Go Back Email this Link to a friend


Release Date: 11/12/2002 13:08:07      Code(s): HAR
JOINT ANNOUNCEMENT by                                                           
Harmony Gold Mining Co. Ltd. and MINTEK - Harmony and Mintek join forces to     
create Musuku Beneficiation Systems                                             
ISIN No.:   ZAE000015228                                                        
JSE     :    HAR                                                                
NYSE    :    HMY                                                                
Johannesburg - 11 December 2002 - Harmony Gold Mining                           
Company Limited ("Harmony") (NYSE: HMY), the fifth largest gold producer in the 
world, and Mintek, the leader in minerals and metals technology in South Africa,
today announced that the                                                        
parties had signed a Memorandum of Understanding to create Musuku Beneficiation 
Systems, an integrated manufacturing and technology group focussing on the      
beneficiation of precious metals.                                               
Musuku, meaning gold in Venda, will introduce, through a combination of         
specialised refining technologies and standardised business management          
practices, a major paradigm shift in the way precious metals are processed by   
primary precious metals producers. It will provide the management, operational  
and technical services necessary to profitably integrate value-adding processes 
into the gold mining industry.                                                  
This approach will not only be applied to South Africa, but also to other       
countries where precious metals play a significant role in their economies, and 
where the use of their developed technologies can be deployed.                  
This is expected to unlock significant value in the value chain of the precious 
metals industry and help South Africa gain a dominant position in the downstream
value-adding industries such as jewellery manufacture and industrial            
applications for precious metals.                                               
In support of the recently announced Mining Charter, this new venture for the   
first time represents a significant opportunity for the participation of a Black
Economic Empowerment company in the beneficiation of precious metals in South   
Africa. "Through the Musuku initiative, it is anticipated that the operational  
expertise of the two companies, in the area of beneficiation of precious metals,
will be leveraged to create a globally competitive value adding business," said 
Paul Jordan, President and Chief Executive Officer of Mintek.                   
Harmony, the only producer to refine and market its own gold, recently upgraded 
its refinery in the Virginia to produce in excess of 100 tons of refined gold   
per annum. A large range of                                                     
value-added products are currently produced for the local and export markets.   
"The creation of this business venture is the next logical step in extending the
competitive advantage we have established over the past few years, to a larger  
market," commented Ferdi Dippenaar, Harmony`s Marketing Director. "Our company  
has embarked on and supported a range of beneficiation projects which have      
resulted in benefits to all our stakeholders, i.e. our shareholders, the local  
communities in which we operate, and the local jewellery manufacturing          
companies. In addition these activities are creating employment opportunities in
the Free State goldfields, an area which has a high level of poverty, and has an
economy that needs to be regenerated following the downscaling of the mining    
activities in the region," he concluded.                                        
Date: 11/12/2002 01:08:00 PM Supplied by www.sharenet.co.za                     
Produced by the JSE SENS Department                                             

Email this JSE Sens Item to a Friend.

Send e-mail to
© 2021 SHARENET (PTY) Ltd, Cape Town, South Africa
Home     Terms & conditions    Privacy Policy
    Security Notice    Contact Details
Market Statistics are calculated by Sharenet and are therefore not the official JSE Market Statistics. The calculation/derivation may include underlying JSE data.