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Harmony warns against misrepresentions regarding its reserves or other company data

Harmony Gold Mining Company Limited (NYSE: HMY JSE: HAR) today announced that it had embarked on a legal process to investigate some of the comments attributed to Gold Fields executives and reported by the South African media on 9 May 2005.

“Harmony views these media reports in a serious light. We are tired of having Gold Fields executives and the media misrepresenting many issues ranging from Harmony’s financial statements to our Competent Persons’ Report. For the media to headline mere allegations and spin is irresponsible. For the Gold Fields' executives to make these allegations in the first place is more serious. They have gone one step too far this time.” commented Chief Executive Bernard Swanepoel.

“SRK has confirmed and ratified our reserve statement. It has also reviewed and accepted the macroeconomic assumptions contained in our reserve statement. In the interests of full disclosure, SRK has also provided a range of macroeconomic scenarios under which it calculates our reserves, as we do in our annual report. The result of this process is that our estimate of Proven and Probable reserves of 55,651 million ounces as stated in January 2005, shows a 6% variance from SRK’s, and our Life of Mine production estimate of 62,347 million ounces shows a 3% variance from SRK’s. These variances were highlighted some time ago by Harmony itself for the benefit of the investing public and are variances easily explained through subtle differences in certain technical assumptions in the respective calculations. We are satisfied that the SRK report re-affirms our January 2005 reserve statement.” Bernard added.

It concerns us not only that certain Gold Fields employees continue to misrepresent the facts to the media, but more importantly to their own shareholders who continue to be disenfranchised in the process.

“We will not tolerate any further malicious misrepresentations, by Gold Fields or others.” Bernard concluded.

The relevant Gold Fields executives will be invited to disassociate themselves from the media articles in the event that they have been misquoted. Failing this on or before 13 May 2005, legal action will be pursued against the individuals concerned.

For more details contact:

Bernard Swanepoel
Chief Executive
+27(0)83 303 9922

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

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.

Annual report

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Investor brief

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

(PDF - 6.5MB)

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