ARMgold / Harmony Freegold Joint Venture Company (Pty) Ltd - Results for the
Release Date: 27/01/2003 09:00:29 Code(s): HAR AODARMgold / Harmony Freegold Joint Venture Company (Pty) Ltd - Results for the
quarter ended 31 December 2002
ARMgold / Harmony Freegold Joint Venture Company (Pty) Ltd
Reg 2001/029602/07
Directors: F Abbott, P Taljaard
Results for the quarter ended 31 December 2002
Financial Results (Rand/Metric) (unaudited)
6 Months Quarter Quarter
ended ended ended
31 31 30
December December September
2002 2002 2002
Ore milled - tonnes `000
2,311 - underground 1,232 1,079
2,131 - surface 1,018 1,113
4,442 - total 2,250 2,192
Yield - g/tonne
7.31 - underground 7.03 7.62
0.54 - surface 0.59 0.50
4.06 - total 4.12 4.01
Gold Produced - kg
16,886 - underground 8,660 8,226
1,160 - surface 599 561
18,046 - total 9,259 8,787
102,427 Gold Price - R/kg 99,669 105,333
Received
54,973 Cash Operating - R/kg 56,674 53,181
Costs
223 - R/tonne 233 213
R`000 R`000 R`000
Gold sales 922,834 925,562
1,848,396
992,039 Cash operating 524,741 467,298
costs
856,357 Cash operating 398,093 458,264
profit
(58,362) Amortisation (26,922) (31,440)
- Post retirement - -
benefits
provided
(3,446) Provision for (1,414) (2,032)
Rehabilitation
113,137 Other income - 59,613 53,524
net
(99,690) Interest paid (65,612) (34,078)
807,996 Profit before 363,758 444,238
taxation
South African
normal taxation
(26,656) - Current tax (6,306) (20,350)
(236,558) - Deferred tax (118,116) (118,442)
544,782 Net earnings 239,336 305,446
Financial Results (US$/Imperial) (unaudited)
6 Months Quarter Quarter
ended ended ended
31 31 December 30
December 2002 September
2002 2002
Ore milled - tons `000
2,549 - underground 1,359 1,190
2,350 - surface 1,123 1,227
4,899 - total 2,482 2,417
Yield - oz/ton
0.213 - underground 0.205 0.222
0.016 - surface 0.017 0.015
0.118 - total 0.120 0.117
Gold Produced - oz
542,895 - underground 278,424 264,471
37,294 - surface 19,258 18,036
580,188 - total 297,682 282,506
319 Gold Price - $/oz 323 315
Received
172 Cash Operating - $/oz 183 159
Costs
20 - $/ton 22 19
R`000 $`000 $`000
185,111 Gold sales 96,029 89,082
99,580 Cash operating 54,604 44,976
costs
85,530 Cash operating 41,425 44,105
profit
(5,827) Amortisation (2,801) (3,026)
- Post retirement - -
benefits
provided
(343) Provision for (147) (196)
Rehabilitation
11,355 Other income - 6,203 5,151
net
(10,107) Interest paid (6,827) (3,280)
80,607 Profit before 37,852 42,755
taxation
South African
normal taxation
(2,615) - Current tax (656) (1,959)
(23,691) - Deferred tax (12,291) (11,400)
54,301 Net earnings 24,905 29,396
Operating and Financial Results (Rand/Metric)
Bambanani Tshepong Joel Eland Sable/Kudu Nyala
Shaft Shaft Shaft Shaft Shaft Shaft
Ore milled Dec- 405 434 120 93 45 -
- t`000 02
Sep- 369 423 116 97 33 -
02
Gold Dec- 3,096 3,305 502 809 271 -
Produced - 02
kg
Sep- 3,278 3,262 428 815 203 -
02
Yield - g/t Dec- 7.64 7.62 4.18 8.70 6.02 -
02
Sep- 8.88 7.71 3.69 8.40 6.15 -
02
Cash
Operating
Costs - Dec- 56,086 47,760 79,701 52,597 71,144 -
R/kg 02
Sep- 51,402 45,807 72,069 -
02 91,678 51,061
Cash
Operating
Costs - Dec- 429 364 333 458 428 -
R/tonne 02
Sep- 457 353 338 429 443 -
02
Working
Revenue
(R`000) Dec- 308,670 330,092 50,399 80,739 26,898 -
02
Sep- 344,864 343,840 21,517 -
02 45,087 85,880
Cash
Operating
Costs Dec- 173,643 157,846 40,010 42,551 19,280 -
(R`000) 02
Sep- 168,496 149,423 14,630 -
02 39,238 41,615
Cash Operating
Profit (R`000) Dec-02 135,027 172,246 10,389 38,188 7,618 -
Sep-02 5,849 -
176,368 194,417 44,265 6,887
Capital
Expenditure Dec-02 12,030 6,148 - 572 1,325
(R`000) 1,754
Sep-02 12,281 2,476 - 1,171
1,634 3,335
West St Freegold
Helena
Shaft Surface Total
Ore milled - t`000 Dec-02 35 100 1,018 2,250
Sep-02 41 - 1,113 2,192
Gold Produced - kg Dec-02 214 463 599 9,259
Sep-02 240 - 561 8,787
Yield - g/t Dec-02 6.11 4.63 0.59 4.12
Sep-02 5.85 - 0.50 4.01
Cash Operating
Costs - R/kg Dec-02 65,014 91,017 59,027 56,674
Sep-02 57,029 - 71,674 53,181
Cash Operating
Costs - R/tonne Dec-02 398 421 35 233
Sep-02 334 - 36 213
Working Revenue
(R`000) Dec-02 21,378 45,089 59,569 922,834
Sep-02 25,175 - 59,199
925,562
Cash Operating
Costs (R`000) Dec-02 13,913 42,141 35,357 524,741
Sep-02 13,687 - 40,209
467,298
Cash Operating
Profit (R`000) Dec-02 7,465 2,948 24,212 398,093
Sep-02 11,488 - 18,990
458,264
Capital
Expenditure (R`000) Dec-02 1,672 1,256 (255) 24,502
Sep-02 1,136 - 1,605 23,638
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: 27/01/2003 09:00:00 AM Supplied by www.sharenet.co.za
Produced by the JSE SENS Department