HAR - Harmony Gold Mining Company Ltd - Press Release
Harmony Gold Mining Company Ltd
Incorporated in the Republic of South Africa
Registration number: 1950/038232/06
Share code: HAR
HARMONY`S GUIDANCE FOR DECEMBER 2010 QUARTER
Johannesburg. Friday, 21 January 2011. Harmony Gold Mining Company Limited
(Harmony) announces that production trends are moving in the right direction -
with higher production from its growth projects and lower R/kg costs quarter on
quarter - with the exception of Kususalethu.
Gold production for the December 2010 quarter is likely to be 3-5% lower than
the previous quarter, mainly due to lower production from Kusasalethu as a
result of the shaft accident in October 2010. The shaft has since been repaired
and necessary measures have been implemented to ensure that the operation
delivers in line with its plan in the next quarter.
Cash operating costs decreased by 8-10% in Rand and also decreased with 3 to 5%
on a Rand per kilogram basis, mainly due to lower electricity tariffs and as a
result of restructuring efforts.
Chief Executive Officer, Graham Briggs, commented that: "We are starting to see
the fruits of our hard work, with higher production and lower costs evident from
our growth projects. Although the unplanned production stoppage at Kusasalethu
was a disappointment, it has been dealt with and Kusasalethu will see a better
March quarter. Throughout the company our management teams remain focused, they
deal with production challenges as and when they arise and are committed to meet
Harmony`s long term production targets."
Harmony`s results for the quarter ended December 2010 will be released on Monday
7 February 2011.
For more details contact:
Chief Executive Officer
+27 83 265 0274 (mobile)
Marian van der Walt
Executive: Corporate and Investor Relations
+27 82 888 1242 (mobile)
Investor Relations Officer
+27 82 759 1775 (mobile)
+27 11 411 2314(office)
Randfontein Office Park
P O Box 2
South Africa 1760
T: +27 (11) 411 2000
J.P. Morgan Equities Limited
Date: 21/01/2011 12:45:14 Supplied by www.sharenet.co.za
Produced by the JSE SENS Department .
The SENS service is an information dissemination service administered by the
JSE Limited (`JSE`). The JSE does not, whether expressly, tacitly or
implicitly, represent, warrant or in any way guarantee the truth, accuracy or
completeness of the information published on SENS. The JSE, their officers,
employees and agents accept no liability for (or in respect of) any direct,
indirect, incidental or consequential loss or damage of any kind or nature,
howsoever arising, from the use of SENS or the use of, or reliance on,
information disseminated through SENS.