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HARMONY REVIEW for the quarter ended 31 March 2003

Release Date: 29/04/2003 08:24:01      Code(s): HAR
HARMONY REVIEW for the quarter ended 31 March 2003                              
Harmony Gold Mining Company Limited                                             
Trading Symbols                                                                 
Ordinary Shares                                                                 
JSE Securities Exchange  HAR                                                    
NYSE HMY                                                                        
London Stock Exchange    HRM                                                    
Euronext Paris HG                                                               
Euronext Brussels   HMY                                                         
Berlin Stock Exchange    HAM1                                                   
Warrants                                                                        
JSE Securities Exchange  HARW                                                   
NYSE HMYWS                                                                      
Options                                                                         
Chicago Board                                                                   
Options Exchange    QHG                                                         
ISIN                                                                            
ZAE000015228                                                                    
Registration number                                                             
1950/038232/06                                                                  
HARMONY REVIEW for the quarter ended 31 March 2003                              
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                                                                  
* Operations well geared for strong South African Rand                          
* Strengthening of local currency has a R125 million adverse impact on cash     
operating profit                                                                
* Impact of public holidays contributes R142 million to decline in profitability
* Good cost control results in actual working costs decreasing for 2nd quarter  
in a row                                                                        
* Close out of 614 000 ounces of Australian hedging contracts                   
Financial highlights                                                            
31 March 2003   31 December 2002                         
Cash operating profit                                                           
- Rand                 478 million     763 million                              
- US$                  57 million      79 million                               
Earnings                                                                        
- Rand                 235 million     457 million                              
- US$                  28 million      48 million                               
Earnings per share                                                              
- SA cents per share   130             262                                      
- US cents per share   16              27                                       
                       31 March 2003   31 December 2002                         
Gold produced                                                                   
- kg                   22 211          24 078                                   
- oz                   714 096         774 121                                  
Cash costs                                                                      
- R/kg                 73 150          68 500                                   
- $/oz                 272             222                                      
Chief executive"s review March 2003                                             
"Whilst the current gold price environment is becoming more challenging with the
unexpected strengthening of the South African currency, this is the environment 
which is similar to that in which Harmony grew substantially. It was during this
time, with South African producers" margins under pressure that the company grew
its production base from 580 000 ounces per annum in 1995 to the plus 3,0       
million ounces for the current financial year."                                 
SAFETY REPORT                                                                   
The previous quarter"s safety performance indicates a delicate balance between  
ensuring good production practices and long holiday disruptions. To this effect,
a risk assessment performed after the holiday season indicates a high           
correlation between long closure periods and the occurrence of incidents both   
naturally and behavioural.                                                      
Incidents                                                                       
We regretfully report that during the past quarter, eight employees lost their  
lives.                                                                          
The following tabulation reflects the quarter on quarter performance in terms of
the key safety indicators:                                                      
Indicator/                                                                      
Frequency rate            Objective   Mar 2003   Dec 2002  % Change             
Total injury/accident     -           55.8       55.7      (0.01)               
frequency rate*                                                                 
Lost time incidents*      20.0        25.4       23.5      (7.5)                
Shifts lost*              340         401        406       1.1                  
Fall of ground incidents* 6.0         3.4        9.2       63.5                 
Fatalities*               0.0         0.4        0.3       (28.9)               
* Measured in per million man hours worked.                                     
Some highlights:                                                                
* Merriespruit 1 achieved 750 000 fatality free shifts on 6 January 2003.       
* Masimong mine achieved 250 000 fatality free shifts on 5 March 2003.          
* Mt Magnet Gold Mill, Admin and Geology departments achieved over 1 100 days   
LTI free during the quarter.                                                    
STRATEGIC OVERVIEW                                                              
The past quarter has been a challenging period with cash operating profit       
decreasing by 37% or R285 million from R762,6 million to R478,4 million. The    
company"s performance was severely influenced by the;                           
* continued strengthening of the SA Rand, increasing from R9,61 to the US       
Dollar, to R8,37 per US Dollar for the past quarter. This 13% improvement       
contributed significantly (R125 million) to cash operating profit decreasing    
quarter on quarter. The SA Rand has subsequently strengthened to below R7,60 to 
the US Dollar, which, if it continues at these levels, will impact further on   
the profitability of the company in the June 2003 quarter,                      
* the number of public holidays over the Christmas and New Year period. Although
the operations managed to maintain recovery grades at similar levels as the     
previous quarter, the loss of six working days (8%) resulted in an 8% reduction 
in tonnages from underground. This translates into a direct loss of 1 500 kg    
from underground and an impact of R142 million on revenue. Although the current 
quarter also has a significant number of holidays, we anticipate the effect to  
be not so severe,                                                               
* in US Dollar per ounce terms, the gold price was higher at US$352/oz compared 
to the US$324 for the December 2002 quarter. The strength of our local currency 
more than negated the benefits from a higher US Dollar gold price.              
The performance of the operations is highlighted in the following table:        
                                             %                                  
                     March 2003   Dec 2002   Variance                           
Production - kg      22 211       24 078     (8)                                
Production - oz      714 096      774 121    (8)                                
Revenue - R/kg       94 687       100 171    (5)                                
Revenue - US$/oz     352          324        9                                  
Cash cost - R/kg     73 150       68 500     (7)                                
Cash cost - US$/oz   272          222        (23)                               
Exchange rate R/US$  8,37         9,61       .13                                
The company achieved a US$80/oz or 23% cash operating profit margin with cash   
costs of US$272/oz. A profit margin of US$102/oz or 32%, was achieved during the
December 2002 quarter. Over the past 3 quarters, the gold price received in SA  
Rand terms decreased by 11% from R106 463/kg to R94 687/kg.                     
In R/kg terms costs increased by 7% from R68 500/kg to R73 150/kg. This cost    
increase can directly be related to the decrease in tonnage from underground, as
the overall recovery grade from the combined operations were slightly lower at  
3,14g/t.                                                                        
Actual working costs were a very pleasing 2% lower at R1 625 million compared to
the R1 649 million reported previously. Despite the lower tonnage from          
underground, unit costs in Rand/tonne were lower at R230/tonne, compared to the 
R235/tonne for December 2002. This is the main short-term measure we have to    
counter the lower R/kg gold price.                                              
When measured in R/kg terms, the gold price received was 5,5% lower at R94      
687/kg to the R100 171/kg received previously.                                  
After lower taxation in South Africa and the mark to market movement of the     
hedge positions in Australia, net earnings at R234,7 million was 49% lower than 
the R456,6 million reported previously. Earnings per share decreased from 262 SA
cents to 130 SA cents. Earnings per share for the financial year to date totals 
639 SA cents. This compares with the 646 SA cents per share for the same nine   
month period of the previous year.                                              
The higher US Dollar gold price levels created an opportunity to further        
restructure the Australian hedge books. As at 31 December 2002, the company"s   
total commitments within the Australian portfolio totalled 1 608 675 ounces. The
outstanding commitments have decreased to 995 000 ounces as at 31 March 2003.   
The decrease of 613 675 ounces of hedge commitments was achieved with a         
combination of hedge close-outs and deliveries into existing positions.         
Our growth strategy continues                                                   
Whilst the current gold price environment is becoming more challenging with the 
unexpected strengthening of the South African currency, this is the environment 
which is similar to that in which the company grew substantially. It was during 
this time, with South African producers" margins under pressure that the company
grew its production base from 580 000 ounces per annum in 1995 to the plus 3,0  
million ounces for the current financial year.                                  
Progress on optimising our returns on our company-building acquisitions to date 
are:                                                                            
Return on investments as at march 2003                                          
Acquisition    Cash operating                              
                     cost           profit to date   Payback                    
Project/Operation    (R"m)          (R"m)            Achieved                   
Evander - June `98   R415           R1 235           10 quarters                
Randfontein          R750           R1 695           8 quarters                 
- Jan `00                                                                       
Elandskraal          R988           R695             -                          
- Mar `01                                                                       
Free Gold (50%)      R1 350         R1 057           -/+ 8 quarters             
- Dec `01                                                                       
Our strategy of growth through acquisitions has left the company in an extremely
robust situation, as we have a range of assets in our portfolio. The bulk of our
production growth will come from our "steady state" and "under construction"    
assets. Production growth of 16% is anticipated from the 2,7 million ounces for 
the past financial year to 3,1 million ounces for the 2002/03 financial year.   
Even if we did not do any further acquisitions, the production profile from     
"steady state" and "under construction" assets will allow for further production
growth, peaking at approximately 3,5 million ounces per annum in the 2005/06    
financial year.                                                                 
We are however confident that the projects currently in "feasibility" and       
"exploration" stages, will also allow for future growth in production. Work on  
proving up the resource base at Bendigo is progressing according to plan.       
Preparation of feasibility studies on Joel and Phakisa Shaft (Tshepong South    
Shaft), both part of the 50/50 Free Gold Joint Venture, continues.              
From a production perspective, Harmony remains a South African producer with the
bulk of its production coming from this country thereby exposing investors to   
the volatility of the SA Rand. As much as we now experience the effect of a     
strengthening SA Rand, investors in Harmony have leveraged exposure to a        
weakening Rand as well as a rising US Dollar gold price.                        
Bidding for Abelle Limited - increasing our Australasian production base        
On 26 February 2003 Harmony announced that we had agreed to subscribe for new   
shares and intended to make a public takeover offer for Australian listed gold  
producer Abelle Limited. Harmony"s offer of A$0,75 cents for the ordinary shares
and A$0,45 cents per option, values the company at A$155 million or US$90       
million on a fully diluted basis. 35 000 000 new shares are to be placed with   
Harmony at a price of A$75 cents per share. This placement, which is subject to 
Abelle shareholder approval, represents approximately 18% of the company"s share
capital. With the inclusion of the 19,95% acquired from the Guinness Peat Group,
Harmony had a relevant interest of 34% in Abelle"s issued share capital on the  
date of announcement.                                                           
As at 24 April 2003, Harmony"s total interest in Abelle was 115 915 732 (71,8%) 
ordinary shares and 33 014 410 (43,5%) listed options. The offer is now         
scheduled to close on 30 April 2003.                                            
Harmony has, through this and other investments over the past few years,        
established access and exposure to world class deposits. The Harmony bid values 
the Morobe and Wafi assets, which are two of the largest undeveloped gold       
deposits in the world, at a cost of US$8,00 per resource ounce.                 
The acquisition of Abelle Limited is in line with our strategy of creating a    
significant gold production base in Australasia. In addition to our current     
producing assets, we now have significant interests in three high quality,      
prospective growth projects in Bendigo, Morobe and Wafi.                        
Morobe Project Area                                                             
Identified Mineral Resources (IMR) estimates of the Morobe Project total 73,9   
million tonnes at 2,2 g/t gold and 30 g/t silver for a combined 5,2 million     
ounces of gold and 71 million ounces of silver.                                 
A feasibility study completed by Lycopodium of Australia in October 2002,       
estimates a single open pit mine containing 2,8 million ounces of gold and 48   
million ounces of silver. Morobe is capable of producing 300 000 ounces of gold 
and 4,5 million ounces of silver per annum from a 5 million tonne per annum     
processing plant for a period of approximately eight years                      
The Morobe ore is free milling and cash operating costs are estimated at        
US$175/oz.                                                                      
Although the feasibility study indicated that capital expenditure of A$275      
million would be required to complete the project, we are confident that by     
applying the "Harmony Way" this estimate will be adjusted downwards             
substantially.                                                                  
Wafi Project Area                                                               
Abelle also owns the Wafi Project situated 60 km to the east of Morobe. The     
project is in an advanced exploration stage, with a further phase of 5 000 m of 
diamond drilling underway.                                                      
Wafi consists of two large orebodies, approximately 1 km apart. One is a        
substantial porphyry copper-gold deposit with a total identified IMR estimate of
100 million tonnes at 1,3% copper and 0,6 g/t gold. The other is a significant  
gold discovery which contains an IMR estimate of 26 million tonnes at 3,5 g/t   
gold (3 million gold ounces), open on strike and dip.                           
Papua New Guinea (PNG) has in the recent past been a challenging environment in 
which to operate. However this area of excellent geological endowment hosts some
of the world"s largest and most profitable operating mines such as Porgera      
(Placer Dome) and Lihir (Rio Tinto). We are enthusiastic about the fiscal and   
political developments in PNG and believe that the region will continue to hold 
its place as one of the world"s most important gold mining regions.             
ROYALTY BILL                                                                    
On 20 March 2003, the South African Government released the draft Mineral and   
Petroleum Royalty Bill.                                                         
The Royalty Bill proposes to impose a royalty charge of 3% on revenue to holders
of gold mineral rights in South Africa. The purpose of the Bill being that the  
country is entitled to a consideration/royalty for the extraction of its non-   
renewable mineral resources. The Bill has been submitted for public comment     
until 30 April 2003, whereafter it will be referred back to parliament.         
We are of the opinion that any royalty imposed will impact significantly on our 
financial results and the cost of mining in South Africa.                       
In our submission to the Treasury Department we have highlighted the following  
points:-                                                                        
* the current proposed royalty is too high and it will significantly impact on  
Harmony"s profitability,                                                        
* it unfairly penalises lower grade and lower margin operations (most of        
Harmony"s operations fall into these categories),                               
* it will result in an increase in costs,                                       
* it will have a negative impact on the pay limits and cut-off"s, thus impacting
on the mineable reserves resulting in the reduction of the life of the          
operations, which in turn will lead to the loss of jobs,                        
* it will dampen the drive in organic growth, greenfield and brownfield         
projects, and will have a significant impact on the viability of new projects.  
It will severely affect the cash flows, which will make a significant impact    
especially in the early stages of the project.                                  
* it has a greater negative impact at lower gold prices (Rand/kilogram),        
* the other great impact is that it will unfairly penalise the operations that  
decide to commence immediately with the conversion of mineral rights, from old  
order rights to new order rights, instead of waiting for 5 years to convert, and
* it will negatively impact on the financing of BEE participation in operations 
and/or projects                                                                 
Although the royalty in isolation is already high compared to other gold        
producing countries in the world, any attempt to introduce a new cost without   
changing the tax regime of the industry will result in higher costs to          
companies. As a concerned custodian of our shareholders" investment, we have    
submitted our comments to both the Treasury Department and the Department of    
Minerals and Energy.                                                            
The impact of the proposed Royalty Bill on the previously announced mining      
projects is as follows:-                                                        
Effect of 3% Royalty bill                                                       
Project                    Pre-royalty bill    Post-royalty bill                
Doornkop South Reef  NPV   R876m              R802m                             
                     IRR   48%                44%                               
                     NPV   R765m              R716m                             
Tshepong Decline     IRR   51%                47%                               
                     NPV   R120m              R100m                             
Nyala Shaft          IRR   46%                44%                               
Elandsrand Shaft     NPV   R1 406m            R1 304m                           
Deepening            IRR   33%                32%                               
Due to the robustness of the Net Present Values (NPV"s) and Internal Rates of   
Return (IRR"s), the future of none of the projects is threatened. The impact on 
the returns to our shareholders is however severe with a reduction of R245      
million in NPV. This can be translated into 134 SA cents per share value        
reduction.                                                                      
When adjudicating projects or acquisition opportunities, the company has always 
assured a conservative approach in the evaluation thereof. Using a real discount
rate of between 7% and 10%, the projects will deliver returns way in excess of  
our WACC of approximately 16%.                                                  
A gold price of R95 000/kg was used in the evaluation of the above projects. We 
do not believe that we need to change the long-term gold price expectation to   
below R95 000/kg. Work on the projects will continue and ensure the future      
production growth of Harmony.                                                   
Both the Joel and Phakisa projects are severely impacted upon by the new        
royalties and a decision to proceed or not will be postponed until the Royalty  
Bill is finalised.                                                              
Strategic investments                                                           
i.   Bendigo                                                                    
The 32% stake which Harmony acquired on 14 December 2001, at a cash cost of A$50
million, is currently valued at A$61 million.                                   
The major activities over the 2002/2003 evaluation programme includes the       
development of a production size decline to access several ore bodies that had  
previously been defined by drilling, and to mine and process approximately 60   
000 tonnes of ore. The objective being to establish orebody shapes, grades and  
to determine metallurgical processing parameters.                               
In a briefing on 25 February 2003, the management of Bendigo indicated that the 
Swan Decline had reached a depth of 770 m below surface, and had accessed the   
first four reefs in the 12,3 million ounce potential resource. A further 5 reefs
are to be evaluated in the next six months. The current on-reef development and 
bulk sampling programme is designed to convert the Inferred Resources, which    
were previously identified within these reefs, into Reserves.                   
Management is refining a conceptual plan which indicates a three stage build-up 
to full production over four to five years. Subject to the successful           
establishment of reserves during the bulk sampling and evaluation programme, the
plan envisages the following stages;                                            
* Stage 1 - 300 000 tonnes per annum to produce approximately 100 000 ounces per
annum. Capital of A$30 to A$40 million is required to start-up the mine plan.   
* Stage 2 - after a two to three year period, production is anticipated to      
increase to 250 000 ounces for two years.                                       
* Stage 3 - production increasing to 500 000 ounce per annum.                   
Total funding requirement is estimated to be approximately A$100 million. At a  
production rate of 500 000 ounces per annum, and assuming confirmation of the   
grades in the conceptual plan, cash costs of approximately A$200/oz is planned. 
Maintenance operating capital costs are estimated at A$50/oz.                   
ii.  Highland Gold Limited                                                      
The company"s investment of US$26,4 million for a 31% stake in Highland Gold is 
currently valued at US$112 million.                                             
For the 2002 financial year, Highland Gold produced 178 000 ounces at cash and  
total costs of US$145/oz and US$179/oz respectively. For the quarter ending     
March 2003, the company produced 41 000 ounces at cash and total costs of       
US$188/oz and US$218/oz respectively.                                           
Highland Gold is pursuing a strategy of acquiring new opportunities in Russia.  
iii. High River Gold Mines Limited                                              
The company"s 21% interest acquired on 21 November 2002, at a cash cost of      
US$14,5 million, is currently valued at US$20,8 million.                        
Although being diluted through a placement of shares by High River Gold, we are 
evaluating areas of possible co-operation with the current management.          
iv.  Crystallising our stake in Placer Dome                                     
On 30 January 2003 the company announced that we had disposed of our 1,9%       
shareholding or 7 586 424 shares in Placer Dome. This investment, which was     
classified as non-core, was sold at an average price of US$11,52 per share,     
realising some US$87 million.                                                   
The proceeds from the investment, originally made in Goldfields Limited of      
Australia, at a cost of R225 million, has been used to strengthen the company"s 
balance sheet as we continue with our strategy of growth.                       
v.   Kalplats (Kalahari Platinum) - positive pilot plant tests                  
The pilot plant testwork on the Kalplats bulk sample has been completed. The 500
tonne sample was collected at a depth of 40m below surface across the 20m width 
of the Main Reef in the Crater Deposit at a head grade of 3.0g/t PGM. Recoveries
of 73-75% with concentrate grades above 100 g/t PGM were achieved with the two- 
stage mill float circuit.                                                       
Of particular significance is that a 60% recovery was achieved from the primary 
mill-float. This is an exciting option for a lower risk phased start up with    
significantly reduced capital and operating costs. Kalplats has advanced to the 
full feasibility study stage which should be completed by the end of 2003. R4,0 
million was spent on the project during the quarter.                            
Social Plan                                                                     
On 19 March 2003, Harmony and the National Union of Mineworkers (NUM) signed an 
agreement on the company"s Social Plan Framework. We are the first South African
mining company to sign an agreement of this nature. As soon as legislation is   
finalised the company will establish a Social Plan Fund with a contribution of  
R15 million, and an undertaking to contribute a further amount of R35 million   
over a 10 year period.                                                          
The agreement calls for the establishment of Future Forums at all our           
operations, which will liaise with both local and national government to        
formulate and implement integrated development plans for the communities        
surrounding our operations. Areas from which our labour is sourced will also be 
included in the Future Forums.                                                  
Harmony has also pledged its commitment to the development of its workforce and 
to the necessary skills transfer processes, as per the Social Plan Regulations. 
The company also actively participates in a management/labour partnership which 
incorporates strong community involvement.                                      
COMPETITION COMMISSION COMPLAINT AGAINST ISCOR                                  
The complaints against Iscor by mainly Harmony and other interested parties     
refer to excessive pricing of steel products in South Africa and are based on   
the argument that import parity amounts to excessive pricing.                   
The criteria for excessive pricing being that the company charging these prices 
needs to be in a dominant position as supplier. We believe that Iscor is        
dominant in South Africa and therefore is guilty of excessive pricing. They     
claim, however that they are not dominant internationally and therefore cannot  
be guilty of excessive pricing.                                                 
The whole pricing structure from Iscor and other steel suppliers is distorted by
the widespread use of tariffs and subsidies. Comparable pricing is therefor     
difficult.                                                                      
Import parity pricing is applicable where a company sells a product to a local  
consumer at the price at which it would cost to import that product, including  
all other expenses that would have been incurred, i.e. tariffs, transport costs,
etc. The situation is that the consumer gets charged costs which not even the   
supplier has incurred which results in excessive pricing and in the case of the 
supplier, excessive profits.                                                    
Although the SA Rand has appreciated more than 40% over the past year, prices   
charged by Iscor have only been decreased by 0,8%.                              
We believe that the pricing structure is unfair and has resulted in unnecessary 
cost increases in various areas of our industry. Most administrative costs in   
South Africa are increasing at a rate significantly higher than the government"s
stated inflation target rate. Controlling working costs has always been our area
of expertise and we will continue to focus and highlight anomalies such as      
these.                                                                          
QUARTERLY OPERATIONAL REVIEW                                                    
A quarter on quarter cash operating profit analysis of the various operations is
as follows:                                                                     
Total cash operating profit (R"million)                                         
                                             Variance                           
Operations             Mar 2003   Dec 2002   (R"million)                        
Free State             53         117        (64)                               
Evander                45         87         (43)                               
Randfontein            105        180        (75)                               
Elandskraal            44         70         (26)                               
Kalgold                21         17         4                                  
Australian Operations  69         92         (23)                               
Sub-total              337        564        (227)                              
Free Gold (50%)        141        199        (58)                               
Total                  478        763        (285)                              
Free State Operations - steady operational performance                          
The Free State operations reported a 55% decrease in cash operating profits from
R117 million to R53 million. Underground tonnage was 3% lower at 1 025 000      
tonnes. At a slightly lower recovery grade of 4,20 g/t compared to the 4,28 g/t 
of the previous quarter, underground production was 4% lower at 4 306 kg.       
Working cost expenditure of R367,4 million was well contained at R8,3 million or
2% lower. Due to the lower tonnage, costs in R/tonne and US$/oz terms increased 
to R345/tonne and US$305/oz respectively.                                       
These operations were also affected by the approximate R20 million per quarter  
SA Rand hedge benefit which was put in place some 15 months ago and which came  
to an end during the December 2002 quarter.                                     
The Masimong Expansion Project is progressing well. Although these operations   
were also affected by the impact of the public holidays, increased efficiencies 
resulted in only a 2% reduction in underground tonnage. Recovery grades were    
higher at 5,48 g/t compared to the 5,06 g/t of the previous quarter. Resultant  
gold recovered was 88 kg higher at 1 469 kg. Working costs decreased            
spectacularly by 16% from R75 300/kg to R63 320/kg. We anticipate this shaft to 
continue to deliver operational performance of this standard as they progress in
the delivery of this important growth project.                                  
Evander Operations - grade recovery continues                                   
Cash operating profits at Evander decreased by 49% from R87 million to R45      
million.                                                                        
The impact of the public holidays were most evident at Evander with underground 
tonnage being 10% or 55 000 tonnes lower at 471 000 tonnes. At a higher         
underground recovery grade of 5,5 g/t, gold recovery was 8% lower at 2 589 kg   
compared to 2 804 kg for the December 2002 quarter.                             
Working costs were R3,8 million higher at R200,6 million which, due to the lower
tonnage, resulted in higher unit costs. In R/kg terms, working costs increased  
by 11% from R69 289/kg to R76 878/kg.                                           
The operational performance of Evander 8 Shaft continues to improve             
satisfactorily when measured on a quarter on quarter basis. Underground tonnage 
is returning back to levels of 60 000 tonnes per month whilst the grade is      
showing similar improvement to recovery grades of 6,0 g/t. With Evander 8 Shaft 
performing at these levels, the overall production results from Evander are     
expected to return to the levels achieved before the seismic event of some nine 
months ago.                                                                     
Randfontein Operations - a tough quarter                                        
The Randfontein operations reported a R75 million or 41% decrease in cash       
operating profits. This was mainly due to a combination of lower tonnages from  
underground and lower recovery grades. Underground tonnage decreased by 10% or  
78 000 tonnes to 690 000 tonnes. Underground recovery grades were 0,38 g/t or 8%
lower at 4,68 g/t compared to the 5,06 g/t reported previously.                 
Although surface tonnages and grades increased quarter on quarter, total gold   
recovered was 15% or 626 kg lower at 3 569 kg.                                  
Total working costs of R229,2 million was R11,4 million lower than the R240,6   
million for the December 2002 quarter. The benefit of a high variable cost      
structure resulted in the operations reporting cost of R190/tonne, which is     
similar to the unit costs achieved during the previous quarter. Due to lower    
recovery grades, working costs in R/kg terms increased by 13% from R56 562/kg to
R65 112/kg.                                                                     
As in the case of the Evander operations, these operations should report        
increased tonnages at higher recovery grades for the June 2003 quarter.         
Expenditure on the recently announced Doornkop South Reef Project started with  
commitments to date totalling R16,6 million of which an amount of R12,7 million 
is expected to be spent by June 2003.                                           
Activities to date have been focussed on mobilising the contractors for shaft   
sinking, procurement of major components to increase hoisting capacity in the   
Sub Vertical Shaft and equipment required for development to open up the orebody
for mining.                                                                     
Elandskraal Operations - improved infrastructure and flexibility                
These operations experienced a R26 million or 37% decrease in cash operating    
profits, decreasing from R70 million to R44 million. Over and above the effect  
of the public holidays and strengthening of the SA Rand, these operations       
experienced problems with the current shaft orepass system.                     
The sub shaft orepass system comprises two reef and one waste orepass from 73 to
98 levels. These orepasses were not lined previously, and as a result of the    
depth they have scaled considerably with time.                                  
The reef orepasses started to hang up regularly due to scaling in mid 2000 but  
were temporarily rectified. Since October 2002 more serious delays started to   
occur and a decision was taken to rehabilitate one of the orepasses at a cost of
R3.0 million. This is now in progress, hence one orepass is unavailable. The    
rehabilitation of this orepass is expected to be completed by July 2003.        
At the beginning of January 2003 the remaining reef orepass deteriorated further
with scaling causing severe obstructions in the orepass. This backed up all the 
way into the stopes causing full stope boxes. Ore backed up in the 92 - 95 level
orepass totals approximately 6 000 tonnes.                                      
At the end of February 2003 a decision was taken to stop using the remaining    
reef orepass and to temporarily mix the reef and waste, as the scaling was not  
as problematic in the waste orepass system. This is still the system in use and 
it does not appear to have any scaling problems at present. However due to the  
loading arrangements this orepass system could only deliver ore to one of the   
two ore hoists only on the sub shaft, which severely affected the hoisting      
capacity. Hoisting was done with one hoist for approximately two months, whilst 
changes were being made on the belt level. Both hoists are now able to hoist    
ore.                                                                            
The orepass was originally a 3,0 m diameter raisebore hole but has now scaled to
an ellipse measuring 30 m x 19 m at the worst section.                          
Actual production loss experienced is estimated at approximately 15 000 tons for
the months of January and February and 6 000 for March 2003.                    
Underground tonnage was 5% or 22 000 tonnes lower at 457 000 tonnes. Underground
recovery grades were marginally lower at 5,92 g/t compared to the 6,0 g/t       
reported previously. Total gold recovered of 2 868 kg was 6% lower.             
Total working costs were 4% or R9,3 million lower at R224,6 million. These      
operations reported an excellent reduction of 12% in cost in R/tonne terms,     
decreasing from R322/tonne to R283/tonne. In R/kg terms costs increased by only 
2% from R77 046/kg to R79 152/kg.                                               
The benefits from a development programme to improve the flexibility at         
Elandsrand will deliver increased tonnages and grade over a period of six       
months.                                                                         
Deelkraal, which has been suffering from the lack of face availability, have    
holed two new raises in March. These will be available for mining within the    
next two months. A third raise line is expected to hole during May 2003.        
Kalgold - installation of third mill completed                                  
The Kalgold operations reported a 6% reduction in tonnage, decreasing from 267  
000 tonnes to 250 000 tonnes. At a lower recovery grade of 2,27 g/t gold        
recovery was 8% lower at 568 kg.                                                
Working costs were well controlled with a 27% or R11,9 million reduction to     
R32,2 million. This allowed these operations to retain similar costs in R/kg    
terms of R56 722/kg. In R/tonne terms, working costs decreased by 22% from      
R165/tonne to R129/tonne.                                                       
The project to increase the milling capacity at Kalgold by 50 000 tonnes per    
month to 130 000 tonnes, has been completed with the construction of the third  
mill. Lower grade tonnage, available from a 1,1 million tonne stockpile, will be
treated resulting in gold recovered planned to increase from 189 kg to          
approximately 260 kg per month. The average overall feed grade to the plant is  
expected to decrease from 2,5 g/t to 2,2 g/t.                                   
Free Gold Joint Venture - Tshepong and Joel deliver good performances           
The Free Gold Joint Venture operations reported a 29% or R58 million reduction  
in cash operating profit on a 50% attributable basis, down from R199 million to 
R141 million for the March 2003 quarter.                                        
Underground tonnage decreased by 6% or 34 000 tonnes to 581 000 tonnes.         
Underground recovery grade was marginally lower at 6,97 g/t compared to the 7,04
g/t reported previously. Underground gold recovery at 4 052 kg was 6% lower.    
The benefit of a 165 000 tonne increase in surface tonnage milled at a higher   
recovery grade of 0,62 g/t resulted in a total gold recovery of 4 472 kg, which 
was 3% or 159 kg less than the 4 631 kg reported for the December 2002 quarter. 
Whilst working costs in R/kg terms increased by 11% to R62 545/kg, working costs
in R/tonne terms decreased by 4% to R223/tonne. At US$232/oz the Free Gold      
operations remain the most profitable assets in our portfolio.                  
Tshepong shaft continues to deliver world class performance with gold recovered,
increasing by 3% to 3 392 kgs. Although tonnage was 6% lower, the recovery grade
at the operations increased to 8,35 g/t from 7,62 g/t. In R/kg terms costs at   
this shaft decreased from R47 760 /kg to R45 561/kg.                            
Whilst Joel continues to deliver steady operational performance, encouraging    
development results are being achieved in the North Shaft ore reserve area. This
bodes well for the shaft"s future production programme as an increase in ore    
reserves could result in either an extension of mining operations or increased  
production in the medium term.                                                  
St. Helena, assets acquired from Gold Fields Limited on 29 October 2002,        
delivered a poor performance with cash operating costs of R134 435/kg. The      
increase in working costs was mainly the result of costs incorrectly allocated  
at the time of acquiring the assets. Management have however realised the need  
to restructure the operations for profitability and their focus on reducing     
working costs will deliver benefits in the forthcoming reporting period.        
Australian Operations - our focus directed at profitable ounces on total cost   
basis                                                                           
Our Australian production units, in aggregate, had a weak quarter with a range  
of production problems and incidents at the various sites each contributing to  
the overall result. The combined operations produced a total of 117 028 ounces  
of gold at a working cost of US$297/oz.                                         
Mt Magnet"s quarterly production decreased to 40 484 ounces. The most serious   
production problems arose at our Hill 50 mine where a series of rockfall        
incidents starting in February blocked the main ventilation raises near the     
bottom of the mine. These incidents not only affected all of the high grade     
production stopes for the whole of the month of March, but also revealed the    
need for a redesign of the stope configurations and the positioning of the      
ventilation systems at the deeper levels of the mine. This will adversely affect
the production levels and overall costs at this high grade mine for several     
months until the issues are rectified.                                          
The Star underground mine and the open pits took up a significant portion of the
tonnage shortfall but could not fully make up for the gold production shortfall 
from this high grade source.                                                    
Excellent exploration results continued to be received from underground         
extensions to the Watertank Hill area at Mt Magnet where the size of this high- 
grade discovery continues to grow. It is estimated that resources will exceed   
250 000 ounces and drilling is continuing.                                      
South Kal Mines had a better quarter on production volumes (45 718 ounces). Good
tonnage, costs and development rates were achieved from the Mt Marion           
underground mine. Open pit operations did not live up to grade expectations, and
high maintenance costs in the mills adversely influenced processing costs.      
A study to assess the economics of developing a "mega pit" to access the large  
resource which exists beneath the combined Jubilee and Hampton-Boulder open pits
was completed. This project needs a gold price in excess of A$600/oz (US$360/oz)
to provide an acceptable return on investment and will therefore not be         
developed at this time.                                                         
Big Bell, which is in "harvest mode", produced 30 825 ounces, and again managed 
to reduce its overall cost structure, producing gold at close to the prevailing 
spot price.                                                                     
The operational issues referred to above combined with the lower US Dollar gold 
price and stronger Australian Dollar are affecting the operating margins at all 
our existing Australian operations. There will be an ongoing need for capital to
explore and develop replacements for the existing short life projects. Our focus
will however be on restricting mining activities to only those areas which will 
produce profitable ounces on a total cost basis.                                
Consistent with this approach, we have together with our Joint Venture partners,
Northern Gold NL, suspended the commissioning schedule of the Brocks Creek      
project in the Northern Territories postponing full development of this project 
to a time when higher Australian Dollar gold prices prevail.                    
The reduction in hedge agreements, dealt with elsewhere in this report, will    
accommodate the planned future lower levels of production from our Australian   
operations.                                                                     
Capital Expenditure                                                             
                       Actual       Forecast                                    
                       March 2003   June 2003                                   
Free State             31           30                                          
Evander                26           25                                          
Randfontein            9            22                                          
Elandskraal            26           27                                          
Kalgold                17           4                                           
Free Gold (50%)        12           10                                          
Australian Operations  63           35                                          
Total                  184          153                                         
Operating and Financial Results (Rand/metric)                                   
                         Free     Free                                          
                         State    State       Evander     Evander               
                         U/g      Surface     U/g         Surface               
Ore milled    Mar-03     1 025    290         471         52                    
- t"000       Dec-02     1 053    332         526         44                    
Gold          Mar-03     4 306    165         2 589       34                    
produced - kg Dec-02     4 507    233         2 804       33                    
Yield - g/t   Mar-03     4,20     0,57        5,50        0,65                  
              Dec-02     4,28     0,70        5,33        0,75                  
Cash                                                                            
operating     Mar-03     82 117   83 164      76 878      46 265                
costs - R/kg  Dec-02     78 708   89 742      69 289      75 394                
Cash                                                                            
operating                                                                       
costs         Mar-03     345      47          423         30                    
- R/tonne     Dec-02     337      63          369         57                    
Working                                                                         
revenue       Mar-03     404 873  15 485      242 726     2 713                 
(R"000)       Dec-02     468 760  23 430      280 987     3 280                 
Cash                                                                            
operating     Mar-03     353 597  13 722      199 036     1 573                 
costs (R"000) Dec-02     354 738  20 910      194 285     2 488                 
Cash          Mar-03     51 276   1 763       43 690      1 140                 
operating                                                                       
profit        Dec-02     114 022  2 520       86 702      792                   
(R"000)                                                                         
                        Rand-       Rand-      Elands-     Elands-              
fontein     fontein    kraal       kraal                
                        U/g         Surface    U/g         Surface              
Ore milled    Mar-03    690         514        457         337                  
- t"000       Dec-02    768         498        479         248                  
Gold          Mar-03    3 229       340        2 707       161                  
produced -    Dec-02    3 887       308        2 876       161                  
kg                                                                              
Yield - g/t   Mar-03    4,68        0,66       5,92        0,48                 
Dec-02    5,06        0,62       6,00        0,65                 
Cash                                                                            
operating     Mar-03    65 112      55 676     79 152      64 404               
costs - R/kg  Dec-02    56 562      67 295     77 890      61 963               
Cash                                                                            
operating                                                                       
costs         Mar-03    305         37         469         31                   
- R/tonne     Dec-02    286         42         468         40                   
Working                                                                         
revenue       Mar-03    302 448     32 031     253 332     15 364               
(R"000)       Dec-02    389 511     30 810     288 207     16 026               
Cash                                                                            
operating     Mar-03    210 246     18 930     214 264     10 369               
costs         Dec-02    219 855     20 727     224 013     9 976                
(R"000)                                                                         
Cash          Mar-03    92 202      13 101     39 068      4 995                
operating                                                                       
profit        Dec-02    169 656     10 083     64 194      6 050                
(R"000)                                                                         
                            Free      Free      Australian                      
Gold      Gold                                      
                   Kalgold  (50%)     (50%)     Operations                      
                   Opencast U/g       Surface   Total      Total                
Ore       Mar-03   250      581       674       1 729      7 070                
milled                                                                          
- t"000   Dec-02   267      615       509       1 676       7 015               
Gold      Mar-03   568      4 052     420       3 640      22 211               
produced  Dec-02   617      4 331     300       4 021      24 078               
- kg                                                                            
Yield -   Mar-03   2,27     6,97      0,62      2,11       3,14                 
g/t                                                                             
          Dec-02   2,31     7,04      0,59      2,40       3,43                 
Cash                                                                            
operating Mar-03   56 722   62 670    61 338    79 967     73 150               
costs -   Dec-02   71 580    56 498    58 930   73 565     68 500               
R/kg                                                                            
Cash                                                                            
operating                                                                       
costs     Mar-03   129      437       38        168        230                  
- R/tonne Dec-02   165       398       35       176        235                  
Working                                                                         
revenue   Mar-03   53 098   381 314   39 481    360 223    2 103 088            
(R"000)   Dec-02   61 365   431 632   29 785    388 129    2 411 922            
Cash                                                                            
operating Mar-03   32 218   253 940   25 762    291 079    1 624 736            
costs     Dec-02   44 165   244 692   17 679    295 804    1 649 332            
(R"000)                                                                         
Cash      Mar-03   20 880   127 374   13 719    69 144     478 352              
operating                                                                       
profit    Dec-02   17 200   186 940    12 106   92 325     762 590              
(R"000)                                                                         
Prepared in accordance with International Accounting Standards.                 
Total Operations - quarterly financial results (Rand/metric)                    
                                           Quarter      Quarter                 
                                           ended        ended                   
                                           31 March     31 December             
2003         2002                    
Ore milled - t"000                          7 070        7 015                  
Gold produced - kg                          22 211       24 078                 
Gold price received - R / kg                94 687       100 171                
Cash operating costs - R / kg               73 150       68 500                 
                                            R million    R million              
Gold sales                                  2 103        2 412                  
Cash operating costs                        1 625        1 649                  
Cash operating profit                       478          763                    
Income from associates                     24           -                       
Amortisation                                (132)        (121)                  
Mark to market of financial instruments     133          12                     
Rehabilitation cost provision               (13)         (11)                   
Employment termination costs                (8)          (15)                   
Other income - net                          40           53                     
Interest paid                               (63)         (60)                   
Corporate, marketing and new business       (32)         (30)                   
expenditure                                                                     
Exploration expenditure                     (23)         (27)                   
Foreign exchange loss                       (49)                                
Mark to Market of listed investments        (17)         105                    
Profit before taxation                      338          669                    
South African normal taxation                                                   
- Current tax                               (30)         (87)                   
- Deferred tax                              (73)         (125)                  
Net earnings                                235          457                    
Adjustments:                                                                    
- Profit on sale of property, plant and     (7)          (11)                   
equipment                                                                       
Headline earnings                           228          446                    
Earnings per share - cents *                                                    
- Basic earnings                           130           262                    
- Headline earnings                         126          255                    
- Fully diluted earnings **                 129          257                    
Dividends per share - (cents)               -            -                      
Prepared in accordance with International Accounting Standards.                 
* Calculated on weighted number of shares in issue at quarter end March 2003:   
180.6 million (December 2002: 174.4 million)                                    
** Calculated on weighted average number of diluted shares in issue at quarter  
end March 2003: 182.5 million (December 2002: 177.4 million)                    
Abridged balance sheet (Rand)                                                   
                                             At         At                      
                                             31 March   31 December             
                                             2003       2002                    
R million  R million               
Employment of capital                                                           
Mining assets after amortisation              8 986      8 945                  
Investments                                   1 375      1 409                  
Net current (liabilities)/assets (excluding   (514)      (431)                  
cash)                                                                           
Short-term investments                                                          
- Placer Dome                                 -          723                    
Cash                                          3 128      1 439                  
Total Assets                                  12 975     12 085                 
Capital employed                                                                
Shareholders" equity                          8 932      7 863                  
Loans                                         2 015      2 009                  
Long-term provisions                          686        698                    
Unrealised hedging loss                       491        736                    
Deferred tax                                  851        779                    
Total equity and liabilities                  12 975     12 085                 
Prepared in accordance with International Accounting Standards.                 
Basis of Accounting                                                             
The unaudited results for the quarter and the 6 months 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: 184.2 million ordinary shares of 50 cents each. (December 
2002: 174.6 million)                                                            
Operating and financial results (US$/imperial)                                  
                         Free     Free                                          
                         State    State       Evander     Evander               
                         U/g      Surface     U/g         Surface               
Ore milled -  Mar-03     1 130    320         519         57                    
t"000                                                                           
              Dec-02     1 161     366        580         49                    
Gold Produced Mar-03     138 440  5 305       83 238      1 093                 
- oz                                                                            
              Dec-02     144 903   7 491      90 150      1 061                 
Yield -       Mar-03     0.123    0.017       0.160       0.019                 
oz/ton                                                                          
Dec-02     0.125    0.020       0.155       0.022                 
Cash          Mar-03     305      309         286         172                   
Operating                                                                       
Costs - $/oz                                                                    
Dec-02     255       290        224         244                   
Cash          Mar-03     37       5           46          3                     
Operating                                                                       
Costs - $/t                                                                     
Dec-02     32        6          35          5                     
Working       Mar-03     48 372   1 850       29 000      324                   
Revenue                                                                         
($"000)                                                                         
Dec-02     48 778    2 438      29 239      341                   
Cash          Mar-03     42 246   1 639       23 780      188                   
Operating                                                                       
Costs ($"000)                                                                   
Dec-02     36 913    2 176      20 217      259                   
Cash          Mar-03     6 126    211         5 220       136                   
Operating                                                                       
Profit                                                                          
($"000)                                                                         
              Dec-02     11 865   262         9 022       82                    
                             Rand-         Rand-        Elands-                 
                             Fontein       fontein      kraal                   
U/g           Surface      U/g                     
Ore milled -     Mar-03      761           567          504                     
t"000                                                                           
                 Dec-02      847           549           528                    
Gold Produced -  Mar-03      103 814       10 931       87 032                  
oz                                                                              
                 Dec-02      124 969       9 902         92 465                 
Yield - oz/ton   Mar-03      0.136         0.019        0.173                   
Dec-02      0.148         0.018        0.175                   
Cash Operating   Mar-03      242           207          294                     
Costs - $/oz                                                                    
                 Dec-02      183           218          252                     
Cash Operating   Mar-03      33            4            51                      
Costs - $/t                                                                     
                 Dec-02      27            4             44                     
Working Revenue  Mar-03      36 135        3 827        30 267                  
($"000)                                                                         
                 Dec-02      40 532        3 206         29 990                 
Cash Operating   Mar-03      25 119        2 262        25 599                  
Costs ($"000)                                                                   
Dec-02      22 878        2 157         23 310                 
Cash Operating   Mar-03      11 016        1 565        4 668                   
Profit ($"000)                                                                  
                 Dec-02      17 654        1 049        6 680                   
Elands-     Kalgold     Free      Free Gold            
                                                 Gold                           
                         Kraal       Open-       (50%)     (50%)                
                         Surface     cast        U/g       Surface              
Ore milled -  Mar-03     372         276         641       743                  
t"000                                                                           
              Dec-02      273        294          678       561                 
Gold Produced Mar-03     5 176       18 262      130 274   13 503               
- oz                                                                            
              Dec-02      5 176      19 837       139 244   9 645               
Yield -       Mar-03     0.014       0.066       0.203     0.018                
oz/ton                                                                          
Dec-02     0.019       0.067       0.205     0.017                
Cash          Mar-03     239         211         233       228                  
Operating                                                                       
Costs - $/oz                                                                    
Dec-02     201         232          183       191                 
Cash          Mar-03     3           14          47        4                    
Operating                                                                       
Costs - $/t                                                                     
Dec-02      4          16           38        3                   
Working       Mar-03     1 836       6 344       45 557    4 717                
Revenue                                                                         
($"000)                                                                         
Dec-02      1 668      6 386        44 915    3 099               
Cash          Mar-03     1 239       3 849       30 339    3 078                
Operating                                                                       
Costs ($"000)                                                                   
Dec-02      1 038      4 596        25 462    1 840               
Cash          Mar-03     597         2 495       15 218    1 639                
Operating                                                                       
Profit                                                                          
($"000)                                                                         
              Dec-02     630         1 790       19 453    1 259                
                                 Australian                                     
                                 Operations                                     
Total             Total                        
Ore milled -       Mar-03        1 907             7 797                        
t"000                                                                           
                   Dec-02        1 848             7 734                        
Gold Produced -    Mar-03        117 028           714 096                      
oz                                                                              
                   Dec-02        129 278           774 121                      
Yield - oz/ton     Mar-03        0.061             0.092                        
Dec-02        0.070             0.100                        
Cash Operating     Mar-03        297               272                          
Costs - $/oz                                                                    
                   Dec-02        238               222                          
Cash Operating     Mar-03        18                25                           
Costs - $/t                                                                     
                   Dec-02         17               22                           
Working Revenue    Mar-03        43 037            251 266                      
($"000)                                                                         
                   Dec-02        40 388            250 980                      
Cash Operating     Mar-03        34 776            194 114                      
Costs ($"000)                                                                   
Dec-02        30 781            171 627                      
Cash Operating     Mar-03        8 261             57 152                       
Profit ($"000)                                                                  
                   Dec-02        9 607             79 353                       
Prepared in accordance with International Accounting Standards.                 
Total Operations - quarterly financial results (US$/imperial)                   
                                            Quarter     Quarter                 
                                            ended       Ended                   
31 March    31 December             
                                            2003        2002                    
Ore milled - t"000                           7 797       7 734                  
Gold produced - oz                           714 096     774 121                
Gold price received - $ / oz                 352         324                    
Cash operating costs - $ / oz                272         222                    
                                             $million    $million               
Gold sales                                   251         251                    
Cash operating costs                         194         172                    
Cash operating profit                        57          79                     
Income from associates                      3                                   
Amortisation                                (16)         (13)                   
Mark to market of financial instruments      16          1                      
Rehabilitation cost provision                (2)         (1)                    
Employment termination costs                 (1)         (2)                    
Other income - net                           5           6                      
Interest paid                                (8)         (6)                    
Corporate, marketing and new business        (3)         (3)                    
expenditure                                                                     
Exploration expenditure                      (3)         (3)                    
Foreign exchange loss                        (6)        -                       
Mark to Market of listed investments         (2)         11                     
Profit before taxation                       40          69                     
South African normal taxation                                                   
- Current tax                                (3)         (9)                    
- Deferred tax                               (9)         (13)                   
Net earnings                                 28          47                     
Adjustments:                                                                    
- Profit on sale of property, plant and      (1)         (1)                    
equipment                                                                       
Headline earnings                            27          46                     
Earnings per share - cents *                                                    
- Earnings                                   15.5        27.2                   
- Headline earnings                          15.1        26.6                   
- Fully diluted earnings **                  15.4        26.8                   
Dividends per share - (cents)               -           -                       
Prepared in accordance with International Accounting Standards                  
Currency conversion rates average for the quarter: March 2003: US$1= R8.37      
(December 2002: US$1=R9.61)                                                     
* Calculated on weighted number of shares in issue at quarter end March 2003:   
180.6 million (December 2002: 174.4 million)                                    
** Calculated on weighted average number of diluted shares in issue at quarter  
end March 2003: 182.5 million (December 2002: 177.4 million)                    
Abridged balance sheet (US$)                                                    
At           At                      
                                           31 March     31 December             
                                           2003         2002                    
                                           US$ million  US$ million             
Employment of capital                                                           
Mining assets after amortisation           1 119        1 046                   
Investments                                171          165                     
Net current (liabilities)/assets           (64)         (50)                    
(excluding cash)                                                                
Short-term investments                                                          
- Placer Dome                              -            85                      
Cash                                       390          168                     
Total assets                               1 616        1 414                   
Capital employed                                                                
Shareholders" equity                       1 112        920                     
Loans                                      251           235                    
Long-term provisions                       86           82                      
Unrealised hedging loss                    61            86                     
Deferred tax                               106          91                      
Total equity and liabilities               1 616        1 414                   
Prepared in accordance with International Accounting Standards.                 
Issued share capital: 184.2 million ordinary shares of 50 cents each. (December 
2002: 174.6 million)                                                            
Currency converted at closing rate: March 2003: US$1=R8.03 (December 2002:      
US$1=R8.55)                                                                     
Condensed statement of changes in shareholders" equity (unaudited)              
                   At          At          At           At                      
                   31 March    31 March    31 March     31 March                
2003         2002       2003         2002                    
                   R million   R million   US$ million  US$ million             
Balance as at the   7 963       4 594       992          404                    
beginning of the                                                                
financial year                                                                  
Currency            (489)       57          (61)         5                      
translation                                                                     
adjustment and                                                                  
other                                                                           
Issue of share      1 305       590         162          52                     
capital                                                                         
Net earnings        1 118       1 023       139          90                     
Dividends paid      (965)      (119)        (120)       (10)                    
Balance as at the   8 932       6 145       1 112        541                    
end of March                                                                    
Prepared in accordance with International Accounting Standards.                 
Abridged cashflow statements (unaudited)                                        
9 Months  9 Months                             9 Months   9 Months              
ended     ended                                ended      ended                 
31 March  31 March                             31 March   31 March              
2002      2003                                 2003       2002                  
US$       US$                                  R million  R million             
million    million                                                              
98        177          Cash flow from          1 687      980                   
operating activities                                     
(201)     (24)         Cash utilised in        (228)      (2 005)               
                       investing activities                                     
133       24           Cash utilised in        228        1 332                 
financing activities                                     
(46)      74           Translation adjustment   -         -                     
                       (Decrease)/Increase in                                   
                       cash and                                                 
(16)      251          Equivalents             1 687      307                   
144       139          Opening cash and        1 441      1 159                 
                       equivalents                                              
128       390          Closing cash and        3 128      1 466                 
equivalents                                              
Prepared in accordance with International Accounting Standards.                 
Operating activities                                                            
translated at average rates of:    March 2003: US$1 = R9.52                     
(March 2002: US$1 = R10.00)                                                
Closing balance translated                                                      
at closing rates of:     March 2003: US$1 = R8.03                               
     (March 2002: US$1 = R11.38)                                                
Group"s commodity, currency, interest and lease rate contracts at 31 March 2003 
                              Maturity schedule for the years                   
AUS Dollar (A$) Gold 2003        2004        2005         2006                  
Forward sales                                                                   
agreements                                                                      
Ounces                -           100 000     175 000      108 000              
A$/ounce              -           513         513          510                  
Sold call options                                                               
Ounces               -            95 000      130 000      40 000               
A$/ounce              -           540         512          552                  
Total                 -           195 000     305 000      148 000              
                                  Maturity schedule for the years               
AUS Dollar (A$) Gold     2007       2008        2009       Total                
Forward sales agreements                                                        
Ounces                    147 000    100 000     100 000    730 000             
A$/ounce                  515        518         518        514                 
Sold call options                                                               
Ounces                    -          -           -          265 000             
A$/ounce                  -          -           -          528                 
Total                     147 000    100 000     100 000    995 000             
Close out of gold hedge contracts                                               
During the quarter 614 000 ounces of gold contracts were closed. The outstanding
contracts are now treated as speculative and the mark-to-market movement will be
reflected in the income statement.                                              
The mark-to-market of these contracts was a negative R422 million (US$53        
million) as at 31 March 2003, based on the independent valuations. The value was
based on a gold price of US$ 329 (A$ 549) per ounce, exchange rates of US$ /    
R8.03 and A$ / US$ 0.60 and prevailing market interest rates at the time.       
Interest rate swap                                                              
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       
positive R10 million (US$1.3 million) as at 31 March 2003, the value was based  
on an exchange rate of US$ / R8.03 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 R22 million (US$3 million) as at 31 March 2003,  
based on valuations provided by independent treasury and risk management        
experts.                                                                        
ZB Swanepoel   Virginia                                                         
Chief Executive     25 April 2003                                               
Development results (metric)                                                    
                                   Channel   Channel                            
                Reef     Sampled   width     value    Gold                      
meters   meters    (cm"s)    (g/t)    (cmg/t)                   
Randfontein                                                                     
VCR Reef        1 086    1 008     71        18,30    1 295                     
UE1A            2 284    2 075     111       10,85    1 207                     
E8 Reef         411,1    349,4     117       4,15     486                       
Kimberley Reef  229,5    146,2     189       3,96     749                       
South Reef      23,9     20        56        24,93    1 396                     
All Reefs       4 011    3 579     104       11,03    1 143                     
Free State                                                                      
Basal           1 990    1 484     79        11,25    889                       
Leader          1 231    1 032     170       4,84     823                       
A Reef          467      498       138       3,95     545                       
Middle          410      324       265       3,75     994                       
B Reef          528      503       61        13,64    832                       
All Reefs       4 626    3 841     124       6,65     828                       
EVANDER                                                                         
Kimberley Reef  2 178    1 992     68        15,07    1 025                     
Elandskraal                                                                     
VCR Reef        641      891       80        13,14    1 046                     
Free Gold (JV)                                                                  
Basal           4 242    3 695     57        15,42    886                       
Leader                                       00,00                              
All Reefs       4 242    3 694,5   57        15,42    886                       
Development results (imperial)                                                  
Channel    Channel                           
                Reef     Sampled   width      value    Gold                     
                feet     feet      (inches)   (oz/t)   (in.ozt)                 
Randfontein                                                                     
VCR Reef        3 563    3 307     28         0,531    15                       
UE1A            7 495    6 807     44         0,318    14                       
E8 Reef         1 349    1 146     46         0,130    6                        
Kimberley Reef  753      480       74         0,122    9                        
South Reef      78       66        22         0,727    16                       
All Reefs       13 159   11 740    41         0,317    13                       
Free State                                                                      
Basal           6 529    4 869     31         0,329    10                       
Leader          4 038    3 386     67         0,141    9                        
A Reef          1 532    1 634     54         0,116    6                        
Middle          1 344    1 063     104        0,110    11                       
B Reef          1 734    1 650     24         0,398    10                       
All Reefs       15 176   12 602    49         0,194    10                       
Evander                                                                         
Kimberley Reef  7 146    6 535     27         0,436    12                       
Elandskraal                                                                     
VCR Reef        2 102    2 925     31         0,387    12                       
Free Gold (JV)                                                                  
Basal           13 917   12 121    23         0,442    10                       
Leader          -        -         0          00,00    0                        
All Reefs       13 917   12 121    23         0,442    10                       
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@ultrareg.co.za                                                    
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 Registrars                                                               
Contact: Kerry Fitzalan/Chris Burchill                                          
Telephone: +44 870 162 3100                                                     
Telefax:   +44 (208) 639 2342                                                   
The Registry                                                                    
34 Beckenham Road, Beckenham                                                    
Kent BR3 4TU, 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  



                                        
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