HAR - Harmony Gold Mining - Press release - Restructuring for quality ounces Release Date: 16/04/2010 08:36:01 Code(s): HAR
HAR - Harmony Gold Mining - Press release - Restructuring for quality ounces
Harmony Gold Mining Company Ltd
Incorporated in the Republic of South Africa
Registration number: 1950/038232/06
Share code: HAR
Restructuring for quality ounces continues
Closure of Virginia operations` Harmony 2, Merriespruit 1 and Merriespruit 3
Harmony Gold Mining Company Limited announced that following careful review of
the performance of its Harmony 2, Merriespruit 1 and Merriespruit 3 shafts (all
part of the Virginia operations), 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 Commission for Conciliation,
Mediation and Arbitration (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.
"While these operations have been in existence for almost 60 years and are very
much a part of Harmony`s history, we have taken a thorough, informed decision
that they have reached the end of their lives. We have indicated for some time
that marginal, loss-making operations would have to close for the company`s
greater good," said Harmony CEO Graham Briggs.
16 April 2010.
For more details contact:
Chief Executive Officer
On +27(0)83 265 0274
Marian van der Walt
Executive: Corporate and Investor Relations
On +27 (0)82 888 1242
Randfontein Office Park
PO Box 2
South Africa 1760
T +27 (0)11 411 2000
J.P. Morgan Equities Limited
Date: 16/04/2010 08:36:01 Supplied by www.sharenet.co.za
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