Go Back Email this Link to a friend


HARMONY GOLD MINING COMPANY LIMITED - Results for the second quarter FY14 and six months ended 31 December 2013

Release Date: 03/02/2014 07:05:00      Code(s): HAR       PDF(s):  
Results for the second quarter FY14 and six months ended 31 December 2013

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

Q2 FY14

Results for the second quarter FY14 and six months ended 31 December 2013

KEY FEATURES
Quarter-on-quarter
       Safety improved quarter-on-quarter
       Gold production remained steady at 9 515kg (305 913/oz)
        - increase in underground recovered grade of 7% to 4.85g/t
        - Hidden Valley back on track

       Reduced overall costs quarter-on-quarter
        - cash operating costs decreased by 5% to R308 665/kg (US$949/oz)
        - reduced all-in sustaining cost from R404 694/kg to R397 503/kg (US$1 264/oz
          to US$1 222/oz)
        - restructured by reducing low grade mining

         Operating profit(1) decreased from R1 037 million (US$104 million)
         to R986 million (US$97 million)
         Headline loss per share of 21 SA cents (US$2 cents)

All figures represent continuing operations unless stated otherwise

(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

RESULTS FOR THE SECOND QUARTER ENDED 31 DECEMBER 2013

                                                                  6 months    6 months
                                Quarter    Quarter     Q-on-Q        ended       ended
                                    Dec        Sep          %          Dec         Dec          %
                                   2013       2013   Variance         2013       2012*   Variance

Gold produced       - kg          9 515      9 635        (1)       19 150      19 087          -
                    - oz        305 913    309 773        (1)      615 686     613 658          -
Cash operating      - R/kg      308 665    324 272          5      316 517     301 393        (5)
costs               - US$/oz        949      1 013          6          981       1 108         11
                    - kg          9 798      9 353          5       19 151      19 318        (1)
Gold sold
Underground         - oz        315 014    300 703          5      615 717     621 089        (1)
grade               - g/t          4.85       4.55          7         4.69        4.64          1
All-in sustaining   - R/kg      397 503    404 694          2      401 021     396 968        (1)
costs               - US$/oz      1 222      1 264          3        1 242       1 459         15
Gold price          - R/kg      415 532    429 566        (3)      422 386     460 244        (8)
received            - US$/oz      1 277      1 342        (5)        1 309       1 692       (23)
Operating           - Rm            986      1 037        (5)        2 022       3 057       (34)
profit*(1)          - US$m           97        104        (7)          201         362       (44)
Basic               - SAc/s        (21)          3     >(100)         (18)         289     >(100)
(loss)/earnings
per share*(2)       - USc/s         (2)          -      (100)          (2)          34     >(100)
Headline            - Rm           (91)         20     >(100)         (71)       1 205     >(100)
(loss)/earnings*(2) - US$m         (10)          2     >(100)          (7)         142     >(100)
Headline            - SAc/s        (21)          5     >(100)         (16)         280     >(100)
(loss)/earnings
per share*(2)       - USc/s         (2)        0.5     >(100)          (2)          33     >(100)
Exchange rate       - R/US$       10.12       9.96          2        10.04        8.46         19

*    Comparative figures in these line items for the six months ended December 2012 have been restated as a result of the adoption of
     IFRIC 20 Stripping costs in the production phase of a surface mine.
(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.
(2)  The six months ended December 2012 include discontinued operations.


Shareholder information

Issued ordinary share capital
                                               435 693 819
at 31 December 2013

Issued ordinary share capital
                                               435 289 890
at 30 September 2013


Market capitalisation

At 31 December 2013 (ZARm)                          11 284

At 31 December 2013 (US$m)                           1 077

At 30 September 2013 (ZARm)                         15 083

At 30 September 2013 (US$m)                          1 499


Harmony ordinary share and ADR prices

12-month high (1 January 2013 -
                                                    R75.64
31 December 2013) for ordinary shares

12-month low (1 January 2013 -
                                                    R24.48
31 December 2013) for ordinary shares

12-month high (1 January 2013 -
                                                   US$8.88
31 December 2013) for ADRs

12-month low (1 January 2013 -
                                                   US$2.36
31 December 2013) for ADRs


Free float                                            100%



ADR ratio                                              1:1



JSE Limited                                            HAR

Range for quarter (1 October 2013 -
                                           R24.48 - R36.14
31 December 2013 closing prices)

Average daily volume for the quarter
                                          1 180 825 shares
(1 October 2013 - 31 December 2013)

Range for quarter (1 July 2013 -
                                           R32.74 - R42.47
30 September 2013 closing prices)

Average daily volume for the quarter
                                          1 680 746 shares
(1 July 2013 - 30 September 2013)


New York Stock Exchange including
                                                       HMY
other US trading platforms

Range for quarter (1 October 2013 -
                                         US$2.36 - US$3.67
31 December 2013 closing prices)

Average daily volume for the quarter
                                                 2 722 889
(1 October 2013 - 31 December 2013)

Range for quarter (1 July 2013 -
                                         US$3.30 - US$4.33
30 September 2013 closing prices)

Average daily volume for the quarter
                                                 3 824 973
(1 July 2013 - 30 September 2013)


Investors' calendar                                   2014

Q3 FY14 presentation
                                                     7 May
(webcast and conference calls only)

Q4 FY14 and year-end live presentation
                                                 14 August
in Johannesburg

Q1 FY15 presentation
                                                5 November
(webcast and conference calls only)

Annual General Meeting                         21 November

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 (0)11 411 2000
Website: www.harmony.co.za

Directors

P T Motsepe* Chairman
M Motloba*^ 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 Msimang*^, K T Nondumo*^,
V P Pillay *^, J Wetton*^, A J Wilkens*
* Non-executive
^ Independent
1 Mozambican


Investor relations team

Email: HarmonyIR@harmony.co.za

Henrika Ninham
Investor Relations Manager
Tel: +27 (0)11 411 2314
Mobile: +27 (0)82 759 1775
Email: henrika@harmony.co.za

Marian van der Walt
Executive: Corporate and Investor Relations
Tel: +27 (0)11 411 2037
Mobile: +27 (0)82 888 1242
Email: marian@harmony.co.za

Company Secretary

Riana Bisschoff
Telephone: +27 (0)11 411 6020
Mobile: +27 (0)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 (0)86 154 6572
Fax: +27 (0)86 674 4381

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: db@amstock.com
Toll free: +1-800-937-5449
Intl: +1-718-921-8137
Fax: +1-718-921-8334

Sponsor

J.P. Morgan Equities South Africa (Pty) Ltd
1 Fricker Road, corner Hurlingham Road
Illovo
Johannesburg, 2196
Private Bag X9936, Sandton, 2146, South Africa
Telephone: +27 (0)11 507 0300
Fax: +27 (0)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

Harmony's Integrated Annual Report,
Notice of Annual General Meeting and its
Annual Report filed on a Form 20F with the United States'
Securities and Exchange Commission for the year ended
30 June 2013 were released on 25 October 2013.
www.harmony.co.za/investors

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 judgement 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:

Resources and Reserves South Africa: Jaco Boshoff, Pr. Sci. Nat., who has
18 years' relevant experience and is registered with the South African
Council for Natural Scientific Professions (SACNASP).

Resources and Reserves Papua New Guinea: Gregory Job, BSc, MSc,
who has 25 years relevant experience and is a member of the Australian
Institute of Mining and Metallurgy (AusIMM).

Mr Boshoff and Mr Job are full-time employees of Harmony Gold Mining
Company Limited. 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.

Mineral Resource and Reserve information as at 30 June 2013 has not
changed.

Message from the chief executive officer

Harmony has been in operation for 63 years - and we are positioned
to remain sustainable for many years to come. We manage costs and
production to ensure profitability at all gold prices. That is what our
approach to management is all about. At the same token, changes
to our operations and operating parameters are not affected at the
expense of safety. Safety is a core value.

We focus on profitable ounces and on operating margins. We reward
our mining teams to the extent that they contribute to improving
productivity and profitability. We hold our people accountable for the
company's safe and profitable operations.

Harmony is sustainable and is thriving with gold in its current price
range of US$1 200/oz to US$1 250/oz - 20% down on year-ago levels. We
are confident that we can continue to manage our operations so as to
remain profitable even should the gold price come under further pressure.
In fact, five of our mines are very profitable and are thriving at an all-in
cost of below US$1 000/oz. At present Target 1 (US$854/oz), Bambanani
(US$742/oz), Joel (US$921/oz), Steyn  2 (US$811/oz) and Phoenix
(US$861/oz) are each operating at an all-in sustaining costs of less than
US$1 000/oz.

Our group average all-in sustaining cost is less than US$1 250/oz or lower
than the R400 000/kg on which our current near-term strategic planning
is based. By this financial year's end (June 2014) we are planning
on  having reduced our costs to a sustainable average of between
US$1  100/oz and US$1 150/oz or R380 000/kg. Our core competency is
on mining profitably and managing our production and costs. We are
nimble enough to respond and adjust to changes.

We have restructured and right-sized Hidden Valley in Papua New
Guinea (PNG) so that its costs are now less than US$1 200/oz. We are
continuing to refine our Golpu gold and copper resource knowledge
in PNG.

Costs at Kalgold and Unisel are already below US$1 200/oz, and at
Doornkop we have eliminated the unprofitable lowest grade reserves
(the Kimberley reef). Target 3 and Masimong will follow suit.

At Kusasalethu and Tshepong we have introduced management and
technical changes to increase production and consequently, lower unit
costs. Phakisa is on the same road, though it is spending on capital
during its production build-up phase.

We have already limited our spending on exploration, corporate
overheads, support services, electricity and capital. In the process,
Harmony has become South Africa's most productive deep level miner
measured in terms of R/tonne costs, which is where we intend to stay.

Harmony's strength has always been its ability to adjust quickly and
efficiently to adverse conditions. Harmony has positioned itself to
thrive at current prices and provide investors with handsome returns
when market conditions improve. We will continue to be able to react
optimally to any further adverse market conditions.

1. SAFETY

It is with regret that I report that three employees lost their lives as a
result of mine accidents during the quarter, bringing the total amount
of fatalities for financial year 2014 to seven. On behalf of management
and the Board, I wish to express our sincere condolences to the families
and colleagues of Gcinokuhle Vincent Ngqulunga (driller at Phakisa),
Sehla Mchithakau (driller at Tshepong) and Vincent Tsoeute (driller
at Joel).

The safety performance at Harmony's South African operations
improved quarter-on-quarter. Management changes that were already
effected at operations and ongoing safety risk training will certainly
contribute to an improvement in safety at those operations in future.

Some operations continue to do well in safety, such as Target 3,
Bambanani, Steyn 2, Unisel, Tshepong and Target 1, who reached
1 million and more fatal free shift milestones during the quarter.

2. OPERATIONAL AND FINANCIAL RESULTS

Gold production remained steady quarter-on-quarter, with a 7%
increase in grade. Gold production for the December 2013 quarter
decreased slightly by 1% (120kg) to 9 515kg in comparison to 9 635kg
in the September 2013 quarter. Underground recovered grade improved
by 7% to 4.85g/t for a third consecutive quarter.

Production at Hidden Valley showed a marked improvement following
the restructuring at the mine over the last couple of quarters. Closing
the Kimberley Reef at Doornkop resulted in a 13% increase in recovered
grade, with Target 1, Bambanani and Unisel performing very well.

Operating profit for the December 2013 quarter was 5% lower than
in the previous quarter at R986 million, due to a 3% decrease in the
gold price received as well as gold production being stable quarter-on-
quarter.

The rand gold price received decreased by 3% from R429 566/kg in the
September 2013 quarter to R415 532/kg in the quarter under review.
The US dollar gold price decreased by 5% from US$1  342/oz in the
September 2013 quarter to US$1 277/oz. The rand weakened by 2%
against the US dollar in the December 2013 quarter to R10.12/US$
from R9.96/US$ in the September 2013 quarter.

Cash operating costs decreased by 6% or R187  million in the
December 2013 quarter.

Capital expenditure for the December 2013 quarter remained fairly
constant at R640 million (R622 million in the September 2013 quarter).
South African operations increased expenditure by 8% or R48 million,
whilst Hidden Valley recorded a 61% (R29 million) decrease in capital
to R19 million.

Our focus on driving our all-in-sustaining cost lower has resulted in an
all-in sustaining cost of R397 503/kg for the December 2013 quarter,
a 2% improvement compared to the R404 694/kg recorded in the
September 2013 quarter and a 15% improvement over the last three
quarters.

3. EMPLOYEE RELATIONS

The Association of Mineworkers and Construction Union (AMCU) sought to
proceed with strike action on a number of gold mining operations with
effect from 20 January 2014 in relation to the wage agreement that was
finalised in September 2013 in the gold sector between the employers and
the National Union of Mineworkers,UASA and Solidarity and which was applied
to all employees in the represented bargaining units. Together,these three 
unions represented 72% of employees in the sector. The agreed increases and
improved benefits were backdated to 1 July 2013 and all employees, irrespective
of union affiliation, have been in receipt of these since September 2013.

On 30 January 2014 South Africa's Labour Court ruled that a strike threatened
by the AMCU at our Kususalethu and Masimong mines would be unprotected, and
that employees should continue to proceed to work. The ruling ruled that AMCU
must return to court on 14 March 2014 to explain why this interim interdict that
was applied for by the Chamber of Mines should not be made permanent. 

We welcome this interim ruling and remain firm in the company's belief that the
wage agreement is fair and valid. Harmony and the unions can get this industry
working. By actively contributing to the success of the company, employees can
and will share in its fortunes.

4. WAFI-GOLPU

On 6 December 2013 Harmony and Newcrest announced plans to
complete a feasibility study to evaluate an underground exploration
programme for the Wafi-Golpu Project in PNG.

This next phase of work requires a feasibility study on underground
exploration access and associated underground staging platforms
to complete deep underground drilling and bulk sampling of the ore
body. Underground access to the orebody through an exploration shaft
would generate essential ore body knowledge required to support a
future development decision. Geotechnical drilling to identify a suitable
exploration shaft location has commenced.

The Johannesburg office of the engineering consulting firm
WorleyParsons TWP has been engaged to prepare the feasibility study
for the proposed underground exploration access for consideration
and approval by the joint venture. Their engagement also includes
a review of an associated lower capital expenditure development
option for the Golpu deposit to underpin the commercial decision for
underground access.

The joint venture anticipates a final investment decision for the proposed
underground access during the second half of calendar 2014, subject to
receipt of necessary regulatory approvals.

The joint venture also aims to finalise an agreement to provide a
framework for the underground exploration phase, ongoing technical
and economic studies and, ultimately, the future development and
operation of the project.

These planning and study activities are accommodated within the 2014
exploration budget for the project. In parallel to these planning and
study activities, the joint venture will continue with investment in the
community in the Wafi-Golpu project area.

5. ENVIRONMENTAL MANAGEMENT

Harmony demonstrated an improved performance in the Carbon
Disclosure Project year on year since 2010 in both the disclosure and
performance leadership indices. This year we maintained a score of 98%
(holding a joint third position) Gold rating on the Disclosure Index and
an A-Band Platinum rating on the Performance and Leadership Index.
Harmony and Anglo American are the only two mining companies of
the JSE top 100 that achieved A-Band performance. Of the JSE top 100,
only eight companies achieved A-Band ratings.

Graham Briggs
Chief executive officer

Financial overview

Net (loss)/profit

The net loss for the December 2013 quarter was R91  million,
compared to a net profit of R13 million in the September 2013 quarter,
mainly due to the foreign exchange translation loss recorded on the
US$-denominated loan and gold stock adjustments as a result of more
gold sold than produced during the December 2013 quarter.

Other (expenses)/income - net

Included in other expenses in the December 2013 quarter is a
loss of R111  million for the foreign exchange movement on the
US$-denominated syndicated loan, resulting from the Rand weakening
from US$/R10.05 to US$/R10.46 at 31 December 2013.

Non-current assets classified as held for sale

During the December 2013 quarter, Sibanye Gold Limited (Sibanye)
made a cash offer to purchase the entire issued ordinary share capital
of Witwatersrand Consolidated Gold Resources Limited (Wits Gold).
The transaction is subject to regulatory approvals and is expected to be
completed within 12 months. The group's investment in Wits Gold has
subsequently been classified as a non-current asset held for sale.

Borrowings

During the December 2013 quarter, the Nedbank R850 million facility
was refinanced with a new three year R1.3 billion Nedbank facility on
substantially the same terms as the previous facility. The new revolving
credit facility matures in December 2016. The outstanding amount on
the Nedbank Term Loan of R458 million was settled by drawing against
the new facility. The covenants on both the US$ denominated loan and

Rand facilities were renegotiated and are as follows:

- The group's interest cover shall ratio not be less than five times (EBITDA/Total
  interest);
- Current ratio shall not be less than one (current assets/current
  liabilities);
- Cash flow from operating activities shall be above R100 million for
  the six months prior to the evaluation date;
- Total net debt shall not exceed R3 billion plus the rand equivalent of
  US$300 million;
- Tangible net worth to net debt ratio shall not be less than six times.


Loss/earnings per share

The earnings per share of 3 SA cents decreased to a loss per share of
21 SA cents in the December 2013 quarter.

OPERATIONAL RESULTS (Rand/Metric) (US$/Imperial)
                                                                                                                                          South Africa
                                                                                                       Underground production                                                                          Surface production

                                 Three                                                                                                                     Total                                                Total                   Total
                                months    Kusasa-                                                     Bamba-                                              under-                                    Total       South     Hidden   continuing
                                 ended      lethu  Doornkop   Phakisa  Tshepong  Masimong  Target 1     nani     Joel    Unisel   Target 3   Steyn 2      ground    Phoenix    Dumps   Kalgold*   surface      Africa     Valley*  operations
                                Dec-13        302       238       137       219       161       193       54      149       107         75        12       1 647      1 482      755        364     2 601       4 248        506        4 754
Ore milled          - t'000
                                Sep-13        329       236       156       249       189       191       51      159       108         82        12       1 762      1 544      873        364     2 781       4 543        503        5 046
                                Dec-13      1 140       872       706       962       684     1 241      697      674       512        350       147       7 985        217      226        315       758       8 743        772        9 515
Gold produced       - kg
                                Sep-13      1 272       765       755     1 049       758     1 081      623      697       476        392       146       8 014        225      297        324       846       8 860        775        9 635
                                Dec-13     36 652    28 035    22 698    30 929    21 991    39 899   22 409   21 670    16 461     11 253     4 726     256 723      6 977    7 266     10 127    24 370     281 093     24 820      305 913
Gold produced       - oz
                                Sep-13     40 896    24 595    24 274    33 726    24 370    34 755   20 030   22 409    15 304     12 603     4 694     257 656      7 234    9 549     10 417    27 200     284 856     24 917      309 773
                                Dec-13       3.77      3.66      5.15      4.39      4.25      6.43    12.91     4.52      4.79       4.67     12.25        4.85       0.15     0.30       0.87      0.29        2.06       1.53         2.00
Yield               - g/tonne
                                Sep-13       3.87      3.24      4.84      4.21      4.01      5.66    12.22     4.38      4.41       4.78     12.17        4.55       0.15     0.34       0.89      0.30        1.95       1.54         1.91

Cash operating                  Dec-13    389 854   320 533   374 572   352 244   353 671   200 373  199 795  261 521   294 779    383 566   221 871     306 967    279 221  357 916    318 184   318 876     308 000    316 206      308 665
costs               - R/kg
                                Sep-13    378 360   372 256   359 825   337 704   339 471   240 274  220 342  258 561   320 525    373 446   233 966     319 395    272 796  344 552    325 694   318 246     319 286    381 274      324 272

Cash operating                  Dec-13      1 198       985     1 151     1 083     1 087       616      614      804       906      1 179       682         943        858    1 100        978       980         947        972          949
costs               - $/oz
                                Sep-13      1 182     1 163     1 124     1 055     1 060       750      688      808     1 001      1 166       731         998        852    1 076      1 017       994         997      1 191        1 013

Cash operating                  Dec-13      1 472     1 174     1 930     1 547     1 503     1 288    2 579    1 183     1 411      1 790     2 718       1 488         41      107        275        93         634        482          618
costs               - R/tonne
                                Sep-13      1 463     1 207     1 741     1 423     1 361     1 360    2 692    1 133     1 413      1 785     2 847       1 453         40      117        290        97         623        587          619
                                Dec-13      1 184       888       740     1 009       717     1 384      730      681       537        390       154       8 414        180      224        269       673       9 087        711        9 798
Gold sold           - kg
                                Sep-13      1 098       796       742     1 031       745       986      613      693       467        358       144       7 673        221      288        340       849       8 522        831        9 353
                                Dec-13     38 066    28 550    23 792    32 440    23 052    44 497   23 470   21 895    17 265     12 539     4 951     270 517      5 787    7 202      8 649    21 638     292 155     22 859      315 014
Gold sold           - oz
                                Sep-13     35 301    25 592    23 856    33 147    23 952    31 701   19 708   22 280    15 014     11 510     4 630     246 691      7 105    9 259     10 931    27 295     273 986     26 717      300 703
                                Dec-13    494 357   364 818   306 991   418 452   297 349   575 876  302 668  283 124   222 669    162 260    63 875   3 492 439     75 268   96 949    113 108   285 325   3 777 764    293 622    4 071 386
Revenue             (R'000)
                                Sep-13    471 091   342 177   318 272   442 614   319 160   423 239  263 048  297 079   200 535    153 520    61 532   3 292 267     95 253  124 269    146 634   366 156   3 658 423    359 304    4 017 727

  Cash operating                Dec-13    444 434   279 505   264 448   338 859   241 911   248 663  139 257  176 265   150 927    134 248    32 615   2 451 132     60 591   80 889    100 228   241 708   2 692 840    244 111    2 936 951
                    (R'000)
  costs                         Sep-13    481 274   284 776   271 668   354 251   257 319   259 736  137 273  180 217   152 570    146 391    34 159   2 559 634     61 379  102 332    105 525   269 236   2 828 870    295 487    3 124 357

  Inventory                     Dec-13     28 010    12 659    16 146    22 591    16 418    51 668   12 367  (6 288)     9 603     28 051     3 043     194 268   (11 068)      143   (13 675)  (24 600)     169 668   (20 733)      148 935
                    (R'000)
  movement                      Sep-13   (86 317)     3 625   (6 345)   (8 697)       476  (34 582)  (1 659)  (1 589)   (2 391)   (19 548)   (1 020)   (158 047)      (317)  (4 017)     2 559    (1 775)   (159 822)     16 283     (143 539)
                                Dec-13    472 444   292 164   280 594   361 450   258 329   300 331  151 624  169 977   160 530    162 299    35 658   2 645 400     49 523   81 032    86 553    217 108   2 862 508    223 378     3 085 886
Operating costs     (R'000)
                                Sep-13    394 957   288 401   265 323   345 554   257 795   225 154  135 614  178 628   150 179    126 843    33 139   2 401 587     61 062   98 315   108 084    267 461   2 669 048    311 770     2 980 818
                                Dec-13     21 913    72 654    26 397    57 002    39 020   275 545  151 044  113 147    62 139        (39)   28 217     847 039     25 745   15 917    26 555     68 217     915 256     70 244       985 500
Operating profit    (R'000)
                                Sep-13     76 134    53 776    52 949    97 060    61 365   198 085  127 434  118 451    50 356     26 677    28 393     890 680     34 191   25 954    38 550     98 695     989 375     47 534     1 036 909
                                Dec-13      2 164     7 178     2 609     5 632    3 856     27 227   14 924   11 180     6 140        (4)     2 788      83 694      2 544    1 572     2 623      6 739      90 433      6 941        97 374
Operating profit    ($'000)
                                Sep-13      7 644     5 400     5 317     9 746     6 161    19 890   12 797   11 894     5 057      2 679     2 850      89 435      3 434    2 606     3 871      9 911      99 346      4 772       104 118

Capital                         Dec-13    130 309    63 513    98 511    78 740    40 571    64 190   29 220   37 936    24 652     36 768       641     605 051        931    2 463    12 607     16 001     621 052     19 082       640 134
expenditure         (R'000)
                                Sep-13    120 048    60 100    90 762    67 598    37 819    61 509   31 922   42 056    17 228     35 411       562     565 015          -      129     8 023      8 152     573 167     48 478       621 645
                                Dec-13     12 876     6 276     9 734     7 780     4 009     6 343    2 887    3 748     2 436      3 633        63      59 785         92      243     1 246      1 581      61 366      1 885        63 251
Capital
                    ($'000
expenditure                     Sep-13     12 055     6 035     9 114     6 788     3 798     6 176    3 205    4 223     1 730      3 556        56      56 736          -       13       806        819      57 555      4 868        62 423

Adjusted                        Dec-13    408 698   346 101   389 497   367 910   371 109   222 422  216 640  258 728   307 717    422 833   240 307     323 996    275 126  361 752   330 343    326 029     324 163    316 287       323 591
                    - R/kg
operating costs                 Sep-13    375 072   375 492   364 217   341 375   362 285   232 532  226 822  263 371   329 937    359 871   235 119     321 965    276 299  341 372   321 027    316 285     321 399    376 717       326 314
                                Dec-13      1 256     1 064     1 197     1 131     1 141       684      666      795       946      1 299       739         996        846    1 112     1 015      1 002         996        969           994
Adjusted
                    - $/oz
operating costs                 Sep-13      1 171     1 173     1 138     1 066     1 132       726      708      823     1 031      1 124       734       1 006        863    1 066     1 003        988       1 004      1 177         1 019

All-in sustaining               Dec-13    533 624   416 838   503 058   458 501   447 878   278 028  241 303  299 632   373 246    526 404   263 910     400 445    280 299  386 310   393 782    360 943     397 713    394 820       397 503
costs               - R/kg
                                Sep-13    499 528   453 515   497 604   418 042   428 681   306 233  248 992  299 968   380 985    470 106   253 014     400 649    276 299  352 628   359 453    335 492     393 978    514 593       404 694
                                Dec-13      1 640     1 281     1 546     1 409     1 376       854      742      921     1 147      1 618       811       1 231        861    1 187     1 210      1 109       1 222      1 209         1 222
All-in sustaining
costs               - $/oz      Sep-13      1 560     1 416     1 554     1 306     1 339       956      778      937     1 190      1 468       790       1 251        863    1 101     1 123      1 048       1 230      1 607         1 264

Commentary on operational results
Quarter-on-quarter

Harmony increased its underground recovered grade by 7% to 4.85g/t,
representing a third consecutive quarter of increased grade.

Harmony's production for the second quarter of financial year
2014 compared well with the previous quarter, with a 1% decrease
to 9 515kg.

Cash operating costs decreased by 5% to R308 665/kg mainly due to
the decrease in the electricity price tariffs, compared to the previous
quarter which included winter tariffs.

All-in sustaining costs decreased by 2% quarter-on-quarter from
R404 694/kg to R397 503/kg mainly due to a 5% increase in gold sold
during the quarter. Production delivery against a lower operating cost
base remains the key focus at all of our operations during the next
quarter.

SOUTH AFRICAN OPERATIONS

Kusasalethu

Kusasalethu's results were adversely affected by the spillage and
flooding of the return ventilation shaft and sub-shaft bottoms which
hampered rock hoisting during the quarter.

During the March 2014 quarter, management will focus on increasing
the availability of the engineering equipment in order to reduce
production downtime.

Doornkop

Doornkop had a good quarter, with a 14% increase in production
mainly due to a 13% increase in grade. Cash operating cost improved
by 14% to R320 533/kg while the all-in sustaining costs improved by
8% to R 416 838/kg.

The Kimberley Reef mine was always earmarked for closure as the new
South Reef mine increased production at a higher recovered grade.
Mechanized mining methods are used on the Kimberley Reef horizon
(mining high volumes at a much lower grade), which is extremely
sensitive to gold price fluctuations and in the current gold price
environment, the end of its economic life was brought closer.

Closing the Kimberley Reef will have a positive effect on both the costs
and grade of Doornkop. Production at the higher-grade South Reef
project is ramping up to scheduled full production in financial year
2016. Focus during the next quarter will be to achieve targets relating
to tonnes and grade, as well as to conclude the Kimberley Reef's
section 189 process.

Phakisa

Phakisa's 6% increase in recovered grade quarter-on-quarter (to
5.15g/t) partly countered the effect of a 12% decrease in tonnes milled,
resulting in gold production of 706kg of gold during the quarter.

All-in sustaining costs remained stable at R503 058/kg. During the
March 2014 quarter, on-going rehabilitation work to the Freddies.
3 ventilation shaft will continue. The scope of the rehabilitation work
increased after another smaller cavity was identified during the re-sink
and re-lining process.

Tshepong

Tshepong's gold production decreased due to a section 54 stoppage
after a fatality occurred. The decrease of 12% in tonnes milled, offset
by a 4% increase in recovered grade (at 4.39g/t) resulted in an 8%
decrease in gold production to 962kg.

Cash operating costs increased by 4% quarter-on-quarter while the
all-in sustaining costs increased by 10% to R458 501/kg, as a result
of lower volumes and higher capital expenditure during the quarter.
Tshepong's focus during the next quarter will be on creating stoping
face length in the higher grade areas of the mine and maintaining reef
meter development.

Masimong

Masimong had another challenging quarter with gold production being
10% less at 684kg, due to a 15% decrease in volumes quarter-on-
quarter. General underperformance and a fatality during the December
2013 quarter had a negative impact on production.

However, recovered grade increased by 6% quarter-on-quarter
to 4.25g/t.

The decrease in gold production resulted in a 4% increase in cash
operating cost at R353 671/kg and together with higher capital
expenditure quarter-on-quarter, a 4% increase in all-in sustaining costs
from R428 681/kg to R447 878/kg.

The focus in the next quarter will be to address the underperformance
to ensure a turnaround at the mine. Actions include: restructuring the
shaft, equipping and mining high grade pillars that were previously left
un-mined and reduce maintenance capital to an absolute minimum.

Target 1

Target 1 had another excellent quarter with a 14% increase in recovered
grade and a 15% increase in gold production.

The mine's sustained operational improvements resulted in a lower all-in
sustaining cost of R278 028/kg and a 17% reduction in cash operating
cost to R200 373/kg.

Bambanani

Gold production increased by 12% quarter-on-quarter, due to a 6%
increase in both volumes and recovered grade at 12.91g/t.

Bambanani has the lowest all-in sustaining cost in the company at
R241 303/kg, as well as the best cash operating cost at R199 795/kg.

During the March 2014 quarter Bambanani will continue its good
performance, through a further increase in volume.

Joel

Stoppages in December 2013 resulted in a 6% decrease in tonnes
milled at Joel. Recovered grade increased by 3% to 4.52g/t, resulting in
a 3% decrease in gold to 674kg.

Quarter-on-quarter cash operating cost increased slightly to R261 521/kg
and all-in sustaining costs remained stable at R299 632/kg.

Unisel

Unisel had a good production quarter due to a 9% increase in recovered
grade (from 4.41g/t to 4.79g/t), resulting in a 8% increase in  gold
production to 512kg.

Cash operating costs improved by 8% to R294 779/kg quarter-on-
quarter and all-in sustaining costs decreased from R380 985/kg to
R373 246/kg.

Target 3

Target 3 had a very challenging quarter. Tonnes decrease by 9% (from
82 000t to 75 000t), the recovered grade decreased by 2% to 4.67g/t,
which resulted in an 11% decrease in gold production to 350kg.

Due to the underperformance in gold output the cash operating cost
also increased by 3% to R383 566/kg.

All-in sustaining cost increased by 12% to R526 404/kg.

A review of Target 3's performance was done in January to assess the
underperformance. The focus will be on opening up the Basal Reef.

Steyn 2

Tonnes milled remained steady quarter-on-quarter at 12 000t while the
recovered grade increased by 1% from 12.17g/t to 12.25g/t, resulting
in gold production remaining steady.

Cash operating costs improved by 5% quarter-on-quarter to R221 871/
kg and all-in sustaining costs increased from R253 014/kg to R263 910/
kg, due to higher capital spent quarter-on-quarter.

Phoenix (tailings)

Recovered grade remained stable at 0.15g/t while 4% less tonnes were
milled at Phoenix during the quarter, which resulted in a 4% decrease in
gold production to 217kg.

The decrease in gold output resulted in a 2% increase in cash operating
costs to R279 221/kg and a slight increase in all-in sustaining costs from
R276 299/kg to R280 299/kg in the quarter.

During the March 2014 quarter, focus will remain on optimising
efficiency, recovery and cost control.

Surface dumps

Quarter-on-quarter gold production decreased by 24% due to a 14%
decrease in tonnes milled. Grade was 12% lower at 0.30g/t.

The decrease in gold output resulted in a 4% increase in cash operating
costs to R357 916/kg and a 10% increase quarter-on-quarter in all-in
sustaining costs at R386 310/kg.

Kalgold

Kalgold's gold production decreased by 3% quarter-on-quarter to
315kg, as tonnes were in line with the previous quarter while recovered
grade was 2% lower at 0.87g/t for the December 2013 quarter.

Cash operating cost decreased by 2% to R318 184/kg while all-in
sustaining costs increased by 10% to R393 782/kg due to an increase in
the total capital expenditure on the new oxygen plant, costs incurred on
the new residue tank and other plant refurbishment projects.

During the quarter, a decision was taken to postpone the scheduled
replacements of A and B mills to the next financial year in line with the
capital reduction initiative throughout the Company.

INTERNATIONAL OPERATIONS

Hidden Valley (held in Morobe Mining Joint Ventures - 50% of
attributable production reflected)

Hidden Valley's tonnes milled and recovered grade at 1.53g/t was in
line with the previous quarter and resulted in gold production of 772kg
during the December 2013 quarter. Silver production at 272 710oz was
8%, higher than the previous quarter

Cash operating costs improved by 17% to R316 206/kg, while all-in
sustaining costs decreased by 23% to R394 820/kg during the quarter,due
to lower production stripping, increased silver by-product credits,
lower sustaining capital expenditure and continued cost reduction
efforts.

The operating performance of the overland conveyor improved during
the quarter and minor configuration changes to the crusher were
completed.

Exploration highlights
INTERNATIONAL (PAPUA NEW GUINEA)

Morobe Mining Joint Venture (MMJV) (50% Harmony)

Wafi-Golpu

In addition to what is said in the message from the chief executive
officer above.

Harmony and its joint venture partner, Newcrest Mining Limited, plan
to undertake a feasibility study to evaluate an underground exploration
program for the Wafi-Golpu Project. The underground exploration
program is proposed to include an exploration shaft to facilitate deep
drilling and bulk sampling of the orebody to generate essential orebody
knowledge required to support a future development decision.

Geotechnical drilling to identify a suitable exploration shaft location is
in progress.

A final investment decision for the proposed underground exploration
program is expected during the second half of calendar 2014, subject
to receipt of necessary government and regulatory approvals. Work is
continuing on a substantially lower capital expenditure development
option for Wafi-Golpu and drilling activity has been scaled down from
four rigs to only one drill assigned to resource definition continuing into
the third quarter.

Drilling during the quarter delivered the following results.

North-south resource definition hole confirms continuity of porphyry
and high grade mineralisation

- 943.49m @ 1.28g/t Au and 1.44% Cu from 996m (WR499)2

- Including 560m @1.88g/t Au and 2.13% Cu from 1252m

New zone of higher grade gold mineralisation identified between Golpu
and Wafi

- 54m @ 3.61g/t Au from 146m (WR502)

Results for the
second quarter FY14 and
six months ended
31 December 2013
(Rand)

CONDENSED CONSOLIDATED INCOME STATEMENTS (Rand)

                                                           Quarter ended                      Six months ended           Year ended
                                             31 December   30 September   31 December     31 December  31 December          30 June
                                                    2013           2013          2012            2013         2012             2013
                                             (Unaudited)    (Unaudited)   (Unaudited)                                     (Audited)
Figures in million                   Note                                 (Restated)*                  (Restated)*      (Restated)*

Continuing operations
Revenue                                             4 071         4 018         4 613           8 089        8 891           15 902
Cost of sales                           3         (3 817)       (3 735)       (3 508)         (7 552)      (7 018)         (16 448)

   Production costs                               (3 086)       (2 981)       (2 956)         (6 067)      (5 834)         (11 321)
   Amortisation and depreciation                    (565)         (577)         (509)         (1 142)      (1 002)          (2 001)
   Impairment of assets                                 -             -             -               -            -          (2 733)
   Other items                                      (166)         (177)          (43)           (343)        (182)            (393)

Gross profit/(loss)                                   254           283         1 105             537        1 873            (546)
Corporate, administration and other
expenditure                                         (102)         (108)         (111)           (210)        (217)            (465)
Social investment expenditure                        (21)          (38)          (25)            (59)         (45)            (127)
Exploration expenditure                             (112)         (142)         (160)           (254)        (296)            (673)
Profit on sale of property,
plant and equipment                                     -             -            69               -          124              139
Other (expenses)/income - net           6           (140)             1          (47)           (139)         (44)            (350)

Operating (loss)/profit                             (121)           (4)           831           (125)        1 395          (2 022)
Profit from associates                                  4             3             -               7            -                -
Impairment of investments                               -           (7)             -             (7)         (48)             (88)
Net gain on financial instruments                      39            74            92             113          166              173
Investment income                                      50            45            38              95           71              185
Finance cost                                         (57)          (60)          (75)           (117)        (133)            (256)

(Loss)/profit before taxation                        (85)            51           886            (34)        1 451          (2 008)
Taxation                                              (6)          (38)         (221)            (44)        (373)            (655)

   Normal taxation                                      -          (49)         (115)            (49)        (226)            (271)
   Deferred taxation                                  (6)            11         (106)               5        (147)            (384)

Net (loss)/profit from continuing
operations                                           (91)            13           665            (78)        1 078          (2 663)

Discontinued operations
Profit from discontinued operations                     -             -            82               -          171              314

Net (loss)/profit for the period                     (91)            13           747            (78)        1 249          (2 349)
Attributable to:
Owners of the parent                                 (91)            13           747            (78)        1 249          (2 349)

(Loss)/earnings per ordinary
share (cents)                           4
(Loss)/earnings from continuing
operations                                           (21)             3           154            (18)          249            (616)
Earnings from discontinued
operations                                              -             -            19               -           40               73

Total (loss)/earnings                                (21)             3           173            (18)          289            (543)

Diluted (loss)/earnings per
ordinary share (cents)                  4
(Loss)/earnings from continuing
operations                                           (21)             3           154            (18)          249            (616)
Earnings from discontinued
operations                                              -             -            19               -           40               73

Total diluted (loss)/earnings                        (21)             3           173            (18)          289            (543)

*  The audited June 2013 annual results, interim December 2012 and unaudited December 2012 quarter results have been restated due to a change in accounting policy. Refer to note 2 for details.

   The restatements to the comparative information have not been audited.

The accompanying notes are an integral part of these condensed consolidated financial statements.

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Rand)

                                                  Quarter ended                      Six months ended           Year ended
                                    31 December  30 September   31 December     31 December  31 December           30 June
                                           2013          2013          2012            2013         2012              2013
                                    (Unaudited)   (Unaudited)   (Unaudited)                                      (Audited)
Figures in million                                              (Restated)*                  (Restated)*       (Restated)*

Net (loss)/profit for the period           (91)            13           747            (78)        1 249           (2 349)
Other comprehensive income/(loss)
for the period, net of income tax           378          (695)          195           (317)          220               737

   Foreign exchange translation             370          (694)          172           (324)          197               742
   Movements on investments                   8            (1)           23               7           23               (5)

Total comprehensive
income/(loss) for the period                287          (682)          942           (395)        1 469           (1 612)

Attributable to:
Owners of the parent                        287          (682)          942           (395)        1 469           (1 612)

*  The audited June 2013 annual results, interim December 2012 and unaudited December 2012 quarter results have been restated due to a change in accounting policy. Refer to note 2 for details.
   The restatements to the comparative information have not been audited.

The accompanying notes are an integral part of these condensed consolidated financial statements.

All items in Other comprehensive income will be reclassified subsequently to profit or loss when specific conditions are met.

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (Rand)
for the six months ended 31 December 2013

                                                                         Other    Retained
Figures in million                              Note  Share capital   reserves    earnings      Total

Balance - 30 June 2013 as previously reported               28 325       3 464         522     32 311
Restatement for IFRIC 20                          2              -        (22)        (74)       (96)

Restated balance - 30 June 2013                             28 325       3 442         448     32 215
Share-based payments                                             -         145           -        145
Net loss for the period                                          -           -        (78)       (78)
Other comprehensive loss for the period                          -       (317)           -      (317)

Balance - 31 December 2013                                  28 325       3 270         370     31 965


Balance - 30 June 2012 as previously reported               28 331       2 444       3 307     34 082
Restatement for IFRIC 20                          2              -        (15)        (94)      (109)

Restated balance - 30 June 2012                             28 331       2 429       3 213     33 973
Share-based payments                                             -         130           -        130
Net profit for the period                                        -           -       1 249      1 249
Other comprehensive income for the period                        -         220           -        220
Dividends paid1                                                  -           -       (218)      (218)

Balance - 31 December 2012                                  28 331       2 779       4 244     35 354

1  Dividend of 50 SA cents declared on 13 August 2012.

The accompanying notes are an integral part of these condensed consolidated financial statements.

The condensed consolidated financial statements for the six months ended 31 December 2013 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. The
condensed consolidatied financial statements for the six months ended 31 December 2013 were reviewed by the group's
external auditors, PricewaterhouseCoopers Incorporated (see note 13).

CONDENSED CONSOLIDATED BALANCE SHEETS (Rand)

                                                                              At             At          At             At
                                                                     31 December   30 September     30 June    31 December
                                                                            2013           2013        2013           2012
                                                                                    (Unaudited)   (Audited)
Figures in million                                            Note                              (Restated)*    (Restated)*

ASSETS
Non-current assets
Property, plant and equipment                                             32 663         32 195      32 732         33 931
Intangible assets                                                          2 193          2 191       2 191          2 192
Restricted cash                                                               38             38          37             37
Restricted investments                                                     2 180          2 143       2 054          2 020
Deferred tax assets                                                           91             93         104            554
Investments in associates                                                    115            112         109              -
Investments in financial assets                                                4             42          49            159
Inventories                                                                   57             57          57             57
Trade and other receivables                                                    -              -           -             13

Total non-current assets                                                  37 341         36 871      37 333         38 963

Current assets
Inventories                                                                1 423          1 482       1 417          1 066
Trade and other receivables                                                1 149          1 238       1 162          1 292
Income and mining taxes                                                      106            103         132              -
Restricted cash                                                               15              -           -              -
Cash and cash equivalents                                                  2 323          2 288       2 089          2 511
                                                                           5 016          5 111       4 800          4 869
Non-current assets and assets of disposal groups classified
as held for sale                                                5             46              -           -          1 822

Total current assets                                                       5 062          5 111       4 800          6 691

Total assets                                                              42 403         41 982      42 133         45 654

EQUITY AND LIABILITIES
Share capital and reserves
Share capital                                                             28 325         28 325      28 325         28 331
Other reserves                                                             3 270          2 790       3 442          2 779
Retained earnings                                                            370            461         448          4 244

Total equity                                                              31 965         31 576      32 215         35 354

Non-current liabilities
Deferred tax liabilities                                                   3 000          2 998       3 021          3 270
Provision for environmental rehabilitation                                 2 016          1 990       1 997          1 912
Retirement benefit obligation                                                201            198         194            184
Other provisions                                                              71             63          55             40
Borrowings                                                      6          3 280          2 868       2 252          2 072

Total non-current liabilities                                              8 568          8 117       7 519          7 478

Current liabilities
Borrowings                                                      6              -            291         286            301
Income and mining taxes                                                        -             24           4             16
Trade and other payables                                                   1 870          1 974       2 109          2 050
                                                                           1 870          2 289       2 399          2 367
Liabilities of disposal groups classified as held for sale                     -              -           -            455

Total current liabilities                                                  1 870          2 289       2 399          2 822

Total equity and liabilities                                              42 403         41 982      42 133         45 654

* The audited June 2013 annual results and interim December 2012 results have been restated due to a change in accounting policy. Refer to note 2 for details. The restatements to the comparative
  information have not been audited.

The accompanying notes are an integral part of these condensed consolidated financial statements.

CONDENSED CONSOLIDATED CASH FLOW STATEMENTS (Rand)

                                                           Quarter ended                     Six months ended         Year ended
                                             31 December  30 September   31 December    31 December   31 December        30 June
                                                    2013          2013          2012           2013          2012           2013
                                             (Unaudited)   (Unaudited)   (Unaudited)                                   (Audited)

Cash flow from operating activities
Cash generated by operations                         700           238         1 392            938         2 729           3154
Interest and dividends received                       32            26            30             58            56            138
Interest paid                                       (21)          (29)          (29)           (50)          (58)          (125)
Income and mining taxes (paid)                      (28)             -         (221)           (28)         (113)          (312)

Cash generated by operating activities               683           235         1 172            918         2 614          2 855

Cash flow from investing activities
Cash transferred to disposal group                     -             -          (90)              -         (252)              -
Proceeds on disposal of investment in
subsidiary                                             -             -             -              -             -          1 264
Purchase of investments                                -             -             -              -             -           (86)
Other investing activities                           (1)           (9)          (45)           (10)          (45)            (4)
Net additions to property, plant and
equipment(1)                                       (624)         (618)         (986)        (1 242)       (1 879)        (3 652)

Cash utilised by investing
activities                                         (625)         (627)       (1 121)        (1 252)       (2 176)        (2 478)
Cash flow from financing activities
Borrowings raised                                      -           612           348            612            678           678
Borrowings repaid                                    (3)           (3)         (164)            (6)         (173)          (333)
Ordinary shares issued - net of expenses               -             -             -              -             -              1
Option premium on BEE transaction                      -             -             -              -             -              2
Dividends paid                                         -             -             -              -         (218)          (435)

Cash generated/(utilised) by financing
activities                                           (3)           609           184            606           287           (87)

Foreign currency translation adjustments            (20)          (18)            10           (38)            13             26

Net increase in cash and cash
equivalents                                           35           199           245            234           738            316
Cash and cash equivalents - beginning of
period                                             2 288         2 089         2 266          2 089         1 773           1 773

Cash and cash equivalents - end of
period                                             2 323         2 288         2 511          2 323         2 511           2 089

(1) Includes capital expenditure for Wafi-Golpu and other International projects of R0 million in the December 2013 quarter (September 2013: R0 million)(December 2012:
    R7 million) and R537 million in the year ended 30 June 2013.

The accompanying notes are an integral part of these condensed consolidated financial statements.

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
for the period ended 31 December 2013 (Rand)

1.    Accounting policies
      Basis of accounting
      The condensed consolidated financial statements for the six months ended 31 December 2013 have been prepared in accordance with IAS 34,
      Interim Financial Reporting, JSE Listings Requirements, SAICA Financial Reporting Guides as issued by the Accounting Practices Committee 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 2013, 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.

      The following accounting standards, amendments to standards and new interpretations have been adopted with effect from 1 July 2013.

      IFRS 7    Amendment - Disclosures - Offsetting Financial Assets and Financial Liabilities
      IFRS 10   Consolidated Financial Statements
      IFRS 11   Joint Arrangements
      IFRS 12   Disclosure of Interests in Other Entities
      IFRS 13   Fair Value Measurement
      IFRSs     Annual Improvements 2009 - 2011
      IAS 19    Employee Benefits (Revised 2011)
      IAS 27    Separate Financial Statements (Revised 2011)
      IAS 28    Investments in Associates and Joint Ventures (Revised 2011)
      IFRIC 20  Stripping Costs in the Production Phase of a Surface Mine

      New standards and amendments which have an impact on the condensed consolidated financial statements of the group are described below:

      IAS 19 includes a number of amendments to the accounting for defined benefit plans, including actuarial gains and losses that are now 
      recognised in other comprehensive income (OCI). Actuarial gains and losses recognised in OCI will not be recycled to profit or loss. 
      The impact for the group was immaterial. 

      IFRS 11 requires joint operations to be accounted at the group's interest in the assets, liabilities, revenue and expenses of the joint operation.
      Harmony previously accounted for joint operations using the proportional consolidation method. The change in accounting policy has not had an impact
      on any previously reported numbers.

      IFRIC 20 clarifies the requirements for accounting for costs of stripping activity in the production phase of surface mining. Stripping assets that
      cannot be attributed to an identifiable component of the orebody will be written off to retained earnings on adoptions of IFRIC 20. Refer to
      note 2 for further details.

2.    Change in accounting policies
      IFRIC 20 Stripping Costs in the Production Phase of a Surface Mine
      IFRIC 20 - Stripping Costs in the Production Phase of a Surface Mine ("IFRIC 20") which became effective on 1 January 2013, clarifies the
      requirements for accounting for the costs of stripping activity in the production phase of surface mining when two benefits accrue: (i) usable
      ore that can be used to produce inventory; and (ii) improved access to further quantities of material that will be mined in future periods.
      Harmony has applied IFRIC 20 on a prospective basis from 1 July 2011 in compliance with the transitional requirements of IFRIC 20.

      Harmony previously accounted for stripping costs incurred during the production phase to remove waste material by deferring these costs,
      which were then charged to production costs on the basis of the average life-of-mine stripping ratio.

      A stripping activity asset shall be recognised if all of the following are met:

      (i) it is probable that the future economic benefit (improved access to the orebody) associated with the stripping activity will flow to the entity;

      (ii) the entity can identify the component of the orebody for which access has been improved; and

      (iii) the cost relating to the stripping activity associated with that component can be measure reliably.

      The stripping asset shall be depreciated over the expected useful life of the identified component of the orebody based on the units of
      production method.

      Where there were no identifiable components of the orebody to which the predecessor asset relates, the asset was written off to retained
      earnings at the beginning of the earliest period presented. An amount of R54 million was written off to retained earnings.

      The comparative periods presented have been restated. The restatement had no effect on the condensed consolidated cash flow statements.

      The results for the six months ended 31 December 2013, year ended 30 June 2013 and the financial position at those dates have been reviewed
      and audited respectively, but the restatement of the results and balances affected by IFRIC 20 have not been audited.

Reconciliation of the effect of the change in accounting standard:

Condensed consolidated income statements
                                                                     Quarter ended     Six months ended      Year ended
                                                                       31 December          31 December         30 June
                                                                              2012                 2012            2013
                                                                       (Unaudited)                            (Audited)
Cost of sales
Production costs
As previously reported                                                     (2 980)              (5 850)        (11 400)
IFRIC 20 adjustment                                                             24                   16              79
Restated                                                                   (2 956)              (5 834)        (11 321)
Amortisation and depreciation
As previously reported                                                       (501)                (982)         (1 942)
IFRIC 20 adjustment                                                            (8)                 (20)            (59)
Restated                                                                     (509)              (1 002)         (2 001)
Increase/decrease in net profit/loss for the period*                            16                  (4)              20

* There is no material taxation effect on these items.

Condensed consolidated statements of comprehensive income
                                                                       Quarter ended    Six months ended     Year ended
                                                                         31 December         31 December        30 June
                                                                                2012                2012           2013
                                                                         (Unaudited)                          (Audited)

Increase/decrease in net profit/loss for the period*                              16                 (4)             20
Other comprehensive income for the period net of income tax
Foreign exchange translation
As previously reported                                                           174                 200            749
IFRIC 20 adjustment                                                              (2)                 (3)            (7)
Restated                                                                         172                 197            742
Increase/decrease in total comprehensive income/loss for the period               14                 (7)             13

* There is no material taxation effect on these items.

Condensed consolidated balance sheets
                                                                                                  At              At
                                                                                             30 June     31 December
                                                                                                2013            2012
Figures in million                                                                         (Audited)

Non-current assets
Property, plant and equipment
As previously reported                                                                        32 820          34 028
IFRIC 20 adjustment                                                                             (88)            (97)
Restated                                                                                      32 732          33 931
Current assets
Inventories
As previously reported                                                                         1 425           1 085
IFRIC 20 adjustment                                                                              (8)            (19)
Restated                                                                                       1 417           1 066
Share capital and reserves
Other reserves
As previously reported                                                                         3 464           2 797
IFRIC 20 adjustment(1)                                                                          (22)            (18)
Restated                                                                                       3 442           2 779
Retained earnings
As previously reported                                                                           522           4 342
IFRIC 20 adjustment                                                                             (74)            (98)

Restated                                                                                         448           4 244
Decrease in total equity                                                                        (96)           (116)

(1) Translation effect of the IFRIC 20 adjustments on foreign operations (Hidden Valley).

Earnings/(loss) and headline earnings per share
                                                            Quarter ended     Six months ended      Year ended
                                                              31 December          31 December         30 June
                                                                     2012                 2012            2013
                                                              (Unaudited)                            (Audited)
Total basic and diluted earnings/(loss) per share (cents)
As previously reported                                                169                  290           (548)
IFRIC 20 adjustment                                                     4                  (1)               5

Restated                                                              173                  289           (543)

Total headline earnings
Figures in million

As previously reported                                                680                1 209             204
IFRIC 20 adjustment                                                    16                  (4)              20

Restated                                                              696                1 205             224

Headline earnings per share (cents)
As previously reported                                                158                  281              47
IFRIC 20 adjustment                                                     4                  (1)               5

Restated                                                              162                  280              52

Diluted headline earnings (cents)
As previously reported                                                157                  280              47
IFRIC 20 adjustment                                                     4                  (1)               5

Restated                                                              161                  279              52

3.  Cost of sales

                                                     Quarter ended                      Six months ended          Year ended
                                       31 December  30 September   31 December     31 December   31 December         30 June
                                              2013          2013          2012            2013          2012            2013
                                       (Unaudited)   (Unaudited)   (Unaudited)                                     (Audited)
Figures in million                                                 (Restated)*                   (Restated)*     (Restated)*

Production costs - excluding royalty         3 047         2 943         2 888           5 990         5 710          11 104
Royalty expense                                 39            38            68              77           124             217
Amortisation and depreciation                  565           577           509           1 142         1 002           2 001
Impairment of assets                             -             -             -               -             -           2 733
Rehabilitation (credit)/expenditure(1)        (15)            15           (1)               -             6            (24)
Care and maintenance cost of
restructured shafts                             18            17            16              35            36              68
Employment termination and
restructuring costs(2)                          50            94             -             144             7              46
Share-based payments(3)                        113            51            21             164           126             266
Other                                            -             -             7               -             7              37

Total cost of sales                          3 817         3 735         3 508           7 552         7 018          16 448

*  The audited June 2013 annual results, interim December 2012 and unaudited December 2012 quarter results have been restated due to a change in accounting policy. Refer to note 2
   for details. The restatements to the comparative information have not been audited.

(1)  A credit of R24 million arose in the December 2013 quarter as a result of work performed in the Free State, resulting in a reduction in the rehabilitation liability.
(2)  Included in the September and December 2013 quarters are amounts relating to the restructuring at Hidden Valley and the voluntary retrenchment packages offered in South Africa.
(3)  This includes the cost relating to the Employee Share Ownership Plan (ESOP) awards that were granted in August 2012. The December 2013 quarter includes costs related to the
     acceleration of vesting for employees who took voluntary retrenchment.

4.  Earnings/(loss) and net asset value per share

                                                                 Quarter ended                      Six months ended         Year ended
                                                   31 December  30 September   31 December        31 December 31 December          30 June
                                                          2013          2013          2012             2013          2012             2013
                                                   (Unaudited)   (Unaudited)   (Unaudited)                                       (Audited)
                                                                               (Restated)*                    (Restated)*      (Restated)*
Weighted average number
of shares ( million)                                     432.9         432.6         431.6            432.8         431.6            431.9
Weighted average number of diluted
shares ( million)                                        433.4         433.0         432.6            433.8         432.6            432.7
Total (loss)/earnings per share
(cents):
Basic (loss)/earnings                                     (21)             3           173             (18)           289            (543)
Diluted (loss)/earnings                                   (21)             3           173             (18)           289            (543)
Headline (loss)/earnings                                  (21)             5           162             (16)           280               52

- from continuing operations                              (21)             5           143             (16)           240                3
- from discontinued operations                               -             -            19                -            40               49

Diluted headline (loss)/earnings                          (21)             5           161             (16)           279               52

- from continuing operations                              (21)             5           142             (16)           239                3
- from discontinued operations                               -             -            19                -            40               49

Figures in million
Reconciliation of headline
(loss)/earnings:
Continuing operations
Net (loss)/profit                                         (91)            13           665             (78)         1 078          (2 663)
Adjusted for:
Impairment of investments(1)                                 -             7             -                7             -               88
Impairment of assets                                         -             -             -                -            48            2 733
Taxation effect on impairment of assets                      -             -             -                -             -             (38)
Profit on sale of property,
plant and equipment                                          -             -          (69)                -         (124)            (139)
Taxation effect of profit on sale of
property, plant and equipment                                -             -            18                -            32               31

Headline (loss)/earnings                                  (91)            20           614             (71)         1 034               12
Discontinued operations
Net profit                                                   -             -            82                -           171              314
Adjusted for:
Profit on sale of investment in
subsidiary(1)                                                  -             -             -                -             -            (102)

Headline earnings                                            -             -            82                -           171              212

Total headline (loss)/earnings                            (91)            20           696             (71)         1 205              224

(1) There is no taxation effect on these items.

Net asset value per share
                                             At             At              At            At
                                    31 December   30 September         30 June   31 December
                                           2013           2013            2013          2012
                                                   (Unaudited)       (Audited)
                                                                   (Restated)*   (Restated)*

Number of shares in issue           435 693 819    435 289 890     435 289 890   435 257 691
Net asset value per share (cents)         7 337          7 254           7 405         8 123

* The audited June 2013 annual results, interim December 2012 and unaudited December 2012 quarter results have been restated due to a change in accounting policy. Refer to note 2 for
  details. The restatements to the comparative information have not been audited.


5.    Non-current assets and assets of disposal groups classified as held for sale
      During the December 2013 quarter, a cash offer for Witwatersrand Consolidated Gold Resources Limited's (Wits Gold) entire share capital was
      made to all Wits Gold shareholders by Sibanye Gold Limited. Harmony has accepted the offer. Following this, R46 million which represents
      Harmony's fair value stake in Wits Gold has been classified as a non-current asset held for sale (formerly classified as Investment in financial
      assets) under IFRS 5. A regulatory process is being followed and the sale is expected to be completed within the next 12 months.

6.    Borrowings
      Two draw downs of US$30 million each were made from the US$300 million syndicated revolving credit facility during the September 2013
      quarter. During the December 2013 quarter there were no draw downs and the drawn level remains at US$270 million. The weakening of the
      Rand against the US$ resulted in a foreign exchange translation loss of R111 million being recorded, increasing the borrowings balance and
      Other expenses-net. The facility is repayable by September 2015.

      Harmony refinanced its Nedbank revolving credit facility and entered into a new agreement for R1.3 billion revolving credit facility during the
      December 2013 quarter. The interest rate is equivalent to JIBAR + 350 basis points and is repayable by December 2016.

      At the same time management also agreed an amended set of financial covenants with the lender group, to give the group more long-term
      financial flexibility. Two of the financial covenants were re-negotiated as follows:

      - The interest cover measure has been changed from EBIT to EBITDA(1) and the ratio of cover has changed from two times to five times.

      - The ratio of Market Capitalisation to Net Debt has been replaced by the ratio of Tangible Net Worth(2) to Net Debt. The ratio remained the
        same at six times.

      (1)  EBITDA as defined in the agreement excludes unusual items such as impairment and restructuring cost.
      (2)  Tangible Net Worth is defined as total equity less intangible assets.

      The covenants applicable to all Harmony debt facilities are accordingly as follows:

      - The group's interest cover ratio shall not be less than five (EBITDA/Total interest).

      - Current ratio shall not be less than one (current assets/current liabilities).

      - Cash flow from operating activities shall be above R100 million for the six months prior to the evaluation date.

      - Total net debt shall not exceed R3 billion plus the rand equivalent of US$300 million.

      - Tangible Net Worth to facilities outstanding ratio shall not be less than six times.

7.    Financial risk management activities
      Fair value determination

      The following table presents the group's assets and liabilities that are measured at fair value by level within the fair value hierarchy:

      Level 1:  Quoted prices (unadjusted) in active markets for identical assets;

      Level 2:  Inputs other than quoted prices included within level (1) that are observable for the asset, either directly or indirectly (that is, as prices)
                or indirectly (that is derived from prices);

      Level 3:  Inputs for the asset that are not based on observable market data (that is unobservable inputs).

                                                At              At          At             At
                                       31 December    30 September     30 June    31 December
                                              2013            2013        2013           2012
Figures in million                                     (Unaudited)   (Audited)

Available-for-sale financial assets(1)*
Level 1                                         46              37          44             96
Level 2                                          -               -           -              -
Level 3                                          4               5           5             63
Fair value through profit and loss(2)*
Level 1                                          -               -           -              -
Level 2                                        934           1 116       1 041          1 135
Level 3                                          -               -           -              -

(1)Level 1 fair values are directly derived from actively traded shares on the JSE.

   Level 3 fair values have been valued by the directors by performing independent valuations on an annual basis to ensure that significant prolonged decline in the value of the investments
   has not occurred. The December 2012 balance includes the interest in Rand Refinery. At the end of the 2013 financial year, the investment in Rand Refinery was reclassified as an
   investment in associate on obtaining significant influence.

(2)The majority of the level 2 fair values are directly derived from the Shareholders Weighted Top 40 index (SWIX 40) on the JSE and are discounted at market interest rate.

* Includes non-current assets or disposal groups held for sale where applicable.

8. Commitments and contingencies
                                                                    At             At          At              At
                                                           31 December   30 September     30 June     31 December
                                                                  2013           2013        2013            2012
      Figures in million                                                  (Unaudited)   (Audited)

      Capital expenditure commitments:
      Contracts for capital expenditure                            322            351         416             576
      Authorised by the directors but not contracted for         1 152          1 835       1 545           1 572

                                                                 1 474          2 186       1 961           2 148

      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 integrated annual report for the financial year ended 30 June 2013,
      available on the group's website (www.harmony.co.za). There were no significant changes in contingencies since 30 June 2013.

9.    Related parties
      Key management personnel are those persons having authority and responsibility for planning, directing and controlling the activities of the
      group, directly or indirectly, including any director (whether executive or otherwise) of the group. During the September 2013 quarter, Frank
      Abbott purchased 65 600 shares.

10.   Subsequent events
      There were no subsequent events to report.

11.   Segment report
      The segment report follows.

12.   Reconciliation of segment information to consolidated income statements and balance sheets

                                                                                                         Six months ended
                                                                                                     31 December  31 December
                                                                                                            2013         2012
Figures in million                                                                                                (Restated)*
The "Reconciliation of segment information to consolidated financial statements" line item in the
segment report is broken down in the following elements, to give a better understanding of the
differences between the financial statements and segment report:
Reconciliation of production profit to gross profit
Total segment revenue                                                                                      8 089         9 542
Total segment production costs                                                                           (6 067)       (6 215)

Production profit per segment report                                                                       2 022         3 327
Discontinued operations                                                                                        -         (270)

Production profit from continuing operations                                                               2 022         3 057
Cost of sales items, other than production costs and royalty expense                                     (1 485)       (1 184)

Gross profit as per income statements(1)                                                                     537         1 873

(1) The reconciliation was done up to the first recognisable line item on the income statement. The reconciliation will follow the income statement after that.

                                                                                              31 December   31 December   
                                                                                                     2013          2012   
Figures in million                                                                                          (Restated)*   
Reconciliation of total segment mining assets to consolidated property, plant and equipment                               
Property, plant and equipment not allocated to a segment                                                                  
Mining assets                                                                                       1 133           942   
Undeveloped property                                                                                5 139         5 139   
Other non-mining assets                                                                                89            62   
Wafi-Golpu assets                                                                                   1 069           804   
Less: Non-current assets previously classified as held for sale                                         -       (1 233)   
                                                                                                    7 430         5 714   

* The interim December 2012 results have been restated due to a change in accounting policy. Refer to note 2 for details. The restatements to the comparative information have not been
  audited.

13. Review report
    These condensed consolidated financial statements for the six months ended 31 December 2013 on pages 12 to 23 have been reviewed by
    PricewaterhouseCoopers Inc., who expressed an unmodified conclusion thereon. A copy of the auditor's report on the condensed consolidated
    financial statements is available for inspection at the company's registered office, together with the financial statements identified in the
    auditor's report.

Segment report (Rand/Metric)
for the six months ended 31 December 2013

                                                                         Production                                Capital            Kilograms
                                    Revenue        Production cost*        profit*          Mining assets*     expenditure@           produced#       Tonnes milled#
                                  31 December        31 December        31 December          31 December        31 December          31 December       31 December
                                2013       2012    2013      2012    2013        2012      2013      2012    2013        2012      2013     2012    2013       2012
                                  R million          R million          R million            R million          R million               kg              t'000
Continuing operations
South Africa
Underground
Kusasalethu                      965        976     867       840      98         136     3 502     3 329     250         217     2 412    2 003     631        466
Doornkop                         707        886     581       542     126         344     3 380     3 330     124         151     1 637    1 875     474        517
Phakisa                          625        638     546       491      79         147     4 530     4 593     189         158     1 461    1 367     293        270
Tshepong                         861      1 077     707       751     154         326     3 986     3 484     146         149     2 011    2 310     468        567
Masimong                         617        925     516       519     101         406     1 021       998      78          80     1 442    1 978     350        477
Target 1                         999        979     525       465     474         514     2 690     2 703     126         188     2 322    2 157     384        356
Bambanani(a)                     691        426     356       306     335         120       881     1 004      62          70     1 613      911     129         98
Joel                             580        821     349       343     231         478       354       260      80          79     1 371    1 750     308        321
Unisel                           423        453     311       299     112         154       347       665      42          35       988      962     215        233
Target 3                         316        364     289       262      27         102       508       398      72          68       742      798     157        169
Surface
All other surface operations     652        730     485       493     167         237       472       365      25         200     1 604    1 645    5 382     4 800
Total South Africa             7 436      8 275   5 532     5 311   1 904       2 964    21 671    21 129   1 194       1 395    17 603   17 756    8 791     8 274
International
Hidden Valley                    653        616     535       523     118          93     3 562     5 855      68         236     1 547    1 331    1 009       947
Total international              653        616     535       523     118          93     3 562     5 855      68         236     1 547    1 331    1 009       947
Total continuing
operations                     8 089      8 891   6 067     5 834   2 022       3 057    25 233    26 984   1 262       1 631    19 150   19 087    9 800     9 221
Discontinued operations
Evander                            -        651       -       381       -         270         -     1 233       -         109         -    1 480        -       300
Total discontinued
operations                         -        651       -       381       -         270         -     1 233       -         109         -    1 480        -       300
Total operations               8 089      9 542   6 067     6 215   2 022       3 327    25 233    28 217   1 262       1 740    19 150   20 567    9 800     9 521
Reconciliation of the
segment information to
the consolidated financial
statements (refer to note 12)      -      (651)       -     (381)                         7 430     5 714

                               8 089      8 891   6 067     5 834                        32 663    33 931

*   The interim December 2012 results have been restated due to a change in accounting policy. Refer to note 2 for details. The restatements to the comparative information have not been audited.
#   Production statistics are unaudited.
@   Capital expenditure for international operations excludes expenditure spend on Wafi-Golpu of R0 million (2012: R255 million).
(a) Includes Steyn 2.

DEVELOPMENT RESULTS (Metric)
Quarter ending December 2013
                                                         Channel
                              Reef    Sampled   Width      Value      Gold
                             Meters    Meters   (Cm's)      (g/t)  (Cmg/t)
Tshepong
Basal                          418       407      8.81    189.19     1 667
B Reef                         249       213     85.90      9.75       838
All Reefs                      667       620     35.26     39.22     1 383
Phakisa
Basal                          256       263    102.57     11.65     1 195
Leader                           3         6     47.00      1.43        67
All Reefs                      259       269    101.33     11.54     1 169
Total Bambanani
(Incl. Bambanani, Steyn 2)
Basal                           16        16     58.71     11.68       685
All Reefs                       16        16     58.71     11.68       685
Bambanani
Basal                           16        16     58.71     11.68       685
All Reefs                       16        16     58.71     11.68       685
Doornkop
South Reef                     365       350     51.72     13.80       714
All Reefs                      365       350     51.72     13.80       714
Kusasalethu
VCR Reef                       558       497    107.66     10.75     1 157
All Reefs                      558       497    107.66     10.75     1 157
Target
Elsburg                        209       108    189.29      8.03     1 521
Basal                           87        62     10.24    229.46     2 350
A Reef                          83        41    141.95      7.38     1 047
B Reef                         229       128     84.09     23.32     1 961
All Reefs                      608       339    111.09     16.03     1 781
Target 1
Elsburg                        132        64    251.70      7.14     1 797
All Reefs                      132        64    251.70      7.14     1 797
Target 3
Elsburg                         77        44     98.50     11.35     1 118
Basal                           87        62     10.24    229.46     2 350
A Reef                          83        41    141.95      7.38     1 047
B Reef                         229       128     84.09     23.32     1 961
All Reefs                      477       275     78.37     22.68     1 778
Masimong 5
Basal                          386       348     48.63     15.87       772
B Reef                         115       134     75.04     14.21     1 067
All Reefs                      500       482     55.98     15.25       854
Unisel
Basal                        322.8       258    192.95      9.25     1 784
Leader                       463.7       399    200.22      6.19     1 239
Middle                        47.0        32    214.75     13.27     2 849
All Reefs                      833       689    198.17      7.66     1 518
Joel
Beatrix                        260       258    157.88      8.50     1 342
All Reefs                      260       258    157.88      8.50     1 342
Total Harmony
Basal                        1 485     1 354     73.00     19.00     1 387
Beatrix                        260       258    157.88      8.50     1 342
Leader                         466       405    197.95      6.17     1 222
B Reef                         593       475     82.34     14.64     1 205
A Reef                        83.4        41    141.95      7.38     1 047
Middle                        47.0        32    214.75     13.27     2 849
Elsburg                      208.7       108    189.29      8.03     1 521
South Reef                     365    350.25     51.72     13.80       714
VCR                            558       497    107.66     10.75     1 157
All Reefs                    4 067     3 520    103.30     12.14     1 254

DEVELOPMENT RESULTS (Imperial)
Quarter ending December 2013
                                                          Channel
                              Reef   Sampled     Width      Value        Gold
                            (feet)    (feet)    (inch)     (oz/t)   (In.oz/t)
Tshepong
Basal                        1 371     1 335        3        6.38          19
B Reef                         818       697       34        0.28          10
All Reefs                    2 189     2 032       14        1.13          16
Phakisa
Basal                          840       863       40        0.34          14
Leader                           8        20       19        0.04           1
All Reefs                      848       883       40        0.34          13
Total Bambanani
(Incl. Bambanani, Steyn 2)
Basal                           52        52       23        0.34           8
All Reefs                       52        52       23        0.34           8
Bambanani
Basal                           52        52       23        0.34           8
All Reefs                       52        52       23        0.34           8
Doornkop
South Reef                   1 198     1 149       20        0.41           8
All Reefs                    1 198     1 149       20        0.41           8
Kusasalethu
VCR Reef                     1 831     1 631       42        0.32          13
All Reefs                    1 831     1 631       42        0.32          13
Target
Elsburg                        685       354       75        0.23          17
Basal                          285       203        4        6.75          27
A Reef                         273       135       56        0.21          12
B Reef                         753       420       33        0.68          23
All Reefs                    1 996     1 112       44        0.47          20
Target 1
Elsburg                        432       210       99        0.21          21
All Reefs                      432       210       99        0.21          21
Target 3
Elsburg                        253       144       39        0.33          13
Basal                          285       203        4        6.75          27
A Reef                         273       135       56        0.21          12
B Reef                         753       420       33        0.68          23
All Reefs                    1 564       902       31        0.66          20
Masimong 5
Basal                        1 265     1 142       19        0.47           9
B Reef                         376       440       30        0.41          12
All Reefs                    1 641     1 582       22        0.45          10
Unisel
Basal                        1 059       846       76        0.27          20
Leader                       1 521     1 309       79        0.18          14
Middle                         154       105       85        0.38          33
All Reefs                    2 734     2 261       78        0.22          17
Joel
Beatrix                        853       846       62        0.25          15
All Reefs                      853       846       62        0.25          15
Total Harmony
Basal                        4 871     4 441    29.00        0.55       15.93
Beatrix                        853       846    62.00        0.25       15.41
Leader                       1 530     1 329    78.00        0.18       14.03
B Reef                       1 947     1 558    32.00        0.43       13.84
A Reef                         273       135    56.00        0.21       12.02
Middle                         154       105    85.00        0.38       32.72
Elsburg                        685       354    75.00        0.23       17.46
South Reef                   1 198     1 149    20.00        0.41        8.19
VCR                          1 831     1 631    42.00        0.32       13.29
All Reefs                   13 342    11 548    41.00        0.35          14

Date: 03/02/2014 07:05:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). 
The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
 the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, 
indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on,
 information disseminated through SENS.

                                        
Email this JSE Sens Item to a Friend.

Send e-mail to
© 2019 SHARENET (PTY) Ltd, Cape Town, South Africa
Home     Terms & conditions    Privacy Policy
    Security Notice    Contact Details
Market Statistics are calculated by Sharenet and are therefore not the official JSE Market Statistics. The calculation/derivation may include underlying JSE data.