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Closure of Virginia operations' Harmony 2, Merriespruit 1 and Merriespruit 3 shafts

Johannesburg. Friday, 16 April 2010. Harmony Gold Mining Company Limited announced that following careful review of the performance of its Harmony 2, Merriespruit 1 and Merriespruit 3 shafts (all part of the Virginia operations), these assets have no remaining payable reserves and their closure has begun.

This action is in line with Harmony’s stated strategy to restructure for quality ounces, thereby improving its asset mix.

Employee representatives, through their trade unions, have been informed of the closures and management will embark on a formal consultation process with them, facilitated by a senior commissioner from the Commission for Conciliation, Mediation and Arbitration (CCMA) in terms of Section 189A of the Labour Relations Act, to consider alternatives to retrenchments. The number of employees affected by the closure is approximately 3 700.

Every effort will be made to mitigate the effects of closure. Steps to be considered may include transfers to other operations in the group, portable skills training and early retirement.

“While these operations have been in existence for almost 60 years and are very much a part of Harmony’s history, we have taken a thorough, informed decision that they have reached the end of their lives. We have indicated for some time that marginal, loss-making operations would have to close for the company’s greater good,” said Harmony CEO Graham Briggs.

For more details contact:

Graham Briggs
Chief Executive Officer
+27(0)83 265 0274

Marian van der Walt
Executive : Corporate and Investor Relations
+27 (0)82 888 1242

Annual report

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Integrated annual report 2016

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Investor brief

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Harmony Investor brief

(PDF - 6.5MB)

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