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HAR - Harmony Gold Mining Company Limited - Financial review for the fourth

Release Date: 17/08/2009 08:00:04      Code(s): HAR
HAR - Harmony Gold Mining Company Limited - Financial review for the fourth     
quarter and year ended 30 June 2009                                             
HARMONY                                                                         
Incorporated in the Republic of South Africa                                    
Registration Number 1950/038232/06                                              
("Harmony" or "Company")                                                        
JSE Share code: HAR                                                             
NYSE Share code: HMY                                                            
ISIN Code: ZAE 000015228                                                        
Financial review for the fourth quarter and year                                
ended 30 June 2009                                                              
Highlights for the quarter                                                      
* 5% improvement in LTIFR                                                       
* Stable production                                                             
* Most operations have shown improvement                                        
* Hidden Valley pours first gold, on schedule                                   
* R2 bn in cash                                                                 
  - re-payment of Nedbank loan                                                  
  - repaid convertible bond                                                     
* Two-year wage agreement                                                       
... and for the financial year                                                  
* R2.9 bn net profit - highest profit ever                                      
* Healthy balance sheet                                                         
- cash of R2 bn                                                               
  - net debt free                                                               
* 108% improvement in headline earnings per share                               
* Strategic objectives met                                                      
- stabilised company                                                          
  - turned losses into profits                                                  
* Positioned for growth                                                         
* Several exploration opportunities                                             
* Dividend of 50 SA cents per share                                             
  - first dividend declared in 5 years                                          
Financial summary                                                               
for the fourth quarter and year ended 30 June 2009                              
Quarter     Quarter       Q-on-Q       
                                          Jun-09     Mar-09     % change        
Gold produced           - kg               11 003      10 880         1.1%      
                       - oz              353 752     349 801         1.1%       
Gold sold               - kg               10 829      10 247         5.7%      
                       - oz              348 160     329 447         5.7%       
Cash costs              - R/kg            179 074     171 361       (4.5%)      
                       - US$/oz              661         537      (23.1%)       
Cash operating          - R million           743       1 175      (36.8%)      
profit                  - US$ million          88         118      (25.4%)      
Net profit/(loss)       - R million           238         972      (75.5%)      
                       - US$ million          28          98      (71.4%)       
Headline earnings       - SA cents            107         123      (13.0%)      
per share               - US cents             13          12         8.3%      
                                             FY09         FY08                  
Gold produced           - kg                45 437       49 761                 
- oz             1 460 831    1 599 854                  
Gold sold               - kg                45 833       50 625                 
                       - oz             1 473 562    1 627 624                  
Cash costs              - R/kg             168 661      139 544                 
- US$/oz               583          598                  
Cash operating          - R million          3 839        2 644                 
profit                  - US$ million          427          366                 
Net profit/(loss)       - R million          2 927        (245)                 
- US$ million          325         (30)                  
Headline earnings       - SA cents             262          126                 
per share               - US cents              29           17                 
Harmony`s Annual Report, Notice of Meeting, Sustainable Development Report and  
its Annual Report filed on a Form 20F with the United States` Securities and    
Exchange Commission for the year ended 30 June 2008 are available on our        
website at www.harmony.co.za.                                                   
Chief Executive Officer`s Review                                                
Harmony is refocused, revitalised, re-organised and renewed. A lot of the hard  
work has been done and we are now starting to see the fruits of our             
`Back-to-Basics` philosophy, although we are the first to acknowledge that more 
remains to be done. Our business is gold and we will continue to spend time     
ensuring that we achieve our targets and deliver value to shareholders."        
Graham Briggs, Chief Executive Officer                                          
Overview                                                                        
During the past quarter we planned for the year ahead - reflecting on our       
achievements and disappointments and taking into account the needs of our       
shareholders and stakeholders - to ensure that Harmony remains sustainable. We  
understand our business and are close to the detail, which allows us to make    
quick decisions if necessary. We continue to seek the best from our existing    
operations and to invest in our major projects to secure our gold reserves for  
the future.                                                                     
Our plans for 2010 are detailed, comprehensive and - importantly - based on     
what we believe is achievable in the current gold environment. While we are     
well positioned to take immediate action should there be a decrease in the R/kg 
gold price, our project planning is in place to take advantage of a higher gold 
price. At a gold price of R250 000/kg our plans support strong cash flows,      
covering both on-going and growth capital.                                      
Harmony`s balance sheet is in excellent health. Both our Nedbank loan and       
convertible bond were paid off during the quarter. With cash in the bank, we    
are in an exciting and advantageous position to pursue acquisition              
opportunities, invest in our organic growth projects and/or to pay a dividend.  
Underground development was part of `Back-to-Basics`, and considerable time and 
effort has been spent in ensuring that operations meet their development        
targets. Most have performed well in this respect and we have created           
sufficient flexibility.                                                         
Safety                                                                          
We are deeply saddened by the death of nine of our colleagues in seven separate 
incidents and extend our heartfelt condolences to their families, friends and   
colleagues.                                                                     
Those who died were: Frans Majake, a plant supervisor at Central Plant;         
Fuzile Ntlebi, a stope team leader at Brand 2; Legotla Nkhatho, a team leader   
at Target; Ntshumayelo Blayi, an underground assistant, and Dumisani Magagulu,  
an engineering service assistant, both at Evander 9; Tsibolane Khoso, a winch   
operator, Tello Tsoke, a rock drill operator, and Makoatsa Raletooana, a        
development team leader, all at Tshepong; and Vukile Bhomane, a stope team      
member at Masimong 5.                                                           
The past two years have been an eye-opener not only for us, but for the         
industry as a whole. There has been a huge emphasis on safety by the Department 
of Mineral Resources, its shaft closures in the wake of mining accidents        
forcing all companies to re-assess their safety strategies, identify potential  
risk areas and re-focus on getting things right.                                
Behaviour-based safety within Harmony was first addressed at management level   
to ensure our leadership understood that leading from the front results in      
improved behaviour, and at every operation the concept has been rolled downward 
through each operation committing to their own set of aspirations and targets.  
Criminal mining                                                                 
We do everything reasonably practicable to ensure that access to restricted     
areas is barred. The deaths of 90 criminal miners at our Eland Shaft in the     
Free State during May 2009 was of enormous concern to us. These men died as a   
result of a fire allegedly caused by their own unsafe mining practices.         
Criminal mining is regarded as an organised crime that requires the input and   
assistance of all stakeholders - on national and international levels - to      
ensure that an incident such as the one at Eland Shaft is not repeated. Harmony 
has been addressing criminal mining activities at operational level             
pro-actively and continues to do so in co-operation with the South African      
Police Services (SAPS) and the Department of Justice. Measures we have taken    
are aimed mainly at the criminal miners and those of our employees who are      
found to aid and abet them. To get to the heart of criminal mining - the large, 
well-organised syndicates operating multi-nationally - requires resources       
beyond ours, which is why we are extremely pleased that the Minister of Mineral 
Resources has intervened and established a multi- stakeholder forum to address  
the issue, to which we have committed our whole-hearted support.                
Operations and costs                                                            
During the past quarter, total gold production increased by 1%. Each of the     
operations, with the exception of Tshepong, Virginia, Kalgold and Evander,      
recorded production improvements. The average underground grade was 3% lower,   
reflecting grade under-performance at Tshepong, Masimong and Bambanani. Total   
cash operating costs increased by 6% due to higher volumes, one month of higher 
winter electricity tariffs and stores costs.                                    
Overall throughput and grade were both disappointing in the past year and have  
been addressed as part of our planning for FY2010. Doornkop and Elandsrand, as  
examples, have not met their targets and will only reach full production in     
2013. Focused, accelerated development will continue                            
to be a major priority, particularly at the new projects, increasing average    
grade and lowering unit costs.                                                  
During the past quarter, the Hamata Plant in Papua New Guinea (PNG) received    
its first tonnage and a small amount of gravity concentrate was recovered,      
which was smelted during partial commissioning of the refinery in June 2009.    
Full commissioning is progressing well and will be completed during the         
forthcoming quarter.                                                            
Labour and electricity remain Harmony`s biggest cost items, with labour         
representing 56% and electricity 12% of our total costs for FY09.               
Wage settlement                                                                 
Negotiations with the various unions on wage increases were concluded at the    
end of July 2009. To absorb this additional cost, our focus on productivity and 
efficiency improvements continue in earnest.                                    
The wage settlement provides for:                                               
- a 10.5% wage increase for employees in category 3;                            
- a 10% wage increase for employees in categories 4 to 8; and                   
- a 9% increase for all other employees in the bargaining unit.                 
Also agreed was that the minimum wage be increased to R4 000 a month with       
effect from July 2010 for category 3 employees. The wage increases are          
supplemented by non-contributory medical aid, as well as a living-out allowance 
or free accommodation and food, as has been practice in the South African       
mining industry.                                                                
A guaranteed wage increase of 7.5%, or Consumer Price Index (CPI) plus 1%,      
whichever is the higher of the two, was agreed for the second year of the       
two-year settlement agreement.                                                  
Electricity                                                                     
Greater volumes of electricity were consumed at our operations during June      
2009. During the past quarter winter tariffs came into effect, resulting in a   
R40 million increase in electricity costs.                                      
The recent electricity tariff increase of 34.6%, effective from 1 July 2009,    
will result in electricity costs increasing from 12% to 16% of Harmony`s total  
cash operating costs.                                                           
Healthy balance sheet                                                           
Our motivation to re-establish a healthy balance sheet was two-fold:            
to reduce our debt levels and to fund our major capital programme. Two          
successful share issues and the proceeds from the Hidden Valley and Rand        
Uranium transactions during the year enabled us to repay the R1.7 billion       
convertible bond and the Nedbank loan of R2 billion, leaving us with debt of    
R362 million. We have approximately R2 billion in the bank to consider a range  
of options, such as further organic growth, acquisitions and paying dividends.  
Acquisitions                                                                    
We have looked at a number of potential acquisitions - our main criteria being  
good returns and the adding of value to Harmony`s portfolio of assets. Harmony  
has been rigorous in applying its acquisition criteria filters, and has not     
found many assets worth buying. Most operations for sale require substantial    
capital to bring them to an acceptable level of profitability and the few       
projects available would incur enormous developmental costs.                    
However, during June 2009, we reported that the provisional liquidators for     
Pamodzi Gold Free State (Proprietary) Limited (Pamodzi Free State) had chosen   
Harmony as the preferred bidder of Pamodzi`s Free State`s assets (Pamodzi Free  
State Assets). These consist of President Steyn 1 and 2 Shafts, Loraine 3       
Shaft, Freddies 7 Shaft and Freddies 9 Shaft, a metallurgical gold plant and a  
dormant tailings storage facility. A due diligence investigation was completed  
and indicates that the Pamodzi Free State Assets are a good fit with Harmony`s  
Free State assets.                                                              
The reasons are several, and include:                                           
- their potential to generate recovered grades of approximately 5g/t in the     
medium term. This will enhance Harmony`s recovered grade in the Free State;     
- their potential, in the longer term, to add 150 000 higher quality ounces per 
year to Harmony`s production;                                                   
- Loraine 3 Shaft and Freddies 9 Shaft, respectively, have an estimated life of 
mine in excess of 10 years;                                                     
- Loraine 3 Shaft (including Loraine 1 Shaft) has similar geology to that of    
Harmony`s Target mine (Target);                                                 
Loraine 3 Shaft and Target can be managed as one unit due to geological         
similarities and geographical proximity; ore body and mining synergies exist    
between Freddies 7 Shaft and                                                    
- Freddies 9 Shaft and Harmony`s Tshepong Mine;                                 
- Harmony`s Target metallurgical gold plant is 10 kilometres from               
- Loraine 3 Shaft, which will have cost benefits;                               
the President Steyn 2 Shaft pillar can only be extracted optimally from         
Harmony`s West Mine shaft (currently on care and maintenance) and part of       
Harmony`s Bambanani mine;                                                       
- Harmony`s management is very familiar with Pamodzi Free State`s ore bodies;   
- Pamodzi Free State`s dormant tailings storage facility can be processed       
cost-effectively through Harmony`s Phoenix Plant or through Harmony`s St Helena 
Plant (when completed);                                                         
- cash flow can be generated at an early stage from the President Steyn 2 Shaft 
pillar, as well as from the demolition of Pamodzi Free State`s metallurgical    
gold plant;                                                                     
- Harmony is familiar with the infrastructure challenges of the                 
Pamodzi Free State Assets and will implement the same standards as those        
implemented in respect of its own assets to ensure the safety of its employees. 
Some capital expenditure will be required to make the operations safe for       
employees and to optimise the ability to operate the Pamodzi Free State Assets; 
and                                                                             
- by purchasing the Pamodzi Free State Assets, Harmony will be able to better   
control potential issues which may affect its own mines, such as fires,         
flooding and restricting illegal miners gaining access to Harmony`s shafts.     
The Pamodzi Free State Assets will be purchased free from all liabilities, save 
for all associated rehabilitation and environmental liabilities. The purchase   
consideration for these assets is R405 million.                                 
Harmony`s offer was accepted, following approval from the Industrial            
Development Corporation of South Africa and the relevant trade unions. The only 
remaining condition to the final acceptance of the offer is the conclusion of   
definitive written sale agreements. One of the essential conditions precedent   
to the transaction would be the conversion of Pamodzi Free State`s mining       
rights and the consent to the transfer thereof by the Minister of Mines.        
Harmony, together with the provisional liquidators, has agreed to give this     
condition precedent their urgent attention.                                     
Newcrest Mining Limited (Newcrest)                                              
During the last quarter Newcrest continued to fund all the capital costs in     
Hidden Valley and achieved its final milestone of owning 50% of the Morobe      
Joint Venture.                                                                  
Rand Uranium                                                                    
Harmony has a 40% holding in Rand Uranium (Pty) Ltd (Rand Uranium). Rand Uranium
operates as an independent company with an independent management               
team. It produces approximately 220 000 ounces of gold per year at a cash cost  
in the region of R185 000/kg.                                                   
The underground ore resources are being assessed for gold/uranium potential and 
a definitive feasibility study for a 450 000t/month uranium plant should be     
completed by the end of calendar year 2009. The primary ore feed for the plant  
will be the Cooke Dump and secondary feed will come from underground sources,   
while gold production will continue.                                            
Organic growth                                                                  
We are now well embarked upon our organic growth strategy. We have a number of  
exciting organic growth projects such as the Wafi open pit mine and Golpu block 
cave as well as exploration opportunities in Papua New Guinea, while in South   
Africa there are the St Helena tailings, St Helena 10 Shaft and Evander South   
projects. Not all have been approved by the Board as yet, but we have started   
scoping studies and, in some instances, pre-feasibility studies to establish    
whether these projects could deliver optimal returns in future.                 
Dividend                                                                        
We believe that paying a dividend is a sign of a healthy company.               
Harmony has recovered well and some of our shareholders have remained loyal     
throughout the turmoil Harmony has experienced. As a result, the Board has      
agreed to declare a 50 SA cents dividend. See page 8 for the notice of the      
dividend payment.                                                               
Gold market                                                                     
The main contributing factor to the negative variance in our cash operating     
profit for the quarter was undeniably the lower average R/kg gold price         
received, a consequence of a strong Rand which converts directly into           
dramatically higher $/oz cash costs. Being unhedged, the company has always     
focused on ounces which can be mined at total costs below the spot price of     
gold.                                                                           
For us, since the bulk of our production is from South Africa, the Rand`s       
strength and the Rand gold price`s weakness is of considerable concern. While   
we are bullish about gold reaching and holding at a level of $1 000/oz by the   
end of calendar year 2009, general investment demand for the metal remains and  
it continues as a store of wealth. It is prudent to assume that the South       
African currency will continue to be attractive to speculators for as long as   
it takes for real evidence of a global economic recovery to materialise.        
For this reason, we have planned very conservatively for the year ahead - on    
the basis of a gold price of R225 000/kg. Should the R/kg gold price continue   
at lower levels, incremental cutbacks from marginal mining operations and       
capital reduction can be expected.                                              
Tomorrow`s gold                                                                 
Our growth strategy taking us to 2.2 million ounces is intact. While continuing 
to pursue production improvements at our existing operations, we are spending   
capital on current projects, conducting scoping studies to establish the        
possibility of a pipeline of others, growing reserves and resources and         
strengthening the quality of our asset base.                                    
Our challenge going forward is to meet our targets and objectives - more        
specifically to deliver consistent production results and curb costs.           
Through sound asset portfolio management and operational efficiency, we will    
create the necessary platform to create more value from our growth assets, the  
high-cost operations and our projects.                                          
Thanks                                                                          
We wish to express our sincere thanks to every Board member, employee,          
shareholder and stakeholder who has supported Harmony to date. Thank you for    
believing that Harmony could be stabilised. Constructive criticism and the      
challenges we had to face made us stronger and we will continue to ensure that  
Harmony is a company that provides sustainable growth and rewards shareholders. 
Chief Executive Officer                                                         
Graham Briggs                                                                   
Ore reserves                                                                    
The declared Ore Reserves amounts to 48.2 million ounces with a year            
on year negative variance of 2.3 million ounces. Table 1 shows more             
detail of the year on year reserve variance.                                    
Table 1. Ore reserve reconciliation: FY2008 to FY2009                           
                                                Gold         Gold               
                                             (tonnes)        (Moz)              
Balance as at June 2008                          1 570        50.5              
Reductions                                                                      
 Mined during FY2009                              (50)       (1.6)              
 Equity adjustment (PNG)                          (28)       (0.9)              
Geology and scope changes                        (87)       (2.8)              
Additions                                                                       
 Surface sources                                   34         1.1               
 Other adjustments                                 59         1.9               
Balance as at 30 June 2009                       1 499        48.2              
As indicated in Table 1, Harmony`s Ore Reserves as at 30 June 2009 reflects a   
year-on-year depletion of 1.6 million ounces. The equity adjustment at Papua New
Guinea from 69.9% to 50% attributable to Harmony resulted in a further decrease 
of 0.9 million ounces. The net effect of other changes at the South African     
operations accounts for an addition of 0.2 million ounces.                      
A gold price of US$750/oz was used for the conversion of Mineral Resources to   
Ore Reserves at our South African and Papua New Guinea operations. An exchange  
rate of USD/ZAR 9.33 for South Africa and AUD/USD 0.75 for Australia has been   
used, resulting in a gold price of R225 000/kg and A$1 000/oz, respectively.    
Notice of cash dividend                                                         
A dividend No. 80 of 50 cents per ordinary share, being the dividend for the    
year ended 30 June 2009, has been declared payable on Monday, 21 September 2009 
to those shareholders recorded in the books of the Company at the close of      
business on Friday, 18 September 2009.                                          
The dividend is declared in the currency of the Republic of South Africa.       
Any change in address or dividend instruction to apply to this dividend must    
be received by the company`s transfer secretaries or registrar not later than   
Friday, 11 September 2009.                                                      
Last date to trade ordinary shares cum dividend    Friday, 11 September 2009    
Ordinary shares trade ex dividend and                                           
currency conversion date for ADR holders           Monday, 14 September 2009    
Record date                                        Friday, 18 September 2009    
Payment date                                       Monday, 21 September 2009    
No dematerialisation or re-materialisation of share certificates may occur      
between Monday, 14 September 2009 and Friday, 18 September 2009, both dates     
inclusive, nor may any transfers between registers take place during this       
period.                                                                         
By order of the Board                                                           
NY Maluleke                                                                     
Company Secretary                                                               
Randfontein                                                                     
Financial review for the fourth quarter and year                                
ended 30 June 2009                                                              
CONDENSED CONSOLIDATED INCOME STATEMENT (Rand)                                  
                                             Quarter ended                      
June           March (1)       June (1)     
                                    2009              2009            2008      
                             (Unaudited)       (Unaudited)     (Unaudited)      
                   Notes       R million         R million       R million      
Continuing                                                                      
operations                                                                      
Revenue                             2 663             3 005           2 620     
Cost of sales           2         (2 863)           (2 211)         (2 325)     
Production cost                   (1 920)           (1 830)         (1 625)     
Amortisation and                                                                
depreciation         2(a)           (546)             (303)           (222)     
Impairment of assets 2(b)           (330)               (3)           (359)     
Employment                                                                      
termination and                                                                 
restructuring costs                     -              (11)            (48)     
Other items                          (67)              (64)            (71)     
Gross (loss)/profit                 (200)               794             295     
Corporate,                                                                      
administration and                                                              
other expenditure                    (99)              (80)            (49)     
Exploration                                                                     
expenditure                          (77)              (75)            (64)     
Other income - net      3            (74)               332             100     
Operating                                                                       
(loss)/profit                       (450)               971             282     
Profit/(loss) from                                                              
associates                             49                14            (68)     
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                     12                 3               -     
Loss on sale of                                                                 
listed investments                      -                 -               -     
Impairment of                                                                   
investments                             -                 -             (1)     
Investment income                     108               152              86     
Finance cost                         (20)              (42)           (135)     
(Loss)/profit                                                                   
before taxation                     (301)             1 098              67     
Taxation                              547             (125)           (268)     
Net profit/(loss)                                                               
from continuing                                                                 
operations                            246               973           (201)     
Discontinued                                                                    
operations              4                                                       
(Loss)/profit from                                                              
discontinued                                                                    
operations                            (8)               (1)             130     
Net profit/(loss)                     238               972            (71)     
Earnings/(loss) per                                                             
ordinary share                                                                  
(cents)                 5                                                       
- Earnings/(loss)                                                               
from continuing                                                                 
operations                             58               231            (50)     
- (Loss)/earnings                                                               
from discontinued                                                               
operations                            (2)                 -              32     
Total                                                                           
earnings/(loss) per                                                             
ordinary share                                                                  
(cents)                                56               231            (18)     
Diluted                                                                         
earnings/(loss) per                                                             
ordinary share                                                                  
(cents)                 5                                                       
- Earnings/(loss)                                                               
from continuing                                                                 
operations                             58               230            (50)     
- (Loss)/earnings                                                               
from discontinued                                                               
operations                            (2)                 -              32     
Total diluted                                                                   
earnings/(loss) per                                                             
ordinary share                                                                  
(cents)                                56               230            (18)     
                                                            Year ended          
June        June (1)    
                                                        2009          2008      
                                                                 (Audited)      
                                                   R million     R million      
Continuing operations                                                           
Revenue                                                11 496         9 617     
Cost of sales                                         (9 836)       (8 472)     
Production cost                                       (7 657)       (6 973)     
Amortisation and depreciation                         (1 467)         (846)     
Impairment of assets                                    (484)         (280)     
Employment termination and restructuring costs           (39)         (236)     
Other items                                             (189)         (137)     
Gross (loss)/profit                                     1 660         1 145     
Corporate, administration and other expenditure         (362)         (228)     
Exploration expenditure                                 (289)         (224)     
Other income - net                                        864            32     
Operating (loss)/profit                                 1 873           725     
Profit/(loss) from associates                              12          (78)     
Profit on sale of investment in associate                   1             -     
Impairment of investment in associate                   (112)          (95)     
Loss on sale of investment in joint venture                 -           (2)     
Mark-to-market of listed investments                    (101)            33     
Loss on sale of listed investments                          -         (459)     
Impairment of investments                                   -           (1)     
Investment income                                         444           284     
Finance cost                                            (212)         (524)     
(Loss)/profit before taxation                           1 905         (117)     
Taxation                                                (196)         (487)     
Net profit/(loss) from continuing operations            1 709         (604)     
Discontinued operations                                                         
(Loss)/profit from discontinued operations              1 218           359     
Net profit/(loss)                                       2 927         (245)     
Earnings/(loss) per ordinary share (cents)                                      
- Earnings/(loss) from continuing operations              413         (151)     
- (Loss)/earnings from discontinued operations            294            89     
Total earnings/(loss) per ordinary share (cents)          707          (62)     
Diluted earnings/(loss) per ordinary share (cents)                              
- Earnings/(loss) from continuing operations              411         (150)     
- (Loss)/earnings from discontinued operations            293            88     
Total diluted earnings/(loss) per ordinary share                                
(cents)                                                   704          (62)     
(1) The comparative figures are re-presented due to Mount Magnet being          
reclassified as part of continuing operations. See note 4(a) in this regard.    
The accompanying notes are an integral part of these condensed consolidated     
financials statements.                                                          
CONSOLIDATED STATEMENT OF OTHER COMPREHENSIVE INCOME (Rand)                     
                                             Quarter ended                      
                                      June           March            June      
2009            2009            2008      
                               (Unaudited)     (Unaudited)     (Unaudited)      
                                 R million       R million       R million      
Net profit/(loss) for the period        238             972            (71)     
Attributable to:                                                                
Owners of the parent                    238             972            (71)     
Non-controlling interest                  -               -               -     
Other comprehensive                                                             
(loss)/income for the period,                                                   
net of income tax                     (203)           (220)            (73)     
Foreign exchange translation                                                    
(loss)/profit                         (205)           (203)            (86)     
Mark-to-market of                                                               
available-for-sale investments            2            (17)              13     
Total comprehensive                                                             
income/(loss) for the period             35             752           (144)     
Attributable to:                                                                
Owners of the parent                     35             752           (144)     
Non-controlling interest                  -               -               -     
                                                            Year ended          
June          June      
                                                        2009          2008      
                                                                 (Audited)      
                                                   R million     R million      
Net profit/(loss) for the period                        2 927         (245)     
Attributable to:                                                                
Owners of the parent                                    2 927         (245)     
Non-controlling interest                                    -             -     
Other comprehensive (loss)/income for the period,                               
net of income tax                                       (450)           982     
Foreign exchange translation (loss)/profit              (497)           686     
Mark-to-market of available-for-sale investments           47           296     
Total comprehensive income/(loss) for the period        2 477           737     
Attributable to:                                                                
Owners of the parent                                    2 477           737     
Non-controlling interest                                    -             -     
CONDENSED CONSOLIDATED BALANCE SHEET (Rand)                                     
                                                                        At      
                                                                      June      
                                                                      2009      
Notes       R million      
ASSETS                                                                          
Non-current assets                                                              
Property, plant and equipment                                        27 912     
Intangible assets                                                     2 223     
Restricted cash                                                         161     
Restricted investments                                                1 640     
Investments in financial assets                                          57     
Investments in associates                                 6             329     
Trade and other receivables                                              75     
                                                                    32 397      
Current assets                                                                  
Inventories                                                           1 035     
Trade and other receivables                                             900     
Income and mining taxes                                                  45     
Cash and cash equivalents                                             1 950     
3 930      
Non-current assets classified as held-for-sale            4               -     
                                                                     3 930      
Total assets                                                         36 327     
EQUITY AND LIABILITIES                                                          
Share capital and reserves                                                      
Share capital                                             7          28 091     
Other reserves                                                          339     
Retained earnings/(accumulated loss)                                  1 095     
                                                                    29 525      
Non-current liabilities                                                         
Borrowings                                                8             110     
Deferred income tax                                                   3 251     
Provisions for other liabilities and charges                          1 695     
                                                                     5 056      
Current liabilities                                                             
Trade and other payables                                              1 132     
Provisions and accrued liabilities                                      362     
Borrowings                                                8             252     
                                                                     1 746      
Liabilities directly associated with                                            
non-current assets                                                              
classified as held-for-sale                               4               -     
                                                                     1 746      
Total equity and liabilities                                         36 327     
Number of ordinary shares in issue                              425 986 836     
Net asset value per share (cents)                                     6 931     
                                                        At              At      
March            June      
                                                      2009            2008      
                                               (Unaudited)       (Audited)      
                                                 R million       R million      
ASSETS                                                                          
Non-current assets                                                              
Property, plant and equipment                        28 103          27 556     
Intangible assets                                     2 223           2 209     
Restricted cash                                         167              78     
Restricted investments                                1 608           1 465     
Investments in financial assets                          17              67     
Investments in associates                               242             145     
Trade and other receivables                              73             137     
                                                    32 433          31 657      
Current assets                                                                  
Inventories                                             914             693     
Trade and other receivables                           2 871             875     
Income and mining taxes                                  58              82     
Cash and cash equivalents                             2 839             413     
                                                     6 682           2 063      
Non-current assets classified as held-for-sale          425           1 537     
                                                     7 107           3 600      
Total assets                                         39 540          35 257     
EQUITY AND LIABILITIES                                                          
Share capital and reserves                                                      
Share capital                                        28 081          25 895     
Other reserves                                          503             676     
Retained earnings/(accumulated loss)                    857         (1 832)     
29 441          24 739      
Non-current liabilities                                                         
Borrowings                                              159             242     
Deferred income tax                                   3 796           2 990     
Provisions for other liabilities and charges          1 366           1 273     
                                                     5 321           4 505      
Current liabilities                                                             
Trade and other payables                              1 489           1 372     
Provisions and accrued liabilities                      268             287     
Borrowings                                            2 681           3 857     
                                                     4 438           5 516      
Liabilities directly associated with                                            
non-current assets                                                              
classified as held-for-sale                             340             497     
                                                     4 778           6 013      
Total equity and liabilities                         39 540          35 257     
Number of ordinary shares in issue              425 763 329     403 253 756     
Net asset value per share (cents)                     6 915           6 135     
The accompanying notes are an integral part of these condensed consolidated     
financials statements.                                                          
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY (Rand)                    
                                                      Issued                    
                                                       share         Other      
                                                     capital      reserves      
R million     R million      
Balance - 30 June 2008                                 25 895           676     
Issue of share capital                                  2 194             -     
Deferred share-based payments                               2           113     
Comprehensive (loss)/income for the period                  -         (450)     
Balance as at 30 June 2009                             28 091           339     
Balance - 30 June 2007                                 25 636         (349)     
Issue of share capital                                    236             -     
Deferred share-based payments                              23            43     
Comprehensive income/(loss) for the period                  -           982     
Dividends paid                                              -             -     
Balance as at 30 June 2008                             25 895           676     
Retained                    
                                                   earnings/                    
                                                (accumulated                    
                                                       loss)         Total      
R million     R million      
Balance - 30 June 2008                                (1 832)        24 739     
Issue of share capital                                      -         2 194     
Deferred share-based payments                               -           115     
Comprehensive (loss)/income for the period              2 927         2 477     
Balance as at 30 June 2009                              1 095        29 525     
Balance - 30 June 2007                                (1 581)        23 706     
Issue of share capital                                      -           236     
Deferred share-based payments                               -            66     
Comprehensive income/(loss) for the period              (245)           737     
Dividends paid                                            (6)           (6)     
Balance as at 30 June 2008                            (1 832)        24 739     
CONDENSED CONSOLIDATED CASH FLOW STATEMENT (Rand)                               
                                                Quarter ended                   
                                      June           March            June      
                                      2009            2009            2008      
(Unaudited)     (Unaudited)     (Unaudited)      
                                 R million       R million       R million      
Cash flow from operating                                                        
activities                                                                      
Cash generated by operations            780             985           1 506     
Interest and dividends received         107             156              97     
Interest paid                          (65)            (41)           (117)     
Income and mining taxes paid          (428)           (133)            (67)     
Cash generated by operating                                                     
activities                              394             967           1 419     
Cash flow from investing                                                        
activities                                                                      
Amounts invested in restricted                                                  
investments                               -               -               -     
Decrease/(increase) in                                                          
restricted cash                           6               1               2     
Net proceeds on disposal of                                                     
listed investments                        -               -               -     
Proceeds on disposal of South                                                   
Kal Mine                                  -               -               -     
Net additions to property plant                                                 
and equipment                         1 093           (645)         (1 267)     
Other investing activities               51           (163)           (190)     
Cash generated/(utilised) by                                                    
investing activities                  1 150           (807)         (1 455)     
Cash flow from financing                                                        
activities                                                                      
Long-term loans raised                    -               -             136     
Long-term loans repaid              (2 462)            (20)            (12)     
Ordinary shares issued - net of                                                 
expenses                                 10             955              23     
Dividends paid                            -               -             (6)     
Cash (utilised)/generated by                                                    
financing activities                (2 452)             935             141     
Foreign currency translation                                                    
adjustments                              18              99            (38)     
Net (decrease)/increase in cash                                                 
and cash equivalents                  (890)           1 194              67     
Cash and cash equivalents -                                                     
beginning of period                   2 840           1 646             348     
Cash and cash equivalents - end                                                 
of period                             1 950           2 840             415     
Cash and cash equivalents                                                       
comprises                                                                       
Continuing operations                 1 950           2 839             413     
Discontinued operations                   -               1               2     
Total cash and cash equivalents       1 950           2 840             415     
                                                            Year ended          
June          June      
                                                        2009          2008      
                                                                 (Audited)      
                                                   R million     R million      
Cash flow from operating activities                                             
Cash generated by operations                            2 813         1 978     
Interest and dividends received                           457           306     
Interest paid                                           (280)         (417)     
Income and mining taxes paid                            (704)         (129)     
Cash generated by operating activities                  2 286         1 738     
Cash flow from investing activities                                             
Amounts invested in restricted investments                  -          (89)     
Decrease/(increase) in restricted cash                   (83)           205     
Net proceeds on disposal of listed investments              -         1 310     
Proceeds on disposal of South Kal Mine                      -           127     
Net additions to property plant and equipment             978       (3 824)     
Other investing activities                               (78)         (102)     
Cash generated/(utilised) by investing activities         817       (2 373)     
Cash flow from financing activities                                             
Long-term loans raised                                      -         2 234     
Long-term loans repaid                                (3 738)       (1 820)     
Ordinary shares issued - net of expenses                1 953            87     
Dividends paid                                              -           (6)     
Cash (utilised)/generated by financing activities     (1 785)           495     
Foreign currency translation adjustments                  217            61     
Net (decrease)/increase in cash and cash equivalents    1 535          (79)     
Cash and cash equivalents - beginning of period           415           494     
Cash and cash equivalents - end of period               1 950           415     
Cash and cash equivalents comprises                                             
Continuing operations                                   1 950           413     
Discontinued operations                                     -             2     
Total cash and cash equivalents                         1 950           415     
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS                        
FOR THE FOURTH QUARTER AND YEAR ENDED 30 JUNE 2009                              
1. Accounting policies                                                          
(a) Basis of accounting                                                         
The condensed consolidated interim financial statements for the period ended 30 
June 2009 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 2008. 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 2008.                                                             
2. Cost of sales                                                                
                                                 Quarter ended                  
                                      June         March (1)        June (1)    
                                      2009            2009            2008      
(Unaudited)     (Unaudited)     (Unaudited)      
                                 R million       R million       R million      
Production costs                      1 920           1 830           1 625     
Amortisation and depreciation                                                   
(a)                                     546             303             222     
Impairment of assets (b)                330               3             359     
Provision/(reversal of                                                          
provision) for rehabilitation                                                   
costs                                    13             (1)              12     
Care and maintenance cost of                                                    
restructured shafts                      15              13              29     
Employment termination and                                                      
restructuring costs                       -              11              48     
Share based compensation                 38              52              19     
Provision for post retirement                                                   
benefits                                  1               -              11     
Total cost of sales                   2 863           2 211           2 325     
                                                            Year ended          
                                                        June         June(1)    
                                                        2009          2008      
(Audited)      
                                                   R million     R million      
Production costs                                        7 657         6 973     
Amortisation and depreciation (a)                       1 467           846     
Impairment of assets (b)                                  484           280     
Provision/(reversal of provision) for                                           
rehabilitation costs                                       21            12     
Care and maintenance cost of restructured shafts           53            74     
Employment termination and restructuring costs             39           236     
Share based compensation                                  113            42     
Provision for post retirement benefits                      2             9     
Total cost of sales                                     9 836         8 472     
(1) The comparative figures are re-presented due to Mount Magnet being          
reclassified as part of continuing operations. See note 4(a) in this regard.    
(a) While Mount Magnet was classified as held-for-sale, no depreciation was     
recorded as per the requirements of IFRS 5, Non-current Asset Held-for-sale and 
Discontinued Operations. When Mount Magnet ceased being classified as           
held-for-sale, depreciation was calculated for the period from April 2007 to    
June 2009 and R219 million recorded in the current quarter.                     
(b) Impairments and reversals on impairments recorded in the June 2009 quarter: 
R`million      
Virginia*                                                                52     
Evander*                                                                258     
Target*                                                                 236     
Mount Magnet+                                                         (216)     
                                                                       330      
* The revised business (Life-of-Mine) plans were completed during the June 2009 
quarter. An impairment test was performed as required by IAS 36, Impairment of  
Assets, and as a result impairments were recorded.                              
+ The impairment recorded for Mount Magnet since being classified as            
held-for-sale was reversed when the requirement for IFRS 5 were no longer met   
and the carrying value was adjusted for depreciation as per IFRS 5. See note    
2(a) in this regard.                                                            
3. Other income - net                                                           
Included in other income in the June 2009 quarter is R76 million profit on sale 
of 9.99% (March 2009: R437 million profit on sale of 10%) of Harmony`s Papua    
New Guinea gold and copper assets to Newcrest Mining Limited in terms of the    
farm-in agreement. The total profit included for the year to date relating to   
the Newcrest transaction is R931 million.                                       
4. Non-current assets held-for-sale and discontinued operations                 
(a) Following approval by the Board of Directors in April 2007, the asset and   
liabilities related to Mount Magnet (operations in Australia) were classified   
as held-for-sale. This operation also met the criteria to be classified as      
discontinued operations in terms of IFRS 5. During the June 2009 quarter, it    
was decided that further drilling at the site to define the orebody would       
enhance the selling potential of the operation. As a result, the operation no   
longer met the requirements of IFRS 5 to be classified as held-for-sale, and    
was therefore reclassified as continuing operations again. Consequently, the    
income statements and earnings per share amounts for all comparative periods    
have been represented taking this change into account.                          
(b) 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. These operations were also deemed to be          
discontinued operations.                                                        
The conditions precedent for the sale of Randfontein`s Cooke assets to Rand     
Uranium were fulfilled and the transaction became effective on 21 November      
2008. In exchange for 60% of the issued share capital of Rand Uranium, Pamodzi  
Resources Fund (PRF) agreed to pay Harmony a purchase consideration of US$209   
million. US$40 million of this amount was received on the effective date with   
the balance and the interest on the outstanding amount, together amounting to   
US$172 million, being received on 20 April 2009.                                
The Group recognised a profit on sale of assets of R64 million (before tax)     
relating to the sale of Dump 20 to Rand Uranium in the June 2009 quarter. The   
total profit for the year for the transaction is R1 786 million before tax.     
5. Earnings/(loss) per ordinary share                                           
Earnings/(loss) per ordinary share is calculated on the weighted average number 
of ordinary shares in issue for the quarter ended 30 June 2009: 425.7 million   
(31 March 2009: 421.0 million, 30 June 2008: 402.8 million) and the year ended  
30 June 2009: 414.1 million (30 June 2008: 400.8 million).                      
The fully diluted earnings/(loss) per ordinary share is calculated on weighted  
average number of diluted ordinary shares in issue for the quarter ended 30     
June 2009: 427.5 million (31 March 2009: 423.6 million, 30 June 2008: 405.2     
million) and the year ended 30 June 2009: 416.0 million (30 June 2008: 402.9    
million).                                                                       
                                                 Quarter ended                  
June           March            June      
                                      2009            2009            2008      
                               (Unaudited)     (Unaudited)     (Unaudited)      
Total earnings/(loss) per                                                       
ordinary share (cents):                                                         
Basic earnings/(loss)                    56             231            (18)     
Fully diluted earnings/(loss)            56             230            (18)     
Headline earnings/(loss)                107             123              65     
- Continuing operations                 107             129              36     
- Discontinued operations                 -             (6)              29     
                                 R million       R million       R million      
Reconciliation of headline                                                      
earnings/(loss):                                                                
Continuing operations                                                           
Net profit/(loss)                       246             973           (201)     
Adjusted for (net of tax):                                                      
Profit on sale of property,                                                     
plant and equipment                    (83)           (437)            (45)     
Loss on sale of listed                                                          
investments                               -               -               -     
(Gain)/loss on mark to market                                                   
of listed investments                   (9)               -               -     
Foreign exchange gain recycled                                                  
from equity                               -               -               -     
Profit on sale of associates              -               -               -     
Impairment of investments                 -               -               1     
Loss on sale of joint venture             -               -               2     
Impairment of investment in                                                     
associates                                -               -              95     
Impairment of property, plant                                                   
and equipment                           303               3             189     
Impairment of intangible assets           -               -             105     
Provision for doubtful debt               -               -               -     
Headline earnings                       457             539             146     
Discontinued operations                                                         
Net (loss)/profit                       (8)             (1)             130     
Adjusted for (net of tax):                                                      
Loss/(profit) on sale of                                                        
property, plant and equipment             6            (22)            (13)     
Headline (loss)/earnings                (2)            (23)             117     
Total headline earnings                 455             516             263     
                                                            Year ended          
                                                        June          June      
                                                        2009          2008      
(Audited)      
Total earnings/(loss) per ordinary share (cents):                               
Basic earnings/(loss)                                     707          (62)     
Fully diluted earnings/(loss)                             704          (62)     
Headline earnings/(loss)                                  262           126     
- Continuing operations                                   239            38     
- Discontinued operations                                  23            88     
                                                   R million     R million      
Reconciliation of headline earnings/(loss):                                     
Continuing operations                                                           
Net profit/(loss)                                       1 709         (604)     
Adjusted for (net of tax):                                                      
Profit on sale of property, plant and equipment         (975)          (90)     
Loss on sale of listed investments                          -           459     
(Gain)/loss on mark to market of listed investments        71             -     
Foreign exchange gain recycled from equity              (384)             -     
Profit on sale of associates                              (1)             -     
Impairment of investments                                   -             1     
Loss on sale of joint venture                               -             2     
Impairment of investment in associates                    112            95     
Impairment of property, plant and equipment               457           134     
Impairment of intangible assets                             -           105     
Provision for doubtful debt                                 -            52     
Headline earnings                                         989           154     
Discontinued operations                                                         
Net (loss)/profit                                       1 218           359     
Adjusted for (net of tax):                                                      
Loss/(profit) on sale of property, plant and                                    
equipment                                             (1 121)           (7)     
Headline (loss)/earnings                                   97           352     
Total headline earnings                                 1 086           506     
6. Investment in associate                                                      
Harmony Gold Mining Company owns 32.4% of Pamodzi Gold Limited. The carrying    
value of the investment at 30 June 2009 was R0 (March 2009: R0, June 2008: R145 
million). The Group recognised an impairment of R112 million and losses of R33  
million on the investment during the 2009 financial year.                       
On 21 November 2008, Harmony Group sold 60% of the issued share capital of Rand 
Uranium to PRF. Refer to note 4(b) for details. This resulted in the Group      
owning a 40% interest in Rand Uranium. The book value of the investment at 30   
June 2009 was R329 million (March 2009: R242 million). The Group`s share in the 
profits from Rand Uranium amounted to R46 million for the year.                 
7. Share capital                                                                
Capital raising                                                                 
Harmony engaged in capital raising by issuing two tranches of shares following  
the resolution passed by shareholders at the Annual General Meeting held on 24  
November 2008. In the first tranche, completed between 25 November 2008 and 19  
December 2008, 10 504 795 Harmony shares were issued at an average subscription 
price of R93.20, resulting in R979 million before costs being raised.           
The second tranche of shares was issued between 10 February 2009 and 6 March    
2009 and consisted of 7 540 646 Harmony shares issued at an average             
subscription price of R124.45, resulting in R938 million before costs being     
raised. The combined share issue amounts to R1.9 billion at a cost of R30       
million.                                                                        
8. Borrowings                                                                   
                                        June           March          June      
                                        2009            2009          2008      
(Unaudited)     (Audited)      
                                   R million       R million     R million      
Total long-term borrowings                110             159           242     
Total current portion of                                                        
borrowings(1)                             252           2 681         3 857     
Total borrowings(2)                       362           2 840         4 099     
(1) Harmony repaid its Nedbank loan of R750 million and convertible bond of R1  
700 million on 21 April 2009 and 20 May 2009, respectively.                     
(2) Included in the borrowings is R106 million (March 2009: R168 million, June  
2008: R258 million) owed to Wespac Bank Limited in terms of a finance lease     
agreement. The future minimum lease payments to the loan are as follows:        
                                        June           March          June      
2009            2009          2008      
                                                 (Unaudited)     (Audited)      
                                   R million       R million     R million      
Due within one year                        30              45            57     
Due between one and five years             80             133           228     
                                         110             178           285      
Future finance charges                    (4)            (10)          (27)     
Total future minimum lease payments       106             168           258     
9.   Commitments and contingencies                                              
                                        June           March          June      
                                        2009            2009          2008      
                                                 (Unaudited)     (Audited)      
R million       R million     R million      
Capital expenditure commitments                                                 
Contracts for capital expenditure         478             790         1 164     
Authorised by the directors but not                                             
contracted for                            734           1 478         1 720     
                                       1 212           2 268         2 884      
This expenditure will be financed from existing resources.                      
Contingent liability                                                            
Class action                                                                    
We have filed with the Court a Motion to Dismiss all claims asserted in the     
Class Action Case, the plaintiffs have filed an opposing response, and we have  
since replied to that response. At this point the matter is in the hands of the 
Court and we are awaiting a ruling by the Court. It is not possible to predict  
with certainty when the Court will rule on the Motion to Dismiss as the timing  
of the ruling is entirely within the discretion of the Court.                   
10. Subsequent events                                                           
Dividends                                                                       
On 13 August 2009, the Board of Directors approved a final dividend for the     
2009 financial year of 50 SA cents per share. The total dividend amounts to     
R213 million. As this dividend was declared after the reporting date, it has    
not been reflected in the financial statements for the periods ended 30 June    
2009.                                                                           
11. Segment report                                                              
The segment report follows on after the notes.                                  
12. Reconciliation of segment information to consolidated income statements and 
   balance sheet                                                                
                                                        June          June      
                                                        2009          2008      
(Audited)      
                                                   R million     R million      
The "reconciliation of segment data to consolidated                             
financials" line item in the                                                    
segment reports are broken down in the following                                
elements, to give a better                                                      
understanding of the differences between the income                             
statement, balance sheet                                                        
and segment report.                                                             
Revenue from:                                                                   
Discontinued operations                                   614         1 856     
Production costs from:                                                          
Discontinued operations                                   447         1 368     
Reconciliation of cash operating profit to gross                                
profit:                                                                         
Total segment revenue                                  12 110        11 473     
Total segment production costs                        (8 104)       (8 341)     
Cash operating profit as per segment report             4 006         3 132     
Less: Discontinued operations                           (167)         (488)     
Cash operating profit as per segment report             3 839         2 644     
Cost of sales items other than production costs       (2 179)       (1 499)     
Amortisation and depreciation                         (1 467)         (846)     
Impairment of assets                                    (484)         (280)     
Employment termination and restructuring costs           (39)         (236)     
Share based compensation                                (113)          (42)     
Rehabilitation costs                                     (21)          (12)     
Care and maintenance costs of restructured shafts        (53)          (74)     
Provision for former employees` post retirement                                 
benefits                                                  (2)           (9)     
Gross profit as per income statements *                 1 660         1 145     
Reconciliation of total segment mining assets to                                
consolidated property,                                                          
plant and equipment:                                                            
Property, plant and equipment not allocated to a                                
segment                                                                         
Mining assets                                             552           516     
Undeveloped property                                    5 139         6 491     
Other non-mining assets                                    63            50     
Less: Non-current assets previously classified as                               
held-for-sale                                               -         (515)     
Less: Non-current assets classified as held-for-sale        -         (667)     
                                                       5 754         5 875      
* The reconciliation was done up to the first recognisable line item on the     
income statement. The reconciliation will follow the income statement after     
that.                                                                           
13. Audit review                                                                
The condensed consolidated financial statements for the year ended 30 June 2009 
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.                                                              
SEGMENT REPORT FOR THE YEAR ENDED 30 JUNE 2009 (Rand/Metric)                    
                                    Production     Operating        Mining      
                        Revenue           cost        profit        assets      
                      R million      R million     R million     R million      
Continuing operations                                                           
South Africa                                                                    
Underground                                                                     
Tshepong                   1 780            978           802         3 634     
Phakisa                      171            107            64         3 658     
Bambanani                    924            651           273           705     
Doornkop                     343            281            62         2 544     
Elandsrand                 1 422          1 056           366         2 715     
Target                       688            536           152         2 218     
Masimong                   1 215            661           554           665     
Evander                    1 514            998           516           940     
Virginia                   2 033          1 488           545           898     
Other(1)                     503            366           137           240     
Surface                                                                         
Other(2)                     903            535           368           142     
Total South Africa        11 496          7 657         3 839        18 359     
International                                                                   
Papua New Guinea(3)            -              -             -         3 540     
Other operations(4)            -              -             -           259     
Total international            -              -             -         3 799     
Total continuing                                                                
operations                11 496          7 657         3 839        22 158     
Discontinued operations                                                         
Cooke operations             614            447           167             -     
Total discontinued                                                              
operations                   614            447           167             -     
Total operations          12 110          8 104         4 006        22 158     
Reconciliation of the                                                           
segment                                                                         
information to the                                                              
consolidated                                                                    
income statement and                                                            
balance sheet (refer                                                            
to note 12)                (614)          (447)                       5 754     
                         11 496          7 657                      27 912      
                                         Capital     Kilograms      Tonnes      
expenditure     produced*     milled*      
                                       R million            kg       t`000      
Continuing operations                                                           
South Africa                                                                    
Underground                                                                     
Tshepong                                      249         7 178       1 375     
Phakisa                                       461           691         185     
Bambanani                                      52         3 780         517     
Doornkop                                      395         1 311         549     
Elandsrand                                    422         5 422         962     
Target                                        342         2 713         644     
Masimong                                      130         4 791         890     
Evander                                       210         5 912       1 125     
Virginia                                      199         8 030       2 261     
Other(1)                                       56         2 043         513     
Surface                                                                         
Other(2)                                       84         3 566       8 867     
Total South Africa                          2 600        45 437      17 888     
International                                                                   
Papua New Guinea(3)                         1 782             -           -     
Other operations(4)                             -             -           -     
Total international                         1 782             -           -     
Total continuing operations                 4 382        45 437      17 888     
Discontinued operations                                                         
Cooke operations                               87         2 500       1 287     
Total discontinued operations                  87         2 500       1 287     
Total operations                            4 469        47 937      19 175     
Reconciliation of the segment                                                   
information to the consolidated                                                 
income statement and                                                            
balance sheet (refer to note 12)                                                
Notes:                                                                          
(1) Includes Joel.                                                              
(2) Includes Kalgold, Phoenix and Dumps.                                        
(3) Included in the capital expenditure is an amount of R1 543 million          
   contributed by Newcrest in terms of the farm-in agreement.                   
(4) Includes Mount Magnet.                                                      
* Operational statistics are unaudited.                                         
CONTACT DETAILS                                                                 
HARMONY GOLD MINING COMPANY LIMITED                                             
Corporate Office                                                                
Randfontein Office Park                                                         
PO Box 2                                                                        
Randfontein, 1760                                                               
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 (Interim Financial Director)                                           
J A Chissano*                                                                   
F F T De Buck*, Dr C Diarra*+,                                                  
K V Dicks*, Dr D S Lushaba*, C Markus*,                                         
M Motloba*, C M L Savage*, A J Wilkens*                                         
(* non-executive)                                                               
(1 Mocambican)                                                                  
(+ US/Mali Citizen)                                                             
Investor Relations Team                                                         
Esha Brijmohan                                                                  
Investor Relations Officer                                                      
Telephone           :   +27 11 411 2314                                         
Fax                 :   +27 11 692 3879                                         
Mobile              :   +27 82 759 1775                                         
E-mail              :   esha@harmony.co.za                                      
Marian van der Walt                                                             
Executive: Corporate and Investor Relations                                     
Telephone           :   +27 11 411 2037                                         
Fax                 :   +27 86 614 0999                                         
Mobile              :   +27 82 888 1242                                         
E-mail              :   marian@harmony.co.za                                    
Company Secretary                                                               
Khanya Maluleke                                                                 
Telephone           :   +27 11 411 2019                                         
Fax                 :   +27 11 411 2070                                         
Mobile              :   +27 82 767 1082                                         
E-mail              :   Khanya.maluleke@harmony.co.za                           
South African Share Transfer Secretaries                                        
Link Market Services South Africa (Proprietary) Limited                         
(Registration number 2000/007239/07)                                            
16th Floor, 11 Diagonal Street                                                  
Johannesburg, 2001                                                              
PO Box 4844                                                                     
Johannesburg, 2000                                                              
South Africa                                                                    
Telephone         :   +27 86 154 6572                                           
Fax               :   +27 86 674 3260                                           
United Kingdom Registrars                                                       
Capita Registrars                                                               
The Registry                                                                    
34 Beckenham Road                                                               
Bechenham                                                                       
Kent BR3 4TU                                                                    
United Kingdom                                                                  
Telephone         :   +44 870 162 3100                                          
Fax               :   +44 208 636 2342                                          
ADR Depositary                                                                  
The Bank of New York Mellon Inc                                                 
101 Barclay Street                                                              
New York, NY 10286                                                              
United States of America                                                        
Telephone         :   +1888-BNY-ADRS                                            
Fax               :   +1 212 571 3050                                           
Sponsor                                                                         
JP Morgan Equities Limited                                                      
1 Fricker Road, Corner Hurlingham Road                                          
Illovo, Johannesburg, 2196                                                      
Private Bag X9936, Sandton, 2146                                                
Telephone         :   +27 11 507 0300                                           
Fax               :   +27 11 507 0503                                           
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                                  
Registration Number 1950/038232/06                                              
Incorporated in the Republic of South Africa                                    
ISIN: ZAE 000015228                                                             
Date: 17/08/2009 08:00:01 Supplied by www.sharenet.co.za                     
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