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HAR - HARMONY - Results for the First Quarter FY11, ended 30 September 2010

Release Date: 01/11/2010 08:00:07      Code(s): HAR
HAR - HARMONY - Results for the First Quarter FY11, ended 30 September 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: ZAE000015228                 
Results for the first quarter FY11, ended 30 September 2010                     
SHAREHOLDER INFORMATION                                                         
Issued ordinary share capital at                                   428 850 584  
30 September 2010                                                       shares  
Market capitalisation                                                           
At 30 September 2010 (ZARm)                                             33 450  
At 30 September 2010 (US$m)                                              4 842  
Harmony ordinary share                                                          
and ADR prices                                                                  
12 month high (1 October 2009 to                                                
30 September 2010) for ordinary shares                                  R87.00  
12 month low (1 October 2009 to                                                 
30 September 2010) for ordinary shares                                  R68.65  
12 month high (1 October 2009 to                                                
30 September 2010) for ADRs                                           US$11.98  
12 month low (1 October 2009 to                                                 
30 September 2010) for ADRs                                            US$8.79  
Free float                                                                      
Ordinary shares                                                           100%  
ADR ratio                                                                  1:1  
JSE Limited                                                                HAR  
Range for quarter                                                               
(1 July 2010 to                                                       R71.90 -  
30 September 2010 - closing prices)                                     R83.80  
Average volume for                                                              
the quarter (1 July 2010 to                                          1 863 621  
30 September 2010)                                              shares per day  
New York Stock                                                                  
Exchange, Inc.                                                             HMY  
Range for quarter                                                               
(1 July 2010 to                                                      US$9.72 -  
30 September 2010 - closing prices)                                   US$11.74  
Average volume for                                                              
the quarter (1 July 2010 to                                            733 895  
30 September 2010)                                              shares per day  
Key features                                                                    
- Wafi/Golpu - size and grade of deposit increasing                             
world-class copper/gold porphyry system                                         
- Mining Charter targets in line with objectives                                
- Operational results                                                           
6 fatalities                                                                    
production decreased by 2.9%                                                    
cash operating costs up by 11.2% (labour and electricity)                       
underground grade steady at 4.68g/t                                             
- Healthy operating margin at 20.4%                                             
- Cash operating profit of R652 million                                         
Financial summary for the first quarter ended 30 September 2010                 
                                           Quarter     Quarter                  
                                         September        June         Q-on-Q   
2010        2010     Variance %   
Gold produced (1)            - kg            10 471      10 784          (2.9)  
                            - oz           336 650     346 714          (2.9)   
Cash costs                   - R/kg         228 658     201 460         (13.5)  
- US$/oz           974         831         (17.2)   
Gold sold (1)                - kg            10 869      10 739            1.2  
                            - oz           349 447     345 266            1.2   
Gold price received          - R/kg         287 401     295 580          (2.8)  
- US$/oz         1 224       1 219            0.4   
Cash operating profit        - Rm               652         942         (30.8)  
                            - US$m              89         125         (28.8)   
Basic earnings per share*    - SAc/s             24           7         >100.0  
- USc/s              3           1         >100.0   
Headline profit/(loss)*      - Rm               141        (27)         >100.0  
                            - US$m              19         (4)         >100.0   
Headline earnings/(loss) per                                                    
share*                       - SAc/s             33         (6)         >100.0  
                            - USc/s              5         (1)         >100.0   
Adjusted headline earnings   - SAc/s             51          13         >100.0  
per share (2)*               - USc/s              7           2         >100.0  
Exchange rate                - R/US$           7.31        7.54          (3.1)  
* Reported amounts include continuing operations only.                          
(1) Production statistics for Steyn 2 and Target 3 have been included. These    
mines are in a build-up phase and revenue and costs are currently capitalised.  
Revenue capitalised includes Steyn 2, 31kg (June 2010 - 29kg) and Target 3,     
111kg (June 2010 - 92kg). 120kg were capitalised for Hidden Valley in June      
2010.                                                                           
(2) Headline earnings/(loss) adjusted for employee termination and              
restructuring cost.                                                             
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 2010 are  
available on our website (www.harmony.co.za).                                   
Forward-looking statements                                                      
This quarterly report contains forward-looking statements within the meaning    
of the United States Private Securities Litigation Reform Act of 1995 with      
respect to Harmony`s financial condition, results of operations, business       
strategies, operating efficiencies, competitive positions, growth               
opportunities for existing services, plans and objectives of management,        
markets for stock and other matters. Statements in this quarter that are not    
historical facts are "forward-looking statements" for the purpose of the safe   
harbour provided by Section 21E of the U.S. Securities Exchange Act of 1934,    
as amended, and Section 27A of the U.S. Securities Act of 1933, as amended.     
Forward-looking statements are statements that are not historical facts. These  
statements include financial projections and estimates and their underlying     
assumptions, statements regarding plans, objectives and expectations with       
respect to future operations, products and services, and statements regarding   
future performance. Forward-looking statements are generally identified by the  
words "expect", "anticipates", "believes", "intends", "estimates" and similar   
expressions. These statements are only predictions. All forward-looking         
statements involve a number of risks, uncertainties and other factors and we    
cannot assure you that such statements will prove to be correct. Risks,         
uncertainties and other factors could cause actual events or results to differ  
from those expressed or implied by the forward-looking statements.              
These forward-looking statements, including, among others, those relating to    
the future business prospects, revenues and income of Harmony, wherever they    
may occur in this quarterly report and the exhibits to this quarterly report,   
are necessarily estimates reflecting the best judgment of the senior            
management of Harmony and involve a number of risks and uncertainties that      
could cause actual results to differ materially from those suggested by the     
forward-looking statements. As a consequence, these forward-looking statements  
should be considered in light of various important factors, including those     
set forth in this quarterly report. Important factors that could cause actual   
results to differ materially from estimates or projections contained in the     
forward looking statements include, without limitation:                         
- overall economic and business conditions in South Africa and elsewhere;       
- the ability to achieve anticipated efficiencies and other cost savings in     
connection with past and future acquisitions;                                   
- increases/decreases in the market price of gold;                              
- the occurrence of hazards associated with underground and surface gold        
mining;                                                                         
- the occurrence of labour disruptions availability, terms and deployment of    
capital;                                                                        
- changes in Government regulation, particularly mining rights and              
environmental regulations;                                                      
- fluctuations in exchange rates;                                               
- currency devaluations and other macroeconomic monetary policies; and          
- socio-economic instability in South Africa and regionally.                    
Chief Executive`s Review                                                        
"The current quarter under review has brought us one step closer to achieving   
the previously stated production target of 2 million ounces by 2013. Despite    
declining gold production in the South African gold mining industry, Harmony    
has an exciting growth profile through its portfolio of South African and       
Papua New Guinean growth and development projects. Exploration drilling in      
Wafi/Golpu showed tremendous results and emphasises the potential for the       
Morobe Mining Joint Venture to establish another high quality, world-class      
operation in Papua New Guinea", stated chief executive officer, Graham Briggs.  
Safety                                                                          
Performance on the safety front during the quarter was extremely                
disappointing. We experienced the loss of six colleagues in work- related       
accidents during the quarter, despite the fact that many of the safety          
performance indicators continued to demonstrate a positive trend.               
Tragically, five Mine Rescue Team members died at the Phakisa mine on 24 June   
2010 as a result of an explosion while they were manning a fresh-air base       
during an underground fire. They were Brigade Captain Siegfried Hildebrandt     
and Brigadesmen Burnett Bothma, Frans Prinsloo, Johannes Bothma and Jose        
Randall. The circumstances surrounding this accident are still under            
investigation and further detail will be provided upon its completion. Our      
condolences are extended to the families, colleagues and friends of these       
brave men, who selflessly and voluntarily gave of their time and energy to      
protect the lives of others.                                                    
In another accident, on 26 August 2010, Raimundo Tala, a winch operator at      
Tshepong, died in a fall-of-ground accident. Condolences are extended to his    
family, colleagues and friends.                                                 
It is our fundamental belief that safety in the workplace can only be           
addressed through a co-operative approach that ensures the right                
infrastructure is in place from systems, planning, communication and training   
perspectives. In addition to this approach, management and employees must       
accept joint responsibility for their actions and it is imperative the working  
environment empowers people - management, supervisors, workers and union        
representatives - to stop work and withdraw when they feel it is unsafe, or to  
prevent others from acting in an unsafe way.                                    
Safety is not only about training, using the correct equipment and ensuring a   
safe working environment, it is also about the attitude and mindset of people.  
Harmony takes full responsibility for the attitude and mindset of its           
employees because it is recognised that these influence their behaviour at      
work. Therefore a renewed focus has been placed on implementing, communicating  
and reinforcing safety in the workplace, through the creation of a centralised  
safety function and structure which will co-ordinate initiatives between        
various regions and shafts.                                                     
A number of operations recorded excellent safety milestones during the quarter  
and we commend employees, management and union representatives for these        
achievements. Refer to the detailed safety report below.                        
Gold market                                                                     
Gold has established itself as a store of wealth and as a currency in the       
current uncertain times. We remain bullish on the gold price and continue to    
see it in the region of $1 500/oz next year. However, as the gold price and     
the continued strength of the Rand are out of Harmony`s control, we continue    
to focus on impacting factors within our control - safety, productivity,        
production and cost control.                                                    
Operating and financial performance                                             
Production growth at our four growth projects of 193kg quarter-on- quarter was  
offset by the closure of some of our older shafts, lower grade at Bambanani     
and continued work on Joel`s shaft bottom, which resulted in an overall         
decline in gold production for the group of 2.9% to 10 471kg for the quarter    
ended 30 September 2010.                                                        
This reduction can be attributed mainly to:                                     
lower grades at Bambanani (259kg);                                              
planned closure of Harmony 2 (58kg) and Merriespruit 3 (58kg) shafts;           
a 43-production day shaft stoppage at Joel to allow for the completion of       
modifications to the shaft bottom spillage arrangement (230kg);                 
the loss of 13 production days at Phakisa following the tragic accident         
(39kg);                                                                         
lower grade at Kalgold (42kg).                                                  
Countering these events were improvements at:                                   
Kusasalethu, where gold production rose by 113kg;                               
Hidden Valley, which recorded an 86kg increase in production;                   
Doornkop, which recorded an 33kg increase in production;                        
Masimong, an increase of 62kg in production;                                    
Other South African surface operations, which saw gold production rise by       
52kg.                                                                           
The Rand per kilogram gold price received decreased by 2.8% to an average of    
R287 401/kg in the September 2010 quarter, from R295 580/kg in the previous     
quarter. However, gold sold increased by 130kg compared with the previous       
quarter which resulted in a R38 million increase in revenue.                    
As expected, cash operating costs for the quarter increased by R238 million     
(11.2%) when compared with the previous quarter mainly due to:                  
Hidden Valley in Papua New Guinea (PNG) being in production for the full        
quarter (R50 million);                                                          
cost increases at the South African operations comprised mainly of:             
- electricity cost increases owing to winter tariffs (R123 million);            
and                                                                             
- labour costs increases of R46 million.                                        
Consequently, unit costs rose by 13.5% to R228 658/kg.                          
Capital expenditure decreased by R75 million (9.1%) to R749 million in the      
quarter under review compared to R824 million in the June 2010 quarter.         
Cash operating profit for the September 2010 quarter of R652 million was 30.8%  
lower when compared to the June 2010 quarter`s cash operating profit of R942    
million.                                                                        
In line with our strategy of asset optimisation, a number of corporate          
activities were concluded during the quarter. As a result of this strategy,     
certain non-core assets were divested and shafts closed so that the management  
team may focus its resources on growing, developing and operating its           
portfolio of core, quality assets.                                              
These divestments and shaft closures include:                                   
The sale of the Mount Magnet Gold project in Western Australia to Australian-   
based Ramelius Resources Limited for R238 million (A$35 million) cash on 20     
July 2010 as well as R31 million (A$5 million) released from the replacement    
of performance bonds by the purchaser.                                          
The conclusion of two transactions with Witwatersrand Consolidated Gold         
Resources (Wits Gold). In terms of these transactions, Wits Gold will obtain a  
prospecting right over Harmony`s Merriespruit South area and the option held    
by ARMGold/Harmony Joint Venture Company (Proprietary) Limited (Freegold), a    
wholly-owned subsidiary of Harmony. The option was to acquire a beneficial      
interest of up to 40% in any future mines established by Wits Gold on certain   
properties in the Southern Free State (Freegold option). The total              
consideration price of the transactions is R336 million (R61 million for the    
prospecting area and R275 million for the cancellation of the option            
agreement), which will be settled in cash or in a combination of cash and       
shares in Wits Gold. The agreements were signed on 3 September 2010 and         
outstanding conditions precedent are expected to be fulfilled by November 2010  
for the option agreement and June 2011 for the prospecting right.               
On 10 September 2010, Harmony concluded a sale of assets agreement with Taung   
Gold Limited (Taung), in which Taung acquired the Evander 6 shaft, the related  
infrastructure and surface right permits as well as a mining right over the     
Evander 6 and Twistdraai areas. The total purchase consideration is R225        
million which will be settled in cash, when all remaining conditions precedent  
to the transaction have been fulfilled.                                         
Following careful and considerable review, the company announced on 18          
October 2010 that it would be closing the Merriespruit 1 shaft in Virginia at   
the end of October 2010. Earlier this year a productivity-linked deal with the  
trade unions was reached that allowed Merriespruit 1 to continue its            
operations, provided it did not make a loss (on a total cost basis, including   
any capital expenditure) for two consecutive months and total costs remained    
under R250 000/kg. Despite the operational team`s best endeavours,              
Merriespruit 1 has failed to meet these conditions and closure procedures have  
commenced.                                                                      
We have embarked on a formal consultation process with employees in terms of    
section 189A of the Labour Relations Act to consider alternatives to            
retrenchment. Approximately 1 470 employees are affected by the closure and,    
of this number, 1 200 will largely be transferred to our growth operations so   
as to preserve as many jobs as possible.                                        
Milestone at Hidden Valley                                                      
30 September 2010 marked an exciting milestone for Harmony when the Hidden      
Valley mine was officially opened at a ceremony attended by PNG dignitaries,    
directors and senior management of both Harmony and Newcrest Limited            
(Newcrest) and employees. Hidden Valley, part of the 50/50 Morobe Mining Joint  
Ventures (MMJV) with Newcrest, was Harmony`s first offshore greenfields         
project, and represents an important step in our group`s strategy for           
geographical and asset diversification.                                         
While the development of this project was not without its challenges - given    
its remote location and relative lack of infrastructure - the government and    
communities of Papua New Guinea (PNG) and Morobe Province have provided         
enormous support to the project, and have worked closely with the MMJV to       
ensure that the development of the Hidden Valley mine has long-term, positive   
and sustainable consequences for the region.                                    
Hidden Valley also completed its first full quarter of commercial production,   
where post-commissioning and ramp up activities are making good progress.       
The experience we have gained with the development of Hidden Valley will stand  
us in good stead as we continue to seek growth, both in Morobe Province as      
part of the MMJV and elsewhere in PNG on Harmony`s 100%-owned exploration       
portfolio.                                                                      
Wafi/Golpu Joint Venture (part of MMJV)                                         
Excellent progress was made and reported at our Wafi/Golpu joint venture        
project during the quarter.                                                     
The concept study was finalised in September 2010 and shows that a copper gold  
mine at Wafi/Golpu is technically and financially viable, and that a number of  
development options could be considered in a pre-feasibility study. Production  
could potentially be between 400 000 to 700 000oz of gold, and 100 000 to 200   
000t of copper per annum.                                                       
This would be sustainable over a 20-year mine life without considering the      
Golpu resource extensions currently being identified by drilling.               
Cash costs would be in the lower quartile (assuming copper credits) and         
capital expenditure would be of the order of US$3 billion. Based on the         
outcome of the scoping study, and subsequent project gate review a decision     
was made to progress this project to pre-feasibility stage.                     
As announced recently, we also continue to drill spectacular intercepts at      
this project, with the exploration target at this project upgraded to 30        
million ounces of gold and 8 million tonnes of copper, 50% of which would be    
attributable to Harmony.                                                        
Revisions to the Mining Charter                                                 
On 13 September 2010, the South African Minister of Mineral Resources, Susan    
Shabangu, released the revised Mining Charter and the associated scorecard,     
the Broad-Based Socio-Economic Empowerment (BBSEE) scorecard. Harmony has been  
at the forefront in implementing various transformation initiatives in terms    
of the legislated empowerment objectives, and has met most of the new 2014      
targets in terms of the revised Mining Charter. The only area which requires    
more attention and on which we are currently focusing, is that of enterprise    
development, as the revised Mining Charter now specifically stipulates certain  
requirements to be met.                                                         
Looking ahead                                                                   
Our aim at Harmony is to focus on safe, profitable ounces. To do this we have   
taken bold decisions in shutting unprofitable operations and focused our        
attention on our longer-life, lower-cost operations that will be profitable     
and sustainable for many years to come. There are many steps in this journey    
and this quarter has indeed been one of them as we progress towards             
consolidating our lower-cost, quality asset base. We remain focused on          
increasing production to 2 million ounces of gold by FY 2013, with costs per    
tonne milled in the lowest quartile of South African producers.                 
Graham Briggs                                                                   
Chief Executive Officer                                                         
Safety and health                                                               
Safety                                                                          
Harmony remains committed to its aim to achieve its production targets safely.  
Every employee has the right to withdraw from an unsafe environment.            
It is with deep regret that we report that six fatalities occurred in two       
incidents in the South African operations during the September 2010 quarter.    
Harmony achieved a single digit figure on Lost Time Injury Frequency Rate       
(LTIFR) for the eighth quarter in a row. The LTIFR for this quarter is 7.98, a  
regression of 4% compared to the June 2010 quarter. The Fatality Injury         
Frequency Rate (FIFR) improved by 7% quarter-on- quarter. The following         
operations achieved excellent safety results during the quarter:                
All North operations (Kusasalethu,                                              
Doornkop, Evander, Kalgold):              1 000 000 fatality free shifts        
Bambanani total operations:               750 000 fatality free shifts          
Target total operations:                  500 000 fatality free shifts          
Unisel:                                   500 000 fatality free shifts          
Free State Metallurgy:                    500 000 fatality free shifts          
The following operations completed the September 2010 quarter                   
without an injury:                                                              
Kalgold                                                                         
Phoenix Plant                                                                   
Target Plant                                                                    
Joel Plant                                                                      
Free State & Randfontein Commercial Services and Transport                      
Evander Workshops                                                               
Evander Services                                                                
Health                                                                          
Our employees` state of health is important to us and we therefore continue to  
support healthcare programmes and measure any potential impact of threats.      
Noise levels measured reduced with 75% of all mechanical loaders having been    
equipped with silencers. Internal radiation audits are being conducted and      
results reflect that all operational underground operations are well within     
the limits set by the National Nuclear Regulator (the NNR). Tuberculosis in     
conjunction with HIV remains a concern but is addressed through various         
initiatives. See our Sustainable Development Report for more details on our     
website www.harmony.co.za.                                                      
During the September 2010 quarter healthcare was brought closer to the          
operations in order to speed up treatment and identify early signs of epidemic  
trends. The medical station at Target was successfully completed and is now a   
Health Hub, which provides a fully integrated proactive healthcare service.     
CONDENSED CONSOLIDATED INCOME STATEMENT (Rand)                                  
Quarter ended   
                                               30 September           30 June   
                                                       2010              2010   
                                                (Unaudited)       (Unaudited)   
Note        R million         R million   
Continuing operations                                                           
Revenue                                                3 083             3 045  
Cost of sales                             2          (2 995)           (2 649)  
Production costs                                     (2 408)           (2 075)  
Royalty expense                                         (23)              (28)  
Amortisation and depreciation                          (426)             (383)  
Impairment of assets                                       -              (30)  
Employment termination and                                                      
restructuring costs                                     (78)              (82)  
Other items                                             (60)              (51)  
Gross profit                                              88               396  
Corporate, administration and other                                             
expenditure                                             (94)             (124)  
Social investment expenditure                           (16)              (28)  
Exploration expenditure                                 (99)              (60)  
Profit on sale of property, plant and                                           
equipment                                                 16               101  
Other (expenses)/income - net                           (54)                40  
Operating (loss)/profit                                (159)               325  
(Loss)/profit from associates                            (8)               (7)  
Loss on sale of investment in                                                   
subsidiary                                                 -                 -  
Net gain on financial instruments         3              311                11  
Investment income                                         14                25  
Finance cost                                            (59)              (94)  
Profit/(loss) before taxation                             99               260  
Taxation                                                   6             (230)  
Normal taxation                                          (9)              (20)  
Deferred taxation                                         15             (210)  
Net profit/(loss) from continuing                                               
operations                                               105                30  
Discontinued operations                                                         
(Loss)/profit from discontinued                                                 
operations                                4              (3)              (17)  
Net profit/(loss)                                        102                13  
Attributable to:                                                                
Owners of the parent                                     102                13  
Non-controlling interest                                   -                 -  
Earnings/(loss) per ordinary share                                              
(cents)                                   5                                     
- Earnings/(loss) from continuing                                               
operations                                                24                 7  
- (Loss)/earnings from discontinued                                             
operations                                               (1)               (4)  
Total earnings/(loss) per ordinary                                              
share (cents)                                             23                 3  
Diluted earnings/(loss) per ordinary                                            
share (cents)                             5                                     
- Earnings/(loss) from continuing                                               
operations                                                24                 7  
- (Loss)/earnings from discontinued                                             
operations                                               (1)               (4)  
Total diluted earnings/(loss) per                                               
ordinary share (cents)                                    23                 3  
                                                                   Year ended   
30 September 1        30 June   
                                                          2009           2010   
                                                   (Unaudited)      (Audited)   
                                                     R million      R million   
Continuing operations                                                           
Revenue                                                   2 747         11 284  
Cost of sales                                           (2 600)       (10 484)  
Production costs                                        (2 195)        (8 325)  
Royalty expense                                               -           (33)  
Amortisation and depreciation                             (350)        (1 375)  
Impairment of assets                                          -          (331)  
Employment termination and restructuring costs                -          (205)  
Other items                                                (55)          (215)  
Gross profit                                                147            800  
Corporate, administration and other expenditure            (79)          (382)  
Social investment expenditure                               (9)           (81)  
Exploration expenditure                                    (48)          (219)  
Profit on sale of property, plant and equipment               -            104  
Other (expenses)/income - net                              (74)           (58)  
Operating (loss)/profit                                    (63)            164  
(Loss)/profit from associates                                31             56  
Loss on sale of investment in subsidiary                      -           (24)  
Net gain on financial instruments                             -             38  
Investment income                                            71            187  
Finance cost                                               (54)          (246)  
Profit/(loss) before taxation                              (15)            175  
Taxation                                                   (18)          (335)  
Normal taxation                                            (28)           (84)  
Deferred taxation                                            10          (251)  
Net profit/(loss) from continuing operations               (33)          (160)  
Discontinued operations                                                         
(Loss)/profit from discontinued operations                    4           (32)  
Net profit/(loss)                                          (29)          (192)  
Attributable to:                                                                
Owners of the parent                                       (29)          (192)  
Non-controlling interest                                      -              -  
Earnings/(loss) per ordinary share (cents)                                      
- Earnings/(loss) from continuing operations                (8)           (38)  
- (Loss)/earnings from discontinued operations                1            (8)  
Total earnings/(loss) per ordinary share (cents)            (7)           (46)  
Diluted earnings/(loss) per ordinary share (cents)                              
- Earnings/(loss) from continuing operations                (8)           (38)  
- (Loss)/earnings from discontinued operations                1            (8)  
Total diluted earnings/(loss) per ordinary share (cents)    (7)           (46)  
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 a discontinued operation. See note 4 in this regard.            
CONDENSED CONSOLIDATED STATEMENT OF OTHER COMPREHENSIVE INCOME (Rand)           
                                     Quarter ended                 Year ended   
                  30 September         30 June     30 September       30 June   
                          2010            2010             2009          2010   
(Unaudited)     (Unaudited)      (Unaudited)     (Audited)   
                     R million       R million        R million     R million   
Net profit/(loss)                                                               
for the period              102              13             (29)         (192)  
Other comprehensive                                                             
income/(loss) for                                                               
the period, net of                                                              
income tax                  106           (166)               15         (131)  
Foreign exchange                                                                
translation                 106           (161)               19         (127)  
Fair value movement of                                                          
available-for-sale                                                              
investments                   -             (5)              (4)           (4)  
Total comprehensive                                                             
income/(loss) for                                                               
the period                  208           (153)             (14)         (323)  
Attributable to:                                                                
Owners of the parent        208           (153)             (14)         (323)  
Non-controlling                                                                 
interest                      -               -                -             -  
CONDENSED CONSOLIDATED BALANCE SHEET (Rand)                                     
                                          At              At               At   
                                30 September         30 June     30 September   
                                        2010            2010             2009   
(Unaudited)       (Audited)      (Unaudited)   
                       Note        R million       R million        R million   
ASSETS                                                                          
Non-current assets                                                              
Property, plant and equipment          29 873          29 556           28 457  
Intangible assets                       2 199           2 210            2 218  
Restricted cash                           116             146              165  
Restricted investments                  1 787           1 742            1 668  
Investments in                                                                  
financial assets                          296              12               39  
Investments in associates                 377             385              360  
Inventories                               237             214                -  
Trade and other receivables                67              75               72  
                                      34 952          34 340           32 979   
Current assets                                                                  
Inventories                               902             987            1 147  
Trade and other receivables               649             932              838  
Income and mining taxes                    73              74               45  
Cash and cash equivalents                 772             770            1 094  
                                       2 396           2 763            3 124   
Assets of disposal                                                              
groups classified as                                                            
held for sale              4                -             245                -  
                                       2 396           3 008            3 124   
Total assets                           37 348          37 348           36 103  
EQUITY AND LIABILITIES                                                          
Share capital and reserves                                                      
Share capital                          28 269          28 261           28 093  
Other reserves                            395             258              388  
Retained earnings                         578             690              853  
                                      29 242          29 209           29 334   
Non-current liabilities                                                         
Deferred tax                            3 572           3 534            3 265  
Provision for                                                                   
environmental                                                                   
rehabilitation                          1 723           1 692            1 564  
Retirement benefit                                                              
obligation and other                                                            
provisions                                169             169              166  
Borrowings                 6              970             981              108  
6 434           6 376            5 103   
Current liabilities                                                             
Borrowings                 6              207             209              260  
Income and mining taxes                    13               9               21  
Trade and other payables                1 452           1 410            1 385  
                                       1 672           1 628            1 666   
Liabilities of disposal                                                         
groups classified as                                                            
held for sale              4                -             135                -  
                                       1 672           1 763            1 666   
Total equity and liabilities           37 348          37 348           36 103  
Number of ordinary                                                              
shares in issue                   428 850 584     428 654 779      426 024 653  
Net asset value per share (cents)       6 819           6 814            6 886  
The accompanying notes are an integral part of these condensed consolidated     
financial statements.                                                           
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY (Unaudited)(Rand)         
for the period ended 30 September 2010                                          
                              Share         Other      Retained                 
                            capital      reserves      earnings         Total   
R million     R million     R million     R million   
Balance - 30 June 2010        28 261           258           690        29 209  
Issue of shares                    8             -             -             8  
Share-based payments               -            31             -            31  
Total comprehensive income                                                      
for the period                     -           106           102           208  
Dividends paid                     -             -         (214)         (214)  
Balance as at 30 September                                                      
2010                          28 269           395           578        29 242  
Balance - 30 June 2009        28 091           339         1 095        29 525  
Issue of shares                    2             -             -             2  
Share-based payments               -            34             -            34  
Total comprehensive loss                                                        
for the period                     -            15          (29)          (14)  
Dividends paid                     -             -         (213)         (213)  
Balance as at 30 September                                                      
2009                          28 093           388           853        29 334  
CONDENSED CONSOLIDATED CASH FLOW STATEMENT (Rand)                               
                                Quarter ended                    Year ended     
                    30 September         30 June   30 September      30 June    
2010            2010           2009         2010    
                     (Unaudited)     (Unaudited)    (Unaudited)    (Audited)    
                       R million       R million      R million    R million    
Cash flow from  operating                                                       
activities                                                                      
Cash generated                                                                  
by operations                 703             884            225        1 611   
Interest and dividends                                                          
received                       14              25             68          187   
Interest paid                (30)            (38)            (9)         (90)   
Income and mining taxes paid  (4)            (55)           (25)        (125)   
Cash generated by operating                                                     
activities                    683             816            259        1 583   
Cash flow from investing                                                        
activities                                                                      
Decrease/(increase) in                                                          
restricted cash                30               -            (3)           15   
Proceeds on disposal of                                                         
investment in subsidiary      229               -              -           24   
Proceeds on disposal of                                                         
available-for-sale                                                              
financial assets                -               8             15           50   
Other investing activities     10            (11)              8         (12)   
Net additions to property,                                                      
plant and equipment         (748)           (708)          (907)      (3 493)   
Cash utilised by investing                                                      
activities                  (479)           (711)          (887)      (3 416)   
Cash flow from financing                                                        
activities                                                                      
Borrowings raised               -             300              -        1 236   
Borrowings repaid             (7)           (106)            (7)        (391)   
Ordinary shares                                                                 
issued - net of expenses        8               7              2           18   
Dividends paid              (214)               -          (213)        (213)   
Cash (utilised)/generated                                                       
by financing activities     (213)             201          (218)          650   
Foreign currency                                                                
translation adjustments        11            (17)           (10)            3   
Net increase/(decrease) in                                                      
cash and cash equivalents       2             289          (856)      (1 180)   
Cash and cash equivalents -                                                     
beginning of period           770             481          1 950        1 950   
Cash and cash equivalents -                                                     
end of period                 772             770          1 094          770   
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS                        
FOR THE FIRST QUARTER ENDED 30 SEPTEMBER 2010                                   
1. Accounting policies                                                          
Basis of accounting                                                             
The condensed consolidated financial statements for the period ended 30         
September 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 2010. These condensed consolidated 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  
2010.                                                                           
2. Cost of sales                                                                
                               Quarter ended                       Year ended   
              30 September           30 June    30 September 1        30 June   
2010              2010              2009           2010   
               (Unaudited)       (Unaudited)       (Unaudited)      (Audited)   
                 R million         R million         R million      R million   
Production costs      2 408             2 075             2 195          8 325  
Royalty expense          23                28                 -             33  
Amortisation and                                                                
depreciation            426               383               350          1 375  
Impairment of assets 2    -                30                 -            331  
Rehabilitation                                                                  
expenditure               4                14                 4             29  
Care and maintenance                                                            
cost of restructured                                                            
shafts                   25                15                17             57  
Employment termination                                                          
and restructuring costs  78                82                 -            205  
Share-based payments     31                41                34            148  
Provision for                                                                   
post-retirement                                                                 
benefits                  -              (19)                 -           (19)  
Total cost of sales   2 995             2 649             2 600         10 484  
(1) The comparative figures are re-presented due to Mount Magnet being          
reclassified as part of discontinued operations. See note 4 in this regard.     
(2) The impairment for the year ended 30 June 2010 relates mainly to Virginia   
and Evander, which was recorded as a result of shaft closures.                  
3. Net gain on financial instruments                                            
On 3 September 2010, Harmony Gold Mining Company Limited (Harmony) entered      
into two transactions with Witwatersrand Consolidated Gold Resources Limited    
(Wits Gold), in which Wits Gold will obtain a prospecting right over Harmony`s  
Merriespruit South area and the option held by ARMGold/Harmony Freegold Joint   
Venture Company (Proprietary) Limited (Freegold), a wholly owned subsidiary of  
Harmony. The option was to acquire a beneficial interest of up to 40% in any    
future mines established by Wits Gold on certain properties in the Southern     
Free State (Freegold option), which will be cancelled. Harmony will abandon a   
portion of its mining right in respect of the Merriespruit South area to        
enable Wits Gold to include this area in its prospecting right, which is        
located immediately south of the Merriespruit South area.                       
The total consideration is R336 million (R61 million for the prospecting area   
and R275 million for the cancellation of the option agreement), which will be   
settled in cash or in a combination of cash and shares in Wits Gold, when all   
remaining conditions precedent to the transaction have been fulfilled. The      
group classifies the Freegold option as a financial asset at fair value         
through profit and loss and has recognised a fair value movement gain in the    
consolidated income statement of R273 million following the conclusion of the   
agreements on 3 September 2010.                                                 
4. Disposal groups classified as held for sale and discontinued operations      
The conditions precedent for the sale of Mount Magnet were fulfilled and the    
transaction became effective on 20 July 2010. A total purchase consideration    
of R238 million was received from Ramelius Resources Limited in exchange for    
100% of the issued shares of Mount Magnet.                                      
The group recognised a total profit of R104 million, net of tax, before the     
realisation of accumulated foreign exchange losses of R107 million from other   
comprehensive income to the consolidated income statement on the effective      
date. The income statement and earnings per share amounts for all comparative   
periods have been re-presented to disclose the operation as a discontinued      
operation.                                                                      
5. Earnings/(loss) per ordinary share                                           
Earnings/(loss) per ordinary share is calculated on the weighted average        
number of ordinary shares in issue for the quarter ended 30 September 2010:     
428.7 million (30 June 2010: 427.6 million, 30 September 2009: 425.9 million),  
and the year ended 30 June 2010: 426.4 million.                                 
The fully diluted earnings/(loss) per ordinary share is calculated on weighted  
average number of diluted ordinary shares in issue for the quarter ended 30     
September 2010: 429.9 million (30 June 2010: 429.1 million, 30 September 2009:  
427.2 million), and the year ended 30 June 2010: 427.8 million.                 
Quarter ended               Year ended    
                            30 September    30 June 30 September 1   30 June    
                                    2010       2010           2009      2010    
                             (Unaudited) (Unaudited)    (Unaudited) (Audited)   
Total earnings/(loss)                                                           
per ordinary share (cents):                                                     
Basic earnings/(loss)                  23           3            (7)      (46)  
Fully diluted earnings/(loss)          23           3            (7)      (46)  
Headline earnings/ (loss)              33        (10)           (12)       (7)  
- from continuing operations           33         (6)           (13)         1  
- from discontinued operations          -         (4)              1       (8)  
Diluted headline earnings/(loss)       33        (10)           (12)       (7)  
- from continuing operations           33         (6)           (13)         1  
- from discontinued operations          -         (4)              1       (8)  
                               R million   R million      R million R million   
Reconciliation of headline                                                      
earnings/(loss):                                                                
Continuing operations                                                           
Net profit/(loss)                     105         30            (33)     (160)  
Adjusted for:                                                                   
Profit on sale of property,                                                     
plant and equipment                  (16)       (101)              -     (104)  
Taxation effect of profit on                                                    
sale of property,                                                               
plant and equipment                     5          21              -        22  
Net gain on financial instruments       -         (5)            (2)       (7)  
Taxation effect of gain on                                                      
financial instruments                   -           1              1         2  
Foreign exchange loss/(gain)                                                    
reclassified from                                                               
other comprehensive income             47           -           (22)      (22)  
Taxation effect of foreign                                                      
exchange loss/(gain) reclassified                                               
from other comprehensive income         -           -              -         -  
Loss on sale of investment in                                                   
subsidiary                              -           -              -        24  
Taxation effect of loss on sale                                                 
of investment in subsidiary             -           -              -       (7)  
Impairment of other investments         -           1              -         -  
Taxation effect of impairment of                                                
other investments                       -           -              -         -  
Impairment of assets                    -          30              -       331  
Taxation effect of impairment of assets -         (4)              -      (75)  
Impairment of investment in associate   -           -              2         -  
Taxation effect of impairment                                                   
of investment in associate              -           -              -         -  
Headline earnings/(loss)              141        (27)           (54)         4  
Discontinued operations                                                         
Net (loss)/profit                     (3)        (17)              4      (32)  
Adjusted for:                                                                   
Profit on sale of investment                                                    
in subsidiary                       (138)           -            (1)       (1)  
Taxation effect of profit on                                                    
sale of investment in subsidiary       34           -              -         -  
Foreign exchange loss                                                           
reclassified from other                                                         
comprehensive income                  107           -              -         -  
Taxation effect of foreign                                                      
exchange loss reclassified                                                      
from other comprehensive income         -           -              -         -  
Headline (loss)/earnings                -        (17)              3      (33)  
Total headline earnings/(loss)        141        (44)           (51)      (29)  
(1) The comparative figures are re-presented due to Mount Magnet being          
reclassified as discontinued operation. See note 4 in this regard.              
6. Borrowings                                                                   
                                  30 September       30 June     30 September   
                                          2010          2010             2009   
                                   (Unaudited)     (Audited)      (Unaudited)   
R million     R million        R million   
Total long-term borrowings                  970           981              108  
Total current portion of borrowings         207           209              260  
Total borrowings (1) (2)                  1 177         1 190              368  
(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 5 years. The first instalment was paid on 30 June 2010. The Revolving      
Credit Facility is repayable after 3 years.                                     
(2) Included in the borrowings is R74 million (June 2010: R91 million;          
September 2009: R104 million) owed to Westpac Bank Limited in terms of a        
finance lease agreement. The future minimum lease payments are as follows:      
                                  30 September       30 June     30 September   
2010          2010             2009   
                                   (Unaudited)     (Audited)      (Unaudited)   
                                     R million     R million        R million   
Due within one year                          30            33               31  
Due between one and five years               46            60               76  
                                            76            93              107   
Future finance charges                      (2)           (2)              (3)  
Total future minimum lease payments          74            91              104  
7. Commitments and contingencies                                                
                                  30 September       30 June     30 September   
                                          2010          2010             2009   
                                   (Unaudited)     (Audited)      (Unaudited)   
R million     R million        R million   
Capital expenditure commitments:                                                
Contracts for capital expenditure           369           335              528  
Authorised by the directors but                                                 
not contracted for                        2 070         1 006            1 829  
                                         2 439         1 341            2 357   
This expenditure will be financed from existing resources and borrowings where  
necessary.                                                                      
Contingent liability                                                            
For a detailed disclosure on contingent liabilities refer to Harmony`s annual   
report for the financial year ended 30 June 2010, available on the group`s      
website www.harmony.co.za. There were no significant changes in contingencies   
since 30 June 2010.                                                             
8. Dividends paid                                                               
On 13 August 2010, the Board of Directors approved a final dividend for the     
2010 financial year of 50 SA cents per share. The total dividend amounting to   
R214 million was paid on 20 September 2010.                                     
9. Subsequent events                                                            
Closure of Merriespruit 1                                                       
On 4 October 2010, the decision was made to finally close Merriespruit 1        
shaft, under the Section 189 of the Labour Relations Act already in place. The  
closure was postponed in terms of an agreement reached with organised labour    
to keep the shaft open while it remained profitable.                            
10. Segment report                                                              
The segment report follows on page 25.                                          
11. Reconciliation of segment information to consolidated income statements     
and balance sheet                                                               
                                              30 September     30 September 1   
2010               2009   
                                               (Unaudited)        (Unaudited)   
                                                 R million          R million   
The "reconciliation of segment data to                                          
consolidated financials" line item in the segment                               
report is 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                                   -                  -  
Production costs from:                                                          
Discontinued operations                                   -                  -  
Reconciliation of production profit to gross profit:                            
Total segment revenue                                 3 083              2 747  
Total segment production costs                      (2 431)            (2 195)  
Production profit as per segment report                 652                552  
Less: discontinued operations                             -                  -  
                                                       652                552   
Cost of sales items other than production                                       
costs and royalty expense                             (564)              (405)  
Amortisation and depreciation                         (426)              (350)  
Employment termination and restructuring costs         (78)                  -  
Share-based payments                                   (31)               (34)  
Rehabilitation costs                                    (4)                (4)  
Care and maintenance costs of restructured shafts      (25)               (17)  
Gross profit as per income statements *                  88                147  
Reconciliation of total segment mining assets                                   
to consolidated property, plant and equipment:                                  
Property, plant and equipment not allocated to                                  
a segment:                                                                      
Mining assets                                           829                596  
Undeveloped property                                  5 139              5 139  
Other non-mining assets                                  67                 66  
                                                     6 035              5 801   
1 The comparative figures are re-presented due to Mount Magnet being            
reclassified as discontinued operations. See note 4 in this regard.             
* 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 PERIOD ENDED 30 SEPTEMBER 2010 (Rand/Metric)             
(Unaudited)                                                                     
                                   Production        Production        Mining   
                       Revenue       costs(1)     profit/(loss)        assets   
R million      R million         R million     R million   
Continuing operations                                                           
South Africa                                                                    
Underground                                                                     
Bambanani (2)               270            223                47           987  
Doornkop                    168            148                20         2 896  
Evander                     174            176               (2)           935  
Joel                         44             75              (31)           184  
Kusasalethu                 475            387                88         3 046  
Masimong                    374            202               172           815  
Phakisa                     112            111                 1         4 133  
Target (2)                  244            189                55         2 598  
Tshepong                    500            294               206         3 620  
Virginia                    223            225               (2)           694  
Surface                                                                         
All other surface                                                               
operations (3)              317            238                79           145  
Total South Africa        2 901          2 268               633        20 053  
International                                                                   
Papua New Guinea            182            163                19         3 785  
Total international         182            163                19         3 785  
Total continuing                                                                
operations                3 083          2 431               652        23 838  
Discontinued                                                                    
operations                                                                      
Mount Magnet                  -              -                 -             -  
Total discontinued                                                              
operations                    -              -                 -             -  
Total operations          3 083          2 431               652        23 838  
Reconciliation of the                                                           
segment information                                                             
to the consolidated                                                             
income statement and                                                            
balance sheet (refer                                                            
to note 11)                   -              -                           6 035  
                         3 083          2 431                          29 873   
Capital     Kilograms     Tonnes   
                                         expenditure      produced     milled   
                                           R million            kg      t`000   
Continuing operations                                                           
South Africa                                                                    
Underground                                                                     
Bambanani (2)                                      83           942        129  
Doornkop                                           70           541        140  
Evander                                            59           552        140  
Joel                                               18           148         40  
Kusasalethu                                       104         1 513        269  
Masimong                                           41         1 263        243  
Phakisa                                            92           377         86  
Target (2)                                        118           947        205  
Tshepong                                           61         1 688        338  
Virginia                                           30           760        244  
Surface                                                                         
All other surface operations (3)                   12         1 069      2 837  
Total South Africa                                688         9 800      4 671  
International                                                                   
Papua New Guinea                                   61           671        427  
Total international                                61           671        427  
Total continuing operations                       749        10 471      5 098  
Discontinued operations                                                         
Mount Magnet                                        -             -          -  
Total discontinued operations                       -             -          -  
Total operations                                  749        10 471      5 098  
Reconciliation of the segment                                                   
information to the consolidated                                                 
income statement and                                                            
balance sheet (refer to note 11)                                                
Notes:                                                                          
(1) Production costs includes royalty expense.                                  
(2) Production statistics for Steyn 2 and Target 3 are shown for information    
purposes. These mines are in build-up phase and revenue and costs are           
currently capitalised until commercial levels of production are reached.        
(3) Includes Kalgold, Phoenix, Dumps and President Steyn plant clean-up.        
SEGMENT REPORT FOR THE PERIOD ENDED 30 SEPTEMBER 2009 (Rand/Metric)(Unaudited)  
                                   Production        Production        Mining   
                       Revenue          costs     profit/(loss)        assets   
R million      R million         R million     R million   
Continuing operations                                                           
South Africa                                                                    
Underground                                                                     
Bambanani                   234            193                41           672  
Doornkop                    120            101                19         2 618  
Evander                     290            273                17           958  
Joel                        128            105                23           230  
Kusasalethu                 350            281                69         2 797  
Masimong                    324            186               138           684  
Phakisa                      64             59                 5         3 778  
Target                      219            160                59         2 262  
Tshepong                    421            294               127         3 660  
Virginia                    398            413              (15)           868  
Surface                                                                         
Other (1)                   199            130                69           141  
Total South Africa        2 747          2 195               552        18 668  
International                                                                   
Papua New Guinea              -              -                 -         3 713  
Total international           -              -                 -         3 713  
Total continuing                                                                
operations                2 747          2 195               552        22 381  
Discontinued                                                                    
operations                                                                      
Mount Magnet                  -              -                 -           275  
Total discontinued                                                              
operations                    -              -                 -           275  
Total operations          2 747          2 195               552        22 656  
Reconciliation of the                                                           
segment information                                                             
to the consolidated                                                             
income statement and                                                            
balance sheet (refer                                                            
to note 11)                   -              -                           5 801  
                         2 747          2 195                          28 457   
                                             Capital     Kilograms     Tonnes   
expenditure      produced     milled   
                                           R million            kg      t`000   
Continuing operations                                                           
South Africa                                                                    
Underground                                                                     
Bambanani                                          23           946        147  
Doornkop                                           73           500        130  
Evander                                            52         1 239        259  
Joel                                               18           515        136  
Kusasalethu                                       111         1 625        260  
Masimong                                           39         1 359        234  
Phakisa                                           128           260         71  
Target                                             84           909        193  
Tshepong                                           71         1 703        418  
Virginia                                           52         1 668        544  
Surface                                                                         
Other (1)                                          15           891      2 092  
Total South Africa                                666        11 615      4 484  
International                                                                   
Papua New Guinea                                  249             -          -  
Total international                               249             -          -  
Total continuing operations                       915        11 615      4 484  
Discontinued operations                                                         
Mount Magnet                                        -             -          -  
Total discontinued operations                       -             -          -  
Total operations                                  915        11 615      4 484  
Reconciliation of the segment                                                   
information to the consolidated                                                 
income statement and                                                            
balance sheet (refer to note 11)                                                
Note:                                                                           
(1) Includes Kalgold, Phoenix and Dumps.                                        
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 F T De Buck* (Lead independent director)                                      
F Abbott*                                                                       
J A Chissano*1                                                                  
Dr C Diarra*                                                                    
K V Dicks*, Dr D S Lushaba*, C Markus*,                                         
M Motloba*, C M L Savage*, A J Wilkens*                                         
* Non-executive                                                                 
1 Mozambican                                                                    
US/Mali Citizen                                                                 
Independent                                                                     
Investor Relations Team                                                         
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                                                    
Henrika Basterfield                                                             
Investor Relations Officer                                                      
Telephone: +27 11 411 2314                                                      
Fax: +27 11 692 3879                                                            
Mobile: +27 82 759 1775                                                         
E-mail: henrika@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                                               
London Stock Exchange Plc: HRM                                                  
Euronext, Brussels: HMY                                                         
Berlin Stock Exchange: HAM1                                                     
Registration number 1950/038232/06                                              
Incorporated in the Republic of South Africa                                    
ISIN: ZAE000015228                                                              
Date: 01/11/2010 08:00:04 Supplied by www.sharenet.co.za                     
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Market Statistics are calculated by Sharenet and are therefore not the official JSE Market Statistics. The calculation/derivation may include underlying JSE data.