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Statement of Mineral Resources and Ore Reserves

Johannesburg. Monday, 4 August 2008. Harmony Gold Mining Company Limited (Harmony) is pleased to publish its Statement of Mineral Resources and Ore Reserves which has been produced in accordance with the South African Code for the Reporting of Mineral Resources and Mineral Reserves (SAMREC Code) and the Australian Code (JORC Code) as at 30 June 2008.

Mineral Resources

Harmony announces gold Mineral Resources of 253.6 million ounces. The Mineral Resources shows a year-on-year negative variance of 28 million ounces mainly as a result of corporate activity and classifying operations as discontinued. The discontinued operations amounts to 32,6 million ounces.

Ore Reserves

The declared Ore Reserves amounts to 50.5 million ounces with a year on year negative variance of 3.1 million ounces. Corporate activity and discontinued operations contributes to a significant portion of this variance of which the discontinued operations totals 1.7 million ounces. Table 1 shows more detail of the year on year reserve variance.

Table 1. Ore reserve reconciliation: FY2007 to FY2008
 Gold (tonnes)Gold (Moz)
Balance at June 20071 66653.6
Mined during FY2008(62)(2.0)
Corporate activity and discontinued operations(93)(3.0)
Other adjustments(53)(1.7)
Freestate Surface Sources1404.5
Balance at June 20081 57050.5

As indicated in the table above, Harmony’s Ore Reserves as at 30 June 2008 reflects a year-on-year depletion of 2.0 million ounces. Corporate activity, discontinued operations, restructuring of certain shafts and geological related changes accounts for a further decrease of 5.6 million ounces of reserves. On the positive side there is a net addition of 4.5 million ounces of reserves from surface stockpiles.

A gold price of US$750/oz was used for the conversion of Mineral Resources to Ore Reserves at our South African and Papua New Guinea operations. An exchange rate of USD/ZAR 7.46 for South Africa and AUD/USD 0.80 for Australia has been used, resulting in a gold price of R180 000/kg and A$850/oz respectively.

Table 2: Ore Reserves as at 30 June 2008
 Tonnes (Mt)g/tGold (‘000 kg)Gold (‘000 oz)
Underground and open pits
Proven reserves494.832387,652
Probable reserves1774.2575124,138
Surface Stockpiles
Proven reserves7290.241765,675
Probable reserves700.3525795
Below infrastructure
Proven reserves----
Probable reserves527.3138012,212

In addition to the gold reserves, Harmony also reports its equity reserves (69.9%) for silver, copper and molybdenum from its PNG operations (Table 3). Metal prices are assumed at US$12/oz for silver, US$2.40/lb for copper and US$20/lb for molybdenum.

Table 3. Silver, Copper and Molybdenum reserves as at 30 June 2008
SILVERTonnes (Mt)g/tSilver (‘000 kg)Silver(‘000 oz)
Proven reserves341.041354,358
Probable reserves2236.9481926,354
COPPERTonnes (Mt)%Cu (‘000 t)Cu (M lbs)
Proven reserves----
Probable reserves501.135601,234
MOLYBDENUMTonnes (Mt)ppmMo (‘000 t)Mo (M lbs)
Proven reserves----
Probable reserves50121613

This Statement forms part of the company’s Mineral Resources and Ore Reserve declaration which will be published in our FY 2008 annual report towards the end of September 2008.

The competent persons responsible for the overall preparation and reporting of the company’s mineral resources and ore reserves are Jaco Boshoff (South Africa) and Greg Job (Papua New Guinea).

Graham Briggs
Chief Executive Officer
+27 11 411 2012
+27(0)83 265 0274

Amelia Soares
General Manager, Investor Relations
+27 11 411 2134
+27 (0)82 654 9241

Jaco Boshoff
Executive, Ore Reserve & Resources
+27(0)83 395 3810

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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