Statement of Mineral Resources and Ore Reserves
August 04 2008 - 9:38AM
UK Regulatory
HARMONY
PRESS RELEASE
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 (tonnes) Gold (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 (`000 Gold (`000 oz)
kg)
Proven reserves 49 4.83 238 7,652
Probable reserves 177 4.25 751 24,138
Total 226 4.37 989 31,790
Surface Stockpiles
Tonnes (Mt) g/t Gold (`000 kg) Gold (`000
oz)
Proven reserves 729 0.24 176 5,675
Probable reserves 70 0.35 25 795
Total 799 0.25 201 6,470
Below infrastructure
Tonnes (Mt) g/t Gold (`000 kg) Gold (`000
oz)
Proven reserves - - - -
Probable reserves 52 7.31 380 12,212
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 (`000 Silver (`000
kg) oz)
Proven reserves 3 41.04 135 4,358
Probable reserves 22 36.94 819 26,354
Total 25 37.47 954 30,712
COPPER Tonnes (Mt) % Cu (`000 t) Cu (M lbs)
Proven reserves - - - -
Probable reserves 50 1.13 560 1,234
Total 50 1.13 560 1,234
MOLYBDENUM Tonnes (Mt) ppm Mo (`000 t) Mo (M lbs)
Proven reserves - - - -
Probable reserves 50 121 6 13
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).
ends.
Issued by Harmony Gold Mining Company Limited
4 August 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
JSE: HAR HAR
NYSE: HMY
NASDAQ: HMY
ISIN No.: ZAE000015228
END
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