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HAR - Harmony Gold Mining Company Limited - Results for the third quarter fy12

Release Date: 09/05/2012 07:05:10      Code(s): HAR
HAR - Harmony Gold Mining Company Limited - Results for the third quarter fy12  
ended 31 March 2012                                                             
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                                                              
RESULTS FOR THE THIRD QUARTER FY12 ENDED 31 MARCH 2012                          
KEY FEATURES                                                                    
* Golpu pre-feasibility study on track                                          
* Optimising of asset portfolio continued                                       
- sale of Rand Uranium completed                                                
- sale agreement signed for Evander                                             
* Gold production lower than planned                                            
* Deferred tax credit of R652 million (US$84 million)                           
* ESOP launched for employees                                                   
* HEPS of 234 SA cents (30 US cents)                                            
FINANCIAL SUMMARY FOR THE THIRD QUARTER AND NINE MONTHS                         
ENDED 31 MARCH 2012                                                             
                                           *Quarter     *Quarter       Q-on-Q   
                                              March     December     Variance   
2012         2011            %   
Gold                      - kg                 8 753       10 718         (18)  
produced                  - oz               281 415      344 592         (18)  
Cash costs                - R/kg             293 842      249 356         (18)  
- US$/oz             1 182          958         (23)   
Gold sold                 - kg                 8 559       11 000         (22)  
                         - oz               275 177      353 658         (22)   
Gold price                - R/kg             419 649      438 183          (4)  
received                  - US$/oz             1 688        1 683            -  
Operating                 - R million          1 123        2 077         (46)  
profit(1)                 - US$ million          145          257         (43)  
Basic earnings            - SAc/s                235          243          (3)  
per share*                - USc/s                 30           30            -  
Headline                  - Rm                 1 007        1 041          (3)  
earnings*                 - US$m                 130          129            1  
Headline                  - SAc/s                234          242          (3)  
earnings                  - USc/s                 30           30            -  
per share*                                                                      
Exchange rate             - R/US$               7.73         8.10          (5)  
                                               *Nine       *Nine                
months      months                
                                               ended       ended                
                                               March       March     Variance   
                                                2012        2011            %   
Gold                        - kg               29 678      30 383          (2)  
produced                    - oz              954 169     976 834          (2)  
Cash costs                  - R/kg            267 959     221 166         (21)  
                           - US$/oz            1 089         962         (13)   
Gold sold                   - kg               29 507      30 631          (4)  
                           - oz              948 671     984 811          (4)   
Gold price                  - R/kg            418 749     300 386           39  
received                    - US$/oz            1 703       1 324           29  
Operating                   - R million         4 507       2 374           90  
profit(1)                   - US$ million         590         336           76  
Basic earnings              - SAc/s               589         154          282  
per share*                  - USc/s                77          22          250  
Headline                    - Rm                2 460         826          198  
earnings*                   - US$m                322         117          175  
Headline                    - SAc/s               571         192          198  
earnings                    - USc/s                75          27          178  
per share*                                                                      
Exchange rate               - R/US$              7.65        7.06            8  
* Including discontinued operations.                                            
(1) Operating profit is comparable to the term production profit in the         
segment report in the financial statements and not to the operating profit      
line in the income statement.                                                   
Shareholder information                                                         
Issued ordinary                                                                 
share capital at                                                   431 471 444  
31 March 2012                                                                   
Issued ordinary                                                                 
share capital at                                                   431 312 677  
31 December 2011                                                                
Market capitalisation                                                           
At 31 March 2012                                             ZARm       35 980  
At 31 March 2012                                              US$m       4 688  
Harmony ordinary share and                                                      
ADR prices                                                                      
12 month high                                                                   
(1 April 2011 -                                                                 
31 March 2012)                                                         R115.75  
for ordinary shares                                                             
12 month low                                                                    
(1 April 2011 -                                                                 
31 March 2012)                                                          R82.88  
for ordinary shares                                                             
12 month high                                                                   
(1 April 2011 -                                                                 
31 March 2012)                                                        US$15.57  
for ADRs                                                                        
12 month low                                                                    
(1 April 2011 -                                                                 
31 March 2012)                                                        US$10.70  
for ADRs                                                                        
Free float                                                                      
Ordinary shares                                                           100%  
ADR ratio                                                                  1:1  
JSE Limited                                                                HAR  
Range for quarter                                                               
(1 January 2012 -                                                               
31 March 2012                                                 R82.88 - R101.75  
closing prices)                                                                 
Average daily volume                                                            
for the quarter                                                                 
(1 January 2012 -                                                               
31 March 2012)                                                1 638 216 shares  
New York Stock Exchange, Inc                                                    
including other                                                            HMY  
US trading                                                                      
Range for quarter                                                               
(1 January 2012 -                                                               
31 March 2012                                              US$10.70 - US$13.31  
closing prices)                                                                 
Average daily volume                                                            
for the quarter                                                                 
(1 January 2012 -                                                               
31 March 2012)                                                2 115 404 shares  
Harmony`s Integrated 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 2011 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 the countries   
in which we operate; the ability to achieve anticipated efficiencies and other  
cost savings in connection with past and future acquisitions; increases or      
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 regulations, particularly mining rights and environmental            
regulations; fluctuations in exchange rates; currency devaluations and other    
macro-economic monetary policies; and socio-economic instability in the         
countries in which we operate.                                                  
Competent person`s declaration                                                  
Harmony reports in terms of the South African Code for the Reporting of         
Exploration results, Mineral Resources and Ore Reserves (SAMREC). Harmony       
employs an ore reserve manager at each of its operations who takes              
responsibility for reporting mineral resources and mineral reserves at his      
operation.                                                                      
The mineral resources and mineral reserves in this report are based on          
information compiled by the following competent persons:                        
Reserves and resources South Africa:                                            
Jaco Boshoff, Pri Sci Nat, who has 16 years` relevant experience and is         
registered with the South African Council for Natural Scientific Professions    
(SACNASP).                                                                      
Reserves and resources PNG:                                                     
Stuart Hayward for the Wafi-Golpu mineral resources, Gregory Job for the Golpu  
mineral reserve, James Francis for the Hidden Valley mineral resources and      
Anton Kruger for the Hidden Valley mineral reserve. Messers Job, Francis and    
Kruger are corporate members of the Australian Institute of Mining and          
Metallurgy and Mr Hayward is a member of the Australian Institute of            
Geoscientists. All have relevant experience in the type and style of            
mineralisation for which they are reporting, and are competent persons as       
defined by the code.                                                            
These competent persons consent to the inclusion in the report of the matters   
based on the information in the form and context in which it appears. Mr        
Boshoff and Mr Job are full-time employees of Harmony Gold Mining Company       
Limited and Mr Hayward is a full-time employee of Wafi-Golpu Services Limited.  
Mr Francis and Mr Kruger are full-time employees of Newcrest Mining Limited     
(Newcrest). Newcrest is Harmony`s joint venture partner in the Morobe Mining    
Joint Venture on the Hidden Valley mine and Wafi-Golpu project.                 
Chief executive officer`s review                                                
We have made excellent strides in the last couple of years in achieving our     
stated strategy of creating a sustainable company that generates free cash      
flow that funds dividends and growth. The March 2012 quarter has been a         
difficult quarter and we have to ensure we continue to improve on all fronts -  
safety, production and returns.                                                 
Gold production in the March 2012 quarter was negatively impacted by a number   
of factors, some unexpected. This resulted in a reduction of gold production,   
the details of which are explained below in the commentary on operational       
results.                                                                        
It was with great excitement that we announced the launch of Harmony`s          
employee share trust in March 2012, a venture that recognises the importance    
of the employees who sustain our business. Our employees are our `human gold`.  
A core focus for Harmony therefore continues to be the improvement in safety    
and health of our employees and some good initiatives were undertaken that      
will improve this substantially going forward.                                  
Safety                                                                          
Given the high-risk nature of many of our underground operations, the safety,   
health and well-being of our people is our foremost priority. As part of our    
efforts to continually improve our safety, a number of audits were conducted    
by an external party during the quarter to identify potential areas of          
improvement in our safety strategy. Following the review, an improved safety    
framework for Harmony is being developed and we expect this to be rolled out    
during the next 12 months.                                                      
In the short term, a high level internal safety audit team, consisting of       
mining and safety experts, has been established. The main objective of this     
team is to verify conditions in the risk areas at Harmony`s operations and      
establish the effectiveness of the management systems that are in place to      
ensure the safety of employees. The team will also review the level of          
implementation of strategic health and safety programmes and standards at all   
operations.                                                                     
Despite our best efforts to curb fatalities, it is with deep regret that I      
report that five of our colleagues died in work-related incidents during the    
quarter. Those who died were: Zanekhaya Meteawdaba (belt attendant, Doornkop),  
Lefy David Ntsihlele (engineering assistant, Doornkop), Johannes Leepile and    
Zukisa Mentile (both winch operators at Kusasalethu) and Lisene Phidalis        
Rankopane (boilermaker aide at Bambanani West). I would like to extend my       
deepest condolences to their families, friends and colleagues.                  
Operations that showed significant improvements in safety trends during the     
quarter were Tshepong, Bambanani and Evander. In addition, Target 1, Target 3,  
Kalgold, Joel, Phakisa and Masimong are fatality-free for the year to date.     
Other significant safety achievements during the quarter were the following:    
- Kalgold operations                   2 500 000 fatality-free shifts           
- Harmony One Plant                    1 250 000 fatality-free shifts           
- Target 1 shaft                       1 000 000 fatality-free shifts           
- Masimong                             2 237 688 fall of ground fatality-free   
                                      shifts                                    
- Doornkop                             4 897 318 fall of ground fatality-free   
shifts.                                   
Health                                                                          
Our pro-active approach to the health and wellness of our employees continue    
and we are continually investing in healthcare through policies, procedures     
and training, to achieve the optimal consolidated health and business solution  
for employees` wellness and productivity improvement.                           
See our 2011 Sustainable Development Report for more details on our website     
www.harmony.co.za.                                                              
Gold market                                                                     
Although the gold price received decreased from R438 183/ kg in the December    
2011 quarter to R419 649/ kg in the March 2012 quarter, a 4% variance, the R /  
kg gold price still provides us with a strong margin. The US dollar gold price  
remained fairly constant at US$1 688 /oz, marginally up from the US$1 683/oz    
recorded in the December 2011 quarter. We believe that the gold price will      
strengthen in the long term as the same fundamentals are                        
still in place and the uncertainty in the world-wide markets continues to       
support a higher gold price.                                                    
As we have no control over the gold price or the strength of the rand we have   
to continue to focus on factors within our control, such as safety,             
productivity, production and cost control.                                      
Operational results                                                             
Gold production decreased by 18% (1 965kg) in the March 2012 quarter to 8       
753kg from 10 718kg in the December 2011 quarter. The rand per kilogram unit    
cost for the March 2012 quarter increased by 18% from R249 356/ kg in the       
December 2011 quarter to R293 842/kg in the quarter under review. This was due  
to an 18% decrease in the gold produced.                                        
A number of factors contributed to a weaker than expected performance during    
the quarter:                                                                    
- The festive season and public holiday disruptions associated with the March   
2012 quarter;                                                                   
- Safety stoppages;                                                             
- Shifts lost due to the one day protected strike of the Congress of South      
African Trade Unions (COSATU);                                                  
- High rainfall in Papua New Guinea impacted gold production at Hidden Valley   
negatively;                                                                     
- The upgrade of the infrastructure at Doornkop resulted in gold production at  
this shaft being 44% lower quarter on quarter (as guided in February 2012);     
- Lower than expected recovered grades at most of our shafts contributed to a   
13% decline in underground grade. Face grades are in line with geo -            
statistical models and, apart from Bambanani and Target 3, the face grades and  
shaft call factors at all the shafts improved. Belt grades, across almost all   
operations, were not in line with our plans - mainly as a result of the square  
metres not being blasted due to safety stoppages and high grade panels          
underperforming.                                                                
Disposal of interest in Rand Uranium and Evander                                
Investment in Rand Uranium (Pty) Limited                                        
The sale transaction with Gold One International Limited (Gold One) was         
concluded on 6 January 2012, with the first payment of US$24 million            
(R193 million) being received on that day. The outstanding amount as            
at 31  March 2012 was R108  million. Subsequent to the March 2012               
quarter-end, additional payments were received from Gold One in                 
respect of the sale.                                                            
Evander Gold Mines Limited                                                      
A sale of share and claims agreement was signed on 30 January 2012 with Pan     
African Resources plc and Witwatersrand Consolidated Gold Resources Limited     
(the Consortium). The disposal will be for an aggregate purchase consideration  
of R1.7 billion, less certain distributions made by Evander to Harmony between  
1 April 2012 and the close of the transaction.                                  
The transaction is subject to, among others, the following conditions           
precedent:                                                                      
- the Consortium raising the required funding comprising of debt and /or        
equity;                                                                         
- each of the Consortium members obtaining the requisite shareholder approval   
for the acquisition; and                                                        
- obtaining all relevant regulatory approvals.                                  
Wafi-Golpu                                                                      
Eight drilling rigs were operating by the end of the quarter. Two of which      
were engaged on geotechnical assessment for the proposed decline and mine       
infrastructure locations and six were engaged on further definition of the      
Golpu orebody. The initial Golpu pre-feasibility report will be subject to      
various internal discussions and review between Harmony and its joint venture   
partner, Newcrest Mining Limited.                                               
The study gating process with technical experts from both companies as well as  
external independent reviewers for each key discipline commenced in April       
2012. The outcomes of the pre-feasibility study will be shared with investors   
during the September 2012 quarter.                                              
Environmental management                                                        
Renewable energy initiatives and carbon trading                                 
Harmony has initiated a number of energy efficiency projects which have         
resulted in emission reductions for the group. In F Y11, Harmony reduced its    
electricity consumption by 48.5GWh, decreasing emissions by 48 500t CO2e        
(CO2e= carbon dioxide equivalents). The Company has identified many other       
projects to implement. To this end, Harmony and Nedbank are in the process of   
registering three projects under the clean development mechanism for carbon     
trading.                                                                        
The Free State rehabilitation programme                                         
The Free State rehabilitation programme has been geared towards reducing        
environmental liability, eliminating potential safety and health exposures to   
both our people and society in general, as well as assisting the Free State     
Province in meeting some of its socio-economic imperatives especially job       
creation.                                                                       
The Free State rehabilitation programme is progressing very well.               
In the year to date, rehabilitation work has been per formed at the following   
sites:                                                                          
- Virginia 2 Shaft, its plant and hostel;                                       
- Brand 1, 2 and 3 shafts;                                                      
- Saaiplaas plant;                                                              
- Saint Helena 2 shaft and hostel;                                              
- Saint Helena 4 shaft;                                                         
- Saint Helena plant;                                                           
- Steyn 1 shaft; and                                                            
- Freddies 7 shaft.                                                             
These initiatives coupled with the Masimong hostel conversion project resulted  
in a total reduction in our rehabilitation liabilities of R60 million. This     
represents a 3% reduction of Harmony`s overall rehabilitation liability.        
Other initiatives under way that will further contribute to the reduction of    
the rehabilitation liability include:                                           
- Reclaiming of waste rock dumps;                                               
- Slimes retreatment through Saaiplaas plant which liberates a surface          
footprint and results in an improved footprint on the placement dam.            
Launch of Harmony`s employees share trust:                                      
The employee share trust was successfully launched on 15 March 2012 with a lot  
of excitement from organised labour representatives and employees in general.   
The trust will be known as the Tlhakanelo Employee Share Trust.                 
Conclusion                                                                      
During the next quarter we will continue to improve our safety performances     
across the company to reduce stoppages. To ensure an immediate uplift in        
grade, the top 10 higher grade panels at each operation will be focused on. A   
standardised short interval control monitoring initiative has also been rolled  
out to all the Harmony operations at the beginning of April 2012. As a result,  
production performances will be monitored on a daily basis, assisting us in     
identifying potential production challenges and addressing these immediately.   
In addition, we will increase the discipline on clean mining.                   
Graham Briggs                                                                   
Chief executive officer                                                         
Financial overview                                                              
Net profit                                                                      
The net profit for the March 2012 quarter was R1 014 million, 3% lower than     
the previous quarter. This was due to the gross profit being 62% lower at R501  
million due to the lower gold production, but was offset by a deferred tax      
credit of R652 million.                                                         
The net profit for the nine months ended 31 March 2012 was R2 538 million       
compared to R659 million for the corresponding nine months of the previous      
year. This was as a result of the significant higher gold price received for    
the period of R418 749/ kg versus R300 386/kg the previous year.                
Taxation                                                                        
Included in the large deferred taxation credit is an amount of R605 million     
related to the change in the mining tax rate formula. Prior to the change,      
some of our subsidiaries were exempt from paying Secondary Tax on Companies     
(STC) when declaring a dividend, but had to pay a higher mining tax rate.       
With the repeal of STC and the introduction of the Dividend Tax, the higher     
gold mining tax rate formula was removed. The change in the mining tax rate     
affected the calculation of deferred tax, resulting in lower deferred tax       
balances.                                                                       
The lower statutory tax rate would result in a lower tax liability over the     
life of mine and therefore a lower average deferred tax rate. Applying these    
lower rates to the temporary differences balances at the beginning of the year  
will result in a change in estimate of R605 million which has been credited to  
the taxation line in the income statement in the quarter ended 31 March 2012.   
Discontinued operations and assets and liabilities of disposal group            
classified as held for sale                                                     
Evander Gold Mines Limited has been classified as a disposal group held for     
sale following the signing of a sales agreement on 30 January 2012. It has      
also been classified as a discontinued operation. The comparative information   
in the income statement for all periods shown has been re-presented             
accordingly.                                                                    
Earnings per share                                                              
Total basic earnings per share for the March 2012 quarter decreased from 243    
SA cents to 235 SA cents per share. Total headline earnings per share           
decreased from earnings of 242 SA cents per share to 234 SA cents per share.    
For the nine month period to March 2012, total headline earnings per share      
amounts to 571 SA cents per share compared to 192 SA cents per share for the    
corresponding period in the previous year.                                      
Capital                                                                         
Total capital expenditure for the March 2012 quarter was R767 million, a R15    
million decrease in comparison to the December 2011 quarter (R782 million).     
Capital expenditure at most SA operations decreased with Bambanani and Phakisa  
being the exceptions. Capital at Bambanani increased by R11 million for the     
backfill plant. Total capital spent at Hidden Valley increased by R29 million   
and Wafi-Golpu increased by R34 million.                                        
Deferred tax liabilities                                                        
The change in the deferred tax rates (discussed above under Taxation) resulted  
in the reduction of the deferred tax liabilities.                               
Cash flow                                                                       
The strong cash generated by operating activities for the nine months ended     
March 2012 of R3.2 billion paid for capital expenditure of R2.2 billion and     
reduced the net debt significantly.                                             
Dividend Tax (DT)                                                               
The Minister of Finance announced in his budget speech in 2012 that DT will be  
implemented effective 1 April 2012, at a rate of 15%. The dividend tax          
replaces the current Secondary Tax on Companies (STC). While STC was payable    
by the Company, the DT is normally levied on the shareholder, or the person     
entitled to the benefit of the dividend.                                        
According to the new legislation, regulated intermediaries (e.g. share          
registrars and stockbrokers) will withhold the DT amount before the dividend    
is paid out. All South African companies and several other bodies are exempt    
from DT, while South African natural person shareholders will be liable for DT  
at 15%.                                                                         
Foreign investors may be eligible for a reduced rate or be able to claim        
credit from taxes withheld depending on the relevant double tax treaty between  
South Africa and the relevant country.                                          
The legislation allows for credits accumulated under STC to be carried forward  
and may be utilised within three years of the introduction of DT. Harmony had   
STC credits amounting to R151 million at 31 March 2012 which will be available  
for offset against future dividends. This means that no DT needs to be          
withheld on the next R151 million of dividend paid out by the Company,          
irrespective of the category of shareholder. If such a shareholder is a         
resident company these credits can be passed on to their beneficial             
shareholders.                                                                   
CONDENSED CONSOLIDATED INCOME STATEMENTS (Rand)                                 
Quarter ended                   
                                  31 March     31 December(1)     31 March(1)   
                                      2012               2011            2011   
Figures in million     Note     (Unaudited)        (Unaudited)     (Unaudited)  
Continuing operations                                                           
Revenue                               3 222              4 439           2 761  
Cost of sales             2         (2 721)            (3 116)         (2 414)  
  Production costs                 (2 273)            (2 558)         (1 928)   
Amortisation and                                                              
  depreciation                       (431)              (497)           (392)   
  Impairment of assets                   -                  -               -   
  Employment termination                                                        
and restructuring costs             (19)               (17)            (26)   
  Other items                            2               (44)            (68)   
Gross profit                            501              1 323             347  
Corporate,                                                                      
administration                                                                  
and other expenditure                  (96)               (85)            (84)  
Social investment                                                               
expenditure                            (22)               (14)            (27)  
Exploration expenditure               (143)               (99)            (75)  
Profit on sale of                                                               
property,                                                                       
plant and equipment                       -                  2               5  
Other (expenses)/income -                                                       
net                                     (5)                 11             (7)  
Operating profit                        235              1 138             159  
Loss from associates                      -                  -            (24)  
Reversal of                                                                     
impairment/(impairment)                                                         
of investment in                                                                
associate                 3               6                  2           (160)  
Net gain on financial                                                           
instruments                              36                 61               3  
Gain on farm-in option                    -                  -               -  
Investment income                        25                 22              62  
Finance cost                           (65)               (80)            (63)  
Profit/(loss) before                                                            
taxation                                237              1 143            (23)  
Taxation                                636              (256)             299  
Normal taxation                     (16)               (60)             (5)   
  Deferred taxation      4             652              (196)             304   
Net profit from                                                                 
continuing operations                   873                887             276  
Discontinued operations                                                         
Profit/(loss) from                                                              
discontinued operations   3             141                159            (38)  
Net profit for the period             1 014              1 046             238  
Attributable to:                                                                
Owners of the parent                  1 014              1 046             238  
Earnings per ordinary                                                           
share (cents)             5                                                     
Earnings from                                                                   
continuing operations                   202                206              64  
Earnings/(loss) from                                                            
discontinued operations                  33                 37             (9)  
Total earnings                          235                243              55  
Diluted earnings per                                                            
ordinary share (cents)    5                                                     
Earnings from                                                                   
continuing operations                   202                205              64  
Earnings/(loss) from                                                            
discontinued operations                  32                 37             (9)  
Total diluted earnings                  234                242              55  
Nine months ended      Year ended   
                                      31 March     31 March(1)     30 June(1)   
                                          2012            2011           2011   
Figures in million                  (Unaudited)     (Unaudited)      (Audited)  
Continuing operations                                                           
Revenue                                  11 235           8 443         11 596  
Cost of sales                           (8 811)         (7 473)       (10 699)  
  Production costs                     (7 271)         (6 144)        (8 504)   
Amortisation and depreciation        (1 373)         (1 172)        (1 609)   
  Impairment of assets                       -               -          (264)   
  Employment termination and                                                    
  restructuring costs                     (70)           (136)          (136)   
Other items                             (97)            (21)          (186)   
Gross profit                              2 424             970            897  
Corporate, administration                                                       
and other expenditure                     (261)           (258)          (322)  
Social investment expenditure              (50)            (66)           (82)  
Exploration expenditure                   (339)           (225)          (324)  
Profit on sale of property,                                                     
plant and equipment                          28              22             27  
Other (expenses)/income - net                24            (55)           (21)  
Operating profit                          1 826             388            175  
Loss from associates                          -            (51)           (51)  
Reversal of impairment/(impairment)                                             
of investment in associate                   56           (160)          (142)  
Net gain on financial instruments            73             108            129  
Gain on farm-in option                        -             273            273  
Investment income                            64             110            133  
Finance cost                              (214)           (185)          (268)  
Profit/(loss) before taxation             1 805             483            249  
Taxation                                    323             250            387  
  Normal taxation                        (115)            (26)           (27)   
Deferred taxation                        438             276            414   
Net profit from                                                                 
continuing operations                     2 128             733            636  
Discontinued operations                                                         
Profit/(loss) from                                                              
discontinued operations                     410            (74)           (19)  
Net profit for the period                 2 538             659            617  
Attributable to:                                                                
Owners of the parent                      2 538             659            617  
Earnings per ordinary share (cents)                                             
Earnings from continuing operations         494             171            148  
Earnings/(loss) from                                                            
discontinued operations                      95            (17)            (4)  
Total earnings                              589             154            144  
Diluted earnings per                                                            
ordinary share (cents)                                                          
Earnings from continuing operations         492             171            148  
Earnings/(loss) from                                                            
discontinued operations                      95            (17)            (4)  
Total diluted earnings                      587             154            144  
(1) The comparative figures are re-presented due to Evander being reclassified  
as a discontinued operation. See note 3 in this regard.                         
The accompanying notes are an integral part of these condensed consolidated     
financial statements.                                                           
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Rand)                
                                                Quarter ended                   
                                   31 March       31 December        31 March   
                                       2012              2011            2011   
Figures in million               (Unaudited)       (Unaudited)     (Unaudited)  
Net profit for the period              1 014             1 046             238  
Other comprehensive                                                             
(loss)/income for the period,                                                   
net of income tax                      (153)               179               6  
Foreign exchange translation           (157)               212              22  
Gain/(loss) on fair value                                                       
movement of available-for-sale                                                  
investments                                4              (33)            (16)  
Total comprehensive income for                                                  
the period                               861             1 225             244  
Attributable to:                                                                
Owners of the parent                     861             1 225             244  
                                              Nine months ended    Year ended   
                                       31 March        31 March       30 June   
                                           2012            2011          2011   
Figures in million                   (Unaudited)     (Unaudited)     (Audited)  
Net profit for the period                  2 538             659           617  
Other comprehensive                                                             
(loss)/income for the period,                                                   
net of income tax                            981            (50)           368  
Foreign exchange translation                 979             (3)           470  
Gain/(loss) on fair value movement                                              
of available-for-sale investments              2            (47)         (102)  
Total comprehensive income for the period  3 519             609           985  
Attributable to:                                                                
Owners of the parent                       3 519             609           985  
The accompanying notes are an integral part of these condensed consolidated     
financial statements.                                                           
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (Rand) (Unaudited)       
for the nine months ended 31 March 2012                                         
                                   Share        Other     Retained              
Figures in million                capital     reserves     earnings      Total  
Balance - 30 June 2011             28 305          762        1 093     30 160  
Issue of shares                        24            -            -         24  
Share-based payments                    -           72            -         72  
Net profit for the period               -            -        2 538      2 538  
Other comprehensive income for                                                  
the period                              -          981            -        981  
Dividends paid                          -            -        (431)      (431)  
Balance - 31 March 2012            28 329        1 815        3 200     33 344  
Balance - 30 June 2010             28 261          258          690     29 209  
Issue of shares                        29            -            -         29  
Share-based payments                    -           91            -         91  
Net profit for the period               -            -          659        659  
Other comprehensive loss for the                                                
period                                  -         (50)            -       (50)  
Dividends paid                          -            -        (214)      (214)  
Balance - 31 March 2011            28 290          299        1 135     29 724  
The accompanying notes are an integral part of these condensed consolidated     
financial statements.                                                           
The unaudited financial statements for the nine months ended 31 March 2012      
have been prepared by Harmony Gold Mining Company Limited`s corporate           
reporting team headed by Mr Herman Perry. This process was supervised by the    
financial director, Mr Frank Abbott and approved by the Board of Harmony Gold   
Mining Company Limited. These financial statements have not been audited or     
independently reviewed.                                                         
Results for the third quarter FY12                                              
and nine months ended 31 March 2012                                             
CONDENSED CONSOLIDATED BALANCE SHEETS (Rand)                                    
At              At   
                                                     31 March     31 December   
                                                         2012            2011   
Figures in million                        Note     (Unaudited)                  
ASSETS                                                                          
Non-current assets                                                              
Property, plant and equipment                           31 949          32 830  
Intangible assets                                        2 194           2 185  
Restricted cash                                             30              31  
Restricted investments                                   1 808           1 929  
Deferred tax assets                                      1 042           1 179  
Investments in financial assets                            187             183  
Inventories                                                165             169  
Trade and other receivables                                 35              28  
Total non-current assets                                37 410          38 534  
Current assets                                                                  
Inventories                                              1 086             990  
Trade and other receivables                              1 259           1 131  
Income and mining taxes                                    142             194  
Cash and cash equivalents                                1 427           1 205  
3 914           3 520   
Assets of disposal groups classified as                                         
held for sale                                3           1 326             315  
Total current assets                                     5 240           3 835  
Total assets                                            42 650          42 369  
EQUITY AND LIABILITIES                                                          
Share capital and reserves                                                      
Share capital                                           28 329          28 326  
Other reserves                                           1 815           1 945  
Retained earnings                                        3 200           2 359  
Total equity                                            33 344          32 630  
Non-current liabilities                                                         
Deferred tax liabilities                                 3 568           4 452  
Provision for environmental rehabilitation               1 905           2 092  
Retirement benefit obligation and other                                         
provisions                                                 181             177  
Borrowings                                   6           1 277             991  
Total non-current liabilities                            6 931           7 712  
Current liabilities                                                             
Borrowings                                   6             318             323  
Income and mining taxes                                      7               3  
Trade and other payables                                 1 543           1 684  
                                                        1 868           2 010   
Liabilities of disposal groups classified                                       
as held for sale                             3             507              17  
Total current liabilities                                2 375           2 027  
Total equity and liabilities                            42 650          42 369  
                                                           At              At   
30 June        31 March   
                                                         2011            2011   
Figures in million                                   (Audited)     (Unaudited)  
ASSETS                                                                          
Non-current assets                                                              
Property, plant and equipment                           31 221          30 557  
Intangible assets                                        2 170           2 188  
Restricted cash                                             31              27  
Restricted investments                                   1 883           1 866  
Deferred tax assets                                      1 149           2 310  
Investments in financial assets                            185             236  
Inventories                                                172             227  
Trade and other receivables                                 23              69  
Total non-current assets                                36 834          37 480  
Current assets                                                                  
Inventories                                                837             954  
Trade and other receivables                              1 073           1 111  
Income and mining taxes                                    139             119  
Cash and cash equivalents                                  693             656  
                                                        2 742           2 840   
Assets of disposal groups classified as held for sale      268             174  
Total current assets                                     3 010           3 014  
Total assets                                            39 844          40 494  
EQUITY AND LIABILITIES                                                          
Share capital and reserves                                                      
Share capital                                           28 305          28 290  
Other reserves                                             762             299  
Retained earnings                                        1 093           1 135  
Total equity                                            30 160          29 724  
Non-current liabilities                                                         
Deferred tax liabilities                                 4 216           5 623  
Provision for environmental rehabilitation               1 971           1 785  
Retirement benefit obligation and other provisions         174             179  
Borrowings                                               1 229           1 487  
Total non-current liabilities                            7 590           9 074  
Current liabilities                                                             
Borrowings                                                 330             336  
Income and mining taxes                                      2              17  
Trade and other payables                                 1 746           1 343  
                                                        2 078           1 696   
Liabilities of disposal groups classified as held                               
for sale                                                    16               -  
Total current liabilities                                2 094           1 696  
Total equity and liabilities                            39 844          40 494  
The accompanying notes are an integral part of these condensed consolidated     
financial statements.                                                           
CONDENSED CONSOLIDATED CASH FLOW STATEMENTS (Rand)                              
                                                Quarter ended                   
31 March       31 December        31 March   
                                       2012              2011            2011   
Figures in million               (Unaudited)       (Unaudited)     (Unaudited)  
Cash flow from operating                                                        
activities                                                                      
Cash generated by operations             682             1 566             213  
Interest and dividends received           32                12              64  
Interest paid                           (26)              (36)            (34)  
Income and mining taxes                                                         
refunded/(paid)                           35             (149)               8  
Cash generated by operating                                                     
activities                               723             1 393             251  
Cash flow from investing activities                                             
Decreased in restricted cash               -                 -               -  
Proceeds on disposal of                                                         
investment in subsidiary                   -                 -               -  
Proceeds on disposal of                                                         
investment in associate                  193                 -               -  
Proceeds on disposal of                                                         
available-for-sale financial assets        -                 -               -  
Pre-payment for Evander 6                                                       
and Twistdraai transaction                 -                 -               -  
Other investing activities              (33)                 3              16  
Net additions to property,                                                      
plant and equipment                    (740)             (779)           (687)  
Cash utilised by investing activities  (580)             (776)           (671)  
Cash flow from financing activities                                             
Borrowings raised                        302                 -             250  
Borrowings repaid                       (17)             (718)            (17)  
Ordinary shares issued - net of expenses   3                11              13  
Dividends paid                         (173)                 -               -  
Cash generated/(utilised)                                                       
by financing activities                  115             (707)             246  
Foreign currency translation                                                    
adjustments                             (36)              (30)             (7)  
Net increase/(decrease) in cash                                                 
and cash equivalents                     222             (120)           (181)  
Cash and cash equivalents                                                       
- beginning of period                  1 205             1 325             837  
Cash and cash equivalents                                                       
- end of period                        1 427             1 205             656  
                                              Nine months ended    Year ended   
                                       31 March        31 March       30 June   
                                           2012            2011          2011   
Figures in million                   (Unaudited)     (Unaudited)     (Audited)  
Cash flow from operating activities                                             
Cash generated by operations               3 340           1 366         2 418  
Interest and dividends received               60             116           140  
Interest paid                              (103)            (99)         (134)  
Income and mining taxes                                                         
refunded/(paid)                            (114)            (26)          (45)  
Cash generated by operating activities     3 183           1 357         2 379  
Cash flow from investing activities                                             
Decreased in restricted cash                   -             120           116  
Proceeds on disposal of investment                                              
in subsidiary                                  -             229           229  
Proceeds on disposal of investment                                              
in associate                                 193               -             -  
Proceeds on disposal of available-for-sale                                      
financial assets                               -               1            16  
Pre-payment for Evander 6                                                       
and Twistdraai transaction                     -               -           100  
Other investing activities                  (30)              20           (5)  
Net additions to property,                                                      
plant and equipment                      (2 187)         (2 281)       (3 110)  
Cash utilised by investing activities    (2 024)         (1 911)       (2 654)  
Cash flow from financing activities                                             
Borrowings raised                          1 101             775           925  
Borrowings repaid                        (1 087)           (130)         (546)  
Ordinary shares issued - net of expenses      23              29            44  
Dividends paid                             (431)           (214)         (214)  
Cash generated/(utilised)                                                       
by financing activities                    (394)             460           209  
Foreign currency translation adjustments    (31)            (20)          (11)  
Net increase/(decrease) in cash and                                             
cash equivalents                             734           (114)          (77)  
Cash and cash equivalents                                                       
- beginning of period                        693             770           770  
Cash and cash equivalents                                                       
- end of period                            1 427             656           693  
The accompanying notes are an integral part of these condensed consolidated     
financial statements.                                                           
Results for the third quarter FY12                                              
and nine months ended 31 March 2012                                             
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS                        
for the period ended 31 March 2012 (Rand)                                       
1. Accounting policies                                                          
Basis of accounting                                                             
The condensed consolidated financial statements for the nine months ended 31    
March 2012 have been prepared in accordance with IAS 34, Interim Financial      
Reporting, JSE Listings Requirements 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 2011, which have been    
prepared in accordance with International Financial Reporting Standards as      
issued by the International Accounting Standards Board (IFRS). The accounting   
policies are consistent with those described in the annual financial            
statements, except for the adoption of applicable revised and/or new standards  
issued by the International Accounting Standards Board.                         
2. Cost of sales                                                                
                                                Quarter ended                   
31 March     31 December(1)     31 March(1)   
                                      2012               2011            2011   
Figures in million              (Unaudited)        (Unaudited)     (Unaudited)  
Production costs - excluding                                                    
royalty                               2 231              2 499           1 897  
Royalty expense                          42                 59              31  
Amortisation and depreciation           431                497             392  
Impairment of assets                      -                  -               -  
Rehabilitation expenditure(2)          (43)                  1               5  
Care and maintenance cost                                                       
of restructured shafts                   20                 20              32  
Employment termination and                                                      
restructuring costs(3)                   19                 17              26  
Share-based payments                     21                 23              26  
Other                                     -                  -               5  
Total cost of sales                   2 721              3 116           2 414  
Nine months ended      Year ended   
                                      31 March     31 March(1)     30 June(1)   
                                          2012            2011           2011   
Figures in million                  (Unaudited)     (Unaudited)      (Audited)  
Production costs - excluding royalty      7 138           6 059          8 408  
Royalty expense                             133              85             96  
Amortisation and depreciation             1 373           1 172          1 609  
Impairment of assets                          -               -            264  
Rehabilitation expenditure(2)              (37)              13             43  
Care and maintenance cost                                                       
of restructured shafts                       69              82            117  
Employment termination and                                                      
restructuring costs(3)                       70             136            136  
Share-based payments                         66              82            125  
Other                                       (1)           (156)           (99)  
Total cost of sales                       8 811           7 473         10 699  
(1) The comparative figures are re-presented due to Evander being reclassified  
as a discontinued operation. See note 3 in this regard.                         
(2) The credit in the current quarter relates to a change in estimate on areas  
where rehabilitation work has been performed.                                   
(3) The amounts for the 2012 financial year relates to restructuring at the     
Bambanani shaft.                                                                
3. Disposal groups classified as held for sale and discontinued operations      
Investment in Rand Uranium                                                      
The investment in Rand Uranium (Proprietary) Limited (Rand Uranium) was         
classified as held for sale in the March 2011 quarter following a decision to   
sell it. The transaction with Gold One International Limited (Gold One) was     
concluded on 6 January 2012, with the first payment of US$24 million (R193      
million) being received on that day. The outstanding amount as at 31 March      
2012 was R108 million. Subsequent to the March 2012 quarter-end, additional     
payments were received from Gold One for the sale. For further information      
refer to note 8.                                                                
Evander Gold Mines Limited                                                      
The assets and liabilities related to Evander Gold Mines Limited (Evander), a   
wholly-owned subsidiary of Harmony Gold Mining Company Limited (Harmony), have  
been classified as held for sale following signing of the sale of share and     
claims agreement on 30 January 2012 with Pan African Resources plc and          
Witwatersrand Consolidated Gold Resources Limited (the Consortium). The         
disposal will be for an aggregate purchase consideration of R1.7 billion,       
excluding the proceeds of the Taung Gold Limited transaction and less certain   
distributions made by Evander to Harmony between 1 April 2012 and the close of  
the transaction.                                                                
The transaction is subject to, among others, the following conditions           
precedent:                                                                      
- the Consortium raising the required funding comprising of debt and/or         
equity;                                                                         
- each of the Consortium members obtaining the requisite shareholder approval   
for the acquisition; and                                                        
- obtaining all relevant regulatory approvals.                                  
The operation also meets the requirements to be classified as a discontinued    
operation. The comparative figures in the income statement have been re-        
presented as a result.                                                          
4. Deferred taxation                                                            
The deferred tax for the March 2012 quarter includes a tax credit of R605       
million, relating to a change in the gold mining tax rate formula in South      
Africa. Previously some of our subsidiaries were exempt from paying Secondary   
Tax on Companies when declaring a dividend, but had to pay a higher mining tax  
rate. With the introduction of Dividend Tax, the higher gold mining tax rate    
formula was repealed resulting in lower income tax and deferred tax rates. The  
affected subsidiaries are Randfontein, Freegold, Evander and Kalgold.           
5. Earnings and net asset value per share                                       
                                                Quarter ended                   
                                  31 March     31 December(1)     31 March(1)   
                                      2012               2011            2011   
(Unaudited)        (Unaudited)     (Unaudited)   
Weighted average number                                                         
of shares (million)                   431.3              430.5           429.5  
Weighted average number                                                         
of diluted shares (million)           432.8              432.3           430.7  
Total earnings per share                                                        
(cents):                                                                        
Basic earnings                          235                243              55  
Diluted earnings                        234                242              55  
Headline earnings                       234                242              91  
- from continuing operations            201                205             100  
- from discontinued operations           33                 37             (9)  
Diluted headline earnings               233                241              91  
- from continuing operations            200                204             100  
- from discontinued operations           33                 37             (9)  
Figures in million                                                              
Reconciliation of headline earnings:                                            
Continuing operations                                                           
Net profit                              873                887             276  
Adjusted for:                                                                   
(Reversal of impairment)/impairment                                             
of investment in associate*             (6)                (2)             160  
Foreign exchange loss reclassified                                              
from other comprehensive income*          -                  -               -  
Impairment of assets                      -                  -               -  
Taxation effect on impairment of assets   -                  -               -  
Other adjustments                         -                (3)             (9)  
Taxation effect on other adjustments    (1)                  1               2  
Headline earnings                       866                883             429  
Discontinued operations                                                         
Net profit/(loss)                       141                159            (38)  
Adjusted for:                                                                   
Profit on sale of investment                                                    
in subsidiary                             -                  -               -  
Taxation effect of profit on                                                    
sale of investment in subsidiary          -                  -               -  
Profit on sale of property,                                                     
plant and equipment                       -                (1)             (2)  
Taxation effect of profit on                                                    
sale of property, plant and equipment     -                  -               1  
Foreign exchange loss reclassified                                              
from other comprehensive income*          -                  -               -  
Headline earnings/(loss)                141                158            (39)  
Total headline earnings               1 007              1 041             390  
Nine months ended         Year ended   
                                      31 March     31 March(1)     30 June(1)   
                                          2012            2011           2011   
                                   (Unaudited)     (Unaudited)      (Audited)   
Weighted average number                                                         
of shares (million)                       430.6           429.1          429.3  
Weighted average number                                                         
of diluted shares (million)               432.2           430.2          430.4  
Total earnings per share                                                        
(cents):                                                                        
Basic earnings                              589             154            144  
Diluted earnings                            587             154            144  
Headline earnings                           571             192            223  
- from continuing operations                477             214            232  
- from discontinued operations               94            (22)            (9)  
Diluted headline earnings                   569             192            222  
- from continuing operations                475             214            231  
- from discontinued operations               94            (22)            (9)  
Figures in million                                                              
Reconciliation of headline earnings:                                            
Continuing operations                                                           
Net profit                                2 128             733            636  
Adjusted for:                                                                   
(Reversal of impairment)/impairment                                             
of investment in associate*                (55)             160            142  
Foreign exchange loss reclassified                                              
from other comprehensive income*              -              47             47  
Impairment of assets                          -               -            264  
Taxation effect on impairment of assets       -               -           (66)  
Other adjustments                          (28)            (26)           (34)  
Taxation effect on other adjustments          7               7              8  
Headline earnings                         2 052             921            997  
Discontinued operations                                                         
Net profit/(loss)                           410            (74)           (19)  
Adjusted for:                                                                   
Profit on sale of investment in subsidiary    -           (138)           (54)  
Taxation effect of profit on                                                    
sale of investment in subsidiary              -              34             34  
Profit on sale of property,                                                     
plant and equipment                         (2)             (2)            (2)  
Taxation effect of profit on                                                    
sale of property, plant and equipment         -               1              1  
Foreign exchange loss reclassified                                              
from other comprehensive income*              -              84              -  
Headline earnings/(loss)                    408            (95)           (40)  
Total headline earnings                   2 460             826            957  
(1) The comparative figures are re-presented due to Evander being reclassified  
as a discontinued operation. See note 3 in this regard.                         
* There is no taxation effect on these items.                                   
Net asset value per share                                                       
                           At              At              At              At   
                     31 March     31 December         30 June        31 March   
2012            2011            2011            2011   
                  (Unaudited)                       (Audited)     (Unaudited)   
Number of shares                                                                
in issue           431 471 444     431 312 677     430 084 628     429 807 371  
Net asset value                                                                 
per share (cents)        7 728           7 565           7 013           6 916  
6. Borrowings                                                                   
The Nedbank revolving credit facility was repaid in full during the December    
2011 quarter. The full R850 million facility is available until December 2013.  
The balance on Nedbank term facilities at the end of March 2012 quarter is      
R915 million.                                                                   
In addition to the US$50 million drawn during the September 2011 quarter, a     
further US$40 million of the US$300 million syndicated revolving credit         
facility was drawn during the March 2012 quarter, with US$210 million still     
available. The facility is repayable by August 2015 and attracts interest at    
LIBOR plus 260 basis points, which is payable quarterly.                        
7. Commitments and contingencies                                                
                             At              At            At              At   
                       31 March     31 December       30 June        31 March   
                           2012            2011          2011            2011   
Figures in million   (Unaudited)                     (Audited)     (Unaudited)  
Capital expenditure                                                             
commitments:                                                                    
Contracts for                                                                   
capital expenditure          391             291           194             191  
Authorised by the                                                               
directors but not                                                               
contracted for             3 032           3 373         1 504           2 175  
3 423           3 664         1 698           2 366   
This expenditure will be financed from existing resources and, where            
appropriate, borrowings.                                                        
Contingent liability                                                            
For a detailed disclosure on contingent liabilities refer to Harmony`s annual   
report for the financial year ended 30 June 2011, available on the group`s      
website (www.harmony.co.za). There were no significant changes in               
contingencies since 30 June 2011, except as discussed below.                    
Harmony reached a mutually acceptable settlement with the plaintiff class and   
this settlement was found to be fair and reasonable and was approved by the     
United States District Court in November 2011. A single class member has filed  
an appeal of the District Court`s order approving the settlement. That appeal   
is currently pending in the United States Court of Appeals for the Second       
Circuit. The settlement amount has been paid into escrow by the company`s       
insurers and will be distributed to the plaintiffs once the appeal has been     
finalised.                                                                      
8. Subsequent events                                                            
During April 2012, an amount of R86 million was received from Gold One          
relating to the sale of shares in Rand Uranium. An additional R25 million is    
being held in an escrow account for a period of 12 months.                      
9. Segment report                                                               
The segment report follows after note 10.                                       
10. Reconciliation of segment information to consolidated income statements     
                                                          Nine months ended     
31 March     31 March(1)   
                                                         2012            2011   
Figures in million                                 (Unaudited)     (Unaudited)  
The "Reconciliation of segment information to                                   
consolidated income statement" 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                                 
and segment report:                                                             
Reconciliation of production profit to gross profit                             
Total segment revenue                                   12 341           9 023  
Total segment production costs                         (7 834)         (6 649)  
Production profit per segment report                     4 507           2 374  
Discontinued operations                                  (543)            (75)  
Production profit from continuing operations             3 964           2 299  
Cost of sales items, other than production costs                                
and royalty expense                                    (1 540)         (1 329)  
Gross profit as per income statements *                  2 424             970  
(1) The comparative figures are re-presented due to Evander being reclassified  
as a discontinued operation. See note 3 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 (Rand/Metric) (Unaudited)                                        
for the nine months ended 31 March 2012                                         
                                             Production          Production     
                           Revenue             cost            profit/(loss)    
                          31 March           31 March             31 March      
2012      2011      2012      2011      2012      2011   
                          R million          R million            R million     
Continuing operations                                                           
South Africa                                                                    
Underground                                                                     
Bambanani                421       671       480       603      (59)        68  
Doornkop                 939       530       626       418       313       112  
Joel                     773       295       406       293       367         2  
Kusasalethu            1 678     1 252     1 072       976       606       276  
Masimong               1 032     1 045       635       571       397       474  
Phakisa                  753       390       585       337       168        53  
Target                 1 497       732       916       520       581       212  
Tshepong               1 694     1 508       935       852       759       656  
Virginia                 479       539       366       451       113        88  
Surface                                                                         
All other surface                                                               
operations             1 074       763       678       606       396       157  
Total South Africa    10 340     7 725     6 699     5 627     3 641     2 098  
International                                                                   
Hidden Valley            895       718       572       517       323       201  
Other                      -         -         -         -         -         -  
Total international      895       718       572       517       323       201  
Total continuing                                                                
operations            11 235     8 443     7 271     6 144     3 964     2 299  
Discontinued                                                                    
operations                                                                      
Evander                1 106       580       563       505       543        75  
Total discontinued                                                              
operations             1 106       580       563       505       543        75  
Total operations      12 341     9 023     7 834     6 649     4 507     2 374  
Reconciliation of                                                               
the segment information                                                         
to the consolidated                                                             
income statement                                                                
(refer to note 10)   (1 106)     (580)     (563)     (505)                      
                     11 235     8 443     7 271     6 144                       
Capital              Kilograms               Tonnes       
                    expenditure            produced                milled       
                      31 March             31 March              31 March       
                   2012      2011       2012       2011       2012       2011   
R million               kg                   t`000        
Continuing operations                                                           
South Africa                                                                    
Underground                                                                     
Bambanani            212       231      1 068      2 289        163        314  
Doornkop             201       221      2 263      1 755        667        484  
Joel                  42        55      1 873      1 001        410        286  
Kusasalethu          312       274      4 043      4 023        860        794  
Masimong             166       129      2 466      3 453        702        678  
Phakisa              227       276      1 800      1 290        368        281  
Target               245       348      3 655      3 017        844        562  
Tshepong             199       201      4 035      4 995        916      1 016  
Virginia              51        63      1 134      1 793        282        470  
Surface                                                                         
All other surface                                                               
operations            96        93      2 569      2 581      6 997      7 640  
Total South Africa 1 751     1 891     24 906     26 197     12 209     12 525  
International                                                                   
Hidden Valley        175       212      2 098      2 292      1 307      1 259  
Other                192         -          -          -          -          -  
Total international  367       212      2 098      2 292      1 307      1 259  
Total continuing                                                                
operations         2 118     2 103     27 004     28 489     13 516     13 784  
Discontinued                                                                    
operations                                                                      
Evander              131       146      2 674      1 894        491        635  
Total discontinued                                                              
operations           131       146      2 674      1 894        491        635  
Total operations   2 249     2 249     29 678     30 383     14 007     14 419  
Reconciliation of the segment information to                                    
the consolidated income statement (refer to note 10)                            
CONTACT DETAILS                                                                 
Corporate Office                                                                
Randfontein Office Park                                                         
PO Box 2, Randfontein, 1760, South Africa                                       
Corner Main Reef Road/Ward Avenue, Randfontein, 1759, South Africa              
Telephone: +27 11 411 2000                                                      
Website: www.harmony.co.za                                                      
Directors                                                                       
P T Motsepe* Chairman                                                           
D Noko* Deputy Chairman                                                         
G P Briggs Chief Executive Officer                                              
F Abbott Financial Director                                                     
H E Mashego Executive Director                                                  
F F T De Buck* Lead independent director                                        
J A Chissano*1, K V Dicks*, Dr D S Lushaba*, C Markus*,                         
M Motloba*, M Msimang*, J Wetton*, A J Wilkens*                                 
* Non-executive                                                                 
Independent                                                                     
1 Mozambican                                                                    
Investor relations team                                                         
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                                                   
Marian van der Walt                                                             
Executive: Corporate and Investor Relations                                     
Telephone: +27 11 411 2037                                                      
Fax: +27 86 614 0999                                                            
Mobile: +27 82 888 1242                                                         
E-mail: marian@harmony.co.za                                                    
Company Secretary                                                               
Riana Bisschoff                                                                 
Telephone: 011 411 2127                                                         
Mobile: +27 83 629 4706                                                         
E-mail: riana.bisschoff@harmony.co.za                                           
South African Share Transfer Secretaries                                        
Link Market Services South Africa (Proprietary) Limited                         
(Registration number 2000/007239/07)                                            
13th Floor, Rennie House, 19 Ameshoff Street, Braamfontein, 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, Beckenham                                      
Kent BR3 4TU, United Kingdom                                                    
Telephone: 0871 664 0300 (UK) (calls cost 10p a minute plus network             
extras, lines are open 8:30am - 5:30pm, Monday to Friday)                       
or +44 (0) 20 8639 3399 (calls from overseas)                                   
Fax: +44 (0) 20 8639 2220                                                       
ADR Depositary                                                                  
Deutsche Bank Trust Company Americas                                            
c/o American Stock Transfer and Trust Company, Peck Slip Station                
PO Box 2050, New York, NY 10272-2050                                            
Email Queries: adr@db.com                                                       
Toll Free: +1-866-243-9656                                                      
Intl: +1-718-921-8200                                                           
Fax: +1-718-921-8334                                                            
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                                               
Euronext, Brussels: HMY                                                         
Berlin Stock Exchange: HAM1                                                     
Registration number                                                             
1950/038232/06                                                                  
Incorporated in the Republic of South Africa                                    
ISIN                                                                            
ZAE000015228                                                                    
Date: 09/05/2012 07:05:07 Supplied by www.sharenet.co.za                     
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