|
HARMONY GOLD MINING COMPANY LTD - RESULTS FOR THE QUARTER ENDED 30 JUNE 2002
Release Date: 30/07/2002 09:03:55 Code(s): HARHARMONY GOLD MINING COMPANY LTD - RESULTS FOR THE QUARTER ENDED 30 JUNE 2002
ARMgold / Harmony Freegold Joint Venture Company (Pty) Ltd
Reg 2001/029602/07
Directors: F Abbott, P Taljaard
Results for the quarter ended 30 June 2002
Financial Results (rand/metric)
(unaudited)
6 months Quarter Quarter
ended ended ended
30 June 30 June 31 March
2002 2002 2002
Ore milled - tonnes
`000
1 975 - 1 049 926
underground
2 395 - surface 1 234 1 161
4 370 - total 2 283 2 087
Yield - g/tonne
7,83 - 7,94 7,70
underground
0,79 - surface 0,88 0,70
3,97 - total 4,13 3,81
Gold produced - kg
15 461 - 8 334 7 127
underground
1 900 - surface 1 085 815
17 361 - total 9 419 7 942
105 751 Gold price received - R/kg 104 166 107 631
49 724 Cash operating - R/kg 43 662 56 914
costs
198 - R/tonne 180 217
R`000 R`000 R`000
1 835 944 Gold sales 981 141 854 803
863 260 Cash operating 411 250 452 010
costs
972 684 Cash operating 569 891 402 793
profit
(60 427) Amortisation (33 (26 823)
604)
(2 226) Post retirement (2 226) -
benefits provided
(20 000) Provision for (20 000) -
rehabilitation
39 768 Other income - net 34 839 4 929
(85 615) Interest paid (45 (40 265)
350)
844 184 Profit before 503 550 340 634
taxation
South African
normal taxation
(8 631) - Current tax (8 631) -
(263 049) - Deferred tax (160 (102
852) 197)
572 504 Net earnings 334 067 238 437
Financial Results (US$/imperial)
(unaudited)
6 months Quarter Quarter
ended ended ended
30 June 30 June 31 March
2002 2002 2002
Ore milled - tons `000
2 179 - 1 157 1 022
underground
2 641 - surface 1 361 1 280
4 820 - total 2 518 2 302
Yield - oz/ton
0,228 - 0,232 0,224
underground
0,023 - surface 0,026 0,020
0,116 - total 0,120 0,111
Gold produced - oz
497 080 - 267 943 229 137
underground
61 086 - surface 34 883 26 203
558 166 - total 302 826 255 340
322 Gold price received - $/oz 311 290
152 Cash operating costs - $/oz 130 154
18 - $/ton 16 17
$`000 $`000 $`000
179 995 Gold sales 94 069 74 137
84 633 Cash operating costs 39 430 39 203
95 362 Cash operating profit 54 639 34 934
(5 924) Amortisation (3 222) (2 326)
(218) Post retirement (213) -
benefits provided
(1 961) Provision for (1 918) -
rehabilitation
3 899 Other income - net 3 340 427
(8 394) Interest paid (4 348) (3 492)
82 764 Profit before 48 278 29 543
taxation
South African normal
taxation
(846) - Current tax (828) -
(25 789) - Deferred tax (15 (8 864)
422)
56 129 Net earnings 32 028 20 679
Currency conversion rates average for the quarter:
June 2002 US$1 = R10,43 (March 2002: US$1 = R11,53)
Currency conversion rates for the year ended
June 2002: US$1 = R10,20
Operating and Financial Bambanani Tshepong Joel Eland
Results (rand/metric)
Shaft Shaft Shaft Shaft
Ore milled - t`000 Jun-02 392 391 122 96
Mar-02 370 348 115 93
Gold Produced - kg Jun-02 3 448 3 214 468 938
Mar-02 3 087 2 777 521 742
Yield - g/t Jun-02 8,80 8,22 3,84 9,77
Mar-02 8,34 7,98 4,53 7,98
Cash Operating Costs - R/kg Jun-02 42 960 39 763 74 256 40 267
Mar-02 56 385 50 584 96 774 64 119
Cash Operating Costs - Jun-02 378 327 285 393
R/tonne
Mar-02 470 404 438 512
Working Revenue (R`000) Jun-02 359 796 335 480 48 772 97 872
Mar-02 332 482 299 032 55 662 80 098
Cash Operating Costs (R`000) Jun-02 148 127 127 799 34 752 37 770
Mar-02 174 059 140 471 50 419 47 576
Cash Operating Profit Jun-02 211 669 207 681 14 020 60 102
(R`000)
Mar-02 158 423 158 561 5 243 32 522
Capital Expenditure (R`000) Jun-02 7 618 1 000 - -
Mar-02 6 225 2 005 - -
Operating and Sable/ Nyala West Free Gold
Financial Kudu
Results
(rand/metric)
Shaft Shaft Shaft Surface Total
Ore milled - Jun-02 15 - 33 1 234 2 283
t`000
Mar-02 - - - 1 161 2 087
Gold Produced - Jun-02 70 - 196 1 085 9 419
kg
Mar-02 - - - 815 7 942
Yield - g/t Jun-02 4,67 - 5,94 0,88 4,13
Mar-02 - - - 0,70 3,81
Cash Operating Jun-02 128 743 - 59 704 34 357 43 662
Costs - R/kg
Mar-02 - - - 48 448 56 914
Cash Operating Jun-02 601 - 355 30 180
Costs - R/tonne
Mar-02 - - - 34 217
Working Revenue Jun-02 7 269 - 20 520 111 432 981 141
(R`000)
Mar-02 - - - 87 529 854 803
Cash Operating Jun-02 9 012 4 811 11 702 37 277 411 250
Costs (R`000)
Mar-02 - - - 39 485 452 010
Cash Operating Jun-02 (1 743) (4 811) 8 818 74 155 569 891
Profit (R`000)
Mar-02 - - - 48 044 402 793
Capital Jun-02 1 644 - 372 3 940 14 574
Expenditure
(R`000)
Mar-02 3 901 - 5 017 - 17 148
Free Gold Joint Venture
Results for the quarter ended June 2002
The Free Gold Joint Venture took operational control of the assets on 1 January
2002.
Free Gold will acquire St. Helena Mine from Gold Fields Limited at a cost of
R120m, subject to certain conditions precedent being fulfilled. It is expected
that the sale will be unconditional by the end of the quarter. Approximately 100
000 ounces per annum, will be recovered from the St. Helena Mine.
Gold produced increased by 19%, from 7 942 to 9 419 kg. Cash operating cost
decreased by 23%, from R56 914/kg to R43 662/kg.
Operational restructuring continues at these operations and are proceeding
according to plan.
- Bambani recorded a cash operating profit of R212m (an increase of 34%). Cash
operating cost was R42 960/kg, a decrease of 24%.
- Grade at Bambanani is being reduced as development opens up additional ore
reserves in order to optimally utilize the ore body.
- Tshepong recorded a cash operating profit of R208m (an increase
of 31%). Cash operating cost for the quarter was R39 763/kg (a decrease of 21%).
- Eland recorded a cash operating profit of R60m (an increase of 82%). Cash
operating cost was R40 267/kg (a decrease of 37%).
- Restarting of operations at Kudu and Sable shafts are in progress. Start-up
costs of R1,6m were incurred during the quarter.
- West shaft was successfully re-commissioned, and recorded a cash operating
profit of R9m.
- Joel recorded a cash operating profit of R14m.
- Surface operations recorded a cash operating profit of R74m.
The Free Gold Board has in principle approved the deepening of Tshepong North
shaft. This project will add two further additional operating levels below the
present level of the shaft. Capital cost of the project is estimated at R260m.
The project will commence during September 2002 and estimated full production
should be achieved by December 2005. The shaft deepening project will add 150
000 ounces per annum to the Joint Venture.
Nyala shaft is in the process of being restarted, and will yield some 60 000
ounces per annum.
Negotiations with the unions, regarding continuous operations at Free Gold are
progressing. Continuous operations will create an additional 2 500 employment
opportunities and should significantly reduce the cost of production, enabling
improved utilization of the ore body.
PATRICE MOTSEPE BERNARD SWANEPOEL
30 July 2002
Date: 30/07/2002 09:03:22 AM Supplied by www.sharenet.co.za
Produced by the JSE SENS Department