30 Aug 2010 08:14:35
(Media Comment) | Business Day reported that, Harmony has discovered large gold deposits in Papua New Guinea, but closer to home it has exploration programmes to extend the lives of its South African mines and maintain production at about 2 million ounces or more. The common view, borne out by a dramatic decline in South African gold production in recent years, is that there is little potential left on the local gold fields, with mines having to go ever deeper into a more dangerous and expensive environment. But there is still potential at Harmony's existing mines, CEO Graham Briggs said. Harmony is growing production to 2 million ounces in 2012 from 1.4 million ounces in the last financial year. It has shut six unprofitable mines and a seventh could close if it does not perform. It has a host of projects that will drag costs down and push production higher. |
25 Aug 2010 08:24:00
(Official Notice) | Harmony will be hosting analysts, fund managers and investors today at the company's offices in Randfontein. Presentations will be delivered during which Harmony's management team will share insight into the company's planning processes going forward to ensure the sustainability of a safe and profitable company. The presentations in support of investor day will be available on the company's website at www.harmony.co.za at 08:00 am SA time on Wednesday, 25 August 2010.
The presentations will also be broadcasted live via webcast at www.corpcam.com/Harmony25082010. Should you be viewing the webcast and have any questions relating to the presentations, please email your questions to esha@harmony.co.za. |
17 Aug 2010 07:47:16
(Media Comment) | According to Business Day, Harmony Gold, which has cut its 2012 production target by 200 000oz, has scrapped plans to separately list its Evander assets as it pushes ahead on the Wafi-Golpu project in Papua New Guinea that is likely to be its next new mine from 2016. Harmony has lowered its 2012 output forecast to 2 million ounces after it shut six unprofitable shafts in the past year and has a seventh that will be closed if it does not meet targets. Its Hidden Valley mine in Papua is not yet firing on all cylinders, having started commercial production in May. It is treating weathered rock and has had a lot of silver through the plant, which flooded the carbon used to extract gold. |
16 Aug 2010 10:39:47
(C) | Revenue declined slightly to R11.2 million (2009: R11.4 million), gross profit decreased to R0.8 million (2009: R1.8 million). Operating profit fell to R165 000 (2009:R2 million). The company reported a loss per share of 46cps (2009: profit of 707cps)
Dividend
A dividend of 50 cents per ordinary share for the year ended 30 June 2010.
Prospects
Production for the September 2010 quarter will be affected by the temporary suspension of operations at Joel to allow for the completion of improvements to the shaft bottom spillage arrangement at our Joel North Shaft. In addition, production will also be negatively affected by a further 95 kilograms due to the tragic explosion at Phakisa on 24 June 2010. |
03 Aug 2010 16:02:37
(Official Notice) | Harmony announced that Frank Abbott, executive director, has retired at the end of July 2010 after a long association with Harmony to pursue personal interests. |
02 Aug 2010 15:58:46
(Official Notice) | Harmony published its statement of mineral resources and mineral reserves as at 30 June 2010, 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"). The measured and indicated mineral resources are inclusive of those mineral resources modified to produce the mineral reserves.
Steps taken to improve the quality of Harmony's portfolio have included:
* closure of the Brand 3, Merriespruit 3, Harmony 2, Evander 2, 5 and 7 shafts (a total of six shafts) due to their ore bodies having reached the end of their economic lives;
* continued investment in exploration and development at the company's Phakisa,
* Kusasalethu, Doornkop and Hidden Valley growth projects, reaffirming their robust life-of-mine plans and reserve positions;
* acquisition of the Free State assets of Pamodzi Gold Mining Ltd which includes President Steyn 1 and 2 shafts, Lorraine 3, Freddies 7 and 9, the Steyn plant and surface stockpiles;
* an international exploration program resulting in the discovery of a new zone of mineralisation adjacent to the main Golpu resource;
* the reassessment of the Evander operations and projects. Following a review of the economic viability of the Evander South project under various economic scenarios, it was decided to exclude if from Harmony's reserves, while the Libra project, (retreating the Evander tailings) has been included in the reserve statement;
* the sale of the Mount Magnet project in Western Australia, which allows us to focus on growing, developing and operating our portfolio of quality assets in Papua New Guinea.
The company's detailed resource and reserve declaration will be published in the FY2010 annual report, which will be made available to shareholders towards the end of September 2010. The annual report will also include the latest update on Harmony's uranium resources. |
29 Jul 2010 14:51:41
(Official Notice) | Harmony announced a significant increase in the mineral resource at the Wafi-Golpu porphyry copper-gold project in Papua New Guinea (PNG), which is part of the company's 50/50 joint venture with Newcrest Mining Ltd. The mineral resource for Wafi-Golpu now contains 16 million ounces (Moz) of gold and 4.8 million tones (Mt) of copper. Expressed as gold equivalents, this resource amounts to 38.5 Moz of gold, which spells an exciting and promising future for this project and also provides great opportunities for investors. The increase in the Mineral Resource is due to the discovery of a new zone of mineralization directly adjacent to the previously defined Golpu resource. The mineralization has been extended by the drilling along strike to the northeast and at depth. The estimate is based on an additional 19 179 m of drilling in 22 PQ/HQ/NQ diamond drill holes. Contained metal at Golpu only, has increased from the 2007 mineral resource (163Mt at 0.57 g/t au, 1.08% cu, 132 ppm Mo) as follows:
*gold increased from 3.0 to 8.8 Moz of gold;
*copper increased from 1.8 to 4.8 Mt of copper;
*molybdenum increased from 22 to 55 kt of molybdenum; and
*on a gold equivalent basis the deposit increased to 30.9 Moz au equivalent.
Over the broader project area including the Wafi gold deposit, a number of targets have been earmarked for follow-up testing, with several that already contain significant gold intercepts. At Golpu, the mineralized footprint of the deposit now extends over 700m of strike and remains open to the north and at depth. The ongoing drilling programme, involving five drill rigs continues to expand high-grade zones of mineralized porphyry. Refer to www.harmony.co.za for details on Wafi Resources and the Golpu exploration target guidance and for a diagram of the schematic section 21000N indicating the new resource outline. |
09 Jul 2010 08:52:12
(Media Comment) | Business Day reported that Harmony Gold has drawn a line under its Australian foray by selling its last asset in that country for R266 million as it focuses its attention on Papua New Guinea, where it has a mine and promising exploration targets, giving it much needed diversification. An attempt in 2008 to sell Mt Magnet to junior Australian miner Monarch Hold fell through when that company was put into administration. the price then was AUD65 million, well above the AUD40 million (R266 million) Harmony is receiving now. A number of companies bid for the asset, some with higher offers than the one from Ramelius Resources, which is paying harmony cash. Harmony has a number of small properties left in Australia to dispose of, but Mt Magnet was the last operational asset in Australia. |
08 Jul 2010 14:51:45
(Official Notice) | Harmony Gold Mining Company Ltd ("Harmony") announced that it has commenced extensive changes and repairs to the shaft bottom at its Joel north shaft in the Free State. Modifications to the shaft have among others, included:
* Changing of the winder from sinking to production mode;
* Attaching bigger skips;
* Ensuring that emergency egress is available;
* And raise boring the lift shaft from 121 to 129 level.
Operations at the shaft however, had to be halted at the end of June 2010 to complete the bottom of the shaft spillage arrangements. A mutual decision was taken by the department of mineral resources and management to stop operations at the shaft until the shaft bottom is cleared from the spillage and more permanent arrangements are put into place. |
08 Jul 2010 08:07:15
(Official Notice) | Harmony announced that it has executed a share sale agreement with the Australian-based gold miner Ramelius Resources Ltd for the sale of the Mount Magnet Gold Project ("Mount Magnet") for AUD40 million cash. The Mount Magnet project, located in Western Australia, was placed on care and maintenance in 2008. The package includes an extensive advanced exploration portfolio and the Checker CIL processing plant. |
02 Jul 2010 09:50:35
(Media Comment) | Business Day reported that harmony Gold Mining said it had resumed operations at its Phakisa mine apart from four sections affected by an explosion which killed four workers. |
28 Jun 2010 10:53:31
(Official Notice) | Harmony announced that Mr Josie Randall, a member of the mines rescue services team (proto team) injured in an underground explosion on Thursday, 24 June 2010 at Harmony's Phakisa mine near Welkom in the Free State, has died. This brings to four the number of specialised proto team members who died as a result of the explosion, which occurred while the team were attending to a fire on 66 Level, some 2 013 metres below surface late on Thursday, 24 June 2010. A fifth team member is in a serious but stable condition in hospital. |
25 Jun 2010 09:14:46
(Official Notice) | Harmony announced that three employees died in an underground explosion accident at its Phakisa mine in the Free State on Thursday, 24 June 2010. Two other employees were seriously injured and are being treated at the local hospital. The employees were part of a mine rescue team that was busy investigating a suspected fire in a raise, underground at the time of the accident. All other employees working underground at the time of the explosion were accounted for and are safe. The explosion occurred at approximately 22h30 on Thursday, some 2 013 metres below surface. Management together with the representatives of the department of mineral resources worked through the night on the rescue operation. Investigations into the causes of the accident will be conducted once the area has been declared safe. Harmony's chief executive, Graham Briggs and his management team, expressed their sincere condolences to the families of the deceased and injured who were affected by the incident. |
21 Jun 2010 09:26:44
(Official Notice) | Harmony Gold Mining Company Ltd announced that a rockfall accident occurred at its Phakisa mine in the Free State on Saturday morning, 19 June 2010, which resulted in the death of an employee. The incident occurred at approximately 07h00 on Saturday in a working place end some 2 100 metres below surface. Harmony's chief executive, Graham Briggs and his management team, express their sincere condolences to the family of the deceased and those affected by the incident. |
14 Jun 2010 10:58:06
(Official Notice) | Harmony announced that an employee died in a rock fall accident at the company's Tshepong mine in the Free State on Saturday, 12 June 2010. |
08 Jun 2010 08:03:07
(Official Notice) | Harmony Gold Mining Company Ltd (Harmony) announced today that it has notified NASDAQ of its intention to voluntarily terminate the listing of its American Depository Receipts on the NASDAQ Stock Exchange. Harmony will continue to be listed on the JSE (HAR), New York Stock Exchange (HMY) and the London Stock Exchange (HRM). Harmony will file a Form 25, Notification of Removal from Listing and/or Registration, with the US Securities and Exchange Commission on 9 June 2010, and anticipates that the last day of trading of its American Depositary Receipts on NASDAQ will be about 21 June 2010. |
18 May 2010 09:22:28
(Official Notice) | Harmony announced a ground-breaking job preservation and profitability agreement with the National Union of Mineworkers (NUM), UASA and Solidarity in respect of restructuring at the company's Virginia operations in the Free State. In terms of the agreement, certain sections of the Virginia operations' Merriespruit 1 shaft will continue to operate, provided:
*these sections do not make a loss (on a total cost basis, including any capital expenditure) for two consecutive months; and
*total costs remained under R250 000/kg.
Last month, Harmony announced - after an extensive review - its intention to close three loss-making shafts at the Virginia operations - Merriespruit 1 and 3, and Harmony 2. The company has since engaged with trade unions under the auspices of the Commission for Conciliation, Mediation and Arbitration (CCMA), in a bid to mitigate the effect of the closures on jobs. |
13 May 2010 15:09:16
(Official Notice) | Further to the announcement released on SENS on 22 April 2010, Harmony Gold Mining Company Ltd (Harmony) advises that the technical information in the SENS announcement was compiled by Greg Job, Harmony's New Business Executive for South-East Asia, who has the overall responsibility and accountability for the Golpu Project, in terms of the South African Code for the Reporting of Exploration Results, Mineral Resources and Ore Reserves (SAMREC) 2007. Mr Job has 21 years` experience in mine and resource geology and is a member of the Australian Institute of Mining and Metallurgy. He is a full time employee of Harmony and qualifies as Competent Person as defined in the SAMREC code and the Australian Code for Reporting Exploration Results, Mineral Resources and Ore Reserves (JORC). Mr Job has consented to the inclusion in the press release of the matters based on their information in the form and context in which it appears. |
10 May 2010 08:51:12
(C) | Revenue declined to R2.5 billion (R3 billion) for the March 2010 quarter. A gross loss of R64 million (profit of R794 million) was made and an operating loss of R247 million (profit of R965 million) was recorded. A net loss of R295 million (profit of R972 million) was registered. In addition, a headline loss from continuing operations of 32cps (profit of 128cps) was reported.
Outlook
As for managing what is absolutely within management's power to manage, there is not one of the current operations that can or will escape vigilance in terms of volume and grade optimisation, cost control, and productivity enhancement. Turnaround through improved profitability and getting to the right asset mix remain priorities. Added to this, Harmony will progress developmental projects - key growth drivers - and pursue further, longer-term growth through acquisition and exploration. To achieve this, Harmony will continue to call on the substantial reserves of ability, skills and enthusiasm of the thousands of people comprising the Harmony team. |
04 May 2010 10:55:19
(Official Notice) | Johannesburg. Tuesday, 4 May 2010. Harmony Gold Mining Company Ltd regrets to announce that a rockfall accident occurred at its Joel mine in the Free State yesterday, resulting in the death of a mineworker. The incident occurred at approximately 13:10 yesterday in a ledging panel, some 1,130 metres below surface. Management, together with the Department of Mineral Resources will commence investigations today. Harmony's Chief Executive, Graham Briggs and his management team, express their sincere condolences to the family of the deceased and those affected by the incident.
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22 Apr 2010 11:03:16
(Official Notice) | Harmony Gold Mining company Ltd announced additional significant high grade drill intercepts from its 50:50 Morobe Mining Joint Venture in Papua New Guinea. Harmony CEO Graham Briggs says: "These results, together with those released in January 2010, will have a profoundly positive impact on the resource base of the project. The drill programme at Golpu is testing an exploration target in the range of 500 to 800 million tones (Mt) at high grades of between 0.7% and 1.1% copper (Cu) and 0.5 to 0.7 g/t gold (Au) for 8 to 18 million ounces (Moz) of gold and 3.5 to 8.8 Mt of copper. This target includes the current resource. Golpu could develop into one of the most significant copper-gold projects in PNG with a possible size potential of 13 Moz Au and 6.5 Mt Cu, putting it on a scale similar to other major copper-gold projects like OK Tedi and the historic mine in Bougainville. This is a very exciting possibility for investors." |
19 Apr 2010 08:25:44
(Media Comment) | Harmony Gold Mining said on Friday it would close three money-losing shafts at it's Virginia operation in the Free State, in a move that will affect nearly a tenth of it's 41 000 workers. But the National Union of Mineworkers (NUM) vowed to resist the retrenchments, saying it would explore all avenues to prevent job losses.
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16 Apr 2010 09:25:07
(Official Notice) | Harmony Gold Mining company Ltd announced that following careful review of the performance of its Harmony 2, Merriespruit 1 and Merriespruit 3 shafts, 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 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. |
09 Apr 2010 15:37:54
(Official Notice) | Harmony Gold Mining company Ltd announced that an accident occurred due to a burst compressed air column at its Doornkop mine on the West Rand, resulting in the death of a mineworker. Investigations are underway. |
31 Mar 2010 12:02:25
(Official Notice) | Harmony Gold Mining Company Ltd ("Harmony") announced that the past quarter saw continued focus on safety and disciplined mining, but was not without its challenges. Based on preliminary estimates, gold production for the quarter decreased between 1 000kg and 1 300kg compared with the previous quarter. Loss-making shafts that were closed during the quarter resulted in a reduction of approximately 620kg of gold, as compared with the previous quarter. Restructuring costs in respect of these closures amount to approximately R120 million. Going forward, only care and maintenance costs for the closed shafts will be incurred.
The remaining loss in kilograms was from South African operations, of which the main contributing operations to this decrease include Tshepong, Masimong, Joel and Kusasalethu (previously known as Elandsrand). Tshepong and Masimong had a slow start-up after the Christmas break. Joel saw lower grades, mainly as a result of the commissioning of the plant and Kusasalethu faced ore-pass problems during the quarter, which are being investigated. Hidden Valley continued its commissioning process, with the silver flotation circuit being commissioned in the March quarter. As mentioned in the previous quarter, Harmony expects the Hidden Valley mine and processing plant to reach its original design capacity and throughput in the June 2010 quarter. The mine's March quarter results will be capitalised. |
25 Mar 2010 15:36:49
(Official Notice) | Harmony Gold Mining Company Ltd announced that a rockfall accident occurred on 25 March at its Merriespruit 1 shaft, which is part of Harmony's Virginia operations in the Free State, resulting in the death of an employee. The incident occurred at approximately 8:30 in the morning in a stope, some 1089 metres below surface. Management, together with the department of mineral resources will commence investigations tomorrow. Harmony's chief executive, Graham Briggs and his management team, expressed their sincere condolences to the family of the deceased. |
10 Mar 2010 14:06:45
(Official Notice) | Harmony announced that an employee died in a rockfall accident at the company's Evander No 8 shaft. The rockfall occurred at approximately 5:00am on 9 March 2010 in a working place some 2 125 metres below surface. An investigation involving management and representatives of the Department of Mining Resources will be conducted. |
24 Feb 2010 15:57:16
(Official Notice) | Harmony announced the appointment of Harry Ephraim Mashego as executive director, effective 24 February 2010. |
22 Feb 2010 09:22:24
(Official Notice) | Harmony Gold Mining Company Ltd ("Harmony") announced that all conditions precedent relating to its acquisition of the Pamodzi Gold Free State (Pty) Ltd's assets, have been fulfilled and that the deal has now become unconditional.
During the past few months, Harmony conducted pre-production work at the shafts, to make these operations safe and return them to production. Production at Steyn 2 and Loraine 3 shafts will now commence and more work is being done to underground workings at Steyn 1 shaft. Production at these three shafts for the first twelve months is estimated at 100 000 oz at an average recovered grade of 5.5g/t and at a cash cost in the order of R218 000/kg. Production will then increase to 150 000 oz for the second twelve months at a cash cost of about R160 000/kg.
The plant clean-up began in December 2009, and 800kg of gold is expected to be recovered over the next 18 months. Milling of rock from the Freddies 9 waste dump at a throughput of 35 000tpm and a recovered grade of 0.55g/t has commenced. This rock is processed at Harmony's Target plant. Harmony has re- employed 1000 employees and the company expects the total number of employees to increase to approximately 2,500 over the next two years. |
16 Feb 2010 16:16:54
(Official Notice) | Harmony Gold mining company Ltd announced that it is not associated or affiliated, in any way whatsoever, with Harmony Gold Corp, a Vancouver-based company currently drilling for gold in Alaska, as mentioned in a press release issued by Harmony Gold Corp recently.
Harmony Gold corp is not a subsidiary of Harmony Gold mining company Ltd and it does not share any business interests with Harmony Gold Mining company Ltd.
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08 Feb 2010 09:38:11
(C) | The improvement in the average Rand gold price received resulted in a 8.2% increase in revenue to R2 971 million, and after accounting for total cash operating costs - 1% lower at R2 172 million mainly because of the lower summer electricity tariff - cash operating profit was 44.9% higher at R800 million. Headline earnings per share was 49 cents. On 13 August 2009, the board of directors approved a final dividend for the 2009 financial year of 50 SA cents per share. The total dividend, amounting to R213 million was paid on 21 September 2009.
Looking ahead
Harmony will push ahead with the commissioning of growth projects, in order to bring to account their quality ounces, and will continue to pursue profitable growth opportunities - organically, by acquisition and through forging strategic partnerships. The immediate goal remains generating profitable ounces of production and earnings to reward shareholders, both through dividends and future growth. Harmony has made good progress in this regard, having produced 748 555oz for the six months ended 31 December 2009. Harmony will continue to engage in robust, constructive debate on issues that may affect the South African mining industry - in particular the outrageous power price increases being considered and the nationalisation of the mines. |
27 Jan 2010 09:12:10
(Media Comment) | Business Report noted that Harmony will be committing about R290 million in capital expenditure to the Free State assets of Pamodzi Gold Ltd ("Pamodzi") that it acquired in the second half of 2010. CE Graham Briggs said plant clean-up had started in December 2009 and the company extracted its first gold from the President Steyn North and South mines. However, Sanlam Investment Managers' analyst Shoaib Ahmed Vayej commented that Harmony made a poor and opportunistic strategic decision in acquiring the Pamodzi assets. |
26 Jan 2010 08:09:17
(Official Notice) | |
26 Jan 2010 08:06:06
(Official Notice) | Harmony Gold Mining Company Ltd will be hosting analysts, fund managers and financial media today. The presentation will be available on the company's website at www.harmony.co.za at 08:00 am on Tuesday, 26 January 2010. The presentation provides a high level overview of the gold production for the quarter ended 31 December 2009. |
21 Jan 2010 12:11:05
(Official Notice) | Harmony Gold Mining company Ltd announced that Frank Abbott will continue to serve on the Harmony board as an executive director for the next 12 months. Frank will focus on the strategic planning and growth of the company. |
30 Nov 2009 15:20:19
(Official Notice) | Harmony Gold Mining company Ltd regrets to announce that a tramming accident occurred early this morning at its Merriespruit 3 shaft - which is part of the Virginia Operations in the Free State - that resulted in the death of a mineworker. Management together with the Department of mineral resources began investigations today into the cause of the accident. |
27 Nov 2009 11:07:39
(Official Notice) | Harmony Gold Mining company Ltd regretfully announced that early this morning a seismically related fall of ground accident occurred at its Elandsrand mine near Carletonville, which resulted in the death of a mineworker. Management together with the Department of Mineral Resources will commence investigations today. |
24 Nov 2009 14:36:07
(Official Notice) | Harmony announced that all resolutions proposed to shareholders were passed at the AGM held in Johannesburg on Monday, 23 November 2009. |
17 Nov 2009 14:55:42
(Official Notice) | The AGM of Harmony shareholders will be held at 11:00 (South African time) on Monday, 23 November 2009, at the Johannesburg Country Club, 1 Napier Road, Auckland Park. |
03 Nov 2009 11:49:33
(Official Notice) | Harmony Gold mining company Ltd announced the appointment of Hannes Meyer as Financial Director, with effect from 1 November 2009. |
30 Oct 2009 08:55:57
(C) | Total turnover increased by 3% from R 2.6 billion to R2.7 billion in 2009. Gross (loss) (R59 million) (June 2008: Loss R67 million) and operating loss R77 million ( June 2008: 450 million). Attributable to ordinary shareholders R14 million (June 2008: R35 million). In addition, headline earnings/(loss) on a per share (12 cps) ( June 2008: 107 cps).
Dividend
The board of directors approved a final dividend for the 2009 financial year of 50 cps. The total dividend, amounting to R213 million was paid on 21 September 2009.
Prospects
Looking ahead, Harmony management remain steadfast on the fundamentals of the gold sector in the medium and longer term. This is what encourages continued pursuance of four-phase growth path:
*optimising our asset portfolio
* improving operational efficiency and productivity
*making further acquisitions and entering into other strategic partnerships
*growing organically
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27 Oct 2009 13:12:12
(Official Notice) | Harmony Gold mining company Ltd announced that rescue workers have brought to safety the two employees trapped underground following yesterday's rockfall at the company's target mine in the Free State. All employees involved were accounted for at 20:00 last night. Two employees died in the rockfall, the circumstances of which are being investigated both internally and in conjunction with the safety inspectorate of the department of mineral resources. |
27 Oct 2009 09:20:43
(Media Comment) | Business Day reported that Harmony was on track to achieve production of 2.2 million ounces by 2010 because of promising projects. CEO Graham Briggs added that the company was expected to produce 1.7 million ounces of gold for the 2009/10 financial year. However, power shortages caused by Eskom and the utility's proposed tariff increases are major concerns. |
26 Oct 2009 16:41:28
(Official Notice) | Harmony Gold mining company Ltd regretfully announced that a fall of ground accident occurred at its Target Mine in the Free State earlier today. Sadly two people passed away as a result of the accident. Rescue operations are underway with four proto-teams at the scene. The company's primary concern is for the safety of its employees. No further information is available at this stage |
26 Oct 2009 09:44:07
(Official Notice) | Shareholders are advised that the annual financial statements contain no modifications to the reviewed statements published.
Notice is hereby given that the annual general meeting of Harmony shareholders will be held at Johannesburg Country Club in Auckland Park on Monday, 23 November 2009 at 11:00 (SA time) to transact the business as stated in the notice of the annual general meeting which forms part of the annual financial statements. |
12 Oct 2009 16:36:21
(Official Notice) | Harmony announced one of its employees at its Bambanani mine was fatally injured as a result of a localised fall of ground gravity incident. |
01 Oct 2009 10:55:24
(Media Comment) | Business Day reported that Harmony's total gold output was up 4% in the September 2009 quarter. The company expected marginal growth and lower costs for the December 2009 quarter. CEO Graham Biggs commented that he is concerned about the strong rand but is bullish about Harmony's prospects in the medium to long term. |
30 Sep 2009 09:44:34
(Official Notice) | Harmony will be hosting analysts and fund managers on 30 September 2009. The presentation will be available on the company's website at 08:00 SA time on Wednesday, 30 September 2009. The presentation provides a high level overview of the company's performance for the quarter ended 30 September 2009. |
17 Sep 2009 10:02:12
(Media Comment) | A north Gauteng High court judge has sanctioned the acquisition of Pamodzi's Free state assets by Harmony Gold for R405 million after the struggling gold mining firm failed to provide proof of liquidity. Enver Motala of SBT Trust said the judgement was made on Tuesday after Pamodzi was unable to prove that it had R20 million to restart the mines or pay the provisional liquidator's legal costs of R63 000 to postpone the matter today.
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14 Sep 2009 14:15:04
(Official Notice) | Harmony and DRDLD Ltd ("DRDGOLD") announced that they have withdrawn their excessive pricing complaint against ArcelorMittal South Africa Ltd (ArcMittal). The complaint was initially lodged with the Competition Commission in 2002, with the substance of the complaint being that ArcMittal (or ISCOR as it was then known) abused its dominant position in the South African flat steel market by charging excessive prices, to the detriment of consumers, in contravention of section 8(a) of the Competition Act, 1998.
Harmony and DRDLD withdrew their complaint, which remained unresolved after several years of litigation, following the conclusion of a settlement agreement with ArcMittal. The terms of the settlement agreement are confidential and will not be made public. The settlement agreement reached will permit the gold miners to focus their energies and resources on their core businesses, and represents a satisfactory outcome to the matter for them. |
09 Sep 2009 09:58:56
(Official Notice) | Harmony Gold Mining company Ltd suspended its negotiations with the provisional liquidators of Pamodzi Gold Free State (Pty) Ltd in respect of its acquisition of the assets of Pamodzi Gold Free State in order to allow all stakeholders an opportunity to assess the proposed recapitalisation of the Pamodzi Gold group of companies and the likelihood of it succeeding. Harmony announced that it had recommenced discussions with the provisional liquidators of Pamodzi Gold Free State and that all of the acquisition agreements have now been signed. |
28 Aug 2009 16:32:51
(Official Notice) | Harmony has been in negotiations with the provisional liquidators of Pamodzi Gold Free State (Pty) Ltd (Pamodzi Gold Free State) regarding the potential acquisition of the assets of Pamodzi Gold Free State since April 2009. Harmony believes that it has offered a fair price and that the potential acquisition, if implemented, will provide a sustainable future for the relevant stakeholders in the Free State. As a result of the recent developments, Harmony advises that it has decided to suspend negotiations with the provisional liquidators of Pamodzi Gold Free State in respect of the potential acquisition in order to allow all stakeholders an opportunity to assess the proposed recapitalisation and the likelihood of it succeeding. Harmony's decision as to whether or not to recommence negotiations with the provisional liquidators of Pamodzi Gold Free State will be made in due course depending on developments regarding the proposed recapitalisation. |
27 Aug 2009 13:10:54
(Official Notice) | Harmony advised that it has acquired two new exploration projects, the Amanab and the Mt Hagen Projects, in Papua New Guinea. These exploration licenses complement the exploration activities undertaken by Harmony and underscore the company's commitment and belief in the developing minerals industry in PNG.
Harmony also acquired the rights to explore the adjacent tenement EL1611 over a four year period, with the condition that Harmony's exploration program meets the minimum annual expenditure commitment. At any time during this period Harmony may exercise an option to purchase 100% of the tenement for a total cash consideration of six million kina. |
25 Aug 2009 10:31:25
(Official Notice) | Harmony Gold Mining company Ltd regretfully announced that a conveyor belt accident at its Doornkop Plant yesterday resulted in the death of an employee. Management together with the Department of Mineral Resources commenced investigations yesterday. |
19 Aug 2009 09:06:42
(Official Notice) | Harmony will be hosting analysts, fund managers and investors on Wednesday, 19 August 2009. The presentations will be available on the company's website. The presentations provide a high level overview of the company's planning processes. |
17 Aug 2009 11:28:18
(C) | The negative impact of a stronger Rand on the R/kg gold price received and thus on the cash-generating potential of the company was evident during the past quarter. The Rand strengthened by 15% from an average of R9.92 to R8.42 quarter on quarter and the average Rand gold price decreased by 16% from R293 238/kg to R245 953/kg. As a result, revenue was impacted by R524 million. Cash operating profit for the quarter under review was R743 million compared to R1 175 million in the previous quarter. Year on year, revenue increased by R1.9 billion, mainly due to a stronger gold price received. Harmony declared a dividend of 50cps for the financial year. |
12 Aug 2009 09:21:49
(Official Notice) | Harmony announced that a mineworker succumbed to his injuries yesterday after being injured during an accident at Harmony's Elandsrand mine near Carletonville on Friday, 7 August 2009. The accident occurred during scraper cleaning operations in a stoping workplace. Management together with the Department of Mineral Resources have commenced investigations. |
27 Jul 2009 10:22:07
(Official Notice) | Harmony Gold Mining company Ltd regretfully announces that a mineworker died and another injured last Friday as a result of injuries sustained from a fall of ground accident at Harmony's Evander 2 shaft in Mpumalanga. Management together with the Department of Mineral Resources commenced investigations on Friday. |
24 Jul 2009 08:23:41
(Official Notice) | Harmony announce that following a comprehensive executive search process for a financial director, Hannes Meyer has been appointed to Harmony's executive management team as financial director designate with effect from 1 August 2009. Frank Abbott, Harmony's interim financial director since August 2007, has given notice of his early retirement. Frank will hand over his financial director's responsibilities to Hannes on 1 November 2009, on which day Hannes will be appointed to Harmony's board as financial director. Frank will remain on the Harmony board as an executive director responsible for strategic planning up to the end of December 2009, after which he will serve as non-executive director of Harmony. |
23 Jul 2009 10:15:49
(Media Comment) | Business Report noted that Harmony and Australia's Newcrest Mining have started an early stage viability study to look at boosting output at their Hidden Valley gold and silver mine in Papua New Guinea. One analyst commented that the joint venture might be looking at expanding the mine to "350 000 ounces of gold a year at least." |
22 Jul 2009 17:25:42
(Official Notice) | Harmony announced that a ground accident at its Unisel shaft, which is part of the Virginia Operations in the Free State, yesterday resulted in the death of a miner. Management together with the Department of Mineral Resources commenced investigations today. |
22 Jul 2009 10:53:04
(Official Notice) | Harmony Gold Mining company Ltd to announced the appointments of two new executive members, Leon le Roux as Executive: Risk Management and Engineering and Melanie Naidoo-Vermaak as Executive: Environment who assumed their responsibilities in July 2009. |
13 Jul 2009 13:30:33
(Official Notice) | Harmony announced that a fall of ground accident at its Masimong mine in the Free State on Saturday morning had resulted in the death of a mineworker. Management together with the Department of Mineral Resources will commence investigations. |
03 Jul 2009 16:35:20
(Official Notice) | Harmony regretfully announced that a fatality had occurred at its Phakisa mine in the Free State this morning. An autopsy will be conducted to determine the cause of death as this is uncertain. |
03 Jul 2009 09:35:25
(Media Comment) | Business Report noted that Harmony's fiscal fourth quarter output was probably 3% up on the previous quarter. CE Graham Briggs would like to raise output to take advantage of higher gold prices. |
01 Jul 2009 08:11:08
(Official Notice) | Harmony will be hosting analysts and fund managers on Wednesday, 1 July 2009. The presentation will be available on the company's website at www.harmony.co.za at 08:00 am on Wednesday, 1 July 2009. The presentation provides a high level overview of the gold production for the quarter ended 30 June 2009. |
29 Jun 2009 09:04:42
(Media Comment) | About 3 300 jobs will be lost when Harmony Gold takes over Pamodzi Gold's President Steyn mine in Welkom, signalling the last of Pamodzi Gold's death throes, which started in February lat year. The provisional liquidators of the mine announced on Friday that Harmony Gold had been selected as the preferred bidder for the operation, and it's workforce would be retrenched at a cost of about R100 million once the deal was completed. The selection of Harmony as the preferred bidder was subject to the approval of the Industrial Development Corporation, the major secured creditor and the major trade unions. It was also subject to the signing of agreements and fulfilment of all conditions. |
26 Jun 2009 18:01:57
(Official Notice) | Harmony announced that the provisional liquidators of Pamodzi Gold Free State (Pty) Ltd (in liquidation) ("Pamodzi Free State") have chosen Harmony as the preferred bidder of Pamodzi Free State's assets ("Pamodzi Free State Assets"). The Pamodzi Free State Assets consist of President Steyn 1 and 2 shafts, Loraine 3 shaft, Freddies 7 shaft and Freddies 9 shaft, a metallurgical gold plant and a dormant tailings storage facility. The Pamodzi Free State Assets will be purchased free from all liabilities, save for all rehabilitation and environmental liabilities associated with the Pamodzi Free State Assets. Harmony's acquisition strategy has been focused on acquiring long-life assets that offer higher grades and have potential synergies with its own assets. A due diligence investigation has been completed. The outcome of the due diligence investigation indicates that the Pamodzi Free State Assets are a good fit with Harmony's Free State assets.
The acceptance of Harmony's offer by the provisional liquidators is subject to the approval of the Industrial Development Corporation of South Africa and the relevant trade unions and the conclusion of definitive written sale agreements. One of the essential conditions precedent to the transaction would be the conversion of Pamodzi Free State's mining rights and the consent to the transfer thereof by the Minister of Minerals and Energy. Harmony, together with the provisional liquidators, has agreed to give this condition precedent their urgent attention. This acquisition falls below the JSE categorisation thresholds and is for information purposes only. |
04 Jun 2009 08:47:03
(Media Comment) | The joint provisional liquidators of Pamodzi Gold's Free State assets had received three offers to purchase the operation, including one from Harmony Gold, liquidator Enver Motala of SBT Trust. But Iqbal Surve, the chairman of Sekunjalo Investments, said he had bypassed the provisional liquidators and had made an offer of more than USD100 million (R806 million) for all of the company directly to Pamodzi's board and shareholders on Monday. Graham Biggs, the chief executive of Harmony, confirmed that the company had made an offer for Pamodzi's Free State assets, which included the President Steyn mine, the Lorraine and Freddie shafts, and a processing plant. Briggs declined to say how much Harmony had offered for Pamodzi's Free State assets or how much it might spend on renovating them. Motala said the two other bidders did not wish to be identified. One of the other bidders was interested in the President Steyn mine, the Orkney operation in the North West and the East Rand Mine. |
26 May 2009 16:37:31
(Official Notice) | Harmony announced that it has repaid its R1.7 billion convertible bond and is substantially debt free. The convertible bond was issued on 21 May 2004 and was listed on the London Stock Exchange for bonds. |
08 May 2009 12:53:26
(C) | Revenue increased to R3 billion (R2.3 billion) for the three months ended 31 March 2009. Gross profit rose to R799 million (R514 million) and operating profit more than doubled to R974 million (R388 million). Net attributable profit soared to R972 million(R345 million). Headline earnings on a per share basis grew to 123cps (63cps). All figures in brackets are for the March 2008 quarter.
Outlook
Harmony is in excellent financial health with a strong balance sheet, reflecting the benefits of the various remedial measures taken in the past 18 months. Strategic plans support Harmony's target of achieving 2.2 million ounces in 2012. Phakisa, Doornkop and Elandsrand will be in full production in 2012 and higher grades from the Tshepong Decline, the Bambanani shaft pillar and the Evander 8 Decline are expected. Harmony continues to focus on creating a better understanding of Harmony's ore bodies through exploration drilling and development, our interpretation of the geology, building credible geological models and formulating clear development strategies.
Construction of the Hidden Valley gold mine in Papua New Guinea has progressed well and the mine will be commissioned mid-2009. Final commissioning of the overland conveyor in September 2009 will mean that both Hidden Valley ore and ore from the Hamata pit will be processed through the metallurgical plant, adding to production volumes.
The Evander South project and the St Helena tailings project in the Free State provide us with exciting organic growth opportunities to take us to greater levels of production post-2012. Harmony has positioned the company in such a way that the company is able to deliver on its promise of paying a dividend in future. Harmony's focus now remains on achieving overall targets and delivering consistent results.
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24 Apr 2009 11:07:31
(Official Notice) | A fall of ground accident occurred at Harmony's Tshepong mine in the Free State yesterday afternoon that resulted in four mineworkers being trapped underground. Since then, two of the mineworkers have been brought to the surface safely and uninjured. Rescue operations are underway to locate the remaining two workers who are still trapped. Proto teams, together with the support of the unions, are securing the area. |
23 Apr 2009 07:41:39
(Official Notice) | Harmony has entered into agreements with Pamodzi Resources Fund 1 LLP ("PRF"), in terms of which certain uranium and gold assets of Randfontein Estates Ltd (a wholly owned subsidiary of Harmony) were sold into a special purpose vehicle, Rand Uranium (Pty) Ltd ("Rand Uranium"), for a purchase consideration of USD348 million. Harmony holds 40% of Rand Uranium's shareholding and in exchange for 60% of the issued share capital of Rand Uranium, it was agreed that Harmony would receive USD209 million.
Raising funds and debt position
Harmony has completed its planned capital raising, exploiting favourable market conditions by issuing a second tranche of shares for cash in the open market, pursuant to its mandate given by shareholders at the annual general meeting. In the capital raising 7 540 646 shares have been placed between 10 February 2009 and 6 March 2009 at an average subscription price of R124.45, raising R938 million before costs. The number of shares issued is equivalent to 1.9% of Harmony's issued share capital of 403 424 148 shares as at 30 September 2008.
The combined effect of the above is that Harmony is net debt free. The proceeds from the capital raising and the Rand Uranium transaction totalling R2.7 billion, will be utilized to repay Harmony's convertible bond (due in May 2009) and its short term debt, leaving a positive cash balance of approximately R1.5 billion. |
21 Apr 2009 09:10:25
(Official Notice) | Harmony Gold Mining Company Ltd is pleased to announce the appointment of a new general manager, Zwele Ndese, at its Bambanani mine in the Free State |
20 Apr 2009 12:25:42
(Official Notice) | Harmony Gold Mining company Ltd regretfully announces that two people were fatally injured at the Evander 9 shaft that forms part of Harmony's Evander Operations in Mpumalanga on Friday afternoon, after they succumbed to oxygen deficiency while climbing into a travelling way of a discontinued production area. They were part of a team that was installing an electrical cable in a haulage. Management together with the Department of Minerals and Energy commenced investigations on Friday. At the time of the incident, no mining was taking place. Repairs to the infrastructure of the shaft were being carried out in preparation for a new mining project. |
17 Apr 2009 13:22:00
(Official Notice) | Harmony regretfully announces that an accident at its Target mine in the Free State on Tuesday resulted in the loss of life of a contract worker. Initially, the cause of death was unclear. Therefore an autopsy was performed to determine the cause of death, which was found to be electrocution. Investigations of the equipment used are also underway to establish the reasons for the electrocution. Production was not hindered by the accident. However, the National Union of Mineworkers (NUM) has declared a day of mourning that commenced last night and will continue for the duration of today. Harmony continues to address safety through its behavior-based initiatives that have been rolled out to all of its operations. The continuous communication on safety in the working place as well as off the job is receiving priority attention from all stakeholders involved. |
25 Mar 2009 09:39:31
(Official Notice) | Harmony Gold Mining company Ltd regretfully announces that an accident involving a winder stator at the Brand 2 shaft of its Virginia operations in the Free State yesterday, resulted in the death of a team leader. Management together with the Department of Minerals and Energy commenced investigations yesterday. Work only at the affected winder reclamation has been stopped until investigations have been completed. This will not hinder production as Brand 2 is not an operational shaft. |
18 Mar 2009 12:18:32
(Official Notice) | Harmony Gold Mining company Ltd regretfully announces that an accident in the mill section at its Central Plant in the Free State resulted in the death of a technical official. Management together with the Department of Minerals and Energy commenced investigations. |
11 Mar 2009 09:35:45
(Media Comment) | Business Report noted that Fitch Rating downgraded Harmony's long-term foreign currency rating by one notch, to BB from BB+. This is because the company's competitiveness and profitability would be eroded in the medium term. However, Fitch's outlook for the group's rating was put at stable. |
02 Mar 2009 09:29:51
(Official Notice) | Harmony Gold Mining Company Ltd is pleased to announce the appointment of a new general manager, Theo Keyter, at its Elandsrand mine. |
13 Feb 2009 09:21:16
(Media Comment) | Harmony and South Africa's other gold miners should reap the benefits in 2009 of hefty restructuring exercises and a rand gold price that just passed R300 000/kg for only the second time in February 2009.According to the Financial Mail, with the rand gold price oscillating just below R300 000/kg, profit rises significantly. CEO Graham Briggs says this will bring a "huge number of opportunities" for the group. |
06 Feb 2009 07:49:50
(C) | Revenue increased to R5.8 billion (R4.3 billion) for the six months ended 31 December 2008. Operating profit rose to R1.5 billion (loss of R154 million). Net attributable profit soared to R1.7 billion (loss of R105 million). In addition, headline earnings per share grew to 145cps (loss of 27cps).
Dividend
No interim dividend has been declared.
Prospects
Overall, calendar 2009 has every prospect to be a good year for Harmony. Commodity prices have come down and this should reflect in mining input costs. Elandsrand should be a safer and improved production business once it has completed its "intensive care" phase. Two of Harmony's growth mines, Doornkop and Phakisa, will have most of their shaft infrastructure completed, and finally Hidden Valley will be in production as from mid-2009, resulting in an increase in production. The world finds itself in very uncertain times and it is clear that the rules of the game will be:
*conserving our cash;
*having a reasonable margin;
*being debt-free;
*keeping the company as simple as possible;
*rewarding shareholders.
During the last six months the group has looked at a number of assets that may potentially fit the Harmony portfolio. The company's strategy is not restricted to any particular area, but is aimed at acquiring long-life assets that offer higher margins. The financial climate has put a lot of companies into dire straits, and although a number of due diligences are being performed at the moment, Harmony is unlikely to make any acquisitions before June 2009. Harmony believes that the number of opportunities may increase, but will not make any rushed decisions. Management's aim is to have net zero debt by June 2009 and reward shareholders for their loyalty in financial year 2009/2010. |
30 Jan 2009 17:29:35
(Official Notice) | Harmony announced that a locomotive accident at its Masimong mine in the Free State resulted in the death of a mineworker. Management together with the Department of Minerals and Energy will commence investigations on Monday, 2 February 2009. |
23 Jan 2009 15:23:48
(Official Notice) | Steven Green was promoted to general manager at Harmony's Virginia operations in the Free State after serving as acting general manager for three months. Malcolm Bentley was newly appointed to the Harmony team as general manager at its Evander operation. |
23 Jan 2009 08:28:26
(Media Comment) | According to Business Report, Harmony expects its output to decline in the second quarter versus the first and was bullish on the gold price in the medium to longer term. The company milled fewer tons in its second quarter after the gold grade decreased, while the rand per kilogram costs rose due to lower output. |
22 Jan 2009 08:05:52
(Official Notice) | Harmony will be hosting analysts and fund managers on Thursday, 22 January 2009. The presentation will be available on the company's website at www.harmony.co.za at 08:00am on Thursday, 22 January 2009. |
19 Jan 2009 08:49:58
(Official Notice) | Harmony Gold Mining company Ltd regretfully announces that a fall of ground accident, caused by a seismic event at its Elandsrand gold mine near Carletonville on Saturday morning, resulted in the death of a mineworker. The incident occurred in the 95/10 W4 panel, approximately 2780m below surface. Regrettably one person, a Rockdrill operator, succumbed to his injuries. No other employees were seriously injured. The workplace has been stopped until investigations have been completed. Harmony's Chief Executive, Graham Briggs and his management team express their sincere condolences to the family of the deceased and sympathy to those affected by the accident. |
12 Jan 2009 16:47:24
(Official Notice) | Harmony Gold Mining company Ltd proudly announces that its Phakisa mine in the Free State has reduced its lost time injury frequency rate to 0.98, an outstanding achievement for the deep level gold mining industry in South Africa. The mine reported 173 days of reportable injury-free shifts and 96 lost time injury-free days. Harmony's Chief Executive, Graham Briggs maintains that safety continues to be a priority at Harmony. |
22 Dec 2008 10:03:23
(Official Notice) | Harmony is pleased to announce that despite international financial turmoil it continues to strengthen its balance sheet.
Harmony has completed a capital raising by issuing shares for cash in the open market pursuant to its mandate given by shareholders at the annual general meeting. In the capital raising 10 504 795 shares have been placed between 25 November 2008 and 19 December 2008 at an average subscription price of R93.20 raising R979 million before costs. The average issue price compares favourable with the weighted average share price on the JSE over the same period of R92.79 per share. The number of shares issued is equivalent to 2.6% of Harmony's issued share capital of 403 424 148 shares as at 30 September 2008. The cost of the placement was approximately R15 million or 1.5% of the value of shares issued. In line with Harmony's stated intention to have zero net debt by June 2009 the proceeds will primarily be used to reduce debt levels.
Harmony has repaid R1,25 bn of the R2bn Nedbank debt which was repayable by December 2008. The Nedbank loan facility of R750 million is now repayable by December 2009.
Harmony recognises that its pipeline of projects is the future of the company and regularly reviews its cash flow to ensure that it supports the continuation of its projects. During a recent review Harmony reaffirmed its commitment to its capital expenditure plans. |
17 Dec 2008 11:47:02
(Official Notice) | Harmony announces that a chairlift accident at its Tshepong mine in the Free State on 16 December 2008 resulted in the death of a miner. A local inspection was completed and the DME inquiry will be scheduled in due course. |
08 Dec 2008 13:37:11
(Official Notice) | Harmony Gold Mining Company Limited regretfully announces that a fatal accident occurred at its Bambanani mine in the Free State on the 3rd December 2008. |
02 Dec 2008 07:30:49
(Media Comment) | According to Business Day, Harmony's Hidden Valley Project, which is being developed in partnership with Australia's Newcrest Mining, is scheduled to produce its first gold in mid-2009. The project is targeted to produce average annual production of 250 000 ounces of gold a year. |
01 Dec 2008 09:08:10
(Official Notice) | Harmony announced that it filed on 29 October 2008 with the US Securities and Exchange Commission ("SEC") its annual report on Form 20-F for the fiscal year ended 30 June 2008. Harmon's 2008 20-F is available on Harmony's website (http://www.harmony.co.za) under the "Investors - media / Annual reports" section and is also available on the SEC's EDGAR system (www.sec.gov). Harmony's shareholders and holders of Harmony's American depositary receipts may request a hard copy of the 2008 20-F, which contains the complete audited financial statements, free of charge from Harmony. |
25 Nov 2008 09:36:19
(Official Notice) | At the annual general meeting of Harmony held on Monday, 24 November 2008, all the resolutions outlined in the notice of annual general meeting were duly passed by the requisite majority in all instances. |
25 Nov 2008 07:08:09
(Media Comment) | Business Report noted that Harmony planned to raise production to benefit from increased rand prices for gold. CE Graham Briggs told shareholders at the annual general meeting that the group remained upbeat about gold mining. Harmony's shares closed up 22% on Monday, 25 November 2008, at R81.20. |
21 Nov 2008 16:18:30
(Official Notice) | Harmony is pleased to announce that all conditions precedent in respect of the Randfontein transaction have been met and that the transaction is effective as from 21 November 2008. Shareholders' attention is drawn to the initial announcement of the transaction made on 19 December 2007 and the subsequent announcement made on 24 October 2008, containing the details of the transaction. The first tranche of the consideration price, being USD40 million has been received. A further USD157 million, plus interest thereon at 5% per annum, will be received on 22 April 2009 and the balance of the purchase consideration of approximately USD12 million as soon as the second stage of the transaction, which relates to Harmony's Old Randfontein assets is finalised; this is anticipated to be on or shortly after 22 April 2009. |
14 Nov 2008 11:37:42
(Official Notice) | This message serves as a reminder following the announcement of 29 October 2008 that the annual general meeting ("AGM") of Harmony shareholders will be held at 11:00 (South African time) on Monday, 24 November 2008, at The Michelangelo Hotel, 67 West Street, Sandton. Refer to the notice to shareholders on our website (www.harmony.co.za) for directions to the venue and a full explanation of the resolutions to be passed at the meeting. |
29 Oct 2008 12:41:26
(Official Notice) | The Harmony annual report, containing its financial statements for the year ended 30 June 2008, prepared in accordance with International Financial Reporting Standards, was issued today, Wednesday, 29 October 2008. An abridged report will not be published as the information previously published in the provisional report is unchanged. The annual general meeting of members of Harmony will be held at 11:00 on Monday, 24 November 2008 at The Michelangelo Hotel, 135 West Street, Sandton to transact the business stated in the notice of the annual general meeting. |
24 Oct 2008 13:46:33
(Official Notice) | |
17 Oct 2008 09:02:46
(Official Notice) | Harmony will be hosting analysts and fund managers on Friday, 17 October 2008. The presentation will be available on the company's website at www.harmony.co.za at 08:00am on Friday, 17 October 2008. |
02 Oct 2008 17:32:30
(Official Notice) | Harmony has appointed a new company secretary, Khanya Maluleke, who assumed her role with effect from 1 October 2008. |
02 Oct 2008 10:06:22
(Official Notice) | Harmony regretfully announces that a fall of ground accident at its Elandsrand Gold Mine near Carletonville at 04:15 local time has resulted in the death of one mineworker. The incident occurred in the 102/37 W3 panel, approximately 2900m below surface. Regrettably one person, a waterjet operator, has succumbed to his injuries. No other employees were injured. The workplace has been stopped and management together with the Department of Minerals and Energy have commenced investigations. The name of the deceased person will be made known once his family has been notified. Harmony's CEO, Graham Briggs and his management team, express their sincere condolences to the family of the deceased and sympathy to those affected by the tragic accident. |
15 Aug 2008 10:21:34
(C) | Harmony?s operations recorded a satisfactory operational improvement in the fourth quarter, however, the group delivered a disappointing financial performance for the financial year ended 30 June 2008. A net loss of R245 million was recorded compared with a net profit of R382 million for the financial year ended 30 June 2007. Revenue for the year from continuing operations was up by 14.6% to R9 210 million from R8 037 million for the financial year 2007 on the back of an improved gold price in dollar terms of USD818/oz and a steady R/USD exchange rate of R7.26. The group?s cash operating profit increased by 25.8% to R2 537 million compared with R2 016 million for 2007. Harmony reported a basic loss from continuing operations of 199 cents per share for the year under review compared with a profit of 206 cents per share for financial year 2007 and headline earnings of 19 cents per share for financial year 2008 compared with a headline earnings of 96 cents per share for financial year 2007.
Dividends
Harmony?s continued commitments to large capital expenditure projects will mean that the cash generated by the operations will be used to continue to fund our projects into full production stage. To this end, no final dividend was declared by the board of directors for the financial year ended 30 June 2008. The dividend policy will be reviewed in the second half of the 2009 financial year.
Prospects
Harmony?s outlook remains focused on sustainable organic growth. Opportunities for further optimisation, improved production and production cost management will be exploited. Enhanced cash flow will be used prudently to reduce debt and finance new mine capacity and other growth initiatives. Harmony has been and will remain an acquisitive company should opportunities exist or arise. Lately, the group has entered into several partnering relationships, the largest being with Rand Uranium and Newcrest in PNG. The group will continue to look for value opportunities on partnering some of the assets that have not been approved by the board as new projects for the 2009 financial capital programme. |
08 Aug 2008 08:28:09
(Media Comment) | According to Business Report, Harmony's strategy to bring in cash through disposals has come under strain as transactions have been halted or delayed, while shares received as payment have lost value. The deals include the sales of 60% of Rand Uranium for R1.9 billion and the Mount Magnet gold mine in Australia. The only deal that has gone through is the sale of an initial 30.01% stake in the company's Papua New Guinea operations to Newcrest Mining Ltd for USD230 million. |
08 Aug 2008 08:07:10
(Official Notice) | Harmony and Newcrest Mining Ltd announced that Newcrest has now acquired its initial 30.01% interest in the joint venture holding exploration and mining assets in the Morobe province of Papua New Guinea. |
04 Aug 2008 08:49:42
(Official Notice) | Harmony published 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. |
01 Aug 2008 10:05:56
(Official Notice) | Harmony referred 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 AUD5 million of which AUD2.5 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 AUD5 million. Harmony has resumed management of the operation and has re-commenced the sale process. |
25 Jul 2008 12:40:18
(Official Notice) | The company advises that its issued share capital comprises 403 253 756 ordinary shares at R0.50 each. The voting rights of all of these shares are identical with each share carrying the right to one vote. The company holds no ordinary shares in Treasury. The above figure may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interests in, or a change to their interest in Harmony Gold Mining Company Ltd under the Disclosure and Transparency Rules. |
24 Jul 2008 08:29:26
(Media Comment) | Business Day noted that Harmony expects to lose between 30-32kg of output after some of its mines were affected by a one-day strike on Wednesday, 23 July 2008. |
16 Jul 2008 15:36:46
(Official Notice) | The acting prime minister of Papua New Guinea and minister for mines, Hon Dr Puka Temu on Friday approved the joint venture arrangements between Harmony Gold Mining Company Ltd and Newcrest Mining Ltd. The ministerial approval paves the way for the conclusion of formalities between the two companies and the development of the joint venture interests in Papua New Guinea. These include the Hidden Valley gold mine which is expected to commence production mid-2009 and the highly prospective Wafi Golpu copper/gold deposit. Shareholders are advised that all conditions precedent to the joint venture agreement, which included regulatory and statutory approvals by the PNG Government, have now been met. Stage 1 Completion (Newcrest acquiring a 30.01% interest) is now expected to occur in early August, 2008. |
15 Jul 2008 13:14:55
(Official Notice) | Harmony acknowledges that 6 500 employees at its Virginia operations downed tools earlier today. The work stoppage at Harmony?s Virginia operations in the Free State is related to the safety incident at Unisel Mine where an employee lost his life on Friday 11 July 2008. Harmony is engaging with regional union representatives to address the matter. |
08 Jul 2008 14:55:46
(Official Notice) | One of the conditions precedent of the sale of Mt Magnet was the successful capital raising of AUD35 million by Monarch to finance the cash component of the deal by 30 June 2008. The prevailing unfavourable financial market conditions worldwide have made it difficult for Monarch to raise the required funds. Consequently, Monarch has requested an extension of four months to satisfy all the conditions precedent. Harmony and Monarch have renegotiated the terms of the sale. The proposed restructured consideration and the revised terms which require the approval of Monarch shareholders are as follows:
*Cash (paid to date) -- AUD5 million
*Cash -- AUD10 million
*Deferred cash -- AUD10 million
*Shares -- AUD25 million
*Convertible note -- AUD15 million
*Total -- AUD65 million
Monarch shareholders will consider the proposed restructured consideration and the revised terms at the end of August 2008. The immediate cash requirement has been reduced by AUD15 million and a deferred payment of AUD10 million (payable on the earlier of, production of 50 000oz or the third anniversary of the closing date) and an increase in the share allocation of AUD5 million (equivalent). |
12 Jun 2008 08:39:45
(Media Comment) | According to Business Report, Harmony looks set to reduce its long-term debt to R119 million by August 2008. This is due to an inflow of USD477 million that analysts expect could pave the way for the company to pay a dividend in 2009. The payout would be the company's first in five years. |
15 May 2008 16:23:15
(Official Notice) | Further to the announcement released on SENS on 22 April 2008 wherein it was stated that Harmony and Newcrest Mining Ltd ("Newcrest") had signed an agreement which will allow Newcrest to earn 50% interest in Harmony's Papua New Guinea gold assets, shareholders are advised of the pro forma financial effects of the transaction. Newcrest will earn its 50% interest in the joint venture by contributing a maximum of USD525 million. The commitment will be in two stages, namely, an initial USD180 million payment to acquire a 30.01% interest by 30 June 2008, together with a reimbursement to Harmony of USD45 million in project expenditure; and a farm-in commitment for the remaining 19.99% of approximately USD300 million to fund project expenditure up to the commencement of mining operations at Hidden Valley. Shareholders are advised that caution is no longer required when dealing in Harmony securities. |
08 May 2008 09:03:04
(Official Notice) | Harmony?s operational performance from its continuing operations for the quarter under review was disappointing with 7.2% lower tonnages at 4 125 000 tonnes compared with 4 445 000 tonnes in the December quarter, resulting in a 16.6% decrease in kilograms produced of 10 347kg versus 12 403kg. Total grade for the group was 10% lower at 2.51g/t, while the grade from our SA underground operations was recorded at 4.81g/t a 1.2% drop on the previous quarter. The company?s cash operating costs increased by 9.2% to R145 514/kg from R133 234/kg. Total cash operating costs were down 8.9% to R1 506 million from R1 652 million. A higher received gold price of USD944.40/oz and a weaker, thus more favourable, R/USD exchange rate of R7.43/USD (R6.77/USD) resulted in higher revenues of R2.3 billion compared with R2.1 billion and a net profit of R164 million compared with a net loss of R195 million for the previous quarter. Headline earnings stood at 42 cents per share versus a loss of 43 cents per share for the December 2007 quarter.
Dividends
No dividend was declared for the period under review.
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22 Apr 2008 07:27:50
(Official Notice) | The world?s 5th largest gold producer, Harmony and Australasia`s largest gold company, Newcrest Mining Ltd, announced that they had signed an agreement which will allow Newcrest to earn a 50% interest in Harmony?s Papua New Guinea (PNG) gold assets. The agreement is a binding agreement and has been approved by the respective boards of both Harmony and Newcrest. It remains subject to relevant PNG regulatory approvals and satisfaction or waiver of a small number of conditions precedent. Shareholder approvals are not required.
Cautionary announcement
A further announcement will be made on SENS and in the press as soon as the financial effects are finalised. Accordingly, Harmony shareholders are advised to exercise caution when trading in their securities until such time as a further announcement is made. |
18 Apr 2008 17:40:06
(Official Notice) | Harmony is aware that it has been named or may be named as a defendant in a lawsuit filed in the U.S. District Court in the Southern District of New York on behalf of certain purchasers and sellers of Harmony's American Depository Receipts. Harmony has retained legal counsel, who will advise Harmony on further developments in the U.S. |
18 Apr 2008 08:35:01
(Media Comment) | According to Business Day, Harmony's joint venture with Pamodzi Resources in uranium mining, Rand Uranium, would become the ninth largest uranium company when output starts in three years time. Harmony CEO Graham Briggs was quoted as saying that the company also had its sights on listing on a major stock exchange, either Toronto or London, with a dual listing on the JSE once production commences. Harmony owns 40% of Rand Uranium. |
10 Apr 2008 17:05:15
(Official Notice) | The company advises that its issued share capital comprises 402 862 376 ordinary shares of R0.50 each. The voting rights of all of these shares are identical with each share carrying the right to one vote. The company holds no ordinary shares in treasury. The above figure may be used by shareholders as the denominator for the calculations by which they can determine if they are required to notify their interest or any change to their interest in Harmony under the Disclosure and Transparency Rules. |
31 Mar 2008 12:11:22
(Official Notice) | Pamodzi Resources Fund (PRF), First Reserve Corp, AMCI and Harmony announced that Mr John A. Munro has been appointed Chief Executive Officer of the uranium company created by the USD420 million transaction announced between the above parties on 19 December 2007. |
25 Mar 2008 14:42:31
(Official Notice) | The dompany advises that its issued share capital comprises 402 436 997 ordinary shares at R0.50 each. The voting rights of all of these shares are identical with each share carrying the right to one vote. The company holds no ordinary shares in treasury. The above figure may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interests in, or a change to their interest in Harmony Gold Mining Company Ltd under the disclosure and transparency rules. |
17 Mar 2008 17:58:39
(Official Notice) | Harmony announced that regrettably one person died at its Masimong Mine as a result of a fall of ground. |
11 Mar 2008 08:19:25
(Media Comment) | Business Day noted that Harmony expected to be able to pay back a R2 billion loan in December after selling shareholdings in two projects. The two deals involved the sale of 60% of a local subsidiary to Pamodzi Resources Fund and the other was the selection of a partner for the group's Papua New Guinea projects. |
06 Mar 2008 10:44:01
(Official Notice) | Harmony announced that Dr Cheick Diarra has joined the board as non-executive director, effective 5 March 2008. |
05 Mar 2008 16:24:24
(Official Notice) | Harmony commented as follows on the release issued by the National Union of Mineworkers (NUM) regarding mineworkers' march to the offices of Harmony in Randfontein:
"Management is aware of the concerns of the NUM. We have and will continue to engage with their representatives to allay any fears they may have in respect of the creation of the new uranium company. Harmony assures employees that there will be no changes to their conditions of services and certainly no retrenchments are envisaged. In fact, the new uranium company presents a number of opportunities for job creation and the extension of the life of the Cooke operations."
Harmony will continue with its consultations with union representatives. |
03 Mar 2008 15:21:53
(Official Notice) | In line with Harmony's drive to optimise value from its latent and low-priority assets, the company has entered into two separate transactions with African Precious Minerals (APM) and its subsidiary Taung Gold Holdings (Pty) Ltd (Taung). Freegold, a wholly owned subsidiary of Harmony, holds the prospecting rights on several farms north of Tshepong and east of Target in the Free State where the shafts of Jeanette Gold Mines Ltd were sunk during the 1950s. Harmony has entered into a sale agreement in terms of which the prospecting rights, considered low-priority Harmony assets, is to be acquired by APM. The purchase consideration payable to Harmony by APM will be as follows:
*1 500 000 ordinary APM shares and 1 500 000 half warrants. Based on the capital raising conducted by APM during the last quarter of 2007, the shares and warrants to be granted to Harmony are estimated at being worth USD7.5 million (R52.5million).
*1.5% Net Smelter Royalty (NSR) on all minerals extracted from the prospecting right area, subject to a maximum aggregate amount of R150 million.
In addition to the above transaction, Harmony also entered into earn-in agreements subject to conditions, with APM for the Evander 6 shaft and Twistdraai assets in the Evander basin. Harmony concluded a strategic review of all its projects in the Evander basin in the Mpumalanga province during 2007 and concluded that entering into earn-in agreements with junior exploration companies would move the low ranking projects in the Evander portfolio up the value curve more rapidly without placing added pressure on Harmony's capital expenditure. |
27 Feb 2008 13:28:16
(Official Notice) | Harmony announced that a seismic event which occurred at the Elandsrand Mine near Carletonville at 10h30 local time, has caused the death of two mineworkers. The localised seismic event, which measured 0.9 magnitude on the Richter scale, occurred in the 78/5 stope causing a fall of ground in a panel. The damage caused by the event was confined to the top portion of the stope panel. No other persons were seriously injured. The workplace has been stopped until further investigations are done. |
26 Feb 2008 17:24:33
(Official Notice) | Harmony regretfully announces that a seismic event occurred at Harmony's Bambanani Mine in the Free State. The localized seismic event, which measured 2.1 magnitude on the Richter scale, occurred on 63 level 73 stope causing the panel to collapse, where a total of 16 employees were working. Medical and Proto teams were immediately mobilised and the rescue operation was concluded in two hours. The final rescue reports indicate that regrettably two persons died and four persons were injured, of which one is in a critical condition. |
25 Feb 2008 09:37:29
(Official Notice) | Harmony announced that all conditions precedent in respect of the transaction entered into with Pamodzi Gold Ltd (Pamodzi Gold), regarding the sale of the Orkney assets, had been met. Pamodzi Gold will take full control of the Orkney assets as from the 27 February 2008. Harmony and Pamodzi Gold entered into the transaction in September 2007. The original consideration price would have been settled by a combination of cash, the issue of Pamodzi Gold shares and a secondary consideration, being a net smelter royalty. The increase in capital required for re-capitalization of the assets and the recent operational results, have resulted in the consideration price being re-negotiated. The purchase consideration has been reduced from R550 million to R300 million and will be settled by Pamodzi Gold issuing 30 million shares to Harmony. No cash payment or secondary consideration will be required. As a result, Harmony will hold approximately 32% of Pamodzi Gold's issued share capital. |
21 Feb 2008 13:25:46
(Official Notice) | Mr Ken Dicks has joined the board of Harmony as a non-executive director, effective 13 February 2008. |
15 Feb 2008 11:56:57
(C) | Harmony's total production for its underground continuing operations decreased by 1.3% to 4 445 000 tonnes resulting in an 8.3% decrease in kilograms produced to 12 403 kg and a 3.9% drop in grade to 4.87g/t. Cash operating costs remained almost unchanged at R133 234/kg. Gold price received at R169 502/kg was 8.5% higher than the September quarter but the Rand/US dollar exchange rate was 4.7% stronger at 677c. Harmony's operating profit from continuing operations improved 43% to R449.8 million. Capital expenditure increased during the quarter under review to R808 million, this is mainly due to the ramp up in expenditure at Hidden Valley in Papua New Guinea. |
06 Feb 2008 11:01:49
(Official Notice) | The company advises that its issued share capital comprises 400 246 202 ordinary shares at R0.50 each. The voting rights of all of these shares are identical with each share carrying the right to one vote. The company holds no ordinary shares in Treasury. The above figure may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interests in, or a change to their interest in Harmony Gold Mining Company Limited under the Disclosure and Transparency Rules. |
30 Jan 2008 11:19:58
(Official Notice) | Harmony advises that following yesterday?s meetings with Eskom and government officials, the company was allocated another 5% electricity supply, bringing our supply to 80%. Consequently the majority of our mines are working based on the strategy plan devised for this eventually. The company has varying staff complement on the mines with no production workers on some mimes, 60% or only care and maintenance workers on other mines, and the rest at full complement. At present there exists excellent communication between Eskom and Harmony and regular updates are being received on the power supply situation. Eskom will be phasing in the mining industry?s power requirements and we expect to be operating at the allocated 90% requirement on 31 January 2008. |
28 Jan 2008 17:29:01
(Official Notice) | Harmony is investigating the feasibility of re-mining some of its old tailings dams at its operations in the Welkom area. The objectives of the project are to re-mine old tailings dams, re-process the tailings to extract gold and consolidate the residue tailings from the processing plant onto three tailings facilities. Nine historic tailings dams in the Welkom area are being considered as part of this project. The proposed operations in Welkom will process about 240Mt of tailings from these existing tailings dams. Several regulatory processes are being conducted, including an Environmental Impact assessment. The purpose of the EIA is to evaluate potential negative and positive environmental and social impacts.
Should the Harmony re-mining project be approved by the authorities, it is expected that construction at these operations will commence towards the end of 2008. It is anticipated that about 130 temporary job opportunities will be created during the construction phase. Furthermore, about 150 permanent jobs are expected to be created by the project over a 20-year period. This is subject to the outcome of the engineering studies. |
25 Jan 2008 12:48:18
(Official Notice) | Harmony today announced that it had been advised by the country?s national power utility, Eskom, that it could not guarantee today?s power supply. No indication was given as to how long the present situation might last. Harmony has subsequently suspended operations for today on all its underground mines. |
14 Jan 2008 14:31:46
(Official Notice) | Harmony announced the appointment of Johannes van Heerden as Managing Director, International Operations with immediate effect. |
14 Jan 2008 09:34:57
(Media Comment) | In an interview in Business Times, Harmony's new CEO Graham Briggs said that shareholders are really upset with the company at the moment, and that he got the same impression from US and British investors in a two week long road show, where everyone said that they just wanted the truth now. Briggs also said that that most of the extravagant promises that were made have not been met and will be ditched because they were not been achieved. His strategy is about "getting back to basics, controlling our costs, getting to understand what we should be doing". The company has also sold under performing assets in Australia, and Briggs added that former CEO Bernard Swanepoel's promise of Harmony producing 3.1 million ounces of gold was "not going to be achieved". |
09 Jan 2008 14:42:25
(Official Notice) | The company advises that its issued share capital comprises 400 196 978 ordinary shares at R0.50 each. The voting rights of all of these shares are identical with each share carrying the right to one vote. The company holds no ordinary shares in treasury. The above figure may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interests in, or a change to their interest in Harmony Gold Mining Company Ltd under the Disclosure and Transparency Rules. |
02 Jan 2008 11:02:15
(Official Notice) | Graham Briggs has being appointed as the new chief executive officer of Harmony with effect from 1 January 2008. Harmony appointed a selection panel at the end of October, 2007, made up of four non-executive board members, to oversee the selection process for the position of chief executive officer. The panel engaged the services of a professional executive search company to assist in identifying candidates who would qualify for the position. A comprehensive brief was used in identifying the candidates in South Africa as well as some candidates abroad. Discussions with 36 potential candidates were held. The final shortlist consisted of four candidates and they were invited for formal interviews |
19 Dec 2007 08:06:19
(Official Notice) | In line with Harmony's stated strategy of realising value for its uranium assets, Randfontein Estates Ltd ("Randfontein"), a wholly owned subsidiary of Harmony, has entered into binding agreements ("transaction agreements") with Pamodzi Resources Fund 1. LLP ("PRF"), whereby certain of the uranium and gold assets of Randfontein, known as Cooke Section, are to be sold into a special purpose vehicle ("Newco"). Newco is a wholly owned subsidiary of ARMgold/Harmony Joint Investment Company (Pty) Ltd ("Investco"), which is in turn a wholly owned subsidiary of Harmony. Newco and Randfontein have further agreed to enter into a sale agreement, in terms of which the Old Randfontein Section assets are to be sold by Randfontein to Newco ("the Old Randfontein Sale Agreement"). The purchase price payable by Newco for Cooke Section and the Old Randfontein Section assets shall be USD420 million. PRF is to acquire a 60% shareholding in Newco from Investco for a purchase consideration of USD252 million, with Harmony retaining a 40% shareholding in Newco ("the proposed transaction").
Terms of the proposed transaction
Randfontein has agreed, with effect from the date of successful fulfilment of the conditions precedent to the transaction agreements, to sell Cooke Section and the Old Randfontein Section assets as a going concern to Newco for a purchase consideration of USD420 million.
Conditions precedent to the proposed transaction
The proposed transaction is subject to, inter alia, the fulfilment of the
following conditions precedent:
*the approval by the Minister of Minerals and Energy and the necessary approvals required in terms of the Minerals and Petroleum Resources Development Act, 2002;
*the entering into of the Old Randfontein Sale Agreement;
*the entering into of a written toll milling agreement between Newco and Randfontein, in terms of which the Newco is granted the right to make use of certain of the toll milling capacity at Randfontein's processing plant known as the "Doornkop Plant";
*the entering into a shared services agreement between Newco and Randfontein; and
*the approval by the Competition Authorities in terms of the Competition Act, 1998.
It is anticipated that all conditions precedent will be met in the second quarter of 2008. |
10 Dec 2007 09:34:30
(Official Notice) | Harmony announced that the Department of Minerals and Energy (DME) has approved and granted the conversion of its old order mining rights into new order mining rights in terms of the Minerals and Petroleum Resources Development Act. Harmony has been granted 13 new order mining rights, which cover all the South African gold mining operations: Evander Operation; Doornkop Operation; Randfontein Operations; Kalgold Operation; Orkney (ARMgold) Operations; Tshepong Operation; Target Operation; Bambanani Operation; Free State Operations; St Helena Operations; and Joel Operation. |
04 Dec 2007 16:04:41
(Official Notice) | Harmony announced that on Friday, 30 November 2007, Harmony and Australian gold company Dioro Exploration NL (Dioro) satisfied all the conditions required to settle the South Kal Sale agreement. On 30 July 2007, Harmony signed an agreement with Dioro for the sale to all rights, title and interest of the South Kal Mine operations located near Kalgoorlie, Western Australia. Consideration for the acquisition of the South Kal project is about AUD45 million. Harmony will receive AUD25 million cash and 11.43 million Dioro shares for a deemed value of AUD20 million. |
27 Nov 2007 13:42:10
(Official Notice) | Shareholders are advised that, at the annual general meeting of Harmony held on Monday, 26 November 2007, all resolutions were passed by the requisite majority of shareholders. |
21 Nov 2007 11:23:16
(Official Notice) | This message serves as a reminder that the annual general meeting of Harmony shareholders will be held at 11:00 on Monday, 26 November 2007, in the L`Incontro Ballroom, at The Michelangelo Hotel, 135 West Street, Sandton. |
31 Oct 2007 09:05:38
(C) | Harmony released the first quarter results to 30 September 2007 with the following highlights: cash operating costs down by 12.5%; underground grades improved by 7.1%; gold production up by 12.8% and internal due diligence of assets complete. Revenue for the quarter amounted to R2.4 billion and the net loss from continuing operations was R478 million. |
24 Oct 2007 07:54:07
(Media Comment) | According to Business Report, analysts expect Harmony to post a second consecutive loss for the quarter ended 30 September 2007, despite record rand gold prices. This will add to three years of losses the group has sustained up to June 2006. Analysts expect the acting CEO Graham Briggs to unveil some of his plans following a review that was conducted by the company. Some have speculated, that Harmony's mines are largely depleted, with little value left in them, and that this is why the company continues to report losses and mine less and less gold. This means that the only way the group will be able to turn itself around will be to deliver on its projects in South Africa and the Hidden Valley project in Papua New Guinea. |
12 Oct 2007 08:09:53
(Official Notice) | Copies of the annual report will be posted to shareholders and delivered to the JSE on Friday, 12 October 2007. The annual general meeting of members of Harmony will be held at 11:00 on Monday, 26 November 2007 in the L`Incontro Ballroom, at The Michelangelo Hotel, 135 West Street, Sandton to transact the business stated in the notice of the annual general meeting. |
11 Oct 2007 08:32:21
(Media Comment) | Business Day reported that Harmony could lose a month's production, equivalent to 600kg of gold, from its Elandsrand mine as it begun a probe into the accident that trapped thousands of workers at the mine. Mine manager Stan Bierschenk said that the company would conduct an exhaustive investigation to counter accusations that the mine did not have proper maintenance. |
04 Oct 2007 08:01:50
(Official Notice) | Harmony is pleased to announce that it has secured a R2 billion debt facility with Nedbank Ltd. The loan was used to settle a short-term loan of R500 million. The majority of the funds will be employed in capital expenditure at the Hidden Valley project in Papua New Guinea. |
28 Sep 2007 08:00:41
(Media Comment) | Business Report noted that a fire at Harmony's St Helena mine had disrupted output. The company was quoted as saying that the fire could burn for several days. Harmony has previously stated its intention to close the mine as it is among the group's unprofitable operations. |
04 Sep 2007 08:46:49
(Official Notice) | Harmony has officially signed formal agreements with Pamodzi Gold Ltd (PZ Gold) for the sale to all rights, title and interest of Orkney shafts located near Orkney in the North West province. Pamodzi Gold has engaged Harmony in order to take management control of the Orkney operations under a contracting agreement by the 1 October prior to the all conditions precedent being met. Harmony has agreed in principle to this arrangement and both parties envisage signing a formal agreement within the next three weeks. The initial purchase consideration payable to Harmony by PZ Gold for the Orkney shafts is equal to R550 million, and a secondary consideration is calculated as follows:
*3% of the net smelter revenues in respect of the first one million ounces of gold produced by Orkney after the effective date of the transaction; and
*1.75% of the net smelter revenue in respect of all gold produced by the Orkney thereafter subject to a maximum aggregate amount of R450 million.
The initial Orkney purchase consideration will be settled by PZ Gold through:
*the payment of a cash amount of R350 million; and
*the issue of 9 272 903 ordinary consideration shares to Harmony.
The number of PZ Gold ordinary shares to be issued to Harmony has been calculated based on the 30 day VWAP of the PZ Gold ordinary share price on the JSE up to the business day immediately preceding the date upon which the detailed cautionary was announced, being 24 April 2007, which VWAP is equal to R21.57. The transaction is subject to, amongst others, the following conditions precedent:
*the shareholders of PZ Gold passing all resolutions necessary in order to approve and implement the Orkney transaction;
*Harmony converting its old order mining right to a new order mining right in terms of Item 7 of Schedule 2 of the MPDRA;
*the Minister of Minerals and Energy consenting to the transfer of the new order mining right to PZ Gold in terms of section 11 of the MPRDA; and
*PZ Gold obtaining funding for payment of the initial Orkney purchase consideration. |
27 Aug 2007 11:46:22
(C) | Harmony achieved a sound financial performance for the financial year ended 30 June 2007, posting a net profit of R341 million compared with a net loss of R525 million for 2006. Cash operating profit increased to R2 554 billion (R1 459 billion: 2006) and operating profit improved to R1 228 billion from R255 million in FY06. Revenue for the year was up by 33% to R10 715 billion (R8 039 billion: 2006) on the back of an improved gold price in dollar terms of USD638/oz (average for the year) and a weaker Rand/dollar exchange rate of R7.20. Basic headline earnings per share improved substantially to ZAR43 cents from a loss of ZAR263 cents per share recorded in FY06. Cash operating costs increased year on year by R1 581 billion from R6 580 billion to R8 161 billion.
Dividends
Harmony is committed to large capital expenditures for the next four years in order to increase production volumes. During this period, cash generated by the operations will be utilised to fund our Growth projects. Accordingly, no final dividend was declared by the board of directors for the financial year ended 30 June 2007.
Prospects
The board feels that no dramatic upturn should be expected in the next two quarters, productivity improvements will, however, be demanded from each employee throughout the company. They have commenced with the new strategy to realise their full potential. To this end, the South African operations will not be sub-divided nor are any further assets for sale. The group has excellent orebodies, well-advanced projects and high-calibre management. With a clear focus on future improvements in production and costs, the group should begin to contribute to the future prosperity of Harmony. |
24 Aug 2007 08:44:01
(Media Comment) | Harmony almost plunged to a two-year low on Thursday, 23 August 2007, trading on concern that the company might sell shares after the cancellation of its bond sale last month. Business Day quoted Nedcor trader Greg Potter as saying that the market was worried that the company "is in dire need of working capital." Harmony lost 4.11% to R61.75. |
22 Aug 2007 11:54:11
(Official Notice) | Frank Abbott had been appointed as interim financial director of Harmony for a period of six months with immediate effect. Ms Nomfundo Qangule, who was appointed financial director in July 2004, has resigned her position with immediate effect. |
07 Aug 2007 09:04:47
(Media Comment) | Commenting on the group's future financial position, an analyst told Business Report that Harmony's poor results, failure to raise a R2.5 billion bond and the resignation of the group's CEO indicated that the group?s position would become more tenuous. |
06 Aug 2007 15:17:45
(Official Notice) | Bernard Swanepoel, chief executive for the past 12 years, has resigned with immediate effect. The board has appointed Graham Briggs, managing director of Harmony Australasia, as acting chief executive with immediate effect. In addition the board advises that Mr Andre Wilkens, who has extensive knowledge of Harmony and vast experience of the gold mining industry, has been appointed to the Harmony board of directors as non-executive director. |
06 Aug 2007 15:13:04
(Official Notice) | Harmony Gold Mining Company Limited (Harmony) announced that its financial results for the quarter ending 30 June 2007 are expected to differ significantly from those of the three previous quarters as well as from the analysts' consensus. Shareholders are advised that Harmony expects to announce a headline loss per share of between 130cps and 160cps for the June 2007 quarter, compared with the March 2007 quarter headline profit of 58cps. It is expected that a headline profit of between 20cps and 30cps will be reported for the 2007 financial year compared with a headline loss of 269cps for the 2006 financial year.
This quarter-on-quarter variance is attributable to a combination of lower production and an increase in costs. Gold production is expected to be down by between 8% and 12%, mainly due to, and as previously disclosed, production incidents at Bambanani and Joel, lower grades mined at Tshepong as well as the underperformance at Mt Magnet's underground operations in Australia. Progress on rectifying this situation will be reported at the June 2007 results presentation to the investment community. The combination of lower production and higher cost will result in the June 2007 quarter's cash cost per kilogram being up by between 35% and 45%. Harmony's total cash operating costs are up by between 25% and 28% quarter-on-quarter. The company ascribes this in part to the newly installed accounting software system that resulted in some of the March quarter's costs being captured in the June 2007 quarter and thus the average of the last six months' cost would be a more accurate reflection of the company's current cost base. During the last six months, the company's cost base increased by between 8% and 12% on the previous six months. The increase in costs is mainly due to consumables (stores) and supervisory labour and detailed plans are being implemented to address the production and cost issues. |
31 Jul 2007 08:25:16
(Official Notice) | Harmony has said that it has signed an agreement with Dioro Exploration NL (Dioro) for the sale to all rights, title and interest of the South Kal Mine Operations located near Kalgoorlie, Western Australia.
The sale of the South Kal Mine to Dioro is subject to and conditional upon the fulfilment of the following significant conditions precedent:
*Dioro obtaining from its shareholders the necessary approval to conclude the transaction of this agreement.
*Dioro raising the required capital of at least AUD35 million (approximately R210 million) in terms of this agreement for the acquisition of South Kal.
*The obtaining by the parties of all governmental and other regulatory approvals necessary for the conclusion and implementation of the agreement.
The consideration payable to Harmony by Dioro for the sale of the assets is as follows:
*the sum of AUD25 million (approximately R150 million) payable in cash to Harmony on completion; and
*the issue of the consideration shares to the value of AUD20 million (approximately R120 million) to Harmony.
The closing date of the transaction is expected to be during October 2007. |
30 Jul 2007 07:51:56
(Media Comment) | According to Business Report, Harmony has recommended that the competition tribunal impose a fine as high as R1.4 billion on Mittal Steel South Africa Ltd ("Mittal SA"), as punishment for contravening the Competition Act and charging excessive prices for flat steel products. The tribunal has not said when it would announce its decision on this matter. |
25 Jul 2007 13:00:03
(Official Notice) | Harmony announces gold Ore Reserves of 53.6 million ounces as at 30 June 2007. Despite the disposal of assets, successful pre-feasibility studies have added additional ounces to the reserves. |
18 Jul 2007 14:36:27
(Official Notice) | Harmony announced today that the group decided to postpone its debut USD transaction due to current market conditions. |
10 Jul 2007 15:15:29
(Official Notice) | Harmony advised that its issued share capital comprises 399 608 384 ordinary shares at R0.50 each. |
06 Jul 2007 08:08:29
(Official Notice) | Harmony announced today that Morgan Stanley was mandated as sole bookrunner and joint lead manager together with FirstRand Bank Ltd for its forthcoming inaugural USD-denominated 7 year fixed rate senior unsecured 144A/Reg S bond. The transaction will be launched following roadshows, subject to market conditions. |
25 Jun 2007 08:51:10
(Media Comment) | Business Report noted that Harmony was likely to sell its mining assets in Australia and possibly invest the proceeds in Papua New Guinea and South Africa. |
23 May 2007 09:40:13
(Media Comment) | Business Report stated that Harmony plans to list its uranium division as a separate company. The uranium division, valued at between R5 billion and R15 billion, would list in the next 18 to 30 months. |
18 May 2007 15:14:56
(Official Notice) | Harmony closed out the remainder of its Australian hedge book inherited with the acquisition of the Hill 50 mine in Western Australia. 230 000 ounces were closed out at an average spot rate of AUD809oz, for a total cost of AUD75.8 million (R436 million). These positions had a negative marked-to-market of AUD78.6 million (R460.7 million) for the quarter ended 31 March 2007 at an average forward price of AUD 517.78 per ounce. |
02 May 2007 17:07:44
(Official Notice) | Cathie Markus has been appointed non-executive director of the Harmony's board of directors with effect from 1 May 2007. |
25 Apr 2007 09:12:48
(C) | Despite the lower production and considering that the operations generally have fewer production shifts in the March quarter, the quality and leverage operations reported a solid performance with strong cost control and improved grades. Fewer total tonnes were milled for the quarter under review. The 6.2% drop in tonnes (from the SA underground operations) to 3 152 000 tonnes compares with 3 361 000 tonnes previously. This was partially countered by the 4.2% higher grades of 5.0g/t from the SA underground operations, which resulted in gold production being only 2.5% lower at 15 655kg (16 066kg). A higher Rand gold price received of R151 833/kg and a steady USD/ZAR exchange rate of R7.24 translated into a pleasing cash operating profit of R868.5 million, an increase of 15.1% quarter on quarter.
Total operating profit rose 15.1% to R869 million (R755 million) quarter on quarter and is up by 184.0% from R306 million compared with the corresponding period ended March 2006. The March 2007 net profit was up 6.5% to R247 million compared with the December 2006 quarter considering that the December 2006 had an accounting profit of R236 million which arose from the conversion of Western Areas shares to Gold Fields shares. A loss of R174 million was reported for March 2006. Total cash operating costs were marginally down at R103 608/kg from R104 132/kg previously. Headline earnings improved by 31.8% to 58cps compared with 44cps for the December 2006 quarter and a 48cps loss for the March 2006 quarter. |
20 Apr 2007 07:39:44
(Media Comment) | According to Business Report, Harmony planned to sell its less profitable mines that had shorter life spans as well as others that it had closed down. Managers would now focus on newer, richer assets with longer life spans. |
28 Mar 2007 09:36:45
(Official Notice) | Harmony announced that it has concluded negotiations with Rio Tinto Ltd ("Rio Tinto") in terms of which the parties have agreed that Harmony purchase the Rio Tinto rights under the royalty agreement entered into prior to the acquisition by Harmony of the Hidden Valley and Kerimenge deposits in Papua New Guinea. In terms of the royalty agreement Rio Tinto has the right to receive a portion of between 2% and 3.5% of future ounces produced by the Hidden Valley mine in Papua New Guinea. The consideration payable by Harmony to Rio Tinto will be USD22.5 million settled as follows:
*1 250 523 new ordinary shares of ZAR0.50 each, to be issued as fully paid up
*The balance of USD2.5 million payable in cash on the effective date.
The listing of the consideration shares would commence on 29 March 2007 and the agreement was effective from the day on which the consideration was settled, being the date of the allotment and issue of the consideration shares. The rationale for the transaction was based on the fact that the cash costs per ounce of gold produced at Hidden Valley would be reduced by USD13 per ounce. The effect of the acquisition on the earnings per share and net asset value per share of Harmony for the half-year year ended 31 December 2006, assuming the acquisition had taken effect from 1 July 2006, would be insignificant. |
23 Feb 2007 11:59:25
(Media Comment) | According to Business Report Harmony's CE Bernard Swanepoel said that a Russian billionaire Viktor Vekselberg might buy Harmony's South African uranium assets and sell gold mines and prospects to the company. Harmony would send engineers and geologists to Russia to evaluate the gold assets of Vekselberg's Renova Group. Renova would start evaluating uranium contained in mine waste at Harmony's Randfontein mine. Swanepoel has said that they have agreed co-operate and "if they like our uranium, they'll buy it and if we like the gold, we'll buy that. They'll be separate deals."
Russia, which is short of uranium, aims to build 42 nuclear power stations at home and 60 in other countries, as governments around the world seek alternative energy sources. Harmony wants more gold outside South Africa due to the rising cost of operating domestic underground mines. Record uranium prices, spurred by rising demand for nuclear fuel, are increasing industry profits and promoting acquisitions. |
07 Feb 2007 10:33:38
(Official Notice) | Harmony advised that its issued share capital comprises 398 689 643 ordinary shares at ZAR0.50 each. The voting rights of all of these shares are identical with each share carrying the right to one vote. The company holds no ordinary shares in treasury. |
06 Feb 2007 08:11:11
(Official Notice) | Harmony announced an increase in its mineral resource at its Golpu copper gold project in the Morobe Province of Papua New Guinea. The resource now stands at:
* 163Mt @ 1.1% Cu, 0.6g/t Au and 132ppm Mo containing
* 3.9 billion pounds of copper
* 2.96 million ounces of gold
* 47 million pounds of molybdenum.
This represents an increase of 10% copper metal, 11% gold and 17% molybdenum. This increase in metal is primarily due to definition of a consistent halo of mineralised metasediment around the porphyry. The updated resource follows on from completion of a diamond drill hole program designed to further test the mineralisation and gain metallurgical and hydro-geological data for the pre-feasibility study. The program consisted of 10 PQ/HQ/NQ diamond drill holes completed for a total of 6.947m of drilling, of these 3.359m intersected the Golpu porphyry and 1.313m intersected mineralisation in the surrounding metasediment.
The pre-feasibility study for Golpu is due for completion in July 2007. The integrated report which includes Golpu, NRG1 and Link Zone deposits is due later in the year. |
02 Feb 2007 11:57:16
(C) | For the quarter ended December 2006, compared to the same quarter in 2005, ore milled increased to 5 235 000t (4 857 000t), gold produced decreased to 18 724kg (20 316kg), while the gold price received increased from 102 333R/kg to 144 467R/kg. Revenue increased by 30.11% to R2 705 million (R 2 079 million) while headline earnings per share improved from a loss of 75cps to a profit of 44cps. |
06 Dec 2006 11:55:34
(Media Comment) | Business Day has reported that Harmony has decided to fund the USD278 million Hidden Valley project in Papua New Guinea from its cash reserves. The company had earlier indicated that it would sell its shares in the venture. |
01 Dec 2006 18:00:41
(Official Notice) | Harmony announced that it had tendered its Western Areas shares for conversion to Gold Fields shares. This follows the offer made by Gold Fields to the Western Areas minority shareholders contained in the circular dated 30 October 2006. Upon receipt of its shares, Harmony will own 2.75% of the enlarged share capital of Gold Fields having exchanged its ownership in Western Areas. Harmony acquired its stake (44 985 939 shares) in Western Areas at a cost of R44.23 per share on 9 March 2006. This investment was accounted for using the equity method of accounting and Harmony's share of the net loss for the period since the acquisition resulted in a decrease in value per share to an estimated value of R40.61 per share. The proceeds on the share conversion amounts to R47.26 per share, resulting in an estimated accounting profit of R6.65 per share. |
22 Nov 2006 15:27:55
(Media Comment) | Business Report today reported that Harmony had decided not to invest about R100 million in upgrading its refineries. Instead the company elected to switch the processing of its gold to Rand Refinery. |
13 Nov 2006 12:26:48
(Official Notice) | At the annual general meeting of Harmony held on Friday, 10 November 2006 all the ordinary and special resolutions outlined in the notice of annual general meeting dated 13 September 2006 were passed by the requisite majority with the exception of ordinary resolution number 3 which was withdrawn. The special resolution related to a general authority being granted for Harmony to repurchase its shares will be submitted for registration at the Registrar of Companies in due course. |
31 Oct 2006 09:27:00
(C) | The group reported a 38% increase in cash operating profit to R891 million (R645 million) and a R277 million profit compared with a loss of R41 million. Basic headline earnings of 66cps for the quarter ended 30 September 2006, compared favourably with the loss of 52cps for the previous quarter. Cash operating costs increased by 4% to R97 538/kg mainly due to the annual increases in SA labour costs as well as seasonal higher energy costs. Contributing factors to the improved performance of South African underground operations included an increase in tonnes milled of 7% to 3 351 million tonnes (3 128 million tonnes); 6% increase in grades per tonne; 9% increase in received gold price of R143 283/kg (R131 358/kg) and a weaker ZAR/USD exchange rate of R7.14.
Tonnes increased by 3% at the Australian operations and yields improved with 8% from 2.4g/t in the June quarter to 2.6g/t in the September quarter. This resulted in an increase in gold production rising from 59 291oz to 65 883oz. Amortisation and depreciation of mining properties increased by 15% to R308 million (R267 million), driven by increased tonnes and increased development quarter on quarter. On-going care and maintenance costs at shafts previously closed, were lower at R20 million (R36 million). Harmony closed out 25 000 ounces forward contracts during the quarter at a cost of R41 million (USD5.8 million) and 10 000 ounces call options at a cost of R14 million (USD2 million). |
24 Oct 2006 09:31:30
(Media Comment) | Merrill Lynch noted that Harmony may be the most affected by the implementation of the Mining Royalties Bill, compared to its competitors AngloGold and Gold Fields. Business Day noted that 90% of the group's assets are South African. |
16 Oct 2006 12:07:51
(Media Comment) | According to Business Day, Harmony CEO Bernard Swanepoel said that the details in the offer documents might differ from the bid information published in which case Harmony may object to the deal. Differences in the offer may also result in an objection being lodged with the Securities regulation Panel. |
06 Oct 2006 10:13:10
(Media Comment) | Business Day noted that Fitch Ratings had downgraded Harmony's short and long-term credit rating by one notch to F3 and BBB respectively. |
28 Sep 2006 11:21:26
(Media Comment) | Business Report noted that in Harmony's annual report chief executive of the group, Bernard Swanepoel, stated, "We expect to grow our production by nearly 1 million ounces over the next four years and will continue to improve our asset base." |
27 Sep 2006 16:44:09
(Official Notice) | Shareholders of Harmony are advised that the company's annual report for the year ended 30 June 2006 will be posted to shareholders on 27 September 2006. Shareholders' attention is brought to the fact that minor reallocations of income statement, balance sheet and cash flow items and balances were made from the preliminary results filed on 7 August 2006, as per the disclosure requirements of the International Financial Reporting Standards and the South African Companies Act requirements for annual financial statements.
The annual general meeting of Harmony will be held on Friday, 10 November 2006 at 10:00 (SA time) at Harmony's Corporate Offices, Randfontein Office Park, corner Main Reef Road and Ward Avenue, Randfontein. |
27 Sep 2006 11:26:32
(Media Comment) | Commenting on the possible downgrading of the group's rating by Fitch Bernard Swanepoel, chief executive of Harmony, told Business report that there was no need for concern regarding the negative rating as Harmony had a strong balance sheet. |
26 Sep 2006 09:25:53
(Media Comment) | Business Report noted on 26 September 06 that Fitch may cut Harmony's credit rating noting that the group's ability to pay future debt was a concern. |
21 Sep 2006 11:47:47
(Media Comment) | Commenting on the future of Harmony, Bernard Swanepoel told Business Day that the group aimed to produce 3.5 million ounces of gold by 2010 without the effects of any acquisitions. Swanepoel said, "we've got five really world-class gold mines that all come on stream between now and 2010." |
21 Sep 2006 11:34:04
(Media Comment) | Commenting on Gold Field's move to control the South Deep mine Bernard Swanepoel, chief executive of Harmony, told Business day that it was good for the industry saying, "It's like wanting your neighbour's house but then someone comes along with more money and buys it first. You can sulk, but then you can think it's good for the neighbourhood." |
28 Aug 2006 11:15:42
(Official Notice) | Harmony today announced that their SAMREC compliant consolidated ore reserves statement shows an increase of 3.4% from 54.1 million ounces to 56.0 million ounces for the year ending 30 June 2006. Harmony's ore reserves showed an overall depletion of approximately 2.4 million ounces for the financial year, but the 29.2% equity ounces from Western Areas added 4.2 million ounces to the ore reserves, resulting in most of the positive increase. The mineral resources have increased from 528.6 million ounces to 537.6 million ounces mainly as a result of an additional 9.8 million ounces, which came from Harmony's 29.2% stake in Western Areas. A gold price of USD500/oz was used for the conversion of Mineral Resources to Ore Reserves at our South African and Australian operations. An exchange rate of USD/R6.53 for South Africa and AUD/USD 0.74 for Australia has been used, resulting in a gold price of R105 000/kg or AUD680/oz respectively. The Hidden Valley feasibility study at Papua New Guinea was completed using a gold price of USD445/oz and a silver price of USD6.50/oz. These prices were also used in the declaration of ore reserves. |
07 Aug 2006 11:36:21
(C) | Cash operating profit increased from R305.6 million in the March 2006 quarter to R645.2 million (111.1%) in the June 2006 quarter and amounted to R1 458 million for the year ended June 2006 (R868 million). The main reason for this improvement was as a result of the revenue received, which went up by 19% and tighter cost control that did not go up commensurately with the increased volumes that were mined. Cash earnings showed a 109% improvement, from 78c to 163c per share for the June quarter. Headline loss per share for the year improved to 263c from 342c. The gold price received for the June quarter improved from R110 399/kg to R131 358/kg. This resulted in the cash operating margin improving from 15.9% to 28.5%. Gold production decreased with 1.3% to 17 243kg quarter on quarter. The gold price received for the year increased to R108 268/kg from R84 799/kg. Annual gold production decreased to 74 242kg from 92 230kg. |
21 Jul 2006 16:10:44
(Official Notice) | Shareholders are referred to Harmony's announcement released on SENS on Wednesday, 21 June 2006, wherein it was announced that Harmony had acquired 2 292 500 Village shares from African Rainbow Minerals, at a purchase price of 20c per Village share, which equates to 37.8% of the issued share capital of Village. On Thursday, 22 June 2006, it was further announced that Harmony had stated its firm intention to make a mandatory cash offer to Village shareholders, other than Harmony , to acquire their Village shares at a price of 20c per Village share ("the offer").
The acquisition of Village shares from the minority shareholders is to be implemented in terms of the Companies Act, 1973 and the Securities Regulation Panel ("SRP") Code. Shareholders are advised that should Harmony acquire nine-tenths (90%) of the Village shares, which it does not already own, under the offer, it does not intend invoking the provisions of section 440K of the Act to acquire the Village shares of those minority shareholders who do not accept the offer. |
11 Jul 2006 17:08:50
(Official Notice) | Harmony today announced that it has upgraded the new resource model for it's Wafi gold and Golpu copper gold deposits in the Morobe Province of PNG. The combined resource is now 9.2m ounces gold and 3.563 billion pounds of copper. (1.6m tonnes). The revised Golpu model takes into account 2 100m of diamond core drilled since the last resource calculation. This data has led to an improved understanding of the porphyry alteration assemblages and identified consistent mineralisation in the surrounding metasediment. |
22 Jun 2006 09:17:48
(Media Comment) | Commenting on Harmony's recent company announcements, Business Day's The Bottom Line is of the opinion that the group may be targeting South Deep mine via a corporate restructuring and may list its higher-quality assets in a listed cash shell. |
22 Jun 2006 09:11:44
(Official Notice) | As Harmony is now the holder of more than 35% of the issued share capital of Village it is obliged, in terms of the Securities Regulation Code on Take-overs and Mergers and the Rules of the Securities Regulation Panel, to extend a mandatory cash offer to the shareholders of Village, other than Harmony, to acquire their Village shares. The offer will be made at an offer price of 20c per Village Share, being the purchase price per Village share paid by Harmony for the initial Village shares. |
21 Jun 2006 08:35:56
(Official Notice) | Harmony today announced that it has acquired 37.8% of the issued share capital of Village Main Reef Gold Mining Company Ltd ("Village") for an amount of R458 775. The equity stake was purchased from African Rainbow Minerals at a price of 20c per share. Due to the fact that the acquisition surpasses the 35% mark, Harmony is obliged under the Securities Regulation Code on Takeovers and Mergers to extend an offer to the remaining shareholders of Village to acquire all of their shares at the same price at which it acquired the 37.8% stake. Should all remaining shareholders accept the offer, it would mean an additional cash outflow of approximately R754 915. More details regarding the mandatory offer will be published as soon as possible. |
14 Jun 2006 10:09:30
(Media Comment) | Commenting on a possible listing of the group's Hidden Valley project on the Toronto Stock Exchange to raise USD300 million Philip Kotze, investor relations executive at Harmony, told Business day, "It's one of the strategies that we're considering, nothing is definite at this stage.". |
02 Jun 2006 12:23:11
(Official Notice) | Shareholders were advised that Nolitha Fakude resigned as non-executive director with effect from 2 June 06. |
30 May 2006 11:03:38
(Media Comment) | Harmony has lost an appeal against a High Court ruliing that compelled the company to share water pumping costs at disused mining operations in the Klerksdorp area. The case arose after DrdGold liquidated its loss-making Northwest operations last year. The discontinuance of mining activity there, and at Stilfontein meant that the process of pumping out the water that floods into these mines could not be sustained. If not removed, the water will flood the mines owned by Harmony and AngloGold Ashanti. According to Business Day, the infrastructure cost for each company are estimated at R18 million per year for three years. Each company will also incur monthly pumping costs of about R1.5m. |
05 May 2006 09:35:41
(C) | Although total operating costs were lower, unit cost in rand per ton and rand per kilogram costs went up from R348/t to R363/t and R83 154/kg to R92 914/kg, respectively. On the revenue side the gold price received for the March quarter improved from R102 333 per kilogram during the December 2005 quarter to R110 399 per kilogram causing the drop in revenue in real terms to be only 7.2%. Total revenue declined to R5.77 billion (R5.97 billion) and the group reported a net loss of R484 million (R2.14 billion loss). Harmony's headline losses amounted to 50 cps (75cps loss). |
31 Mar 2006 16:32:02
(Official Notice) | Harmony, on 31 March 06, announced that Ted Grobicki stepped down from its board as executive director, effective 30 March 2006. Ted will remain in Harmony's employment until the end of April 2006. Fikile Mothobi joined the board as non-executive director, effective 1 April 2006. Fikile is a chartered certified accountant, a fellow of the Association of Chartered Certified Accountants (FCCA) (UK) and member of the Association of Chartered Certified Accountants (ACCA) (UK). Fikile was awarded the Stuart Crystal Prize in 1990 for best accounting student at the Birmingham Polytechnic (UK). Fikile is the Chief Operations Officer and Chief Financial Officer of the Council for Medical Schemes, where she held various positions since September 2000. She held the position of Treasurer at the Botswana Development Corporation Ltd before joining the Council for Medical Schemes. |
28 Mar 2006 16:38:30
(Media Comment) | The National Union of Mine Workers is challenging Harmony Gold in court. According to Business Day, the labour union will try to prevent the group from cutting 300 jobs by cancelling a mining contract at its Kalgold operation. |
10 Mar 2006 08:15:21
(Official Notice) | Harmony, on 10 March 06, announced that it has acquired a total of 44.99 million shares in Western Areas Ltd representing a 29.2% stake in the company. This was done by acquiring 37.37 million shares from Allan Gray and buying a total of 7.62 million shares on the open market. The acquisition of this significant shareholding in Western Areas provides Harmony with a strategic exposure of 14.6% to South Deep gold mine, which is a 50:50 joint venture between Western Areas and Barrick Gold Corporation. The South Deep gold mine contains a reserve of 29.2 million ounces and a resource of 67 million ounces, which represents one of the biggest high quality gold ore bodies globally. The average price of this stake was purchased at a 7.4% premium to the 30-day volume weighted average price ("VWAP") of R41.07. The transaction will be funded through utilising cash of R985 million and a loan facility of R1.0 billion provided by Rand Merchant Bank. Harmony had cash and equivalents of R2.914 billion as stated at the end of the December 2005 quarter. The only outstanding short term debt is a bond repayment of R970 million, which is due in June 2006. |
16 Feb 2006 18:21:29
(C) | Revenue for the six months ended 31 December 05 decreased by 8.71% to R3 845 million (R4 212 million) while cash operating profit decreased by 16.86% to R508 million (R611 million). A headline loss per share of 634c was recorded compared to a loss of R521c for the previous period. No dividend was declared.
Operating results :
*Ore milled decreased by 24.22% to 9 457 000 t (12 480 000 t)
*Gold produced decreased by 21.60% to 39 535 kg (50 426 kg)
*Gold price received increased by 16.44% to R97 256 R/kg (R83 528 R/kg)
*Cash operating costs increased by 8.69% to R84 406 R/kg (R77 658 R/kg) |
13 Feb 2006 09:57:54
(C) | Despite the low R/kg gold price environment for the last two years as well as Harmony's major restructuring exercise, the group managed to increase its cash operating profit by 226.89% to R389 million (R119 million) while cash operating costs only increased by 2.61% to R1 690 million (R1 647 million). Earnings per share for the quarter totalled 6c (82c loss) while the group reported a headline loss per share of 75c (86c loss).
Previously mine development costs were capitalised when the reef horizon was intersected. Expenditure for all development that will give access to proven and probable ore reserves will now be capitalised. Capitalised costs are amortised over the estimated life of the proven and probable reserves to which the costs give access.
Prospects
Despite the low R/kg gold price environment that the group has experienced over the past two years and investment in major restructuring projects, it has pursued a strategy of investing in growth projects and believes that it is now well positioned to benefit from improved gold prices.
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25 Jan 2006 11:49:16
(Media Comment) | According to Business Report, Citigroup readjusted its rating of Harmony from hold to sell, following a forecast increase in the average dollar price of gold. Analysts are also of the opinion that the group's current share price does no longer reflect the outlook for profit. |
06 Dec 2005 13:15:02
(Official Notice) | The board of Harmony announced, on 6 December 2005, the resignation of two of its directors . In both cases the individuals, Ferdi Dippenaar and Rick Menell, will pursue their future careers as chief executive officers of junior mining companies. During the last few months Ferdi handed over Investor Relations to Philip Kotze and as such no new appointment needs to be made due to his departure. |
23 Nov 2005 17:05:41
(Official Notice) | Harmony announced on 23 November 2005 that it will dual list its ADRs on the NASDAQ National Market and the NYSE. The stock will begin trading on the NASDAQ National Market on November 29th, 2005. |
16 Nov 2005 14:38:11
(Official Notice) | Harmony today announced that it had disposed of its remaining 26.5 million Gold Fields shares at an average price of R93.228 per share. The process was concluded through market disposals which commenced on 10 November 2005 and an open market offering on 15 and 16 November 2005.
"The disposal of our remaining shares in Gold Fields has significantly strengthened our balance sheet. In addition, with Harmony's re-structuring process being concluded during the previous quarter, the company is well- positioned to fully exploit the current higher gold price in Rand/kg terms. This bodes well for Harmony who through the development of our range of growth projects in South Africa and Papua New Guinea will be transformed from a high cost marginal producer to producing high margin quality ounces", commented Harmony CEO, Bernard Swanepoel. |
31 Oct 2005 10:28:00
(C) | Harmony today, 31 October 2005, announced that its restructuring initiatives had been completed and it was well positioned to optimise on the current higher R/kg gold price. However, for the September quarter cash operating profit decreased by 36% to R118.8 million, mainly due to production declining by 3% to 617 936 oz. Operationally the quarter was characterised by the impact of the five day gold industry wage strike, which came at a net cost of R60.5 million and finalising the restructuring of the Free State region. From an operational perspective management look forward to the December quarter, which is expected to be the first normalised quarter in 18 months.
On a group basis, working costs increased by only 3% or R48 million from R1 599 million to R1 647 million, following the implementation of wage increases. Due to the lower volumes, cash operating costs increased by 7% to R85 718/kg. During September 2005, the company reported working costs below R78 000/kg. This trend is expected to continue as operations normalise during the December quarter. Harmony have significantly reduced the number of its employees and stopped the mining of unprofitable reserves to enhance cashflows. To date the company has not seen the planned higher volumes and recovery grades.
On the positive side, unit revenues increased by 2% from R89 711/kg to R91 892/kg, largely as a result of the weaker Rand and the stronger US Dollar gold price. Cash earnings for the year to date total 30 cents per share. Fully diluted loss per share for the financial year to date totals 86 cents per share.
During the quarter and to bring Harmony into line with its industry peer group, it has started capitalising its development expenses. The impact of this change is that the operating cost of Harmony was reduced by R136 million for the September 2005 quarter. This equates to 8% of total cost or R7 075 per kilogram. Capital expenditure however increased with a similar amount. |
27 Oct 2005 11:14:25
(3) | The annual general meeting of Harmony will be held on 4 November 2005, at 10:00 (South African time). |
18 Oct 2005 14:34:49
(Media Comment) | A regional strike called by Cosatu forced Harmony to close its Free State mines for the day 23 October 2005. According to Business Report 20 000 workers stayed away from work resulting in a loss of 5 000 ounces of gold production and between R12 million and R15 million in lost revenue.
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13 Oct 2005 13:09:12
(Media Comment) | Harmony began work on its Hidden Valley gold mine situated in Papua New Guinea. It is expected that the company will start digging the A$278 million mine in about four months time after it finished the $13 million, 40km road from the coastal town of Lae to the deposit. The mine will produce about 300 000oz of gold a year and would be the company's lowest cost mine. According to Business Day, Harmony decided not to borrow money to develop the mine, but opted to fund A$177 million of the mine's development costs from its own cash reserves. The balance of the costs involved will be taken from Hidden Valley's cash flow once production started.
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23 Sep 2005 12:17:55
(Official Notice) | Harmony today announced that they had reached agreement with Northern Gold NL on the divestment of its 50% stake in the Burnside Joint Venture for a consideration of AUD24m or R117m. In terms of the agreement Northern Gold will purchase Harmony`s sole purpose subsidiary which holds Harmony`s interest in the Burnside JV and the management entity thereof.
The purchase consideration of AUD24m (plus replacement of a AUD1m performance bond) is payable in tranches comprising:
* A non-refundable deposit of AUD0.25m.
* A cash payment of AUD4m and an issue of AUD5m of shares (20m Northern Gold shares) on completion (within six months) and the replacement of a AUD1m performance bond.
* A cash payment of AUD5m and the issue of AUD4.4m shares (at an issue price equal to the higher of AUD0.25/share and the prevailing 30 day volume weighted average market price) six months after completion, and
* A cash payment of AUD5.35m payable 18 months after the completion date.
The transaction is subject to normal regulatory approvals that accompany such transactions. |
21 Sep 2005 12:41:09
(Media Comment) | Harmony told Business Report that its reserves declined to 54.1 million ounces, following the closing of certain mine shafts. This resulted in a drop of 13% in metal reserves. Harmony explained that 9.7 million ounces of metal were deeper than its current mining activities, and therefore required more spending on infrastructure.
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19 Sep 2005 09:31:54
(Official Notice) | Shareholders of Harmony are advised that the company`s annual financial statements for the year ended 30 June 2005 will be posted to shareholders on 19 September 2005 and contain no modifications to the audited results which were published on 8 August 2005.
Notice of annual general meeting
Notice is hereby given that the annual general meeting of Harmony will be held on Friday,4 November 2005 at 10:00 (SA time) at Harmony`s Corporate Offices, Randfontein Office Park, corner Main Reef Road and Ward Avenue, Randfontein to transact business as stated in the notice of annual general meeting, which were issued together with the annual reports containing the annual financial statements of Harmony for the year ended 30 June 2005. |
07 Sep 2005 14:36:30
(Media Comment) | Bernard Swanepoel, chief executive of Harmony, has told Business Day that the group does not plan to sell the remainder of its stake in Gold Fields once the 90 day no-sale period lapses. |
05 Sep 2005 14:24:12
(Media Comment) | Harmony plans to save 8% on unit costs buy implementing continuous operations at its Bambanani and Tshepong mines. Business Report said that final arrangements were in place and there could be a possibility of operations starting as soon as next week. |
08 Aug 2005 09:23:25
(C) | In the year ending June 2005 Harmony produced 2.97 million ounces (-11%) at an average operating cost of USD412 per ounce. The decrease in production is the result of the restructuring of the South African operations to deal with the low rand gold price. This was achieved against a backdrop that saw South African gold production fall (in calendar 2004) by 9% to 343 tonnes, the lowest level seen since 1931. Headline loss per share for the year amounted to 408c (308c loss).
In the June quarter a higher gold price and a steady operating result saw Harmony?s cash operating profit increase by R101m from an operating loss of R55m in March 2005 to an operating profit of R45mn (USD7.08m) in the June period. Production in the June quarter declined by 5.9% to 639 325 oz (q-o-q) and cash operating costs increased by 1.9% to R87 461/kg but dropped by 4.7% in dollars to USD424/oz helped by 7% depreciation in the USDZAR exchange rate to R6.41/USD for the June Quarter. Headline loss per share for the quarter amounted to 102c (Mar 05: 108c loss; Jun 04: 131c loss).
Outlook
Chief Executive Bernard Swanepoel said: `The year ahead is an exciting period for Harmony and is the most capital intensive phase of the group?s recent history. We take comfort in the quality of the projects, which will not only enable us to grow our production profile, but also add significant value. In FY06 the Harmony board has approved R1.55bn in capex of which R1.08bn is project capex, R311m is ongoing operational capex and R160m is a combination of surface infrastructure upgrades and systems replacement. This capital is earmarked for a range of existing and new Harmony projects that will re-build our production profile to around 4 million ounces over the next four years and all at lower cash costs.` Harmony continues at full steam with the development of its project portfolio that will add more than 1.5 millions of gold production at cash operating costs of less than USD280 per ounce over the next five years. |
20 Jul 2005 11:09:46
(Official Notice) | Harmony, in a press release on 19 July 2005, announced that it had signed an agreement with the National Union of Mineworkers to implement job loss avoidance measures. Bernard Swanepoel, chief executive of Harmony, said that the agreement could save more than 7 000. |
13 Jul 2005 09:41:39
(Official Notice) | Mike Pleming and Dr Morley Nkosi have retired from the board as non-executive directors, effective 30 June 2005, on reaching retirement age of 70. |
06 Jul 2005 13:53:46
(Official Notice) | Harmony today announced that it had completed the partial re-purchase of its HAR1 corporate bond. A total of R281 685 169 of the bond`s face value has been repurchased at a cost of some R294 619 194. The re-purchase was done at a spread of 195 bps above the benchmark government issue (R152). This represents 23.5% of the total issue due for redemption in June 2006 compared to an allocated maximum amount for the repurchase of 25% of the total issue. The bond has a semi-annual coupon of 13% and was launched in 2001.
The results of the book-build are as follows:
*Notional amount of total offers accepted: R281 685 169
*Re-purchase consideration: R294 619 194
*Re-purchase spread: 195 bps over R152
*Re-purchase yield: 8.81%
*Re-purchase price: 104.59166
Statistics on the book:
*Percentage of HAR1 outstanding notional re-purchased: 23.5%
*Weighted average spread of all offers received: 184.5 bps over R152
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30 Jun 2005 14:04:29
(Official Notice) | Harmony, on 30 June, announced that it would approach the market to purchase up to 25% of the outstanding notional amount (R1.2bn) of its 13% HAR1 bond (ISIN:ZAG000018011) listed on the Bond Exchange of South Africa due 14 June 2006 (the `bonds`). All holders of the bonds will be given equal opportunity to participate in the repurchase. The repurchase will be conducted as provided for in Section 7 (Redemption and Purchases) of the Terms and Conditions of the bonds as contained in the bonds` offering circular dated 12 June 2001. In accordance with Section 7.4 (Purchases), `the Issuer may at any time purchase bonds at any price in the open market or otherwise`. Further, in accordance with Section 7.5 (Cancellation), `all bonds which are redeemed or purchased by the issuer will forthwith be cancelled` and `all bonds so cancelled shall be held by the transfer secretaries and cannot be re-issued or resold`. Deutsche Bank will manage the repurchase. All holders of the HAR1 bond who wish to participate in the Repurchase are invited to post offers with Deutsche Bank between 9:00am and 11:00am on Wednesday 6 July. Deutsche Bank will consider all offers capped at 200 bps over the Republic of South Africa?s R152 benchmark bond. Offers will be filled on a competitive basis but at a single clearing spread applicable to all offers filled. The final repurchase size will be at the sole discretion of the company. |
23 Jun 2005 09:50:00
(Media Comment) | Harmony told Business Day that it plans to drastically reduce the job losses anticipated to have been in the region of 11 780 employees |
06 Jun 2005 09:53:13
(Media Comment) | Reuters news agency reported at the weekend that Gold Fields and Norilsk Nickel`s subsidiary Polyus intend to merge, but were being prevented by South Africa`s exchange controls. However, Gold Fields` Willie Jacobsz, in response to Business Day`s enquiries, dismissed the report as speculation and declined to make further comments. |
03 Jun 2005 15:50:20
(Official Notice) | On 2 June 2005 Harmony placed 30 million shares in Gold Fields, representing approximately 6.1% of the issued share capital of Gold Fields, to a broad range of institutional investors. The Gold Fields shares were sold for a cash consideration of approximately R2.14bn (USD315m), representing a price of R71.40 (USD10.50) per Gold Fields share before expenses. Following completion of the placement, Harmony still holds 26 6294 09 Gold Fields shares, representing approximately 5.4% of the issued share capital of Gold Fields, which it plans to retain in the interim to allow it to participate in any appropriate re-structuring of Gold Fields. Harmony believes that the invitation by Gold Fields to appoint two Norilsk Nickel nominees to its board defeated the potential to deploy its entire Gold Fields stake strategically. The proceeds from the placement will be utilised to retire short term debt and ensure funding of the company`s Hidden Valley Project in Papa New Guinea. This growth project, which is planned to commence construction in July 2005, will add approximately 300 000 ounces to Harmony`s gold production base and approximately four million ounces of silver production. One of the considerations behind Harmony`s decision to self-fund Hidden Valley was its desire to remain unhedged. Any decision to project finance Hidden Valley would likely have required part of Hidden Valley`s production to be hedged. Harmony is also considering the buy back of its own shares in terms of its existing general authority from shareholders. |
03 Jun 2005 11:46:08
(Media Comment) | Harmony sold 30 million Gold Fields shares at USD10.50 per share. This was confirmed by Harmony`s marketing director, Ferdi Dippenaar. A Gold Fields spokesperson told Finance 24 that the company was pleased by that `fact that such a large bulk of Gold Fields shares were sold without much negative effect on Gold Fields` share price.` |
06 Sep 2010 12:48:40
(X) | Harmony Gold Mining Company Limited (Harmony), one of the world's largest gold mining companies, operates primarily in South Africa and Papua New Guinea (PNG).
In South Africa, the company has 10 underground and two surface operations, exploiting the gold-bearing reefs of the Witwatersrand Basin. In PNG, Harmony has a 50% interest in the Morobe Mining Joint Ventures (MMJV), which include Hidden Valley, an open-cast gold and silver project which began production in June 2009, the Wafi-Golpu project, and extensive exploration tenements. Harmony's partner in PNG is Newcrest Mining Limited (Newcrest), which acquired its interest in this operation from Harmony, the original developer of the project, in FY09. Harmony's exploration portfolio focuses principally on highly prospective areas in PNG and the Wafi-Golpu project in particular, as well as exploration projects in South Africa.
Harmony's corporate headquarters are located in Randfontein, South Africa.
In FY10, Harmony produced 1.43 million ounces of gold (FY09: 1.46 million ounces). The company employed 40 119 people, largely in South Africa, of whom 35 788 were full-time employees and 5 7044 331 contractors.
At 30 June 2010, Harmony reported ore reserves of 48.1 million ounces and mineral resources of 189.2 million ounces.
The group is planning to grow gold production to 2 million safe and profitable ounces by 2012.
Harmony is a publicly listed company. The group's primary listing is on the JSE Limited (share code: HAR) in South Africa. Harmony's ordinary shares are also listed on stock exchanges in London (HRM), and Berlin (HAM1), and are quoted in the form of American Depositary Receipts on the New York (HMY), and as International Depositary Receipts on the Brussels exchange (HMY).
Harmony's shareholders are located around the world, with the largest bases being in South Africa (45%), North America (25%) and the United Kingdom (18%) as at 30 June 2010. |
