HARMONY GOLD MINING COMPANY LIMITED - FY18 Results for the year ended 30 June 2018

Release Date: 21/08/2018 07:06
Code(s): HAR
 
Wrap Text
FY18 Results for the year ended 30 June 2018

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


FY18 RESULTS
FOR THE YEAR ENDED 30 JUNE 2018


KEY FEATURES

- Embedding our safety culture through our various training and awareness campaigns
- Production guidance achieved for third consecutive year; produced 1.228Moz of gold at an all-in sustaining
  cost of R508 970/kg (US$1 231/oz)
- 8% increase in underground recovered grade (six consecutive years of increasing grade)
- Hidden Valley delivers re-investment plan on schedule and within budget
- Successful integration of Moab Khotsong operations
- 31% increase in SA underground resources
- 11.6% increase in SA underground reserves
- R1.8 billion (US$141 million) generated in cash flow through effective hedging strategy


                                                                                                  Year ended    Year ended            %
                                                                                                   June 2018     June 2017     Variance
Gold produced                                -   kg                                                   38 193        33 836           13
                                             -   oz                                                1 227 934     1 087 852           13
Cash operating costs                         -   R/kg                                                421 260       436 917            4
                                             -   US$/oz                                                1 018         1 000           (2)
Gold sold                                    -   kg                                                   37 692        34 150           10
                                             -   oz                                                1 211 826     1 097 944           10
Underground grade                            -   g/t                                                    5.48          5.07            8
Total costs and capital(1)                   -   R/kg                                                499 028       510 006            2
                                             -   US$/oz                                                1 207         1 167           (3)
All-in sustaining costs(2)                   -   R/kg                                                508 970       516 687            1
                                             -   US$/oz                                                1 231         1 182           (4)
Gold price received                          -   R/kg                                                570 709       570 164            -
                                             -   US$/oz                                                1 380         1 304            6
Production profit                            -   R million                                             5 356         4 452           20
                                             -   US$ million                                             416           327           27
Basic earnings/(loss) per share              -   SAc/s                                                (1 003)           82        >(100)
                                             -   USc/s                                                   (78)            4        >(100)
Headline earnings                            -   R million                                               763         1 306          (42)
                                             -   US$ million                                              59            93          (37)
Headline earnings per share                  -   SAc/s                                                   171           298          (43)
                                             -   USc/s                                                    13            21          (38)
Exchange rate                                -   R/US$                                                 12.85         13.60           (6)

(1) Excludes investment capital for Hidden Valley
(2) Excludes share-based payment charge



HARMONY'S ANNUAL REPORTS

Harmony's Integrated Annual Report and its annual report filed on a Form 20F with the United States' Securities and Exchange
Commission for the financial year ended 30 June 2018 will be available on our website (www.harmony.co.za/invest) on
25 October 2018. Mineral resource and reserve information as at 30 June 2018 is included in this report.


SHAREHOLDER INFORMATION

Issued ordinary share capital at 30 June 2018                        500 251 751
(post share placement on 5 June 2018)

Issued ordinary share capital at 30 June 2017                        439 957 199

MARKET CAPITALISATION

At 30 June 2018 (ZARm)                                                   10 615

At 30 June 2018 (US$m)                                                       774

At 30 June 2017 (ZARm)                                                     9 538

At 30 June 2017 (US$m)                                                       728

HARMONY ORDINARY SHARES AND ADR PRICES

12-month high (1 July 2017 - 30 June 2018)                                R28.80
for ordinary shares

12-month low (1 July 2017 - 30 June 2018)                                 R19.24
for ordinary shares

12-month high (1 July 2017 - 30 June 2018) for ADRs                      US$2.50

12-month low (1 July 2017 - 30 June 2018) for ADRs                       US$1.52

FREE FLOAT                                                                 100%

ADR RATIO                                                                   1:1

JSE LIMITED                                                                 HAR

Range for year (1 July 2017 - 30 June 2018 closing prices)       R19.24 - R28.80

Average daily volume for the year                               1 678 662 shares
(1 July 2017 - 30 June 2018)

Range for the previous year                                      R20.68 - R66.65
(1 July 2016 - 30 June 2017 closing prices)

Average daily volume for the previous year                      2 121 251 shares
(1 July 2016 - 30 June 2017)

NEW YORK STOCK EXCHANGE
                                                                           HMY
including other US trading platforms

Range for year (1 July 2017 - 30 June 2018 closing prices)     US$1.52 - US$2.50

Average daily volume for the year                                      3 933 313
(1 July 2017 - 30 June 2018)

Range for the previous year                                    US$1.59 - US$4.81
(1 July 2016 - 30 June 2017 closing prices)

Average daily volume for the previous year                             5 257 929
(1 July 2016 - 30 June 2017)

Investors' calendar

Release of Harmony's Integrated Annual Report                    25 October 2018
of FY18

Annual General Meeting                                         23 November 2018


FORWARD-LOOKING STATEMENTS

This report contains forward-looking statements within the meaning of the safe harbor
provided by Section 21E of the Securities Exchange Act of 1934, as amended, and
Section 27A of the Securities Act of 1933, as amended, with respect to our 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. These include all statements other than statements of historical fact, including,
without limitation, any statements preceded by, followed by, or that include the words
"targets", "believes", "expects", "aims", "intends", "will", "may", "anticipates", "would",
"should", "could", "estimates", "forecast", "predict", "continue" or similar expressions or
the negative thereof.

These forward-looking statements, including, among others, those relating to our future
business prospects, revenues and income, wherever they may occur in this report and the
exhibits to this report, are essentially estimates reflecting the best judgment of our senior
management 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 presentation. 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 South Africa, Papua New
Guinea, Australia and elsewhere, estimates of future earnings, and the sensitivity of earnings
to the gold and other metals prices, estimates of future gold and other metals production
and sales, estimates of future cash costs, estimates of future cash flows, and the sensitivity of
cash flows to the gold and other metals prices, statements regarding future debt repayments,
estimates of future capital expenditures, the success of our business strategy, development
activities and other initiatives, estimates of reserves statements regarding future exploration
results and the replacement of reserves, the ability to achieve anticipated efficiencies and other
cost savings in connection with past and future acquisitions, fluctuations in the market price
of gold, the occurrence of hazards associated with underground and surface gold mining, the
occurrence of labor disruptions, power cost increases as well as power stoppages, fluctuations
and usage constraints, supply chain shortages and increases in the prices of production imports,
availability, terms and deployment of capital, changes in government regulation, particularly
mining rights and environmental regulation, fluctuations in exchange rates, the adequacy of
the Group's insurance coverage and socio-economic or political instability in South Africa and
Papua New Guinea and other countries in which we operate.

For a more detailed discussion of such risks and other factors (such as availability of credit
or other sources of financing), see the Company's latest Integrated Annual Report and
Form 20-F which is on file with the Securities and Exchange Commission, as well as the Company's
other Securities and Exchange Commission filings. The Company undertakes no obligation to
update publicly or release any revisions to these forward-looking statements to reflect events or
circumstances after the date of this presentation or to reflect the occurrence of unanticipated
events, except as required by law.


COMPETENT PERSON'S DECLARATION

In South Africa, Harmony employs an ore reserve manager at each of its
operations who takes responsibility for the compilation and reporting
of mineral resources and mineral reserves at their operations. In
Papua New Guinea, competent persons are appointed for the mineral
resources and mineral reserves for specific projects and operations.
The mineral resources and mineral reserves in this report are based on
information compiled by the following competent persons:

Resources and reserves of South Africa:

Jaco Boshoff, BSc (Hons), MSc, MBA, Pr. Sci. Nat, MSAIMM, MGSSA,
who has 23 years' relevant experience and is registered with the South
African Council for Natural Scientific Professions (SACNASP) and
a member of the South African Institute of Mining and Metallurgy
(SAIMM).

Mr Boshoff is Harmony's Lead Competent Person.

Jaco Boshoff
Physical address:                                                     Postal address:
Randfontein Office park                                               PO Box 2
Corner of Main Reef Road and Ward Avenue                              Randfontein
Randfontein                                                           1760
South Africa                                                          South Africa

Resources and reserves of Papua New Guinea:

Gregory Job, BSc, MSc, who has 30 years' relevant experience and is a
member of the Australian Institute of Mining and Metallurgy (AusIMM).

Greg Job
Physical address:                                Postal address:
Level 2                                          PO Box 1562
189 Coronation Drive                             Milton, Queensland
Milton, Queensland 4064                          4064
Australia                                        Australia

Both these competent persons, who are full-time employees of
Harmony Gold Mining Company Limited, consent to the inclusion in
the report of the matters based on the information in the form and
context in which it appears.


MESSAGE FROM THE CHIEF EXECUTIVE OFFICER

HARMONY DELIVERS

Since joining Harmony as CEO in January 2016, the Harmony team has
been committed to building a track record of delivery.

Production guidance was achieved for the third consecutive year
in financial year 2018 (FY18).

The performance of the South African (SA) operations has been
consistent. Increased flexibility or availability of stoping panels and
fewer unplanned engineering stoppages due to focused asset
management and maintenance have improved the predictability of our
production performance. Our disciplined grade management approach
has also been important in delivering on guidance and managing cost
inflation.

Our growth aspiration to produce 1.5 million ounces and improve the
quality of our asset portfolio was set out at the end of the financial
year 2016 (FY16). Since, Harmony has invested in Hidden Valley and
acquired Moab Khotsong in FY18. These operations will increase
annual production by 450 000 to 500 000 ounces at an average life of
mine all-in sustaining unit cost of below US$950/oz.

The successful hedging strategy has generated cash flow of R3.6 billion
(US$276 million) since implementation, securing cash flow margins and
enabling Harmony to repay debt and fund our quality growth strategy.


SAFETY

Safety at our operations is paramount and we recognise that more
needs to be done in ensuring a safe working place for all our employees.

Sadly, we had 13 fatalities in FY18. I extend my personal, heartfelt
condolences to their families, colleagues and friends.

Key aspects of our safety approach include:

-   To stop significant unwanted events by focusing on critical control
    management

-   Active leadership and promoting a proactive culture

-   Culture transformation through continuous employee engagement,
    safety awareness and training and positive behaviour reinforcement

-   Improving system monitoring and analysis to improve risk
    management

Doornkop achieved 3 million fatality free shifts on 24 February 2018.
The Hidden Valley re-investment was delivered safely, with no fatalities
and no lost time injuries reported during FY18.

On 17 August 2018 the Minerals Council of South Africa launched the
National Day of Safety and Health in Mining 2018 campaign as part of
its re-commitment to the shared goal of Zero Harm and ensuring that
all employees can go to work in the knowledge that they will return
home, every day, unharmed. Harmony is one of the Minerals Council's
66 members who will be hosting Safety and Health Days at each of
our operations to recommit to and reaffirm the industry's commitment.


YEAR-ON-YEAR OPERATIONAL RESULTS (FY18)

Harmony's operations achieved gold production of 1.228 million
ounces, exceeding annual production guidance of 1.18 million
ounces. The South African operations recorded a 14% increase in
gold production, of which Moab Khotsong produced 105 900 ounces
(contributing 10% of the increase in SA gold production) for the four
months the operation has been included in Harmony's asset portfolio
(since 1 March 2018).

Underground recovered grade increased by 8% to 5.48g/t, the sixth
consecutive year of increasing grade.

The Hidden Valley investment in the stage 5 and 6 cutback and related
plant and processing upgrades was delivered on schedule and below
budget (US$175 million (net) spent compared to net-investment
planned of US$180 million). Commercial levels of production were
achieved in the June 2018 production month. Stripping of the cutbacks
will continue for the next three years to deliver an average life of mine
all-in sustaining cost of below US$950/oz.

The performance from our SA operations is summarised below:

SA underground

-   Tshepong operations: gold produced increased by 6%, mainly as a
    result of a 5% increase in recovered grade to 5.47g/t;

-   Bambanani: gold produced increased by 3% as a result of the 2%
    increase in recovered grade to 12.11g/t and 1% increase in tonnes
    milled;

-   Joel: gold produced decreased by 27%, due to a 18% decrease
    in recovered grade to 3.60g/t and 12% decrease in tonnes milled.
    The Joel decline project is nearing completion and development in
    the footwall areas has commenced. Development is expected to
    continue for 12 to 18 months, where after grades are expected
    to increase to reserve grade;

-   Doornkop: gold produced increased by 28%, due to an 18% increase
    in recovered grade to 4.93g/t and a 9% increase in tonnes milled.
    Doornkop's excellent safety performance enhanced the performance
    of the operation in FY18;

-   Target 1: gold produced increased by 7%, due to a 17% improvement
    in recovered grade to 4.2g/t, which offset the 9% decrease in tonnes
    milled. The operation improved on its FY17 performance, where
    production was hampered by unfavourable mining conditions in the
    higher grade areas;

-   Kusasalethu: gold produced increased by 1% as a result of the 10%
    increase in tonnes milled, offsetting the 9% decrease in recovered
    grade to 6.61g/t. Encouraging development grades indicate that
    recovery grades are expected to improve in FY19;

-   Masimong: gold produced increased by 3%, due to a 2% increase in
    recovered grade to 4.05g/t and 1% increase in tonnes milled;

-   Unisel: gold produced decreased by 20%, due to a 16% decrease
    in recovered grade to 3.40g/t and a 5% decrease in tonnes milled.
    As reported in December 2017, mining of the Leader Reef was
    stopped to accelerate mining of the higher grade Basal Reef pillar
    areas. The operation was successfully restructured during the
    March 2018 quarter. An improved performance is expected from
    Unisel during FY19.

SA surface

-   Phoenix: gold produced decreased by 20% as a result of the 11%
    decrease in tonnes milled, and 9% decrease in recovered grade to
    0.124g/t;

-   Central Plant Reclamation: The inaugural annual performance
    from the operation was successful. The operation produced 502kg
    (16 139oz), processed 3.8 million tonnes at an all-in sustaining cost
    of R420 016/kg (US$1 017/oz);

-   Waste rock dumps: gold produced increased by 2% as a result of the
    2% increase in recovered grade to 0.383g/t due to the higher grades
    of the Moab waste rock dumps processed;

-   Kalgold: gold produced increased by 4% as a result of the 3%
    increase in tonnes milled, and 1% increase in recovered grade to
    0.806g/t.

Production profit for FY18 increased by 20% to R5.356 billion
(US$416 million), when compared to the R4.452 billion
(US$327 million) recorded in FY17. This was mainly due to the inclusion
of the Moab Khotsong operations from 1 March 2018, further
demonstrating the quality of the operation. The overall improved
operational performance of the South African operations contributed
positively to the increased production profit.

In FY18, Harmony achieved an all-in sustaining unit cost of R508 970/kg
(US$1 231/oz), beating annual guidance of R520 000/kg and the all-in
sustaining unit cost of R516 687/kg (US$1 182/oz) reported for the
June 2017 financial year.

Capital expenditure for FY18 increased by 16% to R4.280 billion (23%
to US$333 million), of which R1.563 billion (US$121 million) was spent
at Hidden Valley as planned. Capital expenditure for South African
operations increased by 16% or R366 million (22% or US$38 million),
mainly due to increased capital expenditure at the Tshepong operations
related to improving ventilation and environmental conditions as well
as increased ongoing development expenditure.


YEAR-ON-YEAR FINANCIAL RESULTS

Revenue

Revenue increased by 6% in FY18 to R20 359 million (12% to
US$1 583 million), mainly due to the 6% increase in gold sold
(excluding capitalised gold sales from Hidden Valley) with the inclusion
of the Moab Khotsong operations from 1 March 2018.

The average gold price received in Rand terms (including the gold
hedge realised) remained steady at R570 709/kg (FY17: R570 164/kg).
In US$ terms, the average gold price received increased by 12% to
US$1 380/oz due to the higher average US dollar gold price in FY18.
The Rand gold hedges, included as part of revenue realised gains of
R1 197 million (US$93 million) in FY18 (realised gains of R728 million
or US$54 million in FY17).

Impairment of assets

The life-of-mine plans form the basis for assessing whether any
impairment against the carrying value of an asset is required. These
values are informed by a number of factors, including estimates of
future gold prices and exchange rates and operating and capital cost
estimates. An impairment of R5.3 billion (US$386 million) was recorded
at Harmony's Tshepong Operations, Target 1, Joel, Kusasalethu, Unisel,
Masimong, Doornkop, and the Target North undeveloped property.

The impairments were mainly driven by forecasted cost inflation and a
subdued gold price of R535 000/kg ($1 250 at R/$13.30) applied in the
life-of-mine plans and the resultant impact on margins. Furthermore, in
the case of Target North and Doornkop, lower resource multiples were
applied to estimate the value of the resources. The values per resource
ounce have decreased substantially as a result of the low levels of
merger and acquisition activity of resource companies in South Africa,
and more specifically gold mining companies.

Refer to note 8 for a detailed discussion on impairments
recognised.

Net profit/(loss) for the year

The net loss for the year ended 30 June 2018 was R4 473 million
(US$321 million), compared to a profit of R362 million (US$17 million)
for the comparative period. The loss in FY18 is mainly attributable
to the impairment recognised, translation loss of R669 million on
US$ denominated debt at 30 June 2018 and lower derivative gains
recognised in FY18 of R99 million (US$8 million) compared to
R1 025 million (US$75 million) recognised in FY17.

Headline earnings

Headline earnings per share for FY18 amounted to 171 SA cents per
share (13 US cents per share) compared with 298 SA cents per share
(21 US cents) for FY17.

Accounting for the Moab Khotsong acquisition

Harmony acquired the Moab Khotsong operations and related
infrastructure from AngloGold Ashanti Limited on 1 March 2018.
Goodwill arising from the acquisition of R272 million (US$23 million)
was recognised in intangible assets.

Refer to note 7 for further details.

Borrowings

Borrowings as at 30 June 2018 include US$325 million drawn on
Harmony's US$ facilities, R500 million drawn on the Nedbank Rand
facility and the remaining US$50 million on the bridge facility raised for
the Moab Khotsong transaction.

Refer to note 13 for further details.

Net debt increased to R4 908 million (US$356 million) at the end of
30 June 2018 from R887 million (US$68 million) at the end of 30 June
2017. The increase in net debt is a result of Harmony's strategy to
increase its quality ounces and by subsequently pursuing the investment
in the Hidden Valley stage 5 and 6 cut back (which commenced in
FY17) and the acquisition of Moab Khotsong during FY18.

Hedging activity

Realised gains from    all hedging programmes amounted to R1 817 million
(US$141 million) in    FY18 (R1 705 million (US$129 million) in FY17).
Management continue    to top-up these programmes when the market
presents attractive    opportunities to do so.

Refer to notes 3 and 9 for further detail.


GROWING OUR MINERAL RESOURCES AND MINERAL
RESERVES

The acquisition of Moab Khotsong contributed a 13% increase year
on year in Harmony's attributable gold and gold equivalent mineral
resources at 117.9Moz as declared at 30 June 2018. The total gold
contained in the mineral resources at the South African operations
represents 60% of our total resources, with the PNG operations
representing 40% of Harmony's total gold and gold equivalent mineral
resources.

Total attributable gold and gold equivalent mineral reserves amounted
to 36.9Moz. Mineral reserves at our South African underground
operations as at 30 June 2018 increased by 11.6% year on year to
10.1Moz with the underground reserve grade increasing from 5,61g/t
to 6,02g/t. South African gold reserve ounces now represent 46% of
our total gold reserves, whilst PNG gold and gold equivalent ounces
represent 54%. See page 8 for our resources and reserves statement.


2018 WAGE NEGOTIATIONS

The 2018 round of wage negotiations in the gold sector began on
11 July 2018 between the Mineral Council South Africa (representing
four gold mining companies) and the four trade unions: Association
of Mine Workers and Construction Union (AMCU), National Union
of Mine Workers (NUM), UASA and Solidarity. We believe the offer
made to unions is credible and discussions are ongoing. Refer to
www.goldwagenegotiations.co.za for more details.

WAFI-GOLPU UPDATE(1)

Engagement by the Wafi-Golpu Joint Venture (WGJV) with the PNG
government on the application for a special mining lease (SML) for the
Wafi-Golpu project is progressing well.

Key highlights in FY18 include:

-   Updated feasibility study released on 19 March 2018, proposing a
    larger mine and increased production profile, resulting in a 33%
    increase in net present value to US$2.6 billion (applying a real
    discount rate of 8.5%).

-   Updated proposal for development submitted to the PNG
    government on 20 March 2018.

-   On 25 June 2018 the WGJV submitted an Environmental Impact
    Statement (EIS) for the Wafi-Golpu Project to the relevant Papua New
    Guinean regulatory authority, the Conservation and Environment
    Protection Agency (CEPA).

Permitting of the Wafi-Golpu project will continue to be a key focus
area in FY19.

(1) All figures represented on a 100% basis. Harmony and Newcrest Mining Limited each
    currently own 50% of Wafi-Golpu through the Wafi-Golpu Joint Venture.


FY19 PRODUCTION AND COST GUIDANCE
In the next year, we plan to produce approximately 1.45Moz at an all-in
sustaining cost of about R515 000/kg. We will continue our trajectory
of operational excellence and meeting guidance in FY19.


IN CONCLUSION

Harmony's teams remain committed to delivering on our strategy
to produce safe, profitable ounces and increasing margins. Key
focus areas in FY19 will be safety, repaying debt, delivering on our
operational plans and substantially progressing the permitting of the
Wafi-Golpu project.


Peter Steenkamp
Chief executive officer


KEY FOCUS AREAS IN FY19

Strategy                         Strategic pillars              Focus areas

                                 Operational                    -   Improve safety performance
Safe, profitable                 excellence                     -   Realise synergies of Moab Khotsong operations
ounces                                                          -   Deliver on Hidden Valley plan

and                              Cash                           -   Exceeding operational plans (generate free cash flow)
                                 certainty                      -   Focus on repaying debt
                                                                -   Continue hedging strategy
Increasing
margins                          Effective capital              -   Secure Wafi-Golpu permitting and funding
                                 allocation                     -   Evaluate organic growth opportunities



SUMMARY UPDATE OF HARMONY'S MINERAL RESOURCES AND
MINERAL RESERVES AS AT 30 JUNE 2018

Harmony's statement of mineral resources and mineral reserves as at
30 June 2018 is produced in accordance with the South African Code
for the Reporting of Mineral Resources and Mineral Reserves (SAMREC)
and the Australasian Code for Reporting of Exploration Results, Mineral
Resources and Ore Reserves (JORC). It should be noted that the mineral
resources are reported inclusive of the mineral reserves.

This report provides a summary of the update, while the detailed
statement of the mineral resources and mineral reserves will be
available on our website as from 21 August 2018 and published in
the Integrated Report on 25 October 2018, which will be available at
www.harmony.co.za/invest. Refer to the website (www.harmony.co.za)
for the updated reserves and resources tables as at 30 June 2018.

Harmony uses certain terms in the summary such as 'measured',
'indicated' and 'inferred' resources, which the United States' Securities
and Exchange Commission guidelines strictly prohibit companies
registered in the United States from including in their filings with
the commission. United States investors are urged to consider the
disclosure in this regard in our Form 20-F which will be available on our
website at www.harmony.co.za/invest/annual-reports on 25 October
2018.

Introduction

Harmony's strategy is to produce safe, profitable ounces and increase
margins. This includes delivering safely on our operational plans,
reducing costs and improving productivity. Harmony's growth journey
entails acquiring higher grade assets. In FY17, Harmony invested in
the life of mine extension at Hidden Valley and in FY18 acquired and
integrated the higher grade Moab Khotsong operations.

Harmony - Total

The company's attributable gold and gold equivalent mineral resources
are declared as 117.8Moz as at 30 June 2018, a 13.0% increase year
on year from the 104.3Moz declared as at 30 June 2017. The total
gold contained in the mineral resources at the South African operations
represents 60% of the company total, with the PNG operations
representing 40% of Harmony's total gold and gold equivalent
mineral resources as at 30 June 2018. Harmony's attributable gold
and gold equivalent mineral reserves amounts to 36.8Moz, a 0.3%
increase from the 36.7Moz declared at 30 June 2017. The gold reserve
ounces in South Africa represent 46%, while the PNG gold and gold
equivalent ounces represent 54% of Harmony's total mineral reserves
as at 30 June 2018.

South Africa

South African underground operations

The company's mineral resources at the South African underground
operations as at 30 June 2018 are 61.3Moz (216.7Mt at 8.79g/t), an
increase of 31% year on year from the 46.6Moz (159.4Mt at 9.10/t)
declared as at 30 June 2017. This increase is due to resources added
from the Moab Khotsong acquisition and resources added from the
Kimberley Reef at Doornkop. The company's mineral reserves at
the South African underground operations as at 30 June 2018 are
10.1Moz (52.4Mt at 6.02g/t), an increase of 11.6% year on year
from the 9.1Moz (50.4Mt at 5.61g/t) declared as at 30 June 2017.
The increase in ounces and grade is due to the reserves added from the
Moab Khotsong acquisition.

South African surface operations, including Kalgold
The company's mineral resources at the South African surface
operations as at 30 June 2018 are 9.4Moz (1 071Mt at 0.27g/t).
There was an increase of 6.9% due to surface sources added from
the Moab Khotsong acquisition. The company's mineral reserves at
the South African surface operations as at 30 June 2018 are 6.8Moz
(814.2Mt at 0.26g/t), a decrease of 5.6% due to depletion.

Papua New Guinea (PNG)

Papua New Guinea operations

The company's attributable gold and gold equivalent mineral resources
at the PNG operations as at 30 June 2018 are 47.1Moz, a decrease of
3.5% year on year from the 48.8Moz declared as at 30 June 2017.
This decrease is mainly due to depletion and the new commodity prices
used affecting the gold equivalent ratio negatively. The company's
gold and gold equivalent mineral reserves at the PNG operations as at
30 June 2018 are 19.9Moz, a decrease of 2.7% year on year from the
20.5Moz declared as at 30 June 2017.


ASSUMPTIONS

In converting the mineral resources to mineral reserves, the following
commodity prices and exchange rates were applied:

-     A gold price of US$1275/oz.
-     An exchange rate of R/US$13.42
-     The above parameters resulted in a rand gold price of R550 000/kg
      for the South African assets. The ore reserves were also tested at
      a gold price of R535 000/kg.
-     The Hidden Valley mine and the Golpu project used commodity
      prices of US$1275/oz Au, US$17.00/oz Ag, US$7.00/lb Mo and
    US$3.00/lb Cu at an exchange rate of US$0.76 per A$.
-   Gold equivalent ounces are calculated assuming US$1275/oz Au,
    US$3.00/lb Cu and US$17.00/oz Ag, and assuming a 100%
    recovery for all metals.

Independent review

Harmony's South African mineral resources and reserves at the
Tshepong Operations, Surface Sources, and Target as well as the group
SAMREC statement were independently reviewed by The Mineral
Corporation for compliance to SAMREC.

Note: Au = gold; Cu = copper; Ag = Silver, Mo = Molybdenum,
      Moz = million ounces.


SUMMARY UPDATE OF HARMONY'S MINERAL RESOURCES AND
MINERAL RESERVES (CONTINUED) AS AT 30 JUNE 2018


Mineral resources:                          Measured                                  Indicated                             Inferred                                       Total
gold and gold                 Tonnes                        Gold          Tonnes                      Gold      Tonnes                       Gold           Tonnes                              Gold
equivalents                      (Mt)            g/t      '000oz             (Mt)          g/t      '000oz         (Mt)          g/t       '000oz              (Mt)                 g/t       '000oz
SA underground                  66.3            8.33      17 741            80.0          9.21      23 684        70.4          8.76       19 840            216.7                 8.79       61 265
SA surface incl Kalgold        276.9            0.30       2 634           732.0          0.26       6 142        61.9          0.32          635          1 070.8                 0.27        9 411
Total South Africa             343.2                      20 375           812.0                    29 827       132.3                     20 475          1 287.5                            70 676
Hidden Valley                    1.9            0.92          57            84.1          1.45       3 925         3.2          1.19          123             89.3                 1.43        4 105
Wafi-Golpu system*                 -               -           -           400.7          0.86      11 051        99.2          0.74        2 359            499.9                 0.83       13 410
Kili Teke                          -               -           -               -             -           -       237.0          0.24        1 810            237.0                 0.24        1 810
Total Papua New
                                 1.9                            57        484.9                     14 977      339.3                      4 292             826.1                            19 326
Guinea
Total gold Resources            345.1                     20 432         1 296.9                    44 803       471.6                     24 767          2 113.6                            90 002
Hidden Valley - gold
equivalent ounces                   1.9                         13          81.7                     1 020         3.0                            39          86.6                             1 072
Wafi-Golpu - gold
equivalent ounces*                    -                              -     344.0                    19 365        87.8                      3 213            431.8                            22 578
Kili Teke - gold
equivalent ounces                     -                              -         -                         -      237.0                       4 157            237.0                             4 157
Total gold equivalent
resources**                         1.9                         13         425.7                    20 385       327.7                      7 410            755.4                            27 807
Total Harmony gold
and gold equivalent
resource**                     345.1                      20 445         1 296.9                    65 188      471.6                      32 176          2 113.6                           117 809


Mineral resources:                          Measured                                  Indicated                             Inferred                                       Total
silver and copper
(used in equivalent            Tonnes                  Silver               Tonnes                    Silver        Tonnes                  Silver               Tonnes                        Silver
calculations)                     (Mt)        g/t      '000oz                  (Mt)           g/t     '000oz           (Mt)        g/t      '000oz                  (Mt)             g/t       '000oz
Hidden Valley                     1.9       19.61       1 193                 81.7          27.50     72 256           3.0        29.21      2 791                 86.6            27.38       76 240


                                          Measured                                    Indicated                             Inferred                                       Total
                              Tonnes                   Copper            Tonnes                     Copper      Tonnes                   Copper              Tonnes                         Copper
                                 (Mt)           %        'Mlb               (Mt)             %        'Mlb         (Mt)           %        'Mlb                 (Mt)             %            'Mlb
Golpu*                             -            -           -             344.0           1.09       8 232        67.9          0.85      1 273                411.9          1.05           9 505
Nambonga*                          -            -           -                 -              -           -        19.9          0.21         94                 19.9          0.21              94
Kili Teke                          -            -           -                 -              -           -       237.0          0.34      1 767                237.0          0.34           1 767
Total                              -            -           -             344.0           1.09       8 232       324.8          0.44      3 133                668.8          0.77          11 365


                                                                                      Proved                                Probable                                       Total
Mineral reserves:                                                        Tonnes                        Gold     Tonnes                        Gold Tonnes                                    Gold
gold and gold equivalents                                                   (Mt)           g/t       '000oz        (Mt)          g/t        '000oz     (Mt)                   g/t          '000oz
SA underground                                                             37.5           6.14        7 400       14.9          5.72         2 739    52.4                   6.02          10 139
SA surface incl Kalgold                                                   180.6           0.31        1 795      633.6          0.24         4 984   814.2                   0.26           6 779
Total South Africa                                                        218.0                       9 195      648.5                       7 723   866.6                                 16 918
Hidden Valley                                                               1.9           0.92           57       23.8          1.63         1 250    25.7                   1.58           1 306
Wafi-Golpu system*                                                            -              -            -      202.3          0.86         5 573   202.3                   0.86           5 573
Total Papua New Guinea                                                      1.9                          57      226.1                       6 823   228.0                                  6 880
Total gold reserves                                                       220.0                       9 252      874.6                      14 546 1 094.6                                 23 797
Hidden Valley - gold equivalent ounces                                      1.9                          17       23.3                         340    25.2                                    357
Wafi-Golpu - gold equivalent ounces*                                          -                           -      202.3                      12 686   202.3                                 12 686
Total gold equivalent reserves**                                            1.9                          17      225.6                      13 026   227.5                                 13 043
Total Harmony gold and gold equivalent
reserves**                                                                220.0                       9 269     874.6                       27 572 1 094.6                                 36 840


Mineral reserves:                                                                      Proved                               Probable                                       Total
silver and copper                                                        Tonnes                        Silver     Tonnes                           Silver        Tonnes                       Silver
(used in equivalent calculations)                                           (Mt)          g/t          '000oz        (Mt)          g/t             '000oz           (Mt)         g/t          '000oz
Hidden Valley                                                               1.9         19.61           1 193       23.3         32.12             24 083          25.2        31.18          25 276

                                                                                      Proved                                Probable                                       Total
                                                                         Tonnes                       Copper     Tonnes                           Copper         Tonnes                       Copper
                                                                            (Mt)            %           'Mlb        (Mt)            %               'Mlb            (Mt)              %         'Mlb
Golpu*                                                                        -             -             -       202.3           1.21             5 393          202.3             1.21       5 393

* Represents Harmony's equity portion of 50%.
**In instances where individual deposits may contain multiple valuable commodities with a reasonable expectation of being recovered (for example gold and copper
  in a single deposit) Harmony computes a gold equivalent to more easily assess the value of the deposit against gold-only mines. Harmony does this by calculating
  the value of each of the deposits commodities, then dividing the product by the price of gold. For example, the gold equivalent ounces for the copper portion of a
  deposit would be calculated as follows: (copper pounds x copper price per pound)/gold price per ounce. All gold equivalent calculations are done using metal prices
  and parameters as stipulated above.


EXPLORATION

Our exploration strategy is to pursue brownfields exploration targets
close to existing infrastructure. This will drive short to medium term
organic ore reserve replacement and growth to support our current
strategy of increasing quality ounces and to mitigate the risk of a
depleting ore reserve base. Key work streams underpinning the FY18
exploration program include:

-   brownfield exploration at Hidden Valley and Kalgold to optimise
    existing open pit operations and extend mine life; and
-   brownfield exploration at our underground operations in
    South Africa.

South Africa

B-Reef

High grade B Reef areas have been identified at Tshepong which will
become part of the life of mine plan. B Reef exploration commenced
at Phakisa during FY18.

Doornkop
The seismic survey and 3D modelling completed for Doornkop results
in geological model that significantly improves the confidence in the
structure of the ore body.

Kalgold

A total of 15 829m of drilling was completed for the Kalgold Phase
1 exploration programme. Drill results have been very encouraging
and a mineral resource update and prefeasibility study to optimise
the Kalgold operation based on the results of the exploration drilling
is underway.

Target North

Three exploration boreholes are planned for FY19.
ADMINISTRATIVE INFORMATION FOR PROFESSIONAL
ORGANISATIONS

SACNASP - THE LEGISLATED REGULATORY BODY FOR
NATURAL SCIENCE PRACTITIONERS IN SOUTH AFRICA

Private Bag X540, Silverton, 0127
Gauteng Province, South Africa
Telephone: +27 (12) 841 1075
Facsimile: +27 (86) 206 0427
http://www.sacnasp.org.za/

SAIMM - THE SOUTHERN AFRICAN INSTITUTE OF MINING
AND METALLURGY

PO Box 61127, Marshalltown, 2107
Gauteng Province, South Africa
Telephone: +27 (011) 834 1273/7
Facsimile: +27 (011) 838 5923/8156
http://www.saimm.co.za/

AUSIMM - THE AUSTRALASIAN INSTITUTE OF MINING AND
METALLURGY

PO Box 660, Carlton South, Vic 3053
Australia
Telephone: +61 3 9658 6100
Facsimile: +61 3 9662 3662
http://www.ausimm.com.au/

LEGAL ENTITLEMENT TO THE MINERALS BEING REPORTED
UPON

Harmony's South African operations operate under new order mining
rights in terms of the Minerals and Petroleum Resources Development
of Act of 2002 (Act No. 28, of 2002) (MPRDA). In PNG, Harmony
operates under the Independent State of Papua New Guinea Mining
Act 1992. All required operating permits have been obtained, and are
in good standing. The legal tenure of each operation and project has
been verified to the satisfaction of the accountable Competent Person.


OPERATING RESULTS - YEAR ON YEAR (RAND/METRIC)



                                                                                                                                                         South Africa
                                                                                                                        Underground production                                                                                         Surface production
                                                                                                                                                                                                                             Central                                               Total
                               Year                   Tshepong          Moab                                                                                                                          Total                    plant                                 Total         South         Hidden         Total
                               ended                operations      Khotsong    Bambanani                 Joel         Doornkop         Target 1 Kusasalethu             Masimong     Unisel    Underground    Phoenix   reclamation       Dumps    Kalgold        Surface        Africa         Valley(1)    Harmony
 Ore milled          - t'000   Jun-18                    1 716           327          233                  454              696              680         670                  647        376          5 799      5 962         3 810       2 821      1 550         14 143        19 942          2 499        22 441
                               Jun-17                    1 695             -          231                  514              641              745         607                  640        394          5 467      6 729             -       2 810      1 506         11 045        16 512          2 889        19 401
 Yield               - g/tonne Jun-18                     5,47         10,08        12,11                 3,60             4,93             4,20        6,61                 4,05       3,40           5,48      0,124         0,132       0,383      0,806          0,252          1,77           1,36          1,76
                               Jun-17                     5,21             -        11,90                 4,37             4,17             3,58        7,24                 3,97       4,05           5,07      0,136             -       0,375      0,800          0,288          1,87           1,07          1,77
 Gold produced       - kg      Jun-18                    9 394         3 296        2 821                1 635            3 429            2 854       4 429                2 623      1 280         31 761        737           502       1 081      1 250          3 570        35 331          2 862        38 193
                               Jun-17                    8 828             -        2 750                2 246            2 673            2 669       4 394                2 538      1 595         27 693        918             -       1 055      1 205          3 178        30 871          2 965        33 836
 Gold sold           - kg      Jun-18                    9 338         3 165        2 804                1 656            3 404            2 828       4 301                2 609      1 272         31 377        739           508       1 074      1 231          3 552        34 929          2 763        37 692
                               Jun-17                    8 816             -        2 745                2 280            2 712            2 642       4 498                2 539      1 590         27 822        932             -       1 064      1 213          3 209        31 031          3 119        34 150
 Gold price received - R/kg    Jun-18                  577 058       528 387      576 398              576 023          575 077          576 316     577 313              576 729    576 222        571 727    537 547       576 829     567 737    576 630        565 838       571 128        550 956       570 709
                               Jun-17                  574 165             -      574 227              573 986          572 494          570 091     572 376              571 870    575 650        573 193    549 777             -     572 172    573 010        565 984       572 447        544 442       570 164
 Revenue             (R'000)   Jun-18                5 388 567     1 672 345    1 616 221              953 894        1 957 562        1 629 821   2 483 024            1 504 687    732 955     17 939 076    397 247       293 029     609 750    709 832    2   009 858    19 948 934        408 809    20 357 743
                               Jun-17                5 061 837             -    1 576 252            1 308 688        1 552 605        1 506 180   2 574 548            1 451 978    915 284     15 947 372    512 392             -     608 791    695 061    1   816 244    17 763 616    1   499 938    19 263 554
 Cash operating      (R'000)   Jun-18                3 828 757     1 036 677      904 761              909 825        1 418 186        1 333 591   2 091 272            1 160 903    773 518     13 457 490    326 142       191 328     449 688    565 456    1   532 614    14 990 104        227 900    15 218 004
 cost                          Jun-17                3 676 803             -      874 042              927 796        1 223 571        1 356 071   2 018 699            1 115 342    838 543     12 030 867    363 974             -     458 624    556 754    1   379 352    13 410 219    1   214 270    14 624 489
 Inventory           (R'000)   Jun-18                  (30 197)      (84 193)      (8 740)              10 019           (7 176)         (15 190)    (65 234)              (6 723)    (2 634)      (210 068)       575         3 536      (3 563)   (12 438)       (11 890)     (221 958)         6 007      (215 951)
 movement                      Jun-17                   (5 027)            -       (3 245)               7 718           17 079          (11 105)     61 779               (2 354)      (740)        64 105      8 067             -       8 591      7 408         24 066        88 171         99 196       187 367
 Operating costs     (R'000)   Jun-18                3 798 560       952 484      896 021              919 844        1 411 010        1 318 401   2 026 038            1 154 180    770 884     13 247 422    326 717       194 864     446 125    553 018    1   520 724    14 768 146        233 907    15 002 053
                               Jun-17                3 671 776             -      870 797              935 514        1 240 650        1 344 966   2 080 478            1 112 988    837 803     12 094 972    372 041             -     467 215    564 162    1   403 418    13 498 390    1   313 466    14 811 856
 Production profit   (R'000)   Jun-18                1 590 007       719 861      720 200               34 050          546 552          311 420     456 986              350 507    (37 929)     4 691 654     70 530        98 165     163 625    156 814        489 134     5 180 788        174 902     5 355 690
                               Jun-17                1 390 061             -      705 455              373 174          311 955          161 214     494 070              338 990     77 481      3 852 400    140 351             -     141 576    130 899        412 826     4 265 226        186 472     4 451 698
 Capital expenditure (R'000)   Jun-18                1 008 390       173 193       63 545              250 459          273 925          309 451     288 781              128 680     84 711      2 581 135      3 075        22 318       2 529    107 644        135 566     2 716 701    1   563 355     4 280 056
                               Jun-17                  716 139             -       76 759              242 503          242 649          323 699     288 850              119 160     77 864      2 087 623      5 129       156 104       6 745     95 573        263 551     2 351 174    1   334 534     3 685 708
 Cash operating      - R/kg    Jun-18                  407 575       314 526      320 724              556 468          413 586          467 271     472 177              442 586    604 311        423 711    442 526       381 131     415 993    452 365        429 304       424 276        287 028       421 260
 costs                         Jun-17                  416 493             -      317 833              413 088          457 752          508 082     459 422              439 457    525 732        434 437    396 486             -     434 715    462 037        434 031       434 395        466 847       436 917
                     - R/tonne Jun-18                    2 231         3 170        3 883                2 004            2 038            1 961       3 121                1 794      2 057          2 321         55            50         159        365            108           752            390           741
                               Jun-17                    2 169             -        3 784                1 805            1 909            1 820       3 326                1 743      2 128          2 201         54             -         163        370            125           812            500           772
 Cash operating      - R/kg    Jun-18                  514 919       367 072      343 249              709 654          493 471          575 698     537 379              491 644    670 491        504 979    446 699       425 590     418 332    538 480        467 277       501 169        403 747       499 028
 cost and Capital(2)           Jun-17                  497 615             -      345 746              521 059          548 530          629 363     525 159              486 407    574 550        509 822    402 073             -     441 108    541 350        516 961       510 557        503 475       510 006
 All-in sustaining   - R/kg    Jun-18                  514 537       420 286      360 462              661 921          508 065          582 200     554 302              513 197    678 436        516 420    446 268       420 016     417 462    552 032        470 458       509 878        466 256       508 970
 cost                          Jun-17                  507 368             -      357 025              477 484          562 907          651 833     541 247              500 938    591 913        518 940    404 685             -     445 451    558 731        476 431       514 333        543 186       516 687
 Operating free      %         Jun-18                       10            28           40                  (22)              14               (1)          4                   14        (17)            11         17            27          26          5             17            11             24            11
 cash flow margin(3)           Jun-17                       13             -           40                   11                6              (12)         10                   15          -             11         28             -          24          6             10            11             27            12

(1) Ore milled for Hidden Valley includes 1 914 000 tonnes (Jun-17: 461 000t) that has been capitalised as part of pre-stripping of stages 5 and 6.
    Production for Hidden Valley includes gold produced of 2 068 kilograms (Jun-17: 364kg) and sold of 2 021 kilograms (Jun-17: 364kg)
    that has been capitalised.
(2) Excludes investment capital for Hidden Valley of R1.471 billion (Jun-17: R1.239 billion).
(3) Excludes run of mine costs for Kalgold (Jun-18: R3.082 million, Jun-17: -R0.254 million) and Hidden Valley (Jun-18: R8.283 million, Jun-17: R212.419 million) as
    well as Hidden Valley's investment capital as per note 2.


CONDENSED CONSOLIDATED INCOME STATEMENTS (RAND)

                                                                                                              Year ended
                                                                                                         30 June          30 June
                                                                                                            2018             2017
Figures in million                                                                       Notes        (Reviewed)         (Audited)


Revenue                                                                                                  20    359        19    264
Cost of sales                                                                                    2      (23    503)      (19    639)
  Production costs                                                                                      (14    991)      (14    812)
  Amortisation and depreciation                                                                          (2    570)       (2    519)
  Impairment of assets                                                                                   (5    336)       (1    718)
  Other items                                                                                                 (606)            (590)

Gross loss                                                                                               (3 144)            (375)
Corporate, administration and other expenditure                                                            (813)            (517)
Exploration expenditure                                                                                    (135)            (241)
Gain on derivatives                                                                              3           99            1 025
Other operating expenses                                                                         4         (667)            (886)
Operating loss                                                                                           (4 660)            (994)
Gain on bargain purchase                                                                                      -              848
Share of profit/(loss) of associates                                                                         38              (22)
Loss on liquidation of subsidiaries                                                                           -              (14)
Acquisition related costs                                                                        7          (98)               -
Investment income                                                                                           343              268
Finance cost                                                                                               (330)            (234)

Loss before taxation                                                                                     (4 707)               (148)
Taxation                                                                                         5          234                 510
  Current taxation                                                                                         (204)               (488)
  Deferred taxation                                                                                         438                 998

Net profit/(loss) for the year                                                                           (4 473)                362

Attributable to:
Owners of the parent                                                                                     (4 473)                362

Earnings/(loss) per ordinary share (cents)                                                       6
Basic earnings/(loss)                                                                                    (1 003)                 82
Diluted earnings/(loss)                                                                                  (1 004)                 79
The accompanying notes are an integral part of these condensed consolidated financial statements.


The condensed consolidated provisional financial statements (condensed consolidated financial statements) for the year ended
30 June 2018 have been prepared by Harmony Gold Mining Company Limited's corporate reporting team headed by Boipelo
Lekubo CA(SA). This process was supervised by the financial director, Frank Abbott CA(SA) and approved by the board of Harmony
Gold Mining Company Limited on 21 August 2018. These condensed consolidated financials have been reviewed by the group's
external auditors, PricewaterhouseCoopers Incorporated (see note 21).


CONDENSED CONSOLIDATED INCOME STATEMENTS
(RAND)

                                                                                                               Year ended
                                                                                                       30 June            30 June
                                                                                                          2018               2017
Figures in million                                                                       Notes       (Reviewed)         (Audited)


Revenue                                                                                                 20    359              19    264
Cost of sales                                                                                    2     (23    503)            (19    639)
  Production costs                                                                                     (14    991)            (14    812)
  Amortisation and depreciation                                                                         (2    570)             (2    519)
  Impairment of assets                                                                                  (5    336)             (1    718)
  Other items                                                                                                (606)                  (590)

Gross loss                                                                                              (3 144)                  (375)
Corporate, administration and other expenditure                                                           (813)                  (517)
Exploration expenditure                                                                                   (135)                  (241)
Gain on derivatives                                                                              3          99                  1 025
Other operating expenses                                                                         4        (667)                  (886)
Operating loss                                                                                          (4 660)                  (994)
Gain on bargain purchase                                                                                     -                    848
Share of profit/(loss) of associates                                                                        38                    (22)
Loss on liquidation of subsidiaries                                                                          -                    (14)
Acquisition related costs                                                                        7         (98)                     -
Investment income                                                                                          343                    268
Finance cost                                                                                              (330)                  (234)

Loss before taxation                                                                                    (4 707)                     (148)
Taxation                                                                                         5         234                       510
  Current taxation                                                                                        (204)                     (488)
  Deferred taxation                                                                                        438                       998

Net profit/(loss) for the year                                                                          (4 473)                      362

Attributable to:
Owners of the parent                                                                                    (4 473)                      362

Earnings/(loss) per ordinary share (cents)                                                       6
Basic earnings/(loss)                                                                                   (1 003)                      82
Diluted earnings/(loss)                                                                                 (1 004)                      79


The accompanying notes are an integral part of these condensed consolidated financial statements.

The condensed consolidated provisional financial statements (condensed consolidated financial statements) for the year ended
30 June 2018 have been prepared by Harmony Gold Mining Company Limited’s corporate reporting team headed by Boipelo
Lekubo CA(SA). This process was supervised by the financial director, Frank Abbott CA(SA) and approved by the board of Harmony
Gold Mining Company Limited on 21 August 2018. These condensed consolidated financials have been reviewed by the group's
external auditors, PricewaterhouseCoopers Incorporated (see note 21).


CONDENSED CONSOLIDATED STATEMENTS OF
COMPREHENSIVE INCOME (RAND)

                                                                                                                                                                Year ended
                                                                                                                                                           30 June       30 June
                                                                                                                                                              2018          2017
Figures in million                                                                                                                              Notes    (Reviewed)     (Audited)

Net profit/(loss) for the year                                                                                                                             (4 473)          362
Other comprehensive income/(loss) for the year, net of income tax                                                                                            (660)          818
Items that may be reclassified subsequently to profit or loss:                                                                                               (647)          821
     Foreign exchange translation gain/(loss)                                                                                                                  83          (322)
     Remeasurement of Rand gold contracts                                                                                                           9
       Unrealised gain on Rand gold contracts                                                                                                                 273         2 172
       Released to revenue                                                                                                                                 (1 197)         (728)
       Released to gains on derivatives                                                                                                                         -           (16)
       Deferred taxation thereon                                                                                                                              194          (285)

Items that will not be reclassified to profit or loss:                                                                                                         (13)           (3)
   Remeasurement of retirement benefit obligation
    Actuarial loss recognised during the period                                                                                                                (11)           (1)
    Deferred taxation thereon                                                                                                                                   (2)           (2)

Total comprehensive income/(loss) for the year                                                                                                             (5 133)         1 180

Attributable to:
Owners of the parent                                                                                                                                       (5 133)         1 180

The accompanying notes are an integral part of these condensed consolidated financial statements.


CONDENSED CONSOLIDATED STATEMENTS OF CHANGES
IN EQUITY (RAND)
for the year ended 30 June 2018




Figures in million                                                                                                                        Accumulated       Other
                                                                                                         Share capital                           loss    reserves          Total

Balance - 30 June 2017                                                                                               28 336                    (4 486)       5 441        29 291
Issue of shares(1)                                                                                                    1 004                         -            -         1 004
Share-based payments                                                                                                      -                         -          374           374
Net loss for the year                                                                                                     -                    (4 473)           -        (4 473)
Other comprehensive loss for the year                                                                                     -                         -         (660)         (660)
Reclassification from other reserves                                                                                      -                        10          (10)            -
Dividends paid(2)                                                                                                         -                      (154)           -          (154)
Balance - 30 June 2018 (Reviewed)                                                                                    29 340                    (9 103)       5 145        25 382

Balance - 30 June 2016                                                                                               28 336                    (4 409)       4 252        28 179
Share-based payments                                                                                                      -                         -          371           371
Net profit for the year                                                                                                   -                       362            -           362
Other comprehensive income for the year                                                                                   -                         -          818           818
Dividends paid(3)                                                                                                         -                      (439)           -          (439)
Balance - 30 June 2017 (Audited)                                                                                     28 336                    (4 486)       5 441        29 291

(1) Includes the issue of 55 million shares in an accelerated bookbuild in June 2018. Refer to note 11 for further information.
(2) Dividend of 35 SA cents declared on 15 August 2017.
(3) Dividend of 50 SA cents declared on 15 August 2016 and dividend of 50 SA cents declared on 31 January 2017.

The accompanying notes are an integral part of these condensed consolidated financial statements.


CONDENSED CONSOLIDATED BALANCE SHEETS (RAND)
                                                                                                            At               At
                                                                                                       30 June          30 June
                                                                                                          2018             2017
Figures in million                                                                       Notes       (Reviewed)        (Audited)

ASSETS
Non-current assets
Property, plant and equipment                                                                    8     31 001       30 044
Intangible assets                                                                                8        515          603
Restricted cash                                                                                            77           64
Restricted investments                                                                           7      3 271        2 658
Investments in associates                                                                                  84           46
Trade and other receivables                                                                               253          185
Derivative financial instruments                                                                 9         84          306
Inventories                                                                                                46           38
Other non-current assets                                                                                   11            4
Total non-current assets                                                                               35 342       33 948

Current assets

Inventories                                                                                  10        1 759         1 127
Restricted cash                                                                                           38            18
Trade and other receivables                                                                            1 139         1 003
Derivative financial instruments                                                                 9       539         1 541
Cash and cash equivalents                                                                                706         1 246
Total current assets                                                                                   4 181         4 935
Total assets                                                                                          39 523        38 883

EQUITY AND LIABILITIES
Share capital and reserves

Share capital                                                                                11       29   340      28   336
Other reserves                                                                                         5   145       5   441
Accumulated loss                                                                                      (9   103)     (4   486)
Total equity                                                                                          25   382      29   291

Non-current liabilities

Deferred tax liabilities                                                                      5         1 147        1 702
Derivative financial instruments                                                              9            10            -
Provision for environmental rehabilitation                                                    7         3 309        2 638
Provision for silicosis settlement                                                           12           925          917
Retirement benefit obligation                                                                             186          179
Trade and other payables                                                                                   41           13
Borrowings                                                                                   13         4 924          299
Total non-current liabilities                                                                          10 542        5 748

Current liabilities

Borrowings                                                                                   13           690        1 834
Derivative financial instruments                                                              9           205            -
Trade and other payables                                                                                2 704        2 010

Total current liabilities                                                                               3 599        3 844
Total equity and liabilities                                                                           39 523       38 883

The accompanying notes are an integral part of these condensed consolidated financial statements.


CONDENSED CONSOLIDATED CASH FLOW STATEMENTS
(RAND)

                                                                                                             Year ended
                                                                                                       30 June          30 June
                                                                                                          2018             2017
Figures in million                                                                       Notes       (Reviewed)       (Audited)


Cash flow from operating activities
Cash generated by operations                                                                               4 289             4 346
Interest received                                                                                             82                75
Interest paid                                                                                               (180)              (79)
Income and mining taxes paid                                                                                (307)             (538)
Cash generated by operating activities                                                                     3 884             3 804

Cash flow from investing activities
Increase in restricted cash                                                                                (32)                (1)
Decrease in amounts invested in restricted investments                                                       -                  7
Cash on acquisition of Hidden Valley                                                                         -                459
Consideration paid for the acquisition of Moab Khotsong operations                                      (3 474)                 -
Proceeds from disposal of property, plant and equipment                                                      2                 42
Additions to property, plant and equipment                                                   15         (4 571)            (3 890)
Cash utilised by investing activities                                                                   (8 075)            (3 383)

Cash flow from financing activities
Borrowings raised                                                                            13         6 937                  699
Borrowings repaid                                                                            13        (4 063)                (710)
Proceeds from the issue of shares(1)                                                         11         1 003                    -
Dividends paid                                                                                           (154)                (439)
Cash generated/(utilised) by financing activities                                                       3 723                 (450)
Foreign currency translation adjustments                                                                  (72)                  19
Net decrease in cash and cash equivalents                                                                (540)                 (10)
Cash and cash equivalents - beginning of year                                                           1 246                1 256
Cash and cash equivalents - end of year                                                                   706                1 246

(1) Net of share issue costs of R50 million.

The accompanying notes are an integral part of these condensed consolidated financial statements.


NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL
STATEMENTS
for the year ended 30 June 2018 (Rand)

1 Accounting policies

  Basis of accounting

  The condensed consolidated financial statements for the year ended 30 June 2018 are prepared in accordance with the requirements of
  the JSE Limited Listings Requirements for provisional reports and the requirements of the Companies Act no. 71 of 2008 of South Africa.
  The Listings Requirements require provisional reports to be prepared in accordance with the framework concepts and the measurement
  and recognition requirements of International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards
  Board (IASB) and the SAICA Financial Reporting Guides as issued by the Accounting Practices Committee and Financial
  Pronouncements as issued by the Financial Reporting Standards Council and to also, as a minimum, contain the information required by
  IAS 34 Interim Financial Reporting. The accounting policies applied in the preparation of the condensed consolidated financial statements
  are in terms of IFRS and are consistent with those applied in the previous consolidated annual financial statements.

  The amendment to IAS 7, Statement of Cash Flows has been adopted with effect 1 July 2017 and had no impact on the results of the
  group (other than disclosure within the full financial statements) in the current period.

  As of 1 July 2018, IFRS 9 Financial Instruments and IFRS 15 Revenue from Contracts with Customers will become effective for the
  group. The impact of these two standards are discussed below.

  Impact of the adoption of IFRS 9 – Financial Instruments

  This standard on classification and measurement of financial assets and financial liabilities will replace IAS 39, Financial Instruments:
  Recognition and Measurement. IFRS 9 has two measurement categories: amortised cost and fair value. The group has performed an
  assessment of the impact of the adoption of IFRS 9 based on its position at 30 June 2018.

  Recognition and measurement

  The group does not expect the new guidance to have a significant impact on the classification and measurement of its financial assets for
  the following reasons:

  - The equity instruments that are currently classified as available-for-sale financial assets appear to satisfy the conditions for classification
    as at fair value through other comprehensive income and hence there will be no change to the accounting for these assets;
  - A fair value through other comprehensive income (FVOCI) election is available for the equity instruments which are currently classified
    as available-for-sale;
  - Equity investments currently measured at fair value through profit or loss (FVPL) will likely continue to be measured on the same basis
    under IFRS 9; and
  - Debt instruments currently classified as held-to-maturity and measured at amortised cost appear to meet the conditions for classification
    at amortised cost under IFRS 9.
  There will be no impact on the group’s accounting for financial liabilities, as the new requirements only affect the accounting for financial
  liabilities that are designated at fair value through profit or loss and currently the group’s financial liabilities are all measured at amortised
  cost.

  The derecognition rules have been transferred from IAS 39 Financial Instruments: Recognition and Measurement and have not been
  changed.

  Impairment

  The impairment model requires the recognition of impairment provisions based on expected credit losses (ECL) rather than only incurred
  credit losses as is the case under IAS 39. The impact of the new impairment requirements is not expected to be material for the following
  reasons:
  - The group does not generally carry significant assets that are subject to the new impairment requirements; and
  - The group expects to make use of practical expedients when measuring expected credit losses on trade receivables.

  Hedge accounting

  The new hedge accounting rules will align the accounting for hedging instruments more closely with the group’s risk management
  practices. As a general rule, more hedge relationships might be eligible for hedge accounting, as the standard introduces a more
  principles-based approach. However, at this stage the group does not expect to identify any new hedge relationships. The group’s existing
  hedge relationships appear to qualify as continuing hedges upon the adoption of IFRS 9. As a consequence, the group does not expect a
  significant impact on the accounting for its hedging relationships.

  Disclosure

  Extensive disclosures are required, including reconciliations from opening to closing amounts of the ECL provision, assumptions and
  inputs and a reconciliation on transition of the original classification categories under IAS 39 to the new classification categories in IFRS.
  These are expected to change the nature and extent of the group’s disclosures about its financial instruments particularly in the year of the
  adoption of the new standard.

  The group expects to apply the standard prospectively without restating any comparative figures. The difference between the carrying
  amount of financial instruments before the adoption of IFRS 9 and the new carrying amount calculated in accordance with the standard at
  the beginning of the annual reporting period that includes the date of initial application will be recognised directly in the opening balance of
  equity in the annual reporting period that includes the date of initial application.

  Impact of the adoption of IFRS 15 – Revenue from Contracts with Customers

  The group has performed an assessment of the impact of the adoption of IFRS 15 based on its position at 30 June 2018. Revenue is
  currently recognised when the goods are delivered and a certificate of sale is issued by the customer, which is taken to be the point in
  time at which the customer accepts the goods and the related risks and rewards of ownership transfer. Revenue is recognised at this point
  provided that the revenue and costs can be measured reliably, the recovery of the consideration is probable and there is no continuing
  management involvement with the goods.

  Under IFRS 15, revenue will be recognised when a customer obtains control of the goods. The group expects that the certificate of sale
  will continue to drive revenue recognition as this is the point when control of the goods effectively transfers to the customer.

  However, on adoption of IFRS 15, the group will disclose revenue from all contracts with customer, including by-products in revenue.
  Currently, revenue from by-products is disclosed as a credit to cost of sales. The change in classification will result in a consequential
  increase in costs of sales, and therefore will not have an impact on previously reported gross profit or loss.

  The group expects to apply the standard retrospectively to each prior reporting period presented in accordance with IAS 8 Accounting
  Policies, Changes in Accounting Estimates and Errors.

  If IFRS 15 was applied retrospectively from 1 July 2017 to the earliest comparative period presented, it is expected to have the following
  impact on revenue and cost of sales:
                                                                                                                                                        Year ended
                                                                                                                                             30 June                  30 June
                                                                                                                                                2018                      2017
   Figures in million                                                                                                                      (Reviewed)                (Reviewed)

   Revenue                                                                                                                                     20 359                  19 264
   By-product revenue(1)                                                                                                                           93                     230
   Revenue (restated)                                                                                                                          20 452                  19 494
   % Change                                                                                                                                         -                      1%

   Cost of sales                                                                                                                               23 503                  19 639
   By-product revenue                                                                                                                              93                     230
   Cost of sales (restated)                                                                                                                    23 596                  19 869
   % Change                                                                                                                                         -                      1%

   (1) By product revenue relates to silver and uranium sales


2 Cost of sales

                                                                                                                                                       Year ended
                                                                                                                                               30 June                 30 June
                                                                                                                                                  2018                    2017
   Figures in million                                                                                                                        (Reviewed)               (Audited)
   Production costs - excluding royalty(1)                                                                                                      14 840                  14 597
   Royalty expense                                                                                                                                 151                     215
   Amortisation and depreciation                                                                                                                 2 570                   2 519
   Impairment of assets(2)                                                                                                                       5 336                   1 718
   Rehabilitation expenditure(3)                                                                                                                    69                      23
   Care and maintenance cost of restructured shafts                                                                                                128                     109
   Employment termination and restructuring costs(4)                                                                                               208                      74
   Share-based payments                                                                                                                            244                     391
   Other                                                                                                                                           (43)                     (7)
   Total cost of sales                                                                                                                          23 503                  19 639

   (1) Production costs for 2018 include R1 billion related to Moab Khotsong operations. Production costs related to Hidden Valley were R1 billion lower than the
       comparative period. Refer to note 8 for further information.
   (2) Impairments during the year are an outcome of forecast cost inflation as compared to a subdued gold price and the resultant impact on margins. Refer to
       note 8 for further information.
   (3) Included in the total for 2018 is a credit of R27 million (2017: R109 million) relating to the change in estimate following the annual reassessment of the
       provision for environmental rehabilitation.
   (4) The increase in 2018 relates to the extension of the voluntary severance programme.


3 Gains on derivatives

   Gains on derivatives include the fair value movements of derivatives which have not been designated as hedging instruments for hedge
   accounting purposes, the amortisation of day one gains and losses for hedging instruments and hedging ineffectiveness.


                                                                                                                                          Year ended
                                                                                                                                     30 June       30 June
                                                                                                                                        2018          2017
   Figures in million                                                                                                              (Reviewed)     (Audited)
   Derivative gain(1)                                                                                                                    136         1 103
   Hedge ineffectiveness                                                                                                                   -            16
   Day one loss amortisation                                                                                                             (37)          (94)
   Total gains on derivatives                                                                                                             99         1 025

   (1) Relates primarily to the foreign exchange hedging contracts. Refer to note 9.


4 Other operating expenses

                                                                                                                                            Year ended
                                                                                                                                       30 June      30 June
                                                                                                                                          2018         2017
   Figures in million                                                                                                                (Reviewed)    (Audited)

   Social investment expenditure                                                                                                              73              74
   Profit on sale of property, plant and equipment                                                                                            (2)            (42)
   Loss on scrapping of property, plant and equipment                                                                                          1             140
   Foreign exchange translation loss/(gain(2)                                                                                                682            (194)
   Silicosis settlement (reversal of provision)/provision                                                                12                  (68)            917
   (Reversal of provision)/provision for ARM BEE loan(1)                                                                                     (43)             13
   Other operating expenses/(income)                                                                                                          24             (22)
   Total other operating expenses                                                                                                            667             886

   (1) The provision was reversed following an increase in African Rainbow Minerals (ARM) Limited's share price and dividends paid in the period between July
       2017 and June 2018, which form part of the recoverability test at 30 June 2018.
   (2) Refer to note 13 for the foreign exchange translation loss/(gain) on the US$ borrowings.
5 Taxation

    The lower current taxation expense for the year ended 30 June 2018 compared to the previous year relates to a decrease in gains on
    derivatives and a foreign exchange translation loss compared to the comparative period.

    The deferred tax credit for the year ended 30 June 2018 relates to a reversal of temporary differences on fixed assets as a result of the
    impairment. Contributing further to the deferred tax credit in the current and comparative period is a reduction in the weighted average
    deferred tax rates for most of the South African companies as a result of decreased profitability of the operations. The deferred tax rates
    for Freegold (consisting of Tshepong operations, Bambanani and Joel) decreased from 12.5% to 8.7% (2017: 20.0% to 12.5%) and for
    Randfontein (consisting of Doornkop and Kusasalethu) decreased from 3.8% to 1.8% (2017: 10.1% to 3.8%).


6 Earnings per ordinary share

                                                                                                                                           Year ended
                                                                                                                                       30 June      30 June
                                                                                                                                          2018         2017
                                                                                                                                    (Reviewed)     (Audited)
    Weighted average number of shares (million)                                                                                            446          438
    Weighted average number of diluted shares (million)                                                                                    465          459

    Total earnings per share (cents):

    Basic earnings/(loss)                                                                                                              (1 003)                82
    Diluted earnings/(loss)                                                                                                            (1 004)                79
    Headline earnings                                                                                                                     171                298
    Diluted headline earnings                                                                                                             163                284

    Reconciliation of headline earnings:

    Net profit/(loss)                                                                                                                  (4 473)               362
    Adjusted for:
    Impairment of assets                                                                                                                 5 336             1 718
    Taxation effect on impairment of assets                                                                                                (99)              (26)
    Profit on sale of property, plant and equipment                                                                                         (2)              (42)
    Taxation effect on profit on sale of property, plant and equipment                                                                       -                 7
    Loss on scrapping of property, plant and equipment                                                                                       1               140
    Taxation effect on loss on scrapping of property, plant and equipment                                                                    -               (19)
    Gain on bargain purchase(1)                                                                                                              -              (848)
    Loss on liquidation of subsidiary(1)                                                                                                     -                14
    Headline earnings                                                                                                                      763             1 306

    (1) There is no taxation effect on these items.


7   Acquisition of Moab Khotsong

    Effective 1 March 2018 the group acquired the Moab Khotsong and Great Noligwa   mines and related infrastructure as well as gold-
    bearing tailings and the Nufcor uranium plant (collectively the Moab Khotsong   operations) from AngloGold Ashanti Limited on a going
    concern basis. The addition of the Moab Khotsong operations will increase the   group's production ounces, free cash flows and average
    underground gold recovery grade. The combined assets acquired and liabilities   assumed constitute a business as defined by IFRS 3
    Business Combinations.

    For the four months ended 30 June 2018, the Moab Khotsong operations contributed revenue of R1.7 billion and profit of
    R308 million to the group's results. If the acquisition had occurred on 1 July 2017, the group’s unaudited consolidated revenue would have
    increased by a further R3.4 billion and unaudited consolidated profit would have increased by a further R603 million.

    Consideration transferred

    The cash consideration paid to acquire the Moab Khotsong operations amounted to R3 474 million (US$300 million).

    Acquisition related costs

    The group incurred acquisition related costs of R98 million on advisory and legal fees. These costs are recognised as acquisition related
    costs in the income statement.

    Identifiable assets acquired and liabilities assumed

    The purchase price allocation (PPA) has been prepared on a provisional basis in accordance with IFRS 3. If new information obtained
    within one year of the acquisition date, about facts and circumstances that existed at the acquisition date, then the accounting for the
    acquisition will be revised. The values measured on a provisional basis include, inter alia , Property, plant and equipment, deferred tax and
    the finalisation of the effective date tax values.

    The fair value of the identifiable net assets acquired was determined on the expected discounted cash flows based on the life-of-mine
    plans of the Moab Khotsong operations at post-tax real discount rates ranging between 8.20% and 11.30%, exchange rates ranging
    between R/US$11.86 and R/US$15.82, gold prices ranging between US$1 249/oz and US$1 302/oz and uranium prices ranging between
    US$30.44/lb and US$37.47/lb. The valuation was performed as at 1 March 2018.


    The fair values as at the effective date are as follows:

                                                                                                                                                    At
                                                                                                                                               1 March
                                                                                                                                                  2018
    Figures in million                                                                                                                       (Reviewed)
    Property, plant and equipment                                                                                                                3 723
    Environmental rehabilitation trust funds                                                                                                       382
    Inventories                                                                                                                                     72
    Deferred tax liabilities                                                                                                                       (77)
    Provision for environmental rehabilitation                                                                                                    (663)
    Retirement benefit obligation                                                                                                                  (10)
    KOSH deep groundwater pollution liability                                                                                                      (37)
    Leave liabilities                                                                                                                             (140)
    Other payables                                                                                                                                 (48)
    Total fair value of identifiable net assets acquired                                                                                         3 202

    Goodwill

    Goodwill arising from the acquisition has been recognised as follows:
                                                                                                                                                    At
                                                                                                                                                1 March
                                                                                                                                                   2018
    Figures in million                                                                                                                        (Reviewed)
    Consideration paid                                                                                                                            3 474
    Fair value of identifiable assets                                                                                                            (3 202)
    Goodwill                                                                                                                                        272

    The goodwill has been provisionally allocated to the Moab Khotsong operations. The goodwill is attributable mainly to the skills and
    technical talent of the Moab Khotsong operations' work force and the synergies expected to be achieved from integrating the Moab
    Khotsong operations into the group's existing mining activities. None of the goodwill recognised is expected to be deductible for tax
    purposes.


8 Property, plant and equipment and intangible assets

    (a) Acquisition of Moab Khotsong operations

        Refer to note 7 for details on the property, plant and equipment acquired as part of the Moab Khotsong acquisition.

    (b) Impairment of property, plant and equipment

        The recoverable amount of mining assets is determined utilising real discounted future cash flows or resource multiples in the case of
        undeveloped properties and Doornkop's Kimberley reef resources. One of the most significant assumptions that influence the group's
        operations' life-of-mine plans, and therefore impairment, is the expected gold price. During this year's planning and testing, commodity
        price and exchange rate assumptions as per the table below were used. Post-tax real discount rates ranging between 8.35% and
        10.25% (2017: 8.98% and 11.92%), depending on the asset, were used to determine the recoverable amounts (fair value less costs to
        sell).

                                                                                                                               Year ended
                                                                                                                          30 June      30 June
                                                                                                                             2018          2017
                                                                                                                       (Reviewed)     (Audited)
        Gold price (US$/oz)                                                                                                 1 250         1 200
        Silver price (US$/oz)                                                                                               17.00         17.00
      Exchange rate (R/US$)                                                                                              13.30          13.61
      Exchange rate (PGK/US$)                                                                                             3.17           3.16
      Rand gold price (R/kg)                                                                                           535 000        525 000

      Values of US$25.00, US$8.00 and US$2.80 per ounce were used for measured, indicated and inferred resources, respectively. For
      Hidden Valley, US$5.84 per ounce was used for indicated and inferred resources.


  (b) Impairment of property, plant and equipment continued
      The impairment of assets consists of the following:

                                                                                                                                 Year ended
                                                                                                                           30 June       30 June
                                                                                                                              2018           2017
      Figures in million                                                                                                (Reviewed)      (Audited)
      Tshepong operations (a)                                                                                                  988            255
      Joel (a)                                                                                                                 160              -
      Other Freegold assets (a)                                                                                                174              -
      Target 1 (b)                                                                                                             699            785
      Unisel (c)                                                                                                               487              -
      Masimong (c)                                                                                                             329              -
      Other Harmony assets (c)                                                                                                 145              -
      Kusasalethu (d)                                                                                                          579            678
      Doornkop (e)                                                                                                             317              -
      Target North (e)(1)                                                                                                    1 458              -
      Total impairment                                                                                                       5 336          1 718

      (1) Target North has not been allocated to a segment. Refer to note 19 for further information.

      (a)      Goodwill of   R326 million was impaired on Tshepong operations which has a recoverable amount of R7.4 billion. Goodwill of
               R41 million   was impaired on Joel which has a recoverable amount of R876 million. Other Freegold assets assessed have a
               recoverable   amount of R187 million. The updated life-of-mine for Tshepong operations, Joel and other Freegold assets
               presented a   marginal decrease in recovered grade.

      (b)       Target 1 has a recoverable amount of R1.2 billion. Exploration drilling during the year resulted in lower grade estimates for
                certain blocks that had previously been included in the life-of-mine plan but have now subsequently been excluded.

      (c)       Unisel has a recoverable amount of R38 million. Masimong has a recoverable amount of R58 million and other Harmony
                assets have a recoverable amount of R249 million. The impairment at Unisel was driven by a reduced remaining life-of-mine
                and a focus on the higher grade Basal Reef, whilst the impairment at Masimong was as a result of the depletion of the higher
                grade B Reef and subsequent reduced resources footprint.

      (d)       Kusasalethu has a recoverable amount of R2.1 billion. The old mine at the operation was excluded in the FY19 life-of-mine
                plan.

      (e)       Doornkop has a recoverable amount of R2.7 billion. Target North has a recoverable amount of R3.7 billion.
                The impairments of Doornkop and Target North are primarily as a result of a decrease in resource values. During the year, the
                resource multiples were reassessed in order to be reflective of current market conditions using multiples derived from past
                transactions with an adjustment for the gold price. The transactions were used to derive US$/oz multiples for resources. The
                resource per ounce values have decreased substantially as a result of the low levels of merger and acquisition activity
                influencing the marketability of resource companies in South Africa, and more specifically gold mining companies.

      The recoverable amounts for these assets were determined on a fair value less costs to sell basis using assumptions above in the
      discounted cash flow models and attributable resource values. These are fair value measurements classified as level 3.

      Sensitivity analysis

      A 10% decrease or increase in the gold price and resource values used (with all other variables held constant) would have resulted in
      the following impairment as at 30 June 2018:

                                                                                                                              Year ended
                                                                                                                             30 June 2018
                                                                                                                         10%               10%
      Figures in million                                                                                            decrease         increase
      Unisel                                                                                                             525               433
      Masimong                                                                                                           386                59
      Doornkop                                                                                                         2 052                 -
      Kusasalethu                                                                                                      2 716                 -
      Bambanani                                                                                                          222                 -
      Tshepong operations                                                                                              5 174                 -
      Joel                                                                                                               882                 -
      Moab Khotsong                                                                                                    1 636                 -
      Target 1                                                                                                         1 684                 -
      Target 3                                                                                                           141                 -
      Other mining assets                                                                                                540                 -
      Target North                                                                                                     1 826             1 090
      Hidden Valley                                                                                                      752                 -

  (c) Hidden Valley

      Hidden Valley underwent a planned plant shutdown in order to upgrade processing infrastructure and simultaneously develop the
      stage 5 and 6 cut back. The planned shutdown commenced in August 2017 and production costs of R1 billion were capitalised to
      property, plant and equipment (PPE). Capitalisation of production costs ceased in June 2018 when commercial levels of production
      were achieved. A further R114 million of borrowing costs were capitalised to PPE during the year.


  (d) Intangible assets

      The movement in the net carrying value of goodwill within intangible assets is as follows:
                                                                                                                          Year ended
                                                                                                                     30 June       30 June
                                                                                                                        2018          2017
      Figures in million                                                                                          (Reviewed)     (Audited)
      Opening balance                                                                                                    591           846
      Acquisition of Moab Khotsong operations                                                                            272             -
      Impairment - Tshepong operations                                                                                  (326)         (255)
      Impairment - Joel                                                                                                  (41)            -
      Total Goodwill                                                                                                     496           591

9 Derivative financial instruments

                                                                                                                           At               At
                                                                                                                      30 June          30 June
                                                                                                                         2018             2017
  Figures in million                                                                                                (Reviewed)        (Audited)
  Non-current                                                                                                              74              306
  Rand gold forward sale contracts (a)                                                                                     60              298
  US$ commodity contracts (b)                                                                                              11                8
  Forward exchange hedging contracts (c)                                                                                    3                -

  Current                                                                                                                 334            1 541
  Rand gold forward sale contracts (a)                                                                                    410            1 080
  US$ commodity contracts (b)                                                                                              63               12
  Foreign exchange hedging contracts (c)                                                                                 (139)             449

  Total derivative financial instruments                                                                                  408            1 847


  (a) Harmony has entered into rand gold forward sale derivative contracts to hedge the risk of lower rand/gold prices. Cash flow hedge
      accounting is applied to the majority of these contracts, resulting in the effective portion of the unrealised gains and losses being
      recorded in other comprehensive income (other reserves). During the year ended 30 June 2018, the contracts that matured realised a
      gain of R1 197 million (June 2017: R744 million), which has been included in revenue (June 2017: R728 million). There was no
      ineffective portion in the current year (June 2017: R16 million). The unamortised portion of the day one gain or loss amounted to
      R11 million on 30 June 2018 (June 2017: R34 million). The gains and losses from non-hedge accounted rand gold forward sale
      contracts are included in gains on derivatives.

  (b) During May 2017, Harmony began a hedging programme for Hidden Valley by entering into commodity hedging contracts. The
      contracts comprise US$ gold forward sale derivative contracts as well as silver zero cost collars which establish a minimum (floor) and
      maximum (cap) silver sales price. Hedge accounting is not applied and the resulting gains and losses are recorded in gains on
      derivatives in the income statement. The gain amounted to R35 million (June 2017: R20 million gain).

  (c) Harmony maintains a foreign exchange hedging programme in the form of zero cost collars, which establish a floor and cap US$/Rand
      exchange rate at which to convert US dollars to Rands, and foreign exchange forward contracts. As hedge accounting is not applied,
      the resulting gains and losses have been recorded in gains on derivatives in the income statement. These gains amounted to
      R113 million (June 2017: R1 082 million).
       The following table shows the open position at the reporting date:

                                              FY19                                                      FY20                                                TOTAL
                                Q1           Q2         Q3            Q4          Q1                   Q2                  Q3                Q4

       US$ZAR
       Zero cost collars
       US$m                     94           53         45         60               -                    -                  -                  -               252
       Floor                 14.09        14.14      13.14      13.09               -                    -                  -                  -             13.69
       Cap                   15.09        15.08      13.80      13.77               -                    -                  -                  -             14.54

       Forward Contracts
       US$m                      8           59         69         65              18                18                  18                18                  273
       FEC                   13.55        13.50      13.63      13.76           14.59             14.76               14.94             15.12                13.95

       Total US$ZAR
       US$m                    102          112        114        125              18                   18                 18                18                   525

       R/gold
       '000 oz                  54           51         53         41              43                   34                  15                 9                  300
       R'000/kg                697          621        630        614             622                  643                 631               655                  639

       US$/gold
       '000 oz                  24           24         20         18               6                 4                      -                 -                96
       US$/oz                1 288        1 291      1 335      1 338           1 370             1 400                      -                 -             1 318

       Total gold
       '000 oz                   78          75         73            59           49                  38                  15                  9                  396

       US$/silver
       '000 oz                 240          240         90         90              90                    -                   -                 -               750
       Floor                 17.10        17.10      17.30      17.30           17.40                    -                   -                 -             17.19
       Cap                   18.10        18.10      18.30      18.30           18.40                    -                   -                 -             18.19

       Refer to note 14 for details on the fair value measurements.


10 Inventories

   Current inventories include an increase of R241 million related to an increase of Hidden Valley's run of mine stock piles. In addition the
   balance at year end includes R101 million in stores and R48 million in gold stock as a result of the acquisition of the Moab Khotsong
   operations during the 2018 financial year. Refer to note 7 for details on the inventory acquired as part of the Moab Khotsong acquisition.


11 Share capital

   Harmony conducted a placement of new ordinary shares to qualifying investors to raise up to R1.26 billion (US$100 million), which
   represented approximately 15 per cent of the group’s existing issued ordinary share capital prior to the placement. The placement was
   conducted through an accelerated bookbuilding process.

   The net proceeds of the placement were used to pay down part of the outstanding bridge loan raised for the acquisition of the Moab
   Khotsong operations.

   During June 2018, a total of 55 055 050 new ordinary shares were placed with existing and new institutional investors at a price of R19.12
   per share, raising gross proceeds of approximately R1.05 billion (US$82 million). Transaction costs of R50 million were incurred.

   African Rainbow Minerals Limited (ARM) has agreed to subscribe for an additional 11 032 623 shares at R19.12 a share that will maintain
   its shareholding of 14.29% post the placement of shares. ARM's participation was subject to Harmony shareholder approval, which was
   obtained subsequent to year-end. Refer to note 20 for details on events subsequent to year end.

   Additional share capital movements relate to shares issued as part of the group's employee share schemes.


12 Provision for silicosis settlement

   Harmony and certain of its subsidiaries (Harmony group), together with other mining companies, are named in a class action for silicosis
   and tuberculosis which was certified by the Johannesburg High Court in May 2016.

   A gold mining industry working group which includes Harmony (the working group) was formed in November 2014 to address issues
   relating to the compensation and medical care for occupational lung diseases in the gold mining industry in South Africa. The working
   group engaged all stakeholders on these matters and on 3 May 2018, the working group announced that they have reached an
   agreement with the lawyers representing the claimants in the silicosis class action litigation. The settlement is subject to certain
   suspensive conditions, including the agreement being approved by the South Gauteng High Court.


   Harmony has provided for the estimated cost of the settlement based on actuarial assessments. At 30 June 2018, management had
   estimated Harmony's share as R925 million (pre-tax). The time value of money recognised for the year ended 30 June 2018 is
   R76 million and the change in estimate is a gain of R68 million due to a change in the timing of expected cashflows.


13 Borrowings

   During the year ended 30 June 2018:

     - R300 million was repaid on the R1 billion Nedbank revolving credit facility (RCF) in September 2017. R500 million was drawn down on
       the same facility in April 2018.

     - US$140 million (R1 847 million) was repaid on the US$250 million RCF in August 2017. On 28 July 2017, Harmony concluded an
       agreement for a new three-year syndicated facility of US$350 million (US$175 million term loan plus US$175 million RCF). The facility
       was negotiated on similar terms to the previous facility. US$175 million (R2 309 million) was drawn down on the term loan in August
       2017. US$40 million (R547 million) was drawn down on the RCF during November 2017. A further $110 million
       (R1 271 million) was drawn down on the same facility in February 2018.

     - On 18 October 2017, Harmony concluded an agreement for a new 12 month bridge loan of US$200 million. The facility was concluded
       with similar terms and covenants as the existing loan facilities. US$200 million (R2 310 million) was drawn down on the bridge loan in
       February 2018. US$50 million (R596 million) was repaid in April 2018 and a further US$100 million (R1 242 million) was repaid in June
       2018. Refer to note 20 for details on transactions subsequent to year-end.



                                                                                         US$ bridge             US$ term
                                                                                               loan                 loan          US$ RCF      Rand facility
   Figures in million                                                                     US dollar            US dollar         US dollar           SA rand
   Borrowings summary at 30 June 2018
   Facility                                                                                      200                175               175                 1 000
   Drawn down                                                                                     50                175               150                   500
   Undrawn committed borrowing facilities                                                          -                  -                25                   500
   Maturity                                                                                  October               July              July              February
                                                                                                2018               2020              2020                  2020
   Interest rate                                                                             LIBOR +            LIBOR +           LIBOR +               JIBAR +
                                                                                        2.5% - 3.00%              3.15%             3.00%                 3.15%

13 Borrowings continued

   Moab Khotsong operations acquisition

   US$100 million of the cash consideration was financed through the existing US$350 million syndicated facility and the remaining
   US$200 million was financed through a new US$200 million bridge loan. As a condition for obtaining the bridge loan, Harmony requested
   the covenant ratio of the tangible net worth to total net debt be relaxed from 6 times to 4 times for the duration of the loan. The request
   was granted. US$150 million was repaid on the bridge loan using proceeds from a share placement, the group's operating cash flows and
   undrawn debt facilities. For details on the share placement refer to note 11.

   There were no breaches of the loan covenants for the 2018 and 2017 financial years.

   The foreign exchange translation movements on the US$ loan are as follows:

                                                                                                                                             Year ended
                                                                                                                                         30 June        30 June
                                                                                                                                            2018           2017
   Figures in million                                                                                                                  (Reviewed)     (Audited)
   Translation gain/(loss) on US$ borrowings                                                                                                (669)           215

   Rand/US$ exchange rate:
   Closing/spot                                                                                                                                13.81               13.11
   Average                                                                                                                                     12.85               13.60
14 Financial risk management activities

   Foreign exchange risk

   Harmony's revenues are sensitive to the R/US$ exchange rate as all revenues are generated by gold sales denominated in US$. During
   2016 Harmony started a foreign currency hedging programme in order to manage the foreign exchange risk. The limit currently set by the
   Board is approximately 25% of the group's foreign exchange risk exposure for a period of 24 months. Refer to note 9 for the details of the
   contracts. The audit and risk committee reviews the details of the programme quarterly.

   Commodity price sensitivity

   The profitability of the group’s operations, and the cash flows generated by those operations, are affected by changes in the market price
   of gold, and in the case of Hidden Valley, silver as well. Harmony entered into derivative contracts to manage the variability in cash flows
   from the group’s production, in order to create cash certainty and protect the group against lower commodity prices. The limits currently
   set by the Board are for 20% of the production from gold and 25% from silver over a 24-month period. Management continues to top-up
   these programmes as and when opportunities arise to lock in attractive margins for the business, but are not required to maintain hedging
   at these levels. The audit and risk committee reviews the details of the programme quarterly.

   Refer to note 9 and the fair value determination section below for further detail on these contracts.

   Fair value determination

   The fair value levels of hierarchy are as follows:

   Level 1: Quoted prices (unadjusted) in active markets for identical assets;
   Level 2: Inputs other than quoted prices included within level 1 that are observable for the asset, either directly or indirectly (that is, as
            prices) or indirectly (that is derived from prices);
   Level 3: Inputs for the asset that are not based on observable market data (that is unobservable inputs).


   The following table presents the group's assets and liabilities that are measured at fair value at reporting date:

                                                                                                          Fair value           At                      At
                                                                                                           hierarchy      30 June                 30 June
                                                                                                               level         2018                    2017
                                                                                                                        (Reviewed)               (Audited)
   Available-for-sale financial assets (1)                                                                   Level 3            8                       4
   Investment in financial assets
   Fair value through profit or loss financial assets (2)                                                    Level 2           913                    839
   Restricted investments (3)                                                                                Level 2           408                  1 847
   Derivative financial instruments

   (1) Level 3 fair values have been valued by the directors by performing independent valuations on an annual basis.
   (2) The majority of the level 2 fair values are directly derived from the Top 40 index on the JSE, and are discounted at market interest rate. This relates to equity-
       linked deposits in the group's environmental rehabilitation trust funds. The balance of the environmental trust funds is held to maturity and therefore not
       disclosed here.
   (3) The mark-to market remeasurement of the following contracts is derived from:
       - Forex hedging contracts (zero cost collars and FECs): a Black-Scholes valuation technique, derived from spot rand/US$ exchange rate inputs, implied
         volatilities on the rand/US$ exchange rate, rand/US$ inter-bank interest rates and discounted at market interest rate (zero-coupon interest rate curve).
       - Rand gold hedging contracts (forward sale contracts): spot Rand/US$ exchange rate, Rand and dollar interest rates (forward points), spot US$ gold
         price, differential between the US interest rate and gold lease interest rate which is discounted at market interest rate.
       - US$ gold hedging contracts (forward sale contracts): spot US$ gold price, differential between the US interest rate and gold lease interest rate and
         discounted at market interest rate.
       - Silver hedging contracts (zero cost collars): a Black-Scholes valuation technique, derived from spot US$ silver price, strike price, implied volatilities, time
         to maturity and interest rates and discounted at market interest rate.

   For all other financial instruments, fair value approximates carrying value.


15 Net additions to property, plant and equipment

                                                                                                                                                         Year ended
                                                                                                                                               30 June                 30 June
                                                                                                                                                  2018                    2017
   Figures in million                                                                                                                       (Reviewed)                (Audited)

   Capital expenditure - operations                                                                                                              2 619                      2 354
   Additions resulting from development at Hidden Valley (1)                                                                                     1 563                      1 335
   Capital and capitalised exploration and evaluation expenditure for Golpu                                                                        288                        197
   Additions resulting from stripping activities                                                                                                    98                         77
   Other                                                                                                                                             3                        (73)
   Net additions                                                                                                                                 4 571                      3 890

   (1) June 2018 includes expenditure of R2 609 million net of capitalised revenue of R1 046 million.


16 Commitments and contingencies

                                                                                                                                                     At                      At
                                                                                                                                                30 June                 30 June
                                                                                                                                                   2018                    2017
   Figures in million                                                                                                                         (Reviewed)               (Audited)
   Capital expenditure commitments:
   Contracts for capital expenditure                                                                                                                273                        369
   Authorised by the directors but not contracted for                                                                                             1 719                        789
                                                                                                                                                  1 992                      1 158
   This expenditure will be financed from existing resources and, where appropriate, borrowings.

   Contingent liabilities

   For a detailed disclosure on contingent liabilities refer to Harmony's annual financial statements for the financial year ended
   30 June 2017. There were no significant changes in contingencies since 30 June 2017.


17 Related parties

   Key management personnel are those persons having authority and responsibility for planning, directing and controlling the activities of
   the group, directly or indirectly, including any director (whether executive or otherwise) of the group.

   (a) Movement in shares owned by directors/prescribed officers for year ended 30 June 2018:

                                                                                                                            Shares            Shares sold      Performance
                                                                                                                         purchased                in open           shares
                                                                                                                           in open                 market       vested and
                                                                                                                            market                                retained
   Name of director/prescribed officer
   Frank Abbott (Financial director)(1)                                                                                              -                    -           141    075
   Beyers Nel (Chief Operating Officer: SA) (1)                                                                                      -                    -            24    933
   Phillip Tobias (Chief Operating Officer: new business) (1)                                                                        -                    -            31    166
   Johannes van Heerden (Chief executive officer (South East Asia))                                                                  -                    -            50    000

   (1) These shares have been voluntarily locked-up in terms of the minimum shareholding requirement of the 2006 Share Plan but remains beneficially owned.


18 Segment report

   Operating segments are reported in a manner consistent with the internal reporting provided to the chief operating decision-maker
   (CODM). As of 1 July 2017, Tshepong and Phakisa, previously two separate segments have been integrated. As a result, they now form
   one segment, Tshepong operations, and the results for the 2017 year have been re-presented for this change. The shafts have been
   integrated to take advantage of their close proximity, which allows for existing infrastructure to be optimised. From this date, the CODM
   has reviewed the single segment information.

   The segment report follows below.


19 Reconciliation of segment information to condensed consolidated income statements and balance sheets

   The "Reconciliation of segment information to condensed consolidated financial statements" line item in the segment report is broken
   down in the following elements, to give a better understanding of the differences between the financial statements and segment report.

                                                                                                                                                         Year ended
                                                                                                                                                 30 June            30 June
                                                                                                                                                    2018               2017
   Figures in million                                                                                                                          (Reviewed)         (Audited)
   Reconciliation of production profit to gross profit
   Total revenue per income statements                                                                                                                                            20 359         19 264
      - Total segment revenue                                                                                                                                                     20 358         19 264
      - Revenue not included in segments                                                                                                                                               1              -
   Total production costs as per income statements                                                                                                                               (14 991)       (14 812)
      - Total segment production costs                                                                                                                                           (15 002)       (14 812)
      - Production cost adjustments not included in segments                                                                                                                          11              -

   Production profit                                                                                                                                                               5 368          4 452
   Amortisation and depreciation                                                                                                                                                  (2 570)        (2 519)
   Impairments of assets                                                                                                                                                          (5 336)        (1 718)
   Other items                                                                                                                                                                      (606)          (590)
   Gross loss as per income statements (1)                                                                                                                                        (3 144)          (375)

   (1) The reconciliation was done up to the first recognisable line item on the income statement. The reconciliation will follow the income statement after that.

   Reconciliation of total segment mining assets to consolidated property, plant and
   equipment

   Property, plant and equipment not allocated to a segment
   Mining assets                                                                                                                                                                    982           1 234
   Undeveloped property (1)                                                                                                                                                       3 681           5 139
   Other non-mining assets                                                                                                                                                          103             177
   Wafi-Golpu assets (2)                                                                                                                                                          2 137           1 790
                                                                                                                                                                                  6 903           8 340
   (1) Comprises Target North resources.
   (2) This is an asset under development and disclosed separately from the group's segments.


20 Subsequent events

   (a) On 12 July 2018, shareholders approved the special resolution to issue 11 032 623 new ordinary shares to African Rainbow Minerals
       Limited at the placing price of R19.12 to raise a total of R211 million (US$16 million). The proceeds raised from the ARM Placing were to
       be used to repay part of the outstanding bridge loan raised for the acquisition of Moab Khotsong.


   (b) On 18 July 2018, the remaining outstanding balance of US$50 million (R670 million) was repaid on the US$200 million bridge loan.


21 Review conclusion

   These condensed consolidated financial statements for the year ended 30 June 2018 have been reviewed by PricewaterhouseCoopers
   Inc., who expressed an unmodified review conclusion thereon. A copy of the auditor's review conclusion is available for inspection at the
   company's registered office, together with the financial statements identified in the auditor's report.



Segment report (Rand/Metric) (Reviewed)
For the year ended 30 June 2018

                                                             Revenue                        Production cost               Production profit/(loss)                   Mining assets            Capital expenditure#             Kilograms produced*              Tonnes milled*

                                                             30 June                               30 June                              30 June                             30 June                    30 June                        30 June                       30 June
                                                    2018                2017                2018               2017             2018                2017            2018               2017     2018               2017        2018                 2017     2018               2017
                                                            R million                              R million                            R million                          R million                   R million                          kg                          t'000
Continuing operations
South Africa
Underground
Tshepong operations (a)                             5 389               5 062           3 799                3 671             1 590            1 391             8 078               8 466    1 008                 717   9   394              8 828       1 716              1 695
Moab Khotsong                                       1 672                   -             952                    -               720                -             3 702                   -      173                   -   3   296                  -         327                  -
Bambanani                                           1 616               1 576             896                  871               720              705               659                 745       64                  77   2   821              2 750         233                231
Joel                                                  954               1 309             920                  936                34              373               995                 909      250                 243   1   635              2 246         454                514
Doornkop                                            1 958               1 553           1 411                1 241               547              312             2 721               2 979      274                 243   3   429              2 673         696                641
Target 1                                            1 630               1 506           1 318                1 345               312              161             1 260               2 021      309                 324   2   854              2 669         680                745
Kusasalethu                                         2 483               2 575           2 026                2 080               457              495             2 151               2 846      289                 289   4   429              4 394         670                607
Masimong                                            1 505               1 452           1 154                1 113               351              339                57                 433      129                 119   2   623              2 538         647                640
Unisel                                                733                 915             771                  838               (38)              77                38                 529       85                  78   1   280              1 595         376                394

Surface
All other surface operations                        2 009               1 816           1 521              1 404                 488              412               553              486         136                 261    3 570                3 178     14 143             11 045
Total South Africa                                 19 949              17 764          14 768             13 499               5 181            4 265            20 214           19 414       2 717               2 351   35 331               30 871     19 942             16 512

International
Hidden Valley (b)                                     409               1 500             234              1 313                 175              187             3 884            2 290       1 563               1 335    2 862                2 965      2 499              2 889
Total international                                   409               1 500             234              1 313                 175              187             3 884            2 290       1 563               1 335    2 862                2 965      2 499              2 889
Total operations                                   20 358              19 264          15 002             14 812               5 356            4 452            24 098           21 704       4 280               3 686   38 193               33 836     22 441             19 401

Reconciliation of the segment
information to the consolidated income
statement and balance sheet (refer to
note 19)                                               1                  -              (11)                  -             12                     -            6 903            8 340
                                                  20 359             19 264           14 991              14 812          5 368                 4 452           31 001           30 044        4 280             3 686     38 193               33 836     22 441             19 401

#   Capital expenditure for international operations excludes expenditure spent on Wafi-Golpu of R288 million (2017: R197 million).
(a) Tshepong and Phakisa were two separate segments for the 2017 financial year. As of 1 July 2017, they have been integrated into Tshepong operations and have been treated as one segment for the 2018 financial year. June
    2017 amounts have been re-presented as a result of the integration.
(b) Capital expenditure for the year 2018 comprises of expenditure of R2 609 million net of capitalised revenue of R1 046 million. Refer to note 8(c) for further information.
*   Production statistics are unaudited and not reviewed.


DEVELOPMENT RESULTS
FOR THE YEAR ENDED 30 JUNE 2018




METRIC                                                                  IMPERIAL
                                                Channel                                                                           Channel
                 Reef       Sampled    Width      Value    Gold                                 Reef     Sampled      Width         Value      Gold
                Meters       Meters    (Cm's)      (g/t) (Cmg/t)                                Feet        Feet      (Inch)        (oz/t) (In.oz/t)
Tshepong                                                                    Tshepong
Basal              800          764     8.62     164.71      1 420          Basal               2 624        2 507      3.00             5.43              16
B Reef             423          410   147.71      12.39      1 831          B Reef              1 388        1 345     58.00             0.36              21
All Reefs        1 223        1 174    57.19      27.33      1 563          All Reefs           4 013        3 852     23.00             0.78              18
Phakisa                                                                     Phakisa
Basal            1 935        1 952    44.59      27.48      1 225          Basal               6 350        6 404     18.00             0.78              14
All Reefs        1 935        1 952    44.59      27.48      1 225          All Reefs           6 350        6 404     18.00             0.78              14
Doornkop                                                                    Doornkop
Main Reef            -          171   209.79       0.89        187          Main Reef               -          561    83.00              0.03               2
South Reef       1 478        1 506    68.51      15.48      1 061          South Reef          4 849        4 941    27.00              0.45              12
All Reefs        1 478        1 677    82.91      11.72        972          All Reefs           4 849        5 502    33.00              0.34              11
Kusasalethu                                                                 Kusasalethu
VCR Reef              776       668    64.55      23.33      1 506          VCR Reef            2 545        2 192     25.00             0.69              17
All Reefs             776       668    64.55      23.33      1 506          All Reefs           2 545        2 192     25.00             0.69              17
Target 1                                                                    Target 1
Elsburg               431       228   289.07       2.50        723          Elsburg             1 414          748    114.00             0.07               8
All Reefs             431       228   289.07       2.50        723          All Reefs           1 414          748    114.00             0.07               8
Masimong 5                                                                  Masimong 5
Basal            1 232          996    69.24      14.86      1 029          Basal               4 040        3 268     27.00             0.44              12
B Reef             835          963    88.12      30.23      2 664          B Reef              2 740        3 159     35.00             0.87              31
All Reefs        2 067        1 959    78.52      23.34      1 833          All Reefs           6 780        6 427     31.00             0.68              21
Unisel                                                                      Unisel
Basal            1 079          906   190.87       6.60      1 260          Basal               3 540        2 972     75.00             0.19              14
Leader             190          164   200.38       6.29      1 261          Leader                624          538     79.00             0.18              14
Middle              56           16    11.00      11.93        131          Middle                184           52      4.00             0.38               2
All Reefs        1 325        1 086   189.65       6.56      1 243          All Reefs           4 348        3 562     75.00             0.19              14
Joel                                                                        Joel
Beatrix          1 704        1 716   132.50       7.57      1 004          Beatrix             5 589        5 630     52.00             0.22              12
All Reefs        1 704        1 716   132.50       7.57      1 004          All Reefs           5 589        5 630     52.00             0.22              12
Moab                                                                        Moab
Khotsong                                                                    Khotsong
Vaal Reef             366       316    92.70      32.24      2 155          Vaal Reef           1 202        1 037     36.00             0.69              25
All Reefs             366       316    92.70      32.24      2 155          All Reefs           1 202        1 037     36.00             0.69              25
Total Harmony                                                               Total Harmony
Basal            5 046        4 618    72.65      16.82      1 222          Basal             16 555      15 151       29.00             0.48              14
Beatrix          1 704        1 716   132.50       7.57      1 004          Beatrix            5 589       5 630       52.00             0.22              12
Leader             190          164   200.38       6.29      1 261          Leader               624         538       79.00             0.18              14
B Reef              1 258    1 373   105.91     22.80   2 415   B Reef        4 128    4 505    42.00   0.66   28
Middle                 56       16    11.00     11.93     131   Middle          184       52     4.00   0.38    2
Elsburg               431      228   289.07      2.50     723   Elsburg       1 414      748   114.00   0.07    8
Vaal Reef             366      316    92.70     32.24   2 155   Vaal Reef     1 202    1 037    36.00   0.69   25
South Reef          1 478    1 506    68.51     15.48   1 061   South Reef    4 849    4 941    27.00   0.45   12
VCR                   776      668    64.55     23.33   1 506   VCR           2 545    2 192    25.00   0.69   17
Main Reef               -      171   209.79      0.89     187   Main Reef         -      561    83.00   0.03    2
All Reefs          11 305   10 776    94.54     14.11   1 334   All Reefs    37 091   35 354    37.00   0.41   15



CONTACT DETAILS

CORPORATE OFFICE

Randfontein Office Park
PO Box 2, Randfontein, 1760, South Africa
Corner Main Reef Road and Ward Avenue
Randfontein, 1759, South Africa
Telephone: +27 11 411 2000
Website: www.harmony.co.za

DIRECTORS

PT Motsepe* (chairman)
M Msimang*^ (lead independent director)
JM Motloba*^ (deputy chairman)
PW Steenkamp (chief executive officer)
F Abbott (financial director)
JA Chissano*1^, FFT De Buck*^, KV Dicks*^, Dr DSS Lushaba*^
HE Mashego**, KT Nondumo*^
VP Pillay*^, MV Sisulu*^, JL Wetton*^, AJ Wilkens*
* Non-executive
** Executive
^ Independent
1 Mozambican

INVESTOR RELATIONS

E-mail: harmonyIR@harmony.co.za
Mobile: +27 82 759 1775
Telephone: +27 11 411 2314
Website: www.harmony.co.za

COMPANY SECRETARY

Telephone: +27 11 411 6020
E-mail: companysecretariat@harmony.co.za

TRANSFER SECRETARIES

Link Market Services South Africa (Proprietary) Limited
(Registration number 2000/007239/07)
13th Floor, Rennie House, Ameshoff Street, Braamfontein
PO Box 4844, Johannesburg, 2000, South Africa
Telephone: 0860 546 572
E-mail: info@linkmarketservices.co.za
Fax: +27 86 674 4381

ADR* DEPOSITARY

Deutsche Bank Trust Company Americas
c/o American Stock Transfer and Trust Company
Peck Slip Station
PO Box 2050, New York, NY 10272-2050
E-mail queries: db@amstock.com
Toll free: +1-800-937-5449
Int: +1-718-921-8137
Fax: +1-718-765-8782
*ADR: American Depositary Receipts

SPONSOR

JP Morgan Equities South Africa (Pty) Ltd
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

REGISTRATION NUMBER:

1950/038232/06
Incorporated in the Republic of South Africa

ISIN:

ZAE 000015228


21 August 2018

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