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HARMONY GOLD MINING COMPANY LIMITED - Harmony restructuring for profitability

Release Date: 08/05/2015 07:06:00      Code(s): HAR       PDF(s):  
Harmony restructuring for profitability

Harmony Gold Mining Company Limited
Registration number 1950/038232/06
Incorporated in the Republic of South Africa
ISIN: ZAE000015228
JSE share code: HAR
(“Harmony” and/or “the Company”)


Harmony restructuring for profitability


Harmony Gold Mining Company Limited (“Harmony” and/or “the Company”) is
pleased to announce its operational and financial 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”, said Graham Briggs, chief
executive officer of Harmony.


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).


Despite lower gold production, production profit increased by 4% to
R643 million (US$55 million) in the March 2015 quarter compared to R618
million (US$55 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.
Harmony reduced its headline loss per share from 114 SA cents (10 US
cents) in the December 2014 quarter, to 60 SA cents (5 US cents) in the
March 2015 quarter.



For more details contact:

Marian van der Walt
Executive: Corporate and Investor Relations
+27 (0) 82 888 1242 (mobile)



8 May 2015

Sponsor:
J.P. Morgan Equities South Africa Proprietary Limited

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