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Published on 14 April 2016
Johannesburg: Thursday, 14 April 2016. Harmony Gold Mining Company Limited ('Harmony' and/or 'the Company') advises that its production guidance for the financial year of about 1.1 million ounces is maintained. The March 2016 quarter was 6% higher than the comparative quarter in the previous financial year, but 9% lower than the December 2015 quarter. Total production was impacted by the late start-ups following the December holiday, combined with the impact of the earlier than usual Easter holidays, a maintenance upgrade at Kusasalethu and a safety stoppage at Target.
Supported by stronger cash flows and mining above its guided grade of 5g/t, the Company is well positioned to further benefit from the higher gold price. Cash operating costs including capital for the March 2016 quarter is approximately R455 000/kg or US$900/oz (an exchange rate of R15.80/US$), well below the average gold price for the quarter.
The Company's net debt position by quarter end reduced by 35% to approximately R1.7 billion (from R2.5 billion at the end of the previous quarter). The strong R/kg price received during the quarter of about R600 000/kg strengthened Harmony's cash flow. Cash certainty was further created by the foreign exchange hedging contracts that were announced in February 2016. Harmony remains on track to repay all of its debt by the end of calendar year 2016.
'Our focus is firmly set on further improving our safety, achieving close to our guided production of about 1.1 million ounces for the financial year 2016 and repaying all of our debt', Peter Steenkamp, chief executive officer of Harmony, said.
Harmony has changed to semi-annual reporting (reported early March 2016) and its financial results for the 6 months and year ended 30 June 2016 will be published on 17 August 2016.
For more details contact:
Henrika Ninham
Investor Relations Manager
+27 (0) 82 759 1775 (mobile)
Marian van der Walt
Executive: Corporate and Investor Relations
+27 (0) 82 888 1242 (mobile)
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Harmony Gold Mining Ltd
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PRODUCER |
CODE : HMY |
ISIN : US4132163001 |
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ProfileMarket IndicatorsVALUE : Projects & res.Press releasesAnnual reportRISK : Asset profileContact Cpy |
Harmony Gold is a gold producing company based in South africa. Harmony Gold develops gold and silver in Papua New Guinea and in South Africa, and holds various exploration projects in South Africa. Its main assets in production are RANDFONTEIN UG, HARMONY 2, KALGOLD, TARGET, ELANDSKRAAL UG OPERATING SHAFT, TSHEPONG, EVANDER - 2, 3 & 5, ELANDSRAND, ELANDSKRAAL, JOEL MINE, WELKOM, EVANDER, EVANDER - MINE ON CARE, EVANDER PROJECTS BELOW INFRASTRUCTURE-EVANDER SOUTH, EVANDER STOCKPILE, BAMBANANI, PHAKISA, FREE GOLD WEST, ST HELENA, JOEL, FREE GOLD SHAFT CARE & MAINTENANCE, FREE GOLD STOCKPILE, RANDFONTEIN SURFACE STOCKPILE, ELANDSKRAAL - DEELKRAAL UG SHAFT ON CARE, ORKNEY UG OPERATING SHAFT, ORKNEY UG SHAFTS ON CARE, MERRIESPRUIT 1, MERRIESPRUIT 3, UNISEL, BRAND 3, MASIMONG, MINES ON CARE-FREE STATE, EVANDER 7, EVANDER 8, EVANDER PROJECT BELOW INFRASTRUCTURE ROLSPRUIT, EVANDER PROJECTS BELOW INFRASTRUCTURE POPLAR, EVANDER OPERATIONS, RANDFONTEIN OPERATIONS, PAMODZI (FREE STATE), DOORNKOP, EVANDER (BELOW INFRASTRUCTURE), NYALA and FREE GOLD in South Africa, HAMATA and WAFI in Papua New Guinea and SOUTH KAL MINES, UNION REEFS, BENDIGO and HIDDEN VALLEY in Australia, its main assets in development are HIDDEN VALLEY & KAVEROI in Papua New Guinea and BLOEMHOEK in South Africa and its main exploration properties are VIRGINIA OPERATIONS, PHOENIX, FREE STATE SURFACE and MIDDELVLEI in South Africa and GOLPU and NAMBONGA in Papua New Guinea. Harmony Gold is listed in France, in Germany, in United Kingdom and in United States of America. Its market capitalisation is US$ 4.0 billions as of today (€ 3.7 billions). Its stock quote reached its highest recent level on July 27, 2012 at US$ 9.99, and its lowest recent point on November 20, 2015 at US$ 0.53. Harmony Gold has 439 960 000 shares outstanding. |