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HARMONY GOLD MINING COMPANY LIMITED - Updated Wafi-Golpu Feasibility Study

Release Date: 19/03/2018 07:05:00      Code(s): HAR       PDF(s):  
Updated Wafi-Golpu Feasibility Study

Harmony Gold Mining Company Limited
Registration number 1950/038232/06
Incorporated in the Republic of South Africa
ISIN: ZAE000015228
JSE share code: HAR
(“Harmony” or “the company”)


Updated Wafi-Golpu Feasibility Study


Johannesburg, Monday, 19 March 2018. Harmony Gold Mining Company Limited (Harmony) has
today released an updated Wafi-Golpu Feasibility Study prepared by the Wafi-Golpu Joint
Venture (WGJV) project team.

This Study incorporates the findings from the earlier Pre-Feasibility and Feasibility
Studies announced in February 2016, interpretation of the additional orebody data
derived from further drilling and geotechnical studies, together with further work
undertaken on mine design, hydrology, tailings and port and power options. The updated
Study draws on extensive data collection undertaken since 2016, providing a deeper
understanding of the project’s geotechnical, oceanographic, environmental and social
parameters.

Summary of Study findings (100% terms)1
• Lowest decile C1 cost copper production of US$0.26/lb (or minus US$2,128/oz AISC
in gold production terms)

• Initial capital expenditure to commercial production of approximately US$2.8bn

• Life of Mine capital expenditure of approximately US$5.4bn

• NPV of approximately US$2.6bn and IRR in real terms of approximately 18.2%2

• Life of Mine (LoM) of ~28 years3

• First ore milled estimated to be ~4.75 years from grant of Special Mining Lease
(SML)

Summary of key changes from 2016 Preliminary Study findings4
• Proposed starter block cave is larger (16mpta) and deeper; three block caves in
total
• Proposed processing plant to include onsite self-generation of bulk power and
associated fuel handling
• Deep Sea Tailings Placement (DSTP) identified as the preferred method of tailings
management
• Life of Mine capital expenditure ~US$1bn lower
• Port location confirmed and Memorandum of Agreement concluded with PNG Ports

Next steps
• Submission of amended supporting documentation for SML on 20 March 2018
• Targeting submission of Environmental Impact Statement (EIS) by end of June 2018
• Finalisation and approval of the Study by Harmony and Newcrest Mining Limited
(Newcrest) boards to be post granting of SML.
Peter Steenkamp, chief executive officer said “Harmony owns 50% of this tier 1
copper-gold asset. Project economics set out in the Updated Study demonstrates
significant free cash flow generation. Once in production, the asset has the
potential of being one of the lowest decile cost copper-gold producers. Current
copper market trends highlight the potential for increased copper prices, further
enhancing the economic fundamentals of the project.”

Peter added: “We look forward to working with the government of Papua New Guinea
during the permitting process, which is a critical step in advancing this important
project in the best interests of our shareholders and the people of Papua New
Guinea”.

Summary of Findings from Updated Feasibility Study (100% terms)1
Area        Measure                  Unit         2016              2018
                                            Pre -Feasibility Study5 Feasibility Study
Production
      Maximum Ore throughput          Mtpa          14              17
      Life of Mine (LOM)3             Years         35              28
      Ore mined                       Mt            379             376
      Average copper grade            %             1.26            1.27
      Average gold grade              g/t           0.91            0.90
      Copper produced LOM             Kt            4,547           4,520
      Gold produced LOM               Koz           7,058           7,445
      Average annual
      copper production               Kt            130             161
      Average annual
      gold production                 Koz           202             266
      Gold recoveries                 %             64              68
      Copper recoveries               %             95              95
Capital
      Project capital6                US$m (real)   2,656           2,825
      Sustaining capital7             US$m (real)   3,725           2,557
      Total life of project capital8 US$m (real)    6,381           5,382
Operating
      Total operating cost9(real)     US$/t         23.95           17.33
      Cash cost 10(C1)(copper-basis)  US$/lb Cu     0.60            0.26
      Total production costs
      (copper-basis)                  US$/lb Cu     1.23            0.81
      All-In Sustaining Cost
      (gold-basis)                    US$/oz sold   (1,685)         (2,128)
Economic assumptions
      Gold price                      US$/oz        1,200           1,200
      Copper price                    US$/lb        3.00            3.00
      AUD/USD exchange rates          (real)        0.80            0.75
      PGK/USD exchange rate           (real)        2.85            3.10
      Discount Factor                 %(real)       8.5             8.5
Financials
      Net Present Value (NPV)         US$m          1,954           2,604
      Internal Rate of Return IRR)  2 % (real)      17.5            18.2
      Maximum cumulative
      negative free cashflow11        US$m (real)   1,763           2,823
      Payback period                  Years         10              9.5
      Free cash flow generation       US$m (real)
                                      LOM           12,726          13,157
Production and Cashflow profile1
The periods of lower ore production around 13 and 19 years post SML grant relate to
the transition between caves as production from the higher cave ceases and the next
(lower) cave starts in higher grade ore. Further orebody drilling, data analysis and
detailed design will target opportunities to minimise the production variation due to
cave development interactions.

The maximum cumulative negative free cash flow is estimated to be reached in the second
year of mill start-up (approximately six years after the SML grant), after which the
mine is projected to consistently produce positive free cashflow until closure.

The project is projected to generate free cashflow averaging around US$0.9bn per annum
in the first ten years post commercial production (including being over US$1bn in five
of these years) in line with the grade (and recovery) profile of the ore milled.
Periods of lower annual free cash flow reflect lower grade (and recovery) of the ore
milled (generally towards the end of production from the first two caves), together
with the capital expenditure required to develop additional block cave extraction
levels.

Relative to the prior studies, maximum negative cash flow11 has increased by
approximately US$1bn. This is predominantly due to the adoption of DSTP (which has
higher upfront capital expenditure but lower life of mine capital expenditure),
construction costs associated with the on-site power plant, a deeper (and larger)
initial block cave and the larger processing plant. However, over the life of the mine
the total capital expenditure has decreased compared with the previous study by
approximately US$1bn, primarily related to the lower ongoing costs of DSTP.

Year post grant of SML and board approval        1      2    3       4   5       6

Undiscounted free cashflow (US$m) Basis
                                    50%          (67) (187) (233) (502) (383) (41)
                                    100%         (133) (374) (465) (1,003)(766)(82)

Metal price sensitivity analysis1
The estimated IRR of the project will vary accordingly to the copper and gold prices
realised. The table below shows how the estimated Base Case 18.2% project IRR varies
using different price assumptions:
Scenario                                         US$/lb Cu   US$/oz Au   IRR %
Base Case                                        3.00        1,200       18.2
Low Price scenario                               2.50        1,000       15.1
High Price scenario                              3.50        1,300       20.5

Mine development1
Based on the geotechnical analysis of the data received from the 2016 Geotechnical
Drilling Program, the updated Feasibility Study proposes utilisation of the following
exploration, design, development and mining approach:
   -   Initial underground access via the Nambonga Decline, offering the following
       advantages:
          o Earlier and quicker access to underground drill platforms in support of an
             extensive   underground   drilling    program   (geology,   geotechnical,
             hydrogeological, metallurgical)
          o Affords access to an underground work front in support of developing the
             twin Watut Declines from both surface and from underground
          o De-risks Project Execution and the critical path to achieving first
             production
          o   Has future use as a second means of egress, and replaces a blind-sunk
              intake ventilation shaft
   -   Primary underground access via the Watut Portal and the twin Watut Declines to
       the underground block cave mine. The Watut Declines also form part of the primary
       ventilation circuit and materials handling system conveying ore to the Watut
       Process Plant
   -   A ‘Cave Engineering Level’ established above the Reid Fault at 4,870 metres
       reduced level (mRL)12 for data gathering, further refinement of the rock mass,
       monitoring of the cave and potentially for dewatering
   -   Ore extracted via three block caves producing ore at 17Mtpa (design capacity)

Due to the improved understanding of the rock mass gained from the 2016 drilling
program, significant effort has been applied to the extraction level layouts to improve
safety and long term production integrity. The main design improvements have been:
   -   Applied learnings from Cadia East to improve safety of design
   -   Production footprints maximised for capital efficiency
   -   Placement of crusher chambers in barren porphyry
   -   Improved extraction level design enhancing cave stress management

Further drill data is required for final cave design and positioning. This drilling
will be conducted from the cave engineering level underground, accessed via the
Nambonga Decline.

It is proposed that the first block cave, BC44, be situated at 4,400 mRL. This deeper
block cave with a larger footprint, compared to prior studies, results in a net increase
in mining capital expenditure of approximately US$70m. The second block cave, BC42,
will be situated at 4,200 mRL. These block caves are expected to be mined for 7 and 9
years respectively during the first 14 years of the mine life. The third block cave,
BC40, proposed to be situated at 4,000 mRL, is expected to be mined for 16 years
leading to a total mine life of 28 years from first production of the processing plant
(excluding construction and closure phases). The ore body remains open at depth and
ultimate life of mine is still to be determined.

During caving operations, ore from the block cave drawpoints is planned to be delivered
by autonomous load-haul-dump vehicles to underground crushers. The proposed Material
Handling System (MHS) includes two crushers on each level, from which the crushed ore
is to be conveyed to the surface via dedicated transfer conveyors. The ore conveyor
emerging at the portal terrace on the surface will continue overland to deliver crushed
ore to a coarse ore stockpile adjacent to the Watut Process Plant. The MHS is designed
to manage 17Mtpa.

Due to high surface ambient temperatures and humidity, and the depth of the mine,
considerable ventilation and cooling capacity is expected to be installed to ensure
the health and safety of mine workers. Bulk air cooling facilities have been designed
for both the Watut portal and in underground chambers to ensure that the air is cooled
close to work areas for health and safety as well as for efficiency and effectiveness.

The mine dewatering designs include the dewatering from the block caves to surface
using a cascade pumping system. Emergency dewatering in the case of extreme rainfall
entering the cave through the subsidence zone is also catered for. The extraction
level is sloped away from the crusher chambers to provide emergency surge storage
capacity. In addition, all pump stations and electrical equipment associated with
dewatering are installed above the flood line, to ensure mine dewatering can still be
achieved during and after a flood event.
Processing plant1
The proposed Watut Process Plant is a compact copper concentrator that is progressively
built (in line with the profile of the mine ramp up) to be capable of safely and
efficiently processing 17Mtpa of crushed ore to produce a high-grade copper
concentrate.

The facility comprises a semi-autogenous grinding mill, two ball mills and a recycle
crushing configuration, flotation, thickening, concentrate pumping and tailings
pumping systems. The facility is designed to recover copper and gold on average over
Life of Mine at 94% and 68% respectively. Concentrate grade average over the Life of
Mine is assessed to be 29% copper and 15g/t gold.

The Watut Process Plant is designed to treat approximately 8.4Mtpa of ore for the first
three years of operation.       The slow mine production ramp-up will necessitate
intermittent operation, particularly during the first two years of mine life.       The
inclusion of an additional ball mill and additional flotation cells in the fourth year
is designed to enable the Watut Process Plant to ramp up to approximately 17Mtpa. The
proposed installation of the Golpu pyrite flotation and regrind circuit the following
year facilitates the processing of ore containing a higher metasediment content from
year five onwards.

Tailings management
Three types of tailings management options have been considered during the various
studies undertaken since 2012, those being various terrestrial tailings storage
facilities, dry-stacking and DSTP.

The study of 45 sites for terrestrial tailings storage options for the Wafi-Golpu
Project has highlighted the following:
-   The required storage volumes would result in a large disturbance footprint over an
    area which can have high traditional heritage and economic value, high biodiversity,
    and/or displacement of communities and their livelihoods
-   The project area has high seismicity and complex geology, including active faulting,
    which could at some sites result in liquefiable soils. Complex design would be
    required to partly mitigate such factors, and that would carry high risk and high
    cost in both construction and ongoing operation
-   The project area has high rainfall and large water catchment, which would require
    significant and costly water management treatment solutions. Any structure would
    contain very large amounts of water with commensurate risks
-   Due to terrain and geotechnical complexity, multiple storage sites and types of
    tailings management would be required for a life of mine solution
-   The mining operation would be exposed to complex tailings operations, closure and
    rehabilitation risk and the residual risks for terrestrial tailing storage
    facilities would remain high in perpetuity

The assessment on dry-stacking concluded that the risks of dry-stacking are essentially
the same as a conventional terrestrial tailings storage facility.

DTSP studies have been conducted as part of the 2017-18 work program. Oceanographic
and environmental studies in the Western Huon Gulf to date have confirmed that area to
be a highly suitable environment for DSTP. It hosts a deep canyon leading to a very
deep oceanic basin with no evidence of upwelling of deeper waters to the surface. The
tailings are expected to mix and co-deposit with a significant, naturally occurring
loading of riverine sediments from the Markham, Busu and other rivers that also are
conveyed via the Markham Canyon to the deep sea. Around 60mtpa of sediment has been
estimated. The pelagic, deep-slope and sea floor receiving environment has a very low
biodiversity as a result of the riverine sediment transport, deposition and regular
mass movements (underwater landslides). These same riverine sediments are expected to
also bury the co-deposited tailings at closure and promote benthic recovery to pre-
mine conditions.

Oceanographic studies have confirmed that a 200m deep outfall for the tailings disposal
will meet the draft Papua New Guinea (PNG) Guidelines for Deep Sea Tailings Placement,
prepared by the Scottish Association for Marine Sciences on behalf of the State of
Papua New Guinea.

In the light of the factors considered in relation to terrestrial tailings storage,
the outcomes from the study of 45 terrestrial sites and the outcomes of the DSTP study
work undertaken to date, the updated Feasibility Study identifies the use of DSTP as
the preferred tailings management solution.

Papua New Guinea has three existing active DSTP operations (Lihir, Simberi, Ramu
Nickel), one permitted (Woodlark) and one closed (Misima).

Associated infrastructure1
To ensure a reliable base load power supply, a modular designed power plant is proposed
in the Feasibility Study Update with an installed capacity of 140MW, together with
associated fuel supply infrastructure.      The facility is proposed to be located
proximate to the Watut Process Plant with a 22 day fuel storage capacity on site, with
a fuel off-loading and storage facility located in the Port of Lae with 45 day fuel
storage and constructed along with an 87km pipeline for delivery of fuel oil from Lae
to the power generation facility. The decision to build a power plant has increased
project capital by approximately US$170m and reduced operating costs by approximately
US$(4.30)/t milled over life of mine.3 Further work will continue on identifying other
power solutions which may include hydro, gas, renewable and hybrid.

Two other pipelines are proposed from the mine – a tailings pipeline to a DSTP outfall
location at the coast and a concentrate pipeline to the proposed new port facilities
at Lae. The proposed new port facilities will be established within the Port of Lae
and be designed to handle, store and export the peak production rate of 84,000 wet
metric tonnes (wmt) of copper concentrate per month. A conventional storage shed will
be designed to hold 70,000wmt of copper concentrate. The copper concentrate is filtered
at the port via two filter presses and then stored. The design incorporates the loading
of two ship holds simultaneously with the entire shipment parcel completed within 48
hours. A Memorandum of Agreement has been signed with PNG Ports Corporation Limited to
negotiate the terms of tenure, make the preferred port location available and not
encumber that preferred location whilst tenure is being secured as part of the
permitting process.

A surface workshop to serve the maintenance requirements of heavy equipment, light
vehicles, process plant equipment (mechanical and electrical), general machine shop
and warehouse is planned to be built at site.

Permanent accommodation facility for rostered employees, is proposed to house 1,400
people along with a temporary construction camp for 1,000 people.

The mine and processing facilities involve the handling and management of large
volumes of water from underground, waste water and rainfall run-off. Optimising
water management has included the identification and quantification of the different
uses of water, understanding the risks associated with various source and disposal
pathways, and managing water efficiently to maximise the economic benefit and
minimise the social and environmental impacts associated with the mining and
processing of the ore. The plant is designed to re-use recycled water where
possible. The water treatment facilities are multistage modules producing water
primarily for re-use and excess water for disposal, at quality levels within PNG
guidelines, into the Watut River.

A new Northern Access Road is intended to be a 35km long extension from the Highlands
Highway to the Mine Site boundary. The road will be flat, relatively straight and
designed to facilitate safer driving conditions and reduce travelling time and cost.
The road crosses the Markham and Watut rivers which will require the construction of
two significant bridges and three further bridges across secondary rivers/creeks.

The cost of the Northern Access Road, bridges and the two new community roads are
included in the project capital expenditure. These additional roads will significantly
benefit the region and improve social development by providing remote communities with
access to markets for their agricultural produce.

Continued engagement with local communities and the PNG Government
Over the past two years the project has continued its proactive consultation and open
engagement with local communities, including on the plans for DSTP. Regular updates
have been provided to local communities on all aspects of the project. Local community
feedback has been very supportive and reflected both the rigour of the scientific
studies being undertaken and the ongoing consultative approach. A program of regular
community engagement is scheduled for the coming year, including a Development Forum
which is mandated under the PNG Government permitting process.

The project will continue to help local communities throughout the project area benefit
from the social and economic opportunities flowing from project activities. Community
development programs have a strong focus on unlocking Morobe’s agribusiness potential,
working with 1000 cocoa-growing families towards cultivating 2000 hectares of cocoa by
2020. Since 2010, the Program has also been investing in water and sanitation, health,
literacy, and road infrastructure in Morobe Province. Community development flowing
from the project will complement and support National Government’s Vision 2050 goals
as well as the Morobe Provincial Government’s Kundu Vision 2048; the province’s 30-
year strategy for Morobe economic and social development potential.

The PNG Government recognises the potential of the project to make a significant
economic and social contribution to the country. Capital expenditure, increased GDP
and export earnings, employment, community investment, and infrastructure are among
the benefits expected to flow to PNG from the project. The PNG Government has committed
to progress the regulatory assessment and approval process for the project as
efficiently as possible.

Golpu Ore Reserve
The Feasibility Study Update Ore Reserve is estimated to contain 5.5 million ounces of
gold and 2.5 million tonnes of copper (Harmony’s 50% interest). This estimate is
materially in line with previous estimates and reflects updated long term cost and
metal price assumptions and optimised designs in the Golpu Feasibility Study Update
(Refer Golpu Ore Reserve Table below).

BC44 and BC42, which are at a feasibility level of accuracy, account for 49% of gold
reserves and 52% of copper reserves. BC40, which is at a pre-feasibility level of
accuracy, accounts for 51% of gold reserves and 48% of copper reserves.
                                    Golpu Ore Reserve13

                  Tonnes   Gold Grade Copper Grade Insitu Gold   Insitu Copper

                  (Mt)     (g/t Au)        (% Cu)      (Moz)          (Mt)

Probable Ore
Reserve            200         0.86          1.2       5.5           2.5
The Mineral Resources for the Wafi-Golpu Project remain unchanged14. Mineral Resources
are reported inclusive of Ore Reserves.

About the Wafi-Golpu Project
Harmony and Newcrest each currently own 50% of Wafi-Golpu through the WGJV.

The State of PNG retains the right to purchase, at a pro rata share of accumulated
exploration expenditure, up to 30% equity interest in any mineral discovery at Wafi-
Golpu, at any time before the commencement of mining. If the State of PNG chooses to
take-up its full 30% interest, the interest of each of Newcrest and Harmony will become
35%.

The Golpu deposit is located approximately 65km south-west of Lae in the Morobe Province
of PNG which is the second largest city in PNG and will host the Wafi-Golpu export
facilities. The proposed mine site sits at an elevation of approximately 200 metres
above sea level in moderately hilly terrain and is located near the Watut River
approximately 30km upstream from the confluence of the Watut and Markham rivers.

Footnotes in support of press release:
1 These figures are estimates from the updated Feasibility Study (as at 19 March 2018) and as such were
prepared with the objective of being subject to an accuracy range of ±15%, with the exception of block cave
40 (due to limited geotechnical data; further work is planned to obtain orebody data to confirm rock strength
across the BC40 footprint) and associated infrastructure which was prepared with a prefeasibility accuracy
range of ±25%. As timing for finalisation of the SML or a suitable fiscal and stability framework and
supporting arrangements is uncertain, valuation outcomes are shown at the time of commencement of earthworks
for the access Nambonga decline. Costs are based on December 2017 real estimates. Neither the costs nor
real cost escalation impacts prior to commencement of earthworks are included in the valuation outcomes.
The figures are subject to all necessary permits, regulatory requirements and Board approval and further
works as described below. Ore Reserves information can be found above, based on Harmony’s 50% interest in
the project. The production target utilises 98% of the full project’s probable Ore Reserves contained metal.
2 Project IRR is after all taxes but before any withholding taxes on dividends or interest
3 From first production of the processing plant (excluding construction and closure phases)
4 Changes to 2016 Feasibility study update. Refer to market release 15 February 2016 entitled “Golpu
feasibility study confirms robust investment case” for further information
5 2016 Pre-feasibility Study estimates are based on December 2015 real estimates
6 Project capital up to commercial production (including US$200m of capitalised net revenue)
7 Sustaining capital is all capital incurred post the start of commercial production and includes both
sustaining and expansionary capital
8 Including US$200m of capitalised net revenue
9 Total operating costs include mining costs, processing costs, infrastructure costs and general and
administrative costs.
10 Cash costs are total operating costs plus realisation costs, less gold by-product revenue, divided by
total copper production.
11 Maximum cumulative negative comprises undiscounted free cash flow from commencement of construction
12 As measured from sea level being (5000mRL)
13 Data is reported to two significant figures to reflect appropriate precision in the estimate and this
may cause some apparent discrepancies in totals. The Ore Reserve shown represents Harmony’s 50% interest
14 See Harmony’s Mineral Resources and Ore Reserves as at 30 June 2017 which is available at
http://www.har.co.za/17/download/HAR-RR17.pdf



For further information please contact
Lauren Fourie                        Marian van der Walt
+27 (0)71 607 1498                   +27 (0)82 888 1242
lauren.fourie@harmony.co.za          Marian@harmony.co.za

This information, graphs and diagrams are available on our website at
https://www.harmony.co.za/invest
Forward Looking Statements
This report contains forward-looking statements within the meaning of the safe
harbor provided by Section 21E of the Securities Exchange Act of 1934, as amended,
and Section 27A of the Securities Act of 1933, as amended, with respect to our
financial condition, results of operations, business strategies, operating
efficiencies, competitive positions, growth opportunities for existing services,
plans and objectives of management, markets for stock and other matters. These
include all statements other than statements of historical fact, including, without
limitation, any statements preceded by, followed by, or that include the words
“targets”, “believes”, “expects”, “aims”, “intends”, “will”, “may”, “anticipates”,
“would”, “should”, “could”, “estimates”, “forecast”, “predict”, “continue” or
similar expressions or the negative thereof.

These forward-looking statements, including, among others, those relating to our
future business prospects, revenues and income, wherever they may occur in this
report and the exhibits to this report, are essentially estimates reflecting the
best judgment of our senior management and involve a number of risks and
uncertainties that could cause actual results to differ materially from those
suggested by the forward-looking statements. As a consequence, these forward-looking
statements should be considered in light of various important factors, including
those set forth in this presentation. Important factors that could cause actual
results to differ materially from estimates or projections contained in the forward-
looking statements include, without limitation: overall economic and business
conditions in South Africa, Papua New Guinea, Australia and elsewhere, estimates of
future earnings, and the sensitivity of earnings to the gold and other metals
prices, estimates of future gold and other metals production and sales, estimates of
future cash costs, estimates of future cash flows, and the sensitivity of cash flows
to the gold and other metals prices, statements regarding future debt repayments,
estimates of future capital expenditures, the success of our business strategy,
development activities and other initiatives, estimates of reserves statements
regarding future exploration results and the replacement of reserves, the ability to
achieve anticipated efficiencies and other cost savings in connection with past and
future acquisitions, fluctuations in the market price of gold, the occurrence of
hazards associated with underground and surface gold mining, the occurrence of labor
disruptions, power cost increases as well as power stoppages, fluctuations and usage
constraints, supply chain shortages and increases in the prices of production
imports, availability, terms and deployment of capital, changes in government
regulation, particularly mining rights and environmental regulation, fluctuations in
exchange rates, the adequacy of the Group’s insurance coverage and socio-economic or
political instability in South Africa and Papua New Guinea and other countries in
which we operate.

For a more detailed discussion of such risks and other factors (such as availability
of credit or other sources of financing), see the Company’s latest Integrated Annual
Report and Form 20-F which is on file with the Securities and Exchange Commission,
as well as the Company’s other Securities and Exchange Commission filings. The
Company undertakes no obligation to update publicly or release any revisions to
these forward-looking statements to reflect events or circumstances after the date
of this presentation or to reflect the occurrence of unanticipated events, except as
required by law.
Competent Person’s Statement
The information in this report that relates to Golpu Ore Reserves is based on
information compiled by the Competent Person, Mr Pasqualino Manca, who is a member of
The Australasian Institute of Mining and Metallurgy. Mr Pasqualino Manca, is a full-
time employee of Newcrest Mining Limited or its relevant subsidiaries, Mr Pasqualino
Manca has sufficient experience which is relevant to the styles of mineralisation and
type of deposit under consideration and to the activity which he is undertaking to
qualify as a Competent Person as defined in the JORC Code 2012 and SAMREC 2016
(materially the same as the JORC code). Mr Pasqualino Manca consents to the inclusion
of material of the matters based on his information in the form and context in which
it appears.

Mr Gregory Job, BSc, MSc, who has 29 years’ relevant experience and a member of the
Australian Institute of Mining and Metallurgy (AusIMM), is Harmony’s competent
person for Papua New Guinea.

Mr Jaco Boshoff, BSc (Hons), MSc, MBA, Pr. Sci. Nat, MSAIMM, MGSSA is Harmony’s lead
competent person. Mr Boshoff who has 22 years’ relevant experience, is registered
with the South African Council for Natural Scientific Professions (SACNASP) and is a
member of the South African Institute of Mining and Metallurgy (SAIMM) and
a member of the Geological Society of South Africa (GSSA).

Ends.

19 March 2018

Corporate office:
Randfontein Office Park
P O Box 2
Randfontein
South Africa 1760
T +27 (11) 411 2000

Listing codes:
JSE: HAR
NYSE: HMY

ISIN no:
ZAE000015228

Registration no: 1950/038232/06

JSE Sponsor: J.P. Morgan Equities South Africa Propriety Limited

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