Profile: Harmony Gold Mining Company Ltd (HMY.N)
25 Jul 2016
Harmony Gold Mining Company Limited, incorporated on August 25, 1950, is a gold-mining and exploration company. The Company has operations in South Africa and Papua New Guinea (PNG). In South Africa the Company’s operations are focused on the world-renowned Witwatersrand Basin, as well as the Kraaipan Greenstone Belt. The Company operates nine underground mines, one open-pit mine and several surface operations. The Company’s operations in Papua New Guinea form part of a 50% joint venture with Newcrest Mining Limited. These operations include the Hidden Valley open-pit gold and silver mine, the Wafi-Golpu project and significant exploration tenements. In addition to its joint venture work, Harmony also has a 100%-owned exploration portfolio that focuses on prospective areas in Papua New Guinea. The Golpu project is a differentiating feature for Harmony. This project is one of the gold copper porphyries in South East Asia with an expected life-span of approximately 40 years. It has a diameter of approximately 600 meters and a proven depth of approximately 1,700 meters.
The Company’s exploration programme is focused in South Africa and Papua New Guinea. Its exploration strategy targets significant prospective geological regions in these countries to discover gold and copper-gold ore bodies. An aim of this strategy is to create an exploration portfolio that includes both brownfields and greenfields exploration. Brownfields exploration allows it to maximize value from existing infrastructure by developing mineral districts that sustain its operations. Greenfields exploration, on the other hand, allows it to create opportunities in under-explored mineral provinces and emerging gold districts.
The Company’s geological features of exploration areas Papua New Guinea include Hidden Valley, Hamata, Kerimenge, Wau and Wafi have epithermal gold deposits that are shallow, or close to the earth’s surface. Golpu is a porphyry system which is deeper and contains copper. A number of other gold and copper-gold prospects are at various stages of exploration and evaluation across Harmony’s lease areas. South Africa includes all of the Company’s underground mines in the Witwatersrand Supergroup. Most of these are found in the southwestern corner of the Witwatersrand Basin or Free State goldfields, which comprise sedimentary rocks that are deep and extend for hundreds of kilometres into the West Rand goldfields and West Wits Basin. The Kraaipan Greenstone Belt can be found further north-west where it has an open pit operation.
The Company’s has a project portfolio in both established mineral provinces and emerging gold and copper districts covering an area of approximately 3,182 square kilometers. The Morobe Mining Joint Ventures or Harmony/Newcrest tenement package is a strategic holding. During fiscal 2014, the Company spent approximately R83 million (US$8 million) on exploration in the area.
Hidden Valley operations include Brownfields exploration to discover new high-grade deposits to replace ore depletion and to displace low-grade mill feed for Hidden Valley. The Company’s Golpu area includes Drill campaign in H2 for Golpu style deposits. These discoveries utilize Golpu infrastructure and increase the capital utilization and efficiency. Continue low cost mapping and sampling areas to generate drill targets for evaluation. The Company Greenfields evaluation continues to develop geological understanding of the geology and mineralization of the Morobe Province.
Harmony Gold Mining Company Ltd
Randfontein Office park
Corner of Main Reef Road and War