UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 6-K
REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO
RULE 13a-16 OR 15d-16 UNDER THE SECURITIES
EXCHANGE ACT OF 1934
For
5 May 2011
Harmony Gold Mining Company
Limited
Randfontein Office Park
Corner Main Reef Road and Ward Avenue
Randfontein, 1759
South Africa
(Address of principal executive offices)
(Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-
F or Form 40-F.)
Form 20-F X
Form 40-F
(Indicate by check mark whether the registrant by
furnishing the information contained in this form
is also thereby furnishing the information to the
Commission pursuant to Rule 12g3-2(b) under the
Securities Exchange Act of 1934.)
Yes
No X
Issued by Harmony Gold
Mining Company Limited
5 May 2011
For more details contact:
Henrika Basterfield
Mining Company Limited
5 May 2011
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 82 888 1242 (mobile)
Corporate Office:
Randfontein Office Park
P O Box 2
Randfontein
South Africa 1760
T +27 (11) 411 2000
www.harmony.co.za
JSE: HAR
NYSE: HMY
ISIN No.: ZAE000015228
Registration number:
1950/038232/06
Harmony continues to drive its growth strategy
Johannesburg: 5 May 2011: Harmony Gold Mining Company Limited today
released its financial results for the period ending 31 March 2011.
“We remain committed to our long term strategy of generating earnings to fund
growth. We have invested significant capital to build and commission some of the
best South African gold mining assets and the results of these efforts will be fully
realised in the future. Our transformational efforts and strategic initiatives undertaken
over the last few years are all aimed at achieving robust and sustainable financial
results, with better cash costs and improved grade”, said chief executive officer,
Graham Briggs.
Harmony’s strategy also includes a focus on both regional and asset diversification.
In PNG, it has built a mine producing both gold and silver and is currently busy with
further exploration in the area which includes 8 000km2 of its own exploration
tenements, in addition to the 3 200km2 held within the joint venture with Newcrest.
The early findings from Wafi-Golpu have justified management’s long held belief that
this is a world class asset.
Taking a holistic view, Harmony has several world-class mines in South Africa which
are currently in the build-up phase and these together with Hidden Valley, will be
significant contributors to Harmony’s set production targets.
Improved discipline and management of seismicity and falls of ground, value based
safety behaviour and visible leadership from the operational management resulted in
improved safety at most of our operations.
Gold production decreased by 2% quarter on quarter, from 10 055kg to 9 857kg.
Underground production was only 1% lower at 8 164kg, despite volumes decreasing
by 3% mainly as a result of the December break. However, tonnage was made up
with surface tonnes being 2% higher quarter on quarter.
Quarter on quarter the rand per kilogram unit cost was kept at bay with a mere
increase of 1% to R217 802/kg, in comparison to R216 595/kg in the previous
quarter. This was mainly as a result of the 2% decrease in gold production as cash
operating cost in Rand terms decreased by 2% (R48 million).
In R/kg terms the gold price received increased by 3% from R303 354/kg in the
December 2010 quarter to R312 029/kg in the current quarter. Revenue for the
March 2011 quarter decreased by 1% as a result of a 330kg (3%) decrease in the
gold sold.
Quarter on quarter the capital expenditure decreased by R168 million (20%).
released its financial results for the period ending 31 March 2011.
“We remain committed to our long term strategy of generating earnings to fund
growth. We have invested significant capital to build and commission some of the
best South African gold mining assets and the results of these efforts will be fully
realised in the future. Our transformational efforts and strategic initiatives undertaken
over the last few years are all aimed at achieving robust and sustainable financial
results, with better cash costs and improved grade”, said chief executive officer,
Graham Briggs.
Harmony’s strategy also includes a focus on both regional and asset diversification.
In PNG, it has built a mine producing both gold and silver and is currently busy with
further exploration in the area which includes 8 000km2 of its own exploration
tenements, in addition to the 3 200km2 held within the joint venture with Newcrest.
The early findings from Wafi-Golpu have justified management’s long held belief that
this is a world class asset.
Taking a holistic view, Harmony has several world-class mines in South Africa which
are currently in the build-up phase and these together with Hidden Valley, will be
significant contributors to Harmony’s set production targets.
Improved discipline and management of seismicity and falls of ground, value based
safety behaviour and visible leadership from the operational management resulted in
improved safety at most of our operations.
Gold production decreased by 2% quarter on quarter, from 10 055kg to 9 857kg.
Underground production was only 1% lower at 8 164kg, despite volumes decreasing
by 3% mainly as a result of the December break. However, tonnage was made up
with surface tonnes being 2% higher quarter on quarter.
Quarter on quarter the rand per kilogram unit cost was kept at bay with a mere
increase of 1% to R217 802/kg, in comparison to R216 595/kg in the previous
quarter. This was mainly as a result of the 2% decrease in gold production as cash
operating cost in Rand terms decreased by 2% (R48 million).
In R/kg terms the gold price received increased by 3% from R303 354/kg in the
December 2010 quarter to R312 029/kg in the current quarter. Revenue for the
March 2011 quarter decreased by 1% as a result of a 330kg (3%) decrease in the
gold sold.
Quarter on quarter the capital expenditure decreased by R168 million (20%).
Cash operating costs for the March 2011 quarter decreased by R48 million or 2% when compared to the previous
quarter due to cost savings, decreased electricity and labour costs.
Operating profit decreased by 1% to R855 million when compared to the R868 million recorded in the December 2010
quarter.
Drilling at the Wafi-Golpu project continues to be successful. The latest results confirm our previously held belief that
this deposit is indeed a world-class discovery and the pre-feasibility study will be completed towards the end of
December 2011. The latest drill hole results at our Wafi-Golpu JV project (50% held by Harmony) have provided the
highest mineralisation values to date.
This project is growing with each new drill hole result and we are confident that this will be a mine.
In conclusion, the chief executive officer, Mr Graham Briggs commented that “the company is showing significant
progress both in the growth of its resources as well as its diversity. The key short term objective for us is the build-up
of our production and to get there, the main focus is on getting the assets, in which we have invested considerable
amounts of cash over the last few years, into full production. Harmony is a company which has dramatically improved
the quality of its ounces, which will continue to do so with better cash costs and free cash flow in the future.”
Ends.
quarter due to cost savings, decreased electricity and labour costs.
Operating profit decreased by 1% to R855 million when compared to the R868 million recorded in the December 2010
quarter.
Drilling at the Wafi-Golpu project continues to be successful. The latest results confirm our previously held belief that
this deposit is indeed a world-class discovery and the pre-feasibility study will be completed towards the end of
December 2011. The latest drill hole results at our Wafi-Golpu JV project (50% held by Harmony) have provided the
highest mineralisation values to date.
This project is growing with each new drill hole result and we are confident that this will be a mine.
In conclusion, the chief executive officer, Mr Graham Briggs commented that “the company is showing significant
progress both in the growth of its resources as well as its diversity. The key short term objective for us is the build-up
of our production and to get there, the main focus is on getting the assets, in which we have invested considerable
amounts of cash over the last few years, into full production. Harmony is a company which has dramatically improved
the quality of its ounces, which will continue to do so with better cash costs and free cash flow in the future.”
Ends.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused
this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Dated: May 5, 2011
Harmony Gold Mining Company Limited
By:
/s/ Hannes Meyer
Name: Hannes Meyer
Title: Financial Director
Title: Financial Director