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ARMgold / Harmony Freegold Joint Venture Company (Pty) Ltd - Results for the

Release Date: 27/01/2003 09:00:29      Code(s): HAR AOD
ARMgold / 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                                             



                                        
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