Report of Foreign Issuer (6-k)

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 14 August 2013

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 2013

 

 

Quarter

June
2013

Quarter

March

2013

#

Q-on-Q

variance

%

Year

ended

June

2013

#

Year

ended

June

2012

#

Variance

%

Gold produced

– kg

8 588

7 699

12

35 374

36 273

(2)

– oz

276 109

247 529

12 1 137 297 1 166 203

(2)

Cash operating costs

– R/kg

351 109

362 491

3

327 210

274 767

(19)

– US$/oz

1 156

1 264

9

1 154

1 100

(5)

Gold sold

– kg

8 146

7 506

9

34 970

36 182

(3)

– oz

261 901

241 322

9 1 124 312 1 163 277

(3)

Underground grade

– g/t

4.37

4.50

(3)

4.54

4.26

7

Gold price received

– R/kg

427 534

470 030

(9)

454 725

419 668

8

– US$/oz

1 407

1 639

(14)

1 603

1 681

(5)

Operating profit¹

– R million

639

821

(22)

4 502

5258

(14)

– US$ million

68

92

(26)

511

677

(25)

Basic (loss)/earnings
per share*

– SAc/s

(809)

(29)

>(100)

(548)

614

>(100)

– USc/s

(86)

(3)

>(100)

(62)

79

>(100)

Headline (loss)/profit*

– Rm

(804)

(202)

>(100)

204

2 432

(92)

– US$m

(85)

(23)

>(100)

23

317

(93)

Headline (loss)/earnings
per share*

– SAc/s

(186)

(47)

>(100)

47

565

(92)

– USc/s

(20)

(5)

>(100)

5

74

(93)

Exchange rate

– R/US$

9.45

8.92

6

8.82

7.77

14

#       Figures represent continuing operations unless stated otherwise
¹

Operating profit is comparable to the term production profit in the segment report in the financial statements and not to the
operating profit line in the income statement

*      Including discontinued operations

Shareholder information

Issued ordinary share capital at 30 June 2013

435 289 890

Issued ordinary share capital at 31 March 2013

435 257 691*

Issued ordinary share capital at 30 June 2012

431 564 236

Market capitalisation

At 30 June 2013

(ZARm) 15 562

At 30 June 2013

(US$m)

1 568

At 31 March 2013

(ZARm) 25 728

At 31 March 2013

(US$m)

2 804

At 30 June 2012

(ZARm) 33 015

At 30 June 2012

(US$m)

4 037

Harmony ordinary share and ADR prices

12-month high (1 July 2012 –
30 June 2013) for ordinary shares

85.71

12-month low (1 July 2012 –
30 June 2013) for ordinary shares

33.47

12-month high (1 July 2012 –
30 June 2013) for ADRs

10.34

12-month low (1 July 2012 –
30 June 2013) for ADRs

3.30

Free float

100%

ADR ratio

1:1

JSE Limited

HAR

Range for quarter (1 April –
30 June 2013 closing prices)

R33.47 – R58.25

Average daily volume for the quarter
(1 April – 30 June 2013)

2 232 419 shares

Range for quarter (1 January –
31 March 2013 closing prices)

R53.40 – R75.64

Average daily volume for the quarter
(1 January – 31 March 2013)

1 581 188 shares

Range for the year (1 July 2012 –
30 June 2013 closing prices)

R33.47 – R85.71

Average daily volume for the year
(1 July 2012 – 30 June 2013)

1 753 866 shares

Range for the year (1 July 2011 –
30 June 2012 closing prices)

R72.84 – R115.75

Average daily volume for the year
(1 July 2011 – 30 June 2012)

1 518 116 shares

New York Stock Exchange, Inc including

other US trading platforms

HMY

Range for quarter (1 April –
30 June 2013 closing prices)

US$3.30 –

US$6.38

Average daily volume for the quarter
(1 April – 30 June 2013)

3 302 649

Range for quarter (1 January –
31 March 2013 closing prices)

US$5.94 –

US$8.88

Average daily volume for the quarter
(1 January – 31 March 2013)

2 423 016

Range for the year (1 July 2012 –
30 June 2013 closing prices)

US$3.30 –

US$10.34

Average daily volume for the year
(1 July 2012 – 30 June 2013)

2 484 062

Range for the year (1 July 2011 –
30 June 2012 closing prices)

US$8.70 –

US$14.87

Average daily volume for the year
(1 July 2011 – 30 June 2012)

2 321 783

Investors’ calendar

2013

Q1 FY14 results presentation

8 November 2013

#

Annual General Meeting

5 December 2013

#

Q2 and 6 months ended FY14 results
presentation

3 February 2014

#

Q3 FY14 results presentation

9 May 2014

#

Q4 and year ended FY14 results presentation

14 August 2014

#

# These dates may change in future

* The increase in the issued shares is mainly due to the shares issued 
to the Tlhakanelo Employee Share Trust

KEY FEATURES

Quarter on quarter

Gold production increased by 12% to 8 588kg (276 109oz)

• increase in tonnes milled of 9%
• increase in total recovered grade of 2%

Cash operating costs decreased by 3% to R351 109/kg (US$1 156/oz)

Operating profit¹ lower at R639 million (US$68 million)

Headline loss per share of 186 SA cents (US$20 cents)

• reversal of the Hidden Valley deferred tax asset of R547 million (US$55 million)³
•retrenchment costs

Year on Year

7% increase in underground grade

Lowest recorded annual LTIFR²

Evander sale transaction completed

Watershed agreement signed with Kusasalethu labour

Gold production decreased by 2% to 35 374kg (1 137 297oz)

Cash operating costs increased to R327 210/kg (US$1 154/oz)

Operating profit¹ lower at R4.5 billion (US$511 million)

Headline profit per share* of 47 SA cents (5 US cents)

• reversal of the Hidden Valley deferred tax asset of R547 million (US$55 million)³
• losses related to temporary closure at Kusasalethu
retrenchment

costs

No final dividend declared (interim dividend of 50 SA cents paid)

*

Includes discontinued operation

1. Operating profit is comparable to the term production profit in the segment report in the financial statements and not to the operating

profit line in the income statement

2. LTIFR = Lost Time Injury Frequency Rate

3. Translated at a spot rate of US$/R9.98 at 30 June 2013

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

Q4 FY13

RESULTS FOR THE FOURTH QUARTER AND YEAR ENDED 30 JUNE 2013

2

2

2

2

Forward-looking statements

This 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 statements
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’s Integrated Annual Report,

Notice of Annual General Meeting, its

Sustainable Development Report and its Annual

Report filed on a Form 20F with the United

States’ Securities and Exchange Commission

for the year ended 30 June 2013 will be

available on our website towards the end of

October 2013.

www.harmony.co.za

3

Chief executive officer’s review

5

Financial overview

6        Operational overview

6

Group operational results for the quarter and year
ended 30 June 2013
6        Continuing operation

6        Kusasalethu
6        Doornkop
6        Phakisa
7        Tshepong
7        Masimong
7        Hidden Valley

7        Target 1

7        Bambanani
8        Joel
8        Unisel
8        Target 3

8        Steyn 2

8

Total South African surface operations
8         Kalgold
9         Phoenix (tailings)

9         Surface dumps

9

Mineral resources and mineral reserves

10

Mineral resources statement

11

Mineral reserves statement

13

Exploration highlights

16

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

18

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

20

Condensed consolidated income statements (Rand)

21

Condensed consolidated statements of comprehensive income (Rand)

22

Condensed consolidated balance sheets (Rand)

23

Condensed consolidated statements of changes in equity (Rand)

24

Condensed consolidated cash flow statements (Rand)

25

Notes to the condensed consolidated financial statements

30

Segment report (Rand/Metric)

32

Operating results (US$/Imperial)

34

Operating results – Year on Year (US$/Imperial)

36

Condensed consolidated income statements (US$)

37

Condensed consolidated statements of comprehensive income (US$)

38

Condensed consolidated balance sheets (US$)

39

Condensed consolidated statements of changes in equity (US$)

40

Condensed consolidated cash flow statements (US$)

41

Segment report (US$/Imperial)

42

Development results – Metric and Imperial

43

Notes

Competent person’s declaration

Harmony reports in terms of the South African Code for the Reporting
of Exploration results, Mineral Resources and Ore Reserves (SAMREC).
Harmony employs an ore reserve manager at each of its operations who
takes responsibility for reporting mineral resources and mineral reserves
at his operation.

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

Resources and Reserves South Africa: Jaco Boshoff, Pr. Sci. Nat., who has
18 years’ relevant experience and is registered with the South African
Council for Natural Scientific Professions (SACNASP).

Resources and Reserves Papua New Guinea: Gregory Job, BSc, MSc,
who has 25 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.

Mineral Resource and Reserve information as at 30 June 2013 is included
in this report.

3

Chief executive officer’s review

Harmony is a globally competitive gold mining company, focused on
growing profits. In the current gold price environment it is no longer
growth at all costs. Investors are seeking returns and do not favour
large capital projects. This is the new reality that we are dealing with.

During the past quarter we have concluded our strategic plans for
financial year 2014. Key considerations were:

•  free cash flow

•   applying conservative financial modelling

•  risk mitigation

•  retaining our balance sheet strength

–  reducing all costs (including head office costs)

–  reducing capital expenditure

•  continue to increase our grade

•  plans that will enable us to withstand the volatility of the gold price

Our strategic plans were approved assuming a gold price of R400 000/kg.
We believe that our plans are realistic and we have taken into account
possible risks to execute our strategy. Our safety and health initiatives,
improved productivity, the correct allocation of capital, a quality reserve
base, improved grade, reduced costs, experienced teams and proper
business planning will secure a sustainable business.

1. SAFETY

The year on year fatality injury frequency rate improved by 33% from
0.15 (rate per million man hours) in FY12 to 0.10 (rate per million man
hours) in financial year 2013 (FY13) – the lowest ever recorded in the
history of Harmony. Although Harmony achieved a significant year on
year improvement, a lot more needs to be done to eliminate fatalities.
A total of 10 people lost their lives due to mine accidents in Harmony
during FY13, compared to 15 people in FY12. A major reduction in the
number of fall of ground related fatalities was achieved with only one
fall of ground related fatality recorded in FY13.

The lost time injury rate improved by 21% year on year from 6.67 (rate
per million man hours) to 5.28 (rate per million man hours) – this is the
lowest annual rate in the history of Harmony.

It is with regret that I have to report that two people were fatally injured
in two separate accidents during the June 2013 quarter. They were
Potso Peter Kotjomela, a scraper winch operator at Phakisa and
Lebohang Michael Chake, a development team leader at Kusasalethu.
The board, management and I wish to express our sincere condolences
to the friends and families of these colleagues.

2. HEALTH

Over the past three years we have built a centralised health function
to focus on the roll out of our pro-active health strategy, as well as
standardising health protocols across the South African operations.
We have invested a substantial amount of resources, i.e. finance,
information technology and skills in improving our record keeping
systems and processes in an attempt to monitor employee health
individually and collectively to improve the overall health and wellness
of our employees.

40% of our workforce is on chronic medication and are continuously
monitored. Although HIV/Aids remains our biggest health risk, the
actuarial prevalence rate for Harmony has reduced from 27% to 24%
over the past five years. Between 10% to 20% of the employees of
the individual mines are now on antiretroviral therapy (ART). During
the past financial year all Harmony’s employees and contractors were

offered voluntary counselling and testing for HIV/Aids, with 40%
volunteering to be tested.

Although there has been an improvement in sick absenteeism over the
past financial year from 5.13% to 4.55%, we believe that there is still
massive room for improvement in this area and it will be a key focus for
the health team for the next year.

3. OPERATIONAL AND FINANCIAL RESULTS

Year on year

Gold production for the year ending June 2013 was 35 374kgs,
2% lower than the same period last year, mainly due to the labour
disruptions at Kusasalethu during the December 2012, March 2013
and June 2013 quarters.

In line with Harmony’s strategic initiative to improve the quality of
ounces mined, year on year underground grade increased by 7%.
Recovered grade was the main driver towards the increase in gold
production across the various operations and improvements were
recorded at most operations.

The following operations improved their gold production when
compared to financial year 2012 (FY12):

• Joel – gold production was 565kg (21%) higher, mainly as a result of
  an 11% improvement in the recovered grade to 5.28g/t (4.78g/t in
  FY12), whilst tonnes milled increased by 10% year on year;

• Bambanani – gold production was 556kg (54%) higher due to a
  49% increase in the recovered grade from 6.57g/t in FY12 to
  9.79g/t for the year under review. Tonnes milled increased by 3%
  year on year;

• Doornkop – gold production was higher at 556kg (18%), recovered
  grade increased by 9% from 3.31g/t to 3.60g/t in FY13. Tonnes  
  milled increased by 9%;

•T arget 3 – gold production increased by 503kg (45%) – recovered
  grade increased by 42% to 5.03g/t from 3.55g/t in FY12;

• Masimong – gold production increased by 396kg (12%), as  a
  result of a 21% increase in the recovered grade to 4.17g/t

  (3.45g/t in FY12);

• Target 1 – gold production was 337kg (9%) higher; recovered grade
  increased by 20% from 4.61g/t in FY12 to 5.53g/t in financial year
  2013 (FY13);

• Kalgold – gold production was 291kg (28%) higher; recovered
  grade increased by 22% to 0.95g/t compared to 0.78g/t in FY12.
  Tonnes milled increased 4% year on year;

• Unisel – gold production increased by 220kg (14%); tonnes milled
  increased by 13% in FY13;

• S teyn 2 – gold production increased by 147kg (45%), with the
  operation being in production for the whole year. Tonnes milled
  increased by 24% whilst recovered grade increased by 31% to
  10.15g/t (7.74g/t in FY12).

The following operations require more attention in the next year, as
their production performance was less than acceptable:

• Kusasalethu produced a total of 2  740 kilograms of gold,
  2   893  kilograms (–51%) less than in financial year 2012 due to
  labour unrest;

• Tshepong produced 1 133kg gold less (–21%) than the previous
  financial year. The decrease in gold production is mainly as a
  result of a 16% decrease in tonnes milled for financial year 2013.
  A decrease in the recovery grade to 3.99g/t, 7% lower than the
  4.29g/t recorded in FY12, also contributed towards the decrease in
  production;

•Dumps – 230kg less gold produced (–15%); a 26% decrease in
  the recovery grade was the main contributor towards the decrease
  in gold produced. Tonnes milled increased by 11%. The decrease in
  grade is due to the depletion of all the higher grade waste dumps;

4

Results for the fourth quarter
and year ended 30 June 2013

•  Hidden Valley produced 118kg (–4%) less gold year on year. The
  recovery grade decreased by 8% to 1.43g/t from 1.56g/t in FY12,
  whilst tonnes milled increased by 4%;

• Phakisa produced 107kg (–4%) less gold than in the previous
  financial year, due to the ventilation shaft failure in the March and
  June 2013 quarters resulting in tonnes milled being 2% lower
  than in FY13, with the recovered grade 3% lower at 4.75g/t  
  (4.88g/t in FY12).

A total net loss of R2.4 billion was recorded, compared to a net profit
of R2.6 billion for the 2012 financial year, mainly due to the impairment
of the Hidden Valley asset and labour disruptions at Kusasalethu and its
subsequent temporary closure.

The total basic loss per share is 548 SA cents for the year ended
30  June  2013, compared to earnings of 614 SA cents per share in
the previous year.  Total headline earnings per share decreased from
565 SA cents to 47 SA cents per share.

Quarter on quarter

We continue to manage that which is in our control – production and
costs. Gold production for the June 2013 quarter increased by 12%
to 8 588kg compared to the previous quarter. This was mainly due to
the build-up in production at Kusasalethu, after the labour unrest at
the mine during the second to fourth quarters of the financial year.

Operating profit for the June 2013 quarter was 22% lower, due to a
9% decrease in the gold price received, as well as an 8% increase in
cash operating cost. Cash operating costs in the June 2013 quarter
increased by R225 million when compared to the March 2013 quarter,
due to the build-up in production at Kusasalethu, annual electricity
increases, as well as winter electricity tariffs.

We are making good progress with our cost cutting project, Project 400.
We have reduced our capital expenditure, as well as our services,
exploration, procurement and corporate costs.

The rand per kilogram unit cost for the June 2013 quarter decreased by
3% to R351 109/kg in the past quarter, mainly due to the 12% increase
in gold produced for the June 2013 quarter.

Total capital expenditure for the June 2013 quarter was R804 million –
R127 million higher than the previous quarter – mainly as a result of a
R93 million increase in capital expenditure at Kusasalethu.

On 19 July 2013 Harmony announced that the carrying value of its 50%
holding in Hidden Valley would be written down to its net recoverable
value. The reason for the impairment is the reduction in the US dollar
gold and silver prices and Hidden Valley’s poor production performance.
An amount of US$268 million (approximately R2.7 billion) has been
written down. In addition, an amount of R58 million in respect of
Harmony’s South African assets has been impaired. The impairments
have reduced the reported net profit, but do not have an impact on
reported cash balances and free cash flow.

The net loss for the June 2013 quarter was R3 499 million, compared to
a R124 million net loss recorded for the March 2013 quarter, mainly due
to the impairment of assets of R2 675 million and the derecognition of
the deferred tax asset of R547 million for the Hidden Valley operation.

The total basic loss per share for the June 2013 quarter increased from
29 SA cents to 809 SA cents per share. The total headline loss per share
increased from 47 SA cents to 186 SA cents.

Hidden Valley

The various efficiency improvement and cost reduction projects
continue at Hidden Valley showing significant improvements in the
mining grade control, road maintenance (cost and productivity), truck
loading efficiency and smaller mobile fleet requirements.

The restructuring of the joint venture’s management to meet both the
financial and strategic objectives of the business progressed well during
the past quarter.

4. GOLD MARKET

We are in gold mining for the long haul and believe that R400 000/kg
is a sustainable gold price to assume in the current gold price climate.
With the Rand/dollar exchange rate being weaker, it has been a huge
advantage to be predominately a South African producer.

The rand gold price received during the quarter decreased by 9% to
R427 534/kg, from R470 030/kg in the previous quarter. This was mainly
due to a 14% decrease in the US dollar gold price from US$1 639/oz in
the March 2013 quarter to US$1 407/oz during the past quarter. This
decrease was however partially offset by a 6% weakening in the rand
against the dollar from US$/R8.92 in the previous quarter to US$/R9.45
in the June 2013 quarter.

Year on year, the R/kg gold price received increased by 8% while
the US$/oz price decreased by 5%, due to the R/US$exchange rate
weakening by 14%.

5. RESERVES AND RESOURCES

As at 30 June 2013, Harmony’s Mineral Reserves amounted to
51.5 million ounces (Moz) of gold, a 2.8% decrease from the 52.9Moz
declared on 30 June 2012. The 2.8% decrease collectively represents
mined Reserves during the year, a change in surface sources Reserves,
together with some scope changes. The geographical representation of
Reserves has not changed from the previous year.

Harmony’s attributable gold equivalent Mineral Resources are declared
as 147.7Moz as at 30 June 2013, a 1.7% decrease year-on-year from
the 150.2Moz declared on 30 June 2012. The 1.7% decrease is due to
mining and geology changes.

Our large Resource and Reserve base supports our belief that we have a
solid base of assets containing quality ounces.

6. WAFI-GOLPU PROJECT

Regardless of the quality of the ore body, developing Golpu in line
with the 2012 pre-feasibility study in the current gold and copper
price climate does not deliver an adequate return on investment
and therefore requires to be repositioned. We had various concerns
regarding the substantial capital that will be injected into the project
and are considering ways in which to develop a project with lower
capital requirements and which will be a modular, expandable mine. 

Harmony’s contribution to drilling and project expenditure for the next
two financial years will be funded from our cash flow, after which
external funding options will be considered. During this phase we will
ensure that Golpu’s development strategy is aligned with the strategy of
Harmony, which is to grow investor returns. 

A low risk, modular, expandable development approach involves less
risk and is expected to result in an improved project value. The decision
to apply a modular expandable solution is a different approach to that
proposed in the 2012 pre-feasibility study.

7. EMPLOYEE RELATIONS

The labour relations climate remained volatile in the industry prior to
the start of the 2013 round of wage negotiations in the gold sector.
Harmony experienced two work stoppages during the quarter led by
the National Union of Mine Workers (NUM) at Doornkop and Tshepong.
The issues raised during these industrial actions were mainly operational
and have since been resolved, or are in the process of being addressed
through the existing mine-based structures.

5

Financial overview

QUARTER ON QUARTER

Net loss

The net loss for the June 2013 quarter was R3 499 million compared
to a R124 million net loss for the March 2013 quarter, mainly due to
impairment of assets of R2 675 million and the reversal of a deferred tax
asset of R547 million for the Hidden Valley operation.

Impairment of assets

Following the sharp decrease in the gold price, an impairment of assets
of R2 733 million was recorded during the June 2013 quarter, consisting
of an impairment of R2 675 million for the Hidden Valley operation and
R58 million for the SA operations. The impairment results from a lower
than expected life-of-mine profit, due to the reduction in the US dollar
gold and silver prices assumptions and Hidden Valley’s poor production
performance.

Other items in Cost of Sales

Other items in Cost of Sales for the June 2013 quarter includes a change
in estimate of the value of static gold in lock-up and other stockpiles
of R29 million and restructuring costs of R39 million, following the
introduction of voluntary retrenchment packages in South Africa and
the restructuring at the Hidden Valley operation. Offsetting this is a net
credit of R40 million for rehabilitation following the reduction of the
rehabilitation liability, primarily as a result of the rehabilitation projects
in the Free State area.

Other expenses

Included in other expenses in the June 2013 quarter is a loss of
R161  million for the foreign exchange movement (March 2013:

R150 million) on the US$ denominated syndicated facility, resulting from
the Rand weakening from US$/R9.22 at 31 March 2013 to US$/R9.98 at
30 June 2013. Also included is an amount of R23 million for the once-off
share-based payment expense related to the Phoenix transaction.

Deferred tax

A deferred tax expense of R547 million was recorded following
the derecognition of the Hidden Valley deferred tax asset during
the  June  2013 quarter, as it is no longer deemed recoverable in the
current gold price environment.

Loss per share

Total basic loss per share increased in the June 2013 quarter from 29 SA
cents to 809 SA cents per share. Total headline loss per share increased
from 47 SA cents to 186 SA cents per share.

YEAR ON YEAR

Exploration expenditure

Exploration expenditure for the year ended 30 June 2013 increased to
R673 million compared to R500 million for the previous year, mainly
due to R652 million spent on the PNG projects. Expenditure on resource
definition drilling amounted to R233 million, exploration amounted to
R251 million, while the feasibility studies accounted for R168 million of
the total for the year. These expenses are expected to decrease in future
as a result of the optimisation process reductions agreed to by both the
joint venture partners.

Profit from discontinued operations

Profit from discontinued operations for the year ended 30 June 2013
includes the group profit of R102 million recorded on the sale of Evander
in the March 2013 quarter, following the fulfilment of all conditions

A recognition agreement was signed by management and the
Association of Mineworkers and Construction Union (AMCU) for
Masimong during the week of the 15 July 2013. AMCU now represents
a third of Masimong’s total workforce and at Kusasalethu, AMCU
represents 74% of the employees.

The gold sector wage negotiations started on 11 July 2013 at the
Chamber of Mines. We believe that good sense will prevail and that
strikes will be averted. The labour disruptions at Kusasalethu alone
cost Harmony approximately R1.2 billion. It is not in the interest of
the company, the employees or the industry to further be subjected to
such losses.

There are a number of initiatives being implemented to contain the
labour situation, both at company and industry level. Some of these
include the following:

•  Workshops with all the unions in the company;

•   Engagement with the unions on signing of the code of conduct by
   individual employees similar to the one signed at Kusasalethu;

•   General managers’ mass meetings;

•   Communication campaigns with employees and unions across all
  our South African operations;

•   Re-introduction of the mine productivity bonus;

•   Continued engagement with the other gold mining companies.

8. DISPOSAL OF A 30% INTEREST IN THE PHOENIX OPERATION

On 20 March 2013 Harmony signed transaction and funding
agreements to give effect to an empowerment transaction to dispose

of 30% of its Free State based Phoenix tailings operation (Phoenix)
to BB-BEE shareholders. The BB-BEE shareholders include Sikhuliso
Resources (Proprietary) Limited, Kopano Resources (Proprietary) Limited,
Mazincazelane Investments (Proprietary) Limited and the Malibongwe
Women Development Trust, as well as a community trust that has been
created by Harmony.

9. DIVIDEND

In view of the fact that Harmony did not record a profit for the last
six months, the board has decided not to declare a final dividend. An
interim dividend of 50 SA cents was paid during FY13.

CONCLUSION

Harmony’s strategy has been consistent in that we seek to optimise
operational delivery, grow our cash flow and share our profits with all
our stakeholders. There are times when pursuing one’s strategy, tough
decisions are required – such as the temporary closure of Kusasalethu.
We will continue to do what is right for our shareholders and
stakeholders to sustain the future of the company.

Graham Briggs
Chief executive officer

6

Results for the fourth quarter
and year ended 30 June 2013

precedent. The remaining R212 million represents profits for Evander
for the eight months ended February 2013. Included in the amount
for the year ended 30 June 2012 is the profit on sale of Evander 6 and
Twistdraai to Taung Gold Limited of R230 million (before tax).

Loss per share

Total basic loss per share amounted to 548 SA cents in the year ended
30 June 2013, compared to earnings of 614 SA cents per share in the
previous year. Total headline earnings per share decreased from 565 SA
cents to 47 SA cents per share.

Borrowings

Total borrowings increased by R722 million to R2 538 million in the year
ended 30 June 2013. This is due to a total drawdown of US$80 million
(R678 million) and a foreign exchange translation loss of R351 million
recorded on the US$ syndicated facility in the year ended 30 June 2013.
This was partially offset by the total repayment of R305 million made
during the year ended 30 June 2013 on the rand facilities.

Operational overview

GROUP OPERATIONAL RESULTS FOR THE QUARTER ENDED
30 JUNE 2013

Continuing operations

Indicator

Units

June

2013

March

2013

%

variance

Underground tonnes

000

1 592

1 381

15

Surface tonnes

000

3 174

3 005

6

Total tonnes

000

4 766

4 386

9

Underground grade

g/t

4.37

4.50

(3)

Surface grade

g/t

0.51

0.49

4

Total grade

g/t

1.80

1.76

2

Gold produced

Kg

8 588

7 699

12

Cash operating costs

R/kg

351 109

362 491

3

Operating profit

R’000

639 220

821 283

(22)

Gold production improved by 12% quarter-on-quarter to 8  588kg
largely due to a 9% increase in tonnes milled and a 2% increase in total
recovered grade to 1.80g/t.

Underground grade decreased by 3% quarter on quarter to 4.37g/t
due to the lock-up of gold at Kusasalethu and the marginally lower
plant call factor in Harmony One plant which treats the majority of the
tonnes in the Free State region. Increased focus remains on the top
20 high grade panels at each operation, the quality of the sweepings,
stoping width and off reef mining discipline to ensure an increase in
grades and output.

Cash operating costs improved by 3% to R351 109/kg from the previous
quarter. Total cash operating costs at all the shafts increased during the
quarter, due to higher electricity tariffs – which includes one month of
winter tariffs and an increased rate since April’s official increase – an
increase in bonuses due to higher production outputs and an increase
in plant costs due to higher volumes milled.

Kusasalethu

Indicator

Units

June

2013

March

2013

%

variance

Tonnes

000

212

33

>100

Grade

g/t

3.25

1.48

>100

Gold produced

kg

688

49

>100

Cash operating costs

R/kg

577 337 6 564 347

91

Operating loss

R’000

(121 535)

(285 680)

57

The phased re-opening process of employees returning to Kusasalethu,
post its temporary closure, was concluded on 26 April 2013. Every
employee signed the code of conduct, received training on the

guarantees and undertakings agreed to in the agreement, and
underwent health and safety inductions. Daily operations are peaceful
and productive.

During the June 2013 quarter, Kusasalethu produced 688kg of gold
at a  recovered grade of 3.25g/t. Cash operating cost improved to
R577 337/kg, due to increased gold production. Normalised cost levels
in R/kg are however only expected in the coming quarter.

The operating loss decreased quarter on quarter to R122 million, due to
increased gold production.

Doornkop

Indicator

Units

June

2013

March

2013

%

variance

Tonnes

000

242

249

(3)

Grade

g/t

3.55

3.60

(1)

Gold produced

kg

859

897

(4)

Cash operating costs

R/kg

332 516

295 429

(13)

Operating profit

R’000

79 158

150 231

(47)

Doornkop’s recovered grade remained stable at 3.55g/t while tonnes
milled decreased by 3% quarter on quarter to 242 000t. The decrease
in tonnes was due to illegal labour disruptions during the quarter,
lasting about four days, resulting in a 4% decrease in gold production
to 859kg. The appropriate action was taken regarding the labour unrest
and no further disruptions were reported during the quarter.

Lower gold production and an increase in electricity, plant and stores
costs during the quarter, resulted in a 13% increase in operating costs
to R332 516/kg, impacting on the operating profit quarter on quarter.

Phakisa

Indicator

Units

June

2013

March

2013

%

variance

Tonnes

000

133

109

22

Grade

g/t

4.38

4.44

(1)

Gold produced

kg

583

484

20

Cash operating costs

R/kg

444 168

505 324

12

Operating profit

R’000

(8 941)

(18 147)

51

Phakisa had an improved production quarter despite the underground
fire which resulted in a mine stoppage of ten days, followed by a
gradual start-up.

Tonnes milled increased by 22% quarter on quarter to 133 000t while
recovered grade remained stable at 4.38g/t. Gold produced increased by
20% to 583kg. Cash operating costs improved by 12% to R444 168/kg,
due to the increase in gold production. The remedial work at Freddies
No. 3 ventilation shaft is on track and is expected to be completed by
the end of calendar year 2013.

7

Tshepong

Indicator

Units

June

2013

March

2013

%

variance

Tonnes

000

211

262

(19)

Grade

g/t

3.86

3.93

(2)

Gold produced

kg

815

1 029

(21)

Cash operating costs

R/kg

418 310

340 586

(23)

Operating profit

R’000

2 069

131 961

(98)

During the June 2013 quarter, gold production was 21% lower quarter
on quarter at 815kg, due to several labour disruptions, as well as the fire
at Phakisa mine, (a linked underground section was halted for ten days
due to the impact of the Phakisa fire in this section). These issues have
been resolved and Tshepong should perform better in the next quarter.

Cash operating costs for the quarter increased in line with the decrease
in gold production to R418 310/kg resulting in a lower operating profit
of R2 million for the quarter.

Masimong

Indicator

Units

June

2013

March

2013

%

variance

Tonnes

000

210

181

16

Grade

g/t

4.00

4.41

(9)

Gold produced

kg

839

799

5

Cash operating costs

R/kg

289 795

287 596

(1)

Operating profit

R’000

114 723

144 950

(21)

Gold production increased by 5% to 839kg quarter on quarter, due
to a 16% increase in tonnes milled to 210 000t. The recovered grade
decreased by 9% to 4.00g/t and the management team has undertaken
to focus more on clean mining during the next quarter.

Cash operating costs increased slightly to R289 795/kg due to the
increase in electricity tariffs.

Masimong recorded an operating profit of R115  million during the
quarter, compared to R145 million during the March 2013 quarter.

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

Indicator

Units

June

2013

March

2013

%

variance

Tonnes

000

457

440

4

Grade

g/t

1.58

1.34

18

Gold produced

kg

722

591

22

Cash operating costs

R/kg

487 898

515 012

5

Operating loss

R’000

(52 066)

(20 924)

>(100)

Gold production increased by 22% from 591kg in the previous quarter
to 722kg, while silver production decreased with 7% from 205 651oz
to 191 429oz. Gold production increased due to improved grades
delivered to the mill and improved recoveries in the treatment plant,
which yielded an 18% increase in recovered grade at 1.58g/t for
the quarter. The increase in tonnes milled of 4% quarter-on-quarter
to 457  000t, is due to improved mobile fleet availability and an
improvement in management of the fleet in the pit.

The main reason for the decrease in silver production is that the over
land conveyor was not operating for most of the quarter and more ore
was processed out of the Hamata pit which is closer to the plant, but
has a low silver content.

Cash operating costs improved quarter on quarter by 5% to R487 898/kg,
due to higher gold production.

The operating loss for the quarter of R52 million was as a result of the
lower gold price received and the increase in total cash operating costs.

The crusher upgrade was wet commissioned on the 20 June 2013.
Good progress was made with the performance testing of the system.
This will decrease the expected ore movement cost per ton for the
coming quarter.

The restructuring of the joint venture management structure to meet
both the financial and strategic objectives of the business progressed
well during the past quarter. The following major cost saving initiatives
will continue to reduce the cash cost per ounce during the September
2013 quarter:

continuation of organisational restructuring started in the June 2013
quarter;

eliminating the need for truck haulage to the treatment plant with
the commissioning of the upgraded crusher and OLC system;

re-negotiation of all major contracts.

Target 1

Indicator

Units

June

2013

March

2013

%

variance

Tonnes

000

179

182

(2)

Grade

g/t

5.01

5.02

(0.2)

Gold produced

kg

897

913

(2)

Cash operating costs

R/kg

281 223

248 585

(13)

Operating profit

R’000

147 189

195 795

(25)

Gold production at Target 1 is slightly down at 897kg, mainly due to
lower tonnes milled of 179 000t compared to 182  000t during the
previous quarter. Grade remained flat at 5.01g/t. Cash operating costs
increased by 13% quarter on quarter to R281  223/kg, due to higher
electricity costs and maintenance costs on the equipment and the fridge
plants.

Despite the higher costs and the lower gold price received, Target 1
recorded an operating profit of R147 million during the quarter.

Bambanani

Indicator

Units

June

2013

March

2013

%

variance

Tonnes

000

55

34

62

Grade

g/t

11.16

8.76

27

Gold produced

kg

614

298

>100

Cash operating costs

R/kg

201 467

388 477

48

Operating profit

R’000

143 445

23 983

>100

Gold production more than doubled from 298kg in the previous quarter
to 614kg in the June 2013 quarter. The increase in production comes
from both a 27% increase in grade to 11.16g/t and a 62% increase in
tonnes milled to 55 000t.

Bambanani is Harmony’s lowest cash operating cost producer for the
June 2013 quarter, with a 48% decrease in cash operating costs to
R201  467/kg, mainly due to higher gold production. As a result,
operating profit was substantially higher at R143 million.

8

Results for the fourth quarter
and year ended 30 June 2013

Joel

Indicator

Units

June

2013

March

2013

%

variance

Tonnes

000

151

139

9

Grade

g/t

4.63

5.60

(17)

Gold produced

kg

699

779

(10)

Cash operating costs

R/kg

243 308

207 107

(17)

Operating profit

R’000

133 094

186 638

(29)

Although tonnes milled increased by 9% quarter-on-quarter to
151  000t, grade declined by 17% to 4.63g/t, resulting in a 10%
decrease in gold production to 699kg.

Joel is the second lowest cost producer in the company at R243 308/kg.
Despite lower gold production, Joel recorded an operating profit of
R133 million.

Unisel

Indicator

Units

June

2013

March

2013

%

variance

Tonnes milled

000

114

99

15

Grade

g/t

3.75

4.28

(12)

Gold produced

kg

427

424

1

Cash operating costs

R/kg

331 747

318 934

(4)

Operating profit

R’000

40 262

63 267

(36)

Gold production at Unisel increased slightly to 427kg. The 12% decrease
in recovered grade was off-set by the 15% increase in tonnes milled at
114 000t for the quarter. The decrease in grade was mainly as a result
of lower face grades and an increase in stoping widths.

Unisel recorded an operating profit of R40 million during the quarter,
with cash operating costs 4% higher at R331  747/kg as a result of
higher electricity, stores and plant costs.

Target 3

Indicator

Units

June

2013

March

2013

%

variance

Tonnes

000

73

81

(10)

Grade

g/t

5.74

5.05

14

Gold produced

kg

419

409

2

Cash operating costs

R/kg

297 759

308 220

3

Operating profit

R’000

61 329

65 148

(6)

Gold production increased by 2% quarter on quarter, despite the 10%
decrease in tonnes milled at 73 000t.

Recovered grade was 14% higher quarter on quarter at 5.74g/t, as a
result of the increase in face grades and an improvement in the mine
call factor.

The operating profit generated was 6% lower at R61 million quarter
on quarter, as a result of the lower gold price received. Cash operating
costs were 3% lower at R297 759/kg, due to increased gold production.

Steyn 2

Indicator

Units

June

2013

March

2013

%

variance

Tonnes

000

12

12

–

Grade

g/t

10.08

11.58

(13)

Gold produced

kg

121

139

(13)

Cash operating costs

R/kg

257 736

228 295

(13)

Operating profit

R’000

19 868

33 485

(41)

Tonnes milled remained flat quarter on quarter at 12 000t. Recovered
grade decreased to 10.08g/t from a 30% increase recorded in the
previous quarter to a 13% decrease in the current quarter. A further
emphasis has been placed on clean mining to improve grades going
forward.

Operating profit decreased to R20 million mainly due to the 13%
decrease in gold production to 121kg.

TOTAL SOUTH AFRICAN SURFACE OPERATIONS

Indicator

Units

June

2013

March

2013

%

variance

Tonnes

000

2 717

2 565

6

Grade

g/t

0.33

0.35

(6)

Gold produced

kg

905

888

2

Cash operating costs

R/kg

324 401

312 931

(4)

Operating profit

R’000

80 625

150 576

(46)

Tonnes milled at the South African surface operations increased by 6%
to 2 717 000t, mainly due to higher volumes at Phoenix – resulting in a
2% increase in gold production quarter on quarter from 888kg of gold
to 905 kg of gold.

Recovered grade decreased from 0.35g/t to 0.33g/t quarter-on-quarter,
mainly due to lower grades at Phoenix and the surface dumps.

Cash operating costs for the June 2013 quarter were 4% higher at
R324 401/kg, while operating profits decreased quarter-on-quarter to
R81 million, mainly due to lower gold prices received.

Kalgold

Indicator

Units

June

2013

March

2013

%

variance

Tonnes

000

367

332

11

Grade

g/t

0.97

0.93

4

Gold produced

kg

357

309

16

Cash operating costs

R/kg

320 417

354 346

10

Operating profit

R’000

27 082

45 459

(40)

Kalgold’s gold production increased by 16% quarter-on-quarter to
357kg, mainly due to an 11% increase in tonnes milled to 367 000t in
the June 2013 quarter, supported by a 4% increase in recovered grade
at 0.97g/t.

Cash operating costs improved by 10% from the previous quarter to
R320 417/kg, due to higher gold production. Total cash operating costs
increased due to higher plant costs following maintenance.

Operating profit was lower at R27 million, due to a lower gold price
received and an increase in total cash operating costs quarter-on-
quarter.

9

Phoenix (tailings)

Indicator

Units

June

2013

March

2013

%

variance

Tonnes

000

1 471

1 325

11

Grade

g/t

0.14

0.16

(13)

Gold produced

kg

202

216

(6)

Cash operating costs

R/kg

317 396

254 986

(24)

Operating profit

R’000

24 005

45 371

(47)

Tonnes treated increased by 11% to 1  471  000t, due to the early
commissioning of the St Helena cyclone dam. The decrease in recovered
grade to 0.14g/t is as a result of lower dissolution during the quarter.
Gold production was 6% lower at 202kg as a result. Phoenix’s operating
profit decreased from R45 million to R24 million, due to lower gold
production and higher cash operating costs as a result of higher than
planned reagents and plant rehabilitation costs during the quarter.

Surface dumps

Indicator

Units

June

2013

March

2013

%

variance

Tonnes

000

879

908

(3)

Grade

g/t

0.39

0.40

(3)

Gold produced

kg

346

363

(5)

Cash operating costs

R/kg

332 601

312 157

(7)

Operating profit

R’000

29 538

59 746

(51)

Gold production was 5% lower at 346kg during the quarter. Preference
was given at the plants to the increased ore deliveries from the
underground operations and therefore less capacity was available for
surface dumps.

A R30 million operating profit was recorded during the quarter, much
lower than the March 2013 quarter, due to lower gold production,
a lower gold price received and higher cash operating costs.

MINERAL RESOURCES AND MINERAL RESERVES
AS AT 30 JUNE 2013

Harmony’s statement of Mineral Resources and Mineral Reserves as at
30 June 2013 is produced in accordance with the South African Code
for the Reporting of Mineral Resources and Mineral Reserves (SAMREC
Code) and the Australian Code (JORC Code). The Mineral Resources are
reported inclusive of the Mineral Reserves.

The Company’s attributable gold equivalent Mineral Resources are
declared as 147.7 million ounces (Moz) as at 30 June 2013, a 1.7%
decrease year-on-year from the 150.2Moz declared on 30 June 2012.
The 1.7% decrease collectively represents mined Resources during the
year, together with some geology changes. The gold Resource ounces in
South Africa represent 72%, while Papua New Guinea (PNG) gold and
gold equivalent ounces represent 28% of Harmony’s total Resources as
at 30 June 2013.

As at 30 June 2013, Harmony’s Mineral Reserves amounted to 51.5Moz
of gold, a 2.8% decrease from the 52.9Moz declared on 30 June 2012.
The 2.8% decrease collectively represents mined Reserves during the
year, change in surface sources Reserves, together with some scope
changes. The gold Reserve ounces in South Africa represent 58% while
PNG gold and gold equivalent ounces represent 42% of Harmony’s total
Reserves as at 30 June 2013.

There were no changes in the Reserves and Resources of Wafi-Golpu
(jointly held by Harmony and Newcrest Mining Limited in a 50/50 joint
venture) since the pre-feasibility study was completed in 2012 (refer
Figure 1 below). On a 100% basis, Golpu continues to host a high grade,
quality reserve of 450Mt, containing 12.4Moz of gold and 5.4 million
tonnes (Mt) of copper (38.9Moz on a gold equivalent* basis).

The company’s detailed Resources and Reserves declaration will be
published in the FY13 Annual Report, which will be made available to
shareholders towards the end of October 2013.

Figure 1. Geographical distribution of Mineral Resources and Mineral
Reserves as at 30 June 2013

Gold resources including gold

Gold reserves including gold

equivalent* (30 June 2013)

equivalent* (30 June 2013)

South Africa

72%

South Africa

58%

PNG

28%

PNG

42%

*

30 June 2013 Gold equivalent based on US$1 400/oz Au, US$3.10/lb Cu and US$23.00/oz

Ag at 100% recovery for all metals

In converting the Mineral Resources to Mineral Reserves the following
parameters were applied:

• a gold price of R400 000/kg;

• the Hidden Valley operations and Wafi-Golpu project in the Morobe
  Mining Joint Venture used prices of US$1 250/oz Au, US$21/oz Ag,
  US$15/lb Mo and US$3.10/lb Cu. For Wafi-Golpu, gold equivalent  
  ounces are calculated assuming a US$1 400/oz Au and US$3.10/lb
  Cu and for Hidden Valley US$23.00/oz Ag was assumed with 100%
  recovery for all metals.

Harmony’s South African Resources to Reserves conversion process as
well as four operations Target 1, Masimong, Kalgold and the Phoenix
Project were reviewed and audited by SRK Consulting Engineers and
Scientists for compliance with the South African Code for Reporting
Mineral Resources and Mineral Reserves – SAMREC Code and
Sarbanes-Oxley requirements. Harmony’s Papua New Guinea Mineral
Resources and Mineral Reserves have been independently reviewed by
AMC Consultants Pty Ltd for compliance with the standards set out
in the Australasian Code for Reporting of Exploration Results, Mineral
Resources and Ore Reserves – The JORC Code.

The company’s detailed Resources and Reserves declaration will be
published in the FY13 Annual Report, which will be made available to
shareholders towards the end of October 2013. We use certain terms in
this document such as ‘Measured’, ‘Indicated’ and ‘Inferred’ Resources,
which the United States (US) Securities and Exchange Commission (SEC)
guidelines strictly prohibit US-registered companies from including in
their filings with the SEC. US investors are urged to closely consider the
disclosure in our Form 20-F.

Note: Au= gold; Cu = copper; Ag = Silver

10

Results for the fourth quarter
and year ended 30 June 2013

MINERAL RESOURCES STATEMENT

The following tables summarise the Mineral Resources for the
South African and Papua New Guinea operations and projects:

SA underground operations

Tonnes

(Mt)

g/t

Gold

(‘000 Kg)

Gold

(‘000 Oz)

Measured

97.0

8.23

799

25 684

Indicated

98.2

8.33

818

26 296

Inferred

190.7

7.07

1 348

43 337

Total

385.9

7.68

2 965

95 317

SA surface operations

Tonnes

(Mt)

g/t

Gold

(‘000 Kg)

Gold

(‘000 Oz)

Measured

382.3

0.30

116

3 743

Indicated

680.6

0.25

172

5 518

Inferred

107.6

0.64

68

2 205

Total

1 170.5

0.30

356

11 466

South Africa total

Tonnes

(Mt)

Gold

(‘000 Kg)

Gold

(‘000 Oz)

Measured

479.3

915

29 427

Indicated

778.8

990

31 814

Inferred

298.3

1 416

45 542

Total

1 556.4

3 321

106 783

Papua New Guinea

Hidden Valley operations

Tonnes

(Mt)

*

g/t

Gold

(‘000 Kg)

*

Gold

(‘000 Oz)

*

Equity

Gold

(‘000 Oz)

**

Measured

1.4

1.17

2

52

26

Indicated

118.6

1.49

176

5 676

2 838

Inferred

7.0

1.13

8

254

127

Total

127.0

1.46

186

5 982

2 991

Wafi-Golpu system

Tonnes

(Mt)

*

g/t

Gold

(‘000 Kg)

*

Gold

(‘000 Oz)

*

Equity

Gold

(‘000 Oz)

**

Measured

–

–

–

–

–

Indicated

923.5

0.77

714

22 958

11 479

Inferred

252.5

0.70

177

5 686

2 843

Total

1 176.0

0.76

891

28 644

14 322

* Represents Harmony/Newcrest joint venture 100% portion

** Represents Harmony’s 50% portion

Equivalent gold ounces

Hidden Valley operations

Equivalent Gold

(‘000 Oz)

*

Equity Equivalent

Gold

(‘000 Oz)

**

Measured

66

33

Indicated

7 436

3 718

Inferred

352

176

Total

7 854

3 927

Wafi-Golpu system

Equivalent Gold

(‘000 Oz)

*

Equity Equivalent

Gold

(‘000 Oz)

**

Measured

–

–

Indicated

60 048

30 024

Inferred

13 914

6 957

Total

73 962

36 981

* Represents Harmony/Newcrest joint venture 100% portion – gold, silver and copper

** Represents Harmony’s 50% portion – gold, silver and copper

In addition to the gold Resources, Harmony also reports on silver, copper
and molybdenum from its PNG operations.

Silver

Tonnes

(Mt)

*

g/t

Ag

(‘000 Kg)

*

Ag

(‘000 Oz)

**

Equity

Silver

(‘000 Oz)

**

Measured

1.3

19.1

26

816

408

Indicated

922.3

4.3

3 979

127 942

63 971

Inferred

236.6

2.0

484

15 556

7 778

Total

1 160.2

3.9

4 489

144 314

72 157

Copper

Tonnes

(Mt)

*

%

Cu

(‘000 t)

*

Cu

(M lbs)

*

Equity

Copper

(M lbs)

**

Measured

–

–

–

–

–

Indicated

810.0

0.92

7 492

16 517

8 258

Inferred

229.8

0.70

1 608

3 544

1 772

Total

1 039.8

0.88

9 100

20 061

10 030

Molybdenum

Tonnes

(Mt)

*

ppm

Mo

(‘000 t)

*

Mo

(M lbs)

*

Equity

Molybdenum

(M lbs)

**

Measured

–

–

–

–

–

Indicated

810.0

100

81

179

90

Inferred

190.0

75

14

31

15

Total

1 000.0

96

95

211

105

* Represents Harmony/Newcrest joint venture 100% portion

** Represents Harmony’s 50% portion

11

Papua New Guinea including gold equivalents **

Tonnes

(Mt)

Gold

(‘000 Kg)

Gold

(‘000 Oz)

Measured

0.7

1

33

Indicated

521.1

1 049

33 742

Inferred

129.7

222

7 133

Total

651.5

1 272

40 908

** Represents Harmony’s 50% portion

Total Harmony including gold equivalents**

Tonnes

(Mt)

Gold

(‘000 Kg)

Gold

(‘000 Oz)

Measured

480.1

916

29 460

Indicated

1 299.8

2 039

65 556

Inferred

428.0

1 638

52 675

Total

2 207.9

4 593

147 691

** Represents SA Total and Harmony’s 50% portion from PNG

Mineral Resources reconciliation: FY12 to FY13

Q

Gold equivalents

Q Gold

0

20

40

60

80

100

120

140

160

180

23.7

1.8

0.7

23.7

124.0

126.5

June 2012 –

gold & gold

equivalents

Mined
during

FY13

Geology
changes

June 2013 –

gold & gold

equivalents

Moz

Gold Equivalent Mineral Resources Reconciliation – FY12 to FY13

 

Gold

(tonnes)

Gold

(Moz)

June 2012 – gold and gold equivalents

4 672

150.2

Reductions

 

 

Mined during FY13

(56)

(1.8)

Geology changes

(22)

(0.7)

June 2013 – gold and gold equivalents

4 594

147.7

MINERAL RESERVES STATEMENT

The following tables show the Mineral Reserves for the South African
and Papua New Guinea operations and projects:

SA underground operations

Tonnes

(Mt)

g/t

Gold

(‘000 Kg)

Gold

(‘000 Oz)

Proved

53.6

5.93

318

10 223

Probable

66.8

5.83

390

12 531

Total

120.4

5.87

708

22 754

SA surface operations

Tonnes

(Mt)

g/t

Gold

(‘000 Kg)

Gold

(‘000 Oz)

Proved

371.6

0.30

110

3 554

Probable

393.9

0.27

107

3 439

Total

765.5

0.28

217

6 993

South Africa total

Tonnes

(Mt)

Gold

(‘000 Kg)

Gold

(‘000 Oz)

Proved

425.3

428

13 777

Probable

460.7

497

15 970

Total

886.0

925

29 747

Papua New Guinea*

Hidden Valley operations

Tonnes

(Mt)

*

g/t

Gold

(‘000 Kg)

*

Gold

(‘000 Oz)

*

Equity

Gold

(‘000 Oz)

**

Proved

1.3

1.23

2

52

26

Probable

62.4

1.74

108

3 486

1 743

Total

63.7

1.73

110

3 538

1 769

Wafi-Golpu system

Tonnes

(Mt)

*

g/t

Gold

(‘000 Kg)

*

Gold

(‘000 Oz)

*

Equity

Gold

(‘000 Oz)

**

Proved

–

–

–

–

–

Probable

450.0

0.86

385

12 388

6 194

Total

450.0

0.86

385

12 388

6 194

* Represents Harmony/Newcrest joint venture 100% portion

** Represents Harmony’s 50% portion

Equivalent gold ounces

Hidden Valley operations

Equivalent Gold

(‘000 Oz)*

Equity Equivalent

Gold

(‘000 Oz)**

Proved

66

33

Probable

4 456

2 228

Total

4 522

2 261

12

Results for the fourth quarter
and year ended 30 June 2013

Golpu

Equivalent Gold

(‘000 Oz)*

Equity Equivalent

Gold

(‘000 Oz)**

Proved

–

–

Probable

38 918

19 459

Total

38 918

19 459

* Represents Harmony/Newcrest joint venture 100% portion – gold, silver and copper

** Represents Harmony’s 50% portion – gold, silver and copper

In addition to the gold Reserves, Harmony also reports on silver, copper
and molybdenum from its PNG operations.

Silver

Tonnes

(Mt)

*

g/t

Ag

(‘000 Kg)

*

Ag

(‘000 Oz)

**

Equity

Silver

(‘000 Oz)

**

Proved

1.3

20.4

25

818

409

Probable

507.8

4.8

2 450

78 758

39 379

Total

509.1

4.9

2 475

79 576

39 788

Copper

Tonnes

(Mt)

*

%

Cu

(‘000 t)

*

Cu

(M lbs)

*

Equity

Copper

(M lbs)

**

Proved

–

–

–

–

–

Probable

450.0

1.21

5 436

11 984

5 992

Total

450.0

1.21

5 436

11 984

5 992

Molybdenum

Tonnes

(Mt)

*

ppm

Mo

(‘000 t)

*

Mo

(M lbs)

*

Equity

Molybdenum

(M lbs)

**

Proved

–

–

–

–

–

Probable

450.0

81

36

80

40

Total

450.0

81

36

80

40

* Represents Harmony/Newcrest joint venture 100% portion

** Represents Harmony’s 50% portion

Papua New Guinea including gold equivalents**

Tonnes

(Mt)

Gold

(‘000 Kg)

Gold

(‘000 Oz)

Proved

0.6

1

33

Probable

256.2

675

21 686

Total

256.8

676

21 719

** Represents Harmony’s 50% portion

Harmony Group including gold equivalents **

Tonnes

(Mt)

Gold

(‘000 Kg)

Gold

(‘000 Oz)

Proved

425.9

430

13 809

Probable

716.9

1 171

37 657

Total

1 142.8

1 601

51 466

** Represents SA Total and Harmony’s 50% portion from PNG

Mineral Reserves reconciliation: FY12 to FY13

Underground:

22.8Moz @ 5.87 g/t

PNG:

7.9Moz @ 0.96 g/t

SA surface:

7Moz @ 0.28 g/t

• Gold equivalents

• Gold

1.5

0.8

0.9

June

2012

Mined
during

FY13

Surface

Sources

Scope

changes

June

2013

Moz

0

10

20

30

40

50

60

13.8

13.8

37.7

39.1

Gold Equivalent Mineral Reserves Reconciliation – FY12 to FY13

 

Gold

(tonnes)

Gold

(Moz)

June 2012 – gold and gold equivalents

1 645

52.9

Reductions

 

 

Mined during FY13

(46)

(1.5)

Surface Sources

(25)

(0.8)

Increase

 

 

Scope changes

28

0.9

June 2013 – gold and gold equivalents

1 602

51.5

13

Exploration highlights

INTERNATIONAL (PAPUA NEW GUINEA)

Morobe Mining Joint Venture (MMJV) (50% Harmony)

Wafi-Golpu

Remodelling and future of the Wafi-Golpu project

Further to what is said in the chief executive’s review about this project
on page 4, the Golpu and Wafi deposit remodelling incorporating
the latest ore body data has been completed. This scope included the
estimation of metallurgical recovery for all processing options available
which are dependent on oxidation, rock-type and metal grades.

During the quarter a total of 12 237.7m were drilled. The rig fleet has
decreased from 7 to 5 rigs during the month in preparation for the plan
of 4 rigs operating on the project in FY14. Another drill rig will be
demobbed by the end of the first week of July. Two rigs are currently
assigned to the Golpu Resource Definition program, 2 rigs currently
assigned to brownfields exploration and 1 rig is completing the final
decline path geotechnical hole, after which it will be demobbed.

Drilling in the June 2013 quarter targeted the Golpu Upper Mine Zone
volume which demonstrated grade continuity and extended porphyry

content in the south western quadrant, between Golpu and Golpu
West. Intercepts include:

•  WR459

615.8m @ 0.57g/t Au, 0.54% Cu from 490m

•   WR464

546m @ 0.43g/t Au, 0.84% Cu from 224m

•   WR474

752m @ 0.48g/t Au, 0.91% Cu from 118m

•   WR475

1 014m @ 0.34g/t Au, 0.68% Cu from 274m

•   WR476

566m @ 0.70g/t Au, 1.37% Cu from 548m

•   WR479 ^        1 084m @ 0.71g/t Au, 1.31% Cu from 114m

•   WR481

646m @ 0.53g/t Au, 0.81% Cu from 125m

•WR484 ^           504m @ 0.48g/t Au, 1.15% Cu from 179m

^ Partial result reported

Since the Golpu Mineral Resource in June 2012, the majority of drilling
has been focussed in the upper mineralised zone with 20 holes for
22 194m. This program has extended high grade mineralisation 50m to
the north and demonstrated high grade continuity of multiple porphyry
intercepts enabling the northern porphyry shape to be defined a single
north-south trending intrusive complex.

The results of the combined drilling indicate increased gold and copper
grades immediately above the Reid Fault in the vicinity of the Upper
Mine Zone (Lift 1 PFS volume). The drill spacing in this area is now
approximately 100m, enabling detailed geological interpretations and
modelling.

June 2013 Quarter intercepts in the lower mineralised volume include:

• WR472W_1

1 240m @ 0.43 g/t Au, 0.55% Cu from 1 008m

WR472W_1 was completed to 2 250.1m, the deepest hole drilled
to date at Golpu. The hole demonstrated continuity of porphyry and
associated mineralisation throughout the PFS lift 2/3 volumes and
beyond to the 3450mRL, 150m deeper than any previous drilling.

Since the Golpu June 2012 Mineral Resource update 4 holes for 8 107m

have been drilled targeting the lower mineralised volume below the

Reid Fault. The holes demonstrate vertical continuity of porphyry and

associated mineralisation at depth. Mineralisation remains open below

the Lower Mine Zone (PFS lift 3 volume).

Brownfields drilling continued in two areas testing shallow epithermal

high grade gold targets around the defined diatreme margin and

porphyry copper-gold mineralisation at the Miapili prospect, 600m NE

of Golpu.

Figure 1. Figure showing the Upper Mine intercepts Results

14

Results for the fourth quarter
and year ended 30 June 2013

The mineralisation style in WR483 is similar to previous Northern Zone holes WR392, WR397 and WR426. Mineralisation is quartz-carbonate-pyrite
veining in strongly argillic altered sediment. The intercepts are 100m north and 100m west of WR392 and WR426.

Brownfields exploration assay results this quarter from the Northern
Zone epithermal prospect returned multiple high grade gold intercepts
from WR483:

WR483

12m @ 1.12g/t Au from 98m

WR483

32m @ 3.16 g/t Au from 272m

WR483

20m @ 7.38 g/t Au from 320m

WR483

22m @ 4.83 g/t Au from 364m

The Northern Zone appears to be a Wafi Link Zone analogue with
similar 30° – 35° east dipping orientation. Based on the current four

intercepts, Northern Zone has dimensions of at least 100m (east-west)
and 200m (north-south) and remains open to the north. As with Link
Zone, Northern Zone exhibits multiple high grade intercepts within a
broad gold zone.

Drilling at Miapili is underway to test for porphyry copper-gold
mineralisation to the west and below WR315 (534m @ 0.34 g/t Au and
0.08% Cu). Assays are not yet available.

The intersection of porphyry mineralisation in this hole would extend
the Golpu northwesterly trend and currently represents the highest
potential for a new porphyry discovery within the Wafi Golpu project.

Figure 2. Figure showing the Upper and Lower Mine intercepts from the June 2013 quarter

Figure 3. New gold intersections in the Northern Zone indicate a potential high grade Link Zone like structure

15

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

Q4 FY13

Results for the

fourth quarter and year

ended 30 June 2013

(Rand)

16

17

Results for the fourth quarter
and year ended 30 June 2013

Operating results

(Rand/Metric) (US$/Imperial)

Three
months
Ended

South Africa

Hidden

Valley

Harmony

Total

Underground production

Surface production

Total

South Africa

Kusasalethu

Doornkop

Phakisa

Tshepong

Masimong

Target 1

Bambanani

Joel

Unisel

Target 3

Steyn 2

Total

Under-

ground

Phoenix

Dumps

Kalgold

Total

Surface

Ore milled

– t’000

Jun-13

212

242

133

211

210

179

55

151

114

73

12

1 592

1 471

879

367

2 717

4 309

457

4 766

Mar-13

33

249

109

262

181

182

34

139

99

81

12

1 381

1 325

908

332

2 565

3 946

440

4 386

Gold produced

– kg

Jun-13

688

859

583

815

839

897

614

699

427

419

121

6 961

202

346

357

905

7 866

722

8 588

Mar-13

49

897

484

1 029

799

913

298

779

424

409

139

6 220

216

363

309

888

7 108

591

7 699

Gold produced

– oz

Jun-13

22 120

27 617

18 744

26 203

26 974

28 839

19 741

22 473

13 728

13 471

3 890

223 800

6 494

11 124

11 478

29 096

252 896

23 213

276 109

Mar-13

1 575

28 839

15 561

33 083

25 688

29 354

9 581

25 045

13 632

13 150

4 469

199 977

6 945

11 671

9 935

28 551

228 528

19 001

247 529

Yield –

g/tonne

Jun-13

3.25

3.55

4.38

3.86

4.00

5.01

11.16

4.63

3.75

5.74

10.08

4.37

0.14

0.39

0.97

0.33

1.83

1.58

1.80

Mar-13

1.48

3.60

4.44

3.93

4.41

5.02

8.76

5.60

4.28

5.05

11.58

4.50

0.16

0.40

0.93

0.35

1.80

1.34

1.76

Cash operating
costs

– R/kg

Jun-13

577 337

332 516

444 168

418 310

289 795

281 223

201 467

243 308

331 747

297 759

257 736

340 394

317 396

332 601

320 417

324 401

338 554

487 898

351 109

Mar-13

6 564 347

295 429

505 324

340 586

287 596

248 585

388 477

207 107

318 934

308 220

228 295

355 075

254 986

312 157

354 346

312 931

349 810

515 012

362 491

Cash operating
costs

– $/oz

Jun-13

1 900

1 094

1 462

1 377

954

926

663

801

1 092

980

848

1 120

1 045

1 095

1 054

1 068

1 114

1 606

1 156

Mar-13

22 891

1 030

1 762

1 187

1 003

867

1 354

722

1 112

1 075

796

1 238

889

1 088

1 235

1 091

1 220

1 795

1 264

Cash operating
costs

– R/tonne

Jun-13

1 874

1 180

1 947

1 616

1 158

1 409

2 249

1 126

1 243

1 709

2 599

1 488

44

131

312

108

618

771

633

Mar-13

9 747

1 064

2 244

1 338

1 270

1 247

3 405

1 161

1 366

1 556

2 644

1 599

42

125

330

108

630

692

636

Gold sold

– Kg

Jun-13

427

793

568

793

816

934

597

700

415

436

118

6 597

205

358

301

864

7 461

685

8 146

Mar-13

129

839

470

1 000

777

865

290

703

412

388

135

6 008

210

360

329

899

6 907

599

7 506

Gold sold

– oz

Jun-13

13 728

25 496

18 262

25 496

26 235

30 029

19 194

22 505

13 343

14 018

3 794

212 100

6 591

11 510

9 677

27 778

239 878

22 023

261 901

Mar-13

4 147

26 974

15 111

32 151

24 981

27 810

9 324

22 602

13 246

12 474

4 340

193 160

6 752

11 574

10 578

28 904

222 064

19 258

241 322

Revenue (R’000)

Jun-13

175 728

335 584

243 101

339 801

349 828

409 201

256 002

300 268

178 132

190 917

50 327

2 828 889

86 460

151 774

124 248

362 482

3 191 371

291 325

3 482 696

Mar-13

61 084

393 842

221 319

469 867

365 507

406 147

136 233

330 439

193 643

181 969

63 311

2 823 361

98 617

169 435

154 844

422 896

3 246 257

281 787

3 528 044

Cash operating
costs

(R’000)

Jun-13

397 208

285 631

258 950

340 923

243 138

252 257

123 701

170 072

141 656

124 761

31 186

2 369 483

64 114

115 080

114 389

293 583

2 663 066

352 262

3 015 328

Mar-13

321 653

265 000

244 577

350 463

229 789

226 958

115 766

161 336

135 228

126 062

31 733

2 208 565

55 077

113 313

109 493

277 883

2 486 448

304 372

2 790 820

Inventory
movement

(R’000)

Jun-13

(99 945)

(29 205)

(6 908)

(3 191)

(8 033)

9 755

(11 144)

(2 898)

(3 786)

4 827

(727)

(151 255)

(1 659)

7 156

(17 223)

(11 726)

(162 981)

(8 871)

(171 852)

Mar-13

25 111

(21 389)

(5 111)

(12 557)

(9 232)

(16 606)

(3 516)

(17 535)

(4 852)

(9 241)

(1 907)

(76 835)

(1 831)

(3 624)

(108)

(5 563)

(82 398)

(1 661)

(84 059)

Operating costs

(R’000)

Jun-13

297 263

256 426

252 042

337 732

235 105

262 012

112 557

167 174

137 870

129 588

30 459

2 218 228

62 455

122 236

97 166

281 857

2 500 085

343 391

2 843 476

Mar-13

346 764

243 611

239 466

337 906

220 557

210 352

112 250

143 801

130 376

116 821

29 826

2 131 730

53 246

109 689

109 385

272 320

2 404 050

302 711

2 706 761

Operating profit

(R’000)

Jun-13

(121 535)

79 158

(8 941)

2 069

114 723

147 189

143 445

133 094

40 262

61 329

19 868

610 661

24 005

29 538

27 082

80 625

691 286

(52 066)

639 220

Mar-13

(285 680)

150 231

(18 147)

131 961

144 950

195 795

23 983

186 638

63 267

65 148

33 485

691 631

45 371

59 746

45 459

150 576

842 207

(20 924)

821 283

Operating profit

($’000)

Jun-13

(12 861)

8 376

(946)

219

12 139

15 574

15 178

14 084

4 261

6 489

2 102

64 615

2 541

3 126

2 866

8 533

73 148

(5 508)

67 640

Mar-13

(32 021)

16 838

(2 034)

14 792

16 247

21 946

2 687

20 919

7 091

7 302

3 754

77 521

5 086

6 696

5 095

16 877

94 398

(2 346)

92 052

Capital
expenditure

(R’000)

Jun-13

147 930

63 733

95 553

83 853

46 164

69 279

26 381

43 495

20 999

41 158

921

639 466

12 746

1 865

12 369

26 980

666 446

137 986

804 432

Mar-13

55 038

70 686

84 169

78 011

44 020

73 877

20 937

37 419

21 442

35 551

847

521 997

19 068

2 360

1 426

22 854

544 851

132 378

677 229

Capital
expenditure

($’000)

Jun-13

15 653

6 744

10 111

8 873

4 885

7 331

2 791

4 602

2 222

4 355

97

67 664

1 349

197

1 309

2 855

70 519

14 601

85 120

Mar-13

6 169

7 923

9 434

8 744

4 934

8 281

2 347

4 194

2 403

3 985

95

58 509

2 137

264

160

2 561

61 070

14 838

75 908

18

19

Results for the fourth quarter
and year ended 30 June 2013

Operating results – Year on Year

(Rand/Metric) (US$/Imperial)

Year
Ended

South Africa

Hidden

Valley

Total

Continuing

Operations

Underground production

Surface production

Other

Total

South
Africa

Kusasalethu

Doornkop

Phakisa

Tshepong

Masimong

Target 1

Bambanani

Joel

Unisel

Target 3

Steyn 2

Total

Under-

ground

Phoenix

Dumps

Kalgold

Total

Surface

Ore milled

– t’000

Jun-13

711

1 008

512

1 040

868

717

164

611

446

323

47

6 447

5 358

3 326

1 398

10 082

–

16 529

1 844

18 373

Jun-12

1 197

928

521

1 233

933

788

159

557

394

316

38

7 064

4 996

2 986

1 342

9 324

–

16 388

1 766

18 154

Gold produced

– kg

Jun-13

2 740

3 631

2 434

4 154

3 616

3 967

1 606

3 228

1 813

1 626

477

29 292

827

1 279

1 332

3 438

–

32 730

2 644

35 374

Jun-12

5 633

3 075

2 541

5 287

3 220

3 630

1 044

2 663

1 593

1 123

330

30 139

822

1 509

1 041

3 372

–

33 511

2 762

36 273

Gold produced

– oz

Jun-13

88 093

116 738

78 255

133 554

116 256

127 542

51 635

103 782

58 289

52 277

15 335

941 756

26 588

41 121

42 825

110 534

–

1 052 290

85 007

1 137 297

Jun-12

181 105

98 863

81 695

169 980

103 526

116 708

33 565

85 618

51 216

36 106

10 609

968 991

26 428

48 515

33 469

108 412

–

1 077 403

88 800

1 166 203

Yield –

g/tonne

Jun-13

3.85

3.60

4.75

3.99

4.17

5.53

9.79

5.28

4.07

5.03

10.15

4.54

0.15

0.38

0.95

0.34

–

1.98

1.43

1.93

Jun-12

4.71

3.31

4.88

4.29

3.45

4.61

6.57

4.78

4.04

3.55

7.74

4.26

0.16

0.51

0.78

0.36

–

2.04

1.56

2.00

Cash operating
costs

– R/kg

Jun-13

553 358

296 714

405 077

343 895

272 403

238 840

292 136

206 737

315 136

316 547

286 067

317 478

279 615

337 428

303 729

310 465

–

316 742

456 803

327 210

Jun-12

261 167

285 269

319 317

243 087

263 900

234 625

470 696

208 807

312 957

380 267

359 415

273 232

241 309

247 510

293 658

260 245

–

271 923

309 230

274 767

Cash operating
costs

– $/oz

Jun-13

1 951

1 046

1 428

1 212

960

842

1 030

729

1 111

1 116

1 009

1 119

986

1 190

1 071

1 095

–

1 117

1 611

1 154

Jun-12

1 046

1 142

1 279

973

1 057

940

1 885

836

1 253

1 523

1 439

1 094

966

991

1 176

1 042

–

1 089

1 238

1 100

Cash operating
costs

– R/tonne

Jun-13

2 132

1 069

1 926

1 374

1 135

1 321

2 861

1 092

1 281

1 594

2 903

1 442

43

130

289

106

–

627

655

630

Jun-12

1 229

945

1 557

1 042

911

1 081

3 091

998

1 265

1 351

2 781

1 164

40

125

228

94

–

555

484

548

Gold sold

– Kg

Jun-13

2 698

3 550

2 423

4 135

3 598

3 925

1 591

3 192

1 804

1 613

473

29 002

805

1 278

1 263

3 346

–

32 348

2 622

34 970

Jun-12

5 559

3 049

2 528

5 262

3 203

3 645

1 039

2 679

1 588

1 129

329

30 010

832

1 516

1 046

3 394

–

33 404

2 778

36 182

Gold sold

– oz

Jun-13

86 742

114 135

77 902

132 944

115 679

126 191

51 152

102 625

58 000

51 859

15 207

932 436

25 882

41 088

40 607

107 577

–

1 040 013

84 299

1 124 312

Jun-12

178 726

98 027

81 277

169 177

102 979

117 189

33 405

86 132

51 055

36 298

10 578

964 843

26 749

48 740

33 630

109 119

–

1 073 962

89 315

1 163 277

Revenue (R’000)

Jun-13

1 212 834

1 615 027

1 102 618

1 886 777

1 639 903

1 794 310

717 434

1 451 977

824 716

737 285

215 105

13 197 986

365 212

578 805

570 694

1 514 711

– 14 712 697

1 189 031

15 901 728

Jun-12

2 319 867

1 283 708

1 063 753

2 218 684

1 348 804

1 525 478

424 105

1 124 316

671 513

472 245

125 415

12 577 888

349 054

636 715

442 203

1 427 972

– 14 005 860

1 163 444

15 169 304

Cash operating
costs

(R’000)

Jun-13

1 516 201

1 077 368

985 957

1 428 541

985 011

947 479

469 171

667 347

571 341

514 705

136 454

9 299 575

231 242

431 570

404 567

1 067 379

– 10 366 954

1 207 788

11 574 742

Jun-12

1 471 151

877 201

811 384

1 285 200

849 759

851 689

491 407

556 053

498 541

427 040

105 668

8 225 093

198 356

373 492

305 698

877 546

–

9 102 639

854 093

9 956 732

Inventory
movement

(R’000)

Jun-13

(32 663)

(35 084)

(3 626)

(1 514)

(10 316)

(10 387)

(13 307)

(13 356)

(4 018)

(6 242)

(1 552)

(132 065)

(6 306)

(4 707)

(27 909)

(38 922)

–

(170 987)

(4 079)

(175 066)

Jun-12

(32 228)

(14 915)

(8 728)

(9 835)

(6 364)

2 952

2 033

9 389

(4 483)

1 107

(1 715)

(62 787)

3 443

11 109

5 018

19 570

–

(43 217)

(2 835)

(46 052)

Operating costs

(R’000)

Jun-13

1 483 538

1 042 284

982 331

1 427 027

974 695

937 092

455 864

653 991

567 323

508 463

134 902

9 167 510

224 936

426 863

376 658

1 028 457

– 10 195 967

1 203 709

11 399 676

Jun-12

1 438 923

862 286

802 656

1 275 365

843 395

854 641

493 440

565 442

494 058

428 147

103 953

8 162 306

201 799

384 601

310 716

897 116

–

9 059 422

851 258

9 910 680

Operating profit

(R’000)

Jun-13

(270 704)

572 743

120 287

459 750

665 208

857 218

261 570

797 986

257 393

228 822

80 203

4 030 476

140 276

151 942

194 036

486 254

–

4 516 730

(14 678)

4 502 052

Jun-12

880 944

421 422

261 097

943 319

505 409

670 837

(69 335)

558 874

177 455

44 098

21 462

4 415 582

147 255

252 114

131 487

530 856

–

4 946 438

312 186

5 258 624

Operating profit

($’000)

Jun-13

(30 685)

64 922

13 635

52 113

75 402

97 167

29 649

90 453

29 176

25 938

9 092

456 862

15 900

17 224

21 995

55 119

–

511 981

(1 664)

510 317

Jun-12

113 417

54 256

33 615

121 447

65 069

86 366

(8 927)

71 952

22 846

5 677

2 764

568 482

18 959

32 459

16 928

68 346

–

636 828

40 192

677 020

Capital
expenditure

(R’000)

Jun-13

419 566

285 427

337 462

310 494

170 610

331 010

115 390

159 682

77 930

145 073

3 830

2 356 474

156 064

14 744

52 470

223 278

26 544

2 606 296

505 888

3 112 184

Jun-12

415 444

293 708

302 342

287 921

207 941

258 570

185 655

84 056

71 068

89 535

80 414

2 276 654

29 517

23 884

76 403

129 804

31 540

2 437 998

296 463

2 734 461

Capital
expenditure

($’000)

Jun-13

47 559

32 354

38 252

35 195

19 339

37 521

13 080

18 100

8 833

16 444

434

267 111

17 690

1 671

5 948

25 309

3 009

295 429

57 343

352 772

Jun-12

53 486

37 813

38 925

37 068

26 771

33 290

23 902

10 822

9 150

11 527

10 353

293 107

3 800

3 075

9 836

16 711

4 061

313 879

38 168

352 047

20

Results for the fourth quarter
and year ended 30 June 2013

CONDENSED CONSOLIDATED INCOME STATEMENTS

(Rand)

Quarter ended

Year ended

30 June

31 March

30 June

30 June

30 June

2013

2013

2012

2013

2012

Figures in million

Note

(Unaudited)

(Unaudited)

(Unaudited)

(Audited)

Continuing operations

Revenue

3 483

3 528

3 934

15 902

15 169

Cost of sales

2

(6 173)

(3 283)

(3 325)

(16 468)

(12 137)

Production costs

(2 844)

(2 707)

(2 639)

(11 400)

(9 911)

Amortisation and depreciation

(501)

(459)

(548)

(1 942)

(1 921)

(Impairment)/reversal of impairment of assets

(2 733)

–

60

(2 733)

60

Other items

(95)

(117)

(198)

(393)

(365)

Gross (loss)/profit

(2 690)

245

609

(566)

3 032

Corporate, administration and other expenditure

(127)

(121)

(91)

(465)

(352)

Social investment expenditure

(57)

(25)

(22)

(127)

(72)

Exploration expenditure

(219)

(157)

(161)

(673)

(500)

Profit on sale of property, plant and equipment

4

–

15

34

139

63

Other expenses – net

5

(169)

(138)

(74)

(350)

(50)

Operating (loss)/profit

(3 262)

(181)

295

(2 042)

2 121

Reversal of impairment of investment in associate

–

–

–

–

56

Impairment of investments

6

–

(39)

(144)

(88)

(144)

Net (loss)/gain on financial instruments

(8)

15

12

173

86

Investment income

67

47

33

185

97

Finance cost

(57)

(65)

(69)

(256)

(286)

(Loss)/profit before taxation

(3 260)

(223)

127

(2 028)

1 930

Taxation

(239)

(44)

(200)

(655)

123

Normal taxation

78

(124)

(83)

(271)

(199)

Deferred taxation

7

(317)

80

(117)

(384)

322

Net (loss)/profit from continuing operations

(3 499)

(267)

(73)

(2 683)

2 053

Discontinued operations

Profit from discontinued operations

8

–

143

180

314

592

Net (loss)/profit for the period

(3 499)

(124)

107

(2 369)

2 645

Attributable to:

Owners of the parent

(3 499)

(124)

107

(2 369)

2 645

(Loss)/earnings per ordinary share (cents)

9

(Loss)/earnings from continuing operations

(809)

(62)

(17)

(621)

477

Earnings from discontinued operations

–

33

42

73

137

Total (loss)/earnings

(809)

(29)

25

(548)

614

Diluted (loss)/earnings per ordinary share (cents)

9

(Loss)/earnings from continuing operations

(809)

(62)

(17)

(621)

476

Earnings from discontinued operations

–

33

42

73

136

Total diluted (loss)/earnings

(809)

(29)

25

(548)

612

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

21

The condensed consolidated provisional financial statements (condensed consolidated financial statements) have been
prepared by Harmony Gold Mining Company Limited’s corporate reporting team headed by Mr Herman Perry, supervised by
the financial director, Mr Frank Abbott. They have been approved by the Board of Harmony Gold Mining Company Limited.
The condensed consolidated financial statements for the 12 months ended 30 June 2013 were reviewed by the group’s
external auditors, PricewaterhouseCoopers Incorporated (see note 18).

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(Rand)

Quarter ended

Year ended

30 June

31 March

30 June

30 June

30 June

2013

2013

2012

2013

2012

Figures in million

Note

(Unaudited)

(Unaudited)

(Unaudited)

(Audited)

Net (loss)/profit for the period

(3 499)

(124)

107

(2 369)

2 645

Other comprehensive income for the period,
net of income tax

25

510

606

758

1 587

Foreign exchange translation

26

523

506

749

1 485

Movements on investments

6

(1)

(13)

100

9

102

Total comprehensive (loss)/income for the period

(3 474)

386

713

(1 611)

4 232

Attributable to:

Owners of the parent

(3 474)

386

713

(1 611)

4 232

The accompanying notes are an integral part of these condensed consolidated financial statements.
All items in Other comprehensive income will be reclassified subsequently to profit or loss when specific conditions are met.

22

Results for the fourth quarter
and year ended 30 June 2013

CONDENSED CONSOLIDATED BALANCE SHEETS

(Rand)

At

At

At

30 June

31 March

30 June

2013

2013

2012

Figures in million

Note

(Unaudited)

(Audited)

ASSETS

Non-current assets

Property, plant and equipment

10

32 820

34 911

32 853

Intangible assets

2 191

2 190

2 196

Restricted cash

37

38

36

Restricted investments

2 054

2 050

1 842

Deferred tax assets

7

104

652

486

Investments

11

153

139

146

Inventories

57

57

58

Trade and other receivables

–

6

28

Total non-current assets

37 416

40 043

37 645

Current assets

Inventories

1 425

1 206

996

Trade and other receivables

1 162

1 482

1 245

Income and mining taxes

132

3

118

Cash and cash equivalents

2 089

3 099

1 773

4 808

5 790

4 132

Assets of disposal groups classified as held for sale

8

–

–

1 423

Total current assets

4 808

5 790

5 555

Total assets

42 224

45 833

43 200

EQUITY AND LIABILITIES

Share capital and reserves

Share capital

28 325

28 331

28 331

Other reserves

3 478

3 392

2 444

Retained earnings

503

4 002

3 307

Total equity

32 306

35 725

34 082

Non-current liabilities

Deferred tax liabilities

3 021

3 244

3 106

Provision for environmental rehabilitation

1 997

1 961

1 865

Retirement benefit obligation

194

188

177

Other provisions

55

48

30

Borrowings

12

2 252

2 238

1 503

Total non-current liabilities

7 519

7 679

6 681

Current liabilities

Borrowings

12

286

287

313

Income and mining taxes

4

92

1

Trade and other payables

2 109

2 050

1 747

2 399

2 429

2 061

Liabilities of disposal groups classified as held for sale

8

–

–

376

Total current liabilities

2 399

2 429

2 437

Total equity and liabilities

42 224

45 833

43 200

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

23

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY

(Rand)

for the year ended 30 June 2013

Figures in million

Share

capital

Other

reserves

Retained

earnings

Total

Balance – 30 June 2012

28 331

2 444

3 307

34 082

Issue of shares

1

–

–

1

Share-based payments

(7)

274

–

267

Net loss for the period

–

–

(2 369)

(2 369)

Other comprehensive income for the period

–

758

–

758

Option premium on BEE transaction

–

2

–

2

Dividends paid

1

–

–

(435)

(435)

Balance – 30 June 2013

28 325

3 478

503

32 306

Balance – 30 June 2011

28 305

762

1 093

30 160

Issue of shares

26

–

–

26

Share-based payments

–

95

–

95

Net profit for the period

–

–

2 645

2 645

Other comprehensive income for the period

–

1 587

–

1 587

Dividends paid

2

–

–

(431)

(431)

Balance – 30 June 2012

28 331

2 444

3 307

34 082

1. Dividend of 50 SA cents declared on 13 August 2012 and 50 SA cents on 1 February 2013

2. Dividend of 60 SA cents declared on 12 August 2011 and 40 SA cents on 2 February 2012

The statement of changes in equity for the year ended 30 June 2012 has been audited.

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

24

Results for the fourth quarter
and year ended 30 June 2013

CONDENSED CONSOLIDATED CASH FLOW STATEMENTS

(Rand)

Quarter ended

Year ended

30 June

31 March

30 June

30 June

30 June

2013

2013

2012

2013

2012

Figures in million

(Unaudited)

(Unaudited)

(Unaudited)

(Audited)

Cash flow from operating activities

Cash generated by operations

221

204

1 211

3 154

4 551

Interest and dividends received

48

34

20

138

80

Interest paid

(40)

(27)

(38)

(125)

(141)

Income and mining taxes paid

(129)

(70)

(163)

(312)

(277)

Cash generated by operating activities

100

141

1 030

2 855

4 213

Cash flow from investing activities

Restricted cash transferred from disposal group

–

252

–

–

–

Proceeds on disposal of Evander

–

1 264

–

1 264

–

Proceeds on disposal of investment in associate

–

–

29

–

222

Proceeds on disposal of Evander 6 and Twistdraai

–

–

125

–

125

Proceeds on disposal of Merriespruit South

–

–

–

61

–

Purchase of investments

(14)

(33)

–

(86)

–

Other investing activities

(1)

3

(56)

(4)

(85)

Net additions to property, plant and equipment

1

(938)

(835)

(952)

(3 713)

(3 140)

Cash (utilised)/generated by investing activities

(953)

651

(854)

(2 478)

(2 878)

Cash flow from financing activities

Borrowings raised

–

–

342

678

1 443

Borrowings repaid

(156)

(4)

(161)

(333)

(1 248)

Ordinary shares issued – net of expenses

1

–

3

1

26

Option premium on BEE transaction

2

–

–

2

–

Dividends paid

–

(217)

–

(435)

(431)

Cash (utilised)/generated by financing activities

(153)

(221)

184

(87)

(210)

Foreign currency translation adjustments

(4)

17

(14)

26

(45)

Net (decrease)/increase in cash and cash equivalents

(1 010)

588

346

316

1 080

Cash and cash equivalents – beginning of period

3 099

2 511

1 427

1 773

693

Cash and cash equivalents – end of period

2 089

3 099

1 773

2 089

1 773

1. Includes capital expenditure for Wafi-Golpu and other international projects of R133 million in the June 2013 quarter (March 2013: R148 million) (June 2012: R122 million) and

R537 million in the 12 months ended 30 June 2013 (June 2012: R314 million).

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

25

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

for the year ended 30 June 2013 (Rand)

1.       Accounting policies

Basis of accounting

The condensed consolidated provisional financial statements are prepared in accordance with the requirements of the JSE Limited Listings
Requirements for provisional reports and the requirements of the Companies Act of South Africa. The Listings Requirements require provisional
reports to be prepared in accordance with the framework concepts, the measurement and recognition requirements of International Financial
Reporting Standards (IFRS), the SAICA Financial Reporting Guides as issued by the Accounting Practices Committee and contain the information
required by IAS 34 Interim Financial Reporting. The accounting policies applied in the preparation of the condensed consolidated provisional
financial statements are in terms of IFRS and are consistent with those applied in the previous consolidated annual financial statements.

2.

Cost of sales

Quarter ended

Year ended

Figures in million

30 June

2013

(Unaudited)

31 March

2013

(Unaudited)

30 June

2012

(Unaudited)

30 June

2013

30 June

2012

(Audited)

Production costs – excluding royalty

2 799

2 658

2 623

11 183

9 791

Royalty expense

45

49

16

217

120

Amortisation and depreciation

501

459

548

1 942

1 921

Impairment/(reversal of impairment) of assets

1

2 733

–

(60)

2 733

(60)

Rehabilitation (credit)/expenditure

2

(40)

10

20

(24)

(17)

Care and maintenance cost of restructured shafts

16

16

19

68

88

Employment termination and restructuring costs

3

39

–

11

46

81

Share-based payments

4

45

95

21

266

87

Other

5

35

(4)

127

37

126

Total cost of sales

6 173

3 283

3 325

16 468

12 137

1. The impairment in the June 2013 quarter consists of an impairment of R2.68 billion on Hidden Valley, R31 million on St Helena and R27 million on Steyn 2. The net reversal

in the June 2012 quarter consists mainly of a reversal of R194 million for Target 1 and an impairment of R126 million on Steyn 2. Refer to note 10 for further detail.

2. The credit in the June 2013 quarter relates to a change in estimate following the annual reassessment. The decrease in the 2012 and 2013 years resulted due to the

rehabilitation projects completed in the Free State area during both years.

3. Included in the June 2013 quarter are amounts relating to the restructuring at Hidden Valley and the introduction of voluntary retrenchment packages in South Africa.

The amounts for the 2012 financial year relates to restructuring at the Bambanani shaft.

4. Refer to note 3 for details.

5. Included in the June 2013 quarter are amounts relating to the change in estimate of gold in lock-up and other stockpiles. The June 2012 quarter includes amounts relating

to the change in estimate of gold in lock-up.

3.

Share-based payments

This includes the cost relating to the new Employee Share Ownership Plan (ESOP) awards that were granted in August 2012. In terms of the
ESOP rules, all employees other than management were awarded a minimum of 100 Scheme Shares and 200 Share Appreciation Rights (SARs),
with employees with service longer than 10 years receiving an additional 10%. Both the Scheme Shares and SARs vest in five equal portions
on each anniversary of the award. In addition these employees qualify for an additional cash bonus under the SARs in the event that the share
price growth is less than R18 per share. The effect of the bonus puts the employees in the position they would have been in had the share price
increased by R18 per share since issue date.

Harmony issued 3.5 million shares to the Tlhakanelo Share Trust on 31 August 2012. In addition, 6 817 880 SARs were issued. In terms of
IFRS 2, Share-based Payment , the SARs includes an equity-settled portion as well as a cash-settled portion related to the cash bonus. The cash-
settled portion has been recognised in the balance sheet, the fair value of which will be remeasured at each reporting date. At the annual
general meeting on 28 November 2012, the shareholders authorised the acceleration of the vesting from August to March each year.

During the March 2013 quarter, the first portion of the Scheme Shares and SARs awarded in August 2012 vested, resulting in all qualifying
employees receiving a minimum value of R1 912 before tax, amounting to a total value of R58 million being distributed in April 2013. During
March 2013, new qualifying employees who have not previously received an offer were awarded 80 Scheme Shares and 160 SARs which will
vest in four equal portions on each anniversary of the award. A total of 97 040 Scheme Shares and 194 080 SARs were issued by the Tlhakanelo
Share Trust for this award.

4.

Profit on sale of property, plant and equipment

Included in the amount is the transaction for the sale of the Merriespruit South mining right to Witwatersrand Consolidated Gold Resources
Limited (Wits Gold) that was completed, resulting in a profit of R60 million during the December 2012 quarter.

26

Results for the fourth quarter
and year ended 30 June 2013

5.

Other expenses – net

(a) Included in the June 2013 quarter is a foreign exchange translation loss of R161 million (March 2013: R150 million) on the US dollar

denominated loan. The effect of foreign exchange changes for the 12 months totals a translation loss of R351 million (June 2012:
R45 million). Refer to note 12 for further details.

(b) On 20 March 2013 Harmony signed transaction and funding agreements to give effect to an empowerment transaction to dispose of 30%

of its Free State based Phoenix tailings operation (Phoenix) to BB-BEE shareholders, which includes a free-carry allocation of 5% to a
Community Trust that has been created and is currently controlled by Harmony. The transaction closed on 25 June 2013, following the
fulfilment of the last condition precedent. In terms of the agreements Phoenix was transferred to a newly incorporated subsidiary
(PhoenixCo). The fair value of the net assets for purposes of the transaction was set at R450 million.

The awards to the BEE partners have been accounted for as an in-substance option as the BEE partners will only share in the upside of their
equity interest in PhoenixCo until the date the financing provided by Harmony is fully repaid. On this date the options will be exercised. The
award of the options to the BEE partners is accounted for as an equity-settled share based payment arrangement. The in-substance options
carry no vesting conditions and the fair value of the options of R23 million has been expensed on the grant date, 25 June 2013.

6.

Impairment of investments

A decline in the fair value of the investment in Witwatersrand Consolidated Gold Resource Limited (Wits Gold) during the year resulted in an
impairment of R88 million (2012: R144 million) recorded in the income statement.

7.

Deferred taxation

The net deferred taxation debit in the income statement in the June 2013 quarter is primarily due to the derecognition of the deferred tax asset
amounting to R547 million previously recorded for the Hidden Valley operation.

The net deferred taxation debit in the income statement in the June 2012 quarter is mainly due to the annual reassessment of the Life-of-Mine
deferred tax rates amounting to R270 million.

8.

Disposal groups classified as held for sale and discontinued operations

Evander Gold Mines Limited

Harmony entered into an agreement to sell its 100% interest in Evander Gold Mines Limited (Evander) to a wholly owned subsidiary of
Pan African Resources Plc for R1.5 billion, less certain distributions, during May 2012. The last condition was met on 14 February 2013 and the
transaction was completed on 28 February 2013. In terms of the agreement Harmony received a distribution of R210 million and a purchase
consideration of R1 314 million. A group profit of R102 million was recorded in the March 2013 quarter.

9.

Earnings and net asset value per share

Quarter ended

Year ended

30 June

2013

(Unaudited)

31 March

2013

(Unaudited)

30 June

2012

(Unaudited)

30 June

2013

30 June

2012

(Audited)

Weighted average number of shares (million)

432.6

431.8

431.4

431.9

430.8

Weighted average number of diluted shares (million)

433.1

432.8

432.3

432.7

432.0

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

Basic (loss)/earnings

(809)

(29)

25

(548)

614

Diluted (loss)/earnings

(809)

(29)

25

(548)

612

Headline (loss)/earnings

(186)

(47)

(6)

47

565

– from continuing operations

(186)

(56)

(11)

(2)

465

– from discontinued operations

–

9

5

49

100

Diluted headline (loss)/earnings

(186)

(47)

(6)

47

563

– from continuing operations

(186)

(56)

(11)

(2)

463

– from discontinued operations

–

9

5

49

100

27

Quarter ended

Year ended

30 June

2013

(Unaudited)

31 March

2013

(Unaudited)

30 June

2012

(Unaudited)

30 June

2013

30 June

2012

(Audited)

Figures in million

Reconciliation of headline earnings:

Continuing operations

Net (loss)/profit

(3 499)

(267)

(73)

(2 683)

2 053

Adjusted for:

Reversal of impairment of investment in associate*

–

–

–

–

(56)

Impairment of investments*

–

39

144

88

144

Impairment/(reversal of impairment) of assets

2 733

–

(60)

2 733

(60)

Taxation effect on impairment/(reversal of impairment)
of assets

(38)

–

(34)

(38)

(34)

Profit on sale of property, plant and equipment

–

(15)

(34)

(139)

(63)

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

–

–

9

31

16

Headline (loss)/earnings**

(804)

(243)

(48)

(8)

2 000

Discontinued operations

Net profit

–

143

180

314

592

Adjusted for:

Profit on sale of property, plant and equipment

–

–

(230)

–

(232)

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

–

–

71

–

72

Profit on sale of investment in subsidiary*

–

(102)

–

(102)

–

Headline earnings

–

41

21

212

432

Total headline (loss)/earnings

(804)

(202)

(27)

204

2 432

* There is no taxation effect on these items

** Write-off of the Hidden Valley deferred tax asset of R547 million is not added back as it is not permitted per the South African Institute of Chartered Accountants Circular

on Headline Earnings

Net asset value per share

At

30 June

2013

At

31 March

2013

(Unaudited)

At

30 June

2012

(Audited)

Number of shares in issue

435 289 890

435 257 691

431 564 236

Net asset value per share (cents)

7 422

8 208

7 897

10. Property, plant and equipment and impairment

One of the most significant assumptions that influence the life-of-mine plans and therefore impairment amount is the expected future gold
price. During this year’s testing, we used a short term gold price of US$1 250, medium term gold price of US$1 300 and long term gold price
of US$1 400 per ounce for Hidden Valley and an overall price of R400 000/kg for the South African operations. A 10% decrease in the gold
price used in the models would have resulted in an additional impairment at Steyn 2 of R17 million, Target 1 of R350 million and the Hidden
Valley operation of R1.96 billion.

11. Investment in Rand Refinery

During the June 2013 quarter, an additional 1.4% interest in Rand Refinery was purchased for R14 million. This is in addition to the 7.16%
interest purchased for R72 million in two tranches during the March 2013 and December 2012 quarter. Harmony holds just over 10% interest
in Rand Refinery as at 30 June 2013.

28

Results for the fourth quarter
and year ended 30 June 2013

12. Borrowings

The Nedbank revolving credit facility was repaid in full during the December 2011 quarter and the full R850 million facility is available until
December 2013. The balance on Nedbank term facilities at 30 June 2013 is R458 million.

Two drawdowns of US$40 million each (R330 million and R348 million) were made from the US$300 million syndicated revolving credit facility
during the September and December 2012 quarters, respectively. This takes the drawn level to US$210 million. The facility is repayable by
September 2015.

The weakening of the Rand against the US dollar resulted in a foreign exchange translation loss of R161 million being recorded against the
borrowings balance in the June 2013 quarter, in addition to the R150 million recorded in the March 2013 quarter. The effect of foreign
exchange changes for the 12 months totals a translation loss of R351 million (2012: R45 million).

13. Commitments and contingencies

Figures in million

At

30 June

2013

At

31 March

2013

(Unaudited)

At

30 June

2012

(Audited)

Capital expenditure commitments

Contracts for capital expenditure

416

594

519

Authorised by the directors but not contracted for

1 545

958

2 257

1 961

1 552

2 776

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

Contingent liability

For a detailed disclosure on contingent liabilities refer to Harmony’s annual report for the financial year ended 30 June 2012, available on the
group’s website (www.harmony.co.za). There were no significant changes in contingencies since 30 June 2012, with the exception of the items
discussed below.

Following the disclosure made in Harmony’s annual report for the financial year ended 30 June 2012 relating to silicosis, Harmony and its
subsidiaries, alongside other mining companies operating in South Africa (other respondents) were served with another application to certify a
class during January 2013. Harmony, its subsidiaries and other respondents are awaiting a consolidated and supplemented certification
application of the two separate applications served.

14. Subsequent events

There are no subsequent events to report.

15. Segment report

The segment report follows on page 30.

16. Reconciliation of segment information to consolidated income statements and balance sheet

Figures in million

Year ended

30 June

2013

30 June

2012

Audited

The “Reconciliation of segment information to 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 income statement, balance sheet and segment report:

Reconciliation of production profit to gross (loss)/profit

Total segment revenue

16 776

16 574

Total segment production costs

(11 933)

(10 678)

Production profit per segment report

4 843

5 896

Discontinued operations

(341)

(638)

Production profit from continuing operations

4 502

5 258

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

(5 068)

(2 226)

Gross (loss)/profit as per income statements*

(566)

3 032

29

Figures in million

Year ended

30 June

2013

30 June

2012

Reconciliation of total segment mining assets to consolidated property, plant and equipment

Property, plant and equipment not allocated to a segment

Mining assets

836

1 226

Undeveloped property

5 139

5 139

Other non-mining assets

286

110

Wafi-Golpu assets

1 148

553

Less: Non-current assets previously classified as held-for-sale

–

(1 124)

7 409

5 904

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

17. 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 year, Harmony shares were
purchased by certain directors as set out below:

Graham Briggs

14 347 shares

Frank Abbott

73 900 shares

Ken Dicks

20 000 shares

18. Audit review

The condensed consolidated financial statements for the year ended 30 June 2013 on pages 20 to 30 have been reviewed in accordance with
the International Standards on Review Engagements 2410 – “Review of interim financial information performed by the independent Auditors
of the entity” by PricewaterhouseCoopers Inc. Their unqualified review opinion is available for inspection at the company’s registered office.

30

 

Segment report

(Rand/Metric)

for the year ended 30 June 2013

Revenue

Production cost

Production

profit/(loss)

Mining assets

(1)

Capital

expenditure

#

Kilograms

produced*

Tonnes milled*

30 June

30 June

30 June

30 June

30 June

30 June

30 June

2013

2012

2013

2012

2013

2012

2013

2012

2013

2012

2013

2012

2013

2012

R million

R million

R million

R million

R million

kg

t’000

Continuing operations
South Africa
Underground
Kusasalethu

1 213

2 320

1 484

1 439

(271)

881

3 435

3 260

420

415

2 740

5 633

711

1 197

Doornkop

1 615

1 284

1 042

862

573

422

3 378

3 235

285

294

3 631

3 075

1 008

928

Phakisa

1 103

1 064

982

803

121

261

4 547

4 448

337

302

2 434

2 541

512

521

Tshepong

1 887

2 219

1 427

1 275

460

944

3 877

3 693

310

288

4 154

5 287

1 040

1 233

Masimong

1 640

1 349

975

843

665

506

989

980

171

208

3 616

3 220

868

933

Target 1

1 794

1 525

937

855

857

670

2 704

2 644

331

259

3 967

3 630

717

788

Bambanani

932

549

591

597

341

(48)

882

944

119

266

2 083

1 374

211

197

Joel

1 452

1 124

654

565

798

559

290

216

160

84

3 228

2 663

611

557

Unisel

825

672

567

494

258

178

656

364

78

71

1 813

1 593

446

394

Target 3

737

472

508

428

229

44

457

345

145

90

1 626

1 123

323

316

Surface

All other surface operations

1 515

1 428

1 029

899

486

529

264

233

250

162

3 438

3 372

10 082

9 324

Total South Africa

14 713

14 006

10 196

9 060

4 517

4 946

21 479

20 362

2 606

2 439

32 730

33 511

16 529

16 388

International

Hidden Valley

1 189

1 163

1 204

851

(15)

312

3 932

5 595

506

296

2 644

2 762

1 844

1 766

Total international

1 189

1 163

1 204

851

(15)

312

3 932

5 595

506

296

2 644

2 762

1 844

1 766

Total continuing
operations

15 902

15 169

11 400

9 911

4 502

5 258

25 411

25 957

3 112

2 735

35 374

36 273

18 373

18 154

Discontinued operations

Evander

874

1 405

533

767

341

638

–

992

140

177

1 955

3 369

390

638

Total discontinued
operations

874

1 405

533

767

341

638

–

992

140

177

1 955

3 369

390

638

Total operations

16 776

16 574

11 933

10 678

4 843

5 896

25 411

26 949

3 252

2 912

37 329

39 642

18 763

18 792

Reconciliation of the
segment information to the
consolidated income
statement and balance sheet
(refer to note 16)

(874)

(1 405)

(533)

(767)

7 409

5 904

15 902

15 169

11 400

9 911

32 820

32 853

(1)

Mining assets disclosures included in the segment report and the amounts included in the reconciliation of segment information (refer to note 16) were previously not disclosed and have been reviewed for the year ended 30 June 2013 and 30 June 2012.

# Capital expenditure for international operations excludes expenditure spent on Wafi-Golpu of R537 million (2012: R314 million).

* Production statistics are unaudited.

The segment report for the year ended 30 June 2012 has been audited.

31

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

Q4 FY13

Results for the

fourth quarter and year

ended 30 June 2013

(US$)

32

33

Results for the fourth quarter
and year ended 30 June 2013

Operating results

(US$/Imperial)

Three
months
ended

South Africa

Hidden

Valley

Harmony

Total

Underground production

Surface production

Total

South Africa

Kusasalethu

Doornkop

Phakisa

Tshepong

Masimong

Target 1

Bambanani

Joel

Unisel

Target 3

Steyn 2

Total

Under-

ground

Phoenix

Dumps

Kalgold

Total

Surface

Ore milled

– t’000

Jun-13

234

267

147

233

232

197

61

167

126

80

13

1 757

1 622

969

405

2 996

4 753

504

5 257

Mar-13

36

275

120

289

200

201

37

153

109

89

13

1 522

1 461

1 001

366

2 828

4 350

485

4 835

Gold produced

– oz

Jun-13

22 120

27 617

18 744

26 203

26 974

28 839

19 741

22 473

13 728

13 471

3 890

223 800

6 494

11 124

11 478

29 096

252 896

23 213

276 109

Mar-13

1 575

28 839

15 561

33 083

25 688

29 354

9 581

25 045

13 632

13 150

4 469

199 977

6 945

11 671

9 935

28 551

228 528

19 001

247 529

Yield –

oz/t

Jun-13

0.095

0.103

0.128

0.112

0.116

0.146

0.324

0.135

0.109

0.168

0.299

0.127

0.004

0.011

0.028

0.010

0.053

0.046

0.053

Mar-13

0.044

0.105

0.130

0.114

0.128

0.146

0.259

0.164

0.125

0.148

0.344

0.131

0.005

0.012

0.027

0.010

0.053

0.039

0.051

Cash operating
costs

– $/oz

Jun-13

1 900

1 094

1 462

1 377

954

926

663

801

1 092

980

848

1 120

1 045

1 095

1 054

1 068

1 114

1 606

1 156

Mar-13

22 891

1 030

1 762

1 187

1 003

867

1 354

722

1 112

1 075

796

1 238

889

1 088

1 235

1 091

1 220

1 795

1 264

Cash operating
costs

– $/t

Jun-13

180

113

186

155

111

135

215

108

119

165

254

143

4

13

30

10

59

74

61

Mar-13

1 001

108

228

136

129

127

351

118

139

159

274

163

4

13

34

11

64

70

65

Gold sold

– oz

Jun-13

13 728

25 496

18 262

25 496

26 235

30 029

19 194

22 505

13 343

14 018

3 794

212 100

6 591

11 510

9 677

27 778

239 878

22 023

261 901

Mar-13

4 147

26 974

15 111

32 151

24 981

27 810

9 324

22 602

13 246

12 474

4 340

193 160

6 752

11 574

10 578

28 904

222 064

19 258

241 322

Revenue ($’000)

Jun-13

18 594

35 509

25 723

35 955

37 016

43 298

27 088

31 772

18 849

20 201

5 325

299 330

9 149

16 060

13 147

38 356

337 686

30 826

368 512

Mar-13

6 847

44 144

24 807

52 666

40 968

45 523

15 270

37 038

21 705

20 396

7 096

316 460

11 054

18 991

17 356

47 401

363 861

31 584

395 445

Cash operating
costs

($’000)

Jun-13

42 030

30 223

27 400

36 074

25 727

26 692

13 089

17 995

14 989

13 201

3 300

250 720

6 784

12 177

12 103

31 064

281 784

37 273

319 057

Mar-13

36 053

29 703

27 414

39 281

25 756

25 438

12 977

18 084

15 158

14 130

3 556

247 550

6 173

12 701

12 273

31 147

278 697

34 116

312 813

Inventory
movement

($’000)

Jun-13

(10 575)

(3 090)

(731)

(338)

(850)

1 032

(1 179)

(307)

(401)

511

(77)

(16 005)

(176)

757

(1 822)

(1 241)

(17 246)

(939)

(18 185)

Mar-13

2 815

(2 397)

(573)

(1 407)

(1 035)

(1 861)

(394)

(1 965)

(544)

(1 036)

(214)

(8 611)

(205)

(406)

(12)

(623)

(9 234)

(186)

(9 420)

Operating costs

($’000)

Jun-13

31 455

27 133

26 669

35 736

24 877

27 724

11 910

17 688

14 588

13 712

3 223

234 715

6 608

12 934

10 281

29 823

264 538

36 334

300 872

Mar-13

38 868

27 306

26 841

37 874

24 721

23 577

12 583

16 119

14 614

13 094

3 342

238 939

5 968

12 295

12 261

30 524

269 463

33 930

303 393

Operating profit

($’000)

Jun-13

(12 861)

8 376

(946)

219

12 139

15 574

15 178

14 084

4 261

6 489

2 102

64 615

2 541

3 126

2 866

8 533

73 148

(5 508)

67 640

Mar-13

(32 021)

16 838

(2 034)

14 792

16 247

21 946

2 687

20 919

7 091

7 302

3 754

77 521

5 086

6 696

5 095

16 877

94 398

(2 346)

92 052

Capital
expenditure

($’000)

Jun-13

15 653

6 744

10 111

8 873

4 885

7 331

2 791

4 602

2 222

4 355

97

67 664

1 349

197

1 309

2 855

70 519

14 601

85 120

Mar-13

6 169

7 923

9 434

8 744

4 934

8 281

2 347

4 194

2 403

3 985

95

58 509

2 137

264

160

2 561

61 070

14 838

75 908

34

35

Results for the fourth quarter
and year ended 30 June 2013

Operating results – Year on Year

(US$/Imperial)

Year
Ended

South Africa

Hidden

Valley

Total

Continuing

Operations

Underground production

Surface production

Other

Total

South
Africa

Kusasalethu

Doornkop

Phakisa

Tshepong

Masimong

Target 1

Bambanani

Joel

Unisel

Target 3

Steyn 2

Total

Under-

ground

Phoenix

Dumps

Kalgold

Total

Surface

Ore milled

– t’000

Jun-13

784

1 112

565

1 147

958

790

180

674

492

355

51

7 108

5 908

3 668

1 542

11 118

–

18 226

2 033

20 259

Jun-12

1 320

1 023

575

1 359

1 029

869

175

614

434

348

42

7 788

5 509

3 292

1 480

10 281

–

18 069

1 948

20 017

Gold produced

– oz

Jun-13

88 093

116 738

78 255

133 554

116 256

127 542

51 635

103 782

58 289

52 277

15 335

941 756

26 588

41 121

42 825

110 534

–

1 052 290

85 007

1 137 297

Jun-12

181 105

98 863

81 695

169 980

103 526

116 708

33 565

85 618

51 216

36 106

10 609

968 991

26 428

48 515

33 469

108 412

–

1 077 403

88 800

1 166 203

Yield 

-g/tonne

Jun-13

0.112

0.105

0.139

0.116

0.121

0.161

0.287

0.154

0.118

0.147

0.301

0.132

0.005

0.011

0.028

0.010

–

0.058

0.042

0.056

Jun-12

0.137

0.097

0.142

0.125

0.101

0.134

0.192

0.139

0.118

0.104

0.225

0.124

0.005

0.015

0.023

0.011

–

0.060

0.046

0.058

Cash operating
costs

– $/oz

Jun-13

1 951

1 046

1 428

1 212

960

842

1 030

729

1 111

1 116

1 009

1 119

986

1 190

1 071

1 095

–

1 117

1 611

1 154

Jun-12

1 046

1 142

1 279

973

1 057

940

1 885

836

1 253

1 523

1 439

1 094

966

991

1 176

1 042

–

1 089

1 238

1 100

Cash operating
costs

– $/tonne

Jun-13

219

110

198

141

117

136

295

112

132

164

303

148

4

13

30

11

–

64

67

65

Jun-12

143

110

182

122

106

126

362

117

148

158

324

136

5

15

27

11

–

65

56

64

Gold sold

– oz

Jun-13

86 742

114 135

77 902

132 944

115 679

126 191

51 152

102 625

58 000

51 859

15 207

932 436

25 882

41 088

40 607

107 577

–

1 040 013

84 299

1 124 312

Jun-12

178 726

98 027

81 277

169 177

102 979

117 189

33 405

86 132

51 055

36 298

10 578

964 843

26 749

48 740

33 630

109 119

–

1 073 962

89 315

1 163 277

Revenue             -($’000)

Jun-13

137 477

183 066

124 984

213 869

185 886

203 388

81 322

164 584

93 483

83 573

24 383

1 496 015

41 397

65 609

64 689

171 695

–

1 667 710

134 779

1 802 489

Jun-12

298 671

165 271

136 953

285 644

173 652

196 397

54 601

144 750

86 454

60 799

16 147

1 619 339

44 939

81 974

56 931

183 844

–

1 803 183

149 787

1 952 970

Cash operating
costs

($’000)

Jun-13

171 864

122 121

111 760

161 928

111 653

107 398

53 181

75 645

64 762

58 343

15 467

1 054 122

26 212

48 919

45 858

120 989

–

1 175 111

136 905

1 312 016

Jun-12

189 403

112 935

104 462

165 463

109 402

109 651

63 266

71 589

64 185

54 979

13 604

1 058 939

25 537

48 085

39 357

112 979

–

1 171 918

109 960

1 281 878

Inventory
movement

($’000)

Jun-13

(3 702)

(3 977)

(411)

(172)

(1 169)

(1 177)

(1 508)

(1 514)

(455)

(708)

(176)

(14 969)

(715)

(534)

(3 164)

(4 413)

–

(19 382)

(462)

(19 844)

Jun-12

(4 149)

(1 920)

(1 124)

(1 266)

(819)

380

262

1 209

(577)

143

(221)

(8 082)

443

1 430

646

2 519

–

(5 563)

(365)

(5 928)

Operating costs

($’000)

Jun-13

168 162

118 144

111 349

161 756

110 484

106 221

51 673

74 131

64 307

57 635

15 291

1 039 153

25 497

48 385

42 694

116 576

–

1 155 729

136 443

1 292 172

Jun-12

185 254

111 015

103 338

164 197

108 583

110 031

63 528

72 798

63 608

55 122

13 383

1 050 857

25 980

49 515

40 003

115 498

–

1 166 355

109 595

1 275 950

Operating profit

($’000)

Jun-13

(30 685)

64 922

13 635

52 113

75 402

97 167

29 649

90 453

29 176

25 938

9 092

456 862

15 900

17 224

21 995

55 119

–

511 981

(1 664)

510 317

Jun-12

113 417

54 256

33 615

121 447

65 069

86 366

(8 927)

71 952

22 846

5 677

2 764

568 482

18 959

32 459

16 928

68 346

–

636 828

40 192

677 020

Capital
expenditure

($’000)

Jun-13

47 559

32 354

38 252

35 195

19 339

37 521

13 080

18 100

8 833

16 444

434

267 111

17 690

1 671

5 948

25 309

3 009

295 429

57 343

352 772

Jun-12

53 486

37 813

38 925

37 068

26 771

33 290

23 902

10 822

9 150

11 527

10 353

293 107

3 800

3 075

9 836

16 711

4 061

313 879

38 168

352 047

36

Results for the fourth quarter
and year ended 30 June 2013

CONDENSED CONSOLIDATED INCOME STATEMENTS

(US$)

(Convenience translation)

Figures in million

Quarter ended

Year ended

30 June

2013

(Unaudited)

31 March

2013

(Unaudited)

30 June

2012

(Unaudited)

30 June

2013

(Unaudited)

30 June

2012

(Audited)

Continuing operations

Revenue

369

395

485

1 803

1 953

Cost of sales

(653)

(367)

(409)

(1 866)

(1 561)

Production costs

(301)

(303)

(325)

(1 292)

(1 276)

Amortisation and depreciation

(53)

(51)

(67)

(220)

(247)

(Impairment)/reversal of impairment of assets

(289)

–

7

(310)

7

Other items

(10)

(13)

(24)

(44)

(45)

Gross (loss)/profit

(284)

28

76

(63)

392

Corporate, administration and other expenditure

(13)

(14)

(11)

(53)

(45)

Social investment expenditure

(6)

(3)

(3)

(14)

(9)

Exploration expenditure

(23)

(18)

(20)

(76)

(64)

Profit on sale of property, plant and equipment

–

2

4

16

8

Other expenses – net

(18)

(15)

(9)

(40)

(6)

Operating (loss)/profit

(344)

(20)

37

(230)

276

Reversal of impairment of investment in associate

–

–

–

–

7

Impairment of investments

–

(4)

(18)

(10)

(19)

Net (loss)/gain on financial instruments

(1)

2

1

20

11

Investment income

7

5

4

21

12

Finance cost

(6)

(7)

(8)

(29)

(37)

(Loss)/profit before taxation

(344)

(24)

16

(228)

250

Taxation

(26)

(5)

(24)

(75)

16

Normal taxation

8

(14)

(10)

(31)

(25)

Deferred taxation

(34)

9

(14)

(44)

41

Net (loss)/profit from continuing operations

(370)

(29)

(8)

(303)

266

Discontinued operations

Profit from discontinued operations

–

16

22

36

75

Net (loss)/profit for the period

(370)

(13)

14

(267)

341

Attributable to:

Owners of the parent

(370)

(13)

14

(267)

341

(Loss)/earnings per ordinary share (cents)

(Loss)/earnings from continuing operations

(86)

(7)

(2)

(70)

61

Earnings from discontinued operations

–

4

5

8

18

Total (loss)/earnings

(86)

(3)

3

(62)

79

Diluted (loss)/earnings per ordinary share (cents)

(Loss)/earnings from continuing operations

(86)

(7)

(2)

(70)

61

Earnings from discontinued operations

–

4

5

8

18

Total diluted (loss)/earnings

(86)

(3)

3

(62)

79

The currency conversion average rates for the quarter ended: June 2013: US$1 = R9.45 (March 2013: US$1 = R8.92, June 2012: US$1 = R8.12).
For the year ended: June 2013: US$1 = R8.82 (June 2012: US$= R7.77).

The income statement for the year ended 30 June 2012 has been extracted from the 2012 Annual Report.

37

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(US$)

(Convenience translation)

Figures in million

Quarter ended

Year ended

30 June

2013

(Unaudited)

31 March

2013

(Unaudited)

30 June

2012

(Unaudited)

30 June

2013

(Unaudited)

30 June

2012

(Audited)

Net (loss)/profit for the period

(370)

(13)

14

(267)

341

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

3

58

74

86

(595)

Foreign exchange translation

3

59

62

85

(607)

Movements on investments

–

(1)

12

1

12

Total comprehensive (loss)/income for the period

(367)

45

88

(181)

(254)

Attributable to:

Owners of the parent

(367)

45

88

(181)

(254)

The currency conversion average rates for the quarter ended: June 2013: US$1 = R9.45 (March 2013: US$1 = R8.92, June 2012: US$1 = R8.12).
For the year ended: June 2013: US$1 = R8.82 (June 2012: US$1 = R7.77).

The statement of comprehensive income for the year ended 30 June 2012 has been extracted from the 2012 Annual Report.

All items in Other comprehensive income will be reclassified subsequently to profit or loss when specific conditions are met.

Note on convenience translations

Except where specific statements have been extracted from the 2012 Annual Report, the requirements of IAS 21, The Effects
of the Changes in Foreign Exchange Rates , have not necessarily been applied in the translation of the US Dollar financial
statements presented on pages 36 to 41.

38

Results for the fourth quarter
and year ended 30 June 2013

CONDENSED CONSOLIDATED BALANCE SHEETS

(US$)

(Convenience translation)

Figures in million

At

30 June

2013

(Unaudited)

At

31 March

2013

(Unaudited)

At

30 June

2012

(Audited)

ASSETS

Non-current assets

Property, plant and equipment

3 287

3 787

4 003

Intangible assets

219

238

268

Restricted cash

4

4

4

Restricted investments

206

222

224

Deferred tax assets

10

71

59

Investments

15

15

18

Inventories

6

6

7

Trade and other receivables

–

1

3

Total non-current assets

3 747

4 344

4 586

Current assets

Inventories

143

131

121

Trade and other receivables

116

161

152

Income and mining taxes

13

–

14

Cash and cash equivalents

209

336

216

481

628

503

Assets of disposal groups classified as held for sale

–

–

174

Total current assets

481

628

677

Total assets

4 228

4 972

5 263

EQUITY AND LIABILITIES

Share capital and reserves

Share capital

2 837

3 074

4 036

Other reserves

348

368

(64)

Retained earnings

50

434

180

Total equity

3 235

3 876

4 152

Non-current liabilities

Deferred tax liabilities

303

352

378

Provision for environmental rehabilitation

200

213

227

Retirement benefit obligation

19

20

22

Other provisions

6

5

4

Borrowings

226

243

183

Total non-current liabilities

754

833

814

Current liabilities

Borrowings

29

31

38

Income and mining taxes

–

10

–

Trade and other payables

210

222

213

239

263

251

Liabilities of disposal groups classified as held for sale

–

–

46

Total current liabilities

239

263

297

Total equity and liabilities

4 228

4 972

5 263

The balance sheet for June 2013 converted at a conversion rate of US$1 = R9.98 (March 2013: US$1 = R9.22, June 2012: US$1 = R8.21).

The balance sheet as at 30 June 2012 has been extracted from the 2012 Annual Report.

39

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY

(US$)

for the year ended 30 June 2013 (Convenience translation)

Figures in million

Share

capital

Other

reserves

Retained

earnings

Total

Balance – 30 June 2012

2 838

245

331

3 414

Share-based payments

(1)

27

–

26

Net loss for the period

–

–

(237)

(237)

Other comprehensive income for the period

–

76

–

76

Dividends paid

–

–

(44)

(44)

Balance – 30 June 2013

2 837

348

50

3 235

Balance – 30 June 2011

4 033

519

(102)

4 450

Issue of shares

3

–

–

3

Share-based payments

–

12

–

12

Net profit for the period

–

–

341

341

Other comprehensive income for the period

–

(595)

–

(595)

Dividends paid

–

–

(59)

(59)

Balance – 30 June 2012

4 036

(64)

180

4 152

The currency conversion closing rates for the period ended 30 June 2013: US$1 = R9.98 (June 2012: US$1 = R8.21).

The statement of changes in equity for the year ended 30 June 2012 has been extracted from the 2012 Annual Report.

40

Results for the fourth quarter
and year ended 30 June 2013

CONDENSED CONSOLIDATED CASH FLOW STATEMENTS

(US$)

(Convenience translation)

Figures in million

Quarter ended

Year ended

30 June

2013

(Unaudited)

31 March

2013

(Unaudited)

30 June

2012

(Unaudited)

30 June

2013

(Unaudited)

30 June

2012

(Audited)

Cash flow from operating activities

Cash generated by operations

23

23

149

358

586

Interest and dividends received

5

4

2

16

10

Interest paid

(4)

(3)

(5)

(14)

(18)

Income and mining taxes paid

(14)

(8)

(20)

(35)

(33)

Cash generated by operating activities

10

16

126

325

545

Cash flow from investing activities

Restricted cash transferred from disposal group

–

28

–

–

–

Proceeds on disposal of Evander

–

142

–

143

–

Proceeds on disposal of investment in associate

–

–

4

–

28

Proceeds on disposal of Evander 6 and Twistdraai

–

–

15

–

15

Proceeds on disposal of Merriespruit South

–

–

–

7

–

Purchase of investments

(1)

(4)

–

(10)

–

Other investing activities

–

–

(7)

–

(10)

Net additions to property, plant and equipment

1

(99)

(94)

(117)

(421)

(404)

Cash (utilised)/generated by investing activities

(100)

72

(105)

(281)

(371)

Cash flow from financing activities

Borrowings raised

–

–

43

77

188

Borrowings repaid

(17)

–

(20)

(38)

(159)

Ordinary shares issued – net of expenses

–

–

–

–

3

Dividends paid

–

(24)

(1)

(49)

(57)

Cash (utilised)/generated by financing activities

(17)

(24)

22

(10)

(25)

Foreign currency translation adjustments

(20)

(23)

(13)

(41)

(35)

Net (decrease)/increase in cash and cash equivalents

(127)

41

30

(7)

114

Cash and cash equivalents – beginning of period

336

295

186

216

102

Cash and cash equivalents – end of period

209

336

216

209

216

1. Includes capital expenditure for Wafi-Golpu and other international projects of US$14 million in the June 2013 quarter (March 2013: US$17 million) June 2012: US$15 million) and

US$61 million in the 12 months ended 30 June 2013 (June 2012: US$40 million).

The currency conversion average rates for the quarter ended: June 2013: US$1 = R9.45 (March 2013: US$1 = R8.92, June 2012: US$1 = R8.12).
For the year ended: June 2013: US$1 = R8.82 (June 2012: US$1 = R7.77).

Closing balance translated at closing rates of: June 2013: US$1 = R9.98 (June 2012: US$1 = R8.21).

The cash flow statement for the year ended 30 June 2012 has been extracted from the 2012 Annual Report.

41

Segment report

(US$/Imperial)

for the year ended 30 June 2013

Revenue

Production

cost

Production

profit/(loss)

Mining assets

(1)

Capital

expenditure

#

Ounces

produced*

Tons milled*

30 June

30 June

30 June

30 June

30 June

30 June

30 June

2013

2012

2013

2012

2013

2012

2013

2012

2013

2012

2013

2012

2013

2012

US$ million

US$ million

US$ million

US$ million

US$ million

oz

t’000

Continuing operations

South Africa

Underground

Kusasalethu

137

299

168

185

(31)

114

344

397

48

53

88 093

181 105

784

1 320

Doornkop

183

165

118

111

65

54

338

394

32

38

116 738

98 863

1 112

1 023

Phakisa

125

137

111

103

14

34

455

542

38

39

78 255

81 695

565

575

Tshepong

214

286

162

164

52

122

388

450

35

37

133 554

169 980

1 147

1 359

Masimong

186

174

110

109

76

65

99

119

19

27

116 256

103 526

958

1 029

Target 1

203

196

106

110

97

86

271

322

38

33

127 542

116 708

790

869

Bambanani

106

71

67

77

39

(6)

88

115

14

34

66 970

44 174

231

217

Joel

165

145

74

73

91

72

29

26

18

11

103 782

85 618

674

614

Unisel

93

86

64

64

29

22

66

44

9

9

58 289

51 216

492

434

Target 3

84

61

58

55

26

6

46

42

16

12

52 277

36 106

355

348

Surface

All other surface operations

172

183

117

115

55

68

26

28

28

20

110 534

108 412

11 118

10 281

Total South Africa

1 668

1 803

1 155

1 166

513

637

2 150

2 479

295

313     1 052 290      1 077 403

18 226

18 069

International

Hidden Valley

135

150

137

110

(2)

40

394

682

57

38

85 007

88 800

2 033

1 948

Total international

135

150

137

110

(2)

40

394

682

57

38

85 007

88 800

2 033

1 948

Total continuing
operations

1 803

1 953

1 292

1 276

511

677

2 544

3 161

352

351     1 137 297      1 166 203

20 259

20 017

Discontinued operations

Evander

99

181

60

99

39

82

–

121

15

23

62 855

108 317

430

704

Total discontinued
operations

99

181

60

99

39

82

–

121

15

23

62 855

108 317

430

704

Total operations

1 902

2 134

1 352

1 375

550

759

2 544

3 282

367

374      1 200 152     1 274 520

20 689

20 721

(1)

Segment mining assets disclosures were previously not reported and are unaudited for the year ended 30 June 2013 and 30 June 2012.

#

Capital expenditure for international operations excludes expenditure spent on Wafi-Golpu of US$61 million (2012: US$40 million).

* Production statistics are unaudited.

The segment report for the year ended 30 June 2012 has been audited. The segment report for the year ended 30 June 2013 is unaudited.

42

Results for the fourth quarter
and year ended 30 June 2013

DEVELOPMENT RESULTS

(Metric)

Quarter ending June 2013

Channel

Reef

Meters

Sampled

Meters

Width

(Cm’s)

Value

(g/t)

Gold

(Cmg/t)

Tshepong

Basal

406

396

8.36

158.77

1 327

B Reef

165

138

58.18

11.75

684

All Reefs

571

534

21.23

54.68

1 161

Phakisa

Basal

245

256

95.20

14.09

1 341

All Reefs

245

256

95.20

14.09

1 341

Doornkop

South Reef

438

399

42.96

18.84

809

All Reefs

438

399

42.96

18.84

809

Kusasalethu

VCR Reef

497

502

104.20

11.49

1 197

All Reefs

497

502

104.20

11.49

1 197

Total Target

(Incl. Target 1 & Target 3)

Elsburg

75

60

266.40

4.38

1 166

Basal

25

12

11.50

86.30

993

A Reef

33

34

73.71

11.72

864

B Reef

302

170

139.13

12.76

1 776

All Reefs

435

276

153.19

9.77

1 497

Masimong 5

Basal

582

510

43.24

15.33

663

B Reef

84

141

98.04

14.55

1 427

All Reefs

666

651

55.11

15.03

828

Unisel

Basal

292

216

207.40

6.79

1 409

Leader

464

410

217.42

6.33

1 376

Middle

64

26

189.00

10.14

1 917

All Reefs

820

652

212.97

6.61

1 409

Joel

Beatrix

303

297

150.00

14.65

2 197

All Reefs

303

297

150.00

14.65

2 197

Total Harmony

Basal

1 550

1 390

68.11

16.09

1 096

Beatrix

303

297

150.00

14.65

2 197

Leader

464

410

217.42

6.33

1 376

B Reef

551

449

101.35

13.13

1 331

A Reef

33

34

73.71

11.72

864

Middle

64

26

189.00

10.14

1 917

Elsburg

75

60

266.40

4.38

1 166

South Reef

438

399

42.96

18.84

809

VCR Reef

497

502

104.20

11.49

1 197

All Reefs

3 975

3 567

102.81

12.03

1 236

DEVELOPMENT RESULTS

(Imperial)

Quarter ending June 2013

Channel

Reef

Meters

Sampled

Meters

Width

(inch)

Value

(oz/t)

Gold

(In.oz/t)

Tshepong

Basal

1 332

1 299

3.00

5.08

15

B Reef

540

453

23.00

0.34

8

All Reefs

1 872

1 752

8.00

1.67

13

Phakisa

Basal

803

840

37.00

0.42

15

All Reefs

803

840

37.00

0.42

15

Doornkop

South Reef

1 438

1 309

17.00

0.55

9

All Reefs

1 438

1 309

17.00

0.55

9

Kusasalethu

VCR Reef

1 629

1 647

41.00

0.34

14

All Reefs

1 629

1 647

41.00

0.34

14

Total Target

(Incl. Target 1 & Target 3)

Elsburg

247

197

105.00

0.13

13

Basal

81

39

5.00

2.28

11

A Reef

108

112

29.00

0.34

10

B Reef

992

558

55.00

0.37

20

All Reefs

1 428

906

60.00

0.29

17

Masimong 5

Basal

1 909

1 673

17.00

0.45

8

B Reef

277

463

39.00

0.42

16

All Reefs

2 186

2 136

22.00

0.43

10

Unisel

Basal

959

709

82.00

0.20

16

Leader

1 521

1 345

86.00

0.18

16

Middle

210

85

74.00

0.30

22

All Reefs

2 690

2 139

84.00

0.19

16

Joel

Beatrix

995

974

59.00

0.43

25

All Reefs

995

974

59.00

0.43

25

Total Harmony

Basal

5 085

4 560

27.00

0.47

13

Beatrix

995

974

59.00

0.43

25

Leader

1 521

1 345

86.00

0.18

16

B Reef

1 809

1 473

40.00

0.38

15

A Reef

108

112

29.00

0.34

10

Middle

210

85

74.00

0.30

22

Elsburg

247

197

105.00

0.13

13

South Reef

1 438

1 309

17.00

0.55

9

VCR Reef

1 629

1 647

41.00

0.34

14

All Reefs

13 041

11 703

40.00

0.36

14

PRINTED BY INCE (PTY) LTD

W2CF16343

43

NOTES

44

44

44

44

44

4

4

4

CONTACT DETAILS

Corporate Office

Randfontein Office Park
PO Box 2, Randfontein, 1760, South Africa
Corner Main Reef Road/Ward Avenue, Randfontein, 1759, South Africa
Telephone: [phone]
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 Lushaba*^, C Markus*^,

M Msimang*^, K T Nondumo*^, V P Pillay *^, J Wetton*^, A J Wilkens*

* Non-executive
^ Independent

1

Mozambican

Investor relations team

Henrika Basterfield
Investor Relations Manager

Telephone: [phone]
Fax: [phone]
Mobile: [phone]
E-mail: [e-mail]

Marian van der Walt
Executive: Corporate and Investor Relations

Telephone: [phone]
Fax: [phone]
Mobile: [phone]
E-mail: [e-mail]

Company Secretary

Riana Bisschoff

Telephone: [phone]

Mobile: [phone]

E-mail: [e-mail]

South African Share Transfer Secretaries

Link Market Services South Africa (Proprietary) Limited
(Registration number 2000/007239/07)
13th Floor, Rennie House, 19 Ameshoff Street, Braamfontein, 2001
PO Box 4844, Johannesburg, 2000, South Africa
Telephone: [phone]
Fax: [phone]

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
E-mail queries: [e-mail]
Toll Free: [phone]
Intl: [phone]
Fax: [phone]

Sponsor

JP Morgan Equities Limited
1 Fricker Road, corner Hurlingham Road, Illovo, Johannesburg, 2196
Private Bag X9936, Sandton, 2146, South Africa
Telephone: [phone]
Fax: [phone]

Trading Symbols

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

Registration number

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

ISIN

ZAE000015228

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused

this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Dated: August 14, 2013

Harmony Gold Mining Company Limited

By:     /s/ Frank Abbott

Name: Frank Abbott
Title:     Financial Director