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 18 August 2015

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

RESULTS

FOR THE FOURTH

QUARTER AND

YEAR ENDED

30 JUNE 2015

Q4 FY15

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

HARMONY’S ANNUAL REPORTS

Harmony’s Integrated Annual Report, the Sustainable Development Information which serves as supplemental

information to the Integrated Annual Report and its annual report filed on a Form 20F with the United States’

Securities and Exchange Commission for the financial year ended 30 June 2015 will be available on our website

(www.harmony.co.za/investors) on 23 October 2015.

Mineral resource and reserve information as at 30 June 2015 is included in this report.

Quarter

June

2015

Quarter

March

2015

Q-on-Q

variance

Year ended

June 2015

Year ended

June 2014

Variance

Gold produced

– kg

7 977

7 642

33 513

36 453

(8)

– oz

256 465

245 697

1 077 466

1 171 987

(8)

Cash operating costs

– R/kg

389 671

377 901

(3)

369 203

328 931

(12)

– US$/oz

1 003

1 001

–

1 003

988

(2)

Gold sold

– kg

8 321

7 444

34 332

36 288

(5)

– oz

267 523

239 330

1 103 793

1 166 682

(5)

Underground grade

– g/t

4.61

4.75

(3)

4.75

4.77

–

Total costs and capital

– R/kg

465 923

454 211

(3)

442 895

397 964

(11)

– US$/oz

1 200

1 203

–

1 203

1 196

(1)

All-in sustaining costs

– R/kg

478 746

474 873

(1)

458 626

413 433

(11)

– US$/oz

1 233

1 258

1 246

1 242

–

Gold price received

– R/kg

463 910

460 569

449 570

432 165

– US$/oz

1 195

1 220

(2)

1 222

1 299

(6)

Production profit

– R million

627

643

(2)

2 802

3 794

(26)

– US$ million

(5)

245

367

(33)

Basic loss per share

– SAc/s

(725)

(61)

>(100)

(1 044)

(293)

>(100)

– USc/s

(60)

(5)

>(100)

(91)

(27)

>(100)

Headline earnings/(loss)

– Rm

191

(262)

>100

(821)

114

>(100)

– US$ million

(22)

>100

(72)

>(100)

Headline earnings/(loss) per share

– SAc/s

(60)

>100

(189)

>(100)

– USc/s

(5)

>100

(17)

>(100)

Exchange rate

– R/US$

12.08

11.74

11.45

10.35

KEY FEATURES

Quarter on quarter

Gold production increased by 4% to 7 977kg (256 465oz)

Gold sold increased by 12% to 8 321kg (267 523oz)

All-in sustaining costs remained stable at R478 746/kg (down 2% at US$1 233/oz)

Headline earnings per share increased from loss of 60 SA cents to profit of 44 SA cents
(from 5 US cents loss to 4 US cents profit)

Year on year

Gold production decreased by 8% to 33 513kg (1.08moz)

– closure of unprofitable Target 3
– Kusasalethu, Hidden Valley and Doornkop restructured for profitability

Underground recovered grade stable y-on-y at 4.75g/t

All-in sustaining costs increased by 11% from R413 433/kg to R458 626/kg
(stable at US$1 246)

Operational capital expenditure reduced by 2% from R2.52bn (US$243m) to R2.47bn
(US$216m)

Net loss of R4.5 billion (US$396 million) recorded in FY15

– Impairment of R3.5 billion (US$303 million)

Headline loss per share of 189 SA cents (17 US cents)

US$ convenience translation for year ended 30 June 2015 is US$/R11.45

CONTACT DETAILS

Corporate Office

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

Directors

P T Motsepe* Chairman
M Motloba*^ Deputy chairman
G P Briggs Chief executive officer
F Abbott Financial director
H E Mashego Executive director
F F T De Buck*^ Lead independent director
J A Chissano* 1 ^, K V Dicks*^, Dr D S S Lushaba*^,
C Markus*^, M Msimang*^, K T Nondumo*^,
V P Pillay *^, J L Wetton*^, A J Wilkens*
* Non-executive
^ Independent

Mozambican

Investor relations team

Email: HarmonyIR@harmony.co.za

Marian van der Walt
Executive: Corporate and Investor Relations
Tel: +27 (0)11 411 2037
Mobile: +27 (0)82 888 1242
Email: marian@harmony.co.za

Henrika Ninham
Investor Relations Manager
Tel: +27 (0)11 411 2314
Mobile: +27 (0)82 759 1775
Email: henrika@harmony.co.za

Company Secretary

Riana Bisschoff
Tel: +27 (0)11 411 6020
Mobile: +27 (0)83 629 4706
Email: 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
Tel: +27 86 154 6572
Fax: +27 86 674 2450
Email: meetfax@linkmarketservices.co.za

ADR

Depositary

Deutsche Bank Trust Company Americas
c/o American Stock Transfer and Trust Company
Peck Slip Station
PO Box 2050, New York, NY 10272-2050
Email queries: db@amstock.com
Toll Free: +1-800-937-5449
Intl: +1-718-921-8137
Fax: +1-718-921-8334

ADR: American Depository Receipts

Sponsor

J.P. Morgan Equities South Africa (Pty) Ltd
1 Fricker Road, corner Hurlingham Road
Illovo
Johannesburg, 2196
Private Bag X9936, Sandton, 2146, South Africa
Tel: +27 11 507 0300
Fax: +27 11 507 0503

Trading Symbols

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

Registration number

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

ISIN

ZAE000015228

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 financial condition, results of operations, business strategies, operating efficiencies, 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 financial 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 state-ments are generally identified 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 reflecting the best
judgement 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 efficiencies 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; fluctuations in exchange rates; currency devaluations and other macro-economic
monetary policies; and socio-economic instability in the countries in which we operate.

Harmony Gold Mining Company Limited

Results for the fourth quarter FY15 and year ended 30 June 2015

CONTENTS

Contact details and forward-looking statements

Message from the chief executive officer

Summary update of Harmony’s mineral resources and
mineral reserves as at 30 June 2015

Operating results – quarter on quarter (Rand/Metric)
(US$/Imperial)

Operating results – year on year (Rand/Metric) (US$/
Imperial)

Condensed consolidated income statements (Rand)

Condensed consolidated statements of
comprehensive income (Rand)

Condensed consolidated statements of changes in
equity (Rand)

Condensed consolidated balance sheets (Rand)

Condensed consolidated cash flow statements (Rand)

Notes to the condensed consolidated financial
statements

Segment report (Rand/Metric)

Condensed consolidated income statements (US$)

Condensed consolidated statements of
comprehensive income (US$)

Condensed consolidated statements of changes in
equity (US$)

Condensed consolidated balance sheets (US$)

Condensed consolidated cash flow statements (US$)

Segment report (US$/Imperial)

Development results – Metric and Imperial

SHAREHOLDER INFORMATION

Issued ordinary share capital at 30 June 2015

436 187 133

Issued ordinary share capital at 31 March 2015

436 094 323

Issued ordinary share capital at 30 June 2014

435 825 447

Market capitalisation

At 30 June 2015 (ZARm)

6 800

At 30 June 2015 (US$m)

560

At 31 March 2015 (ZARm)

9 219

At 31 March 2015 (US$m)

761

At 30 June 2014 (ZARm)

13 576

At 30 June 2014 (US$m)

1 276

Harmony ordinary shares and ADR prices

12-month high (1 July 2014 – 30 June 2015)
for ordinary shares

38.50

12-month low (1 July 2014 – 30 June 2015)
for ordinary shares

15.32

12-month high (1 July 2014 – 30 June 2015) for ADRs

3.29

12-month low (1 July 2014 – 30 June 2015) for ADRs

1.31

Free float

100%

ADR ratio

1:1

JSE Limited

HAR

Range for quarter (1 April – 30 June 2015
closing prices)

R24.34 – R15.59

Average daily volume for the quarter (1 April –
30 June 2015)

1 677 721 shares

Range for quarter (1 January – 31 March 2015
closing prices)

R20.47 – R35.50

Average daily volume for the quarter (1 January –
31 March 2015)

1 473 990 shares

Range for year (1 July 2014 – 30 June 2015
closing prices)

R35.50 – R15.59

Average daily volume for the year (1 July 2014 –
30 June 2015)

1 700 854 shares

Range for year (1 July 2013 – 30 June 2014
closing prices)

R24.48 – R42.47

Average daily volume for the year (1 July 2013 –
30 June 2014)

1 216 789 shares

New York Stock Exchange including other
US trading platforms

HMY

Range for quarter (1 April – 30 June 2015
closing prices)

US$2.07 – US$1.31

Average daily volume for the quarter (1 April –
30 June 2015)

2 212 229

Range for quarter (1 January – 31 March 2015
closing prices)

US$1.69 – US$3.14

Average daily volume for the quarter (1 January –
31 March 2015)

3 473 101

Range for year (1 July 2014 – 30 June 2015
closing prices)

US$3.29 – US$1.31

Average daily volume for the year (1 July 2014–
30 June 2015)

2 989 247

Range for year (1 July 2013 – 30 June 2014
closing prices)

US$2.36 – US$4.33

Average daily volume for the year (1 July 2013 –
30 June 2014)

2 923 933

Investors’ calendar

Release of Harmony’s Integrated Annual Report of FY15

23 October 2015

Q1 FY16 presentation (webcast and conference calls only)

5 November 2015

Annual General Meeting

20 November 2015

Q2 FY16 live presentation from Johannesburg

4 February 2016

Q3 FY16 presentation (webcast and conference calls only)

9 May 2016

Q4 FY16 live presentation from Johannesburg

17 August 2016

MESSAGE FROM THE CHIEF EXECUTIVE OFFICER

1 SAFETY

I am pleased to report a significant improvement in the company’s
safety performance with Harmony recording its first ever fatality-
free quarter in the second quarter of FY15. Safety performance in
terms of all parameters measured improved during the year.

We are not content with our performance though, as nine lives
were tragically lost at our mines during the year under review. The
colleagues we mourn are Mhanjelwa Cebani, a rockdrill operator
at Doornkop, Mosoeu Ntsutheleng, a team leader at Kusasalethu,
and Mariselunes Thibello, a rock drill operator at Bambanani, who
were involved in fatal falls of ground; Mmaneo Florisa Muso from
Tshepong, Michael Chobeng from Masimong and Maxwell Wari
from Hidden Valley who were involved in transport accidents;
Bernardo Ernesto Cuambe, an engineering assistant at Unisel,
who was involved in a headgear accident; and security officers,
Sello Jacob Bobejaan and Thapelo Andries Mofokeng who
succumbed to gas and smoke inhalation from a self-made heating
device inside their security cubicle at Brand 1 ventilation shaft. To
their families, their friends and their colleagues, I send our most
sincere condolences.

Following each incident in which an injury occurs – whether fatal
or not – an incident report detailing “lessons learnt” is circulated
to all operations to enable them to scrutinise their own systems
and procedures. This enables them to pro-actively identify potential
shortcomings and to take remedial action where necessary to
prevent a recurrence of any such incident.

Emphasis on health and safety campaigns has been reinforced,
via communication initiatives and regular visits underground by
senior management. To achieve zero harm, visible felt leadership
is enforced at all levels, based on our commitment to safety as a
priority that is embedded in our organisational culture. Initiatives
implemented at the operations encourage safer behaviour
throughout the company. Zero harm has not only become our
mantra, but an objective that can be achieved.

Although there are a number of uncertainties that we have to deal
with, Harmony’s board and management will continue to manage
what we can – production and costs. We have restructured under-
performing operations, cut corporate costs, curtailed our capital
expenditure and reduced our labour numbers. Our strategy
remains unchanged: being a value focused company – one that
creates value through increasing margins and generating the cash
necessary to develop Golpu in Papua New Guinea.

To ensure that the value of all of our assets are accounted for in
our share price and to create a viable investment case, we are
assessing ways of funding Golpu and unlocking the true value of
each of our assets. This will ensure positive shareholder returns in
the long term.

We are in the process of developing a magnificent copper-gold
project, Golpu, in Papua New Guinea. Our exploration team has
enjoyed, and continues to enjoy, considerable success in locating
copper-gold mineralisation. Towards the end of July 2015 we
announced the superb exploration drilling results from Kili Teke
– a porphyry style mineralisation with significant copper-gold
intercepts. More upside potential exists as Harmony continues
to explore. In a world where new discoveries are rare, we are
encouraged by the prospect that Kili Teke could well develop into
another major copper-gold discovery.

2 OPERATIONAL RESULTS

Quarter on quarter

Gold production for the June 2015 quarter increased by 4% to
7 977 kilograms (Mar 15: 7 642kg) with significant improvements
from Tshepong and Target 1.

Gold production increased at the following operations when
compared to the March 2015 quarter:

· Tshepong’s (+252kg) 20% increase in tonnes milled (42 000t)
in the June 2015 quarter, combined with an 8% improvement
in the recovery grade to 4.43g/t (Mar 15: 4.12g/t) resulted in
a 29% increase in kilograms produced;

· Target 1 (+118kg) milled 13 000 tonnes (7%) more than in
the March 2015 quarter, whilst the recovered grade increased
by 6% to 5.03g/t (Mar 15: 4.73g/t) for the quarter under
review, resulting in a 14% increase in gold production;

· Hidden Valley (+54kg) increased gold production by 8% when
compared to the March 2015 quarter mainly due to a 12%
increase in the recovered grade to 1.64g/t (Mar 15: 1.46g/t)
for the June 2015 quarter. The increase in recovered grade
was partially offset by a 4% decrease in tonnes milled.

The increase in gold production was however partially offset by
decreases at the following operations:

· Phakisa (-30kg) milled 5 000 tonnes (3%) less than in the March
2015 quarter, resulting in a 4% decrease in gold produced;

· Joel (-30kg) recorded a 14% decrease in the recovered grade
at 3.83g/t (Mar 15: 4.43g/t). This was however partially offset
by a 9% increase in tonnes milled resulting in a 5% decrease
in gold produced;

· Unisel (-27kg) recorded a 7% decrease in gold production as
a result of a 7% decrease in the recovery grade to 3.75g/t
(Mar 15: 4.03g/t).

Production profit decreased by 2% to R627 million. In the
June 2015 quarter, gold sold increased by 12% and revenue
increased by 13% quarter on quarter.

During the June 2015 quarter the US dollar gold price received
decreased by 2% to US$1 195/oz (Mar 15: US$1 220/oz), offset
by a weakening of the rand against the dollar.

Cash operating costs for the June 2015 quarter were 8%
higher quarter on quarter. Total capital expenditure for the
June 2015 quarter increased by only 3% to R728 million
(Mar 15: R710 million).

The all-in sustaining costs remained fairly steady with a 1%
increase in the June 2015 quarter to R478 746/kg, compared to
R474 873/kg in the March 2015 quarter.

Harmony Gold Mining Company Limited

Results for the fourth quarter FY15 and year ended 30 June 2015

Year on year

Gold production for FY15 decreased by 8% to 33 513 kilograms,
compared to 36 453 kilograms in FY14.

There was an increase in production at the following operations:

· Bambanani (+332kg) increased tonnes milled by 11%
(23 000t) for FY15; combined with a 2% increase in the
recovery grade to 12.70g/t (FY14: 12.50g/t) and gold
production increased by 13%;

· Phakisa (+142kg) increased tonnes milled by 6% during FY15
to 611 000 tonnes.

Gold production decreased at the following operations:

· Kusasalethu (-741kg) milled 235 000 tonnes (21%) less than
in FY14. Production at the shaft was hampered by safety
stoppages, underground fires and illegal mining activities
during FY15;

· Target 1’s (-669kg) recovered grade returned to expected
levels in FY15 at 5.11g/t (FY14: 5.83g/t) and was the main
reason for the 15% decrease in gold production;

· Hidden Valley’s (-349kg) tonnes milled decreased by 9%
(176 000t) in FY15. Production was affected by a tear in the
overland conveyor belt towards the end of the December 2014
quarter, as well as planned maintenance at the metallurgical
plant in the first half of 2015;

· Masimong (-255kg) recorded a 9% decrease in the recovery
grade at 3.68g/t for FY15, compared to 4.06g/t in FY14.

· Suspended operations: Target 3 (-930kg) was placed on care
and maintenance during FY15 and produced its last gold in
the December 2014 quarter. Steyn 2 (-392kg) was closed in
FY14 and produced no gold in FY15.

3 FINANCIAL RESULTS

Year on year

Production profit

Production profit for FY15 decreased to R2.8 billion compared
to R3.8 billion in FY14. This was mainly due to the 8% decrease
in gold production, as well as a 6% increase in operating costs
for FY15.

Gold price received

The rand gold price received increased by 4% to

R449 570/kg in FY15, compared to R432 165/kg in FY14. The
increase was due to a weakening of the rand against the US dollar
from US$/R10.35 to US$/R11.45.

All-in sustaining costs

All-in sustaining costs increased by 11% in FY15 to R458 626/kg,
compared to R413 433/kg in FY14, largely due to the under-
performance of some of our operations.

Revenue

Revenue decreased by 2% as a result of the 5% decrease in gold
sold to 34 332kg in FY15, more than offset by a 4% increase in the
Rand gold price received at R449 570/kg in FY15.

Production costs

Production costs increased by 6% to R12.6 billion in FY15. Cost
containment remained a priority in FY15. Cash operating costs
only increased by 3% despite inflationary increases and increases
above inflation in electricity costs. Production costs for the year
include R260 million as a result of the reduction in gold inventory
during the year.

Other items in costs of sales

Other items included in cost of sales for the year ended
30 June 2015 include employment termination and restructuring
costs of R251 million mainly relating to restructuring at Kusasalethu,
Masimong, Hidden Valley, management retrenchments and
closure of Target 3.

Loss on scrapping of property, plant and equipment

Loss on scrapping of property, plant and equipment of R491 million
recorded in FY15, of which R430 million relates to the life-of-mine
optimisation process finalised in December 2014. The optimisation
resulted in the abandoning of shaft levels and raise lines at
Kusasalethu and Masimong.

Borrowings

At year-end total borrowings comprised R400 million drawdown
on the Nedbank facility as well as US$250 million on the
US$ revolving credit facility.

Quarter on quarter

Impairment of assets

The impairment of R3 471 million in the June 2015 quarter
consists of an impairment of R2 114 million in respect of Hidden
Valley, R1 036 million on Doornkop, R278 million on Phakisa and
R43 million on Freddies 9.

The impairments are due to the restructuring of operations for
profitability and in response to low commodity prices and high
operating costs, which resulted in a reduced life of mine.

Deferred taxation

A deferred tax credit of R558 million was recorded following the
net decrease in the deferred tax rates year on year for the South
African companies, and impairments recognised on property, plant
and equipment.

Net loss

The net loss for the June 2015 quarter was R3 152 million, mainly
due to the impairment of R3 471 million recorded, compared to a
net loss of R263 million in the March 2015 quarter.

Headline earnings per share

Headline earnings per share increased to 44 SA cents from a loss
of 60 SA cents in the March 2015 quarter.

4 EMPLOYEE RELATIONS

4.1 Restructuring

On 19 May 2015, Harmony started a 60 day consultation process
with organised labour at its Doornkop mine in terms of section 189A
of the Labour Relations Act, 66 of 1995 (Section 189A) with a
view to find ways to return the mine to profitability or to place
the mine on care and maintenance. Following several meetings
with organised labour, Harmony and the unions have agreed to
a new operational plan for Doornkop that will return the mine to
profitability, thus saving a significant number of jobs.

Doornkop mine’s newly agreed plan provides for more than 3 100
employees (including contractors), with only 526 employees
(including contractors) being affected. The majority of these
employees have been transferred to other operations. Of the 526,
about 183 people have either been re-skilled for redeployment
elsewhere in Harmony or elected to accept a voluntary severance
package.

At Masimong, with its marginal grades, the mine has been
restructured for profitability by reducing development rates and
concentrating on higher-grade areas. This strategy will reduce the
mine’s remaining operational life expectancy to about two years
and, while this is short, they are expected to be two profitable
years. A total of 373 people were affected, of which 229 were
transferred to other operations and 74 accepted voluntary
severance packages.

At the Hidden Valley mine our focus has been on cutting costs by
revising the mine plan to encompass a lower stripping ratio and on
tighter control of the mine’s operations. On 18 July 2015, a road
accident occurred at Hidden Valley, fatally injuring one employee.
The mine has been closed for two weeks while intensive safety
audits are taking place. This is likely to impact the production of
the first quarter of FY16.

4.2 Wage negotiations

The 2015 round of wage negotiations in the gold sector began
on 22 June 2015 between the Chamber of Mines, representing
five gold companies, and the four trade unions: Association of
Mine Workers and Construction Union (AMCU), National Union of
Mine Workers (NUM), UASA and Solidarity. The approach to this
year’s wage negotiations has been distinctly different in the hope
that the negotiated outcome is cognisant of the economic realities
of the individual gold producers negotiating under the auspices of
the Chamber of Mines. Discussions are ongoing.

5 GOLPU

The Conservation and Environment Protection Authority of Papua
New Guinea has granted a Level 2B environmental permit in
respect of proposed advanced exploration and feasibility support
activities. Owners’ representatives are engaging with this authority
on the detail of the permit conditions.

Revised block cave footprint designs and preliminary production
schedules have been completed as part of the stage 1 feasibility
study. Work has commenced on the stage 2 prefeasibility study.

The owners’ representatives continue to engage with the
government’s negotiating team to finalise a pre-mining
development agreement terms sheet for endorsement by the
National Executive Committee.

6 EXPLORATION

Kili Teke (PNG – 100% held by Harmony)

The mineralised footprint (defined by the 0.2% copper envelope)
currently stands at 600m long, 200m wide and 700m deep, and
remains open along strike and at depth. Geology and results from
KTDD012 and KTDD013 (186m@1.02Cu, 0.72g/t Au from 256m),
together with KTDD007 (202m @ 0.74% Cu, 0.57g/t Au from
137m) are extremely encouraging as they reflect high grade zones
developing within the mineralised envelope.

The project is a major new greenfield copper-gold discovery and
drilling to convert the prospect into a new copper-gold resource
continues. Kili Teke could well be another Golpu.

Graham Briggs
Chief Executive Officer

Harmony Gold Mining Company Limited

Results for the fourth quarter FY15 and year ended 30 June 2015

Harmony’s statement of mineral resources and mineral reserves as
at 30 June 2015 is compliant with the South African Code for the
Reporting of Mineral Resources and Mineral Reserves (SAMREC)
and the Australasian Code for Reporting of Exploration Results,
Mineral Resources and Ore Reserves (JORC).

This report provides a summary of the update, while the detailed
statement of the mineral resources and mineral reserves will be
published in the Integrated Report on 23 October 2015, which will
be available at www.harmony.co.za/investors. It should be noted
that the mineral resources are reported inclusive of the mineral
reserves.

Harmony use certain terms in the summary such as ‘measured’,
‘indicated’ and ‘inferred’ resources, which the United States’
Securities and Exchange Commission (SEC) guidelines strictly
prohibit US-registered companies from including in their filings
with the SEC. US investors are urged to consider the disclosure in
this regard in our Form 20-F which will be available on 23 October
2015.

South African underground operations

The company’s mineral resources at the South African underground
operations as at 30 June 2015 are 60.6 Moz (217.2 Mt at 8.68 g/t)
A decrease of 27% year on year from the 83.3 Moz declared as at
30 June 2014. This decrease is due to depletion by mining during
the year, the exclusion of Freddies No 9 shaft and downscaling at
Masimong. The company’s mineral reserves at the South African
underground operations as at 30 June 2015 are 15.0 Moz (80.3
Mt at 5.82 g/t), a decrease of 25% year on year from the 19.9
Moz declared as at 30 June 2014. The decrease is due to depletion
by mining during the year, placing of Target No 3 on care and
maintenance and changes to the Life of mine (LOM) profile at
various operations.

South African surface operations including Kalgold

The company’s mineral resources at the South African surface
operations as at 30 June 2015 are 9.5 Moz (1082.3 Mt at 0.27g/t).
A decrease of 1% year on year from the 9.6 Moz declared as at
30 June 2014. This decrease is due to depletion by mining and
exclusion of surface sources at Joel. The company’s mineral reserves
at the South African surface operations as at 30 June 2015 are 7.1
Moz (835.9 Mt at 0.26 g/t), a decrease of 12% year on year from
the 8.0 Moz declared at 30 June 2014. The decrease is due to
depletion by mining and exclusion of surface sources at Joel.

Papua New Guinea (PNG) operations

The company’s mineral resources at the PNG operations as
at 30 June 2015 are 40.2 Moz, a decrease of 2% year on year
from the 40.9 Moz declared as at 30 June 2014. This decrease
is due to depletion by mining during the year, and changes to
open pit spatial constraint. The company’s mineral reserves at
the PNG operations as at 30 June 2015 are 20.5 Moz, a decrease

of 5% year on year from the 21.5 Moz declared as at 30 June
2014. The decrease is due to depletion by mining during the year,
and changes to the life of mine (LOM) profile at Hidden Valley
operation. The reserves that we declared for Golpu are based on
the prefeasibility study completed in 2012.

During December 2014 Harmony released an updated prefeasibility
study with respect to the Golpu project. Please refer to our website
(https://www.harmony.co.za/our-business/exploration/golpu-
updated-prefeasibility-results) for details. There will be an update
to the reserves of Golpu once the feasibility study for stage 1 and
the prefeasibility study for stage 2 have been completed. The
studies are expected to be completed in January 2016.

Total Harmony

The company’s attributable gold equivalent mineral resources are
declared as 110.3 Moz as at 30 June 2015, a 18% decrease year
on year from the 133.8 Moz declared on 30 June 2014.

The gold contained in the mineral resources in South Africa
represent 63.5% of the company total, the PNG operations
represent 36.5% of Harmony’s total gold and gold equivalent
mineral resources as at 30 June 2015.

As at 30 June 2015, Harmony’s attributable gold and gold
equivalent mineral reserves amounted to 42.6Moz of gold, a 14%
decrease from the 49.5Moz declared at 30 June 2014.

The gold reserve ounces in South Africa represent 51.9% while
the PNG gold and gold equivalent ounces represent 48.1% of
Harmony’s total mineral reserves as at 30 June 2015.

In converting the mineral resources to mineral reserves, the
following commodity prices and exchange rates were applied:

· A gold price of UD$1 230/oz

· An exchange rate of of US$/ZAR11.38

· The above parameters resulted in a rand gold price of R450 000/kg for the
South African assets

· Morobe Mining Joint Venture used commodity prices
of US$1 250/oz Au, US$20/oz Ag, US$10/lb Mo and
US$3.10/lb Cu at an exchange rate of US$0.85 per A$

· Gold equivalent ounces are calculated assuming US$1 400/oz Au, US$3.10/lb Cu
and US$23.00/oz Ag, and assuming a 100% recovery for all metals. These are the
same assumptions as those used in the 2012 prefeasibility study
for the calculation of gold equivalent ounces

Harmony’s South African mineral resources and reserves were
reviewed by SRK Consulting Engineers and Scientists for
compliance with SAMREC.

The mineral resources and reserves of the Papua New Guinea
assets were reviewed by AMC Consultants Pty Ltd for compliance
with the standards set out in JORC.

Note:

Au= gold; Cu = copper; Ag = Silver, Mo = Molybdenum, Moz= million ounces

SUMMARY UPDATE OF HARMONY’S MINERAL RESOURCES AND MINERAL

RESERVES AS AT 30 JUNE 2015

TABLE OF MINERAL RESOURCES AND MINERAL RESERVES AS AT 30 JUNE 2015

Measured

Indicated

Inferred

Total

Resources: gold & gold equivalents

Tonnes

(Mt)

g/t

Gold

‘000oz

Tonnes

(Mt)

g/t

Gold

‘000oz

Tonnes

(Mt)

g/t

Gold

‘000oz

Tonnes

(Mt)

g/t

Gold

‘000oz

SA underground

71.6

9.52

21 911

76.5

8.45

20 792

69.1

8.06

17 905

217.2

8.68

60 608

SA surface incl Kalgold

358.0

0.29

3 350

652.2

0.24

5 136

72.0

0.42

968

1 082.3

0.27

9 454

Total South Africa

429.6

25 261

728.7

25 928

141.1

18 873

1 299.5

70 062

Hidden Valley*

1.6

1.11

40.1

1.60

2 059

1.2

1.37

42.8

1.57

2 166

Walfi-Golpu system*

484.9

0.74

11 581

140.0

0.59

2 649

624.9

0.71

14 230

Total Papua New Guinea

1.6

525.0

13 639

141.1

2 701

667.7

16 396

Total gold resources

431.2

25 316

1253.7

39 567

282.3

21 574

1 967.2

86 458

Hidden Valley – gold equivalent ounces*

1.4

38.5

659

1.1

41.0

696

Walfi-Golpu – gold equivalent ounces*

428.2

19 521

128.6

3 620

556.8

23 141

Total gold equivalent Resources**

1.4

466.7

20 180

129.7

3 641

597.8

23 837

Total Harmony gold & gold equivalent
resources**

431.2

25 332

1 253.7

59 747

282.3

25 215

1 967.2

110 294

Measured

Indicated

Inferred

Total

Resources: silver & copper
(Used in equivalent calculations)

Tonnes

(Mt)

g/t

Silver

‘000oz

Tonnes

(Mt)

g/t

Silver

‘000oz

Tonnes

(Mt)

g/t

Silver

‘000oz

Tonnes

(Mt)

g/t

Silver

‘000oz

Hidden Valley

1.4

20.40

917

38.5

29.80

36 880

1.1

33.34

1 162

41.0

29.57

38 959

Tonnes

(Mt)

Copper

‘Mlb

Tonnes

(Mt)

Copper

‘Mlb

Tonnes

(Mt)

Copper

‘Mlb

Tonnes

(Mt)

Copper

‘Mlb

Golpu

428.2

0.93

8 809

108.7

0.64

1 544

536.9

0.87

10 353

Nambonga

19.9

0.21

19.9

0.21

Total

428.2

0.93

8 809

128.6

0.58

1 636

556.8

0.85

10 445

Proved

Probable

Total

Reserves: gold & gold equivalents

Tonnes

(Mt)

g/t

Gold

‘000oz

Tonnes

(Mt)

g/t

Gold

‘000oz

Tonnes

(Mt)

g/t

Gold

‘000oz

SA underground

42.5

5.97

8 171

37.7

5.65

6 845

80.3

5.82

15 016

SA surface incl Kalgold

268.3

0.29

2 481

567.6

0.25

4 581

835.9

0.26

7 062

Total South Africa

310.8

10 652

605.4

11 425

916.2

22 078

Hidden Valley*

1.6

1.11

13.1

1.84

773

14.6

1.76

828

Walfi-Golpu system*

225.0

0.86

6 194

225.0

0.86

6 194

Total Papua New Guinea

1.6

238.1

6 967

239.6

7 022

Total gold reserves

312.4

10 708

843.4

18 392

1 155.8

29 100

Hidden Valley – gold equivalent ounces*

1.4

12.0

218

13.4

232

Walfi-Golpu – gold equivalent ounces*

225.0

13 265

225.0

13 265

Total gold equivalent reserves**

1.4

237.0

13 482

238.4

13 497

Total Harmony gold & gold equivalent reserves**

312.4

10 722

843.4

31 874

1 155.8

42 597

Reserves: silver & copper
(Used in equivalent calculations)

Proved

Probable

Total

Tonnes

(Mt)

g/t

Silver

‘000oz

Tonnes

(Mt)

g/t

Silver

‘000oz

Tonnes

(Mt)

g/t

Silver

‘000oz

Hidden Valley

1.4

20.40

917

12.0

35.12

13 582

13.4

33.59

14 499

Tonnes

(Mt)

Copper

‘Mlb

Tonnes

(Mt)

Copper

‘Mlb

Tonnes

(Mt)

Copper

‘Mlb

Golpu

225.0

1.21

5 992

225.0

1.21

5 992

* Represents Harmony’s 50% portion

** In instances where individual deposits may contain multiple valuable commodities with a reasonable expectation of being recovered (for example gold and copper in a single deposit) Harmony computes a gold equivalent to more easily assess

the value of the deposit against gold-only mines. Harmony does this by calculating the value of each of the deposits commodities, then dividing the product by the price of gold. For example, the gold equivalent ounces for the copper portion
of a deposit would be calculated as follows: (copper pounds x copper price per pound)/gold price per ounce. All gold equivalent calculations are done using metal prices and parameters as stipulated above.

Harmony Gold Mining Company Limited

Results for the fourth quarter FY15 and year ended 30 June 2015

Competent person’s declaration

In South Africa, Harmony employs an ore reserve manager at
each of its operations who takes responsibility for the compilation
and reporting of mineral resources and mineral reserves at their
operations.

In Papua New Guinea, competent persons are appointed for the
mineral resources and mineral reserves for specific projects and
operations.

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

· Resources and reserves South Africa:

Jaco Boshoff, BSc (Hons), MSc, MBA, Pr. Sci. Nat, MSAIMM, who
has 20 years’ relevant experience and is registered with the South
African Council for Natural Scientific Professions (SACNASP) and a
member of the South African Institute of Mining and Metallurgy
(SAIMM).

Mr Boshoff is the Harmony Lead Competent Person.

· Resources and reserves Papua New Guinea:

Gregory Job, BSc, MSc, who has 27 years’ relevant experience and
is a member of the Australian Institute of Mining and Metallurgy
(AusIMM).

Mr Boshoff and Mr Job are full-time employees of Harmony Gold
Mining Company Limited.

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.

Jaco Boshoff

Greg Job

30 June 2015

Physical address
Randfontein Office park

Level 2

Corner of Main Reef Road

189 Coronation Drive

and Ward Avenue

Milton, Queensland 4064

Randfontein

Australia

South Africa

Postal address

PO Box 2

PO Box 1562

Randfontein

Milton, Queensland

1760

4064

South Africa

Australia

Administrative information for professional
organisations

AusIMM – The Australasian Institute of Mining and
Metallurgy

PO Box 660, Carlton South, Vic 3053, Australia
Telephone: +61 3 9658 6100;
Facsimile: +61 3 9662 3662
http://www.ausimm.com.au/

SACNASP – The legislated regulatory body for natural
science practitioners in South Africa

Private Bag X540, SILVERTON, 0127,
Gauteng Province, South Africa
Telephone: +27 (12) 841-1075;
Facsimile: +27 (12) 841-1057
http://www.sacnasp.org.za/

SAIMM – The Southern African Institute of Mining and
Metallurgy

PO Box 61127, Marshalltown, 2107,
Gauteng Province, South Africa
Telephone: +27 (011) 834-1273/7;
Facsimile: +27 (011) 838-5923/8156
http://www.saimm.co.za/

AIG – The Australian Institute of Geoscientists

PO Box 576, CROWS NEST NSW 1585, Australia
Telephone: +61 2 9431 8662;
Facsimile: + 61 2 9431 8677
email: aig@aig.org.au/
http://www.aig.org.au/

Legal entitlement to the minerals being
reported upon

The Harmony South Africa operations operate under new order
mining rights in terms of the Minerals and Petroleum Resources
Development of Act of 2002 (Act No. 28, of 2002) (MPRDA). In
PNG Harmony operates under the Independent Sate of Papua
New Guinea Mining Act 1992. All required operating permits
have been obtained, and are in good standing. The legal tenure of
each operation and project has been verified to the satisfaction of
the accountable Competent Person.

Harmony Gold Mining Company Limited

Results for the fourth quarter FY15 and year ended 30 June 2015

OPERATING RESULTS – QUARTER ON QUARTER (RAND/METRIC) (US$/IMPERIAL)

Three
months
ended

South Africa

Hidden

Valley

Total

Harmony

Underground production

Surface production

Total

South
Africa

Kusasalethu

Doornkop

Phakisa

Tshepong

Masimong

Target 1 Bambanani

Joel

Unisel

Total

Underground

Phoenix

Dumps

Kalgold

Total

Surface

Ore milled

– t’000

Jun-15

235

149

153

253

153

188

139

1 425

1 581

648

367

2 596

4 021

451

4 472

Mar-15

197

156

158

211

144

175

127

1 319

1 500

751

346

2 597

3 916

469

4 385

Gold produced

– kg

Jun-15

915

667

730

1 121

532

945

769

533

360

6 572

207

200

259

666

7 238

739

7 977

Mar-15

929

650

760

869

528

827

748

563

387

6 261

204

222

270

696

6 957

685

7 642

Gold produced

– oz

Jun-15

29 418

21 445

23 470

36 041

17 104

30 382

24 724

17 136

11 574

211 294

6 655

6 430

8 327

21 412

232 706

23 759

256 465

Mar-15

29 868

20 898

24 435

27 939

16 976

26 589

24 049

18 101

12 442

201 297

6 559

7 137

8 681

22 377

223 674

22 023

245 697

Yield

– g/tonne

Jun-15

3.89

4.48

4.77

4.43

3.48

5.03

13.03

3.83

3.75

4.61

0.13

0.31

0.71

0.26

1.80

1.64

1.78

Mar-15

4.72

4.17

4.81

4.12

3.67

4.73

13.60

4.43

4.03

4.75

0.14

0.30

0.78

0.27

1.78

1.46

1.74

Cash operating
costs

– R/kg

Jun-15

475 130

405 966

406 418

367 940

458 677

334 152

237 464

369 006

459 372

383 311

376 024

375 125

392 251

382 065

383 197

453 077

389 671

Mar-15

453 214

407 286

377 879

438 522

436 333

336 706

227 365

311 538

435 292

379 620

340 902

394 122

386 496

375 565

379 214

364 561

377 901

Cash operating
costs

– $/oz

Jun-15

1 223

1 045

1 047

947

1 181

860

611

950

1 183

987

968

966

1 010

984

987

1 167

1 003

Mar-15

1 201

1 079

1 001

1 162

1 156

892

602

825

1 153

1 006

903

1 044

1 024

995

1 005

966

1 001

Cash operating
costs

– R/tonne

Jun-15

1 850

1 817

1 939

1 630

1 595

1 680

3 095

1 415

1 723

1 768

116

277

690

742

695

Mar-15

2 137

1 697

1 818

1 806

1 600

1 591

3 092

1 381

1 755

1 802

117

302

101

674

532

659

Gold sold

– Kg

Jun-15

1 044

673

759

1 166

553

952

800

578

374

6 899

208

194

274

676

7 575

746

8 321

Mar-15

976

625

755

864

524

834

743

467

384

6 172

194

216

274

684

6 856

588

7 444

Gold sold

– oz

Jun-15

33 565

21 637

24 402

37 488

17 779

30 607

25 721

18 583

12 024

221 806

6 687

6 237

8 809

21 733

243 539

23 984

267 523

Mar-15

31 379

20 094

24 274

27 778

16 847

26 814

23 888

15 014

12 346

198 434

6 237

6 945

8 809

21 991

220 425

18 905

239 330

Revenue

(R’000)

Jun-15

484 792

312 460

351 852

540 523

256 344

442 291

370 676

267 615

173 455

3 200 008

96 678

89 965

126 733

313 376

3 513 384

346 809

3 860 193

Mar-15

449 192

286 954

347 963

397 885

241 539

383 403

342 479

215 451

177 009

2 841 875

89 524

99 852

126 033

315 409

3 157 284

271 190

3 428 474

Cash operating
costs

(R’000)

Jun-15

434 744

270 779

296 685

412 461

244 016

315 774

182 610

196 680

165 374

2 519 123

77 837

75 025

101 593

254 455

2 773 578

334 824

3 108 402

Mar-15

421 036

264 736

287 188

381 076

230 384

278 456

170 069

175 396

168 458

2 376 799

69 544

87 495

104 354

261 393

2 638 192

249 724

2 887 916

Inventory
movement

(R’000)

Jun-15

52 944

3 851

13 463

12 268

9 071

2 758

12 702

11 327

6 981

125 365

(160)

(2 417)

5 463

2 886

128 251

(3 657)

124 594

Mar-15

22 301

(12 984)

(5 512)

405

(366)

(1 941)

(7 424)

(33 009)

(1 209)

(39 739)

(4 194)

(2 922)

(307)

(7 423)

(47 162)

(55 513)

(102 675)

Operating costs

(R’000)

Jun-15

487 688

274 630

310 148

424 729

253 087

318 532

195 312

208 007

172 355

2 644 488

77 677

72 608

107 056

257 341

2 901 829

331 167

3 232 996

Mar-15

443 337

251 752

281 676

381 481

230 018

276 515

162 645

142 387

167 249

2 337 060

65 350

84 573

104 047

253 970

2 591 030

194 211

2 785 241

Production profit (R’000)

Jun-15

(2 896)

37 830

41 704

115 794

3 257

123 759

175 364

59 608

1 100

555 520

19 001

17 357

19 677

56 035

611 555

15 642

627 197

Mar-15

5 855

35 202

66 287

16 404

11 521

106 888

179 834

73 064

9 760

504 815

24 174

15 279

21 986

61 439

566 254

76 979

643 233

Production profit ($’000)

Jun-15

(239)

3 132

3 453

9 586

270

10 246

14 518

4 934

45 991

1 573

1 437

1 629

4 639

50 630

1 295

51 925

Mar-15

499

2 999

5 646

1 397

981

9 103

15 316

6 223

831

42 995

2 058

1 302

1 873

5 233

48 228

6 556

54 784

Capital
expenditure

(R’000)

Jun-15

113 597

57 673

96 529

72 792

34 140

79 055

22 172

49 878

20 228

546 064

1 143

1 397

12 189

14 729

560 793

47 469

608 262

Mar-15

102 713

58 658

93 945

69 942

42 563

73 715

23 860

41 929

18 591

525 916

1 450

1 592

13 519

16 561

542 477

40 685

583 162

Capital
expenditure

($’000)

Jun-15

9 405

4 775

7 992

6 026

2 826

6 545

1 836

4 129

1 675

45 209

116

1 009

1 220

46 429

3 930

50 359

Mar-15

8 748

4 996

8 001

5 957

3 625

6 278

2 032

3 571

1 583

44 791

123

136

1 151

1 410

46 201

3 465

49 666

Cash operating
cost and capital

– R/kg

Jun-15

599 280

492 432

538 649

432 875

522 850

417 808

266 296

462 585

515 561

466 401

381 546

382 110

439 313

404 180

460 676

517 311

465 923

Mar-15

563 777

497 529

501 491

519 008

516 945

425 842

259 263

386 012

483 331

463 618

348 010

401 293

436 567

399 359

457 190

423 955

454 211

Cash operating
cost and capital

– $/oz

Jun-15

1 543

1 268

1 387

1 115

1 346

1 076

686

1 191

1 328

1 201

983

984

1 131

1 041

1 186

1 332

1 200

Mar-15

1 493

1 318

1 328

1 375

1 369

1 128

687

1 022

1 280

1 228

922

1 063

1 156

1 058

1 211

1 123

1 203

All-in sustaining
costs

– R/kg

Jun-15

593 635

516 120

550 617

441 458

543 746

435 177

278 032

413 206

538 079

475 031

379 144

408 253

451 333

416 758

469 467

573 007

478 746

Mar-15

580 834

506 937

505 086

541 040

543 497

428 593

257 253

365 686

506 655

474 925

344 328

405 970

446 887

404 878

467 456

561 306

474 873

All-in sustaining
costs

– $/oz

Jun-15

1 529

1 329

1 418

1 137

1 400

1 121

716

1 064

1 386

1 223

976

1 051

1 162

1 073

1 209

1 467

1 233

Mar-15

1 539

1 343

1 338

1 433

1 440

1 135

681

969

1 342

1 258

912

1 075

1 184

1 073

1 238

1 482

1 258

Harmony Gold Mining Company Limited

Results for the fourth quarter FY15 and year ended 30 June 2015

OPERATING RESULTS – YEAR ON YEAR (RAND/METRIC) (US$/IMPERIAL)

Year
ended

South Africa

Hidden

Valley

Total

Harmony

Underground production

Surface production

Total

South
Africa

Kusasalethu

Doornkop

Phakisa

Tshepong

Masimong

Target 1 Bambanani

Joel

Unisel

Target 3

Steyn 2

Total

Underground

Phoenix

Dumps

Kalgold

Total

Surface

Ore milled

– t’000

Jun-15

908

603

611

992

670

749

229

551

417

–

5 820

6 245

2 701

1 472

10 418

16 238

1 825

18 063

Jun-14

1 143

737

577

947

670

771

206

548

408

301

6 341

6 073

2 897

1 472

10 442

16 783

2 001

18 784

Gold produced

– kg

Jun-15

3 953

2 663

3 118

4 278

2 463

3 824

2 908

2 258

1 695

483

–

27 643

867

862

1 198

2 927

30 570

2 943

33 513

Jun-14

4 694

2 603

2 976

4 223

2 718

4 493

2 576

2 335

1 838

1 413

392

30 261

835

903

1 162

2 900

33 161

3 292

36 453

Gold produced

– oz

Jun-15

127 092

85 618

100 246

137 540

79 187

122 944

93 495

72 596

54 495

15 529

–

888 742

27 875

27 713

38 517

94 105

982 847

94 619

1 077 466

Jun-14

150 916

83 687

95 680

135 772

87 385

144 453

82 821

75 072

59 093

45 429

12 603

972 911

26 846

29 032

37 358

93 236

1 066 147

105 840

1 171 987

Yield

– g/tonne

Jun-15

4.35

4.42

5.10

4.31

3.68

5.11

12.70

4.10

4.06

5.37

–

4.75

0.14

0.32

0.81

0.28

1.88

1.61

1.86

Jun-14

4.11

3.53

5.16

4.46

4.06

5.83

12.50

4.26

4.50

4.69

11.88

4.77

0.14

0.31

0.79

0.28

1.98

1.65

1.94

Cash operating
costs

– R/kg

Jun-15

472 112

402 065

373 876

371 149

397 380

308 156

239 552

334 168

397 615

352 497

–

366 928

339 896

382 959

377 547

367 988

367 030

391 774

369 203

Jun-14

389 762

420 617

358 995

326 498

360 006

233 487

222 764

294 493

326 466

394 522

263 893

327 866

294 408

363 568

351 670

338 887

328 830

329 943

328 931

Cash operating
costs

– $/oz

Jun-15

1 283

1 092

1 016

1 008

1 080

837

651

908

1 080

958

–

997

924

1 041

1 026

1 000

997

1 065

1 003

Jun-14

1 171

1 264

1 079

981

1 082

702

669

885

981

1 185

793

985

885

1 092

1 057

1 018

988

991

988

Cash operating
costs

– R/tonne

Jun-15

2 055

1 776

1 908

1 601

1 461

1 573

3 042

1 369

1 616

1 892

–

1 743

122

307

103

691

632

685

Jun-14

1 601

1 486

1 852

1 456

1 460

1 361

2 786

1 255

1 471

1 852

3 135

1 565

113

278

650

543

638

Gold sold

– kg

Jun-15

4 297

2 711

3 156

4 337

2 491

3 868

2 947

2 330

1 715

502

–

28 354

881

864

1 230

2 975

31 329

3 003

34 332

Jun-14

4 531

2 633

2 963

4 204

2 708

4 508

2 567

2 308

1 834

1 409

393

30 058

825

895

1 203

2 923

32 981

3 307

36 288

Gold sold

– oz

Jun-15

138 151

87 160

101 468

139 437

80 087

124 358

94 748

74 911

55 138

16 140

–

911 598

28 324

27 778

39 545

95 647

1 007 245

96 548

1 103 793

Jun-14

145 673

84 653

95 263

135 161

87 064

144 936

82 530

74 204

58 964

45 301

12 635

966 384

26 524

28 775

38 677

93 976

1 060 360

106 322

1 166 682

Revenue

(R’000)

Jun-15

1 938 854

1 219 563

1 420 103

1 948 230

1 118 128

1 737 965

1 329 685

1 046 231

770 175

222 494

–

12 751 428

396 398

389 163

551 323

1 336 884

14 088 312

1 346 310

15 434 622

Jun-14

1 959 013

1 126 208

1 283 570

1 822 120

1 170 982

1 947 595

1 110 756

994 583

792 420

608 508

167 938

12 983 693

357 467

385 899

521 812

1 265 178

14 248 871

1 433 545

15 682 416

Cash operating
costs

(R’000)

Jun-15

1 866 258

1 070 700

1 165 744

1 587 777

978 747

1 178 389

696 616

754 551

673 957

170 256

–

10 142 995

294 690

330 111

452 301

1 077 102

11 220 097

1 152 992

12 373 089

Jun-14

1 829 543

1 094 866

1 068 368

1 378 800

978 495

1 049 059

573 839

687 640

600 044

557 459

103 446

9 921 559

245 831

328 302

408 640

982 773

10 904 332

1 086 173

11 990 505

Inventory
movement

(R’000)

Jun-15

129 449

21 487

15 055

23 589

12 776

12 463

8 156

14 955

7 904

6 917

–

252 751

4 947

871

10 839

16 657

269 408

(9 898)

259 510

Jun-14

(76 931)

3 240

(7 240)

(13 782)

4 109

1 709

(19 618)

(280)

(622)

3 268

(106 088)

(5 116)

(4 492)

10 019

411

(105 677)

3 520

(102 157)

Operating costs

(R’000)

Jun-15

1 995 707

1 092 187

1 180 799

1 611 366

991 523

1 190 852

704 772

769 506

681 861

177 173

–

10 395 746

299 637

330 982

463 140

1 093 759

11 489 505

1 143 094

12 632 599

Jun-14

1 752 612

1 098 106

1 061 128

1 365 018

982 604

1 050 768

573 898

668 022

599 764

556 837

106 714

9 815 471

240 715

323 810

418 659

983 184

10 798 655

1 089 693

11 888 348

Production profit (R’000)

Jun-15

(56 853)

127 376

239 304

336 864

126 605

547 113

624 913

276 725

88 314

45 321

–

2 355 682

96 761

58 181

88 183

243 125

2 598 807

203 216

2 802 023

Jun-14

206 401

28 102

222 442

457 102

188 378

896 827

536 858

326 561

192 656

51 671

61 224

3 168 222

116 752

62 089

103 153

281 994

3 450 216

343 852

3 794 068

Production profit ($’000)

Jun-15

(4 966)

11 127

20 905

29 427

11 060

47 794

54 591

24 174

7 715

3 959

–

205 786

8 453

5 083

7 703

21 239

227 025

17 752

244 777

Jun-14

19 940

2 715

21 490

44 160

18 200

86 642

51 865

31 549

18 613

4 992

5 914

306 080

11 279

5 999

9 965

27 243

333 323

33 220

366 543

Capital
expenditure

(R’000)

Jun-15

462 863

245 144

403 495

313 317

165 670

295 504

109 910

182 239

99 428

20 437

–

2 298 007

3 641

5 979

40 898

50 518

2 348 525

121 121

2 469 646

Jun-14

508 869

237 922

360 120

300 518

167 874

289 408

124 967

144 903

85 613

128 197

1 739

2 350 130

2 310

8 569

33 134

44 013

2 394 143

122 346

2 516 489

Capital
expenditure

($’000)

Jun-15

40 434

21 415

35 248

27 370

14 472

25 814

9 601

15 920

8 686

1 785

–

200 745

318

522

3 573

4 413

205 158

10 581

215 739

Jun-14

49 162

22 986

34 791

29 033

16 218

27 960

12 073

13 999

8 271

12 385

168

227 046

223

828

3 201

4 252

231 298

11 820

243 118

Cash operating
cost and capital

– R/kg

Jun-15

589 203

494 121

503 284

444 388

464 644

385 432

277 347

414 876

456 274

394 810

450 060

344 096

389 896

411 685

385 248

443 854

432 930

442 895

Jun-14

498 170

512 020

480 003

397 660

421 769

297 901

271 276

356 549

373 045

485 248

268 329

405 528

297 175

373 058

380 184

354 064

401 028

367 108

397 964

Cash operating
cost and capital

– $/oz

Jun-15

1 601

1 343

1 367

1 207

1 262

1 047

754

1 127

1 240

1 073

–

1 223

935

1 059

1 119

1 047

1 206

1 176

1 203

Jun-14

1 497

1 539

1 442

1 195

1 267

895

815

1 071

1 121

1 458

806

1 219

893

1 121

1 142

1 064

1 205

1 103

1 196

All-in sustaining
costs

– R/kg

Jun-15

594 399

508 743

501 996

460 844

486 861

399 642

276 855

390 417

477 013

409 945

–

459 347

344 319

403 906

427 005

395 810

453 253

514 690

458 626

Jun-14

522 347

523 839

486 710

415 061

450 210

312 436

263 867

338 957

397 993

503 810

272 956

418 105

294 615

383 701

397 889

364 396

413 270

415 068

413 433

All-in sustaining
costs

– $/oz

Jun-15

1 615

1 382

1 364

1 252

1 323

1 086

752

1 061

1 296

1 114

–

1 248

936

1 097

1 160

1 075

1 232

1 395

1 246

Jun-14

1 570

1 574

1 463

1 247

1 353

939

793

1 019

1 196

1 514

820

1 256

885

1 153

1 196

1 095

1 242

1 244

1 242

13

SA RAND RESULTS

FOR THE FOURTH QUARTER AND

YEAR ENDED

30 JUNE 2015

Q4 FY15

Harmony Gold Mining Company Limited

Results for the fourth quarter FY15 and year ended 30 June 2015

14

CONDENSED CONSOLIDATED INCOME STATEMENTS (RAND)

Figures in million

Note

Quarter ended

Year ended

30 June

2015

(Unaudited)

31 March

2015

(Unaudited)

30 June

2014

(Unaudited)

30 June

2015

(Reviewed)

30 June

2014

(Audited)

Revenue

3 860

3 428

3 763

15 435

15 682

Cost of sales

2

(7 316)

(3 444)

(4 941)

(19 053)

(16 088)

Production costs

(3 233)

(2 785)

(2 916)

(12 632)

(11 888)

Amortisation and depreciation

(624)

(596)

(526)

(2 472)

(2 143)

Impairment of assets

(3 471)

–

(1 410)

(3 471)

(1 439)

Other items

12

(63)

(89)

(478)

(618)

Gross loss

(3 456)

(16)

(1 178)

(3 618)

(406)

Corporate, administration and other expenditure

(95)

(90)

(112)

(378)

(430)

Social investment expenditure

(12)

(20)

(21)

(71)

(88)

Exploration expenditure

3

(44)

(39)

(114)

(263)

(458)

Profit/(loss) on sale of property,
plant and equipment

6

(1)

30

6

30

Loss on scrapping of property, plant and equipment

6

(61)

–

–

(491)

–

Other expenses (net)

8

(12)

(127)

(47)

(378)

(208)

Operating loss

(3 674)

(293)

(1 442)

(5 193)

(1 560)

Loss from associates

7

(25)

–

(125)

(25)

(109)

Profit on disposal of investments

4

–

14

4

7

Net (loss)/gain on financial instruments

(15)

7

32

9

170

Investment income

57

61

61

229

220

Finance cost

(61)

(71)

(101)

(264)

(277)

Loss before taxation

(3 714)

(296)

(1 561)

(5 240)

(1 549)

Taxation

4

562

33

338

704

279

Normal taxation

4

3

1

5

(24)

Deferred taxation

558

30

337

699

303

Net loss for the period

(3 152)

(263)

(1 223)

(4 536)

(1 270)

Attributable to:
Owners of the parent

(3 152)

(263)

(1 223)

(4 536)

(1 270)

Loss per ordinary share (cents)

5

Basic loss

(725)

(61)

(282)

(1 044)

(293)

Diluted loss

(725)

(61)

(282)

(1 044)

(293)

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

The condensed consolidated provisional financial statements (condensed consolidated financial statements) for the year ended
30 June 2015 have been prepared by Harmony Gold Mining Company Limited’s corporate reporting team headed by Herman Perry. This
process was supervised by the financial director, Frank Abbott and approved by the board of Harmony Gold Mining Company Limited on
14 August 2015. These condensed consolidated financials have been reviewed by the group’s external auditors, PricewaterhouseCoopers
Incorporated (see note 16).

15

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(RAND)

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (RAND)

for the year ended 30 June 2015

Figures in million

Quarter ended

Year ended

30 June

2015

(Unaudited)

31 March

2015

(Unaudited)

30 June

2014

(Unaudited)

30 June

2015

(Reviewed)

30 June

2014

(Audited)

Net loss for the period

(3 152)

(263)

(1 223)

(4 536)

(1 270)

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

(79)

73

624

59

(140)

Items that may be reclassified subsequently to profit or loss:

(84)

73

655

54

(109)

Foreign exchange translation

(84)

73

668

54

(108)

Movements on investments

–

–

(13)

–

(1)

Items that will not be reclassified to profit or loss:

5

–

(31)

5

(31)

Remeasurement of retirement benefit obligation

Actuarial gain/(loss) recognised during the year

8

–

(38)

8

(38)

Deferred taxation thereon

(3)

–

7

(3)

7

Total comprehensive loss for the period

(3 231)

(190)

(599)

(4 477)

(1 410)

Attributable to:
Owners of the parent

(3 231)

(190)

(599)

(4 477)

(1 410)

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

Figures in million

Share

capital

Other

reserves

Accumulated

loss

Total

Balance – 30 June 2014

28 325

3 539

(822)

31 042

Share-based payments

(1)

189

–

188

Net loss for the period

–

–

(4 536)

(4 536)

Other comprehensive income for the period

–

59

–

59

Balance – 30 June 2015 (Reviewed)

28 324

3 787

(5 358)

26 753

Balance – 30 June 2013

28 325

3 442

448

32 215

Share-based payments

–

237

–

237

Net loss for the period

–

–

(1 270)

(1 270)

Other comprehensive loss for the period

–

(140)

–

(140)

Balance – 30 June 2014 (Audited)

28 325

3 539

(822)

31 042

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

Harmony Gold Mining Company Limited

Results for the fourth quarter FY15 and year ended 30 June 2015

16

CONDENSED CONSOLIDATED BALANCE SHEETS (RAND)

Figures in million

Note

At

30 June

2015

(Reviewed)

At

31 March

2015

(Unaudited)

At

30 June

2014

(Audited)

ASSETS

Non-current assets
Property, plant and equipment

6

29 548

33 018

33 069

Intangible assets

885

885

886

Restricted cash

48

45

42

Restricted investments

2 384

2 375

2 299

Deferred tax assets

4

–

66

81

Loan to associate

7

80

124

–

Investments in financial assets

5

5

4

Inventories

36

50

50

Total non-current assets

32 986

36 568

36 431

Current assets
Inventories

1 292

1 453

1 534

Trade and other receivables

746

854

951

Income and mining taxes

30

28

110

Restricted cash

16

15

15

Cash and cash equivalents

1 067

701

1 829

Total current assets

3 151

3 051

4 439

Total assets

36 137

39 619

40 870

EQUITY AND LIABILITIES

Share capital and reserves
Share capital

28 324

28 325

28 325

Other reserves

3 787

3 833

3 539

Accumulated loss

(5 358)

(2 206)

(822)

Total equity

26 753

29 952

31 042

Non-current liabilities
Deferred tax liabilities

4

1 906

2 528

2 680

Provision for environmental rehabilitation

2 218

2 216

2 098

Retirement benefit obligation

2

163

258

247

Other non-current liabilities

37

33

95

Borrowings

8

3 399

2 860

2 860

Total non-current liabilities

7 723

7 895

7 980

Current liabilities
Income and mining taxes

1

8

–

Trade and other payables

1 660

1 764

1 848

Total current liabilities

1 661

1 772

1 848

Total equity and liabilities

36 137

39 619

40 870

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

17

CONDENSED CONSOLIDATED CASH FLOW STATEMENTS (RAND)

Figures in million

Quarter ended

Year ended

Note

30 June

2015

(Unaudited)

31 March

2015

(Unaudited)

30 June

2014

(Unaudited)

Restated*

30 June

2015

(Reviewed)

30 June

2014

(Audited)

Cash flow from operating activities
Cash generated by operations

568

353

443

1 928

2 247

Interest and dividends received

25

21

47

101

139

Interest paid

(48)

(14)

(32)

(108)

(121)

Income and mining taxes (paid)/refunded

(5)

26

31

85

3

Cash generated by operating activities

540

386

489

2 006

2 268

Cash flow from investing activities
(Increase)/decrease in restricted cash

(4)

12

(3)

8

(6)

Decrease/(increase) in restricted investments

11

19

(24)

31

(24)

Proceeds on disposal of investments

–

–

51

–

51

Loan to associate

–

–

–

(120)

–

Net additions to property, plant and equipment

10

(718)

(710)

(699)

(2 827)

(2 661)

Cash utilised by investing activities

(711)

(679)

(675)

(2 908)

(2 640)

Cash flow from financing activities
Borrowings raised

541

400

–

941

612

Borrowings repaid

(11)

(782)

–

(793)

(468)

Cash generated/(utilised) by
financing activities

530

(382)

–

148

144

Foreign currency translation adjustments

7

2

7

(8)

(32)

Net increase/(decrease) in cash and cash equivalents

366

(673)

(179)

(762)

(260)

Cash and cash equivalents – beginning of period

701

1 374

2 008

1 829

2 089

Cash and cash equivalents – end of period

1 067

701

1 829

1 067

1 829

* For the June 2014 quarter: Cash generated by operating activities previously reported as R470 million restated to R489 million. Cash utilised by investing activities

previously reported as R656 million restated to R675 million. This is mainly related to the change in accounting policy for IFRIC 20, which became effective 1 July 2013.

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

Harmony Gold Mining Company Limited

Results for the fourth quarter FY15 and year ended 30 June 2015

18

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

for the year ended 30 June 2015 (Rand)

1.

Accounting policies

Basis of accounting

The condensed consolidated financial statements for the year ended 30 June 2015 have been prepared in accordance with IAS 34,
Interim Financial Reporting, JSE Listings Requirements for provisional reports, SAICA Financial Reporting Guides as issued by the
Accounting Practices Committee and Financial Pronouncements as issued by the Financial Reporting Standards Council, 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 2014, 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.

The following accounting standards, amendments to standards and new interpretations have been adopted with effect from
1 July 2014 and had no impact on the financial results of the group:

IFRSs

Annual Improvements 2010 – 2012 Cycle

IAS 32

Amendment – Presentation – Offsetting Financial Assets and Financial Liabilities

IAS 36

Amendment – Impairment of Assets – Recoverable amount disclosures for non-financial assets

IFRIC 21

Levies

2.

Cost of sales

Figures in million

Quarter ended

Year ended

30 June

2015

(Unaudited)

31 March

2015

(Unaudited)

30 June

2014

(Unaudited)

30 June

2015

(Reviewed)

30 June

2014

(Audited)

Production costs – excluding royalty

3 217

2 759

2 891

12 537

11 761

Royalty expense

16

26

25

95

127

Amortisation and depreciation

624

596

526

2 472

2 143

Impairment of assets

1

3 471

–

1 410

3 471

1 439

Rehabilitation (credit)/expenditure

2

(41)

15

(9)

(6)

8

Care and maintenance cost of restructured shafts

3

49

20

13

106

66

Employment termination and restructuring
costs/(credit)

4

24

(3)

40

251

274

Share-based payments

36

32

44

208

270

Other

5

(80)

(1)

1

(81)

–

Total cost of sales

7 316

3 444

4 941

19 053

16 088

1

The impairment in the June 2015 quarter consists of an impairment of R2.11 billion on Hidden Valley, R1.04 billion on Doornkop, R278 million on Phakisa and
R43 million on Freddies 9. The June 2014 quarter impairment consists of an impairment of R1.38 billion on Phakisa, R7 million on Steyn 2 and R21 million on
St Helena. Refer to note 6 for further details.

2

Included in the total for the June 2015 quarter is a credit of R61 million relating to the change in estimate following the annual reassessment.

3

Including R20 million reparation costs relating to the Brand 1A vent shaft explosion.

4

The March 2015 quarter total includes a credit for Kusasalethu following the conclusion of the Section 189A process during the quarter.

5

Included in the total for the June 2015 quarter is a credit of R87 million relating to the reduction in employees qualifying for post-retirement benefits.

3.

Exploration expenditure

The Harmony board approved the updated Golpu project prefeasibility study in December 2014. The approval and the progression to
the final feasibility study stage demonstrates the technical and commercial viability of the Golpu project. As a result Harmony started
capitalising project exploration and evaluation expenditure for the Golpu project in the March 2015 quarter.

4.        Taxation

A deferred tax credit of R558 million was recorded in the June 2015 quarter following the net decrease in the deferred tax rates year
on year for the South African companies and impairments recorgnised on property, plant and equipment. Included in the total is a
debit of R64 million for the derecognition of the Australian deferred tax asset (see note 6).

19

5.

Earnings/(loss) per share

Quarter ended

Year ended

30 June

2015

(Unaudited)

31 March

2015

(Unaudited)

30 June

2014

(Unaudited)

30 June

2015

(Reviewed)

30 June

2014

(Audited)

Weighted average number of shares (million)

435.0

434.4

433.9

434.4

433.2

Weighted average number of diluted shares (million)

438.2

439.5

435.2

438.1

434.7

Total earnings/(loss) per share (cents):
Basic loss

(725)

(61)

(282)

(1 044)

(293)

Diluted loss

(725)

(61)

(282)

(1 044)

(293)

Headline earnings/(loss)

44

(60)

30

(189)

26

Diluted headline earnings/(loss)

44

(60)

30

(189)

26

Figures in million

Reconciliation of headline earnings/(loss):
Net loss

(3 152)

(263)

(1 223)

(4 536)

(1 270)

Adjusted for:
Profit on disposal of investments

1

(4)

–

(14)

(4)

(7)

Impairment of assets

3 471

–

1 410

3 471

1 439

Taxation effect on impairment of assets

(169)

–

(20)

(169)

(24)

(Profit)/loss on sale of property, plant and equipment

(6)

1

(30)

(6)

(30)

Taxation effect of (loss)/profit on sale of property,
plant and equipment

(1)

–

6

(1)

6

Loss on scrapping of property, plant and equipment

61

–

–

491

–

Taxation effect on loss of scrapping of property,
plant and equipment

(9)

–

–

(67)

–

Headline earnings/(loss)

191

(262)

129

(821)

114

1

There is no taxation effect on these items.

6.

Property, plant and equipment

(a) Impairment

One of the most significant assumptions that influence the life-of-mine plans and therefore impairment is the expected gold
price. During this year’s planning and testing, gold price and exchange rate assumptions as per the table below were used.
Post-tax real discount rates ranging between 7.99% and 12.03% (2014: 7.03% and 11.56%), depending on the asset, were
used to determine the recoverable amounts (generally fair value less costs to sell).

2016

2017

2018

Short term    Medium term

Long term

Year 1

Year 2

Year 3

US$ gold price

1 150

1 180

1 200

US$ silver price

14.00

14.50

17.00

Exchange rate (R/US$)

12.17

11.86

11.66

Exchange rate (PGK/US$)

2.75

2.75

2.80

For South African operations, values of US$40.86, US$23.35 and US$5.84 per ounce were used for measured, indicated and
inferred resources, respectively. For Hidden Valley, values of US$15.00 and US$6.00 per ounce were used for indicated and
inferred resources, respectively.

During the 2015 year, an impairment of R2.11 billion was recognised on Hidden Valley following a change in the life-of-mine
plan during the annual planning process. Low commodity prices and high all-in sustaining costs resulted in a shortening in the
life-of-mine of the operation. The revised plan also made the recoverability of the deferred tax asset for Australia unlikely, and
as a result it was derecognised.

Following the decision to restructure Doornkop in May 2015, a revised life-of-mine plan was completed. The new plan resulted
in a lower recoverable amount and an impairment of R1.04 billion was recognised.

Other impairments include R278 million on Phakisa as cost pressures continue to impact profitability and R43 million for
Freddies 9 as plans to develop the project further have been abandoned.

The recoverable amounts for the impaired shafts are as follows: Hidden Valley R653 million (US$53.7 million), Doornkop

Harmony Gold Mining Company Limited

Results for the fourth quarter FY15 and year ended 30 June 2015

20

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS CONTINUED

for the year ended 30 June 2015 (Rand)

R1 846 million, Phakisa R3 989 million and Freddies 9 Rnil. These were determined on a fair value less costs to sell basis using
the assumptions above in discounted cash flow models and attributable resource values. These are fair value measurements
classified as level 3.

The sensitivity scenario of a 10% decrease in the gold price used in the models as well as a 10% decrease in the silver price for
Hidden Valley would have resulted in an additional impairment at Phakisa of R1.3 billion, Doornkop of R923 million and Hidden
Valley of R461 million. The decreases noted would have resulted in impairments at Target 1 of R938 million, Target 3 of R33
million, Tshepong of R693 million, Unisel of R6 million and other Harmony assets of R393 million.

(b)    Loss on scrapping of property, plant and equipment

As previously reported, management embarked on a life-of-mine optimisation process in respect of the South African operations
which was finalised at the end of the December 2014 quarter. The optimisation ensured greater focus on mining profitable and
higher grade areas at our operations and therefore resulted in the abandonment of lower grade and unprofitable areas from
the life-of-mine plan for most of the operations.

In the case of Kusasalethu and Masimong, the optimisation led to the abandonment of levels and areas with a carrying value.
The abandonment of these areas resulted in the derecognition of property, plant and equipment as no future economic benefits
are expected from their use or disposal and a loss on scrapping of property, plant and equipment of R214 million on Kusasalethu
and R216 million on Masimong was recorded in the December 2014 quarter.

At 30 June 2015, following the annual life-of-mine planning, an additional amount of R61 million was recorded for various
shafts as a result of the abandonment of uneconomical areas in the plans.

7.

Investment in associate

Harmony holds a 10.38% share in Rand Refinery Proprietary Limited (Rand Refinery). Due to the issues experienced at Rand Refinery
following the implementation of a new Enterprise Resource Planning (ERP) system on 1 April 2013, Harmony provided for its
estimated share of loss for the inventory discrepancy and recognised a R127 million loss in the June 2014 quarter.

As a precautionary measure following the challenges experienced by the implementation of the software system, Rand Refinery’s
shareholders have extended Rand Refinery an irrevocable, subordinated loan facility of up to R1.2 billion. The facility is convertible
to equity after a period of two years. The agreements relating to the facility were signed on 23 July 2014. During the December
2014 quarter, Rand Refinery drew down R1.02 billion on the shareholders’ loan. Harmony’s portion of the shareholders’ loan was
R120 million. Interest on the facility is JIBAR plus a margin of 3.5%.

Following the finalisation of Rand Refinery’s 2013 and 2014 audited financial statements, which accounted for the known inventory
discrepancy at that date, Harmony has recorded a further R25 million against the loan to Rand Refinery (loan to associate) for its
share of the loss. At 30 June 2015, the loan to associate was tested for impairment and a provision for impairment of R15 million
was required. This impairment is included in “Other expenses (net)” in the income statement.

8.        Borrowings

During the March 2015 quarter, the US$300 million syndicated revolving credit facility (US$270 million drawn) was repaid and a
new revolving credit facility of US$250 million (of which US$205 million was drawn down) was entered into. During the June 2015
quarter, US$45 million (R541 million) was drawn down on the US$ revolving credit facility. R400 million was drawn down on the
R1.3 billion Nedbank revolving credit facility during the March 2015 quarter.

US$ facility

Rand facility

Figures in million

US dollar

SA rand

Borrowings summary
Facility

250

1 300

Drawn down

250

400

Undrawn committed borrowing facilities

–

900

Maturity

February 2018

December 2016

Interest rate

LIBOR + 3%

JIBAR + 3.5%

A foreign exchange translation loss of R4 million was recorded in the June 2015 quarter (March 2015: R118 million) increasing the
borrowings balance and other expenses (net). The total foreign exchange translation loss for the 2015 financial year is R382 million
(2014: R155 million).

9.

Financial risk management activities

Fair value determination

The following table presents the group’s assets and liabilities that are measured at fair value by level within the fair value hierarchy:

Level 1:   Quoted prices (unadjusted) in active markets for identical assets;
Level 2:   Inputs other than quoted prices included within level 1 that are observable for the asset, either directly or indirectly (that

is, as prices) or indirectly (that is derived from prices);

Level 3:   Inputs for the asset that are not based on observable market data (that is unobservable inputs).

21

At

At

At

30 June

31 March

30 June

2015

2015

2014

Figures in million

(Reviewed)

(Unaudited)

(Audited)

Available-for-sale financial assets

1

Level 1

–

–

–

Level 2

–

–

–

Level 3

5

5

4

Fair value through profit or loss

2

Level 1

–

–

–

Level 2

540

155

798

Level 3

–

–

–

1

Level 3 fair values have been valued by the directors by performing independent valuations on an annual basis.

2

The majority of the level 2 fair values are directly derived from the All Share Top 40 index (ALSI 40) on the JSE, and are discounted at market interest rate. This

relates to equity-linked deposits in the group’s environmental rehabilitation trust funds (included in restricted investments).

10. Net additions to property, plant and equipment includes:

Figures in million

Quarter ended

Year ended

30 June

2015

(Unaudited)

31 March

2015

(Unaudited)

30 June

2014

(Unaudited)

30 June

2015

(Reviewed)

30 June

2014

(Audited)

Capital expenditure – operations

608

583

676

2 470

2 516

Capital and capitalised exploration and
evaluation expenditure for Wafi-Golpu

65

40

12

119

12

Additions resulting from stripping activities at
Hidden Valley

53

85

8

236

120

Other

(8)

2

3

2

13

Net additions

718

710

699

2 827

2 661

11. Commitments and contingencies

At

At

At

30 June

31 March

30 June

2015

2015

2014

Figures in million

(Reviewed)

(Unaudited)

(Audited)

Capital expenditure commitments:
Contracts for capital expenditure

158

196

157

Authorised by the directors but not contracted for

257

877

519

415

1 073

676

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

Contingent liabilities

For a detailed disclosure on contingent liabilities refer to Harmony’s annual financial statements for the financial year ended
30 June 2014. There were no significant changes in contingencies since 30 June 2014, except as discussed below:

(a)    US class action

The distribution of the settlement amount, held in escrow, to the plaintiff class of the lawsuit filed in the United States of
America was completed. From both legal and accounting perspectives, the matter is now concluded.

12.     Related parties

Key management personnel are those persons having authority and responsibility for planning, directing and controlling the activities
of the group, directly or indirectly, including any director (whether executive or otherwise) of the group.

During the June 2015 quarter, Frank Abbott, financial director, purchased 60 000 shares in the company in the open market.

13.     Subsequent events

Harmony has signed a R100 million guarantee for the ARM Broad Based Economic Empowerment (BBEE) Trust, a member of the
African Rainbow Minerals (ARM) group. The guarantee is for additional security for the ARM BBEE Trust loan due to Nedbank
Limited.

Harmony Gold Mining Company Limited

Results for the fourth quarter FY15 and year ended 30 June 2015

22

14.     Segment report

The segment report follows on page 23.

15.      Reconciliation of segment information to condensed consolidated income statements and balance sheets

Year ended

30 June

30 June

2015

2014

Figures in million

(Reviewed)

(Audited)

The “Reconciliation of segment information to condensed consolidated financial statements”
line item in the segment report is broken down in the following elements, to give a better
understanding of the differences between the financial statements and segment report:
Reconciliation of production profit to gross loss
Total segment revenue

15 435

15 682

Total segment production costs

(12 632)

(11 888)

Production profit per segment report

2 803

3 794

Depreciation

(2 472)

(2 143)

Impairment

(3 471)

(1 439)

Other cost of sales items

(478)

(618)

Gross loss as per income statements

1

(3 618)

(406)

1

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

At

At

30 June

30 June

2015

2014

Figures in million

(Reviewed)

(Audited)

Reconciliation of total segment mining assets to consolidated property,
plant and equipment
Property, plant and equipment not allocated to a segment
Mining assets

762

787

Undeveloped property

5 139

5 139

Other non-mining assets

199

117

Wafi-Golpu assets

1 188

1 092

7 288

7 135

16.     Review report

These condensed consolidated financial statements for the year ended 30 June 2015 have been reviewed by PricewaterhouseCoopers
Inc., who expressed an unmodified review conclusion thereon. A copy of the auditor’s review report is available for inspection at the
company’s registered office, together with the financial statements identified in the auditor’s report.

23

SEGMENT REPORT (RAND/METRIC)

for the year ended 30 June 2015

Revenue

30 June

Production cost

30 June

Production

profit/(loss)

30 June

Mining assets

30 June

Capital

expenditure

#

30 June

Kilograms

produced

@

30 June

Tonnes milled

@

30 June

2015

2014

2015

2014

2015

2014

2015

2014

2015

2014

2015

2014

2015

2014

R million

R million

R million

R million

R million

kg

t'000

South Africa
Underground

Kusasalethu

1 939

1 959

1 996

1 753

(57)

206

3 619

3 616

463

509

3 953

4 694

908

1 143

Doornkop

1 220

1 126

1 092

1 098

128

28

2 239

3 386

245

238

2 663

2 603

603

737

Phakisa

1 420

1 284

1 181

1 061

239

223

4 307

4 590

403

360

3 118

2 976

611

577

Tshepong

1 948

1 822

1 611

1 365

337

457

4 025

3 941

313

301

4 278

4 223

992

947

Masimong

1 118

1 171

992

983

126

188

893

1 060

166

168

2 463

2 718

670

670

Target 1

1 738

1 948

1 191

1 051

547

897

2 782

2 770

296

289

3 824

4 493

749

771

Bambanani

(a)

1 330

1 279

705

681

625

598

821

841

110

127

2 908

2 968

229

239

Joel

1 046

995

770

668

276

327

578

450

182

145

2 258

2 335

551

548

Unisel

770

792

682

600

88

192

594

663

99

85

1 695

1 838

417

408

Target 3

222

609

177

557

45

52

535

542

20

128

483

1 413

90

301

Surface
All other surface operations

1 338

1 263

1 092

981

246

282

483

473

51

44

2 927

2 900

10 418

10 442

Total South Africa

14 089

14 248

11 489

10 798

2 600

3 450

20 876

22 332

2 348

2 394

30 570

33 161

16 238

16 783

International
Hidden Valley

1 346

1 434

1 143

1 090

203

344

1 384

3 602

121

122

2 943

3 292

1 825

2 001

Total international

1 346

1 434

1 143

1 090

203

344

1 384

3 602

121

122

2 943

3 292

1 825

2 001

Total operations

15 435

15 682

12 632

11 888

2 803

3 794

22 260

25 934

2 469

2 516

33 513

36 453

18 063

18 784

Reconciliation of the segment
information to the condensed
consolidated financial statements
(refer to note 15)

7 288

7 135

15 435

15 682

12 632

11 888

29 548

33 069

#

Capital expenditure for international operations excludes expenditure spend on Wafi-Golpu of R119 million (2014: R12 million).

(a)

Includes Steyn 2 for the June 2014 amounts.

@

Production statistics are unaudited.

The segment report for the year ended 30 June 2014 has been audited. The segment report for the year ended 30 June 2015 has been reviewed.

Harmony Gold Mining Company Limited

Results for the fourth quarter FY15 and year ended 30 June 2015

24

US$ RESULTS

FOR THE FOURTH

QUARTER AND

YEAR ENDED

30 JUNE 2015

Q4 FY15

25

CONDENSED CONSOLIDATED INCOME STATEMENTS (US$)

(Convenience translation)

Figures in million

Quarter ended

Year ended

30 June

2015

(Unaudited)

31 March

2015

(Unaudited)

30 June

2014

(Unaudited)

30 June

2015

(Unaudited)

30 June

2014

(Audited)

Revenue

320

292

358

1 348

1 515

Cost of sales

(606)

(293)

(469)

(1 664)

(1 549)

Production costs

(268)

(237)

(277)

(1 103)

(1 148)

Amortisation and depreciation

(52)

(51)

(50)

(216)

(207)

Impairment of assets

(287)

–

(134)

(303)

(135)

Other items

1

(5)

(8)

(42)

(59)

Gross loss

(286)

(1)

(111)

(316)

(34)

Corporate, administration and other expenditure

(8)

(8)

(11)

(33)

(42)

Social investment expenditure

(1)

(2)

(2)

(6)

(9)

Exploration expenditure

(4)

(3)

(11)

(23)

(44)

Profit on sale of property, plant and equipment

–

–

3

1

3

Loss on scrapping of property, plant and equipment

(5)

–

–

(43)

–

Other expenses (net)

(1)

(11)

(4)

(33)

(20)

Operating loss

(305)

(25)

(136)

(453)

(146)

Loss from associates

(2)

–

(12)

(2)

(10)

Profit on disposal of investments

–

–

1

–

1

Net (loss)/gain on financial instruments

(1)

1

3

1

16

Investment income

5

5

6

20

21

Finance cost

(5)

(6)

(10)

(23)

(27)

Loss before taxation

(308)

(25)

(148)

(457)

(145)

Taxation

47

3

32

61

27

Normal taxation

–

–

–

–

(2)

Deferred taxation

47

3

32

61

29

Net loss for the period

(261)

(22)

(116)

(396)

(118)

Attributable to:
Owners of the parent

(261)

(22)

(116)

(396)

(118)

Loss per ordinary share (cents)
Basic loss

(60)

(5)

(27)

(91)

(27)

Diluted loss

(60)

(5)

(27)

(91)

(27)

The currency conversion average rates for the quarter ended: June 2015: US$1 = R12.08 (March 2015: US$1 = R11.74, June 2014:
US$1 = R10.51). For year ended: June 2015: US$1 = R11.45 (June 2014: US$1 = R10.35).

The income statement for the year ended 30 June 2014 has been extracted from the 2014 annual financial statements.

Note on convenience translations

Except where specific statements have been extracted from 2014 annual financial statements, 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 page 25 to 29.

Harmony Gold Mining Company Limited

Results for the fourth quarter FY15 and year ended 30 June 2015

26

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (US$)

(Convenience translation)

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (US$)

for the year ended 30 June 2015 (Convenience translation)

Figures in million

Quarter ended

Year ended

30 June

2015

(Unaudited)

31 March

2015

(Unaudited)

30 June

2014

(Unaudited)

30 June

2015

(Unaudited)

30 June

2014

(Audited)

Net loss for the period

(261)

(22)

(116)

(396)

(118)

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

(7)

6

59

5

(209)

Items that may be reclassified subsequently to profit
or loss:

(7)

6

62

5

(206)

Foreign exchange translation

(7)

6

63

5

(206)

Movements on investments

–

–

(1)

–

–

Items that will not be reclassified to profit or loss:

–

–

(3)

–

(3)

Remeasurement of retirement benefit obligation

Acturial gain/(loss) recognised during the year

–

–

(4)

–

(4)

Deferred taxation thereon

–

–

1

–

1

Total comprehensive loss for the period

(268)

(16)

(57)

(391)

(327)

Attributable to:
Owners of the parent

(268)

(16)

(57)

(391)

(327)

The currency conversion average rates for the quarter ended: June 2015: US$1 = R12.08 (March 2015: US$1 = R11.74,

June 2014: US$1 = R10.51). For year ended: June 2015: US$1 = R11.45 (June 2014: US$1 = R10.35).

The statement of comprehensive income for the year ended 30 June 2014 has been extracted from the 2014 annual financial statements.

Figures in million

Share

capital

Other

reserves

Accumulated

loss

Total

Balance – 30 June 2014

2 329

291

(67)

2 553

Share-based payments

–

15

–

15

Net loss for the period

–

–

(373)

(373)

Other comprehensive income for the period

–

5

–

5

Balance – 30 June 2015 (Unaudited)

2 329

311

(440)

2 200

Balance – 30 June 2013

4 035

(701)

(105)

3 229

Share-based payments

–

23

–

23

Net loss for the period

–

–

(118)

(118)

Other comprehensive loss for the period

–

(209)

–

(209)

Balance – 30 June 2014 (Audited)

4 035

(887)

(223)

2 925

The currency conversion closing rates for the year ended 30 June 2015: US$1 = R12.16 (June 2014: US$1 = R10.61).

The statement of changes in equity for the year ended 30 June 2014 has been extracted from the 2014 annual financial statements.

27

CONDENSED CONSOLIDATED BALANCE SHEETS (US$)

(Convenience translation)

Figures in million

At

30 June

2015

(Unaudited)

At

31 March

2015

(Unaudited)

At

30 June

2014

(Audited)

ASSETS

Non-current assets
Property, plant and equipment

2 430

2 712

3 116

Intangible assets

73

73

84

Restricted cash

4

4

4

Restricted investments

196

195

217

Deferred tax assets

–

5

8

Loan to associate

7

10

–

Inventories

3

4

5

Total non-current assets

2 713

3 003

3 434

Current assets
Inventories

106

119

145

Trade and other receivables

62

70

90

Income and mining taxes

2

2

10

Restricted cash

1

1

1

Cash and cash equivalents

88

58

172

Total current assets

259

250

418

Total assets

2 972

3 253

3 852

EQUITY AND LIABILITIES

Share capital and reserves
Share capital

2 329

2 327

4 035

Other reserves

311

315

(887)

Accumulated loss

(440)

(182)

(223)

Total equity

2 200

2 460

2 925

Non-current liabilities
Deferred tax liabilities

157

207

253

Provision for environmental rehabilitation

182

182

198

Retirement benefit obligation

13

21

23

Other non-current liabilities

3

2

9

Borrowings

280

235

270

Total non-current liabilities

635

647

753

Current liabilities
Income and mining taxes

–

1

–

Trade and other payables

137

145

174

Total current liabilities

137

146

174

Total equity and liabilities

2 972

3 253

3 852

The balance sheet for June 2015 converted at a conversion rate of US$1 = R12.16 (March 2015: US$1 = R12.17, June 2014:

US$1 = R10.61).

The balance sheet at 30 June 2014 has been extracted from the 2014 annual financial statements.

Harmony Gold Mining Company Limited

Results for the fourth quarter FY15 and year ended 30 June 2015

28

CONDENSED CONSOLIDATED CASH FLOW STATEMENTS (US$)

(Convenience translation)

Figures in million

Quarter ended

Year ended

30 June

2015

(Unaudited)

31 March

2015

(Unaudited)

30 June

2014

(Unaudited)

Restated*

30 June

2015

(Unaudited)

30 June

2014

(Audited)

Cash flow from operating activities
Cash generated by operations

47

30

42

168

218

Interest and dividends received

2

2

4

9

13

Interest paid

(4)

(1)

(3)

(9)

(12)

Income and mining taxes refunded

–

2

3

7

–

Cash generated by operating activities

45

33

46

175

219

Cash flow from investing activities
Decrease/(increase) in restricted cash

–

1

–

1

(1)

Decrease/(increase) in restricted investments

1

2

(2)

3

(2)

Proceeds on disposal of investments

–

–

5

–

5

Loan to associate

–

–

–

(10)

–

Net additions to property, plant and equipment

(59)

(60)

(66)

(247)

(257)

Cash utilised by investing activities

(58)

(57)

(63)

(253)

(255)

Cash flow from financing activities
Borrowings raised

45

34

–

82

60

Borrowings repaid

(1)

(67)

–

(69)

(44)

Cash generated/(utilised) by financing activities

44

(33)

–

13

16

Foreign currency translation adjustments

(1)

(4)

(1)

(19)

(17)

Net increase/(decrease) in cash and cash equivalents

30

(61)

(18)

(84)

(37)

Cash and cash equivalents – beginning of period

58

119

190

172

209

Cash and cash equivalents – end of period

88

58

172

88

172

* For the June 2014 quarter: Cash generated by operating activities previously reported as US$45 million restated to US$46 million. Cash utilised by investing activities

previously reported as US$62 million restated to US$63 million. This is mainly related to the change in accounting policy for IFRIC 20, which became effective
1 July 2013.

The currency conversion average rates for the quarter ended: June 2015: US$1 = R12.08 (March 2015: US$1 = R11.74, June 2014:
US$1 = R10.51). For year ended: June 2015: US$1 = R11.45 (June 2014: US$1 = R10.35).

Closing balance translated at closing rates of: June 2015: US$1 = R12.16 (March 2015: US$1 = R12.17, June 2014: US$1 = R10.61).

The cash flow statement for the year ended 30 June 2014 has been extracted from the 2014 annual financial statements.

29

SEGMENT REPORT (US$/IMPERIAL)

for the year ended 30 June 2015

Revenue

30 June

Production cost

30 June

Production

profit/(loss)

30 June

Mining assets

30 June

Capital

expenditure

#

30 June

Ounces

produced

@

30 June

Tons milled

@

30 June

2015

2014

2015

2014

2015

2014

2015

2014

2015

2014

2015

2014

2015

2014

US$ million

US$ million

US$ million

US$ million

US$ million

oz

t'000

South Africa
Underground

Kusasalethu

169

189

174

169

(5)

20

298

341

40

49

127 092

150 916

1 001

1 260

Doornkop

107

109

95

106

12

3

184

319

21

23

85 618

83 687

665

812

Phakisa

124

124

103

103

21

21

354

433

35

35

100 246

95 680

674

636

Tshepong

170

176

141

132

29

44

331

372

27

29

137 540

135 772

1 095

1 044

Masimong

98

113

87

95

11

18

73

100

15

16

79 187

87 385

739

739

Target 1

152

188

104

101

48

87

229

261

26

28

122 944

144 453

826

851

Bambanani

(a)

116

124

62

66

54

58

68

79

10

12

93 495

95 424

253

263

Joel

91

96

67

64

24

32

48

42

16

14

72 596

75 072

607

604

Unisel

67

77

60

58

7

19

49

63

9

8

54 495

59 093

460

450

Target 3

19

59

15

54

4

5

44

51

2

13

15 529

45 429

99

331

Surface
All other surface operations

117

122

95

95

22

27

40

45

4

4

94 105

93 236

11 488

11 516

Total South Africa

1 230

1 377

1 003

1 043

227

334

1 718

2 106

205

231

982 847

1 066 147

17 907

18 506

International
Hidden Valley

118

138

100

105

18

33

114

340

11

12

94 619

105 840

2 012

2 207

Total international

118

138

100

105

18

33

114

340

11

12

94 619

105 840

2 012

2 207

Total operations

1 348

1 515

1 103

1 148

245

367

1 832

2 446

216

243

1 077 466

1 171 987

19 919

20 713

Capital expenditure for international operations excludes expenditure spend on Wafi-Golpu of US$10 million (2014: US$1 million).

(a)

Includes Steyn 2 for the June 2014 amounts.

Production statistics are unaudited.

The segment report for the year ended 30 June 2014 has been audited. The segment report for the year ended 30 June 2015 is unaudited.

Harmony Gold Mining Company Limited

Results for the fourth quarter FY15 and year ended 30 June 2015

DEVELOPMENT RESULTS (METRIC)

Quarter ending June 2015

DEVELOPMENT RESULTS (IMPERIAL)

Quarter ending June 2015

Channel

Reef

Feet

Sampled

Meters

Width

(Inch)

Value

(oz/t)

Gold

(In.oz/t)

Tshepong

Basal

1 418

1 312

3,00

6,76

Beatrix

–

Leader

–

B Reef

1 056

958

49,00

0,55

All Reefs

2 474

2 270

23,00

1,00

Phakisa

Basal

1 317

1 365

24,00

0,62

Beatrix

–

Leader

–

All Reefs

1 317

1 365

24,00

0,62

Bambanani

Basal

–

Beatrix

–

Leader

–

All Reefs

–

Doornkop

VCR Reef
UE1A
Main Reef

–

Kimberley Reef
South Reef

1 809

1 693

20,00

0,47

All Reefs

1 809

1 693

20,00

0,47

Kusasalethu

VCR Reef

1 907

1 306

57,00

0,19

All Reefs

1 907

1 306

57,00

0,19

Target 1

Elsburg

259

118

105,00

0,05

Basal

–

A Reef

–

B Reef

–

All Reefs

259

118

105,00

0,05

Masimong 5

Basal

1 207

1 030

16,00

0,57

Leader

–

A Reef

–

Middle

–

B Reef

561

571

25,00

0,56

All Reefs

1 768

1 601

19,00

0,57

Unisel

Basal

781

741

58,00

0,17

Leader

1 693

1 457

69,00

0,19

A Reef

–

Middle

–

B Reef

–

All Reefs

2 474

2 198

65,00

0,18

Joel

Basal

–

Beatrix

871

837

68,00

0,20

Leader

–

All Reefs

871

837

68,00

0,20

Total Harmony

Basal

4 722

4 449

22,00

0,65

Beatrix

871

837

68,00

0,20

Leader

1 693

1 457

69,00

0,19

B Reef

1 616

1 529

40,00

0,55

A Reef

–

Middle

–

Elsburg

259

118

105,00

0,05

Kimberley

–

South Reef

1 809

1 693

20,00

0,47

VCR

1 907

1 306

57,00

0,19

Main Reef

–

All Reefs

12 877

11 389

38,00

0,37

Channel

Reef

Meters

Sampled

Meters

Width

(Cm's)

Value

(g/t)

Gold

(Cmg/t)

Tshepong

Basal

432

400

8,61

205,04

1 765

Beatrix
Leader
B Reef

322

292

125,09

18,77

2 348

All Reefs

754

692

57,76

34,82

2 011

Phakisa

Basal

401

416

60,77

21,18

1 287

Beatrix

–

Leader

–

All Reefs

401

416

60,77

21,18

1 287

Bambanani

Basal

–

Beatrix

–

Leader

–

All Reefs

–

Doornkop

VCR Reef

–

UE1A

–

Main Reef

–

Kimberley Reef

–

South Reef

551

516

52,00

15,83

820

All Reefs

551

516

52,00

15,78

820

Kusasalethu

VCR Reef

581

398

144,53

6,66

962

All Reefs

581

398

144,53

6,66

962

Target 1

Elsburg

266,00

1,83

487

Basal

–

A Reef

–

B Reef

–

All Reefs

266,00

1,83

487

Masimong 5

Basal

368

314

39,94

19,82

791

Leader

–

A Reef

–

Middle

–

B Reef

171

174

64,31

19,05

1 225

All Reefs

539

488

48,63

19,46

946

Unisel

Basal

238

226

147,86

5,97

882

Leader

516

444

175,42

6,38

1 119

A Reef

–

Middle

–

B Reef

–

All Reefs

754

670

166,12

6,26

1 039

Joel

Basal

–

Beatrix

266

255

173,00

6,84

1 183

Leader

–

All Reefs

266

255

173,00

6,84

1 183

Total Harmony

Basal

1 439

1 356

55,07

22,62

1 246

Beatrix

266

255

173,00

6,84

1 183

Leader

516

444

175,42

6,38

1 119

B Reef

493

466

102,39

18,84

1 929

A Reef

–

Middle

–

Elsburg

266,00

1,83

487

Kimberley

–

South Reef

551

516

52,00

15,78

820

VCR

581

398

144,53

6,66

962

Main Reef

–

All Reefs

3 925

3 471

97,47

12,45

1 213

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: August 18, 2015

Harmony Gold Mining Company Limited

By:

/s/ Frank Abbott

Name: Frank Abbott
Title: Financial Director