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Free Gold - Quarter Results

Release Date: 21/10/2002 09:01:24      Code(s): HAR AOD
Free Gold - Quarter Results                                                     
ARMgold / Harmony Freegold Joint Venture Company (Pty) Ltd                      
Reg 2001/029602/07                                                              
Directors: F Abbott, P Taljaard                                                 
Results for the quarter ended 30 September 2002                                 
Operating and Financial Results (rand/metric)                                   
                       Bambanani    Tshepong   Joel    Eland                    
Shaft        Shaft      Shaft   Shaft                    
Ore milled -  Sep-02   369          423        116     97                       
t`000                                                                           
              Jun-02   392          391        122     96                       
Gold produced Sep-02   3 278        3 262      428     815                      
- kg                                                                            
              Jun-02   3 448        3 214      468     938                      
Yield - g/t   Sep-02   8,88         7,71       3,69    8,40                     
Jun-02   8,80         8,22       3,84    9,77                     
Cash                                                                            
operating                                                                       
costs                                                                           
- R/kg        Sep-02   51 402       45 807     91 678  51 061                   
              Jun-02   42 960       39 763     74 256  40 267                   
Cash                                                                            
operating                                                                       
costs                                                                           
- R/tonne     Sep-02   457          353        338     429                      
              Jun-02   378          327        285     393                      
Working                                                                         
revenue                                                                         
(R`000)       Sep-02   344 864      343 840    45 087  85 880                   
              Jun-02   359 796      335 480    48 772  97 872                   
Cash                                                                            
operating                                                                       
costs                                                                           
(R`000)       Sep-02   168 496      149 423    39 238  41 615                   
              Jun-02   148 127      127 799    34 752  37 770                   
Cash                                                                            
operating                                                                       
profit                                                                          
(R`000)       Sep-02   176 368      194 417    5 849   44 265                   
Jun-02   211 669      207 681    14 020  60 102                   
Capital                                                                         
expenditure                                                                     
(R`000)       Sep-02   12 281       2 476      -       1 171                    
Jun-02   7 618        1 000      -       -                        
                       Sable/                                                   
                       Kudu      Nyala     West    FreeGold                     
                       Shaft     Shaft     Shaft   Surface   Total              
Ore milled -   Sep-02  33        -         41      1 113     2 192              
t`000                                                                           
               Jun-02  15        -         33      1 234     2 283              
Gold produced  Sep-02  203       -         240     561       8 787              
- kg                                                                            
               Jun-02  70        -         196     1 085     9 419              
Yield - g/t    Sep-02  6,15      -         5,85    0,50      4,01               
               Jun-02  4,67      -         5,94    0,88      4,13               
Cash operating                                                                  
costs                                                                           
- R/kg         Sep-02  72 069    -         57 029  71 674    53 181             
               Jun-02  128 743   -         59 704  34 357    43 662             
Cash operating                                                                  
costs                                                                           
- R/tonne      Sep-02  443       -         334     36        213                
               Jun-02  601       -         355     30        180                
Working                                                                         
revenue                                                                         
(R`000)        Sep-02  21 517    -         25 175  59 199    925 562            
               Jun-02  7 269     -         20 520  111 432   981 141            
Cash operating                                                                  
costs                                                                           
(R`000)        Sep-02  14 630    -         13 687  40 209    467 298            
               Jun-02  9 012     4 811     11 702  37 277    411 250            
Cash operating                                                                  
profit                                                                          
(R`000)        Sep-02  6 887     -         11 488  18 990    458 264            
               Jun-02  (1 743)   (4 811)   8 818   74 155     569 891           
Capital                                                                         
expenditure                                                                     
(R`000)        Sep-02  1 634     3 335     1 136   1 605     23 638             
               Jun-02  1 644     -         372     3 940     14 574             
Financial Results (rand/metric) (unaudited)                                     
                                           Quarter       Quarter                
                                           ended         ended                  
                                           30 September  30 June                
2002          2002                   
Ore milled                 - tonnes `000                                        
                           - underground   1 079         1 049                  
                           - surface       1 113         1 234                  
- total         2 192         2 283                  
Yield                      - g/tonne                                            
                           - underground   7,62          7,94                   
                           - surface       0,50          0,88                   
- total         4,01          4,13                   
Gold produced              - kg                                                 
                           - underground   8 226         8 334                  
                           - surface       561           1 085                  
- total         8 787         9 419                  
Gold price received        - R/kg          105 333       104 166                
Cash operating costs       - R/kg          53 181        43 662                 
                           - R/tonne       213           180                    
R`000         R`000                  
Gold sales                                 925 562       981 141                
Cash operating costs                       467 298       411 250                
Cash operating profit                      458 264       569 891                
Amortisation                               (31 440)      (33 604)               
Post-retirement benefits                   -             (2 226)                
provided                                                                        
Provision for                              (2 032)       (20 000)               
rehabilitation                                                                  
Other income - net                         53 524        34 839                 
Interest paid                              (34 078)      (45 350)               
Profit before taxation                     444 238       503 550                
South African normal                                                            
taxation                                                                        
- Current tax                              (20 350)      (8 631)                
- Deferred tax                             (118 442)     (160 852)              
Net earnings                               305 446       334 067                
Financial Results (US$/imperial) (unaudited)                                    
                                            Quarter       Quarter               
                                            Ended         ended                 
30 September  30 June               
                                            2002          2002                  
Ore milled                  - tons `000                                         
                            - underground    1 190         1 157                
- surface        1 227        1 361                 
                            - total          2 417         2 518                
Yield                       - oz/ton                                            
                            - underground    0,222         0,232                
- surface        0,015         0,026                
                            - total          0,117         0,120                
Gold produced               - oz                                                
                            - underground    264 471       267 943              
- surface        18 036        34 883               
                            - total          282 506       302 826              
Gold price received         - $/oz           315           311                  
Cash operating costs        - $/oz           159           130                  
- $/ton          19            16                   
                                            $`000          $`000                
Gold sales                                   89 082        94 069               
Cash operating costs                         44 976        39 430               
Cash operating profit                        44 105        54 639               
Amortisation                                 (3 026)       (3 222)              
Post-retirement benefits                    -              (213)                
provided                                                                        
Provision for                                (196)         (1 918)              
rehabilitation                                                                  
Other income - net                           5 151         3 340                
Interest paid                                (3 280)       (4 348)              
Profit before taxation                       42 755        48 278               
South African normal                                                            
taxation                                                                        
- Current tax                                (1 959)       (828)                
- Deferred tax                               (11 400)      (15 422)             
Net earnings                                 29 397        32 028               
Patrice Motsepe                                                                 
Bernard Swanepoel                                                               
18 October 2002                                                                 
Harmony Gold Mining                                                             
Company Limited                                                                 
Investor Relations                                                              
Contact: Corn Bobbert                                                          
Telephone: +27 11 684 0146                                                      
Telefax: +27 11 684 0188                                                        
E-mail: cbobbert@harmony.co.za                                                  
www.harmony.co.za                                                               
African Rainbow Minerals                                                        
Gold Limited                                                                    
Investor Relations                                                              
Contact: Mangisi Gule                                                           
Telephone: +27 11 883 5606                                                      
Telefax: +27 11 883 5609                                                        
E-mail: mangisi.gule@arm.co.za                                                  
www.armgold.com                                                                 
Date: 21/10/2002 09:00:00 AM Supplied by www.sharenet.co.za                     
Produced by the JSE SENS Department                                             



                                        
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