Harmony Gold Mining (HMY)

Formed in 1950, South Africa's Harmony Gold Mining Company Limited (HMY) conducts underground and surface gold mining. It is also engaged in related activities such as exploration, processing, smelting, and refining. Presently, Harmony is the third largest producer of gold in South Africa producing about 20% of the country's annual gold output and the fifth largest gold producer in the world. The company's mining operations are principally concentrated in South Africa. Several of these are located in the Free State Province such as Welcom, Virginia, Tshepong, and Bambanani, along with the Evander gold mine in Mpumalanga province, the Elandskraal mine at the West Rand goldfields in Gauteng province, and Kalgold operations in the North West province. The company discontinued its mining operations at Mt. Magnet and South Kalgoorlie in Western Australia. However, it entered into a 50:50 joint venture with Newcrest Mining Limited of Australia for the development and exploration programs at Hidden Valley and Wafi Golpu in the Morobe Province of Papua New Guinea (PNG), of which, the latter has completed acquisition of its 30.01% interest. As of June 30 2008, the company had gold mineral resources of 253.6 million oz and ore reserves of 50.5 million oz.

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