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HARMONY GOLD MINING COMPANY LIMITED - Production results for the three months ended 30 September 2016

Release Date: 10/11/2016 12:00:00      Code(s): HAR       PDF(s):  
Production results for the three months ended 30 September 2016

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

Q1 FY17
PRODUCTION RESULTS
FOR THE THREE MONTHS ENDED
30 SEPTEMBER 2016

KEY FEATURES - QUARTER ON QUARTER

- Received numerous industry safety awards at 2016 MineSAFE ceremony
- 10% increase in gold production
- Production profit of R1.4 billion (US$97 million)
- R850 million (US$60 million) free operational cash flow
- 51% decrease in net debt from R1 083 million to R528 million
  (49% decrease from US$74 million to US$38 million)
- R5.25 billion recorded in revenue - highest ever (US$374 million)
- Currency and gold hedges realise R240 million (US$17 million) in profits
- Acquired full ownership of Hidden Valley in PNG

                                        September 2016 quarter   June 2016 quarter    Q-on-Q variance %
Gold produced             kg                             8 630               7 880                   10
                          oz                           277 461             253 349                   10
Underground grade         g/t                             5.01                4.75                    5
Gold price received       R/kg                         605 224             608 316                  (1)
                          US$/oz                         1 339               1 262                    6
Cash operating costs      R/kg                         448 117             437 925                  (2)
                          US$/oz                           991                 909                  (9)
Total costs and capital   R/kg                         515 776             512 829                  (1)
                          US$/oz                         1 141               1 064                  (7)
All-in sustaining costs   R/kg                         516 116             521 738                    1
                          US$/oz                         1 142               1 083                  (5)
Production profit         R million                      1 369               1 357                    1
                          US$ million                       97                  91                    7
Cash operating margin     %                                 16                  17
Exchange rate             R/US$                          14.06               14.99                  (6)

MESSAGE FROM THE CHIEF EXECUTIVE OFFICER
1. OVERVIEW
We had a very good start to the new financial year, with increased production, even stronger cash flows and a quarter in which we returned
money to shareholders by way of a dividend.

In support of our strategy to grow and improve the quality of our gold ounces, we acquired the other half of the Hidden Valley mine in Papua
New Guinea (PNG) and submitted the special mining lease application in support of the Golpu project.

We recorded our highest ever quarterly revenue of R5.25 billion, a 9% increase quarter on quarter (16% increase to US$374 million).
The operations generated positive free cash flow of R850 million (US$60 million), allowing us to reduce net debt by 51% from R1 083 million
to R528 million (reduced by 49% from US$74 million to US$38 million), after paying a dividend of R218 million (US$16 million).

2. SAFETY AND HEALTH
We are committed to creating a culture where safety and health is our first priority. Despite our combined efforts, two of our colleagues tragically
lost their lives in mine related accidents.

The causes of all accidents are investigated and analysed thoroughly by our own safety personnel in conjunction with the authorities and
employee representatives, and lessons learned are rigorously applied.

We will persist with our safety training and awareness campaigns to ensure a safe working place.

As regards occupational lung diseases, the Silicosis Working Group, initiated by the gold mining companies, continues to work on a sustainable,
all-inclusive and comprehensive solution for the current and legacy dilemmas. See www.oldcollab.co.za for more information.

During the quarter, three of Harmony's operating units - the Asset Management Forum, Kusasalethu and Kalgold - received awards for second,
third and fourth places respectively in the Best Improved Safety Performance category at the 2016 MineSAFE awards ceremony. Another three
business units - Joel, Bambanani, and Kalgold - came second, third and fourth respectively in the Best Safety Performance category. In addition,
our health hubs healthcare model was awarded third place in the Medical/Wellness category.

3. OPERATIONAL RESULTS
Quarter on quarter gold production increased by 10% to 8 630kg compared to 7 880kg in the previous quarter. When comparing actual performance
against planned performance, our operations performed in line with or exceeded their plans, with Target 1 being the only exception.

Underground recovered grade increased by 5.5% quarter on quarter to 5.01g/t. Development grades at all operations - except for Target 1 - are
in line with expectations and support the expected grade in the life-of-mine plan. At Kusasalethu, better than expected grades were intersected
during the quarter.

At Target 1, unstable ground conditions hampered further mining in the higher grade areas. Action plans include an increased focus on development
to ensure that mining flexibility improves. Higher grade is only expected by the third quarter of the financial year.

Cash operating costs for the September 2016 quarter increased by 12% quarter on quarter in Rand terms (19% increase in US dollar terms),
mainly due to an increase in labour costs (bonuses and annual wage increases) and higher electricity costs (winter tariffs).

The all-in sustaining cost for the group remained stable with a 1% decrease to R516 116/kg (5% increase to US$1 142/oz), despite the seasonal
effect of winter electricity tariffs.

4. HEDGING ACTIVITY
Currency hedging
The foreign currency hedging is in the form of zero cost collars, which establish a minimum (floor) and maximum (cap) Rand/US dollar exchange
rate at which to convert US dollars to Rands. The nominal value of the hedging contracts as at 30 September 2016 was US$458 million. The
hedging contracts are spread over a 12 month period, and are summarised as follows:

                                                   Q2FY17                     Q3FY17                     Q4FY17                 Q1FY18
 Sold call options
 Nominal                                   US$125 million             US$112 million             US$146 million          US$75 million
 Average strike price                              R18.57                     R18.59                     R17.38                 R16.37
 Lowest strike price                               R17.93                     R17.93                     R16.21                 R16.21
 Highest strike price                              R19.08                     R19.08                     R18.28                 R16.50
 Purchased put options
 Nominal                                   US$125 million             US$112 million             US$146 million          US$75 million
 Average strike price                              R15.56                     R15.56                     R15.47                 R15.01
 Lowest strike price                               R15.40                     R15.40                     R14.85                 R14.85
 Highest strike price                              R15.80                     R15.80                     R16.10                 R15.15

During the September 2017 quarter, a gain of R183 million (US$13 million) was realised on the contracts that matured.

Gold hedging
Gold hedging is in the form of short-term gold forward sale contracts with a maximum term of 24 months. The nominal value hedged at 
30 September 2016 was 424 000 ounces, representing approximately 20% of our total production. The breakdown of gold forward sale contracts
entered into are as follows:

                                                           Q1                        Q2                       Q3                      Q4
 FY17                            Kgs                                              1 680                    1 680                   1 680
                        Average R/kg                                           R648 871                 R660 632                R673 143
 FY18                            Kgs                    1 680                     1 680                    1 680                   1 680
                        Average R/kg                 R686 131                  R699 540                 R712 982                R727 765
 FY19                            Kgs                    1 431
                        Average R/kg                 R709 785

During the September 2016 quarter (FY17 Q1), a gain of R57 million (US$4 million) was realised on the contracts that matured.

5. GOLPU
An application for a special mining lease and associated ancillary tenements was lodged with the Mineral Resources Authority on 25 August 2016.
We continue to further research environmentally responsible options for a terrestrial tailings facility, and deep sea tailings placement options.

6. MINERAL AND PETROLEUM RESOURCES DEVELOPMENT BILL AND NEW DRAFT MINING CHARTER
Harmony continues to participate in discussions to influence the final outcome of the legislation applicable to its mining tenure.

7. ACQUISITION OF HIDDEN VALLEY
Harmony continuously investigates opportunities to increase its production and reserves. Its acquisition of Newcrest's 50% share in Hidden Valley
and the surrounding tenement package in PNG is in line with the company's overall aspiration to increase its annual production profile to 1.5Moz
within three years. The transaction became unconditional on 25 October 2016.

The mine has the potential to contribute approximately 180 000oz of gold per annum to Harmony's production profile, at an all-in sustaining cost
of less than US$950/oz once fully recommissioned.

Hidden Valley has an attractive reserve (Au 1.4Moz, Ag 27Moz) with near certain extension within the current open pit resource
(Au 4.9Moz, Ag 73Moz), an established quality management team, a stable workforce and strong community support.

Harmony plans to invest and develop stages 5 and 6 of the mine initially, mining approximately 1.2Moz of gold and 18Moz of silver over
a period of seven years. The capital investment required of up to US$180 million - consisting of mine development, new equipment and
infrastructure - is expected to be completed by the latter half of calendar 2018, after which, the operation will have an all-in sustaining cost
of less than US$950/oz based on current estimates.

With brownfields prospecting in tenements surrounding Hidden Valley, it is possible that production could continue for many more years with new
and potentially small satellite mines delivering their ore to the Hidden Valley processing plant.

Prior to the full acquisition of Hidden Valley, budgets for FY17 had been based on the processing of lower grade stockpiles together with limited ore
from Hamata, to be followed by the operation's entering care and maintenance. Following the acquisition in September 2016, the FY17 budget
for Hidden Valley was revised (applicable from October 2016 onwards) with the following key elements:

- Planned production at steady state of about 180 000oz of gold and 3Moz of silver
- Life-of-mine production of 1.2Moz gold and 18Moz of silver
- Recovered grade of 1.4g/t to 1.5g/t and silver at approximately 20g/t to 23g/t
- Milling rate of about 4Mt per annum
- Mining rate ramps up to 28Mt per annum
- Resume waste stripping at Stage 5
- Investment in additional and replacement mobile fleet
- Process stockpiles and Hamata ore to June 2017 followed by a five-month mill shut down
- Progress maintenance and upgrade projects planned during the shut down
- Recruit personnel to operate and maintain additional fleet trucks

Currently a five-month ore gap is expected from July 2017 to November 2017 in FY18. This ore gap will enable a major plant shutdown for
upgrades and maintenance projects. Reducing this ore gap remains the biggest opportunity to increase our gold ounces at Hidden Valley and is
receiving a high level of attention and management focus.

8. CONCLUSION
Harmony's aspiration is to grow our production to approximately 1.5Moz annually and to increase our profitability within the next three years by:

- growing, nurturing and developing our core assets
- harvesting operations that are high cost and have a short life
- expanding in South Africa, into Africa and in Papua New Guinea
- exploring organic growth opportunities

We understand the significant impact our company has on the lives of people, on the communities that surround our mines, on the environment,
and on the economic well-being of the countries in which we operate. We also understand that we are custodians of shareholders' trust to
optimise their investment in the company. Safe gold production - combined with higher gold prices - means stronger margins.

Our commitment to our stakeholders is to ensure that we meet our safety and production targets. We are off to a good start and intend
maintaining the momentum to achieve in line with our plans. We are well on track to achieve our annual production guidance of 1.05Moz.

SHARE PRICE DATA FOR THE QUARTER ENDED 30 SEPTEMBER 2016
Number of shares in issue:                         Share price - JSE
  - at 30 September 2016     437 479 029           Trading range           R66.65 - R45.72
  - at 30 June 2016          437 299 479           Average volume traded   2 030 206
Free float                   100%                  ADR price - NYSE
ADR ratio                    1:1                   Trading range           US$4.00 - US$4.50
Bloomberg/Reuters code       HAR:SJ/HARJ.J         Average volume traded   4 761 490

Market capitalisation
ZAR at 30 September 2016               R21 218m
ZAR at 30 June 2016                    R22 945m
US$ at 30 September 2016               US$1 543m
US$ at 30 June 2016                    US$1 567m

Harmony Gold Mining Company Limited (Harmony), a world-           Our Integrated Annual Report 2016 tells the story of Harmony
class gold mining and exploration company, has operations         for our 2016 financial year (FY16) from 1 July 2015 to 30 June
and assets in South Africa and PNG. Harmony, which has more       2016. We aim to show readers what Harmony has done and
than 60 years' experience in the industry, is the third largest   achieved, what we plan to do and achieve in the future and                                                                
gold producer in South Africa. Our assets include one open pit    how we intend to get there. The report reflects on our journey
mine and several exploration tenements in PNG, as well as nine    in FY16 - we explain our external and internal environments,
underground mines and one open pit operation and several          our strategy and business model, together with our objectives
surface sources in South Africa. In addition, we own 50% of the   and how we performed against these. All of our annual reports
significant Golpu project in a joint venture in PNG.              are available as pdfs at www.har.co.za, our reporting website,
                                                                  and can also be accessed via our corporate website,
The company's primary stock exchange listing is on the JSE with   www.harmony.co.za.
a secondary listing on the New York Stock Exchange. The bulk      
of our shareholders are in South Africa and the United States.    
Additional information on the company is available on the
corporate website, www.harmony.co.za.

OPERATING RESULTS - QUARTER ON QUARTER (RAND/METRIC)

                                                                     South Africa - underground production
                                     Three
                                    months
                                     ended    Tshepong     Phakisa   Bambanani          Joel       Doornkop    Target 1    Kusasalethu

                                    Sep-16        275         186           63           141            157         193            162
Ore milled              - t'000 
                                    Jun-16        280         167           49           143            154         199            141

                                    Sep-16       4.65        6.34        12.27          4.97           4.10        2.66           6.92
Yield                   - g/tonne  
                                    Jun-16       4.64        6.10        10.90          4.04           4.25        3.42           6.56
 
                                    Sep-16      1 278       1 179          773           701            644         514          1 121
Gold produced           - kg 
                                    Jun-16      1 299       1 019          534           578            654         681            925
 
                                    Sep-16      1 275       1 176          771           730            663         481          1 146
Gold sold               - kg 
                                    Jun-16      1 300       1 020          535           550            667         677            914

                                    Sep-16    604 205     604 440      605 070       604 422        608 148     607 507        607 729
Gold price received     - R/kg  
                                    Jun-16    608 495     609 494      609 436       610 773        608 934     607 437        607 037
  
                                    Sep-16    770 361     710 822      466 509       441 228        403 202     292 211        696 457
Revenue                 (R'000)  
                                    Jun-16    791 043     621 684      326 048       335 925        406 159     411 235        554 832
  
                                    Sep-16    554 114     455 655      234 863       254 126        305 621     348 099        543 436
 Cash operating cost    (R'000)  
                                    Jun-16    503 920     371 642      204 199       225 747        277 620     331 121        481 663

                                    Sep-16        734     (1 172)      (2 151)        14 230          4 342    (18 169)         13 616
 Inventory movement     (R'000)
                                    Jun-16      (849)       (710)        1 585      (11 478)          (856)     (4 117)       (12 447)
  
                                    Sep-16    554 848     454 483      232 712       268 356        309 963     329 930        557 052
Operating costs         (R'000)  
                                    Jun-16    503 071     370 932      205 784       214 269        276 764     327 004        469 216
  
                                    Sep-16    215 513     256 339      233 797       172 872         93 239    (37 719)        139 405
Production profit       (R'000)  
                                    Jun-16    287 972     250 752      120 264       121 656        129 395      84 231         85 616
 
                                    Sep-16     97 629      78 340       20 652        57 540         46 928      72 825         70 952
Capital expenditure     (R'000)  
                                    Jun-16     89 822      87 584       29 251        51 134         57 014      79 588        104 982
 
                                    Sep-16    433 579     386 476      303 833       362 519        474 567     677 235        484 778
Cash operating costs    - R/kg   
                                    Jun-16    387 929     364 712      382 395       390 566        424 495     486 228        520 717
 
                                    Sep-16      2 015       2 450        3 728         1 802          1 947       1 804          3 355
Cash operating costs    - R/tonne 
                                    Jun-16      1 800       2 225        4 167         1 579          1 803       1 664          3 416
 
Cash operating cost                 Sep-16    509 971     452 922      330 550       444 602        547 436     818 918        548 071
                        - R/kg   
and capital                         Jun-16    457 076     450 663      437 172       479 033        511 673     603 097        634 211
 
Operational free cash               Sep-16        15%         25%          45%           29%            13%        -44%            12%
                        %  
flow margin(1)                      Jun-16        25%         26%          28%           18%            18%          0%            -6%

(1)Excludes run-of-mine costs for Kalgold (September 2016: -R1.384m; June 2016: -R0.146m) and Hidden Valley (September 2016: R48.714m; 
June 2016: R11.781m)

                                                                                                                       
                                                    South Africa - surface production                                  Papua New
                                                                                                                          Guinea
 
                                 Total                                                                          Total       Hidden       Total
   Masimong      Unisel    Underground    Phoenix            Dumps           Kalgold     Total Surface   South Africa       Valley     Harmony
        176         113          1 466      1 695               761              389             2 845          4 311          473       4 784
 
        167         102          1 402      1 571               796              390             2 757          4 159          454       4 613
 
       3.58        4.51           5.01       0.14              0.32             0.85              0.28           1.89         1.00        1.80
  
       3.54        3.64           4.75       0.13              0.31             0.78              0.27           1.78         1.05        1.71

        630         510          7 350        238                242             329               809          8 159          471       8 630
  
        592         371          6 653        197                250             305               752          7 405          475       7 880
  
        628         508          7 378        246                241             338               825          8 203          478       8 681
  
        593         371          6 627        195                255             332               782          7 409          528       7 937

    604 443     604 974        605 544    601 171            608 336         605 388           604 992        605 489      600 686     605 224
 
    607 811     608 377        608 581    608 297            607 259         607 599           607 662        608 484      605 955     608 316
 
    379 590     307 327      4 467 707    147 888            146 609         204 621           499 118      4 966 825      287 128   5 253 953
 
    360 432     225 708      4 033 066    118 618            154 851         201 723           475 192      4 508 258      319 944   4 828 202
 
    296 560     219 991      3 212 465     95 236            118 288         150 339           363 863      3 576 328      290 919   3 867 247
 
    279 081     195 643      2 870 636     85 333            113 632         143 520           342 485      3 213 121      237 725   3 450 846
 
      (130)     (1 221)        10 079       4 754              1 393           4 778            10 925         21 004      (2 965)      18 039
 
      (849)         266        (29 455)   (2 321)              2 469          19 199            19 347       (10 108)       29 882      19 774
 
    296 430     218 770      3 222 544     99 990            119 681         155 117           374 788      3 597 332      287 954   3 885 286
  
    278 232     195 909      2 841 181     83 012            116 101         162 719           361 832      3 203 013      267 607   3 470 620
  
     83 160      88 557      1 245 163     47 898             26 928          49 504           124 330      1 369 493        (826)   1 368 667
   
     82 200      29 799      1 191 885     35 606             38 750          39 004           113 360      1 305 245       52 337   1 357 582
   
     26 274      16 965        488 105      2 479             52 835          17 016            72 330        560 435       23 468     583 903
   
     32 081      16 721        548 177      3 068             13 021           7 588            23 677        571 854       18 389     590 243
 
    470 730     431 355        437 070    400 151            488 793         456 957           449 769        438 329      617 662     448 117
   
    471 421     527 340        431 480    433 162            454 528         470 557           455 432        433 912      500 474     437 925
 
      1 685       1 947          2 191         56                155             386               128            830          615         808
  
      1 671       1 918          2 048         54                143             368               124            773          524         748
 
    512 435     464 620        503 479    410 567            707 120         508 678           539 176        507 018      667 488     515 776
   
    525 611     572 410        513 875    448 736            506 612         495 436           486 918        511 138      539 187     512 829
 
        15%         23%            17%        34%               -17%             18%               12%            17%           7%         16%
    
        14%          6%            15%        25%                18%             25%               23%            16%          24%         17%



OPERATING RESULTS - QUARTER ON QUARTER (US$/IMPERIAL)

                                                                                   South Africa - underground production
                                             Three
                                            months
                                             ended      Tshepong       Phakisa     Bambanani          Joel      Doornkop       Target 1   Kusasalethu
 
                                            Sep-16           303           205            69           155           173           213            179
Ore milled                  - t'000 
                                            Jun-16           309           184            54           158           170           219            155
 
                                            Sep-16         0.136         0.185         0.360         0.145         0.120         0.078          0.201
Yield                       - oz/tonne 
                                            Jun-16         0.135         0.178         0.318         0.118         0.124         0.100          0.192

                                            Sep-16        41 089        37 906        24 852        22 538        20 705        16 525         36 041
Gold produced               - oz 
                                            Jun-16        41 764        32 762        17 168        18 583        21 027        21 895         29 739
 
                                            Sep-16        40 992        37 809        24 788        23 470        21 316        15 464         36 845
Gold sold                   - oz 
                                            Jun-16        41 796        32 794        17 201        17 683        21 445        21 766         29 386

                                            Sep-16         1 336         1 337         1 338         1 337         1 345         1 344          1 344
Gold price received         - $/oz 
                                            Jun-16         1 263         1 265         1 265         1 267         1 264         1 260          1 260

                                            Sep-16        54 781        50 547        33 174        31 376        28 672        20 779         49 526
Revenue                     ($'000) 
                                            Jun-16        52 775        41 476        21 752        22 411        27 097        27 436         37 016
 
                                            Sep-16        39 404        32 402        16 702        18 071        21 733        24 754         38 644
 Cash operating cost        ($'000) 
                                            Jun-16        33 620        24 794        13 623        15 060        18 522        22 091         32 134

                                            Sep-16            52          (83)         (153)         1 012           309       (1 292)            968
 Inventory movement         ($'000)
                                            Jun-16          (57)          (47)           106         (766)          (57)         (275)          (830)

                                            Sep-16        39 456        32 319        16 549        19 083        22 042        23 462         39 612
Operating costs             ($'000)
                                            Jun-16        33 563        24 747        13 729        14 294        18 465        21 816         31 304

                                            Sep-16        15 325        18 228        16 625        12 293         6 630        (2 683)         9 914
Production profit           ($'000)
                                            Jun-16        19 212        16 729         8 023         8 117         8 632         5 620          5 712

                                            Sep-16         6 942         5 570         1 469         4 092         3 337         5 178          5 045
Capital expenditure         ($'000)
                                            Jun-16         5 991         5 843         1 952         3 411         3 804         5 309          7 004

                                            Sep-16           959           855           672           802         1 050         1 498          1 072
Cash operating costs        - $/oz
                                            Jun-16           805           757           794           810           881         1 009          1 081

                                            Sep-16           130           158           242           117           126           116            216
Cash operating costs        - $/tonne
                                            Jun-16           109           135           252            95           109           101            207

Cash operating cost                         Sep-16         1 128         1 002           731           983         1 211         1 811          1 212
                            - $/oz
and capital                                 Jun-16           948           935           907           994         1 062         1 251          1 316

Operational free cash                       Sep-16           15%           25%           45%           29%           13%          -44%            12%
                            % 
flow margin(1)                              Jun-16           25%           26%           28%           18%           18%            0%            -6%

(1)Excludes run-of-mine costs for Kalgold (September 2016: -US$0.98m; June 2016: -US$0.10m) and Hidden Valley (September 2016: US$3. 464m; June 2016: US$0.786m)
                                                                                                                  
                                               South Africa - surface production                                  Papua New
                                                                                                                     Guinea

                           Total                                                                    Total       Hidden       Total
Masimong    Unisel   Underground    Phoenix        Dumps          Kalgold    Total Surface   South Africa       Valley     Harmony

     194       125         1 616      1 869          839              429            3 137          4 753          522       5 275
 
     184       112         1 545      1 732          878              430            3 040          4 585          501       5 086

   0.104     0.131         0.146      0.004        0.009            0.025            0.008          0.055        0.029       0.053

   0.103     0.107         0.138      0.004        0.009            0.023            0.008          0.052        0.030       0.050

  20 255    16 397       236 308      7 652        7 780           10 578           26 010        262 318       15 143     277 461

  19 033    11 928       213 899      6 334        8 038            9 806           24 178        238 077       15 272     253 349

  20 191    16 333       237 208      7 909        7 748           10 867           26 524        263 732       15 368     279 100

  19 065    11 928       213 064      6 269        8 198           10 674           25 141        238 205       16 976     255 181

   1 337     1 338         1 339      1 330        1 346            1 339            1 338          1 339        1 329       1 339
  
   1 261     1 262         1 263      1 262        1 260            1 261            1 261          1 263        1 257       1 262

  26 993    21 854       317 702     10 516       10 426           14 551           35 493        353 195       20 418     373 613
 
  24 046    15 058       269 067      7 914       10 331           13 458           31 703        300 770       21 345     322 115

  21 089    15 644       228 443      6 772        8 411           10 691           25 874        254 317       20 687     275 004

  18 619    13 052       191 515      5 693        7 581            9 575           22 849        214 364       15 860     230 224

     (9)      (87)           717        338           99              340              777          1 494        (211)       1 283
 
    (57)        18       (1 965)      (155)          165            1 281            1 291          (674)        1 994       1 320

  21 080    15 557       229 160      7 110        8 510           11 031           26 651        255 811       20 476     276 287
  
  18 562    13 070       189 550      5 538        7 746           10 856           24 140        213 690       17 854     231 544

   5 913     6 297        88 542      3 406        1 916            3 520            8 842         97 384         (58)      97 326
 
   5 484     1 988        79 517      2 376        2 585            2 602            7 563         87 080        3 491      90 571
 
   1 869     1 206        34 708        177        3 757            1 210            5 144         39 852        1 669      41 521
 
   2 141     1 115        36 570        205          869              507            1 581         38 151        1 227      39 378
 
   1 041       954           967        885        1 081            1 011              995            969        1 366         991
   
     978     1 094           895        899          943              976              945            900        1 039         909
  
     109       125           141          4           10               25                8             54           40          52
  
     101       117           124          3            9               22                8             47           32          45
 
   1 133     1 028         1 114        908        1 564            1 125            1 193          1 121        1 476       1 141
 
   1 091     1 188         1 066        931        1 051            1 028            1 010          1 061        1 119       1 064
   
     15%       23%           17%        34%         -17%              18%              12%            17%           7%         16%
    
     14%        6%           15%        25%          18%              25%              23%            16%          24%         17%


10 NOVEMBER 2016

DIRECTORATE AND ADMINISTRATION
HARMONY GOLD MINING COMPANY LIMITED                  INVESTOR RELATIONS                            ADR* DEPOSITARY
Harmony Gold Mining Company Limited ("Harmony"       Email: harmonyIR@harmony.co.za                Deutsche Bank Trust Company Americas c/o American
or "Company") was incorporated and registered as a                                                 Stock Transfer and Trust Company
public company in South Africa on 25 August 1950     Marian van der Walt                           Peck Slip Station
                                                     Executive: Corporate and Investor Relations   PO Box 2050
Registration number: 1950/038232/06                  Telephone: +27 11 411 2037                    New York, NY 10272-2050
                                                     Fax: +27 86 614 0999                          E-mail queries: db@amstock.com
Corporate office                                     Mobile: +27 82 888 1242
Randfontein Office Park                              E-mail: marian@harmony.co.za                  Toll free: +1-800-937-5449
PO Box 2, Randfontein, 1760                                                                        Int: +1-718-921-8137
South Africa                                         COMPANY SECRETARY                             Fax: +1-718-765-8782
Corner Main Reef Road and Ward Avenue                Riana Bisschoff
Randfontein, 1759                                                                                  *ADR: American Depositary Receipts
South Africa                                         Telephone: +27 11 411 6020
                                                     Fax: +27 11 696 9734                          SPONSOR
Telephone: +27 11 411 2000                           Mobile: +27 83 629 4706                       JP Morgan Equities South Africa (Pty) Ltd
Website: www.harmony.co.za                           E-mail: riana.bisschoff@harmony.co.za         1 Fricker Road, corner Hurlingham Road
                                                                                                   Illovo, Johannesburg, 2196
DIRECTORS                                            TRANSFER SECRETARIES                          Private Bag X9936, Sandton, 2146
PT Motsepe* (chairman)                               Link Market Services South Africa             Telephone: +27 11 507 0300                                                                                                 
FFT De Buck*^ (lead independent director)                                                          Fax: +27 11 507 0503
JM Motloba*^ (deputy chairman)                      (Proprietary) Limited                          TRADING SYMBOLS
PW Steenkamp (chief executive officer)               (Registration number 2000/007239/07)          JSE Limited: HAR
F Abbott (financial director)                       13th Floor, Rennie House,                      New York Stock Exchange, Inc.: HMY                                                                                                  
JA Chissano*1^                                       Ameshoff Street, Braamfontein                 Berlin Stock Exchange: HAM1
KV Dicks*^                                           PO Box 4844                                   ISIN: ZAE 000015228
Dr DSS Lushaba*^                                     Johannesburg, 2000                            
CE Markus*^                                          South Africa                                  
HE Mashego**                                         Telephone: +27 86 154 6572
M Msimang*^                                          E-mail: info@linkmarketservices.co.za
KT Nondumo*^                                         Fax: +27 86 674 2450
VP Pillay*^
JL Wetton*^
AJ Wilkens*

*   Non-executive
**  Executive
^   Independent
(1) Mozambican

FORWARD-LOOKING STATEMENTS
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.



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