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HAR - Harmony Gold Mining Company - Results for the second quarter and six

Release Date: 08/02/2010 08:00:04      Code(s): HAR
HAR - Harmony Gold Mining Company - Results for the second quarter and six      
                                  months ended 31 December 2009                 
Harmony Gold Mining Company Limited                                             
Incorporated in the Republic of South Africa                                    
Registration Number 1950/038232/06                                              
("Harmony" or "Company")                                                        
JSE Share code: HAR                                                             
NYSE Share code: HMY                                                            
ISIN: ZAE 000015228                                                             
Results for the second quarter and six months ended 31 December 2009            
Key features for the quarter                                                    
-  Safety remains our top priority                                              
-  45% increase in cash operating profit to R800 million                        
  1% decrease in total operating costs                                          
  gold price increased by 11% to R264 774/kg                                    
-  Free cash flow from SA underground operations                                
-  `Fixing the mix`                                                             
  more quality, low-cost ounces the objective                                   
-  Commissioning of growth projects                                             
2.5% drop in total capex                                                      
-  Exciting exploration results from Wafi-Golpu in PNG                          
Financial review for the second quarter and                                     
six months ending 31 December 2009                                              
Quarter       Quarter                   
                                       December     September       Q-on-Q      
                                           2009          2009     variance      
Gold produced*             - kg           11 569        11 714        (1.2)     
- oz          371 956       376 599        (1.2)      
Cash operating             - R/kg        192 101       188 362        (2.0)     
costs                      - $/oz            798           753        (6.0)     
Gold sold*                 - kg           11 640        11 471          1.5     
- oz          374 234       368 800          1.5      
Gold price                 - R/kg        264 774       239 438         10.6     
received                   - US$/oz        1 100           957         14.9     
Cash operating             - Rm              800           552         44.9     
profit                     - US$m            107            71         50.7     
Basic                      - SAc/s            28           (7)         >100     
earnings/(loss)            - USc/s             4           (1)         >100     
Headline                   - Rm              207          (51)         >100     
profit/(loss)              - US$m             28           (7)         >100     
Headline                   - SAc/s            49          (12)         >100     
earnings/(loss)            - USc/s             7           (2)         >100     
Exchange rate              - R/US$          7.49          7.78        (3.7)     
6 months      6 months     Year-to-      
                                       December      December         year      
                                           2009          2008     variance      
Gold produced*             - kg           23 283        23 554        (1.2)     
- oz          748 555       757 277        (1.2)      
Cash operating             - R/kg        190 172       162 550       (17.0)     
costs                      - $/oz            775           580       (33.6)     
Gold sold*                 - kg           23 111        24 757        (6.7)     
- oz          743 034       795 953        (6.7)      
Gold price                 - R/kg        251 968       235 421          7.0     
received                   - US$/oz        1 028           831         23.7     
Cash operating             - Rm            1 351         1 921       (29.7)     
profit                     - US$m            178           217       (18.0)     
Basic                      - SAc/s            21           161       (87.0)     
earnings/(loss)            - USc/s             3            18       (83.3)     
Headline                   - Rm              156           427       (63.4)     
profit/(loss)              - US$m             20            48       (58.3)     
Headline                   - SAc/s            37           105       (64.8)     
earnings/(loss)            - USc/s             5            12       (58.3)     
Exchange rate              - R/US$          7.63          8.84       (13.7)     
* Production and sales statistics for Hidden Valley have been included. The     
mine is in a build-up phase and revenue and costs are currently capitalised.    
HARMONY`S ANNUAL REPORTS                                                        
Harmony`s Annual Report, Notice of Annual General Meeting, its 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 2009 are  
available on our website at www.harmony.co.za.                                  
Chief Executive Officer`s Review                                                
Overview                                                                        
The turnaround at Harmony continues with an increase in profitability on the    
back of favourable market conditions and restructuring for more quality ounces. 
`Fixing the mix` - was a primary focus in the quarter under review. Costs were  
well-controlled and a higher Rand gold price received helped us towards         
significantly improved profit levels. Work continued on the commissioning of    
our growth projects and on production planning for the Pamodzi Gold Free State  
assets. In addition, we reported some very exciting exploration results out of  
Papua New Guinea (PNG).                                                         
Safety                                                                          
With deep regret, I must report that five of our colleagues died in             
work-related incidents during the quarter. Those who died were: Lekhetho Ranko, 
a team leader at Bambanani, Ashley Nortje, a boilermaker, and Keith Coleman, a  
maintenance technician, both at Target; Lebusa Elia, a team leader at Virginia  
Operations; and Martin Thosa, a night shift cleaner at Elandsrand. I would like 
to extend my deepest condolences to their families, friends and colleagues.     
Our Fatal Injury Frequency Rate (FIFR) showed an encouraging improvement        
quarter on quarter. Whilst the current quarter has not been great, safety is a  
high priority and is being constantly addressed. The rewards of these will be   
seen in time.                                                                   
Gold market                                                                     
The South African Rand was stronger against the US Dollar during the quarter,   
the exchange rate averaging R7.49/US$ compared with R7.78/US$ in the previous   
quarter.                                                                        
The US Dollar gold price averaged $1 100/oz, up 14.9% on the previous quarter,  
pointing to the metal`s continuing robustness as world economies recover from   
the meltdown of 2008. Consequently, the Rand gold price we received for our     
production averaged R264 774/kg, a 10.6% improvement quarter on quarter.        
What matters primarily to us as a dominant South African gold producer is of    
course the Rand gold price we receive, the determinant of which is the          
Rand/Dollar exchange rate. While the higher Rand gold price received during the 
December 2009 quarter was most welcome, we still hold the view that general     
Rand strength is likely to continue for so long as any global economic          
uncertainties last. We therefore expect the gold price to remain fairly flat    
for the next 12 months in R/kg terms.                                           
Operating and financial results                                                 
Gold production for the quarter was down 1.2% to 11 569kg as expected, mainly   
due to the restructuring, more detail of which is provided below. Underground   
volume was 6.2% lower at 2 243 000t, underground grade flat at 4.51g/t, and     
underground production thus 5.7% lower at 325 268oz. Surface volumes increased  
by 22.9% to 2 681 000t. Combined with a 20% increase in grade to 0.54g/t,       
resulted in surface production increasing by 46.8% to 46 688oz. The increase in 
surface production can mainly be attributed to our opencast operations at PNG.  
The aforementioned improvement in the average Rand gold price we received       
resulted in a 8.2% increase in revenue to R2 971 million, and after accounting  
for total cash operating costs - 1% lower at R2 172 million mainly because of   
the lower summer electricity tariff - cash operating profit was 44.9% higher at 
R800 million.                                                                   
Restructuring for sustained profitability                                       
As part of our stated strategy, cutbacks from marginal loss-making mining       
operations at Harmony could be expected. Our objective is to eliminate          
high-cost ounces from our production profile.                                   
We carefully reviewed our asset portfolio over a period of some months.         
During the December 2009 quarter there was an intense focus on the uneconomical 
operations - specifically, Harmony 2 shaft, Merriespruit 1 and 3 shafts, and    
Brand 3 shaft, all contained within the Virginia operations; and the Evander 2, 
5 and 7 shafts.                                                                 
Brand 3 and Evander 7 ceased production, mainly due to depletion of their ore   
bodies, mature infrastructure and low grades. A number of their employees were  
redeployed to our growth projects to fill vacancies or to replace contractors   
at other operations.                                                            
Evander 2 and 5 were placed on care and maintenance during January 2010. We     
will continue to closely monitor Harmony 2, while the Merriespruit shafts       
appear to have remaining potential, provided they meet their production         
targets. It is likely that we will be able to minimise further retrenchments by 
absorbing some employees at the Pamodzi Gold Free State operations.             
Growth project commissioning                                                    
The Company continued to focus on commissioning growth projects during the      
quarter, which showed encouraging results.                                      
At Phakisa, volume increased by 22.5%, while recovery from the previous         
quarter`s geological interferences and resolution of infrastructure problems    
were adequately addressed. Tshepong`s grade challenge is expected to continue   
until production from the less erratic, higher-grade Sub-66 Decline area builds 
up. At Bambanani, the Shaft Pillar Extraction Project is gaining momentum, with 
development well under way.                                                     
Doornkop shaft received ISO 14001 accreditation in December 2009, the first     
Harmony operation to achieve this. Work during the Christmas break helped to    
reduce the impact of a shaft barrel delay on shaft equipping. While Elandsrand  
had a disappointing production quarter, the No 1 settler dam was sealed and     
pre-commissioning of the 115 level pump station was completed in preparation    
for full commissioning during the March 2010 quarter. The 100 level             
refrigeration complex construction is 90% complete, with completion planned for 
November 2010.                                                                  
In PNG, remaining sections of the Hidden Valley process                         
plant were completed in October 2009 and the overland conveyor in early         
December 2009. The past quarter yielded 43 028oz of gold production and 53      
081oz of silver, 50% of which is attributable to Harmony. Hidden Valley is      
expected to reach commercial levels of production in March 2010 quarter.        
Progressing other projects                                                      
The business plan for the Pamodzi Gold Free State assets was completed during   
the quarter, the key milestones of which include: production of 18kg of gold a  
month from rock dump milling at Target. Our planning includes the recovery of   
some 800kg of gold from the plant clean-up; and production build-up from the    
underground assets to 150 000oz over the next 24 months. The reserve and        
resource estimates are currently being revised.                                 
Re-treatment of surface tailings is proving to be an attractive proposition     
from both safety and cost perspectives. At our Phoenix Project in the Free      
State, we plan to increase volume by 400 000tpm to 900 000tpm, and at the       
nearby Project Saints the mothballed St Helena plant will be upgraded and       
re-commissioned to treat surface tailings over a period of at least 20 years.   
We are looking at financing options to fund these projects.                     
Project TPM is evaluating the potential for the economic recovery of uranium    
from the higher grade uranium ore mined at Tshepong, Phakisa and Masimong.      
Currrent activities include resource estimation, environmental studies, process 
and plant design, as well as metallurgical and flotation test-work. We are now  
entering a 12-month feasability stage.                                          
Exploration                                                                     
Drilling at the Morobe Mining Joint Venture`s Golpu West prospect in Papua New  
Guinea has achieved several highly significant intercepts of porphyry copper    
gold mineralisation. These form a new zone of mineralisation immediately west   
of the known Golpu resource. Although the mineralisation is open at depth       
and along strike, it is evident that this new discovery will have a material    
effect on the Golpu resource base and mining studies.                           
A new zone of epithermal gold mineralisation was outlined in initial drilling   
at the Northern Diatreme Margin prospect at Wafi, and a major new gold anomaly  
defined through reconnaissance stream sediment sampling at Bavaga. The latter   
lies about 6km north of the Wafi-Golpu project, on the Wafi transfer structure. 
The size of the footprint (>1km in diameter) and the tenor of the anomaly       
(>1g/t Au) are particularly encouraging and suggest potential for a significant 
gold deposit.                                                                   
Harmony team                                                                    
Hannes Meyer was appointed as financial director designate on 1 August 2009 and 
officially took over Harmony`s financial director`s responsibilities from Frank 
Abbott on 1 November 2009, following his appointment to Harmony`s Board as      
executive director. Hannes is a qualified chartered accountant with more than   
14 years` experience in the mining industry. He brings with him vast knowledge  
and experience of the mining industry from a financial perspective and he has   
already proven to be an asset to Harmony. Frank Abbott agreed to continue to    
serve on the Harmony Board as an executive director for the next 12 months, as  
from January 2010. Frank will focus on the strategic direction and growth of    
the Company. We are delighted that we have these two individuals on our team    
and look forward to the contributions they will make.                           
Looking ahead                                                                   
We will push ahead with the commissioning of our growth projects, in order to   
bring to account their quality ounces, and we will continue to pursue           
profitable growth opportunities - organically, by acquisition and through       
forging strategic partnerships. Our immediate goal remains generating           
profitable ounces of production and earnings to reward our shareholders, both   
through dividends and future growth. We have made good progress in this regard, 
having produced 748 555oz for the six months ended 31 December 2009.            
We will continue to engage in robust, constructive debate on issues that may    
affect the South African mining industry - in particular the outrageous power   
price increases being considered and the nationalisation of the mines.          
Graham Briggs                                                                   
Chief Executive Officer                                                         
CONDENSED CONSOLIDATED INCOME STATEMENT (Rand)                                  
                                            Quarter ended                       
                             31 December     30 September    31 December 1      
2009             2009             2008      
                             (Unaudited)      (Unaudited)      (Unaudited)      
                    Note       R million        R million        R million      
Continuing operations                                                           
Revenue                             2 971            2 747            3 146     
Cost of sales           2         (2 656)          (2 604)          (2 385)     
Production cost                   (2 172)          (2 195)          (2 033)     
Amortisation and                                                                
depreciation                        (321)            (350)            (310)     
(Impairment)/reversal of                                                        
impairment of assets                (104)                -                1     
Employment                                                                      
termination and restructuring costs   (3)                -             (16)     
Other items                          (56)             (59)             (27)     
Gross profit                          315              143              761     
Corporate, administration                                                       
and other expenditure               (116)             (88)             (92)     
Exploration expenditure              (50)             (60)             (85)     
Profit/(loss) on sale of                                                        
property, plant and equipment           3                1             (80)     
Other (expenses)/income - net        (20)             (73)              159     
Operating profit/(loss)               132             (77)              663     
Profit/(loss) from associates          25               31             (52)     
Profit on sale of                                                               
investment in associate                 -                -                -     
Impairment of                                                                   
investment in associate                 -                -                -     
Fair value movement                                                             
of listed investments                   -                -            (116)     
Profit on sale of                                                               
listed investments                      3                2                -     
Impairment of investments               -              (2)                -     
Investment income                      54               71              107     
Finance cost                         (37)             (35)             (63)     
Profit/(loss) before taxation         177             (10)              539     
Taxation                             (59)             (19)            (217)     
Net profit/(loss)                                                               
from continuing operations            118             (29)              322     
Discontinued                                                                    
operations              3                                                       
Profit from                                                                     
discontinued                                                                    
operations                              -                -              994     
Net profit/(loss)                     118             (29)            1 316     
Earnings/(loss) per                                                             
ordinary share (cents)  4                                                       
- Earnings/(loss)                                                               
from continuing                                                                 
operations                             28              (7)               80     
- Earnings from                                                                 
discontinued operations                 -                -              244     
Total earnings/(loss) per                                                       
ordinary share (cents)                 28              (7)              324     
Diluted earnings/(loss) per                                                     
ordinary share (cents)  4                                                       
- Earnings/(loss)                                                               
from continuing operations             28              (7)               79     
- Earnings from                                                                 
discontinued operations                 -                -              244     
Total diluted                                                                   
earnings/(loss) per                                                             
ordinary share (cents)                 28              (7)              323     
                                        Six months ended        Year ended      
                                31 December     31 December1       30 June      
2009             2008          2009      
                                                                 (Audited)      
                                  R million        R million     R million      
Continuing operations                                                           
Revenue                                5 718            5 828        11 496     
Cost of sales                        (5 260)          (4 762)       (9 836)     
Production cost                      (4 367)          (3 907)       (7 657)     
Amortisation and depreciation          (671)            (618)       (1 467)     
(Impairment)/reversal of                                                        
impairment of assets                   (104)            (151)         (484)     
Employment termination and                                                      
restructuring costs                      (3)             (28)          (39)     
Other items                            (115)             (58)         (189)     
Gross profit                             458            1 066         1 660     
Corporate, administration and                                                   
other expenditure                      (204)            (183)         (362)     
Exploration expenditure                (110)            (137)         (289)     
Profit/(loss) on sale of                                                        
property, plant and equipment              4              459           965     
Other (expenses)/income - net           (93)              145         (101)     
Operating profit/(loss)                   55            1 350         1 873     
Profit/(loss) from associates             56             (51)            12     
Profit on sale of investment in                                                 
associate                                  -                1             1     
Impairment of investment in associate      -            (112)         (112)     
Fair value movement of listed                                                   
investments                                -            (116)         (101)     
Profit on sale of listed                                                        
investments                                5                -             -     
Impairment of investments                (2)                -             -     
Investment income                        125              185           444     
Finance cost                            (72)            (149)         (212)     
Profit/(loss) before taxation            167            1 108         1 905     
Taxation                                (78)            (454)         (196)     
Net profit/(loss) from                                                          
continuing operations                     89              654         1 709     
Discontinued operations                                                         
Profit from discontinued operations        -            1 064         1 218     
Net profit/(loss)                         89            1 718         2 927     
Earnings/(loss) per ordinary                                                    
share (cents)                                                                   
- Earnings/(loss) from                                                          
continuing operations                     21              161           413     
- Earnings from discontinued                                                    
operations                                 -              263           294     
Total earnings/(loss) per                                                       
ordinary share (cents)                    21              424           707     
Diluted earnings/(loss) per                                                     
ordinary share (cents)                                                          
- Earnings/(loss) from                                                          
continuing operations                     21              161           411     
- Earnings from discontinued                                                    
operations                                 -              261           293     
Total diluted earnings/(loss) per                                               
ordinary share (cents)                    21              422           704     
The accompanying notes are an integral part of these condensed consolidated     
financial statements.                                                           
1 The comparative figures are re-presented due to Mount Magnet being            
reclassified as part of continuing operations. See note 3 in this regard.       
CONDENSED CONSOLIDATED STATEMENT OF OTHER COMPREHENSIVE INCOME (Rand)           
Quarter ended            
                                              31 December     30 September      
                                                     2009             2009      
                                              (Unaudited)      (Unaudited)      
R million        R million      
Net profit/(loss) for the period                       118             (29)     
Attributable to:                                                                
Owners of the parent                                   118             (29)     
Non-controlling interest                                 -                -     
Other comprehensive (loss)/income for the                                       
period, net of income tax                             (51)               15     
Foreign exchange translation                          (57)               19     
Mark-to-market of available-for-sale                                            
investments                                              6              (4)     
Total comprehensive income/(loss)                                               
for the period                                          67             (14)     
Attributable to:                                                                
Owners of the parent                                    67             (14)     
Non-controlling interest                                 -                -     
                                           Quarter ended  Six months ended      
31 December       31 December      
                                                    2008              2009      
                                             (Unaudited)                        
                                               R million         R million      
Net profit/(loss) for the period                    1 316                89     
Attributable to:                                                                
Owners of the parent                                1 316                89     
Non-controlling interest                                -                 -     
Other comprehensive (loss)/income for the                                       
period, net of income tax                           (115)              (36)     
Foreign exchange translation                        (208)              (38)     
Mark-to-market of available-for-sale investments       93                 2     
Total comprehensive income/(loss)                                               
for the period                                      1 201                53     
Attributable to:                                                                
Owners of the parent                                1 201                53     
Non-controlling interest                                -                 -     
                                           Six months ended     Year ended      
                                                31 December        30 June      
                                                       2008           2009      
(Audited)      
                                                  R million      R million      
Net profit/(loss) for the period                       1 718          2 927     
Attributable to:                                                                
Owners of the parent                                   1 718          2 927     
Non-controlling interest                                   -              -     
Other comprehensive (loss)/income for the period,                               
net of income tax                                       (27)          (450)     
Foreign exchange translation                            (89)          (497)     
Mark-to-market of available-for-sale investments          62             47     
Total comprehensive income/(loss)                                               
for the period                                         1 691          2 477     
Attributable to:                                                                
Owners of the parent                                   1 691          2 477     
Non-controlling interest                                   -              -     
CONDENSED CONSOLIDATED BALANCE SHEET (Rand)                                     
At               At      
                                              31 December     30 September      
                                                     2009             2009      
                                                               (Unaudited)      
Note       R million        R million      
ASSETS                                                                          
Non-current assets                                                              
Property, plant and equipment                       28 862           28 457     
Intangible assets                                    2 217            2 218     
Restricted cash                                        167              165     
Restricted investments                               1 697            1 668     
Investments in financial assets                         20               39     
Investments in associates                              385              360     
Inventories                              5              77                -     
Trade and other receivables                             74               72     
                                                   33 499           32 979      
Current assets                                                                  
Inventories                              5           1 103            1 147     
Income and mining taxes                                 55               45     
Trade and other receivables                          1 108              838     
Restricted cash                          6             280                -     
Cash and cash equivalents                              808            1 094     
                                                    3 354            3 124      
Assets of disposal groups classified                                            
as held-for-sale                         3               -                -     
                                                    3 354            3 124      
Total assets                                        36 853           36 103     
EQUITY AND LIABILITIES                                                          
Share capital and reserves                                                      
Share capital                                       28 096           28 093     
Other reserves                                         375              388     
Retained earnings/(accumulated loss)                   971              853     
29 442           29 334      
Non-current liabilities                                                         
Deferred tax                                         3 317            3 265     
Provision for environmental                                                     
rehabilitation                                       1 612            1 564     
Retirement benefit obligation and                                               
other provisions                                       167              166     
Borrowings                               7             565              108     
5 661            5 103      
Current liabilities                                                             
Borrowings                               7             460              260     
Trade and other payables                             1 279            1 385     
Income and mining taxes                                 11               21     
                                                    1 750            1 666      
Liabilities of disposal groups                                                  
classified as held-for-sale              3               -                -     
1 750            1 666      
Total equity and liabilities                        36 853           36 103     
Number of ordinary shares in issue             426 079 492      426 024 653     
Net asset value per share (cents)                    6 910            6 886     
At              At      
                                                   30 June     31 December      
                                                      2009            2008      
                                                 (Audited)                      
R million       R million      
ASSETS                                                                          
Non-current assets                                                              
Property, plant and equipment                        27 912          27 786     
Intangible assets                                     2 224           2 223     
Restricted cash                                         161             169     
Restricted investments                                1 640           1 567     
Investments in financial assets                          57              28     
Investments in associates                               329             228     
Inventories                                               -               -     
Trade and other receivables                              75              56     
                                                    32 398          32 057      
Current assets                                                                  
Inventories                                           1 035             898     
Income and mining taxes                                  45             108     
Trade and other receivables                             885           2 732     
Restricted cash                                           -               -     
Cash and cash equivalents                             1 950           1 645     
                                                     3 915           5 383      
Assets of disposal groups classified as                                         
held-for-sale                                             -             407     
                                                     3 915           5 790      
Total assets                                         36 313          37 847     
EQUITY AND LIABILITIES                                                          
Share capital and reserves                                                      
Share capital                                        28 091          27 126     
Other reserves                                          339             671     
Retained earnings/(accumulated loss)                  1 095           (114)     
29 525          27 683      
Non-current liabilities                                                         
Deferred tax                                          3 251           3 699     
Provision for environmental rehabilitation            1 530           1 189     
Retirement benefit obligation and other                                         
provisions                                              166             153     
Borrowings                                              110             188     
                                                     5 057           5 229      
Current liabilities                                                             
Borrowings                                              252           2 671     
Trade and other payables                              1 460           1 613     
Income and mining taxes                                  19             273     
1 731           4 557      
Liabilities of disposal groups classified as                                    
held-for-sale                                             -             378     
                                                     1 731           4 935      
Total equity and liabilities                         36 313          37 847     
Number of ordinary shares in issue              425 986 836     417 637 697     
Net asset value per share (cents)                     6 931           6 628     
The accompanying notes are an integral part of these condensed consolidated     
financial statements.                                                           
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY (Rand)                    
                                                       Share         Other      
                                                     capital      reserves      
Note     R million     R million      
Balance - 30 June 2009                                 28 091           339     
Issue of shares                                             5             -     
Share-based payments                                        -            72     
Comprehensive income for the period                         -          (36)     
Dividends paid                                8             -             -     
Balance as at 31 December 2009                         28 096           375     
Balance - 30 June 2008                                 25 895           676     
Issue of shares                                         1 231             -     
Share-based payments                                        -            22     
Comprehensive income for the period                         -          (27)     
Balance as at 31 December 2008                         27 126           671     
Retained                    
                                                   earnings/                    
                                                (accumulated                    
                                                       loss)         Total      
R million     R million      
Balance - 30 June 2009                                  1 095        29 525     
Issue of shares                                             -             5     
Share-based payments                                        -            72     
Comprehensive income for the period                        89            53     
Dividends paid                                          (213)         (213)     
Balance as at 31 December 2009                            971        29 442     
Balance - 30 June 2008                                (1 832)        24 739     
Issue of shares                                             -         1 231     
Share-based payments                                        -            22     
Comprehensive income for the period                     1 718         1 691     
Balance as at 31 December 2008                          (114)        27 683     
CONDENSED CONSOLIDATED CASH FLOW STATEMENT (Rand)                               
                                                     Quarter ended              
                                             31 December      30 September      
                                                    2009              2009      
(Unaudited)       (Unaudited)      
                                               R million         R million      
Cash flow from operating activities                                             
Cash generated by operations                          183               225     
Interest and dividends received                        52                68     
Interest paid                                        (11)               (9)     
Income and mining taxes paid                         (34)              (25)     
Cash generated by operating activities                190               259     
Cash flow from investing activities                                             
(Increase)/decrease in restricted cash              (283)               (3)     
Net proceeds on disposal of listed investments         29                15     
Net (additions to)/disposal of property,                                        
plant and equipment                                 (890)             (907)     
Other investing activities                            (3)                 8     
Cash (utilised)/generated by investing                                          
activities                                        (1 147)             (887)     
Cash flow from financing activities                                             
Borrowings raised                                     686                 -     
Borrowings repaid                                    (18)               (7)     
Ordinary shares issued - net of expenses                3                 2     
Dividends paid                                          -             (213)     
Cash generated/(utilised) by financing                                          
activities                                            671             (218)     
Foreign currency translation adjustments                -              (10)     
Net (decrease)/increase in cash and cash                                        
equivalents                                         (286)             (856)     
Cash and cash equivalents - beginning of period     1 094             1 950     
Cash and cash equivalents - end of period             808             1 094     
Quarter ended   Six months ended       
                                           31 December        31 December       
                                                  2008               2009       
                                           (Unaudited)                          
R million          R million       
Cash flow from operating activities                                             
Cash generated by operations                      1 155                408      
Interest and dividends received                     112                120      
Interest paid                                      (62)               (20)      
Income and mining taxes paid                      (142)               (59)      
Cash generated by operating activities            1 063                449      
Cash flow from investing activities                                             
(Increase)/decrease in restricted cash               13              (286)      
Net proceeds on disposal of listed investments        -                 44      
Net (additions to)/disposal of property,                                        
plant and equipment                               (840)            (1 797)      
Other investing activities                           64                  5      
Cash (utilised)/generated by investing activities (763)            (2 034)      
Cash flow from financing activities                                             
Borrowings raised                                     -                686      
Borrowings repaid                                 (698)               (25)      
Ordinary shares issued - net of expenses            980                  5      
Dividends paid                                        -              (213)      
Cash generated/(utilised) by financing activities   282                453      
Foreign currency translation adjustments          (122)               (10)      
Net (decrease)/increase in cash and cash                                        
equivalents                                         460            (1 142)      
Cash and cash equivalents - beginning of period   1 186              1 950      
Cash and cash equivalents - end of period         1 646                808      
                                            Six months ended    Year ended      
                                                 31 December       30 June      
                                                        2008          2009      
(Audited)      
                                                   R million     R million      
Cash flow from operating activities                                             
Cash generated by operations                            1 825         2 813     
Interest and dividends received                           194           457     
Interest paid                                           (174)         (280)     
Income and mining taxes paid                            (143)         (704)     
Cash generated by operating activities                  1 702         2 286     
Cash flow from investing activities                                             
(Increase)/decrease in restricted cash                   (90)          (83)     
Net proceeds on disposal of listed investments              -             -     
Net (additions to)/disposal of property,                                        
plant and equipment                                      (42)           979     
Other investing activities                                 74          (79)     
Cash (utilised)/generated by investing activities        (58)           817     
Cash flow from financing activities                                             
Borrowings raised                                           -             -     
Borrowings repaid                                     (1 286)       (3 738)     
Ordinary shares issued - net of expenses                  988         1 953     
Dividends paid                                              -             -     
Cash generated/(utilised) by financing activities       (298)       (1 785)     
Foreign currency translation adjustments                (115)           217     
Net (decrease)/increase in cash and cash equivalents    1 231         1 535     
Cash and cash equivalents - beginning of period           415           415     
Cash and cash equivalents - end of period               1 646         1 950     
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS                        
FOR THE PERIOD ENDED 31 DECEMBER 2009                                           
1. Accounting policies                                                          
Basis of accounting                                                             
The condensed consolidated interim financial statements for the period ended 31 
December 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 2009. These condensed consolidated interim financial         
statements are prepared in accordance with IAS 34, Interim Financial Reporting  
and in the manner required by the Companies Act of South Africa. They should be 
read in conjunction with the annual financial statements for the year ended 30  
June 2009.                                                                      
2. Cost of sales                                                                
                                                      Quarter ended             
31 December      30 September      
                                                    2009              2009      
                                             (Unaudited)       (Unaudited)      
                                               R million         R million      
Production costs                                    2 172             2 195     
Amortisation and depreciation                         321               350     
Impairment/(reversal of impairment) of assets        104*                 -     
Provision for rehabilitation costs                      4                 4     
Care and maintenance cost of restructured shafts       13                21     
Employment termination and restructuring costs          3                 -     
Share-based payments                                   38                34     
Provision for post-retirement benefits                  1                 -     
Total cost of sales                                 2 656             2 604     
                                           Quarter ended  Six months ended      
                                           31 December 1       31 December      
                                                    2008              2009      
(Unaudited)                        
                                               R million         R million      
Production costs                                    2 033             4 367     
Amortisation and depreciation                         310               671     
Impairment/(reversal of impairment) of assets         (1)              104*     
Provision for rehabilitation costs                      3                 8     
Care and maintenance cost of restructured shafts       14                34     
Employment termination and restructuring costs         16                 3     
Share-based payments                                    9                72     
Provision for post-retirement benefits                  1                 1     
Total cost of sales                                 2 385             5 260     
                                            Six months ended    Year ended      
31 December 1       30 June      
                                                        2008          2009      
                                                                 (Audited)      
                                                   R million     R million      
Production costs                                        3 907         7 657     
Amortisation and depreciation                             618         1 467     
Impairment/(reversal of impairment) of assets             151           484     
Provision for rehabilitation costs                         10            21     
Care and maintenance cost of restructured shafts           25            53     
Employment termination and restructuring costs             28            39     
Share-based payments                                       22           113     
Provision for post-retirement benefits                      1             2     
Total cost of sales                                     4 762         9 836     
1 The comparative figures are re-presented due to Mount Magnet being            
reclassified as part of continuing operations. See note 3 in this regard.       
*The impairment recorded in the December 2009 quarter relates to Brand 3 and    
Evander 2 & 5, which have been placed on care and maintenance.                  
3. Disposal groups classified as held-for-sale and discontinued operations      
Following approval by the Board of Directors in April 2007, the assets and      
liabilities related to Mount Magnet (an operation 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 re-presented taking         
this change into account.                                                       
4. 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 31 December 2009: 425.9       
million (30 September 2009: 425.9 million, 31 December 2008: 406.8 million),    
and the six months ended 31 December 2009: 425.9 million (31 December 2008:     
405.0 million) and the year ended 30 June 2009: 414.1 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 31 December 2009: 427.5 million (30 September 2009: 427.2 million,        
31 December 2008: 409.1 million), and the six months ended 31 December 2009:    
427.4 million (31 December 2008: 407.1 million) and the year ended 30 June      
2009: 416.0 million.                                                            
                                             Quarter ended                      
                              31 December     30 September     31 December1     
                                    2009             2009             2008      
(Unaudited)      (Unaudited)      (Unaudited)      
Total earnings/(loss) per                                                       
ordinary share (cents):                                                         
Basic earnings/(loss)                  28              (7)              324     
Fully diluted earnings/(loss)          28              (7)              323     
Headline earnings/(loss)               49             (12)              121     
- from continuing operations           49             (12)               98     
- from discontinued operations          -                -               23     
R million        R million        R million      
Reconciliation of headline                                                      
earnings/(loss):                                                                
Continuing operations                                                           
Net profit/(loss)                     118             (29)              322     
Adjusted for (net of tax):                                                      
(Profit)/loss on sale of                                                        
property, plant and equipment         (2)              (1)               78     
Profit on sale of listed investments  (3)              (1)                -     
Fair value movement of listed                                                   
investments                             -               -                 -     
Foreign exchange gain                                                           
reclassified from equity                -             (22)                -     
Profit on sale of associate             -                -                -     
Impairment of investment in associates  -                -                -     
Impairment of investments               -                2                -     
Impairment/(reversal of impairment)                                             
of property, plant and equipment       94                -              (1)     
Headline earnings/(loss)              207             (51)              399     
Discontinued operations                                                         
Net profit                              -                -              994     
Adjusted for (net of tax):                                                      
Profit on sale of property,                                                     
plant and equipment                     -                -            (901)     
Headline earnings                       -                -               93     
Total headline earnings/(loss)        207             (51)              492     
                                         Six months ended       Year ended      
                                31 December     31 December1       30 June      
2009             2008          2009      
                                                                 (Audited)      
Total earnings/(loss) per                                                       
ordinary share (cents):                                                         
Basic earnings/(loss)                     21              424           707     
Fully diluted earnings/(loss)             21              422           704     
Headline earnings/(loss)                  37              145           262     
- from continuing operations              37              105           239     
- from discontinued operations             -               40            23     
                                  R million        R million     R million      
Reconciliation of headline                                                      
earnings/(loss):                                                                
Continuing operations                                                           
Net profit/(loss)                         89              654         1 709     
Adjusted for (net of tax):                                                      
(Profit)/loss on sale of                                                        
property, plant and equipment            (3)            (490)         (975)     
Profit on sale of listed investments     (4)                -             -     
Fair value movement of listed                                                   
investments                                -                -            71     
Foreign exchange gain                                                           
reclassified from equity                (22)                -         (384)     
Profit on sale of associate                -                -           (1)     
Impairment of investment in associates     -              112           112     
Impairment of investments                  2                -             -     
Impairment/(reversal of impairment)                                             
of property, plant and equipment          94              151           457     
Headline earnings/(loss)                 156              427           989     
Discontinued operations                                                         
Net profit                                 -            1 064         1 218     
Adjusted for (net of tax):                                                      
Profit on sale of property,                                                     
plant and equipment                        -            (901)       (1 121)     
Headline earnings                          -              163            97     
Total headline earnings/(loss)           156              590         1 086     
1 The comparative figures are re-presented due to Mount Magnet being            
reclassified as part of continuing operations. See note 3 in this regard.       
5. Inventories                                                                  
During the quarter ended 31 December 2009, the Group concluded two separate     
purchase agreements with Pamodzi Gold Free State (Proprietary) Limited (In      
Provisional Liquidation) (Pamodzi), for the purchase of a waste rock dump and   
a gold plant to the value of R120 million. The Group`s intention is to break up 
the plant and extract the gold in lock-up. The portion of inventory that is     
expected to be recovered more than twelve months after balance sheet date has   
been classified as non-current.                                                 
6. Restricted cash                                                              
The Group entered into two separate purchase agreements with Pamodzi for the    
purchase of Pamodzi`s Free State North and South Assets for a total             
consideration of R280 million.                                                  
The Group had an obligation in terms of the North and South agreements to pay,  
at the conclusion of the later of the waste rock dump and plant agreements, an  
amount equal to the purchase consideration into an escrow account as the North  
and South sale of assets agreements were not yet unconditional on 31 December   
2009. The escrow account is an interest-bearing trust account on which the      
interest accrues to the benefit of the Group.                                   
7. Borrowings                                                                   
31 December     30 September       30 June     31 December      
                       2009             2009          2009            2008      
                                 (Unaudited)     (Audited)                      
                  R million        R million     R million       R million      
Total long-term                                                                 
borrowings               565              108           110             188     
Total current                                                                   
portion of borrowings    460              260           252           2 671     
Total borrowings                                                                
(1) (2)                1 025              368           362           2 859     
(1) On 11 December 2009, the Company entered into a loan facility with Nedbank  
Limited, comprising of a Term Facility of R900 million and a Revolving Credit   
Facility of R600 million. Interest accrues on a day-to-day basis over the term  
of the loan at a variable interest rate, which is fixed for a three-month       
period, equal to JIBAR plus 3.5%. Interest is repayable quarterly.              
The Term Facility is repayable bi-annually in equal instalments of R90 million  
over five years. The Revolving Credit Facility is repayable after three years.  
The Group drew down R650 million of the Term Facility during December 2009.     
(2) Included in the borrowings is R102 million (September 2009: 104 million;    
June 2009: R106 million; December 2008: R198 million) owed to Westpac Bank      
Limited in terms of a finance lease agreement. The future minimum lease         
payments are as follows:                                                        
                                              31 December     30 September      
                                                     2009             2009      
(Unaudited)      
                                                R million        R million      
Due within one year                                     32               31     
Due between one and five years                          73               76     
105              107      
Future finance charges                                 (3)              (3)     
Total future minimum lease payments                    102              104     
                                                  30 June      31 December      
2009             2008      
                                                (Audited)                       
                                                R million        R million      
Due within one year                                     30               63     
Due between one and five years                          80              156     
                                                      110              219      
Future finance charges                                 (4)             (21)     
Total future minimum lease payments                    106              198     
8. Dividend declared                                                            
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, amounting to  
R213 million was paid on 21 September 2009.                                     
31 December     30 September      
                                                     2009             2009      
                                                               (Unaudited)      
Dividend declared (R million)                            -              213     
Number of shares in issue (thousands)              426 079          426 025     
Dividend per share (cents)                               -               50     
                                                  30 June      31 December      
                                                     2009             2008      
(Audited)                       
Dividend declared (R million)                            -                -     
Number of shares in issue (thousands)              425 987          417 638     
Dividend per share (cents)                               -                -     
9. Commitments and contingencies                                                
                                              31 December     30 September      
                                                     2009             2009      
                                                               (Unaudited)      
R million        R million      
Capital expenditure commitments                                                 
Contracts for capital expenditure                      411              528     
Authorised by the directors but not contracted                                  
for                                                  1 771            1 829     
                                                    2 182            2 357      
                                                  30 June      31 December      
                                                     2009             2008      
(Audited)                       
                                                R million        R million      
Capital expenditure commitments                                                 
Contracts for capital expenditure                      478              692     
Authorised by the directors but not contracted                                  
for                                                    734            1 689     
                                                    1 212            2 381      
This expenditure will be financed from existing resources and borrowings where  
necessary.                                                                      
Contingent liability                                                            
Class action. On 18 April 2008, Harmony Gold Mining Company Limited was made    
aware that it has been named or may be named as a defendant in a lawsuit filed  
in the U.S. District Court in the Southern District of New York on behalf of    
certain purchasers and sellers of Harmony`s American Depository Receipts (ADRs) 
with regard to certain of its business practises. Harmony has retained legal    
counsel, who advise Harmony on further developments in the U.S.                 
During January 2009, the plaintiff filed an Amended Complaint with the Court.   
Subsequently, the Company filed a Motion to Dismiss all claims asserted in the  
Class Action Case with the Court. The plaintiffs have filed an opposing         
response and the Company has since replied to that response. It is not possible 
to predict with certainty when the Court will rule on the Motion of Dismiss as  
the timing of the ruling is entirely within the discretion of the Court. It is  
currently not possible to estimate if there will be a financial effect, or what 
that effect might be.                                                           
10. Subsequent events                                                           
In January 2010, the sale of Big Bell Operations (Proprietary) Limited, an      
operation in Western Australia, was concluded, in which the Group received an   
amount of AU$3.0 million and the release on performance bonds of AU$3.1         
million.                                                                        
11. Segment report                                                              
The segment report follows below.                                               
12. Reconciliation of segment information to consolidated income statements and 
balance sheet                                                                   
                                               31 December     31 December      
                                                      2009            2008      
                                                 R million       R million      
The "Reconcilliation 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     
Production costs from:                                                          
Discontinued operations                                   -             447     
Reconciliation of cash operating profit to                                      
gross profit:                                                                   
Total segment revenue                                 5 718           6 442     
Total segment production costs                      (4 367)         (4 354)     
Cash operating profit as per segment report           1 351           2 088     
Less: Discontinued operations                             -           (167)     
Cash operating profit as per segment report           1 351           1 921     
Cost of sales items other than production costs       (893)           (855)     
Amortisation and depreciation                         (671)           (618)     
Impairment of assets                                  (104)           (151)     
Employment termination and restructuring costs          (3)            (28)     
Share-based payments                                   (72)            (22)     
Rehabilitation costs                                    (8)            (10)     
Care and maintenance costs of restructured shafts      (34)            (25)     
Provision for post-retirement benefits                  (1)             (1)     
Gross profit as per income statements *                 458           1 066     
Reconciliation of total segment mining assets to                                
consolidated property, plant and equipment:                                     
Property, plant and equipment not allocated to                                  
a segment:                                                                      
Mining assets                                           755             569     
Undeveloped property                                  5 386           5 168     
Other non-mining assets                                  66              51     
Less: Non-current assets previously classified                                  
as held-for-sale                                          -           (280)     
                                                     6 207           5 508      
* 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. Review report                                                               
The condensed consolidated financial statements for the six months ended 31     
December 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 report is available for inspection at the         
Company`s registered office.                                                    
SEGMENT REPORT FOR THE SIX MONTHS ENDED 31 DECEMBER 2009 (Rand/Metric)          
                                          Cash          Cash                    
production     operating        Mining      
                        Revenue           cost        profit        assets      
                      R million      R million     R million     R million      
Operations                                                                      
South Africa                                                                    
Underground                                                                     
Bambanani                    490            369           121           680     
Doornkop                     259            209            50         2 699     
Elandsrand                   741            571           170         2 894     
Evander                      599            559            40           906     
Masimong                     648            360           288           711     
Phakisa                      161            139            22         3 898     
Target                       414            308           106         2 301     
Tshepong                     886            583           303         3 627     
Virginia                     813            789            24           841     
Joel                         291            209            82           135     
Surface                                                                         
All surface operations (1)   416            271           145           141     
Total South Africa         5 718          4 367         1 351        18 833     
International                                                                   
Papua New Guinea (2)           -              -             -         3 805     
Mount Magnet                   -              -             -            17     
Total international            -              -             -         3 822     
Total operations           5 718          4 367         1 351        22 655     
Reconciliation of the                                                           
segment information to                                                          
the consolidated income                                                         
statement and balance sheet                                                     
(refer to note 12)             -              -                       6 207     
                          5 718          4 367                      28 862      
                                          Capital     Kilograms     Tonnes      
                                      expenditure      produced     milled      
R million           kg*     t`000*      
Operations                                                                      
South Africa                                                                    
Underground                                                                     
Bambanani                                       51         1 878        270     
Doornkop                                       151           990        278     
Elandsrand                                     236         3 012        495     
Evander                                        106         2 296        504     
Masimong                                        85         2 601        469     
Phakisa                                        266           610        158     
Target                                         161         1 700        384     
Tshepong                                       129         3 395        814     
Virginia                                        99         3 253      1 015     
Joel                                            50         1 106        248     
Surface                                                                         
All surface operations (1)                      44         1 674      4 384     
Total South Africa                           1 378        22 515      9 019     
International                                                                   
Papua New Guinea (2)                           429           768          -     
Mount Magnet                                     -             -          -     
Total international                            429           768          -     
Total operations                             1 807        23 283      9 019     
Reconciliation of the segment                                                   
information to the consolidated                                                 
income statement and                                                            
balance sheet (refer to note 12)                                                
Notes:                                                                          
(1) Includes Kalgold, Phoenix and Dumps.                                        
(2) Production statistics for Hidden Valley are shown for information purposes. 
The mine is in a build-up phase and revenue and cost are currently capitalised  
until commercial levels of production are reached.                              
* Production statistics are not reviewed.                                       
This report was approved by the Board of Directors and is signed on their       
behalf by:                                                                      
G P Briggs                  H O Meyer                          Randfontein      
Chief Executive Officer     Financial Director                 8 February 2010  
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                                                               
South Africa                                                                    
Telephone: +27 11 411 2000                                                      
Website: http://www.harmony.co.za                                               
Directors                                                                       
PT Motsepe (Chairman)*                                                          
GP Briggs (Chief Executive Officer)                                             
HO Meyer (Financial Director)                                                   
F Abbott (Executive Director)                                                   
JA Chissano*1                                                                   
FFT De Buck*, Dr C Diarra*+,                                                    
KV 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                                                            
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                                                            
United Kingdom Registrars                                                       
Capita Registrars                                                               
The Registry                                                                    
34 Beckenham Road                                                               
Bechenham                                                                       
Kent BR3 4TU                                                                    
United Kingdom                                                                  
Telephone: +44 (0)20 8639 3399                                                  
          0871 664 0300 (UK)                                                    
Fax: +44 (0) 20 8639 2220                                                       
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                                                            
Date: 08/02/2010 08:00:02 Supplied by www.sharenet.co.za                     
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