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Another quarter of record-breaking results

Harmony Gold Mining Company Limited (‘Harmony’ or the ‘Company’) is pleased to release its financial results for the second quarter of financial year 2012 and six months ended 31 December 2011. The Company generated its highest ever operating profits and headline earnings of R2.1 billion and R1.0 billion respectively, while the headline earnings per share (HEPS) increased by 155% to 242 South African cents when compared to the previous quarter.

Gold production is up by 5% quarter on quarter to 10 718kg (344 592oz) mainly due to a 13% increase in recovery grade, while cash operating costs reduced by 6% to R249 356/kg which represents a 17% reduction in US$/oz terms to US$958/oz.

Total capital expenditure for the December 2011 quarter was R782 million, a 12% (R82 million) increase in comparison to the September 2011 quarter (R700 million). Higher capital spend is expected for the latter part of the year and therefore we maintain our expectation of full year capital of R3.7 billion.

When comparing the six months ended 31 December 2011 to the six months ended 31 December 2010 revenue increased by R2.7 billion or 44%, while cash operating costs increased by 15% from R222 787/kg, mainly due to increases in electricity and inflation driven costs. Operating profit increased by 123% to R3.4 billion, compared to R1.5 billion recorded in the December 2010 period.

Wafi-Golpu?s pre-feasibility studies are progressing according to schedule. At the end of the December 2011 quarter, seven drill rigs were operating with six engaged on extension of the Golpu orebody to the north and infill of deeper sections.

Graham Briggs, chief executive officer commented: “Harmony has delivered in line with its strategy. We produced profitable ounces, our grade improved, our mines are producing operating cash flow and we have declared an interim dividend of 40 cents. Our results are evidence of Harmony’s turnaround.”

For more details contact:

Henrika Basterfield
Investor Relations Officer
+27 (0) 82 759 1775 (mobile)

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

Annual report

Integrated annual report 2016
Integrated annual report 2017


Investor brief

Harmony Investor brief, Sep 2017
September 2017 -
Harmony Investor brief

(PDF - 6.5MB)

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