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HARMONY GOLD MINING COMPANY LIMITED - Harmony provides production overview

Release Date: 14/04/2016 12:12:00      Code(s): HAR       PDF(s):  
Harmony provides production overview

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

Harmony provides production overview


Harmony Gold Mining Company Limited (“Harmony” and/or “the
Company”) advises that its production guidance for the
financial year of about 1.1 million ounces is maintained. The
March 2016 quarter was 6% higher than the comparative quarter
in the previous financial year, but 9% lower than the December
2015 quarter. Total production was impacted by the late start-
ups following the December holiday, combined with the impact
of the earlier than usual Easter holidays, a maintenance
upgrade at Kusasalethu and a safety stoppage at Target.



Supported by stronger cash flows and mining above its guided
grade of 5g/t, the Company is well positioned to further
benefit from the higher gold price. Cash operating costs
including capital for the March 2016 quarter is approximately
R455 000/kg or US$900/oz (an exchange rate of R15.80/US$),
well below the average gold price for the quarter.



The Company’s net debt position by quarter end reduced by 35%
to approximately R1.7 billion (from R2.5 billion at the end of
the previous quarter). The strong R/kg price received during
the quarter of about R600 000/kg strengthened Harmony’s cash
flow. Cash certainty was further created by the foreign
exchange hedging contracts that were announced in February
2016. Harmony remains on track to repay all of its debt by
the end of calendar year 2016.



“Our focus is firmly set on further improving our safety,
achieving close to our guided production of about 1.1 million
ounces for the financial year 2016 and repaying all of our
debt”, Peter Steenkamp, chief executive officer of Harmony,
said.
Harmony has changed to semi-annual reporting (reported early
March 2016) and its financial results for the 6 months and
year ended 30 June 2016 will be published on 17 August 2016.



For more details contact:

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

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

Johannesburg, South Africa

14 April 2016

Sponsor:

J.P. Morgan Equities South Africa Proprietary Limited

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