Go Back Email this Link to a friend


HARMONY GOLD MINING COMPANY LTD - RESULTS FOR THE QUARTER ENDED 30 JUNE 2002

Release Date: 30/07/2002 09:03:55      Code(s): HAR
HARMONY 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                                             



                                        
Email this JSE Sens Item to a Friend.

Send e-mail to
© 2019 SHARENET (PTY) Ltd, Cape Town, South Africa
Home     Terms & conditions    Privacy Policy
    Security Notice    Contact Details
Market Statistics are calculated by Sharenet and are therefore not the official JSE Market Statistics. The calculation/derivation may include underlying JSE data.