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Harmony's production guidance for the March 2012 quarter

Johannesburg. Friday, 13 April 2012. Harmony Gold Mining Company Limited (“Harmony” or the “Company”) announces that gold production for the quarter ended March 2012 will be approximately 18% lower than the previous quarter.

A number of factors contributed to a weaker than expected quarter:

  • The festive season and public holiday disruptions associated with the March quarter, being less shifts worked than in the December quarter, as well as slow start-ups post the holidays;
  • Safety stoppages;
  • Shifts lost due to the one day protected strike of the Congress of South African Trade Unions (COSATU);
  • Heavy rains in Papua New Guinea impacted gold production at Hidden Valley negatively
  • The upgrade of the infrastructure at Doornkop resulted in gold production at this shaft being 44% lower quarter on quarter (as guided in February 2012);
  • Lower than expected grades at Tshepong, Masimong, Unisel and Joel contributed to a 12% decline in underground grade.

“The March quarter is not in line with our expectations.  Safety stoppages indicate that we need to do even more to ensure a safer working environment for our employees at all times.  Harmony has made significant strides in improving its safety. However, the attention that safety receives reminds all involved – management, employees, unions and government – that safety remains a joint responsibility and we need to find solutions in a co-operative and constructive manner.  We have conducted a gap analysis to establish where we need to do more and have already put actions in place to address these. The grade performance was not in line with our plans and we simply have to work harder at meeting our targets”, said Graham Briggs, chief executive officer of Harmony.

Harmony’s results for the quarter ended 31 March 2012 will be released on Wednesday, 9 May 2012.  Please refer to our website www.harmony.co.za for details.

For more details contact:

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

Graham Briggs
Chief Executive Officer
+27 (0) 83 265 0274 (mobile)

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