Key Developments: Harmony Gold Mining Company Ltd (HARJ.J)

HARJ.J on Johannesburg Stock Exchange

23 Oct 2014
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Latest Key Developments (Source: Significant Developments)

Harmony Gold Mining Company Ltd's Kusasalethu To Remain Close Until Such Time As It Is Viable To Mine It Safely And Profitably Again
Monday, 7 Jan 2013 02:45am EST 

Harmony Gold Mining Company Ltd announced that following the review of both the financial and operational impact of lawlessness, violence and non-compliance to the Mine Health and Safety Act, 29 of 1996 (MHSA) experienced at Kusasalethu mine near Carletonville during the December 2012 quarter, it has decided to keep the mine closed until such time as it is safe enough for employees to commence mining activities. In seeking a lasting solution that will resolve the risk to the operation, the Company has commenced with a process in terms of section 189 of the Labour Relations Act, 66 of 1995 (LRA), which may result in the closure of the mine and placement thereof on care and maintenance and possible retrenchments. A process of discussion and consultation with labour will be run parallel to the process in terms of section 189. The aim of the discussion/consultation will be to seek a lasting and sustainable solution in order to avoid the closure of the mine and the conclusion of the section 189 process, which will imply retrenchments. During the December 2012 quarter Kusasalethu experienced an unprotected strike, numerous other incidents of illegal industrial action, violence, sit-ins, vandalism of mine property and other labour disruptions.  Full Article

Harmony Gold Mining Company Ltd's Underground Mineworkers At Kusasalethu Mine Refuse To Return To Surface
Friday, 21 Dec 2012 12:49am EST 

Harmony Gold Mining Company Ltd announced that about 1700 mineworkers, representing December 20, 2012 day shift at Kusasalethu mine, remain underground and they are refusing to return to surface. Demands from the underground mineworkers, led by AMCU union representatives, include the withdrawal of the suspension of the 578 employees including contractors which were suspended on December 19, 2012. Talks with the employees and AMCU representatives are ongoing in order to resolve the situation.  Full Article

Harmony Gold Mining Company Ltd Closes Kusasalethu Mine One Day Earlier Than Planned For Festive Season Due To Labour Unrest
Thursday, 20 Dec 2012 05:27am EST 

Harmony Gold Mining Company Ltd announced that it is closing Kusasalethu mine near Carletonville a day earlier than planned for the festive season, following violent behavior and damage to mine infrastructure on surface. Security at the mine and the SAPS are on the scene to control the crowd and to further ensure the safety of all the employees. The violence followed the suspension of 578 employees including some contractors as a result of the participation of these employees in an unprotected strike action on December 15, 2012.  Full Article

Pan African Resources plc's Subsidiary Announces Acquisition Of Evander Gold Mines Limited From Harmony Gold Mining Company Limited
Monday, 3 Dec 2012 02:59am EST 

Pan African Resources plc announced that on November 30, 2012 (General Meeting), all the resolutions necessary for the implementation of: the acquisition of all the shares in and claims against Evander Gold Mines Limited (“Evander”) from Harmony Gold Mining Company Limited ("Harmony") by a wholly owned subsidiary of Pan African (“Transaction”); and the related capital raising by way of a ZAR703 million (GBP51.8 million) rights offer of 370 071 902 new Pan African ordinary shares of 1p each (“Shares”) at ZAR1.90 or 14 pence per share (“Rights Offer”). In addition to the extension of the date of fulfilment for the Eskom Agreement Condition, certain of the payment terms set out in the Agreement have been amended. Pan African was required to pay Harmony an amount of ZAR950 million (or such greater amount as Pan African may elect to pay) (“Deposit”) by no earlier than December 01, 2012 subject to all the conditions precedent to the Transaction, other than the Ministerial Consent Condition, being fulfilled or waived and certain security arrangements being in place. In accordance with the Addendum, Pan African shall now pay Harmony no less than ZAR400 million no earlier than December 14, 2012, subject to certain security arrangements being in place. The remaining portion of the Deposit shall be payable by Pan African to Harmony by no earlier than February 01, 2013, subject to certain additional security arrangements being in place.  Full Article

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