Harmony Gold

Harmony Gold is one of the largest global gold producers located in South Africa. The company owns a refinery and gold fabrication facilities. Harmony Gold has expanded from a single lease-based site to the fifth largest producer of gold. The income of the company stands at $176 million in 2008.

The company was established in 1950 in South Africa. By 1997, Harmony Gold functioned under the management of the investment holding company Rangold & Exploration Company Limited. In 1998, Harmony Gold acquired four of the Steyn Shafts from the Free State Consolidated Gold Mines. This purchase added close to 0.24 million ounces of gold to its annual output. During the same year, the company acquired 86 percent interest in the Evander Gold Mines and boosted its yearly production by 0.4 million ounces. The 1999 merger with West Rand Consolidated Mine and the Kalahari Goldridge Mining Company added 0.1 million ounces to the company annual gold production. In 2001, Harmony Gold and the African Rainbow Minerals Pty Limited jointly acquired the Bambanani, Joel, Matjhabeng, and Tshepong mines. This purchase boosted the annual output to 3 million ounces of gold per year.

Harmony Gold operates underground and surface mining sites in South Africa. In addition, the company explores one mining site in Papua New Guinea. The South African operations take place in 12 sites. The Bambanani gold mine in the Free State Province has produced up to 0.197 million ounces of gold per year. Near Carletonville, the Elandstrand mine shaft and its metallurgical plant have reached up to 0.194 million ounces of gold in 2007. The Tshepong mine, situated in the Free State Province, had an annual output of 0.335 million ounces in 2006. In Papua New Guinea, Harmony Gold has commenced a joined venture with the Australian Newcrest Mining Company Limited. The two partners will explore the Hidden Valley deposit which is expected to yield more than 0.25 million ounces of gold per year.

The company shares are listed under the symbol HMY at the New York Stock Exchange and under the symbol HAPS at the Johannesburg Stock Exchange. Harmony Gold is a Tier I gold producer.

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