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HARMONY GOLD MINING COMPANY LIMITED - Results for the third quarter and nine months ended 31 March 2015

Release Date: 08/05/2015 07:05:00      Code(s): HAR       PDF(s):  
Results for the third quarter and nine months ended 31 March 2015

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

Q3 FY15 RESULTS FOR THE THIRD QUARTER AND NINE MONTHS ENDED 31 MARCH 2015

"We have responded to a lower gold price, first by rationalising our assets and then
 restructuring our portfolio – cutting costs, reducing labour numbers and focusing
 on mining only safe, profitable ounces. During the next couple of months we will
 continue to improve the performance of our assets and restructure Masimong,
 Doornkop and Hidden Valley for profitability. We are assessing ways of funding
 Golpu and unlocking the true value of each of our assets, which will ensure
 shareholder returns in the long term."

Graham Briggs
Chief Executive Officer

8 May 2015
                                                                               Nine        Nine
                                         Quarter    Quarter     Q-on-Q       months      months
                                           March   December   variance        ended       ended  Variance
                                            2015       2014          %   March 2015  March 2014         %
Gold produced             – kg             7 642      8 459       (10)       25 536      27 518       (7)
                          – oz           245 697    271 963       (10)      821 001     884 721       (7)

Cash operating costs      – R/kg         377 901    357 111        (6)      362 809     324 731      (12)
                          – US$/oz         1 001        990        (1)        1 004         981       (2)

Gold sold                 – kg             7 444      8 580       (13)       26 011      27 653       (6)
                          – oz           239 330    275 851       (13)      836 270     889 061       (6)

Underground grade         – g/t             4.75       4.78        (1)         4.79        4.81         –
                          – R/kg         454 211    437 708        (4)      435 701     391 622      (11)

Total costs and capital   – US$/oz         1 203      1 213          1        1 206       1 183       (2)
                          – R/kg         474 873    455 202        (4)      451 564     408 768      (10)

All-in sustaining costs   – US$/oz         1 258      1 262          –        1 250       1 234       (1)
                          – R/kg         460 569    432 963          6      444 982     431 038         3

Gold price received       – US$/oz         1 220      1 200          2        1 232       1 302       (5)
                          – R million        643        618          4        2 174       2 946      (26)

Production profit         – US$ million       55         55          –          194         287        32
                          – SAc/s           (61)      (197)         69        (319)        (11)    >(100)

Basic loss per share      – USc/s            (5)       (18)         72         (28)         (1)    >(100)
                          – Rm             (262)      (496)         47      (1 023)        (19)    >(100)

Headline loss             – US$m            (22)       (44)         50         (91)         (2)    >(100)
                          – SAc/s           (60)      (114)       (47)        (236)         (4)    >(100)

Headline loss per share   – USc/s            (5)       (10)         50         (21)           –     (100)
Exchange rate             – R/US$m         11.74      11.22          5        11.24       10.30         9

Harmony's Integrated Annual Report and the Form 20-F filed with the United States' Securities and Exchange
Commission for the financial year ended 30 June 2014 are available on our website at
http://www.harmony.co.za/investors/reporting/annual-reports.

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.

CONTACT DETAILS

Corporate Office

Randfontein Office Park
PO Box 2, Randfontein, 1760, South Africa
Corner Main Reef Road/Ward Avenue
Randfontein, 1759, South Africa
Telephone: +27 11 411 2000
Website: www.harmony.co.za

Directors

P T Motsepe* Chairman
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 S Lushaba*^,
C Markus*^, M Msimang*^, K T Nondumo*^,
V P Pillay *^, J L Wetton*^, A J Wilkens*
* Non-executive
^ Independent
1 Mozambican

Investor relations team

Email: HarmonyIR@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

Bobo Ndinisa
Investor Relations
Tel: +27 (0)11 411 2137 / 057 904 4023
Mobile: +27 (0)79 783 2051
Email: bobo@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 86 154 6572
Fax: +27 86 674 2450
Email: meetfax@linkmarketservices.co.za

ADR2 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
2 ADR: American Depository Receipts

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 11 507 0300
Fax: +27 11 507 0503

Trading Symbols

JSE Limited: HAR
New York Stock Exchange, Inc: HMY
Berlin Stock Exchange: HAM1

Registration number

1950/038232/06
Incorporated in the Republic of South Africa

ISIN

ZAE000015228

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).
In South Africa, Harmony appoints an ore reserve manager at each of its operations who takes responsibility for the compilation and reporting of
mineral resources and mineral reserves at their operations. In Papua New Guinea, competent persons are appointed for the mineral resources and
mineral reserves for specific projects and operations.

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, BSc (Hons), MSc, MBA, Pr. Sci. Nat., who has 19 years' relevant experience and is registered
with the South African Council for Natural Scientific Professions (SACNASP) and a member of the South African Institute of Mining and Metallurgy
(SAIMM).

Resources and Reserves Papua New Guinea: Gregory Job, BSc, MSc, who has 26 years' relevant experience and is a member of the Australian
Institute of Mining and Metallurgy (AusIMM). Mr Job has sufficient experience relevant to the styles of mineralisation and types of deposits under
consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2012 Edition of the Australasian Code
for Reporting of Exploration Results, Mineral Resources and Ore Reserves (the "JORC Code").

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 2014 has not changed.

SHAREHOLDER INFORMATION
Issued ordinary share capital at 31 March 2015            436 094 323
Issued ordinary share capital at 31 December 2014         436 094 323

Market capitalisation
At 31 March 2015 (ZARm)                                         9 219
At 31 March 2015 (US$m)                                           761
At 31 December 2014 (ZARm)                                      9 424
At 31 December 2014 (US$m)                                        815

Harmony ordinary shares and ADR prices
12-month high (1 April 2014 – 31 March 2015)
                                                                35.60
for ordinary shares 
12-month low (1 April 2014 – 31 March 2015)
                                                                17.00
for ordinary shares
12-month high (1 April 2014 – 31 March 2015)
                                                                 3.34
for ADRs
12-month low (1 April 2014 – 31 March 2015)
                                                                 1.56
for ADRs

Free float                                                       100%

ADR ratio                                                         1:1

JSE Limited                                                       HAR

Range for quarter
                                                      R20.47 – R35.50
(2 January – 31 March 2015 closing prices)
Average daily volume for the quarter
                                                     1 473 990 shares
(2 January – 31 March 2015)
Range for quarter
                                                      R17.00 – R24.15
(1 October – 31 December 2014 closing prices)
Average daily volume for the quarter
                                                     2 977 951 shares
(1 October – 31 December 2014)

New York Stock Exchange including other
                                                                  HMY
US trading platforms
Range for quarter
                                                    US$1.69 – US$3.14
(2 January 2015 – 31 March 2015 closing prices)
Average daily volume for the quarter
                                                            3 473 101
(2 January – 31 March 2015)
Range for quarter
                                                    US$1.56 – US$2.20
(1 October – 31 December 2014 closing prices)
Average daily volume for the quarter
                                                            4 492 693
(1 October – 31 December 2014)

Investors' calendar                                              2015

Q3 FY15 presentation
                                                           8 May 2015
(webcast and conference call only)
Q4 FY15 live presentation from Johannesburg            18 August 2015
Q1 FY15 presentation
                                                      5 November 2015
(webcast and conference call only)
Annual General Meeting                               26 November 2015

CHIEF EXECUTIVE OFFICER'S REVIEW

1.  Safety
    Following a fatality free December 2014 quarter in
    South Africa, it is with regret that I report two fatalities
    at our South African operations during the March 2015
    quarter. Our sincere condolences go to the families and
    friends of Mosoeu Ntsutheleng (contractor team leader at
    Kusasalethu) and Michael Chobeng (development team
    leader at Masimong).
    On 22 February 2015 we had an underground fire at
    Kusasalethu. I am grateful to report that all of the 486
    underground employees were safely brought to surface.
 
2.  Gold market
    During the March 2015 quarter the average US dollar
    gold price received increased by 2% to US$1 220/oz
    (Dec 14: US$1 200/oz). The increase in the gold price during
    the March 2015 quarter combined with the weakening
    of the rand against the dollar to R11.74/US$ (Dec 14:
    R11.22/US$), resulted in an increase in the rand gold price
    received to R460 569/kg (Dec 14: R432 963/kg). We believe
    that the gold price will remain at current levels for some time
    to come.

3.  Operational results
    Gold production for the March 2015 quarter was impacted
    by slow start-ups after the December 2014 holidays, as
    well as safety stoppages. As a result, gold production was
    10% (817 kilograms) lower at 7 642 kilograms in the March
    2015 quarter compared to the December 2014 quarter
    (8 459 kilograms).

    Our focus is on ensuring that our mines are safe
    and profitable. Target 3 has been closed, we have stopped
    the Phakisa decline, the restructuring of Kusasalethu was
    completed during the quarter and we continue to monitor
    each of our mines closely.

    During the March 2015 quarter Kusasalethu showed an
    increase in grade and a reduction in costs. Tonnes mined
    were less than planned due to a fatal accident and a fire
    during the quarter.

    A fatal accident early in the quarter and an underground fire
    at Masimong impacted negatively on volume. Following two
    loss-making quarters, it was decided to scale down ore body
    development at Masimong in an effort to restore the mine to
    profitability. The plan has already been partially implemented
    and will impact on the life of mine - we expect that the life
    of mine will be shortened to about 2 years.

    Doornkop's performance was disappointing due to grade
    and volume constraints. Doornkop posted a net loss in the
    last three quarters and we are investigating alternatives to
    return the mine to profitability, which includes restructuring.

    At Hiddden Valley a revised life of mine plan is being
    considered with reduced stripping requirements, which will
    enhance cash generation in the short term. Cost reduction
    initiatives being pursued at the mine includes revising the
    organisational structure. An operational improvement
    program has also been launched, with a specific focus on
    mining and maintenance discipline.

    After recording three very good production quarters,
    unexpected low grades and poor ground conditions at
    Tshepong resulted in lower production during the March
    2015 quarter. The crews had to be moved to mainly ledging
    and over-stoping areas. During the quarter new stope faces
    were established and the outlook for the June 2015 quarter
    on both volume and grade is positive.

4.  Financial results
    Despite lower gold production, production profit increased by 4% to
    R643 million in the March 2015 quarter compared to R618
    million in the previous quarter, mainly due to a 10% decrease
    in operating costs supported by a 6% increase in the average
    gold price received.

    Cash operating cost for the March 2015 quarter decreased
    by 4% when compared to the previous quarter, as a result
    of a decrease in the costs of consumables and labour. The
    restructuring at Kusasalethu was completed and the full cost
    saving will be realised in the June 2015 quarter. Kusasalethu's
    cost for the March 2015 quarter decreased by 8% when
    compared to the December 2014 quarter. Total capital
    expenditure for the March 2015 quarter decreased by 15%
    to R583 million.

    Revenue
    Revenue decreased by R287 million (8%) to R3 428 million as
    a result of the 13% decrease in gold sold to 7 444kg, which
    was partially offset by a 6% increase in the rand gold price
    received at R460 569/kg in the March 2015 quarter.

    Production costs
    The decrease in production costs in the March 2015 quarter is
    mainly as a result of the gold stock increase of R178 million,
    a decrease in consumables of R91 million due to lower
    production and a decrease in labour costs of R26 million as
    a result of the restructuring of our South African operations
    during the quarter.

    Other items
    Other items included in cost of sales decreased to R63 million
    in the March 2015 quarter. Restructuring cost related to
    employee termination was largely accounted for in the
    December 2014 quarter.

    Exploration expenditure
    The decrease in exploration expenditure in the March
    2015 quarter is due to the capitalisation of the Golpu
    feasibility study costs, following the approval of the updated
    prefeasibility by the Harmony board in December 2014. The
    project has progressed to the final feasibility study stage.

    Other expenses – net
    The increase to R127 million in expenses in the March 2015
    quarter is mainly due to the foreign exchange translation
    loss of R118 million recorded on the US$ borrowings. The
    rand weakened from US$/R11.57 at 31 December 2014 to
    US$/R12.17 at 31 March 2015.

    Borrowings
    Borrowings decreased by R261 million. The US$300 million
    syndicated loan (US$270 million drawn) was refinanced
    by a new revolving credit facility of up to US$250 million,
    of which US$205 million was committed and utilised at
    31 March 2015. R400 million was drawn down on the R1.3
    billion Nedbank facility.

5.  Employee relations
    We live our 5 values – safety, accountability, achievement,
    being connected and being honest. Our pro-active
    communication campaign is focused on keeping our
    employees informed about the state of the mine they work
    at as well as the health of Harmony. We engage with all the
    unions – whether formally recognised or not.

5.1 Section 189A restructuring processes
    The Kusasalethu Section 189A process was concluded in
    February 2015.
    Action                                     Employees
    Transfer to other operations                     359
    Voluntary retrenchments                          223
    Compulsory retrenchments                         224
    Outside contractors replacements                 227
    Retained to fill vacancies on the mine           195
    Medical cases and other                           43
    Total                                          1 271

    During the June 2015 quarter operational restructuring will
    take place at Masimong, Doornkop and Hidden Valley. These
    processes will most likely include a Section 189A process.

    Labour will be reduced by approximately 400 employees at
    Masimong during the June 2015 quarter.

5.2 Preparations for the 2015 wage negotiations
    As the current wage agreement concludes at  the end of June
    2015, preparations for wage negotiations are well underway,
    with the primary gold producers (representing close on 80%
    of employees in the gold industry) bargaining centrally
    under the auspices of the Chamber of Mines. In addition to
    centralised negotiations, much emphasis has been placed on
    direct engagement with employees and unions during the
    past two years and particularly in fostering an understanding
    of the economic circumstances of the sector as a whole and
    Harmony's mines specifically.

    What is clear is that high increases and indeed industrial
    action will lead to downscaling of operations and even
    closure of vulnerable mines.  Job losses would be inevitable.

    In engaging with unions in the coming months, we
    will be proposing an Economic and Social Compact,
    the fundamental principles of which are partnerships,
    sustainability and job retention. Rather than simply tabling
    and acceding to demands which typically characterises
    positional bargaining, we will be seeking to agree a set of
    mutually binding principles that spells out the obligations,
    rights and responsibilities of the companies and organised
    labour. Wages and conditions of service will be only one
    aspect of this Compact. Stakeholders will be apprised of
    progress as negotiations progress.

6. Mining Charter
   On 31 March 2015 the Minister of Mineral Resources (DMR),
   Minister Advocate Ngoako Ramatlhodi, announced the
   Department of Mineral Resources' assessment of the mining
   industry's compliance with the Mining Charter.

   Harmony acknowledges the DMR's account of the mining
   industry's success in achieving these targets and recognises
   the role of the mining industry as a driver of growth and
   development in South Africa. There is a difference of opinion,
   however, between the mining companies and the DMR in
   how some black economic empowerment (BEE) transactions
   are recognised. To this end, the DMR and the mining industry
   have agreed to jointly seek a ‘declaratory order' from a South
   African court to ensure the correct interpretation of the
   rules governing the BEE component of the Charter. This is a
   proactive and necessary step to promote regulatory certainty
   for the mining industry and commenced in April 2015.

   Harmony will continue its journey to cement its future in
   South Africa – pro-actively participating in transforming the
   South African mining industry – committed to identifying
   other opportunities to further facilitate HDSA (Historically
   disadvantaged South Africans) ownership, transform our
   workforce, invest in developing South Africans and create
   opportunities for small business entrepreneurs. Harmony's
   presence in South Africa is real and lasting and so will our
   legacy be.

   Harmony believes that its performance in terms of each of
   the nine pillars set out in the Mining Charter illustrates that
   it does more than just comply. The nine pillars of the Charter
   are: reporting, ownership, housing and living conditions,
   procurement and enterprise development, employment
   equity, human resources development, mine community
   development, sustainable development and growth and
   beneficiation.

7. Golpu
   Work on both the Feasibility Study for stage one and the
   Prefeasibility Study for stage two continued during the
   quarter. Stage one targets the upper higher value portion of
   the ore body. Stage two will encompass the rest of the ore
   reserve. Both studies are scheduled to be completed by the
   end of calendar year 2015.

   The organisation structure for the Wafi-Golpu team has been
   completed and recruitment has commenced. Negotiation of
   the terms of a Pre Mine Development Agreement (PDMA) is
   in progress with the government and is intended to cover
   fiscal stability, regulatory stability and a framework for the
   mine development contract. Commencement of advanced
   exploration is dependent on PDMA progress and board
   approval.

8. Conclusion
   We have responded to a lower gold price, first by rationalising our assets and then
   restructuring our portfolio – cutting costs, reducing labour numbers and focusing
   on mining only safe, profitable ounces. During the next couple of months we will
   continue to improve the performance of our assets and restructure Masimong,
   Doornkop and Hidden Valley for profitability. We are assessing ways of funding
   Golpu and unlocking the true value of each of our assets, which will ensure
   shareholder returns in the long term.

   Graham Briggs
   Chief Executive Officer

Q3 FY15
SA RAND RESULTS
FOR THE THIRD QUARTER AND NINE
MONTHS ENDED
31 MARCH 2015

OPERATING RESULTS (RAND/METRIC) (US$/IMPERIAL)

                                                                                                                               South Africa

                                                                                               Underground production                                                Surface production
                             Three                                                                                                                                                                Total
                             months                                                                                                                Total                               Total      South   Hidden      Total
                             ended  Kusasalethu  Doornkop  Phakisa   Tshepong  Masimong   Target 1  Bambanani      Joel    Unisel  Target 3  Underground  Phoenix   Dumps   Kalgold  Surface     Africa   Valley    Harmony

                             Mar-15         197       156      158        211       144        175         55       127        96         –        1 319    1 500     751       346    2 597      3 916      469      4 385
Ore milled         – t'000
                             Dec-14         186       162      142        269       188        203         56       139       111         9        1 465    1 555     666       366    2 587      4 052      384      4 436
                             Mar-15         929       650      760        869       528        827        748       563       387         –        6 261      204     222       270      696      6 957      685      7 642
Gold produced      – kg
                             Dec-14         775       727      773      1 210       705      1 010        664       629       471        41        7 005      223     218       343      784      7 789      670      8 459
                             Mar-15      29 868    20 898   24 435     27 939    16 976     26 589     24 049    18 101    12 442         –      201 297    6 559   7 137     8 681   22 377    223 674   22 023    245 697
Gold produced      – oz
                             Dec-14      24 917    23 374   24 852     38 902    22 666     32 472     21 348    20 223    15 143     1 318      225 215    7 170   7 009    11 028   25 207    250 422   21 541    271 963
                             Mar-15        4.72      4.17     4.81       4.12      3.67       4.73      13.60      4.43      4.03         –         4.75     0.14    0.30      0.78     0.27       1.78     1.46       1.74
Yield              – g/tonne
                             Dec-14        4.17      4.49     5.44       4.50      3.75       4.98      11.86      4.53      4.24      4.56         4.78     0.14    0.33      0.94     0.30       1.92     1.74       1.91
Cash operating               Mar-15     453 214   407 286  377 879    438 522   436 333    336 706    227 365   311 538   435 292         –      379 620  340 902 394 122   386 496  375 565    379 214  364 561    377 901
                   – R/kg
costs                        Dec-14     590 241   360 688  369 639    327 527   351 210    283 716    252 893   294 693   346 295   386 049      352 329  317 238 376 101   362 942  353 601    352 457  411 216    357 111
Cash operating               Mar-15       1 201     1 079    1 001      1 162     1 156        892        602       825     1 153         –        1 006      903   1 044     1 024      995      1 005      966      1 001
                   – $/oz
costs                        Dec-14       1 636     1 000    1 025        908       973        786        701       817       960     1 071          977      879   1 042     1 006      980        977    1 140        990
Cash operating               Mar-15       2 137     1 697    1 818      1 806     1 600      1 591      3 092     1 381     1 755         –        1 802       46     117       302      101        674      532        659
                   – R/tonne
costs                        Dec-14       2 459     1 619    2 012      1 473     1 317      1 412      2 999     1 334     1 469     1 759        1 685       45     123       340      107        678      717        681
                             Mar-15         976       625      755        864       524        834        743       467       384         –        6 172      194     216       274      684      6 856      588      7 444
Gold sold          – Kg
                             Dec-14         844       716      774      1 211       705        992        665       655       472        40        7 074      221     215       324      760      7 834      746      8 580
                             Mar-15      31 379    20 094   24 274     27 778    16 847     26 814     23 888    15 014    12 346         –      198 434    6 237   6 945     8 809   21 991    220 425   18 905    239 330
Gold sold          – oz
                             Dec-14      27 135    23 020   24 885     38 934    22 666     31 893     21 380    21 059    15 175     1 286      227 433    7 105   6 912    10 417   24 434    251 867   23 984    275 851
                             Mar-15     449 192   286 954  347 963    397 885   241 539    383 403    342 479   215 451   177 009         –    2 841 875   89 524  99 852   126 033  315 409  3 157 284  271 190  3 428 474
Revenue            (R'000)
                             Dec-14     368 922   310 710  334 833    523 472   305 679    428 602    288 451   283 735   204 258    17 519    3 066 181   95 610  92 441   139 917  327 968  3 394 149  320 670  3 714 819
Cash operating               Mar-15     421 036   264 736  287 188    381 076   230 384    278 456    170 069   175 396   168 458         –    2 376 799   69 544  87 495   104 354  261 393  2 638 192  249 724  2 887 916
                   (R'000)
costs                        Dec-14     457 437   262 220  285 731    396 308   247 603    286 553    167 921   185 362   163 105    15 828    2 468 068   70 744  81 990   124 489  277 223  2 745 291  275 515  3 020 806
Inventory                    Mar-15      22 301  (12 984)  (5 512)        405     (366)    (1 941)    (7 424)  (33 009)   (1 209)        –      (39 739)  (4 194) (2 922)     (307)  (7 423)   (47 162) (55 513)  (102 675)
                   (R'000)
movement                     Dec-14      24 957   (5 034)    5 278      1 831     2 797    (2 277)      4 359    11 097     2 143     (321)       44 830    (319)   (393)   (4 271)  (4 983)     39 847   35 755     75 602
                             Mar-15     443 337   251 752  281 676    381 481   230 018    276 515    162 645   142 387   167 249         –    2 337 060   65 350  84 573   104 047  253 970  2 591 030  194 211  2 785 241
Operating costs    (R'000)
                             Dec-14     482 394   257 186  291 009    398 139   250 400    284 276    172 280   196 459   165 248    15 507    2 512 898   70 425  81 597   120 218  272 240  2 785 138  311 270  3 096 408
                             Mar-15       5 855    35 202   66 287     16 404    11 521    106 888    179 834    73 064     9 760         –      504 815   24 174  15 279    21 986   61 439    566 254   76 979    643 233
Production profit (R'000)
                             Dec-14   (113 472)    53 524   43 824    125 333    55 279    144 326    116 171    87 276    39 010     2 012      553 283   25 185  10 844    19 699   55 728    609 011    9 400    618 411
                             Mar-15         499     2 999    5 646      1 397       981      9 103     15 316     6 223       831         –       42 995    2 058   1 302     1 873    5 233     48 228    6 556     54 784
Production profit ($'000)
                             Dec-14    (10 112)     4 770    3 905     11 170     4 927     12 862     10 353     7 777     3 476       179       49 307    2 244     967     1 756    4 967     54 274      838     55 112
Capital                      Mar-15     102 713    58 658   93 945     69 942    42 563     73 715     23 860    41 929    18 591         –      525 916    1 450   1 592    13 519   16 561    542 477   40 685    583 162
                   (R'000)
expenditure                  Dec-14     122 185    73 259  127 836     87 070    48 441     69 120     39 338    59 654    31 380         –      658 283      414   2 487     8 770   11 671    669 954   11 814    681 768
Capital                      Mar-15       8 748     4 996    8 001      5 957     3 625      6 278      2 032     3 571     1 583         –       44 791      123     136     1 151    1 410     46 201    3 465     49 666
                   ($'000)
expenditure                  Dec-14      10 888     6 528   11 392      7 759     4 317      6 160      3 506     5 316     2 796         –       58 662       37     222       782    1 041     59 703    1 053     60 756
Cash operating               Mar-15     563 777   497 529  501 491    519 008   516 945    425 842    259 263   386 012   483 331         –      463 618  348 010 401 293   436 567  399 359    457 190  423 955    454 211
                   – R/kg
cost and capital             Dec-14     747 899   461 457  535 016    399 486   419 921    352 151    312 137   389 533   412 919   386 049      446 303  319 094 387 509   388 510  368 487    438 470  428 849    437 708
Cash operating               Mar-15       1 493     1 318    1 328      1 375     1 369      1 128        687     1 022     1 280         –        1 228      922   1 063     1 156    1 058      1 211    1 123      1 203
                   – $/oz
cost and capital             Dec-14       2 073     1 279    1 483      1 107     1 164        976        865     1 080     1 144     1 071        1 237      884   1 074     1 077    1 021      1 215    1 189      1 213
All-in sustaining            Mar-15     580 834   506 937  505 086    541 040   543 497    428 593    257 253   365 686   506 655         –      474 925  344 328 405 970   446 887  404 878    467 456  561 306    474 873
                  – R/kg
costs                        Dec-14     743 336   470 383  503 210    416 470   443 880    374 820    303 254   376 107   435 600   405 170      454 139  320 538 404 276   414 402  384 243    447 513  535 921    455 202
All-in sustaining            Mar-15       1 539     1 343    1 338      1 433     1 440      1 135        681       969     1 342         –        1 258      912   1 075     1 184    1 073      1 238    1 482      1 258
                  – $/oz
costs                        Dec-14       2 060     1 304    1 395      1 154     1 230      1 039        841     1 042     1 207     1 123        1 259      889   1 121     1 149    1 065      1 240    1 486      1 262

CONDENSED CONSOLIDATED INCOME STATEMENTS (RAND)
                                                          Quarter ended                Nine months ended

                                              31 March     31 December    31 March       31 March    31 March      30 June
                                                  2015            2014        2014           2015        2014         2014
Figures in million                    Note (Unaudited)     (Unaudited) (Unaudited)    (Unaudited) (Unaudited)    (Audited)

Revenue                                          3 428           3 715       3 830         11 574      11 919       15 682
Cost of sales                           2      (3 444)         (3 970)     (3 595)       (11 735)    (11 147)     (16 088)

 Production costs                              (2 785)         (3 096)     (2 906)        (9 400)     (8 973)     (11 888)
 Amortisation and depreciation                   (596)           (602)       (475)        (1 848)     (1 617)      (2 143)
 Impairment of assets                                –               –        (29)              –        (29)      (1 439)
 Other items                                      (63)           (272)       (185)          (487)       (528)        (618)

Gross (loss)/profit                               (16)           (255)         235          (161)        772         (406)
Corporate, administration and other
expenditure                                       (90)            (83)       (109)          (284)       (319)        (430)
Social investment expenditure                     (20)            (15)         (8)           (59)        (67)         (88)
Exploration expenditure                 4         (39)            (95)        (90)          (219)       (344)        (458)
(Loss)/profit on sale of property,
plant and equipment                                (1)               1           –              –           –           30
Loss on scrapping of property,
plant and equipment                     5            –           (430)           –          (430)           –            –
Other expenses (net)                    7        (127)            (52)        (22)          (366)       (161)        (208)
Operating (loss)/profit                          (293)           (929)           6        (1 519)       (119)      (1 560)
Profit/(loss) from associates           6            –               –          10              –          17        (109)
(Impairment)/profit on disposal of
investments                                          –               –           –              –         (7)            7
Net gain on financial instruments                    7               8          25             24         138          170
Investment income                                   61              59          64            171         159          220
Finance cost                                      (71)            (67)        (59)          (202)       (176)        (277)
(Loss)/profit before taxation                    (296)           (929)          46        (1 526)          12      (1 549)
Taxation                                            33              73        (15)            142        (59)          279

 Normal taxation                                     3             (4)          24              –        (25)         (24)
 Deferred taxation                                  30              77        (39)            142        (34)          303

Net (loss)/profit for the period                 (263)           (856)          31        (1 384)        (47)      (1 270)
Attributable to:
Owners of the parent                             (263)           (856)          31        (1 384)        (47)      (1 270)
(Loss)/earnings per ordinary share
(cents)                                 3
Basic (loss)/earnings                             (61)           (197)           7          (319)        (11)        (293)
Diluted (loss)/earnings                           (61)           (197)           7          (319)        (11)        (293)

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

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(RAND)
                                                              Quarter ended             Nine months ended

                                                  31 March    31 December    31 March      31 March     31 March     30 June
                                                      2015           2014        2014          2015         2014        2014
Figures in million                             (Unaudited)    (Unaudited) (Unaudited)   (Unaudited)  (Unaudited)   (Audited)

Net (loss)/profit for the period                     (263)          (856)          31       (1 384)         (47)     (1 270)
Other comprehensive income/(loss) for the
period, net of income tax                               73          (114)       (416)           138        (733)       (140)
Items that may be reclassified subsequently
to profit or loss:                                      73          (114)       (416)           138        (733)       (109)
  Foreign exchange translation                          73          (114)       (421)           138        (745)       (108)
  Movements on investments                               –              –           5             –           12         (1)
Items that will not be reclassified to profit
or loss:                                                 –              –           –             –            –        (31)
  Actuarial loss recognised during the year              –              –           –             –            –        (38)
  Deferred taxation thereon                              –              –           –             –            –           7

Total comprehensive loss for the period              (190)          (970)       (385)       (1 246)        (780)     (1 410)
Attributable to:
Owners of the parent                                 (190)          (970)       (385)       (1 246)        (780)     (1 410)

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

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (RAND)
for the nine months ended 31 March 2015 (unaudited)
                                                                  (Accumulated
                                             Share      Other   loss)/retained
Figures in million                         capital   reserves         earnings     Total

Balance – 30 June 2014                      28 325      3 539            (822)    31 042
Share-based payments                             –        156                –       156
Net loss for the period                          –          –          (1 384)   (1 384)
Other comprehensive income for the period        –        138                –       138
Balance – 31 March 2015                     28 325      3 833          (2 206)    29 952
Balance – 30 June 2013                      28 325      3 442              448    32 215
Share-based payments                             –        198                –       198
Net loss for the period                          –          –             (47)      (47)
Other comprehensive loss for the period          –       (733)               –     (733)
Balance – 31 March 2014                     28 325      2 907              401    31 633

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

The condensed consolidated financial statements for the nine months ended 31 March 2015 have been prepared by Harmony Gold
Mining Company Limited's corporate reporting team headed by Herman Perry. This process was supervised by the financial director,
Frank Abbott and approved by the board of Harmony Gold Mining Company Limited. These financial statements have not been audited
or independently reviewed.

CONDENSED CONSOLIDATED BALANCE SHEETS (RAND)
                                                                                At          At          At             At
                                                                          31 March 31 December     30 June       31 March
                                                                              2015        2014        2014           2014
Figures in million                                              Note   (Unaudited) (Unaudited)   (Audited)    (Unaudited)

ASSETS
Non-current assets
Property, plant and equipment                                      5        33 018      32 843      33 069         32 400
Intangible assets                                                              885         883         886          2 194
Restricted cash                                                                 45          42          42             40
Restricted investments                                                       2 375       2 366       2 299          2 225
Deferred tax assets                                                             66          71          81             84
Investments in associates                                          6             –           –           –            125
Loan to associate                                                  6           124         120           –              –
Investments in financial assets                                                  5           5           4              4
Inventories                                                                     50          50          50             57
Total non-current assets                                                    36 568      36 380      36 431         37 129

Current assets
Inventories                                                                  1 453       1 337       1 534          1 306
Trade and other receivables                                                    854         822         951            900
Income and mining taxes                                                         28          43         110            141
Restricted cash                                                                 15          15          15             15
Cash and cash equivalents                                                      701       1 374       1 829          2 008
                                                                             3 051       3 591       4 439          4 370
Non-current assets and assets of disposal groups classified as
held for sale                                                                    –           –           –             51
Total current assets                                                         3 051       3 591       4 439          4 421

Total assets                                                                39 619      39 971      40 870         41 550

EQUITY AND LIABILITIES
Share capital and reserves
Share capital                                                               28 325      28 325      28 325         28 325
Other reserves                                                               3 833       3 733       3 539          2 907
(Accumulated loss)/retained earnings                                       (2 206)     (1 944)       (822)            401
Total equity                                                                29 952      30 114      31 042         31 633

Non-current liabilities
Deferred tax liabilities                                                     2 528       2 562       2 680          3 029
Provision for environmental rehabilitation                                   2 216       2 170       2 098          2 020
Retirement benefit obligation                                                  258         255         247            205
Other non-current liabilities                                                   33          42          95             67
Borrowings                                                         7         2 860           –       2 860          2 843
Total non-current liabilities                                                7 895       5 029       7 980          8 164

Current liabilities
Borrowings                                                         7             –       3 121           –              –
Income and mining taxes                                                          8           –           –              3
Trade and other payables                                                     1 764       1 707       1 848          1 750
Total current liabilities                                                    1 772       4 828       1 848          1 753

Total equity and liabilities                                                39 619      39 971      40 870         41 550

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

CONDENSED CONSOLIDATED CASH FLOW STATEMENTS (RAND)
                                                                        Quarter ended                    Nine months ended
                                                                                                                                        Year ended
                                                           31 March      31 December      31 March       31 March       31 March           30 June
                                                               2015             2014          2014           2015           2014              2014
                                                        (Unaudited)      (Unaudited)   (Unaudited)    (Unaudited)    (Unaudited)         (Audited)
    Figures in million                                                                   Restated*                     Restated#

Cash flow from operating activities
Cash generated/(utilised) by operations                         353             (64)           783          1 360          1 814             2 247
Interest and dividends received                                  21               30            34             76             92               139
Interest paid                                                  (14)             (23)          (39)           (60)           (89)             (121)
Income and mining taxes refunded/(paid)                          26               39             –             90           (28)                 3
Cash generated/(utilised) by
operating activities                                            386             (18)           778          1 466          1 789             2 268

Cash flow from investing activities
Decrease/(increase) in restricted cash                           12              (4)           (3)             12            (3)               (6)
Decrease/(increase) in restricted investments                    19                –             –             20              –              (24)
Proceeds on disposal of investments                               –                –             –              –              –                51
Loan to associate                                                 –            (120)             –          (120)              –                 –
Other investing activities                                        –                –             –              –           (10)                 –
Net additions to property,
plant and equipment(1)                                        (710)            (748)         (627)        (2 109)        (1 962)           (2 661)
Cash utilised by investing activities                         (679)            (872)         (630)        (2 197)        (1 975)           (2 640)

Cash flow from financing activities
Borrowings raised                                               400                –             –            400            612               612
Borrowings repaid                                             (782)                –         (462)          (782)          (468)             (468)
Cash (utilised)/generated by
financing activities                                          (382)                –         (462)          (382)            144               144

Foreign currency translation
adjustments                                                       2             (17)           (1)           (15)           (39)              (32)
Net decrease in cash and cash equivalents                     (673)            (907)         (315)        (1 128)           (81)             (260)
Cash and cash equivalents
– beginning of period                                         1 374            2 281         2 323          1 829          2 089             2 089
Cash and cash equivalents
– end of period                                                 701            1 374         2 008            701          2 008             1 829

(1) Net additions to property, plant and equipment includes:
                                                                         Quarter ended                     Nine months ended            Year ended
                                                           31 March      31 December      31 March       31 March       31 March           30 June
    Figures in million                                         2015             2014          2014           2015           2014              2014
    Capital and capitalised exploration and evaluation
    expenditure for Wafi-Golpu                                   40                –             –             54              –                12
    Additions resulting from stripping activities
                                                                 85               65            28            183            112               120
    at Hidden Valley

* For the March 2014 quarter: Cash generated by operating activities previously reported as R750 million restated to R778 million. Cash utilised by investing activities
  previously reported as (R602 million) restated to (R630 million). This is mainly related to the change in accounting policy for IFRIC 20.

# For the nine months ended 31 March 2014: Cash generated by operating activities previously reported as R1 668 million restated to R1 789 million. Cash utilised by
 investing activities previously reported as (R1 854 million) restated to (R1 975 million). This is mainly related to the change in accounting policy for IFRIC 20.

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

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
for the nine months ended 31 March 2015 (Rand)

1.    Accounting policies

      Basis of accounting

      The condensed consolidated financial statements for the nine months ended 31 March 2015 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 Financial Pronouncements as issued by the Financial Reporting Standards Council, 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 2014, 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 2014 and had no impact on the financial results of the group:

      IFRSs      Annual Improvements 2010 – 2012 Cycle
      IAS 32     Amendment – Presentation – Offsetting Financial Assets and Financial Liabilities
      IAS 36     Amendment – Impairment of Assets – Recoverable amount disclosures for non-financial assets
      IFRIC 21   Levies

2.   Cost of sales
                                                          Quarter ended                   Nine months ended
                                                                                                                    Year ended
                                               31 March   31 December      31 March       31 March     31 March        30 June
                                                   2015          2014          2014           2015         2014           2014
      Figures in million                    (Unaudited)   (Unaudited)   (Unaudited)    (Unaudited)  (Unaudited)      (Audited)

      Production costs – excluding royalty        2 759         3 074         2 881          9 320        8 871         11 761
      Royalty expense                                26            22            25             80          102            127
      Amortisation and depreciation                 596           602           475          1 848        1 617          2 143
      Impairment of assets                            –             –            29              –           29          1 439
      Rehabilitation expenditure(1)                  15             5            17             34           17              8
      Care and maintenance cost of
      restructured shafts                            20            20            16             57           51             66
      Employment termination and
      restructuring (credit)/costs(2)               (3)           182            90            227          234            274
      Share-based payments                           32            66            62            171          227            270
      Other                                         (1)           (1)             –            (2)           (1)             –
      Total cost of sales                         3 444         3 970         3 595         11 735       11 147         16 088

      (1) Included in the December 2014 quarter is a credit of R11 million as a result of work performed in the Free State and at Deelkraal, resulting in a reduction in
          the rehabilitation liability.

      (2) The March 2015 quarter total includes a credit for Kusasalethu following the conclusion of the Section 189A process during the quarter. The December 2014
          quarter total includes amounts relating to management retrenchments and retrenchment of employees at Target 3, Ernest Oppenheimer Hospital and a
          provision for Kusasalethu.

3.   (Loss)/earnings per share
                                                           Quarter ended                   Nine months ended
                                                                                                                    Year ended
                                                31 March   31 December       31 March      31 March     31 March       30 June
                                                    2015          2014           2014          2015         2014          2014
                                             (Unaudited)   (Unaudited)    (Unaudited)   (Unaudited)  (Unaudited)     (Audited)
      Weighted average number of shares
      (million)                                   434.4          434.2         433.3          434.2        433.0         433.2
      Weighted average number of diluted
      shares (million)                            439.5          435.2         434.3          437.3        434.4         434.7
      Total (loss)/earnings per share
      (cents):
      Basic (loss)/earnings                         (61)         (197)             7          (319)         (11)         (293)
      Diluted (loss)/earnings                       (61)         (197)             7          (319)         (11)         (293)
      Headline (loss)/earnings                      (60)         (114)            12          (236)          (4)            26
      Diluted headline (loss)/earnings              (60)         (114)            12          (236)          (4)            26
      Figures in million
      Reconciliation of headline
      (loss)/earnings:
      Net (loss)/profit                            (263)         (856)            31        (1 384)         (47)       (1 270)
      Adjusted for:
      Impairment/(profit on disposal)
      of investments(1)                                –             –             –              –            7           (7)
      Impairment of assets                             –             –            29              –           29         1 439
      Taxation effect on impairment
      of assets                                        –             –           (8)              –          (8)          (24)
      Loss/(profit) on sale of property,
      plant and equipment                              1           (1)             –              –            –          (30)
      Taxation effect of profit on sale
      of property, plant and equipment                 –             –             –              –            –             6
      Loss on scrapping of property,
      plant and equipment                              –           430             –            430            –             –
      Taxation effect on loss of scrapping
      of property, plant and equipment                 –           (69)            –           (69)            –             –
      Headline (loss)/earnings                     (262)          (496)           52        (1 023)         (19)           114

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

4.   Exploration expenditure
     The Harmony board approved the updated Golpu project prefeasibility study in December 2014. The approval and the progression
     to the final feasibility study stage, demonstrates the technical and commercial viability of the Golpu project and as a result Harmony
     started capitalising project exploration and evaluation expenditure in respect of the Golpu project in the March 2015 quarter.

5.   Loss on scrapping of property, plant and equipment
     As reported last quarter, management embarked on a life-of-mine optimisation process in respect of the South African operations
     which was finalised at the end of the December 2014 quarter. The optimisation ensured greater focus on mining profitable and
     higher grade areas at our operations and therefore resulted in the abandonment of lower grade and unprofitable areas from the
     life-of-mine plan for most of the operations.

     In the case of Kusasalethu and Masimong, the optimisation led to the abandonment of levels and areas with a carrying value. The
     abandonment of these areas resulted in the derecognition of property, plant and equipment as no future economic benefits are
     expected from their use or disposal and a loss on scrapping of property, plant and equipment of R214 million on Kusasalethu and
     R216 million on Masimong was recorded in the December 2014 quarter.

6.   Investment in associate
     Harmony holds a 10.38% share in Rand Refinery Proprietary Limited (Rand Refinery). Due to the issues experienced at Rand Refinery
     following the implementation of a new Enterprise Resource Planning (ERP) system on 1 April 2013, Harmony provided for its full
     share of loss for the inventory discrepancy and recognised a R127 million loss in the June 2014 quarter.

     As a precautionary measure following the challenges experienced by the implementation of the software system, Rand Refinery's
     shareholders have extended Rand Refinery an irrevocable, subordinated loan facility of up to R1.2 billion. The facility is convertible
     to equity after a period of two years. The agreements relating to the facility were signed on 23 July 2014.

     During the December 2014 quarter, Rand Refinery Proprietary Limited drew down R1.02 billion on the shareholders loan. Harmony's
     portion of the shareholders' loan was R120 million. Interest on the facility is JIBAR plus a margin of 3.5%.

7.   Borrowings
     During the March 2015 quarter, the US$300 million syndicated revolving credit facility (US$270 million drawn) was refinanced by a
     new revolving credit facility of US$250 million. R400 million was drawn down on the R1.3 billion Nedbank revolving credit facility
     during the March 2015 quarter.
                                               US$ facility   Rand facility
     Figures in million                           US dollar         SA rand
     Borrowings summary
     Facility                                           250           1 300
     Drawn down                                         205             400
     Undrawn committed borrowing facilities              45             900
     Maturity                                 February 2018   December 2016

     A foreign exchange translation loss of R118 million was recorded in the March 2015 quarter (December 2014 quarter: R69 million)
     increasing the borrowings balance and Other expenses (net).

8.   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 March 31 December     30 June      31 March
                                                  2015        2014        2014          2014
     Figures in million                    (Unaudited) (Unaudited)   (Audited)   (Unaudited)
     
     Available-for-sale financial assets1
     Level 1                                         –           –           –            51
     Level 2                                         –           –           –             –
     Level 3                                         5           5           4             4
     Fair value through profit or loss2
     Level 1                                         –           –           –             –
     Level 2                                       155         375         798           768
     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.
     (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.

9.   Commitments and contingencies
                                                                  At           At          At             At
                                                            31 March  31 December     30 June       31 March
                                                                2015         2014        2014           2014
     Figures in million                                  (Unaudited)  (Unaudited)   (Audited)    (Unaudited)

     Capital expenditure commitments:
     Contracts for capital expenditure                           196          172         157            245
     Authorised by the directors but not contracted for          877        1 646         519            491
                                                               1 073        1 818         676            736
     
     This expenditure will be financed from existing resources and, where appropriate, borrowings.
     
     Contingent liabilities
     
     For a detailed disclosure on contingent liabilities refer to Harmony's annual financial statements for the financial year ended
     30 June 2014, available on the group's website (www.harmony.co.za). There were no significant changes in contingencies since
     30 June 2014.

10.  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. There were no transactions
     with related parties during the nine months ended 31 March 2015.

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

12.  Segment report
     The segment report follows on below.

13.  Reconciliation of segment information to condensed consolidated income statements and balance sheets
     
                                                                                                    Nine months ended
     
                                                                                                    31 March     31 March
                                                                                                        2015         2014
     Figures in million                                                                          (Unaudited)  (Unaudited)
     
     The "Reconciliation of segment information to condensed 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 (loss)/profit
     Total segment revenue                                                                            11 574       11 919
     Total segment production costs                                                                  (9 400)      (8 973)
     Production profit per segment report                                                              2 174        2 946
     Depreciation                                                                                    (1 848)      (1 617)
     Other cost of sales items                                                                         (487)        (557)
     Gross (loss)/profit as per income statements1                                                     (161)          772
     
     (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.
          
                                                                                       At            At
                                                                                 31 March      31 March
                                                                                     2015          2014
     Figures in million                                                       (Unaudited)   (Unaudited)
     
     Reconciliation of total segment mining assets to consolidated property,
     plant and equipment
     Property, plant and equipment not allocated to a segment
     Mining assets                                                                    765           821
     Undeveloped property                                                           5 139         5 139
     Other non-mining assets                                                          194           133
     Wafi-Golpu assets                                                              1 155           971
                                                                                    7 253         7 064
SEGMENT REPORT (RAND/METRIC)
for the nine months ended 31 March 2015 (unaudited)
                                                                               Production                                  Capital            Kilograms
                                       Revenue           Production cost      (loss)/profit        Mining assets        expenditure#          produced             Tonnes milled
                                       31 March             31 March            31 March            31 March              31 March            31 March               31 March

                                      2015      2014     2015      2014      2015      2014       2015      2014      2015        2014      2015          2014     2015       2014

                                       R million            R million           R million             R million           R million                  kg                t'000

South Africa
Underground
Kusasalethu                          1 454     1 466    1 508     1 363      (54)        103     3 583     3 539       349          366    3 038         3 341      673        857
Doornkop                               907       930      818       854        89         76     3 304     3 385       187          178    1 996         2 071      454        576
Phakisa                              1 068       952      871       786       197        166     4 609     4 622       307          264    2 388         2 213      458        431
Tshepong                             1 408     1 305    1 187     1 024       221        281     4 022     3 914       241          218    3 157         3 035      739        700
Masimong                               862       903      738       742       124        161       900     1 040       132          122    1 931         2 102      517        514
Target 1                             1 296     1 466      872       747       424        719     2 816     2 736       216          214    2 879         3 495      561        565
Bambanani(a)
                                       959     1 040      509       513       450        527       839       844        88           88    2 139         2 419      170        190
Joel                                   779       756      561       508       218        248       539       379       132          108    1 725         1 716      412        396
Unisel                                 597       622      510       452        87        170       608       662        79           62    1 335         1 446      321        310
Target 3(b)                            222       459      177       407        45         52       540       525        20           99      483         1 102       90        230
Surface
All other surface operations         1 022       961      837       735       185        226       481       469        36           33    2 261         2 215    7 822      7 841
Total South Africa                  10 574    10 860    8 588     8 131     1 986      2 729    22 241    22 115     1 787        1 752   23 332        25 155   12 217     12 610

International
Hidden Valley                        1 000     1 059      812       842       188        217     3 524     3 221        74           89    2 204         2 363    1 374      1 476
Total international                  1 000     1 059      812       842       188        217     3 524     3 221        74           89    2 204         2 363    1 374      1 476

Total operations                    11 574    11 919    9 400     8 973     2 174      2 946    25 765    25 336     1 861        1 841   25 536        27 518   13 591     14 086
Reconciliation of the segment
information to the condensed
consolidated financial statements
(refer to note 13)                                                                               7 253     7 064
                                    11 574    11 919    9 400     8 973                         33 018    32 400

# Capital expenditure for international operations excludes expenditure spend on Wafi-Golpu of R54 million (2014: Rnil).
(a) Includes Steyn 2 for the March 2014 amounts.
(b) Target 3 was placed on care and maintenance at the beginning of the December 2014 quarter.

DEVELOPMENT RESULTS (METRIC)
Quarter ending March 2015
                                                       Channel

                              Reef Sampled     Width    Value      Gold
                            Meters  Meters    (Cm's)    (g/t)   (Cmg/t)
Tshepong
Basal                          236     196      9.88   139.64     1 380
B Reef                         173     178    129.31     4.82       624
All Reefs                      409     374     66.72    15.29     1 020

Phakisa
Basal                          520     540     60.13    21.45     1 290
All Reefs                      520     540     60.13    21.45     1 290

Doornkop
Main Reef                        –      72     66.00     3.41      226
South Reef                     466     459     50.00    13.68      684
All Reefs                      466     531     52.17    11.92      622

Kusasalethu 
VCR Reef                       328     292     89.00     6.19      551
All Reefs                      328     292     89.00     6.19      551

Total Target
(Incl. Target 1 & Target 3)
Elsburg                        103     120    243.00     3.03      737
All Reefs                      103     120    243.00     3.03      737

Masimong 5
Basal                          351     306     43.37    14.81      642
B Reef                         123     147     55.59    14.33      797
All Reefs                      474     453     47.34    14.62      692

Unisel
Basal                          317     236    181.67     8.15    1 481
Leader                         451     340    226.82     6.65    1 509
All Reefs                      768     576    208.32     7.19    1 497

Joel
Beatrix                        257     276    110.00    11.99    1 319
All Reefs                      257     276    110.00    11.99    1 319

Total Harmony
Basal                        1 424   1 278     70.86    16.71    1 184
Beatrix                        257     276    110.00    11.99    1 319
Leader                         451     340    226.82     6.65    1 509
B Reef                         296     325     95.97     7.31      702
Elsburg                        103     120    243.00     3.03      737
South Reef                     466     459     50.00    13.68      684
VCR                            328     292     89.00     6.19      551
Main Reef                        –      72     66.00     3.42      226
All Reefs                    3 325   3 162     98.70    10.25    1 011

DEVELOPMENT RESULTS (IMPERIAL)
Quarter ending March 2015
                                                         Channel

                              Reef  Sampled     Width     Value      Gold
                              Feet     Feet    (Inch)    (oz/t) (In.oz/t)
Tshepong
Basal                          774      643      4.00      3.96        16
B Reef                         566      584     51.00      0.14         7
All Reefs                    1 341    1 227     26.00      0.45        12

Phakisa
Basal                        1 707    1 772     24.00      0.62        15
All Reefs                    1 707    1 772     24.00      0.62        15

Doornkop
Main Reef                        –      236     26.00      0.10         3
South Reef                   1 528    1 506     20.00      0.39         8
All Reefs                    1 528    1 742     21.00      0.34         7

Kusasalethu
VCR Reef                     1 075      958     35.00      0.18         6
All Reefs                    1 075      958     35.00      0.18         6

Total Target
(Incl. Target 1 & Target 3)
Elsburg                        337      394     96.00      0.09         8
All Reefs                      337      394     96.00      0.09         8

Masimong 5
Basal                        1 152    1 004    17.00       0.43         7
B Reef                         405      482    22.00       0.42         9
All Reefs                    1 556    1 486    19.00       0.42         8

Unisel
Basal                        1 039      774    72.00       0.24        17
Leader                       1 480    1 115    89.00       0.19        17
All Reefs                    2 519    1 890    82.00       0.21        17

Joel
Beatrix                        844      906    43.00       0.35        15
All Reefs                      844      906    43.00       0.35        15

Total Harmony
Basal                        4 672    4 193    28.00       0.49        14
Beatrix                        844      906    43.00       0.35        15
Leader                       1 480    1 115    89.00       0.19        17
B Reef                         971    1 066    38.00       0.21         8
Elsburg                        337      394    96.00       0.09         8
South Reef                   1 528    1 506    20.00       0.39         8
VCR                          1 075      958    35.00       0.18         6
Main Reef                        –      236    26.00       0.10         3
All Reefs                   10 907   10 374    39.00       0.30        12



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