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HARMONY REVIEW for the quarter ended 30 September 2002

Release Date: 21/10/2002 12:01:29      Code(s): HAR
HARMONY REVIEW for the quarter ended 30 September 2002                          
Harmony Gold Mining Company Limited                                             
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                                                                  
- Mining Charter provides certainty for all stakeholders                        
- Groundbreaking agreement with labour union                                    
- Robust cash operating profit of R950,2 million                                
- Record quarterly production of 796 497 ounces                                 
- Australian operations contribute cash operating profit of R100,4 million      
-  Kalplats Platinum Project progresses well                                    
-  Acquisition of St Helena by Free Gold Joint Venture on track                 
-  Doornkop South Reef Project - Board approval required                        
Financial highlights                                                            
                       30 September 2002   30 June 2002                         
Cash operating profit                                                           
- Rand                 950 million         1 068 million                        
- US$                  91 million          102 million                          
Earnings                                                                        
- Rand                 426 million         664 million                          
- US$                  41 million          64 million                           
Earnings per share                                                              
- SA cents per share   247                 402                                  
- US cents per share   24                  39                                   
30 September 2002   30 June 2002                         
Gold produced                                                                   
- kg                   24 774              24 390                               
- oz                   796 497             784 155                              
Cash costs                                                                      
- R/kg                 68 110              59 574                               
- $/oz                 204                 178                                  
Chief executive`s review September 2002                                         
"Our company continues to deliver robust returns with a cash operating profit of
R950 million for the September 2002 quarter. Harmony will always be an unhedged 
gold mining company, with the bulk of its production from South Africa.         
Exploring opportunities in other countries, or in other commodities like        
platinum, should not be seen as an attempt to diversify, but merely as extending
our business model into other value creating opportunities."                    
STRENGTHENING OUR BOARD                                                         
We are pleased to announce that Mr Simo Lushaba and Ms Nolitha Fakude have      
joined our Board. They bring unique and relevant skills and experience which    
will strengthen us as a company.                                                
SAFETY REPORT                                                                   
During the past quarter all Mine Managers, Engineers and Mine Overseers attended
the Harmony Risk Management System (HRMS) courses. The roll-out of the HRM      
System is now complete, and is positively impacting on risk management. All six 
month trends indicate that the safety awareness and performance within the      
company is improving. It is with regret however, that I have to report that six 
employees lost their lives during the quarter in five incidents.                
With the role of the former shift bosses being changed to focus exclusively on  
coaching for safe production, I believe we will now see huge strides in         
improving our safety performance. This follows a groundbreaking agreement       
between the company and the representative union.                               
Kalgold achieved 500 000 fatality free shifts on 19 July 2002.                  
STRATEGIC OVERVIEW                                                              
A significantly higher gold price of US$319/oz and a Rand/Dollar exchange rate  
of R10,39 resulted in the company receiving R106 463/kg during the quarter. This
is 3% higher than the R103 349/kg received for the previous quarter. The company
produced a record 796 497 ounces during the quarter, and is on track to produce 
an annualised 3,1 million ounces for the current financial year.                
The higher gold price received was offset by higher costs on our operations.    
Results have been affected by the 8,2% effective annual wage increases. Both    
volume and costs were also negatively affected by the seismic events on 12 July 
2002 at Evander 8 Shaft and Deelkraal mine. Whilst higher volumes on some       
operations saw a proportionate increase in cost, the opposite, i.e. cost        
reduction was not achieved at Elandsrand, where a significant drop in volume    
occurred. This has now been rectified.                                          
SEVEN YEARS OF VALUE CREATION                                                   
1995          2002           % growth             
Production oz per annum       580 000       2,7 million    360                  
Cash operating profit US$     9 million     254 million    2 500                
Market cap US$                180 million   2 290 million  1 170                
Employees in service          23 000        42 600         85                   
Ounces produced per employee  25            63             150                  
Harmony, a company which has concluded 23 acquisitions to date, has, over the   
past 7 years, created value through a strategy of acquiring and subsequently    
turning around high cost, low margin operations. The bulk of these acquisitions 
were made during a declining Dollar gold price environment. Despite these       
adverse conditions, our shareholders have been rewarded with the appreciation of
their investment, both in terms of capital growth and cash dividends.           
I am frequently asked whether the higher gold price environment will result in  
us being unable to achieve further smart acquisitions. Let me address this with 
the help of a small diagram.                                                    
The above situation, in which typically the Rand/kg price of gold increased due 
to the sudden depreciation of the South African Rand, has, over the past 7      
years, occurred a number of times.                                              
This has resulted in the profit margins of the target operations increasing     
significantly in the short term. However, over the longer term, the impact of   
their higher cost increases will result in these assets becoming available for  
sale over a 12 to 24 month period.                                              
The difference made through the implementation of the "Harmony Way" is a        
significant and sustainable reduction in the working cost structure of the      
acquired mine. This immediately results in an increase in margin and operating  
profits. Our challenge remains to keep working cost increases lower than that of
our peer group and below South African inflation.                               
I believe that conditions favourable for Harmony to achieve further acquisitions
will present themselves as the target assets experience the pressures of working
cost increases.                                                                 
Other opportunities currently available to the company are:                     
- exploiting the potential of our greatest asset, the people working for the    
company. Harmony has consistently achieved productivity and efficiency          
improvements over the past few years. This process of empowering our people has 
the potential to impact positively on our future performance. Through continued 
productivity improvements, we can grant real wage increases and achieve a       
reduction in the unit cost of labour in real terms,                             
- "sweating our assets" which includes all activities related to optimising our 
current operations. Continuous Operations or CONOPS could see the capital       
productivity of some of the operations increase significantly. We hope to       
conclude agreements at the Free Gold Joint Venture on CONOPS before the end of  
this year and are investigating its potential for other operations,             
- remain "cost obsessed". Through initiatives like the "Cost Marathon", the     
company was able to restrict its cost increases, when measured in R/kg terms, to
only 9% in the previous financial year. This was despite the impact of a high   
inflation environment and the adverse effect of acquiring high cost, low margin 
operations. Cost focus and cost efficiency have always been our strength,       
- extending the application of the Harmony Value Creation Model. Our business   
model, on which our successful acquisition strategy has been built, could be    
conceivably extended into the platinum industry in South Africa. The platinum   
industry in South Africa has assets which fit the profile of being "high cost - 
low margin operations". These are the type of assets on which Harmony created   
shareholder value in the gold mining industry.                                  
Highlights of the past quarter have been:                                       
i. Release of Broad-Based Socio-Economic Development Charter                    
The much awaited and debated Charter for the mining industry was released on 9  
October 2002 after having been ratified by the Government.                      
I believe that whilst the Charter prescribes some very demanding conditions, we 
are well positioned to meet them well ahead of the targeted date in 5 years     
time.                                                                           
The Charter was finalised through a process of negotiations which include       
representatives from the mining industry, government and the unions, and has    
removed the uncertainty which followed after the leaking of a draft document    
late in July 2002.                                                              
Harmony has demonstrated that the ownership requirements are achievable through 
our involvement in three successful empowerment deals. In all the instances, the
deals did not result in a dilution of value to current shareholders, but rather 
facilitated our continued growth.                                               
All stakeholders recognise the need to:                                         
- expand opportunities for historically disadvantaged South Africans (HDSAs) to 
enter the mining and minerals industry or benefit from the exploitation of the  
country`s mineral resources,                                                    
- ensure that the relevant skills which the scarcity thereof have been          
identified as one of the barriers to entry into the mining sector by the HDSAs  
be transferred, and                                                             
- ensure progress with employment equity in the mining industry.                
It is the government`s stated objective that it does not intend nationalising   
the mining industry and that participation or the transfer of ownership take    
place in a transparent manner and at fair market value.                         
In short the Charter states the following:                                      
- that the parties agree that approximately 15% or R100 billion (US$10 billion) 
worth of assets be owned by Black companies within 5 years,                     
- an additional 11% be achieved in the following 5 years,                       
- industry has undertaken to assist HDSAs in securing finance to fund           
participation, i.e. an amount of R100 billion within the first 5 years only,    
- a baseline of 40% in respect of employment equity in junior and senior        
management levels of the industry,                                              
- companies undertake to offer to every employee the opportunity to become      
functionally literate and numerate by 2005,                                     
- stakeholders undertake to give HDSAs preferred supplier status, and           
- mining companies agree to identify their current levels of beneficiation and  
indicate to what extent they intend to grow the baseline.                       
Regarding the measuring of success of ownership, this would be determined by:   
- attributable units of South African production controlled by HDSAs,           
- an allowance be built in to allow for credit/offsets to allow for flexibility,
- previous empowerment deals be included in calculating credits, and            
- government will consider special incentives to encourage HDSAs to retain newly
acquired equity for a reasonable period.                                        
Companies undertake to report on an annual basis their progress towards         
achieving their commitments through their annual reports, verified by external  
auditors.                                                                       
The full copy of the Charter is available at www.harmony.co.za.                 
ii. Section 302 of the Sarbanes-Oxley Act of 2002                               
Harmony`s NASDAQ listing requires us to comply with Section 302 of the Act. On  
29 August 2002, the Securities and Exchange Commission issued a Release adopting
rules that implement the certification requirements of Section 302 of the       
Sarbanes-Oxley Act of 2002.                                                     
The Section 302 certification rules apply to annual and quarterly reports filed 
after 29 August 2002. Under the new Exchange Act Rules, the executive officer   
and financial officer are each required to certify that:                        
- he or she has reviewed the report,                                            
- based on his/her knowledge, the report contains no material misstatements or  
omissions,                                                                      
- based on his/her knowledge, the financial statements and other financial      
information included in the report, fairly presents in all material respects the
financial condition, results of operations and cash flows of the issuer for the 
periods presented in the report,                                                
- that the certifying officers are responsible for establishing and maintaining 
disclosure controls and procedures and have properly designed and evaluated     
them,                                                                           
- that the certifying officers have disclosed all significant deficiencies to   
the auditors and audit committee, and                                           
- the certifying officers have indicated any significant changes in internal    
controls in the report.                                                         
Although this is a much publicised and new requirement in the USA, your company 
has always subscribed to honest, transparent and timeous reporting.             
iii. Kalplats Platinum Project                                                  
An amount of R15,0 million has been approved for the excavation of the Kalplats 
box-cut, bulk sample collection and pilot plant flotation tests. The project    
involves excavating 1,5 million tonnes of waste rock. The ore sample will be    
collected at a depth of approximately 45 m below surface with sampling of the   
various reefs under different weathering conditions as the pit advances. It is  
anticipated that the pilot plant test results will be available by March 2003.  
iv. St Helena - Free Gold Joint Venture acquisition - well on track             
The only outstanding conditions precedent for the fulfilment of the sale        
agreement is in respect of Ongegund 13 - St Helena No. 10 Shaft:                
- the renewal of the Mining Lease by Gold Fields Limited and ceding thereof to  
Free Gold with ministerial consent,                                             
- mining authorisation for Ongegund 13 portion.                                 
These conditions are expected to be fulfilled by 31 October 2002.               
v. Highland Gold Limited in Russia                                              
Progress is being made with the allocation of the mining licences. Technical    
assistance is being provided in the evaluation of new gold properties identified
by Highland Gold in far east Russia and in Mongolia.                            
QUARTERLY OPERATIONAL REVIEW                                                    
As expected the company reported lower operational profits of R950 million      
compared to the exceptional R1 068 million achieved in the June 2002 quarter.   
Kilograms recovered was 2% higher at 24 774 kg compared to the 24 390 kg for the
previous quarter. This was due to improved operational performance by the Free  
State, Randfontein and Kalgold operations and Hill 50 in Australia.             
Working costs however were higher in both R/kg and R/tonne terms. Measured in   
R/kg terms, working cost increased by 14% from R59 574/kg to R68 110/kg. These  
increases were mainly due to the effects of the annual wage increases of 8,2%,  
the seismic events at our Evander No. 8 Shaft and Deelkraal operations which    
were reported previously as well as decreased tonnages from Elandsrand.         
Profit before tax decreased by 28% from R881,0 million to R631,8 million. The   
decrease was mainly due to the lower cash operating profit (R117,5 million) and 
the lower value of the Placer Dome shares (R141,9 million). Taxation at R205,6  
million was 5% lower than the R217,1 million reported for the                   
June 2002 quarter.                                                              
Net profit after tax was 36% lower at R426,2 million compared with the R663,9   
million reported previously.                                                    
Earnings per share decreased by 39% to 247 cents quarter on quarter.            
The performance of the operations is highlighted in the following table:        
September 2002   June 2002   % Variance                    
Production - kg      24 774           24 390      2                             
Production - oz      796 497          784 155     2                             
Revenue - R/kg       106 463          103 349     3                             
Cash cost - R/kg     68 110           59 574      (14)                          
Revenue - US$/oz     319              308         4                             
Cash cost - US$/oz   204              178         (15)                          
Exchange rate R/US$  10,39            10,43       -                             
The company achieved a US$115 or 36% profit margin with cash costs of US$204/oz.
A cash operating profit margin of US$130, or 42%, was achieved during the June  
2002 quarter.                                                                   
A quarter on quarter cash operating profit analysis of the various operations is
as follows:`                                                                    
Total cash operating profit (R`million)                                         
Operation              September 2002   June 2002   Variance                    
Free State             190,0            213,7       (23,7)                      
Evander                101,2            140,9       (39,7)                      
Randfontein            199,7            172,5       27,2                        
Elandskraal            104,8            173,6       (68,8)                      
Kalgold                25,0             11,7        13,3                        
Australian Operations  100,4            70,4        30,0                        
Sub-total              721,1            782,8       (61,7)                      
Free Gold (50%)        229,1            284,9       (55,8)                      
Total                  950,2            1 067,7     (117,5)                     
Free State Operations - absorbing wage increases                                
The Free State operations reported an 11% decrease in cash operating profits    
from R213,7 million to R190,0 million. Underground tonnage milled increased from
1 011 000 tonnes to 1 105 000 tonnes. The increased tonnage at a lower recovery 
grade of 4,41 g/t compared to the 4,45 g/t reported previously resulted in a 5% 
net improvement in overall gold recovered, up from 4 883 kgs to 5 104 kgs.      
Higher volumes (10%) and the annual wage increase saw working costs increase by 
20% with expenditure of R388,5 million compared to R323,1 million for the June  
2002 quarter. Although unit cost increased by only 4% from R282/t to R293/t, the
lower grade resulted R/kg costs to increase by 15% to R76 107/kg.               
Evander Operations - back on track following the seismic event                  
The seismic event (4,1 on the Richter Scale) which took place on 12 July 2002 at
No. 8 Shaft, adversely impacted on the performance of these operations. Cash    
operating profits decreased by 28% from R140,9 million to R101,2 million. The   
main contributing factor was a 6% decrease in underground tonnage, down from 510
000 tonnes to 477 000 tonnes for the reporting period. As 8 Shaft is the highest
grade operation at Evander, gold production was significantly affected          
(-279 kg). This shaft recorded a small loss for the quarter, but is expected to 
return to its previous level of profitability in the new quarter.               
Although actual working costs increased by only 6% from R180,5 million to R190,4
million, the impact of lower tonnages and recovery grade impacted on working    
costs in both R/kg and R/tonne terms. When measured in R/kg terms, working costs
increased by 16% from R59 155/kg to R68 714/Kg and in R/tonne terms from        
R350/tonne to R395/tonne.                                                       
The Evander operation have since recovered from the impact of the seismic event 
and a better overall performance is expected during the following quarter.      
Randfontein - excellent performance                                             
Randfontein continued with its excellent operational performance, returning a   
cash operating profit of R199,7 million, up 16% from the R172,5 million reported
for the June 2002 quarter.                                                      
Underground tonnage milled increased by 6% from 714 000 tonnes to 758 000       
tonnes. At a higher recovery grade of 5,29 g/t compared to the                  
4,98 g/t reported previously, the operations increased underground gold recovery
by 13% to 4 010 kgs.                                                            
Working costs increased by 14%, mainly due to the annual wage increases and     
costs associated with the increased tonnage. When measured in R/kg terms,       
working costs decreased by 1% from R59 488/kg to R58 945/kg.                    
In R/tonne terms, working costs increased by 5% from R296/tonne to R312/tonne.  
These operations have fully recovered from the adverse affect of the strikes    
experienced during the June 2002 quarter.                                       
Elandskraal - short-term operational problems                                   
The Elandskraal operations experienced one of its toughest quarters since the   
acquisition thereof some seven quarters ago. Various operational problems at    
Elandsrand resulted in a 40% decrease in operating profits at R104,8 million    
compared to R173,6 million achieved during the June 2002 quarter. Deelkraal     
contributed some R30 million of operating profits, despite being affected       
significantly by the previously reported seismic event which negatively impacted
on volume and cost.                                                             
Underground tonnage was 17% lower at 458 000 compared to 550 000 tonnes reported
previously. Despite the lower volume total working costs were only 3% lower,    
down from R243,4 million to R235,4 million. As indicated before, flexibility on 
the old Elandsrand mine will remain tight until the new mine is commissioned in 
two years time. This operation will bounce back in the new quarter.             
Although underground recovery grades were 2% higher at 6,55 g/t, gold produced  
was 15% lower at 2 998 kgs compared to the 3 544 kgs for the June 2002 quarter. 
The lower tonnage and annual wage increases impacted on working costs in both   
R/kg and R/tonne terms. When measured in R/kg terms, working costs increased by 
20% from R62 550/kg to R75 076/kg.                                              
Elandskraal incurred R35 million in capital expenditure, as the "Shaft Deepening
Project" is progressing well on budget and on time.                             
Free Gold - eliminating high grading and recapitalising the orebody             
As expected the Free Gold operations reported a 20% decrease in cash operating  
profit, down from R284,9 million to R229,1 million. This change was mainly due  
to a 4% decrease in recovery grade and a 14% increase in working costs over the 
period. In line with similar previous acquisitions, these operations are now    
entering the second phase of restructuring and alignment. This involves mining  
the orebody to its average grade, thereby eliminating high grading and focussing
on recapitalising the orebody to allow for more mining flexibility in future.   
Underground tonnage was 3% higher at 540 000 tonnes. At a 4% lower recovery     
grade of 7,62 g/t compared to the 7,95 g/t for the June 2002 quarter,           
attributable gold production was slightly lower at 4 113 kgs.                   
Underground working costs when measured in R/kg and R/tonne terms increased by  
16% and 11% respectively. Working costs in R/kg increased from R44 873/kg to R51
920/kg and in R/tonne from R357/tonne to R395/tonne.                            
Capital expenditure of R12 million was incurred as part of the recapitalisation 
phase to increase the operational flexibility at these operations.              
Tonnages from surface were significantly lower in volume and recovery grade. A  
total of 557 000 tonnes at a recovery grade of 0,50 g/t were treated resulting  
in a gold recovery of 281 kgs. This was lower than the 542 kgs for the June 2002
quarter. The net result being that surface operations contributed only R9,5     
million towards cash operating profits compared to the R37,1 million for the    
previous quarter.                                                               
The Free Gold operations will remain an important portion of our company`s      
future, especially in the Free State region and therefore warrant all the       
operational focus and attention it receives.                                    
If Free Gold can make R400 million per quarter (R200 million attributable)      
during the next few quarters whilst re-establishing flexibility and implementing
continuous operations, it will still achieve payback quicker than any of our    
other spectacular acquisitions.                                                 
Kalgold - pleasing performance                                                  
Our Kalgold operations which were affected by a 21 day strike during the        
previous quarter, reported a 114% increase in cash operating profit, increasing 
from R11,7 million to R25,0 million.                                            
The increase in cash operating profit can mainly be attributed to the 9%        
increase in tonnage and a 37% improvement in recovery grade. Milled tonnage of  
252 000 tonnes at a recovery grade of 2,31 g/t, resulted in a 49% increase in   
gold recovery at 581 kgs.                                                       
Working cost increases at Kalgold were well contained to 10%, increasing from   
R132/tonne to R145/tonne. When measured in R/kg terms, working costs decreased  
from R78 491/kg to R62 800/kg.                                                  
A similar performance is expected in the coming quarter.                        
Australian Operations - considerable improvements                               
The Australian operations returned a 43% improvement in cash operating profits, 
increasing from R70,4 million to R100,4 million. This improvement was mainly as 
a result of a higher grade of 2,39 g/t from both open pits and underground      
compared to the 1,90 g/t reported for the June 2002 quarter.                    
An additional 25% or a total of 4 385 kgs were recovered compared to the 3 518  
kgs previously. Working costs however increased substantially by 42% mainly due 
to the increased stripping ratios in the high grade open pits and underground   
development expenses to allow for more flexibility to the mining operations.    
These operations are now operating at a cash cost of US$234/oz.                 
It is planned to decrease the cost as the higher cost operations, i.e. Big Bell,
are phased out.                                                                 
At Bendigo, the decline reached the orebody position and the first blast in ore 
was taken in late September 2002. This was ahead of the original plan which was 
to get to this point in December 2002. Further development on the structure     
north and south of the intersection shows significant quantities of visible     
gold. However, a large volume of this nuggety orebody needs to be processed in  
the bulk sampling plant before grades can be estimated. The presence of coarse  
gold in the face and the initial grade results are encouraging                  
CAPITAL EXPENDITURE                                                             
                       Actual           Forecast                                
                       September 2002   December 2002                           
Free State             32               31                                      
Evander                24               34                                      
Randfontein            6                6                                       
Elandskraal            35               34                                      
Free Gold (50%)        12               10                                      
Australian Operations  58               60                                      
Kalgold                8                4                                       
Total                  175              179                                     
The Doornkop - South Reef Project                                               
A final decision on proceeding with this project is expected within the next few
weeks.                                                                          
Operating and financial results (Rand/metric)                                   
                  Free     Free                      Rand-    Rand-             
State    State   Evander  Evander  fontein  fontein           
                  U/g      Surface U/g      Surface  U/g      Surface           
Ore       Sep-02  1 105    220     477      32       758      460               
milled                                                                          
- t`000   Jun-02  1 011    135     510      54       714      468               
Gold      Sep-02  4 872    232     2 739    26       4 010    357               
produced  Jun-02  4 499    384     3 020    36       3 558    241               
- kg                                                                            
Yield -   Sep-02  4,41     1,05    5,74     0,81     5,29     0,78              
g/t                                                                             
          Jun-02  4,45     2,84    5,92     0,67     4,98     0,51              
Cash                                                                            
operating Sep-02  76 504   67 772  68 714   83 962   58 945   66 739            
costs -   Jun-02  70 775   12 273  59 155   51 694   59 488   66 934            
R/kg                                                                            
Cash                                                                            
operating                                                                       
costs     Sep-02  337      71      395      68       312      52                
- R/tonne Jun-02  315      35      350      34       296      34                
Working                                                                         
revenue   Sep-02  553 968  24 505  288 766  2 767    422 508  37 345            
(R`000)   Jun-02  496 895  39 894  317 703  3 670    374 098  26 196            
Cash                                                                            
operating Sep-02  372 728  15 723  188 207  2 183    236 371  23 826            
costs     Jun-02  318 415  4 713   178 649  1 861    211 660  16 131            
(R`000)                                                                         
Cash                                                                            
operating Sep-02  181 240  8 782   100 559  584      186 137  13 519            
profit    Jun-02  178 480  35 181  139 054  1 809    162 438  10 065            
(R`000)                                                                         
                      Elands-  Elands-  Kalgold Free                            
                      kraal    kraal    Open-   Gold                            
U/g      Surface  cast    U/g                             
Ore milled   Sep-02   458      231      252     540                             
- t`000      Jun-02   550      236      231     524                             
Gold         Sep-02   2 998    180      581     4 113                           
produced -   Jun-02   3 544    492      389     4 167                           
kg                                                                              
Yield - g/t  Sep-02   6,55     0,78     2,31    7,62                            
             Jun-02   6,44     2,08     1,68    7,95                            
Cash                                                                            
operating    Sep-02   75 076   57 583   62 800   51 920                         
costs -      Jun-02   62 550   44 110   78 491   44 873                         
R/kg                                                                            
Cash                                                                            
operating                                                                       
costs        Sep-02   491      45       145      395                            
- R/tonne    Jun-02   403      92       132      357                            
Working                                                                         
revenue      Sep-02   321 278  18 981   61 472  433 181                         
(R`000)      Jun-02   365 564  51 414   42 212  434 854                         
Cash                                                                            
operating    Sep-02   225 078  10 365   36 487  213 545                         
costs        Jun-02   221 678  21 702   30 533  186 986                         
(R`000)                                                                         
Cash                                                                            
operating    Sep-02   96 200   8 616    24 985   219 636                        
profit       Jun-02   143 886  29 712   11 679   247 868                        
(R`000)                                                                         
                      Free     Australian                                       
Gold     operations                                       
                      Surface  Total       Total                                
Ore milled   Sep-02   557      1 836       6 926                                
- t`000      Jun-02   617      1 855       6 905                                
Gold         Sep-02   281      4 385       24 774                               
produced -   Jun-02   542      3 518       24 390                               
kg                                                                              
Yield - g/t  Sep-02   0,50     2,39        3,58                                 
Jun-02   0,88     1,90        3,53                                 
Cash                                                                            
operating    Sep-02    71 544  78 162      68 110                               
costs -      Jun-02    34 389  68 804      59 574                               
R/kg                                                                            
Cash                                                                            
operating                                                                       
costs        Sep-02    36      187         244                                  
- R/tonne    Jun-02    30      130         210                                  
Working                                                                         
revenue      Sep-02   29 600   443 148     2 637 519                            
(R`000)      Jun-02   55 716   312 466     2 520 682                            
Cash                                                                            
operating    Sep-02   20 104   342 741     1 687 358                            
costs        Jun-02   18 639   242 053     1 453 020                            
(R`000)                                                                         
Cash                                                                            
operating    Sep-02    9 496   100 407     950 161                              
profit       Jun-02    37 077  70 413      1 067 662                            
(R`000)                                                                         
Prepared in accordance with International Accounting Standards.                 
Total Operations - quarterly financial results (Unaudited) Rand/metric)         
                                   Quarter     Quarter    Quarter               
                                   Ended       ended      ended                 
30 Sept     30 June    30 Sept               
                                   2002        2002       2001                  
Ore milled - t`000                 6 926       6 905      5 064                 
Gold produced - kg                 24 774      24 390     19 161                
Gold price received - R/kg         106 463     103 349    74 164                
Cash operating costs - R/kg        68 110      59 574     63 097                
                                   R million   R million  R million             
Gold sales                         2 637       2 521      1 421                 
Cash operating costs               1 687       1 453      1 209                 
Cash operating profit              950         1 068      212                   
Amortisation                       (150)       (129)      (51)                  
Mark-to-market of financial        65          193        (148)                 
instruments                                                                     
Rehabilitation cost provision      (10)        (18)       -                     
Employment termination costs       (12)        (20)       (13)                  
Net impairment of assets           -           (355)      -                     
Other income - net                 48          52         25                    
Interest paid                      (59)        (71)       (39)                  
Corporate, marketing and new       (28)        (25)       (14)                  
business expenditure                                                            
Exploration expenditure            (30)        (15)       (10)                  
Profit on sale of AurionGold       469         -          -                     
shares                                                                          
Reversal of mark-to-market of      (611)       201        159                   
AurionGold                                                                      
Profit before taxation             632         881        121                   
South African normal taxation                                                   
- Current tax                      (158)       (22)       (20)                  
- Deferred tax                     (48)        (195)      (8)                   
Net earnings                       426         664        93                    
Adjustments:                                                                    
- Profit on sale of property,      (4)         (5)        (4)                   
plant and equipment                                                             
- Net impairment of assets         -           355        -                     
Headline earnings                  422         1 014      89                    
Earnings per share - cents *                                                    
- Basic earnings                   247,0       402,2      64,0                  
- Headline earnings                244,2       614,3      61,1                  
- Fully diluted earnings **        242,7       389,0      64,0                  
Dividends per share - (cents)                                                   
- Proposed final                   -           425        -                     
Prepared in accordance with International Accounting Standards.                 
* Calculated on weighted number of shares in issue at quarter end September     
2002: 172,6 million (June 2002: 165,1 million) (September 2001: 145,1 million)  
** Calculated on weighted average number of diluted shares in issue at quarter  
end September 2002: 175,6 million (June 2002: 170,1 million) (September 2001:   
145,1 million)                                                                  
Abridged balance sheet (Unaudited) (Rand)                                       
At          At         At                    
                                   30 Sept     30 June    30 Sept               
                                   2002        2002       2001                  
                                   R million   R million  R million             
Employment of capital                                                           
Mining assets after amortisation    9 434      9 433      5 481                 
Investments                        1 133       1 081      251                   
Net current liabilities            (599)       (431)      (165)                 
(excluding cash)                                                                
Current investments                                                             
- AurionGold                       -           988        402                   
- Placer Dome                      746         -          -                     
Cash                               1 626       1 441      1 229                 
Total assets                       12 340      12 511     7 197                 
Capital employed                                                                
Shareholders` equity               7 848       7 963      4 621                 
Loans                              2 095       2 086      1 235                 
Preference shares                  -           -          5                     
Long-term provisions                725        720        439                   
Unrealised hedging loss            854         971        509                   
Deferred tax                        819        771        388                   
Total equity and liabilities       12 340      12 511     7 197                 
Prepared in accordance with International Accounting Standards.                 
Basis of Accounting                                                             
The unaudited results for the quarter have been prepared on the International   
Accounting Standards basis. The accounting policies are consistent with those   
applied in the previous financial year.                                         
Issued share capital: 174,4 million ordinary shares of 50 cents each. (June     
2002: 169,2 million) (September 2001: 145,1 million)                            
Operating and financial results (US$/imperial)                                  
                       Free     Free                        Rand-               
                       State    State   Evander     Evander fontein             
U/g      Surface U/g         Surface U/g                 
Ore milled     Sep-02  1 219    243     526         35      836                 
- t`000        Jun-02  1 115    149     562         60      787                 
Gold                                                                            
produced       Sep-02  156 638  7 459   88 060      836     128 924             
- oz           Jun-02  144 646  12 346  97 095      1 157   114 392             
Yield          Sep-02  0,128    0,031   0,167       0,024   0,154               
- oz/ton       Jun-02  0,130    0,083   0,173       0,019   0,145               
Cash                                                                            
operating      Sep-02  229      203     206         251     176                 
costs - $/oz   Jun-02  211      37      176         154     177                 
Cash                                                                            
operating      Sep-02  29       6       34          6       27                  
costs - $/t    Jun-02  27       3       30          3       26                  
Working                                                                         
revenue        Sep-02  53 317   2 359   27 793      266     40 665              
($`000)        Jun-02  47 641   3 825   30 460      352     35 867              
Cash                                                                            
operating      Sep-02  35 874   1 513   18 114      210     22 750              
costs ($`000)  Jun-02  30 529   452     17 128      178     20 293              
Cash                                                                            
operating      Sep-02  17 443   846     9 679       56      17 915              
profit ($`000) Jun-02  17 112   3 373   13 332      174     15 574              
                       Rand-   Elands-    Elands-   Kalgold                     
fontein kraal      Kraal     Open-                       
                       Surface U/g        Surface   cast                        
Ore milled     Sep-02  507     505        255       278                         
- t`000        Jun-02  516     606        260       255                         
Gold                                                                            
produced       Sep-02  11 478  96 387     5 787     18 679                      
- oz           Jun-02  7 748   113 942    15 818    12 507                      
Yield          Sep-02  0,023   0,191      0,023     0,067                       
- oz/ton       Jun-02  0,015   0,188      0,061     0,049                       
Cash                                                                            
operating      Sep-02  200     225        172       188                         
costs - $/oz   Jun-02  200     187        132       234                         
Cash                                                                            
operating      Sep-02  5       43         4         13                          
costs - $/t    Jun-02  3       35         8         11                          
Working                                                                         
revenue        Sep-02  3 594   30 922     1 827     5 916                       
($`000)        Jun-02  2 512   35 049     4 929     4 047                       
Cash                                                                            
operating      Sep-02  2 293   21 663     998       3 512                       
costs ($`000)  Jun-02  1 547   21 254     2 081     2 927                       
Cash                                                                            
operating      Sep-02  1 301   9 259      829       2 404                       
profit ($`000) Jun-02  965     13 795     2 848     1 120                       
Free      Free       Australian                          
                       Gold      Gold       Operations                          
                       U/g       Surface    Total      Total                    
Ore milled     Sep-02  595       614        2 025      7 638                    
- t`000        Jun-02  578       680        2 045      7 613                    
Gold                                                                            
produced       Sep-02  132 235   9 034      140 980    796 497                  
- oz           Jun-02  133 972   17 426     113 106    784 155                  
Yield          Sep-02  0,222     0,015      0,070      0,104                    
- oz/ton       Jun-02  0,232     0,026      0,055      0,103                    
Cash                                                                            
operating      Sep-02  155       214        234        204                      
costs - $/oz   Jun-02  134       103        205        178                      
Cash                                                                            
operating      Sep-02  35        3          16         21                       
costs - $/t    Jun-02  31        3          11         18                       
Working                                                                         
revenue        Sep-02  41 692    2 849      42 651     253 851                  
($`000)        Jun-02  41 693    5 342      29 959     241 676                  
Cash                                                                            
operating      Sep-02  20 553    1 935      32 988     162 403                  
costs ($`000)  Jun-02  17 928    1 787      23 207     139 311                  
Cash                                                                            
operating      Sep-02  21 139    914        9 663      91 448                   
profit ($`000) Jun-02  23 765    3 555      6 752      102 365                  
Prepared in accordance with International Accounting Standards.                 
Total Operations - quarterly financial results (Unaudited) (US$/imperial)       
                                     Quarter    Quarter   Quarter               
ended      ended     ended                 
                                     30 Sept    30 June   30 Sept               
                                     2002       2002      2001                  
Ore milled - t`000                   7 638       7 613    5 584                 
Gold produced - oz                   796 497     784 155  616 038               
Gold price received - $/oz           319         308      274                   
Cash operating costs - $/oz          204         178      233                   
                                     $million   $million  $ million             
Gold sales                           254         242      169                   
Cash operating costs                 162         139      144                   
Cash operating profit                91          102      25                    
Amortisation                         (14)        (12)     (6)                   
Mark-to-market of financial          6           19       (18)                  
instruments                                                                     
Rehabilitation cost provision        (1)         (2)      -                     
Employment termination costs         (1)         (2)      (2)                   
Net impairment of assets             -           (34)     -                     
Other income - net                   5           5        3                     
Interest paid                        (6)         (7)      (5)                   
Corporate, marketing and new         (3)         (2)      (2)                   
business expenditure                                                            
Exploration expenditure              (3)         (1)      (1)                   
Profit on sale of Aurion Gold        45         -         -                     
shares                                                                          
Reversal of mark-to-market of        (59)       19        19                    
Aurion Gold                                                                     
Profit before taxation               61          84       14                    
South African normal taxation                                                   
- Current tax                        (15)        (2)      (2)                   
- Deferred tax                       (5)         (19)     (1)                   
Net earnings                         40          64       10                    
Adjustments:                                                                    
- Profit on sale of property, plant  (1)        (1)       (1)                   
and equipment                                                                   
- Net impairment of assets           -          34        -                     
Headline earnings                    40          97       10                    
Earnings per share - cents *                                                    
- Earnings                           23,8        38,6     8,0                   
- Headline earnings                  23,5        58,9     7,3                   
- Fully diluted earnings **          23,4        37,3     8,0                   
Dividends per share - (cents)                                                   
- Proposed final                     -          40,7      -                     
Prepared in accordance with International Accounting Standards                  
Currency conversion rates average for the quarter: September 2002: US$1=R10,39  
(June 2002: US$1=R10,43) (September 2001: US$1 = R8,41)                         
 * Calculated on weighted number of shares in issue at quarter end September    
2002: 172,6 million (June 2002: 165,1 million) (September 2001: 145,1 million)  
** Calculated on weighted average number of diluted shares in issue at quarter  
end September 2002: 175,6 million (June 2002: 170,1 million) (September 2001:   
145,1 million)                                                                  
Abridged balance sheet (Unaudited) (US$)                                        
                             At            At           At                      
30 Sept       30 June      30 Sept                 
                             2002          2002         2001                    
                             US$ million   US$ million  US$ million             
Employment of capital                                                           
Mining assets after          898           908          652                     
amortisation                                                                    
Investments                  108           104          29                      
Net current liabilities      (57)          (42)         (20)                    
(excluding cash)                                                                
Current investments                                                             
- AurionGold                 -             95           48                      
- Placer Dome                71            -            -                       
Cash                         155           139          146                     
Total assets                 1 174         1 204        856                     
Capital employed                                                                
Shareholders` equity         747           766          549                     
Loans                        199            201         147                     
Preference shares            -             -            1                       
Long-term provisions         69             69          52                      
Unrealised hedging loss      81             93          61                      
Deferred tax                 78             74          46                      
Total equity and             1 174          1 204       856                     
liabilities                                                                     
Prepared in accordance with International Accounting Standards.                 
Issued share capital: 174,4 million ordinary shares of 50 cents each.           
(June 2002: 169,2 million) (September 2001: 145,1 million)                      
Currency converted at closing rate: September 2002: US$1 = R10,51               
(June 2002: US$1 = R10,39) (September 2001: US$1 = R8,41).                      
Condensed statement of changes in shareholders` equity (Unaudited)              
                   At          At          At           At                      
                   30 Sept     30 Sept     30 Sept      30 Sept                 
                   2002        2001        2002         2001                    
R million   R million   US$ million  US$ million             
Balance as at the                                                               
beginning of the                                                                
financial year     7 963       4 594       758          546                     
Currency                                                                        
translation                                                                     
adjustment                                                                      
and other          (10)        (80)        (1)          (9)                     
Issue of share     210         13          20           2                       
capital                                                                         
Net earnings       426         93          41           11                      
Dividends paid     (741)       -           (71)         -                       
Balance as at the  7 848       4 621       747          549                     
end of September                                                                
Prepared in accordance with International Accounting Standards.                 
Group commodity, currency, interest and lease rate contracts at 30 September    
2002                                                                            
Normal sale contracts    Maturity schedule for the years                        
AUS Dollar (A$) Gold    2003       2004     2005       2006                     
Forward sales                                                                   
agreements                                                                      
Ounces*1                327 648    229 000  225 000    145 500                  
A$/ounce                515        522      523        525                      
Variable price sales                                                            
contracts                                                                       
(with "caps")*2                                                                 
Ounces                  45 307     175 500  130 000    40 000                   
A$/ounce                551        544      512        552                      
Variable price sales                                                            
contracts  with                                                                 
("floors")*3                                                                    
Ounces                  24 750     -        -          -                        
A$/ounce                500        -        -          -                        
Total                   397 705    404 500  355 000    185 500                  
AUS Dollar (A$) Gold     2007     2008    2009     Total                        
Forward sales agreements                                                        
Ounces*1                 147 000  100 000 100 000  1 27                         
                                                   4 148                        
A$/ounce                 515      518     518      519                          
Variable price sales                                                            
contracts                                                                       
(with "caps")*2                                                                 
Ounces                   -        -       -        390 807                      
A$/ounce                 -        -       -        535                          
Variable price sales                                                            
contracts  with                                                                 
("floors")*3                                                                    
Ounces                   -        -       -        24 750                       
A$/ounce                 -        -       -        500                          
Total                    147 000  100 000 100 000  1 689 705                    
*1 The Group must deliver into these agreements at the prices indicated.        
*2 The Group must deliver its production into these agreements subject to the   
capped price indicated in the table above.                                      
*3 The Group must deliver its production into these agreements subject to the   
floor price indicated in the table above.                                       
These contracts are treated as normal purchase, normal sale contracts. The mark-
to-market of these contracts was a negative R1,156 million (US$106 million) as  
at 30 September 2002, based on the independent valuations. The value was based  
on a gold price of US$322 (A$593) per ounce, exchange rates of US$/R10,58 and   
A$/US$0,54 and prevailing market interest rates.                                
Foreign currency                                                                
The Group has a US$45 million forward sales agreements at an average of         
US$/R11,20 maturing over the remaining portion of the calendar year.            
The mark-to-market value of the transaction making up the positions was a       
positive R35 million (US$3 million) as at 30 September 2002, the value was based
on an exchange rate of US$/R10,58 and the prevailing interest rates and         
volatilities at the time.                                                       
Interest rate swaps                                                             
The Group has interest rate swap agreements to convert R600 million of its R1,2 
billion fixed rate bond to variable rate debt. The interest rate swap runs over 
the term of the bond, interest is received at a fixed rate of 13% and the       
company pays a floating rate based on JIBAR plus a spread ranging from 1,8% to  
2,2%.                                                                           
The mark-to-market value of the transaction making up the positions was a       
negative R15 million (US$1 million) as at 30 September 2002, the value was based
on an exchange rate of US$/R10,58 and the prevailing interest rates and         
volatilities at the time.                                                       
Gold lease rates                                                                
The Group holds certain gold lease rate swaps, of which the mark-to-market of   
these contracts was a negative R19 million (US$2 million) as at 30 September    
2002, based on valuations provided by independent treasury and risk management  
experts.                                                                        
Z B Swanepoel  Virginia                                                         
Chief executive     18 October 2002                                             
Development results (metric)                                                    
                                     Channel   Channel                          
                 Reef      Sampled   width     value    Gold                    
                 meters    meters    (cm`s)    (g/t)    (cmg/t)                 
Randfontein                                                                     
VCR Reef         889       732       90        21,86    1 967                   
UE1A             3 140     3 023     105       9,80     1 029                   
E8 Reef          184       149       165       5,19     856                     
Kimberley Reef   689       479       195       3,59     700                     
All Reefs        4 902     4 383     114       10,00    1 144                   
Free State                                                                      
Basal            2 645     2 030     84        11,10    932                     
Leader           854       682       184       5,58     1 027                   
A Reef           523       516       182       4,76     866                     
Middle           95        72        232       2,19     507                     
B Reef           539       464       47        26,89    1 264                   
All Reefs        4 655     3 764     114       8,55     973                     
Evander                                                                         
Kimberley Reef   2 131     2 187     74        13,73    1 016                   
Elandskraal                                                                     
VCR Reef         934,2     997       108       10,14    1 095                   
Free Gold (50%)                                                                 
Basal            2 395,8   2 349     43        42,40    1 823                   
Beatrix          317,4     276       200       7,81     1 561                   
All Reefs        2 713,2   2 625     60        30,17    1 795                   
Development results (imperial)                                                  
                                       Channel    Channel                       
                 Reef       Sampled    width      value    Gold                 
feet       feet       (inches)   (oz/t)   (in.ozt)             
Randfontein                                                                     
VCR Reef          2 917      2 402     35         0,645    23                   
UE1A              10 302     9 918     41         0,293    12                   
E8 Reef           604        489       65         0,154    10                   
Kimberley Reef    2 261      1 572     77         0,104    8                    
All Reefs         16 083     14 380    45         0,289    13                   
Free State                                                                      
Basal             8 678      6 660     33         0,324    11                   
Leader            2 802      2 238     72         0,164    12                   
A Reef            1 715      1 693     72         0,138    10                   
Middle            311        236       91         0,064    6                    
B Reef            1 768      1 522     19         0,764    15                   
All Reefs         15 272     12 349    45         0,248    11                   
Evander                                                                         
Kimberley Reef    6 991      7 175     29         0,402    12                   
Elandskraal                                                                     
VCR Reef          3 065      3 271     43         0,292    21                   
Free Gold (50%)                                                                 
Basal            7 745      7 657      17         1,231    21                   
Beatrix          1 041      906        79         0,227    18                   
All Reefs        8 786      8 563      24         0,858    21                   
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: Melvyn Leigh                                                           
Telephone: +44 (208) 639 1001                                                   
Telefax: +44 (208) 478 2876                                                     
E-mail: mleigh@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*, S Lushaba, N Fakude                           
*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                 QHG                                                    
ISIN                                                                            
ZAE000015228                                                                    
Registration number                                                             
1950/038232/06                                                                  
Harmony`s 2002 Annual Report is available on our website at www.harmony.co.za   
For a hard copy please contact                                                  
Corn Bobbert on                                                                
tel +27 11 684-0146 or e-mail                                                   
cbobbert@harmony.co.za.                                                         
Date: 21/10/2002 12:00:00 PM Supplied by www.sharenet.co.za                     
Produced by the JSE SENS Department                                             



                                        
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