HAR - Harmony Gold Mining Company - Sale Agreement Between Harmony And Monarch Release Date: 01/08/2008 10:08:02 Code(s): HAR
HAR - Harmony Gold Mining Company - Sale Agreement Between Harmony And Monarch
Harmony Gold Mining Company Ltd
Incorporated in the Republic of South Africa
Registration number: 1950/038232/06
Share code: HAR
Sale Agreement Between Harmony And Monarch Gold Terminated
Johannesburg. Friday, 1 August 2008. Harmony Gold Mining Company Limited
(Harmony) refers to its shareholder update of 8 July 2008, whereby it was
advised that the terms of the sale contract of Harmony`s Mt Magnet operations in
Western Australia with Australian based junior miner Monarch Gold Mining Company
(Monarch) had been reconstituted.
Subsequent to that, Monarch placed itself in voluntary administration. The
Administrator has indicated that Monarch will not proceed with the proposed
purchase and consequently the purchase agreement has been terminated.
Harmony received from Monarch a deposit of A$5 million of which A$2.5 million is
The Mt Magnet asset package includes Hill 50, Great Fingall, St George, Star and
Big Bell mines, which comprises a resource inventory of 2.7Moz of gold,
tenements covering about 62,000 hectares and 166 exploration licence blocks,
along with a 2.7Mt a year capacity plant.
Mt Magnet operations are currently on care and maintenance. Annual minimum
tenement expenditure including rents and rates is A$5 million. Harmony has
resumed management of the operation and has re-commenced the sale process.
Issued by Harmony Gold Mining Company Limited
For more details contact:
Chief Executive Officer
on +27(0)83 265 0274
General Manager, Investor Relations
on +27(0)82 654 9241
Merrill Lynch South Africa (Pty) Limited
1 August 2008
Date: 01/08/2008 10:08:01 Supplied by www.sharenet.co.za
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