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HARMONY GOLD MINING COMPANY LIMITED - Harmony Quarterly Results

Release Date: 05/11/2015 07:05:00      Code(s): HAR       PDF(s):  
Harmony Quarterly Results

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

RESULTS
FOR THE FIRST QUARTER ended
30 SEPTEMBER 2015

Q1 FY16

KEY FEATURES

- 17% increase in SA underground gold production

- 8% increase in underground recovered grade

- Restructuring yielding results

- SA operations are profitable

- We are on track to meet our FY16 guidance

- Excellent drilling results at Kili Teke

- Golpu's feasibility results to be completed December 2015

                                                                              Q-on-Q
                                                    Quarter    Quarter     variance
                                                    Sep-15     Jun-15            %
Gold produced                        – kg              8 752      7 977           10
                                     – oz            281 385    256 465           10
Cash operating costs                 – R/kg          384 810    389 671            1
                                     – US$/oz            921      1 003            8
Gold sold                            – kg              8 743      8 321            5
                                     – oz            281 094    267 523            5
Underground grade                    – g/t              4.99       4.61            8
Total costs and capital              – R/kg          443 730    465 923            5
                                     – US$/oz          1 062      1 200           12
All-in sustaining costs              – R/kg          466 061    478 746            3
                                     – US$/oz          1 115      1 233           10
Gold price received                  – R/kg          473 567    463 910            2
                                     – US$/oz          1 133      1 195          (5)
Production profit                    – R million         701        627           12
                                     – US$ million        54         52            4
Basic loss per share                 – SAc/s           (120)      (725)           83
                                     – USc/s             (9)       (60)           85
Headline earnings/(loss)             – Rm              (523)        191       >(100)
                                     – US$m             (40)         16       >(100)
Headline earnings/(loss) per share   – SAc/s           (120)         44       >(100)
                                     – USc/s             (9)          4       >(100)
Exchange rate                        – R/US$           13.00      12.08            8

FORWARD-LOOKING STATEMENTS

PRIVATE SECURITIES LITIGATION REFORM ACT
Safe Harbour Statement
This report contains forward-looking statements within the meaning of the safe harbour provided by Section 21E of the Securities Exchange Act of 1934, as amended, and Section 27A of the Securities Act of 1933, as amended, with respect to our 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. These include all statements other than statements of historical fact, including, without limitation, any statements proceeded by, followed by, or that include the words "targets", "believes", "expects", "aims", "intends", "will", "may", "anticipates", "would", "should", "could", "estimates", "forecast", "predict", "continue" or similar expressions or the negative thereof.

These forward-looking statements, including, among others, those relating to our future business prospects, revenues and income, wherever they may occur in this report and the exhibits to this report, are essentially estimates reflecting the best judgment of our senior management 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 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 South Africa, Papua New Guinea, Australia and elsewhere, estimates of future earnings, and the sensitivity of earnings to the gold and other metals prices, estimates of future gold and other metals production and sales, estimates of future cash costs, estimates of future cash flows, and the sensitivity of cash flows to the gold and other metals prices, statements regarding future debt repayments, estimates of future capital expenditures, the success of our business strategy, development activities and other initiatives, estimates of reserves statements regarding future exploration results and the replacement of reserves, the ability to achieve anticipated efficiencies and other cost savings in connection with past and future acquisitions, fluctuations in the market price of gold, the occurrence of hazards associated with underground and surface gold mining, the occurrence of labour disruptions, power cost increases as well as power stoppages, fluctuations and usage constraints, supply chain shortages and increases in the prices of production imports, availability, terms and deployment of capital, changes in government regulation, particularly mining rights and environmental regulation, fluctuations in exchange rates, the adequacy of the Group's insurance coverage and socio-economic or political instability in South Africa and Papua New Guinea and other countries in which we operate.

For a more detailed discussion of such risks and other factors (such as availability of credit or other sources of financing), see the Company's latest Integrated Annual Report on Form 20-F which is on file with the Securities and Exchange Commission, as well as the Company's other Securities and Exchange Commission filings. The Company undertakes no obligation to update publicly or release any revisions to these forward-looking statements to reflect events or circumstances after the date of this annual report or to reflect the occurrence of unanticipated events, except as required by law.

HARMONY'S ANNUAL REPORTS
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 2015 are available on our website at http://www.harmony.co.za/investors/reporting/annual-reports. 

CONTACT DETAILS

Corporate Office

Randfontein Office Park
PO Box 2, Randfontein, 1760, South Africa
Corner Main Reef Road/Ward Avenue
Randfontein, 1759, South Africa
Tel: +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

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

Company Secretary

Riana Bisschoff
Tel: +27 (0)11 411 6020
Mobile: +27 (0)83 629 4706
Email: 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
Tel: +27 86 154 6572
Fax: +27 86 674 2450
Email: meetfax@linkmarketservices.co.za

ADR(2) 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
Tel: +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
In South Africa, Harmony employs 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.

These competent persons, who are full-time employees of
Harmony, consent to the inclusion in the report of the matters
based on the information in the form and context in which it
appears.

- Resources and reserves of South Africa:

Jaco Boshoff, BSc (Hons), MSc, MBA, Pr. Sci. Nat, MSAIMM,
MGSSA, who has 20 years' relevant experience, is registered
with the South African Council for Natural Scientific Professions
(SACNASP) and is a member of the South African Institute of
Mining and Metallurgy (SAIMM).

Mr Boshoff is Harmony's Lead Competent Person.

- Resources and reserves of Papua New Guinea:

Gregory Job, BSc, MSc, who has 27 years' relevant experience and
is a member of the Australian Institute of Mining and Metallurgy
(AusIMM).

For more information on Harmony's reserves and resources as
at 30 June 2015, please refer to https://www.harmony.co.za/
investors/reporting/annual-reports

Mineral resource and reserve information as at 30 June
2015 has not changed.

SHAREHOLDER INFORMATION                                                                    
Issued ordinary share capital at 30 September 2015                             436 187 133   
Issued ordinary share capital at 30 June 2015                                 436 187 133   
MARKET CAPITALISATION                                                                       
At 30 September 2015 (ZARm)                                                          3 764   
At 30 September 2015 (US$m)                                                            272   
At 30 June 2015 (ZARm)                                                               6 800   
At 30 June 2015 (US$m)                                                                 560   
HARMONY ORDINARY SHARES AND
ADR PRICES                                                      
12-month high (1 October 2014 – 30 September
2015) for ordinary shares                                                            15.99   
12-month low (1 October 2014 – 30 September 2015)
for ordinary shares                                                                   8.40   
12-month high (1 October 2014 – 30 September 2015)
for ADRs                                                                              1.34   
12-month low (1 October 2014 – 30 September 2015)
for ADRs                                                                              0.60   
FREE FLOAT                                                                            100%   
ADR RATIO                                                                              1:1   
JSE LIMITED                                                                            HAR   
Range for quarter (1 July 2015 – 30 September 2015
closing prices)                                                             R15.99 – R8.40   
Average daily volume for the quarter (1 July 2015 –
30 September 2015)                                                        2,196,866 shares   
Range for quarter (1 April 2015 – 30 June 2015
closing prices)                                                            R24.34 – R15.59   
Average daily volume for the quarter (1 April 2015 –
30 June 2015)                                                             1,677,721 shares   
NEW YORK STOCK EXCHANGE
including other US trading platforms                                                   HMY   
Range for quarter (1 July 2015 – 30 September 2015
closing prices)                                                          US$1.34 – US$0.60   
Average daily volume for the quarter (1 July 2015 –
30 September 2015)                                                        3,565,559 shares   
Range for quarter (1 April 2015 – 30 June 2015
closing prices)                                                          US$2.07 – US$1.31   
Average daily volume for the quarter (1 April 2015 –
30 June 2015)                                                             2,212,229 shares   
INVESTORS' CALENDAR                                                                         
Q1 FY16 presentation (webcast and conference
calls only)                                                                5 November 2015   
Annual General Meeting                                                    23 November 2015   
Q2 FY16 live presentation from Johannesburg                                4 February 2016   
Q3 FY16 presentation (webcast and conference
calls only)                                                                     9 May 2016   
Q4 FY16 live presentation from Johannesburg                                17 August 2016   

MESSAGE FROM THE CHIEF EXECUTIVE OFFICER

During the first quarter of financial year 2016, we saw the benefits
of restructuring and optimising our operations. Gold produced by
our underground South African operations increased by 17%,
with an 8% increase in recovered grade. A further increase in gold
production is expected in the second quarter.

Higher production during the quarter assisted in maintaining
our solid balance sheet. The strong cash flows generated from
our operations allows us to fund our capital expenditure and 
the Golpu project in Papua New Guinea.

Harmony is well-positioned to benefit from higher gold prices
at an all-in sustaining cost of R434 829/kg (US$1 040/oz) at our
South African underground operations. We believe the gold price
will remain flat in the medium term. In the long term, we may
see an increase in the gold price, as gold has a long history as
an investment tool and a store of value. It remains a fairly secure
investment and while the price may fluctuate, gold will always be in
demand in some form.

SAFETY

At Harmony, the safety and health of our employees and
contractors is not only a moral imperative but essential for creating
a sustainable, responsible business. Safety, one of our five values,
is a key priority. Without a safe and healthy workforce, we cannot
be productive and profitable. We aim to eliminate and prevent all
fatalities and work-related injuries and illnesses by promoting a
culture that gives priority to health and safety.

We aspire to zero harm. To achieve this goal, continuous
improvement in our safety performance is required. It is with great
sadness that I report the loss of the lives of four of our colleagues.
They were: Pheelo William Ramohlokoane (security officer at
Target), Ezekiel Nonkevu (tramming supervisor at Kusasalethu),
Cancel Nurse Malungane (engineering assistant at Joel) and Piwas
Kesa (truck driver, Hidden Valley).

OPERATIONAL RESULTS

Quarter on quarter total gold production increased by 10% to
8 752 kilograms (281 385oz), largely due to an 8% improvement
in underground tonnes milled and an 8% improvement in the
underground recovered grade.

Gold production increased at the following operations when
compared to the June 2015 quarter:

-  Bambanani (+170kg)(+5 466oz): recorded a 22% increase in
   gold production, due to a 13% increase in recovered grade
   and an 8% increase in tonnes milled

-  Masimong (+196kg)(+6 302oz): a 24% increase in tonnes
   milled, combined with an 11% increase in recovered grade,
   resulted in a 37% increase in gold production

-  Kusasalethu (+105kg)(+3 376oz): following the restructuring of
   the mine, its recovered grade increased by 15%, resulting in a
   11% increase in gold produced

-  Phakisa (+252kg)(+8 102oz): kilograms produced increased by
   35%, due to a 16% increase in tonnes milled combined with
   a 16% increase in the recovered grade

-  Target 1 (+61kg)(+1 962oz): the recovered grade increased by
   9% and gold production by 6%

-  Tshepong (+198kg)(+6 366oz): an 18% increase in kilograms
   produced was as a result of an 11% increase in tonnes milled
   and a 6% increase in recovered grade

-  Unisel (+117kg)(+3 762oz): a 14% increase in recovered grade
   and a 17% increase in tonnes milled, resulted in a 33%
   increase in gold produced

-  Dumps (+51kg)(+1 640oz): gold production was 26% higher,
   due to a 19% increase in recovered grade and a 4% increase
   in tonnes milled.

Hidden Valley had a very disappointing production quarter.
The operation was suspended due to the fatality in July 2015
and lost 33 production days as a result. An investigation was
completed and all critical controls for high-risk tasks were
identified and reviewed. As a result of this event, production
decreased significantly in the September 2015 quarter, with lower
gold grades and recoveries reflecting the processing of a stockpile 
material once operations recommenced. Following the fatality, all 
pre-stripping activities at Hidden Valley stage 5 have been deferred.

Overall, the increase in Harmony's total gold production resulted
in a 12% increase in production profit and a 7% increase in
revenue quarter on quarter. Higher production was supported
by a 2% increase in the rand gold price. The rand gold price
received increased from R463 910/kg in the June 2015 quarter to
R473 567/kg, due to an 8% weakening of the rand against the
dollar. During the September 2015 quarter the US dollar gold price
received decreased by 5% to US$1 133/oz (Jun 15: US$1 195/oz).

Quarter on quarter, the cash operating costs for the September
2015 quarter increased by 8% or R260 million (1% or US$2 millon), 
due to an increase in labour and electricity costs (winter tariffs). 
Operational capital expenditure for the September 2015
quarter decreased by 15% to R516 million (21% to US$40 million).
All-in sustaining costs for all operations decreased by 3% to R466
061/kg in the September 2015 quarter, compared to R478 746/kg
in the June 2015 quarter (decreased 10% from US$1 233/oz to
US$1 115/oz), while our total South African operations' all-in sustaining
costs decreased by 7% to R436 751/kg (14% to US$1 045/oz).

FINANCIAL RESULTS

Revenue
Revenue increased by 7% as a result of the 5% increase in gold sold
to 8 743kg and a 2% increase in the average gold price received at
R473 567/kg (decrease of 5% to US$1 133/oz) in the September
2015 quarter. At the South African operations, revenue increased
by 13% to R4 billion (increase by 5% to US$306 million).

Production costs
Production costs increased by 6% to R3.4 billion (decrease by 1%
to US$265 million) in the September 2015 quarter. The increase is
mainly due to the increase in electricity costs (due to two months
of higher winter tariffs) and an increase in labour costs from
1 July 2015.

Other expenses – net
The increase to R443 million (US$34 million) in the September
2015 quarter is mainly due to the foreign exchange translation loss
of R426 million (US$33 million) recorded on the US$ borrowings.
The rand weakened from US$/R12.16 at 30 June 2015 to US$/
R13.87 at 30 September 2015.

Loss per share
The loss per share of 120 SA cents (9 US cents) for the September
2015 quarter reduced from the loss per share of 725 SA cents
(60 US cents) for the June 2015 quarter. If it was not for the
translation loss, Harmony would have recorded a smaller loss of
22 SA cents (2 US cents) per share.

Cash and cash equivalents
Cash balances increased by R420 million to R1.5 billion
(US$19 million to US$107 million). During the September 2015
quarter, positive cash was generated by operating activities net of
investing activities of R122 million (US$10 million).

Borrowings
R300 million (US$23 million) was drawn down on the R1.3 billion
(US$93.7 million) Nedbank facility during the September 2015
quarter. The drawn down amount on the US$ revolving credit
facility remained unchanged at US$250 million. The increase in
the balance in rand terms was due to the weakening of the rand
exchange rate against the dollar.

Wage negotiations

Harmony reached a three-year wage agreement with the National
Union of Mineworkers, United Association of South Africa and
Solidarity, effective from 1 July 2015. Increases range from 6% for
miners, artisans and officials to 10.4% for category 4 employees.
The average wage increase on the total South African wage bill for
FY16 is approximately 6.5%.

We believe that we have achieved what we set out to do – reaching an
agreement which ensures that we remain sustainable as a company
and at the same time limiting job losses.

Golpu

Sustaining and growing quality, profitable assets is key to our long-term
strategy. In contrast to South Africa where our mines are all mature
operations, we are in the process of developing a greenfields project
in Papua New Guinea (Golpu). The feasibility study on stage 1 and
the prefeasibility on stage 2 are due to be completed in December
2015. This, together with the completion of a pre-development
agreement with the Papua New Guinean government, will add
more certainty to the development of a mine at Golpu.

Exploration

Our exploration programme has enjoyed, and continues to enjoy,
considerable success in locating copper-gold mineralisation.A demonstration
of this is that between the years 2005 and 2014, the Golpu resource
grew from a 100 million tonnes to 1 billion tonnes (a tenfold increase). In an
environment where very little is being spent on exploration and
with the scarcity of new major copper and gold discoveries, the
results from the Kili Teke grassroots prospect are very encouraging.
As the extent of the surface copper-gold geochemical footprint
is yet to be tested, there is potential to develop this find into a
major copper-gold deposit similar to Golpu, Ok Tedi or Frieda River
which have resource cut-off grades of around 0.2% copper. New
discoveries are one of the best avenues to create shareholder value.

Drill results received for the quarter were highly encouraging and
continued to expand the mineralised zone at Kili Teke:

KTDD013:   542m @ 0.58% Cu, 0.41 g/t Au from 90m

KTDD014:   509m @ 0.38% Cu, 0.2 g/t Au from 358m including
           144m @ 0.53% Cu, 0.23 g/t Au from 610m

KTDD015:   466m @ 0.34% Cu, 0.25 g/t Au from 128m including
           290m @ 0.44% Cu, 0.34 g/t Au from 129m.

Global recognition for being
environmentally responsible

Post quarter end, Harmony was advised that it is one of only eight
companies globally that was awarded an A grade for its water
security and water management efforts by the CDP, formerly the
Carbon Disclosure Project. Information provided by 405 listed
companies was independently assessed against the CDP's scoring
methodology, developed in collaboration with leading peers and
experts in corporate water stewardship and ranked accordingly.

We recognise that our business and business processes have, and
can have, a negative effect on surrounding communities and the
natural environment, and that it is our responsibility to avoid,
mitigate, manage and limit these impacts. It is very rewarding to
be acknowledged for our efforts to secure and manage water.

Integrated Annual Report and Form 20F

Harmony posted its suite of reports for the financial year ended
30 June 2015 (FY15) on 23 October 2015. Our reports tell the
story of Harmony. We aim to show readers what Harmony has
done and achieved, what we plan to do and achieve in the future
and how we intend to get there. The report reflects on our journey
in FY15 – we explain our external and internal environments, our
strategy and business model, together with our objectives and
how we performed against these.

Harmony's Report to Shareholders, which includes the
company's notice of its annual general meeting and summarised
consolidated annual financial statements, is available at
http://www.harmony.co.za/investors/reporting/annual-reports.

The annual general meeting of the company will be held at
the Hilton Hotel, 138 Rivonia Road, Sandton, Johannesburg,
South Africa, on Monday, 23 November 2015, at 11:00 (SA time)
to transact the business as stated in the notice of the annual
general meeting.

Harmony's future

Unlocking the value in each of our assets – which is crucial to
our strategy – involves positioning each operation to be profitable
by driving production and limiting cost increases to create free cash flow.
We believe our plans are realistic and achievable and we are on
track to achieve our annual guidance.

We are one of the few companies that continue to spend on
exploration and to find excellent deposits. Our company has an
exciting future and is worth investing in.

Harmony is led by a competent and well-experienced executive
team, supported by first-rate operational teams. The process to
find a suitable candidate to fill my position as chief executive
officer is ongoing.

Graham Briggs
Chief Executive Officer

Operating results – Quarter on quarter (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  Underground    Phoenix     Dumps   Kalgold    Surface     Africa     Valley    Harmony
                              Sep-15          227       164       178       281        189       183          64         139       112        1 537      1 644       676       360      2 680      4 217        316      4 533
Ore milled         – t'000    Jun-15          235       149       153       253        153       188          59         139        96        1 425      1 581       648       367      2 596      4 021        451      4 472
                              Sep-15        1 020       665       982     1 319        728     1 006         939         540       477        7 676        210       251       269        730      8 406        346      8 752
                   – kg       Jun-15          915       667       730     1 121        532       945         769         533       360        6 572        207       200       259        666      7 238        739      7 977
Gold produced                 Sep-15       32 794    21 380    31 572    42 407     23 406    32 344      30 190      17 361    15 336      246 790      6 752     8 070     8 649     23 471    270 261     11 124    281 385
                   – oz       Jun-15       29 418    21 445    23 470    36 041     17 104    30 382      24 724      17 136    11 574      211 294      6 655     6 430     8 327     21 412    232 706     23 759    256 465
                              Sep-15         4.49      4.05      5.52      4.69       3.85      5.50       14.67        3.88      4.26         4.99       0.13      0.37      0.75       0.27       1.99       1.09       1.93
Yield              – g/tonne  Jun-15         3.89      4.48      4.77      4.43       3.48      5.03       13.03        3.83      3.75         4.61       0.13      0.31      0.71       0.26       1.80       1.64       1.78
                              Sep-15      479 826   409 116   348 017   347 719    365 380   314 830     222 508     389 857   388 352      358 168    393 214   385 948   515 428    435 751    364 906    868 384    384 810
                   – R/kg     Jun-15      475 130   405 966   406 418   367 940    458 677   334 152     237 464     369 006   459 372      383 311    376 024   375 125   392 251    382 065    383 197    453 077    389 671
Cash                          Sep-15        1 148       979       833       832        874       753         532         933       929          857        941       923     1 233      1 043        873      2 078        921
operating          – $/oz     Jun-15        1 223     1 045     1 047       947      1 181       860         611         950     1 183          987        968       966     1 010        984        987      1 167      1 003
costs                         Sep-15        2 156     1 659     1 920     1 632      1 407     1 731       3 265       1 515     1 654        1 789         50       143       385        119        727        951        743
                   – R/tonne  Jun-15        1 850     1 817     1 939     1 630      1 595     1 680       3 095       1 415     1 723        1 768         49       116       277         98        690        742        695
                              Sep-15        1 072       680       966     1 297        716       970         924         555       470        7 650        212       263       266        741      8 391        352      8 743
                   – kg       Jun-15        1 044       673       759     1 166        553       952         800         578       374        6 899        208       194       274        676      7 575        746      8 321
Gold sold                     Sep-15       34 466    21 862    31 058    41 699     23 020    31 186      29 707      17 844    15 111      245 953      6 816     8 456     8 552     23 824    269 777     11 317    281 094
                   – oz       Jun-15       33 565    21 637    24 402    37 488     17 779    30 607      25 721      18 583    12 024      221 806      6 687     6 237     8 809     21 733    243 539     23 984    267 523
                              Sep-15      508 322   322 224   457 404   613 671    339 013   462 161     435 752     262 500   222 241    3 623 288    100 421   124 576   125 932    350 929  3 974 217    166 176  4 140 393
Revenue            (R'000)    Jun-15      484 792   312 460   351 852   540 523    256 344   442 291     370 676     267 615   173 455    3 200 008     96 678    89 965   126 733    313 376  3 513 384    346 809  3 860 193
Cash operating                Sep-15      489 423   272 062   341 753   458 642    265 997   316 719     208 935     210 523   185 244    2 749 298     82 575    96 873   138 650    318 098  3 067 396    300 461  3 367 857
costs              (R'000)    Jun-15      434 744   270 779   296 685   412 461    244 016   315 774     182 610     196 680   165 374    2 519 123     77 837    75 025   101 593    254 455  2 773 578    334 824  3 108 402
Inventory                     Sep-15       25 452     5 400   (5 714)   (6 134)    (4 334)  (10 296)     (4 696)       5 656   (2 725)        2 609        589     5 155   (2 201)      3 543      6 152     65 767     71 919
movement           (R'000)    Jun-15       52 944     3 851    13 463    12 268      9 071     2 758      12 702      11 327     6 981      125 365      (160)   (2 417)     5 463      2 886    128 251    (3 657)    124 594
                              Sep-15      514 875   277 462   336 039   452 508    261 663   306 423     204 239     216 179   182 519    2 751 907     83 164   102 028   136 449    321 641  3 073 548    366 228  3 439 776
Operating costs    (R'000)    Jun-15      487 688   274 630   310 148   424 729    253 087   318 532     195 312     208 007   172 355    2 644 488     77 677    72 608   107 056    257 341  2 901 829    331 167  3 232 996
                              Sep-15      (6 553)    44 762   121 365   161 163     77 350   155 738     231 513      46 321    39 722      871 381     17 257    22 548  (10 517)     29 288    900 669  (200 052)    700 617
Production         (R'000)    Jun-15      (2 896)    37 830    41 704   115 794      3 257   123 759     175 364      59 608     1 100      555 520     19 001    17 357    19 677     56 035    611 555     15 642    627 197
profit                        Sep-15        (504)     3 444     9 337    12 399      5 951    11 982      17 811       3 563     3 056       67 039      1 328     1 735     (810)      2 253     69 292   (15 392)     53 900
                   ($'000)    Jun-15        (239)     3 132     3 453     9 586        270    10 246      14 518       4 934        91       45 991      1 573     1 437     1 629      4 639     50 630      1 295     51 925
                              Sep-15       89 877    46 623    84 984    65 588     27 599    79 317      23 780      53 186    15 590      486 544        107     1 511    11 021     12 639    499 183     16 481    515 664
Capital            (R'000)    Jun-15      113 597    57 673    96 529    72 792     34 140    79 055      22 172      49 878    20 228      546 064      1 143     1 397    12 189     14 729    560 793     47 469    608 262
expenditure                   Sep-15        6 914     3 587     6 538     5 046      2 123     6 102       1 829       4 092     1 199       37 430          8       116       848        972     38 402      1 268     39 670
                   ($'000)    Jun-15        9 405     4 775     7 992     6 026      2 826     6 545       1 836       4 129     1 675       45 209         95       116     1 009      1 220     46 429      3 930     50 359
                              Sep-15      567 941   479 226   434 559   397 445    403 291   393 674     247 833     488 350   421 036      421 553    393 724   391 968   556 398    453 064    424 290    916 017    443 730
Cash Operating     – R/kg     Jun-15      599 280   492 432   538 649   432 875    522 850   417 808     266 296     462 585   515 561      466 401    381 546   382 110   439 313    404 180    460 676    517 311    465 923
Cost and Capital              Sep-15        1 359     1 147     1 040       951        965       942         593       1 169     1 007        1 009        942       938     1 331      1 084      1 015      2 192      1 062
                   – $/oz     Jun-15        1 543     1 268     1 387     1 115      1 346     1 076         686       1 191     1 328        1 201        983       984     1 131      1 041      1 186      1 332      1 200
                              Sep-15      581 984   490 361   450 652   413 998    428 847   412 106     250 346     451 236   443 126      434 829    393 684   404 837   574 506    462 553    436 751  1 163 868    466 061
All-in             – R/kg     Jun-15      593 635   516 120   550 617   441 458    543 746   435 177     278 032     413 206   538 079      475 031    379 144   408 253   451 333    416 758    469 467    573 007    478 746
sustaining                    Sep-15        1 393     1 173     1 078       991      1 026       986         599       1 080     1 060        1 040        942       969     1 375      1 107      1 045      2 836      1 115
costs              – $/oz     Jun-15        1 529     1 329     1 418     1 137      1 400     1 121         716       1 064     1 386        1 223        976     1 051     1 162      1 073      1 209      1 467      1 233

CONDENSED CONSOLIDATED INCOME STATEMENTS (Rand)

                                                                                Quarter ended                  Year ended   
                                                                 30 September         30 June   30 September      30 June   
                                                                         2015            2015           2014         2015   
Figures in million                                        Note    (Unaudited)     (Unaudited)    (Unaudited)    (Audited)   
Revenue                                                                 4 140           3 860          4 431       15 435   
Cost of sales                                                2        (4 088)         (7 316)        (4 319)     (19 053)   
  Production costs                                                    (3 439)         (3 233)        (3 518)     (12 632)   
  Amortisation and depreciation                                         (555)           (624)          (650)      (2 472)   
  Impairment of assets                                                      –         (3 471)              –      (3 471)   
  Other items                                                            (94)              12          (151)        (478)   
Gross profit/(loss)                                                        52         (3 456)            112      (3 618)   
Corporate, administration and other expenditure                          (89)            (95)          (111)        (378)   
Social investment expenditure                                            (11)            (12)           (24)         (71)   
Exploration expenditure                                                  (43)            (44)           (85)        (263)   
Profit on sale of property, plant and equipment                             2               6              –            6   
Loss on scrapping of property, plant and equipment                          –            (61)              –        (491)   
Other expenses (net)                                         5          (443)            (12)          (187)        (378)   
Operating loss                                                          (532)         (3 674)          (295)      (5 193)   
Loss from associates                                                        –            (25)              –         (25)   
Profit on disposal of investments                                           –               4              –            4   
Net gain/(loss) on financial instruments                                  (8)            (15)              7            9   
Investment income                                                          57              57             51          229   
Finance cost                                                             (71)            (61)           (65)        (264)   
Loss before taxation                                                    (554)         (3 714)          (302)      (5 240)   
Taxation                                                     3             33             562             36          704   
  Normal taxation                                                         (1)               4              1            5   
  Deferred taxation                                                        34             558             35          699   
Net loss for the period                                                 (521)         (3 152)          (266)      (4 536)   
Attributable to:                                                                                                            
Owners of the parent                                                    (521)         (3 152)          (266)      (4 536)   
Loss per ordinary share (cents)                              4                                                              
Basic loss                                                              (120)           (725)           (61)      (1 044)   
Diluted loss                                                            (120)           (725)           (61)      (1 044)   

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

The condensed consolidated financial statements for the three months ended 30 September 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 financials have not been audited
or independently reviewed.

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Rand)

                                                                                Quarter ended                  Year ended   
                                                                 30 September         30 June   30 September      30 June   
                                                                         2015            2015           2014         2015   
Figures in million                                                (Unaudited)     (Unaudited)    (Unaudited)    (Audited)   
Net loss for the period                                                 (521)         (3 152)          (266)      (4 536)   
Other comprehensive income/(loss) for the period,                                                                           
net of income tax                                                         216            (79)            179           59   
Items that may be reclassified subsequently to profit or loss:            216            (84)            179           54   
  Foreign exchange translation                                            216            (84)            179           54   
Items that will not be reclassified to profit or loss:                      –               5              –            5   
  Remeasurement of retirement benefit obligation                                                                              
  Actuarial gain recognised during the year                                 –               8              –            8   
  Deferred taxation thereon                                                 –             (3)              –          (3)   
Total comprehensive loss for the period                                 (305)         (3 231)           (87)      (4 477)   
Attributable to:                                                                                                            
Owners of the parent                                                    (305)         (3 231)           (87)      (4 477)   

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

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (Rand)
for the three months ended 30 September 2015 (Unaudited)

                                                    Share      Other   Accumulated            
Figures in million                                capital   reserves          loss    Total   
Balance – 30 June 2015                             28 324      3 787       (5 358)   26 753   
Share-based payments                                    –         42             –       42   
Net loss for the period                                 –          –         (521)    (521)   
Other comprehensive income for the period               –        216             –      216   
balance – 30 September 2015                        28 324      4 045       (5 879)   26 490   
Balance – 30 June 2014                             28 325      3 539         (822)   31 042   
Share-based payments                                    –         69             –       69   
Net loss for the period                                 –          –         (266)    (266)   
Other comprehensive income for the period               –        179             –      179   
Balance – 30 September 2014                        28 325      3 787       (1 088)   31 024   

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

CONDENSED CONSOLIDATED BALANCE SHEETS (Rand)

                                                              At          At             At   
                                                    30 September     30 June   30 September   
                                                            2015        2015           2014   
Figures in million                           Note    (Unaudited)   (Audited)    (Unaudited)   
ASSETS                                                                                        
Non-current assets                                                                            
Property, plant and equipment                             29 808      29 548         33 232   
Intangible assets                                            882         885            885   
Restricted cash                                               52          48             38   
Restricted investments                                     2 408       2 384          2 329   
Deferred tax assets                             3              –           –             76   
Investments in financial assets                                5           5              4   
Inventories                                                   36          36             50   
Trade and other receivables                                   80          80              –   
Total non-current assets                                  33 271      32 986         36 614   
Current assets                                                                                
Inventories                                                1 263       1 292          1 390   
Trade and other receivables                                  754         746            693   
Income and mining taxes                                       28          30             94   
Restricted cash                                               16          16             15   
Cash and cash equivalents                                  1 487       1 067          2 281   
Total current assets                                       3 548       3 151          4 473   
Total assets                                              36 819      36 137         41 087   
EQUITY AND LIABILITIES                                                                        
Share capital and reserves                                                                    
Share capital                                             28 324      28 324         28 325   
Other reserves                                             4 045       3 787          3 787   
Accumulated loss                                         (5 879)     (5 358)        (1 088)   
Total equity                                              26 490      26 753         31 024   
Non-current liabilities                                                                       
Deferred tax liabilities                        3          1 871       1 906          2 640   
Provision for environmental rehabilitation                 2 292       2 218          2 148   
Retirement benefit obligation                   2            167         163            251   
Other non-current liabilities                                 39          37             40   
Borrowings                                      5          4 129       3 399              –   
Total non-current liabilities                              8 498       7 723          5 079   
Current liabilities                                                                           
Borrowings                                      5              –           –          3 052   
Income and mining taxes                                        1           1              9   
Trade and other payables                                   1 830       1 660          1 923   
Total current liabilities                                  1 831       1 661          4 984   
Total equity and liabilities                              36 819      36 137         41 087   

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

CONDENSED CONSOLIDATED CASH FLOW STATEMENTS (Rand)

                                                                            Quarter ended                  Year ended   
                                                             30 September         30 June   30 September      30 June   
                                                                     2015            2015           2014         2015   
Figures in million                                    Note    (Unaudited)     (Unaudited)    (Unaudited)    (Audited)   
Cash flow from operating activities                                                                                     
Cash generated by operations                                          696             568          1 071        1 928   
Interest and dividends received                                        23              25             25          101   
Interest paid                                                           –            (48)           (23)        (108)   
Income and mining taxes (paid)/refunded                                 –            ( 5)             25           85   
Cash generated by operating activities                                719             540          1 098        2 006   
Cash flow from investing activities                                                                                     
(Increase)/decrease in restricted cash                                (3)            ( 4)              4            8   
Decrease in restricted investments                                      1              11              1           31   
Loan to associate                                                       –               –              –        (120)   
Net additions to property, plant and equipment           7          (595)           (718)          (651)      (2 827)   
Cash utilised by investing activities                               (597)           (711)          (646)      (2 908)   
Cash flow from financing activities                                                                                     
Borrowings raised                                                     300             541              –          941   
Borrowings repaid                                                       –            (11)              –        (793)   
Cash generated by financing activities                                300             530              –          148   
Foreign currency translation adjustments                             ( 2)               7              –          (8)   
Net increase/(decrease) in cash and cash equivalents                  420             366            452        (762)   
Cash and cash equivalents – beginning of period                     1 067             701          1 829        1 829   
Cash and cash equivalents – end of period                           1 487           1 067          2 281        1 067   

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

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
for the three months ended 30 September 2015 (Rand)

1.   Accounting policies
     Basis of accounting
     The condensed consolidated financial statements for the three months ended 30 September 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 2015, which have been prepared in accordance with International Financial Reporting Standards as issued by
     the International Accounting Standards Board (IFRS). The accounting policies are consistent with those described in the annual
     financial statements, except for the adoption of applicable revised and/or new standards issued by the International Accounting
     Standards Board.

2.   Cost of sales

  
                                                                            Quarter ended                Year ended   
                                                           30 September         30 June   30 September      30 June   
                                                                   2015            2015           2014         2015   
     Figures in million                                     (Unaudited)     (Unaudited)    (Unaudited)    (Audited)   
     Production costs – excluding royalty                         3 414           3 217          3 486       12 537   
     Royalty expense                                                 25              16             32           95   
     Amortisation and depreciation                                  555             624            650        2 472   
     Impairment of assets(1)                                          –           3 471              –        3 471   
     Rehabilitation expenditure/(credit)(2)                          13            (41)             14          (6)   
     Care and maintenance cost of restructured shafts(3)             22              49             17          106   
     Employment termination and restructuring costs                  15              24             48          251   
     Share-based payments                                            45              36             73          208   
     Other(4)                                                       (1)            (80)            (1)         (81)   
     Total cost of sales                                          4 088           7 316          4 319       19 053   

     (1) The impairment in the June 2015 quarter consists of an impairment of R2.11 billion on Hidden Valley, R1.04 billion on Doornkop, R278 million on Phakisa and
         R43 million on Freddies 9.

     (2) Included in the total for the June 2015 quarter is a credit of R61 million relating to the change in estimate following the annual reassessment.

     (3) Included in the September 2015 quarter is a credit of R15 million relating to an insurance claim approved on the Brand 1A vent shaft explosion. Included in the
         total for the June 2015 quarter is R20 million reparation costs relating to the Brand 1A vent shaft explosion.

     (4) Included in the total for the June 2015 quarter is a credit of R87 million relating to the reduction in employees qualifying for post-retirement benefits.

3.   Taxation
     The deferred tax credit for the June 2015 quarter includes a credit of R558 million following the net decrease in the deferred tax rates
     year on year for the South African companies and impairments recognised on property, plant and equipment. Included in the total
     is also a debit of R64 million relating to the derecognition of the Australian deferred tax asset.

4.   Earnings/(loss) per share


                                                                          Quarter ended                  Year ended   
                                                           30 September         30 June   30 September      30 June   
                                                                   2015            2015           2014         2015   
                                                            (Unaudited)     (Unaudited)    (Unaudited)    (Audited)   
     Weighted average number of shares (million)                  435.1           435.0          434.1        434.4   
     Weighted average number of diluted shares (million)          435.7           438.2          435.4        438.1   
     Total earnings/(loss) per share (cents):                                                                         
     Basic loss                                                   (120)           (725)           (61)      (1 044)   
     Diluted loss                                                 (120)           (725)           (61)      (1 044)   
     Headline earnings/(loss)                                     (120)              44           (61)        (189)   
     Diluted headline earnings/(loss)                             (120)              44           (61)        (189)   
     Figures in million                                                                                               
     Reconciliation of headline earnings/(loss):                                                                      
     Net loss                                                     (521)         (3 152)          (266)      (4 536)   
     Adjusted for:                                                                                                    
     Profit on disposal of investments(1)                             –             (4)              –          (4)   
     Impairment of assets                                             –           3 471              –        3 471   
     Taxation effect on impairment of assets                          –           (169)              –        (169)   
     Profit on sale of property, plant and equipment                (2)             (6)              –          (6)   
     Taxation effect of (loss)/profit on sale of property,
     plant and equipment                                              –             (1)              –          (1)   
     Loss on scrapping of property, plant and equipment               –              61              –          491   
     Taxation effect on loss of scrapping of property,
     plant and equipment                                              –             (9)              –         (67)   
     Headline earnings/(loss)                                     (523)             191          (266)        (821)   
        
     (1) There is no taxation effect on this item.                                                                                          

5.   Borrowings
     During the September 2015 quarter, R300 million was drawn down on the R1.3 billion Nedbank revolving credit facility. During the
     June 2015 quarter, US$45 million (R541 million) was drawn down on the US$ revolving credit facility. The weakening of the Rand
     against the US$ resulted in a foreign exchange translation loss of R426 million being recorded in the September 2015 quarter (June
     2015 quarter: R4 million), increasing the Borrowings balance and Other expenses (net) total.

                                                   US$ facility       Rand facility   
     Figures in million                               US dollar             SA rand   
     Borrowings summary                                                               
     Facility                                               250               1 300   
     Drawn down                                             250                 700   
     Undrawn committed borrowing facilities                   –                 600   
     Maturity                                     February 2018       December 2016   
     Interest rate                                   LIBOR + 3%        JIBAR + 3.5%   


6.   Financial risk management activities
     Fair value determination

     The fair value levels of hierarchy are as follows:
     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).

     The following table presents the group's assets and liabilities that are measured at fair value by level:
     
                                                      At          At             At   
                                            30 September     30 June   30 September   
                                                    2015        2015           2014   
     Figures in million                      (Unaudited)   (Audited)    (Unaudited)   
     Available-for-sale financial assets(1)                                             
     Level 1                                           –           –              –   
     Level 2                                           –           –              –   
     Level 3                                           5           5              4   
     Fair value through profit or loss(2)                                               
     Level 1                                           –           –              –   
     Level 2                                         532         538            632   
     Level 3                                           –           –              –   

     (1) 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 Top 40 index on the JSE, and are discounted at market interest rate. This relates to equity-
         linked deposits in the group's environmental rehabilitation trust funds (included in restricted investments).

7.   Net additions to property, plant and equipment                                                                                
                                                                                     Quarter ended                    Year ended   
                                                                      30 September         30 June   30 September        30 June   
                                                                              2015            2015           2014           2015   
     Figures in million                                                (Unaudited)     (Unaudited)    (Unaudited)      (Audited)   
     Capital expenditure – operations                                          516             608            598          2 470   
     Capital and capitalised exploration and evaluation                                                                            
     expenditure for Wafi-Golpu                                                 61              65             14            119   
     Additions resulting from stripping activities at Hidden Valley             19              53             34            236   
     Other                                                                     (1)             (8)              5              2   
     Net additions                                                             595             718            651          2 827   

8.   Commitments and contingencies                                                                                                 
                                                                                                At             At             At   
                                                                                      30 September        30 June   30 September   
                                                                                              2015           2015           2014   
     Figures in million                                                                (Unaudited)      (Audited)    (Unaudited)   
     Capital expenditure commitments:                                                                                              
     Contracts for capital expenditure                                                         126            158            206   
     Authorised by the directors but not contracted for                                      1 980            257          2 359   
                                                                                             2 106            415          2 565   


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
2015. There were no significant changes in contingencies since 30 June 2015.

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.

     On 27 September 2015, 2 259 performance shares (ordinary shares) vested in the name of the chief executive officer, Graham Briggs.

     Harmony has signed a R150 million guarantee for the ARM Broad Based Economic Empowerment (BBEE) Trust, a member of the
     African Rainbow Minerals (ARM) group. The guarantee is for additional security for the ARM BEE Trust loan due to Nedbank Limited.
     The fair value of the guarantee was R15 million at 30 September 2015, and has been recorded in Other expenses (net) and Trade
     and other payables.

10.  Subsequent events
     There were no subsequent events to be disclosed.

11.  Segment report
     The segment report follows on page 15.

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

                                                                                                      Three months ended   
                                                                                                  30 September   30 September   
                                                                                                          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 profit                                                                        
     Total segment revenue                                                                               4 140          4 431   
     Total segment production costs                                                                    (3 439)        (3 518)   
     Production profit per segment report                                                                  701            913   
     Depreciation                                                                                        (555)          (650)   
     Other cost of sales items                                                                            (94)          (151)   
     Gross profit as per income statements(1)                                                               52            112   

     (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   
                                                                                                 30 September   30 September   
                                                                                                         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                                                                                        752            779   
     Undeveloped property                                                                               5 139          5 139   
     Other non-mining assets                                                                              192            143   
     Wafi-Golpu assets                                                                                  1 621          1 140   
                                                                                                        7 704          7 201   

Segment report (Rand/Metric)
for the three months ended 30 September 2015 (Unaudited)

                                                                               Production                                 Capital            Kilograms                        
                                       Revenue         Production cost       profit/(loss)        Mining assets       expenditure(#)         produced          Tonnes milled   
                                    30 September         30 September         30 September        30 September         30 September        30 September        30 September   
                                    2015    2014         2015     2014         2015   2014        2015     2014        2015    2014        2015    2014        2015     2014   
                                      R million            R million            R million          R millioon            R million              kg                 t'000            
South Africa                                                                                                                                                                   
Underground                                                                                                                                                                    
Kusasalethu                          508     636          515      582          (7)     54       3 648    3 666          90     124       1 020   1 334         227      290   
Doornkop                             322     309          277      309           45      –       2 236    3 343          47      55         665     619         164      136   
Phakisa                              457     385          336      298          121     87       4 290    4 611          85      85         982     855         178      158   
Tshepong                             614     486          452      407          162     79       4 051    3 959          65      83       1 319   1 078         281      259   
Masimong                             339     315          262      258           77     57         841    1 068          28      41         728     698         189      185   
Target 1                             462     484          306      312          156    172       2 818    2 785          79      74       1 006   1 042         183      183   
Bambanani                            436     328          204      174          232    154         814      834          24      25         939     727          64       59   
Joel                                 263     279          216      223           47     56         624      468          53      31         540     533         139      146   
Unisel                               222     215          183      177           39     38         580      635          16      29         477     477         112      114   
Target 3(a)                            –     205            –      162            –     43         531      551           –      20           –     442           –       81   
Surface                                                                                                                                                                        
All other surface operations         351     381          322      310           29     71         484      475          12       8         730     781       2 680    2 638   
Total South Africa                 3 974   4 023        3 073    3 212          901    811      20 917   22 395         499     575       8 406   8 586       4 217    4 249   
International                                                                                                                                                                  
Hidden Valley                        166     408          366      306        (200)    102       1 187    3 636          17      21         346     849         316      521   
Total international                  166     408          366      306        (200)    102       1 187    3 636          17      21         346     849         316      521   
Total operations                   4 140   4 431        3 439    3 518          701    913      22 104   26 031         516     596       8 752   9 435       4 533    4 770   
Reconciliation of the segment                                                                                                                                                  
information to the condensed                                                                                                                                                   
consolidated financial statements                                                                                                                                              
(refer to note 12)                     –       –            –        –                           7 704    7 201                                                                
                                   4 140   4 431        3 439    3 518                          29 808   33 232                                                                

(#) Capital expenditure for international operations excludes expenditure spend on Wafi-Golpu of R61 million (2014: R15 million).
(a) Target 3 was placed on care and maintenance in October 2014.                                                                       

DEVELOPMENT RESULTS (METRIC)
Quarter ending September 2015

                                          Channel               
                  Reef   Sampled    Width     Value        Gold   
               Meters    Meters   (Cm's)     (g/t)     (Cmg/t)   
Tshepong                                                     
Basal              196       160     9.44    120.23       1 135   
B Reef             249       224   167.19     13.70       2 290   
All Reefs          445       384   101.46     17.83       1 809   
Phakisa                                                      
Basal              515       516    56.72     24.52       1 391   
All Reefs          515       516    56.72     24.52       1 391   
Doornkop                                                     
South Reef         551       588    64.00     12.79         817   
All Reefs          551       588    64.00     12.76         817   
Kusasalethu                                                  
VCR Reef           465       374    89.00     10.91         971   
All Reefs          465       374    89.00     10.91         971   
Target 1                                                     
Elsburg             44        44   291.00      7.33       2 134   
All Reefs           44        44   291.00      7.33       2 134   
Masimong 5                                                   
Basal              196       162    69.22     18.93       1 311   
B Reef             165       171    45.75     13.33         610   
All Reefs          360       333    57.17     16.63         951   
Unisel                                                       
Basal              261       174   171.26      6.80       1 164   
Leader             306       346   198.98      7.50       1 493   
All Reefs          568       520   189.70      7.29       1 383   
Joel                                                         
Beatrix            402       439   124.00      8.61       1 067   
All Reefs          402       439   124.00      8.61       1 067   
Total Harmony                                                
Basal            1 168     1 012    70.94     18.30       1 298   
Beatrix            402       439   124.00      8.61       1 067   
Leader             306       346   198.98      7.50       1 493   
B Reef             414       395   114.62     13.63       1 563   
Elsburg             44        44   291.00      7.33       2 134   
South Reef         551       588    64.00     12.76         817   
VCR                465       374    89.00     10.91         971   
All Reefs        3 350     3 198   101.34     11.89       1 205   

DEVELOPMENT RESULTS (IMPERIAL)
Quarter ending September 2015

                                          Channel               
                  Reef   Sampled    Width     Value        Gold   
                 Feet      Feet   (Inch)    (oz/t)   (In.oz/t)   
Tshepong                                                     
Basal              644       525     4.00      3.26          13   
B Reef             818       735    66.00      0.40          26   
All Reefs        1 461     1 260    40.00      0.52          21   
Phakisa                                                      
Basal            1 690     1 693    22.00      0.73          16   
All Reefs        1 690     1 693    22.00      0.73          16   
Doornkop                                                     
South Reef       1 808     1 929    25.00      0.38           9   
All Reefs        1 808     1 929    25.00      0.38           9   
Kusasalethu                                                  
VCR Reef         1 525     1 227    35.00      0.32          11   
All Reefs        1 525     1 227    35.00      0.32          11   
Target 1                                                     
Elsburg            144       144   115.00      0.21          25   
All Reefs          144       144   115.00      0.21          25   
Masimong 5                                                   
Basal              642       531    27.00      0.56          15   
B Reef             540       561    18.00      0.39           7   
All Reefs        1 182     1 093    23.00      0.47          11   
Unisel                                                       
Basal              857       571    67.00      0.20          13   
Leader           1 005     1 135    78.00      0.22          17   
All Reefs        1 862     1 706    75.00      0.21          16   
Joel                                                         
Beatrix          1 317     1 440    49.00      0.25          12   
All Reefs        1 317     1 440    49.00      0.25          12   
Total Harmony                                                
Basal            3 833     3 320    28.00      0.53          15   
Beatrix          1 317     1 440    49.00      0.25          12   
Leader           1 005     1 135    78.00      0.22          17   
B Reef           1 358     1 296    45.00      0.40          18   
Elsburg            144       144   115.00      0.21          25   
South Reef       1 808     1 929    25.00      0.38           9   
VCR              1 525     1 227    35.00      0.32          11   
All Reefs       10 990    10 492    40.00      0.35          14   

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