Report of Foreign Issuer (6-k)
February 08 2019 - 7:44AM
Edgar (US Regulatory)
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 February 8,
2019
Harmony Gold Mining Company
Limited
Randfontein
Office Park
Corner Main Reef
Road and Ward Avenue
Randfontein,
1759
South
Africa
(Address of principal executive
offices)
*-
(Indicate by
check mark whether the registrant files or will file annual reports
under cover of Form 20- F or Form 40-F.)
(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.)
Harmony Gold
Mining Company Limited
Registration
number 1950/038232/06
Incorporated in
the Republic of South Africa
ISIN:
ZAE000015228
JSE share code:
HAR
(“Harmony”
and/or “the Company”)
Operating overview and trading statement for the six months
ended
31
December 2018
Johannesburg, Friday, 8 February 2019.
Harmony Gold Mining Company Limited (“Harmony” or the
“Company”) announces an update on its operating results
and provides a trading statement relating to its interim results
for the six months ended 31 December 2018
(“H1FY19”).
Overview of H1FY19 operating performance
Harmony’s
investments in Hidden Valley and Moab Khotsong have boosted
production and contributed significantly to the group’s
operational free cash flow.
Gold production
for the group was 751 000oz for the six months ended 31 December
2018, a 34% increase compared to the six months ended 31 December
2017.
All-in sustaining
costs for the group increased by 6% to R528 265/kg for the six
months ended 31 December 2018, compared to R500 248/kg for the six
months ended 31 December 2017.
Headline and basic earnings
In terms of
paragraph 3.4(b) of the Listings Requirements of the JSE Limited
(JSE), a company listed on the JSE is required to publish a trading
statement as soon as they are satisfied that a reasonable degree of
certainty exists that the financial results for the period to be
reported upon next will differ by at least 20% from the financial
results for the previous corresponding period.
Shareholders of
Harmony are advised that a reasonable degree of certainty exists
that earnings for the six months ended 31 December 2018
(“H1FY19”) will be lower than for the corresponding six
months ended 31 December 2017 (“the previous comparable
period” or “H1FY18”) primarily due
to:
a)
an increase in amortisation
and depreciation for the Hidden Valley operation as a result of the
mine reaching commercial levels of production in June
2018;
b)
a reported translation loss
on the US$ denominated debt at 31 December 2018; and
c)
lower derivative gains
recorded in H1FY19.
Headline earnings
per share (“HEPS”) are expected to be between 7 and 29
South African cents – a decrease of approximately 87% to 97%
reported for the previous comparable period (which was 224 South
African cents). In US dollar terms, HEPS are expected to be between
1 and 3 US cents per share, which is between 83% to 97% lower than
the headline earnings of 15 US cents per share reported for the
previous comparable period.
Earnings per
share (“EPS”) are expected to decrease to between 6 and
26 South African cents per share, which is between 87% and 97%
lower than the 203 South African cents per share reported for the
previous comparable period. In US dollar terms, the earnings per
share is expected to be between 0 and 3 US cents per share, which
is between 83% and 97% lower than the earnings of 15 US cents per
share reported for the previous comparable period.
a)
Amortisation
and depreciation
A depreciation
charge (non-cash) of R915 million (US$65 million) was recorded for
Hidden Valley for the six months ended 31 December 2018 (compared
to R19 million (US$1 million) for the six months ended
31 December
2017). Hidden Valley reached commercial levels of production in
June 2018.
A translation
loss of R180 million was recognised on the US$ denominated debt as
at 31 December 2018, compared to a translation gain of
R196 million
recorded in the previous comparable period.
c)
Lower
derivative gains
Included in
H1FY19 were derivative gains of R20 million (US$1 million) compared
to R337 million (US$25 million) in H1FY18.
The financial
information on which this trading statement has been based has not
been reviewed or reported on by Harmony’s external
auditors.
Harmony will
publish its interim financial results for the six months ended 31
December 2018 on Tuesday, 12 February 2019.
For more details
contact:
Lauren
Fourie
Investor
Relations Manager
+27(0)71 607 1498
(mobile)
Marian van der
Walt
Executive:
Investor Relations
+27(0)82 888 1242
(mobile)
Johannesburg,
South Africa
8 February
2019
Sponsor:
J.P. Morgan
Equities South Africa Proprietary Limited
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.
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Harmony Gold Mining Company
Limited
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Date:
February 8,
2019
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By:
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/s/
Frank Abbott
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Name
Frank
Abbott
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Title
Financial
Director
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