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

October 31, 2007

Harmony Gold Mining Company Limited

Suite No. 1
Private Bag X1
Melrose Arch, 2076
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 þ       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 þ

 

 

Harmony Gold Mining Company Limited
Registration number 1950/038232/06
Incorporated in the Republic of South Africa
ISIN: ZAE000015228

Trading Symbols
JSE Limited		HAR
New York Stock Exchange, Inc.		HMY
NASDAQ		HMY
London Stock Exchange plc		HRM
Euronext Paris		HG
Euronext Brussels		HMY
Berlin Stock Exchange		HAM1
Issuer code		HAPS

FINANCIAL REVIEW FOR THE FIRST QUARTER ENDING 30 SEPTEMBER 2007

QUARTERLY HIGHLIGHTS
* Cash operating costs down by 12.5%
* Underground grades improved by 7.1%
* Gold production up by 12.8%
* Internal due diligence of assets complete

FINANCIAL SUMMARY FOR THE FIRST QUARTER ENDING 30 SEPTEMBER 2007

All results exclude Discontinued Operations unless indicated otherwise.

				Quarter*				Quarter				Q-on-Q
				June 2007				September 2007				% change
Gold produced		- kg			14 126				15 940				12.8
		- oz			454 159				512 480				12.8
Cash costs		- R/kg			148 993				130 416				12.5
		- $/oz			654				572				12.5
Cash operating profit		- Rm			34				411				1 108.8
		- US$m			5				58				1 060.0
Cash earnings		- SA c/s			8				103				1 187.5
		- US c/s			1				15				1 400.0
Basic profit/(loss)		- SA c/s			(34	)			(120	)			(252.9	)
		- US c/s			(5	)			(17	)			(240.0	)
Headline profit/(loss)		- SA c/s			(72	)			(21	)			70.8
		- US c/s			(10	)			(3	)			70.0
Fully diluted earnings/(loss)		- SA c/s			(34	)			(120	)			(252.9	)
		- US c/s			(5	)			(17	)			(240.0	)

				Quarter*				Financial year
				September 2006				2007
Gold produced		- kg			16 519				61 879
		- oz			531 095				1 989 445
Cash costs		- R/kg			96 192				110 964
		- $/oz			419				479
Cash operating profit		- Rm			791				2 282
		- US$m			110				319
Cash earnings		- SA c/s			199				574
		- US c/s			28				80
Basic profit/(loss)		- SA c/s			68				238
		- US c/s			9				33
Headline profit/(loss)		- SA c/s			66				129
		- US c/s			9				18
Fully diluted earnings/(loss)		- SA c/s			67				235
		- US c/s			9				33

TOTAL OPERATIONS — QUARTERLY FINANCIAL RESULTS (Rand/metric) (unaudited)

				For the quarter ended
				30 September				30 June
				2007				2007
Continuing operations
Ore milled		- t’000			5 392				4 421
Gold produced		- kg			15 940				14 126
Gold price received		- R/kg			156 176				151 383
Cash operating costs		- R/kg			130 416				148 993
Discontinuing operations
Ore milled		- t’000			870				887
Gold produced		- kg			1 996				2 270
Gold price received		- R/kg			153 177				152 600
Cash operating costs		- R/kg			165 442				150 342

		R million				R million
Continuing operations
Revenue			2 489				2 139
Cash operating costs			(2 078	)			(2 105	)
Cash operating profit			411				34
Amortisation and depreciation of mining properties, mine development costs and mine plant facilities			(224	)			(225	)
Corporate expenditure			(72	)			(89	)
Reversal of provision for rehabilitation costs			—				20
Operating profit/(loss)			115				(260	)
Amortisation and depreciation other than mining properties, mine development costs and mine plant facilities			(12	)			(11	)
Care and maintenance costs of restructured shafts			(9	)			(10	)
Share based compensation			(10	)			(3	)
Exploration expenditure			(44	)			(61	)
Impairment of assets			—				123
Loss from associates			—				(1	)
Gain on financial instruments			4				29
(Loss)/profit on sale of property, plant and equipment			(2	)			93
Other expenses — net			(19	)			(49	)
Provision for former employees’ post retirement benefits			—				13
Mark-to-market of listed investments			34				31
Loss on sale of listed investment			(459	)			(37	)
Investment income			67				85
Finance cost			(133	)			(216	)
Loss before taxation			(468	)			(274	)
Taxation			(10	)			138
Net loss from continuing operation			(478	)			(136	)
Discontinued operations
Loss from discontinued operations			(92	)			(243	)
Loss from measurement to fair value less cost to sell			(7	)			(274	)
			(577	)			(653	)
Loss per share from continued operations attributable to the equity holders of the Company during the year (cents)
- Basic loss *			(120	)			(34	)
- Headline loss *			(21	)			(72	)
- Fully diluted loss ** ***			(120	)			(34	)
- Loss per share from discontinued operations attributable to the equity holders of the Company during the year (cents)
- Basic loss *			(24	)			(129	)
- Headline loss *			(22	)			(61	)
- Fully diluted loss ** ***			(24	)			(129	)

CONDENSED CONSOLIDATED INCOME STATEMENT (Rand)

						For the period ended
						30 September				30 September
						2007				2006
		Notes								(restated)*
						R million				R million
Continuing operations
Revenue							2 489				2 380
Production cost (exclusive of amortisation and depreciation of mining properties, mine development costs and mine plant facilities)			2				(2 078	)			(1 589	)
Amortisation and depreciation of mining properties, mine development costs and mine plant facilities							(224	)			(233	)
Amortisation and depreciation other than mining properties, mine development costs and mine plant facilities							(12	)			(17	)
Corporate expenditure							(72	)			(56	)
Exploration expenditure							(44	)			(34	)
Care and maintenance costs of restructured shafts							(9	)			(17	)
Share-based compensation							(10	)			(11	)
Reversal of provision for rehabilitation costs							—				(2	)
(Loss)/profit on sale of property, plant and equipment							(2	)			13
Gain on financial instruments			3				4				19
Other (expenses)/income — net							(19	)			19
Operating profit							23				472
Loss from associates			4				—				(48	)
Loss on sale of listed investment			5				(459	)			—
Mark-to-market of listed investments							34				24
Investment income							67				37
Finance cost							(133	)			(93	)
(Loss)/profit before tax							(468	)			392
Taxation							(10	)			(123	)
Net (loss)/profit from continuing operations							(478	)			269
Discontinued operations
(Loss)/profit from discontinued operations			6				(92	)			8
Loss from measurement to fair value less cost to sell			6				(7	)			—
Net (loss)/profit							(577	)			277
(Loss)/earnings per share for profit from continued operations attributable to the equity holders of the Company during the year (cents)			7
- Basic (loss)/earnings							(120	)			68
- Fully diluted (loss)/earnings							(120	)			67
(Loss)/earnings per share for profit from discontinued operations attributable to the equity holders of the Company during the year (cents)			7
- Basic (loss)/earnings							(24	)			2
- Fully diluted (loss)/earnings							(24	)			2

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

* The comparative figures for 2006 were adjusted to exclude the discontinued operations.

CONDENSED CONSOLIDATED BALANCE SHEET (Rand)

						At				At				At
						30 September				30 June				30 September
						2007				2007				2006
		Notes				(Unaudited)				(Audited)				(Unaudited)
						R million				R million				R million
ASSETS
Non-current assets
Property, plant and equipment							24 899				24 398				23 849
Intangible assets							2 308				2 307				2 270
Restricted cash							5				5				286
Investments in financial assets							1 461				1 387				2 306
Investments in associates			5				7				7				1 860
Deferred income tax							1 914				2 321				1 643
Trade and other receivables							100				95				82
							30 694				30 520				32 296
Current assets
Inventories							790				742				730
Investments in financial assets							—				2 484				—
Trade and other receivables							778				918				871
Income and mining taxes							26				16				25
Restricted cash							—				274				—
Cash and cash equivalents							1 567				711				582
							3 161				5 145				2 208
Non-current assets classified as held for sale			6				1 279				1 284				—
							4 440				6 429				2 208
Total assets							35 134				36 949				34 504
EQUITY AND LIABILITIES
Share capital and reserves
Share capital							25 652				25 636				25 521
Other reserves							20				(349	)			(88	)
Accumulated loss							(2 258	)			(1 681	)			(1 738	)
							23 414				23 606				23 695
Non-current liabilities
Borrowings			8				3 842				1 743				2 637
Deferred income tax							4 602				5 000				4 092
Derivative financial instruments			9				—				—				609
Provisions for other liabilities and charges							1 231				1 216				1 009
							9 675				7 959				8 347
Current liabilities
Trade and other payables							1 421				1 755				1 448
Borrowings							15				2 855				1 006
Bank overdraft							—				220				—
Shareholders for dividends							7				7				8
							1 443				4 837				2 462
Liabilities directly associated with non-current assets classified as held for sale			6				602				547				—
							2 045				5 384				2 462
Total equity and liabilities							35 134				36 949				34 504
Number of ordinary shares in issue							400 011 182				399 608 384				397 549 945
Net asset value per share (cents)							5 853				5 902				5 960

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

CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR THE PERIOD ENDING 30 SEPTEMBER 2007 (Rand)

		Issued share				Other				Retained
		capital				reserves				earnings				Total
		R million				R million				R million				R million
Balance as 1 July 2007			25 636				(370	)			(1 681	)			23 585
Issue of share capital			16				—				—				16
Currency translation adjustment and other			—				390				—				390
Net earnings			—				—				(577	)			(577	)
Balance as at 30 September 2007			25 652				20				(2 258	)			23 414
Balance as 1 July 2006			25 489				(271	)			(2 015	)			23 203
Issue of share capital			32				—				—				32
Currency translation adjustment and other			—				183				—				183
Net loss			—				—				277				277
Balance as at 30 September 2006			25 521				(88	)			(1 738	)			23 695

SUMMARISED CASH FLOW STATEMENT FOR THE PERIOD ENDING 30 SEPTEMBER 2007 (Rand)(unaudited)

		Three months				Three months				Three months
		ended				ended				ended
		30 September				30 September				30 June
		2007				2006				2007
		R million				R million				R million
Cash flow from operating activities
Cash generated/(utilised) by operations			54				471				(248	)
Interest and dividends received			69				39				87
Interest paid			(59	)			(45	)			(83	)
Income and mining taxes paid			(12	)			—				(11	)
Cash generated/(utilised) by operating activities			52				465				(255	)
Cash flow from investing activities
Decrease/(increase) in restricted cash			274				(30	)			225
Net proceeds on disposal of listed investments			1 310				30				166
Acquisition of investment in associate			—				—				—
Net additions to property, plant and equipment			(833	)			(562	)			(784	)
Other investing activities			(51	)			—				(10	)
Cash generated/(utilised) by investing activities			700				(562	)			(401	)
Cash flow from financing activities

		Three months				Three months				Three months
		ended				ended				ended
		30 September				30 September				30 June
		2007				2006				2007
		R million				R million				R million
Long-term loans raised			286				—				651
Ordinary shares issued - net of expenses			19				32				37
Dividends paid			—				—				(7	)
Cash generated by financing activities			305				32				681
Foreign currency translation adjustments			20				(4	)			(7	)
Net increase/(decrease) in cash and equivalents			1 077				(69	)			18
Cash and equivalents - beginning of period			494				651				476
Cash and equivalents - end of period			1 571				582				494

RECONCILIATION BETWEEN CASH OPERATING PROFIT AND CASH GENERATED/(UTILISED) BY OPERATIONS FOR THE PERIOD ENDING 30 SEPTEMBER 2007 (Rand)

		Three months				Three months				Three months
		ended				ended				ended
		30 September				30 September				30 June
		2007				2006				2007
		R million				R million				R million
Cash operating profit			386				891				39
Other cash items per income statement:
Other income (Including interest received and profit on sale of mining assets)			41				67				138
Employment termination, restructuring and care and maintenance costs			(12	)			(20	)			(14	)
Corporate, administration and other expenditure			(77	)			(59	)			(87	)
Exploration expenditure			(55	)			(41	)			(70	)
Provision for rehabilitation costs			—				(2	)			(1	)
Cash flow statement adjustments:
Cost of close out of hedges			—				(55	)			(367	)
Profit on sale of mining assets			3				(13	)			(93	)
Interest and dividends received			(69	)			(39	)			(87	)
Other non-cash items			(22	)			(34	)			(9	)
Effect of changes in operating working capital items:
Receivables			59				(150	)			241
Inventories			(54	)			(64	)			(143	)
Accounts payable			276				66				244
Accrued liabilities			(422	)			(76	)			(39	)
Cash generated/(utilised) by operations			54				471				(248	)

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS FOR THE PERIOD ENDING 30 SEPTEMBER 2007

1. Basis of accounting

The condensed consolidated interim financial statements for the period ended 30 September 2007 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. 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 statement as at and 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 23 (Revised) Borrowings Costs (Revised March 2007)		#		Financial year commencing on or after 1 January 2009
New Interpretation
•   IFRIC 12 Service Concession Arrangements		#		Financial year commencing on or after 1 January 2008

2. Cash operating profit

The format of the income statement is now presented `by nature’ as per the requirements of IFRS 5. The major differences is that `cash operating costs’ and `cash operating profit’ are not reflected on the face of the income statement anymore. `Cash operating costs’ are now included under `Production costs’.

If no change was effected, the cash operating profit would have been as following:

		30 September				30 September
		2007				2006
		R million				R million
Revenue			2 489				2 380
Cash operating costs			(2 078	)			(1 589	)
Cash operating profit			411				791

3. Gain/(loss) on financial instruments

The Australian gold hedge book was closed out during the June 2007 quarter, leaving only the Abelle Limited forward exchange contract that resulted in a marked-to-market gain of R4.4 million.

4. Investment in associate

Harmony accounted for its 29.2% stake in Western Areas Limited through its subsidiary, ARMgold/Harmony Joint Investment Company Pty Ltd, on the equity basis for accounting until 1 December 2006. On this date Harmony excepted Gold Fields Limited’s (GFI) offer of 35 GFI shares for every 100 Western Area Limited shares held. The remaining investment in the Goldfields shares were sold during the September 2007 quarter for a loss of R459 million, refer to note 5.

		30 September				30 September
		2007				2006
		R million				R million
5. Loss on sale of listed investments
Loss on sale of investment in Gold Fields Limited			459				—
			459				—

		30 September				30 September
		2007				2006
		R million				R million
6. 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), which have been presented as held for sale following the approval of the Group’s management and the Board of Directors on 20 April 2007
Operating cash flows			(46	)			86
Investing cash flows			18				(418	)
Financing cash flows			—				—
Foreign exchange translation adjustment			(3	)			6
Total cash flows			(31	)			(326	)
(a) Non-current assets classified as held for sale
Property, plant and equipment			970				—
Restricted cash			5				—
Investment financial assets			67				—
Deferred income tax			47				—
Inventories			127				—
Trade and other receivables			47				—
Income and mining taxes			12
Cash and cash equivalents			4				—
			1 279				—
(b) Liabilities directly associated with non-current assets classified as held for sale
Borrowings			1				—
Deferred income tax			23				—
Provisions for other liabilities and charges			312				—
Trade and other payables			266				—
			602				—
(c) Analysis of the results of discontinued operations, and the results recognised on the re-measurement of assets or disposal group
Revenue			306				410
Expenses			(401	)			(403	)
(Loss)/profit from discontinued operations before tax			(95	)			7
Taxation			3				1
(Loss)/profit from discontinued operations after tax			(92	)			8
Pre-tax loss recognised on the re-measurement of assets of disposal			(10	)			—
Taxation			3				—
Profit for the year from discontinued operations			(99	)			8

7. (Loss)/earnings per share

(Loss)/earnings per share is calculated on the weighted average number of shares in issue for the quarter ended 30 September 2007: 399.5 million (30 June 2007: 398.6 million; 30 September 2006: 396.8 million)

The fully diluted (loss)/earnings per share is calculated on weighted average number of diluted shares in issue for the quarter ended 30 September 2007: 402.8 million (30 June 2007: 403.1 million; 30 September 2006: 402.9 million). The effect of the share options is anti-dilutive.

		30 September				30 June				30 September
		2007				2007				2006
		R million				R million				R million
Total (loss)/earnings per share (cents):
– Basic (loss)/earnings			(143	)			(163	)			70
– Headline (loss)/earnings			(43	)			(133	)			66
– Fully diluted (loss)/earnings			(143	)			(163	)			69
Reconciliation of headline earnings/(loss)

		30 September				30 June				30 September
		2007				2007				2006
		R million				R million				R million
Continued operations
Net (loss)/profit			(478	)			(136	)			269
Adjusted for:
Loss/(profit) on sale of property, plant and equipment			1				(66	)			(14	)
Loss on sale of listed investment			392				31				—
Reversal of impairment of assets			—				(117	)			—
Headline profit/(loss)			(84	)			(288	)			255
Discontinued operations
Net (loss)/profit			(99	)			(517	)			8
Adjusted for:
Impairment of assets			7				274				—
Headline (loss)/profit			(92	)			(243	)			8

		30 September				30 September
		2007				2006
		R million				R million
8. Borrowings
Unsecured long-term borrowings
Convertible unsecured fixed rate bonds			1 562				1 482
Rand Merchant Bank term loan facility			—				1 000
Africa Vanguard Resources (Proprietary) Limited			32				32
			1 594				2 514
Less: Short term portion			—				(1 000	)
Total unsecured long-term borrowings			1 594				1 514
Secured long-term borrowings
Gold Fields Limited			—				5
Westpac Bank Limited			88				—
Africa Vanguard Resources
(Doornkop) (Pty) Limited
(Nedbank Limited)			175				159
ARM Empowerment Trust 1
(Nedbank Limited)			—				412
ARM Empowerment Trust 2
(Nedbank Limited)			—				552
Auriel Alloys			—				1
Nedbank Limited			2 000				—
			2 263				1 129
Less: Short term portion			(15	)			(6	)
Total unsecured long-term borrowings			2 248				1 123
Total long-term borrowings			3 842				2 637

		30 September				30 September
		2007				2006
		R million				R million
9. Derivative financial instruments
Forward exchange commitment
Abelle Limited an indirect subsidiary, has a forward exchange contract in place for the purchase of the mining fleet used on the Hidden Valley project
The forward exchange contract is classified as speculative and the mark-to-market movement, R4.4 million, is reflected in the income statement
10. Commitments and Contingencies Capital expenditure commitments Contracts for capital expenditure			462				117
Authorised by the directors but not contracted for			1 870				2 071
			2 332				2 188
This expenditure will be financed from existing resources and where appropriate, borrowings

		30 September				30 September
		2007				2006
		R million				R million
Contingent liabilities
Guarantees and suretyships			18				18
Environmental guarantees			129				129
			147				147

11. Subsequent events

On 25 September 2007, Harmony Gold Mining Company Limited announced that it had entered into an agreement with Pamodzi Gold Limited (Pamodzi), where Pamodzi will render management services to ARMgold, with respect to the Orkney shafts. The commencement date was 25 September 2007 and the termination date is the earliest of the effective date (where the Orkney assets are sold to Pamodzi) or the date on which the sale of shares agreement fails to become of any force.

In consideration for rendering the management services, ARMgold shall pay Pamodzi an amount equal to the aggregate of the net smelter revenues for each production month, less the aggregate of the business expenses for that production month plus value-added tax.

12. GEOGRAPHICAL AND SEGMENT INFORMATION QUARTER ENDED 30 SEPTEMBER 2007 SOUTH AFRICA (Rand/metric)

						Cash				Cash
						operating				operating				Capital
		Revenue				cost				profit/(loss)				expenditure
		Rm				Rm				Rm				Rm
Quality ounces
Masimong			171				189				(18	)			30
Leveraged ounces
Harmony 2			68				71				(3	)			10
Merriespruit 1			49				60				(11	)			9
Merriespruit 3			57				60				(3	)			9
Unisel			98				85				13				9
Brand 3			70				62				8				5
Brand 5			—				4				(4	)			—
Saaiplaas 3			—				—
Surface			46				22				24				5
Other			—				—				—				—
Total Freestate			559				553				6				77
Evander operations
Quality ounces
Evander 5			75				66				9				10
Evander 7			103				76				27				35
Evander 8			173				107				66				25
Evander 9			—				—				—				—
Surface			—				—				—				1
Other
Total Evander			351				249				102				71
Randfontein operations
Quality ounces
Cooke 1			84				65				19				3
Cooke 2			84				59				25				10
Cooke 3			139				90				49				30
Growth projects
Doornkop			71				63				8				71
Surface			42				22				20				13
Other			—
Total Randfontein			420				299				121				127
Elandsrand operations
Growth projects
Elandsrand			273				241				32				84
Surface			—				—
Other			—
Total Elandsrand			273				241				32				84

		Kilograms				Tons								Operating
		gold				milled				Grade				Cost
						T’000								R/kg
Quality ounces
Masimong			1 096				241				4.55				173 881
Leveraged ounces
Harmony 2			438				126				3.44				162 244
Merriespruit 1			314				94				3.35				192 605
Merriespruit 3			363				107				3.41				164 878
Unisel			628				139				4.53				134 873
Brand 3			445				108				4.13				138 914
Brand 5			—				—				—				—
Saaiplaas 3
Surface			297				1 577				0.19				73 267
Other			—				—				—				—
Total Freestate			3 581				2 392				1.50				154 865
Evander operations
Quality ounces
Evander 5			477				82				5.82				137 615
Evander 7			663				106				6.26				114 018
Evander 8			1 104				184				6.00				97 365
Evander 9			—				—				—				—
Surface			—				—				—				—
Other
Total Evander			2 244				372				6.03				110 840
Randfontein operations
Quality ounces
Cooke 1			537				82				6.56				120 404
Cooke 2			541				90				6.00				108 687
Cooke 3			890				149				5.96				101 880
Growth projects
Doornkop			454				126				3.61				139 057
Surface			272				513				0.53				80 306
Other
Total Randfontein			2 694				960				2.81				111 032
Elandsrand operations
Growth projects
Elandsrand			1 753				289				6.07				137 345
Surface
Other
Total Elandsrand			1 753				289				6.07				137 345

						Cash				Cash
						operating				operating				Capital
		Revenue				cost				profit/(loss)				expenditure
		Rm				Rm				Rm				Rm
Freegold operations
Quality operations
Tshepong			367				245				122				52
Growth projects
Phakisa			—				—				—				62
Leveraged ounces
Bambanani			203				202				1				25
Joel			65				69				(4	)			11
Eland			—				—				—				—
Kudu/Sable			—				—				—				—
West shaft			—				—				—				—
Nyala			—				—				—				—
St Helena			27				46				(19	)			3
AMF			3				—				3				—
Surface			6				5				1				6
Other			—
Total Freegold			671				567				104				159
ARMgold operations
Leveraged ounces
Orkney 2			53				58				(5	)			6
Orkney 4			41				56				(15	)			9
Orkney 7			20				31				(11	)			11

						Cash				Cash
						operating				operating				Capital
		Revenue				cost				profit/(loss)				expenditure
		Rm				Rm				Rm				Rm
Surface			—				—				—				—
Other			—
Total ARMgold			114				145				(31	)			26
Avgold operations
Quality ounces
Target			106				91				15				34
Surface			6				5				1				5
Other			—
Total Avgold			112				96				16				39
Kalgold operations
Surface			103				73				30				2
Other			—
Total Kalgold			103				73				30				2
Other entities			—				—				—				—
Total South Africa			2 603				2 223				380				585
Australia
Mt Magent			104				114				(10	)			40
South Kal			87				71				16				51
Papua New Guinea			—				—				—				161
Other entities			—				—				—				—
Total Australia			191				185				6				252
Total Harmony			2 794				2 408				386				837