HAR - Harmony Gold Mining Company Limited - Results for the third quarter ended Release Date: 10/05/2010 08:00:03 Code(s): HAR HAR - Harmony Gold Mining Company Limited - Results for the third quarter ended
31 March 2010
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 third quarter ended 31 March 2010
Shareholder information
Issued ordinary share capital at 426 191 965
31 March 2010 shares
Market capitalisation
At 31 March 2010 (ZARm) 29 322
At 31 March 2010 (US$m) 4 009
Harmony ordinary share
and ADR prices
12-month high (1 April 2009 to
31 March 2010) for ordinary shares R99.22
12-month low (1 April 2009 to
31 March 2010) for ordinary shares R67.71
12-month high (1 April 2009 to
31 March 2010) for ADRs $12.39
12-month low (1 April 2009 to
31 March 2010)) for ADRs $8.06
Free float
Ordinary shares 100%
ADR ratio 1:1
JSE Limited HAR
Range for quarter
(1 January 2010 to R68.80 -
31 March 2010 - closing prices) R80.77
Average daily volume for
the quarter (1 January 2010 to 1 305 283
31 March 2010) shares
New York Stock
Exchange, Inc.
HMY
Range for quarter
(1 January 2010 to $8.79 -
31 March 2010 - closing prices) $11.11
Average daily volume for
the quarter (1 January 2010 to 670 462
31 March 2010) shares
Nasdaq HMY
Range for quarter
(1 January 2010 to $8.81 -
31 March 2010 - closing prices) $11.10
Average daily volume for
the quarter (1 January 2010 to 553 900
31 March 2010) shares
Key features for the quarter
* Safety remains a top priority
- 99 days fatal-free
* Continuing to "fix the mix"
- more quality, low-cost ounces long term
* Growth projects poised to produce
- mostly on track
* 10% decrease in gold production
* 19% drop in total capital expenditure
* Excellent exploration results
- turning tenements into resources
Financial review for the third quarter and nine months ended 31 March 2010
Quarter Quarter
March December Q-on-Q
2010 2009 variance
Gold - kg 10 366 11 569 (10.4)
produced(1) - oz 333 276 371 956 (10.4)
Cash costs - R/kg 199 859 192 101 (4.0)
- US$/oz 829 798 (3.8)
Cash operating - Rm 634 800 (20.8)
profit - US$m 84 107 (20.9)
Basic(loss)/ - SAc/s (69) 28 <(100)
earnings per share - USc/s (9) 4 <(100)
Headline - Rm (137) 207 <(100)
(loss)/profit - US$m (18) 28 <(100)
Headline (loss)/ - SAc/s (32) 49 <(100)
earnings per share - USc/s (4) 7 <(100)
Adjusted - SAc/s (6) 50 <(100)
headline (loss)/ - USc/s (1) 8 <(100)
earnings per share(2)
Exchange rate - R/US$ 7.50 7.49 0.2
Gold price - R/kg 267 469 264 774 1.0
received - US$/oz 1 109 1 100 (0.8)
9 months 9 months Year-to-
March March year
2010 2009 variance
Gold - kg 33 649 34 434 (2.3)
produced(1) - oz 1 081 831 1 107 078 (2.3)
Cash costs - R/kg 193 274 166 757 15.9
- US$/oz 792 564 40.4
Cash operating - Rm 1 985 3 096 (35.9)
profit - US$m 261 337 (22.6)
Basic(loss)/ - SAc/s (48) 397* <(100)
earnings per share - USc/s (6) 43* <(100)
Headline - Rm 21 968* (98)
(loss)/profit - US$m 3 105* (97)
Headline (loss)/ - SAc/s 5 236* (98)
earnings per share - USc/s 1 26* 96
Adjusted - SAc/s 32 243 (87)
headline (loss)/ - USc/s 4 26 (85)
earnings per share(2)
Exchange rate - R/US$ 7.59 9.19 (17.4)
Gold price - R/kg 256 525 252 346 1.7
received - US$/oz 1 051 854 23.1
* Reported amounts include continued operations only.
(1) Production statistics for Hidden Valley, President Steyn and Target 3
(previously known as Lorraine 3) have been included.
These mines are in a build-up phase and revenue and costs are currently
capitalised.
(2) Headline (loss)/earnings adjusted for employee termination and
restructuring costs.
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
Introduction
During the quarter ended 31 March 2010, we continued the difficult but
necessary process of restructuring to eliminate unprofitable production, our
end game being the best asset mix, generating quality ounces. Following on from
the first round of shaft closures - Evander 2, 5 and 7 and Brand 3 - in the
previous quarter and early in the quarter under review, we announced the
closure of Harmony 2, Merriespruit 1 and 3 shafts, which will take effect
during the fourth quarter. We fully anticipated the short term effects from
these actions and indeed, gold production for the March quarter reduced by 10%
in comparison to the previous quarter of which 6% can be attributed to the
restructuring. We experienced some technical challenges and a number of lost
shifts due to stoppages imposed by the regulator for minor infringements.
We have dealt with these matters and discuss the detail later in this review.
We continue to draw to the end of our various capital programmes, with capital
expenditure 19% lower than the previous quarter.
On the safety front our continued diligence produced excellent results,
clouded, however, by the death of winch operator Matome Johannes Mothele in a
fall of ground at Evander, ending a 99-day period free of fatalities. We extend
our deepest condolences to his family, friends and colleagues.
Operational results
Gold production was 10% lower at 10 366kg (of which 579kg was capitalised),
down from 11 569kg (of which 669kg was capitalised) in the previous quarter.
The decrease is due largely to the closure of Evander 2, 5 and 7 and Brand 3
shafts. Challenges at Tshepong, Masimong, Joel and Kusasalethu (previously
known as Elandsrand) also contributed to lower production.
Only Tshepong and Masimong had a slow start-up after the Christmas break;
Joel saw lower grades, mainly as a result of hoisting delays caused by the
lift shaft deepening project; and Kusasalethu experienced ore-pass problems,
which are being investigated.
Of great concern is the number of production stoppages ordered by the new
Principal Inspector of Mines in the Free State. Thirteen shifts were lost,
which translates to approximately 170 fewer kilograms of gold and R46 million
less revenue. Some of these stoppages related to administrative infringements
and could easily have been resolved without resort to stoppages. We are in
robust consultation with the Department of Mineral Resources (DMR) to address
our concerns.
Total cash operating costs decreased by R138 million or 7% from R2 094 million
in the previous quarter to R1 956 million including royalties, mainly due to
the closure of Evander 2, 5 and 7 and Brand 3.
However, R/kg costs increased by 4% to R199 859/kg (R192 101/kg in the previous
quarter) due to lower tonnes milled and a 4% decrease in grade. Consequently,
operating profit was 21% lower at R634 million, down from R800 million in the
previous quarter. As expected, capital expenditure decreased by 19% to R723
million and our focus is now on increasing production in line with expectation,
focusing on development and resolving project commissioning issues.
Restructuring
Evander 2, 5 and 7 and Brand 3 shafts
The closure of these shafts resulted in a reduction in gold produced of 639kg
compared with the previous quarter. Restructuring costs in respect of these
closures amount to R120 million. Going forward, only minimal care and
maintenance costs for the closed shafts will be incurred.
Harmony 2, Merriespruit 1 and 3 shafts
During March 2010 and April 2010 the performance of Harmony 2, Merriespruit 1
and 3 shafts (all part of the Virginia operations) was carefully assessed and
we reached a well-informed conclusion that these assets have all depleted their
payable reserves. As a result, the closure process began in mid-April.
Employee representatives, through their trade unions, were informed of the
closures and we have embarked on a formal consultation process with them,
facilitated by a senior commissioner from the Commission for Conciliation,
Mediation and Arbitration (CCMA) in terms of Section 189A of the Labour
Relations Act, to consider alternatives to retrenchments. The number of
employees affected by the closure is approximately 3 700. Every effort will be
made to mitigate the effects of closure. Steps to be considered may include
transfers to other operations in the group, portable skills training and early
retirement.
Evander
The underpinning geological resource of Evander is the variable and very rich
Kimberley Reef. The mining of this resource demands strict management
philosophies and capital. We are currently looking at ways to unlock value at
Evander as it requires further capital to fully develop the abundant resource.
Commissioning of growth projects
Hidden Valley continued its commissioning process, with the silver flotation
circuit commissioned during the March quarter. We expect the Hidden Valley mine
and processing plant to reach their original design capacity and throughput in
the June 2010 quarter. The mine produced 35 359oz Au and 168 505oz Ag (50% of
which is attributable to Harmony) during the quarter. Good progress is being
made with the commissioning phase.
At Doornkop, the equipping of the rock winder compartment is nearing completion
and it is estimated that both the North and South compartments will be
completed by May 2010. The shaft equipping had to be delayed during the quarter
to focus on the installation of a pump column to increase the pumping capacity
after water intersections on the South caused an increase in the return water
to the shaft. The mud pumping system was completed during the quarter.
Development of the mine is well on track towards achieving its production
targets in 2012. The South Reef grades are delivering above 5g/t which is in
line with the life-of-mine plan.
At Phakisa, production was affected as a result of compressor breakdowns at
Nyala shaft, rail-veyor commissioning problems with the third train,
under-performance of the ice plants and illegal mining activities. The
compressor and rail-veyor issues have been resolved. The ice plants are still
under-performing and the original equipment manufacturers (OEMs) from abroad
are helping us to analyse and resolve the problem. The set-up of the plants is
time- consuming, but the OEMs are familiar with the issues, and they will be
resolved. We believe that Phakisa will make up its production losses in the
first quarter of the new financial year our battle against criminal mining
continues.
Exploration
Exploration drilling at Wafi/Golpu in Papua New Guinea has widely expanded the
known mineralisation. The footprint of the zone is now more than double what
was previously reported. This success will have a profound effect on the
options for exploitation of this resource. The resource is still being scoped
and to some extent will make the previous mining concept work redundant.
However, it will set a new baseline for what the mine could look like.
Exploration results are reported in the exploration section on page 13.
It is expected that a significant resource upgrade will be declared on 30 June
2010.
Pamodzi assets
Harmony became the owners of the Lorraine 3 (renamed Target 3) shaft and the
President Steyn 1 and 2 shafts on 18 February 2010. The start-up is slower than
anticipated due to the state of the infrastructure and the working places. Some
panels have started, with 1 089 people having been re-called to these shafts.
The opening-up, equipping, infrastructure repair and production are in progress
at Steyn 2 and Target 3. A fire at Steyn 1 has resulted in mining being delayed
until it has been brought under control.
It has been sealed off on all the levels, which makes access to any working
area impossible at this stage. Although the fire is monitored on a daily basis,
the readings are very erratic due to the vast, open, old areas where it is
burning.
The teams on the Steyn 2 and Target 3 shafts spend a lot of time investigating
all possible mining areas and action plans are being drawn up to bring these
areas into full production. A team also started with the pre-feasibility study
on the Steyn 2 shaft pillar.
Different options are being looked at to service the area and to transport the
rock to surface. We will follow our internal project approval process to decide
on the best option for the pillar extraction. During the quarter, 29kg of gold
were produced by these shafts, of which the cost has been capitalised. Some 61
kg of gold were extracted from the Steyn Plant clean-up and 42kg of gold from
Freddies 9 rock dump.
Gold market
The R/kg gold price remained steady during the quarter and we received R267
469/kg for our production. Investment demand supports the gold price at its
current levels, with strong physical demand in India and from exchange-traded
funds. The Rand`s strength continued and it is uncertain whether it will remain
at its current levels. We remain bullish about the gold market and the gold
price.
Board appointment
Mashego Mashego, previously a member of our Executive Management, was appointed
as Executive Director: Organisational Development and Transformation, in
February 2010. Mashego`s wealth of human resources knowledge and his experience
as a member of Harmony`s executive team make him a valuable addition to the
board and we wish him well.
Looking ahead
As for managing what is absolutely within our power to manage, there is not one
of our current operations that can or will escape our vigilance in terms of
volume and grade optimisation, cost control, and productivity enhancement.
Turnaround through improved profitability and getting to the right asset mix
remain priorities for us. Added to this, we will progress our developmental
projects - our key growth drivers - and pursue further, longer-term growth
through acquisition and exploration. To achieve this, we will continue to call
on the substantial reserves of ability, skills and enthusiasm of the thousands
of people comprising the Harmony team.
Graham Briggs
Chief Executive Officer
Financial overview
Cash operating profit was 21% lower at R634 million due to a decrease of 10% in
production, of which 6% is attributable to closed shafts.
This was mitigated by a decrease in total cash operating costs of R138 million.
Earnings per share
Basic earnings per share decreased from a profit of 28 SA cents to a loss of 69
SA cents per share. Similarly headline earnings decreased form a profit of 49
SA cents to a loss of 32 SA cents per share. This decrease can mainly be
attributed to a decrease in production.
Revenue
Revenue decreased to R2 521 million from R2 971 million in a relatively stable
price environment, resulting from a 13% decrease in kg`s sold. This was caused
by lower production and some inventory build-up.
Costs
Total cash operating costs were 7% lower at R1 956 million due mainly to closed
shafts.
Disposal of Big Bell
The sale of Big Bell was concluded in the current quarter, generating R24
million cash for the group, but at an accounting loss of R24 million.
Impairment of assets
An impairment expense of R196 million was recorded during the current quarter
relating to the closure of Harmony 2 (R36 million), Merriespruit 1 (R117
million) and Merriespruit 3 (R43 million).
Impairments totaling R103 million were recorded in the December 2009 quarter
following the decision to close Evander 2 and 5 (R66 million) and Brand 3 (R37
million).
Capital expenditure
Total capital expenditure was 19% lower at R723 million, R26 million
attributable to South African operations and R143 million to Hidden Valley.
Africa Vanguard Resources
Harmony acquired the 26% interest in Doornkop, held by Africa Vanguard
Resources (Doornkop) (AVRD) in the Doornkop south project, during the quarter
for a total purchase consideration of R398 million. The consideration was
partially paid during the quarter with the settlement of AVRD`s Nedbank loan to
the value of R244 million. The remainder of the consideration price was paid by
the issue of 2 162 359 Harmony shares on 28 April 2010, following the
registration of the deed of session at the Mining Titles registration office.
Royalties
Effective 1 March 2010, The Mineral and Petroleum Resources Royalty Act, No. 28
of 2008, became effective and resulted in a royalty expense of R4.7 million for
the quarter.
Safety and health
Safety
Harmony recorded excellent safety results during the quarter under review. The
company achieved 99 fatality-free calendar days during the quarter, which has
been its best achievement ever recorded.
However, it is with deep regret that we report a fatal accident that occurred
at Evander 8 shaft during the quarter, as a result of a fall of ground.
We are pleased to announce that a `single digit` lost time injury frequency
rate (LTIFR) was achieved for the sixth consecutive quarter.
During the quarter, the LTIFR year-to-date improved by 18% from 9.35 to 7.71
when compared to the actual figure for the previous year and improved by 4%
quarter on quarter from 8.30 to 7.95. The fatal injury frequency rate (FIFR)
also showed remarkable improvement for the second consecutive quarter with the
year-to-date rate improving 24% from 0.21 to 0.16 when compared to the previous
year. Quarter on quarter, the FIFR outperformed the previous quarter`s rate by
80% (from 0.20 to 0.04). Harmony`s reportable injury frequency rate (RIFR) also
showed improvement of 18% year on year from 4.97 to 4.08, and improved by 10%
quarter on quarter from 4.59 to 4.1.
The following operations achieved outstanding safety results during the quarter:
* Harmony total operations: 2 000 000 fatality-free shifts.
* Doornkop, Harmony 2 shaft operations: 1 250 000 fatality-free shifts.
* Harmony total north, Harmony total south, Harmony underground south, Joel,
Tshepong operations: 1 000 000 fatality-free shifts.
* Masimong 5 shaft: 500 000 fatality free shifts.
It is encouraging to see remarkable improvements in our safety results during
the March 2010 quarter, which bare testimony to the effective behaviour-based
safety programmes that continue to be rolled out at all Harmony`s operations.
Safety remains the key focus at Harmony and ongoing efforts are being made
throughout the company to improve performance on a daily basis.
Health
Our employees` well being is important to us and we have therefore
consolidated the various components of healthcare.
A highlight for the quarter under review in terms of noise protection is that
the implementation of personalised hearing protection was 84.3% completed.
Furthermore, mufflers on all drilling machines as well as silencing on fans
have all been installed and the installation of sound attenuators on mechanical
loaders has been scheduled. To date, this process is about 14% completed.
Dust remains an area of concern and therefore, in January 2010, silica quartz
sampling was increased from the compulsory 5% to 10%. This action was embarked
upon to increase confidence levels in sample results and to identify potential
risk areas.
In terms of radiation protection for our employees, radon exposures on all
operations are well controlled.
CONDENSED CONSOLIDATED INCOME STATEMENT (Rand)
Quarter ended
31 March 31 December 31 March(1)
2010 2009 2009
(Unaudited) (Unaudited) (Unaudited)
Note R million R million R million
Continuing operations
Revenue 2 521 2 971 3 005
Cost of sales 2 (2 585) (2 656) (2 211)
Production cost (1 887) (2 172) (1 830)
Amortisation and
depreciation (324) (321) (303)
Impairment of assets (196) (104) (3)
Employment
termination and
restructuring costs (120) (3) (11)
Other items (58) (56) (64)
Gross (loss)/profit (64) 315 794
Corporate,
administration and
other expenditure (108) (116) (80)
Exploration
expenditure (74) (50) (75)
Profit on sale of
property,
plant and equipment 1 3 427
Other
(expenses)/income -
net (2) (20) (101)
Operating
(loss)/profit (247) 132 965
Profit/(loss) from
associates 5 25 14
Profit on sale of
investment in
associate - - -
Impairment of
investment in
associate - - -
(Loss)/profit on
sale of investment
in subsidiary (24) - 6
Fair value movement
of listed
investments - - 3
Profit on sale of
listed investments - 3 -
Impairment of
investments - - -
Investment income 61 54 152
Finance cost (62) (37) (42)
(Loss)/profit before
taxation (267) 177 1 098
Taxation (28) (59) (125)
Net (loss)/profit
from continuing
operations (295) 118 973
Discontinued
operations 3
(Loss)/profit from
discontinued
operations - - (1)
Net (loss)/profit (295) 118 972
(Loss)/earnings per
ordinary share
(cents) 4
- (Loss)/earnings
from continuing
operations (69) 28 232
- Earnings from
discontinued
operations - - -
Total
(loss)/earnings per
ordinary
share (cents) (69) 28 232
Diluted
(loss)/earnings per
ordinary
share (cents) 4
- (Loss)/earnings
from continuing
operations (68) 28 230
- Earnings from
discontinued
operations - - -
Total diluted
(loss)/earnings per
ordinary share
(cents) (68) 28 230
Nine months ended Year ended
31 March 31 March(1) 30 June
2010 2009 2009
(Unaudited) (Unaudited) (Audited)
Note R million R million R million
Continuing operations
Revenue 8 239 8 833 11 496
Cost of sales 2 (7 845) (6 973) (9 836)
Production cost (6 254) (5 737) (7 657)
Amortisation and
depreciation (995) (921) (1 467)
Impairment of assets (300) (154) (484)
Employment termination
and
restructuring costs (123) (39) (39)
Other items (173) (122) (189)
Gross (loss)/profit 394 1 860 1 660
Corporate,
administration and
other expenditure (312) (263) (362)
Exploration expenditure (184) (212) (289)
Profit on sale of
property,
plant and equipment 4 888 965
Other (expenses)/income
- net (94) 43 (101)
Operating (loss)/profit (192) 2 316 1 873
Profit/(loss) from
associates 61 (37) 12
Profit on sale of
investment in associate - 1 1
Impairment of
investment in associate - (112) (112)
(Loss)/profit on sale
of investment
in subsidiary (24) 6 -
Fair value movement of
listed investments - (114) (101)
Profit on sale of
listed investments 5 - -
Impairment of
investments (2) - -
Investment income 186 337 444
Finance cost (134) (190) (212)
(Loss)/profit before
taxation (100) 2 207 1 905
Taxation (106) (580) (196)
Net (loss)/profit from
continuing
operations (206) 1 627 1 709
Discontinued operations 3
(Loss)/profit from
discontinued operations - 1 062 1 218
Net (loss)/profit (206) 2 689 2 927
(Loss)/earnings per
ordinary share (cents) 4
- (Loss)/earnings from
continuing
operations (48) 397 413
- Earnings from
discontinued operations - 259 294
Total (loss)/earnings
per ordinary
share (cents) (48) 656 707
Diluted (loss)/earnings
per ordinary
share (cents) 4
- (Loss)/earnings from
continuing
operations (48) 395 411
- Earnings from
discontinued operations - 258 293
Total diluted
(loss)/earnings per
ordinary share (cents) (48) 653 704
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 March 31 December 31 March
2010 2009 2009
(Unaudited) (Unaudited) (Unaudited)
R million R million R million
Net (loss)/profit for the
period (295) 118 972
Attributable to:
Owners of the parent (295) 118 972
Non-controlling interest - - -
Other comprehensive
income/(loss)
for the period, net of income
tax (27) (51) (220)
Foreign exchange translation 72 (57) (203)
Repurchase of equity interest (98) - -
Mark-to-market of
available-for-sale
investments (1) 6 (17)
Total comprehensive
(loss)/income
for the period (322) 67 752
Attributable to:
Owners of the parent (322) 67 752
Non-controlling interest - - -
Nine months ended Year ended
31 March 31 March 30 June
2010 2009 2009
(Unaudited) (Unaudited) (Audited)
R million R million R million
Net (loss)/profit for the period (206) 2 689 2 927
Attributable to:
Owners of the parent (206) 2 689 2 927
Non-controlling interest - - -
Other comprehensive income/(loss)
for the period, net of income tax (63) (247) (450)
Foreign exchange translation 34 (292) (497)
Repurchase of equity interest (98) - -
Mark-to-market of
available-for-sale investments 1 45 47
Total comprehensive (loss)/income
for the period (269) 2 442 2 477
Attributable to:
Owners of the parent (269) 2 442 2 477
Non-controlling interest - - -
CONDENSED CONSOLIDATED BALANCE SHEET (Rand)
At At
31 March 31 December
2010 2009
(Unaudited)
Note R million R million
ASSETS
Non-current assets
Property, plant and equipment 6 29 403 28 862
Intangible assets 2 210 2 217
Restricted cash 147 167
Restricted investments 1 726 1 697
Investments in financial assets 18 20
Investments in associates 391 385
Inventories 5 81 77
Trade and other receivables 76 74
34 052 33 499
Current assets
Inventories 5 1 152 1 103
Income and mining taxes 44 55
Trade and other receivables 1 217 1 108
Restricted cash 6 - 280
Cash and cash equivalents 481 808
2 894 3 354
Assets of disposal groups classified
as held-for-sale 3 - -
2 894 3 354
Total assets 36 946 36 853
EQUITY AND LIABILITIES
Share capital and reserves
Share capital 28 102 28 096
Other reserves 535 375
Retained earnings 676 971
29 313 29 442
Non-current liabilities
Deferred tax 3 326 3 317
Provision for environmental
rehabilitation 1 704 1 612
Retirement benefit obligation and
other provisions 167 167
Borrowings 7 780 565
5 977 5 661
Current liabilities
Borrowings 7 221 460
Trade and other payables 1 418 1 279
Income and mining taxes 17 11
1 656 1 750
Liabilities of disposal groups
classified as held-for-sale 3 - -
1 656 1 750
Total equity and liabilities 36 946 36 853
Number of ordinary shares in issue 426 191 965 426 079 492
Net asset value per share (cents) 6 878 6 910
At At
30 June 31 March
2009 2009
(Audited) (Unaudited)
Note R million R million
ASSETS
Non-current assets
Property, plant and equipment 6 27 912 28 103
Intangible assets 2 224 2 223
Restricted cash 161 167
Restricted investments 1 640 1 608
Investments in financial assets 57 17
Investments in associates 329 242
Inventories 5 - -
Trade and other receivables 75 73
32 398 32 433
Current assets
Inventories 5 1 035 914
Income and mining taxes 45 58
Trade and other receivables 885 2 871
Restricted cash 6 - -
Cash and cash equivalents 1 950 2 839
3 915 6 682
Assets of disposal groups
classified as held-for-sale 3 - 425
3 915 7 107
Total assets 36 313 39 540
EQUITY AND LIABILITIES
Share capital and reserves
Share capital 28 091 28 081
Other reserves 339 503
Retained earnings 1 095 857
29 525 29 441
Non-current liabilities
Deferred tax 3 251 3 796
Provision for environmental
rehabilitation 1 530 1 366
Retirement benefit obligation and
other provisions 166 268
Borrowings 7 110 159
5 057 5 589
Current liabilities
Borrowings 7 252 2 681
Trade and other payables 1 460 1 489
Income and mining taxes 19 -
1 731 4 170
Liabilities of disposal groups
classified as held-for-sale 3 - 340
1 731 4 510
Total equity and liabilities 36 313 39 540
Number of ordinary shares in issue 425 986 836 425 763 329
Net asset value per share (cents) 6 931 6 915
The accompanying notes are an integral part of these condensed consolidated
financial statements.
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY (Rand) (Unaudited)
Share Other
capital reserves
Note R million R million
Balance - 30 June 2009 28 091 339
Issue of shares 11 -
Share-based payments - 108
AVRD share issue reserve - 151
Comprehensive loss for the period - (63)
Dividends paid 8 - -
Balance as at 31 March 2010 28 102 535
Balance - 30 June 2008 25 895 676
Issue of shares 2 186 -
Share-based payments - 74
Comprehensive income for the period - (247)
Balance as at 31 March 2009 28 081 503
Retained
earnings Total
Note R million R million
Balance - 30 June 2009 1 095 29 525
Issue of shares - 11
Share-based payments - 108
AVRD share issue reserve - 151
Comprehensive loss for the period (206) (269)
Dividends paid 8 (213) (213)
Balance as at 31 March 2010 676 29 313
Balance - 30 June 2008 (1 832) 24 739
Issue of shares - 2 186
Share-based payments - 74
Comprehensive income for the period 2 689 2 442
Balance as at 31 March 2009 857 29 441
CONDENSED CONSOLIDATED CASH FLOW STATEMENT (Rand)
Quarter ended
31 March 31 December 31 March
2010 2009 2009
(Unaudited) (Unaudited) (Unaudited)
R million R million R million
Cash flow from operating
activities
Cash generated by operations 295 183 985
Interest and dividends
received 66 52 156
Interest paid (32) (11) (41)
Income and mining taxes paid (11) (34) (133)
Cash generated by operating
activities 318 190 967
Cash flow from investing
activities
Decrease/(increase) in
restricted cash 301 (283) 1
Net proceeds on disposal of
listed investments - 29 -
Proceeds on disposal of
subsidiary 24 - -
Net (additions to)/disposals
of property,
plant and equipment (988) (890) (645)
Other investing activities (8) (3) (163)
Cash (utilised)/generated by
investing activities (671) (1 147) (807)
Cash flow from financing
activities
Borrowings raised 250 686 -
Borrowings repaid (260) (18) (20)
Ordinary shares issued - net
of expenses 6 3 955
Dividends paid - - -
Cash (utilised)/generated by
financing activities (4) 671 935
Foreign currency translation
adjustments 30 - 99
Net (decrease)/increase in
cash and cash equivalents (327) (286) 1 194
Cash and cash equivalents -
beginning of period 808 1 094 1 646
Cash and cash equivalents -
end of period 481 808 2 840
Cash and cash equivalents
comprises of:
Continuing operations 481 808 2 839
Discontinuing operations - - 1
Total cash and cash
equivalents 481 808 2 840
Nine months ended Year ended
31 March 31 March 30 June
2010 2009 2009
(Unaudited) (Unaudited) (Audited)
R million R million R million
Cash flow from operating
activities
Cash generated by operations 703 1 871 2 813
Interest and dividends received 186 350 457
Interest paid (52) (215) (280)
Income and mining taxes paid (70) (276) (704)
Cash generated by operating
activities 767 1 730 2 286
Cash flow from investing
activities
Decrease/(increase) in
restricted cash 15 (89) (83)
Net proceeds on disposal of
listed investments 44 - -
Proceeds on disposal of
subsidiary 24 - -
Net (additions to)/disposals of
property,
plant and equipment (2 785) 7 979
Other investing activities (3) (89) (79)
Cash (utilised)/generated by
investing activities (2 705) (171) 817
Cash flow from financing
activities
Borrowings raised 936 500 -
Borrowings repaid (285) (1 806) (3 738)
Ordinary shares issued - net of
expenses 11 1 943 1 953
Dividends paid (213) - -
Cash (utilised)/generated by
financing activities 449 637 (1 785)
Foreign currency translation
adjustments 20 229 217
Net (decrease)/increase in cash
and cash equivalents (1 469) 2 425 1 535
Cash and cash equivalents -
beginning of period 1 950 415 415
Cash and cash equivalents - end
of period 481 2 840 1 950
Cash and cash equivalents
comprises of:
Continuing operations 481 2 839 1 950
Discontinuing operations - 1 -
Total cash and cash equivalents 481 2 840 1 950
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS FOR THE PERIOD ENDED
31 MARCH 2010
1. Accounting policies
Basis of accounting
The condensed consolidated interim financial statements for the period ended 31
March 2010 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 March 31 December 31 March(1)
2010 2009 2009
(Unaudited) (Unaudited) (Unaudited)
R million R million R million
Production costs 1 887 2 172 1 830
Amortisation and depreciation 324 321 303
Impairment of assets(2)(3) 196 104 3
Provision for rehabilitation
costs 7 4 (2)
Care and maintenance cost of
restructured shafts 15 13 14
Employment termination and
restructuring costs 120 3 11
Share-based payments 36 38 52
Provision for post-retirement
benefits - 1 -
Total cost of sales 2 585 2 656 2 211
Nine months ended Year ended
31 March 31 March(1) 30 June
2010 2009 2009
(Unaudited) (Unaudited) (Audited)
R million R million R million
Production costs 6 254 5 737 7 657
Amortisation and depreciation 995 921 1 467
Impairment of assets(2)(3) 300 154 484
Provision for rehabilitation
costs 15 9 21
Care and maintenance cost of
restructured shafts 49 38 53
Employment termination and
restructuring costs 123 39 39
Share-based payments 108 74 113
Provision for post-retirement
benefits 1 1 2
Total cost of sales 7 845 6 973 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.
(2) The impairment recorded in the March 2010 quarter relates to Harmony 2
and Merriespruit 1 and 3, which have been placed on care and maintenance.
(3) The impairment recorded in the December 2009 quarter relates to Brand 3
and Evander 2 and 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 ore body 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. (Loss)/earnings per ordinary share
(Loss)/earnings per ordinary share is calculated on the weighted average number
of ordinary shares in issue for the quarter ended 31 March 2010: 426.1 million
(31 December: 425.9 million, 31 March 2009: 421.0 million), and the nine months
ended 31 March 2010: 425.9 million (31 March 2009: 410.3 million) and the year
ended 30 June 2009: 414.1 million.
The fully diluted (loss)/earnings per ordinary share is calculated on the
weighted average number of diluted ordinary shares in issue for the quarter
ended 31 March 2010: 429.6 million (31 December 2009: 427.5 million, 31 March
2009: 423.6 million), and the nine months ended 31 March 2010: 429.6 million
(31 March 2009: 412.4 million) and the year ended 30 June 2009: 416.0 million.
Quarter ended
31 March 31 December 31 March(1)
2010 2009 2009
(Unaudited) (Unaudited) (Unaudited)
Total (loss)/earnings per
ordinary share (cents):
Basic (loss)/earnings (69) 28 232
Fully diluted (loss)/earnings (68) 28 230
Headline (loss)/earnings (32) 49 123
- from continuing operations (32) 49 128
- from discontinued operations - - (5)
R million R million R million
Reconciliation of headline
(loss)/earnings:
Continuing operations
Net (loss)/profit (295) 118 973
Adjusted for (net of tax):
Profit on sale of property,
plant and equipment (1) (2) (437)
Profit on sale of listed
investments - (3) -
Fair value movement of listed
investments - - -
Foreign exchange gain
reclassified from equity - - -
Profit on liquidation of
subsidiaries (20) - -
Loss on sale of subsidiaries 17 - -
Impairment of investments - - -
Profit on sale of associate - - -
Impairment of investment in
associates - - -
Impairment of property, plant
and equipment 162 94 3
Headline (loss)/earnings (137) 207 539
Discontinued operations
Net (loss)/profit - - (1)
Adjusted for (net of tax):
Profit on sale of property,
plant and equipment - - (22)
Headline (loss)/earnings - - (23)
Total headline (loss)/earnings (137) 207 516
Nine months ended Year ended
31 March 31 March(1) 30 June
2010 2009 2009
(Unaudited) (Unaudited) (Audited)
Total (loss)/earnings per
ordinary share (cents):
Basic (loss)/earnings (48) 656 707
Fully diluted (loss)/earnings (48) 653 704
Headline (loss)/earnings 5 275 262
- from continuing operations 5 236 239
- from discontinued operations - 39 23
R million R million R million
Reconciliation of headline
(loss)/earnings:
Continuing operations
Net (loss)/profit (206) 1 627 1 709
Adjusted for (net of tax):
Profit on sale of property,
plant and equipment (3) (924) (975)
Profit on sale of listed
investments (3) - -
Fair value movement of listed
investments - - 71
Foreign exchange gain
reclassified from equity (22) - (384)
Profit on liquidation of
subsidiaries (20) -
Loss on sale of subsidiaries 17 - -
Impairment of investments 2 -
Profit on sale of associate - - (1)
Impairment of investment in
associates - 112 112
Impairment of property, plant
and equipment 256 154 457
Headline (loss)/earnings 21 969 989
Discontinued operations
Net (loss)/profit - 1 062 1 218
Adjusted for (net of tax):
Profit on sale of property,
plant and equipment - (901) (1 121)
Headline (loss)/earnings - 161 97
Total headline (loss)/earnings 21 1 130 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. President Steyn and Target 3 assets
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 agreements to pay an amount equal
to the purchase consideration into an escrow account.
On 18 February 2010 the sale of assets agreements became unconditional and the
purchase consideration was released from the escrow account to the liquidators.
The cost of the assets was capitalised to property, plant and equipment.
7. Borrowings
31 March 31 December 30 June 31 March
2010 2009 2009 2009
(Unaudited) (Audited) (Unaudited)
R million R million R million R million
Total long-term
borrowings 780 565 110 159
Total current
portion of
borrowings 221 460 252 2 681
Total
borrowings(1)(2)(3) 1 001 1 025 362 2 840
(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 and a further R250 million during March 2010.
(2) Included in the borrowings is R99 million (December 2009: R102 million;
June 2009: R106 million; March 2009: R168 million) owed to Westpac Bank
Limited in terms of a finance lease agreement. The future minimum lease
payments are as follows:
31 March 31 December 30 June 31 March
2010 2009 2009 2009
(Unaudited) (Audited) (Unaudited)
R million R million R million R million
Due within one
year 33 32 30 45
Due between one
and five years 69 73 80 133
102 105 110 178
Future finance
charges (3) (3) (4) (10)
Total future
minimum lease
payments 99 102 106 168
(3) On 31 March 2010, the Group settled a term loan advanced by Nedbank
Limited on 30 July 2003 to African Vanguard Resources (Doornkop)
(Proprietary) Limited (AVRD). This settlement constitute one part of the
purchase consideration in a purchase agreement concluded by the Group on
19 March 2010 (refer to note 10 in this regard). The settlement value
amounted to R244 million. Interest accrued during the nine months ended
31 March 2010 amounted to R17 million (31 March 2009: R22 million).
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.
9. Commitments and contingencies
31 March 31 December 30 June 31 March
2010 2009 2009 2009
(Unaudited) (Audited) (Unaudited)
R million R million R million R million
Capital
expenditure
commitments
Contracts for
capital
expenditure 375 411 478 790
Authorised by the
directors but not
contracted for 1 281 1 771 734 1 478
1 656 2 182 1 212 2 268
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 as a defendant in a lawsuit filed in the U.S.
District Court in the Southern District of New York on behalf of certain
purchasers and sellers of Harmony`s American Depositary Receipts (ADRs) with
regard to certain of its business practises. Harmony has retained legal
counsel.
During January 2009, the plaintiff filed an Amended Complaint with the United
States District Court ("Court"). Subsequently, the Company filed a Motion to
Dismiss all claims asserted in the Class Action Case. On 19 March 2010 the
Court denied the Company`s application for dismissal and subsequently the
Company filed a Motion for Reconsideration in which it requested the Court to
reconsider its judgement. This matter was heard on 27 April 2010 and the
Company`s request for reconsideration of judgement was denied. The parties are
scheduled to meet during May 2010 to agree on the scheduling of the matter. It
is currently not possible to estimate if there will be a financial effect, or
what that effect might be.
10. Subsequent events
On 19 March 2010, Harmony Gold Mining Company Limited (Harmony) concluded an
agreement with AVRD, for the purchase of its 26% share of the mining titles on
the Doornkop South Reef for a total consideration of R398 million. The purchase
consideration was partially settled by the payment of a cash amount equal to
the AVRD Nedbank loan of R244 million on 31 March 2010, which was initially
guaranteed by Harmony and certain of its subsidiaries. The remaining purchase
consideration of R154 million was settled on 28 April 2010 when the deed of
cession was registered in the Mining Titles Registration Office, with the issue
of 2 162 359 Harmony shares. An amount equal to the value of shares was
included under reserves for the current quarter ended 31 March 2010.
In terms of the purchase agreement 975 419 Harmony shares are held in escrow
until 1 May 2014.
11. Segment report
The segment report follows on page 25.
12. Reconciliation of segment information to consolidated income statements and
balance sheet
31 March 31 March
2010 2009
(Unaudited) (Unaudited)
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
Production costs from:
Discontinued operations - 447
Reconciliation of operating profit to gross
profit:
Total segment revenue 8 239 9 447
Total segment production costs (6 254) (6 184)
Operating profit as per segment report 1 985 3 263
Less: Discontinued operations - (167)
Operating profit as per segment report 1 985 3 096
Cost of sales items other than production costs (1 591) (1 236)
Amortisation and depreciation (995) (921)
Impairment of assets (300) (154)
Employment termination and restructuring costs (123) (39)
Share-based payments (108) (74)
Rehabilitation costs (15) (9)
Care and maintenance costs of restructured
shafts (50) (38)
Provision for former employees` post retirement
benefits - (1)
Gross profit as per income statements * 394 1 860
Reconciliation of total segment mining assets
to consolidated property, plant and equipment:
Property, plant and equipment not allocated to
a segment:
Mining assets 767 605
Undeveloped property 5 328 4 809
Other non-mining assets 346 53
Less: Non-current assets previously classified
as held-for-sale - (268)
6 441 5 199
* The reconciliation was done up to the first recognisable line item on the
income statement. The reconciliation will follow the income statement after
that.
SEGMENT REPORT FOR THE NINE MONTHS ENDED 31 MARCH 2010 Rand/Metric) (Unaudited)
Production Operating Mining
Revenue cost profit assets
R million R million R million R million
Operations
South Africa
Underground
Bambanani (2) 762 536 226 947
Doornkop 373 298 75 2 473
Evander 736 690 46 909
Joel 426 289 137 138
Kusasalethu 1 026 849 177 2 943
Masimong 916 524 392 745
Phakisa 250 225 25 3 983
Target (2) 627 479 148 2 502
Tshepong 1 308 837 471 3 646
Virginia 1 137 1 094 43 659
Surface
All surface operations
(1) 678 433 245 128
Total South Africa 8 239 6 254 1 985 19 073
International
Papua New Guinea (2) - - - 3 872
Mount Magnet - - - 17
Total international - - - 3 889
Total operations 8 239 6 254 1 985 22 962
Reconciliation of the
segment information
to the consolidated
income statement and
balance sheet (refer
to note 12) - - 6 441
8 239 6 254 29 403
Capital Kilograms Tonnes
expenditure produced milled
R million kg t`000
Operations
South Africa
Underground
Bambanani (2) 114 2 938 399
Doornkop 238 1 442 401
Evander 137 2 898 642
Joel 70 1 628 348
Kusasalethu 344 4 044 721
Masimong 133 3 639 681
Phakisa 368 955 244
Target (2) 269 2 578 578
Tshepong 191 5 031 1 174
Virginia 142 4 495 1 415
Surface
All surface operations (1) 56 2 683 6 661
Total South Africa 2 062 32 331 13 264
International
Papua New Guinea (2) 467 1 318 -
Mount Magnet - - -
Total international 467 1 318 -
Total operations 2 529 33 649 13 264
Reconciliation of the segment
information to the consolidated
income statement and
balance sheet (refer to note 12)
Notes:
(1) Includes Kalgold, Phoenix, Dumps and President Steyn plant clean-up.
(2) Production statistics for Hidden Valley, President Steyn and Target 3
(previously known as Lorraine 3) are shown for information purposes. These
mines are in a build-up phase and revenue and costs are currently capitalised
until commercial levels of production are reached.
SEGMENT REPORT FOR THE NINE MONTHS ENDED 31 MARCH 2009 (Rand/Metric) (Unaudited)
Production Operating Mining
Revenue cost profit assets
R million R million R million R million
Continuing operations
South Africa
Underground
Bambanani 728 499 229 671
Doornkop 248 214 34 2 396
Evander 1 166 736 430 1 185
Joel 394 278 116 131
Kusasalethu 1 090 827 263 2 642
Masimong 907 488 419 674
Phakisa 117 72 45 3 541
Target 500 385 115 2 730
Tshepong 1 407 743 664 3 637
Virginia 1 568 1 095 473 932
Surface
All surface operations (1) 708 400 308 148
Total South Africa 8 833 5 737 3 096 18 687
International
Papua New Guinea (2) - - - 3 949
Mount Magnet - - - 268
Total international - - - 4 217
Total continuing
operations 8 833 5 737 3 096 22 904
Discontinued operations
Cooke operations 614 447 167 -
Total discontinued
operations 614 447 167 -
Total operations 9 447 6 184 3 263 22 904
Reconciliation of the
segment information
to the consolidated
income statement and
balance sheet (refer
to note 12) (614) (447) 5 199
8 833 5 737 28 103
Capital Kilograms Tonnes
expenditure produced milled
R million kg* t`000*
Continuing operations
South Africa
Underground
Bambanani 34 2 904 379
Doornkop 302 919 401
Evander 154 4 564 877
Joel 38 1 551 382
Kusasalethu 311 3 953 729
Masimong 97 3 627 668
Phakisa 357 447 118
Target 249 1 915 477
Tshepong 181 5 523 1 027
Virginia 127 6 276 1 696
Surface
All surface operations (1) 52 2 755 6 470
Total South Africa 1 902 34 434 13 224
International
Papua New Guinea (2) 1 376 - -
Mount Magnet - - -
Total international 1 376 - -
Total continuing operations 3 278 34 434 13 224
Discontinued operations
Cooke operations 87 2 500 1 287
Total discontinued operations 87 2 500 1 287
Total operations 3 365 36 934 14 511
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) Included in the capital expenditure is an amount of R1 137 million
contributed by Newcrest in terms of the farm-in agreement.
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
P T Motsepe (Chairman)*
G P Briggs (Chief Executive Officer)
H O Meyer (Financial Director)
H E Mashego (Executive Director: Organisational
Development and Transformation)
F Abbott (Executive Director)
J A Chissano*1
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 4381
United Kingdom Registrars
Capita Registrars
The Registry
34 Beckenham Road
Bechenham
Kent BR3 4TU
United Kingdom
Telephone : 0871 664 0300 (UK) (calls cost 10p a minute plus network
extras, lines are open 8:30 am to 5:30 pm Monday to Friday)
or +44 (0) 20 8639 3399 (calls from overseas)
Fax : +44 (0) 20 8639 2220
ADR Depositary
BNY Mellon
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: 10/05/2010 08:00:01 Supplied by www.sharenet.co.za
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