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HARMONY GOLD MINING COMPANY LTD - QUARTERLY RESULTS

Release Date: 29/01/2001 12:02:14      Code(s): HAR
HARMONY GOLD MINING COMPANY LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1950/038232)
JSE code: HAR
NASDAQ trading code: HGMCY
financial
                               December 2000          September 2000
Cash operating profit
- Rand                           185 million             143 million
- US$                             24 million              20 million
Earnings
- Rand                           110 million             106 million
- US$                             14 million              15 million
Earnings per share
- SA cents per share                     107                     106
- US cents per share                      14                      15
dividends
                             December 2000          September 2000
SA cents per share                      50                       -
US cents per share                       7                       -
key indicators
                             December 2000          September 2000
Gold produced
- kg                                16 199                  16 639
- oz                               520 809                 534 956
Cash costs
- R/kg                              55 578                  54 872
- $/oz                                 227                     245
"Our growth story continues with the pending acquisition of Elandsrand and
Deelkraal and the offer to New Hampton Shareholders."
Chief executive's Review
Overview
Safety Report
Despite improvements in the key lost time injury indicators, the company
reported the loss of nine employees as a result of fatal accidents at our
operations during the reporting period. We express our condolences to the
families, friends and colleagues of these individuals.
Through the various initiatives implemented at the operations, we remain
committed to addressing all life-threatening risks from our operations and to
having a safe working environment for our employees.
Industry Legislation
During December 2000, the draft Minerals Development Bill was published and has
resulted in debates between government and the various stakeholders in the
South African mining industry.
Whilst there is general consensus on the principal issue that government should
be the custodian of the country's mineral rights, we believe it is of paramount
importance to our shareholders that adequate security of tenure is ensured.
The much publicised "use it and keep it" clause is dealt with in Section 12,
where the state has the power to force the holder of certain mining rights,
which it believes can be profitably exploited, to do so, otherwise the holder
could be forced to abandon these rights, after which they will become available
to other mining companies.
Although Harmony is unable to predict the impact that any amendments to the
draft Bill may have, Harmony believes that it does not own mineral rights which
would fall into that category and therefore it will not be significantly
affected by Section 12 of the proposed Bill.
Strategic Overview
On the 19th December 2000 the company announced two transactions in line with
our growth strategy, one in South Africa and one in Australia.
Elandsrand and Deelkraal (Elandskraal)
The company has entered into an "in principle" agreement to acquire the assets
and businesses of Elandsrand and Deelkraal from Anglogold for R1,0 billion cash
(US$ 130,0 million at R7,70 conversion rate). A definitive agreement is
currently under negotiation.
Elandsrand and Deelkraal meet the company's acquisition criteria in that they
are mature assets with significant turnaround potential. Benefits from the
acquisition of these assets are:
- the establishment of a Harmony production base on the West Witwatersrand
line, creating immediate critical production mass in the region,
- the company's production targets will increase by approximately 500 000
ounces,
- these assets will provide Harmony with an additional approximately 9,9
million ounces of estimated reserves which will enhance the quality of the
company's overall reserve base, and
- the opportunity to extract operational and cost synergies between its
existing operations and Elandsrand and Deelkraal.
Growth In Sales
The funding for this acquisition is being raised on the domestic and
international debt markets through syndicated loans.
The primary conditions outstanding for the completion of this transaction are
the approval of Harmony shareholders, Minister of Minerals and Energy and the
Competition Commission.
New Hampton
Also on the 19th of December Harmony followed up the acquisition of 19,9% of
Normandy's shareholding in New Hampton Goldfields Limited for A$0,265 per share
with an announcement of our intention to make an offer for all of the remaining
shares. This offer values New Hampton at A$54,3 million (R229 million). It is
currently Australia's ninth largest gold mining company, reporting
approximately 260 000 ounces of production in the calendar year 2000. New
Hampton operates the Jubilee and Big Bell operations in Western Australia and
has an exploration portfolio in the Kalgoorlie Goldfields.
The successful acquisition of New Hampton will allow Harmony to commence gold
mining operations and exploration activities in Australia. Approval from the
South African Reserve Bank for the transaction was received on 22 January 2001.
The transaction requires, among other things, Harmony acquiring at least 50,1%
of New Hampton's shares before the end of the offer period.
Harmony still holds a 22,96% stake in Goldfields Limited of Australia. A
successful acquisition of New Hampton will result in Harmony reviewing its
investment in Goldfields Limited of Australia.
Recoupment of Evander Investment
Measured on a cash operating profit basis, the quarter is of significance as it
has been a mere ten quarters in which the nett investment of R415 million for
the acquisition of Evander has been paid back.
Recoupment of Evander Investment
This is a confirmation of our strategy of growth through the process of
acquiring mature assets with turnaround potential and delivering shareholder
value.
Dividend Declaration
An interim dividend of 50 cents has been declared to those registered by close
of business on the 16th February 2001 and is payable on the 30th March 2001.
Operational Overview
The company reported a cash operating profit of R184,8 million. This was R42,2
million or 30% more than the R142,6 million reported for the September quarter.
Net profit of R109,6 million was R3,7 million higher quarter on quarter. On a
US$ basis the operations reported costs of US$227/oz compared to the US$245/oz
of the previous quarter. This was mainly as a result of the depreciation of the
South African currency.
Earnings per share for the six months ending 31 December 2000 was 213 cents
following the restatement of the September 2000 quarter to 106 cents per share.
This restatement followed the auditors' recommendation to comply with the
requirements of SFAS 133, which deals with the accounting standards for
financial instruments. This restatement applies to the Randfontein hedge book.
Evander, Randfontein, Free State and Kalgold returned improved cash operating
profits with Bissett being the only operation which did not improve.
Free State operations
In line with the focus on quality tonnes at these operations, the negative
grade trend has been reversed. Whilst the improvement has not been significant:
4,08 g/t versus 4,00 g/t for the September quarter, we expect that efforts to
improve the trend will continue in the current quarter.
With lower tonnage of 1,316 million compared with the 1,484 million for the
September 2000 quarter, the improved recovery grade of 4,08 g/t resulted in a
net decrease of 567 kg recovered from these operations.
Working costs decreased by R23,6 million or 6,4% from R367,4 million to R343,8
million on a quarter to quarter basis. This decrease can mainly be attributed
to the lower tonnage. When measured on a dollar per ounce basis, working costs
decreased from US$277 to US$262.
The Free State operations will, in the short-term, continue to focus on
delivering quality tonnes to the mill before significantly increasing tonnage
from underground.
Evander operations
The Evander operations again experienced an improved quarter with cash
operating profits of R77,4 million, 95% higher than the R39,8 million reported
for the September 2000 quarter. The operational improvements of the past four
quarters can be summarised as follows:
                                       U/G              Total Cash
                      UG Tonnes   Recovery     U/G Kgs   Operating
Quarter ending           Milled      Grade        Sold      Profit
December 2000           565 000       6,56       3 707       77,4m
September 2000          539 000       5,86       3 156       39,8m
June 2000               485 000       6,09       2 955       36,9m
March 2000              490 000       5,93       2 907       34,2m
Underground tonnage increased by 4,8% from 539 000 tonnes to 565 000 tonnes in
a quarter to quarter basis. The increase in kilograms recovered was more
significant with 557 kg or 17% more gold being recovered, up from 3 217 kg in
September to 3 774 kgs in the December 2000 quarter. This increase was mainly
due to the underground recovery grade increasing from 5,86 g/t in the previous
reporting period to 6,56 g/t for the December 2000 quarter. Although the
recovery grade is higher than the 6,2 g/t average recovery grade of the
orebody, the recovery grade should return to levels at or below 6,2 g/t after
the current quarter.
Working costs at Evander decreased by R4 627/kg or 9,1% from R50 804/kg to R46
177/kg mainly due to the increase in kilograms recovered. On a cost/tonne basis
the Evander costs continued to be influenced by the high levels of development
being undertaken. The benefit of these increased levels of development is
evident from the higher grades being recovered from these newly opened mining
areas.
In dollar cash cost per ounce terms, the impact of the higher grades is clearly
evident with underground costs decreasing from US$227/oz to US$189/oz.
Tonnage from surface operations increased by 8 000 tonnes to 84 000 compared to
the 76 000 tonnes of the previous quarter. At a similar grade of 0,80 g/t
(September 2000 - 0,80 g/t), the gold recovery increased from 61 kgs to 67 kgs.
Total kilograms from the Evander operations increased by 557 kgs from 3 217 kgs
to 3 774 kgs.
Randfontein operations
Randfontein continues to contribute to the overall improved performance of the
company with a cash operating profit of R90,7m. This is R1,6 million less than
the R92,3m reported for the September 2000 quarter. This decrease can mainly be
attributed to the reversal of deferred stripping costs of R4,0m which was
incurred during the December 2000 quarter.
The recoupment of the company's nett investment of R750 million for the
acquisition of Randfontein in January 2000, measured on a cash operating profit
basis, is underway. To date an amount of R332,9 million cash operating profit
has been generated from these operations.
Recoupment of Randfontein Investment
The operations milled 1,093 million tonnes which was 68 000 tonnes or 6% lower
than the 1,161 million tonnes milled during the previous quarter. At a similar
recovery grade of 5,02 g/t (September 2000 - 5,01g/t), the operations recovered
5 490 kgs which was 328 kgs or 6% lower than the September 2000 quarter. This
decrease in tonnage impacted negatively as the cost per ton for December 2000
quarter was R13,00 higher at R264,00 per ton compared to the R251,00 per ton
previously reported. In US$/ounce terms working costs decreased from US$223/oz
to US$215/oz mainly due to the currency depreciation.
At No. 4 Shaft losses have been reduced during the quarter. Our decision to
continue with mining operations resulted in the shaft being right-sized in
terms of labour as contractors were displaced and mine labour was deployed. In
addition a change in working arrangements from a five day week to an eleven
shift fortnight was introduced. This restructuring process was a significant,
but necessary disruption which has laid a solid foundation for turnaround.
Volume mined decreased during the quarter as panels below cut-off were stopped.
Much more emphasis has been placed on identifying areas above cut-off.
In line with the production plans, surface tonnages decreased from 710 000
tonnes in the September quarter to 704 000 tonnes for the December 2000
reporting period. The recovery grade was lower at 1,16 g/t (September 2000 -
1,25 g/t) which resulted in a recovery of 818 kg compared to 888 kg for the
previous quarter. The current reserves at Lindum allow for mining to continue
to June 2001. An agreement has been finalised whereby the company will be
mining DRD surface reserves. The reserves are estimated at 450 000 tonnes at
1,9 g/t.
Kalgold operations
Cash operating profits from this operation improved significantly from R1
million to R6,5 million, an increase of R5,5 million. The decision to stop the
heap leach operation resulted in tonnages milled decreasing by 15% from 274 00
tonnes to 234 000 tonnes at a higher recovery grade of 1,82 g/t compared to the
1,58 g/t of the September 2000 quarter. This resulted in a gold recovery of 425
kg which was only 8 kg less than the previous quarter. Lower working costs and
a higher gold price received resulted in an overall improvement in the cash
operating profit of the mine.
Working costs decreased by R4 527 per kg or 7,4% from R61 176 per kg to R56 649
per kg.
Extensive training was required following the restructuring of the labour force
in the previous quarter. Harmony believes that operational benefits from this
restructuring and the subsequent training programme will be achieved.
Bissett operations
Although tonnages increased from 59 000 tonnes to 62 000 tonnes, the recovery
grade was lower at 5,31 g/t. The net result was 24 kg less being recovered.
Higher maintenance costs due to breakdowns and increased propane and hydro
costs, due to excessive winter temperatures, resulted in the operations
recording a loss of R4,9 million compared to the small profit reported in the
September 2000 quarter.
We aim to increase production as stope tonnes in the upper levels and the Deep
West zones become available.
Exploration activities
Our continued exploration activities in the Kalgold region have resulted in a
discovery of promising deposits of open pittable platinum and palladium metals.
The mineralisation occurs within intrusions into the Kraaipan belt. Six
separate zones of mineralisation have been identified over lengths varying
between 500 and 1 000m and additional discoveries are likely. Mineralised
widths range from 25 to 45m with average grades from 1.0 to 2.5 g/t platinum
plus palladium. Harmony is currently conducting a detailed evaluation of the
economic potential of this project. Drilling to date has been limited to widely
spaced boreholes at depths of approximately 80m. Deeper and infill drilling is
required to determine the depth and strike extent of the reef zones.
Preliminary indications are that the platinum group metals are generally
relatively fine and sulphide poor which will depress recoveries by conventional
flotation. Detailed metallurgical testwork is in progress.
The company is exploring the appointment of advisors to assist in identifying a
strategic partner to take this project forward.
Notice of Interim dividend
A dividend No. 72 of 50 cents per ordinary share, being the interim dividend
for the financial year ending 30 June 2001, has been declared payable on 30
March 2001 to those shareholders registered in the books of the company at the
close of business on 16 February 2001.
The dividend is declared in the currency of the Republic of South Africa.
Dividend cheques will be posted from the office of the transfer secretaries in
South Africa or the registrars in the United Kingdom on or about 29 March 2001.
Any change in address or dividend instruction to apply to this dividend must be
received by the company's transfer secretaries or registrar not later than 16
February 2001.
This announcement will be mailed to all registered shareholders on or about 31
January 2001.
By order of the Board
FW Baker
Company Secretary
Virginia
30 January 2001
review Deelkraal and the offer to New Hampton Shareholders."
Operating and financial results (rand/metric)
                                                      Rand-   Rand-
      Free State   Evander Evander  Bissett  Kalgold  fontein fon-
           Total   u/g     Surface  Total    Opencast u/g     tein
                                                              Sur-
                                                              face   Total
Ore milled
- t'000
Dec. 2000  1 316   565     84       62       234      1 093    704   4 058
Sept. 2000 1 484   539     76       59       274      1 161    710   4 303
Gold
produced
 - kg
Dec. 2000  5 363   3 707   67       329      425      5 490    818   16 199
Sept. 2000 5 930   3 156   61       353      433      5 818    888   16 639
Yield - g/t
Dec. 2000  4.08    6.56    0.80     5.31     1.82     5.02     1.16  3.99
Sept. 2000 4.00    5.86    0.80     5.98     1.58     5.01     1.25  3.87
Cash operating
costs - R/kg
Dec. 2000  64 109  46 177  59 866   83 973   51 649   52 621   52 368 55 578
Sept. 2000 61 956  50 804  51 705   68 683   61 176   49 990   45 651 54 872
Cash Operating
 costs - R/ton
Dec. 2000  261     303     48       446      94       264      61     222
Sept. 2000 248     297     42       411      97       251      57     212
Working
Revenue
(R'000)
Dec. 2000 358 953  248 078 4 468  22 655   28 490  367 707  54 716 1 085 067
Sept. 2000 376 832 199 529 3 769  24 274   27 497  368 039  55 653 1 055 593
Cash operating
costs (R'000)
Dec. 2000  343 815 171 179 4 011  27 627   21 951  288 891  42 837   900 311
Sept. 2000 367 402 160 338 3 154  24 245   26 489  290 842  40 538   913 08
Cash
operating
profit
(R'000)
Dec. 2000  15 138  76 899  457    (4 972)  6 539   78 816   11 879   184 756
Sept. 2000 9 430   39 191  615    29       1 008   77 197   15 115   142 585
Financial total operations (rand/metric) (unaudited)
                                     Quarter ended        Quarter ended
                                     31 December 2000     30 September 2000*
Ore milled - t' 000                  4 058                4 303
Gold produced - kg                   16 199               16 639
Gold price received - R / kg         66 984               63 441
Cash operating costs - R / kg        55 578               54 872
                                     R'000                R'000
Gold sales                           1 085 067            1 055 593
Cash operating costs                 900 311              913 008
Cash operating profit                184 756              142 585
Amortisation                         (45 353)             (44 585)
Gain on financial instruments        43 900               33 600
Rehabilitation provision             354                  286
Employment termination costs         (3 754)              (4 793)
Other (expenses)/income - net        (3 211)              3 648
Corporate expenditure                (8 233)              (4 143)
Exploration and new business         (9 608)              (7 235)
Profit before taxation               158 851              119 363
South African normal taxation
- Current tax                        (23 147)             (7 848)
- Deferred tax                       (26 149)             (5 626)
Net earnings after tax               109 555              105 889
** Earnings per share - cents
- Cash operating earnings            180                  143
- Net earnings                       107                  106
Dividends per share - (cents)        50                   -
* The previous quarter has been restated to reflect the implementation of IAS
39.
** Calculated on 102.8 million issued shares (September 2000: 99.6 million)
Abridged balance sheet (rand) (unaudited)
                                     At                  At
                                     31 December 2000    30 September 2000*
                                     R'000               R'000
Employment of capital
Mining assets after
amortisation                         3 878 791           3 823 623
Investments                          455 071             344 242
Loans to share trusts                47 664              12 647
Net current liabilities              (45 100)            (74 263)
(excluding cash)
Short-term investments
- Western Areas**                    86 537              76 646
Cash                                 326 883             452 209
                                     4 749 846           4 635 104
Capital employed
Shareholders' equity                 3 186 246           3 006 131
Loans                                596 747             634 244
Long-term provisions                 375 229             380 642
Unrealised hedging loss              238 005             288 611
Deferred tax                         353 619             325 476
                                     4 749 846           4 635 104
Issued share capital: 102.8 million ordinary shares of 50 cents each.
(September 2000: 99.6 million)
* The previous quarter has been restated to reflect the implementation of IAS
39.
** The increase in the Western Areas short-term investment is due to a mark to
market adjustment of R9.9 million, which is reflected against other reserves.
Operating and financial results(US$ imperial)
                                                     Rand-   Rand-
      Free State  Evander Evander  Bissett  Kalgold  fontein fontein
           Total  u/g     Surface  Total    Opencast u/g     Surface  Total
Ore milled
 - t'000
Dec. 2000  1 451  623     93       68       258      1 205   776      4 474
Sept. 2000 1 636  594     84       65       302      1 280   783      4 744
Gold
produced
 - oz
Dec. 2000  172 424 119 183  2 154  10 578   13 664   176 507 26 299  520 809
Sept. 2000 190 654 101 468  1 961  11 349   13 921   187 053 28 550  534 956
Yield
- oz/ton
Dec. 2000  0.119   0.191    0.023  0.156    0.053    0.146   0.034   0.116
Sept. 2000 0.117   0.171    0.023  0.175    0.046    0.146   0.036   0.113
Cash operating
costs - $/oz
Dec. 2000  262     189      245    344      211      215     214     227
Sept. 2000 277     227      231    307      273      223     204     245
Cash operating
costs - $/t
Dec. 2000  31.18   36.15    5.68   53.46    11.19    31.55   7.26    26.48
Sept. 2000 32.26   38.78    5.39   53.58    12.60    32.64   7.44    27.65
Working
revenue
 ($'000)
Dec. 2000  47 231  32 642   588    2 981    3 749    48 383  7 199  142 773
Sept. 2000 54 137  28 665   541    3 487    3 950    52 874  7 995  151 649
Cash operating
 costs
 ( ($'000)
Dec. 2000  45 239  22 524   528    3 635    2 888    38 012  5 636  118 462
Sept. 2000 52 782  23 035   453    3 483    3 806    41 783  5 824  131 166
Cash operating
 profit
( ($'000)
Dec. 2000  1 992   10 118   60     (654)    861      10 371  1 563  24 311
Sept. 2000 1 355   5 630    88     4        144      11 091  2 171  20 483
Financial total operations (US$/imperial) (unaudited)
Financial total operations (US$/imperial) (unaudited)
                                    Quarter ended         Quarter ended
                                    31 December 2000      30 September 2000*
Ore milled - t' 000                 4 474                 4 744
Gold produced - $oz                 520 809               534 956
Gold price received - $ / oz        274                   283
Cash operating costs - $ / oz       227                   245
                                    $'000                 $'000
Gold sales                          142 773               151 649
Cash operating costs                118 462               131 166
Cash operating profit               24 311                20 483
Amortisation                        (5 968)               (6 405)
Gain on financial instruments       5 776                 4 827
Rehabilitation provision            47                    41
Employment termination costs        (494)                 (689)
Other (expenses)/income - net       (423)                 524
Corporate expenditure               (1 083)               (595)
Exploration and new business        (1 264)               (1 039)
Profit before taxation              20 902                17 147
South African normal taxation
- Current tax                       (3 046)               (1 127)
- Deferred tax                      (3 441)               (808)
Net earnings after tax              14 415                15 212
** Earnings per share - cents
- Cash operating earnings           24                    21
- Net earnings                      14                    15
Dividends per share - (cents)       7                     -
Prepared in accordance with International Accounting Standards.
Currency conversion rates: US$ 1 = R7.60 (September 2000: R6.96).
* The previous quarter has been restated to reflect the implementation of IAS
39 (SFAS133).
** Calculated on 102.8 million issued shares (September 2000: 99.6 million)
Abridged balance sheet (US$) (unaudited)
                                    At                    At
                                    31 December 2000      30 September 2000*
                                    US$'000               US$'000
Employment of capital
Mining assets after
amortisation                        510 367               549 316
Investments                         59 878                49 455
Loans to share trusts               6 272                 1 817
Net current liabilities             (5 934)               (10 670)
(excluding cash)
Short-term investments
- Western Areas**                   11 386                11 011
Cash                                43 011                64 967
                                    624 980               665 896
Capital employed
Shareholders' equity                419 243               431 872
Loans                               78 520                91 118
Long-term provisions                49 372                54 684
Unrealised hedging loss             31 316                41 463
Deferred tax                        46 529                46 759
                                    624 980               665 896
Issued share capital: 102.8 million ordinary shares of 50 cents each.
(September 2000: 99.6 million).
Balance sheet converted at a convenient conversion rate
of US$ 1 = R7.60 (September 2000: R6.96).
* The previous quarter has been restated to reflect the implementation of IAS
39  (SFAS 133).
** The increase in the Western Areas short-term investment is due to a mark to
market adjustment of $0.4 million, which is reflected against other reserves.
Development results - (Metric)
                                                 Channel   Channel
                            Reef     Sampled     Width     Value     Gold
                            Meters   Meters      (Cm's)    (g/t)     (Cmg/t)
Quarter ending
DECEMBER 2000
RANDFONTEIN
VCR REEF                    801      612         142       51.63     7,332
MB REEF                     209      192         170       5.12      871
MI REEF                     55       3           181       28.83     5,218
MA REEF                     80       48          231       4.23      977
ED REEF                     205      279         221       4.33      956
EC REEF                     426      354         258       4.71      1,215
UE1A                        1,846    1,699       79        13.77     1,088
E9EC REEF                   325      174         170       6.35      1,080
E8 REEF                     90       88          105       9.89      1,038
KIMBERLEY REEF              572      552         183       5.20      951
SOUTH REEF                  -        -            -        0.00      -
ALL REEFS                   4,609    4,001       140       14.40     2,016
FREE STATE
BASAL                       1,974    1,461       101       9.267     936
LEADER                      1,743    1,489       145       7.021     1,018
A REEF                      463      390         80        11.825    946
MIDDLE                      435      31          72        10.764    775
B REEF                      203      28          31        806       676
ALL REEFS                   4,818    3,678       114       8.377     955
EVANDER
KIMBERLEY REEF              2860     2475        55        18.5      1020
Development results - (imperial)
                                                 Channel   Channel
                            Reef     Sampled     Width     Value     Gold
                            Feet     Feet        (inches)  (oz/t)   (in.ozt)
Quarter ending
DECEMBER 2000
RANDFONTEIN
VCR REEF                    2,628    2,008       56        1.503     84
MB REEF                     686      630         67        0.149     10
MI REEF                     182      10          71        0.844     60
MA REEF                     264      157         91        0.123     11
ED REEF                     672      915         87        0.126     11
EC REEF                     1,397    1,161       102       0.137     14
UE1A                        6,056    5,574       31        0.403     12
E9EC REEF                   1,066    571         67        0.185     12
E8 REEF                     294      289         41        0.291     12
KIMBERLEY REEF              1,877    1,811       72        0.152     11
SOUTH REEF                  -        -           -         0.000     -
ALL REEFS                   15,122   13,127      55        0.421     23
FREE STATE
BASAL                       6,478    4794        40        0.270     11
LEADER                      5,718    4885        57        0.205     12
A REEF                      1,519    1280        31        0.345     11
MIDDLE                      1,428    1017        28        0.314     9
B REEF                      664      92          12        0.636     8
ALL REEFS                   15,807   12068       45        0.244     11
EVANDER
KIMBERLEY REEF              9,384    8121        22        0.541     12
This report was approved by the board of directors and is signed on its behalf
by:
Z B Swanepoel                    F Abbott
Chief executive                  Financial director
30 January 2001
Investors' information
Business address
Harmony Gold Mining Company Limited
Randfontein Office Park
C/o Main Reef Road and Ward Avenue
Randfontein, PO Box 2, Randfontein, 1760
Telephone: +27 (11) 411-2156
Telefax:   +27 (11) 692-3879
E-mail: corporate@harmony.co.za
Investor relations
For further information contact:
Theresa Lee
Telephone: +27 (11) 411-2227
Telefax:   +27 (11) 692-3879
E-mail: tlee@harmony.co.za
Share transfer secretaries
Ultra Registrars (Pty) Ltd
Contact: Polly Pollard
Telephone: +27 (11) 370 5775
Telefax: +27 (11) 370 5780
E-mail: ultra@registrars.co.za
11 Diagonal Street
Johannesburg 2001
(PO Box 4844, Johannesburg, 2000)
United States Depositary
American Depositary Receipts,
The Bank of New York
Contact: Melissa Atheneos
Telephone: +1 (21) 815 5133
Telefax: +1 (212) 571 3050
E-mail: matheneos@bankofny.com
Shareholder Relations Department
101 Barcley Street, New York, NY10286
United States of America
United Kingdom Registrars
Capita IRG Plc
Contact(s): Melvin Leigh/Teresa Hodgin
Telephone: +44 (208) 639 1001/+44(208) 639 1139
Telefax: +44 (208) 478 2876
E-mail: mleigh@capita-irg.com/thodgin@capita-irg.com
Bourne House 390-398
High Road, Ilford
Essex IG1 NQ, United Kingdom
North American investor and shareholder enquiries
Roth Investor Relations, Inc.
Contact: Michelle B. Roth (President)
Telephone: +1 (732) 792-2200
Telefax: +1 (732) 792-2211
E-mail: michelleroth@rothir.com
215 Gordons Corner Road, Suite 2A, Manalapan
New Jersey 07726
United States of America
Directors
A R Fleming*#(Chairman), ZB Swanepoel (Chief executive), F Abbott, F Dippenaar,
Dr. A M Edwards*, TSA Grobicki, MF Pleming*, Lord Renwick of Clifton KCMG*#,
Dr. G S Sibiya*,
*Non executive directors #British
Enquiries concerning this report can be directed to:
Theresa Lee
PO Box 2 Randfontein, 1760
Telephone: +27 (11) 411-2227
Facsimile: +27 (11) 692-3879
E-mail: tlee@harmony.co.za
Trading Symbols
JSE Securities Exchange South Africa: HAR
Nasdaq: HGMCY
London Stock Exchange: HRM
Paris Bourse: HG
Brussels Stock Exchange: HMY



                                        
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