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HARMONY GOLD MINING COMPANY LIMITED - Harmonys strong cash flows underpin profitable quarter

Release Date: 04/02/2016 07:06:00      Code(s): HAR       PDF(s):  
Harmony’s strong cash flows underpin profitable quarter

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’s strong cash flows underpin profitable quarter

•   Safety parameters improving; working towards zero harm
•   7% increase in underground recovered grade
•   2% increase in production
•   All-in sustaining costs down by 7% at R434 834/kg (down 15% to
•   84% increase in production profit to R1.29 billion (68% to US$91
•   Headline earnings of R74 million (US$5 million)
•   Net debt reduction of R127 million (US$29 million)

Harmony Gold   Mining Company Limited “(Harmony” and/or “the
Company”) is   pleased to announce that it recorded another
solid set of   results for the second quarter of financial year
2016 – three   consecutive quarters of increased delivery.

Underground grade was 7% higher, with the majority of
Harmony’s operations producing higher kilograms and
generating net free operational cash flow. Combined with a 7%
increase in the average R/kg gold price received of
R507 490/kg, revenue increased by 10% to R4.57 billion (to
US$321 million) during the quarter.

Harmony’s production profit increased by 84% to R1.29 billion
(68% to US$91 million) quarter on quarter, mainly due to a 7%
increase in the gold price received and supported by a 2%
increase in gold production.

“Higher production means that Harmony’s cash flow is
strengthened, our margins are growing, we are able to repay
our debt and to fund Golpu. The higher R/kg gold price is
simply an added bonus”, said chief executive officer, Peter

All-in sustaining costs for all operations decreased by 7% to
R434 834/kg in the December 2015 quarter, compared to R466
061/kg in the September 2015 quarter (15% decrease to

Better production results resulted in Harmony recording
headline earnings of R74 million (US$5 million).

For more details contact:

Henrika Ninham
Investor Relations Manager
On +27 (0)82 759 1775

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

Johannesburg, South Africa
4 February 2016

J.P. Morgan Equities South Africa Proprietary Limited

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