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
9 May 2012
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
Mining Company Limited
9 May 2012
For more details contact:
Henrika Basterfield
Investor Relations Officer
+27 (0) 82 759 1775 (mobile)
Marian van der Walt
Executive: Corporate and
Investor Relations
Investor Relations
+27 (0) 82 888 1242 (mobile)
Corporate Office:
Randfontein Office Park
P O Box 2
Randfontein
South Africa 1760
T +27 (11) 411 2000
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
NYSE: HMY
ISIN No.: ZAE000015228
Registration number:
1950/038232/06
1950/038232/06
Harmony continues to generate profits despite lower production
Johannesburg. Wednesday, 9 May 2012. Harmony Gold Mining Company Limited (‘Harmony’
or the ‘Company’) announced its results for the third quarter and nine months ended on 31 March
2012.
The net profit for the nine months ended 31 March 2012 was R2.5 billion (US$332 million), 285%
higher when compared to R659 million (US$93 million) for the corresponding nine months of the
previous year. This was as a result of the significant higher gold price received for the period of
R418 749/kg (US$1 703/oz) versus R300 386/kg (US$1 324/oz) the previous year. The net profit
for the March 2012 quarter was R1.0 billion (US$132 million), 3% lower than the previous
quarter. This was due to the gross profit being 62% lower at R501 million (US$66 million) offset
by a deferred tax credit of R652 million (US$84 million).
Gold production decreased by 18% (1 965kg or 63 177oz) in the March 2012 quarter to 8 753kg
(281 415oz) from 10 718kg (344 592oz) in the December 2011 quarter. A number of factors
contributed to a weaker than expected performance during the quarter, mainly safety stoppages
and lower than expected recovered grades. Lower production resulted in an 18% increase in the
rand per kilogram unit cost for the March 2012 quarter from R249 356/kg (US$958/oz) in the
December 2011 quarter to R293 842/kg (US$1 182/oz) in the quarter under review. The strong
cash generated by operating activities for the nine months ended March 2012 of R3.2 billion
(US$416 million) paid for capital expenditure of R2.2 billion (US$292 million) and reduced the net
debt significantly.
Total basic earnings per share for the March 2012 quarter decreased from 243 SA cents (30 US
cents) to 235 SA cents (30 US cents) per share. Total headline earnings per share (HEPS)
decreased from earnings of 242 SA cents (30 US cents) per share to 234 SA cents (30 US cents)
per share. For the nine month period to March 2012, total HEPS amounts to 571 SA cents (75
US cents) per share compared to 192 SA cents (27 US cents) per share for the corresponding
period in the previous year.
Drilling at Wafi-Golpu in Papua New Guinea continues to confirm the continuity of the high grade
mineralization of the resource. Eight drilling rigs were operating by the end of the quarter - two of
which were engaged on geotechnical assessment for the proposed decline and mine
infrastructure locations and six were engaged on further definition of the Golpu orebody. The pre-
feasibility study is on track and the outcomes of the study will be shared with investors during the
September 2012 quarter.
“We have made excellent strides in the last couple of years in achieving our stated strategy of
creating a sustainable company that generates free cash flow that funds dividends and growth.
The March 2012 quarter has been a difficult quarter and we have to ensure we continue to
improve on all fronts – safety, production and returns”, said Graham Briggs, chief executive
officer.
ends.
Johannesburg. Wednesday, 9 May 2012. Harmony Gold Mining Company Limited (‘Harmony’
or the ‘Company’) announced its results for the third quarter and nine months ended on 31 March
2012.
The net profit for the nine months ended 31 March 2012 was R2.5 billion (US$332 million), 285%
higher when compared to R659 million (US$93 million) for the corresponding nine months of the
previous year. This was as a result of the significant higher gold price received for the period of
R418 749/kg (US$1 703/oz) versus R300 386/kg (US$1 324/oz) the previous year. The net profit
for the March 2012 quarter was R1.0 billion (US$132 million), 3% lower than the previous
quarter. This was due to the gross profit being 62% lower at R501 million (US$66 million) offset
by a deferred tax credit of R652 million (US$84 million).
Gold production decreased by 18% (1 965kg or 63 177oz) in the March 2012 quarter to 8 753kg
(281 415oz) from 10 718kg (344 592oz) in the December 2011 quarter. A number of factors
contributed to a weaker than expected performance during the quarter, mainly safety stoppages
and lower than expected recovered grades. Lower production resulted in an 18% increase in the
rand per kilogram unit cost for the March 2012 quarter from R249 356/kg (US$958/oz) in the
December 2011 quarter to R293 842/kg (US$1 182/oz) in the quarter under review. The strong
cash generated by operating activities for the nine months ended March 2012 of R3.2 billion
(US$416 million) paid for capital expenditure of R2.2 billion (US$292 million) and reduced the net
debt significantly.
Total basic earnings per share for the March 2012 quarter decreased from 243 SA cents (30 US
cents) to 235 SA cents (30 US cents) per share. Total headline earnings per share (HEPS)
decreased from earnings of 242 SA cents (30 US cents) per share to 234 SA cents (30 US cents)
per share. For the nine month period to March 2012, total HEPS amounts to 571 SA cents (75
US cents) per share compared to 192 SA cents (27 US cents) per share for the corresponding
period in the previous year.
Drilling at Wafi-Golpu in Papua New Guinea continues to confirm the continuity of the high grade
mineralization of the resource. Eight drilling rigs were operating by the end of the quarter - two of
which were engaged on geotechnical assessment for the proposed decline and mine
infrastructure locations and six were engaged on further definition of the Golpu orebody. The pre-
feasibility study is on track and the outcomes of the study will be shared with investors during the
September 2012 quarter.
“We have made excellent strides in the last couple of years in achieving our stated strategy of
creating a sustainable company that generates free cash flow that funds dividends and growth.
The March 2012 quarter has been a difficult quarter and we have to ensure we continue to
improve on all fronts – safety, production and returns”, said Graham Briggs, chief executive
officer.
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 9, 2012
Harmony Gold Mining Company Limited
By:
/s/ Frank Abbott
Name: Frank Abbott
Title: Financial Director
Title: Financial Director