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Harmony receives licence to mine in Papua New Guinea

Harmony is pleased to confirm that on Friday March 4, the Minister of Mines of Papua New Guinea, The Honourable Mr Sam Akotai, announced that Harmony has been granted the licence to develop and mine the Hidden Valley project. The license is effective immediately.

The licence was granted after a comprehensive licensing process, including intensive reviews of all of Harmony’s environmental plans under Papua New Guinea’s newly-enacted, strict environmental legislation.

CE Bernard Swanepoel said that feasibility studies Harmony has conducted corroborate a robust project which is anticipated to produce on average in excess of 300 000 ounces of gold and 4.5 moz of silver per annum from a proven reserve of 1.88 moz of gold and 25.5 moz of silver. Harmony currently produces approximately 300 000 oz of gold per annum from its Australian operations.

“Over and above the proven reserves which formed the basis of our feasibility study and decision to proceed with the project, the mine life will be extended by extensive inferred resources in the immediate area of the mine,” said CE Bernard Swanepoel. “We also control many exciting prospects in this well-mineralised belt which will be processed through the Hidden Valley Plant.”

Swanepoel says he anticipates construction of an open pit mine to commence in mid-2005 and that the first gold will be poured in early 2007. “We expect our cash operating costs to be approximately US$224 per ounce.”

Harmony holds the rights to develop and mine the Hidden Valley project through its wholly-owned PNG subsidiary. Nearby, are Harmony’s world-class Wafi and Golpu projects, which are currently the subject of a pre-feasibility study.

Further info:

Ferdi Dippenaar
Marketing Director
+27(0)82 807 3684

Prepared by: Beachhead Media & Investor Relations

Jennifer Cohen
Office: +27 11 214 2401
Mobile: +27 82 468 6469
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Patrick Lawlor
Office: +27 11 214 2410
Mobile: +27 82 459 6709
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