HARMONY GOLD MINING COMPANY LIMITED - Press Release - Harmony records solid resultsRelease Date: 06/05/2014 07:06:00 Code(s): HAR PDF(s):
Press Release - Harmony records solid results
Harmony Gold Mining Company Limited
Registration number 1950/038232/06
Incorporated in the Republic of South Africa
JSE share code: HAR
(“Harmony” or “the Company”)
Harmony records solid results
• 5% increase in underground recovered grade to 5.10g/t for the
quarter - 3 consecutive quarters of grade increases, representing a
cumulative increase of 17%
• 3% increase in gold production in the first 9 months of FY14
• 6% decrease in production profit during the March 2014 quarter, due
to a 12% decrease in gold produced
• Turned prior quarter's loss into a profit - net profit of R31
million (US$3 million); headline earnings per share of 12 SA cents (1 US
• Net debt 13% lower and cash balance of R2 billion
Harmony Gold Mining Company Limited ("Harmony" or "the Company") is
pleased to advise that its underground recovered grade increased for a
third consecutive quarter, representing a cumulative increase of 17% for
the 2014 financial year.
The net profit for the March 2014 quarter was R31 million (US$ 3
million), compared to a net loss of R91 million (US$10 million) in the
December 2013 quarter. All-in sustaining costs decreased by 18% from US$1
509/oz for the nine months ended March 2013 to US$1234/oz for the nine
months ended March 2014 and remained steady compared to the December 2013
Harmony's net debt reduced by 13%, leaving the Company with a strong cash
balance of more than R2 billion.
Study work at Wafi-Golpu continued to evaluate underground access options
and a substantially lower capital expenditure development option.
“Various structural changes have been effected in Harmony which will aid
in the pro-active management of unplanned events which have negatively
impacted on our production. In parallel, our revised planning strategy
will shift the focus toward de-bottlenecking and optimisation, and should
also result in an increase in the Company's margins. We remain committed
to increasing our profits and cash flow to enable us to pay dividends in
the future”, said Graham Briggs, chief executive officer.
Please refer to http://www.harmony.co.za/investors for details of our
dial-in and webcast information for today's results' calls and to
download the quarterly booklet and presentation.
For more details contact:
Investor Relations Manager
+27 (0) 82 759 1775 (mobile)
Marian van der Walt
Executive: Corporate and Investor Relations
+27 (0) 82 888 1242 (mobile)
6 May 2014
J.P. Morgan Equities South Africa Proprietary Limited
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