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 6 February 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

Record operating profits of R2.1bn (US$257m)

Record headline earnings of R1.0bn (US$129m)

•

155% increase in HEPS at 242 SA cents (30 US cents)

Gold production up by 5% – 10 718kg (344 592oz)

•

recovery grade increased by 13% to 2.36g/t

Cash operating costs reduced by 6% to R249 356/kg
(US$958/oz)

Interim dividend declared (ZAR0.40/share)

KEY FEATURES

Shareholder information

Issued ordinary
share capital at
31 December 2011

431 312 677

Issued ordinary
share capital at
30 September 2011

430 272 715

Market capitalisation

At 31 December 2011

ZARm

40 975

At 31 December 2011

US$m

5 020

Harmony ordinary share and ADR prices

12 month high
(1 January 2011 –
31 December 2011)
for ordinary shares

R115.75

12 month low
(1 January 2011 –
31 December 2011)
for ordinary shares

R74.77

12 month high
(1 January 2011 –
31 December 2011)
for ADRs

US$15.57

12 month low
(1 January 2011 –
31 December 2011)
for ADRs

US$10.56

Free oat

Ordinary shares

100%

ADR ratio

1:1

JSE Limited

HAR

Range for quarter
(1 October 2011 –
31 December 2011
closing prices)

R92.64 – R115.75

Average daily volume
for the quarter
(1 October 2011 –
31 December 2011)

1 184 707 shares

New York Stock Exchange, Inc
including other
US trading

HMY

Range for quarter
(1 October 2011 –
31 December 2011
closing prices)

US$11.34 – US$14.37

Average daily volume
for the quarter
(1 October 2011 –
31 December 2011)

2 174 204 shares

RESULTS FOR THE SECOND QUARTER FY12 AND
SIX MONTHS ENDED 31 DECEMBER 2011

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 second quarter FY12 and six months
ended 31 December 2011

Quarter Quarter Q-on-Q 6 months 6 months

December September Variance December December Variance

2011 2011 % 2011 2010 %

Gold

– kg

10 718

10 207

20 925

20 526

produced

(1)

– oz

344 592

328 162

672 754

659 925

Cash costs

– R/kg

249 356

265 288

257 114

222 787

(15)

–

US$/oz

958 1 156

17 1 051 965

(9)

Gold sold

– kg

11 000

9 948

20 948

20 915

–

– oz

353 658

319 836

673 494

672 433

–

Gold price

– R/kg

438 183

396 405

418 381

295 069

received

– US$/oz

1 683

1 727

(3)

1 711

1 294

Operating

– R million

2 077

1 306

3 383

1 519

123

profit – US$

257 183 40 443 215 106

million

Basic

–

SAc/s

243 111 119 354 93 281

earnings

–

USc/s

30 16 88 46 13

254

per share*

Headline

– Rm

1 041

411

153

1 452

435

234

profit*

–

US$m 129 58

122

191 61

213

Headline

–

SAc/s

242 95 155 337 101 234

earnings

–

USc/s

30 13

131 44 14

214

per share*

Exchange

–

R/US$ 8.10 7.14 13 7.61 7.09

rate

* Reported amounts include continuing operations only.

(1) Production statistics for Target 3 and Steyn 2 have been included. These mines were in a build-up phase up to the end of

June 2011 and September 2011 respectively, revenue and costs were capitalised. Revenue capitalised includes: Quarter
ended December 2011 Target 3, nil (September 2011 – nil) and Steyn 2, nil (September 2011 – 36kg), six months ended
December 2011 Target 3, nil (December 2010 – 281kg) and Steyn 2, 36kg (December 2010 – 49kg).

Q2 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 macroeconomic
monetary policies; and socio-economic instability in the countries in
which we operate.

Harmony’s 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’s Review
4      Safety and health
5      Financial overview

6 Operational overview

Group operating results

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

7 Masimong
7 Target 1

7 Target 3

7 Tshepong

7 Other operations

7 Bambanani
8 Steyn 2

8 Evander
8 Joel
8 Unisel

Total South African Surface operations
9 Kalgold
9 Phoenix tailings

9 Surface dumps

10 Development
11 Exploration

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

26 Operating results (US$/Imperial)
28 Condensed consolidated income statements (US$)
29 Condensed consolidated statements of comprehensive income (US$)
30 Condensed consolidated balance sheets (US$)
31 Condensed consolidated statements of changes in equity (US$)
32 Condensed consolidated cash ow statements (US$)
33 Segment report (US$/Imperial)

34 Development results – Metric and Imperial
36 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

In the second quarter of financial year 2012, Harmony generated a
record operating profit of R2 billion (US$257 million) and recorded
its 5th consecutive quarter of operating cash flow. These results were
achieved due to a continued focus on improving grade quality and
controlling costs during a period when the gold price remained strong,
but volatile. An interim dividend of ZAR0.40 cents has been declared.
Harmony remains focused on its long term strategic goal of achieving
sustainable profitability and delivering shareholder value.

Some key financial highlights for the period are listed below:

• Record operating profits of R2.1bn (US$257m);

• Record headline earnings of R1.0bn (US$129m)

– 155% increase in HEPS at 242 SA cents (30 US cents);

• Gold production up by 5% to 10 718kg (344 592oz)

– recovery grade increased by 13% at 2.36g/t;

• Cash operating costs reduced by 6% to R249 356/kg (US$958/oz);

• Interim dividend declared of ZAR0.40 per share

Safety

Harmony is committed to improving the safety of its workers with an
ultimate target of zero harm to all. It is therefore with regret that I
report that seven of our colleagues died in work-related incidents
during the quarter. Those who died were: Domingos Chivure (team
leader, Evander), Petrus Steyn and Willem Momberg (both proto
team members, Evander), Sipho Makhoba (engineering assistant,
Kusasalethu), Mzwabantu Wanga (engineering assistant, Evander)
and Simiao Macuacua (water jet operator, Kusasalethu) and Tefayo
Bhambatha (water jet operator, Tshepong). I would like to extend my
deepest condolences to their families, friends and colleagues.

As part of the drive to stop repetitive accidents, risk assessments have
been re-emphasized throughout the company. As part of our short
term safety strategy more focus will be placed on the prevention of
fall of ground, trucks and tramming accidents and the elimination of
silicosis. Please see page 4 for more information on safety and health.

Operational review

Gold production increased by 511kg in the December 2011 quarter to
10 718kg, compared to 10 207kg in the September 2011 quarter. The
increase in production is mainly due to the following:

• Tshepong: grade increased by 23% (4.12g/t to 5.08g/t), tonnes

milled increased by 7% from 287 000 tonnes to 306 000 tonnes;

• Phakisa: tonnes milled increased by 12% to 126 000 tonnes,

with a 12% improvement in grade from 4.65g/t to 5.22g/t in
December 2011 quarter;

• Unisel: grade increased by 25% from 3.70g/t to 4.62g/t; tonnes

milled improved by 9% to 100 000 tonnes;

• Masimong: showed a 12% improvement in grade from 3.43g/t in

the September 2011 quarter to 3.85g/t in December 2011 quarter;

• Target 1: grade improved by 10% from 4.47g/t to 4.91g/t;

• Steyn 2: continued to build up production;

• Target 3: showed a marked improvement in grade of 26% from

3.09g/t to 3.89g/t in the quarter under review;

• Hidden Valley: gold production increased by 3% to 816kg gold

while silver production increased by 25% to 8 552kg.

The following operations recorded a decrease in production:

• Kusasalethu: safety stoppages (due to two fatal accidents) resulted

in a 23% decrease in tonnes milled;

• Bambanani: restructuring of the shaft resulted in a decrease of 73%

in tonnes milled

Financial performance

Quarter on quarter

Cash operating costs decreased by 6% from R265 288/kg in the
September 2011 quarter to R249 356/kg in the past quarter, mainly
due to a 5% increase in gold produced.

The gold price received increased by 11% from R396 405/kg in the
previous quarter to R438 183/kg in the December 2011 quarter.
An increase in production and a higher gold price resulted in revenue
increasing by 23% or R891 million.

Total capital expenditure for the December 2011 quarter was
R782 million, a 12% (R82 million) increase in comparison to the
September 2011 quarter (R700 million). We expect the latter part of
the year to be more capital intensive and maintain our expectation
of full year capital of R3.7 billion.

Operating profit for the December 2011 quarter increased by
R771 million or 59% to R2 077 million, compared to R1 306 million
recorded in the September 2011 quarter.

Six months ended December 2011 vs six months ended December 2010

Gold production increased by 2% at 20 925kg in the six months
ended December 2011 when compared to the six months ended
December 2010. The gold price received increased by 42% from
R295 069/kg in the previous period to R418 381/kg in the six months
ended December 2011. An increase in production and a higher gold
price resulted in revenue increasing by R2 676 million or 44%.

Cash operating costs increased by 15% from R222 787/kg in the
six months ended December 2010 to R257 114/kg in the past
six months to December 2011, mainly due to increases in electricity and
inflation driven costs.

Operating profit for the six months ended December 2011 increased by
123% to R3 383 million, compared to R1 519 million recorded in the
December 2010 period.

Optimising our asset portfolio

Evander

On 30 January 2012 Harmony announced that it had signed a sale
of shares and claims agreement (“the agreement”) with a consortium
comprised of Pan African Resources plc (“Pan African”) and
Witwatersrand Consolidated Gold Resources Limited (“Wits Gold”)
(the “Consortium”), for the disposal of Harmony’s entire interest in
Evander Gold Mines Limited (Evander), with effect from the closing date.

The purchase consideration of R1.7 billion, less certain distributions
made by Evander to Harmony between 1 April 2012 and the closing
date of the Transaction (“Closing Date”) will be payable as follows:

•

R1.4 billion less certain distributions made by Evander to Harmony
between 1 April 2012 and the Closing Date of the Transaction;

• four cash payments of R25 million each, payable quarterly and

commencing three months after the Closing Date, amounting to
R100 million in the aggregate;

Results for the second quarter FY12
and six months ended 31 December 2011

Safety and health

Safety

The past quarter’s safety performance was very disappointing, with
seven fatalities being recorded. This resulted in the 2012 year to date
fatal injury frequency rate (FIFR) deteriorating to 0.20 compared to
0.17 in 2011. Common management system failures that have been
identified are risk management and change management. As part
of the drive to stop repetitive accidents, risk assessments have been
re-emphasised throughout the company.

The lost time injury frequency rate (LTIFR) showed an improvement
from the previous quarter to 7.99. A single digit figure was recorded
for the 13th consecutive quarter. This is encouraging and proves that
the foundation of the safety improvements over the last five years is
still intact.

As part of our short term safety strategy more focus will be placed on
the prevention of fall of ground, trucks and tramming accidents and
the elimination of silicosis. The implementation of the Harmony Ground
Control Strategy and ensuring full compliance to the Rail Bound Code
of Practice will ensure a reduction of incidents and accidents as a result
of these agencies in the short term.

• a further R100 million payable 19 months after the Closing Date,

provided the average rand gold price exceeds R410 000 per kg
over the preceding 12 months. This payment can be made in either
cash or shares (or a combination of both) at the election of the
Consortium and should the Consortium elect to make payment
wholly or partially in shares, each of Pan African and Wits Gold will
issue shares to Harmony in equal value proportions; and

• R100 million payable 31 months after the Closing Date, provided

the average rand gold price exceeds R450 000 per kg during the
preceding 12 months. This payment can be made in either cash or
shares (or a combination of both) at the election of the Consortium
and should the Consortium elect to make payment wholly or
partially in shares, each of Pan African and Wits Gold will issue
shares to Harmony in equal value proportions.

Evander, a wholly owned subsidiary of Harmony, will be sold as a
going concern. The Evander operations comprise the Evander 8
shaft which is located in Mpumalanga. Evander also includes several
potential development projects namely Rolspruit, Poplar, Evander South
and Libra. The disposal of Evander is in line with Harmony’s growth
strategy, allowing the company to further optimise its asset portfolio.
Harmony does not intend spending capital on developing the potential
Evander projects and selling the assets to the Consortium creates a
new dynamic for junior gold miners in South Africa. The proceeds
from the transaction will be used towards funding the development
of Wafi-Golpu.

Rand Uranium

A process was initiated during financial year 2011 for the disposal of Rand
Uranium (Proprietary) Limited (“Rand Uranium”), of which Harmony
held 40%. Gold One International Limited (“Gold One”) made a binding
offer to acquire 100% of Rand Uranium for a total consideration of
US$250 million. The offer was accepted by the shareholders of Rand
Uranium. All conditions precedent to the agreement were fulfilled
and the transaction was declared unconditional and closed on Friday
6 January 2012 (“Completion Date”).

Harmony’s portion of the purchase price amounts to approximately
US$38 million of which US$24 million was settled in cash on
6 January 2012 realising an amount of R193 million. The balance of
US$14 million will be settled in either cash, Gold One ordinary shares,
or a combination thereof within 90 days of the Completion Date.

Wafi-Golpu

Pre-feasibility studies are progressing according to schedule. Key strategy
milestones were reached in the selection of preferred strategies for
mining, underground access, processing, port and power infrastructure.
This has allowed work to commence on detailed engineering, cost

estimates and schedules for procurement and construction for early
works. At the end of the December 2011 quarter, seven drill rigs were
operating with six engaged on extension of the Golpu orebody to the
north and infill of deeper sections. One drill continued with geotechnical
investigation drilling along the access decline route.

Given the early stage of orebody knowledge and evaluation of mining
options the access strategy has been developed to preserve maximum
flexibility to accommodate changes in orebody shape and mining
sequence.

Gold market

The gold price has posted its tenth straight year of gains since 2001
and benefitted from the global economic uncertainty that prevailed
throughout calendar year 2011. Gold continues to prove itself as a
currency and store of wealth. Investors in Harmony have complete
exposure to the spot gold price, as the company does not hedge its gold.

During the past quarter, the gold price received increased by 11% from
R396 405/kg in the September 2011 quarter to R438 183/kg in the
December 2011 quarter. At the current price our margins therefore
remain strong. We remain bullish on the gold price and it is our view
that the gold price in dollar terms will continue to strengthen, as
the fundamentals that drove the gold price up are still in place and
the global financial markets have not yet stabilised. We expect that gold
will reach an average price of $1 850/oz for calendar year 2012 and we
may even see it as high as $2 000/oz later this year.

Dividend

We are very pleased to declare an interim dividend of ZAR0.40 cents.
The Board of Harmony believes that the upswing in the gold price and
the company’s results warrant an interim dividend.

Conclusion

During the quarter our Financial Director, Hannes Meyer, was
approached by a Canadian mining company, and he will be leaving
us on 14 March 2012. Frank Abbott who joined Harmony in 1994
as a member of the board and who held various executive and
non-executive roles, has been appointed as Financial Director effective
7 February 2012. We wish both Hannes and Frank well with their new
responsibilities.

As our growth projects come on stream, and our existing mines
operate to tailored business plans, we remain confident of reaching our
long-term targets.

Graham Briggs
Chief Executive Officer

Financial overview

Operating profit

Operating profit increased by 59% to R2.1 billion in the December
2011 quarter, with an increase in revenue being the main contributor.

Revenue

The increase in revenue from R3.9 billion to R4.8 billion is due to an 11%
increase on the R/kg gold price received (R396 405/kg to R438 183/kg)
and an 11% increase in gold sold.

Cost of sales

Production cost is slightly higher at R2 743 million. Cash operating cost
decreased by R26 million, but gold inventory movement caused an
increase of R146 million, resulting in the overall 5% increase.

Net gain/(loss) on financial instruments

The fair value of the Nedbank Equity Linked Deposits, held by the
Environmental Trusts, is linked to the equity market. During the quarter
equity markets increased, resulting in the gain of R67 million.

Taxation

The taxation expense for the December quarter increased to
R270 million and comprise current taxation of R58 million and deferred
taxation of R212 million. Many mines in the group have redeemed
capital allowances against taxable income, resulting in the low current
tax expense, but a higher deferred tax expense.

Earnings per share

Basic earnings per share increased from 111 SA cents to 243 SA cents
per share. Headline earnings per share increased from earnings of
95 SA cents per share to 242 SA cents per share.

Property, plant and equipment

Capital expenditure for the quarter increased from R700 million
to R782 million.

Trade and other receivables (current)

Trade and other receivables increased by R255 million quarter on
quarter to R1 131 million, with the annual insurance pre-payment
and self-insurance fund contributions contributing to R220 million of
the increase.

Borrowings

Borrowings decreased by R701 million to R1 314 million, mainly
as a result of a re-payment on the Rand Nedbank facilities. The group’s
Rand revolving credit facility of R850 million is fully repaid and remains
available until the end of 2013.

The first step towards a more sustainable safety performance is
to improve our safety management framework. IRCA Global – an
internationally recognised company with expertise in the field of safety,
health, environmental and quality management – was contracted to do
a gap audit against international standards of Harmony’s South African
operations. The common critical shortcomings identified during the
audit were in the following areas of safety management:

• Risk assessments;

• Management of change;

• Technical planning;

• Management of close out actions;

• Leadership controls.

There were also operations that showed remarkable improvement in
safety trends during the past six months. Target 1 and 3, Bambanani,
Phakisa, Doornkop and Kalgold showed good improvements and are
also fatality free for the year to date.

Health

The health and wellness of our workforce is as vital as their safety
and serves as a key component to our on-going business success. We
continue to review and improve our policies, procedures and process to
ensure a better quality of life for our employees.

Our employees are our biggest asset and therefore we acknowledge
the joint responsibility to ensure their optimal health and well-being.
We are committed to improving the wellness of our people which
include their physical, emotional, developmental and occupational
needs amongst others.

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

Notice of cash dividend

Dividend No. 83 of 40 cents per ordinary share, being an
interim dividend for the half year ended 31 December 2011,
has been declared payable on Monday, 12 March 2012 to those
shareholders recorded in the books of the company at the close
of business on Friday, 9 March 2012. The dividend is declared
in the currency of the Republic of South Africa. Any change in
address or dividend instruction to apply to this dividend must be
received by the company`s transfer secretaries or registrar not
later than Friday, 2 March 2012.

Last date to trade ordinary
shares cum dividend

Friday, 2 March 2012

Ordinary shares trade ex dividend

Monday, 5 March 2012

Currency conversion date in respect
of the UK own name shareholders

Monday, 5 March 2012

Record date

Friday, 9 March 2012

Payment date

Monday, 12 March 2012

No dematerialisation or rematerialisation of share certificates
may occur between Monday, 5 March 2012 and Friday,
9 March 2012, both dates inclusive, nor may any transfers
between registers take place during this period.

Results for the second quarter FY12
and six months ended 31 December 2011

Operational overview

GROUP OPERATIONAL RESULTS

December

September

Indicator Units

2011

variance

Tonnes 000

4 542

4 870

(7)

Grade g/t

2.36 2.09 13

Gold produced

10 718

10 207

Cash operating costs R/kg

249 356

265 288

Operating profit

R’000 2 077 067 1 306 437

Recovery grade saw a significant improvement of 13% to 2.36g/t
quarter on quarter. Initiatives to improve the recovery grade included:

• mining higher quality panels to increase the average mining grade;

• control or minimise dilution: stoping width control and control on

cross tramming where reef and waste is separated;

• clean mining: minimise off reef and get sweepings done as soon

as possible.

Quarter on quarter production was 5% higher at 10 718kg – a result of
management focusing on producing quality ounces, rather than merely
focusing on increasing tonnes milled.

Cash operating cost improved by 6%, mainly due to higher gold
production and lower summer electricity tariffs.

A record operating profit of R2.1 billion was generated during
the December quarter, attributable to the higher gold production and
the favourable gold price received of R438 183/kg.

BUILD-UP AND STEADY OPERATIONS

Doornkop

December

September

Indicator Units

2011

variance

Tonnes 000

232

277

(16)

Grade g/t

3.87

3.13

Gold produced

897

866

Cash operating costs

R/kg

237 007

270 487

Operating profit

R’000

179 225

118 607

During the past quarter Doornkop continued with its production
success. An increase in recovery grade of 24% to 3.87g/t resulted in
higher production at 897kg during the quarter. The 16% decrease
in tonnes quarter on quarter is due to the now depleted stockpile,
which inflated volumes in the September 2011 quarter.

Cash operating costs decreased by 12% to R237 007/kg due to higher
gold output and lower electricity rates at both the shaft and plant.

The higher R/kg gold price together with increased production and a
decrease in cash operating costs, resulted in a 51% increase in operating
profit to R179 million for the quarter.

Kusasalethu

December

September

Indicator Units

2011

variance

Tonnes 000

256

331

(23)

Grade g/t

4.95

4.69

Gold produced

1 268

1 554

(18)

Cash operating costs

R/kg

283 053

239 336

(18)

Operating profit

R’000

198 948

239 736

(17)

Two fatalities at Kusasalethu, resulted in safety stoppages of 12 days
in total, which negatively impacted on production with tonnes milled
being 23% lower than the previous quarter at 256 000 tonnes.

Lower volumes resulted in cash operating costs increasing by 18%
to R283 053/kg. Despite lower production at 1 268kg, the gold price
assisted Kusasalethu in recording an operating profit of R199 million.

Phakisa

December

September

Indicator Units

2011

variance

Tonnes 000

126

113

Grade g/t

5.22

4.65

Gold produced

658

526

Cash operating costs

R/kg

299 804

364 804

Operating profit

R’000

93 819

18 194

416

Phakisa increased its gold production by 25% to 658kg for the fourth
consecutive quarter. The increase in gold production is due to increase
in both tonnes milled at 126 000 t and a 12% improvement in recovery
grade to 5.22g/t.

Cash operating costs decreased by 18% to R299 804/kg, mainly due to
increased gold production.

Cost control and increased volumes resulted in a 416% increase in
operating profit to R94 million.

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

December

September

Indicator Units

2011

variance

Tonnes 000

474

415

Grade g/t

1.72

1.91

(10)

Gold produced

816

792

Cash operating costs

R/kg

268 500

206 563

(30)

Operating profit

R’000

188 062

115 633

Hidden Valley recorded a 3% increase in gold production to 816kg
when compared to the previous quarter and a decrease in recovery
grade at 1.72g/t. Milled tonnes were 14% higher than the previous
quarter due to the re-commissioning of the overland conveyor during
September 2011 which increased the capacity of the materials
handling system.

Cash operating costs increased due to overland conveyor maintenance
costs, maintenance cost on trucks and increased processing
consumables. Silver production, treated as a credit to cash costs,
increased with 25% quarter on quarter at 8 552kg, but the effect was
offset by a 20% decrease in silver prices during the quarter.

An operating profit of R188 million was recorded, which represents a
63% improvement quarter on quarter.

Masimong

December

September

Indicator Units

2011

variance

Tonnes 000

232

–

Grade g/t

3.85

3.43

Gold produced

894

796

Cash operating costs

R/kg

240 999

277 340

Operating profit

R’000

178 560

99 157

Masimong’s tonnes milled remained flat quarter on quarter at 232 000t.
An improvement in the plant call factor contributed to a 12% increase
in the recovery grade at 3.85g/t, which resulted in a higher gold
production of 894kg gold quarter on quarter.

The reef ore pass system at Masimong need to be replaced and therefore
a new ore pass system between two levels will be developed. Until such
time as the new ore pass is completed, reef and waste will be mixed and
may affect the grade in the short term.

Cash operating costs were well controlled. Higher gold production and
a decrease in electricity costs resulted in a 13% improvement in cash
operating costs at R240 999/kg for the quarter.

A higher gold price, increased production and cost control resulted in an
80% increase in the operating profit at R179 million.

Target 1

December

September

Indicator Units

2011

variance

Tonnes 000

208

210

(1)

Grade g/t

4.91

4.47

Gold produced

1 021

939

Cash operating costs

R/kg

202 816

223 578

Operating profit

R’000

240 255

160 102

Target 1 continues to increase its production. Although tonnes milled
was mainly flat quarter on quarter at 208 000t, the recovery grade
increased by 10% to 4.91g/t resulting in an increase in production of
9% to 1 021kg.

Cash operating costs decreased by 9% to R202 816/kg, making it the
second lowest producer in the company.

Operating profit at Target 1 increased by 50% to R240 million,
supported by the higher gold price received and increased production.

Target 3

December

September

Indicator Units

2011

variance

Tonnes 000

(3)

Grade g/t

3.89

3.09

Gold produced

296

241

Cash operating costs

R/kg

350 851

444 100

Operating profit/(loss)

R’000

24 174

(12 501)

293

Target 3 increased its gold production by 23% to 296kg, mainly due
to an improvement of 26% in recovery grade at 3.89g/t. The recovery
grade improved due to reduced stoping width in the Elsburg-, Basal-
and B reef, as well as halting non-critical development ends.

Cash operating costs decreased by 21% to R350 851/kg, largely due to
higher gold production. Higher gold prices and lower cash costs resulted
in operating profit increasing by more than 100% to R24 milion.

Tshepong

December

September

Indicator Units

2011

variance

Tonnes 000

306

287

Grade g/t

5.08

4.12

Gold produced

1 555

1 183

Cash operating costs

R/kg

203 708

263 276

Operating profit

R’000

371 743

161 493

130

Tonnes milled increased by 7%, combined with a higher recovery grade
of 5.08g/t, resulted in a 31% increase in gold production to 1 555kg
quarter on quarter. The higher recovery grade is due to an increased
focus on clean mining during the December 2011 quarter.

Cash operating costs improved by 23% to R203 708/kg mainly due to
increased gold output.

A higher gold price received during the quarter and higher production
resulted in an operating profit of R372 million, which represents an
increase of more than 100% when compared to the September 2011
quarter.

OTHER OPERATIONS

Bambanani

December

September

Indicator Units

2011

variance

Tonnes 000

(73)

Grade g/t

8.56

5.02

Gold produced

214

462

(54)

Cash operating costs

R/kg

564 808

437 706

(29)

Operating loss

R’000

(30 458)

(25 696)

(19)

The December 2011 quarter was the first full quarter since the closure
of the sub-shaft. The focus in the past quarter has been on developing
the shaft pillar. As a result only 25 000t were milled with a 71%
improvement in recovered grade at 8.56g/t.

Results for the second quarter FY12
and six months ended 31 December 2011

Lower gold production at 214kg resulted in the cash operating unit
costs increasing by 29% quarter on quarter.

As the restructuring nears completion and capital is spent on extracting
the shaft pillar we believe that production results at Bambanani
will improve.

Steyn 2

December

September

Indicator Units

2011

variance

Tonnes 000

n/a

100

Grade g/t

7.53

n/a

100

Gold produced

113

214

Cash operating costs

R/kg

337 593

n/a

100

Operating profit/(loss)

R’000

13 010

n/a

100

The December 2011 quarter marks Steyn 2’s first commercial production
quarter producing 113kg. This represents a 214% increase quarter on
quarter, with 15 000t milled at a recovery grade of 7.53g/t.

Cash operating costs at R337 593/kg and an operating profit of
R13 million for the quarter were recorded.

West shaft is currently being refurbished to serve Steyn 2 and Bambanani
in transporting rock, material and people.

Evander

December

September

Indicator Units

2011

variance

Tonnes 000

117

123

(5)

Grade g/t

7.19

6.94

Gold produced

841

854

(2)

Cash operating costs

R/kg

214 379

208 597

(3)

Operating profit/(loss)

R’000

183 652

154 944

Tonnes milled were negatively impacted by safety stoppages, with a 5%
decrease quarter on quarter at 117 000t. Recovered grade improved by
4% to 7.19g/t due to an improvement in face grade. Gold production
decreased slightly by 2% to 841kg, when compared to the previous
quarter.

Operating profit was 19% higher at R184 million due to a higher gold
price received.

The cash operating costs were well controlled during the quarter with
only a 3% increase at R214 379/kg despite the lower gold production.

Joel

December

September

Indicator Units

2011

variance

Tonnes 000

150

147

Grade g/t

4.85

4.70

Gold produced

727

691

Cash operating costs

R/kg

199 586

202 729

Operating profit

R’000

178 690

134 010

Joel built on its success of the previous quarter by increasing its tonnes
milled by 2% to 150 000 tonnes and improving its recovered grade by
3% to 4.85g/t, resulting in higher gold production quarter on quarter
at 727kg. The recovery grade improvement is attributable to increased
vamping activities during the quarter as well as increased belt- and
development grades.

The cash operating cost of R199 586/kg is currently the lowest in the
company and improved mainly due to higher gold production and
summer electricity tariffs. Higher production, lower costs and a higher
gold price received resulted in an operating profit of R179 million,
33% more than the previous quarter.

Unisel

December

September

Indicator Units

2011

variance

Tonnes milled

000

100

Grade g/t

4.62

3.70

Gold produced

462

340

Cash operating costs

R/kg

276 102

360 400

Operating profit

R’000

77 308

15 341

404

Unisel had a good quarter, with tonnes milled being 9% higher
at 100 000t and a 25% increase in recovery grade at 4.62g/t. The
improvement in grade is due to higher Basal reef values mined combined
with increases in the belt- and face grades.

Gold production increased by 36% to 462kg compared to the
September quarter, resulting in a 23% decrease in cash operating costs
to R276 102/kg.

Unisel’s operating profit multiplied fivefold to R77 million due to the
higher gold price received in conjunction with increased production.

TOTAL SOUTH AFRICAN SURFACE OPERATIONS

December

September

Indicator Units

2011

variance

Tonnes 000

2 225

2 473

(10)

Grade g/t 0.43

0.37

Gold produced

Kg 956

927

Cash operating costs R/kg

240 183

263 671

Operating profit

R’000

180 079

127 417

Surface sources increased its gold production by 3% to 956kg for the
quarter by increasing the recovery grade to 0.43g/t. Increases in recovery
grade were mainly from the Kalgold and Phoenix tailings.

Operating profits generated by surface sources amounted
to R180 million, a 41% increase quarter on quarter.

Cash operating costs quarter on quarter decreased by 9% to

R240 183/kg due to higher gold production despite less tonnes (less
tailings tonnage from Phoenix) treated during the quarter.

Kalgold

December

September

Indicator Units

2011

variance

Tonnes 000

331

364

(9)

Grade g/t

0.82

0.74

Gold produced

273

270

Cash operating costs

R/kg

268 462

337 615

Operating profit

R’000

41 495

20 401

103

The operating profit at Kalgold doubled during the quarter at
R41 million, supported by a higher gold price, a marginal increase
in gold production to 273kg and a lower cash operating cost of

R268 462/kg. Kalgold managed to decrease its cash operating costs
during the quarter mainly due to the run of mine stockpile which is
handled as a credit to cash costs.

The tonnes milled for the quarter decreased by 9% to 331 000t
countered positively by an 11% increase in recovery grade to 0.82g/t.
Kalgold plant throughput remains a constraint due to maintenance
on the C Mill. Furthermore the stock pile increased as a result of the
breakdown of the pre-primary crusher. This crusher has been removed
from site to be repaired by May 2012.

Phoenix (tailings)

December

September

Indicator Units

2011

variance

Tonnes

000

1 085

1 365

(21)

Grade g/t

0.19

0.16

Gold produced

207

215

(4)

Cash operating costs

R/kg

236 551

235 051

(1)

Operating profit

R’000

39 457

34 773

Phoenix’s recovery grade improved by 19% to 0.19g/t compared
to the previous quarter, mainly due to improved dissolution when

pre-oxidation was implemented in the delivery pipes from the feed
sources to the plant.

Operating profit increased to R39 million despite a 4% decrease in gold
production at 207kg and a marginal increase in cash operating unit cost
to R236 551/kg.

Surface dumps

December

September

Indicator Units

2011

variance

Tonnes 000

809

744

Grade g/t

0.59

–

Gold produced

476

442

Cash operating costs

R/kg

225 544

232 423

Operating profit

R’000

99 127

72 243

Treatment of tonnes at the surface dumps increased by 9% to 809 000t
and resulted in an 8% increase in gold production to 476kg, whilst the
grade remained static for the quarter.

An operating profit of R99 million was generated due to higher gold
production, a higher gold price received and a slight decrease of 3% in
cash operating cost to R225 544/kg.

Results for the second quarter FY12
and six months ended 31 December 2011

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 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 slight decrease in the development grade during the current
quarter which is in line with expectations. More on-reef attacking ends
have also been established during the quarter which will enable us to
develop more South Reef raises during the next quarter.

Kusasalethu

The quarter on quarter development grade has improved and continues
to return grades that are in line with the overall ore body grade and as
predicted for the areas that are being developed.

Phakisa

There was further progress with the development towards the north
which returned good grades as expected. However during the quarter
under review, the overall development grades reduced compared to the
previous quarter due to lower grades intercepted in the development
ends towards the South of the shaft.

Masimong

Basal reef and B reef development grades remained below expectations
for the quarter. On the Basal reef the reason for lower grade is due to
lower values still intercepted in the development to the south of the
mine. On the B reef the grades were negatively impacted by two high
grade drives not being developed due to overstoping taking place on
top of the travelling ways that service these areas.

Target (narrow reef mining)

Quarter on quarter there was a decrease in development grades
of the narrow reef mining section at Target 1 due to the very erratic
nature of the specific area being developed. At Target 3 there is still
an encouraging improvement in both the meters developed and the
development grade quarter on quarter. Basal reef development also
commenced during this quarter.

Tshepong

There was an improvement in both the Basal reef and B reef development
grades quarter on quarter. The development focus at Tshepong remains
the development of new and existing raise lines on the Basal reef in the
higher grade decline area where most of the future mining at the mine
will take place.

Bambanani

Most of the development is taking place in the shaft pillar where the
development grade still remains above 3 000cmg/t, which is in line with
expectations of this high grade shaft pillar.

Evander 8

There was an improvement in the quarter on quarter development
grade. The reserve at Evander is now made up of the Kinross payshoot
in the decline area of the mine where the grades in the raise lines being
developed remained in line with expectations.

Exploration

International (Papua New Guinea)

Morobe Mining Joint Venture (50% Harmony)

Wafi-Golpu

The pre-feasibility study for Wafi-Golpu continued in line with the
planned schedule during the quarter. Ramp up of the drilling activities
continued as planned, with the 7th rig now fully operational. The
additional drilling is focused upon collection of geotechnical data

to support the mine design and assessment of mine access options.
Metallurgical test-work programmes continued to confirm excellent
recoveries and product grades. Early construction activities are focused
on expansion and improvement of the existing accommodation
facilities with over 200 people now on site and engaged in exploration
and early works.

Construction and upgrade of the road to the proposed site continued
during the quarter and stakeholder engagement with the community,
landowners and various government agencies is ongoing. The

pre-feasibility study remains on schedule for completion in the first half
of calendar 2012.

Joel

The development grades at Joel remained above the reserve grade with
an improvement in the development grade quarter on quarter.

Unisel

At Unisel, the development grade of the Basal reef is in line with
expectations, while the leader reef grade was better than expected. In
the decline area the Middle reef and Basal reef separation is less than
one metre and they are being developed jointly and will be mined as
such. This development is currently showing very encouraging grades.

Figure 1. Golpu

(1) Refer www.harmony.co.za for

Statement of Mineral Resources
and Ore Reserves to 30 June
2011. Resource figures quoted
on 100% basis.

(2) Partial result reported in previous

quarter. Re-reported final result.

Note: Cu = copper; Au= gold

Results for the second quarter FY12
and six months ended 31 December 2011

The exploration programme at Wafi-Golpu continued on three fronts,
including step out drilling targeting additional growth of the known
mineralised system, drilling to support the ongoing pre-feasibility study,
and the search for new porphyry deposits within the 17km long Wafi
Transfer Zone. Significant step out results include:

•

WR406

961m @ 1.37% Cu, 1.39g/t Au from 958m

including 199m @ 2.57% Cu,2.87g/t Au

from 1 286m

•

WR414

142m @ 0.34% Cu, 0.09g/t Au from 1 278m

and 94m @ 0.34% Cu, 0.16g/t Au from 1 434m

The higher grade porphyry intercept seen in WR406 (partially reported
in previous quarter) is located below the previously reported very high
grade intercept in WR377 and demonstrates that these higher grades
persist at depth and remain open in that direction.

Drill testing of the highly prospective Wafi Transfer Zone will commence
during the next quarter. Targets include the Kesiago, Mt Tonn and
Zimake prospects.

Figure 2. Wafi transfer zone

(1) Refer www.harmony.co.za for Statement of Mineral Resources

and Ore Reserves to 30 June 2011. Resource figures quoted on
100% basis.

Hidden Valley district exploration

The exploration programme at Hidden Valley targeted incremental
growth in and around the Hidden Valley, Kaveroi and Hamata deposits.
The search for new deposits within trucking distance of the processing
plant was also ongoing.

At Hidden Valley, drilling confirmed the continuity of the higher grade
mineralisation of the Hidden Valley and Kaveroi lodes with the following
significant results drilled this quarter:

• HVDD112 30m @ 6.4g/t Au from 405m

• HVDD113A 28m @ 4.2g/t Au from 551m

• HVDD118 30m @ 3.1g/t Au from 374m

• HVDD119 27m @ 2.5g/t Au from 309m and 11m @ 3.9g/t Au from

342m and 29m @ 5.2g/t Au from 359m

Results from drill testing of the Hamata deposit confirm the presence
of mineralisation down dip of the current inferred resource boundary.
Significant intersections include:

• HMDD012 18m @ 2.7g/t Au from 38m

• HMDD013 10m @ 7.8g/t Au from 188m and 28m @ 2.7g/t Au

from 254m

Regionally, drill testing of the Heyu Prospect located 4km northwest of
the Hidden Valley mine commenced during the quarter. The programme
is designed to test a series of geochemical anomalies located within a
highly prospective structural setting.

PNG Exploration (Harmony 100%)

Mt Hagen project (el1611 & el1596)

Exploration work at Mt Hagen focused on drill testing at the Kurunga
Intrusive Complex (KIC) at both Penamb and Bakil prospects with a total
of 1 778m drilled.

Bakil Prospect (EL1611)

At the Bakil drilling comprised one hole for 723m (BKDD002). The
hole was designed to test at depth below an intense pervasive zone of
albite alteration. Geology encountered in the hole included a range of
intrusive units with localised zones of faulting and brecciation. Pervasive
albite (sodic) alteration is overprinted in zones by variable propylitic
(chlorite, carbonate, epidote, hematite). No significant mineralisation
was noted in the geology logs. Assays are pending.

Penamb Prospect (EL1596)

The Penamb Prospect is located approximately 5km SE of Kurunga
and approximately 40km NE of Mt Hagen, within the WNW trending
Maramuni Arc. Mapping and drilling to date indicates potential
for porphyry Cu – Mo ± Au system that is characterised by multiple
intrusive, alteration and mineralising events. The surface expression of
this system is 600 x 500m.

Initial results reported Q1 included:

•

PNDD001

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

Results received during the quarter have also been highly encouraging
with PNDD002 returning:

•

PNDD002

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

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

A third hole, PNDD003 is currently in progress to test the potential
for potassic alteration and mineralisation at depth below PNDD001
(refer Figure 2). Broad low grade intervals of Cu – Mo mineralisation
(similar to initial holes) are already evident in the drill core obtained
to date.

RESULTS FOR THE SECOND QUARTER FY12

AND SIX MONTHS ENDED

31 DECEMBER 2011

Results for the second quarter FY12
and six months ended 31 December 2011

Operating results (Rand/Metric) (US$/Imperial)

Underground production – South Africa

Surface production – South Africa

Three

Total

South

Inter-

months

Kusasa-

Under-

Total

Africa

Hidden

national

Harmony

ended

Bambanani

Doornkop

Evander

Joel

lethu

Masimong

Phakisa

Steyn

(1)

Target 1

Target 3

Tshepong

Unisel

ground

Kalgold

Phoenix

Dumps

Surface

Other

Total

Valley

Other

Total

Ore milled

– t’000

Dec-11

232

117

150

256

232

126

208

306

100

1 843

331

1 085

809

2 225

–

4 068

474

–

4 542

Sep-11

92 277 123 147 331 232 113

– 210 78 287 92

982 364

365 744

473 –

455 415

–

870

Gold produced

– kg

Dec-11

214

897

841

727

1 268

894

658

113

1 021

296

1 555

462

8 946

273

207

476

956

–

9 902

816

–

10 718

Sep-11

462 866 854 691

554 796 526 36 939 241

183 340

488 270 215 442 927 –

415 792

–

207

Gold produced

– oz

Dec-11

6 880

28 839

27 039

23 374

40 767

28 743

21 155

3 633

32 826

9 517

49 994

14 854

287 621

8 777

6 655

15 304

30 736

–

318 357

26 235

–

344 592

Sep-11

14 854

27 843

27 457

22 216

49 962

25 592

16 911

1 157

30 190

7 748

38 034

10 931

272 895

8 681

6 912

14 211

29 804

–

302 699

25 463

–

328 162

Yield

–

g/tonne

Dec-11 8.56 3.87 7.19 4.85 4.95 3.85 5.22 7.53 4.91 3.89 5.08 4.62 4.85 0.82 0.19 0.59 0.43

– 2.43 1.72

– 2.36

Sep-11

5.02 3.13 6.94 4.70 4.69 3.43 4.65

– 4.47 3.09 4.12 3.70 4.26 0.74 0.16 0.59 0.37

– 2.11 1.91

– 2.09

Cash operating

– R/kg

Dec-11

564 808

237 007

214 379

199 586

283 053

240 999

299 804

337 593

202 816

350 851

203 708

276 102

248 591

268 462

236 551

225 544

240 183

–

247 779

268 500

–

249 356

costs

Sep-11

437 706

270 487

208 597

202 729

239 336

277 340

364 804

–

223 578

444 100

263 276

360 400

270 969

337 615

235 051

232 423

263 671

–

270 247

206 563

–

265 288

Cash operating

– $/oz

Dec-11

2 170

910

824

767

1 087

926

1 152

1 297

779

1 348

783

1 061

955

1 031

909

866

923

–

952

1 031

–

958

costs

Sep-11

1 907

1 178

909

883

1 043

1 208

1 589

–

974

1 935

1 147

1 570

1 180

1 471

1 024

1 013

1 149

–

1 177

900

–

1 156

Cash operating

– R/tonne

Dec-11

4 835

916

1 541

967

1 402

929

1 566

2 543

996

1 366

1 035

1 276

1 207

221

133

103

–

603

462 –

588

costs

Sep-11

2 198

846

1 448

953

1 124

952

1 698

–

1 000

1 372

1 085

1 332

1 156

250

138

–

569

394

–

554

Gold sold

– kg

Dec-11

218

911

818

749

1 201

910

670

115

1 040

302

1 583

471

8 988

274

201

471

946

–

9 934

1 066

–

11 000

Sep-11

457 860 841 710

462 786 520 36 927 238

170 336

343 269 223 448 940 –

283 665

–

948

Gold sold

– oz

Dec-11

7 009

29 289

26 299

24 081

38 613

29 257

21 541

3 697

33 437

9 710

50 895

15 143

288 971

8 809

6 462

15 143

30 414

–

319 385

34 273

–

353 658

Sep-11

14 693

27 650

27 039

22 827

47 004

25 270

16 718

1 157

29 804

7 652

37 616

10 803

268 233

8 649

7 170

14 404

30 223

–

298 456

21 380

–

319 836

Revenue

(R’000)

Dec-11

96 114

398 020

357 866

328 950

523 510

401 168

295 476

50 584

455 504

132 145

698 006

207 517

3 944 860

120 867

88 082

205 430

414 379

–

4 359 239

460 778

– 4 820 017

Sep-11

175 069

348 165

329 960

282 825

575 039

314 230

205 781

–

366 466

92 696

466 248

135 929

3 292 408

108 833

89 235

179 650

377 718

–

3 670 126

259 038

– 3 929 164

Cash operating

(R’000)

Dec-11

120 869

212 595

180 293

145 099

358 911

215 453

197 271

38 148

207 075

103 852

316 766

127 559

2 223 891

73 290

48 966

107 359

229 615

–

2 453 506

219 096

– 2 672 602

costs Sep-11

202 220

234 242

178 142

140 086

371 928

220 763

191 887

–

209 940

107 028

311 456

122 536

2 290 228

91 156

50 536

102 731

244 423

–

2 534 651

163 598

– 2 698 249

Inventory

(R’000)

Dec-11

5 703

6 200

(6 079)

5 161

(34 349)

7 155

4 386

(574)

8 174

4 119

9 497

2 650

12 043

6 082

(341)

(1 056)

4 685

–

16 728

53 620

–

70 348

movement

Sep-11

(1 455)

(4 684)

(3 126)

8 729

(36 625)

(5 690)

(4 300)

– (3 576)

(1 831)

(6 701)

(1 948)

(61 207)

(2 724)

3 926

4 676

5 878

–

(55 329)

(20 193)

– (75 522)

Operating costs

(R’000)

Dec-11

126 572

218 795

174 214

150 260

324 562

222 608

201 657

37 574

215 249

107 971

326 263

130 209

2 235 934

79 372

48 625

106 303

234 300

–

2 470 234

272 716

– 2 742 950

Sep-11

200 765

229 558

175 016

148 815

335 303

215 073

187 587

–

206 364

105 197

304 755

120 588

2 229 021

88 432

54 462

107 407

250 301

–

2 479 322

143 405

– 2 622 727

Operating

(R’000)

Dec-11

(30 458)

179 225

183 652

178 690

198 948

178 560

93 819

13 010

240 255

24 174

371 743

77 308

1 708 926

41 495

39 457

99 127

180 079

–

1 889 005

188 062

– 2 077 067

profit/(loss)*

Sep-11

(25 696)

118 607

154 944

134 010

239 736

99 157

18 194

–

160 102

(12 501)

161 493

15 341

1 063 387

20 401

34 773

72 243

127 417

–

1 190 804

115 633

– 1 306 437

Operating

($’000)

Dec-11

(3 762)

22 134

22 681

22 069

24 570

22 053

11 587

1 607

29 672

2 985

45 910

9 548

211 054

5 125

4 873

12 242

22 240

–

233 294

23 226

–

256 520

profit/(loss)*

Sep-11

(3 599)

16 611

21 702

18 768

33 578

13 888

2 548

–

22 424

(1 751)

22 619

2 148

148 936

2 857

4 869

10 118

17 844

–

166 780

16 195

–

182 975

Capital

(R’000)

Dec-11

44 077

74 560

50 650

14 891

113 165

71 643

75 129

21 791

65 439

24 060

76 287

17 935

649 627

20 563

5 088

897

26 548

8 350

684 525

53 176

44 688

782 389

expenditure

Sep-11

43 790

64 717

37 580

13 227

97 564

50 101

73 938

32 907

62 600

11 899

58 700

15 689

562 712

9 635

12 647

22 345

5 771

590 828

39 937

69 337

700 102

Capital

($’000)

Dec-11

5 444

9 208

6 255

1 839

13 976

8 848

9 279

2 691

8 082

2 971

9 422

2 215

80 230

2 540

628

111

3 279

1 031

84 540

6 567

5 519

96 626

expenditure

Sep-11

6 133

9 064

5 263

1 853

13 665

7 017

10 356

4 609

8 768

1 667

8 222

2 197

78 814

1 349

1 771

3 129

808

82 751

5 594

9 711

98 056

* Operating profit is comparable to the term production profit in the segment report in the financial statement and not to the operating profit line item
in the income statement.
(1) Steyn 2 started production during the December 2011 quarter. Previously revenue and costs were capitalised.

Results for the second quarter FY12
and six months ended 31 December 2011

CONDENSED CONSOLIDATED INCOME STATEMENTS (Rand)

Quarter ended

Six months ended

Year ended

31 December 30 September 31 December

31 December 31 December

30 June

2011 2011 2010 2011 2010 2011

Figures in million

Note

(Unaudited)

(Audited)

Continuing operations

Revenue

4 820

3 929

2 990

8 749

6 073

12 445

Cost of sales

(3 337)

(3 192)

(2 506)

(6 529)

(5 501)

(11 615)

Production costs

(2 743)

(2 623)

(2 123)

(5 366)

(4 554)

(9 170)

Amortisation and depreciation

(528)

(475)

(442)

(1 003)

(868)

(1 776)

Impairment of assets

– – – – –

(264)

Employment termination
and restructuring costs

(17)

(34)

(54)

(51)

(132)

(158)

Other items

(49)

(60)

113 (109)

53 (247)

Gross profit

1 483

737

484

2 220

572

830

Corporate, administration
and other expenditure

(90)

(84)

(96)

(174)

(190)

(354)

Social investment expenditure

(14)

(15)

(23)

(29)

(39)

(84)

Exploration expenditure

(99)

(97)

(76)

(196)

(175)

(353)

Profit on sale of property,
plant and equipment

4 26 1 30 17 29

Other income/(expenses) – net

24 18 6 42

(48)

(24)

Operating profit

1 308

585

296

1 893

137

Loss from associates

– –

(19)

– (27)

(51)

Reversal of impairment/(impairment)
of investment in associate

2 48 – 50 –

(142)

Net gain/(loss) on financial instruments

67 (26)

78 41 389 141

Gain on farm-in option

– – – – –

273

Investment income

22 16 38 38 52

140

Finance cost

(83)

(73)

(69)

(156)

(128)

(288)

Profit before taxation

1 316

550

324

1 866

423

117

Taxation

(270)

(72)

(28)

(342)

(22)

480

Normal taxation

(58)

(40)

– (98)

(9)

(12)

Deferred taxation

(212)

(32)

(28)

(244)

(13)

492

Net profit from
continuing operations

1 046

478

296

1 524

401

597

Discontinued operations

Profit from discontinued operations

–

– 23

– 20 20

Net profit for the period

1 046

478

319

1 524

421

617

Attributable to:
Owners of the parent

046 478 319 1 524 421 617

Non-controlling interest

– – – – – –

Earnings per ordinary share (cents)

Earnings from continuing operations

243 111 69 354 93 139

Earnings from discontinued operations

– – 5 – 5 5

Total earnings per
ordinary

share

(cents)

243 111 74 354 98 144

Diluted earnings per
ordinary share (cents)

Earnings from continuing operations

242 111 69 353 93 139

Earnings from discontinued operations

– – 5 – 5 5

Total diluted earnings per
ordinary share (cents)

242 111 74 353 98 144

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

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Rand)

Quarter ended

Six months ended

Year ended

31 December 30 September 31 December

31 December 31 December

30 June

2011 2011 2010 2011 2010 2011

Figures in million

(Unaudited)

(Audited)

Net profit for the period

046 478 319 1 524 421 617

Other comprehensive income for
the period, net of income tax

179 955

(161)

1 134

(55)

368

Foreign exchange translation

212 924

(131)

1 136

(25)

470

(Loss)/gain on fair value movement of
available-for-sale investments

(33)

31 (30)

(2)

(30)

(102)

Total comprehensive income
for the period

1 225

1 433

158

2 658

366

985

Attributable to:
Owners of the parent

1 225

1 433

158

2 658

366

985

Non-controlling interest

– – – – – –

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

The preparation of the reviewed financial statements for the six months ended 31 December 2011 was supervised
by the financial director, Hannes Meyer. These financial statements were reviewed by the group’s external auditors,
PricewaterhouseCoopers Incorporated (see note 11) and approved by the Board of Harmony Gold Mining Company Limited.

Results for the second quarter FY12
and six months ended 31 December 2011

CONDENSED CONSOLIDATED BALANCE SHEETS (Rand)

At At At At

31 December

30 September

30 June

31 December

2011 2011 2011 2010

Figures in million

Note

(Unaudited)

(Audited)

ASSETS

Non-current assets

Property, plant and equipment

32 830

32 278

31 221

30 218

Intangible assets

2 185

2 171

2 170

2 199

Restricted cash

31 31 31 26

Restricted investments

1 929

1 860

1 883

1 864

Investments in associates

– – –

358

Deferred tax assets

1 179

1 287

1 149

723

Investments in financial assets

183 215 185 264

Inventories

169 168 172 232

Trade and other receivables

28 24 23 69

Total non-current assets

38 534

38 034

36 834

35 953

Current assets

Inventories

990

006 837 943

Trade and other receivables

1 131

876

1 073

962

Income and mining taxes

194 100 139 102

Cash and cash equivalents

1 205

1 325

693

837

3 520

3 307

2 742

2 844

Assets of disposal groups classified as held-for-sale

315 314 268

–

Total current assets

3 835

3 621

3 010

2 844

Total assets

42 369

41 655

39 844

38 797

EQUITY AND LIABILITIES

Share capital and reserves

Share capital

28 326

28 314

28 305

28 277

Other reserves

1 945

1 741

762

266

Retained earnings

2 359

1 313

1 093

897

Total equity

32 630

31 368

30 160

29 440

Non-current liabilities

Deferred tax liabilities

4 452

4 300

4 216

4 336

Provision for environmental rehabilitation

2 092

2 046

1 971

1 752

Retirement benefit obligation and other provisions

177 174 174 179

Borrowings

991 1 684 1 229 1 243

Total non-current liabilities

7 712

8 204

7 590

7 510

Current liabilities

Borrowings

323 331 330 344

Income and mining taxes

3 3 2

Trade and other payables

1 684

1 733

1 746

1 493

2 010

2 067

2 078

1 847

Liabilities of disposal groups classified as held-for-sale

17 16 16 –

Total current liabilities

2 027

2 083

2 094

1 847

Total equity and liabilities

42 369

41 655

39 844

38 797

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

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (Rand)

for the six months ended 31 December 2011

Other

Retained

Figures in million

capital

reserves

earnings

Total

Balance – 30 June 2011

28 305

762

1 093

30 160

Issue of shares

21 – –

Share-based payments

– 49 – 49

Net profit for the period

–

– 1 524 1 524

Other comprehensive income for the period

– 1 134

Dividends paid

– –

(258)

Balance – 31 December 2011

28 326

1 945

2 359

32 630

Balance – 30 June 2010

2 8 261 258 690

209

Issue of shares

16 – –

Share-based payments

– 63 – 63

Net profit for the period

–

– 421 421

Other comprehensive income for the period

– (55)

Dividends paid

– –

(214)

Balance – 31 December 2010

28 277

266

897

29 440

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

Results for the second quarter FY12
and six months ended 31 December 2011

CONDENSED CONSOLIDATED CASH FLOW STATEMENTS (Rand)

Quarter ended

Six months ended

Year ended

31 December 30 September 31 December

31 December 31 December

30 June

2011 2011 2010 2011 2010 2011

Figures in million

(Unaudited)

(Audited)

Cash flow from operating activities
Cash generated by operations

1 566

1 092

450

2 658

1 153

2 418

Interest and dividends received

12 16 38 28 52

140

Interest paid

(36)

(41)

(35)

(77)

(65)

(134)

Income and mining taxes paid

(149)

– (30)

(149)

(34)

(45)

Cash generated by operating activities

1 393

1 067

423

2 460

1 106

2 379

Cash flow from investing activities
Decreased in restricted cash

– –

90 –

120

116

Proceeds on disposal of investment in subsidiary

– – – –

229

Proceeds on disposal of available-for-sale
financial assets

– –

2 –

Pre-payment for Evander 6
and Twistdraai transaction

– – – – –

100

Other investing activities

3 –

(6)

3 4 (5)

Net additions to property, plant and equipment

(779)

(668)

(846)

(1 447)

(1 594)

(3 110)

Cash utilised by investing activities

(776)

(668)

(760)

(1 444)

(1 239)

(2 654)

Cash flow from financing activities
Borrowings raised

– 799 525 799 525 925

Borrowings repaid

(718)

(352)

(107)

(1 070)

(114)

(546)

Ordinary shares issued – net of expenses

11 9 8 20 16 44

Dividends paid

– (258)

(214)

Cash (utilised)/generated
by financing activities

(707)

198

426

(509)

213

209

Foreign currency translation adjustments

(30)

(24)

(13)

(11)

Net (decrease)/increase in cash
and cash equivalents

(120)

632 65 512 67 (77)

Cash and cash equivalents
– beginning of period

325 693 772 693 770 770

Cash and cash equivalents
– end of period

1 205

1 325

837

1 205

837

693

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

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2011 (Rand)

1. Accounting policies

Basis of accounting
The condensed consolidated financial statements for the six months ended 31 December 2011 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

Six months ended

Year ended

31 December 30 September 31 December

31 December 31 December

30 June

2011 2011 2010 2011 2010 2011

Figures in million

(Unaudited)

(Audited)

Production costs – excluding royalty

2 684

2 591

2 093

5 275

4 501

9 074

Royalty expense

59 32 30 91 53 96

Amortisation and depreciation

528 475 442 1 003 868

776

Impairment of assets

– – – – –

264

Rehabilitation expenditure

1 5 5 6 9

Care and maintenance cost
of restructured shafts

23 31 28 54 53

124

Employment termination and
restructuring costs

(1)

17 34 54 51

132

158

Share-based payments

25 24 32 49 63

136

Other

– –

(178)

– (178)

(87)

Total cost of sales

3 337

3 192

2 506

6 529

5 501

11 615

(1)

The amount of R17 million in December 2011 quarter (R34 million in September 2011 quarter) relates to restructuring at the Bambanani shaft.

Disposal groups classified as held for sale and discontinued operations

Investment in associate

The investment in Rand Uranium (Proprietary) Limited (“Rand Uranium”) has been classified as held for sale following a decision by the
shareholders of the company to commence with a process to sell the company. In terms of the binding offer accepted by the shareholders on
21 April 2011, the capital portion of the subordinated shareholder’s loan of R61 million due to the group will be repaid out of the sale proceeds.
The group’s attributable portion of the sale proceeds amounts to approximately US$38 million.

The investment is carried at the lower of carrying value and fair value less cost to sell. At each reporting date, the carrying value is remeasured for
possible impairment or reversal of impairment. An impairment of R142 million has been recognised for the 2011 year. During December 2011
quarter, a reversal of impairment of R2 million (year to date R50 million) was recognised resulting from changes in the US$/R exchange rate.

See note 8 for developments after balance sheet date.

4. Deferred taxation

During the December quarter several mines in the group redeemed capital allowances against their increased taxable income, resulting in the
increased deferred tax expense.

Results for the second quarter FY12
and six months ended 31 December 2011

Earnings and net asset value per share

Earnings per share is calculated on the weighted average number of shares in issue for the quarter ended 31 December 2011: 430.5 million
(30 September 2011: 430.1 million, 31 December 2010: 429.1 million), six months ended 31 December 2011: 430.2 million (31 December 2010:
428.9 million), and the year ended 30 June 2011: 429.3 million.

Diluted earnings per share is calculated on weighted average number of diluted shares in issue for the quarter ended 31 December 2011:
432.3 million (30 September 2011: 431.6 million, 31 December 2010: 429.9 million), six months ended 31 December 2011: 431.9 million
(31 December 2010: 429.7 million), and the year ended 30 June 2011: 430.4 million.

Quarter ended

Six months ended

Year ended

31 December 30 September 31 December

31 December 31 December

30 June

2011 2011 2010 2011 2010 2011

(Unaudited)

(Audited)

Total earnings per share (cents):

Basic earnings

243 111 74 354 98 144

Diluted earnings

242 111 74 353 98 144

Headline earnings

242 95 69 337 101 223

– from continuing operations

242 95 69 337 101 223

– from discontinued operations

– – – – – –

Diluted headline earnings

241 95 69 336 101 222

– from continuing operations

241 95 69 336 101 222

– from discontinued operations

– – – – – –

Figures in million

Reconciliation of headline earnings:

Continuing operations

Net profit

046 478 296 1 524 401 597

Adjusted for:
Profit on sale of property,
plant and equipment

(4)

(26)

(1)

(30)

(17)

(29)

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

1 7 – 8 5 7

Net gain on financial instruments

– –

(1)

– (1)

(7)

Taxation effect of net gain
on financial instruments

– – – – –

(Reversal of impairment)/impairment
of investment in associate*

(2)

(48)

– (50)

– 142

Foreign exchange loss reclassified from
other comprehensive income*

– – – –

Impairment of assets

– – – – –

264

Taxation effect of impairment of assets

– – – – –

(66)

Headline earnings

1 041

411

294

1 452

435

957

Discontinued operations

Net profit

–

– 23

– 20 20

Adjusted for:
Profit on sale of investment in subsidiary

–

– (23)

– (54)

(54)

Taxation effect of profit on sale of
investment in subsidiary

– – – –

Headline

earnings

– – – – – –

Total headline earnings

1 041

411

294

1 452

435

957

* There is no taxation effect on these items.

Net asset value per share (cents)

At At At At

31 December 30 September

30 June 31 December

2011 2011 2011 2010

(Unaudited) (Audited)

Number of shares in issue

431 312 677

430 272 715 430 084 628 429 506 618

Net asset value per share (cents)

7 565

7 290

7 013

6 854

6. Borrowings

At At At At

31 December 30 September

30 June 31 December

2011 2011 2011 2010

Figures in million

(Unaudited)

(Audited)

Total long-term borrowings

991

1 684

1 229

1 243

Total current portion of borrowings

323 331 330 344

Total borrowings

(1) (2)

1 314

2 015

1 559

1 587

(1) The Nedbank revolving credit facility was repaid in full during the December 2011 quarter following repayments totalling R550 million. The full R850 million facility is

available until December 2013.

A bi-annual repayment of R152.5 million on the Nedbank term facilities during the December 2011 quarter reduced the balance to R915 million.

There is no change regarding the US$300 million syndicated revolving credit facility, with US$250 million still available. The facility is repayable by August 2015 and attracts
interest at LIBOR plus 260 basis points, which is payable quarterly.

(2) Included in the borrowings is R44 million (30 September 2011: R52 million; December 2010: R63 million) owed to Westpac Bank Limited in terms of a finance lease

agreement. The future minimum lease payments are as follows:

At At At At

31 December

30 September

30 June

31 December

2011 2011 2011 2010

Figures in million

(Unaudited) (Audited)

Due within one year

34 31 29 28

Due between one and five years

11 22 23 36

45 53 52 64

Future finance charges

(1)

Total future minimum lease payments

Commitments and contingencies

At At At At

31 December 30 September

30 June 31 December

2011 2011 2011 2010

Figures in million

(Unaudited)

(Audited)

Capital expenditure commitments:

Contracts for capital expenditure

291 290 194 166

Authorised by the directors but not contracted for

3 373

3 570

1 504

2 669

3 664

3 860

1 698

2 835

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

(a) SA process was initiated during financial year 2011 for the disposal Rand Uranium (Proprietary) Limited (“Rand Uranium”), of which

Harmony held 40%. Gold One International Limited (“Gold One”) made a binding offer to acquire 100% of Rand Uranium for a total
consideration of US$250 million. The offer was accepted by the shareholders of Rand Uranium. All conditions precedent to the agreement
were fulfilled and the transaction was declared unconditional and closed on Friday 6 January 2012 (“Completion Date”)

Harmony’s portion of the purchase price amounts to approximately US$38 million of which US$24 million was settled in cash on
6 January 2012 realising an amount of R193 million. The balance of US$14 million is to be settled in either cash, Gold One ordinary shares,
or a combination thereof within 90 days of the Completion Date.

Results for the second quarter FY12
and six months ended 31 December 2011

(b) Harmony has signed a sale of share and claims agreement on 30 January 2012 with Pan Africa Resources plc and Witwatersrand

Consolidated Gold Resources Limited (the “Consortium”) for the disposal of Harmony’s entire interest in Evander Gold Mines Limited
(“Evander”). 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 approvals for the acquisition; and

• obtaining all relevant regulatory approvals.

(c) On 2 February 2012, the Board approved an interim dividend of 40 cents, amounting to approximately R173 million, payable on

12 March 2012.

9. Segment report

The segment report follows on page 25.

10. Reconciliation of segment information to consolidated income statements

Six months ended

31 December 31 December

Figures in million

2011 2010

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, balance sheet and segment report:

Reconciliation of production profit to gross profit

Total segment revenue

8 749

6 073

Total segment production costs and royalty expense

(5 366)

(4 554)

Production profit per segment report

3 383

1 519

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

(1 163)

(947)

Amortisation and depreciation

(1 003)

(868)

Employment termination and restructuring costs

(51)

(132)

Share-based payments

(49)

(63)

Rehabilitation costs

(6)

(9)

Care and maintenance costs of restructured shafts

(54)

(53)

Other

– 178

Gross profit as per income statements *

2 220

572

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

11. Review report

The condensed consolidated financial statements for the six months ended 31 December 2011 on pages 16 to 25 have been reviewed
in accordance with International Standards on Review Engagements 2410 – “Review of interim financial information performed by the
Independent Auditors of the entity” by PricewaterhouseCoopers Inc. Their unqualified review report is available for inspection at the company’s
registered office.

SEGMENT REPORT (Rand)

for the six months ended 31 December 2011

Production

Capital

Kilograms

Tonnes

Revenue

cost

profit/(loss)

expenditure

produced*

milled*

31 December

2011

2010 2011 2010 2011 2010 2011 2010 2011 2010 2011 2010

R million

t’000

Continuing operations

South Africa

Underground

Bambanani

322 502 365 421 (43)

81 143 156 825

716 132 233

Doornkop

746 360 448 295 298 65 139 154

763

184 509 311

Evander

688 315 349 316 339 (1)

88 116

695

069 240 279

Joel

612 169 299 198 313 (29)

28 40

418 556 297 168

Kusasalethu

099 772 660 643 439 129 211 189

822

559 587 497

Masimong

715 730 438 397 277 333 122 89

690

414 464 462

Phakisa

501 267 389 223 112 44 149 194

184 882 239 193

Target

047 511 635 358 412 153 164 252

497

982 572 401

Tshepong

1 164

1 000

631

581

533

419

135

133

2 738

3 316

593

683

Virginia

343 398 251 349 92 49 34 49 802

326 192 366

Surface

All other surface operations

792

589

485

431

307

158

1 883

2 024

4 698

5 328

Total South Africa

8 029

5 613

4 950

4 212

3 079

1 401

1 275

1 438

19 317

19 028

8 523

8 921

International

Hidden Valley

720 460 416 342 304 118 93 144

608

498 889 852

Other

– – – – – –

114 – – – – –

Total

international

720 460 416 342 304 118 207 144

608

498 889 852

Total continuing operations

8 749

6 073

5 366

4 554

3 383

1 519

1 482

1 582

20 925

20 526

9 412

9 773

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

– – – –

8 749

6 073

5 366

4 554

* Production statistics are unaudited.

Results for the second quarter FY12
and six months ended 31 December 2011

Operating results (US$/Imperial)

Underground production – South Africa

Surface production – South Africa

Three

Total

South

Inter-

months

Kusasa-

Under-

Total

Africa

Hidden

national

Harmony

ended

Bambanani

Doornkop

Evander

Joel

lethu

Masimong

Phakisa

Steyn

(1)

Target

Tshepong Unisel ground

Kalgold

Phoenix Dumps

Surface Other Total Valley Other Total

Ore milled

– t’000

Dec-11

256

129

165

282

256

139

229

337

110

2 032

365

1 196

892

2 453

–

4 485

523

–

5 008

Sep-11

101 305 136 162 365 256 125

– 232 86 316 101

185 401

505 820

726 –

911 458

–

369

Gold produced

– oz

Dec-11

6 880

28 839

27 039

23 374

40 767

28 743

21 155

3 633

32 826

9 517

49 994

14 854

287 621

8 777

6 655

15 304

30 736

–

318 357

26 235

–

344 592

Sep-11

14 854

27 843

27 457

22 216

49 962

25 592

16 911

1 157

30 190

7 748

38 034

10 931

272 895

8 681

6 912

14 211

29 804

–

302 699

25 463

–

328 162

Yield

–

oz/t Dec-11 0.246 0.113 0.210 0.142 0.145 0.112 0.152 0.214 0.143 0.113 0.148 0.135 0.142 0.024 0.006 0.017 0.013

– 0.071 0.050

– 0.069

Sep-11

0.147 0.091 0.202 0.137 0.137 0.100 0.135

– 0.130 0.090 0.120 0.108 0.124 0.022 0.005 0.017 0.011

– 0.061 0.056

– 0.061

Cash operating

– $/oz

Dec-11

2 170

910

824

767

1 087

926

1 152

1 297

779

1 348

783

1 061

955

1 031

909

866

923

–

952

1 031

–

958

costs

Sep-11

1 907

1 178

909

883

1 043

1 208

1 589

–

974

1 935

1 147

1 570

1 180

1 471

1 024

1 013

1 149

–

1 177

900

–

1 156

Cash

operating

–

$/t Dec-11 533 103 173 109 157 104 175 277 112 153 116 143 135 25 5 15 12 – 68 52

– 66

costs

Sep-11

280 108

183 121

143 121

215 – 127 174

138 170 147 32 5 18 13 – 72 50 – 70

Gold sold

– oz

Dec-11

7 009

29 289

26 299

24 081

38 613

29 257

21 541

3 697

33 437

9 710

50 895

15 143

288 971

8 809

6 462

15 143

30 414

–

319 385

34 273

–

353 658

Sep-11

14 693

27 650

27 039

22 827

47 004

25 270

16 718

1 157

29 804

7 652

37 616

10 803

268 233

8 649

7 170

14 404

30 223

–

298 456

21 380

–

319 836

Revenue

($’000)

Dec-11

11 870

49 156

44 197

40 626

64 654

49 545

36 492

6 247

56 255

16 320

86 204

25 629

487 195

14 927

10 878

25 371

51 176

–

538 371

56 907

–

595 278

Sep-11

24 520

48 764

46 214

39 612

80 540

44 011

28 822

–

51 327

12 983

65 303

19 038

461 134

15 243

12 498

25 162

52 903

–

514 037

36 281

–

550 318

Cash operating

($’000)

Dec-11

14 928

26 256

22 267

17 920

44 326

26 608

24 363

4 711

25 574

12 826

39 121

15 754

274 654

9 051

6 047

13 259

28 357

–

303 011

27 059

–

330 070

costs Sep-11

28 323

32 809

24 950

19 621

52 092

30 920

26 876

–

29 404

14 990

43 623

17 163

320 771

12 768

7 079

14 389

34 236

–

355 007

22 914 –

377

921

Inventory

($’000)

Dec-11

704

766

(751)

637

(4 242)

884

542

(71)

1 009

509

1 173

327

1 487

751

(42)

(130)

579

–

2 066

6 622

–

8 688

movement

Sep-11

(204)

(656)

(438)

1 223

(5 130)

(797)

(602)

– (501)

(256)

(939)

(273)

(8 573)

(382)

550 655 823 –

750)

(2 828)

– ( 10 578)

Operating costs

($’000)

Dec-11

15 632

27 022

21 516

18 557

40 084

27 492

24 905

4 640

26 583

13 335

40 294

16 081

276 141

9 802

6 005

13 129

28 936

–

305 077

33 681

–

338 758

Sep-11

28 119

32 153

24 512

20 844

46 962

30 123

26 274

–

28 903

14 734

42 684

16 890

312 198

12 386

7 629

15 044

35 059

–

347 257

20 086 –

367

343

Operating

($’000)

Dec-11

(3 762)

22 134

22 681

22 069

24 570

22 053

11 587

1 607

29 672

2 985

45 910

9 548

211 054

5 125

4 873

12 242

22 240

–

233 294

23 226

–

256 520

profit/(loss)*

Sep-11

(3 599)

16 611

21 702

18 768

33 578

13 888

2 548

–

22 424

(1 751)

22 619

2 148

148 936

2 857

4 869

10 118

17 844

–

166 780

16 195

–

182 975

Capital

($’000)

Dec-11

5 444

9 208

6 255

1 839

13 976

8 848

9 279

2 691

8 082

2 971

9 422

2 215

80 230

2 540

628

111

3 279

1 031

84 540

6 567

5 519

96 626

expenditure

Sep-11

6 133

9 064

5 263

1 853

13 665

7 017

10 356

4 609

8 768

1 667

8 222

2 197

78 814

1 349

1 771

3 129

808

82 751

5 594

9 711

98 056

Results for the second quarter FY12
and six months ended 31 December 2011

CONDENSED CONSOLIDATED INCOME STATEMENTS (US$)

(Convenience translation)

Quarter ended

Six months ended

Year ended

31 December 30 September 31 December

31 December 31 December

30 June

2011 2011 2010 2011 2010 2011

Figures in million

(Unaudited)

(Audited)

Continuing operations

Revenue

595 550 434 1 149 856

781

Cost of sales

(412)

(447)

(364)

(857)

(775)

(1 664)

Production costs

(339)

(367)

(308)

(706)

(642)

(1 313)

Amortisation and depreciation

(65)

(67)

(64)

(131)

(122)

(254)

Impairment of assets

– – – – –

(39)

Employment termination
and restructuring costs

(2)

(5)

(8)

(7)

(19)

(23)

Other items

(6)

(8)

16 (13)

8 (35)

Gross

profit

183 103 70 292 81 117

Corporate, administration and other expenditure

(11)

(12)

(14)

(23)

(27)

(51)

Social investment expenditure

(2)

(3)

(4)

(5)

(12)

Exploration expenditure

(12)

(14)

(11)

(26)

(25)

(51)

Profit on sale of property, plant and equipment

– 4 – 4 2 4

Other income/(expenses) – net

3 3 1 6

(7)

(3)

Operating

profit

161 82 43 249 19 4

Loss from associates

– –

(3)

– (4)

(7)

Reversal of impairment/(impairment)
of investment in associate

– 7 – 7 –

(20)

Net gain/(loss) on financial instruments

8 (4)

11 5 55 20

Gain on farm-in option

– – – – –

Investment income

3 2 6 5 7

Finance cost

(10)

(21)

(18)

(41)

Profit

before

taxation

162 77 47 245 59 14

Taxation

(33)

(10)

(4)

(45)

(3)

Normal taxation

(7)

(6)

– (13)

(1)

(2)

Deferred taxation

(26)

(4)

(32)

(2)

Net profit from continuing operations

129

200

Discontinued operations

Profit from discontinued operations

– – 3 – 3 3

Net profit for the period

129

200

Attributable to:
Owners of the parent

129 67 46 200 59 86

Non-controlling interest

– – – – – –

Earnings per ordinary share (cents)
Earnings from continuing operations

30 16 10 46 13 19

Earnings from discontinued operations

– – 1 – 1 1

Total earnings per ordinary share (cents)

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

30 16 10 46 13 19

Earnings from discontinued operations

– – 1 – 1 1

Total diluted earnings per
ordinary

share

(cents)

30 16 11 46 14 20

The currency conversion average rates for the quarter ended: December 2011: US$1 = R8.10 (September 2011: US$1 = R7.14, December 2010:
US$1 = 6.88). Six months ended: December 2011: US$1 = R7.61 (December 2010: US$1 = R7.09).

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

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 28 to 33.

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (US$)

(Convenience translation)

Quarter ended

Six months ended

Year ended

31 December 30 September 31 December

31 December 31 December

30 June

2011 2011 2010 2011 2010 2011

Figures in million

(Unaudited)

(Audited)

Net profit for the period

129 67 46 200 59 86

Other comprehensive income for
the period, net of income tax

22 134 (23)

149 (8)

540

Foreign exchange translation

26 130 (19)

149 (4)

555

(Loss)/gain on fair value movement of
available-for-sale investments

(4)

4 (4)

–

(4)

(15)

Total comprehensive income
for the period

151

201

349

626

Attributable to:
Owners of the parent

151 201 23 349 51 626

Non-controlling interest

– – – – – –

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

Results for the second quarter FY12
and six months ended 31 December 2011

CONDENSED CONSOLIDATED BALANCE SHEETS (US$)

(Convenience translation)

At At At At

31 December

30 September

30 June

31 December

2011 2011 2011 2010

Figures in million

(Unaudited)

(Audited)

(Unaudited)

ASSETS

Non-current assets

Property, plant and equipment

4 050

3 997

4 607

4 568

Intangible assets

269 269 320 332

Restricted cash

4 4 5 4

Restricted investments

238 230 278 282

Investments in associates

– – –

Deferred tax assets

145 159 170 109

Investments in financial assets

23 27 27 40

Inventories

21 21 25 35

Trade and other receivables

3 3 3

Total non-current assets

4 753

4 710

5 435

5 434

Current assets

Inventories

122 125 124 143

Trade and other receivables

139 109 158 145

Income and mining taxes

24 12 21 15

Cash and cash equivalents

149 164 102 127

434 410 405 430

Assets of disposal groups classified as held-for-sale

39 39 40 –

Total

current

assets

473 449 445 430

Total assets

5 226

5 159

5 880

5 864

EQUITY AND LIABILITIES

Share capital and reserves

Share capital

3 494

3 506

4 033

4 275

Other reserves

240 216 519 40

Retained earnings

291 163 (102)

136

Total equity

4 025

3 885

4 450

4 451

Non-current liabilities

Deferred tax liabilities

549 533 623 655

Provision for environmental rehabilitation

258 253 291 265

Retirement benefit obligation and other provisions

22 22 26 27

Borrowings

122 209 181 188

Total non-current liabilities

951

1 017

1 121

1 135

Current liabilities

Borrowings

40 41 49 52

Income and mining taxes

– – – 1

Trade and other payables

208 214 258 225

248 255 307 278

Liabilities of disposal groups classified as held-for-sale

2 2 2 –

Total

current

liabilities

250 257 309 278

Total equity and liabilities

5 226

5 159

5 880

5 864

The balance sheet for December 2011 converted at a conversion rate of US$1 = R8.11 (September 2011: US$1 = R8.08, December 2010:
US$1 = R6.62).

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

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (US$) (Unaudited)

for the six months ended 31 December 2011 (Convenience translation)

Share Other

Retained

Figures in million

capital

reserves

earnings

Total

Balance – 30 June 2011

3 491

135

3 720

Issue of shares

3 – – 3

Share-based payments

– 6 – 6

Net profit for the period

–

– 188 188

Total comprehensive income for the period

– 140

Dividends paid

– –

(32)

Balance – 31 December 2011

3 494

240

291

4 025

Balance – 30 June 2010

4 272

104

4 415

Issue of shares

3 – – 3

Share-based payments

– 9 – 9

Net profit for the period

– – 64 64

Total comprehensive income for the period

– (8)

Dividends paid

– –

(32)

Balance – 31 December 2010

4 275

136

4 451

The currency conversion closing rates for the period ended 31 December 2011: US$1 = R8.11 (December 2010: US$1 = R6.62).

Results for the second quarter FY12
and six months ended 31 December 2011

CONDENSED CONSOLIDATED CASH FLOW STATEMENTS (US$)

(Convenience translation)

Quarter ended

Six months ended

Year ended

31 December 30 September 31 December

31 December 31 December

30 June

2011 2011 2010 2011 2010 2011

Figures in million

(Unaudited)

(Audited)

Cash flow from operating activities
Cash generated by operations

193 153 65 349 163 346

Interest and dividends received

2 2 6 4 7

Interest paid

(4)

(6)

(5)

(10)

(9)

(19)

Income and mining taxes paid

(18)

– (4)

(20)

(5)

(7)

Cash generated by operating activities

173

149

323

156

340

Cash flow from investing activities
Decrease in restricted cash

–

– 13

– 17 17

Proceeds on disposal of investment
in subsidiary

– – – –

Pre-payment for Evander 6
and Twistdraai transaction

– – – – –

Other investing activities

– –

(1)

– 3 2

Net additions to property, plant and equipment

(96)

(94)

(123)

(190)

(225)

(445)

Cash utilised by investing activities

(96)

(94)

(111)

(190)

(175)

(381)

Cash flow from financing activities
Borrowings raised

– 112 76 105 74 134

Borrowings repaid

(89)

(49)

(16)

(141)

(16)

(81)

Ordinary shares issued – net of expenses

1 1 1 3 2 6

Dividends paid

– (36)

– (34)

(30)

Cash (utilised)/generated by
financing

activities

(88) 28 61 (67) 30 29

Foreign currency translation adjustments

(4)

(21)

(19)

Net (decrease)/increase in cash and
cash equivalents

(15)

62 16 47 26 1

Cash and cash equivalents
– beginning of period

164 102 111 102 101 101

Cash and cash equivalents
– end of period

149

164

127

149

127

102

Operating activities translated at average rates for the quarter ended: December 2011: US$1 = R8.10 (September 2011: US$1 = R7.14, December 2010:
US$1 = 6.88). Six months ended: December 2011: US$1 = R7.61 (December 2010: US$1 = R7.09).

Closing balance translated at closing rates of: December 2011: US$1 = R8.11 (September 2011: US$1 = R8.08, December 2010: US$ = R6.62).

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

SEGMENT REPORT (US$/Imperial) (Unaudited)

for the six months ended 31 December 2011

Production

Capital

Ounces

Tons

Revenue

cost

profit/(loss)

expenditure

produced

milled

31 December

2011

2010 2011 2010 2011 2010 2011 2010 2011 2010 2011 2010

US$ million

t’000

Continuing operations

South Africa

Underground

Bambanani

42 71 48 59 (6)

22 26 524 55 171

146

257

Doornkop

98 51 59 42 39 9 18 22

682

067

561

343

Evander

90 44 46 45 44 (1)

16 54 496 34 369

265

307

Joel

80 24 39 28 41 (4)

6 45 590 17 875

327

185

Kusasalethu

144

109 87 91 57 18 28 27

729

274

647

548

Masimong

103 58 56 36 47 16 13

335

611

512

509

Phakisa

66 38 51 31 15 7 20 27

066

357

264

213

Target

138 72 83 50 55 22 22 36

281

723

631

442

Tshepong

153

141 83 82 70 59 18 19

028

106

611

653

753

Virginia

45 56 33 49 12 7 4 7

785

632

211

404

Surface

All other surface operations

104

60 540

65 073

5 179

5 874

Total South Africa

1 054

791

651

594

403

197

167

204

621 056

611 763

9 396

9 835

International

Hidden Valley

95 65 55 48 40 17 12 20

698

162

981

940

Other

– – – – – – 15 – – – – –

Total

international

95 65 55 48 40 17 27 20

698

162

981

940

Total continuing operations

1 149

856

706

642

443

214

194

224

672 754

659 925

10 377

10 775

Results for the second quarter FY12
and six months ended 31 December 2011

DEVELOPMENT RESULTS (Metric)

Quarter ended December 2011

Channel

Reef

Sampled

width

value

Gold

(metres)

(cm’s)

(g/t)

(cmg/t)

Tshepong

Basal 467

424

8.98

174.19

563

B Reef

133

95.02

13.63

1 295

All Reefs 600

510

23.49

64.64

518

Phakisa & Nyala

Basaal 483

504

90.90

8.87

806

All Reefs 483

504

90.90

8.87

806

Total Bambanani

(incl. Bambanani. Steyn 2)

Basal 72

169.60

18.77

184

All Reefs 72

169.60

18.77

184

Doornkop

South Reef

556

414

40.00

20.14

806

All Reefs 556

414

40.00

20.14

806

Kusasalethu

VCR Reef

672

656

57.70

22.66

1 308

All Reefs

672 656 57.70

22.66

308

Total Target

(incl. Target 1 & Target 3)

Elsburg 550

337

83.74

12.37

036

Basal 24

32.00

24.97

799

A Reef

37.00

4.54

168

B Reef

151.68

4.13

627

All Reefs 726

439

95.80

9.76

935

Masimong

Basal 750

532

51.04

14.50

740

B Reef

114

138

58.63

14.38

843

All Reefs 864

670

52.60

14.47

761

Evander

Kimberley 431

423

63.00

24.22

526

All Reefs 431

423

63.00

24.22

526

Virginia

(incl. Unisel)

Basal 298

186

137.09

7.15

981

Leader 331

324

176.34

6.93

222

Middle 62

31.11

43.68

359

All Reefs 691

546

153.39

7.49

149

Joel

Beatrix 521

528

159.30

10.09

608

All Reefs 521

528

159.30

10.10

608

Total Harmony

Basal

2 093

1 724

66.49

16.39

1 090

Beatrix 521

528

159.30

10.10

608

Leader 331

324

176.34

6.93

222

B Reef

341

312

94.91

9.55

907

A Reef

37.00

4.54

168

Middle 62

31.11

43.68

359

Elsburg 550

337

83.74

12.37

036

Kimberley 431

423

63.00

24.22

526

South Reef

556

414

40.00

20.14

806

VCR 672

656

57.70

22.66

308

All Reefs

5 616

4 762

83.20

14.24

1 185

DEVELOPMENT RESULTS (Imperial)

Quarter ended December 2011

Channel

Reef

Sampled

width

value

Gold

(feet)

(inches)

(oz/t)

(in.oz/t)

Tshepong

Basal 1 532

391

4.00

4.49

B Reef

438

282

37.00

0.40

All Reefs

1 970

1 673

9.00

1.94

Phakisa & Nyala

Basal 1 584

654

36.00

0.26

All Reefs

1 584

1 654

36.00

0.26

Total Bambanani

(incl. Bambanani. Steyn 2)

Basal 235

235

67.00

0.55

All Reefs 235

235

67.00

0.55

Doornkop

South Reef

1 824

1 358

16.00

0.58

All Reefs

1 824

1 358

16.00

0.58

Kusasalethu

VCR Reef

2 203

2 152

23.00

0.65

All Reefs

2 203

2 152

23.00

0.65

Total Target

(incl. Target 1 & Target 3)

Elsburg 1 805

106

33.00

0.36

Basal 79

13.00

0.71

A Reef

192

15.00

0.13

B Reef

307

289

60.00

0.12

All Reefs

2 383

1 440

38.00

0.28

Masimong

Basal 2 459

745

20.00

0.43

B Reef

375

453

23.00

0.42

All Reefs

2 834

2 198

21.00

0.42

Evander

Kimberley 1 415

388

25.00

0.70

All Reefs

1 415

1 388

25.00

0.70

Virginia

(incl. Unisel)

Basal 978

610

54.00

0.21

Leader 1 086

063

69.00

0.20

Middle 202

118

12.00

1.30

All Reefs

2 266

1 791

60.00

0.22

Joel

Beatrix 1 710

732

63.00

0.29

All Reefs

1 710

1 732

63.00

0.29

Total Harmony

Basal 6 868

655

26.00

0.48

Beatrix 1 710

732

63.00

0.29

Leader 1 086

063

69.00

0.20

B Reef

1 120

1 024

37.00

0.28

A Reef

192

15.00

0.13

Middle 202

118

12.00

1.30

Elsburg 1 805

106

33.00

0.36

Kimberley 1 415

388

25.00

0.70

South Reef

1 824

1 358

16.00

0.58

VCR 2 203

152

23.00

0.65

All Reefs

18 426

15 622

33.00

0.41

PRINTED BY INCE (PTY) LTD

W2CF13732

Harmony’s strategy is to produce 1.8 to 2 million* safe and profitable ounces of gold by 2015. Following a review of
assets during 2011, action was taken and capital committed to increase production at existing operations, further
the development of current projects and advance scoping studies so as to ensure the future production pipeline of
tomorrow’s gold by growing reserves and resources and strengthening the quality of our asset base.

Our challenge going forward is to meet our targets and objectives and, more specifically, to deliver consistent
production results, improve productivity, curb costs and to create and deliver value to shareholders.

Harmony’s strategy

* Excludes future acquisitions or disposals.

CONTACT DETAILS

Corporate Of ce

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, H O Meyer 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
1 Mozambican

Investor relations team

Henrika Baster eld
Investor Relations Of cer
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

iThemba Governance and Statutory Solutions (Pty) Ltd
Riana Bisschoff
Telephone: 011 411 2127
Mobile: +2783 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 Depository

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: February 6, 2012

Harmony Gold Mining Company Limited

By: /s/ Hannes Meyer

Name: Hannes Meyer
Title: Financial Director