| Fri 13 Apr 2012, 13:00 | | HAR - Harmony Gold Mining Company Ltd - Harmony`s production guidance for the |
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HAR
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HAR - Harmony Gold Mining Company Ltd - Harmony`s production guidance for the
March 2012 quarter
Harmony Gold Mining Company Ltd
Incorporated in the Republic of South Africa
Registration number: 1950/038232/06
Share code: HAR
ISIN: ZAE000015228
HARMONY`S PRODUCTION GUIDANCE FOR THE MARCH 2012 QUARTER
Johannesburg. Friday, 13 April 2012. Harmony Gold Mining Company Limited
("Harmony" or the "Company") announces that gold production for the quarter
ended March 2012 will be approximately 18% lower than the previous quarter.
A number of factors contributed to a weaker than expected quarter:
- The festive season and public holiday disruptions associated with the
March quarter, being less shifts worked than in the December quarter, as
well as slow start-ups post the holidays;
- Safety stoppages;
- Shifts lost due to the one day protected strike of the Congress of South
African Trade Unions (COSATU);
- Heavy rains in Papua New Guinea impacted gold production at Hidden
Valley negatively
- The upgrade of the infrastructure at Doornkop resulted in gold
production at this shaft being 44% lower quarter on quarter (as guided
in February 2012);
- Lower than expected grades at Tshepong, Masimong, Unisel and Joel
contributed to a 12% decline in underground grade.
"The March quarter is not in line with our expectations. Safety stoppages
indicate that we need to do even more to ensure a safer working environment
for our employees at all times. Harmony has made significant strides in
improving its safety. However, the attention that safety receives reminds all
involved - management, employees, unions and government - that safety remains
a joint responsibility and we need to find solutions in a co-operative and
constructive manner. We have conducted a gap analysis to establish where we
need to do more and have already put actions in place to address these. The
grade performance was not in line with our plans and we simply have to work
harder at meeting our targets", said Graham Briggs, chief executive officer
of Harmony.
Harmony`s results for the quarter ended 31 March 2012 will be released on
Wednesday, 9 May 2012. Please refer to our website www.harmony.co.za for
details.
ends.
Issued by Harmony Gold Mining Company Limited
13 March 2012
For more details contact:
Marian van der Walt
Executive: Corporate and Investor Relations
+27 (0) 82 888 1242 (mobile)
Graham Briggs
Chief Executive Officer
+27 (0) 83 265 0274 (mobile)
Corporate Office:
Randfontein Office Park
P O Box 2
Randfontein
South Africa 1760
T +27 (11) 411 2000
www.harmony.co.za
Sponsor:
J.P. Morgan Equities Limited
Date: 13/04/2012 13:00:51 Produced by the JSE SENS Department.
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