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HAR - Harmony Gold Mining Company - Financial Review For The Fourth Quarter And

Release Date: 15/08/2008 08:55:37      Code(s): HAR
HAR - Harmony Gold Mining Company - Financial Review For The Fourth Quarter And 
                                  Year Ended 30 June 2008                       
Harmony Gold Mining Company Limited                                             
Registration number 1950/038232/06                                              
Incorporated in the Republic of South Africa                                    
ISIN: ZAE000015228                                                              
Trading Symbols                                                                 
JSE Limited                              HAR                                    
New York Stock Exchange, Inc.            HMY                                    
London Stock Exchange plc                HRM                                    
Euronext Paris                           HG                                     
Euronext Brussels                        HMY                                    
Berlin Stock Exchange                    HAM1                                   
NASDAQ                                   HMY                                    
Issuer code                              HAPS                                   
FINANCIAL REVIEW FOR THE FOURTH QUARTER AND YEAR ENDED 30 JUNE 2008             
ANNUAL HIGHLIGHTS                                                               
* Cash operating profit up by 26%                                               
* Extensive restructuring of operations completed                               
* Harmony PNG/Newcrest Stage 1 of partnership finalised                         
(shortly after year end)                                                        
* Tshepong 66 decline project complete                                          
* Phakisa brought into production                                               
FINANCIAL SUMMARY FOR THE FOURTH QUARTER AND YEAR ENDED 30 JUNE 2008            
(All results exclude Discontinued Operations unless otherwise indicated)        
                                     Quarter        Quarter         Q-on-Q      
                                   June 2008     March 2008     % variance      
Gold produced          - kg            11 694         10 347           13.0     
                      - oz           375 970        332 662           13.0      
Cash costs             - R/kg         138 940        146 620            5.2     
                      - $/oz             556            609            8.7      
Cash operating profit  - Rm               995            817           21.8     
                      - US$m             128            111           15.3      
Basic (loss)/profit    - SA c/s          (60)             38        (257.9)     
                      - US c/s           (8)              5         (60.0)      
Headline profit/(loss) - SA c/s            38             39          (2.6)     
                      - US c/s             5              5              -      
                                       Quarter                                  
                                     June 2007          FY08          FY07      
Gold produced            - kg            12 414        48 227        54 340     
                        - oz           399 118     1 550 527     1 747 071      
Cash costs               - R/kg         149 379       138 319       110 785     
                        - $/oz             655           591           479      
Cash operating profit    - Rm                25         2 537         2 016     
                        - US$m               4           351           280      
Basic (loss)/profit      - SA c/s          (43)         (199)           206     
                        - US c/s           (6)          (27)            29      
Headline profit/(loss)   - SA c/s          (81)            19            96     
                        - US c/s          (11)             3            13      
CHIEF EXECUTIVE`S REVIEW                                                        
It is my pleasure as Chief Executive Officer of Harmony to submit this          
financial report for the financial year ended 30 June 2008 to shareholders      
after managing the company for a full financial year.                           
2008 Review                                                                     
I will briefly review the company`s activities over the past year and its       
current financial status, expanding on the changes that were implemented to     
return the company to profitability in order to generate positive financial     
returns, in the future, for our shareholders.                                   
Before proceeding with this year`s corporate and financial activities, I would  
like to draw attention to the Elandsrand incident that occurred on 3 October    
2007. I want to thank our Chairman and the Harmony team involved in the         
successful handling of the incident for their support and sterling efforts.     
Gratefully there were no negative consequences from the compressed air column   
that fell down the mine shaft.                                                  
The Elandsrand incident brought the South African mining industry`s safety      
record squarely under the spotlight. This has triggered a heightened sense of   
corporate awareness towards the critical issues of occupational safety and      
health. Safety enjoys priority at Harmony and non-negotiable safety standards   
have been formulated which are reviewed and performances audited. I am pleased  
to inform you that last year`s positive safety performance was maintained in    
the 2008 financial year.                                                        
Turning to the financial performance for the year under review, we carried out  
a due diligence on our mines towards the end of 2007 to understand the          
challenges facing the company at that time. Based on the findings we embarked   
on a restructuring strategy. We recognised that stringent cost control measures 
had to be put in place to reduce their negative impact. Thus, all capital       
expenditure was reviewed and all frills expended without disrupting the         
delivery of the projects. The restructuring process also brought about the      
transfers of 13 101 employees and the termination of employment of 5 119 of our 
employees. This reduced the average age of our workforce from 47 to 43 years.   
Management was strengthened and we decentralised our regional operations. We    
also made changes to our mining structure by eliminating coaches and            
re-introducing mine captains and shift bosses to improve production.            
Harsh decisions had to be taken regarding the productivity and efficiency of    
Conops at some of our operations. During the year Conops was terminated at      
Elandsrand, Evander 2 and 5, Cooke 1, 2 and 3 shafts, Masimong and Tshepong. I  
am pleased to report that some benefits are already evident in the current      
quarter from Tshepong and Elandsrand where production has been boosted.         
Unfortunately early in January 2008, the South African economy suffered a       
setback when Eskom - the national power utility - announced that it was unable  
to supply uninterrupted power to the mining industry, amongst others. This      
affected our strategic planning; new plans, incorporating the reduced power     
consumption, were devised and implemented. The company continues to operate on  
90% electricity consumption - 10% down from its previous consumption.           
The new strategic plans aligned the whole company with the aim to conserve      
electricity. This led to shafts and mining areas of high energy consumption     
being closed down. Taking the electricity challenge into account, our objective 
for the next year, barring any unforeseen circumstances, is to maintain the     
current production level of 12 000kg of gold per quarter from the 13 500kg      
before the power reduction. We have laid out an aggressive schedule to bring    
all our projects to full capacity by 2012.                                      
The last component of the due diligence was to honour the transactions that had 
been entered into with regards to our discontinued assets in South Africa and   
Australia. Accordingly, Orkney 2, 4 and 7 shafts were purchased by Pamodzi Gold 
who took full ownership on 27 February 2008 when the transaction was            
renegotiated, bringing Harmony`s shareholding in Pamodzi Gold to 32%.           
South Kal Mines in Australia was sold to Dioro Exploration NL and all           
conditions precedent were met on 30 November 2007.                              
Unfortunately the Mt Magnet deal was not concluded and we have recommenced the  
sale process. In the interim, the operations remain on care and maintenance,    
but we continue with the exploration of our tenements in the area.              
Concurrently with the restructuring, we pursued joint venture opportunities     
that offered obvious operational synergies. On the Cooke shafts in Randfontein  
and in the Cooke tailings dam, we recognised the uranium potential, together    
with the gold potential and realised that this could be a formidable value      
creation opportunity. On 19 December 2007, Harmony concluded an agreement with  
Pamodzi Resources Fund (PRF) and First Reserve Incorporated (FRI), backed by    
APM and FRI, whereby we would retain a 40% stake in a new company (Rand Uranium 
Company) by selling 60% to PRF. The agreement has been extended to 12 September 
2008 due to outstanding conditions precedent which include the approvals from   
the Department of Minerals and Energy and the National Nuclear Regulator.       
It gives me pleasure to announce that all the conditions precedent have been    
met for the 50:50 joint venture entered into on 22 April 2008 with Newcrest     
Mining Limited, Australia, for Harmony`s PNG assets. The first tranche of the   
deal, US$229 million, was received by Harmony on 7 August 2008. This concludes  
Stage 1 signifying Newcrest`s ownership of 30.01% and the commencement of Stage 
2, which requires that Newcrest increase its interest to 50% through the sole   
funding of all the capital expenditure for Hidden Valley. As mentioned          
previously, Newcrest is a quality partner with significant technical skills     
that will provide additional expertise to the existing Harmony team in PNG and  
add to the development potential of the PNG assets.                             
The creation of the joint venture reduces Harmony`s operational risk in PNG and 
strengthens Harmony`s balance sheet, simultaneously reducing our capital        
expenditure requirements at Hidden Valley. In addition, the partnership         
improves the potential of the Wafi-Golpu deposit and its prospective            
exploration tenements, to turn them to viable resources.                        
GROUP PERFORMANCE                                                               
Harmony`s operations recorded a satisfactory operational improvement in the     
fourth quarter, however, the Group delivered a disappointing financial          
performance for the financial year ended 30 June 2008.                          
A net loss of R245 million was recorded compared with a net profit of R382      
million for the financial year ended 30 June 2007.                              
This is mainly due to non-cash item losses from the sale of Gold Fields shares  
amounting to R459 million, the loss from associates (primarily Pamodzi Gold)    
amounting to R78 million, impairment of investments in associates (primarily    
Pamodzi Gold) of R95 million and impairment of assets amounting to R316         
million.                                                                        
Revenue for the year from continuing operations was up by 14.6% to R9 210       
million from R8 037 million for the financial year 2007 on the back of an       
improved gold price in dollar terms of US$818/oz and a steady R/$ exchange rate 
of R7.26. The Group`s cash operating profit increased by 25.8% to R2 537        
million compared with R2 016 million for 2007.                                  
Cash operating costs increased year-on-year by R652 million from R6 021 million 
to R6 673 million, for the year under review.                                   
Although stringent measures for cost containment had been implemented           
throughout the company, inflationary pressures were evident not only in most of 
our consumables such as electricity, steel and fuel, to a lesser degree, but    
also salaries.                                                                  
Harmony`s total cash operating costs were up by 7.1% quarter-on-quarter to R1   
625 million from R1 517 million. The company ascribes this in part to increases 
in electricity tariffs, production tonnages and the bonus incentives paid to    
mine overseers and shift bosses after the change in the mining structure.       
Harmony reported a basic loss from continuing operations of 199 cents per share 
for the year under review compared with a profit of 206 cents per share for     
financial year 2007 and headline earnings of 19 cents per share for financial   
year 2008 compared with a headline earnings of 96 cents per share for financial 
year 2007.                                                                      
Other financial items                                                           
Exploration expenditure                                                         
Harmony`s exploration activities for continuing operations carried out during   
the year amounted to R205 million compared with R194 million in financial year  
2007. Exploration activities occurred mostly in Papua New Guinea. The           
Wafi-Golpu exploration tenements have been a large focus area with exploration  
occurring on four potential copper-gold porphyry deposits. Exploration for      
further gold deposits in the area surrounding the Hidden Valley mine was done   
and will continue in 2009.                                                      
Continued exploration in PNG and the high-potential Wafi-Golpu area positions   
Harmony favourably for substantial growth. We will continue to focus on our     
drive to establish viable resources to add to our pipeline of gold ounces.      
A small amount of drilling exploration also occurred in South Africa. Harmony`s 
South African exploration programme for 2009 financial year includes the        
drilling of Evander South and several underground areas in existing operations  
(mainly B-reef and A-reef) in the Free State.                                   
Impairment                                                                      
An impairment of R316 million is attributed to the re-assessment of the assets  
at Evander 5, West Shaft, Kudu/Sable and Kalgold.                               
CAPITAL EXPENDITURE                                                             
Attributable capital expenditure during 2008 totalled R3 647 million, of which  
R1 428 million of this expenditure was incurred at the Hidden Valley mine       
project in Papua New Guinea. It is anticipated that Hidden Valley will require  
similar capex investment in the 2009 financial year. Harmony will, however,     
only be responsible for a small portion of that commitment as our joint venture 
partner Newcrest will cover the remaining requirements from August 2008 as      
prescribed by Stage 2 of the partnership.                                       
STRATEGY                                                                        
The lengthy process of business plans was finalised toward the end of the June  
2008 quarter. The Group`s business strategy has now been rolled out throughout  
the Group.                                                                      
Each operation has been separately assessed and individual benchmarks and       
targets - which must be achieved by each operation - have been applied. The     
production benchmarks include tonnes per man, grams per person and cost         
reduction in Rand per kilogram.                                                 
We are confident that improvements in costs, safety, productivity, grade and    
mine call factors will become evident in the quarters ahead.                    
In addition, Harmony recently committed to training programmes and related      
development initiatives, especially in the fields of leadership development and 
team training. These programmes are already showing improvements in attitudes   
and morale.                                                                     
ORE RESERVES                                                                    
At 30 June 2008, Harmony`s ore reserves reflected a year-on-year depletion of   
2.0 million ounces. Corporate activity, restructuring of certain shafts and     
geological related changes accounts for a further decrease of 5.6 million       
ounces of reserves. On the positive side there is a net addition of 4.5         
million ounces of reserves from surface stockpiles.                             
The Statement of Mineral Resources and Ore Reserves, produced in accordance     
with the South African Code for the Reporting of Mineral Resources and Mineral  
Reserves (SAMREC Code), the Australian Code (JORC Code) as well as with the     
Industry Guide 7 of the United States Securities and Exchange Commission, shows 
Harmony`s gold mineral resources of 253.6 million ounces and ore reserves of    
50.5 million ounces as at 30 June 2008. The mineral resources indicates a       
year-on-year negative variance of 28 million ounces mainly as a result of       
corporate activity relating to Papua New Guinea, Australia and the Randfontein  
Cooke shafts.                                                                   
A gold price of US$750/oz was used for the conversion of Mineral Resources to   
Ore Reserves at our South African and Australian operations. An exchange rate   
of US$/ZAR7.46 for South Africa and AU$/US$0.80 for Australia has been used,    
resulting in a gold price of R180 000/kg and AU$850/oz, respectively.           
In addition to the gold reserves, Harmony also reports its equity reserves      
(69.9%) for silver, copper and molybdenum from its PNG operations. Metal prices 
are assumed at US$12/oz for silver, US$2.40/lb for copper and US$20/lb for      
molybdenum.                                                                     
DIVIDEND                                                                        
Harmony`s continued commitments to large capital expenditure projects will mean 
that the cash generated by the operations will be used to continue to fund our  
projects into full production stage. To this end, no final dividend was         
declared by the Board of Directors for the financial year ended 30 June 2008.   
The dividend policy will be reviewed in the second half of the 2009 financial   
year.                                                                           
OUTLOOK                                                                         
Harmony`s outlook remains focused on sustainable organic growth. Opportunities  
for further optimisation, improved production and production cost management    
will be exploited. Enhanced cash flow will be used prudently to reduce our debt 
and finance new mine capacity and other growth initiatives.                     
PNG and specifically the Wafi-Golpu area, because of its proximity to our       
Hidden Valley project, will remain our major exploration focus. This region     
provides opportunities to create value for shareholders because of the          
possibilities of a larger and longer pipeline of quality and diversified        
commodities projects. Thus, some of the funds available to Harmony from the     
Newcrest partnership will be invested in exploring our tenements for additional 
reserves and resources.                                                         
In South Africa, Evander South in Mpumalanga offers several new opportunities   
for additional reserves. This implies commensurate exploration opportunities    
for the adjacent Poplar and Rolspruit areas. Furthermore, with the strong       
Rand/Dollar gold price, growth opportunities are plentiful from the 1 billion   
tonnes of surface tailings in the Free State of which the possibility of        
treating 12Mt a year at St Helena over the next 20 years will be investigated.  
Harmony has been and will remain an acquisitive company should opportunities    
exist or arise. Lately, we have entered into several partnering relationships,  
the largest being with Rand Uranium and Newcrest in PNG. We will continue to    
look for value opportunities on partnering some of our assets that have not     
been approved by the board as new projects for the 2009 financial capital       
programme.                                                                      
A vote of thanks                                                                
I wish to thank the Board of Directors for their valued support and guidance    
during one of Harmony`s toughest years. I wish to thank all the employees and   
managers of Harmony for their hard work and depth of commitment to achieving    
targets and to elevate performance. Lastly, I would like to thank our           
shareholders for their loyalty to Harmony through this tough period.            
SAFETY AND HEALTH REPORT                                                        
* Harmony recorded an improved safety performance for FY2008                    
* Target achieved three and a half years of Fatality Free shifts                
* Evander achieved 1 500 000 Fatality Free shifts                               
* Tshepong Mines achieved 500 000 Fatality Free shifts                          
* Virginia operations achieved One Million Fatality Free shifts                 
Fatality injury rate (per million hours worked)                                 
SEE PRESS FOR GRAPH                                                             
It is encouraging that the improvements in safety performance achieved by       
Harmony in 2007 were sustained in 2008.                                         
Management remains committed to zero-fatalities and every effort is being made  
to achieve this objective. Safety is the number one priority among all          
operational teams and many hours are being dedicated towards safety leadership  
and awareness.                                                                  
Safety audits have been intensified and the second audit programme was          
completed at the end of June 2008. These audits include some non-negotiable     
safety principles:                                                              
* Management to lead by example                                                 
* Continuous verbal communication with all team members                         
* Visible awareness-creation on safety                                          
* Recognise and reward safety achievements                                      
* Involve all stakeholders                                                      
The June quarter showed a 31.8% improvement in the fatality injury frequency    
rate (FIFR) of 0.15 compared with 0.35 for the March quarter. An annualised     
improvement of 18.2% was achieved for 2008.                                     
The Lost Time Injury Frequency Rate (LTIFR) improved by 19.7% during the        
quarter from a rate of 13.46 to 11.39, while an exceptional annualised          
improvement of 16% was achieved.                                                
Regrettably four employees lost their lives at Harmony`s operations during the  
June 2008 quarter as a result of work-related accidents. Harmony`s deepest      
condolences are extended to the families of the deceased employees.             
During the year under review, the Group recorded some remarkable safety         
achievements, among them was Target`s formidable feat of three years of         
fatality free shifts. During the June 2008 quarter, Evander and Tshepong both   
attained half-a-million fatality free shifts and Virginia, comprising Harmony,  
Merriespruit, Unisel and Brand, achieved their One Million Fatality Free        
shifts.                                                                         
There were no lost time injuries at Hidden Valley during the quarter. Part of   
this success can be attributed to effective weekly site inspections. In         
addition, several training and proficiency programmes were developed and rolled 
out during June 2008.                                                           
These are designed to improve the level of risk identification and safe work    
practices at construction sites.                                                
FOURTH QUARTER AND YEAR ENDED 30 JUNE 2008 UNDER REVIEW                         
Volumes milled for the June 2008 quarter increased by 9.9% from 4 125 000       
tonnes to 4 534 000 tonnes. Production was up by 13%, with an increase of 1     
347kg of gold compared with the March 2008 quarter. This is despite the four    
public holidays during the quarter.                                             
The disappointing 5.4% drop in the SA underground recovery grade from 4.81g/t   
to 4.55g/t for the quarter, is ascribed to a 19.0% drop in grade at Tshepong    
and 9.2% at Masimong. This was partly offset by a 15.0% and 11.8% higher        
recovery grade from Target and Bambanani, respectively.                         
Joel Mine had a good quarter recovering from all the shaft stoppages in the     
past and recorded 49.5% more tonnes and 46.4% more kilograms of gold compared   
with the previous quarter.                                                      
Attributable gold produced from the continuing SA underground operations during 
the June 2008 quarter, increased to 10 396kg from 9 302kg in the March 2008     
quarter, due to an 18.1% increase in tonnages.                                  
The Group`s increased gold production from 10 347kg to 11 694kg, a lower gold   
price received of R224 036/kg from R225 544/kg and good cash cost containment   
resulted in a cash operating profit of R995 million compared with R817 million  
in the previous quarter.                                                        
The Group`s Rand per ton cost dropped from R368/t previously to R358/t for June 
2008. The Rand per kilogram cost decreased from R146 620/kg in March 2008 to    
R138 940/kg in June 2008.                                                       
The performance of the company`s continuing operations is set out in the        
following tables:                                                               
Q-on-Q      
                                   June 2008     March 2008     % Variance      
Production          -   kg             11 694         10 347           13.0     
Production          -   oz            375 970        332 662           13.0     
Revenue             -   R/kg          224 036        225 541          (0.7)     
Revenue             -   US$/oz            897            944          (5.0)     
Cash cost           -   R/kg          138 940        146 620            5.2     
Cash cost           -   US$/oz            556            609            8.7     
Exchange rate       -   USD/ZAR          7.77           7.43          (4.6)     
                                     June 2007          FY08          FY07      
Production            -   kg             12 414        48 227        54 340     
Production            -   oz            399 118     1 550 527     1 747 071     
Revenue               -   R/kg          151 418       190 958       147 808     
Revenue               -   US$/oz            664           818           639     
Cash cost             -   R/kg          149 379       138 319       110 785     
Cash cost             -   US$/oz            655           591           479     
Exchange rate         -   USD/ZAR          7.09          7.26          7.20     
Gold production from discontinuing operations was 12 387kg (398 249oz) for the  
year under review compared with 18 262kg (587 127oz) for the financial year     
2007.                                                                           
Cash operating profit and margins                                               
                                                                    Q-on-Q      
                                   June 2008     March 2008     % Variance      
Cash operating profit (Rm)                995            817           21.8     
Cash operating profit margin (%)         38.0           35.0            8.6     
                                             June 2007      FY08      FY07      
Cash operating profit (Rm)                           25     2 537     2 016     
Cash operating profit margin (%)                    1.3      27.6      25.1     
Quarter on quarter cash operating profit variance analysis                      
(continuing operations)                                                         
Cash operating profit - March 2008                           R816.6 million     
- volume increase                                             359.9 million     
- working cost increase                                     (107.9) million     
- recovery grade reduction                                   (51.2) million     
- gold price reduction                                       (22.3) million     
- net variance                                                178.5 million     
Cash operating profit - June 2008                            R995.1 million     
Analysis of earnings per share (continuing operations) (SA cents)               
                        Quarter ended     Quarter ended                         
Earnings per share           June 2008        March 2008      FY08     FY07     
Basic (loss)/earnings             (60)                38     (199)      206     
Headline earnings/(loss)            38                39        19       96     
Fully diluted                                                                   
(loss)/earnings                   (60)                38     (199)      204     
Reconciliation between basic (loss)/earnings and headline earnings (continuing  
operations)                                                                     
                                           Quarter ended     Quarter ended      
Headline earnings per share (cents)             June 2008        March 2008     
Basic (loss)/earnings                                (60)                38     
Profit on sale of property, plant and                                           
equipment                                               8                 -     
Loss on sale of joint venture                           1                 -     
Impairment of investment in associates                 24                 -     
Impairment of property, plant and equipment            39                 -     
Impairment of intangible assets                        26                 -     
Provision for doubtful debt                             -                 1     
Headline earnings                                      38                39     
Reconciliation between basic (loss)/earnings and headline earnings (continuing  
operations)                                                                     
Headline earnings per share (cents)                           FY08     FY07     
Basic (loss)/earnings                                        (199)      206     
Profit on sale of property, plant and equipment                  -     (32)     
Loss on sale of listed investment                              115        7     
Loss on sale of joint venture                                    1        -     
Profit on sale of associate                                      -     (56)     
Impairment of investment in associates                          24        -     
Impairment/(Reversal of impairment) of property, plant and                      
equipment                                                       39     (29)     
Impairment of intangible assets                                 26        -     
Provision for doubtful debt                                     13        -     
Headline earnings                                               19       96     
CAPITAL EXPENDITURE                                                             
Attributable capital expenditure incurred during 2008 totalled R3 647 million,  
of which R1 428 million of this expenditure was incurred at the Hidden Valley   
mine project in Papua New Guinea. It is anticipated that Hidden Valley will     
require similar capex investment in the 2009 financial year. Harmony will,      
however, only be responsible for a small portion of that commitment as our      
joint venture partner Newcrest will cover the remaining requirements from       
August 2008 as prescribed by Stage 2 of the partnership agreement.              
                            Actual quarter     Actual quarter                   
Operational Capex                 June 2008         March 2008                  
                                        Rm                 Rm                   
South African Operations                470                346                  
Total Operational Capex                 470                346                  
Capital      
                                                                  invested      
Project Capex                                                       to date     
                                        Rm                 Rm           Rm      
Doornkop South Reef                      87                 79          956     
Elandsrand New Mine                       2                 28          776     
Tshepong Sub 66 Decline                   5                  6          289     
Phakisa Shaft                            84                 62          866     
Hidden Valley, PNG                      668                324        2 049     
Total Project Capex                     846                499        4 936     
Total Capex                           1 316                845                  
                                                       Actual       Actual      
Operational Capex                                         FY08         FY07     
                                                           Rm           Rm      
South African operations                                 1 471        1 127     
Surface operations                                                              
International operations                                                        
Total Operational Capex                                  1 471        1 127     
Project Capex                                                                   
Doornkop South Reef                                        328          238     
Elandsrand New Mine                                        128          114     
Tshepong North Decline                                      29           62     
Phakisa Shaft                                              263          234     
Hidden Valley PNG                                        1 428          526     
Total Project Capex                                      2 176        1 174     
Total Capex                                              3 647        2 301     
QUARTERLY PROFIT COMPARISON FOR CONTINUING OPERATIONS                           
Operation                                     Working profit (Rm)               
June 2008     March 2008     Variance      
SA underground operations                 814.3          684.5        129.8     
Surface operations                        180.8          132.1         48.7     
Total Harmony                             995.1          816.6        178.5     
Operation                                  Variances (Rm)                       
                                 Volume       Grade      Price       Costs      
SA underground operations          354.2     (103.4)     (19.2)     (101.8)     
Surface operations                   5.7        52.2      (3.1)       (6.1)     
Total Harmony                      359.9      (51.2)     (22.3)     (107.9)     
SOUTH AFRICAN UNDERGROUND OPERATIONS                                            
Includes the following shafts: Tshepong, Phakisa, Doornkop, Elandsrand, Target, 
Masimong, Evander, Bambanani, Joel, Virginia Operations.                        
June 2008     March 2008      
U/g tonnes milled                    (`000)            2 283          1 934     
U/g recovery grade                   (g/t)              4.55           4.81     
U/g kilograms produced               (kg)             10 396          9 302     
U/g operating costs                  (R/kg)          145 808        152 026     
U/g working costs                    (R/tonne)           664            731     
                                                      Q-on-Q                    
                                                  % Variance     June 2007      
U/g tonnes milled                    (`000)              18.0         2 444     
U/g recovery grade                   (g/t)              (5.4)          4.79     
U/g kilograms produced               (kg)                11.8        11 708     
U/g operating costs                  (R/kg)               4.1       152 336     
U/g working costs                    (R/tonne)            9.2           730     
Tshepong Mine                                                                   
Production                                                                      
Volumes at Tshepong improved by 21.2% quarter-on-quarter from 326 000 tonnes to 
395 000 tonnes. This is in part attributed to the first full quarter of         
operating on non-Conops.                                                        
Tshepong, however, recorded a disappointing 19% decrease in grade from 6.11g/t  
to 4.95g/t due to a drop in face grade in the NW 2 and EN areas.                
Costs were steady and, notwithstanding the added pressures of inflation, cash   
operating costs were down by 1.0% quarter- on-quarter at R107 055/kg from R107  
943/kg for the previous quarter.                                                
The termination of Conops initially had a negative impact on productivity.      
However, after the first full quarter of operating on non-Conops, the positive  
effects on production levels and efficiency are evident.                        
Project overview                                                                
Sub 66 Decline Project overview                                                 
Sub 66 decline is currently in a production build-up phase. The project was     
completed in June 2008 and all of the capital expended. An outstanding          
engineering component of the project will be completed in the next financial    
year.                                                                           
Poor ground conditions in the 72-Belt x/c has required additional secondary     
support and has delayed the equipping of the 72-Belt x/c. All the major         
equipment has been procured and once the secondary support has been completed   
the labour component will be employed to complete the engineering work.         
Annual Capex profile                                                            
Table (Rm)                                  2003     2004     2005     2006     
Actual Sunk                                 32.8     66.6     40.6     52.9     
Forecast                                                                        
Total                                       32.8     66.6     40.6     52.9     
Table (Rm)                                 2007     2008     2009     Total     
Actual Sunk                                66.7     29.3        -     288.9     
Forecast                                                      2.9       2.9     
Total                                      66.7     29.3      2.9     291.8     
Full production                                                                 
The Sub 66 decline has commenced production and will be in build-up phase       
during the next two years when it will come into full production.               
Sub 71 Decline Project Overview                                                 
A total of 1 089 metres has been developed. The material decline is 20%         
complete, the chairlift 33% complete and 56% of the 73-level station has been   
completed.                                                                      
The project has experienced operational delays and high escalation cost over    
the past year. It is also being constrained by a dearth of design and           
engineering draughting work services countrywide.                               
Future milestones                                                               
* Construct and equip Sub 71 trackless workshop            - September 2008     
* Complete reaming of pilot-hole for Sub 71 ventilation    - September 2008     
* Complete manufacturing drawings for Sub 71 decline                            
conveyor                                                   - September 2008     
Annual Capex profile                                                            
Table (Rm)                                 2008     2009     2010     Total     
Actual Sunk                                24.3                        24.3     
Forecast                                            60.9     32.7      93.6     
Total                                      24.3     60.9     32.7     117.9     
1st production                                                                  
August 2012                                                                     
Full production                                                                 
July 2017                                                                       
Schematic picture of production: Please see press.                              
Phakisa                                                                         
Production                                                                      
Volumes improved from 9 000 tonnes to 16 000 tonnes for the June 2008 quarter.  
Gold production at Phakisa was 13.2% higher at 60kg from 53kg, but this         
quarter`s lower grade extracted from Nyala shaft impacted on the overall gold   
output. Grade decreased by 36.3% from 5.89g/t to 3.75g/t.                       
Grade variances will continue in future as most of the ore tonnages will be     
from ore development and stoping in the Nyala shaft area. Build-up in face      
availability at Phakisa shaft will take time and grade should be more           
representative of the Phakisa orebody in two years` time.                       
Phakisa is in build-up production phase and consequently the mining mix will be 
difficult to achieve until flexibility can be gained from the developed         
reserve.                                                                        
Project overview                                                                
A total of 6 895 metres of development was completed on 66, 69, 71, 73 and 75   
levels.                                                                         
The Rail-veyor was commissioned and cycle-times are improving. A second train   
is scheduled for commissioning in September 2008. Phase 1 of the surface        
infrastructure has been completed whilst the civil construction and erection of 
main buildings have commenced.                                                  
Annual Capital expenditure profile                                              
Table (Rm)                         2004     2005     2006     2007     2008     
Actual Sunk                         117      116      147      222      263     
Forecast                                                                        
Total                               117      116      147      222      263     
Table (Rm)                        2009     2010     2011     2012     Total     
Actual Sunk                                                             866     
Forecast                           330       76       46       30       482     
Total                              330       76       46       30     1 348     
1st production                                                                  
September 2008                                                                  
Full production                                                                 
June 2011                                                                       
Future milestones                                                               
* Holing second raise line                                    - August 2008     
* First revenue from 69 level to commence                  - September 2008     
* Start decline project (one year early)                    - November 2008     
Doornkop                                                                        
Production                                                                      
Higher volumes milled from 74 000 tonnes to 126 000 tonnes and better recovery  
grade, resulted in 86.4% improved production from 184kg to 343kgs. The recovery 
was also 9.2% higher at 2.72g/t from 2.49g/t for the period under review.       
Total costs at Doornkop were down by 50.2% at R148 157/kg compared with R297    
293/kg. Costs for the quarter reflected an improvement in unit cost parameters  
as well as cash operating costs. The higher costs incurred in the March quarter 
are in part due to the low volumes milled as a result of the planned stoppage   
to complete shaft work.                                                         
Doornkop`s Kimberley reef conventional section was stopped due to poor grade    
being experienced. Contrary to this, the South Reef operations experienced an   
increase in production with square metres mined improving 58% on the previous   
quarter. Further improvements could be expected in the September quarter.       
Project overview                                                                
Station development continues on 205 and 207 levels with a total of 3 061 cubic 
metres excavated. Access development also continued on 192, 197 and 202 levels  
with 288m excavated. Secondary development is also underway on 192 and 197      
levels with 407m achieved.                                                      
Equipping of the loading station on 212 level is underway and is all that       
remains of the shaft-sinking programme. Construction of the pump station and    
loading levels is also underway following the completion of most of the         
excavations on 205, 207 and 212 levels.                                         
The updated schedule provides for the main shaft to be partially commissioned   
by July 2008.                                                                   
Annual Capital expenditure profile                                              
Table (Rm)                2003     2004     2005     2006     2007     2008     
Actual Sunk                 13       98      114      147      256      328     
Forecast                                                                        
Total                       13       98      114      147      256      328     
Table (Rm)                        2009     2010     2011     2012     Total     
Actual Sunk                                                             956     
Forecast                           271      267      109       31       678     
Total                              271      267      109       31     1 634     
1st production                                                                  
July 2007                                                                       
Full production                                                                 
July 2012                                                                       
Future milestones                                                               
* Main shaft partially commissioned                             - July 2008     
* Rock winder commissioned                                  - November 2008     
* Pump station on 207 level commissioned                    - November 2008     
Elandsrand                                                                      
Production                                                                      
In the June quarter, tonnages milled at Elandsrand increased from 214 000       
tonnes to 293 000 tonnes. Gold production was 44.6% higher at 1 540kgs compared 
with 1 065kgs for the previous quarter. Recovery grade increased to 5.26g/t     
from 4.98g/t; a 5.6% increase for the June 2008 quarter.                        
Cash operating costs were down by 14.8% to R134 961/kg from R158 494/kg for the 
quarter under review.                                                           
A stringent cost control effort helped to reduce costs: plant costs decreased   
and labour costs were lower due to the discontinuation of the Conops            
allowances. Increases were, however, seen in stores, electricity and contractor 
wages.                                                                          
Project overview                                                                
The switchgear and cables for the 22 kV system to and from surface and 100      
level was commissioned. We are currently waiting for Eskom to liven the         
transformer at the Elandsrand Main sub-station. The installation of the 600mm   
chilled water feed and return columns, connecting No. 2 and No. 3 Service       
Shafts on 105 level, is progressing slowly. Additional sliping in the haulage   
had to be completed to accommodate the columns where the haulage is too narrow. 
The 115 L dam wall for No. 1 Settler was cast during the quarter and the        
suction pipeline was installed between the dam and the pump station. The        
infrastructure development of the 100 level cooling dam chamber is still being  
rehabilitated with additional support following the major fall of ground of     
December 2007. The Refrigeration Plant sub-station was blasted to size and      
supported. The blasting of the 98 level`s condenser dam chamber was completed   
during the quarter and the raise boring sites prepared to drill between 98 and  
100 levels. The raise boring of the No. 3 centre hole was completed and         
preparations done for the sinking of the sub-bank.                              
Development on 113 level progressed well during the quarter and the East RAW    
reached the "End of Capital" position and now forms part of the mine`s "On      
Going" development.                                                             
Annual Capital expenditure profile                                              
Table (Rm)            2002      2003      2004     2005      2006      2007     
Actual Sunk          107.0     106.2     105.5     96.1     119.6     113.7     
Forecast                                                                        
Total                107.0     106.2     105.5     96.1     119.6     113.7     
Table (Rm)                     2008      2009     2010     2011       Total     
Actual Sunk                   127.9                                   776.0     
Forecast                                133.3     81.5     13.4       228.2     
Total                         127.9     133.3     81.5     13.4     1 004.2     
Project Production                                                              
                 Tonnes Milled   % Split     Kilograms     % Split              
Old Mine                136 989        47           736          46             
New Mine                155 722        53           853          54             
Total Mine              292 711                   1 589                         
1st production                                                                  
October 2003                                                                    
Full production                                                                 
June 2012                                                                       
Future milestones                                                               
* 100 level, liven 22 kV sub-station complete                   - July 2008     
* 115 level pump station commission                        - September 2008     
* Access development on 113 level complete                   - January 2009     
Target Mine                                                                     
Target recorded an improved performance with a 2.6% increase in volumes from    
154 000 tonnes to 158 000 tonnes. A 15.0% improvement in recovery grade from    
3.67g/t to 4.22g/t lead to 101 more kilograms being produced from the 565kg     
previously.                                                                     
Notwithstanding a better performance, Target experienced water handling and     
belt system delays at the beginning of the quarter. Fragmentation, crusher and  
belt, as well as insufficient drill reserves, were additional challenges.       
Cash operating costs were 13.2% up to R174 910/kg from R154 552/kg mainly due   
to increases in fuel, trackless accessories and adjusted salaries mainly to     
retain trackless specialised people.                                            
Masimong Mine                                                                   
Volumes at Masimong improved by 26.7% from 161 000 tonnes to 204 000 tonnes.    
This is attributed to restructuring and people interventions leading to the     
improved production level and higher efficiencies. Kilograms produced were up   
by 15.1% at 886kg from 770kg.                                                   
Grade was 9.2% lower at 4.34g/t from 4.78g/t mainly due to lack of higher B     
Reef grade availability.                                                        
Cash operating costs increased by 3.2% to R173 244/kg from R167 839/kg          
previously. Increases were seen in electricity, stores and overtime to make up  
for lost public holidays.                                                       
Evander Operations                                                              
At Evander tonnages milled increased by 7.9% quarter on quarter to 300 000      
tonnes from 278 000 tonnes. Gold produced was 3.1% higher at 1 546kg compared   
with 1 500kg for the previous quarter.                                          
Grade was 4.6% lower at 5.15g/t compared with 5.40g/t in March mainly due to    
Stoping width increasing in the 3 Decline areas.                                
Cost control initiatives have been implemented and this has begun to produce    
results. Cash operating costs were 10.1% down to R128 616/kg versus R143        
107/kg.                                                                         
At Evander 8 shaft the fourth airway for additional ventilation was completed.  
The support of the bottom 105m of the raise bore hole between 17 and 24.5       
levels is complete and reaming is in progress. Seven cooling units in various   
development ends and stopes have been installed to assist with the              
environmental conditions.                                                       
Bambanani                                                                       
A 15.3% reduction in volumes from 157 000 tonnes to 133 000 tonnes were         
produced at Bambanani for the June 2008 quarter.                                
This was, however, offset by the 11.8% increase in recovery grade from 6.79g/t  
to 7.59g/t, leading to only a 5.3% decrease in gold production from 1 066kg to  
1 009kg.                                                                        
The reduction in tonnages was ascribed to waste that was stored in the old      
scaled ore pass for stability reasons.                                          
The mine experienced a marked reduction in costs on the back of reduced volumes 
and labour. Cash operating costs were 9.9% down at R142 959/kg from R158        
595/kg.                                                                         
Joel                                                                            
Joel had an excellent June 2008 quarter. Volumes milled were up by 49.5% from   
91 000 tonnes to 136 000 tonnes. Higher volumes and a steady grade of 4.50g/t   
lead to a 46.4% increase in gold production of 612kg for the June quarter       
compared with 418kg for the March 2008 quarter.                                 
The excellent gold production contributed to the 24.5% reduction in cash        
operating costs from R164 821/kg to R124 490/kg.                                
Virginia Operations                                                             
St Helena, Harmony, Merriespruit, Unisel, Brand                                 
                                                  June 2008     March 2008      
U/g tonnes milled                    (`000)              522            470     
U/g recovery grade                   (g/t)              3.40           3.60     
U/g kilograms produced               (kg)              1 777          1 690     
U/g working costs                    (R/kg)          197 366        171 209     
U/g working costs                    (R/tonne)           672            616     
                                                      Q-on-Q                    
% Variance     June 2007      
U/g tonnes milled                    (`000)              11.1           568     
U/g recovery grade                   (g/t)              (5.6)          3.82     
U/g kilograms produced               (kg)                 5.2         2 166     
U/g working costs                    (R/kg)            (15.3)       177 564     
U/g working costs                    (R/tonne)          (9.1)           678     
Although the Virginia Operations recorded an 11.1% improvement in tonnages      
milled from 470 000 tonnes to 522 000 tonnes quarter-on-quarter was recorded,   
it experienced a difficult quarter having to contend with labour go-slows and   
several stoppages.                                                              
Grade was down by 5.6% mainly due to poorer grades at Unisel, Brand 3 and       
Harmony 2 shafts. Gold production increased by 5.2% due to higher tonnages      
milled from 1 690kg to 1 777kg.                                                 
Cash operating costs were 15.3% higher at R197 366/kg from R171 209/kg. This is 
ascribed to electricity increases and stores.                                   
SOUTH AFRICAN SURFACE OPERATIONS                                                
Kalgold, Phoenix, Free Gold surface and Target surface                          
                                                  June 2008     March 2008      
Surface tonnes milled                (`000)            2 251          2 191     
Surface recovery grade               (g/t)              0.58           0.48     
Kilograms produced                   (kg)              1 298          1 045     
Working costs                        (R/kg)           83 935         98 504     
Working costs                        (R/tonne)            48             47     
                                                      Q-on-Q                    
% Variance     June 2007      
Surface tonnes milled                (`000)               2.7         1 202     
Surface recovery grade               (g/t)               20.8          0.59     
Kilograms produced                   (kg)                24.2           706     
Working costs                        (R/kg)              14.8       100 313     
Working costs                        (R/tonne)          (2.1)            59     
Kalgold                                                                         
Tons milled were slightly down by 1.3% at 384 000 tonnes from 389 000 tonnes.   
This is mainly due to lost production from unforeseen breakdowns, lower milling 
rates and four days of delays caused by rain.                                   
Grade decreased by 9.6% from 1.87g/t to 1.69g/t quarter-on-quarter mainly       
because of lower grade ore from other pits.                                     
However, grade from the D-zone - the main source of ore - was higher at 2.81g/t.
D-zone will continue to be the main source of ore until the first quarter of    
the 2009 calendar year when it is likely to be replaced by other pits.          
Gold production was 10.9% lower due to lower volumes milled and lower           
recoveries from the plant. Kalgold produced 649kg for the June 2008 quarter     
versus 728kg for the March 2008 quarter.                                        
Cash operating costs were slightly up from R97 636/kg to R98 076/kg. Increases  
were seen in steel, reagents, lime and machinery spares.                        
Project Phoenix                                                                 
Phoenix produced another quarter of consistent results. Tonnage throughput      
through the plant was marginally down by 0.3% from 1 591 000 tonnes to 1 587    
000 tonnes, but a 7.7% higher grade of 0.14g/t (0.13g/t) resulted in gold       
production being up by 5.2% at 224kg from 213kg previously.                     
Costs were up 12.5% from R94 197/kg to R106 000/kg as a result of increases in  
consumables such as reagents.                                                   
INTERNATIONAL OPERATIONS                                                        
Hidden Valley                                                                   
Project overview                                                                
Highlights for the June quarter were the concrete pouring for the SAG mill-base 
and the two middle sections of the SAG mill which are completed and ready for   
shipping from Czech Republic. With regards to mining operations, total waste    
moved was 16% above budget whilst the total ore movement was below budget       
having been affected by road transport and accessibility challenges. Some 535m  
of grade control drilling was completed at Hamata and results indicate          
continuity of ore lodes identified in the resource model.                       
The execution of the design and fabrication of the overland conveyor remains a  
critical issue. The detailed design of the conveyor is progressing well but is  
dependent on the rapid ramp up of the fabrication activities. The shortage of   
civils and contract labour resources is proving to be a challenge.              
Annual Capex Expenditure Profile (Construction Capital : Cash Flow)             
Table (A$m)                                 2006     2007     2008     2009     
Actual Sunk                                   20       90      181              
Forecast                                                                314     
Total                                         20       90      181      314     
Table (A$m)                       2010     2011     2012     2013     Total     
Actual Sunk                                                             291     
Forecast                                                                314     
Total                                                                   605     
Following the announcement of Newcrest acquiring an interest in Harmony`s PNG   
exploration and mining assets, the joint venture partners undertook a detailed  
review of the capital cost estimate and construction schedule for the Hidden    
Valley project. The review confirmed the expected commissioning of Hidden       
Valley in mid-2009.                                                             
The capital cost estimate has increased to around A$605 million. This is        
materially in line with the estimate used by Newcrest when it entered the joint 
venture.                                                                        
Engineering design is 91% complete, procurement is 87% complete with the        
overall project 57% complete.                                                   
DISCONTINUED OPERATIONS                                                         
Cooke Plant Operations                                                          
Cooke plant experienced several challenges during the June quarter, mainly      
insufficient rail trucks and waste rock depletion.                              
Volumes decreased quarter-on-quarter from 645 000 tonnes to 525 000 tonnes.     
Recovery grade was down due to the depletion of waste rock and the use of       
low-grade waste as grinding media. Grade was lower at 0.40g/t from 0.43g/t      
previously, resulting in fewer kilograms produced from 275kg to 212kg. Cash     
operating costs were up by 11.2% due to the introduction of road transport and  
the increases in fuel prices.                                                   
The implementation of Dump 20 project, comprising a pipeline from Dump 20 to    
Cooke plant, required the stopping of mills 1 and 2 for conversion to ball      
mills.                                                                          
Randfontein Operations                                                          
Randfontein`s Cooke 3 shaft experienced two fatalities during the June 2008     
quarter.                                                                        
Volumes from Randfontein`s three shafts increased by 5.8% from 277 000 tonnes   
to 293 000 tonnes.                                                              
Gold production was marginally lower at 1 349kg from 1 354kg previously, due to 
lower recovery grade which dropped by 5.9% from 4.89g/t to 4.60g/t.             
Cash operating costs for the June 2008 quarter were well-contained at R120      
173/kg from R136 157/kg; a decrease of 11.7%.                                   
The shafts, nevertheless, experienced cost increases in electricity and diesel. 
EXPLORATION                                                                     
Wafi-Golpu                                                                      
Project Overview                                                                
Harmony`s exploration activities carried out during the June 2008 quarter       
amounted to R62 million. Exploration activities occurred mostly in Papua New    
Guinea across a range of greenfield and brownfield targets.                     
The Wafi-Golpu exploration tenements have been a large focus area with          
exploration occurring on four potential copper gold porphyry deposits. These    
prospects include Nambonga North, Ghavembu, Kesiago and Biamena.                
On the Morobe Consolidated Goldfields tenements work was mostly targeting high  
grade gold resources. These included prospect areas at Daulo, Kerimenge and     
Salemba, all located within a 6km radius of the Hidden Valley ML.               
Exploration results and programme                                               
Wafi-Golpu                                                                      
Wafi "Near Mine" (Brownfields)                                                  
Nambonga North                                                                  
Exploration continued at Nambonga North with four drill rigs. Drilling          
activities were focused on testing strike and depth extensions of the porphyry  
copper-gold system and the adjacent polymetallic sulphide lode. To date         
mineralisation remains open at depth and along strike. New results received     
during the quarter include:                                                     
Porphyry Cu-Au intercepts:                                                      
* WR275:      180m @ 1.0 g/t Au, 0.25% Cu from 383m                             
Au-Zn-Pb-Ag Massive Sulphide intercepts:                                        
* WR273:      11m    @ 5.0 g/t Au 3.8% Zn, 1.2% Pb and 14 g/t Agf rom 201m      
Nambonga North has the potential to develop into a new multi-million ounce gold 
resource (with additional copper and other base metal credits) for the          
Wafi-Golpu Project. Drilling to scope-out the deposit will remain a priority.   
Wafi Greenfields                                                                
Ghavembu prospect (previously Awembu)                                           
Similar to Nambonga North, the target has excellent porphyry Au-Cu potential    
that could impact significantly on the value of the project. Drill pads for the 
two proposed holes were completed and await drill rigs. Initial drilling is     
scheduled as drill units become available from Nambonga North.                  
Biamena prospect                                                                
A ground-based electromagnetic survey was designed for the Biamena Prospect to  
outline drill targets for porphyries hidden at depth (similar to Golpu). About  
37.5 line km (40%) has been completed to date.                                  
A programme of grid based soils, mapping, and selective rock chip sampling      
commenced in conjunction with the EM survey.                                    
These datasets will be used to interpret IP and EM results and rank drill       
targets. Results have been highly encouraging with rock chip values received up 
to 64 g/t.                                                                      
Kesiago prospect                                                                
A fly camp was established for a planned work programme of surface mapping and  
sampling and drilling. The programme is scheduled to commence Q1 FY09.          
Morobe Consolidated Tenements                                                   
* Daulo prospect. 11 trenches were remapped and selectively re-sampled to       
 validate historical results. Intercepts from this work included                
DLO 1A     10.8m     @ 5.35 g/t Au                                              
DLO3A      45m       @ 4.6 g/t Au                                               
DLO4B      23m       @ 2.2 g/t Au                                               
Mineralisation appears fault bounded. Mapping shows the majority of minor       
structures exposed in the trenches are oriented similar to Edie Creek, dipping  
60 to 70 degrees to the south-east.                                             
The work has highlighted good potential for shallow high-grade oxide within a   
6km radius of the Hidden Valley Plant.                                          
A proposal for follow-up drilling to test the size potential of the prospect is 
underway.                                                                       
* Kerimenge prospect                                                            
 Results received from trenching activities during the quarter include:         
KTK03A     16m       @ 3.2 g/t Au 4m @ 22.5 g/t Au 4m @ 8.23 g/t Au             
KTK03B     8m        @ 5.7 g/t Au 12m @ 3.88 g/t Au                             
The trenching was completed east of the Kerimenge Deposit in an area where no   
previous work has been undertaken and form part of the same zone as KTK02       
results reported last quarter. These results appear associated with Northwest   
trending shear zone which has been intruded by porphyry. To date trenching has  
outlined the structure over approximately 300m of strike and is open to the     
south.                                                                          
Hidden Valley ML 151 Exploration                                                
Work on the Hidden Valley ML included diamond drilling at the Salemba Prospect. 
The drilling was undertaken to test a magnetic target with anomalous coincident 
Au-Mo-Cu geochemistry. Core processing and sampling is in progress.             
FINANCIAL REVIEW FOR THE FOURTH QUARTER AND                                     
YEAR ENDED 30 JUNE 2008                                                         
OPERATING RESULTS - CONTINUING OPERATIONS (Rand/Metric)                         
                            Underground production - South Africa               
Doorn-      
                                         Tshepong     Phakisa          kop      
Ore Milled       - t`000       Jun-08          395          16          126     
                              Mar-08          326           9           74      
Gold Produced    - kg          Jun-08        1 957          60          343     
                              Mar-08        1 991          53          184      
Yield            - g/tonne     Jun-08         4.95        3.75         2.72     
                              Mar-08         6.11        5.89         2.49      
Cash Operating                                                                  
Costs            - R/kg        Jun-08      107 055     127 983      148 157     
                              Mar-08      107 943     108 811      297 293      
Cash Operating                                                                  
Costs            - R/tonne     Jun-08          530         480          403     
                              Mar-08          659         641          739      
Working Revenue  (R`000)       Jun-08      438 170      13 449       76 808     
                              Mar-08      444 818      11 835       42 519      
Cash Operating                                                                  
Costs            (R`000)       Jun-08      209 506       7 679       50 818     
                              Mar-08      214 915       5 767       54 702      
Cash Operating                                                                  
Profit           (R`000)       Jun-08      228 664       5 770       25 990     
                              Mar-08      229 903       6 068     (12 183)      
Capital                                                                         
Expenditure      (R`000)       Jun-08       50 018      97 022      100 247     
Mar-08       43 137      73 207       83 518      
                                          Elands-                               
                                             rand      Target     Masimong      
Ore Milled        - t`000       Jun-08         293         158          204     
Mar-08         214         154          161      
Gold Produced     - kg          Jun-08       1 540         666          886     
                               Mar-08       1 065         565          770      
Yield             - g/tonne     Jun-08        5.26        4.22         4.34     
Mar-08        4.98        3.67         4.78      
Cash Operating                                                                  
Costs             - R/kg        Jun-08     134 961     174 910      173 244     
                               Mar-08     158 494     154 552      167 839      
Cash Operating                                                                  
Costs             - R/tonne     Jun-08         709         737          752     
                               Mar-08         789         567          803      
Working Revenue   (R`000)       Jun-08     346 827     148 605      198 795     
Mar-08     245 789     125 572      173 674      
Cash Operating                                                                  
Costs             (R`000)       Jun-08     207 840     116 490      153 494     
                               Mar-08     168 796      87 322      129 236      
Cash Operating                                                                  
Profit            (R`000)       Jun-08     138 987      32 115       45 301     
                               Mar-08      76 993      38 250       44 438      
Capital                                                                         
Expenditure       (R`000)       Jun-08      95 141      91 410       26 049     
                               Mar-08      83 221      81 434       25 272      
                                         Evander                                
                                      Operations     Bambanani        Joel      
Ore Milled    - t`000       Jun-08            300           133         136     
                           Mar-08            278           157          91      
Gold Produced - kg          Jun-08          1 546         1 009         612     
                           Mar-08          1 500         1 066         418      
Yield         - g/tonne     Jun-08           5.15          7.59        4.50     
                           Mar-08           5.40          6.79        4.59      
Cash                                                                            
Operating                                                                       
Costs         - R/kg        Jun-08        128 616       142 959     124 490     
                           Mar-08        143 107       158 595     164 821      
Cash                                                                            
Operating                                                                       
Costs         - R/tonne     Jun-08            663         1 085         560     
                           Mar-08            772         1 077         757      
Working                                                                         
Revenue       (R`000)       Jun-08        346 022       225 877     137 109     
Mar-08        341 845       234 233      95 065      
Cash                                                                            
Operating                                                                       
Costs         (R`000)       Jun-08        198 840       144 246      76 188     
Mar-08        214 660       169 062      68 895      
Cash                                                                            
Operating                                                                       
Profit        (R`000)       Jun-08        147 182        81 631      60 921     
Mar-08        127 185        65 171      26 170      
Capital                                                                         
Expenditure   (R`000)       Jun-08         55 808        22 028       8 954     
                           Mar-08         53 291        21 502       8 392      
Total SA      
                                      Virginia                      Under-      
                                    Operations     St Helena        ground      
Ore Milled  - t`000       Jun-08            522             -         2 283     
Mar-08            470             -         1 934      
Gold                                                                            
Produced    - kg          Jun-08          1 777             -        10 396     
                         Mar-08          1 690             -         9 302      
Yield       - g/tonne     Jun-08           3.40             -          4.55     
                         Mar-08           3.60             -          4.81      
Cash                                                                            
Operating                                                                       
Costs       - R/kg        Jun-08        197 366             -       145 808     
                         Mar-08        171 209             -       152 026      
Cash                                                                            
Operating                                                                       
Costs       - R/tonne     Jun-08            672             -           664     
                         Mar-08            616             -           731      
Working                                                                         
Revenue     (R`000)       Jun-08        398 504             -     2 330 166     
Mar-08        383 269            26     2 098 645      
Cash                                                                            
Operating                                                                       
Costs       (R`000)       Jun-08        350 719             -     1 515 820     
Mar-08        289 343        11 445     1 414 143      
Cash                                                                            
Operating                                                                       
Profit      (R`000)       Jun-08         47 785             -       814 346     
Mar-08         93 926      (11 419)       684 502      
Capital                                                                         
Expenditure (R`000)       Jun-08         41 078             6       587 761     
                         Mar-08         28 594           167       501 735      
Surface production - South Africa      
                                                       Kalgold     Project      
                                                       Surface     Phoenix      
Ore Milled                     - t`000       Jun-08         384       1 587     
Mar-08         389       1 591      
Gold Produced                  - kg          Jun-08         649         224     
                                            Mar-08         728         213      
Yield                          - g/tonne     Jun-08        1.69        0.14     
Mar-08        1.87        0.13      
Cash Operating Costs           - R/kg        Jun-08      98 076     106 000     
                                            Mar-08      97 636      94 197      
Cash Operating Costs           - R/tonne     Jun-08         166          15     
Mar-08         183          13      
Working Revenue                (R`000)       Jun-08     145 571      50 382     
                                            Mar-08     162 831      48 593      
Cash Operating Costs           (R`000)       Jun-08      63 651      23 744     
Mar-08      71 079      20 064      
Cash Operating Profit          (R`000)       Jun-08      81 920      26 638     
                                            Mar-08      91 752      28 529      
Capital Expenditure            (R`000)       Jun-08       4 822         194     
Mar-08         903         354      
                                                        Other     Total SA      
                                                      Surface      Surface      
Ore Milled                    - t`000       Jun-08         280        2 251     
Mar-08         211        2 191      
Gold Produced                 - kg          Jun-08         425        1 298     
                                           Mar-08         104        1 045      
Yield                         - g/tonne     Jun-08        1.52         0.58     
Mar-08        0.49         0.48      
Cash Operating Costs          - R/kg        Jun-08      50 711       83 935     
                                           Mar-08     113 404       98 504      
Cash Operating Costs          - R/tonne     Jun-08          77           48     
Mar-08          56           47      
Working Revenue               (R`000)       Jun-08      93 760      289 713     
                                           Mar-08      23 631      235 055      
Cash Operating Costs          (R`000)       Jun-08      21 552      108 947     
Mar-08      11 794      102 937      
Cash Operating Profit         (R`000)       Jun-08      72 208      180 766     
                                           Mar-08      11 837      132 118      
Capital Expenditure           (R`000)       Jun-08      55 092       60 108     
Mar-08      18 185       19 442      
                                     South     International                    
                                    Africa        production       Harmony      
                                     Total               PNG         Total      
Ore                                                                             
Milled     - t`000     Jun-08         4 534                 -         4 534     
                      Mar-08         4 125                 -         4 125      
Gold                                                                            
Produced   - kg        Jun-08        11 694                 -        11 694     
                      Mar-08        10 347                 -        10 347      
Yield      - g/tonne   Jun-08          2.58                 -          2.58     
                      Mar-08          2.51                 -          2.51      
Cash                                                                            
Operating                                                                       
Costs      - R/kg      Jun-08       138 940                 -       138 940     
                      Mar-08       146 620                 -       146 620      
Cash                                                                            
Operating                                                                       
Costs      - R/tonne   Jun-08           358                 -           358     
                      Mar-08           368                 -           368      
Working                                                                         
Revenue    (R`000)     Jun-08     2 619 879                 -     2 619 879     
                      Mar-08     2 333 700                 -     2 333 700      
Cash                                                                            
Operating                                                                       
Costs      (R`000)     Jun-08     1 624 767                 -     1 624 767     
                      Mar-08     1 517 080                 -     1 517 080      
Cash                                                                            
Operating                                                                       
Profit     (R`000)     Jun-08       995 112                 -       995 112     
                      Mar-08       816 620                 -       816 620      
Capital                                                                         
Expenditure                                                                     
(R`000)                Jun-08       647 869           668 028     1 315 897     
                      Mar-08       521 177           324 228       845 405      
Evander operations - Evander 5, Evander 7 and Evander 8                         
Virginia operations - Harmony 2, Merriespruit 1 and 3, Unisel and Brand         
OPERATING RESULTS INCLUDING DISCONTINUED OPERATIONS  (Rand/Metric)              
                                       Underground production - South Africa    
                                                                    Doorn-      
Tshepong     Phakisa          kop      
Ore Milled       - t`000       Jun-08          395          16          126     
                              Mar-08          326           9           74      
Gold Produced    - kg          Jun-08        1 957          60          343     
Mar-08        1 991          53          184      
Yield            - g/tonne     Jun-08         4.95        3.75         2.72     
                              Mar-08         6.11        5.89         2.49      
Cash Operating                                                                  
Costs            - R/kg        Jun-08      107 055     127 983      148 157     
                              Mar-08      107 943     108 811      297 293      
Cash Operating                                                                  
Costs            - R/tonne     Jun-08          530         480          403     
Mar-08          659         641          739      
Working Revenue  (R`000)       Jun-08      438 170      13 449       76 808     
                              Mar-08      444 818      11 835       42 519      
Cash Operating                                                                  
Costs            (R`000)       Jun-08      209 506       7 679       50 818     
                              Mar-08      214 915       5 767       54 702      
Cash Operating                                                                  
Profit           (R`000)       Jun-08      228 664       5 770       25 990     
Mar-08      229 903       6 068     (12 183)      
Capital                                                                         
Expenditure      (R`000)       Jun-08       50 018      97 022      100 247     
                              Mar-08       43 137      73 207       83 518      
Elands-                               
                                             rand      Target     Masimong      
Ore Milled        - t`000       Jun-08         293         158          204     
                               Mar-08         214         154          161      
Gold Produced     - kg          Jun-08       1 540         666          886     
                               Mar-08       1 065         565          770      
Yield             - g/tonne     Jun-08        5.26        4.22         4.34     
                               Mar-08        4.98        3.67         4.78      
Cash Operating                                                                  
Costs             - R/kg        Jun-08     134 961     174 910      173 244     
                               Mar-08     158 494     154 552      167 839      
Cash Operating                                                                  
Costs             - R/tonne     Jun-08         709         737          752     
                               Mar-08         789         567          803      
Working Revenue   (R`000)       Jun-08     346 827     148 605      198 795     
                               Mar-08     245 789     125 572      173 674      
Cash Operating                                                                  
Costs             (R`000)       Jun-08     207 840     116 490      153 494     
                               Mar-08     168 796      87 322      129 236      
Cash Operating                                                                  
Profit            (R`000)       Jun-08     138 987      32 115       45 301     
                               Mar-08      76 993      38 250       44 438      
Capital                                                                         
Expenditure       (R`000)       Jun-08      95 141      91 410       26 049     
Mar-08      83 221      81 434       25 272      
                                                         Rand-                  
                                        Evander        fontein      Bamba-      
                                     Operations     Operations        nani      
Ore Milled   - t`000       Jun-08            300            293         133     
                          Mar-08            278            277         157      
Gold Produced- kg          Jun-08          1 546          1 349       1 009     
                          Mar-08          1 500          1 354       1 066      
Yield        - g/tonne     Jun-08           5.15           4.60        7.59     
                          Mar-08           5.40           4.89        6.79      
Cash                                                                            
Operating                                                                       
Costs        - R/kg        Jun-08        128 616        120 173     142 959     
                          Mar-08        143 107        136 157     158 595      
Cash                                                                            
Operating                                                                       
Costs        - R/tonne     Jun-08            663            553       1 085     
                          Mar-08            772            666       1 077      
Working                                                                         
Revenue      (R`000)       Jun-08        346 022        302 758     225 877     
Mar-08        341 845        312 068     234 233      
Cash                                                                            
Operating                                                                       
Costs        (R`000)       Jun-08        198 840        162 114     144 246     
Mar-08        214 660        184 357     169 062      
Cash                                                                            
Operating                                                                       
Profit       (R`000)       Jun-08        147 182        140 644      81 631     
Mar-08        127 185        127 711      65 171      
Capital                                                                         
Expenditure  (R`000)       Jun-08         55 808         40 985      22 028     
                          Mar-08         53 291         40 119      21 502      
Virginia                    
                                                      Opera-                    
                                           Joel        tions     St Helena      
Ore Milled      - t`000       Jun-08         136          522             -     
Mar-08          91          470             -      
Gold Produced   - kg          Jun-08         612        1 777             -     
                             Mar-08         418        1 690             -      
Yield           - g/tonne     Jun-08        4.50         3.40             -     
Mar-08        4.59         3.60             -      
Cash Operating                                                                  
Costs           - R/kg        Jun-08     124 490      197 366             -     
                             Mar-08     164 821      171 209             -      
Cash Operating                                                                  
Costs           - R/tonne     Jun-08         560          672             -     
                             Mar-08         757          616             -      
Working Revenue (R`000)       Jun-08     137 109      398 504             -     
Mar-08      95 065      383 269            26      
Cash Operating                                                                  
Costs           (R`000)       Jun-08      76 188      350 719             -     
                             Mar-08      68 895      289 343        11 445      
Cash Operating                                                                  
Profit          (R`000)       Jun-08      60 921       47 785             -     
                             Mar-08      26 170       93 926      (11 419)      
Capital                                                                         
Expenditure     (R`000)       Jun-08       8 954       41 078             6     
                             Mar-08       8 392       28 594           167      
                                                                  Total SA      
                                                                    Under-      
ARMgold        ground      
Ore Milled                  - t`000       Jun-08            -         2 576     
                                         Mar-08          108         2 319      
Gold Produced               - kg          Jun-08            -        11 745     
Mar-08          300        10 956      
Yield                       - g/tonne     Jun-08            -          4.56     
                                         Mar-08         2.78          4.72      
Cash Operating Costs        - R/kg        Jun-08            -       142 895     
Mar-08      321 143       154 695      
Cash Operating Costs        - R/tonne     Jun-08            -           652     
                                         Mar-08          892           731      
Working Revenue             (R`000)       Jun-08            -     2 632 924     
Mar-08       68 682     2 479 395      
Cash Operating Costs        (R`000)       Jun-08          367     1 678 301     
                                         Mar-08       96 343     1 694 843      
Cash Operating Profit       (R`000)       Jun-08        (367)       954 623     
Mar-08     (27 661)       784 552      
Capital Expenditure         (R`000)       Jun-08         (72)       628 674     
                                         Mar-08          (8)       541 846      
                                          Surface production - South Africa     
Cooke      
                                          Kalgold      Project       plant      
                                           Surface     Phoenix  Operations      
Ore Milled            - t`000     Jun-08       384        1 587         525     
Mar-08       389        1 591         645      
Gold Produced         - kg        Jun-08       649          224         212     
                                 Mar-08       728          213         275      
Yield                 - g/tonne   Jun-08      1.69         0.14        0.40     
Mar-08      1.87         0.13        0.43      
Cash Operating Costs  - R/kg      Jun-08    98 076      106 000     158 769     
                                 Mar-08    97 636       94 197     142 822      
Cash Operating Costs  - R/tonne   Jun-08       166           15          64     
Mar-08       183           13          61      
Working Revenue       (R`000)     Jun-08   145 571       50 382      47 450     
                                 Mar-08   162 831       48 593      62 497      
Cash Operating Costs  (R`000)     Jun-08    63 651       23 744      33 659     
Mar-08    71 079       20 064      39 276      
Cash Operating Profit (R`000)     Jun-08    81 920       26 638      13 791     
                                 Mar-08    91 752       28 529      23 221      
Capital Expenditure   (R`000)     Jun-08     4 822          194       1 090     
Mar-08       903          354       1 886      
                                                               South            
                                          Other    Total SA     Africa          
                                         Surface    Surface       Total         
Ore Milled            - t`000     Jun-08      280      2 776      5 352         
                                 Mar-08      211      2 836      5 155          
Gold Produced         - kg        Jun-08      425      1 510     13 255         
                                 Mar-08      104      1 320     12 276          
Yield                 - g/tonne   Jun-08     1.52       0.54       2.48         
                                 Mar-08     0.49       0.47       2.38          
Cash Operating Costs  - R/kg      Jun-08   50 711     94 441    137 375         
                                 Mar-08  113 404    107 737    149 646          
Cash Operating Costs  - R/tonne   Jun-08       77         51        340         
                                 Mar-08       56         50        356          
Working Revenue       (R`000)     Jun-08   93 760    337 163  2 970 087         
                                 Mar-08   23 631    297 552  2 776 947          
Cash Operating Costs  (R`000)     Jun-08   21 552    142 606  1 820 907         
                                 Mar-08   11 794    142 213  1 837 056          
Cash Operating Profit (R`000)     Jun-08   72 208    194 557  1 149 180         
                                 Mar-08   11 837    155 339    939 891          
Capital Expenditure   (R`000)     Jun-08   55 092     61 198    689 872         
                                 Mar-08   18 185     21 328    563 174          
                                             International production           
                                                     Australia         PNG      
Ore Milled                   - t`000       Jun-08             -           -     
                                          Mar-08            34           -      
Gold Produced                - kg          Jun-08             -           -     
                                          Mar-08            56           -      
Yield                        - g/tonne     Jun-08             -           -     
                                          Mar-08          1.65           -      
Cash Operating Costs         - R/kg        Jun-08             -           -     
                                          Mar-08       510 875           -      
Cash Operating Costs         - R/tonne     Jun-08             -           -     
                                          Mar-08           841           -      
Working Revenue              (R`000)       Jun-08             -           -     
                                          Mar-08        29 815           -      
Cash Operating Costs         (R`000)       Jun-08             -           -     
                                          Mar-08        28 609           -      
Cash Operating Profit        (R`000)       Jun-08             -           -     
                                          Mar-08         1 206           -      
Capital Expenditure          (R`000)       Jun-08           277     668 028     
                                          Mar-08            61     324 228      
                                                       Total                    
                                                      Inter-       Harmony      
national         Total      
Ore Milled                  - t`000       Jun-08            -         5 352     
                                         Mar-08           34         5 189      
Gold Produced               - kg          Jun-08            -        13 255     
Mar-08           56        12 332      
Yield                       - g/tonne     Jun-08            -          2.48     
                                         Mar-08         1.65          2.38      
Cash Operating Costs        - R/kg        Jun-08            -       137 375     
Mar-08      510 875       151 286      
Cash Operating Costs        - R/tonne     Jun-08            -           340     
                                         Mar-08          841           360      
Working Revenue             (R`000)       Jun-08            -     2 970 087     
Mar-08       29 815     2 806 762      
Cash Operating Costs        (R`000)       Jun-08            -     1 820 907     
                                         Mar-08       28 609     1 865 665      
Cash Operating Profit       (R`000)       Jun-08            -     1 149 180     
Mar-08        1 206       941 097      
Capital Expenditure         (R`000)       Jun-08      668 305     1 358 177     
                                         Mar-08      324 289       887 463      
Evander operations - Evander 5, Evander 7 and Evander 8                         
Randfontein operations - Cooke 1, Cooke 2 and Cooke 3                           
Virginia operations - Harmony 2, Merriespruit 1 and 3, Unisel and Brand         
CONDENSED CONSOLIDATED INCOME STATEMENT (Rand)                                  
                                                Quarter ended                   
June           March         June(1)      
                                      2008            2008            2007      
                     Notes     (Unaudited)     (Unaudited)     (Unaudited)      
                                 R million       R million       R million      
Continuing operations                                                           
Revenue                               2 620           2 334           1 880     
Cost of sales             2         (2 284)         (1 820)         (1 928)     
Production cost                     (1 625)         (1 517)         (1 855)     
Amortisation and                                                                
depreciation                          (222)           (189)           (214)     
Impairment of assets                  (316)               -             123     
Employment                                                                      
termination and                                                                 
restructuring costs                    (50)            (86)               -     
Other items                            (71)            (28)              18     
Gross profit/(loss)                     336             514            (48)     
Corporate,                                                                      
administration and                                                              
other expenditure                      (49)            (55)            (84)     
Exploration                                                                     
expenditure                            (62)            (55)            (83)     
Other                                                                           
(expenses)/income -                                                             
net                                     (9)            (16)              75     
Operating                                                                       
profit/(loss)                           216             388           (140)     
Loss from associates                   (68)            (10)             (1)     
Profit on sale of                                                               
investment in                                                                   
associate                                 -               -               -     
Impairment of                                                                   
investment in                                                                   
associate                              (95)               -               -     
Loss on sale of                                                                 
investment in joint                                                             
venture                                 (2)               -               -     
Mark-to-market of                                                               
listed investments                        -               -              31     
Loss on sale of                                                                 
listed investments                        -               -            (37)     
Impairment of                                                                   
investments                             (1)               -               -     
Investment income                        86              54              85     
Finance cost                          (131)           (123)           (195)     
Profit/(Loss) before                                                            
taxation                                  5             309           (257)     
Taxation                              (246)           (156)              84     
Net (loss)/profit                                                               
from continuing                                                                 
operations                            (241)             153           (173)     
Discontinued                                                                    
operations                3                                                     
Profit/(Loss) from                                                              
discontinued                                                                    
operations                              170             192           (463)     
Net (loss)/profit                      (71)             345           (636)     
(Loss)/Earnings per                                                             
share from continuing                                                           
operations                                                                      
attributable to the                                                             
equity holders                                                                  
of the Company during                                                           
the year (cents)          4                                                     
- Basic                                                                         
(loss)/earnings                        (60)              38            (43)     
- Headline                                                                      
earnings/(loss)                          38              39            (81)     
- Fully diluted                                                                 
(loss)/earnings                        (60)              38            (43)     
Earnings/(Loss) per                                                             
share from                                                                      
discontinuing                                                                   
operations                                                                      
attributable to the                                                             
equity holders                                                                  
of the Company during                                                           
the year (cents)          4                                                     
- Basic                                                                         
earnings/(loss)                          42              48           (116)     
- Headline                                                                      
earnings/(loss)                          27              24            (48)     
- Fully diluted                                                                 
earnings/(loss)                          42              48           (116)     
Total (loss)/earnings                                                           
per share from all                                                              
operations                                                                      
attributable to the                                                             
equity holders                                                                  
of the Company during                                                           
the year (cents)          4                                                     
- Basic                                                                         
(loss)/earnings                        (18)              86           (159)     
- Headline                                                                      
earnings/(loss)                          65              63           (129)     
- Fully diluted                                                                 
(loss)/earnings                        (18)              86           (159)     
Year ended           
                                                        June       June(1)      
                                                        2008          2007      
                                                   R million     R million      
Continuing operations                                                           
Revenue                                                 9 210         8 037     
Cost of sales                                         (8 184)       (6 729)     
Production cost                                       (6 673)       (6 021)     
Amortisation and depreciation                           (846)         (763)     
Impairment of assets                                    (316)           123     
Employment termination and restructuring costs          (212)             -     
Other items                                             (137)          (68)     
Gross profit/(loss)                                     1 026         1 308     
Corporate, administration and other expenditure         (228)         (226)     
Exploration expenditure                                 (205)         (194)     
Other (expenses)/income - net                            (90)           186     
Operating profit/(loss)                                   503         1 074     
Loss from associates                                     (78)          (19)     
Profit on sale of investment in associate                   -           236     
Impairment of investment in associate                    (95)             -     
Loss on sale of investment in joint venture               (2)             -     
Mark-to-market of listed investments                       33           111     
Loss on sale of listed investments                      (459)          (35)     
Impairment of investments                                 (1)          (10)     
Investment income                                         282           188     
Finance cost                                            (514)         (454)     
Profit/(Loss) before taxation                           (331)         1 091     
Taxation                                                (465)         (271)     
Net (loss)/profit from continuing operations            (796)           820     
Discontinued operations                                                         
Profit/(Loss) from discontinued operations                551         (438)     
Net (loss)/profit                                       (245)           382     
(Loss)/Earnings per share from continuing                                       
operations attributable to the equity holders                                   
of the Company during the year (cents)                                          
- Basic (loss)/earnings                                 (199)           206     
- Headline earnings/(loss)                                 19            96     
- Fully diluted (loss)/earnings                         (199)           204     
Earnings/(Loss) per share from discontinuing                                    
operations attributable to the equity holders                                   
of the Company during the year (cents)                                          
- Basic earnings/(loss)                                   137         (110)     
- Headline earnings/(loss)                                108          (43)     
- Fully diluted earnings/(loss)                           137         (110)     
Total (loss)/earnings per share from all                                        
operations attributable to the equity holders                                   
of the Company during the year (cents)                                          
- Basic (loss)/earnings                                  (62)            96     
- Headline earnings/(loss)                                127            53     
- Fully diluted (loss)/earnings                          (62)            94     
1 The comparative figures were adjusted to exclude further discontinued         
operations and interest capitalised.                                            
CONDENSED CONSOLIDATED BALANCE SHEET (Rand)                                     
                                        At              At              At      
                                      June           March            June      
                                      2008            2008            2007      
Notes                     (Unaudited)                      
                                 R million       R million       R million      
ASSETS                                                                          
Non-current assets                                                              
Property, plant and                                                             
equipment                            27 556          26 575          24 538     
Intangible assets                     2 209           2 309           2 307     
Restricted cash                          78              80               5     
Restricted investments    5           1 465           1 304           1 373     
Investments in                                                                  
financial assets          6              67             109              14     
Investments in                                                                  
associates                7             145             341               7     
Trade and other                                                                 
receivables                             137               7              95     
                                    31 657          30 725          28 339      
Current assets                                                                  
Inventories                             693             654             742     
Investments in                                                                  
financial assets          6               -               -           2 484     
Trade and other                                                                 
receivables                             873             993             918     
Income and mining                                                               
taxes                                    82              58              66     
Restricted cash                           -               -             274     
Cash and cash                                                                   
equivalents               9             413             346             711     
                                     2 061           2 051           5 195      
Non-current assets                                                              
classified as held                                                              
for sale                  3           1 539           1 716           1 284     
                                     3 600           3 767           6 479      
Total assets                         35 257          34 492          34 818     
EQUITY AND LIABILITIES                                                          
Share capital and                                                               
reserves                                                                        
Share capital                        25 895          25 866          25 636     
Other reserves                          676             731           (349)     
Accumulated loss                    (1 832)         (1 779)         (1 581)     
                                    24 739          24 818          23 706      
Non-current                                                                     
liabilities                                                                     
Borrowings                8             264           1 918           1 743     
Deferred income tax                   2 990           2 599           2 719     
Provisions for other                                                            
liabilities and                                                                 
charges                               1 273           1 078           1 216     
                                     4 527           5 595           5 678      
Current liabilities                                                             
Trade and other                                                                 
payables                              1 372             923           1 545     
Provisions and                                                                  
accrued liabilities                     287             261             267     
Borrowings                8           3 835           2 009           2 855     
Bank overdraft            9               -               -             220     
                                     5 494           3 193           4 887      
Liabilities directly                                                            
associated with                                                                 
non-current assets                                                              
classified as held                                                              
for sale                  3             497             886             547     
                                     5 991           4 079           5 434      
Total equity and                                                                
liabilities                          35 257          34 492          34 818     
Number of ordinary                                                              
shares in issue                 403 253 756     402 818 020     399 608 384     
Net asset value per                                                             
share (cents)                         6 135           6 161           5 932     
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY (Rand)                    
                                                Issued share         Other      
                                                     capital      reserves      
                                                   R million     R million      
Balance - 30 June 2007 (as previously reported)        25 636         (349)     
Change in accounting policy for the                                             
capitalisation of                                                               
interest on assets under construction                       -             -     
Balance - 30 June 2007 (restated)                      25 636         (349)     
Issue of share capital                                    259             -     
Currency translation adjustment and other                   -         1 025     
Net loss                                                    -             -     
Dividends paid                                              -             -     
Balance as at 30 June 2008                             25 895           676     
Balance - 30 June 2006 (as previously reported)        25 489         (271)     
Change in accounting policy for the                                             
capitalisation of                                                               
interest on assets under construction                       -             -     
Balance - 30 June 2006 (restated)                      25 489         (271)     
Issue of share capital                                    147             -     
Currency translation adjustment and other                   -          (78)     
Net profit                                                  -             -     
Dividends paid                                              -             -     
Balance as at 30 June 2007                             25 636         (349)     
Accumulated                    
                                                        loss         Total      
                                                   R million     R million      
Balance - 30 June 2007 (as previously reported)       (1 681)        23 606     
Change in accounting policy for the                                             
capitalisation of                                                               
interest on assets under construction                     100           100     
Balance - 30 June 2007 (restated)                     (1 581)        23 706     
Issue of share capital                                      -           259     
Currency translation adjustment and other                   -         1 025     
Net loss                                                (245)         (245)     
Dividends paid                                            (6)           (6)     
Balance as at 30 June 2008                            (1 832)        24 739     
Balance - 30 June 2006 (as previously reported)       (2 015)        23 203     
Change in accounting policy for the                                             
capitalisation of                                                               
interest on assets under construction                      59            59     
Balance - 30 June 2006 (restated)                     (1 956)        23 262     
Issue of share capital                                      -           147     
Currency translation adjustment and other                   -          (78)     
Net profit                                                382           382     
Dividends paid                                            (7)           (7)     
Balance as at 30 June 2007                            (1 581)        23 706     
CONDENSED CONSOLIDATED CASH FLOW STATEMENT (Rand)                               
Quarter ended          
                                                      June           March      
                                                      2008            2008      
                                     Notes     (Unaudited)     (Unaudited)      
R million       R million      
Cash flow from operating activities                                             
Cash generated by operations                          1 506             794     
Interest and dividends received                          97              64     
Interest paid                                         (117)           (123)     
Income and mining taxes paid                           (67)            (41)     
Cash generated by operating activities                1 419             694     
Cash flow from investing activities                                             
(Increase)/decrease in restricted cash                    2               1     
Net proceeds on disposal of listed                                              
investments                                               -               -     
Net additions to property, plant and                                            
equipment                                           (1 267)           (884)     
Other investing activities                            (190)               6     
Cash utilised by investing activities               (1 455)           (877)     
Cash flow from financing activities                                             
Long-term loans raised                    8             136               -     
Long-term loans repaid                    8            (12)             (6)     
Ordinary shares issued - net of                                                 
expenses                                                 23              40     
Dividends paid                                          (6)               -     
Cash generated by financing activities                  141              34     
Foreign currency translation                                                    
adjustments                                            (38)              62     
Net increase/(decrease) in cash and                                             
equivalents                                              67            (87)     
Cash and equivalents - beginning of                                             
period                                                  348             435     
Cash and equivalents - end of period      9             415             348     
                                                            Year ended          
                                                        June          June      
                                                        2008          2007      
R million     R million      
Cash flow from operating activities                                             
Cash generated by operations                            1 978         1 221     
Interest and dividends received                           306           204     
Interest paid                                           (417)         (226)     
Income and mining taxes paid                            (129)          (13)     
Cash generated by operating activities                  1 738         1 186     
Cash flow from investing activities                                             
(Increase)/decrease in restricted cash                    205          (29)     
Net proceeds on disposal of listed investments          1 310           395     
Net additions to property, plant and equipment        (3 718)       (2 549)     
Other investing activities                              (170)          (45)     
Cash utilised by investing activities                 (2 373)       (2 228)     
Cash flow from financing activities                                             
Long-term loans raised                                  2 234         1 804     
Long-term loans repaid                                (1 820)       (1 002)     
Ordinary shares issued - net of expenses                   87           138     
Dividends paid                                            (6)           (7)     
Cash generated by financing activities                    495           933     
Foreign currency translation adjustments                   61          (48)     
Net increase/(decrease) in cash and equivalents          (79)         (157)     
Cash and equivalents - beginning of period                494           651     
Cash and equivalents - end of period                      415           494     
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS                        
FOR THE QUARTER AND YEAR ENDED 30 JUNE 2008                                     
1.   Accounting policies                                                        
(a) Basis of accounting                                                         
The condensed consolidated interim financial statements for the period ended 30 
June 2008 have been prepared using accounting policies that comply with         
International Financial Reporting Standards (IFRS), which are consistent with   
the accounting policies used in the audited annual financial statements for the 
year ended 30 June 2007, except for accounting policy changes made after the    
date of the annual financial statements. These condensed consolidated interim   
financial statements are prepared in accordance with IAS 34, Interim Financial  
Reporting, and should be read in conjunction with the financial statements for  
the year ended 30 June 2007.                                                    
(b) Implementation of accounting policy                                         
IAS 23 (Revised) - Borrowing Costs: The company early adopted IAS 23 (Revised)  
- Borrowing Costs, retrospectively as at 1 July 2000, which requires that       
management capitalise borrowing costs directly attributable to the acquisition  
and construction of qualifying assets. Qualifying assets are assets that take a 
substantial time to get ready for their intended use.                           
The impact of this adjustment was as follows:                                   
                                                      Quarter ended             
June           March            June      
                                      2008            2008            2007      
                               (Unaudited)     (Unaudited)     (Unaudited)      
                                 R million       R million       R million      
Effect on net loss/profit:                                                      
Decrease in interest expense             91              11              21     
Income tax                             (26)             (3)             (6)     
Decrease in net loss                     65               8              15     
Effect on opening accumulated                                                   
loss:                                                                           
Decrease in interest expense            177             166             119     
Income tax                             (52)            (49)            (34)     
Decrease in accumulated loss            125             117              85     
                                                      Year ended                
                                                        June          June      
                                                        2008          2007      
R million     R million      
Effect on net loss/profit:                                                      
Decrease in interest expense                              128            58     
Income tax                                               (38)          (17)     
Decrease in net loss                                       90            41     
Effect on opening accumulated loss:                                             
Decrease in interest expense                              140            82     
Income tax                                               (40)          (23)     
Decrease in accumulated loss                              100            59     
The borrowing costs are added to the cost of those assets, until such time as   
the assets are substantially ready for their intended use.                      
All other borrowing costs are dealt with in profit or loss in the period in     
which they are incurred.                                                        
2. Cost of sales                                                                
The income statement is now presented by function as per the requirements of    
IAS1 - Presentation of Financial Statements. The major difference is that cost  
of sales in disclosed on the face of the income statement, with the items       
disclosed by nature in the notes to the financial statements.                   
                                                          Quarter ended         
                                      June           March            June      
2008            2008            2007      
                               (Unaudited)     (Unaudited)     (Unaudited)      
                                 R million       R million       R million      
Cost of sales consists of:                                                      
Production costs                      1 625           1 517           1 855     
Amortisation and depreciation           222             189             214     
Impairment of assets                    316               -           (123)     
Provision for rehabilitation                                                    
costs                                    12               -            (19)     
Care and maintenance cost of                                                    
restructured shafts                      29              24              11     
Employment termination and                                                      
restructuring costs                      50              86               -     
Share-based compensation                 19               4               3     
Provision for post retirement                                                   
benefits                                 11               -            (13)     
2 284           1 820           1 928      
                                                              Year ended        
                                                        June          June      
                                                        2008          2007      
R million     R million      
Cost of sales consists of:                                                      
Production costs                                        6 673         6 021     
Amortisation and depreciation                             846           763     
Impairment of assets                                      316         (123)     
Provision for rehabilitation costs                         12          (16)     
Care and maintenance cost of restructured shafts           74            56     
Employment termination and restructuring costs            212             -     
Share-based compensation                                   42            41     
Provision for post retirement benefits                      9          (13)     
                                                       8 184         6 729      
3. Non-current assets held for sale and discontinued operations                 
The assets and liabilities related to Mt Magnet and South Kal (operations in    
Australia), ARMgold Welkom and Orkney (operations in the Free State and         
Northwest areas), and Kudu/Sable (operations in the Free State area), have been 
presented as held for sale on 30 June 2007.                                     
On 6 December 2007, the sale relating to the South Kal operation (operation in  
Australia) was concluded at a loss, net of tax, of R51 million and the assets   
were derecognised.                                                              
On 27 February 2008, the sale relating to the Orkney operations (operations in  
the Northwest area) was concluded at a profit, of R66 million and the assets    
were derecognised.                                                              
The assets and liabilities relating to the Cooke 1, Cooke 2, Cooke 3, Cooke     
plant and relating surface operations (operations in the Gauteng area) have     
been presented as held for sale following the approval of the Group`s           
management on 16 October 2007. The comparative prior year quarter and year to   
date information has been restated for this reclassification.                   
During June 2008, management decided not to sell the ARMgold Welkom shafts and  
Kudu/Sable. Due to this, their results have been included in net profit/(loss)  
from continuing operations and the comparative periods restated.                
At 30 June 2008, the sale of Mt Magnet was postponed. As management and the     
buyer were intent on the sale, even though the one-year period allowed by IFRS  
5 has expired, these assets have still been classified as held for sale. See    
note 11 for further details.                                                    
4. Earnings/(Loss) per share                                                    
Earnings/(Loss) per share is calculated on the weighted average number of       
shares in issue for the quarter ended 30 June 2008: 402.8 million (31 March     
2008: 400.7 million, 30 June 2007: 398.6 million) and the year ended 30 June    
2008: 400.8 million (30 June 2007: 397.9 million).                              
The fully diluted earnings/(loss) per share is calculated on weighted average   
number of diluted shares in issue for the quarter ended 30 June 2008: 405.2     
million (31 March 2008: 403.5 million, 30 June 2007: 403.1 million) and the     
year ended 30 June 2008: 402.9 million (30 June 2007: 402.4 million).           
                                                       Quarter ended            
June           March            June      
                                      2008            2008            2007      
                               (Unaudited)     (Unaudited)     (Unaudited)      
                                 R million       R million       R million      
Total (loss)/earnings per share                                                 
(cents):                                                                        
Basic (loss)/earnings                  (18)              86           (159)     
Headline earnings/(loss)                 65              63           (129)     
Fully diluted (loss)/earnings          (18)              86           (159)     
                                 R million       R million       R million      
Reconciliation of headline                                                      
earnings/(loss):                                                                
Continuing operations                                                           
Net (loss)/profit                     (241)             153           (173)     
Adjusted for:                                                                   
Loss/(Profit) on sale of                                                        
property,                                                                       
plant and equipment                      32             (1)            (66)     
Loss on sale of listed                                                          
investment                                -               -              31     
Impairment of investments                 1               -               -     
Loss on sale of joint venture             2               -               -     
Profit on sale of associate               -               -               -     
Impairment of investment in                                                     
associates                               95               -               -     
Impairment/(Reversal of                                                         
impairment) of                                                                  
property, plant and equipment           159               -           (117)     
Impairment of intangible assets         105               -               -     
Provision for doubtful debt               -               4               -     
Headline profit/(loss)                  153             156           (325)     
Discontinued operations                                                         
Net profit/(loss)                       170             192           (463)     
Adjusted for:                                                                   
(Profit)/Loss on sale of                                                        
property,                                                                       
plant and equipment                    (90)           (100)               -     
Profit on sale of investments             -               -               -     
Impairment/(Reversal of                                                         
impairment) of                                                                  
property, plant and equipment            30               4             274     
Headline profit/(loss)                  110              96           (189)     
Total headline profit/(loss)            263             252           (514)     
                                                            Year ended          
June          June      
                                                        2008          2007      
                                                   R million     R million      
Total (loss)/earnings per share (cents):                                        
Basic (loss)/earnings                                    (62)            96     
Headline earnings/(loss)                                  127            53     
Fully diluted (loss)/earnings                            (62)            94     
                                                   R million     R million      
Reconciliation of headline earnings/(loss):                                     
Continuing operations                                                           
Net (loss)/profit                                       (796)           820     
Adjusted for:                                                                   
Loss/(Profit) on sale of property,                                              
plant and equipment                                       (2)         (129)     
Loss on sale of listed investment                         459            30     
Impairment of investments                                   1             -     
Loss on sale of joint venture                               2             -     
Profit on sale of associate                                 -         (220)     
Impairment of investment in associates                     95             -     
Impairment/(Reversal of impairment) of                                          
property, plant and equipment                             159         (117)     
Impairment of intangible assets                           105             -     
Provision for doubtful debt                                52             -     
Headline profit/(loss)                                     75           384     
Discontinued operations                                                         
Net profit/(loss)                                         551         (438)     
Adjusted for:                                                                   
(Profit)/Loss on sale of property,                                              
plant and equipment                                      (95)             -     
Profit on sale of investments                               -           (6)     
Impairment/(Reversal of impairment) of                                          
property, plant and equipment                            (25)           274     
Headline profit/(loss)                                    431         (170)     
Total headline profit/(loss)                              506           214     
5. Restricted investments                                                       
                                        June           March          June      
2008            2008          2007      
                                                 (Unaudited)                    
                                   R million       R million     R million      
Environmental Trust Funds               1 428           1 271         1 336     
Other                                      37              33            37     
                                       1 465           1 304         1 373      
6. Investment in financial assets                                               
                                        June           March          June      
2008            2008          2007      
                                                 (Unaudited)                    
                                   R million       R million     R million      
Current                                                                         
Investment in African Rainbow                                                   
Minerals Limited (see note 8)               -               -         1 051     
Investment in Gold Fields Limited *         -               -         1 433     
                                           -               -         2 484      
Non-current                                                                     
Other                                      67             109            14     
                                          67             109         2 498      
* During the September 2007 quarter Harmony sold all of its remaining Gold      
Fields Limited (GFI) shares for a loss of R459 million.                         
7. Investment in associate                                                      
On 27 February 2008, Pamodzi Gold Limited bought the Orkney operations from the 
Harmony Group for a consideration of 30 million Pamodzi Gold Limited shares.    
This resulted in Harmony Gold Mining Company owning 32.4% of Pamodzi Gold       
Limited. At 30 June 2008, management tested for impairment of the investment in 
associate. An amount of R91 million was impaired and accounted for in the       
income statement. The book value at 30 June 2008, after taking impairment and   
loss from associate into account, was R145 million.                             
8. Borrowings                                                                   
                                        June           March          June      
                                        2008            2008          2007      
(Unaudited)                    
                                   R million       R million     R million      
Unsecured borrowings                                                            
Convertible unsecured fixed rate                                                
bonds                                   1 626           1 605         1 541     
Africa Vanguard Resources                                                       
(Proprietary) Limited                      32              32            32     
                                       1 658           1 637         1 573      
Less: Short-term portion              (1 626)               -             -     
Total unsecured long-term borrowings       32           1 637         1 573     
Secured borrowings                                                              
Westpac Bank Limited*                     258             119             2     
Africa Vanguard Resources                                                       
(Doornkop) (Pty) Limited (Nedbank                                               
Limited)                                  194             188           170     
ARM Empowerment Trust 1 (Nedbank                                                
Limited)**                                  -               -           450     
ARM Empowerment Trust 2 (Nedbank                                                
Limited)**                                  -               -           601     
Rand Merchant Bank                          -               -         1 802     
Nedbank Limited                         2 000           2 000             -     
Less: Unamortised transaction costs      (11)            (17)             -     
                                       2 441           2 290         3 025      
Less: Short-term portion              (2 209)         (2 009)       (2 855)     
Total secured long-term borrowings        232             281           170     
Total long-term borrowings                264           1 918         1 743     
* The lease was entered into for the purchase of mining fleet to be used on the 
Hidden Valley project.                                                          
** The guarantees relating to the Nedbank loans were cancelled on 28 September  
2007 and consequently Harmony has no further obligations to Nedbank in this     
regard. The ARM investment and associated Nedbank loans were derecognised from  
this date.                                                                      
The future minimum lease payments to Westpac Bank Limited are as follows:       
                                        June           March          June      
                                        2008            2008          2007      
                                                 (Unaudited)                    
R million       R million     R million      
Due within one year                        57              26             -     
Due between one and five years            228              97             -     
                                         285             123             -      
9. Cash and cash equivalents                                                    
                                        June           March          June      
                                        2008            2008          2007      
                                                 (Unaudited)                    
R million       R million     R million      
Comprises:                                                                      
Continuing operations                     413             346           491     
Discontinued operations                     2               2             3     
Total cash and cash equivalents           415             348           494     
10. Commitments and contingencies                                               
                                        June           March          June      
                                        2008            2008          2007      
(Unaudited)                    
                                   R million       R million     R million      
Capital expenditure commitments                                                 
Contracts for capital expenditure       1 164           1 191           352     
Authorised by the directors but not                                             
contracted for                          1 720           1 422         1 881     
                                       2 884           2 613         2 233      
This expenditure will be financed                                               
from existing resources and                                                     
where appropriate, borrowings.                                                  
Contingent liabilities                                                          
Guarantees and suretyships                 18              18            18     
Environmental guarantees                  152             173           129     
                                         170             191           147      
Contingent liability                                                            
On 18 April 2008, Harmony Gold Mining Company Limited was made aware that it    
has been named or may be named as a defendant in a lawsuit filed in the U.S.    
District Court in the Southern District of New York on behalf of certain        
purchasers and sellers of Harmony`s American Depositary Receipts ("ADRs").      
Harmony has retained legal counsel, who will advise Harmony on further          
developments in the U.S.                                                        
11. Subsequent events                                                           
Village Main Reef                                                               
On 11 July 2008, Harmony sold its 37.8% share in Village Main Reef Gold Mining  
Company (1934) Limited for R1.1 million to To The Point Investments. Z B        
Swanepoel, Harmony`s previous Chief Executive Officer, is a director and        
founder of To The Point Investments.                                            
PNG Partnership agreement                                                       
On 22 April 2008 Morobe Consolidated Goldfields Limited and Wafi Mining         
Limited, subsidiaries of Harmony Gold (Australia) Pty Ltd entered into a Master 
Purchase and Farm-in Agreement with Newcrest Mining Limited (Newcrest). This    
agreement provides for Newcrest to purchase a 30.01% Participating Interest     
(Stage 1) and a further buy-out of an additional 19.99% Participating Interest  
in Harmony`s Papua New Guinea (PNG) gold and copper assets. Due to the fact     
that there were a number of conditions precedents to be met, the expected       
profit on the transaction was not recognised in the 2007/2008 financial year.   
On 16 July 2008 the conditions precedent were finalised, which included         
regulatory and statutory approvals by the PNG Government. Stage 1 Completion    
has now taken place with an effective date of 31 July 2008.                     
Total consideration for Stage 1 completion of US$229 million was received, of   
which US$50 million has been placed in a jointly controlled Escrow account      
which will revert to Harmony upon the confirmation of an exploration licence    
("EL") approval by the PNG Mining Authorities. Re-registration of the EL is     
expected by the end of August 2008.                                             
The expected profit on Stage 1 Completion is estimated to be AUD$84.3 million   
(post-tax) and will be accounted for in the September 2008 quarter.             
Sale of MMG and BBO entities                                                    
Harmony announced on the 8 November 2007 that it signed a letter of intent with 
Monarch Gold Mining Company for the sale of its Mount Magnet operations for     
AUD$65 million. On 8 July 2008 Harmony further announced a revision to the deal 
and an extension of the period in which the conditions precedent is to be met.  
Subsequent to this announcement Harmony was advised that the terms of the sale  
contract with Monarch Gold had been reconstituted, Monarch placed itself in     
voluntary administration.                                                       
On 1 August 2008 the Administrator indicated that Monarch will not proceed with 
the proposed purchase and consequently the purchase agreement has been          
terminated. Harmony received from Monarch a deposit of AUD$5 million of which   
AUD$2.5 million has been refunded and AUD$2.5 million has been recorded as      
revenue. Harmony has resumed management of the operation and has re-commenced   
the sale process.                                                               
12. Segment report                                                              
The primary reporting format of the Company is by business segment. As there is 
only one business segment, being mining, extraction and production of gold, the 
relevant disclosures have been given in the condensed consolidated financial    
statements.                                                                     
13. Audit review                                                                
The condensed consolidated financial statements for the year ended 30 June 2008 
on pages 28 to 37 have been reviewed in accordance with International Standards 
on Review Engagements 2410 - "Review of interim financial information performed 
by the Independent Auditors of the entity" by PricewaterhouseCoopers Inc. Their 
unqualified review opinion is available for inspection at the Company`s         
registered office.                                                              
DETAILED OPERATING INFORMATION YEAR ENDED 30 JUNE 2008 (Rand/Metric)            
                                    Cash              Cash                      
Continuing                      operating         operating         Capital     
Operations          Revenue          cost     profit/(loss)     expenditure     
South Africa      R million     R million         R million       R million     
Tshepong              1 621           906               715             195     
Phakisa                  28            17                11             293     
Doornkop                258           225                33             349     
Elandsrand              964           751               213             318     
Target                  503           374               129             256     
Masimong                698           637                61             114     
Evander Operations                                                              
Evander 5               360           259               101              43     
Evander 7               316           231                85              83     
Evander 8               726           426               300             116     
Total Evander                                                                   
Operations            1 402           916               486             242     
Bambanani               932           741               191             107     
Joel                    375           284                91              39     
Virginia                                                                        
Operations                                                                      
Harmony 2               283           262                21              39     
Merriespruit 1          287           239                48              31     
Merriespruit 3          240           229                11              22     
Unisel                  399           318                81              38     
Brand 3                 279           251                28              22     
Brand 5                   -             9               (9)               -     
Total Virginia                                                                  
Operations            1 488         1 308               180             152     
St Helena                41            92              (51)               4     
Kalgold                 557           278               279              10     
Project Phoenix         191            89               102               4     
Other entities          152            55                97             136     
Total South Africa    9 210         6 673             2 537           2 219     
International                                                                   
PNG                       -             -                 -           1 428     
Total                                                                           
International             -             -                 -           1 428     
Total Harmony                                                                   
- Continuing                                                                    
Operations            9 210         6 673             2 537           3 647     
Continuing                     Kilograms     Tonnes               Operating     
Operations                          gold     milled     Grade          Cost     
South Africa                                  t`000                    R/kg     
Tshepong                           8 495      1 495      5.68       106 658     
Phakisa                              131         31      4.23       130 221     
Doornkop                           1 373        448      3.06       164 099     
Elandsrand                         4 934        890      5.54       152 171     
Target                             2 644        622      4.25       141 027     
Masimong                           3 657        809      4.52       174 080     
Evander Operations                                                              
Evander 5                          1 884        346      5.45       137 386     
Evander 7                          1 772        280      6.33       130 210     
Evander 8                          3 810        686      5.56       111 715     
Total Evander                                                                   
Operations                         7 466      1 312      5.69       122 598     
Bambanani                          4 945        827      5.98       149 792     
Joel                               1 904        407      4.68       149 305     
Virginia Operations                                                             
Harmony 2                          1 497        442      3.38       174 852     
Merriespruit 1                     1 463        387      3.78       163 585     
Merriespruit 3                     1 258        389      3.23       181 769     
Unisel                             2 103        496      4.24       151 376     
Brand 3                            1 465        416      3.52       171 437     
Brand 5                                -          -         -             -     
Total Virginia                                                                  
Operations                         7 786      2 130      4.00       174 091     
St Helena                            260         78      3.33       355 654     
Kalgold                            2 898      1 530      1.89        95 939     
Project Phoenix                    1 002      6 378      0.19        75 184     
Other entities                       732        729      0.73        98 100     
Total South Africa                48 227     17 686      2.73       138 319     
International                                                                   
PNG                                    -          -         -             -     
Total International                    -          -         -             -     
Total Harmony                                                                   
- Continuing                                                                    
Operations                        48 227     17 686      2.73       138 319     
                                    Cash              Cash                      
Discontinued                    operating         operating         Capital     
Operations          Revenue          cost     profit/(loss)     expenditure     
South Africa      R million     R million         R million       R million     
Orkney 2                148           148                 -               6     
Orkney 4                110           145              (35)               9     
Orkney 7                 54            82              (28)              11     
Cooke 1                 357           231               126              16     
Cooke 2                 353           201               152              35     
Cooke 3                 491           325               166             107     
Cooke Plant                                                                     
Operations              205           130                75               4     
Total South Africa    1 718         1 262               456             188     
Australia                                                                       
Mt Magent               408           301               107              29     
South Kal               137           105                32              91     
Total Australia         545           406               139             120     
Total Harmony                                                                   
- Discontinued                                                                  
Operations            2 263         1 668               595             308     
Total Harmony        11 473         8 341             3 132           3 955     
Discontinued                   Kilograms     Tonnes               Operating     
Operations                          gold     milled     Grade          Cost     
South Africa                                  t`000                    R/kg     
Orkney 2                             831        160      5.23       179 596     
Orkney 4                             637        195      3.27       228 190     
Orkney 7                             309        163      1.89       266 312     
Cooke 1                            1 842        297      6.20       125 587     
Cooke 2                            1 861        341      5.46       107 739     
Cooke 3                            2 578        561      4.60       126 010     
Cooke Plant Operations             1 067      2 342      0.46       121 549     
Total South Africa                 9 125      4 059      2.55       138 464     
Australia                                                                       
Mt Magent                          2 398        876      2.73       125 488     
South Kal                            864        433      2.00       120 812     
Total Australia                    3 262      1 309      2.49       124 285     
Total Harmony                                                                   
- Discontinued                                                                  
Operations                        12 387      5 368      2.31       134 718     
Total Harmony                     60 614     23 054      2.63       137 584     
DETAILED OPERATING INFORMATION YEAR ENDED 30 JUNE 2007 (Rand/Metric)            
                                    Cash              Cash                      
Continuing                      operating         operating         Capital     
Operations          Revenue          cost     profit/(loss)     expenditure     
South Africa      R million     R million         R million       R million     
Tshepong              1 460           807               653             188     
Phakisa                   -             -                 -             227     
Doornkop                263           181                82             270     
Elandsrand              895           738               157             238     
Target                  657           380               277             121     
Masimong                681           596                85             109     
Evander                                                                         
Operations                                                                      
Evander 5               257           208                49              39     
Evander 7               283           278                 5              86     
Evander 8               548           330               218              79     
Total Evander                                                                   
Operations            1 088           816               272             204     
Bambanani               902           831                71             125     
Joel                    366           241               125              28     
Virginia                                                                        
Operations                                                                      
Harmony 2               215           215                 -              35     
Merriespruit 1          234           191                43              25     
Merriespruit 3          201           180                21              25     
Unisel                  368           252               116              39     
Brand 3                 210           200                10              11     
Brand 5                   4            11               (7)               -     
Total Virginia                                                                  
Operations            1 232         1 049               183             135     
St Helena                98           129              (31)              10     
Kudu/Sable                4             -                 4               -     
Kalgold                 257           196                61               3     
Project Phoenix          94            45                49               -     
Other entities           40            12                28             117     
Total South Africa    8 037         6 021             2 016           1 775     
International                                                                   
PNG                       -             -                 -             526     
Total                                                                           
International             -             -                 -             526     
Total Harmony                                                                   
- Continuing                                                                    
Operations            8 037         6 021             2 016           2 301     
Continuing                     Kilograms     Tonnes               Operating     
Operations                          gold     milled                    Cost     
South Africa                                  T`000     Grade          R/kg     
Tshepong                           9 919      1 654      5.99        81 324     
Phakisa                                -          -         -             -     
Doornkop                           1 784        541      3.30       101 708     
Elandsrand                         6 056      1 013      5.98       121 884     
Target                             4 430        820      5.41        85 678     
Masimong                           4 602        974      4.73       129 376     
Evander Operations                                                              
Evander 5                          1 731        342      5.07       120 229     
Evander 7                          1 899        405      4.69       146 469     
Evander 8                          3 692        764      4.83        89 287     
Total Evander                                                                   
Operations                         7 322      1 511      4.85       111 433     
Bambanani                          6 129      1 164      5.27       135 609     
Joel                               2 486        457      5.44        96 750     
Virginia Operations                                                             
Harmony 2                          1 439        468      3.07       149 527     
Merriespruit 1                     1 574        432      3.64       121 206     
Merriespruit 3                     1 354        402      3.36       133 115     
Unisel                             2 488        557      4.47       101 299     
Brand 3                            1 419        403      3.52       140 913     
Brand 5                               29         11      2.64       384 477     
Total Virginia                                                                  
Operations                         8 303      2 273      3.65       126 364     
St Helena                            663        218      3.04       194 413     
Kudu/Sable                            26         14         -             -     
Kalgold                            1 746      1 578      1.11       112 227     
Project Phoenix                      664      2 148      0.31        67 854     
Other entities                       210        416      0.51        58 323     
Total South Africa                54 340     14 781      3.68       110 785     
International                                                                   
PNG                                    -          -         -             -     
Total International                    -          -         -             -     
Total Harmony                                                                   
- Continuing                                                                    
Operations                        54 340     14 781      3.68       110 785     
                                    Cash              Cash                      
Discontinued                    operating         operating         Capital     
Operations          Revenue          cost     profit/(loss)     expenditure     
South Africa      R million     R million         R million       R million     
Orkney 2                240           190                50              31     
Orkney 3                  -             -                 -               -     
Orkney 4                209           189                20              37     
Orkney 7                 95            86                 9              42     
ARM surface               1             -                 1               -     
Cooke 1                 348           236               112              14     
Cooke 2                 261           251                10              27     
Cooke 3                 417           317               100              98     
Cooke Plant                                                                     
Operations               88            42                46               -     
Total South Africa    1 659         1 311               348             249     
Australia                                                                       
Mt Magent               617           508               109             145     
South Kal               404           321                83              48     
Total Australia       1 021           829               192             193     
Total Harmony                                                                   
- Discontinued                                                                  
Operations            2 680         2 140               540             442     
Total Harmony        10 717         8 161             2 556           2 743     
Discontinued                   Kilograms     Tonnes               Operating     
Operations                          gold     milled                    Cost     
South Africa                                  T`000     Grade          R/kg     
Orkney 2                           1 626        282      5.77       116 621     
Orkney 3                               -          -         -             -     
Orkney 4                           1 432        360      3.98       132 286     
Orkney 7                             643        217      2.96       133 723     
ARM surface                            4          1         -             -     
Cooke 1                            2 354        386      6.10       100 439     
Cooke 2                            1 780        349      5.10       141 089     
Cooke 3                            2 841        564      5.04       111 681     
Cooke Plant Operations               590        811      0.73        70 631     
Total South Africa                11 270      2 970      3.80       116 377     
Australia                                                                       
Mt Magent                          4 243      1 700      2.50       119 877     
South Kal                          2 749      1 261      2.18       116 715     
Total Australia                    6 992      2 961      2.36       118 634     
Total Harmony                                                                   
- Discontinued                                                                  
Operations                        18 262      5 931      3.08       117 241     
Total Harmony                     72 602     20 712      3.51       112 409     
(US$/Imperial)                                                                  
OPERATING RESULTS - CONTINUING OPERATIONS                                       
                                     Underground production - South Africa      
                                                                    Doorn-      
                                          Tshepong     Phakisa         kop      
Ore Milled          - t`000     Jun-08          436          18         139     
Mar-08                                          359          10          82     
Gold Produced       - oz        Jun-08       62 919       1 929      11 028     
Mar-08                                       64 012       1 704       5 916     
Yield               - oz/t      Jun-08         0.14        0.11        0.08     
Mar-08                                         0.18        0.17        0.07     
Cash Operating                                                                  
Costs               - $/oz      Jun-08          429         513         593     
Mar-08                                          452         455       1 245     
Cash Operating                                                                  
Costs               - $/t       Jun-08           62          55          47     
Mar-08                                           81          78          90     
Working Revenue     ($`000)     Jun-08       56 411       1 731       9 888     
Mar-08                                       59 880       1 593       5 724     
Cash Operating                                                                  
Costs               ($`000)     Jun-08       26 972         989       6 542     
Mar-08                                       28 931         776       7 364     
Cash Operating                                                                  
Profit              ($`000)     Jun-08       29 439         742       3 346     
Mar-08                                       30 949         817     (1 640)     
Capital Expenditure ($`000)     Jun-08        6 439      12 491      12 906     
Mar-08                                        5 807       9 855      11 243     
                                        Underground production - South Africa   
                                                     Elands-                    
rand    Target   Masimong   
Ore Milled                  - t`000     Jun-08        323       174        225  
Mar-08                                                236       170        178  
Gold Produced               - oz        Jun-08     49 512    21 412     28 485  
Mar-08                                             34 240    18 165     24 756  
Yield                       - oz/t      Jun-08       0.15      0.12       0.13  
Mar-08                                               0.15      0.11       0.14  
Cash Operating Costs        - $/oz      Jun-08        540       700        694  
Mar-08                                                664       647        703  
Cash Operating Costs        - $/t       Jun-08         83        86         88  
Mar-08                                                 96        69         98  
Working Revenue             ($`000)     Jun-08     44 651    19 132     25 593  
Mar-08                                             33 087    16 904     23 379  
Cash Operating Costs        ($`000)     Jun-08     26 758    14 997     19 761  
Mar-08                                             22 723    11 755     17 397  
Cash Operating Profit       ($`000)     Jun-08     17 893     4 135      5 832  
Mar-08                                             10 364     5 149      5 982  
Capital Expenditure         ($`000)     Jun-08      12 249   11 768      3 354  
Mar-08                                              11 203   10 962      3 402  
                                        Underground production - South Africa   
Evander     Bamba-             
                                              Operations       nani     Joel    
Ore Milled                  - t`000     Jun-08        331        147      150   
Mar-08                                                307        173      100   
Gold Produced               - oz        Jun-08     49 705     32 440   19 676   
Mar-08                                             48 226     34 273   13 439   
Yield                       - oz/t      Jun-08       0.15       0.22     0.13   
Mar-08                                               0.16       0.20     0.13   
Cash Operating Costs        - $/oz      Jun-08        515        572      499   
Mar-08                                                599        664      690   
Cash Operating Costs        - $/t       Jun-08         77        126       65   
Mar-08                                                 94        132       93   
Working Revenue             ($`000)     Jun-08     44 548     29 080   17 652   
Mar-08                                             46 018     31 532   12 797   
Cash Operating Costs        ($`000)     Jun-08     25 599     18 571    9 809   
Mar-08                                             28 897     22 759    9 274   
Cash Operating Profit       ($`000)     Jun-08     18 949     10 509    7 843   
Mar-08                                             17 121      8 773    3 523   
Capital Expenditure         ($`000)     Jun-08      7 185      2 836    1 153   
Mar-08                                              7 174      2 895    1 130   
Underground production - South Africa   
                                                                     Total SA   
                                                Virginia               Under-   
                                              Operations  St Helena    ground   
Ore Milled                  - t`000     Jun-08        576          -     2 519  
Mar-08                                                518          -     2 133  
Gold Produced               - oz        Jun-08     57 132          -   334 238  
Mar-08                                             54 334          -   299 065  
Yield                       - oz/t      Jun-08       0.10          -      0.13  
Mar-08                                               0.10          -      0.14  
Cash Operating Costs        - $/oz      Jun-08        790          -       584  
Mar-08                                                717          -       631  
Cash Operating Costs        - $/t       Jun-08         78          -        77  
Mar-08                                                 75          -        89  
Working Revenue             ($`000)     Jun-08     51 304          -   299 990  
Mar-08                                             51 595          4   282 509  
Cash Operating Costs        ($`000)     Jun-08     45 152          -   195 150  
Mar-08                                             38 951      1 541   188 827  
Cash Operating Profit       ($`000)     Jun-08      6 152          -   104 840  
Mar-08                                             12 644     (1 537)   93 682  
Capital Expenditure         ($`000)     Jun-08      5 288          1    75 669  
Mar-08                                              3 849         22    67 520  
                                            Surface production - South Africa   
                                                Kalgold     Project     Other   
Surface     Phoenix   Surface   
Ore Milled                  - t`000     Jun-08       423       1 750       309  
Mar-08                                               429       1 754       233  
Gold Produced               - oz        Jun-08    20 866       7 202    13 664  
Mar-08                                            23 406       6 848     3 343  
Yield                       - oz/t      Jun-08      0.05           -      0.04  
Mar-08                                              0.05           -      0.01  
Cash Operating Costs        - $/oz      Jun-08       393         424       203  
Mar-08                                               409         394       475  
Cash Operating Costs        - $/t       Jun-08        19           2         9  
Mar-08                                                22           2         7  
Working Revenue             ($`000)     Jun-08    18 741       6 486    12 071  
Mar-08                                            21 920       6 541     3 181  
Cash Operating Costs        ($`000)     Jun-08     8 195       3 057     2 775  
Mar-08                                             9 568       2 701     1 588  
Cash Operating Profit       ($`000)     Jun-08    10 546       3 429     9 296  
Mar-08                                            12 352       3 840     1 593  
Capital Expenditure         ($`000)     Jun-08       621          25     7 093  
Mar-08                                               121          48     2 448  
                                    Surface production -                        
South Africa                        
                                                              South             
                                                Total SA     Africa             
                                                 Surface      Total             
Ore Milled                  - t`000     Jun-08      2 482      5 001            
Mar-08                                              2 416      4 549            
Gold Produced               - oz        Jun-08     41 732    375 970            
Mar-08                                             33 597    332 662            
Yield                       - oz/t      Jun-08       0.02       0.08            
Mar-08                                               0.01      0.07             
Cash Operating Costs        - $/oz      Jun-08        336        556            
Mar-08                                                412        609            
Cash Operating Costs        - $/t       Jun-08          6         42            
Mar-08                                                  6         45            
Working Revenue             ($`000)     Jun-08     37 298    337 288            
Mar-08                                             31 642    314 151            
Cash Operating Costs        ($`000)     Jun-08     14 027    209 177            
Mar-08                                             13 857    202 684            
Cash Operating Profit       ($`000)     Jun-08     23 271    128 111            
Mar-08                                             17 785    111 467            
Capital Expenditure         ($`000)     Jun-08      7 739     83 408            
Mar-08                                              2 617     70 137            
                                             International                      
                                                production      Harmony         
PNG        Total         
Ore Milled                  - t`000     Jun-08             -       5 001        
Mar-08                                                     -       4 549        
Gold Produced               - oz        Jun-08             -     375 970        
Mar-08                                                     -     332 662        
Yield                       - oz/t      Jun-08             -        0.08        
Mar-08                                                     -        0.07        
Cash Operating Costs        - $/oz      Jun-08             -         556        
Mar-08                                                     -         609        
Cash Operating Costs        - $/t       Jun-08             -          42        
Mar-08                                                     -          45        
Working Revenue             ($`000)     Jun-08             -     337 288        
Mar-08                                                     -     314 151        
Cash Operating Costs        ($`000)     Jun-08             -     209 177        
Mar-08                                                     -     202 684        
Cash Operating Profit       ($`000)     Jun-08             -     128 111        
Mar-08                                                     -     111 467        
Capital Expenditure         ($`000)     Jun-08        86 004     169 412        
Mar-08                                                43 646     113 783        
Evander operations - Evander 5, Evander 7 and Evander 8                         
Virginia operations - Harmony 2, Merriespruit 1 and 3, Unisel and Brand         
(US$/Imperial)                                                                  
OPERATING RESULTS INCLUDING DISCONTINUED OPERATIONS                             
                                     Underground production - South Africa      
Doorn-      
                                          Tshepong     Phakisa         kop      
Ore milled              - t`000   Jun-08        436          18         139     
Mar-08                                          359          10          82     
Gold Produced           - oz      Jun-08     62 919       1 929      11 028     
Mar-08                                       64 012       1 704       5 916     
Yield                   - oz/t    Jun-08       0.14        0.11        0.08     
Mar-08                                         0.18        0.17        0.07     
Cash Operating Costs    - $/oz    Jun-08        429         513         593     
Mar-08                                          452         455       1 245     
Cash Operating Costs    - $/t     Jun-08         62          55          47     
Mar-08                                           81          78          90     
Working Revenue         ($`000)   Jun-08     56 411       1 731       9 888     
Mar-08                                       59 880       1 593       5 724     
Cash Operating Costs    ($`000)   Jun-08     26 973         989       6 542     
Mar-08                                       28 931         776       7 364     
Cash Operating Profit   ($`000)   Jun-08     29 438         742       3 346     
Mar-08                                       30 949         817     (1 640)     
Capital Expenditure     ($`000)   Jun-08      6 439      12 491      12 906     
Mar-08                                        5 807       9 855      11 243     
Underground production - South Africa      
                                           Elands-                              
                                              rand     Target     Masimong      
Ore milled              - t`000   Jun-08        323        174          225     
Mar-08                                          236        170          178     
Gold Produced           - oz      Jun-08     49 512     21 412       28 485     
Mar-08                                       34 240     18 165       24 756     
Yield                   - oz/t    Jun-08       0.15       0.12         0.13     
Mar-08                                         0.15       0.11         0.14     
Cash Operating Costs    - $/oz    Jun-08        540        700          694     
Mar-08                                          664        647          703     
Cash Operating Costs    - $/t     Jun-08         83         86           88     
Mar-08                                           96         69           98     
Working Revenue         ($`000)   Jun-08     44 651     19 132       25 593     
Mar-08                                       33 087     16 904       23 379     
Cash Operating Costs    ($`000)   Jun-08     26 758     14 997       19 761     
Mar-08                                       22 723     11 755       17 397     
Cash Operating Profit   ($`000)   Jun-08     17 893      4 135        5 832     
Mar-08                                       10 364      5 149        5 982     
Capital Expenditure     ($`000)   Jun-08     12 249     11 768        3 354     
Mar-08                                       11 203     10 962        3 402     
                                     Underground production - South Africa      
                                                          Rand-                 
                                         Evander        fontein     Bamba-      
Operations     Operations       nani      
Ore milled              - t`000   Jun-08      331            323        147     
Mar-08                                        307            305        173     
Gold Produced           - oz      Jun-08   49 705         43 371     32 440     
Mar-08                                     48 226         43 532     34 273     
Yield                   - oz/t    Jun-08     0.15           0.13       0.22     
Mar-08                                       0.16           0.14       0.20     
Cash Operating Costs    - $/oz                                                  
Jun-08      515            481        572      
Mar-08                                        599            570        664     
Cash Operating Costs    - $/t     Jun-08       77             65        126     
Mar-08                                         94             81        132     
Working Revenue         ($`000)   Jun-08   44 548         38 978     29 080     
Mar-08                                     46 018         42 010     31 532     
Cash Operating Costs    ($`000)                                                 
                                 Jun-08   25 599         20 871     18 571      
Mar-08                                     28 897         24 818     22 759     
Cash Operating Profit   ($`000)   Jun-08   18 949         18 107     10 509     
Mar-08                                     17 121         17 192      8 773     
Capital Expenditure     ($`000)   Jun-08    7 185          5 277      2 836     
Mar-08                                      7 174          5 401      2 895     
                                     Underground production - South Africa      
                                                    Virginia                    
                                                      Opera-                    
Joel        tions     St Helena      
Ore milled              - t`000   Jun-08     150          576             -     
Mar-08                                       100          518             -     
Gold Produced           - oz      Jun-08  19 676       57 132             -     
Mar-08                                    13 439       54 334             -     
Yield                   - oz/t    Jun-08    0.13         0.10             -     
Mar-08                                      0.13         0.10             -     
Cash Operating Costs    - $/oz    Jun-08     499          790             -     
Mar-08                                       690          717             -     
Cash Operating Costs    - $/t     Jun-08      65           78             -     
Mar-08                                        93           75             -     
Working Revenue         ($`000)   Jun-08  17 652       51 304             -     
Mar-08                                    12 797       51 595             4     
Cash Operating Costs    ($`000)   Jun-08   9 809       45 152             -     
Mar-08                                     9 274       38 951         1 541     
Cash Operating Profit   ($`000)   Jun-08   7 843        6 152             -     
Mar-08                                     3 523       12 644       (1 537)     
Capital Expenditure     ($`000)   Jun-08   1 153        5 288             1     
Mar-08                                     1 130        3 849            22     
                                     Underground production - South Africa      
Total SA      
                                                                    Under-      
                                                      ARMgold       ground      
Ore milled              - t`000   Jun-08                     -        2 842     
Mar-08                                                     119        2 557     
Gold Produced           - oz      Jun-08                     -      377 609     
Mar-08                                                   9 645      352 242     
Yield                   - oz/t    Jun-08                     -         0.13     
Mar-08                                                    0.08         0.14     
Cash Operating Costs    - $/oz    Jun-08                     -          572     
Mar-08                                                   1 345          648     
Cash Operating Costs    - $/t     Jun-08                     -           76     
Mar-08                                                     109           89     
Working Revenue         ($`000)   Jun-08                     -      338 968     
Mar-08                                                   9 246      333 769     
Cash Operating Costs    ($`000)   Jun-08                    47      216 069     
Mar-08                                                  12 969      228 155     
Cash Operating Profit   ($`000)   Jun-08                  (47)      122 899     
Mar-08                                                 (3 723)      105 614     
Capital Expenditure     ($`000)   Jun-08                   (9)       80 938     
Mar-08                                                     (1)       72 942     
                                         Surface production - South Africa      
                                                                     Cooke      
                                        Kalgold     Project          plant      
Surface     Phoenix     Operations      
Ore milled              - t`000   Jun-08     423       1 750            579     
Mar-08                                       429       1 754            711     
Gold Produced           - oz      Jun-08  20 866       7 202          6 816     
Mar-08                                    23 406       6 848          8 841     
Yield                   - oz/t    Jun-08    0.05           -           0.01     
Mar-08                                      0.05           -           0.01     
Cash Operating Costs    - $/oz    Jun-08     393         424            636     
Mar-08                                       409         394            598     
Cash Operating Costs    - $/t     Jun-08      19           2              7     
Mar-08                                        22           2              7     
Working Revenue         ($`000)   Jun-08  18 741       6 486          6 109     
Mar-08                                    21 920       6 541          8 413     
Cash Operating Costs    ($`000)   Jun-08   8 195       3 057          4 333     
Mar-08                                     9 568       2 701          5 287     
Cash Operating Profit   ($`000)   Jun-08  10 546       3 429          1 776     
Mar-08                                    12 352       3 840          3 126     
Capital Expenditure     ($`000)   Jun-08     621          25            140     
Mar-08                                       121          48            254     
                                         Surface production - South Africa      
Other     Total SA      
                                                      Surface      Surface      
Ore milled              - t`000   Jun-08                   309        3 061     
Mar-08                                                     233        3 127     
Gold Produced           - oz      Jun-08                13 664       48 548     
Mar-08                                                   3 343       42 438     
Yield                   - oz/t    Jun-08                  0.04         0.02     
Mar-08                                                    0.01         0.01     
Cash Operating Costs    - $/oz    Jun-08                   203          378     
Mar-08                                                     475          451     
Cash Operating Costs    - $/t     Jun-08                     9            6     
Mar-08                                                       7            6     
Working Revenue         ($`000)   Jun-08                12 071       43 407     
Mar-08                                                   3 181       40 055     
Cash Operating Costs    ($`000)   Jun-08                 2 775       18 360     
Mar-08                                                   1 588       19 144     
Cash Operating Profit   ($`000)   Jun-08                 9 296       25 047     
Mar-08                                                   1 593       20 911     
Capital Expenditure     ($`000)   Jun-08                 7 093        7 879     
Mar-08                                                   2 448        2 871     
International      
                                                                production      
                                                       South                    
                                                      Africa                    
Total     Australia      
Ore milled              - t`000   Jun-08                5 903             -     
Mar-08                                                  5 684            38     
Gold Produced           - oz      Jun-08              426 157             -     
Mar-08                                                394 680         1 800     
Yield                   - oz/t    Jun-08                 0.07             -     
Mar-08                                                   0.07          0.05     
Cash Operating Costs    - $/oz    Jun-08                  550             -     
Mar-08                                                    627         2 139     
Cash Operating Costs    - $/t     Jun-08                   40             -     
Mar-08                                                     44           101     
Working Revenue         ($`000)   Jun-08              382 375             -     
Mar-08                                                373 824         4 014     
Cash Operating Costs    ($`000)   Jun-08              234 429             -     
Mar-08                                                247 299         3 851     
Cash Operating Profit   ($`000)   Jun-08              147 946             -     
Mar-08                                                126 525           163     
Capital Expenditure     ($`000)   Jun-08               88 817            36     
Mar-08                                                 75 813             8     
                                                International                   
production                   
                                                                     Total      
                                                                    Inter-      
                                                          PNG     national      
Ore milled              - t`000   Jun-08                     -            -     
Mar-08                                                       -           38     
Gold Produced           - oz      Jun-08                     -            -     
Mar-08                                                       -        1 800     
Yield                   - oz/t    Jun-08                     -            -     
Mar-08                                                       -         0.05     
Cash Operating Costs    - $/oz    Jun-08                     -            -     
Mar-08                                                       -        2 139     
Cash Operating Costs    - $/t     Jun-08                     -            -     
Mar-08                                                       -          101     
Working Revenue         ($`000)   Jun-08                     -            -     
Mar-08                                                       -        4 014     
Cash Operating Costs    ($`000)   Jun-08                     -            -     
Mar-08                                                       -        3 851     
Cash Operating Profit   ($`000)   Jun-08                     -            -     
Mar-08                                                       -          163     
Capital Expenditure     ($`000)   Jun-08                86 004       86 040     
Mar-08                                                  43 646       43 654     
                                                                   Harmony      
                                                                     Total      
Ore milled              - t`000   Jun-08                              5 903     
Mar-08                                                                5 722     
Gold Produced           - oz      Jun-08                            426 157     
Mar-08                                                              396 480     
Yield                   - oz/t    Jun-08                               0.07     
Mar-08                                                                 0.07     
Cash Operating Costs    - $/oz    Jun-08                                550     
Mar-08                                                                  633     
Cash Operating Costs    - $/t     Jun-08                                 40     
Mar-08                                                                   44     
Working Revenue         ($`000)   Jun-08                            382 375     
Mar-08                                                              377 838     
Cash Operating Costs    ($`000)   Jun-08                            234 429     
Mar-08                                                              251 150     
Cash Operating Profit   ($`000)   Jun-08                            147 946     
Mar-08                                                              126 688     
Capital Expenditure     ($`000)   Jun-08                            174 857     
Mar-08                                                              119 467     
Evander operations - Evander 5, Evander 7 and Evander 8                         
Randfontein operations - Cooke 1, Cooke 2 and Cooke 3                           
Virginia operations - Harmony 2, Merriespruit 1 and 3, Unisel and Brand         
CONDENSED CONSOLIDATED INCOME STATEMENT (Unaudited) (US$)                       
                                                Quarter ended                   
                                      June           March          June 1      
2008            2008            2007      
                               US$ million     US$ million     US$ million      
Continuing operations                                                           
Revenue                                 337             329             265     
Cost of sales                         (294)           (256)           (272)     
Production cost                       (209)           (214)           (262)     
Amortisation and depreciation          (29)            (27)            (30)     
Impairment of assets                   (41)               -              17     
Employment termination and                                                      
restructuring costs                     (6)            (12)               -     
Other items                             (9)             (3)               3     
Gross profit/(loss)                      43              73             (7)     
Corporate, administration and                                                   
other expenditure                       (6)             (8)            (12)     
Exploration expenditure                 (8)             (8)            (12)     
Other (expenses)/income - net           (1)             (2)              11     
Operating profit/(loss)                  28              55            (20)     
Loss from associates                    (9)             (1)               -     
Profit on sale of investment in                                                 
associate                                 -               -               -     
Impairment of investment in                                                     
associate                              (12)               -               -     
Mark-to-market of listed                                                        
investments                               -               -               4     
Loss on sale of listed                                                          
investments                               -               -             (5)     
Impairment of investments                 -               -               -     
Investment income                        11               8              12     
Finance cost                           (17)            (17)            (28)     
Profit/(Loss) before taxation             1              45            (37)     
Taxation                               (32)            (22)              12     
Net (loss)/profit from                                                          
continuing operations                  (31)              23            (25)     
Discontinued operations                                                         
Profit/(Loss) from discontinued                                                 
operations                               22              27            (65)     
Net (loss)/profit                       (9)              50            (90)     
(Loss)/Earnings per share from                                                  
continuing operations                                                           
attributable to the equity                                                      
holders of the Company                                                          
during the year (cents)                                                         
- Basic (loss)/earnings                 (8)               5             (6)     
- Headline earnings/(loss)                5               5            (11)     
- Fully diluted (loss)/earnings         (8)               5             (6)     
Earnings/(Loss) per share from                                                  
discontinuing operations                                                        
attributable to the equity                                                      
holders of the Company                                                          
during the year (cents)                                                         
- Basic earnings/(loss)                   5               7            (16)     
- Headline earnings/(loss)                3               3             (7)     
- Fully diluted earnings/(loss)           5               7            (16)     
Total (loss)/earnings per share                                                 
from all operations                                                             
attributable to the equity                                                      
holders of the Company                                                          
during the year (cents)                                                         
- Basic (loss)/earnings                 (3)              12            (22)     
- Headline earnings/(loss)                8               8            (18)     
- Fully diluted (loss)/earnings         (3)              12            (22)     
                                                          Year ended            
                                                      June          June 1      
                                                      2008            2007      
US$ million     US$ million      
Continuing operations                                                           
Revenue                                               1 269           1 116     
Cost of sales                                       (1 127)           (935)     
Production cost                                       (919)           (836)     
Amortisation and depreciation                         (117)           (106)     
Impairment of assets                                   (44)              17     
Employment termination and restructuring costs         (29)               -     
Other items                                            (18)            (10)     
Gross profit/(loss)                                     142             181     
Corporate, administration and other expenditure        (31)            (31)     
Exploration expenditure                                (28)            (27)     
Other (expenses)/income - net                          (12)              26     
Operating profit/(loss)                                  71             149     
Loss from associates                                   (11)             (3)     
Profit on sale of investment in associate                 -              33     
Impairment of investment in associate                  (13)               -     
Mark-to-market of listed investments                      5              15     
Loss on sale of listed investments                     (63)             (5)     
Impairment of investments                                 -             (1)     
Investment income                                        39              26     
Finance cost                                           (71)            (63)     
Profit/(Loss) before taxation                          (43)             151     
Taxation                                               (64)            (38)     
Net (loss)/profit from continuing operations          (107)             113     
Discontinued operations                                                         
Profit/(Loss) from discontinued operations               76            (61)     
Net (loss)/profit                                      (31)              52     
(Loss)/Earnings per share from continuing                                       
operations                                                                      
attributable to the equity holders of the                                       
Company                                                                         
during the year (cents)                                                         
- Basic (loss)/earnings                                (27)              29     
- Headline earnings/(loss)                                3              13     
- Fully diluted (loss)/earnings                        (27)              28     
Earnings/(Loss) per share from discontinuing                                    
operations                                                                      
attributable to the equity holders of the                                       
Company                                                                         
during the year (cents)                                                         
- Basic earnings/(loss)                                  19            (15)     
- Headline earnings/(loss)                               15             (6)     
- Fully diluted earnings/(loss)                          19            (15)     
Total (loss)/earnings per share from all                                        
operations                                                                      
attributable to the equity holders of the                                       
Company                                                                         
during the year (cents)                                                         
- Basic (loss)/earnings                                 (8)              14     
- Headline earnings/(loss)                               18               7     
- Fully diluted (loss)/earnings                         (8)              13     
The currency conversion rates average for the quarters ended: June 2008: US$1 = 
R7.77 (March 2008: US$1 = R7.43, June 2007:                                     
US$1=R7.09)                                                                     
The currency conversion rates average for the year ended: June 2008: US$1 =     
R7.26 (June 2007: US$1=R7.20)                                                   
1 The comparative figures were adjusted to exclude further discontinued         
operations and interest capitalised.                                            
CONDENSED CONSOLIDATED BALANCE SHEET (Unaudited) (US$)                          
At              At              At      
                                      June           March            June      
                                      2008            2008            2007      
                               US$ million     US$ million     US$ million      
ASSETS                                                                          
Non-current assets                                                              
Property, plant and equipment         3 533           3 265           3 486     
Intangible assets                       283             284             328     
Restricted cash                          10              10               1     
Restricted investments                  188             160             195     
Investments in financial assets           9              13               2     
Investments in associates                19              42               1     
Trade and other receivables              18               1              13     
                                     4 060           3 775           4 026      
Current assets                                                                  
Inventories                              89              80             105     
Investments in financial assets           -               -             353     
Trade and other receivables             111             122             130     
Income and mining taxes                  11               7               9     
Restricted cash                           -               -              39     
Cash and cash equivalents                53              43             101     
                                       264             252             737      
Non-current assets classified                                                   
as held for sale                        197             211             182     
461             463             919      
Total assets                          4 521           4 238           4 945     
EQUITY AND LIABILITIES                                                          
Share capital and reserves                                                      
Share capital                         3 320           3 178           3 641     
Other reserves                           87              90            (50)     
Accumulated loss                      (235)           (219)           (225)     
                                     3 172           3 049           3 366      
Non-current liabilities                                                         
Borrowings                               34             236             248     
Deferred income tax                     383             319             386     
Provisions for other                                                            
liabilities and charges                 163             132             173     
                                       580             687             807      
Current liabilities                                                             
Trade and other payables                176             114             219     
Provisions and accrued                                                          
liabilities                              37              32              38     
Borrowings                              492             247             406     
Bank overdraft                            -               -              31     
705             393             694      
Liabilities directly associated                                                 
with non-current                                                                
assets classified as held for                                                   
sale                                     64             109              78     
                                       769             502             772      
Total equity and liabilities          4 521           4 238           4 945     
Number of ordinary shares in                                                    
issue                           403 253 756     402 818 020     399 608 384     
Net asset value per share                                                       
(cents)                                 787             757             842     
Balance sheet converted at conversion rate of US$1 = R7.80 (March 2008: R8.14)  
(June 2007: R7.04)                                                              
CONDENSED CONSOLIDATED STATEMENT OF CHANGE IN EQUITY (Unaudited) (US$)          
                                              Issued share           Other      
                                                   capital        reserves      
US$ million     US$ million      
Balance - 30 June 2007 (as previously reported)       3 287            (45)     
Change in accounting policy for the                                             
capitalisation of                                                               
interest on assets under construction                     -               -     
Balance - 30 June 2007 (restated)                     3 287            (45)     
Issue of share capital                                   33               -     
Currency translation adjustment and other                 -             131     
Net loss                                                  -               -     
Dividends paid                                            -               -     
Balance as at 30 June 2008                            3 320              86     
Balance - 30 June 2006 (as previously reported)       3 621            (38)     
Change in accounting policy for the                                             
capitalisation of                                                               
interest on assets under construction                     -               -     
Balance - 30 June 2006 (restated)                     3 621            (38)     
Issue of share capital                                   21               -     
Currency translation adjustment and other                 -            (11)     
Net profit                                                -               -     
Dividends paid                                            -               -     
Balance as at 30 June 2007                            3 642            (49)     
                                               Accumulated                      
                                                      loss           Total      
                                               US$ million     US$ million      
Balance - 30 June 2007 (as previously reported)       (216)           3 026     
Change in accounting policy for the                                             
capitalisation of                                                               
interest on assets under construction                    13              13     
Balance - 30 June 2007 (restated)                     (203)           3 039     
Issue of share capital                                    -              33     
Currency translation adjustment and other                 -             131     
Net loss                                               (31)            (31)     
Dividends paid                                          (1)             (1)     
Balance as at 30 June 2008                            (235)           3 171     
Balance - 30 June 2006 (as previously reported)       (286)           3 297     
Change in accounting policy for the                                             
capitalisation of                                                               
interest on assets under construction                     8               8     
Balance - 30 June 2006 (restated)                     (278)           3 305     
Issue of share capital                                    -              21     
Currency translation adjustment and other                 -            (11)     
Net profit                                               54              54     
Dividends paid                                          (1)             (1)     
Balance as at 30 June 2007                            (225)           3 368     
CONDENSED CONSOLIDATED CASH FLOW STATEMENT (Unaudited) (US$)                    
                                                         Quarter ended          
                                                      June           March      
                                                      2008            2008      
US$ million     US$ million      
Cash flow from operating activities                                             
Cash generated by operations                            194             107     
Interest and dividends received                          12               9     
Interest paid                                          (15)            (17)     
Income and mining taxes paid                            (9)             (6)     
Cash generated by operating activities                  182              93     
Cash flow from investing activities                                             
(Increase)/decrease in restricted cash                    -               -     
Net proceeds on disposal of listed investments            -               -     
Net additions to property, plant and equipment        (163)           (119)     
Other investing activities                             (24)               1     
Cash utilised by investing activities                 (187)           (118)     
Cash flow from financing activities                                             
Long-term loans raised                                   20               -     
Long-term loans repaid                                  (2)               -     
Ordinary shares issued - net of expenses                  3               5     
Dividends paid                                          (1)               -     
Cash generated by financing activities                   20               5     
Foreign currency translation adjustments                (5)               -     
Net increase/(decrease) in cash and equivalents          10            (20)     
Cash and equivalents - beginning of period               43              63     
Cash and equivalents - end of period                     53              43     
                                                           Year ended           
June            June      
                                                      2008            2007      
                                               US$ million     US$ million      
Cash flow from operating activities                                             
Cash generated by operations                            272             177     
Interest and dividends received                          42              28     
Interest paid                                          (57)            (31)     
Income and mining taxes paid                           (18)             (2)     
Cash generated by operating activities                  239             172     
Cash flow from investing activities                                             
(Increase)/decrease in restricted cash                   28             (4)     
Net proceeds on disposal of listed investments          184              55     
Net additions to property, plant and equipment        (516)           (362)     
Other investing activities                             (23)             (7)     
Cash utilised by investing activities                 (327)           (318)     
Cash flow from financing activities                                             
Long-term loans raised                                  323             253     
Long-term loans repaid                                (256)           (139)     
Ordinary shares issued - net of expenses                 12              19     
Dividends paid                                          (1)             (1)     
Cash generated by financing activities                   78             132     
Foreign currency translation adjustments                (7)             (7)     
Net increase/(decrease) in cash and equivalents        (17)            (21)     
Cash and equivalents - beginning of period               70              91     
Cash and equivalents - end of period                     53              70     
Operating activities translated at average rates of: Three months ended June    
2008: US$1 = R7.77 (March 2008: US$1 = R7.43) year ended June 2008: US$1 =      
R7.26 (June 2007: US$ = R7.20)                                                  
Closing balance translated at closing rates of: June 2008: US$1 = R7.80 (March  
2008: US$1 = R8.14, June 2007: US$1 = R7.04)                                    
DETAILED OPERATING INFORMATION YEAR ENDED 30 JUNE 2008 (US$/Imperial)           
                                    Cash              Cash                      
Continuing                      operating         operating         Capital     
Operations        Revenue            cost     profit/(loss)     expenditure     
South Africa  US$ million     US$ million       US$ million     US$ million     
Tshepong              223             125                98              27     
Phakisa                 4               2                 2              40     
Doornkop               35              31                 4              48     
Elandsrand            133             103                30              44     
Target                 69              51                18              35     
Masimong               96              88                 8              16     
Evander                                                                         
Operations                                                                      
Evander 5              50              36                14               6     
Evander 7              43              32                11              11     
Evander 8             100              59                41              16     
Total Evander                                                                   
Operations            193             127                66              33     
Bambanani             128             102                26              15     
Joel                   52              39                13               5     
Virginia                                                                        
Operations                                                                      
Harmony 2              39              36                 3               5     
Merriespruit 1         39              33                 6               4     
Merriespruit 3         33              31                 2               3     
Unisel                 55              44                11               5     
Brand 3                38              35                 3               3     
Brand 5                 -               1               (1)               -     
Total Virginia                                                                  
Operations            204             180                24              20     
St Helena               6              13               (7)               1     
Kalgold                77              38                39               1     
Project                                                                         
Phoenix                26              12                14               -     
Other entities         23               7                16              18     
Total South                                                                     
Africa              1 269             918               351             303     
International                                                                   
PNG                     -               -                 -             197     
Total                                                                           
International           -               -                 -             197     
Total Harmony                                                                   
- Continuing                                                                    
Operations          1 269             918               351             500     
Continuing                 Gold         Tonnes                    Operating     
Operations             Produced         milled          Grade          cost     
South Africa             Ounces     (Imperial)     (Imperial)       $/ounce     
Tshepong                273 119          1 649          0.166           457     
Phakisa                   4 212             34          0.123           558     
Doornkop                 44 143            494          0.089           703     
Elandsrand              158 631            981          0.162           652     
Target                   85 006            686          0.124           605     
Masimong                117 575            892          0.132           745     
Evander Operations                                                              
Evander 5                60 572            382          0.159           588     
Evander 7                56 971            309          0.185           557     
Evander 8               122 494            756          0.162           478     
Total Evander                                                                   
Operations              240 037          1 447          0.166           525     
Bambanani               158 985            912          0.174           641     
Joel                     61 215            449          0.136           639     
Virginia Operations                                                             
Harmony 2                48 129            487          0.099           749     
Merriespruit 1           47 036            427          0.110           700     
Merriespruit 3           40 445            429          0.094           778     
Unisel                   67 613            547          0.124           648     
Brand 3                  47 101            459          0.103           734     
Brand 5                       -              -              -             -     
Total Virginia                                                                  
Operations              250 324          2 349          0.107           719     
St Helena                 8 359             86          0.097         1 523     
Kalgold                  93 172          1 687          0.055           411     
Project Phoenix          32 215          7 033          0.005           381     
Other entities           23 534            804          0.029           309     
Total South Africa    1 550 527         19 503          0.080           591     
International                                                                   
PNG                           -              -              -             -     
Total International           -              -              -             -     
Total Harmony                                                                   
- Continuing                                                                    
Operations            1 550 527         19 503          0.080           591     
                                    Cash              Cash                      
Discontinued                    operating         operating         Capital     
Operations        Revenue            cost     profit/(loss)     expenditure     
South Africa  US$ million     US$ million       US$ million     US$ million     
Orkney 2               18              21               (3)               1     
Orkney 4               15              20               (5)               1     
Orkney 7                7              11               (4)               2     
Cooke 1                49              32                17               2     
Cooke 2                49              28                21               5     
Cooke 3                68              45                23              15     
Cooke Plant                                                                     
Operations             28              18                10               -     
Total South                                                                     
Africa                234             175                59              26     
Australia                                                                       
Mt Magent              56              41                15               4     
South Kal              19              14                 5              12     
Total                                                                           
Australia              75              55                20              16     
Total Harmony                                                                   
- Discontinued                                                                  
Operations            309             230                79              42     
Total Harmony       1 578           1 148               430             542     
Discontinued               Gold         Tonnes                    Operating     
Operations             Produced         milled          Grade          cost     
South Africa             Ounces     (Imperial)     (Imperial)       $/ounce     
Orkney 2                 26 717            176          0.152           769     
Orkney 4                 20 480            215          0.095           977     
Orkney 7                  9 935            180          0.055         1 140     
Cooke 1                  59 221            328          0.181           538     
Cooke 2                  59 832            376          0.159           461     
Cooke 3                  82 884            619          0.134           540     
Cooke Plant                                                                     
Operations               34 305          2 583          0.013           520     
Total South Africa      293 374          4 477          0.066           593     
Australia                                                                       
Mt Magent                77 097            966          0.080           537     
South Kal                27 778            477          0.058           517     
Total Australia         104 875          1 443          0.073           532     
Total Harmony                                                                   
- Discontinued                                                                  
Operations              398 249          5 920          0.067           576     
Total Harmony         1 948 776         25 423          0.077           589     
DETAILED OPERATING INFORMATION YEAR ENDED 30 JUNE 2007 (US$/Imperial)           
                                        Cash          Cash                      
Continuing                          operating     operating        Capital      
Operations                Revenue        cost  profit/(loss)   expenditure      
South Africa          US$ million US$ million    US$ million   US$ million      
Tshepong                      203         112             91            26      
Phakisa                         -           -              -            32      
Doornkop                       37          25             12            38      
Elandsrand                    124         103             21            33      
Target                         91          53             38            16      
Masimong                       95          82             13            15      
Evander Operations                                                              
Evander 5                      36          29              7             5      
Evander 7                      39          38              1            12      
Evander 8                      76          46             30            11      
Total Evander                                                                   
Operations                    151         113            38             28      
Bambanani                     126         115             11            17      
Joel                           51          33             18             4      
Virginia Operations                                                             
Harmony 2                      30          30              -             5      
Merriespruit 1                 33          27              6             4      
Merriespruit 3                 28          25              3             3      
Unisel                         51          35             16             5      
Brand 3                        29          28              1             2      
Brand 5                         1           2             (1)            -      
Total Virginia                                                                  
Operations                    172         147             25            19      
St Helena                      14          18             (4)            1      
Kudu/Sable                      1           -              1             -      
Kalgold                        36          27              9             -      
Project Phoenix                13           6              7             -      
Other entities                  2           2              -            18      
Total South Africa          1 116         836            280           247      
International                                                                   
PNG                             -           -              -            73      
Total international             -           -              -            73      
Total Harmony                                                                   
- Continuing                                                                    
Operations                  1 116         836            280           320      
Continuing                 Gold         Tonnes                    Operating     
Operations             Produced         milled          Grade          cost     
South Africa             Ounces     (Imperial)     (Imperial)       $/ounce     
Tshepong                318 887          1 824          0.175           351     
Phakisa                       -              -              -             -     
Doornkop                 57 364            597          0.096           439     
Elandsrand              194 710          1 117          0.174           527     
Target                  142 433            904          0.158           370     
Masimong                147 958          1 074          0.138           559     
Evander   Operations                                                            
Evander 5                55 707            377          0.148           519     
Evander 7                61 044            447          0.137           633     
Evander 8               118 692            843          0.141           386     
Total Evander                                                                   
Operations              235 443          1 667          0.141           481     
Bambanani               197 060          1 283          0.154           586     
Joel                     79 923            504          0.158           418     
Virginia Operations                                                             
Harmony 2                46 274            516          0.089           646     
Merriespruit 1           50 612            476          0.106           524     
Merriespruit 3           43 541            444          0.098           575     
Unisel                   79 992            614          0.130           438     
Brand 3                  45 611            445          0.103           609     
Brand 5                     918             12          0.077         1 651     
Total Virginia                                                                  
Operations              266 948          2 507          0.106           546     
St Helena                21 319            241          0.089           840     
Kudu/Sable                  845             16              -             -     
Kalgold                  56 129          1 740          0.032           485     
Project Phoenix          21 346          2 368          0.009           293     
Other entities            6 706            458          0.015           252     
Total South Africa    1 747 071         16 300          0.107           479     
International                                                                   
PNG                           -              -              -             -     
Total international           -              -              -             -     
Total Harmony                                                                   
- Continuing                                                                    
Operations            1 747 071         16 300          0.107           479     
Cash              Cash                      
Discontinued                    operating         operating         Capital     
Operations        Revenue            cost     profit/(loss)     expenditure     
South Africa  US$ million     US$ million       US$ million     US$ million     
Orkney 2               34              26                 8               4     
Orkney 3                -               -                 -               -     
Orkney 4               30              26                 4               5     
Orkney 7               13              12                 1               6     
ARM surface             -               -                 -               -     
Cooke 1                48              33                15               2     
Cooke 2                36              35                 1               3     
Cooke 3                58              44                14              14     
Cooke Plant                                                                     
Operations             12               6                 6               -     
Total South                                                                     
Africa                231             182                49              34     
Australia                                                                       
Mt Magent              86              71                15              20     
South Kal              56              45                11               7     
Total                                                                           
Australia             142             116                26              27     
Total Harmony                                                                   
- Discontinued                                                                  
Operations            373             298                75              61     
Total Harmony       1 489           1 134               355             381     
Discontinued               Gold         Tonnes                    Operating     
Operations             Produced         milled          Grade          cost     
South Africa             Ounces     (Imperial)     (Imperial)       $/ounce     
Orkney 2                 52 275            311          0.168           504     
Orkney 3                      -              -              -             -     
Orkney 4                 46 041            397          0.116           572     
Orkney 7                 20 668            239          0.086           578     
ARM surface                 125              1              -             -     
Cooke 1                  75 698            425          0.178           434     
Cooke 2                  57 215            385          0.149           610     
Cooke 3                  91 332            622          0.147           483     
Cooke Plant                                                                     
Operations               18 974            895          0.021           305     
Total South Africa      362 328          3 275          0.111           503     
Australia                                                                       
Mt Magent               136 428          1 874          0.073           518     
South Kal                88 371          1 391          0.064           504     
Total Australia         224 799          3 265          0.069           507     
Total Harmony                                                                   
- Discontinued                                                                  
Operations              587 127          6 540          0.090           507     
Total Harmony         2 334 198         22 840          0.102           489     
DEVELOPMENT RESULTS                                                             
(Metric)                                                                        
Quarter ended June 2008                                                         
                                              Channel    Channel                
                               Reef   Sampled   Width      Value     Gold       
Metres    Metres  (Cm`s)      (g/t)   (Cmg/t)      
Randfontein                                                                     
VCR Reef                         837       894      50      36.03     1,819     
UE1A                             918       909     186       4.10       762     
E8 Reef                           54        54     121       9.53     1,153     
Kimberley Reef                    55       126      59       5.66       334     
E9GB Reef                        264       203      84      13.67     1,155     
All Reefs                      2,129     2,186     112      10.83     1,216     
Free State                                                                      
Basal                          1,775     1,198      67      15.81     1,065     
Leader                         1,312       984     167       5.89       985     
A Reef                           366       284      89       7.15       639     
Middle                            25        12     148      51.84     7,673     
B Reef                            69        66     227       0.24        54     
All Reefs                      3,547     2,544     113       8.78       991     
Evander                                                                         
Kimberley Reef                   887     1,050      73      15.48     1,134     
Elandskraal                                                                     
VCR Reef                         539       532     135      12.50     1,688     
Orkney                                                                          
Vaal Reef                          -         -       -          -         -     
VCR                                -         -       -          -         -     
All Reefs                          -         -       -          -         -     
Target                                                                          
Elsburg                          116        74     293       3.28       962     
Freegold JV                                                                     
Basal                          1,334     1,076      22      52.86     1,180     
Beatrix                          425       360     123       8.48     1,040     
Leader                                                                          
B Reef                           121       154      35     143.84     5,105     
All Reefs                      1,880     1,590      46      33.01     1,529     
DEVELOPMENT RESULTS                                                             
(Imperial)                                                                      
Quarter ended June 2008                                                         
                                                   Channel  Channel             
                                    Reef   Sampled   Width    Value   Gold      
Feet      Feet (inches)  (oz/t)(in.ozt)     
Randfontein                                                                     
VCR Reef                            2,747     2,933      20     1.04     21     
UE1A                                3,012     2,982      73     0.12      9     
E8 Reef                               177       177      48     0.27     13     
Kimberley Reef                        181       413      23     0.17      4     
E9GB Reef                             866       666      33     0.39     13     
All Reefs                           6,983     7,172      44     0.32     14     
Free State                                                                      
Basal                               5,824     3,930      27     0.45     12     
Leader                              4,304     3,228      66     0.17     11     
A Reef                              1,201       932      35     0.21      7     
Middle                                 83        39      58     1.52     88     
B Reef                                226       217      89     0.01      1     
All Reefs                          11,638     8,346      44     0.26     11     
Evander                                                                         
Kimberley Reef                      2,910     3,445      29     0.45     13     
Elandskraal                                                                     
VCR Reef                            1,768     1,745      53     0.37     19     
Orkney                                                                          
Vaal Reef                               -         -       -        -      -     
VCR                                     -         -       -        -      -     
All Reefs                               -         -       -        -      -     
Target                                                                          
Elsburg                               379       243     115     0.10     11     
Freegold JV                                                                     
Basal                               4,377     3,530       9     1.51     14     
Beatrix                             1,394     1,181      48     0.25     12     
Leader                                  -         -       -        -      -     
B Reef                                397       505      14     4.19     59     
All Reefs                           6,168     5,217      18     0.98     18     
CONTACT DETAILS                                                                 
Harmony Gold Mining Company Limited                                             
Corporate Office                                                                
PO Box 2                                                                        
Randfontein, 1759                                                               
South Africa                                                                    
Corner Main Reef Road                                                           
and Ward Avenue                                                                 
Randfontein, 1759                                                               
Johannesburg                                                                    
South Africa                                                                    
Telephone:     +27 11 411 2000                                                  
Website: http://www.harmony.co.za                                               
Directors                                                                       
P T Motsepe (Chairman)*                                                         
G Briggs (Chief Executive Officer)                                              
F Abbott, J A Chissano*1,                                                       
F T De Buck*, Dr D S Lushaba*                                                   
C Markus*, M Motloba*,                                                          
C M L Savage*, A J Wilkens*                                                     
Dr C Diarra*2  , K V Dicks*                                                     
(*non-executive)                                                                
1. (Mozambique)                                                                 
2. (US/Mali Citizen)                                                            
Further Information                                                             
Amelia Soares                                                                   
General Manager, Investor Relations                                             
Telephone:    +27 11 411 2314                                                   
Cell:         +27 (0) 82 654 9241                                               
E-mail:       amelia.soares@harmony.co.za                                       
Marian van der Walt                                                             
Company Secretary                                                               
Telephone:     +27 11 411 2037                                                  
Fax:           +27 11 411 2070                                                  
Cell:          +27 (0) 82 888 1242                                              
E-mail:        marian.vanderwalt@harmony.co.za                                  
South African Share Transfer Secretaries                                        
Link Market Services South Africa (Proprietary) Limited                         
(Registration number 2000/007239/07)                                            
5th Floor, 11 Diagonal Street                                                   
Johannesburg, 2001                                                              
South Africa                                                                    
PO Box 4844                                                                     
Johannesburg, 2000                                                              
South Africa                                                                    
Telephone:       +27 11 832 2652                                                
Fax:             +27 11 834 4398                                                
United Kingdom Registrars                                                       
Capita Registrars                                                               
The Registry                                                                    
34 Beckenham Road                                                               
Beckenham                                                                       
Kent BR3 4TU                                                                    
United Kingdom                                                                  
Telephone:      +44 870 162 3100                                                
Fax:            +44 208 639 2342                                                
ADR Depositary                                                                  
The Bank of New York                                                            
101 Barclay Street                                                              
New York, NY 10286                                                              
United States of America                                                        
Telephone:      +1888-BNY ADRS                                                  
Fax:            +1 212 571 3050                                                 
Trading Symbols                                                                 
JSE Limited                           HAR                                       
New York Stock Exchange, Inc.         HMY                                       
NASDAQ                                HMY                                       
London Stock Exchange plc             HRM                                       
Euronext Paris                        HG                                        
Euronext Brussels                     HMY                                       
Berlin Stock Exchange                 HAM1                                      
Issuer code                           HAPS                                      
Registration number 1950/038232/06                                              
Incorporated in the Republic of South Africa                                    
ISIN: ZAE000015228                                                              
Date: 15/08/2008 08:55:02 Supplied by www.sharenet.co.za                     
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