Edgar Filing: HARMONY GOLD MINING CO LTD

Page 1

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form 6-K

REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO

RULE 13a-16 OR 15d-16 UNDER THE SECURITIES

EXCHANGE ACT OF 1934

For the third quarter ended 31 March 2008

Harmony Gold Mining Company

Limited

PO Box 2

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

QUARTERLY HIGHLIGHTS

■

Harmony announces Newcrest as PNG partner

■

Total cash operating cost down by 8.9%

■

Cash operating profit increased to R828 million

■

Headline earnings of 42 cents per share for continuing operations

■

Restructuring complete, benefits to flow

FINANCIAL SUMMARY FOR THE THIRD QUARTER ENDED 31 MARCH 2008

(All results exclude Discontinued Operations unless otherwise indicated)

Quarter

Q-on-Q

Year to date

March 2008

December 2007

% change

2008

Gold produced

– kg

10 347

12 403

(16.6)

36 275

– oz

332 662

398 764

(16.6)

1 166 263

Cash costs

– R/kg

145 514

133 234

(9.2)

136 608

– $/oz

609

613

0.7

598

Cash operating profit

– Rm

828

450

84.0

1 594

– US$m

111

68.2

225

Basic earnings/(loss)

– SA c/s

(49)

183.7

(137)

– US c/s

(7)

185.7

(19)

Headline earnings/(loss)

– SA c/s

(43)

197.7

(32)

– US c/s

(6)

200.0

(5)

Fully diluted earnings/(loss)

– SA c/s

(48)

185.4

(136)

– US c/s

(7)

185.7

(19)

UNAUDITED FINANCIAL REVIEW FOR THE THIRD QUARTER
ENDED 31 MARCH 2008

TABLE OF CONTENTS

Chief Executive’s Review . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Safety and Health Report . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

The Third Quarter ended 31 March 2008 under review . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Capital Expenditure (Continuing Operations) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Quarterly Profit Comparison for Continuing Operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

South African Underground Operations (Continuing Operations). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

– Tshepong Mine . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

– Phakisa. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

– Doornkop. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

– Elandsrand. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

– Target Mine . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

– Masimong Mine . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

– Evander Operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

– Bambanani . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

– Joel . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

– Virginia Operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

South African Surface Operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

– Kalgold . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

– Project Phoenix. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

International Operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

– Hidden Valley . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Exploration . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

– Wafi/Golpu . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

– Exploration results and programme . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Discontinued Operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

– Orkney . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

– Australia . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

– Randfontein Operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Operating results – Continuing Operations (Rand/Metric) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Operating results including Discontinued Operations (Rand/Metric) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Condensed consolidated income statement (Rand) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Condensed consolidated balance sheet (Rand) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Condensed consolidated statement of changes in equity (Rand) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Condensed consolidated cash flow statement (Rand) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Notes to the condensed consolidated financial statements for the quarter and nine months
ended 31 March 2008 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Detailed operating information year to date ended 31 March 2008 (Rand/Metric). . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Detailed operating information year to date ended 31 March 2007 (Rand/Metric). . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Operating results – Continuing Operations (US$/Imperial). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Operating results including Discontinued Operations (US$/Imperial). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Condensed consolidated income statement (US$) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Condensed consolidated balance sheet (US$) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Condensed consolidated statement of changes in equity (US$) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Condensed consolidated cash flow statement (US$) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Detailed operating information year to date ended 31 March 2008 (US$/Imperial) . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Detailed operating information year to date ended 31 March 2007 (US$/Imperial) . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Development results (Metric) and (Imperial) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Contact details . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

CHIEF EXECUTIVE’S REVIEW

Harmony has been through another demanding and active quarter of streamlining our operations in line with our strategic
objectives. Much has been accomplished in the last two quarters and I am pleased with our progress to date. The
accomplishments are attributed primarily to the sustained commitment and teamwork of Harmony’s passionate leaders and
hard-working people throughout the company.

Harmony’s internal leadership conference which was held over two days in March reinforced the elements of ‘Back to Basics’,
which include production, safety, planning and reviewing, cost control and services. One of the most important aims of the
conference is to spend quality time with the company’s leaders by exchanging and sharing of knowledge in a more inter-active
and productive manner. The March conference facilitated both a keen understanding of the changing dynamics within
Harmony and assisted leaders to focus on positioning the company for the challenges and opportunities ahead. We have been
through some pain, but I am confident that we have turned the corner and can begin to build on the new foundation.

To this end, we have commenced the rebuilding phase and over the ensuing months the company’s leaders will roll-out the
business strategy to all the shaft teams. Through strategically focused safety and productivity targets, we will begin to reflect
improvements in the critical areas of production, tonnes per man, grade, cost reduction, but more importantly, in R/kg.
To accelerate the rebuilding phase, changes have already been effected to Harmony’s mining structure with the elimination of
coaches and the re-introduction of mine captains and shift bosses to improve production levels.

We have focused on our strategies of restructuring for profitability by shedding or closing high-cost operational areas and assets,
and accelerating our underground and surface projects. Our restructuring has had sweeping implications for Harmony in that
some of our high electricity consumption work-areas and high-cost operations have had to be closed and Conops terminated
where it proved to be ineffective and inefficient. In this way, Harmony was able to absorb the 10% reduction in electricity supply
because we were able to incorporate this challenge as another component of our restructuring efforts. However, we have
submitted our request to Eskom for additional power that will be required by our projects as they begin to ramp-up to full capacity.

Over the past two quarters the company’s staff complement has been reduced by 5 985 employees. A reduction of
1 421 employees was evident in the March 2008 quarter. Noticeably the company’s restructuring phase has had a negative
impact and consequences on productivity. The termination of Conops at three of our operations – Masimong during the
December 2007 quarter; Elandsrand and Tshepong during the March 2008 quarter – caused the SA underground tonnages and,
to some extent, the grade to drop due to the reduction of the labour force and, in some instances, transferring labour to other
operations.

External factors also played their part. Harmony’s operations experienced a loss of production due to this year’s lengthy
Christmas holiday period. The effects of a five-day power cut were felt and similarly when it was restored at 80% of our
previous consumption and thereafter the resultant build-up phase from 80% to 90% power supply. This resulted in an
estimated total loss of more than 800 kilograms from our operations.

Financials

Harmony’s operational performance from its continuing operations for the quarter under review was disappointing with
7.2% lower tonnages at 4 125 000 tonnes compared with 4 445 000 tonnes in the December quarter, resulting in a
16.6% decrease in kilograms produced of 10 347kg versus 12 403kg.

Total grade for the group was 10% lower at 2.51g/t, while the grade from our SA underground operations was recorded at
4.81g/t a 1.2% drop on the previous quarter. The company’s cash operating costs increased by 9.2% to R145 514/kg from
R133 234/kg.

It is pleasing to note that some of our restructuring efforts were evident in this quarter with the R147 million reduction in
working costs. Total cash operating costs were down 8.9% to R1 506 million from R1 652 million.

A higher received gold price of US$944.40/oz and a weaker, thus more favourable, R/US$ exchange rate of R7.43/$ (R6.77/$)
resulted in higher revenues of R2.3 billion compared with R2.1 billion and a net profit of R164 million compared with a net
loss of R195 million for the previous quarter. Headline earnings stood at 42 cents per share versus a loss of 43 cents per share
for the December 2007 quarter.

IT Financial System

We have made progress over the last two quarters with re-implementing the IT financial system and the retraining of all
employees related to the job has commenced. We have performed the necessary checks and balances and we are confident
that we will have a clean “bill of health” at the end of this financial year.

Strengthening the balance sheet

We continued to forge ahead with our activities to create value, strengthen the company’s balance sheet and improve
operational performance. Accordingly, we are determined to get all our operations on a sound footing with all operations
profitable after taking capital expenditure into account. In our short-life operations we are considering ways of ext ended the
life of mines. The operations have all the required infrastructure and we are considering options of increasing development
capital.

The conditions precedent for the R1.9 billion transaction with Pamodzi Resources Fund are progressing smoothly and we are
confident that these should be fulfilled by end of June 2008. Mr John Munro who has been appointed Chief Executive Officer
of the newly named Rand Uranium Company commenced duties on 5 May 2008. We wish him every success with developing
the new uranium entity into a world-class company in which we will hold a 40% stake.

On 17 January 2008, Harmony signed two separate transactions with African Precious Minerals (APM): in terms of the sale
agreement APM would acquire 87% of Jeanette Gold Mines Limited for a purchase consideration of 1 500 000 ordinary
APM shares and 1 500 000 half warrants. The shares and warrants to be granted to Harmony are estimated at being worth
US$7.5 million (R52.5 million) and constitutes an 11% shareholding in APM. The second transaction entails two earn-in
agreements for the Evander 6 shaft and Twistdraai assets in the Evander basin. These are subject to and conditional upon the
fulfilment of significant conditions precedent by APM.

I believe that the earn-in agreement with APM is an excellent way of progressing our low priority projects to bankable
feasibility stage in the current positive gold-price environment. In addition, the formation of strategic alliances with other
companies allows us to optimise the use of our resources without placing additional pressure on our capital expenditure.

On 27 February 2008, Pamodzi Gold took full control of the Orkney assets following the fulfilment of all the conditions
precedent. The R345 million purchase consideration for the assets was settled by the issuing of 30 million Pamodzi Gold shares,
bringing Harmony’s shareholding in Pamodzi Gold to 32%.

Although our Papua New Guinea (PNG) transaction was executed in the fourth quarter of 2008, I believe it prudent to make
mention of the fact that Harmony and Newcrest Mining Limited of Australia signed a 50:50% joint venture agreement on
22 April 2008 for the development of Harmony’s PNG assets.

Newcrest will earn its 50% interest in the new joint venture by contributing a maximum of US$525 million which will be paid
in two tranches. An initial US$180 million payment to acquire a 30.01% interest by 30 June 2008, together with a
reimbursement to Harmony of US$45 million in project expenditure, and a farm-in commitment for the remaining 19.99% of
US$300 million, to fund project expenditure up to the commencement of mining operations at Hidden Valley.

The introduction of a quality partner such as Newcrest with significant technical skills, particularly in copper mining and bulk
underground mining techniques including block caving techniques will provide additional expertise to the existing Harmony
team in PNG and will add to the development potential of the PNG assets.

For Harmony, the creation of this joint venture facilitates significant capital investment in the PNG assets and substantially
removes Harmony’s obligation to continue funding the development of these assets entirely from our own cash flows.
A further announcement will be made on SENS and in the press as soon as the financial effects are finalised.

Class action

We have been made aware of a pending class action in the United States of America against Harmony whereby some ADR
holders are seeking damages pertaining to the company’s business practices. We have retained legal professionals in that
country to advise Harmony.

SAFETY AND HEALTH REPORT

■

Two million Fatality Injury Free Shifts at Harmony SA operations

■

Two shafts achieved one million Fatality Free Shifts

■

Joel Mine operated without a fatality for one year

Fatality injury rate (per million hours worked)

Group Safety

Every effort is being made by executives, senior management and shaft teams to intensify the group’s safety drive and their
individual safety awareness. A group workshop on safety was held during the quarter and management teams all committed
to a renewed drive to reduce accidents.

Bambanani’s swift and professional rescue operations saved at least two lives last month during the seismic event. During the
quarter, Bambanani launched a new safety initiative termed “BIG MAC” to build on its current safety standards. The system is
based on people involvement and non-negotiable unsafe behaviour practices.

A transformation safety campaign, known as Ho Lokisa, was launched at Masimong in April. The aim is to improve safety,
encourage worker involvement, increase productivity and equip the workforce with business skills. Challenging safety and
productivity targets have been set and if successful will have wider applications throughout the group.

Harmony experienced an improvement of 15.4% from the second quarter and progressively improved by 13.6% against the
previous year in Fatality Injury Frequency Rate (FIFR) for the third quarter ended 31 March 2008. The graph above shows that
the efforts of all our employees are bearing positive results.

The Lost Time Injury Frequency Rate (LTIFR) rate for the South African operations regressed by 6.1% from the second quarter
and progressively improved by 11.9% in comparison with the previous year.

The Reportable Injury Frequency Rate (RFIR) improved by 6.9% from the second quarter and progressively improved by
16.2% compared to the previous year.

Six employees regretfully lost their lives during the course of duty on Harmony’s mines during the quarter under review.
Harmony’s management extends its condolences to the families of the deceased.

There were no lost time injuries at Hidden Valley and no medical treatment injuries.

There were positive safety accomplishments during the quarter; Harmony’s SA underground operations achieved two million
Fatality Injury Free Shifts. At both Harmony North and Harmony South Regions one million Fatality Free Shifts was achieved
and admirably Joel Mine operated without a fatality for one year.

THE THIRD QUARTER ENDED 31 MARCH 2008 UNDER REVIEW

Harmony’s SA continuing underground operations, delivered a disappointing operational performance for the third quarter
ended 31 March 2008. Negative impacts included lower production and kilograms produced and loss of production due to the
December holidays, the power outage and subsequent power build-up from 80% to the current 90%.

Tonnes Milled

All of the company’s continued underground operations posted lower tonnages for the 31 March 2008 quarter. Tonnages
decreased by 15.8% to 1 934 000 tonnes compared with 2 297 000 tonnes previously, resulting in the 16.8% drop in gold
production from 11 175 kg to 9 302 kg for the quarter under review. Besides the above cited reasons the termination of Conops
at a further two of the company’s operations, the restructuring at Evander 7 and Bambanani and the 18 days suspension of
production at Doornkop all contributed to the lower performance.

Recovery Grades

Recovery grades were steady to marginally down at 4.81g/t from 4.87g/t.

Cost Control

Cash costs were higher throughout the company with the exception of Masimong where costs were well contained during the
quarter. Although cost control measures were applied, operating costs increased by 8.9% to R150 795/kg from R138 531/kg
previously, all as a result of lower kilogram production.

The performance of the company is best highlighted in the following table:

Q-on-Q

March 2008

December 2007

% Variance

Production

– kg

10 347

12 403

(16.6)

Production

– oz

332 662

398 764

(16.6)

Revenue

– R/kg

225 541

169 502

33.1

Revenue

– US$/oz

944

779

21.2

Cash cost

– R/kg

145 514

133 234

(9.2)

Cash cost

– US$/oz

609

613

0.7

Exchange rate

– USD/ZAR

7.43

6.77

(9.8)

Cash Operating Profit and Margin*

Q-on-Q

March 2008

December 2007

% Variance

Cash operating profit (Rm)

828

450

84.0

Cash operating profit margin (%)

35.5

21.4

65.9

*Continuing operations only

Quarter-on-quarter cash operating profit variance analysis (continuing operations)

Cash operating profit – December 2007

R449.8 million

– volume change

R(269.2) million

– working cost change

R147.0 million

– recovery grade change

R(78.6) million

– gold price change

R579.0 million

– net variance

R378.2 million

Cash operating profit – March 2008

R828.0 million

Analysis of earnings per share

Quarter ended

Earnings per share (SA cents)

March 2008

December 2007

Cash earnings

207

113

Basic earnings/(loss)

(49)

Headline earnings/(loss)

(43)

Fully diluted earnings/(loss)

(48)

Reconciliation between basic earnings and headline loss

Quarter ended

Headline earnings/(loss) per share (SA cents)

March 2008

December 2007

Basic earnings/(loss)

(49)

Profit on sale of property, plant and equipment

–

(7)

Provision for doubtful debt

Headline earnings/(loss)

(43)

CAPITAL EXPENDITURE (Continuing Operations)

Capital expenditure was 4.6% higher than last quarter due to increased activity at Hidden Valley, PNG. At the South African
operations the only significant capital increase was the new ice plants for Phakisa.

Actual

Operational Capex

March 2008

December 2007

South African operations

346

348

Total Operational Capex

346

348

Project Capex

Capital

invested

to date

Doornkop South Reef

869

Elandsrand New Mine

778

Tshepong North Decline

284

Phakisa Shaft

782

Hidden Valley, PNG

324

275

1 381

Total Project Capex

499

460

4 094

Total Capex

845

808

QUARTERLY PROFIT COMPARISON FOR CONTINUING OPERATIONS

Operation

Working profit (Rm)

Variances (Rm)

March

December

2008

2007

Variance

Volume

Grade

Price

Costs

Operations

SA underground operations

695.9

345.4

350.5

(275.2)

(41.3)

521.6

145.4

Surface operations

132.1

104.4

27.7

6.0

(37.3)

57.4

1.6

International operations

–

Total Harmony

828.0

449.8

378.2

(269.2)

(78.6)

579.0

147.0

SA UNDERGROUND OPERATIONS (Continuing Operations)

Includes the following shafts: Tshepong, Phakisa, Doornkop, Elandsrand, Target, Masimong, Evander, Bambanani, Joel, Virginia
Operations.

Q-on-Q

March 2008

December 2007

% Variance

U/g tonnes milled

(‘000)

1 934

2 297

(15.8)

U/g recovery grade

(g/t)

4.81

4.87

(1.2)

U/g kilograms produced

(kg)

9 302

11 175

(16.8)

U/g operating costs

(R/kg)

150 795

138 531

(8.9)

U/g working costs

(R/tonne)

725

674

(7.6)

Tshepong Mine

Production

Volumes were affected by loss of production as a result of five days of power constraints and the Christmas break.
Tonnes decreased from 388 000 to 326 000 quarter on quarter resulting in lower kilograms produced from 2 202kg to 1 991kg.

Tshepong’s grade improved from 5.68g/t to 6.11g/t. Total cash costs remained steady at R107 943/kg compared with
R107 616/kg for the previous quarter.

The termination of Conops at Tshepong caused a change in working arrangements and impacted on the volumes for the quarter.

Project overview

Sub 66 decline project is currently in a production build-up phase. The mining component of the project is scheduled to be
complete by June 2008.

Poor ground conditions have delayed the equipping of 72 belt cross-cut. Additional secondary support crews have been placed
in this area to increase the supporting rates. All major equipment has been procured and will require only the labour
component to complete the belt cross-cut.

The secondary support in the chairlift decline will continue until July 2008. The chairlift will be installed in parts when the
secondary support is completed. It is estimated that the chairlift will be in operation at the end of September 2008.

Annual Capex Profile

Table (Rm)

2003

2004

2005

2006

2007

2008

2009

Total

Actual Sunk

32.8

66.6

40.6

52.9

66.7

24.3

–

283.8

Forecast

7.8

–

7.8

Total

32.8

66.6

40.6

52.9

66.7

32.1

291.6

1st production

April 2007

Future milestones

■

Equipping of ore passes and 72 belt cross-cut

– March 2008

■

Bulk Air Cooler civil work completed

– May 2008

■

71 Level Access Development complete

– June 2008

■

Extensive secondary support programme in the chairlift decline

– July 2008

■

Chairlift operational

– September 2008

■

72 level dam pump station design to Sub 71 completion

– October 2008

■

Equipping of ore passes and 72 belt cross-cut complete

– December 2008

Phakisa

Production

At Phakisa volumes improved to 9 000 tonnes (6 000 tonnes) and gold production increased to 53kg from 18kg previously. This
is primarily due to higher feed grade of 5.89g/t (3.0g/t). Lower cash costs of R108 811/kg (R200 722/kg) were achieved. Phakisa
production originates from two areas, the low grade Nyala shaft and the high grade Phakisa shaft, both areas are in a build-
up phase with most of the development focused on the Phakisa shaft area.

Project overview

Access development metres advanced another 2% on the last quarter despite the season break and Eskom power outages.

The first ice plants arrived at Phakisa and will be commissioned in August 2008. This will address the ventilation issues in the
current project.

Annual Capital expenditure profile

Table (Rm)

2004

2005

2006

2007

2008

2009

2010

Total

Actual Sunk

117

116

147

222

179

782

Forecast

152

Total

117

116

147

222

232

934

1st production

June 2008

Full production

August 2010

Future milestones

■

Commissioning of 55 level bulk air cooler

– April 2008

■

69 Level 1st raise line completion

– May 2008

■

Start First revenue on 69 level

– July 2008

■

Commissioning of first ice plant

– August 2008

■

Decline project completed

– April 2010

Doornkop

Production

Operational performance at Doornkop was negatively affected, mainly due to power disruptions and the suspension of all
mining operations for 18 days to expedite the equipping of the man-cage compartments in the main shaft. This was
necessitated to alleviate logistical problems on the South Reef operations. Production should return to normal build-up levels
in the June quarter.

Tonnes milled were lower at 74 000 tonnes (122 000 tonnes) and 208 fewer kilograms of gold were produced. The recovered
grade dropped from 3.21g/t to 2.49g/t for the third quarter due to lower grade achieved in the South Reef section and the
Kimberley section mining in the channel edge areas.

Total costs were significantly higher at R297 293/kg compared with R144 360/kg. This is ascribed to production volumes not
achieved and labour on hold resulting from the revised production plan of the South Reef production horizons.

Project overview

There is a huge challenge to understand the geological model for the South Reef section and all indications currently indicate
a sheet deposit and not a channelised deposit. This could indicate an overall lower grade for the South Reef section than was
previously anticipated. The conventional Kimberley Reef section is nearing its end of life and currently mining is in the
pay-shoot edges realising much lower grades than previously achieved. A full geological assessment is in progress.

Station development continues and access development also continued with 330m excavated. Secondary development is also
underway on 192 & 197 levels with 388m achieved. Equipping of the loading station on 212 level is underway, as is the
construction of the pump station and loading levels.

The updated schedule provides for the main shaft to be partially commissioned by June 2008. The main shaft will fully support
the mining and development activities from this period onwards. The sub shaft will be decommissioned as a hoisting facility
and converted to an up-cast ventilation shaft. Production will ramp-up over the next three years.

Annual Capital expenditure profile

Table (Rm)

2003

2004

2005

2006

2007

2008

2009

2010

2011

Total

Actual Sunk

114

147

256

241

869

Forecast

278

503

Total

114

147

256

315

278

1 372

1st production

July 2007

Full production

March 2010

Future milestones

■

Main shaft partially commissioning

– June 2008

■

Rock winder engineering commissioning

– August 2008

■

Rock winder hoisting

– August 2008

Elandsrand

Production

Elandsrand made a significant improvement from the previous quarter’s low base. Tonnages mined increased by 127.7% from
94 000 to 214 000 tonnes resulting in an 85% production improvement to 1 065kg (576kg) albeit at a lower 4.98g/t compared
with 6.13g/t previously.

Cash operating costs were lower at R158 494/kg (R231 705/kg). Among the contributory cost decrease factors were in stores,
resulting from improved cost control actions implemented and a significant reduction in labour hire and contractors.

Project overview

The first 22 kV transformer was installed on 100 level and the cable installations were completed in March 2008. The cables
that feed this transformer from surface, that were damaged in the shaft accident, were repaired during the quarter.
Commissioning from surface is expected to be completed in May 2008.

The installations of the 600mm chilled water feed and return columns, connecting the No. 2 and No. 3 service shafts on
105 level, are progressing slowly.

During the quarter, the following was accomplished: 115 level sub-station was commissioned; installation of the 102 L West
side bulk air cooler progressed well; infrastructure development of the 100 level cooling dam chamber is being rehabilitated
with additional support; 98 L condenser dam chamber was also re-supported and blasting operations at this site were started;
the pipe cross-cut on 100 L was completed and raise boring of the No. 3 centre hole was started. Access development on
113 level progressed well.

Annual Capital expenditure profile

Table (Rm)

2003

2004

2005

2006

2007

2008

2009

2010

Total

Actual Sunk

35.6

107.0

106.2

105.5

96.1

119.6

113.7

94.6

778.3

Forecast

27.0

141.0

43.1

211.1

Total

35.6

107.0

106.2

105.5

96.1

119.6

113.7

121.6

141.0

43.1

989.4

Project Production

Tonnes Milled

% Split

Kilograms

% Split

Old Mine

101 077

556

New Mine

113 021

668

Total Mine

214 098

1 224

1st production

October 2003

Full production

June 2012

Future milestones

■

115 level main electrical sub-station commission

– February 2008

■

100 level 22 kV sub-station complete

– March 2008

■

115 level pump station commission

– June 2008

■

Access development on 113 level complete

– July 2008

■

No. 3 Service Shaft sub-bank, headgear and winder installation complete

– July 2008

Target Mine

Target recorded its worst production quarter in three years driven by an 19.0% drop in grade from 4.53% to 3.67%.

Volume was 3.8% down on last quarter from 160 000 tonnes to 154 000 tonnes, due to operational difficulties.
The underperformance is attributed to poor grade estimation, poor mining fragmentation and flooding issues, availability of
belts system and breakdowns which affected tonnages from the massive stopes.

Costs were 41.3% higher quarter on quarter from R109 394/kg to R154 552/kg due to the above and an increase in labour to
assist in skills shortages and reagent costs.

Masimong Mine

Tonnages at Masimong were down by 20.7% at 161 000 tonnes from 203 000 tonnes and accordingly gold production
decreased by 14.9% to 770kg from 905kg.

Grade, however, improved by 7.2% from 4.46g/t to 4.78g/t.

Masimong achieved an impressive total cost reduction which lead to a 6.9% reduction in Rand per kilogram quarter on quarter
from R180 355/kg to R167 839/kg.

Evander Operations

Tonnes milled at Evander decreased by 23.2% from 362 000 tonnes to 278 000 tonnes quarter on quarter. Contributory factors
were the restructuring and closure of the upper pillar section at 7 shaft and constraints in the No. 2 decline area of 8 shaft
due to poor environmental conditions.

Dilution from vamping and low production from stoping areas caused the delivered grade to deteriorate at Winkelhaak. Grade
decreased by 10.1% to 5.40g/t.

Despite more stringent control on costs, operating costs increased by 23.1% to R143 107/kg from R116 291/kg.

Bambanani

Bambanani is the operation most affected by the Eskom power reduction. The shaft’s planned tonnages were reduced by about
50% when it was decided to close off the Sub Shaft’s South area. This changed Bambanani from a high tonnage lower grade
producer to a low tonnage higher grade producer.

Tonnages for the March 2008 quarter were down by 47.5% to 157 000 tonnes from 299 000 tonnes and consequently a drop
of 33.2% of gold produced to 1 066kg from 1 595 kg.

Grade was 27.4% higher quarter on quarter at 6.79g/t from 5.33g/t due to the higher grade areas mined in the new plan.

Operating costs were 12.4% higher from 141 056/kg to 158 595/kg. Benefits of the labour reduction and the improving grade
should become evident in the June 2008 quarter.

Joel

Bad coiling occurred when the service rope to the North Shaft cage was changed in January causing loss of production. Eskom
power disruptions caused tonnages to drop to 91 000 tonnes from 99 000 tonnes resulting in a 8.1% reduction in production
of 418kg compared with 455kgs. Grade remained relatively flat at 4.59g/t compared to 4.60g/t.

Although stringent controls were introduced on overtime and stores, costs were higher at R164 821/kg compared
to R154 963/kg.

Virginia Operations

St Helena, Harmony, Merriespruit, Unisel, Brand

Q-on-Q

March 2008

December 2007

% Variance

U/g tonnes milled

(‘000)

470

564

(16.7)

U/g recovery grade

(g/t)

3.60

3.78

(4.8)

U/g kilograms produced

(kg)

1 690

2 131

(20.7)

U/g working costs

(R/kg)

171 209

153 154

(11.8)

U/g working costs

(R/tonne)

616

579

(6.4)

The Virginia operations produced an average performance for the quarter. Some of the negative factors affecting this quarter’s
performance included ventilation problems, grade variations and incorrect mining mix with having to move to higher grade
panels and ledging requirements.

Tonnages from the five operations decreased by 16.7% from 564 000 tonnes to 470 000 tonnes. Consequently kilograms
produced were 20.7% lower at 1 690kg from 2 131kgs with a lower grade of 3.60g/t from 3.78g/t.

Costs were 11.8% higher at R171 209/kg compared to R153 154/kg.

SOUTH AFRICAN SURFACE OPERATIONS

Kalgold, Phoenix, Free Gold surface and Target surface

Q-on-Q

March 2008

December 2007

% Variance

Surface tonnes milled

(‘000)

2 191

2 148

(2.0)

Surface recovery grade

(g/t)

0.48

0.57

(15.8)

Kilograms produced

(kg)

1 045

1 228

(14.9)

Working costs

(R/kg)

98 504

85 031

(15.8)

Working costs

(R/tonne)

4.1

Kalgold

Kalgold receives its electricity from the local domestic grid, consequently tonnage was negatively affected by load shedding
and two major plant breakdowns. This resulted in a total of 261 hours of production being lost during the quarter. Discussions
with Eskom are ongoing to supply uninterrupted electricity to Kalgold.

Tonnes milled were 7.6% down at 389 000 tonnes from 421 000 tonnes. The D-zone is nearing the end of its life and lower
grade is anticipated going forward. Grade was 8.3% down from 2.04g/t to 1.87g/t. Kalgold produced 130 kilograms less gold,
a 15.2% decrease, on the previous quarter. Costs increased by 18.6% to R97 636/kg.

Project Phoenix

The slime plant was the least disrupted during the Eskom outages as these operations were not stopped. Tonnes were only
down by 2% at 1.591 million tonnes mainly due to the seasonal break, but still above the feasibility planned tonnes of
1.500 million per quarter.

Lower grade of 0.13g/t compared with 0.17g/t was delivered. Variations in these values could occur as dams were formed over
long periods involving different material and methods over the years.

Operating costs were up by 6.0% to R94 197/kg from R88 873/kg.

INTERNATIONAL OPERATIONS

Hidden Valley

Project overview

As previously reported, the critical items that continue to drive the completion date for the Hidden Valley project are the
manufacture of the SAG mill and the design, manufacture and erection of the overland conveyor. Meetings were held in Europe
with the German manufacturers of the SAG mill and overland conveyor. Final design activities have started for the overland
conveyor following survey of the cleared route and priority is being given to these activities. The current master schedule is
being maintained for first ore to be milled in March 2009.

Project engineering design is 83% complete and approximately 81% of process equipment ordered. Structural steelwork
drawings for the plant are being received from the contractor and preparation of the electrical and instrumentation contract
documents is nearing completion.

Geotechnical consultants continue to provide recommendations for the design of foundations for the plant and buildings.

The Kaveroi resource drilling was completed during March with a final block model to be released at the end of April.
Preliminary indications are that 584 000 oz will be converted from resource to reserve.

The Kaveroi drilling program has also confirmed the grade and continuity of the resource at depth as well as outlining a
previously unmodelled enrichment zone with elevated gold and silver grades at the contact of the grano-diorite and the
overlying meta-sediments. This manganese rich upper lode has good continuity from section to section and is closer to surface
than previously modelled Kaveroi ore zones.

Annual Capex Expenditure profile: (Construction Capital: Cash Flow)

Table (A$m)

2006

2007

2008

2009

2010

2011

2012

2013

Total

Actual Sunk

121*

231

Forecast

196^

268

Total

193

196

499

* Includes A$28m for Rio Tinto Royalty Buy-out.

^ As part of the JVA signed with Newcrest Mining Limited “(“Newcrest”), refer to the joint announcement made on the 22 April 2008 as published on Harmony’s

website, Newcrest will fund the remaining capital spend on the Hidden Valley project and US$45 million in project expenditure relating to the period 1

January 2008 to 30 June 2008. Refer Note 11 on page 33.

1st production

March 2009

Full production

June 2009

EXPLORATION

Wafi/Golpu

Project Overview

The Wafi pre-feasibility study combining the Golpu copper gold resource with the Wafi Link Zone and NRG1 gold resources
was reviewed during the quarter and no fatal flaws were identified. A definitive feasibility study on the Golpu copper-gold
project was said to be justified.

Golpu is the largest copper resource target with more than four times the net revenue potential than the Wafi gold resources.
Although the gold resources remain of interest, it is the Golpu project that requires an exploratory decline to determine vital
underground mining geotechnical criteria to complete the feasibility.

Test work on Alkaline Sulphide Leaching (ASL) of Golpu concentrate is in progress. Arsenic leach testing continued during the
quarter, to establish if arsenic levels in copper concentrate can be economically reduced and the recovered arsenic suitably and
safely disposed of. Reducing the arsenic levels in copper will enable significantly more ore extraction from the Golpu deposit.

On 22 April 2008, Harmony and Newcrest entered into a joint venture agreement. Future feasibility studies will be delayed until
the partnership is fully functional.

Exploration results and programme

Nambonga North

Significant gold-copper intercepts in mineralised, stock work veined meta-sediments and diorite porphyry have been obtained
on consecutive sections over 240m of strike at Nambonga North. Mineralisation remains open through the grid along strike,
and at depth. Recent results, together with those reported last quarter are particularly encouraging for the size potential of
the system.

Results received during the quarter included:

■

WR268:

30m @ 1.42 g/t Au, 0.37% Cu, from 276m

■

WR270:

117m @ 0.73 g/t Au, 0.23% Cu, from 242m

A number of intercepts of polymetallic (Au-Zn-Ag-Pb) massive sulphide mineralisation were also encountered peripheral to the
porphyry Au-Cu vein stockwork. New results received during the report period include:

■

WR269:

12m @ 2.87 g/t Au, 4.9% Zn, 0.8% Pb,10.6 g/t Ag from 156m

Significantly, WR 272 intersected mineralised diorite porphyry on the 80m step-out section north of the discovery holes WR262
and WR264. The mineralised porphyry remains open to the north off the grid.

Other prospects

Access to explore high priority Porphyry Cu-Au and epithermal targets with multi-million ounce potential has been granted by
the local landowners.

Regional exploration east of the Kerimenge Prospect, where no previous exploration work has been done before, returned
significant surface trench results.

DISCONTINUED OPERATIONS

Orkney

On 27 February 2008, Pamodzi Gold took full control of the Orkney assets following the fulfilment of all the conditions
precedent which resulted in Harmony owning 32% and making it an associate company. Harmony will in future incorporate
its attribution portion of Pamodzi’s profits and losses.

Australia

The Australian operations contributed 56 kilograms of gold in January as their final production from Mt Magnet. Mt Magnet
has been placed under care and maintenance and in a safe and responsible manner. The Australian-based Monarch Gold Mining
Company has taken over operating responsibility.

Randfontein Operations

Tonnages milled at the Cooke shafts of the Randfontein operations decreased by 10.1% from 308 000 tonnes to
277 000 tonnes for the quarter.

Gold production also dropped by 15.9% to 1 354kg from 1 610kg while yields reflected a 6.5% decrease at 4.89g/t from 5.23g/t.

The reduction in the kilograms produced for the quarter is ascribed to a lower face grade, stoping sections intersecting
geological structures and changes in the mining mix from lower VCR production. In addition, Christmas holidays caused delays
in opening up of two scheduled high-grade pillars.

Cash operating costs were 12% higher at R136 157/kg versus R121 625/kg. Additional overtime shifts were introduced in an
effort to reduce the impact of the power shutdown.

UNAUDITED FINANCIAL REVIEW FOR THE THIRD QUARTER
ENDED 31 MARCH 2008

OPERATING RESULTS – CONTINUING OPERATIONS (Rand/Metric)

Underground production – South Africa

Surface production – South Africa

International production

Total SA

South

Total

Doorn-

Elands-

Evander

Virgina

Under-

Kalgold

Project

Other

Total SA

African

Inter-

Harmony

Tshepong

Phakisa

kop

rand

Target

Masimong

Operations

Bambanani

Joel

Operations

ground

Surface

Phoenix

Surface

Total

PNG

national

Total

Ore milled

– t’000

Mar-08

326

214

154

161

278

157

470

1 934

389

1 591

211

2 191

4 125

–

4 125

Dec-07

388

122

160

203

362

299

564

2 297

421

1 623

104

2 148

4 445

–

4 445

Gold Produced

– kg

Mar-08

1 991

184

1 065

565

770

1 500

1 066

418

1 690

9 302

728

213

104

1 045

10 347

–

10 347

Dec-07

2 202

392

576

725

905

2 176

1 595

455

2 131

11 175

858

268

102

1 228

12 403

–

12 403

Yield –

g/tonne

Mar-08

6.11

5.89

2.49

4.98

3.67

4.78

5.40

6.79

4.59

3.60

4.81

1.87

0.13

0.49

0.48

2.51

–

2.51

Dec-07

5.68

3.00

3.21

6.13

4.53

4.46

6.01

5.33

4.60

3.78

4.87

2.04

0.17

0.98

0.57

2.79

–

2.79

Cash Operating Costs

– R/kg

Mar-08

107 943

108 811

297 293

158 494

154 552

167 839

143 107

158 595

164 821

171 209

150 795

97 636

94 197

113 404

98 504

145 514

–

145 514

Dec-07

107 616

200 722

144 360

231 705

109 394

180 355

116 291

141 056

154 963

153 154

138 531

82 341

88 873

97 559

85 031

133 234

–

133 234

Cash Operating Costs

– R/tonne

Mar-08

659

641

739

789

567

803

772

1 077

757

616

725

183

365

–

365

Dec-07

611

602

464

1 420

496

804

699

752

712

579

674

168

372

–

372

Working Revenue

(R’000)

Mar-08

444 818

11 835

42 519

245 789

125 572

173 674

341 845

234 233

95 065

383 269

2 098 619

162 831

48 593

23 631

235 055

2 333 674

–

2 333 674

Dec-07

371 921

2 981

67 889

98 321

122 333

154 848

363 129

269 653

77 485

364 957

1 893 517

145 511

45 675

17 628

208 814

2 102 331

–

2 102 331

Cash Operating Costs

(R’000)

Mar-08

214 915

5 767

54 702

168 796

87 322

129 236

214 660

169 062

68 895

289 343

1 402 698

71 079

20 064

11 794

102 937

1 505 635

–

1 505 635

Dec-07

236 971

3 613

56 589

133 462

79 311

163 221

253 049

224 985

70 508

326 372

1 548 081

70 649

23 818

9 951

104 418

1 652 499

–

1 652 499

Cash Operating Profit

(R’000)

Mar-08

229 903

6 068

(12 183)

76 993

38 250

44 438

127 185

65 171

26 170

93 926

695 921

91 752

28 529

11 837

132 118

828 039

–

828 039

Dec-07

134 950

(632)

11 300

(35 141)

43 022

(8 373)

110 080

44 668

6 977

38 585

345 436

74 862

21 857

7 677

104 396

449 832

–

449 832

Capital Expenditure

(R’000)

Mar-08

43 137

73 207

83 518

83 221

81 434

25 272

53 291

21 502

8 392

28 594

501 568

903

354

18 185

19 442

521 010

324 228

845 238

Dec-07

50 009

60 520

93 926

56 350

49 671

32 466

63 306

38 450

10 305

38 949

493 952

2 030

2 375

34 746

39 151

533 103

274 832

807 935

Evander operations – Evander 5, Evander 7 and Evander 8

Virgina operations – Harmony 2, Merriespruit 1&3, Unisel and Brand

OPERATING RESULTS INCLUDING DISCONTINUED OPERATIONS (Rand/Metric)

Underground production – South Africa

Surface production – South Africa

International production

Rand-

Virgina

Total SA

Cooke

South

Total

Doorn-

Elands-

Evander

fontein

Bamba-

Opera-

Under-

Kalgold

Project

plant

Other

Total SA

Africa

Inter-

Harmony

Tshepong

Phakisa

kop

rand

Target

MasimongOperationsOperations

nani

Joel

tions

St Helena

ARMgold

ground

Surface

Phoenix Operations

Surface

Total Australia

PNG

national

Total

Ore milled

– t’000

Mar-08

326

214

154

161

278

277

157

470

–

108

2 319

389

1 591

645

211

2 836

5 155

–

5 189

Dec-07

388

122

160

203

362

308

299

564

212

2 842

421

1 623

659

104

2 807

5 649

603

–

603

6 252

Gold Produced

– kg

Mar-08

1 991

184

1 065

565

770

1 500

1 354

1 066

418

1 690

–

300

10 956

728

213

275

104

1 320

12 276

–

12 332

Dec-07

2 202

392

576

725

905

2 176

1 610

1 595

455

2 131

741

13 610

858

268

308

102

1 536

15 146

1 946

–

1 946

17 092

Yield –

g/tonne

Mar-08

6.11

5.89

2.49

4.98

3.67

4.78

5.40

4.89

6.79

4.59

3.60

0.00

2.78

4.72

1.87

0.13

0.43

0.49

0.47

2.38

1.65

–

1.65

2.38

Dec-07

5.68

3.00

3.21

6.13

4.53

4.46

6.01

5.23

5.33

4.60

3.78

3.36

3.50

4.79

2.04

0.17

0.47

0.98

0.55

2.68

3.23

–

3.23

2.73

Cash Operating Costs – R/kg

Mar-08

107 943

108 811

297 293

158 494 154 552

167 839

143 107

136 157

158 595 164 821

171 209

–

321 143

154 695

97 636

94 197

142 822

113 404

107 737

149 646

510 875

–

510 875

151 286

Dec-07

107 616

200 722

144 360

231 705

109 394

180 355

116 291

121 625

141 056

154 963

153 154

420 821

182 009

140 640

82 341

88 873

113 390

97 559

90 717

135 578

98 719

–

98 719

131 381

Cash Operating Costs – R/tonne

Mar-08

659

641

739

789

567

803

772

666

1 077

757

616

–

892

731

183

356

841

–

841

360

Dec-07

611

602

464

1 420

496

804

699

636

752

712

579

1 414

636

674

168

364

319

–

319

359

Working Revenue

(R’000)

Mar-08

444 818

11 835

42 519

245 789 125 572

173 674

341 845

312 068

234 233

95 065

383 269

68 682

2 479 395 162 831

48 593

62 497

23 631

297 552 2 776 947

29 815

–

29 815 2 806 762

Dec-07

371 921

2 981

67 889

98 321

122 333

154 848

363 129

279 270

269 653

77 485

364 957

13 881

128 053

2 314 721 145 511

45 675

52 652

17 628

261 466

2 576 187

324 424

–

324 424

2 900 611

Cash Operating Costs (R’000)

Mar-08

214 915

5 767

54 702

168 796

87 322

129 236

214 660

184 357

169 062

68 895

289 343

11 445

96 343

1 694 843

71 079

20 064

39 276

11 794

142 213 1 837 056

28 609

–

28 609 1 865 665

Dec-07

236 971

3 613

56 589

133 462

79 311

163 221

253 049

195 816

224 985

70 508

326 372

35 349

134 869

1 914 115

70 649

23 818

34 924

9 951

139 342

2 053 457

192 107

–

192 107

2 245 564

Cash Operating Profit (R’000)

Mar-08

229 903

6 068

(12 183)

76 993

38 250

44 438

127 185

127 711

65 171

26 170

93 926

(11 419)

(27 661)

784 552

91 752

28 529

23 221

11 837

155 339

939 891

1 206

–

1 206

941 097

Dec-07

134 950

(632)

11 300

(35 141)

43 022

(8 373)

110 080

83 454

44 668

6 977

38 585

(21 468)

(6 816)

400 606

74 862

21 857

17 728

7 677

122 124

522 730

132 317

–

132 317

655 047

Capital Expenditure

(R’000)

Mar-08

43 137

73 207

83 518

83 221

81 434

25 272

53 291

40 119

21 502

8 392

28 594

167

(8)

541 846

903

354

1 886

18 185

21 328

563 174

324 228

324 289

887 463

Dec-07

50 009

60 520

93 926

56 350

49 671

32 466

63 306

35 187

38 450

10 305

38 949

834

977

530 950

2 030

2 375

573

34 746

39 724

570 674

28 095

274 832

302 927

873 601

Evander operations – Evander 5, Evander 7 and Evander 8

Randfontein operations – Cooke 1, Cooke 2 and Cooke 3

Virgina operations – Harmony 2, Merriespruit 1&3, Unisel and Brand

CONDENSED CONSOLIDATED INCOME STATEMENT (Unaudited) (Rand)

Quarter ended

Nine months ended

March

December

March

Notes

2008

2007

2008

2007

R million

Continuing operations
Revenue

2 334

2 102

2 082

6 549

6 085

Production cost

(1 506)

(1 652)

(1 338)

(4 955)

(4 073)

Amortisation and depreciation

(190)

(228)

(189)

(617)

(539)

Corporate expenditure

(55)

(68)

(44)

(196)

(161)

Exploration expenditure

(55)

(42)

(25)

(142)

(111)

Care and maintenance costs of restructured shafts

(24)

(10)

(42)

Employment termination and restructuring costs

(86)

(75)

–

(162)

–

Share based compensation

(4)

(9)

(14)

(23)

(36)

Gain/(loss) on financial instruments

(14)

(24)

(5)

Provision for doubtful debt

(5)

(75)

–

(80)

–

Other (expenses)/income – net

(15)

(6)

(42)

Operating profit/(loss)

399

(77)

462

285

1 230

Loss from associates

(10)

–

(10)

(18)

Mark-to-market of listed investments

–

Profit/(loss) on sale of listed investments

–

(459)

Profit on sale of investment in associate

–

236

Investment income

194

102

Finance cost

(123)

(138)

(101)

(383)

(283)

Profit/(loss) before taxation

320

(141)

422

(340)

1 349

Taxation

(156)

(54)

(107)

(207)

(342)

Net profit/(loss) from continuing operations

164

(195)

315

(547)

1 007

Discontinued operations

Profit/(loss) from discontinued operations

226

(67)

289

(6)

Profit/(loss) on the sale of assets

100

(51)

–

(Loss)/profit from measurement to
fair value less cost to sell

(4)

–

Net profit/(loss)

345

248

(175)

1 001

Earnings/(loss) per share from continuing operations
attributable to the equity holders of the company
during the year (cents)

– Basic earnings/(loss)

(49)

(137)

253

– Headline earnings/(loss)

(43)

(32)

175

– Fully diluted earnings/(loss)

(48)

(136)

250

Earnings/(loss) per share from discontinuing
operations attributable to the equity holders
of the company during the year (cents)

– Basic earnings/(loss)

(17)

(2)

– Headline earnings/(loss)

(19)

(4)

– Fully diluted earnings/(loss)

(17)

(1)

Total earnings/(loss) per share from all
operations attributable to the equity holders
of the company during the year (cents)

– Basic earnings/(loss)

(44)

251

– Headline earnings

171

– Fully diluted earnings/(loss)

(44)

249

* The comparative figures were adjusted to exclude further discontinued operations and interest capitalised, but not adjusted for approximately R250 million in

cost, relating to the March 2007 quarter that was only captured in the June 2007 quarter, as previously reported.

CONDENSED CONSOLIDATED BALANCE SHEET (Rand)

March

December

June

2008

2007

Notes

(Unaudited)

(Reviewed)

(Audited)

R million

Assets
Non-current assets
Property, plant and equipment

26 407

25 133

24 506

Intangible assets

2 477

2 307

Restricted cash

Investments in financial assets

1 413

1 402

1 387

Investments in associates

341

Deferred income tax

2 711

2 462

2 321

Trade and other receivables

33 436

31 431

30 628

Current assets
Inventories

654

709

742

Investments in financial assets

–

2 484

Trade and other receivables

993

851

918

Income and mining taxes

Restricted cash

–

274

Cash and cash equivalents

346

425

711

2 051

2 026

5 195

Non-current assets classified as held for sale

1 716

2 001

1 284

3 767

4 027

6 479

Total assets

37 203

35 458

37 107

Equity and liabilities
Share capital and reserves
Share capital

25 866

25 677

25 636

Other reserves

731

(349)

Accumulated loss

(1 779)

(2 124)

(1 604)

24 818

23 637

23 683

Non-current liabilities
Borrowings

1 918

1 878

1 743

Deferred income tax

5 310

5 191

5 031

Provisions for other liabilities and charges

1 078

1 082

1 216

8 306

8 151

7 990

Current liabilities
Trade and other payables

722

686

1 488

Income and mining taxes

195

Provisions and accrued liabilities

261

222

267

Borrowings

2 009

1 995

2 855

Bank overdraft

–

220

Shareholders for dividends

3 193

2 983

4 887

Liabilities directly associated with non-current assets
classified as held for sale

886

687

547

4 079

3 670

5 434

Total equity and liabilities

37 203

35 458

37 107

Number of ordinary shares in issue

402 818 020

400 196 978

399 608 384

Net asset value per share (cents)

6 161

5 906

5 927

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

CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY (Unaudited) (Rand)

Issued share

Other Accumulated

capital

reserves

loss

Total

R million

Balance – 30 June 2007 (as previously reported)

25 636

(349)

(1 681)

23 606

Change in accounting policy for the capitalisation
of interest on assets under construction

–

Balance – 30 June 2007 (restated)

25 636

(349)

(1 604)

23 683

Issue of share capital

230

–

230

Currency translation adjustment and other

–

1 080

–

1 080

Net loss

–

(175)

Balance as at 31 March 2008

25 866

731

(1 779)

24 818

Balance – 30 June 2006 (as previously reported)

25 489

(271)

(2 015)

23 203

Change in accounting policy for the capitalisation
of interest on assets under construction

–

Balance – 30 June 2006 (restated)

25 489

(271)

(1 967)

23 251

Issue of share capital

101

–

101

Currency translation adjustment and other

–

192

–

192

Net profit

–

1 001

Balance as at 31 March 2007

25 590

(79)

(966)

24 545

CONDENSED CONSOLIDATED CASH FLOW STATEMENT (Unaudited) (Rand)

Three months ended

Nine months ended

March

December

March

Notes

2008

2007

2008

2007

R million

Cash flow from operating activities
Cash generated/(utilised) by operations

794

(376)

472

1 469

Interest and dividends received

209

117

Interest paid

(123)

(118)

(300)

(143)

Income and mining taxes paid

(41)

(9)

(62)

(3)

Cash generated/(utilised) by operating activities

694

(427)

319

1 440

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

(71)

223

–

Net proceeds on disposal of listed investments

–

1 310

229

Net additions to property, plant and equipment

(884)

(734)

(2 451)

(1 765)

Other investing activities

(66)

Cash utilised by investing activities

(858)

(740)

(898)

(1 602)

Cash flow from financing activities
Long-term loans raised

–

2 098

151

Long-term loans repaid

(6)

–

(1 808)

–

Ordinary shares issued – net of expenses

101

Cash generated by financing activities

354

252

Foreign currency translation adjustments

(11)

Net (decrease)/increase in cash and equivalents

(87)

(1 136)

(146)

Cash and equivalents – beginning of period

435

1 571

494

906

Cash and equivalents – end of period

348

435

348

985

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS FOR THE
QUARTER AND NINE MONTHS ENDED 31 MARCH 2008

Accounting policies

(a) Basis of accounting

The condensed consolidated interim financial statements for the period ended 31 March 2008 have been prepared

using accounting policies that comply with International Financial Reporting Standards (IFRS), which are consistent

with the accounting policies used in the audited annual financial statements for the year ended 30 June 2007, except

for accounting policy changes made after the date of the annual financial statements. These condensed consolidated

interim financial statements are prepared in accordance with IAS 34, Interim Financial Reporting, and should be read

in conjunction with the financial statements for the year ended 30 June 2007.

New accounting standards and IFRIC interpretations

Certain new accounting standards and IFRIC interpretations have been published that are mandatory for accounting

periods beginning on or after 1 January 2008. These new standards and interpretations have not been early adopted

by the Group and a reliable estimate of the impact of the adoption thereof for the Group cannot yet be determined

for all of them, as management are still in the process of determining the impact thereof on future financial

statements.

At the date of finalising of these financial statements, the following Standards and Interpretations were in issue but

not yet effective:

Title

Effective date

New Statement

• IFRS 8 Operating Segments

Financial year commencing on or after 1 January 2009

Amendments

• IAS 1 (Revised) – Presentation of

Financial year commencing on or after 1 January 2009

Financial Statements Revised

• IAS 27 (Revised) – Consolidated and Separate

# Financial year commencing on or after 1 July 2009

Financial Statements

• IAS 32 (Revised) – Financial Instruments: Presentation

# Financial year commencing on or after 1 January 2009

• IFRS 2 (Revised) – Share-based Payments

# Financial year commencing on or after 1 January 2009

• IFRS 3 (Revised) – Business Combinations

# Financial year commencing on or after 1 July 2009

New Interpretation

• IFRIC 12 – Service Concession Arrangements

* Financial year commencing on or after 1 January 2008

• IFRIC 13 – Customer Loyalty Programmes

* Financial year commencing on or after 1 July 2008

• IFRIC 14 – IAS 19 The Limit on a Defined Benefit Asset,

# Financial year commencing on or after 1 January 2008

Minimum Funding Requirements and their Interactions

^ Affects disclosure

* Will not impact materially

# Not yet assessed

(b) Implementation of accounting policy

IAS 23 (Revised) – Borrowing Costs: The company early adopted IAS 23 (Revised) – Borrowing Costs, retrospectively

as of 1 July 2000, which requires that management capitalise borrowing costs directly attributable to the acquisition

and construction of qualifying assets. Qualifying assets are assets that take a substantial time to get ready for their

intended use.

The impact of this adjustment was as follows:

Quarter ended

Nine months ended

March

December

March

2008

2007

2008

2007

(Unaudited)

R million

Effect on net loss:

Decrease in interest expense

Income tax

(3)

(7)

(1)

(12)

(4)

Decrease in net loss

Effect on opening accumulated loss:

Decrease in interest expense

137

115

108

Income tax

(40)

(33)

(23)

(31)

(20)

Decrease in accumulated loss

The borrowing costs are added to the cost of those assets, until such time as the assets are substantially ready for

their intended use.

All other borrowing costs are dealt with in income in the period in which they are incurred.

Employment termination and restructuring costs

During the December 2007 quarter, a voluntary retrenchment process was commenced due to the decision to decentralise

services.

Non-current assets held for sale and discontinued operations

The assets and liabilities related to Mt Magnet and South Kal (operations in Australia), ARMgold Welkom and Orkney

operations (operations in the Free State and Northwest areas), and Kudu and Sable (operations in the Free State area), have

been presented as held for sale on 30 June 2007.

On 6 December 2007, the sale relating to the South Kal operation (operation in Australia) was concluded at a loss, net of

tax, of R51 million and the assets were derecognised.

On 27 February 2008, the sale relating to the Orkney operations (operations in the Northwest area) was concluded at

a profit, net of tax, of R99 million and the assets were derecognised.

The assets and liabilities relating to the Cooke 1, Cooke 2, Cooke 3, Cooke plant and relating surface operations (operations

in the Gauteng area) have been presented as held for sale following the approval of the Group’s management on

16 October 2007.

Underground operations at St Helena shaft were ceased during November 2007 and was classified as a discontinued

operation.

The comparative results have been restated due to these reclassifications.

Earnings/(loss) per share

Earnings/(loss) per share is calculated on the weighted average number of shares in issue for the quarter ended

31 March 2008: 400.7 million (31 December 2007: 399.8 million, 31 March 2007: 398.4 million) and the nine months

ended 31 March 2008: 400.0 million (31 March 2007: 397.7 million).

The fully diluted earnings/(loss) per share is calculated on weighted average number of diluted shares in issue for the

quarter ended 31 March 2008: 403.5 million (31 December 2007: 402.1 million, 31 March 2007: 403.3 million) and

the nine months ended 31 March 2008: 402.5 million (31 March 2007: 402.8 million). The effect of the share options

is anti-dilutive.

Quarter ended

Nine months ended

March

December

March

2008

2007

2008

2007

(Unaudited)

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

Basic earnings/(loss)

(44)

251

Headline earnings

171

Fully diluted earnings/(loss)

(44)

249

R million

Reconciliation of headline earnings/(loss):

Continuing operations

Net profit/(loss)

164

(195)

315

(547)

1 007

Adjusted for:

Profit on sale of property, plant and equipment

(1)

(29)

(4)

(28)

(90)

(Profit)/loss on sale of listed investment (Gold Fields)

–

(1)

392

(1)

Profit on sale of associate (Western Areas)

–

(220)

Provision for doubtful debt

–

Headline profit/(loss)

167

(171)

310

(126)

696

Discontinued operations

Net profit/(loss)

181

241

(67)

372

(6)

Adjusted for:

(Profit)/loss on sale of property,

plant and equipment

(100)

–

(49)

–

Profit on sale of investments

–

(9)

–

(10)

Impairment of assets/(reversal of impairment)

(66)

–

(55)

–

Headline profit/(loss)

226

(76)

268

(16)

Total headline profit

252

234

142

680

Intangible assets

On 28 March 2007, Harmony announced that it had concluded negotiations with Rio Tinto Limited (“Rio Tinto”) in terms

of which the parties have agreed that Harmony purchase the Rio Tinto rights under the royalty agreement, which was

entered into prior to the acquisition by Harmony of the Hidden Valley and Kerimenge deposits in Papua New Guinea.

In terms of the royalty agreement Rio Tinto had the rights to receive a portion of between 2% and 3.5% of future ounces

produced by the Hidden Valley mine in Papua New Guinea.

The transaction between Harmony and Rio Tinto concluded on the 21 March 2008.

The consideration paid by Harmony to Rio Tinto amounted to US$22.5 million and was settled as follows:

• The equivalent US$20 million in new ordinary shares of Harmony Gold Mining Company Limited, issued as fully

paid-up; and

• The balance of US$2.5 million paid in cash.

Investment in financial assets

March

December

June

2008

2007

(Unaudited)

(Audited)

R million

Current

Investment in African Rainbow Minerals Limited (see note 7)

–

1 051

Investment in Gold Fields Limited *

–

1 433

–

2 484

Non-current

Environmental Trust Funds

1 271

1 233

1 332

Other

142

169

1 413

1 402

3 871

* During the September 2007 quarter Harmony sold all of its remaining Gold Fields Limited (GFI) shares for a loss of R459 million.

Investment in associate

On 27 February 2008, Pamodzi Gold Limited (“Pamodzi”) bought the Orkney operations from the Harmony Group for a

consideration of 30 000 000 Pamodzi shares. This resulted in Harmony Gold Mining Company owning 32.4% of Pamodzi.

On 31 March 2008 the book value for the investment was R335.5 million.

Borrowings

March

December

June

2008

2007

(Unaudited)

(Reviewed)

(Audited)

R million

Unsecured long-term borrowings
Convertible unsecured fixed rate bonds

1 605

1 583

1 541

Africa Vanguard Resources (Proprietary) Limited

1 637

1 615

1 573

Less: Short-term portion

–

Total unsecured long-term borrowings

1 637

1 615

1 573

Secured long-term borrowings
Westpac Bank Limited*

119

100

Africa Vanguard Resources (Doornkop) (Pty) Limited (Nedbank Limited)

188

181

170

ARM Empowerment Trust 1 (Nedbank Limited)**

–

450

ARM Empowerment Trust 2 (Nedbank Limited)**

–

601

Rand Merchant Bank

–

1 802

Nedbank Limited

2 000

–

Less: Transaction costs

(17)

(23)

–

2 290

2 258

3 025

Less: Short-term portion

(2 009)

(1 995)

(2 855)

Total unsecured long-term borrowings

281

263

170

Total long-term borrowings

1 918

1 878

1 743

* The lease was entered into for the purchase of mining fleet to be used on the Hidden Valley project.

** The guarantees relating to the Nedbank loans were cancelled on 28 September 2007 and consequently Harmony has no further obligations to Nedbank.

The ARM investment and associated Nedbank loans were derecognised from this date.

The future minimum lease payments are as follows:

March

December

June

2008

2007

(Unaudited)

(Reviewed)

(Audited)

R million

Due within one year

–

Due between one and five years

102

–

129

123

–

Cash and cash equivalents

Comprises of:

March

December

March

2008

2007

(Unaudited)

(Reviewed)

R million

Continuing operations

346

425

985

Discontinued operations

–

Total cash and cash equivalents

348

435

985

10. Commitments and Contingencies

March

December

June

2008

2007

(Unaudited)

(Reviewed)

(Audited)

R million

Capital expenditure commitments

Contracts for capital expenditure

1 191

819

352

Authorised by the directors but not contracted for

1 422

1 987

1 881

2 613

2 806

2 233

This expenditure will be financed from existing resources

and where appropriate, borrowings.

Contingent liabilities

Guarantees and suretyships

Environmental guarantees

173

152

129

191

170

147

11. Subsequent events

Contingent liability

On 18 April 2008, Harmony Gold Mining Company Limited was made aware that it has been named or may be named as a

defendant in a lawsuit filed in the U.S. District Court in the Southern District of New York on behalf of certain purchasers

and sellers of Harmony’s American Depositary Receipts (“ADRs”). Harmony has retained legal counsel, who will advise

Harmony on further developments in the U.S.

Papua New Guinea (PNG) assets

On 22 April 2008, Harmony Gold Mining Company Limited (“Harmony”) announced that they had signed an agreement

with Newcrest Mining Limited (“Newcrest”), which allows Newcrest to earn a 50% interest in Harmony’s Papua New

Guinea (PNG) gold assets. Newcrest will earn its 50% interest in the new joint venture by contributing a maximum of

US$525 million.

The commitment will be in two stages: (i) an initial US$180 million payment to acquire a 30.01% interest by 30 June 2008,

together with a reimbursement to Harmony of US$45 million in project expenditure and (ii) a farm-in commitment for

the remaining 19.99% of approximately US$300 million, to fund project expenditure up to the commencement of mining

operations at Hidden Valley.

A further announcement will be made on SENS and in the press as soon as the financial effects are finalised. Accordingly,

Harmony shareholders are advised to exercise caution when trading in their securities until such time as a further

announcement is made.

12. Segment report

The primary reporting format of the company is by business segment. As there is only one business segment, being mining,

extraction and production of gold, the relevant disclosures have been given in the condensed consolidated financial

statements.

DETAILED OPERATING INFORMATION YEAR TO DATE ENDED 31 MARCH 2008 (Rand/Metric)

Cash

Continuing

operating

Capital

Kilograms

Tonnes

Operating

Operations

Revenue

cost

profit/(loss)

expenditure

gold

milled Grade

Cost

South Africa

R million

t’000

R/kg

Tshepong

1 183

697

486

145

6 538

1 100

5.94

106 539

Phakisa

196

4.73

132 113

Doornkop

181

174

249

1 030

322

3.20

169 408

Elandsrand

617

543

223

3 394

597

5.69

159 980

Target

354

257

165

1 978

464

4.26

130 117

Masimong

500

483

2 771

605

4.58

174 347

Evander Operations

Evander 5

277

197

1 512

264

5.73

130 388

Evander 7

257

196

1 510

241

6.27

129 563

Evander 8

521

324

197

2 898

507

5.72

111 694

Evander 9

–

Total Evander

Operations

1 055

717

338

186

5 920

1 012

5.85

121 027

Bambanani

707

596

111

3 936

694

5.67

151 544

Joel

237

208

1 292

271

4.77

161 060

Virginia Operations

Harmony 2

215

192

1 191

342

3.47

161 062

Merriespruit 1

196

174

1 056

287

3.67

164 433

Merriespruit 3

173

168

959

294

3.26

175 147

Unisel

298

233

1 650

376

4.39

141 064

Brand 3

209

182

1 153

309

3.73

158 093

Brand 5

–

(9)

–

Total Virginia

Operations

1 091

958

133

110

6 009

1 608

4.00

167 522

Kalgold

412

214

198

2 249

1 146

1.96

95 323

Project Phoenix

140

778

4 791

0.16

84 396

Other entities

307

449

0.68

105 678

Total South Africa

6 549

4 955

1 594

1 568

36 273

13 074

2.77

136 608

Australia

PNG

–

760

–

Total Australia

–

760

–

Total Harmony

– Continuing

Operations

6 549

4 955

1 594

2 328

36 273

13 074

2.77

136 608

Cash

Discontinued operating

operating

Capital

Kilograms

Tonnes

Operating

Operations

Revenue

cost

profit/(loss)

expenditure

gold

milled Grade

Cost

South Africa

R million

t’000

R/kg

Orkney 2

147

149

(2)

831

160

5.23

179 418

Orkney 4

110

145

(35)

637

195

3.27

227 978

Orkney 7

(28)

309

163

1.89

266 039

ARM surface

–

Kudu/Sable

–

St Helena

(52)

260

3.33

355 654

Cooke 1

239

178

1 315

226

5.81

135 441

Cooke 2

271

159

112

1 494

260

5.75

106 500

Cooke 3

388

257

131

2 123

420

5.05

121 169

Cooke plant operations

158

855

1 817

0.47

112 320

Total South Africa

1 408

1 159

249

150

7 824

3 319

2.55

148 222

Australia

Mt Magent

408

301

107

2 398

876

2.73

125 488

South Kal

138

105

864

433

2.00

120 812

Total Australia

546

406

140

120

3 262

1 309

2.49

124 285

Total Harmony

– Discontinued

Operations

1 954

1 565

389

270

11 086

4 628

2.40

141 165

Total Harmony

8 503

6 520

1 983

2 598

47 359

17 702

2.68

137 674

DETAILED OPERATING INFORMATION YEAR TO DATE ENDED 31 MARCH 2007 (Rand/Metric)

Cash

Continuing

operating

Capital

Kilograms

Tonnes

Operating

Operations

Revenue

cost

profit/(loss)

expenditure

gold

milled Grade

Cost

South Africa

R million

t’000

R/kg

Tshepong

1 144

600

544

138

7 834

1 270

6.17

76 553

Phakisa

–

177

–

Doornkop

201

142

188

1 378

412

3.34

102 803

Elandsrand

653

537

116

190

4 449

764

5.83

120 650

Target

482

194

288

3 278

596

5.50

59 173

Masimong

514

361

153

3 505

723

4.85

103 059

Evander operations

Evander 5

193

147

1 307

271

4.82

112 337

Evander 7

199

189

1 350

297

4.54

140 369

Evander 8

404

238

166

2 741

571

4.80

86 753

Evander 9

–

Total Evander

Operations

796

574

222

146

5 398

1 139

4.74

106 354

Bambanani

784

634

150

5 354

1 025

5.22

118 483

Joel

320

184

136

2 184

399

5.47

84 043

Virginia operations

Harmony 2

149

143

1 005

344

2.93

142 340

Merriespruit 1

174

117

1 180

320

3.69

98 944

Merriespruit 3

154

117

1 044

306

3.41

112 024

Unisel

269

160

109

1 836

419

4.38

87 282

Brand 3

154

120

1 051

308

3.41

114 571

Brand 5

(4)

–

2.12

342 279

Total Virginia

Operations

903

664

239

6 137

1 707

3.59

108 291

Kalgold

192

147

1 316

1 304

1.01

111 339

Project Phoenix

–

485

1 410

0.34

67 584

Other entities

114

226

0.50

27 620

Total South Africa

6 085

4 073

2 012

1 280

41 432

10 975

3.78

98 288

Australia

PNG

–

247

–

Total Australia

–

247

–

Total Harmony

– Continuing

Operations

6 085

4 073

2 012

1 527

41 432

10 975

3.78

98 288

Cash

Discontinued operating

operating

Capital

Kilograms

Tonnes

Operating

Operations

Revenue

cost

profit/(loss)

expenditure

gold

milled Grade

Cost

South Africa

R million

t’000

R/kg

Orkney 2

177

143

1 218

213

5.72

117 497

Orkney 3

–

Orkney 4

168

148

1 156

286

4.04

127 778

Orkney 7

504

163

3.08

126 070

ARM surface

–

Kudu/Sable

–

St Helena

(21)

495

162

3.05

188 497

Cooke 1

266

174

1 815

292

6.23

95 821

Cooke 2

208

159

1 427

268

5.32

111 614

Cooke 3

327

240

2 245

435

5.16

107 176

Cooke Plant Operations

–

365

338

1.07

61 525

Total South Africa

1 346

1 043

303

188

9 229

2 158

4.27

113 114

Australia

Mt Magent

489

371

118

3 405

1 311

2.60

108 904

South Kal

310

228

2 140

960

2.23

106 551

Total Australia

799

599

200

143

5 545

2 271

2.44

107 996

Total Harmony

– Discontinued

Operations

2 145

1 642

503

331

14 774

4 429

3.34

111 200

Total Harmony

8 230

5 715

2 515

1 858

56 206

15 404

3.65

101 680

OPERATING RESULTS – CONTINUING OPERATIONS (US$/Imperial)

Underground production – South Africa

Surface production – South Africa

International production

Total SA

South

Total

Doorn-

Elands-

Evander

Virgina

Under-

Kalgold

Project

Other

Total SA

African

Inter-

Harmony

Tshepong

Phakisa

kop

rand

Target

Masimong

Operations

Bambanani

Joel

Operations

ground

Surface

Phoenix

Surface

Total

PNG

national

Total

Ore milled

– t’000

Mar-08

359

236

170

178

307

173

100

518

2 133

429

1 754

233

2 416

4 549

–

4 549

Dec-07

428

135

104

176

224

399

330

109

622

2 534

464

1 790

115

2 369

4 903

–

4 903

Gold Produced

– oz

Mar-08

64 012

1 704

5 916

34 240

18 165

24 756

48 226

34 273

13 439

54 334

299 065

23 406

6 848

3 343

33 597

332 662

–

332 662

Dec-07

70 796

579

12 603

18 519

23 309

29 096

69 960

51 280

14 629

68 513

359 284

27 585

8 616

3 279

39 480

398 764

–

398 764

Yield –

oz/t

Mar-08

0.18

0.17

0.07

0.15

0.11

0.14

0.16

0.20

0.13

0.10

0.14

0.05

0.00

0.01

0.07

–

0.07

Dec-07

0.17

0.08

0.09

0.18

0.13

0.18

0.16

0.13

0.11

0.14

0.06

0.00

0.03

0.02

0.08

–

0.08

Cash Operating Costs

– $/oz

Mar-08

452

455

1 245

664

647

703

599

664

690

717

631

409

394

475

412

609

–

609

Dec-07

495

922

664

1 065

503

829

535

649

712

704

637

379

409

449

391

613

–

613

Cash Operating Costs

– $/t

Mar-08

132

–

Dec-07

190

108

101

–

Working Revenue

($’000)

Mar-08

59 880

1 593

5 724

33 087

16 904

23 379

46 018

31 532

12 797

51 595

282 509

21 920

6 541

3 181

31 642

314 151

–

314 151

Dec-07

54 976

441

10 035

14 533

18 083

22 889

53 676

39 859

11 453

53 946

279 891

21 509

6 751

2 606

30 866

310 757

–

310 757

Cash Operating Costs

($’000)

Mar-08

28 931

776

7 364

22 723

11 755

17 397

28 897

22 759

9 274

38 951

188 827

9 568

2 701

1 588

13 857

202 684

–

202 684

Dec-07

35 028

534

8 365

19 728

11 723

24 127

37 405

33 256

10 422

48 243

228 831

10 443

3 521

1 471

15 435

244 266

–

244 266

Cash Operating Profit

($’000)

Mar-08

30 949

817

(1 640)

10 364

5 149

5 982

17 121

8 773

3 523

12 644

93 682

12 352

3 840

1 593

17 785

111 467

–

111 467

Dec-07

19 948

(93)

1 670

(5 195)

6 360

(1 238)

16 271

6 603

1 031

5 703

51 060

11 066

3 230

1 135

15 431

66 491

–

66 491

Capital Expenditure

($’000)

Mar-08

5 807

9 855

11 243

11 203

10 962

3 402

7 174

2 895

1 130

3 849

67 520

121

2 448

2 617

70 137

43 646

113 783

Dec-07

7 392

8 946

13 884

8 329

7 342

4 799

9 358

5 683

1 523

5 757

73 013

300

351

5 136

5 787

78 800

40 624

119 424

Evander operations – Evander 5, Evander 7 and Evander 8

Virgina operations – Harmony 2, Merriespruit 1&3, Unisel and Brand

OPERATING RESULTS INCLUDING DISCONTINUED OPERATIONS (US$/Imperial)

Underground production – South Africa

Surface production – South Africa

International production

Rand-

Virgina

Total SA

Cooke

South

Total

Doorn-

Elands-

Evander

fontein

Bamba-

Opera-

Under-

Kalgold

Project

plant

Other

Total SA

Africa

Inter-

Harmony

Tshepong

Phakisa

kop

rand

Target

Masimong OperationsOperations

nani

Joel

tions

St Helena

ARMgold

ground

Surface

Phoenix Operations

Surface

Total Australia

PNG

national

Total

Ore milled

– t’000

Mar-08

359

236

170

178

307

305

173

100

518

–

119

2 557

429

1 754

711

233

3 127

5 684

–

5 722

Dec-07

428

135

104

176

224

399

340

330

109

622

233

3 135

464

1 790

726

115

3 095

6 230

665

–

665

6 895

Gold Produced

– oz

Mar-08

64 012

1 704

5 916

34 240

18 165

24 756

48 226

43 532

34 273

13 439

54 334

–

9 645

352 242

23 406

6 848

8 841

3 343

42 438

394 680

1 800

–

1 800

396 480

Dec-07

70 796

579

12 603

18 519

23 309

29 096

69 960

51 762

51 280

14 629

68 513

2 701

23 824

437 571

27 585

8 616

9 902

3 279

49 382

486 953

62 565

–

62 565

549 518

Yield –

oz/t

Mar-08

0.18

0.17

0.07

0.15

0.11

0.14

0.16

0.14

0.20

0.13

0.10

0.00

0.08

0.14

0.05

0.00

0.01

0.07

0.05

–

0.05

0.07

Dec-07

0.17

0.08

0.09

0.18

0.13

0.18

0.15

0.16

0.13

0.11

0.10

0.14

0.06

0.00

0.01

0.03

0.02

0.08

0.09

–

0.09

0.08

Cash Operating Costs – $/oz

Mar-08

452

455

1 245

664

647

703

599

570

664

690

717

–

1 345

648

409

394

598

475

451

627

2 139

–

2 139

633

Dec-07

495

922

664

1 065

503

829

535

559

649

712

704

1 934

837

647

379

409

521

449

417

623

454

–

454

604

Cash Operating Costs – $/t

Mar-08

132

–

109

101

–

101

Dec-07

190

108

101

187

–

Working Revenue

($’000)

Mar-08

59 880

1 593

5 724

33 087

16 904

23 379

46 018

42 010

31 532

12 797

51 595

9 246

333 769

21 920

6 541

8 413

3 181

40 055

373 824

4 014

–

4 014

377 838

Dec-07

54 976

441

10 035

14 533

18 083

22 889

53 676

41 280

39 859

11 453

53 946

2 052

18 928

342 151

21 509

6 751

7 783

2 606

38 649

380 800

47 955

–

47 955

428 755

Cash Operating Costs ($’000)

Mar-08

28 931

776

7 364

22 723

11 755

17 397

28 897

24 818

22 759

9 274

38 951

1 541

12 969

228 155

9 568

2 701

5 287

1 588

19 144

247 299

3 851

–

3 851

251 150

Dec-07

35 028

534

8 365

19 728

11 723

24 127

37 405

28 945

33 256

10 422

48 243

5 225

19 936

282 937

10 443

3 521

5 162

1 471

20 597

303 534

28 396

–

28 396

331 930

Cash Operating Profit ($’000)

Mar-08

30 949

817

(1 640)

10 364

5 149

5 982

17 121

17 192

8 773

3 523

12 644

(1 537)

(3 723)

105 614

12 352

3 840

3 126

1 593

20 911

126 525

163

–

163

126 688

Dec-07

19 948

(93)

1 670

(5 195)

6 360

(1 238)

16 271

12 335

6 603

1 031

5 703

(3 173)

(1 008)

59 214

11 066

3 230

2 621

1 135

18 052

77 266

19 559

–

19 559

96 825

Capital Expenditure

($’000)

Mar-08

5 807

9 855

11 243

11 203

10 962

3 402

7 174

5 401

2 895

1 130

3 849

(1)

72 942

121

254

2 448

2 871

75 813

43 646

43 654

119 467

Dec-07

7 392

8 946

13 884

8 329

7 342

4 799

9 358

5 201

5 683

1 523

5 757

123

144

78 481

300

351

5 136

5 872

84 353

4 153

40 624

44 777

129 130

Evander operations – Evander 5, Evander 7 and Evander 8

Randfontein operations – Cooke 1, Cooke 2 and Cooke 3

Virgina operations – Harmony 2, Merriespruit 1&3, Unisel and Brand

CONDENSED CONSOLIDATED INCOME STATEMENT (Unaudited) (US$)

Quarter ended

Nine months ended

March

December

March

2008

2007

2008

2007

US$ million

Continuing operations
Revenue

314

311

287

923

841

Production cost

(203)

(244)

(185)

(698)

(563)

Amortisation and depreciation

(26)

(34)

(26)

(87)

(75)

Corporate expenditure

(7)

(10)

(6)

(28)

(22)

Exploration expenditure

(7)

(6)

(3)

(20)

(15)

Care and maintenance costs of restructured shafts

(3)

(1)

(6)

Employment termination and restructuring costs

(12)

(11)

–

(23)

–

Share based compensation

(1)

(2)

(3)

(5)

Gain/(loss) on financial instruments

(2)

(3)

(1)

Provision for doubtful debt

(1)

(11)

–

(11)

–

Other (expenses)/income – net

(2)

(1)

(6)

Operating profit/(loss)

(10)

170

Loss from associates

(1)

–

(1)

(2)

Mark-to-market of listed investments

–

Profit/(loss) on sale of listed investments

–

(65)

–

Profit on sale of investment in associate

–

Investment income

Finance cost

(16)

(20)

(14)

(54)

(39)

Profit/(loss) before taxation

(19)

(48)

187

Taxation

(21)

(8)

(15)

(29)

(47)

Net profit/(loss) from continuing operations

(27)

(77)

140

Discontinued operations
Profit/(loss) from discontinued operations

(9)

(1)

Profit/(loss) on the sale of assets

(8)

–

(Loss)/profit from measurement to fair value less cost to sell

–

Net profit/(loss)

(24)

139

Earnings/(loss) per share from continuing operations
attributable to the equity holders of the company during
the year (cents)
– Basic earnings/(loss)

(7)

(19)

– Headline earnings/(loss)

(6)

(5)

– Fully diluted earnings/(loss)

(7)

(19)

Earnings/(loss) per share from discontinuing operations
attributable to the equity holders of the company during
the year (cents)
– Basic earnings/(loss)

(2)

(1)

– Headline earnings/(loss)

(3)

(1)

– Fully diluted earnings/(loss)

(2)

(1)

Total earnings/(loss) per share from all operations
attributable to the equity holders of the company during
the year (cents)
– Basic earnings/(loss)

(6)

– Headline earnings/(loss)

– Fully diluted earnings/(loss)

(6)

The currency conversion rates average for the quarters ended: March 2008: US$1 = R7.43 (December 2007: US$1 = R6.77,
March 2007: US$1=R7.24)
The currency conversion rates average for the nine months ended: March 2008: US$1 = R7.10 (March 2007: US$1=R7.23)

* The comparative figures were adjusted to exclude further discontinued operations and interest capitalised, but not adjusted for approximately US$34.5 million

in cost, relating to the March 2007 quarter that was only captured in the June 2007 quarter, as previously reported.

CONDENSED CONSOLIDATED BALANCE SHEET (Unaudited) (US$)

At At

March

December

June

2008

2007

US$ million

ASSETS
Non-current assets
Property, plant and equipment

3 243

3 664

3 481

Intangible assets

304

336

328

Restricted cash

Investments in financial assets

174

204

197

Investments in associates

Deferred income tax

333

359

330

Trade and other receivables

4 107

4 582

4 351

Current assets
Inventories

103

105

Investments in financial assets

–

353

Trade and other receivables

122

124

130

Income and mining taxes

Restricted cash

–

Cash and cash equivalents

101

251

295

739

Non-current assets classified as held for sale

211

292

182

462

587

921

Total assets

4 569

5 169

5 272

EQUITY AND LIABILITIES
Share capital and reserves
Share capital

3 176

3 743

3 641

Other reserves

(50)

Accumulated loss

(218)

(310)

(228)

3 048

3 445

3 363

Non-current liabilities
Borrowings

236

274

248

Deferred income tax

652

757

715

Provisions for other liabilities and charges

132

158

173

1 020

1 189

1 136

Current liabilities
Trade and other payables

100

212

Income and mining taxes

Provisions and accrued liabilities

Borrowings

247

291

406

Bank overdraft

–

Shareholders for dividends

392

435

695

Liabilities directly associated with non-current assets classified as held for sale

109

100

501

535

773

Total equity and liabilities

4 569

5 169

5 272

Number of ordinary shares in issue

402 818 020

400 196 978

399 608 384

Net asset value per share (cents)

757

861

842

Balance sheet converted at conversion rate of US$1 = R8.14 (December 2007: R6.86) (June 2007: R7.04)

CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY (Unaudited) (US$)

Issued share

Other Accumulated

capital

reserves

loss

Total

US$ million

Balance – 30 June 2007 (as previously reported)

3 148

(43)

(206)

2 899

Change in accounting policy for the capitalisation
of interest on assets under construction

–

Balance – 30 June 2007 (restated)

3 148

(43)

(197)

2 908

Issue of share capital

–

Currency translation adjustment and other

–

133

–

133

Net loss

–

(21)

Balance as at 31 March 2008

3 176

(218)

3 048

Balance – 30 June 2006 (as previously reported)

3 496

(37)

(276)

3 183

Change in accounting policy for the capitalisation
of interest on assets under construction

–

Balance – 30 June 2006 (restated)

3 496

(37)

(269)

3 190

Issue of share capital

–

Currency translation adjustment and other

–

Net profit

–

137

Balance as at 31 March 2007

3 510

(11)

(132)

3 367

CONDENSED CONSOLIDATED CASH FLOW STATEMENT (Unaudited) (US$)

Three months ended

Nine months ended

March

December

March

2008

2007

2008

2007

US$ million

Cash flow from operating activities
Cash generated/(utilised) by operations

107

(56)

203

Interest and dividends received

Interest paid

(17)

(42)

(20)

Income and mining taxes paid

(6)

(1)

(9)

–

Cash generated/(utilised) by operating activities

(63)

199

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

(10)

–

Net proceeds on disposal of listed investments

–

184

Net additions to property, plant and equipment

(119)

(109)

(345)

(244)

Other investing activities

(9)

Cash utilised by investing activities

(115)

(109)

(127)

(222)

Cash flow from financing activities
Long-term loans raised

–

303

Long-term loans repaid

–

(254)

–

Ordinary shares issued – net of expenses

Cash generated by financing activities

Foreign currency translation adjustments

(3)

(2)

(4)

Net (decrease)/increase in cash and equivalents

(20)

(165)

(27)

Cash and equivalents – beginning of period

228

127

Cash and equivalents – end of period

135

Operating activities translated at average rates of: Three months ended March 2008: US$1 = R7.43 (December 2007
US$1 = R6.77) Nine months ended March 2008: US$1 = R7.10 (March 2007: US$ = R7.23)

Closing balance translated at closing rates of: March 2008: US$1 = R8.14 (December 2007:US$1 = R6.86, March 2007:
US$1 = R7.29)

DETAILED OPERATING INFORMATION YEAR TO DATE ENDED 31 MARCH 2008 (US$/Imperial)

Cash

Continuing

operating

Capital

Gold

Tonnes

Operating

Operations

Revenue

cost

profit/(loss)

expenditure

Produced

milled

Grade

cost

South Africa

US$ million US$ million

US$ million

Ounces

(Imperial) (Imperial)

$/ounce

Tshepong

167

210 201

1 213

0.173

467

Phakisa

2 283

0.138

579

Doornkop

–

33 115

356

0.093

742

Elandsrand

109 119

659

0.166

701

Target

63 594

511

0.124

570

Masimong

89 089

668

0.134

764

Evander Operations

Evander 5

48 613

291

0.167

571

Evander 7

48 547

266

0.183

568

Evander 8

93 172

559

0.167

489

Evander 9

–

Total Evander

Operations

148

102

190 332

1 116

0.171

530

Bambanani

100

126 545

765

0.165

664

Joel

41 539

298

0.139

706

Virginia Operations

Harmony 2

38 291

377

0.101

706

Merriespruit 1

33 952

316

0.107

720

Merriespruit 3

–

30 832

324

0.095

767

Unisel

53 048

415

0.128

618

Brand 3

37 070

341

0.109

693

Brand 5

–

(1)

–

Total Virginia

Operations

153

135

193 193

1 773

0.109

698

Kalgold

72 307

1 264

0.057

418

Project Phoenix

–

25 013

5 283

0.005

370

Other entities

9 869

496

0.020

463

Total South Africa

923

698

225

221 1 166 199

14 419

0.081

598

Australia

PNG

–

107

–

Total Australia

–

107

–

Total Harmony

– Continuing

Operations

923

698

225

328 1 166 199

14 419

0.081

598

Cash

Discontinued operating

operating

Capital

Gold

Tonnes

Operating

Operations

Revenue

cost

profit/(loss)

expenditure

Produced

milled

Grade

cost

South Africa

US$ million US$ million

US$ million

Ounces

(Imperial) (Imperial)

$/ounce

Orkney 2

–

26 717

176

0.152

786

Orkney 4

(5)

20 480

215

0.095

999

Orkney 7

(4)

9 935

180

0.055

1 166

ARM surface

–

Kudu/Sable

–

St Helena

(7)

8 359

0.097

1 558

Cooke 1

42 278

249

0.170

593

Cooke 2

48 033

287

0.168

467

Cooke 3

68 256

463

0.147

531

Cooke Plant Operations

–

27 488

2 003

0.014

492

Total South Africa

199

163

251 546

3 659

0.069

649

Australia

Mt Magent

77 097

966

0.080

550

South Kal

27 778

477

0.058

529

Total Australia

104 875

1 443

0.073

544

Total Harmony

– Discontinued

Operations

275

220

356 421

5 102

0.070

618

Total Harmony

1 198

918

280

367 1 522 620

19 521

0.078

603

DETAILED OPERATING INFORMATION YEAR TO DATE ENDED 31 MARCH 2007 (US$/Imperial)

Cash

Continuing

operating

Capital

Gold

Tonnes

Operating

Operations

Revenue

cost

profit/(loss)

expenditure

Produced

milled

Grade

cost

South Africa

US$ million US$ million

US$ million

Ounces

(Imperial) (Imperial)

$/ounce

Tshepong

158

251 881

1 400

0.180

329

Phakisa

–

Doornkop

44 307

455

0.097

442

Elandsrand

143 035

842

0.170

519

Target

105 372

657

0.160

255

Masimong

112 680

798

0.141

443

Evander Operations

Evander 5

42 019

299

0.141

483

Evander 7

43 390

328

0.132

604

Evander 8

88 125

629

0.140

373

Evander 9

–

Total Evander

Operations

111

173 534

1 256

0.138

457

Bambanani

109

172 130

1 130

0.152

510

Joel

70 203

440

0.160

361

Virginia Operations

Harmony 2

32 298

378

0.085

612

Merriespruit 1

37 932

353

0.108

426

Merriespruit 3

33 576

338

0.099

482

Unisel

59 025

463

0.128

375

Brand 3

33 778

340

0.099

493

Brand 5

–

(1)

–

673

0.062

1 472

Total Virginia

Operations

124

197 282

1 883

0.105

466

Kalgold

–

42 321

1 438

0.029

479

Project Phoenix

–

15 592

1 553

0.010

291

Other entities

3 726

244

0.015

119

Total South Africa

841

563

278

177 1 332 063

12 096

0.110

423

Australia

PNG

–

Total Australia

–

Total Harmony

– Continuing

Operations

841

563

278

211 1 332 063

12 096

0.110

423

Cash

Discontinued operating

operating

Capital

Gold

Tonnes

Operating

Operations

Revenue

cost

profit/(loss)

expenditure

Produced

milled

Grade

cost

South Africa

US$ million US$ million

US$ million

Ounces

(Imperial) (Imperial)

$/ounce

Orkney 2

39 162

235

0.167

505

Orkney 3

–

Orkney 4

37 181

316

0.118

550

Orkney 7

16 202

180

0.090

542

ARM surface

–

125

–

Kudu/Sable

–

St Helena

(3)

15 905

179

0.089

811

Cooke 1

58 353

321

0.182

412

Cooke 2

45 877

296

0.155

480

Cooke 3

72 193

480

0.151

461

Cooke Plant Operations

–

11 736

374

0.031

265

Total South Africa

186

144

296 734

2 382

0.125

487

Australia

Mt Magent

109 476

1 446

0.076

468

South Kal

68 794

1 058

0.065

458

Total Australia

110

178 270

2 504

0.071

465

Total Harmony

– Discontinued

Operations

296

227

475 004

4 886

0.097

478

Total Harmony

1 137

790

347

257 1 807 067

16 982

0.106

437

DEVELOPMENT RESULTS (Metric)

Quarter ended March 2008

Channel* Channel* Channel*

Reef Sampled

Width

Value

Gold

Metres

(Cm’s)

(g/t) (Cmg/t)

Randfontein

VCR Reef

1,056

720

10.38

694

UE1A

1,103

1,006

203

4.21

855

E8 Reef

–

Kimberley Reef

169

117

246

7.67

1,886

E9GB Reef

249

107

15.55

895

All Reefs

2,618

1,950

148

5.83

860

Free State

Basal

1,404

1,026

15.31

859

Leader

761

706

180

6.26

1,125

A Reef

371

302

7.33

682

Middle

–

119

7.40

881

B Reef

125

196

101

12.20

1,233

All Reefs

2,659

2,250

104

9.12

951

Evander

Kimberley Reef 1,085

987

15.36

1,353

Elandskraal

VCR Reef

336

346

137

16.50

2,253

Orkney

Vaal Reef

–

VCR

–

All Reefs

–

Target

Elsburg

–

161

409

10.02

4,099

Freegold JV

Basal

1,212

1,056

35.63

1,303

Beatrix

239

216

13.29

1,280

Leader

–

B Reef

14.26

823

All Reefs

1,542

1,362

26.72

1,267

DEVELOPMENT RESULTS (Imperial)

Quarter ended March 2008

Channel* Channel* Channel*

Reef Sampled

Width

Value

Gold

Feet

(inches)

(oz/t)

(in.ozt)

Randfontein

VCR Reef

3,465

2,362

0.31

UE1A

3,618

3,301

0.13

E8 Reef

139

–

Kimberley Reef

553

384

0.23

E9GB Reef

816

351

0.43

All Reefs

8,590

6,398

0.17

Free State

Basal

4,605

3,366

0.45

Leader

2,495

2,316

0.18

A Reef

1,216

991

0.21

Middle

–

0.22

B Reef

408

643

0.35

All Reefs

8,725

7,382

0.27

Evander

Kimberley Reef 3,560

3,238

0.44

Elandskraal

VCR Reef

1,102

1,135

0.48

Orkney

Vaal Reef

–

VCR

–

All Reefs

–

Target

Elsburg

–

528

161

0.29

Freegold JV

Basal

3,977

3,465

1.07

Beatrix

784

709

0.39

Leader

–

B Reef

298

295

0.41

All Reefs

5,060

4,469

0.77

*The totals for these columns are the weighted average figure and not the sum thereof.

Mineral Resources and Ore Reserves

No material changes were made to Harmony’s Mineral Resources and Ore Reserves for the quarter ended December 2007. Taking

into account the last six months’ depletion of reserves, the Harmony Mineral Resources and Ore Reserves as stated in Harmony

2007 annual report are an accurate reflection of the company’s current position. The Mineral Resources and Ore Reserves are

comprehensively audited by a team of internal competent persons that operate independently from the operating units.

CONTACT DETAILS

Harmony Gold Mining Company Limited

Corporate Office

PO Box 2

Randfontein, 1759

South Africa

Corner Main Reef Road

and Ward Avenue

Randfontein, 1759

Johannesburg

South Africa

Telephone:

+27 11 411 2000

Website: http://www.harmony.co.za

Directors

P T Motsepe (Chairman)*

G Briggs (Chief Executive Officer)

F Abbott, J A Chissano*

†

F T De Buck*, Dr D S Lushaba*

C Markus*, M Motloba*,

C M L Savage*, A J Wilkens*

Dr C Diarra*, K V Dicks*

(*non-executive)

(

†

Mozambique)

Further Information

Amelia Soares

General Manager, Investor Relations

Telephone:

+27 11 411 2314

Cell:

+27 (0) 82 654 9241

E-mail:

amelia.soares@harmony.co.za

Marian van der Walt

Company Secretary

Telephone:

+27 11 411 2037

Fax:

+27 11 411 2398

Cell:

+27 (0) 82 888 1242

E-mail:

marian.vanderwalt@harmony.co.za

South African Share Transfer Secretaries

Link Market Services South Africa (Proprietary) Limited

(Registration number 2000/007239/07)

5th Floor, 11 Diagonal Street

Johannesburg, 2001

South Africa

PO Box 4844

Johannesburg, 2000

South Africa

Telephone:

+27 11 832 2652

Fax:

+27 11 834 4398

United Kingdom Registrars

Capita Registrars

The Registry

34 Beckenham Road

Beckenham

Kent BR3 4TU

United Kingdom

Telephone:

+44 870 162 3100

Fax:

+44 208 639 2342

ADR Depositary

The Bank of New York

101 Barclay Street

New York, NY 10286

United States of America

Telephone:

+1888-BNY ADRS

Fax:

+1 212 571 3050

Trading Symbols

JSE Limited

HAR

New York Stock Exchange, Inc.

HMY

NASDAQ

HMY

London Stock Exchange plc

HRM

Euronext Paris

Euronext Brussels

HMY

Berlin Stock Exchange

HAM1

Issuer code

HAPS

Registration number 1950/038232/06

Incorporated in the Republic of South Africa

ISIN: ZAE000015228

NOTES

PRINTED BY INCE (PTY) LIMITED

REF W2CF05071

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: 08 May, 2008

Harmony Gold Mining Company Limited

By:

/s/ Frank Abbott

Name: Frank Abbott
Title: Interim Chief Financial Officer