Harmony logo Annual Report 2009 Annual Report 2009


Corporate profile

Harmony Gold Mining Company Limited (Harmony), one of the world’s largest gold mining companies, operates primarily in South Africa, exploiting the gold-bearing reefs of the Witwatersrand Basin. In particular, these South African operations include 10 underground and two surface operations.

Location of Harmony’s assets and stock exchange listings

Location of Harmony’s assets and stock exchange listings [world map] Free State surface operations Kalgold Evander Elandsrand Doornkop Virginia Tshepong Target Masimong Joel Bambanani Hidden Valley Exploration Mt Magnet South Africa

In Papua New Guinea (PNG), Harmony has a 50% interest in the Morobe Mining Joint Ventures, which includes Hidden Valley, an open-cast gold and silver project which began production in June 2009, the Wafi-Golpu project, and exploration tenements covering an area of more than 3 000km². Harmony entered into a joint venture with Newcrest Mining Limited (Newcrest) in FY09 to assist in the development of Harmony’s Morobe Province assets. Newcrest brings additional technical support and capacity to the joint ventures, as well as financial contributions.

Harmony’s exploration portfolio focuses principally on highly prospective areas in PNG and the Wafi-Golpu project in particular. Exploration activity has been resumed in South Africa and includes the Evander South project where a pre-feasibility study has already been completed and a two-phase drilling programme is now under way.

In FY09, Harmony produced 1.46 million ounces of gold (FY08:1.6 million ounces). At year-end (30 June 2009), the company employed 45 685 people, largely in South Africa, of whom 38 295 were full-time employees and 7 390 contractors (FY08:48 676 people, including contractors).

Significant capital expenditure in recent years has been aimed at accessing the group’s extensive resources and to extend the lives of its mines. As at 30 June 2009, Harmony reported ore reserves of 48.2 million ounces and mineral resources of 215.7 million ounces.


Harmony’s strategy to produce 2.2 million ounces of gold by 2012 remains intact. Accordingly, action has been taken and capital expenditure committed to increase production at existing operations, further the development of current projects and advance scoping studies so as to ensure the future production pipeline of tomorrow’s gold by growing reserves and resources and strengthening the quality of our asset base.

Our challenge going forward is to meet our targets and objectives and, more specifically, to deliver consistent production results, curb costs and to create and deliver value to shareholders.

Shareholder information

The group’s primary listing is on the JSE Limited (share code: HAR) in South Africa. Harmony’s ordinary shares are also listed on stock exchanges in London (HRM), Paris (HG) and Berlin (HAM1), and are quoted in the form of American Depositary Receipts on the New York and NASDAQ exchanges (HMY), and as International Depositary Receipts on the Brussels exchange (HMY).

Harmony’s shareholders are located around the world, primarily in South Africa (42%), United States (32%) and the United Kingdom (14%).

Geographic distribution of outstanding shares (%) [graph]
Harmony Annual Report 2009