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HAR - Harmony - Another quarter of record-breaking results

Release Date: 06/02/2012 08:16:00      Code(s): HAR
HAR - Harmony - Another quarter of record-breaking results                      
Harmony Gold Mining Company Limited                                             
("Harmony" or "Company")                                                        
Incorporated in the Republic of South Africa                                    
Registration number 1950/038232/06                                              
JSE Share code: HAR                                                             
NYSE Share code: HMY                                                            
ISIN: ZAE000015228                                                              
Another quarter of record-breaking results                                      
Johannesburg. Monday, 6 February 2012. Harmony Gold Mining Company Limited      
(`Harmony` or the `Company`) is pleased to release its financial results for    
the second quarter of financial year 2012 and six months ended 31 December      
2011. The Company generated its highest ever operating profits and headline     
earnings of R2.1 billion and R1.0 billion respectively, while the headline      
earnings per share (HEPS) increased by 155% to 242 South African cents when     
compared to the previous quarter.                                               
Gold production is up by 5% quarter on quarter to 10 718kg (344 592oz) mainly   
due to a 13% increase in recovery grade, while cash operating costs reduced     
by 6% to R249 356/kg which represents a 17% reduction in US$/oz terms to        
Total capital expenditure for the December 2011 quarter was R782 million, a     
12% (R82 million) increase in comparison to the September 2011 quarter (R700    
million). Higher capital spend is expected for the latter part of the year      
and therefore we maintain our expectation of full year capital of R3.7          
When comparing the six months ended 31 December 2011 to the six months ended    
31 December 2010 revenue increased by R2.7 billion or 44%, while cash           
operating costs increased by 15% from R222 787/kg, mainly due to increases in   
electricity and inflation driven costs. Operating profit increased by 123% to   
R3.4 billion, compared to R1.5 billion recorded in the December 2010 period.    
Wafi-Golpu`s pre-feasibility studies are progressing according to schedule.     
At the end of the December 2011 quarter, seven drill rigs were operating with   
six engaged on extension of the Golpu orebody to the north and infill of        
deeper sections.                                                                
Graham Briggs, chief executive officer commented: "Harmony has delivered in     
line with its strategy. We produced profitable ounces, our grade improved,      
our mines are producing operating cash flow and we have declared an interim     
dividend of 40 cents. Our results are evidence of Harmony`s turnaround."        
Issued by Harmony Gold                                                          
Mining Company Limited                                                          
6 February 2012                                                                 
For more details contact:                                                       
Henrika Basterfield                                                             
Investor Relations Officer                                                      
+27 (0) 82 759 1775 (mobile)                                                    
Marian van der Walt                                                             
Executive: Corporate and                                                        
Investor Relations                                                              
+27 (0) 82 888 1242 (mobile)                                                    
Corporate Office:                                                               
Randfontein Office Park                                                         
PO Box 2                                                                        
South Africa 1760                                                               
T +27 (11) 411 2000                                                             
JSE:      HAR                                                                   
NYSE:     HMY                                                                   
ISIN No.: ZAE000015228                                                          
Registration number:                                                            
Date: 06/02/2012 08:16:00 Supplied by www.sharenet.co.za                     
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