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HARMONY REVIEW for the quarter and financial year ended 30 June 2002

Release Date: 05/08/2002 12:00:42      Code(s): HAR
HARMONY REVIEW for the quarter and financial year ended 30 June 2002            
Harmony Gold Mining Company Limited                                             
(Incorporated in the republic of South Africa)                                  
(Registration number 1950/038232/06                                             
JSE code: HAR                                                                   
ISIN: ZAE000015228                                                              
HARMONY REVIEW for the quarter and financial year ended 30 June 2002            
This review includes certain information that is based on management`s          
reasonable expectations and assumptions. These "forward-looking statements"     
include, but are not limited to, statements regarding estimates, intentions and 
beliefs, as well as anticipated future production, mine life, market conditions 
and costs. While management has prepared this information using the best of     
their experience and judgment, and in all good faith, there are risks and       
uncertainties involved which could cause results to differ from projections.    
Cautionary Note to US Investors - The United States Securities and Exchange     
Commission (the "SEC") permits mining companies, in their filings with the SEC, 
to disclose only those mineral deposits that a company can economically and     
legally extract or produce. We may use certain terms in this quarterly review,  
such as "resources", that the SEC guidelines strictly prohibit us from including
in our filings with the SEC.                                                    
Key indicators                                                                  
* Record cash operating profit of R1 067,7 million                              
* Quarterly earnings per share of 402 cents                                     
* Earnings per share of 1 094 cents for the year, up 882%                       
* Final dividend of 425 cents per share                                         
* 9% reduction in cash cost from R65 392/kg to R59 574/kg                       
* Ore reserves increased by 51% to 49,1 million ounces                          
* Hill 50 incorporation completed on 22 June 2002                               
* Kalplats project warrants further investment                                  
"A dividend of 425 cents per ordinary share, being the final dividend, was      
declared for the financial year ended 30 June 2002. This dividend together with 
the 75 cents interim dividend announced in December 2001, totals 500 cents for  
the financial year."                                                            
Financial Highlights                                                            
                   30 June 2002   31 March 2002                                 
Cash operating                                                                  
profit                                                                          
- Rand             1 068 million  851 million                                   
- US$              102 million    74 million                                    
Earnings                                                                        
- Rand             664 million    615 million                                   
- US$              64 million     53 million                                    
Earnings per                                                                    
share                                                                           
- SA cents per     402            386                                           
share                                                                           
- US cents per     39             33                                            
share                                                                           
                   30 June 2002   31 March 2002                                 
Gold produced                                                                   
- kg               24 390         20 936                                        
- oz               784 155        673 106                                       
Cash costs                                                                      
- R/kg             59 574         65 392                                        
- $/oz             178            176                                           
Chief executive`s review June 2002                                              
"We have grown this company significantly over the past six years, applying our 
value creation model to mature turnaround assets. Today we have operations in   
different phases of growth, i.e. the Free State being mature, but making        
significant amounts of cash and Elandskraal on the other end which is a new     
quality long life mining operation in the making. We will in future deliver     
value to our shareholders mainly through developing the numerous organic growth 
projects in our portfolio."                                                     
SAFETY REPORT                                                                   
The safety performance of the company continues to be marred by the unacceptable
number of fatalities. During the course of the past quarter, six employees lost 
their lives on our mines. Two severe seismic events occured at both Evander No. 
8 Shaft and Deelkraal on 12 July 2002.                                          
Notwithstanding the above mentioned unfortunate events, it is with pride that we
report the following safety achievements:                                       
* Masimong achieved 1 000 000 fatality free shifts on 29 April 2002             
* Merriespruit 3 achieved 1 000 000 fatality free shifts on 6 June 2002         
During May we appointed an executive officer to drive the transformation of     
health and safety in the company. A concerted effort is being undertaken to     
train line management on our new acquisitions in the safety management systems  
of Harmony.                                                                     
STRATEGIC OVERVIEW                                                              
Continued uncertainty in the world and the weaker dollar impacted positively on 
the gold price. On average the company realised a price of US$308/oz for this   
quarter compared to the US$286/oz for the March 2002 quarter. The strengthening 
of the South African Rand to R10,43 compared to the R11,53 on average for the   
previous reporting period eroded the benefit of the increase in US$ price for   
gold. When measured in R/kg terms, the company realised R103 349/kg compared to 
the R106 037/kg for the previous quarter.                                       
We expect the South African Rand to trade in the range of R10,00 to R11,00 to   
the US Dollar for the remainder of this year.                                   
A year on year analysis of the performance of the company indicates the         
following:                                                                      
                             30 June    30 June   Actual    %                   
Year ending      2002        2001       variance  variance                      
Production - kg  82 971      66 563     16 408    25                            
Production - oz  2 667 567   2 140 043  527 524   25                            
Revenue - R/kg   93 978      67 525     26 453    39                            
Revenue - US$/oz 287         276        11        4                             
Working cost -   62 812      57 416     (5 396)   (9)                           
R/kg                                                                            
Working cost -   192         234        42        18                            
US$/oz                                                                          
Cash operating                                                                  
profit - R`m     2 585,9     672,9      1 913,0   284                           
Cash operating                                                                  
profit - US$`m   253,5       88,4       165,1     187                           
Earnings per     1 094,4     111,5      982,9     882                           
share                                                                           
The company achieved an increase of 25% in production year on year. For the new 
financial year, the company expects to produce some 3,1 million ounces from     
existing operations, a further increase of 16% over the past financial year.    
The company used the past three months to integrate the acquisitions of 50% of  
Free Gold in South Africa and Hill 50 in Australia. The current gold price      
environment has resulted in the company re-assessing the growth opportunities   
available in mining areas throughout the world. We have always been of the      
opinion that Harmony will only acquire companies and assets that, after the cost
of the acquisition, deliver real value to our shareholders. The higher gold     
price may make this difficult as vendors` price expectations may be unrealistic.
The company has created value for its shareholders over the past five years:    
June       June       June         June       June        
                      2002       2001       2000         1999       1998        
Gold produced - kg    82 971     66 563     50 572       39 997     23 853      
              - oz    2 667 567  2 140 043  1 625 925    1 285 931  766 890     
Cash operating                                                                  
profit                                                                          
SA Rand - million     2 585,9    672,9      460,9        385,8      24,2        
US$       - million   253,6      88,4       73,0         64,0       4,0         
Cash operating cost                                                             
R/Kg                  62 812     57 416     50 121       46 759     47 991      
US$/oz                192        234        246          240        305         
The South African business environment:                                         
i. Passing of legislation i.e. the Mineral and Petroleum Resources Development  
Bill                                                                            
On 26 June 2002, the South African Government passed legislation to enable      
broader participation in the local mining industry. The well-publicised Mineral 
and Petroleum Resources Development Bill has the following as its principal     
objectives:                                                                     
* the country`s mineral resources should be developed for the benefit of all    
South Africans,                                                                 
* the State is the custodian of the nation`s mineral resources and should have  
the right to exercise full and permanent sovereignty over these mineral         
resources,                                                                      
* redressing the impact of past racial discrimination,                          
* mining companies will contribute to the socio-economic development and social 
upliftment in the regions where its mining activities are located,              
* respect for and protection of the environment,                                
* the `use it and keep it` principle with no expropriation and guaranteed       
compensation.                                                                   
In respect of established operations, security of tenure will be for 30 years   
renewable for 30 years thereafter subject to fulfilment of various requirements.
It is now up to the management of this company to position Harmony such that we 
renew our mining licenses within the 5 years allowed.                           
Harmony has been pro-active and innovative in its approach towards Black        
Economic Empowerment over the past 18 months:                                   
* Simane Security Investments acquiring a 6,4% stake in the company,            
* Khuma Bathong`s 10% participation in Elandskraal, and                         
* the Joint Venture agreement between the company and ARMgold with the          
acquisition of Free Gold.                                                       
In addition the company`s downstream beneficiation activities in respect of     
refining of its own bullion and production of 1st phase value added products,   
positions it well in terms of complying with the new legislation. The Social    
Plan requires activities such as beneficiation and procurement from local       
communities.                                                                    
Although there could be a cost involved in complying with the new legislation,  
the company feels that it is well positioned for the new era in South African   
mining. The bulk of Harmony`s business is and will be based in South Africa and 
we will continue to do what it takes to create real value for our shareholders. 
ii. HIV/AIDS                                                                    
Much has been said to date on HIV/AIDS and the South African gold industry. The 
facts however are that the infection rate of approximately 28% at the company`s 
gold mines are representative of the country`s infection rate.                  
The industry is experiencing the impact of a high infection rate but with a     
lower and lagging occurrence of full-blown AIDS. This scenario is bound to      
change over the next few years as the occurrence of full-blown AIDS becomes     
relevant to the company and its business environment. Activities undertaken by  
the company include awareness programmes in all its operating regions, medical  
assistance to repatriated employees who have decided to leave their place of    
work and return home, as well as separation packages for employees who wish to  
return home.                                                                    
Current assessments indicate that the cost of addressing the disease at the     
company`s operations are expected to build up to US$4,00 per ounce. Although    
this cost estimate includes retraining of replacement workers, the assumption is
made that enough new workers are available. Ongoing evaluation of the impact of 
the disease on the company`s activities will continue.                          
Highlights of the past quarter have been:                                       
i. Growth in ore reserves                                                       
The weakening South African currency and the rise in gold price to levels above 
US$300/oz has created a more favourable operating environment for the company   
over the next twelve months.                                                    
Using a gold price of US$295/oz and exchange rate of R10,00 to US$1,00, the     
company has a resource base of 295,9 million ounces of which 49,1 million ounces
is in the reserve category. This is an increase of 51% over the reserves        
reported in June 2001.                                                          
A year on year comparison of reserves indicate the following:                   
Ore reserve statement as   June 2002    June 2001                               
at                                                                              
Gold price                 R95 000/kg   R67 500/kg                              
Total resource including   295,9        223,9                                   
project  areas (ounces)    million*     million                                 
Reserve base (ounces)      49,1         32,5                                    
                           million*     million                                 
*Includes 50% of Free Gold ounces attributable to Harmony                       
The acquisition of Hill 50 and Free Gold impacted on both the quantity and      
quality of the reserves. The increase in reserves due to the lower cut-offs will
allow the company flexibility in the planned exploitation of the respective     
orebodies.                                                                      
ii. Acquisition of the 10% participation rights of Khuma Bathong in Elandskraal 
for R210 million                                                                
At the time of acquiring Elandskraal in March 2001, the company sold a 10%      
participation right to Khuma Bathong, a Black Economic Empowerment company for  
R105 million. The agreement enabled Khuma Bathong to participate in the         
development of Elandskraal and the purchase price plus interest was payable from
profits generated by these operations.                                          
The recent repurchase of this stake by Harmony has allowed Khuma Bathong to     
realise its investment in Elandskraal, enabling the company to pursue other     
opportunities in the South African mining industry. Various local community     
trusts will benefit through their 40% shareholding in Khuma Bathong.            
Elandskraal is a world class long life mine and Harmony has now increased its   
exposure to it to 100%.                                                         
iii. Investment in Russia                                                       
During the quarter, Harmony invested US$18,9 million to acquire an interest in  
an unlisted Jersey based company which holds Russian gold assets.               
Russia is well endowed with good quality multi-million ounce gold deposits -    
many of which have been known for many years but remain undeveloped. In 2001,   
Russia was the world`s sixth largest gold producer - producing approximately 155
tons (5,0 million ounces) and representing 5,9% of world production. South      
Africa, in first position, produced 394 tonnes and Australia, in the third      
place, produced 285 tonnes. Russian production, which is still dominated by     
alluvial mining, has increased by 11% per year since 1999.                      
iv. A pre-acceptance agreement between Harmony and Placer Dome on the sale of   
its AurionGold shares                                                           
On 27 May 2002, the company announced that it had entered into a pre-acceptance 
agreement with Placer Dome whereby it agreed to accept Placer Dome`s offer for  
its interest of 9,8% in AurionGold. The company has subsequently accepted Placer
Dome`s increased, final and unconditional offer which includes a $0,35 cash     
payment per AurionGold share held. Harmony held 43 350 992 shares in AurionGold 
which will now convert into 7 586 422 shares in Placer Dome.                    
The company believes that the consolidation and further rationalisation of the  
global gold industry is inevitable. The current gold price levels of US$305 per 
ounce are still below the cost of replacing ounces currently being mined.       
Realising our investment in AurionGold allows Harmony to continue with its      
strategy of delivering value to our shareholders.                               
v. Acquisition of the assets of St Helena by the Free Gold Joint Venture Company
On 24 May 2002 the Free Gold Joint Venture company announced that it had reached
an agreement in principle with Gold Fields Ltd to acquire the assets of St      
Helena Gold Mine for a gross sale consideration of R120 million. In addition a  
1% royalty on revenue will be payable for a period of 48 months from the        
effective date.                                                                 
The acquisition of these assets which has an annual production of 100 000 ounces
at a cash cost of US$234/oz, continues the consolidation of the Free State      
goldfields. It is anticipated that the acquisition will add 50 000 attributable 
ounces to Harmony`s production base.                                            
vi. Organic Growth Opportunities                                                
As part of Harmony`s growth strategy a number of major capital projects have    
been identified, that may have the potential for economic development. These    
projects which are probably some of the most prospective gold projects remaining
in South Africa will ensure growth at the various operations. Feasibility       
studies for these projects are in progress and at various levels of completion. 
The Doornkop South Reef Project at Randfontein is a project that was put on hold
in May 1999. A feasibility study is in progress to determine the viability of   
completing the shaft from 1 127m, where the project was stopped, to 2 033m below
surface. This will allow exploitation of a total geological resource of 9,5     
million ounces. of gold. The feasibility study will be completed in the first   
half of the new financial year.                                                 
The Poplar Project is a brownfields site, twenty kilometres from the existing   
Evander Gold Mine operations. The total geological resource for the project area
contains 10,8 million ounces of gold. A twin shaft system from surface to 1 000m
below surface would be required to facilitate the economic mining of gold from  
this area. A feasibility study for the project is in progress.                  
The Rolspruit Project is the contiguous resource that extents from the existing 
Evander Gold Mine`s No.8 shaft operations all the way to the Poplar Project     
area.                                                                           
Feasibility studies for the economic extraction of the Rolspruit Project, will  
be completed in the second half of the year. The first option is for a twin sub-
vertical shaft system from 1 535m to 2 515m below surface to exploit a          
geological resource of 6 million ounces of gold. This option utilises the       
existing No. 8 shaft infrastructure and exploits the resource up to a major     
geological feature. This will extend the life of mine of No. 8 Shaft            
substantially.                                                                  
The second option is to develop a brownfields project to exploit the total      
Rolspruit geological resource of 17,4 million oz. of gold. This will require a  
twin shaft system from surface to 2 600m below surface. This option holds the   
potential to expand production from Evander.                                    
vii. Kalplats                                                                   
R3,6 million was spent on this project during the quarter. Pre-feasibility      
studies included the updating of orebody models, resource calculations, pit     
optimizations and plant designs. The mineral resource remains at q3,8m oz at 1,5
g/t TPM (Total Precious Metals) including q1,5m oz at 3,7 g/t TPM. Metallurgical
extraction is estimated at 75% for ore with grades above 2,0 g/t TPM. The       
economic viability of this project depends on selectively mining the higher     
grade reef zones of 2 to 3 g/t TPM, and on sustained Platinum and Palladium     
markets.                                                                        
A life of mine of approximately 10 years is indicated at a mining rate of 150   
000 tonnes per month with PGM production of q90 000 ounces per year. Underground
mining on high-grade portions of the reefs and new discoveries within the       
project area may extend the life of mine. The company plans to proceed with an  
advanced feasibility study at a cost of about R25,0 million which will include  
the taking of a 500 tonne bulk sample for pilot plant scale metallurgical       
testwork.                                                                       
QUARTERLY OPERATIONAL REVIEW                                                    
The company reported improved record operational profits for the sixth quarter  
in a row. Cash operating profit increased by 25% from R850,9 million to R1 067,7
million. Kilograms recovered was 17% higher at 24 390 kg compared to the 20 936 
kg for the previous quarter. This was mainly due to improved operational        
performance by the Free State, Elandskraal, and Free Gold operations and the    
inclusion of Hill 50 in Australia.                                              
Working costs were lower in both R/kg and R/tonne terms. Measured in R/kg terms,
working cost decreased by 9% from R65 392/kg to R59 574/kg, whilst in R/tonne   
terms, working costs decreased from R228/tonne to R210/tonne. Both higher gold  
production and a sustained effort on cost control through the Cost Marathon     
contributed to these excellent results.                                         
Profit before tax increased by 4% from R848,8 million to R881,0 million.        
Taxation at R217,2 was 7% lower than the R233,8 million reported for the March  
2002 quarter.                                                                   
Net profit after tax was 8% higher at R663,9 million compared with the R615,1   
million reported previously.                                                    
Earnings per share increased by 4% to 402 cents quarter on quarter. Earnings    
after write-downs for the past financial year totals 1 094 cents, an increase of
882% from the 111,5 cents reported for the financial year ending 30 June 2001.  
The performance of the operations is highlighted in the following table:        
                 June     March       %                                         
                 2002     2002        variance                                  
Production - kg  24 390   20 936      17                                        
Production - oz  784 155  673 106     17                                        
Revenue - R/kg   103 349  106 037     (3)                                       
Cash cost -      59 574   65 392      9                                         
R/kg                                                                            
Revenue -        308      286         8                                         
US$/oz                                                                          
Cash cost -      178      176         (1)                                       
US$/oz                                                                          
Cash cost -      210      228         8                                         
R/tonne                                                                         
Exchange rate    10,43    11,53       10                                        
R/US$                                                                           
The company achieved a US$130 or 42% profit margin with cash costs of US$178/oz.
A cash operating profit margin of US$110, or 38%, was achieved during the March 
2002 quarter. Working costs in R/kg has decreased by 9% from R65 392/kg to R59  
574/kg. When measured in US$ terms, working costs increased by 1% from US$176/oz
to US$178/oz. This can be attributed to the 10% improvement in the exchange rate
which strengthened from R11,53/US$ to R10,43/US$ in the past quarter.           
A quarter on quarter cash operating profit analysis of the various operations is
as follows:                                                                     
Total cash operating profit (R`million)                                         
                 June      March   %                                            
Operations       2002      2002    variance                                     
Free State       213,7     145,4   68,3                                         
Evander          140,9     169,3   (28,4)                                       
Randfontein      172,5     198,0   (25,5)                                       
Elandskraal      173,6     115,2   58,4                                         
Kalgold          11,7      8,3     3,4                                          
Australian       70,4      13,3    57,1                                         
Operations                                                                      
Sub-total        782,8     649,5   133,3                                        
Free Gold (50%)  284,9     201,4   83,5                                         
Total            1 067,7   850,9   216,8                                        
Free State Operations - excellent quarter                                       
The Free State operations reported a 47% increase in cash operating profits from
R145,4 million to R213,7 million. Underground tonnage milled increased from 996 
000 tonnes to 1 011 000 tonnes. The increased tonnage at an improved recovery   
grade of 4,45 g/t compared to the 4,39 g/t reported previously resulted in a 3% 
improvement in gold recovered, up from 4 370 kgs to 4 499 kgs. Gold recovered   
through the clean-up of surface sources contributed 384 kgs resulting in a total
gold recovery for the region of 4 883 kgs.                                      
Working costs remained under control with expenditure of R318,4 million compared
to R319,8 million for the March 2002 quarter. Despite the 10% improvement in the
Rand/US Dollar exchange rate, the cash cost in US Dollar terms at these         
operations remained constant at US$197/oz.                                      
The Free State operations through the Masimong Expansion Project will continue  
to contribute to the profitability of the company over the next 15 years. An    
aggressive redevelopment of the orebodies in the Masimong shaft area over the   
past 24 months has resulted in the "Masimong Expansion Project".                
Reserves have steadily increased from approximately 400 000 ounces in 1999 when 
the shafts were acquired to in excess of 2 million ounces by June 2002.         
The investment of R35,0 million in developing the Basal and B-Reef orebodies has
paid off handsomely as these shafts will be increasing production from 13 000 m2
per month at the time of acquisition to 40 000 m2 by June 2004.                 
Working costs are expected to decrease from approximately R335/tonne to         
R290/tonne over the same period due to the increase in volume.                  
Evander Operations - satisfactory performance                                   
Evander reported a satisfactory performance with cash operating profit          
decreasing by 17% from R169,3 million to R140,9 million. Lower underground      
tonnages at 510 000 tonnes at marginally lower recovery grades resulted in a 6% 
decrease in gold recovered at 3 020 kgs.                                        
Due to lower tonnage and recovery grade, working costs were higher in both R/kg 
and R/tonne terms.                                                              
The company announced on 12 July 2002 that a seismic event registering a        
magnitude of 3,9 on the Richter Scale occurred at its No. 8 Shaft operations.   
This event which occurred at 1 700 metres below surface damaged the sub-shaft   
hoist winder and estimates at that time indicated that production would be      
affected for approximately 12 weeks. Currently expectations are that the repairs
will be completed within 4 weeks and that production should be back at planned  
levels of 40 000 ounces per quarter soon thereafter. To alleviate the extent of 
production losses, some employees have been redeployed to development sections, 
targeting mainly higher grade areas which will be mined when production resumes.
The current higher gold price scenario has provided Evander with a significant  
tax base which can be utilised efficiently for the planned Poplar or Rolspruit  
Extension projects.                                                             
Free Gold Operations (50/50 Joint Venture with ARMgold) - as good as it gets    
The Free Gold Joint Venture took operational control of the assets on 1 January 
2002. All the conditions precedent were met on 10 April 2002 and the deal was   
concluded on 23 April 2002, and payment to AngloGold was accordingly made.      
Gold produced increased by 19%, from 7 942 to 9 419 kg, quarter on quarter. Cash
operating cost decreased by 23%, from R56 914/kg to R43 662/kg or US$130/oz.    
Operational restructuring continues at these operations and are proceeding      
according to plan.                                                              
The grade at Bambanani shaft is expected to decrease as more workplaces become  
available, following the proposed development programme. Restarting of          
operations at Kudu and Sable shafts are in progress. Start-up costs of R1,6     
million were incurred during the quarter. West shaft was successfully           
recommissioned, and recorded a cash operating profit of R9 million. Both Joel   
and the surface operations recorded a cash operating profit of R14 million and  
R74 million respectively.                                                       
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 utilisation of the ore body.                                           
A summary of results are as follows:                                            
                 June   March   %                                               
R`million        2002   2002    variance                                        
Cash operating   569,9  402,8   42                                              
profit                                                                          
Interest         (45,4) (40,3)  (13)                                            
charges                                                                         
Other income -   34,8   4,9     610                                             
net                                                                             
Amortisation     (33,6) (26,8)  (25)                                            
charges                                                                         
Profit before    503,6  340,6   48                                              
tax                                                                             
Due to Harmony   251,8  170,3   48                                              
(50%)                                                                           
Free Gold now operates at a profit margin of US$181/oz or 58% at a gold price of
US$311/oz. This is an improvement of US$45/oz on the US$136 margin reported for 
the March 2002 quarter. The Free Gold operations currently mine some of the most
profitable ounces in the South African gold industry.                           
                      June  March  %                                            
Total Mine Results    2002  2002   variance                                     
Gold price US$/oz     311   290    7                                            
Cash cost US$/oz      130   154    16                                           
Profit margin US$/oz  181   136    33                                           
Exchange rate: Rand   10,43 11,53  10                                           
per US$                                                                         
The Free Gold board has in principle approved the deepening of Tshepong North   
shaft. This project will add two additional operating levels below the present  
level of the shaft. Capital cost of the project is estimated at R260 million of 
which R130 million is attributable to Harmony. The project could commence during
the September 2002 quarter, and estimated full production should be achieved by 
December 2005. This shaft deepening project will add 75 000 ounces per annum to 
Harmony`s production base.                                                      
Randfontein Operations - results affected by strike action                      
Cash operating profits at R172,5 million were 13% lower than the R198,0 million 
reported previously.                                                            
Results were affected by a strike which lasted 11 days. The dispute on living-  
out allowances was eventually settled with both the company and the unions      
satisfied with progress made.                                                   
Due to the loss of production days tonnage milled decreased from 816 000 tonnes 
to 714 000 tonnes. A slightly lower recovery grade of 4,98 g/t resulted in a net
lower gold recovery of 3 799 kgs compared to the 4 254 kgs recovered previously.
Surface sources contributed 241 kgs to total gold recovered, ameliarating the   
effect of the strike significantly.                                             
Working costs decreased by 10% from R252,4 million to R227,8 million. This was  
mainly due to the decrease in costs related to production from underground being
interrupted for the 11 days, as well as excellent cost containment.             
When measured in R/kg and R/tonne terms working costs were higher at R59 488/kg 
versus R58 326/kg, and R296/tonne compared to R291/tonne for the March 2002     
quarter.                                                                        
Elandskraal Operations - significant improvement                                
The benefits of the development programme which is underway at these operations 
were evident with an increase in recovery grades of 6,44 g/t compared with 5,74 
g/t of March 2002 being reported. Whilst the grades have improved by a pleasing 
12%, it is anticipated that some volatility will be experienced until the       
development programme has been completed.                                       
At similar tonnages from underground the higher recovery grade resulted in the  
operations reporting a 14% increase in gold recovered, up from 3 105 kgs to 3   
544 kgs quarter on quarter.                                                     
Underground working costs/kg showed the most improvement, decreasing by 12% from
R71 398/kg to R62 550/kg. Measured in cost/tonne, the operations reported costs 
of R403/tonne compared to R410/tonne for the previous quarter. Good effort went 
into cost containment.                                                          
Elandskraal being a mine with a significant capital expenditure programme will  
have a life of mine in excess of 20 years after the completion of the capital   
project. Harmony will have delivered a project which can be classified as "a new
mine" being developed through the infrastructure of the previous Elandskraal    
operations.                                                                     
The Elandskraal Sub Shaft Deepening Project has the following attributes:       
* reserves have increased by 1,6 million ounces to 10,0 million ounces in the   
last year,                                                                      
* the project will ensure that Elandskraal will continue to produce             
350 000 ounces per annum for the next 20 years,                                 
* 7 million ounces at a recovery grade of 7,2 g/t will be recovered over the    
life of the project,                                                            
* an amount of R137,4 million in capital is planned to be spent in the 2002/03  
financial year. This project at a gold price of R95 000/kg shows a NPV of R546,5
million rand with an IRR of 33%.                                                
Deelkraal shaft will also see the benefit of the increase in gold price and     
lowering of working costs achieved through the implementation of the "Harmony   
Way".                                                                           
At the time of acquiring Deelkraal some 18 months ago, Life of Mine expectations
were 6 months. The current cost structure has allowed the mine to resume the    
development of 35 level which will add an additional 156 000 ounces or 5 years  
of production to this operation. An amount of R13,9 million will be spent in the
2002/03 financial year, resulting in a NPV at 10% of R162,6 million and an IRR  
of 164%. Payback will be achieved in 28 months.                                 
The Elandskraal complex is definitely experiencing the benefits of operating    
under the Harmony Value Creation Model.                                         
On acquisition these operations were loss-making and Elandskraal could not fund 
its own capital expenditure programme. Today these operations are well          
positioned to deliver real value to our shareholders.                           
Kalgold Operations - 21 day wage strike impacts on results                      
The Kalgold operations experienced a 40% increase in cash operating profits, up 
from R8,3 million to R11,7 million for the June 2002 quarter. Although mining   
operations continued, the impact of treating the lower grade surface stockpile  
was evident as the recovery grades decreased from 1,88 g/t to 1,68 g/t quarter  
on quarter.                                                                     
These operations are expected to treat similar tonnages at a higher recovery    
grade of 1,95 g/t during the September 2002 quarter.                            
Australian Operations - significant contribution from Hill 50 assets            
The company`s June 2002 results for its Australian operations include the       
results from Hill 50 for the first time. Cash operating profits for the         
Australian operations increased from R13,3 million to R70,4 million mainly due  
to the inclusion of the Hill 50 assets. The company`s Australian operations now 
consist of assets with more reserves of a higher quality. Tonnage milled more   
than doubled from 991 000 tonnes to 1 855 000 tonnes. At a higher average       
recovery grade of 1,90 g/t, gold recovered increased to 3 518 kgs from the 1 420
kgs reported for the previous quarter.                                          
The main features of the quarter have been:                                     
* the completion of the takeover of 100% of the Hill 50 shares on               
22 June 2002.                                                                   
* the integration of all of Harmony`s operations in West Australia, including   
the closing down of the New Hampton office, retrenchments of a small number of  
staff and, in particular the merger of Harmony`s Jubilee operations with Hill   
50`s New Celebration.                                                           
* the elimination of the Australian debt after the placement of 9 million       
Harmony shares at R134/share.                                                   
* the cleaning up of the Harmony`s Australian balance sheet by taking a net     
impairment of                                                                   
q A$90m on the New Hampton investment                                           
* the sale to Placer Dome of all of Harmony`s stake in AurionGold               
Mount Magnet                                                                    
Tonnes treated at 688 000 were in line with the budget of 706 000. However, the 
average recovered grade of 2,11g/t was lower than budgeted. The main            
contributors to the under performance were the underground operations, with the 
main Hill 50 orebody exhibiting a greater variability of grade than originally  
expected, and the Star underground mine marginally under performing on both     
tonnes and grade.                                                               
The final feasibility study on the project to install a 1 000m rock hoisting    
shaft at the Hill 50 mine is nearing completion.                                
Encouraging results were obtained from several of the exploration projects.     
Big Bell                                                                        
Production at Big Bell was disrupted by the bankruptcy of the main underground  
contractor and the delays in signing up and installing a replacement. In        
addition development was behind schedule leading to a lack of flexibility in ore
access.                                                                         
However, the main issue at Big Bell is the grade of the underground mine.       
Harmony, having completed the redevelopment programme for the mine in the       
previous quarter, has for the first time, been producing from the "core" of the 
main ore body. A study of geostatistical parameters and historic mine records   
indicate an over optimistic projection of grade.                                
It has been deemed prudent to reduce the grade estimates for future production. 
This gave rise to a severe cut in the underground reserves at this mine (and put
the gold mineralisation beneath the current development back into the "currently
uneconomic resource" category at current gold prices). This has resulted in a   
significant impairment to the carrying value of this asset in Harmony`s balance 
sheet.                                                                          
South Kalgoorlie Mines - Jubilee and New Celebration                            
The merger of the Hill 50 and Harmony operations have progressed well, and more 
synergies between the operations have been recognised than were originally      
envisaged.                                                                      
The ore reserve position has improved and it is the intention to keep both mills
operational for at least the next 2 years. It is hoped that exploration in this 
area which is currently yielding some encouraging results will continue to grow 
our reserve profile beyond that date.                                           
Northern Territory Operations                                                   
Harmony together with its JV Partner Northern Gold NL has the opportunity to    
take control and rationalise a large portion of the Pine Creek Gold Belt and    
develop a significant (100 000 - 200 000 oz pa) production base in the region.  
Activities during the quarter included exploration and evaluation programmes and
the preparation to drive a decline into the high grade Zapopan deposit.         
Bendigo                                                                         
The development programme at Bendigo is progressing well with Bendigo`s original
targets being exceeded on productivity and cost.                                
The underground development headings are expected to reach the first targeted   
orebodies by the end of the September quarter. This will be the first time in   
half a century that an underground blast will have been taken in ore in this    
goldfield which has a historical production of                                  
22 million ounces from the period between the 1850s and the 1950s.              
Corporate Structure                                                             
The April capital raising significantly strengthened Harmony`s Australian       
operations. The consolidated Harmony Australia is now debt-free, has qA$17m in  
cash for its capex projects and has the opportunity to turn to account its      
Aurion/Placer shares for pursuing further growth opportunities. Harmony`s budget
plans exhibit a production profile of in excess of 550 000 oz for the 2002/03   
financial year.                                                                 
Harmony is constantly identifying, examining and pursuing opportunities for     
profitable further growth in Australia, but price expectations of potential     
vendors are much higher than in 2000 and 2001.                                  
Capital expenditure                                                             
                  Quarter      Year      Quarter                                
                  ended        ended     ended                                  
                  June 2002    June      September                              
2002      2002                                   
Operations        actual       actual    forecast                               
Free State         37          97         31                                    
Evander            28          92         34                                    
Randfontein         5          14         6                                     
Free Gold (50%)     7          16         10                                    
Kalgold             1           1         4                                     
Elandskraal        43          147        42                                    
Australian         61          69         70                                    
Operations                                                                      
Total             182          436        197                                   
Notice of final dividend                                                        
A dividend No. 75 of 425 cents per ordinary share, being the final dividend for 
the financial year ended 30 June 2002 has been declared payable on 2 September  
2002 to those shareholders recorded in the register in the books of the company 
at the close of business on 30 August 2002.                                     
The dividend is declared in the currency of the Republic of South Africa.       
Dividend cheques will be posted and electronic funds transferred on 2 September 
2002.                                                                           
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 23   
August 2002.                                                                    
This announcement will be mailed to all shareholders recorded in the register on
or about 6 August 2002.                                                         
Last date to trade ordinary shares cum dividend           23 August 2002        
Ordinary shares trade ex dividend                         26 August 2002        
Record date                                               30 August 2002        
Payment date                                              2 September 2002      
Share certificates may not be dematerialised or rematerialised between Monday,  
26 August and Friday, 30 August 2002, both days inclusive.                      
By order of the Board                                                           
F W Baker                                                                       
Company Secretary                                                               
Virgina                                                                         
5 August 2002                                                                   
Operating and Financial Results (Rand/metric)                                   
Free     Free                       Kalgold  Rand-    Rand-     
                State    State    Evander  Evander  Open-    fontein  fontein   
                U/g      Surface  U/g      Surface  cast     U/g      Surface   
Ore       Jun-  1 011    135      510      54       231      714      468       
milled    02                                                                    
- t`000   Mar-  996       96      538      60       218      816      416       
          02                                                                    
Gold      Jun-  4 499    384      3 020    36       389      3 558    241       
02                                                                    
produced  Mar-  4 370     30      3 203    27       409      4 070    184       
- kg      02                                                                    
Yield -   Jun-  4.45     2.84     5.92     0.67     1.68     4.98     0.51      
g/t       02                                                                    
          Mar-  4.39     0.31     5.95     0.45     1.88     4.99     0.44      
          02                                                                    
Cash                                                                            
operating Jun-  70 775   12 273   59 155   51 694   78 491   59 488   66 934    
          02                                                                    
costs -   Mar-  73 182    47 600  54 080   85 444   86 597   58 326   81 495    
R/kg      02                                                                    
Cash                                                                            
operating                                                                       
costs     Jun-  315      35       350      34       132      296      34        
          02                                                                    
- R/tonne Mar-  321       15      322      38       162      291      36        
          02                                                                    
Working                                                                         
revenue   Jun-  496 895  39 894   317 703  3 670    42 212   374 098  26 196    
02                                                                    
(R`000)   Mar-  463 446   3 208   341 907  2 931    43 734   430 974  19 447    
          02                                                                    
Cash                                                                            
operating Jun-  318 415  4 713    178 649  1 861    30 533   211 660  16 131    
          02                                                                    
costs     Mar-  319 804   1 428   173 217  2 307    35 418   237 388  14 995    
(R`000)   02                                                                    
Cash                                                                            
operating Jun-  178 480  35 181   139 054  1 809    11 679   162 438  10 065    
          02                                                                    
profit    Mar-  143 642   1 780   168 690  624      8 316    193 586  4 452     
(R`000)   02                                                                    
                 Elands-   Elands-  Free     Free        Australian             
                 kraal     kraal    Gold     Gold        Opera-                 
                 U/g       Surface  U/g      Surface     tions       Total      
Ore       Jun-   550       236      524      617         1 855       6 905      
milled    02                                                                    
- t`000   Mar-   541       275      464      581         991         5 992      
          02                                                                    
Gold      Jun-   3 544     492      4 167    542         3 518       24 390     
          02                                                                    
produced  Mar-   3 105     146      3 564    408         1 420       20 936     
- kg      02                                                                    
Yield -   Jun-   6.44      2.08     7.95     0.88        1.90        3.53       
g/t       02                                                                    
          Mar-   5.74      0.53     7.68     0.70        1.43        3.49       
          02                                                                    
Cash                                                                            
operating Jun-   62 550    44 110   44 873   34 389      68 804      59 574     
          02                                                                    
costs -   Mar-   71 398    57 692   57 874   48 390      90 404      65 392     
R/kg      02                                                                    
Cash                                                                            
operating                                                                       
costs     Jun-   403       92       357      30          130         210        
02                                                                    
- R/tonne Mar-   410       31       445      34          130         228        
          02                                                                    
Working                                                                         
revenue   Jun-   365 564   51 414   434 854  55 716      312 466     2 520 682  
          02                                                                    
(R`000)   Mar-   329 905   15 384   383 637  43 765      141 646     2 219 984  
          02                                                                    
Cash                                                                            
operating Jun-   221 678   21 702   186 986  18 639      242 053     1 453 020  
          02                                                                    
costs     Mar-   221 692   8 423    206 263  19 743      128 374     1 369 052  
(R`000)   02                                                                    
Cash                                                                            
operating Jun-   143 886   29 712   247 868  37 077      70 413      1 067 662  
          02                                                                    
profit    Mar-   108 213   6 961    177 374  24 022      13 272      850 932    
(R`000)   02                                                                    
Total Operations - Annual Financial Results (Rand/metric)                       
                                       Year      Year                           
ended     Ended                          
                                       30 June   30 June                        
                                       2002      2001                           
Ore milled - t`000                      22 933   17 074                         
Gold produced - kg                      82 971    66 563                        
Gold price received - R/kg              93 978    67 525                        
Cash operating costs - R/kg             62 812    57 416                        
                                       R          R                             
million   million                        
Gold sales                              7 797.4  4 494.7                        
Cash operating costs                    5 211.5   3 821.8                       
Cash operating profit                   2 585.9   672.9                         
Amortisation                            (305.2)   (237.1)                       
Mark to market of financial             55.8      58.1                          
instruments                                                                     
Rehabilitation cost                     (19.9)    51.9                          
(provision)/reversal                                                            
Employment termination and              (48.4)    (36.0)                        
restructuring costs                                                             
Net impairment of assets                (355.2)   (215.1)                       
CAWMS (provision)/reversal              (1.6)     17.1                          
Other income - net                      120.4     113.0                         
Interest paid                           (212.5)   (114.2)                       
Corporate, marketing and new business   (99.5)    (57.7)                        
expenditure                                                                     
Exploration expenditure                 (51.4)    (26.7)                        
Mark to market of listed investments    595.4     -                             
Profit before taxation                  2 263.8   226.2                         
South African normal taxation                                                   
- Current tax                           (266.2)   (63.0)                        
- Deferred tax                          (317.5)  (48.3)                         
Net earnings                            1 680.1   114.9                         
Adjustments:                                                                    
- Profit on sale of property, plant     (21.2)    (80.1)                        
and equipment                                                                   
- Net impairment of assets              355.2     215.1                         
Headline earnings                       2 014.1   249.9                         
Earnings per share - cents *                                                    
- Basic earnings                        1 094.4   111.5                         
- Headline earnings                     1 312.0   253.7                         
- Fully diluted earnings **             1 016.9   108.0                         
Dividends per share - (cents)                                                   
- Declared                              75        120                           
- Proposed final                        425      -                              
* Calculated on weighted number of shares in issue :                            
June 2002: 153,5 million  (June 2001: 102,9 million)                            
* Calculated on weighted average number of diluted shares in issue :            
June 2002: 165,2 million (June 2001: 106,3 million)                             
Total Operations - Quarterly Financial Results (Rand/metric)                    
                                       Quarter   Quarter    Quarter             
                                       ended     Ended      ended               
                                       30 June   31 March   31 June             
2002      2002       2001                
Ore milled - t`000                      6 905     5 992      4 890              
Gold produced - kg                      24 390    20 936     18 380             
Gold price received - R/kg              103 349   106 037    69 715             
Cash operating costs - R/kg             59 574    65 392     59 350             
                                       R          R         R                   
                                       million   million    million             
Gold sales                              2 520.7   2 220.0    1 281.4            
Cash operating costs                    1 453.0   1 369.1    1 090.9            
Cash operating profit                   1 067.7   850.9      190.5              
Amortisation                            (128.5)   (72.1)     (70.9)             
Mark to market of financial             192.6     -          (1.9)              
instruments                                                                     
Rehabilitation cost provision           (17.5)    -         -                   
Employment termination costs            (19.8)    (4.8)      (3.9)              
Net impairment of assets                (355.2)   -          -                  
CAWMS provision                         (1.6)     -          -                  
Other income - net                      53.6      18.1       35.6               
Interest paid                           (71.2)    (62.1)     (53.2)             
Corporate, marketing and new business   (25.4)    (15.6)     (14.4)             
expenditure                                                                     
Exploration expenditure                 (14.4)    (13.9)     (9.0)              
Mark to market of listed investments    200.7     148.3     -                   
Profit before taxation                  881.0     848.8      72.8               
South African normal taxation                                                   
- Current tax                           (22.3)    (140.5)    (24.4)             
- Deferred tax                          (194.8)   (93.3)     (8.3)              
Net earnings                            663.9     615.0      40.1               
Adjustments:                                                                    
- Profit on sale of property, plant     (5.0)     (4.5)      (41.1)             
and equipment                                                                   
- Net impairment of assets              355.2    -          -                   
Headline earnings/(loss)                1 014.1   610.5      (1.0)              
Earnings per share - cents *                                                    
- Basic earnings                        402.2     385.6      37.2               
- Headline earnings/(loss)              614.3     382.8      (0.9)              
- Fully diluted earnings **             376.8     373.6      36.1               
Dividends per share - (cents)                                                   
- Proposed final                        425       -          70                 
* Calculated on weighted number of shares in issue:                             
- at quarter end: June 2002: 165,1 million (March 2002: 159,5 million)          
(June 2001: 107,8 million)                                                      
* Calculated on weighted average number of diluted shares in issue :            
- at quarter end: June 2002: 176,2 million (March 2002: 164,7 million)          
(June 2001: 111,1 million)                                                      
Abridged Balance Sheet (rand)                                                   
                                       *At        At          At                
                                       30 June    31 March    30 June           
2002       2002        2001              
                                       R million  R million   R million         
Mining assets after amortisation        9 433,4    6 873,8     5 423,9          
Investments                             1 080,5    2 127,5     251,7            
Net current (liabilities)/assets        (5,2)      41,3        (129,4)          
(excluding cash)                                                                
Short-term investments                                                          
- AurionGold                            987,6      663,1       319,9            
Cash                                    1 440,9    1 466,0     1 158,5          
Total assets                            12 937,2   11 171,7    7 024,6          
Shareholders` equity                    7 963,1    6 144,8     4 594,0          
Free Gold Joint Venture purchase price                                          
due                                                                             
to AngloGold                            515,8      1 350,0     -                
Loans**                                 1 695,3    2 277,6     1 212,2          
Preference shares                       -          -           5,5              
Long-term provisions                    719,7      692,5       437,7            
Unrealised hedging loss                 971,3      557,3       396,9            
Deferred tax                            1 072,0    149,5       378,3            
Total equity and liabilities            12 937,2   11 171,7    7 024,6          
Basis of Accounting                                                             
The unaudited results for the quarter and the year end have been prepared on the
International Accounting Standards basis. The accounting policies are consistent
with those applied in the previous financial year.                              
Audit Review                                                                    
The year end financial results have been reviewed in terms of Rule 3.23 of the  
listing requirements of the JSE Securities Exchange SA by the company`s         
auditors, PriceWaterhouseCoopers. This review opinion is available on request   
from the Company Secretary.                                                     
Issued share capital: 169,2 million ordinary shares of 50 cents each.           
(March 2002: 159,6 million)                                                     
(June 2001: 144,6 million)                                                      
*Significant variances caused by consolidation of Hill 50                       
** Loans                                                                        
During the quarter under review the US$80 million facility used to purchase     
Hill 50 was settled in full by the issue for cash of 8 million Harmony shares.  
This loan bares interest at a percentage rate per annum determined according to 
a contracted formula applied on the drawdown date. A R500 million facility was  
utilised for the payment of the Anglo Gold loan for the Free Gold assets.       
Operating and Financial Results (US$/Imperial)                                  
Free     Free                       Kalgold Rand-    Rand-      
                State    State    Evander  Evander  Open-   fontein  fontein    
                U/g      Surface  U/g      Surface  Cast    U/g      Surface    
Ore       Jun-  1 115    149      562      60       255     787      516        
milled    02                                                                    
- t`000   Mar-  1 098     106     593      66       240     900      459        
          02                                                                    
Gold                                                                            
produced  Jun-  144 646  12 346   97 095   1 157    12 507  114 392  7 748      
          02                                                                    
- oz      Mar-  140 498   965     102 978  868      13 150  130 853  5 916      
          02                                                                    
Yield     Jun-  0.130    0.083    0.173    0.019    0.049   0.145    0.015      
          02                                                                    
- oz/ton  Mar-  0.128    0.009    0.174    0.013    0.055   0.145    0.013      
          02                                                                    
Cash                                                                            
operating Jun-  211      37       176      154      234     177      200        
          02                                                                    
costs -   Mar-  197       128     146      230      234     157      220        
$/oz      02                                                                    
Cash                                                                            
operating Jun-  27       3        30       3        11      26       3          
          02                                                                    
costs -   Mar-  25        1       25       3        13      23       3          
$/t       02                                                                    
Working                                                                         
revenue   Jun-  47 641   3 825    30 460   352      4 047   35 867   2 512      
02                                                                    
($`000)   Mar-  40 195    278     29 654   254      3 793   37 378   1 687      
          02                                                                    
Cash                                                                            
operating Jun-  30 529   452      17 128   178      2 927   20 293   1 547      
          02                                                                    
costs     Mar-  27 737    124     15 023   200      3 072   20 589   1 301      
($`000)   02                                                                    
Cash                                                                            
operating Jun-  17 112   3 373    13 332   174      1 120   15 574   965        
          02                                                                    
profit    Mar-  12 458   154      14 631   54       721     16 789   386        
($`000)   02                                                                    
                 Elands-  Elands- Free       Free     Australian                
                 kraal    kraal   Gold       Gold     Opera-                    
                 U/g      Surface U/g        Surface  tions        Total        
Ore       Jun-   606      260     578        680      2 045        7 613        
milled    02                                                                    
- t`000   Mar-   597      303     512        641      1 093        6 608        
          02                                                                    
Gold                                                                            
produced  Jun-   113 942  15 818  133 972    17 426   113 106      784 155      
          02                                                                    
- oz      Mar-   99 828   4 694   114 585    13 117   45 654       673 106      
02                                                                    
Yield     Jun-   0.188    0.061   0.232      0.026    0.055        0.103        
          02                                                                    
- oz/ton  Mar-   0.167    0.015   0.224      0.020    0.042        0.102        
02                                                                    
Cash                                                                            
operating Jun-   187      132     134        103      205          178          
          02                                                                    
costs -   Mar-   193      156     156        131      244          176          
$/oz      02                                                                    
Cash                                                                            
operating Jun-   35       8       31         3        11           18           
02                                                                    
costs -   Mar-   32       2       35         3        10           18           
$/t       02                                                                    
Working                                                                         
revenue   Jun-   35 049   4 929   41 693     5 342    29 959       241 676      
          02                                                                    
($`000)   Mar-   28 613   1 334   33 273     3 796    12 285       192 540      
          02                                                                    
Cash                                                                            
operating Jun-   21 254   2 081   17 928     1 787    23 207       139 311      
          02                                                                    
costs     Mar-   19 227    731    17 889     1 712    11 134       118 739      
($`000)   02                                                                    
Cash                                                                            
operating Jun-   13 795   2 848   23 765     3 555    6 752        102 365      
          02                                                                    
profit    Mar-   9 386    603     15 384     2 084    1 151        73 801       
($`000)   02                                                                    
Total Operations - Annual Financial Results (US$/Imperial)                      
                                       Year      Year                           
Ended     ended                          
                                       30 June   30 June                        
                                       2002      2001                           
Ore milled - t`000                     25 289    18 821                         
Gold produced - oz                     2 667     2 140                          
                                       567       043                            
Gold price received - $/oz              287       276                           
Cash operating costs - $/oz             192      234                            
$million                                 
                                                 $million                       
Gold sales                              764,5     590,6                         
Cash operating costs                    510,9     502,2                         
Cash operating profit                   253,6     88,4                          
Amortisation                           (29,9)    (31,4)                         
Mark to market of financial             5,5       7,6                           
instruments                                                                     
Rehabilitation cost provision           (2,0)    6,8                            
Employment termination costs            (4,7)     (4,7)                         
Net impairment of assets                (34,8)    (28,3)                        
CAWMS provision                         (0,2)     2,2                           
Other income - net                      11,8      16,0                          
Interest paid                           (20,8)    (15,0)                        
Corporate, marketing and new business   (9,8)     (8,7)                         
expenditure                                                                     
Exploration expenditure                 (5,0)     (3,5)                         
Mark to market of listed investments    58,4      -                             
Profit before taxation                  222,1     29,4                          
South African normal taxation                                                   
- Current tax                           (26,1)    (8,3)                         
- Deferred tax                          (31,1)    (6,3)                         
Net earnings                            164,9     14,8                          
Adjustments:                                                                    
- Profit on sale of property, plant    (2,1)      (10,5)                        
and equipment                                                                   
- Net impairment of assets              34,8      28,3                          
Headline earnings                       197,6     32,6                          
Earnings per share - cents *                                                    
- Earnings                              107,3     14,7                          
- Headline earnings                     128,6     33,3                          
- Fully diluted earnings **             99,8      14,2                          
Dividends per share - (cents)                                                   
- Declared                              7,4       15,8                          
- Prosposed final                       41,7     -                              
Prepared in accordance with International Accounting Standards                  
Currency conversion rates:     June 2002:  US$1 = R10,20                        
(June 2001:  US$ 1 = R7,61)                                                     
* Calculated on weighted number of shares in issue :                            
June 2002:  153,5 million (June 2001:  102,9 million)                           
** Calculated on weigthed average number of diluted shares in issue :           
June 2002:  165,2 million (June 2001:  106,3 million)                           
Total Operations - Quarterly Financial Results (US$/Imperial)                   
                                       Quarter   Quarter   Quarter              
ended     ended     ended                
                                       30 June   31 March  30 June              
                                       2002      2002      2001                 
Ore milled - t`000                      7 613     6 608     5 393               
Gold produced - oz                      784 155   673 106   590 927             
Gold price received - $/oz              308       286       270                 
Cash operating costs - $/oz             178       176       230                 
                                       $million  $million  $ million            
Gold sales                              241,7     192,5     159,6               
Cash operating costs                    139,3     118,7     135,9               
Cash operating profit                   102,4     73,8      23,7                
Amortisation                            (12,3)    (6,3)     (8,8)               
Mark to market of financial             18,5      -         (0,2)               
instruments                                                                     
Rehabilitation cost provision           (1,7)     -         -                   
Employment termination costs            (1,9)     (0,4)     (0,5)               
Net impairment of assets                (34,1)    -         -                   
CAWMS provision                         (0,2)     -         -                   
Other income - net                      5,1       1,6       4,4                 
Interest paid                           (6,8)     (5,4)     (6,6)               
Corporate, marketing and new business   (2,4)     (1,4)     (1,8)               
expenditure                                                                     
Exploration expenditure                 (1,4)     (1,2)     (1,2)               
Mark to market of listed investments    19,2      12,9      -                   
Profit before taxation                  84,4      73,6     9,0                  
South African normal taxation                                                   
- Current tax                           (2,1)     (12,2)    (3,0)               
- Deferred tax                          (18,7)    (8,1)     (1,0)               
Net earnings                            63,6      53,3      5,0                 
Adjustments:                                                                    
- Profit on sale of property, plant    (0,5)     (0,4)      (5,1)               
and equipment                                                                   
- Net impairment of assets             34,1      -         -                    
Headline earnings/(loss)                97,2      53,0      (0,1)               
Earnings per share - cents *                                                    
- Earnings                              38,6      33,4      4,6                 
- Headline earnings/(loss)              58,9      33,2      (0,1)               
- Fully diluted earnings **             36,1      32,4      4,5                 
Dividends per share - (cents)                                                   
- Prosposed final                      40,7      -         8,7                  
Prepared in accordance with International Accounting Standards                  
Currency conversion rates average for the quarter:   June 2002:   US$1=R10,43   
(March 2002:  US$1=R11,53) (June 2001:  US$1=R8,03                              
* Calculated on weighted number of shares in issue at quarter end June 2002:    
165,1 million                                                                   
(March 2002:  159,5 million) (June 2001:  107,8 million)                        
** Calculated on weighted average number of diluted shares in issue at quarter  
end June 2002:                                                                  
176,2 million (March 2002:  164,7 million)  (June 2001:  111,1 million)         
Abridged Balance Sheet (US$)                                                    
                                       *At        At         At                 
                                       30 June    31 March   30 June            
2002       2002       2001               
                                       US$        US$        US$                
                                       million    million    million            
Mining assets after amortisation        907,9      604,0      680,7             
Investments                             104,0      186,9      30,0              
Net current (liabilities)/assets        (0,5)      3,6        (16,1)            
(excluding cash)                                                                
Short-term investments                                                          
- AurionGold                            95,1       58,3       38,2              
Cash                                    138,7      128,8      144,1             
Total assets                            1245,2     981,6      876,9             
Shareholders` equity                    766,4      540,0      573,9             
Free Gold Joint Venture purchase price                                          
due                                                                             
to AngloGold                            49,6       118,6      -                 
Loans**                                 163,2      200,1      151,5             
Preference shares                       -          -          0,7               
Long-term provisions                    69,3       60,9       54,4              
Unrealised hedging loss                 93,5       48,9       49,3              
Deferred tax                            103,2      13,1       47,1              
Total equity and liabilities            1 245,2    981,6      876,9             
Issued share capital: 169,2 million ordinary shares of 50 cents each.           
(March 2002: 159,6 million)                                                     
(June 2001: 144,6 million)                                                      
Currency converted at closing rate:  June 2002: US$1 = R10,39                   
(March 2002: US$1 = R11,38)                                                     
(June 2001: US$1 = R8,04)                                                       
*Significant variances caused by consolidation of Hill 50                       
**Loans:                                                                        
During the quarter under review the US$80 million facility used to purchase Hill
50 was settled in full by the issue for cash of 8 million Harmony shares. This  
loan bares interest at a percentage rate per annum determined according to a    
contracted formula applied on the drawdown date. A R500 million facility was    
utilised for the payment of the AngloGold loan for the Free Gold assets.        
Condensed statement of changes in shareholders` equity                          
                             At       At        At         At                   
30 June  30 June   30 June    30 June              
                             2002     2001      2002       2001                 
                             R        R         US$        US$                  
                             million  million   million    million              
Balance as at the beginning                                                     
of the                                                                          
financial year               4 594,0  2 874,7   442,1      358,2                
Currency translation                                                            
adjustment and                                                                  
Other                        (34,6)   70,2      (4,0)      10,1                 
Issue of share capital       1 747,8  1 729,4   168,2      215,5                
Net earnings                 1 655,9  (80,3)    160,1      (9,9)                
Balance as at the end of     7 963,1  4 594,0   766,4      573,9                
June                                                                            
Abridged cashflow statement                                                     
  Year       Year                                  Year         Year            
ended      ended                                 ended        ended           
  30 June    30 June                               30 June      30 June         
  2001       2002                                  2002         2001            
  US$        US$                                   R million    R million       
million    million                                                            
  49,1       160,8      Cash flow from operating    1 640,2      373,2          
                        activites                                               
  (201,6)     (320,3)   Cash flow from investing    (3 267,3)    (1532,0)       
activities                                              
  235,4       187,2     Cash flow from financing    1 909,5      1 789,2        
                        activities                                              
  (16,7)      (33,1)    Translation adjustment      -            -              
66,2        (5,4)     Increase in cash and        282,4        630,4          
                        equivalents                                             
  77,9        144,1     Opening cash and            1 158,5      528,1          
                        equivalents                                             
144,1       138,7     Closing cash and            1 440,9      1 158,5        
                        equivalents                                             
Operating activities translated at average rates of:                            
June 2002:  US$1,00 = R10,20. (June 2001: R7,61)                                
Closing balances translated at closing rates of:                                
June 2002:  US$1,00 = R10,39 (June 2001: R8,04)                                 
Group commodity interest rate and currency contracts as at 30 June 2002         
Commodity Contracts                                                             
AUS Dollar (A$) Gold                                                            
Maturity/                                                                       
Scheduled 2003     2004     2005     2006    2007     2008     2009     Total   
for                                                                             
delivery                                                                        
in                                                                              
Normal                                                                          
sales                                                                           
contracts                                                                       
Forward                                                                         
sales                                                                           
agreement                                                                       
s                                                                               
  Ounces  415 792  229 000  205 000  187 500 125 000  100 000  100 000  1 362 29
  A$/     513      522      524      523     514      518      518      518     
ounce                                                                           
Variable                                                                        
price                                                                           
sales                                                                           
contracts                                                                       
(with                                                                         
"caps")*1                                                                       
  Ounces  62 425   175 500  130 000  40 000  -        -        -        407 925 
  A$/     545      544      512      552     -        -        -        535     
ounce                                                                           
Variable                                                                        
price                                                                           
sales                                                                           
contracts                                                                       
*2                                                                              
  (with                                                                         
"floors")                                                                       
Ounces  33 000   -        -        -       -        -        -        33 000  
  A$/     500      -        -        -       -        -        -        500     
ounce                                                                           
          511 217  404 500  335 000  227 500 125 000  100 000  100 000  1 808 21
*1 The Group is committed to deliver its production into these agreements       
subject to the capped price indicated in the table above.                       
*2 The Group is committed to deliver its production into these agreements       
subject to the floor price indicated in the table above.                        
The above contracts are treated as normal sales contracts, should they be mark- 
to-market as derivatives the value would be negative R981 million (US$94        
million) as at 30 June 2002. The value was based on a gold price of $316 (A$557)
per ounce, exchange rates of R/$10,39 and $/A$ 0,57 and the prevailing market   
interest rates and volatilities at the time.                                    
Currency                                                                        
The Group has US$90 million forward sale agreements at an average of R/$11,21   
maturing over the remaining portion of the calendar year.                       
The marked-to-market value of the transactions making up the positions in the   
above was a positive R46,5 million (US$4,5 million) as at 30 June 2002. The     
value was based on an exchange rate of R/$10,42 and the prevailing interest     
rates and volatilities at the time.                                             
Interest rate swaps                                                             
The Group has interest rate swap agreements to convert R600 million fixed rate  
debt to rates linked to Jibar with a spread ranging from 1,8% to 2,2%.          
The marked-to-market value of the transactions making up the positions in the   
above was a negative R20,8 million (US$2 million) as at 30 June 2002. The value 
was based on an exchange rate of R/$10,39 and the prevailing interest rates and 
volatilities at the time.                                                       
Development results (Metric)                                                    
Channel Channel                                   
              Reef   Sampled  width   value    Gold                             
              meters meters   (cm`s)  (g/t)    (cmg/t)                          
Randfontein                                                                     
VCR Reef      705    570      105     34,45    3 617                            
UE1A          2 761  2 526    95      11,41    1 084                            
E8 Reef       144    102      124     6,65     824                              
Kimberley     616    610      197     3,47     683                              
Reef                                                                            
All Reefs     4 226  3 808    114     12,25    1 392                            
Free State                                                                      
Basal         6 865  5 441    104     8,39     873                              
Leader        3 681  3 296    167     7,07     1 181                            
A Reef        2 556  2 290    149     4,01     597                              
Middle        1 100  752      228     6,57     1 497                            
B Reef        1 648  1 545    59      20,02    1 181                            
All Reefs     15 849 13 324   129     7,53     973                              
Evander                                                                         
Kimberley     2 117  2 250    66      14,85    980                              
Reef                                                                            
Elandskraal                                                                     
VCR Reef      1 173  992      90      29,10    2 619                            
Free Gold                                                                       
(50%)                                                                           
Basal         1 723  1 411    54      30,50    1 647                            
Development results (Imperial)                                                  
                              Channel   Channel                                 
             Reef     Sampled width     value    Gold                           
feet     feet    (inches)  (oz/t)   (in.ozt)                       
Randfontein                                                                     
VCR Reef      2 313    1 870  41        1,013    42                             
UE1A          9 058    8 287  37        0,324    12                             
E8 Reef       472      335    49        0,184    9                              
Kimberley     2 021    2 001  78        0,103    8                              
Reef                                                                            
All Reefs     13 865   12 493 45        0,356    16                             
Free State                                                                      
Basal         22 523   17 851 41        0,244    10                             
Leader        12 075   10 814 66        0,205    14                             
A Reef        8 386    7 513  59        0,116    7                              
Middle        3 610    2 467  90        0,191    17                             
B Reef        5 405    5 069  23        0,590    14                             
All Reefs     51 999   43 714 51        0,219    11                             
Evander                                                                         
Kimberley     6 946    7 382  26        0,433    11                             
Reef                                                                            
Elandskraal                                                                     
VCR Reef      3 848    3 255  35        0,859    30                             
Free Gold                                                                       
(50%)                                                                           
Basal         5 653    4 629  21        0,900    19                             
Investor relations                                                              
Business address                                                                
Harmony Gold Mining Company Limited                                             
Suite No. 1                                                                     
Private Bag X1                                                                  
Melrose Arch, 2076                                                              
Telephone: +27 (11) 684 0140                                                    
Telefax:    +27 (11) 684 0188                                                   
E-mail: corporate@harmony.co.za                                                 
Investor relations contacts                                                     
Corn Bobbert                                                                   
Telephone: +27 (11) 684 0146                                                    
Telefax:    +27 (11) 684 0188                                                   
E-mail: cbobbert@harmony.co.za                                                  
Ferdi Dippenaar                                                                 
Telephone: +27 (11) 684 0147                                                    
Telefax:      +27 (11) 684 0188                                                 
E-mail: fdippenaar@harmony.co.za                                                
Share transfer secretaries                                                      
Ultra Registrars (Pty) Ltd                                                      
Contact: Polly Pollard                                                          
Telephone: +27 (11) 832 2652                                                    
Telefax: +27 (11) 834 4398                                                      
E-mail: ultra@registrars.co.za                                                  
11 Diagonal Street                                                              
Johannesburg 2001                                                               
(PO Box 4844, Johannesburg, 2000)                                               
United States ADR Depositary                                                    
The Bank of New York                                                            
Telephone: +1888-BNY ADRS                                                       
Telefax: +1 (212) 815 3050                                                      
Shareholder Relations Department                                                
101 Barclay Street                                                              
22nd Floor, New York, NY 10286                                                  
United States of America                                                        
United Kingdom Registrars                                                       
Capita IRG Plc                                                                  
Contact(s): Melvyn Leigh/Therese Hodgin                                         
Telephone: +44 (208) 639 1001                                                   
Telefax: +44 (208) 478 2876                                                     
E-mail: mleigh@capita-irg.com/                                                  
thodgin@capita-irg.com                                                          
Balfour House 390-398                                                           
High Road, Ilford                                                               
Essex IG1 1NQ, United Kingdom                                                   
Directors                                                                       
A R Fleming*# (Chairman),                                                       
Z B Swanepoel (Chief executive),                                                
F Abbott, F Dippenaar,                                                          
T S A Grobicki, T A Mokhobo*,                                                   
M F Pleming*, Lord Renwick of                                                   
 Clifton KCMG*#,                                                                
J G Smithies*                                                                   
*Non executive directors +British                                               
Trading Symbols                                                                 
Ordinary Shares                                                                 
JSE Securities Exchange: HAR                                                    
Nasdaq:                  HGMCY                                                  
London Stock Exchange:   HRM                                                    
Euronext Paris:          HG                                                     
Euronext Brussels:       HMY                                                    
Berlin Stock Exchange:   HAM1                                                   
Warrants                                                                        
JSE Securities Exchange: HARW                                                   
Nasdaq:                  HGMCW                                                  
Options                                                                         
Chicago Board Options Exchange                                                  
ISIN                                                                            
ZAE000015228                                                                    
Visit our web site at www.harmony.co.za which includes an updated company       
profile. For the 2001 annual report, go to www.har.co.za, and for general       
gold and investor information, go to www.harmonyedugold.co.za.                  
To purchase Harmony gold products, visit www.harmonygold-direct.com.            
Harmony`s 2002 Annual Report will be available on 1 October 2002                
For a hard copy please contact                                                  
Corne Bobbert on                                                                
tel +27 11 684-0146 or e-mail                                                   
cbobbert@harmony.co.za.                                                         
Date: 05/08/2002 12:00:00 PM Supplied by www.sharenet.co.za                     
Produced by the JSE SENS Department                                             



                                        
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