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

Release Date: 29/04/2003 08:23:01      Code(s): HAR AOD
ARMgold / Harmony Freegold Joint Venture Company (Pty) Ltd - Results for the    
quarter ended 31 March 2003                                                     
African Rainbow Minerals Gold Limited                                           
ISIN: ZAE000039244                                                              
JSE Share code: AOD                                                             
Harmony Gold Mining Company Limited                                             
ISIN: ZAE000015228                                                              
Jse Share code: HAR                                                             
Free Gold                                                                       
ARMgold / Harmony Freegold Joint Venture Company (Pty) Ltd                      
Reg 2001/029602/07                                                              
Directors: F Abbott, P Taljaard                                                 
Results for the quarter ended 31 March 2003                                     
Financial Results (rand/metric) (unaudited)                                     
                                             Quarter       Quarter ended        
ended                                
                                             31 March      31 December          
                                           2003          2002                   
Ore milled                    - tonnes "000                                     
- underground  1,163         1,232                
                              - surface      1,349         1,018                
                              - total        2,512         2,250                
Yield                         - g/tonne                                         
- underground  6.97          7.03                 
                              - surface      0.62          0.59                 
                              - total        3.56          4.12                 
Gold Produced                 - kg                                              
- underground  8,104         8,660                
                              - surface      841           599                  
                              - total        8,945         9,259                
Gold Price Received           - R/kg         94,085        99,669               
Cash Operating Costs          - R/kg         62,536        56,674               
                              - R/tonne      223           233                  
                                             R"000         R"000                
Gold sales                                   841,588       922,834              
Cash operating costs                         559,385       524,741              
Cash operating profit                        282,203       398,093              
Amortisation                                 (35,664)      (26,922)             
Post retirement benefits                     -             -                    
provided                                                                        
Provision for Rehabilitation                 (9,728)       (1,414)              
Other income - net                           69,894        59,613               
Interest paid                                (57,089)      (65,612)             
Profit before taxation                       249,616       363,758              
South African normal taxation                                                   
- Current tax                                (16,556)      (6,306)              
- Deferred tax                               (68,906)      (118,116)            
Net earnings                                 164,154       239,336              
Financial Results (US$/imperial) (unaudited)                                    
                                             Quarter       Quarter ended        
                                           ended                                
31 March      31 December          
                                           2003          2002                   
Ore milled                    - tons "000                                       
                              - underground  1,282         1,359                
- surface      1,488         1,123                
                              - total        2,770         2,482                
Yield                         - oz/ton                                          
                              - underground  0.203         0.205                
- surface      0.018         0.017                
                              - total        0.104         0.120                
Gold Produced                 - oz                                              
                              - underground  260,548       278,424              
- surface      27,039        19,258               
                              - total        287,587       297,682              
Gold Price Received           - $/oz         350           323                  
Cash Operating Costs          - $/oz         232           183                  
- $/ton        24            22                   
                                             $"000         $"000                
Gold sales                                   100,548       96,029               
Cash operating costs                         66,832        54,604               
Cash operating profit                        33,716        41,425               
Amortisation                                 (4,261)       (2,801)              
Post retirement benefits                     -             -                    
provided                                                                        
Provision for Rehabilitation                 (1,162)       (147)                
Other income - net                           8,351         6,203                
Interest paid                                (6,821)       (6,827)              
Profit before taxation                       29,823        37,852               
South African normal taxation                                                   
- Current tax                                (1,978)       (656)                
- Deferred tax                               (8,232)       (12,291)             
Net earnings                                 19,612        24,905               
Operating and Financial Results (Rand/Metric)                                   
                       Bambanani Tshepong  Joel    Eland   Sable/Kudu           
                       Shaft     Shaft     Shaft   Shaft   Shaft                
Ore milled -   Mar-03  352       406       109     88      54                   
t"000                                                                           
               Dec-02   405       434       120     93      45                  
Gold Produced  Mar-03  2,497     3,392     447     759     294                  
- kg                                                                            
Dec-02   3,096     3,305     502     809     271                 
Yield - g/t    Mar-03  7.09      8.35      4.10    8.63    5.44                 
               Dec-02   7.64      7.62      4.18    8.70    6.02                
Cash Operating                                                                  
Costs - R/kg   Mar-03  65,361    45,561    86,944  56,340  77,483               
               Dec-02   56,086    47,760   79,701  52,597   71,144              
Cash Operating                                                                  
Costs -        Mar-03  464       381       357     486     422                  
R/tonne                                                                         
               Dec-02   429       364       333     458     428                 
Working        Mar-03  235,139   319,578   41,648  71,267  27,742               
Revenue                                                                         
(R"000)                                                                         
               Dec-02   308,670   330,092  50,399  80,739   26,898              
Cash Operating Mar-03  163,206   154,542   38,864  42,762  22,780               
Costs (R"000)                                                                   
Dec-02   173,643   157,846  40,010  42,551   19,280              
Cash Operating Mar-03  71,933    165,036   2,784   28,505  4,962                
Profit (R"000)                                                                  
               Dec-02   135,027   172,246  10,389  38,188   7,618               
Capital        Mar-03  10,159    8,051      -       -      582                  
Expenditure                                                                     
(R"000)                                                                         
               Dec-02   12,030    6,148     -       572     1,325               
Nyala    West    St Helena  Freegold                      
                      Shaft    Shaft              Surface    Total              
Ore milled -  Mar-03   -       32      122        1,349      2,512              
t"000                                                                           
Dec-02   -        35      100        1,018      2,250             
Gold          Mar-03   -       193     522        841        8,945              
Produced -                                                                      
kg                                                                              
Dec-02   -        214     463        599        9,259             
Yield - g/t   Mar-03   -       6.03    4.28       0.62       3.56               
              Dec-02   -        6.11    4.63       0.59       4.12              
Cash                                                                            
Operating                                                                       
Costs - R/kg  Mar-03   -       80,482  134,435    61,264     62,536             
              Dec-02   -       65,014   91,017     59,027     56,674            
Cash                                                                            
Operating                                                                       
Costs -       Mar-03   -       485     575        38         223                
R/tonne                                                                         
              Dec-02   -        398     421        35         233               
Working       Mar-03   -       18,231  49,022     78,961     841,588            
Revenue                                                                         
(R"000)                                                                         
              Dec-02   -       21,378   45,089     59,569    922,834            
Cash          Mar-03   -       15,533  70,175     51,523     559,385            
Operating                                                                       
Costs                                                                           
(R"000)                                                                         
Dec-02   -       13,913   42,141     35,357    524,741            
Cash          Mar-03   -       2,698   (21,153)   27,438     282,203            
Operating                                                                       
Profit                                                                          
(R"000)                                                                         
              Dec-02   -        7,465   2,948      24,212    398,093            
Capital       Mar-03   2,490   38      3,419      (497)      24,242             
Expenditure                                                                     
(R"000)                                                                         
              Dec-02   1,754    1,672   1,256      (255)      24,502            
29/04/2003.                                                                     
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                                                                 



                                        
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