Harmony Gold Mining Company Limited (Harmony) reported an increase in 1Q 10 revenues, led by higher realized gold prices. However a steep rise in the company's production costs dented bottomline performance. Meanwhile our fundamental outlook remains unchanged and we therefore reiterate our current 6-12 months HOLD rating for the company's common stock. We will reassess our rating in our next update report. We continue to anticipate a significant positive currency impact on the ADR over the coming 6-12 months. Therefore, we maintain our BUY rating. We will reassess our ADR (1 ADR = 1 common share) rating in our next update report.

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