Harmony’s gold mining operations are located in Witwatersrand Basin in South Africa, and a highly prospective exploration portfolio in Papua New Guinea

These assets have, during the past financial year, been subject to extensive review, both in terms of what constitutes the current operations and in terms of potential.

The ’back to basics’ approach that has been the mantra of the new management team has started to deliver results and has set a firm base from which the company will continue to grow in the future.

A major feature of the year has been the number of projects that have come into production and that will, in the year ahead, start to deliver real returns to the bottom line. In addition, two significant transactions were announced during the year:

■ the formation of Rand Uranium; and

■ the partnership entered into with Newcrest Mining regarding Harmony’s assets in PNG.

These transactions will realise value for Harmony and change the structure of assets under management.

South Africa – Operations

In South Africa, the company has 10 underground operating segments (namely Bambanani, Doornkop, Elandsrand, Evander, Joel, Target, Tshepong, Phakisa, Masimong and Virginia), the Kalgold open pit mine, and the Phoenix slimes treatment operation, along with other surface retreatment operations.

In total, these operations produced 1 550 527 ounces (48 227kg) of gold during the year, 1 393 247 ounces (90%) from the continuing underground operations, 93 172 ounces (6%) from open pit operations and 64 108 ounces (4%) from surface sources.