Edgar Filing: HARMONY GOLD MINING CO LTD

Page 1

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

Golpu pre-feasibility study on track

Optimising of asset portfolio continued

• sale of Rand Uranium completed

• sale agreement signed for Evander

Gold production lower than planned

Deferred tax credit of R652 million (US$84 million)

ESOP launched for employees

HEPS of 234 SA cents (30 US cents)

KEY FEATURES

Shareholder information

Issued ordinary
share capital at
31 March 2012

431 471 444

Issued ordinary
share capital at
31 December 2011

431 312 677

Market capitalisation

At 31 March 2012

ZARm

35 980

At 31 March 2012

US$m

4 688

Harmony ordinary share and ADR prices

12 month high
(1 April 2011 –
31 March 2012)
for ordinary shares

R115.75

12 month low
(1 April 2011 –
31 March 2012)
for ordinary shares

R82.88

12 month high
(1 April 2011 –
31 March 2012)
for ADRs

US$15.57

12 month low
(1 April 2011 –
31 March 2012)
for ADRs

US$10.70

Free float

Ordinary shares

100%

ADR ratio

1:1

JSE Limited

HAR

Range for quarter
(1 January 2012 –
31 March 2012
closing prices)

R82.88 – R101.75

Average daily volume
for the quarter
(1 January 2012 –
31 March 2012)

1 638 216 shares

New York Stock Exchange, Inc
including other
US trading

HMY

Range for quarter
(1 January 2012 –
31 March 2012
closing prices)

US$10.70 – US$13.31

Average daily volume
for the quarter
(1 January 2012 –
31 March 2012)

2 115 404 shares

RESULTS FOR THE THIRD QUARTER FY12
ENDED 31 MARCH 2012

Harmony Gold Mining Company Limited
(“Harmony” or “Company”)
Incorporated in the Republic of South Africa
Registration number 1950/038232/06
JSE Share code: HAR
NYSE Share code: HMY
ISIN: ZAE000015228

FINANCIAL SUMMARY FOR THE THIRD QUARTER AND NINE MONTHS
ENDED 31 MARCH 2012

*Nine

months

*Quarter

Q-on-Q

ended

March

December

Variance

March

Variance

2012

2011

2012

2011

Gold

– kg

8 753

10 718

(18)

29 678

30 383

(2)

produced

– oz

281 415

344 592

(18)

954 169

976 834

(2)

Cash costs

– R/kg

293 842

249 356

(18)

267 959

221 166

(21)

– US$/oz

1 182

958

(23)

1 089

962

(13)

Gold sold

– kg

8 559

11 000

(22)

29 507

30 631

(4)

– oz

275 177

353 658

(22)

948 671

984 811

(4)

Gold price

– R/kg

419 649

438 183

(4)

418 749

300 386

received

– US$/oz

1 688

1 683

–

1 703

1 324

Operating

– R million

1 123

2 077

(46)

4 507

2 374

profit

(1)

–

US$

million 145 257

(43)

590

336

Basic earnings – SAc/s

235

243

(3)

589

154

282

per share*

– USc/s

–

250

Headline

– Rm

1 007

1 041

(3)

2 460

826

198

earnings* –

US$m

130 129 1 322 117 175

Headline

– SAc/s

234

242

(3)

571

192

198

earnings

– USc/s

–

178

per share*

Exchange rate

– R/US$

7.73

8.10

(5)

7.65

7.06

* Including discontinued operations.

(1) Operating pro t is comparable to the term production pro t in the segment report in the nancial statements and not to

the operating pro t line in the income statement.

Q3 FY12

Forward-looking statements

This quarterly report contains forward-looking statements within
the meaning of the United States Private Securities Litigation Reform
Act of 1995 with respect to Harmony’s nancial condition, results of
operations, business strategies, operating ef ciencies, competitive
positions, growth opportunities for existing services, plans and objectives
of management, markets for stock and other matters. Statements in this
quarter that are not historical facts are “forward-looking statements”
for the purpose of the safe harbour provided by Section 21E of the
U.S. Securities Exchange Act of 1934, as amended, and Section 27A
of the U.S. Securities Act of 1933, as amended. Forward-looking
statements are statements that are not historical facts.

These statements include nancial projections and estimates and their
underlying assumptions, statements regarding plans, objectives and
expectations with respect to future operations, products and services,
and statements regarding future performance. Forward-looking
statements are generally identi ed by the words “expect”, “anticipates”,
“believes”, “intends”, “estimates” and similar expressions. These
statements are only predictions. All forward-looking statements involve
a number of risks, uncertainties and other factors and we cannot assure
you that such statements will prove to be correct. Risks, uncertainties
and other factors could cause actual events or results to differ from
those expressed or implied by the forward-looking statements.

These forward-looking statements, including, among others, those
relating to the future business prospects, revenues and income of
Harmony, wherever they may occur in this quarterly report and the
exhibits to this quarterly report, are necessarily estimates re ecting the
best judgment of the senior management of Harmony and involve a
number of risks and uncertainties that could cause actual results to differ
materially from those suggested by the forward-looking statements.
As a consequence, these forward-looking statements should be
considered in light of various important factors, including those set forth
in this quarterly report.

Important factors that could cause actual results to differ materially
from estimates or projections contained in the forward-looking
statements include, without limitation: overall economic and business
conditions in the countries in which we operate; the ability to achieve
anticipated ef ciencies and other cost savings in connection with past
and future acquisitions; increases or decreases in the market price of
gold; the occurrence of hazards associated with underground and
surface gold mining; the occurrence of labour disruptions; availability,
terms and deployment of capital; changes in government regulations,
particularly mining rights and environmental regulations; uctuations
in exchange rates; currency devaluations and other macro-economic
monetary policies; and socio-economic instability in the countries in
which we operate.

Harmony’s Integrated Annual Report,

Notice of Annual General Meeting, its

Sustainable Development Report and its

Annual Report led on a Form 20F with

the United States’ Securities and Exchange

Commission for the year ended

30 June 2011 are available on our

website: www.harmony.co.za

3 Chief executive officer’s review
5 Financial overview

6 Operational overview

Group operating results

Build-up and steady operations
6 Doornkop
6 Kusasalethu
7 Phakisa
7 Hidden Valley

7 Masimong
7 Target

7 Target

7 Tshepong

8 Other operations

8 Bambanani
8 Steyn

8 Evander
8 Joel
8 Unisel

Total South African surface operations
9 Kalgold
9 Phoenix

(tailings)

9 Surface

dumps

10 Development
11 Exploration highlights

14 Operating results (Rand/Metric) (US$/Imperial)
16 Condensed consolidated income statements (Rand)
17 Condensed consolidated statements of comprehensive income (Rand)
17 Condensed consolidated statements of changes in equity (Rand)
18 Condensed consolidated balance sheets (Rand)
19 Condensed consolidated cash flow statements (Rand)
20 Notes to the condensed consolidated financial statements
23 Segment report (Rand/Metric)

24 Operating results (US$/Imperial)
26 Condensed consolidated income statements (US$)
27 Condensed consolidated statements of comprehensive income (US$)
27 Condensed consolidated statements of changes in equity (US$)
28 Condensed consolidated balance sheets (US$)
29 Condensed consolidated cash flow statements (US$)
30 Segment report (US$/Imperial)

31 Development results – Metric and Imperial
32 Contact details

Competent person’s declaration

Harmony reports in terms of the South African Code for the Reporting
of Exploration results, Mineral Resources and Ore Reserves (SAMREC).
Harmony employs an ore reserve manager at each of its operations who
takes responsibility for reporting mineral resources and mineral reserves
at his operation.

The mineral resources and mineral reserves in this report are based on
information compiled by the following competent persons:

Reserves and resources South Africa:

Jaco Boshoff, Pri Sci Nat, who has 16 years’ relevant experience and
is registered with the South African Council for Natural Scienti c
Professions (SACNASP).

Reserves and resources PNG:

Stuart Hayward for the Wa -Golpu mineral resources, Gregory Job
for the Golpu mineral reserve, James Francis for the Hidden Valley

mineral resources and Anton Kruger for the Hidden Valley mineral
reserve. Messers Job, Francis and Kruger are corporate members of
the Australian Institute of Mining and Metallurgy and Mr Hayward is a
member of the Australian Institute of Geoscientists. All have relevant
experience in the type and style of mineralisation for which they are
reporting, and are competent persons as de ned by the code.

These competent persons consent to the inclusion in the report of
the matters based on the information in the form and context in
which it appears. Mr Boshoff and Mr Job are full-time employees of
Harmony Gold Mining Company Limited and Mr Hayward is a full-time
employee of Wa -Golpu Services Limited. Mr Francis and Mr Kruger are
full-time employees of Newcrest Mining Limited (Newcrest). Newcrest is
Harmony’s joint venture partner in the Morobe Mining Joint Venture on
the Hidden Valley mine and Wa -Golpu project.

Chief executive officer’s review

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.

Gold production in the March 2012 quarter was negatively impacted
by a number of factors, some unexpected. This resulted in a reduction
of gold production, the details of which are explained below in the
commentary on operational results (pages 6 to 9).

It was with great excitement that we announced the launch of
Harmony’s employee share trust in March 2012, a venture that
recognises the importance of the employees who sustain our business.
Our employees are our ‘human gold’. A core focus for Harmony
therefore continues to be the improvement in safety and health of
our employees and some good initiatives were undertaken that will
improve this substantially going forward.

Safety

Given the high-risk nature of many of our underground operations, the
safety, health and well-being of our people is our foremost priority. As
part of our efforts to continually improve our safety, a number of audits
were conducted by an external party during the quarter to identify
potential areas of improvement in our safety strategy. Following the
review, an improved safety framework for Harmony is being developed
and we expect this to be rolled out during the next 12 months.

In the short term, a high level internal safety audit team, consisting of
mining and safety experts, has been established. The main objective of
this team is to verify conditions in the risk areas at Harmony’s operations
and establish the effectiveness of the management systems that are in
place to ensure the safety of employees. The team will also review
the level of implementation of strategic health and safety programmes
and standards at all operations.

Despite our best efforts to curb fatalities, it is with deep regret that
I report that five of our colleagues died in work-related incidents
during the quarter. Those who died were: Zanekhaya Meteawdaba
(belt attendant, Doornkop), Lefy David Ntsihlele (engineering assistant,
Doornkop), Johannes Leepile and Zukisa Mentile (both winch operators
at Kusasalethu) and Lisene Phidalis Rankopane (boilermaker aide at
Bambanani West). I would like to extend my deepest condolences to
their families, friends and colleagues.

Operations that showed significant improvements in safety trends
during the quarter were Tshepong, Bambanani and Evander. In
addition, Target 1, Target 3, Kalgold, Joel, Phakisa and Masimong are
fatality-free for the year to date.

Other significant safety achievements during the quarter were the
following:

•

Kalgold operations

2 500 000 fatality-free shifts

•

Harmony One Plant

1 250 000 fatality-free shifts

•

Target 1 shaft

1 000 000 fatality-free shifts

•

Masimong

2 237 688 fall of ground

fatality-free shifts

•

Doornkop

4 897 318 fall of ground

fatality-free shifts.

Health

Our pro-active approach to the health and wellness of our employees
continue and we are continually investing in healthcare through
policies, procedures and training, to achieve the optimal consolidated
health and business solution for employees’ wellness and productivity
improvement.

See our 2011 Sustainable Development Report for more details on our
website www.harmony.co.za.

Gold market

Although the gold price received decreased from R438 183/kg in the
December 2011 quarter to R419 649/kg in the March 2012 quarter, a
4% variance, the R/kg gold price still provides us with a strong margin.
The US dollar gold price remained fairly constant at US$1 688/oz,
marginally up from the US$1 683/oz recorded in the December 2011
quarter. We believe that the gold price will strengthen in the long term
as the same fundamentals are still in place and the uncertainty in the
world-wide markets continues to support a higher gold price.

As we have no control over the gold price or the strength of the rand
we have to continue to focus on factors within our control, such as
safety, productivity, production and cost control.

Operational results

Gold production decreased by 18% (1 965kg) in the March 2012 quarter
to 8 753kg from 10 718kg in the December 2011 quarter. The rand per
kilogram unit cost for the March 2012 quarter increased by 18% from
R249 356/kg in the December 2011 quarter to R293 842/kg in the
quarter under review. This was due to an 18% decrease in the gold
produced.

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

• The festive season and public holiday disruptions associated with

the March 2012 quarter;

• Safety stoppages;

• Shifts lost due to the one day protected strike of the Congress of

South African Trade Unions (COSATU);

• High rainfall 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 recovered grades at most of our shafts

contributed to a 13% decline in underground grade. Face grades
are in line with geo-statistical models and, apart from Bambanani
and Target 3, the face grades and shaft call factors at all the shafts
improved. Belt grades, across almost all operations, were not in
line with our plans – mainly as a result of the square metres not
being blasted due to safety stoppages and high grade panels
underperforming.

Disposal of interest in Rand Uranium and Evander

Investment in Rand Uranium (Pty) Limited

The sale transaction with Gold One International Limited (Gold One) was
concluded on 6 January 2012, with the first payment of US$24 million
(R193 million) being received on that day. The outstanding amount as
at 31 March 2012 was R108 million. Subsequent to the March 2012
quarter-end, additional payments were received from Gold One in
respect of the sale.

Results for the third quarter FY12
ended 31 March 2012

Evander Gold Mines Limited

A sale of share and claims agreement was signed on 30 January 2012
with Pan African Resources plc and Witwatersrand Consolidated
Gold Resources Limited (the Consortium). The disposal will be for
an aggregate purchase consideration of R1.7 billion, less certain
distributions made by Evander to Harmony between 1 April 2012 and
the close of the transaction.

The transaction is subject to, among others, the following conditions
precedent:

• the Consortium raising the required funding comprising of debt

and/or equity;

• each of the Consortium members obtaining the requisite

shareholder approval for the acquisition; and

•

obtaining all relevant regulatory approvals.

Wafi-Golpu

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 initial Golpu pre-feasibility
report will be subject to various internal discussions and review between
Harmony and its joint venture partner, Newcrest Mining Limited.

The study gating process with technical experts from both companies
as well as external independent reviewers for each key discipline
commenced in April 2012. The outcomes of the pre-feasibility study
will be shared with investors during the September 2012 quarter.

Environmental management

Renewable energy initiatives and carbon trading

Harmony has initiated a number of energy efficiency projects which
have resulted in emission reductions for the group. In FY11, Harmony
reduced its electricity consumption by 48.5GWh, decreasing emissions
by 48 500t CO

e (CO

e= carbon dioxide equivalents). The Company

has identified many other projects to implement. To this end, Harmony
and Nedbank are in the process of registering three projects under the
clean development mechanism for carbon trading.

The Free State rehabilitation programme

The Free State rehabilitation programme has been geared towards
reducing environmental liability, eliminating potential safety and
health exposures to both our people and society in general, as well as
assisting the Free State Province in meeting some of its socio-economic
imperatives especially job creation.

The Free State rehabilitation programme is progressing very well.
In the year to date, rehabilitation work has been performed at the
following sites:

•

Virginia 2 Shaft, its plant and hostel;

•

Brand 1, 2 and 3 shafts;

• Saaiplaas plant;

•

Saint Helena 2 shaft and hostel;

•

Saint Helena 4 shaft;

•

Saint Helena plant;

•

Steyn 1 shaft; and

•

Freddies 7 shaft.

These initiatives coupled with the Masimong hostel conversion
project resulted in a total reduction in our rehabilitation liabilities
of R60 million. This represents a 3% reduction of Harmony’s overall
rehabilitation liability.

Other initiatives underway that will further contribute to the reduction
of the rehabilitation liability include:

•

Reclaiming of waste rock dumps;

• Slimes retreatment through Saaiplaas plant which liberates a

surface footprint and results in an improved footprint on the
placement dam.

Launch of Harmony’s employees share trust:

The employee share trust was successfully launched on 15 March 2012
with a lot of excitement from organised labour representatives and
employees in general. The trust will be known as the Tlhakanelo
Employee Share Trust.

Conclusion

During the next quarter we will continue to improve our safety
performances across the company to reduce stoppages. To ensure
an immediate uplift in grade, the top 10 higher grade panels at each
operation will be focused on. A standardised short interval control
monitoring initiative has also been rolled out to all the Harmony
operations at the beginning of April 2012. As a result, production
performances will be monitored on a daily basis, assisting us in
identifying potential production challenges and addressing these
immediately. In addition, we will increase the discipline on clean
mining.

Graham Briggs
Chief executive officer

Financial overview

Net profit

The net profit for the March 2012 quarter was R1 014 million,
3% lower than the previous quarter. This was due to the gross profit
being 62% lower at R501 million offset by a deferred tax credit of
R652 million.

The net profit for the nine months ended 31 March 2012 was
R2 538 million compared to R659 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 versus
R300 386/kg the previous year.

Taxation

Included in the large deferred taxation credit is an amount of
R605 million related to the change in the mining tax rate formula.
Prior to the change, some of our subsidiaries were exempt from paying
Secondary Tax on Companies (STC) when declaring a dividend, but had
to pay a higher mining tax rate.

With the repeal of STC and the introduction of the Dividend Tax, the
higher gold mining tax rate formula was removed. The change in the
mining tax rate affected the calculation of deferred tax, resulting in
lower deferred tax balances.

The lower statutory tax rate would result in a lower tax liability over the
life of mine and therefore a lower average deferred tax rate. Applying
these lower rates to the temporary differences balances at the
beginning of the year will result in a change in estimate of R605 million
which has been credited to the taxation line in the income statement
in the quarter ended 31 March 2012.

Discontinued operations and assets and liabilities of disposal
group classified as held for sale

Evander Gold Mines Limited has been classified as a disposal group held
for sale following the signing of a sales agreement on 30 January 2012.
It has also been classified as a discontinued operation. The comparative
information in the income statement for all periods shown has been
re-presented accordingly.

Earnings per share

Total basic earnings per share for the March 2012 quarter decreased
from 243 SA cents to 235 SA cents per share. Total headline earnings
per share decreased from earnings of 242 SA cents per share to
234 SA cents per share.

For the nine month period to March 2012, total headline earnings per
share amounts to 571 SA cents per share compared to 192 SA cents
per share for the corresponding period in the previous year.

Capital

Total capital expenditure for the March 2012 quarter was R767 million,
a R15 million decrease in comparison to the December 2011 quarter
(R782 million). Capital expenditure at most SA operations decreased
with Bambanani and Phakisa being the exceptions. Capital at
Bambanani increased by R11 million for the backfill plant. Total capital
spent at Hidden Valley increased by R29 million and Wafi-Golpu
increased by R34 million.

Deferred tax liabilities

The change in the deferred tax rates (discussed above under Taxation)
resulted in the reduction of the deferred tax liabilities.

Cash flow

The strong cash generated by operating activities for the nine months
ended March 2012 of R3.2 billion paid for capital expenditure of
R2.2 billion and reduced the net debt significantly.

Dividend Tax (DT)

The Minister of Finance announced in his budget speech in
February 2012 that DT will be implemented effective 1 April 2012,
at a rate of 15%. The dividend tax replaces the current Secondary
Tax on Companies (STC). While STC was payable by the Company,
the DT is normally levied on the shareholder, or the person
entitled to the benefit of the dividend.

According to the new legislation, regulated intermediaries
(e.g. share registrars and stockbrokers) will withhold the
DT amount before the dividend is paid out. All South African
companies and several other bodies are exempt from DT, while
South African natural person shareholders will be liable for
DT at 15%.

Foreign investors may be eligible for a reduced rate or be able
to claim credit from taxes withheld depending on the relevant
double tax treaty between South Africa and the relevant country.

The legislation allows for credits accumulated under STC to
be carried forward and may be utilised within three years of
the introduction of DT. Harmony had STC credits amounting
to R151 million at 31 March 2012 which will be available for
offset against future dividends. This means that no DT needs to
be withheld on the next R151 million of dividend paid out by the
Company, irrespective of the category of shareholder. If such a
shareholder is a resident company these credits can be passed on
to their beneficial shareholders.

Results for the third quarter FY12
ended 31 March 2012

Operational overview

GROUP OPERATIONAL RESULTS

March

December

Indicator Units

2012

2011

variance

Tonnes 000

4 595

4 542

Grade (total)

g/t 1.90

2.36

(20)

Underground
grade g/t 4.24

4.85

(13)

Gold produced

8 753

10 718

(18)

Cash operating costs R/kg

293 842

249 356

(18)

Operating profit

R’000 1 122 827 2 077 067

(46)

Continuing operations (excludes Evander)

March

December

Indicator Units

2012

2011

variance

Tonnes

000

4 423

4 388

Grade (total)

g/t

1.78

2.24

(21)

Underground grade

g/t

4.06

4.70

(14)

Gold produced

7 891

9 824

(20)

Cash operating costs

R/kg

302 215

252 602

(20)

Operating profit

R’000

948 916 1 881 458

(50)

Gold production was 18% lower than the previous quarter at 8 753kg.
An estimated 600 kilograms were lost due to safety stoppages alone.
In addition, the operations’ grade performance was poor, with overall
recovered grade being 20% lower than the December 2011 quarter
at 1.90g/t and underground grade being 13% lower at 4.24g/t. The
reasons for the underperformance in grade are the following:

•

belt grades, across almost all operations, were not in line with our
plans – mainly as a result of the square metres not being blasted
due to safety stoppages and high grade panels underperforming;

•

more development waste was hoisted with ore at Kusasalethu and
Masimong (the mixing of waste with ore is being addressed at
both operations);

• One Plant – which processes the ore from Tshepong, Phakisa,

Masimong, Bambanani, Steyn 2 and Unisel – had an exceptional
plant call factor of 115% in December 2011. The March 2012
quarter is therefore much lower and more normalised at 104%;

• in the Free State, where one fatality occurred, we had a total of

eight Section 54* safety-related stoppages, resulting in the loss
of 368 kilograms. On average, following a Section 54* stoppage,
it takes up to three days to safely restart operations. After one
reportable accident at Unisel, Bambanani, Steyn 2, West Shaft and
Unisel were all stopped as they are all the responsibility of one
general manager. This resulted in a production loss of 21 days
(cumulative);

•

at Doornkop, 17 production days on South Reef (high grade) were
lost due to the infrastructure upgrade announced in February 2012,
while the lower grade Kimberley Reef continued to be mined,
resulting in a drop in face grade; and at Joel, 14 production days
were lost due to a guide rope repair in North Shaft, resulting in ore
tonnage being locked up underground; and

• at Hidden Valley production was adversely impacted by high

rainfall during the quarter, impeding access to high grade ore.

* In terms of the Mine Health and Safety Act 29 of 1996.

The increase in tonnes milled was insufficient to offset the decrease in
recovered grade and consequently, gold production was 18% lower
quarter on quarter at 8 753kg. Cash operating costs increased to
R293 842/kg, a consequence of lower gold production.

Operating profit was lower at R1.1 billion due both to the decline in
gold production and a 4% decrease in the average gold price received
to R419 649/kg.

An improved safety performance, increased focus on the mining of
the top 10 higher grade panels at each operation, daily monitoring of
production performances and an increased focus on clean mining will
result in improved production results in the June 2012 quarter.

BUILD-UP AND STEADY OPERATIONS

Doornkop

March

December

Indicator Units

2012

2011

variance

Tonnes 000

158

232

(32)

Grade g/t

3.16

3.87

(18)

Gold produced

500

897

(44)

Cash operating costs

R/kg

401 952

237 007

(70)

Operating profit

R’000

15 663

179 225

(91)

During the past quarter, gold production at Doornkop was affected
by safety stoppages relating to two fatalities and the upgrade of the
South Reef’s infrastructure. The temporary production interruption
due to the upgrade is typical of a newly built operation. In a new mine,
as production builds up, commissioning challenges are experienced.
We have a lot of confidence in the geology and grade of South Reef
and the upgrade allows us to exploit more of the developed South
Reef reserves at an improved rate in future.

Tonnes decreased by 32% to 158 000t, while the recovery grade
declined to 3.16g/t, as less of the higher grade South Reef was mined.
Due mainly to lower gold production, cash operating costs increased
to R401 952/kg from R237 007/kg in the previous quarter.

Lower production, higher costs and a lower average Rand gold price
received resulted in lower operating profit of R16 million.

Kusasalethu

March

December

Indicator Units

2012

2011

variance

Tonnes 000

273

256

Grade g/t

4.47

4.95

(10)

Gold produced

1 221

1 268

(4)

Cash operating costs

R/kg

289 818

283 053

(2)

Operating profit

R’000

167 968

198 948

(16)

At Kusasalethu tonnes milled increased by 7% to 273 000t due to
more development waste, which was hoisted in the previous quarter,
being processed in the current quarter. This resulted in a 10% decrease
in the recovered grade to 4.47g/t.

A safety stoppage in March 2012 resulted in further production losses.

Cash operating cost increased slightly to R289 818/kg. An operating
profit of R168 million was recorded, 16% lower than the previous
quarter.

Phakisa

March

December

Indicator Units

2012

2011

variance

Tonnes 000

129

126

Grade g/t

4.78

5.22

(8)

Gold produced

616

658

(6)

Cash operating costs

R/kg

328 601

299 804

(10)

Operating profit

R’000

55 374

93 819

(41)

Phakisa increased tonnes milled from 126 000t to 129 000t quarter
on quarter. Recovered grade decreased by 8% to 4.78g/t. During the
March 2012 quarter 616kg of gold was produced, a decrease of 6%
quarter on quarter due to the decline in the grade.

Cash operating costs increased by 10% to R328 601/kg, due to lower
gold production and additional labour costs (crews from Bambanani,
post its restructuring, were transferred to Phakisa). An operating profit
of R55 million was generated during the quarter.

Hidden Valley (held in Morobe Mining Joint Venture – 50% of
attributable production reflected)

March

December

Indicator Units

2012

2011

variance

Tonnes 000

418

474

(12)

Grade g/t

1.17

1.72

(32)

Gold produced

490

816

(40)

Cash operating costs

R/kg

427 753

268 500

(59)

Operating profit

R’000

18 910

188 062

(90)

Hidden Valley produced 490kg of gold and 5 319kg of silver at a cash
cost of R427 753/kg. This compares with 816kg of gold and 8 564kg
of silver produced in the December 2011 quarter at a cash cost of
R268 500/kg.

Gold production was adversely affected by high rainfall during
the months of January and February 2012, which impeded access to
high-grade ore.

Increased reliance on low-grade oxide stockpiles during the period
resulted in both lower mill throughput and lower recoveries, also
contributing to lower overall gold and silver production.

Lower gold production was the main contributor to the increase in cash
costs per ounce. Trucking of ore to the mill continues to supplement
the use of the overland conveyor system and adds to the high-cost
profile.

Masimong

March

December

Indicator Units

2012

2011

variance

Tonnes 000

238

232

Grade g/t

3.26

3.85

(15)

Gold produced

776

894

(13)

Cash operating costs

R/kg

264 233

240 999

(10)

Operating profit

R’000

119 556

178 560

(33)

Masimong increased tonnes milled by 3% during the current quarter
to 238 000t, at a lower recovered grade of 3.26g/t, which resulted
in a 13% decrease in gold production to 776kg. During the previous
quarter it was identified that the reef ore pass system is beyond

rehabilitation and a new ore pass will be developed. Until such time as
the new ore pass is completed, reef and waste will be mixed and will
affect the grade in the short term. This development has started and
will be completed during the September 2012 quarter.

Cash operating costs were 10% higher at R264 233/kg due to lower
gold production. Operating profit declined to R120 million due to
lower gold production and a lower gold price received.

Target 1

March

December

Indicator Units

2012

2011

variance

Tonnes 000

190

208

(9)

Grade g/t

4.54

4.91

(8)

Gold produced

862

1 021

(16)

Cash operating costs

R/kg

240 175

202 816

(18)

Operating profit

R’000

148 186

240 255

(38)

Tonnage was down 9% at 190 000t, due to load-haul-dump trucks
undergoing scheduled maintenance, which reduced loading from the
massive stopes.

Recovered grade decreased to 4.54g/t. Due to lower tonnage and
grade, the gold production declined by 16% to 862kg. Cash operating
costs were R240 175kg, 18% higher than in the December 2011
quarter, mainly as a result of lower gold production. An operating
profit of R148 million was recorded, a 38% decrease on the previous
quarter, resulting both from lower gold production and a lower gold
price received.

Target 3

March

December

Indicator Units

2012

2011

variance

Tonnes 000

Grade g/t

3.61

3.89

(7)

Gold produced

296

–

Cash operating costs

R/kg

354 581

350 851

(1)

Operating profit

R’000

20 423

24 174

(16)

Gold production from Target 3 remained flat at 296kg, with an increase
of 8% in tonnage to 82 000t offsetting the effect of a decline in the
recovered grade to 3.61g/t.

Operating profit of R20 million was recorded compared to R24 million
during the previous quarter, the decline due to the lower gold
price received during the quarter. Cash operating costs were stable
at R354 581/kg.

Tshepong

March

December

Indicator Units

2012

2011

variance

Tonnes 000

323

306

Grade g/t

4.02

5.08

(21)

Gold produced

1 297

1 555

(17)

Cash operating costs

R/kg

244 231

203 708

(20)

Operating profit

R’000

225 386

371 743

(39)

Tshepong increased tonnes milled by 6% to 323 000t.

Results for the third quarter FY12
ended 31 March 2012

Recovered grade was lower at 4.02g/t compared to the exceptional
5.08g/t in the previous quarter. Management is investigating ways
to improve the waste/reef split from the decline, which currently
negatively impacts on the recovered grade.

Tshepong produced 1 297kg for the quarter, a 17% reduction quarter
on quarter.

Cash operating costs increased by 20% to R244 231/kg, a function of
lower gold production. Operating profit was R225 million.

OTHER OPERATIONS

Bambanani

March

December

Indicator Units

2012

2011

variance

Tonnes 000

(20)

Grade g/t

8.35

8.56

(3)

Gold produced

167

214

(22)

Cash operating costs

R/kg

494 916

564 808

Operating loss

R’000

(12 782)

(30 458)

Bambanani had a challenging quarter. In terms of a Section 54*
stoppage imposed by the Department of Mineral Resources (DMR)
following a fatality at West shaft, Bambanani, as well as Steyn 2, West
Shaft and Unisel were stopped for 21 days as one general manager is
responsible for all of these shafts. To safely resume operations after a
stoppage can take up to three days.

Recovered grade was 8.35g/t, a decrease of 3% due to the decrease in
face grade values. As a result of lower volumes and a decline in grade,
only 167kg of gold was produced for the quarter.

Cash operating costs decreased to R494 916/kg as the restructuring
process of only mining the shaft pillar in future is being finalised, but
remained very high due to the low gold production. An operating loss
of R13 million was recorded compared to a loss of R30 million in the
December 2011 quarter.

Steyn 2

March

December

Indicator Units

2012

2011

variance

Tonnes 000

(27)

Grade g/t

6.91

7.53

(8)

Gold produced

113

(33)

Cash operating costs

R/kg

447 842

337 593

(33)

Operating (loss)/profit

R’000

(2 379)

13 010

>(100)

Steyn 2 was also adversely affected by the 21-day stoppage (refer to the
Bambanani commentary above) and a subsequent three-day safe start-
up. Only 11 000t were milled in the March 2012 quarter. The transport
of the ore is a constraint at Steyn 2 until West Shaft’s infrastructure
upgrade to facilitate more hosting capacity has been completed. This is
expected to be completed by the end of June 2012.

* In terms of the Mine Health and Safety Act 29 of 1996.

Evander

March

December

Indicator Units

2012

2011

variance

Tonnes 000

123

117

Grade g/t

6.75

7.19

(6)

Gold produced

830

841

(1)

Cash operating costs

R/kg

214 901

214 379

–

Operating profit

R’000

169 427

183 652

(8)

Evander increased tonnes milled by 5% to 123 000t during the
March 2012 quarter, while the recovered grade was 6% lower at
6.75g/t. Gold production was slightly lower at 830kg due to the
decrease in grade.

Cash operating costs were stable at R214 901/kg for the quarter,
while the operating profit decreased by 8% quarter on quarter to
R169 million, due both to lower production and a lower gold price
received.

Joel

March

December

Indicator Units

2012

2011

variance

Tonnes 000

113

150

(25)

Grade g/t

4.03

4.85

(17)

Gold produced

455

727

(37)

Cash operating costs

R/kg

281 404

199 586

(41)

Operating profit

R’000

54 303

178 690

(70)

Unplanned rope guide repairs in North Shaft caused a 14-day stoppage
at Joel, resulting in ore tonnage being locked up underground. Some
113 000t of ore were milled, 25% less than in the previous quarter,
while recovered grade was 17% lower at 4.03g/t.

Due to lower volume and grade, gold production declined to 455kg
from the previous quarter’s 727kg. Cash operating costs increased
to R281 404/kg due to lower gold production. Operating profit of
R54 million was generated during the quarter.

Unisel

March

December

Indicator Units

2012

2011

variance

Tonnes milled

000

100

(10)

Grade g/t

3.69

4.62

(20)

Gold produced

332

462

(28)

Cash operating costs

R/kg

356 738

276 102

(29)

Operating profit

R’000

19 679

77 308

(75)

Unisel’s tonnage decreased by 10% to 90 000t. Unisel was also subject
to a safety stoppage due to a fatality that occurred at Bambanani West.

Unisel’s grade normalised to 3.69g/t in the quarter under review from
an abnormally higher grade of 4.62g/t achieved in the December 2011
quarter. Gold production was 28% lower than the previous quarter
due to lower volume and grade.

Cash operating costs increased to R356 738/kg as a result of lower
gold production. Operating profit of R20 million was recorded for
the quarter.

TOTAL SOUTH AFRICAN SURFACE OPERATIONS

March

December

Indicator Units

2012

2011

variance

Tonnes 000

2 427

2 225

Grade g/t 0.34

0.43

(21)

Gold produced

Kg 835

956

(13)

Cash operating costs R/kg

275 214

240 183

(15)

Operating profit

R’000

123 113

180 079

(32)

Surface sources increased tonnage by 9% to 2 427 000t, the main
contribution coming from the Phoenix tailings. Gold production,
however, was lower at 835kg due to a 21% decline in the recovered
grade to 0.34g/t.

Cash operating costs increased to R275 214/kg due to the lower gold
output. The South African surface sources generated an operating
profit of R123 million, collectively, 32% lower than the December 2011
quarter as a result of lower gold output and a lower gold price received.

Kalgold

March

December

Indicator Units

2012

2011

variance

Tonnes 000

310

331

(6)

Grade g/t

0.73

0.82

(11)

Gold produced

225

273

(18)

Cash operating costs

R/kg

323 222

268 462

(20)

Operating profit

R’000

25 607

41 495

(38)

Kalgold milled 310 000t during the quarter at a recovered grade of
0.73g/t. This represented decreases of 6% and 11%, respectively, when
compared to the December 2011 quarter. Gold production declined to
225kg from the 273kg produced in the previous quarter.

Kalgold plant is replacing and repairing the carbon in leach (CIL)
tanks, carbon regeneration circuit and the elution circuit. Satisfactory
progress has been made on the CIL project during the quarter.

Cash operating costs increased by 20% to R323 222/kg due to lower
gold production, additional repair work during the quarter and the
rental costs of mobile crushers. As a result, the operating profit
decreased to R26 million for the quarter.

Phoenix (tailings)

March

December

Indicator Units

2012

2011

variance

Tonnes

000

1 256

1 085

Grade g/t

0.16

0.19

(16)

Gold produced

200

207

(3)

Cash operating costs

R/kg

241 480

236 551

(2)

Operating profit

R’000

39 159

39 457

(1)

Phoenix tailings increased tonnage by 16% to 1 256 000t. However,
the recovered grade decreased to more normal 0.16g/t.

Surface dumps (includes Evander surface sources)

March

December

Indicator Units

2012

2011

variance

Tonnes 000

861

809

Grade g/t

0.48

0.59

(19)

Gold produced

410

476

(14)

Cash operating costs

R/kg

265 324

225 544

(18)

Operating profit

R’000

58 347

99 127

(41)

Tonnage from the surface dumps increased by 6% during the
March 2012 quarter to 861 000t. Recovered grade was 0.48g/t
compared with the previous quarter’s 0.59g/t, a consequence of most
sources delivering lower grade material.

The lower recovered grade resulted in a reduction in gold production
to 410kg.

Cash operating costs increased by 18% quarter on quarter to

R265 324/kg. Operating profit of R58 million was generated, 41%
lower than the December 2011 quarter due to the lower output and a
decrease in the gold price.

Results for the third quarter FY12
ended 31 March 2012

Development

The main purpose of development is to explore the possibilities of future mining operations. A development programme is vital in the life of a
mine. The on reef development grade on a shaft is an indication of the grades that will be mined in future. Important information is derived, such
as expected geological structures, dip of the ore body and the channel width.

Depending on the shaft layout – such as raise line length and spacing – ledging and stoping will take place in approximately 18 to 36 months
after on reef development.

Therefore the target areas for development are extremely important to prove the existence of ore of sufficient mineral content to mine profitably
and to continuously upgrade the resources to reserves.

Mineral reserves block grades vs development grades

Note: The ore reserve block grades reflect the grades of the blocks in the life-of-mine plans for the various operations. These blocks are to a large degree
the blocks above a certain cut-off grade that has been targeted for mining. The development grades are those as sampled in the ongoing on-reef
development at the operations and no selectivity has been applied from a grade point of view.

Doornkop

There was a decrease in the development grade during the current
quarter which is in line with expectations of the areas being developed
on 202 level. On reef development was also stopped for the period
in which the shaft infrastructure was being upgraded and this resulted
in limited new information becoming available during the quarter. All
on reef development has been re-started on the South Reef and better
results are expected in the next quarter.

Kusasalethu

The quarter on quarter development grade has improved and the
grades intersected continue to support the ore reserve estimates.

Phakisa

There was further progress with the development towards the north
and these areas continue to return good grades, as expected. This
resulted in an improved development grade for this quarter compared
to the previous quarter.

Masimong

Basal Reef and B Reef development grades remained below expectation
for the quarter and the areas being developed are receiving increased
focus from the geologists in order to firm up on the geological
models and provide improved guidance with respect to development
target areas.

Target (narrow reef mining)

Quarter on quarter there was an increase in development grades of
the narrow reef mining section at Target 1 shaft due to well-developed
Dreyerskuil Reef that was intersected. At Target 3 there is still an
encouraging improvement in both the metres developed and the
development grade quarter on quarter.

Tshepong

The Basal Reef development grades were in line with expectations and
returned good results especially from the areas to the west of the shaft
and the decline area. The B Reef grade was lower quarter on quarter
due to poorly developed reef that was intersected in some of the on
reef development.

Bambanani

All of the development is taking place in the shaft pillar. There was a
quarter on quarter drop in the wide raise development grade due to
the intersection of an expected localised lower grade area.

Evander

Grade of the reef development, as expected, is down quarter on
quarter due to developing only one winze in the high grade area down
to 25 level. All the other development is at the lower grade edge of
the bigger payshoot. In the next few months more winzes will start up
within the high grade area of the main pay shoot and this will improve
the overall development grade.

Joel

The development grades at Joel remained above the reserve grade and
are in line with our expectations.

Unisel

At Unisel, the development grade of the Basal Reef improved due to
higher grade pillars that are being developed. The Leader Reef grade
was better than expected and returned encouraging results. No Middle
Reef was developed during the quarter.

Exploration highlights

International (Papua New Guinea)

Morobe Mining Joint Venture (50% Harmony)

Wafi-Golpu

During the March 2012 quarter, the independent review of the pre-feasibility study began, with the final report expected to be released to the
Joint Venture partners (Harmony and Newcrest Mining Limited) during the September 2012 quarter. The upgrade of the existing Wafi camp
continued during the March 2012 quarter, supporting the extensive drilling activity being undertaken. Construction and upgrade of the road to
site progressed during the quarter. Stakeholder engagement with the community, landowners and various government agencies also continued
during the period.

The pre-feasibility study remains on schedule, for completion in the first half of calendar 2012, with consideration by the Joint Venture partners to
occur thereafter. The infill drilling programme continued to encounter challenging down-hole conditions associated with the deep targets at Golpu,
with only two holes completed in the quarter under review.

Infill resource drill hole WR418 intersected a significant zone of high
grade mineralisation which returned 604m @ 2.01% Cu and 1.92g/t
Au from 922m, including 436m @ 2.56% Cu and 2.51g/t Au. This
intercept confirms the continuity of the high grade mineralisation
within the central portion of the resource. Drilling in the upper levels
of the system also intersected well-developed mineralisation.

Drill hole WR421 intersected 150 metres of highly mineralised
porphyry, highlighting the potential for defining additional higher
grade mineralisation within the upper levels. Assay results are pending.
Drilling in the north has expanded the 0.1% Cu shell, with WR408
intersecting 450m @ 0.18% Cu and 0.11g/t Au from 1 592m.

WR415W-2 drilled the southern-most part of the deposit and intersected
a large zone of low grade gold-copper mineralisation associated with
multiple porphyritic intrusions, returning 806m @ 0.30%Cu and
0.25g/t Au from 1 237m.

Results from the drilling are in line with the existing resource model. Six
drill holes are currently in progress, seeking to extend the resource base
along the eastern margins of the system and within the upper levels.

Drill testing of the highly prospective Wafi Transfer Zone began during
the quarter, and is presently testing the Kesiago and Zimake prospects.
At the Kesiago prospect, previous shallow drilling returned 389m @

Figure 1. Golpu:

(1)

Refer www.harmony.co.za for Statement
of Mineral Resources and Ore Reserves at
30 June 2011. Resource figures quoted
on 100% basis.

Note: Cu = copper; Au = gold.

Results for the third quarter FY12
ended 31 March 2012

0.24g/t Au and confirmed the presence of porphyry-related mineralisation. Drilling is targeting higher-grade mineralisation below this zone.
The second rig is testing the Zimake prospect, where surface sampling has confirmed the presence of outcropping gold and copper mineralisation
co-incident with an extensive surface gold-copper geochemical anomaly and large geophysical feature.

Figure 2: Wafi- transfer zone – porphyry corridor

(1)

Refer to www.harmony.co.za for Statement of Mineral Resources and Ore Reserves as at 30 June 2011. Resource figures quoted on 100% basis.

Note: Cu = copper; Au = gold.

Figure 3: Plan view of Wafi-transfer zone

(1)

Refer to www.harmony.co.za for Statement of Mineral
Resources and Ore Reserves as at 30 June 2011.
Resource figures quoted on 100% basis.

Hidden Valley district exploration

Drilling at Hidden Valley confirmed the continuity and extent of the
higher grade mineralisation within the current resource of the Hidden
Valley and Kaveroi lodes, with the following significant results drilled
this quarter:

•

HVDD124

81m @ 1.6g/t Au from 214m

• HVDD126

35.3m @ 9.6g/t Au from 336.7m including 12m @
23g/t Au from 345m

• HVDD131

13m @ 2.6g/t Au from 188m and 36m @ 2.4g/t Au
from 256m

• HVDD130

10.4m @ 13g/t Au from 326.6m including 4m @
31g/t Au from 333m

Results of the infill drill-hole HVDD126, designed to test for continuity
of the high grade zone upon which the Kaveroi underground concept
is based, have confirmed the geometry of this high grade domain.

Regionally, drill testing of the Heyu Prospect, located four kilometres
northwest of the Hidden Valley mine, continued. Drilling has been
successful, with the intersection of gold mineralisation. Significant
results include:

• HEYDH001

9m @ 1.4g/t Au from 287m and 8m @ 0.53g/t Au
from 592.5m

Drilling will continue to test the remainder of the prospective
geochemical targets to help define the extent of the mineralisation.

PNG exploration (Harmony 100%)

Tenement processing at the Mineral Resource Authority progressed
significantly. Six tenement renewals and five new tenement
applications were approved during the quarter. This includes EL1786,
a new tenement application at Lake Kopiago where a major porphyry
Cu-Au target has been developed.

Mt Hagen project (EL1611 and EL1596)

Exploration work at Mt Hagen focused on the Kurunga Intrusive
Complex (KIC) with the aim of completing first pass exploration over
the target by December 2012.

Drilling during the quarter was undertaken at Penamb and Bakil
prospects for a total of 2 304m. Reconnaissance Exploration
activities comprised ridge and spur soil sampling and mapping, and
stream sediment sampling at the Ganz, and Penamb east prospects
(355 samples).

Initial gold results from Penamb East are highly encouraging.

Bakil prospect (EL1611)

Assays for BKDD002, and BKD003 were received during the quarter,
but returned no significant results. No further work is planned at this
stage.

Penamb prospect (EL1596)

Drilling during the quarter at Penamb prospect comprised three
holes/1 674m (PND003-PND005). Results received include:

•

PNDD003

225m @ 0.1% Cu, 87ppm Mo from 456m

• PNDD004*

79m @ 0.1% Cu, 54ppm Mo from 60m
(*results incomplete)

Results for PNDD005 are pending. Previous results reported for the
prospect include:

•

PNDD001

285m @ 0.1% Cu, 83 Mo from 63m

• PNDD002

144m @ 0.1% Cu, 27ppm Mo from 32m
190m @ 0.1% Cu, 47ppm Mo from 193m

Drilling to date has outlined a 400m x 300m zone of 0.1% Cu
mineralisation. Chalcopyrite occurs as vein stockworks and is finely
disseminated. Alteration generally comprises weak to moderate biotite
+/– actinolite forming selvages along vein margins. At this stage the
system remains open but logging has yet to establish vectors to a
high-grade mineralised core.

Figure 4: PNDD003; 749m. Fine chalcopyrite vein stockwork and disseminations,
with biotite alteration forming vein selvages. The sample is characteristic of outer
potassic alteration off the margin of a big porphyry Cu-Au-Mo system.

Penamb East prospect (EL1611)

Ridge and spur soil sampling at the Penamb East prospect has outlined
a +0.1 g/t Au soil anomaly over 1km long and up to 400m wide, with
individual assays ranging up to 0.3 g/t Au.

Follow-up creek mapping and rock chip sampling has established
a northeast trend to the mineralisation with several veined and
mineralised outcrops identified. Sixteen of the 43 rock chips collected
returned gold grades greater than 0.1ppm. A large number of these
samples were collected from outcropping veins consisting of quartz,
white clay, pyrite and base metal sulphides, notably galena. The
samples are anomalous in As, Sb and Ag levels, confirming an
epithermal nature to the vein system.

Southern Highlands project (EL1786)

EL1786 was granted during the quarter. The tenement encompasses a
bull’s-eye magnetic target with associated Au-Cu skarn mineralisation,
and is considered highly prospective for an Ok Tedi-style copper gold
system. Work during the quarter included camp set-up and community
awareness ahead of an airborne magnetic survey starting late in April.

South Africa

Masimong exploration

Masimong 5 shaft has a vast area, greater than that which has been
mined at Masimong to date, of unknown potential to the east of a
North-South striking 270m up-throw-fault running to the east of the
shaft. The B Reef channels are expected to continue into this ground
but have not been explored.

The aim of this surface drilling is therefore to locate these channels,
with a view to developing into them. Diamond drilling of the first two
holes (ED7 and 8) has commenced. A total of 2 358m have been drilled
and the depth of the two holes is now 1 403.69m (ED8) and 1 535.3m
(ED7) below surface. Both holes are very close to the estimated position
of the B Reef.

Results for the third quarter FY12
ended 31 March 2012

Operating results

(Rand/Metric) (US$/Imperial)

South Africa

International

Discontinued

Operations

Underground production

Surface production

Three

months

ended

Bamba-

nani

Doorn-

kop

Joel

Kusasa-

lethu

Masi-

mong

Phakisa

Steyn 2

Target 1

Target 3

Tshepong

Unisel

Total

Under-

ground

Kalgold

Phoenix

Dumps

Total

Surface

Other

Total

South

Africa

Hidden

Valley

Other

Total

Continuing

Operations

Evander

Surface

Harmony

Total

Ore milled

– t’000

Mar-12

158

113

273

238

129

190

323

1 627

310

1 256

812

2 378

–

4 005

418

–

4 423

123

4 595

Dec-11

232

150

256

232

126

208

306

100

1 726

331

1 085

772

2 188

–

3 914

474

–

4 388

117

4 542

Gold produced

– kg

Mar-12

167

500

455

1 221

776

616

862

296

1 297

332

6 598

225

200

378

803

–

7 401

490

–

7 891

830

8 753

Dec-11

214

897

727

1 268

894

658

113

1 021

296

1 555

462

8 105

273

207

423

903

–

9 008

816

–

9 824

841

10 718

Gold produced

– oz

Mar-12

5 369

16 075

14 629

39 256

24 949

19 805

2 443

27 714

9 517

41 699

10 674

212 130

7 234

6 430

12 153

25 817

–

237 947

15 754

–

253 701

26 685

1 029

281 415

Dec-11

6 880

28 839

23 374

40 767

28 743

21 155

3 633

32 826

9 517

49 994

14 854

260 582

8 777

6 655

13 600

29 032

–

289 614

26 235

–

315 849

27 039

1 704

344 592

Yield

–g/tonne

Mar-12

8.35

3.16

4.03

4.47

3.26

4.78

6.91

4.54

3.61

4.02

3.69

4.06

0.73

0.16

0.47

0.34

–

1.85

1.17

–

1.78

6.75

0.65

1.90

Dec-11

8.56

3.87

4.85

4.95

3.85

5.22

7.53

4.91

3.89

5.08

4.62

4.70

0.82

0.19

0.55

0.41

–

2.30

1.72

–

2.24

7.19

1.43

2.36

Cash operating

– R/kg

Mar-12

494 916

401 952

281 404

289 818

264 233

328 601

447 842

240 175

354 581

244 231

356 738

296 184

323 222

241 480

264 365

275 157

–

293 903

427 753

–

302 215

214 901

276 656

293 842

costs

Dec-11

564 808

237 007

199 586

283 053

240 999

299 804

337 593

202 816

350 851

203 708

276 102

252 140

268 462

236 551

228 400

242 380

–

251 162

268 500

–

252 602

214 379

202 755

249 356

Cash operating

– $/oz

Mar-12

1 991

1 617

1 132

1 166

1 063

1 322

1 801

966

1 426

982

1 435

1 191

1 300

971

1 063

1 107

–

1 182

1 721

–

1 216

864

1 132

1 182

costs

Dec-11

2 170

910

767

1 087

926

1 152

1 297

779

1 348

783

1 061

969

1 031

909

877

931

–

965

1 031

–

970

824

767

958

Cash operating

– R/tonne

Mar-12

4 133

1 272

1 133

1 296

862

1 569

3 094

1 090

1 280

981

1 316

1 201

235

123

–

543

501

–

539

1 450

181

560

costs

Dec-11

4 835

916

967

1 402

929

1 566

2 543

996

1 366

1 035

1 276

1 184

221

125

100

–

578

462

–

566

1 541

290

588

Gold sold

– kg

Mar-12

163

461

386

1 384

755

599

801

275

1 262

323

6 483

207

202

379

788

–

7 271

406

–

7 677

850

8 559

Dec-11

218

911

749

1 201

910

670

115

1 040

302

1 583

471

8 170

274

201

418

893

–

9 063

1 066

–

10 129

818

11 000

Gold sold

– oz

Mar-12

5 241

14 821

12 410

44 497

24 274

19 258

2 379

25 753

8 841

40 574

10 385

208 433

6 655

6 494

12 185

25 334

–

233 767

13 053

–

246 820

27 328

1 029

275 177

Dec-11

7 009

29 289

24 081

38 613

29 257

21 541

3 697

33 437

9 710

50 895

15 143

262 672

8 809

6 462

13 439

28 710

–

291 382

34 273

–

325 655

26 299

1 704

353 658

Revenue (R’000)

Mar-12

68 282

193 030

160 893

579 738

316 727

251 284

31 007

335 149

115 179

529 302

135 155

2 715 746

87 531

84 659

159 049

331 239

–

3 046 985

174 823

–

3 221 808

356 635

13 337

3 591 780

Dec-11

96 114

398 020

328 950

523 510

401 168

295 476

50 584

455 504

132 145

698 006

207 517

3 586 994

120 867

88 082

182 727

391 676

–

3 978 670

460 778

–

4 439 448

357 866

22 703

4 820 017

Cash operating

(R’000)

Mar-12

82 651

200 976

128 039

353 868

205 045

202 418

34 036

207 031

104 956

316 768

118 437

1 954 225

72 725

48 296

99 930

220 951

–

2 175 176

209 599

–

2 384 775

178 368

8 853

2 571 996

costs

Dec-11

120 869

212 595

145 099

358 911

215 453

197 271

38 148

207 075

103 852

316 766

127 559

2 043 598

73 290

48 966

96 613

218 869

–

2 262 467

219 096

–

2 481 563

180 293

10 746

2 672 602

Inventory (R’000)

Mar-12

(1 587)

(23 609)

(21 449)

57 902

(7 874)

(6 508)

(650)

(20 068)

(10 200)

(12 852)

(2 961)

(49 856)

(10 801)

(2 796)

5 256

(8 341)

–

(58 197)

(53 686)

–

(111 883)

8 840

–

(103 043)

movement

Dec-11

5 703

6 200

5 161

(34 349)

7 155

4 386

(574)

8 174

4 119

9 497

2 650

18 122

6 082

(341)

(1 056)

4 685

–

22 807

53 620

–

76 427

(6 079)

–

70 348

Production costs

(R’000)

Mar-12

81 064

177 367

106 590

411 770

197 171

195 910

33 386

186 963

94 756

303 916

115 476

1 904 369

61 924

45 500

105 186

212 610

–

2 116 979

155 913

–

2 272 892

187 208

8 853

2 468 953

Dec-11

126 572

218 795

150 260

324 562

222 608

201 657

37 574

215 249

107 971

326 263

130 209

2 061 720

79 372

48 625

95 557

223 554

–

2 285 274

272 716

–

2 557 990

174 214

10 746

2 742 950

Operating (R’000)

Mar-12

(12 782)

15 663

54 303

167 968

119 556

55 374

(2 379)

148 186

20 423

225 386

19 679

811 377

25 607

39 159

53 863

118 629

–

930 006

18 910

–

948 916

169 427

4 484

1 122 827

profit/(loss)*

Dec-11

(30 458)

179 225

178 690

198 948

178 560

93 819

13 010

240 255

24 174

371 743

77 308

1 525 274

41 495

39 457

87 170

168 122

–

1 693 396

188 062

–

1 881 458

183 652

11 957

2 077 067

Operating

($’000)

Mar-12

(1 653)

2 025

7 024

21 721

15 461

7 161

(307)

19 163

2 641

29 147

2 545

104 928

3 312

5 064

6 965

15 341

–

120 269

2 446

–

122 715

21 911

580

145 206

profit/(loss)*

Dec-11

(3 762)

22 134

22 069

24 570

22 053

11 587

1 607

29 672

2 985

45 910

9 548

188 373

5 125

4 873

10 765

20 763

–

209 136

23 226

–

232 362

22 681

1 477

256 520

Capital (R’000)

Mar-12

54 600

62 053

14 059

101 722

44 094

78 103

14 665

59 371

21 770

64 122

17 111

531 670

18 613

2 768

1 414

22 795

9 553

564 018

82 003

78 261

724 282

42 465

–

766 747

expenditure

Dec-11

44 077

74 560

14 891

113 165

71 643

75 129

21 791

65 439

24 060

76 287

17 935

598 977

20 563

5 088

897

26 548

8 350

633 875

53 176

44 688

731 739

50 650

–

782 389

Capital ($’000)

Mar-12

7 061

8 025

1 818

13 155

5 702

10 100

1 896

7 678

2 815

8 292

2 213

68 755

2 407

358

158

2 923

1 261

72 939

10 605

10 121

93 665

5 492

–

99 157

expenditure

Dec-11

5 444

9 208

1 839

13 976

8 848

9 279

2 691

8 082

2 971

9 422

2 215

73 975

2 540

628

111

3 279

1 031

78 285

6 567

5 519

90 371

6 255

–

96 626

* Operating profit/(loss) is comparable to the term production profit/(loss) in the segment report in the financial statements and not to the operating profit line

item in the income statement.

Results for the third quarter FY12
and nine months ended 31 March 2012

CONDENSED CONSOLIDATED INCOME STATEMENTS

(Rand)

Quarter ended

Nine months ended

Year ended

31 March 31 December¹

31 March¹

31 March

31 March¹

30 June¹

2012 2011 2011 2012 2011 2011

Figures in million

Note

(Unaudited)

(Audited)

Continuing operations

Revenue

3 222

4 439

2 761

11 235

8 443

11 596

Cost of sales

(2 721)

(3 116)

(2 414)

(8 811)

(7 473)

(10 699)

Production costs

(2 273)

(2 558)

(1 928)

(7 271)

(6 144)

(8 504)

Amortisation and depreciation

(431)

(497)

(392)

(1 373)

(1 172)

(1 609)

Impairment

assets

– – – – –

(264)

Employment termination and
restructuring

costs

(19) (17) (26) (70)

(136)

Other

items

2 (44) (68) (97) (21)

(186)

Gross profit

501

1 323

347

2 424

970

897

Corporate, administration
and other expenditure

(96)

(85)

(84)

(261)

(258)

(322)

Social

investment

expenditure

(22) (14) (27) (50) (66) (82)

Exploration

expenditure

(143) (99) (75) (339) (225) (324)

Profit on sale of property,
plant and equipment

–

Other (expenses)/income – net

(5)

(7)

(55)

(21)

Operating profit

235

1 138

159

1 826

388

175

Loss from associates

–

(24)

–

(51)

Reversal of impairment/(impairment)
of investment in associate

(160)

(142)

Net gain on financial instruments

108

129

Gain on farm-in option

–

273

Investment

income

25 22 62 64

110

133

Finance

cost

(65) (80) (63) (214) (185) (268)

Profit/(loss) before taxation

237

1 143

(23)

1 805

483

249

Taxation

636 (256)

299 323 250 387

Normal

taxation

(16) (60) (5) (115) (26) (27)

Deferred

taxation

4 652 (196)

304 438 276 414

Net profit from
continuing

operations

873 887 276 2 128 733 636

Discontinued operations

Profit/(loss) from
discontinued

operations

3 141 159 (38) 410 (74) (19)

Net profit for the period

1 014

1 046

238

2 538

659

617

Attributable to:
Owners of the parent

1 014

1 046

238

2 538

659

617

Earnings per ordinary share (cents)

Earnings from continuing operations

202

206

494

171

148

Earnings/(loss) from
discontinued

operations

33 37 (9) 95

(17) (4)

Total

earnings

235 243 55 589 154 144

Diluted earnings per
ordinary share (cents)

Earnings from continuing operations

202

205

492

171

148

Earnings/(loss) from
discontinued

operations

32 37 (9) 95

(17) (4)

Total

diluted

earnings

234 242 55 587 154 144

¹ The comparative figures are re-presented due to Evander being reclassified as a discontinued operation. See note 3 in this regard.

The accompanying notes are an integral part of these condensed consolidated financial statements.

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(Rand)

Quarter ended

Nine months ended

Year ended

31 March

31 December

31 March

30 June

2012 2011 2011 2012 2011 2011

Figures in million

(Unaudited)

(Audited)

Net profit for the period

1 014

1 046

238

2 538

659

617

Other comprehensive
(loss)/income for the period,
net of income tax

(153)

179

981

(50)

368

Foreign exchange translation

(157)

212

979

(3)

470

Gain/(loss) on fair value movement
of available-for-sale investments

(33)

(16)

(47)

(102)

Total comprehensive income for the period

861

1 225

244

3 519

609

985

Attributable to:
Owners of the parent

861

1 225

244

3 519

609

985

The accompanying notes are an integral part of these condensed consolidated financial statements.

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY

(Rand) (Unaudited)

for the nine months ended 31 March 2012

Other

Retained

Figures in million

capital

reserves

earnings

Total

Balance – 30 June 2011

28 305

762

1 093

30 160

Issue of shares

–

Share-based

payments

– 72 – 72

Net profit for the period

–

2 538

Other comprehensive income for the period

–

981

–

981

Dividends paid

– –

(431)

Balance – 31 March 2012

28 329

1 815

3 200

33 344

Balance – 30 June 2010

28 261

258

690

29 209

Issue of shares

–

Share-based

payments

– 91 – 91

Net profit for the period

–

659

Other comprehensive loss for the period

–

(50)

–

(50)

Dividends paid

– –

(214)

Balance – 31 March 2011

28 290

299

1 135

29 724

The accompanying notes are an integral part of these condensed consolidated financial statements.

The unaudited financial statements for the nine months ended 31 March 2012 have been prepared by Harmony Gold
Mining Company Limited’s corporate reporting team headed by Mr Herman Perry. This process was supervised by the
financial director, Mr Frank Abbott and approved by the Board of Harmony Gold Mining Company Limited. These
financial statements have not been audited or independently reviewed.

Results for the third quarter FY12
and nine months ended 31 March 2012

CONDENSED CONSOLIDATED BALANCE SHEETS

(Rand)

At At At At

31 March

31 December

30 June

31 March

2012 2011 2011 2011

Figures in million

Note

(Unaudited)

(Audited)

(Unaudited)

ASSETS

Non-current assets

Property, plant and equipment

31 949

32 830

31 221

30 557

Intangible

assets

2 194 2 185 2 170 2 188

Restricted cash

30 31 31 27

Restricted investments

1 808 1 929 1 883 1 866

Deferred tax assets

1 042 1 179 1 149 2 310

Investments in financial assets

187

183

185

236

Inventories

165 169 172 227

Trade and other receivables

Total

non-current assets

37 410 38 534 36 834 37 480

Current assets

Inventories

1 086 990 837 954

Trade and other receivables

1 259

1 131

1 073

1 111

Income and mining taxes

142

194

139

119

Cash and cash equivalents

1 427

1 205

693

656

3 914 3 520 2 742 2 840

Assets of disposal groups classified as held for sale

1 326

315

268

174

Total current assets

5 240 3 835 3 010 3 014

Total assets

42 650 42 369 39 844 40 494

EQUITY AND LIABILITIES

Share capital and reserves

capital

28 329 28 326 28 305 28 290

Other

reserves

1 815

1 945 762 299

Retained

earnings

3 200 2 359 1 093 1 135

Total equity

33 344 32 630 30 160 29 724

Non-current liabilities

Deferred

tax

liabilities

3 568 4 452 4 216 5 623

Provision for environmental rehabilitation

1 905

2 092

1 971

1 785

Retirement benefit obligation and other provisions

181

177

174

179

Borrowings

6 1 277 991 1 229 1 487

Total

non-current liabilities

6 931 7 712 7 590 9 074

Current liabilities

Borrowings

6 318 323 330 336

Income and mining taxes

Trade and other payables

1 543

1 684

1 746

1 343

1 868 2 010 2 078 1 696

Liabilities of disposal groups classified as held for sale

507

–

Total current liabilities

2 375 2 027 2 094 1 696

Total equity and liabilities

42 650

42 369

39 844

40 494

The accompanying notes are an integral part of these condensed consolidated financial statements.

CONDENSED CONSOLIDATED CASH FLOW STATEMENTS

(Rand)

Quarter ended

Nine months ended

Year ended

31 March

31 December

31 March

30 June

2012 2011 2011 2012 2011 2011

Figures in million

(Unaudited)

(Audited)

Cash flow from operating activities
Cash generated by operations

682

1 566

213

3 340

1 366

2 418

Interest and dividends received

116

140

Interest

paid

(26) (36) (34) (103) (99)

(134)

Income and mining taxes refunded/(paid)

(149)

(114)

(26)

(45)

Cash generated by operating activities

723

1 393

251

3 183

1 357

2 379

Cash flow from investing activities
Decreased in restricted cash

–

120

116

Proceeds on disposal of investment in subsidiary

–

229

Proceeds on disposal of investment in associate

193

–

193

–

Proceeds on disposal of available-for-sale
financial

assets

– – – –

Pre-payment for Evander 6
and Twistdraai transaction

–

100

Other investing activities

(33)

(30)

(5)

Net additions to property,
plant and equipment

(740)

(779)

(687)

(2 187)

(2 281)

(3 110)

Cash utilised by investing activities

(580)

(776)

(671)

(2 024)

(1 911)

(2 654)

Cash flow from financing activities
Borrowings

raised

302

– 250 1 101 775 925

Borrowings

repaid

(17) (718) (17) (1 087) (130) (546)

Ordinary shares issued – net of expenses

Dividends

paid

(173)

–

– (431) (214) (214)

Cash generated/(utilised)
by financing activities

115

(707)

246

(394)

460

209

Foreign currency translation adjustments

(36)

(30)

(7)

(31)

(20)

(11)

Net increase/(decrease) in cash and
cash

equivalents

222 (120)

(181) 734 (114) (77)

Cash and cash equivalents
– beginning of period

1 205

1 325

837

693

770

Cash and cash equivalents
– end of period

1 427

1 205

656

1 427

656

693

The accompanying notes are an integral part of these condensed consolidated financial statements.

Results for the third quarter FY12
and nine months ended 31 March 2012

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

for the period ended 31 March 2012 (Rand)

1. Accounting policies

Basis of accounting
The condensed consolidated financial statements for the nine months ended 31 March 2012 have been prepared in accordance with IAS 34,
Interim Financial Reporting, JSE Listings Requirements and in the manner required by the Companies Act of South Africa. They should be
read in conjunction with the annual financial statements for the year ended 30 June 2011, which have been prepared in accordance with
International Financial Reporting Standards as issued by the International Accounting Standards Board (IFRS). The accounting policies are
consistent with those described in the annual financial statements, except for the adoption of applicable revised and/or new standards issued
by the International Accounting Standards Board.

Cost of sales

Quarter ended

Nine months ended

Year ended

31 March

31 December

March

31 March

June

2012 2011 2011 2012 2011 2011

Figures in million

(Unaudited)

(Audited)

Production costs – excluding royalty

2 231

2 499

1 897

7 138

6 059

8 408

Royalty

expense

42 59 31 133 85 96

Amortisation and depreciation

431

497

392

1 373

1 172

1 609

Impairment of assets

–

264

Rehabilitation expenditure

(43)

(37)

Care and maintenance cost
of restructured shafts

117

Employment termination and
restructuring costs

19 17 26 70

136

Share-based

payments

21 23 26 66 82

125

Other –

–

(1)

(156)

(99)

Total cost of sales

2 721

3 116

2 414

8 811

7 473

10 699

The comparative figures are re-presented due to Evander being reclassified as a discontinued operation. See note 3 in this regard.

The credit in the current quarter relates to a change in estimate on areas where rehabilitation work has been performed.

The amounts for the 2012 financial year relates to restructuring at the Bambanani shaft.

Disposal groups classified as held for sale and discontinued operations

Investment in Rand Uranium

The investment in Rand Uranium (Proprietary) Limited (Rand Uranium) was classified as held for sale in the March 2011 quarter following a
decision to sell it. The transaction with Gold One International Limited (Gold One) was concluded on 6 January 2012, with the first payment
of US$24 million (R193 million) being received on that day. The outstanding amount as at 31 March 2012 was R108 million. Subsequent
to the March 2012 quarter-end, additional payments were received from Gold One for the sale. For further information refer to note 8.

Evander Gold Mines Limited

The assets and liabilities related to Evander Gold Mines Limited (Evander), a wholly-owned subsidiary of Harmony Gold Mining Company
Limited (Harmony), have been classified as held for sale following signing of the sale of share and claims agreement on 30 January 2012
with Pan African Resources plc and Witwatersrand Consolidated Gold Resources Limited (the Consortium). The disposal will be for an
aggregate purchase consideration of R1.7 billion, excluding the proceeds of the Taung Gold Limited transaction and less certain
distributions made by Evander to Harmony between 1 April 2012 and the close of the transaction.

The transaction is subject to, among others, the following conditions precedent:

• the Consortium raising the required funding comprising of debt and/or equity;

• each of the Consortium members obtaining the requisite shareholder approval for the acquisition; and

• obtaining all relevant regulatory approvals.

The operation also meets the requirements to be classified as a discontinued operation. The comparative figures in the income statement
have been re-presented as a result.

4. Deferred taxation

The deferred tax for the March 2012 quarter includes a tax credit of R605 million, relating to a change in the gold mining tax rate formula
in South Africa. Previously some of our subsidiaries were exempt from paying Secondary Tax on Companies when declaring a dividend,
but had to pay a higher mining tax rate. With the introduction of Dividend Tax, the higher gold mining tax rate formula was repealed
resulting in lower income tax and deferred tax rates. The affected subsidiaries are Randfontein, Freegold, Evander and Kalgold.

Earnings and net asset value per share

Quarter ended

Nine months ended

Year ended

31 March

31 December

March

31 March

June

2012 2011 2011 2012 2011 2011

(Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Audited)

Weighted average number
of

(million)

431.3 430.5 429.5 430.6 429.1 429.3

Weighted average number
of diluted shares (million)

432.8

432.3

430.7

432.2

430.2

430.4

Total earnings per share (cents):

Basic

earnings

235 243 55 589 154 144

Diluted

earnings

234 242 55 587 154 144

Headline

earnings

234 242 91 571 192 223

– from continuing operations

201

205

100

477

214

232

– from discontinued operations

(9)

(22)

(9)

Diluted headline earnings

233

241

569

192

222

– from continuing operations

200

204

100

475

214

231

– from discontinued operations

(9)

(22)

(9)

Figures in million

Reconciliation of headline earnings:

Continuing operations

Net

profit

873 887 276 2 128 733 636

Adjusted for:
(Reversal of impairment)/impairment
of investment in associate*

(6)

(2)

160

(55)

160

142

Foreign exchange loss reclassified
from other comprehensive income*

–

Impairment of assets

–

264

Taxation effect on impairment of assets

–

(66)

Other

adjustments

–

(3) (9) (28) (26) (34)

Taxation effect on other adjustments

(1)

Headline

earnings

866 883 429 2 052 921 997

Discontinued operations

Net

profit/(loss)

141 159 (38) 410 (74) (19)

Adjusted for:
Profit on sale of investment
in

subsidiary

– – – –

(138)

(54)

Taxation effect of profit on sale
of investment in subsidiary

–

Profit on sale of property,
plant

and

equipment

– (1) (2) (2) (2) (2)

Taxation effect of profit on sale of
property, plant and equipment

–

Foreign exchange loss reclassified
from other comprehensive income*

–

Headline

earnings/(loss)

141 158 (39) 408 (95) (40)

Total headline earnings

1 007

1 041

390

2 460

826

957

The comparative figures are re-presented due to Evander being reclassified as a discontinued operation. See note 3 in this regard.

* There is no taxation effect on these items.

Net asset value per share

At At At At

31 March

31 December

30 June

31 March

2012 2011 2011 2011

(Unaudited)

(Audited)

(Unaudited)

Number of shares in issue

431 471 444

431 312 677 430 084 628 429 807 371

Net asset value per share (cents)

7 728

7 565

7 013

6 916

Results for the third quarter FY12
and nine months ended 31 March 2012

6. Borrowings

The Nedbank revolving credit facility was repaid in full during the December 2011 quarter. The full R850 million facility is available until
December 2013. The balance on Nedbank term facilities at the end of March 2012 quarter is R915 million.

In addition to the US$50 million drawn during the September 2011 quarter, a further US$40 million of the US$300 million syndicated revolving
credit facility was drawn during the March 2012 quarter, with US$210 million still available. The facility is repayable by August 2015 and attracts
interest at LIBOR plus 260 basis points, which is payable quarterly.

Commitments and contingencies

At At At At

31 March

31 December

30 June

31 March

2012 2011 2011

2011

Figures in million

(Unaudited)

(Audited)

(Unaudited)

Capital expenditure commitments:

Contracts for capital expenditure

391

291

194

191

Authorised by the directors but not contracted for

3 032

3 373

1 504

2 175

3 423

3 664

1 698

2 366

This expenditure will be financed from existing resources and, where appropriate, borrowings.

Contingent liability
For a detailed disclosure on contingent liabilities refer to Harmony’s annual report for the financial year ended 30 June 2011, available on the
group’s website (www.harmony.co.za). There were no significant changes in contingencies since 30 June 2011, except as discussed below.
Harmony reached a mutually acceptable settlement with the plaintiff class and this settlement was found to be fair and reasonable and was
approved by the United States District Court in November 2011. A single class member has filed an appeal of the District Court’s order approving
the settlement. That appeal is currently pending in the United States Court of Appeals for the Second Circuit. The settlement amount has been
paid into escrow by the company’s insurers and will be distributed to the plaintiffs once the appeal has been finalised.

8. Subsequent events

During April 2012, an amount of R86 million was received from Gold One relating to the sale of shares in Rand Uranium. An additional
R25 million is being held in an escrow account for a period of 12 months.

9. Segment report

The segment report follows on the page 23.

10. Reconciliation of segment information to consolidated income statements

Nine months ended

31 March

2012 2011

Figures in million

(Unaudited) (Unaudited)

The “Reconciliation of segment information to consolidated income
statement” line item in the segment report is broken down in the
following elements, to give a better understanding of the differences
between the income statement and segment report:

Reconciliation of production profit to gross profit
Total segment revenue

12 341

9 023

Total segment production costs

(7 834)

(6 649)

Production profit per segment report

4 507

2 374

Discontinued operations

(543) (75)

Production profit from continuing operations

3 964

2 299

Cost of sales items, other than production costs and royalty expense

(1 540)

(1 329)

Gross profit as per income statements *

2 424

970

The comparative figures are re-presented due to Evander being reclassified as a discontinued operation. See note 3 in this regard.

* The reconciliation was done up to the first recognisable line item on the income statement. The reconciliation will follow the income statement after that.

SEGMENT REPORT

(Rand/Metric) (Unaudited)

for the nine months ended 31 March 2012

Production

Capital

Kilograms

Tonnes

Revenue

cost

profit/(loss)

expenditure

produced

milled

31 March

2012

2011

2012

2011

2012

2011

2012

2011

2012

2011

2012

2011

R million

t’000

Continuing operations

South Africa
Underground
Bambanani

421 671 480 603 (59) 68 212 231

1 068

2 289 163 314

Doornkop

939 530 626 418 313 112 201 221

2 263

1 755 667 484

Joel

773 295 406 293 367 2 42 55

1 873

1 001 410 286

Kusasalethu

1 678

1 252

1 072 976 606 276 312 274

4 043

4 023 860 794

Masimong

1 032

1 045 635 571 397 474 166 129

2 466

3 453 702 678

Phakisa

753 390 585 337 168 53 227 276

1 800

1 290 368 281

Target

1 497 732 916 520 581 212 245 348

3 655

3 017 844 562

Tshepong

1 694

1 508 935 852 759 656 199 201

4 035

4 995 916

1 016

Virginia

479 539 366 451 113 88 51 63

1 134

1 793 282 470

Surface
All other surface operations

1 074 763 678 606 396 157

93 2 569 2 581 6 997 7 640

Total South Africa

10 340 7 725 6 699 5 627 3 641 2 098 1 751 1 891 24 906 26 197 12 209 12 525

International

Hidden

Valley

895 718 572 517 323 201 175 212 2 098 2 292 1 307 1 259

Other

– – – – – –

192 – – – – –

Total international

895 718 572 517 323 201 367 212 2 098 2 292 1 307 1 259

Total continuing operations

11 235 8 443 7 271 6 144 3 964 2 299 2 118 2 103 27 004 28 489 13 516 13 784

Discontinued operations

Evander

1 106 580 563 505 543 75 131 146

2 674

1 894 491 635

Total discontinued operations

1 106 580 563 505 543 75 131 146

2 674

1 894 491 635

Total operations

12 341 9 023 7 834 6 649 4 507 2 374 2 249 2 249 29 678 30 383 14 007 14 419

Reconciliation of the segment information to
the consolidated income statement (refer to note 10)

(1 106)

(580)

(563)

(505)

11 235

8 443

7 271

6 144

Results for the third quarter FY12
ended 31 March 2012

Operating results

(US$/Imperial)

South Africa

International

Discontinued

Operations

Underground production

Surface production

Three

months

ended

Bamba-

nani

Doorn-

kop

Joel

Kusasa-

lethu

Masi-

mong

Phakisa

Steyn 2

Target 1

Target 3

Tshepong

Unisel

Total

Under-

ground

Kalgold

Phoenix

Dumps

Total

Surface

Other

Total

South

Africa

Hidden

Valley

Other

Total

Continuing

Operations

Evander

Surface

Harmony

Total

Ore milled

– t’000

Mar-12

174

125

301

262

142

210

356

1 793

342

1 385

895

2 622

–

4 415

461

–

4 876

136

5 066

Dec-11

256

165

282

256

139

229

337

110

1 903

365

1 196

851

2 412

–

4 315

523

–

4 838

129

5 008

Gold produced

– oz

Mar-12

5 369

16 075

14 629

39 256

24 949

19 805

2 443

27 714

9 517

41 699

10 674

212 130

7 234

6 430

12 153

25 817

–

237 947

15 754

–

253 701

26 685

1 029

281 415

Dec-11

6 880

28 839

23 374

40 767

28 743

21 155

3 633

32 826

9 517

49 994

14 854

260 582

8 777

6 655

13 600

29 032

–

289 614

26 235

–

315 849

27 039

1 704

344 592

Yield –

oz/t

Mar-12

0.244

0.092

0.117

0.130

0.095

0.139

0.204

0.132

0.106

0.117

0.108

0.118

0.021

0.005

0.014

0.010

–

0.054

0.034

–

0.052

0.196

0.019

0.056

Dec-11

0.246

0.113

0.142

0.145

0.112

0.152

0.214

0.143

0.113

0.148

0.135

0.137

0.024

0.006

0.016

0.012

–

0.067

0.050

–

0.065

0.210

0.042

0.069

Cash operating

– $/oz

Mar-12

1 991

1 617

1 132

1 166

1 063

1 322

1 801

966

1 426

982

1 435

1 191

1 300

971

1 063

1 107

–

1 182

1 721

–

1 216

864

1 113

1 182

costs

Dec-11

2 170

910

767

1 087

926

1 152

1 297

779

1 348

783

1 061

969

1 031

909

877

931

–

965

1 031

–

970

824

779

958

Cash operating

– $/t

Mar-12

486

149

132

152

101

184

367

127

151

115

155

141

–

170

costs

Dec-11

533

103

109

157

104

175

277

112

153

116

143

133

–

173

Gold sold

– oz

Mar-12

5 241

14 821

12 410

44 497

24 274

19 258

2 379

25 753

8 841

40 574

10 385

208 433

6 655

6 494

12 185

25 334

–

233 767

13 053

–

246 820

27 328

1 029

275 177

Dec-11

7 009

29 289

24 081

38 613

29 257

21 541

3 697

33 437

9 710

50 895

15 143

262 672

8 809

6 462

13 439

28 710

–

291 382

34 273

–

325 655

26 299

1 704

353 658

Revenue ($’000)

Mar-12

8 830

24 962

20 807

74 971

40 959

32 496

4 010

43 341

14 895

68 449

17 478

351 198

11 319

10 948

20 568

42 835

–

394 033

22 608

–

416 641

46 120

1 725

464 486

Dec-11

11 870

49 156

40 626

64 654

49 545

36 492

6 247

56 255

16 320

86 204

25 629

442 998

14 927

10 878

22 567

48 372

–

491 370

56 907

–

548 277

44 197

2 804

595 278

Cash operating

($’000)

Mar-12

10 688

25 990

16 557

45 762

26 516

26 177

4 401

26 773

13 573

40 964

15 316

252 717

9 404

6 246

12 923

28 573

–

281 290

27 105

–

308 395

23 066

1 145

332 606

costs

Dec-11

14 928

26 256

17 920

44 326

26 608

24 363

4 711

25 574

12 826

39 121

15 754

252 387

9 051

6 047

11 932

27 030

–

279 417

27 059

–

306 476

22 267

1 327

330 070

Inventory ($’000)

Mar-12

(205)

(3 053)

(2 774)

7 488

(1 018)

(842)

(84)

(2 595)

(1 319)

(1 662)

(383)

(6 447)

(1 397)

(362)

680

(1 079)

–

(7 526)

(6 943)

–

(14 469)

1 143

–

(13 326)

movement

Dec-11

704

766

637

(4 242)

884

542

(71)

1 009

509

1 173

327

2 238

751

(42)

(130)

579

–

2 817

6 622

–

9 439

(751)

–

8 688

Production ($’000)

Mar-12

10 483

22 937

13 783

53 250

25 498

25 335

4 317

24 178

12 254

39 302

14 933

246 270

8 007

5 884

13 603

27 494

–

273 764

20 162

–

293 926

24 209

1 145

319 280

costs

Dec-11

15 632

27 022

18 557

40 084

27 492

24 905

4 640

26 583

13 335

40 294

16 081

254 625

9 802

6 005

11 802

27 609

–

282 234

33 681

–

315 915

21 516

1 327

338 758

Operating ($’000)

Mar-12

(1 653)

2 025

7 024

21 721

15 461

7 161

(307)

19 163

2 641

29 147

2 545

104 928

3 312

5 064

6 965

15 341

–

120 269

2 446

–

122 715

21 911

580

145 206

profit/(loss)*

Dec-11

(3 762)

22 134

22 069

24 570

22 053

11 587

1 607

29 672

2 985

45 910

9 548

188 373

5 125

4 873

10 765

20 763

–

209 136

23 226

–

232 362

22 681

1 477

256 520

Capital ($’000)

Mar-12

7 061

8 025

1 818

13 155

5 702

10 100

1 896

7 678

2 815

8 292

2 213

68 755

2 407

358

158

2 923

1 261

72 939

10 605

10 121

93 665

5 492

–

99 157

expenditure

Dec-11

5 444

9 208

1 839

13 976

8 848

9 279

2 691

8 082

2 971

9 422

2 215

73 975

2 540

628

111

3 279

1 031

78 285

6 567

5 519

90 371

6 255

–

96 626

* Operating profit/(loss) is comparable to the term production profit/(loss) in the segment report in the financial statements and not to the operating profit line

item in the income statement.

Results for the third quarter FY12
and nine months ended 31 March 2012

CONDENSED CONSOLIDATED INCOME STATEMENTS

(US$)

(Convenience translation)

Quarter ended

Nine months ended

Year ended

31 March 31 December¹

31 March¹

31 March

31 March¹

30 June¹

2012 2011 2011 2012 2011 2011

Figures in million

(Unaudited)

(Audited)

Continuing operations

Revenue

417

548

395

1 469

1 196

1 659

Cost of sales

(351)

(385)

(345)

(1 151)

(1 059)

(1 533)

Production

costs

(294) (316) (276) (950) (870)

218)

Amortisation and depreciation

(55)

(61)

(55)

(179)

(166)

(230)

Impairment of assets

–

(39)

Employment termination
and restructuring costs

(2)

(4)

(9)

(19)

(20)

Other

items

–

(6) (10) (13) (4) (26)

Gross

profit

66 163 50 318 137 126

Corporate, administration and other expenditure

(13)

(10)

(12)

(34)

(37)

(46)

Social investment expenditure

(3)

(2)

(4)

(7)

(9)

(12)

Exploration

expenditure

(18) (12) (11) (44) (32) (46)

Profit on sale of property, plant and equipment

–

Other (expenses)/income – net

(1)

(8)

(3)

Operating

profit

31 140 23 240 54 23

Loss from associates

–

(3)

–

(7)

Reversal of impairment/(impairment)
of investment in associate

–

(23)

(20)

Net gain on financial instruments

–

Gain on farm-in option

–

Investment

income

3 3 9 8

Finance

cost

(8) (10) (9) (28) (26) (38)

Profit before taxation

141

(3)

237

Taxation

82 (31) 42 42 35 55

Normal

taxation

(2) (7) (2) (15) (4) (3)

Deferred

taxation

84 (24) 44 57 39 58

Net profit from continuing operations

114

110

279

103

Discontinued operations

Profit/(loss) from discontinued operations

(5)

(10)

(2)

Net profit for the period

132

129

332

Attributable to:
Owners of the parent

132

129

332

Earnings per ordinary share (cents)
Earnings from continuing operations

Earnings/(loss) from discontinued operations

(1)

(2)

(1)

Total

earnings

30 30 8 77 22 20

Diluted earnings per ordinary share (cents)
Earnings from continuing operations

Earnings/(loss) from discontinued operations

(1)

(2)

(1)

Total diluted earnings

¹ The comparative figures are re-presented due to Evander being reclassified as a discontinued operation.

The currency conversion average rates for the quarter ended: March 2012: US$1 = R7.73 (December 2011: US$1 = R8.10, March 2011: US$1 = 6.99).
Nine months ended: March 2012: US$1 = R7.65 (March 2011: US$1 = R 7.06).

The income statement for the year ended 30 June 2011 has been extracted from the 2011 Annual Report, but is re-presented due to Evander being
reclassified as a discontinued operation.

Note on convenience translation

Except where specific statements have been extracted from the 2011 Annual Report, the requirements of IAS 21, The Effects of the Changes in
Foreign Exchange Rates, have not necessarily been applied in the translation of the US Dollar financial statements presented on pages 26 to 30.

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(US$)

(Convenience translation)

Quarter ended

Nine months ended

Year ended

31 March

31 December

31 March

30 June

2012 2011 2011 2012 2011 2011

Figures in million

(Unaudited)

(Audited)

Net profit for the period

132

129

332

Other comprehensive (loss)/income for
the period, net of income tax

(19)

128

(7)

540

Foreign exchange translation

(20)

128

–

555

Gain/(loss) on fair value movement of
available-for-sale investments

(4)

(2)

–

(7)

(15)

Total comprehensive income for the period

113

151

460

626

Attributable to:
Owners of the parent

113

151

460

626

The currency conversion average rates for the quarter ended: March 2012: US$1 = R7.73 (December 2011: US$1 = R8.10, March 2011:
US$1 = 6.99). Nine months ended: March 2012: US$1 = R7.65 (March 2011: US$1 = R 7.06).

The statement of comprehensive income for the year ended 30 June 2011 has been extracted from the 2011 Annual Report.

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY

(US$) (Unaudited)

for the nine months ended 31 March 2012

(Convenience translation)

Other

Retained

Figures in million

capital

reserves

earnings

Total

Balance – 30 June 2011

3 686

142

3 927

Issue of shares

3 – – 3

Share-based

payments

– 9 – 9

Net profit for the period

–

331

Other comprehensive income for the period

–

128

–

128

Dividends paid

– –

(56)

Balance – 31 March 2012

3 689

236

417

4 342

Balance – 30 June 2010

4 171

102

4 311

Issue of shares

4 – – 4

Share-based

payments

– 13 – 13

Net profit for the period

–

Other comprehensive loss for the period

–

(7)

–

(7)

Dividends paid

– –

(32)

Balance – 31 March 2011

4 175

167

4 386

The currency conversion closing rates for the period ended 31 March 2012: US$1 = R7.68 (March 2011: US$1 = R6.78).

Results for the third quarter FY12
and nine months ended 31 March 2012

CONDENSED CONSOLIDATED BALANCE SHEETS

(US$)

(Convenience translation)

At At At At

31 March

31 December

30 June

31 March

2012 2011 2011 2011

Figures in million

(Unaudited)

(Audited)

(Unaudited)

ASSETS

Non-current assets

Property, plant and equipment

4 161

4 050

4 607

4 509

Intangible

assets

286 269 320 323

Restricted

cash

4 4 5 4

Restricted

investments

235 238 278 275

Deferred

tax

assets

136 145 170 341

Investments in financial assets

Inventories

21 21 25 33

Trade and other receivables

Total

non-current

assets

4 872 4 753 5 435 5 530

Current assets

Inventories

141 122 124 141

Trade and other receivables

164

139

158

164

Income and mining taxes

Cash and cash equivalents

186

149

102

509 434 405 420

Assets of disposal groups classified as held for sale

173

Total

current

assets

682 473 445 446

Total

assets

5 554 5 226 5 880 5 976

EQUITY AND LIABILITIES

Share capital and reserves

capital

3 689 3 494 4 033 4 175

Other

reserves

236 240 519 44

Retained

earnings

417 291 (102) 167

Total

equity

4 342 4 025 4 450 4 386

Non-current liabilities

Deferred

tax

liabilities

465 549 623 830

Provision for environmental rehabilitation

248

258

291

263

Retirement benefit obligation and other provisions

Borrowings

166 122 181 219

Total non-current liabilities

903

951

1 121

1 338

Current liabilities

Borrowings

41 40 49 50

Income and mining taxes

–

Trade and other payables

201

208

258

199

243 248 307 252

Liabilities of disposal groups classified as held for sale

–

Total

current

liabilities

309 250 309 252

Total equity and liabilities

5 554

5 226

5 880

5 976

The balance sheet for March 2012 converted at a conversion rate of US$1 = R7.68 (December 2011: US$1 = R 8.11, March 2011: US$1 = R6.78).

The balance sheet as at 30 June 2011 has been extracted from the 2011 Annual Report.

CONDENSED CONSOLIDATED CASH FLOW STATEMENTS

(US$)

(Convenience translation)

Quarter ended

Nine months ended

Year ended

31 March

31 December

31 March

30 June

2012 2011 2011 2012 2011 2011

Figures in million

(Unaudited)

(Audited)

Cash flow from operating activities
Cash generated by operations

193

437

194

346

Interest and dividends received

Interest

paid

(3) (4) (5) (13) (14) (19)

Income and mining taxes refunded/(paid)

(18)

(15)

(4)

(7)

Cash generated by operating activities

173

417

192

340

Cash flow from investing activities
Decrease in restricted cash

–

Proceeds on disposal of investment in subsidiary

–

Proceeds on disposal of investment in associate.

–

Pre-payment for Evander 6
and Twistdraai transaction

–

Other

investing

activities

(4) – 2 (4) 3 2

Net additions to property, plant and equipment

(96)

(98)

(286)

(323)

(445)

Cash utilised by investing activities

(75)

(96)

(265)

(271)

(381)

Cash flow from financing activities
Borrowings

raised

– 36 143 110 134

Borrowings

repaid

(2) (89) (2) (142) (18) (81)

Ordinary shares issued – net of expenses

–

Dividends

paid

(23)

–

– (57) (30) (30)

Cash generated/(utilised) by
financing

activities

15 (88) 36 (53) 66 29

Foreign currency translation adjustments

(4)

(5)

(4)

Net increase/(decrease) in cash and
cash

equivalents

30 (15)

(30) 95 (4) 1

Cash and cash equivalents
– beginning of period

156

164

127

101

Cash and cash equivalents
– end of period

186

149

186

102

The currency conversion average rates for the quarter ended: March 2012: US$1 = R7.73 (December 2011: US$1 = R8.10, March 2011:
US$1 = 6.99). Nine months ended: March 2012: US$1 = R7.65 (March 2011: US$1 = R 7.06).

Closing balance translated at closing rates of: March 2012: US$1 = R7.68 (December 2011: US$1 = R8.11, March 2011: US$ = R6.78).

The cash flow statement for the year ended 30 June 2011 has been extracted from the 2011 Annual Report.

Results for the third quarter FY12

ended
31 March 2012

Segment report (US$/Imperial) Unaudited

for the nine months ended 31 March 2012

Production

Capital

Ounces

Revenue

cost

profit/(loss)

expenditure

produced

Tons

milled

31 March

2012

2011

2012

2011

2012

2011

2012

2011

2012

2011

2012

2011

US$ million

t’000

Continuing

operations

South Africa

Underground

Bambanani

55 95 63 85 (8) 10 28 33

34 336

73 593

180

346

Doornkop

123 75 82 59 41 16 26 31

72 757

56 425

735

534

Joel

101 42 53 42 48 – 6 8

60 219

32 182

452

315

Kusasalethu

219 177 140 138 79 39 41 39

129 985

129 343 948 876

Masimong

135

148 83 81 52 67 22 18

79 284

111 016

774

747

Phakisa

98 56 76 48 22 8 30 39

57 871

41 474

406

310

Target

196

104

120 74 76 30 32 49

117 512

96 999

931

620

Tshepong

221

214

122

121 99 93 26 29

129 727

160 592

1 009

1 120

Virginia

63 76 48 63 15 13 7 9

36 459

57 646

310

519

Surface

All other surface operations

141

107

82 628

82 980

7 717

8 426

Total South Africa

1 352

1 094 875 797 477 297 227 268

800 778

842 250

13 462

13 813

International

Hidden

Valley

117

102 75 73 42 29 23 30

67 452

73 690

1 442

1 389

Other

– – – – – – 25 – – – – –

Total international

117

102 75 73 42 29 48 30

67 452

73 690

1 442

1 389

Total continuing operations

1 469

1 196 950 870 519 326 275 298

868 230

915 940

14 904

15 202

Discontinued operations

Evander

145 82 74 72 71 10 17 21

85 939

60 894

539

697

Total discontinued operations

145 82 74 72 71 10 17 21

85 939

60 894

539

697

Total operations

1 614

1 278

1 024 942 590 336 292 319

954 169

976 834

15 443

15 899

DEVELOPMENT RESULTS (Metric)

Quarter ended March 2012

Channel
Reef

Sampled

Width

Value

Gold

Meters

(Cm’s)

(g/t)

(Cmg/t)

Tshepong

Basal 473

476

9.02

163.74

476

B Reef

86.14

9.97

858

All Reefs 554

518

15.27

93.39

426

Phakisa & Nyala

Basal 550

544

92.70

12.06

118

All Reefs 550

544

92.70

12.06

118

Total Bambanani

(Incl. Bambanani, Steyn 2)

Basal 54

146.80

14.18

082

All Reefs 54

146.80

14.18

082

Doornkop

South Reef

228

264

38.00

16.52

632

All Reefs 228

264

38.00

16.63

632

Kusasalethu

VCR Reef

537

532

78.20

27.17

2 125

All Reefs 537

532

78.20

27.17

125

Total Target

(Incl. Target 1 & Target 3)

Elsburg 398

246

116.54

12.18

419

Basal 12

22.00

32.35

712

A Reef

182.00

8.58

1 562

B Reef

139.00

16.07

2 233

All Reefs 509

402

126.31

11.76

486

Masimong

Basal 329

326

53.94

15.60

841

B Reef

88.94

4.83

430

All Reefs 420

413

61.31

12.31

755

Evander

Kimberley 448

459

20.872

085

All Reefs 448

459

51.97

20.87

085

Virginia

(Unisel)

Basal 133

191.66

10.60

031

Leader 229

216

217.28

5.46

186

All Reefs 362

292

210.61

6.68

406

Joel

Beatrix 112

224.00

6.06

357

All Reefs 112

224.00

6.06

357

Total Harmony

Basal

1 552

1 504

63.46

19.62

1 245

Beatrix 112

224.00

6.06

357

Leader 229

216

217.28

5.46

186

B Reef

199

171

100.55

9.73

978

A Reef

182.00

8.58

1 562

Elsburg 398

246

116.54

12.18

419

Kimberley 448

459

51.97

20.87

085

South Reef

228

264

38.00

16.63

632

VCR 537

532

78.20

27.17

125

All Reefs

3 774

3 565

83.83

15.70

1 316

DEVELOPMENT RESULTS (Imperial)

Quarter ended March 2012

Channel

Reef

Sampled

width

value

Gold

(feet)

(inches)

(oz/t)

(in.oz/t)

Tshepong

Basal

1553

562

4.00

4.24

B Reef

263

138

34.00

0.29

All Reefs

1 817

1 699

6.00

2.73

Phakisa & Nyala

Basal

1 804

785

36.00

0.36

All Reefs

1 804

1 785

36.00

0.36

Total Bambanani

(Incl. Bambanani, Steyn 2)

Basal 178

178

58.00

0.41

All Reefs 178

178

58.00

0.41

Doornkop

South Reef

748

866

15.00

0.48

All Reefs 748

866

15.00

0.48

Kusasalethu

VCR Reef

1 762

1 745

31.00

0.79

All Reefs

1 762

1 745

31.00

0.79

Total Target

(Incl. Target 1 & Target 3)

Elsburg

1 305

807

46.00

0.35

Basal 38

9.00

0.91

A Reef

235

282

72.00

0.25

B Reef

138

55.00

0.47

All Reefs

1 670

1 319

50.00

0.34

Masimong

Basal

1 080

070

21.00

0.46

B Reef

298

285

35.00

0.14

All Reefs

1 378

1 355

24.00

0.36

Evander

Kimberley

1 470

506

20.00

0.62

All Reefs

1 470

1 506

20.00

0.62

Virginia

(Unisel)

Basal 438

249

75.00

0.31

Leader 751

709

86.00

0.16

All Reefs

1 189

958

83.00

0.19

Joel

Beatrix 366

285

88.00

0.18

All Reefs 366

285

88.00

0.18

Total Harmony

Basal

5 092

936

25.00

0.57

Beatrix 366

285

88.00

0.18

Leader 751

709

86.00

0.16

B Reef

653

561

40.00

0.28

A Reef

235

282

72.00

0.25

Elsburg

1 305

807

46.00

0.35

Kimberley

1 470

506

20.00

0.62

South Reef

748

866

15.00

0.48

VCR

1 762

745

31.00

0.79

All Reefs

12 382

11 698

33.00

0.46

CONTACT DETAILS

Corporate Office

Randfontein Office Park
PO Box 2, Randfontein, 1760, South Africa
Corner Main Reef Road/Ward Avenue, Randfontein, 1759, South Africa
Telephone: +27 11 411 2000
Website: www.harmony.co.za

Directors

P T Motsepe* Chairman
D Noko*^ Deputy Chairman
G P Briggs Chief Executive Officer
F Abbott Financial Director
H E Mashego Executive Director
F F T De Buck*^ Lead independent director
J A Chissano*

^, K V Dicks*^, Dr D S Lushaba*^, C Markus*^,

M Motloba*^, M Msimang*^, J Wetton*^, A J Wilkens*
* Non-executive
^ Independent

Mozambican

Investor relations team

Henrika Basterfield
Investor Relations Officer
Telephone: +27 11 411 2314
Fax: +27 11 692 3879
Mobile: +27 82 759 1775
E-mail: henrika@harmony.co.za

Marian van der Walt
Executive: Corporate and Investor Relations
Telephone: +27 11 411 2037
Fax: +27 86 614 0999
Mobile: +27 82 888 1242
E-mail: marian@harmony.co.za

Company Secretary

Riana Bisschoff
Telephone: 011 411 2127
Mobile: +27 83 629 4706
E-mail: riana.bisschoff@harmony.co.za

South African Share Transfer Secretaries

Link Market Services South Africa (Proprietary) Limited
(Registration number 2000/007239/07)
13th Floor, Rennie House, 19 Ameshoff Street, Braamfontein, 2001
PO Box 4844, Johannesburg, 2000, South Africa
Telephone: +27 86 154 6572
Fax: +27 86 674 4381

United Kingdom Registrars

Capita Registrars
The Registry, 34 Beckenham Road, Beckenham
Kent BR3 4TU, United Kingdom
Telephone: 0871 664 0300 (UK) (calls cost 10p a minute plus network
extras, lines are open 8:30am – 5:30pm, Monday to Friday)
or +44 (0) 20 8639 3399 (calls from overseas)
Fax: +44 (0) 20 8639 2220

ADR Depositary

Deutsche Bank Trust Company Americas
c/o American Stock Transfer and Trust Company, Peck Slip Station
PO Box 2050, New York, NY 10272-2050
Email Queries: adr@db.com
Toll Free: +1-866-243-9656
Intl: +1-718-921-8200
Fax: +1-718-921-8334

Sponsor

JP Morgan Equities Limited
1 Fricker Road, corner Hurlingham Road, Illovo, Johannesburg, 2196
Private Bag X9936, Sandton, 2146
Telephone: +27 11 507 0300
Fax: +27 11 507 0503

Trading Symbols

JSE Limited: HAR
New York Stock Exchange, Inc: HMY
Euronext, Brussels: HMY
Berlin Stock Exchange: HAM1

Registration number

1950/038232/06
Incorporated in the Republic of South Africa

ISIN

ZAE000015228

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