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HARMONY GOLD MINING COMPANY LIMITED - Harmony realises highest ever quarterly revenue

Release Date: 10/11/2016 12:01:00      Code(s): HAR       PDF(s):  
Harmony realises highest ever quarterly revenue

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 realises highest ever quarterly revenue

- Received numerous industry safety awards at 2016 MineSAFE
- 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 per
  quarter (US$374 million)
- Hedges realise R240 million (US$17 million) in profits

Johannesburg: Thursday, 10 November 2016. Harmony Gold Mining
Company Limited (“Harmony” and/or “the Company”) today
announced its production results for the first quarter ended
30 September 2016 of the financial year 2017.

“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 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”, said Peter Steenkamp, chief executive officer of

Harmony recorded its 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 (49%
decrease from US$74 million to US$38 million), after paying a
dividend of R218 million (US$16 million).

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).

“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 on track to achieve our annual production guidance of
1.05Moz”, Peter Steenkamp added.

More information on Harmony’s production results are available
in a production report and investor brief to be found at:

For more details contact:

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

Johannesburg, South Africa

10 November 2016


J.P. Morgan Equities South Africa Proprietary Limited

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