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Harmony's guidance for September 2010

Johannesburg, 7 October 2010: Harmony Gold Mining Company Limited (Harmony) announces that its production and costs for the quarter ended September 2010 are largely in line with the guidance provided to the market in August 2010 at the time of the release of its fourth quarter results.

Harmony advises that gold production for the September 2010 quarter is likely to be in the order of 3% lower than the June 2010 quarter. This is as a result of:

  • The planned closure of Harmony 2 shaft;
  • The planned closure of Merriespruit 3 shaft;
  • The temporary cessation of operations at Joel North shaft to allow for the completion of shaft bottom spillage infrastructure which resulted in 43 production days lost;
  • The tragic accident at Phakisa at the end of June 2010, which resulted in the closure of that shaft for 13 days.

As advised in the previous quarter, electricity costs were around R140 million more quarter on quarter and labour increased by approximately R50 million.

Costs at Hidden Valley have been incurred for a full quarter as opposed to two months in the previous quarter.

Retrenchment costs of around R60 million (R10 million at the Evander operations and R50 million at Virginia) have been incurred during the quarter.

Chief Executive Officer Graham Briggs commented that “Our aim at Harmony is to focus on safe, profitable ounces. To do this we have taken bold decisions in shutting unprofitable operations, and focusing our attention on our longer-life, lower-cost operations that will be profitable and sustainable for many years to come. We remain focused on increasing production to 2 million ounces of gold by FY13, with costs per tonne milled in the lowest quartile amongst South African producers.”

Harmony’s results for the quarter ended September 2010 will be released on 1 November 2010.

For more details contact:

Hannes Meyer
Financial Director
+27 82 444 8435 (mobile)

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

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