and operational
results are provided on a six-monthly basis at the end of December and June.
OPERATING RESULTS - QUARTER ON QUARTER (RAND/METRIC)
South Africa
Underground production Surface production
Three Total
months Total Total South Hidden Total
ended Tshepong Phakisa Bambanani Joel Doornkop Target 1 Kusasalethu Masimong Unisel Underground Phoenix Dumps Kalgold Surface Africa Valley(1) Harmony
Ore milled - t'000 Mar-17 256 151 52 124 156 173 145 147 83 1 287 1 662 602 374 2 638 3 925 868 4 793
Dec-16 243 158 60 127 160 191 161 155 104 1 359 1 697 712 364 2 773 4 132 760 4 892
Yield(2) - g/tonne Mar-17 4.63 5.28 11.46 4.12 4.33 4.08 7.24 4.35 3.76 5.03 0.14 0.40 0.76 0.28 1.84 1.00 1.72
Dec-16 4.78 6.33 11.78 4.70 4.21 3.34 6.58 3.88 4.21 5.06 0.13 0.38 0.77 0.28 1.85 1.29 1.77
Gold produced - kg Mar-17 1 184 798 596 511 675 706 1 050 639 312 6 471 226 238 284 748 7 219 816 8 035
Dec-16 1 161 1 000 707 597 674 637 1 060 601 438 6 875 229 268 281 778 7 653 944 8 597
Gold sold - kg Mar-17 1 230 829 620 493 691 721 1 119 664 325 6 692 218 261 280 759 7 451 788 8 239
Dec-16 1 118 963 681 583 661 643 985 579 422 6 635 215 250 243 708 7 343 899 8 242
Gold price - R/kg Mar-17 551 618 556 441 551 421 545 609 551 077 550 739 543 977 551 000 550 702 550 220 514 358 547 663 550 379 539 099 549 088 518 942 546 772
received Dec-16 566 847 567 361 566 667 568 142 568 569 567 240 575 593 567 066 566 986 568 553 545 833 570 464 569 848 562 773 567 996 541 700 565 360
Revenue (R'000) Mar-17 678 490 461 290 341 881 268 985 380 794 397 083 608 710 365 864 178 978 3 682 075 112 130 142 940 154 106 409 176 4 091 251 321 744 4 412 995
Dec-16 633 735 546 369 385 900 331 227 375 824 364 735 566 959 328 331 239 268 3 772 348 117 354 142 616 138 473 398 443 4 170 791 443 111 4 613 902
Cash operating (R'000) Mar-17 485 673 390 383 210 635 219 382 314 042 333 619 482 900 270 541 205 379 2 912 554 88 931 101 138 118 268 308 337 3 220 891 266 683 3 487 574
cost Dec-16 481 289 388 878 214 723 229 898 292 150 321 011 493 622 267 759 205 304 2 894 634 91 750 110 707 173 375 375 832 3 270 466 372 161 3 642 627
Inventory (R'000) Mar-17 15 217 16 356 11 094 (12 807) 5 721 6 399 31 814 7 719 7 503 89 016 (2 850) 10 818 2 911 10 879 99 895 23 405 123 300
movement Dec-16 (19 978) (16 417) (12 212) (8 524) (2 863) 7 764 (29 597) (10 663) (7 270) (99 760) (5 499) (6 520) (19 577) (31 596) (131 356) (2 175) (133 531)
Operating costs (R'000) Mar-17 500 890 406 739 221 729 206 575 319 763 340 018 514 714 278 260 212 882 3 001 570 86 081 111 956 121 179 319 216 3 320 786 290 088 3 610 874
Dec-16 461 311 372 461 202 511 221 374 289 287 328 775 464 025 257 096 198 034 2 794 874 86 251 104 187 153 798 344 236 3 139 110 369 986 3 509 096
Production profit (R'000) Mar-17 177 600 54 551 120 152 62 410 61 031 57 065 93 996 87 604 (33 904) 680 505 26 049 30 984 32 927 89 960 770 465 31 656 802 121
Dec-16 172 424 173 908 183 389 109 853 86 537 35 960 102 934 71 235 41 234 977 474 31 103 38 429 (15 325) 54 207 1 031 681 73 125 1 104 806
Capital (R'000) Mar-17 91 606 72 689 18 633 59 876 64 477 71 056 62 729 25 986 19 004 486 056 841 25 143 35 250 61 234 547 290 312 239 859 529
expenditure Dec-16 96 306 79 352 21 298 62 501 64 330 67 162 67 948 28 645 18 443 505 985 1 369 41 350 (8 736) 33 983 539 968 321 002 860 970
Cash operating - R/kg Mar-17 410 197 489 202 353 414 429 319 465 247 472 548 459 905 423 382 658 266 450 093 393 500 424 950 416 437 412 215 446 169 411 548 443 317
costs Dec-16 414 547 388 878 303 710 385 089 433 457 503 942 465 681 445 522 468 731 421 038 400 655 413 086 616 993 483 075 427 344 431 241 427 739
Cash operating - R/tonne Mar-17 1 897 2 585 4 051 1 769 2 013 1 928 3 330 1 840 2 474 2 263 54 168 316 117 821 412 763
costs Dec-16 1 981 2 461 3 579 1 810 1 826 1 681 3 066 1 727 1 974 2 130 54 155 476 136 791 555 759
Cash operating - R/kg Mar-17 487 567 580 291 384 678 546 493 560 769 573 194 519 647 464 049 719 176 525 206 397 221 530 592 540 556 494 079 521 981 893 398 552 574
cost and Capital Dec-16 497 498 468 230 333 835 489 781 528 902 609 377 529 783 493 185 510 838 494 635 406 633 567 377 585 904 526 754 497 901 803 202 528 839
Operating free % Mar-17 15 - 33 (4) 1 (2) 10 19 (25) 8 20 12 2 10 8 (71) 2
cash flow margin(3) Dec-16 9 14 39 12 5 (6) 1 10 6 10 21 (7) (20) (3) 9 (36) 4
All-in sustaining cost - R/kg Mar-17 492 028 597 433 409 880 502 942 544 986 590 821 533 646 476 839 733 935 531 591 398 725 525 284 572 605 506 391 528 826 536 411 529 409
Dec-16 502 124 481 170 333 689 447 311 572 873 632 656 552 632 506 539 526 748 506 127 406 498 420 512 616 891 483 657 503 941 510 204 504 538
1 Ore milled for Hidden Valley includes 221 000 tonnes (Dec-16: 90 000t) that has been capitalised as part of pre-stripping of stages 5 and 6. Gold produced and
sold for Hidden Valley includes 168 kilograms (Dec-16: 81kg) that has been capitalised.
2 Yield for December 2016 quarter restated to exclude Hidden Valley's capitalised production.
3 Excludes run of mine costs for Kalgold (Mar-17: R1.785m, Dec-16: -R0.904m) and Hidden Valley (Mar-17: R29.314m, Dec-16: R92.080m).
CONTACT DETAILS
CORPORATE OFFICE TRANSFER SECRETARIES
Randfontein Office Park Link Market Services South Africa (Proprietary) Limited
PO Box 2, Randfontein, 1760, South Africa (Registration number 2000/007239/07)
Corner Main Reef Road and Ward Avenue 13th Floor, Rennie House, Ameshoff Street, Braamfontein
Randfontein, 1759, South Africa PO Box 4844, Johannesburg, 2000, South Africa
Telephone: +27 11 411 2000 Telephone: +27 86 154 6572
Website: www.harmony.co.za E-mail: info@linkmarketservices.co.za
Fax: +27 86 674 2450
DIRECTORS
PT Motsepe* (chairman) ADR* DEPOSITARY
FFT De Buck*^ (lead independent director) Deutsche Bank Trust Company Americas
JM Motloba*^ (deputy chairman) c/o American Stock Transfer and Trust Company
PW Steenkamp (chief executive officer) Peck Slip Station
F Abbott (financial director) PO Box 2050, New York, NY 10272-2050
JA Chissano*1^, KV Dicks*^, Dr DSS Lushaba*^ E-mail queries: db@amstock.com
HE Mashego**, M Msimang*^, KT Nondumo*^ Toll free: +1-800-937-5449
VP Pillay*^, JL Wetton*^, AJ Wilkens* Int: +1-718-921-8137
* Non-executive Fax: +1-718-765-8782
** Executive *ADR: American Depositary Receipts
^ Independent
1 Mozambican SPONSOR
JP Morgan Equities South Africa (Pty) Ltd
INVESTOR RELATIONS 1 Fricker Road, corner Hurlingham Road
E-mail: harmonyIR@harmony.co.za Illovo, Johannesburg, 2196
Marian van der Walt Private Bag X9936, Sandton, 2146
Executive: Corporate and Investor Relations Telephone: +27 11 507 0300
Telephone: +27 11 411 2037 Fax: +27 11 507 0503
Fax: +27 86 614 0999
Mobile: +27 82 888 1242 TRADING SYMBOLS
E-mail: marian@harmony.co.za JSE Limited: HAR
New York Stock Exchange, Inc.: HMY
Lauren Fourie
Investor Relations Manager
Telephone: +27 11 411 2025 REGISTRATION NUMBER:
Mobile: +27 72 436 3512 1950/038232/06
E-mail: lauren.fourie@harmony.co.za Incorporated in the Republic of South Africa
COMPANY SECRETARY ISIN:
Riana Bisschoff ZAE 000015228
Telephone: +27 11 411 6020
Fax: +27 11 696 9734
Mobile: +27 83 629 4706
E-mail: riana.bisschoff@harmony.co.za
www.harmony.co.za
Date: 09/05/2017 07:05:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
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