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Sale agreement between Harmony and Monarch Gold terminated

Johannesburg. Friday 1 August 2008. Harmony Gold Mining Company Limited (Harmony) refers to its shareholder update of 8 July 2008, whereby it was advised that the terms of the sale contract of Harmony’s Mt Magnet operations in Western Australia with Australian based junior miner Monarch Gold Mining Company (Monarch) had been reconstituted.

Subsequent to that, Monarch placed itself in voluntary administration. The Administrator has indicated that Monarch will not proceed with the proposed purchase and consequently the purchase agreement has been terminated.

Harmony received from Monarch a deposit of A$5 million of which A$2.5 million is refundable.

The Mt Magnet asset package includes Hill 50, Great Fingall, St George, Star and Big Bell mines, which comprises a resource inventory of 2.7Moz of gold, tenements covering about 62,000 hectares and 166 exploration licence blocks, along with a 2.7Mt a year capacity plant.

Mt Magnet operations are currently on care and maintenance. Annual minimum tenement expenditure including rents and rates is A$5 million. Harmony has resumed management of the operation and has re-commenced the sale process.

For more details contact:

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

Amelia Soares
General Manager, Investor Relations
+27 (0)82 654 9241

Merrill Lynch South Africa (Pty) Limited

Annual report

Integrated annual report 2016
Integrated annual report 2017


Investor brief

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

(PDF - 6.5MB)

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