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Harmony’s Phakisa and Doornkop growth projects pass another big milestone

Harmony Gold Mining Company Limited (NYSE: HMY JSE: HAR) today announced that two of its’ growth projects, Doornkop and Phakisa, had reached significant milestones in their development.

The development of Harmony’s extensive project portfolio is in full swing. Recently both The Doornkop South Reef Project and the Phakisa Project, both new mines in construction, reached significant project milestones.

The Doornkop South Reef Project is a R1 billion project involving the deepening of the existing Doornkop Mine to access the South Reef. The project is due to commence production in October 2006 and will achieve peak production of over 300 000 ounces in 2009. The shaft sinking operation has been uniquely configured to sink at two elevations in the same shaft (see Figure attached). With the raise bore holes completed in both the upper and lower sections of the shaft, sinking has commenced at the bottom level from 197 level, and sinking preparations in the upper section of the main shaft are now complete. The first blast was taken in the upper section of the shaft sinking operation on 28 July 2005.

At Phakisa, a shaft acquired with the Freegold acquisition, shaft sinking operations have been completed and shaft equipping recently commenced. On 1 August 2005 the first shaft bunton set will be installed. This milestone is a big step toward commencement of production of this R613 million project in June 2007. Full production of 250 000 ounces per year scheduled in 2008.

“We are building three new mines in South African, have a further three major expansions underway and are planning to build a new mine in PNG starting later this year. These projects combined will produce over 1,5 million ounces per year and cost an estimated R3,3 billion, 35% of which has already been spent. We are enormously excited about all of these projects that are all of higher quality and lower costs than our current production portfolio.” Commented Chief Executive Bernard Swanepoel.

For more details contact:

Brenton Saunders
Executive, Investor Relations
+27(0)83 607 4060

Vusi Magadana
Investor Relations Officer
Office: +27 11 684 0149
Mobile: +27(0)72 157 5986
This email address is being protected from spambots. You need JavaScript enabled to view it.

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Investor brief

Harmony Investor brief, Sep 2017
September 2017 -
Harmony Investor brief

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