Go Back Email this Link to a friend


HAR - Harmony Gold Mining Company - Press Release

Release Date: 04/08/2008 08:35:04      Code(s): HAR
HAR - Harmony Gold Mining Company - Press Release                               
Harmony Gold Mining Company Ltd                                                 
Incorporated in the Republic of South Africa                                    
Registration number: 1950/038232/06                                             
Share code: HAR                                                                 
ISIN: ZAE000015228                                                              
("Harmony")                                                                     
Johannesburg.  Monday,  4  August  2008. Harmony  Gold  Mining  Company  Limited
(Harmony)  is  pleased  to publish its Statement of Mineral  Resources  and  Ore
Reserves  which has been produced in accordance with the South African Code  for
the  Reporting of Mineral Resources and Mineral Reserves (SAMREC Code)  and  the
Australian Code (JORC Code) as at 30 June 2008.                                 
Mineral Resources                                                               
Harmony  announces gold Mineral Resources of 253.6 million ounces.  The  Mineral
Resources shows a year-on-year negative variance of 28 million ounces mainly  as
a  result of corporate activity and classifying operations as discontinued.  The
discontinued operations amounts to 32,6 million ounces.                         
Ore Reserves                                                                    
The  declared  Ore Reserves amounts to 50.5 million ounces with a year  on  year
negative  variance  of 3.1 million ounces. Corporate activity  and  discontinued
operations  contributes to a significant portion of this variance of  which  the
discontinued operations totals 1.7 million ounces. Table 1 shows more detail  of
the year on year reserve variance.                                              
Table 1. Ore reserve reconciliation: FY2007 to FY2008                           
                                     Gold       Gold                            
                                     (tonnes)   (Moz)                           
          Balance at June 2007         1 666      53.6                          
Reductions Mined during FY2008          (62)       (2.0)                        
          Corporate activity and       (93)       (3.0)                         
          discontinued operations                                               
          Restructuring                (28)       (0.9)                         
Other adjustments            (53)       (1.7)                         
          Total                        1430       46.0                          
Additions  Freestate Surface Sources     140        4.5                         
          Balance at June 2008         1 570      50.5                          
As  indicated  in  the table above, Harmony`s Ore Reserves as at  30  June  2008
reflects  a  year-on-year depletion of 2.0 million ounces.  Corporate  activity,
discontinued operations, restructuring of certain shafts and geological  related
changes  accounts for a further decrease of 5.6 million ounces of  reserves.  On
the positive side there is a net addition of 4.5 million ounces of reserves from
surface stockpiles.                                                             
A  gold  price of US$750/oz was used for the conversion of Mineral Resources  to
Ore  Reserves at our South African and Papua New Guinea operations. An  exchange
rate  of  USD/ZAR 7.46 for South Africa and AUD/USD 0.80 for Australia has  been
used, resulting in a gold price of R180 000/kg and A$850/oz respectively.       
Table 2: Ore Reserves as at 30 June 2008                                        
              Underground and open pits                                         
Tonnes (Mt)     g/t      Gold      Gold                            
                                     (`000    (`000 oz)                         
                                      kg)                                       
Proven             49        4.83      238     7,652                            
reserves                                                                        
Probable          177        4.25      751     24,138                           
reserves                                                                        
Total             226        4.37      989     31,790                           
Surface Stockpiles                                            
             Tonnes (Mt)     g/t      Gold      Gold                            
                                      (`000     (`000                           
                                       kg)       oz)                            
Proven            729        0.24       176      5,675                          
reserves                                                                        
Probable           70        0.35       25        795                           
reserves                                                                        
Total             799        0.25       201      6,470                          
                 Below infrastructure                                           
             Tonnes (Mt)     g/t      Gold      Gold                            
                                      (`000     (`000                           
kg)       oz)                            
Proven             -           -         -         -                            
reserves                                                                        
Probable           52        7.31       380     12,212                          
reserves                                                                        
Total              52        7.31       380     12,212                          
In  addition  to  the  gold reserves, Harmony also reports its  equity  reserves
(69.9%)  for  silver, copper and molybdenum from its PNG operations  (Table  3).
Metal  prices  are  assumed at US$12/oz for silver, US$2.40/lb  for  copper  and
US$20/lb for molybdenum.                                                        
Table 3. Silver, Copper and Molybdenum reserves as at 30 June 2008              
SILVER        Tonnes (Mt)    g/t     Silver     Silver                          
(`000 kg)   (`000 oz)                         
Proven                   3   41.04        135  4,358                            
reserves                                                                        
Probable                22   36.94        819  26,354                           
reserves                                                                        
Total                   25   37.47        954  30,712                           
COPPER        Tonnes (Mt)     %     Cu (`000     Cu (M                          
                                      t)        lbs)                            
Proven             -          -        -           -                            
reserves                                                                        
Probable                50    1.13        560  1,234                            
reserves                                                                        
Total                   50    1.13        560  1,234                            
MOLYBDENUM    Tonnes (Mt)    ppm    Mo (`000     Mo (M                          
                                      t)        lbs)                            
Proven             -          -        -           -                            
reserves                                                                        
Probable                50     121          6  13                               
reserves                                                                        
Total                   50     121          6  13                               
This Statement forms part of the company`s Mineral Resources and Ore            
Reserve declaration which will be published in our FY 2008 annual report        
towards the end of September 2008.                                              
The competent persons responsible for the overall preparation and reporting     
of the company`s mineral resources and ore reserves are Jaco Boshoff            
(South Africa) and Greg Job (Papua New Guinea).                                 
Issued by Harmony Gold Mining Company Limited                                   
31 July 2008                                                                    
For more details contact:                                                       
Graham Briggs                                                                   
Chief Executive Officer                                                         
on +27 11 411 2012                                                              
+27(0)83 265 0274                                                               
Amelia Soares                                                                   
General Manager, Investor Relations                                             
on +27 11 411 2134                                                              
+27(0)82 654 9241                                                               
or                                                                              
Jaco Boshoff                                                                    
Executive, Ore Reserve & Resources                                              
on +27(0)83 395 3810                                                            
Corporate Office:                                                               
Randfontein Gold Mine                                                           
P O Box 1                                                                       
Randfontein                                                                     
South Africa 1796                                                               
T +27 (11) 411 2000                                                             
For the comprehensive set of results please visit www.harmony.co.za             
ends.                                                                           
Date: 04/08/2008 08:35:03 Supplied by www.sharenet.co.za                     
Produced by the JSE SENS Department                             .                  
The SENS service is an information dissemination service administered by the    
JSE Limited (`JSE`). The JSE does not, whether expressly, tacitly or            
implicitly, represent, warrant or in any way guarantee the truth, accuracy or   
completeness of the information published on SENS. The JSE, their officers,     
employees and agents accept no liability for (or in respect of) any direct,     
indirect, incidental or consequential loss or damage of any kind or nature,     
howsoever arising, from the use of SENS or the use of, or reliance on,          
information disseminated through SENS.                                          



                                        
Email this JSE Sens Item to a Friend.

Send e-mail to
© 2019 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.