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Harmony/ Armgold -
Harmony Gold Mining Company Limited
("Harmony")
African Minerals Gold Limited
("Armgold")
Joint venture
FreeGold Financial Results
(rand/metric) (unaudited)
Year Year Quarter Quarter
ended ended ended ended
30 June 30 June 30 June 31 March
2003 2002 2003 2003
Ore milled - tonnes `000
- underground 4,695 1,975 1,222 1,163
- surface 4,666 2,395 1,187 1,349
- total 9,361 4,370 2,409 2,512
Yield - g/tonne
- underground 7.07 7.83 6.70 6.97
- surface 0.59 0.79 0.64 0.62
- total 3.84 3.97 3.71 3.56
Gold Produced - kg
- underground 33,174 15,461 8,183 8,104
- surface 2,762 1,900 761 841
- total 35,937 17,361 8,944 8,945
Gold Price Received - R/kg 96,393 105,751 86,546 94,085
Cash Operating - R/kg 59,140 49,724 64,166 62,536
Costs
- R/tonne 227 198 238 223
R"000 R"000 R"000 R"000
Gold sales 3,464,045 1,835,944 774,064 841,588
Cash operating 2,125,315 863,260 573,897 559,385
costs
Cash operating 1,338,730 972,684 200,167 282,203
profit
Amortisation (139,186) (60,427) (45,160) (35,664)
Post retirement - (2,226) - -
benefits provided
Provision for (16,932) (20,000) (3,760) (9,728)
Rehabilitation
Other income - net 257,606 39,768 74,583 69,894
Interest paid (219,734) (85,615) (62,954) (57,089)
Profit before 1,220,484 844,184 162,876 249,616
taxation
South African
normal taxation
- Current tax (43,469) (8,631) (258) (16,556)
- Deferred tax (284,900) (263,049) 20,564 (68,906)
Net earnings 892,115 572,504 183,182 164,154
Financial Results (US$/imperial) (unaudited)
Year Year Quarter Quarter
ended ended ended ended
30 June 30 June 30 June 31 March
2003 2002 2003 2003
Ore milled - tons `000
- underground 5,177 2,179 1,348 1,282
- surface 5,145 2,641 1,309 1,488
- total 10,323 4,820 2,657 2,770
Yield - oz/ton
- underground 0.206 0.228 0.195 0.203
- surface 0.017 0.023 0.019 0.018
- total 0.112 0.116 0.108 0.104
Gold Produced - oz
- underground 497,080 263,088 260,549
1,066,575
- surface 88,813 61,086 24,467 27,039
- total 558,166 287,555 287,587
1,155,387
Gold Price Received - $/oz 328 323 348 350
Cash Operating - $/oz 201 152 258 232
Costs
- $/ton 23 18 28 24
$"000 $"000 $"000 $"000
Gold sales 379,401 179,995 100,090 100,548
Cash operating 232,776 84,633 74,207 66,832
costs
Cash operating 146,625 95,362 25,882 33,716
profit
Amortisation (15,244) (5,924) (5,839) (4,261)
Post retirement - (218) - -
benefits provided
Provision for (1,855) (1,961) (486) (1,162)
Rehabilitation
Other income - net 28,214 3,899 9,644 8,351
Interest paid (24,067) (8,394) (8,140) (6,821)
Profit before 133,674 82,764 21,061 29,823
taxation
South African
normal taxation
- Current tax (4,761) (846) (33) (1,978)
- Deferred tax (31,204) (25,789) 2,659 (8,232)
Net earnings 97,709 56,129 23,686 19,612
Date: 13/08/2003 09:30:13 AM Supplied by www.sharenet.co.za
Produced by the JSE SENS Department
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