Company announcements Home » Investors » News » Company announcements » Harmony restructuring for profitability 2015 2024 2023 2022 2021 2020 2019 2018 2017 2016 2015 2014 2013 2012 2011 2010 2009 2008 2007 2006 2005 2004 2003 2002 Harmony restructuring for profitabilityMay 08, 2015Johannesburg. 8 May 2015. Harmony Gold Mining Company Limited (“Harmony” and/or “the Company”) is pleased to announce its operational and financial results for the third quarter and nine months ended 31 March 2015. “We have responded to a lower gold price – first by rationalising our assets and then restructuring our portfolio– cutting costs, reducing labour numbers and focusing on mining only safe, profitable ounces. During the next couple of months, we will continue to improve the performance of our assets and restructure Masimong, Doornkop and Hidden Valley for profitability. We are assessing ways of funding Golpu and unlocking the true value of each of our assets, which will ensure shareholder returns in the long term”, said Graham Briggs, chief executive officer of Harmony. Gold production for the March 2015 quarter was impacted by slow start-ups after the December 2014 holidays, as well as safety stoppages. As a result, gold production was 10% (817 kilograms) lower at 7 642 kilograms in the March 2015 quarter compared to the December 2014 quarter (8 459 kilograms). Despite lower gold production, production profit increased by 4% to R643 million (US$55 million) in the March 2015 quarter compared to R618 million (US$55 million) in the previous quarter, mainly due to a 10% decrease in operating costs supported by a 6% increase in the average gold price received. Harmony reduced its headline loss per share from 114 SA cents (10 US cents) in the December 2014 quarter, to 60 SA cents (5 US cents) in the March 2015 quarter. For more details contact: Marian van der WaltExecutive: Corporate and Investor Relations+27 (0) 82 888 1242 (mobile)
