Harmony Gold Mining Co. Ltd. · JSE:HAR
Harmony Gold Mining — Investor Day (August 2011)
82 slides from Harmony Gold Mining's investor day presentation, Aug 24, 2011
Slide 1: Investor Day
Investor Day Graham Briggs, CEO 24 August 2011 South Africa An exciting investment proposition 1 www.harmony.co.za
Slide 2: Safe Harbour Statement
Private Securities Litigation Reform Act Safe Harbour Statement This presentation contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and 21E of the Securities Exchange Act of 1934, as amended, that are intended to be covered by the safe
Slide 3: Growth journey…
Growth journey… 1 Strategy 2 Safety 3 Financial assumptions 4 Understanding Cu-Au porphyries 5 Wafi-Golpu 3 www.harmony.co.za
Slide 4: Growth journey…
Growth journey… 6 Exploration 7 Production 8 Projects 9 Sustainability 10 Conclusion 4 www.harmony.co.za
Slide 5: Strategy
Strategy 5 www.harmony.co.za
Slide 6: Delivering long-term value
Delivering long-term value Creating a sustainable company – generating earnings that fund dividends and growth…a company with free cash flow Growth assets Growth in quality Geographic diversity Generate free cash flow Grow the company Grow through partnerships Exploration Optimise asset portfolio, I
Slide 7: …more growth to come
World-class assets South Africa South Africa Associates/ International Underground Surface Equity holding • Tshepong • Kalgold • Morobe JV • Wits Gold (12.7%) • Phakisa • Phoenix - Hidden Valley • Doornkop • Rock dumps - Wafi Golpu copper/ gold Exploration • Kusasalethu • Additional exploration • Ta
Slide 8: Better quality, lower costs
Better quality, lower costs (metric)(q-on-q) Kg R/Kg 4 000 300 000 3 500 250 000 3 000 200 000 2 500 2 000 150 000 1 500 100 000 1 000 50 000 500 0 - Dec Mar Jun Sep Dec Mar Jun Sep Dec Mar Jun Sep Dec Mar Jun 07 08 08 08 08 09 09 09 09 10 10 10 10 11 11 Hidden Valley Doornkop Phakisa Kusasalethu R/
Slide 9: Operational cash flow (SA underground operations) (Rand)
Operational cash flow (SA underground operations) (Rand) R/Kg 400 000 350 000 300 000 250 000 200 000 150 000 100 000 50 000 0 Sep 09 Dec 09 Mar 10 Jun 10 Sep 10 Dec 10 Mar 11 Jun 11 Cash cost Ongoing capital Growth capital Abnormal & shaft capital Revenue 9 www.harmony.co.za
Slide 10: Operational cash flow (SA underground operations) (US$)
Operational cash flow (SA underground operations) (US$) US$/oz 1 600 1 400 1 200 1 000 800 600 400 200 0 Sep 09 Dec 09 Mar 10 Jun 10 Sep 10 Dec 10 Mar 11 Jun 11 Cash cost Ongoing capital Growth capital Abnormal & shaft capital Revenue 10 www.harmony.co.za
Slide 11: Growing globally
Growing globally Gold production FY2011 Gold equivalent* resource ounces 30 June 2011 8% 92% 21% South Africa PNG Gold resources 30 June 2011 10% 79% 90% South Africa PNG South Africa PNG * Gold equivalent based on US$1150/oz Au, US$2.50/lb Cu and US$13.50oz Ag at 100% recovery for all metals 11 www
Slide 12: Shareholders – geographic split
Shareholders – geographic split 39% 2% 4% South Africa United States 9% UK Europe Rest of World Singapore 17% 29% 12 www.harmony.co.za
Slide 13: Safety
S Safety 13 www.harmony.co.za
Slide 14: Our approach
Our approach • Dedicated safety and health executive appointed – accelerate execution of safety and health strategy • Behaviour-based safety campaigns and initiatives − leading by example − involvement of all stakeholders − recognition of achievements − in situ training • Compliance • Falls of groun
Slide 15: Safety performance
Safety performance Rates per 1 000 000 hours worked Year TIAFR LTIFR RIFR FIFR 2006 43.43 16.42 7.63 0.28 2007 31.91 15.27 7.53 0.22 2008 24.71 12.83 6.03 0.18 2009 18.73 9.35 4.97 0.21 2010 17.05 7.73 4.19 0.21 2011 15.14 8.32 4.73 0.17 15 fatalities were recorded in SA for FY2011 (2008 = 21/2009 =
Slide 16: FIFR trend (SA)
FIFR trend (SA) Fatality injury frequency rate trend 0.35 0.30 0.30 0.29 0.28 0.25 0.22 0.21 0.21 0.21 0.20 0.18 0.17 0.15 0.10 0.05 0.00 FY03 FY04 FY05 FY06 FY07 FY08 FY09 FY10 FY11 16 www.harmony.co.za
Slide 17: Financial assumptions
Financial assumptions Fin 17 www.harmony.co.za
Slide 18: South Africa – planning parameters
South Africa – planning parameters • Gold price – cut-off gold price $1150/oz, R7.57/US$ = R280 000/kg – financial plan at gold price $1225.17/oz, R7.87/US$ R310 000/kg • Royalties – included in the plans • Salary increases – minimum wages at entry level: 10% – category 5 to 8 employees: 8.5% – mine
Slide 19: Cash cost elements
Cash cost elements 100% 8% 9% 8% 90% 13% 15% 80% 18% 70% 23% 22% 22% 60% 50% 40% 30% 54% 52% 50% 20% 10% 0% FY10 FY11 FY12 Actual Actual Forecast Payroll Stores Electricity Contractors Water * Royalty* * Water and royalty both represent 1% of cash costs in FY10 , FY11 and FY12 19 www.harmony.co.za
Slide 20: Effect of electricity increases & winter tariffs
Effect of electricity increases & winter tariffs (q-on-q)) Rm 600 500 400 300 200 100 0 Sep 09 Dec 09 Mar 10 Jun 10 Sep 10 Dec 10 Mar 11 Jun 11 Sep 11 Dec 11 Mar 12 Jun'12 (FC) (FC) (FC) (FC) Normal usage Increase in electricity Cost Winter Tariffs FC - Forecast 20 www.harmony.co.za
Slide 21: Papua New Guinea – financial parameters
Papua New Guinea – financial parameters • Cut-off gold prices – US$1150/oz – silver price – budget US$13.50 – AUD/USD rate – A$0.89 • Financial plan gold price – US$1225/oz – silver price – budget US$26.70 • Diesel – US$80/bbl • Salary increase – 5% • Copper – US$2.50/lb • Molybdenum – US$13.50/lb 2
Slide 22: Capital expenditure (Rand)
Capital expenditure (Rand) Rm 9 000 8 000 7 000 6 000 5 000 4 000 3 000 2 000 1 000 0 FY08 FY09 FY10 FY11 FY12 FY13 FY14 FY15 FY16 FY17 (FC) (FC) (FC) (FC) (FC) (FC) Growth capital - SA Abnormal & shaft capital - SA Ongoing capital - SA Hidden Valley Wafi-Golpu FC – forecast using an exchange rate R
Slide 23: Capital expenditure (US$)
Capital expenditure (US$) US$m 1 200 1 000 800 600 400 200 0 FY08 FY09 FY10 FY11 FY12* FY13* FY14* FY15* FY16* FY17* (FC) (FC) (FC) (FC) (FC) (FC) Growth capital - SA Abnormal & shaft capital - SA Ongoing capital - SA Hidden Valley Wafi-Golpu * FC – forecast using an exchange rate R/US$ 7.57 (future
Slide 24: Capital expenditure well controlled; spending in line with strategy
Capital expenditure well controlled; spending in line with strategy Rm 4 000 R3 643m 3 500 R3 451m 11% R3 143m 23% 3 000 13% 2 500 89% 77% 2 000 87% 1 500 1 000 500 0 FY11 Budget FY11 Actual FY12 Forecast South Africa South East Asia 24 www.harmony.co.za
Slide 25: Corporate costs and exploration
Corporate costs and exploration 2010/11 2011/12 Rm actual budget Variance Corporate, statutory, admin and other 354 311 42 Care and maintenance shafts 124 105 19 Social investment 84 115 31 Exploration and pre-feasibility 353 474 121 South Africa – exploration and pre-feasibility 56 50 6 Internation
Slide 26: Wafi-Golpu funding (Rm)
Wafi-Golpu funding (Rm) 26 www.harmony.co.za
Slide 27: Wafi-Golpu funding (US$m)
Wafi-Golpu funding (US$m) 27 www.harmony.co.za
Slide 28: Cumulative cash flow after Wafi-Golpu capital (Rm)
Cumulative cash flow after Wafi-Golpu capital (Rm) 28 www.harmony.co.za
Slide 29: Cumulative cash flow after Wafi-Golpu capital (US$m)
Cumulative cash flow after Wafi-Golpu capital (US$m) 29 www.harmony.co.za
Slide 30: Understanding Cu-Au porphyries
Understanding Understan Cu-Au porphyries 30 www.harmony.co.za
Slide 31: Benchmarking global copper projects
Benchmarking global copper projects Oyu Tolgoi (Rio-Ivanhoe – Mongolia Pebble Gvt) (Anglo Am.- Nth Dynasty) Resolution Tampaken (Rio) (Xstrata- Indophil) Cobre Panama (Inmet) Wafi-Golpu La Granja (Harmony- (Rio) Newcrest) Toromocho TONNES GRADES METAL (Chinalco) Deposit Mt Au (g/t) Cu (%) Au Moz Cu
Slide 32: Mineralisation model – Arc related gold
Mineralisation model – Arc related gold 32 www.harmony.co.za
Slide 33: World-class Cu-Au resources in SE Asia
World-class Cu-Au resources in SE Asia Wafi-Golpu Project 1Bt @0.82g/t Au, 0.89% Cu Golpu: 26.6Moz Au, 9 Mt Cu (Harmony-Newcrest JV) 33 www.harmony.co.za
Slide 34: Deposit scale characteristics using Wafi-Golpu as context
Deposit scale characteristics using Wafi-Golpu as context Central diatreme / vent complex Geology Wafi Au: 6.2 Moz Au High sulphidation Au-As mineralisation Golpu Porphyry: 19.3Moz Au, 9.0Mt Cu Magnetic, potassic altered intrusive core Zoned outwards Sillitoe 2010 34 www.harmony.co.za 7
Slide 35: Grasberg-Ertsberg Magnetics
Grasberg-Ertsberg Magnetics • Analytic signal • Anomalies sourced from magnetite in potassic altered core of monzodiorite intrusives • Not all deposits have ‘bull’s eye’ magnetic targets owing to alteration overprints and other factors 35 www.harmony.co.za 11
Slide 36: District scale characteristics Grasberg-Ertsberg
District scale characteristics Grasberg-Ertsberg • Cluster of Cu-Au porphyry and Cu-Au skarn deposits • Grasberg discovered in 1988 • Resources – 116.3Moz Au – 45.5Mt Cu • Approximately 60% Skarn and 40% porphyry • Annual production – 2-3Moz Au – 500 000 – 700 000t Cu • Skarn metallurgy complex • Tr
Slide 37: Wafi Transfer Zone
Wafi Transfer Zone PLAN VIEW • Wafi Transfer structure is 17km long Zimake • Under explored • High grade porphyry mineralisation confirmed Bavaga • Mineralisation extended east and west of present resource boundary • Although geochemical anomalies Zenapu occur, drilling will still have to be done Na
Slide 38: The New Guinea mobile belt
The New Guinea mobile belt New Ireland Grasberg Bismarck Sea Frieda River Lihir Porgera Yandera Madang New Britain Ok Tedi FLY PLATFORM Aure Lae Wafi-Golpu Trough Bougainville Bougainville Hidden Valley Solomon Sea Port Moresby TONNES GRADES METAL Deposit Mt Au (g/t) Cu (%) Au Moz Cu Mt Coral Sea Gr
Slide 39: Wafi-Golpu
Wafi-Golpu 39 www.harmony.co.za
Slide 40: Substantial increase in Golpu resource
Substantial increase in Golpu resource LONG SECTION Au Grade Contained metal (looking south west) 2010 GOLPU 2011 GOLPU Equiv³ RESOURCE(1) RESOURCE(2) 501Mt @ 870Mt @ Mt Au g/t Cu% Au Moz Cu Mt Moz 0.54g/t Au & 0.69g/t Au & 0.95% Cu 1.03% Cu 500Mt 8.8Moz Au & 19.3Moz Au & Golpu resource 4.8Mt Cu 9Mt
Slide 41: Copper-gold porphyry deposits
Copper-gold porphyry deposits Cu Grade (%) 1.2 1.0 Wafi-Golpu Los Pelambres Oyu Tolgoi 0.8 Grasberg Cerro Colorado Sarcheshmeh Reko Diq Salobo Tampakan 0.6 Frieda River Esperanza Pebble Namosi 0.4 Tujuh Bukit Agua Rica KSM Conga 0.2 Bingham Canyon Cadia East Cobre Panama Batu Hijau Cerro Casale Bodd
Slide 42: Elements that inform budget
Elements that inform budget • Invest early in drilling information Ore body knowledge • Mine plan is guided by the ore body • Early access required Time is of the essence • Landowners and permitting • Develop some infrastructure now • Mine plan to accommodate flexibility Certainty • Mine to be a ‘ro
Slide 43: Wafi-Golpu – Porphyry epithermal system
Wafi-Golpu – Porphyry epithermal system SCHEMATIC PLAN VIEW OPEN Miapili • Golpu gold and copper porphyry WR397 10m @ 9.1g/t Au continues to grow, drill testing to the WR392 north in progress 85m @ 3.2g/t Au Golpu 19.3Moz Au • New Wafi style zone intersected west of & 9Mt Cu New Wafi Style 21,000mN
Slide 44: Resource growth
Resource growth LONG SECTION • Drill hole WR392W1 intersects 643m (looking south west) 2010 GOLPU 2011 GOLPU RESOURCE(1) RESOURCE(2) 870Mt @ @ 1.39% Cu & 0.94g/t Au including 501Mt @ 0.54g/t Au & 0.95% Cu 0.69g/t Au & 1.03% Cu 350m @ 1.98% Cu & 2.17g/t Au 8.8Moz Au & 19.3Moz Au & 4.8Mt Cu 9Mt Cu • H
Slide 45: Why PNG?
Why PNG? Morobe Mining JV Resource Inventory² • Emerging as world-class mineral province Moz – bring your elephant gun! 90 Wafi-Golpu 2011(Exploration Target) • Under-explored 80 Golpu Extension • Exploration investment translating into Nambonga resource growth 70 Further growth expected Golpu • Low
Slide 46: Exploration
Exploration 46 www.harmony.co.za
Slide 47: Exploration strategy
Exploration strategy • Established valuable exploration portfolio in PNG • Strategy to unlock value through focused exploration • Requires resources to convert – people – funding – time on the ground • Opportunity to expand regionally (Indonesia – Philippines) – one of the most prospective under-exp
Slide 48: Morobe Exploration Joint Venture (MEJV)
Morobe Exploration Joint Venture (MEJV) (Harmony 50%) An exciting investment proposition 48 www.harmony.co.za
Slide 49: MEJV (Harmony 50%) – key projects/objectives
MEJV (Harmony 50%) – key projects/objectives Wafi Transfer Exploration: • Advance Zimake, Mt Tonn, Zenapu, Bavaga to tollgate • Develop 1 adv. prospect • Target +2 Moz Au discovery (+/- Cu credit) HV District Exploration: • Complete Mungowe-Broader Kerimenge exploration • Generate 5 new targets • De
Slide 50: Hidden Valley – Wau district
Hidden Valley – Wau district PLAN VIEW EW • Gold rich district, endownment >8Moz Wau > 600Koz (1) • Portfolio of highly prospective exploration targets within 10km radius Exploration target Mungowe Edie Eddie Cree Creek of Hidden Valley Plant (1,2) Kulang 9 ~ 90Koz target • Current focus: 2011 HAMAT
Slide 51: Kerimenge - Kulang Trend
Kerimenge - Kulang Trend Legend Kerimenge Trend Prospect Alteration zone • >5km of epithermal and porphyry style Kulang targets • Kulang – drill testing underway Kauri • Kauri – highly anomalous stream sediments • Kerimenge – historic mineral inventory Ketange ~750 000 oz Lemenge Kerimenge Waurike 2
Slide 52: Harmony Gold (PNG) Exploration Limited
Harmony Gold (PNG) Exploration Limited (Harmony 100%) An exciting investment proposition 52 www.harmony.co.za
Slide 53: Harmony tenement portfolio
Harmony tenement portfolio AMANAB – (EL1708: 932km2 granted) 4 month field work program Define geological prospective areas and mineralisation models MT HAGEN – (EL1596/1611, TARI – (ELA1785/86: 2 804km2 ELA1864/5/66/7: 995km2 renewals & applications) Data collation and generative work applications)
Slide 54: Production
Production 54 www.harmony.co.za
Slide 55: Mineral reserves reconciliation
Mineral reserves reconciliation Mineral reserves reconciliation: 30 June 2010 to 30 June 2011 Gold (tonnes) Gold (Moz) Balance at June 2010 1 496 48.1 Reductions Mined during FY2011 -47 -1.5 Mine closures -2 -0.1 Rand Uranium equity (40%) non-current assets held for sale -37 -1.2 Projects SA - Popla
Slide 56: SA underground reserve grade and ounces
SA underground reserve grade and ounces mineral reserves June 2011 Mine g/t Gold (000oz) Target 1 5.23 1 749 Target 3 6.11 986 Unisel 4.65 434 Masimong 5.44 1 150 Evander 8 7.59 823 Bambanani 11.66 1 113 Steyn 2 8.70 94 Phakisa 8.42 5 164 Tshepong 5.24 3 679 Joel 5.58 530 Doornkop 3.39 942 Kusasalet
Slide 57: Total Harmony Production (metric)
Total Harmony Production (metric) kg FY12 production expected between 45 000 - 48 200kg 70 000 60 000 50 000 56 000– 48 200 – 53 000– 62 200 53 000 56 000 40 000 30 000 20 000 10 000 0 FY11 FY12 (FC) FY13 (FC) FY14 (FC) FY15 (FC) Doornkop Kusasalethu Hidden Valley Phakisa Target 3 Tshepong Masimong
Slide 58: Total Harmony Production (imperial)
Total Harmony Production (imperial) oz ‘000 FY12 production expected between 1.45- 1.55Moz 2 000 1 800 1 600 1.8 – 2.0 1.55 – 1.7 1.7 – 1.8 1 400 1 200 1 000 800 600 400 200 0 FY11 FY12 (FC) FY13 (FC) FY14 (FC) FY15 (FC) Doornkop Kusasalethu Hidden Valley Phakisa Target 3 Tshepong Masimong Target 1
Slide 59: Miner of choice
Miner of choice Expected potential Cash cost* Cast costs* Life of mine Operation Comments ounces R/kg US$/oz (LOM) ~ Doornkop 190 000- 220 000 oz R200 000- 220 000/kg US$820-905/oz 14 yrs In build-up Kusasalethu 270 000- 310 000 oz R195 000- 220 000/kg US$800-905/oz 25 yrs In build-up Phakisa 200 00
Slide 60: Achieving our plans
Achieving our plans Key steps Threats • Adhering to safety standards • Safety stoppages • Focus on realistic expectations and achievability • Minor geology causing challenging ground conditions • Expedite development • Logistical constraints • Electricity savings • Critical skills shortage • Transfe
Slide 61: Projects
Projects 61 www.harmony.co.za
Slide 62: Joel North decline shaft to 137 level
Joel North decline shaft to 137 level • Current Joel life of mine (LOM) mines to 129 level and extends to 2018 • Surface drilling of 6 holes completed in 2010 - extended resource to137 level • Feasibility study completed in June 2011 and proposed access via a new twin decline system from 129 to 137
Slide 63: Freddies 9 shaft – project overview
Freddies 9 shaft – project overview • Acquired as part of the Pamodzi transaction Gold Gold tonnes g/t (kg) (000 oz) • Detailed geological study undertaken in 2011 Measured 3 403 408 9.56 32 531 1 046 financial year – involved the checking of geology, structure and Indicated 3 031 940 9.17 27 790 89
Slide 64: Mini Libra feasibility study – project overview
Mini Libra feasibility study – project overview • Re-processing Kinross tailings dam (Evander) at a rate of 200 000 tpm • Processing at the present Kinross Plant • Deposition on the Winkelhaak slimes dam • Feasibility study completed in June 2011 • Project utilises available excess water, pipe route
Slide 65: TPM uranium feasibility study – project overview
TPM uranium feasibility study – project overview Feasibility study conducted to determine the viability of extracting uranium from the Tshepong, Phakisa and Masimong (TPM) risings • Study included a resin in pulp demonstration plant • Plant confirmed the viability of using resin in pulp • Environmen
Slide 66: Sustainability
Sustainability 66 www.harmony.co.za
Slide 67: SA corporate social responsibility – (CSR) budget
SA corporate social responsibility – (CSR) budget Key strategic objectives • To align mining license requirements and corporate strategy • To be relevant to mining and labour sending communities • To be a responsible corporate citizen FY12 budget • Total CSR cost R115m (US$15m) – Shafts – LED, prope
Slide 68: SA example – Masimong project
SA example – Masimong project Social and labour plan commitment • Tri-partite agreement between Free State government, local municipality and Harmony • Signed in January 2011 to develop 468 units – Harmony donated land and R20m (US$2.64m) towards construction – Government contributed R71m (US$9.38m)
Slide 69: SA example – Masimong project cont’d
SA example – Masimong project cont’d 69 www.harmony.co.za
Slide 70: PNG corporate social responsibility budget
PNG corporate social responsibility budget Key strategic objectives • To align mining license requirements and corporate strategy • To be relevant to mining and labour sending communities • To be a responsible corporate citizen FY12 budget • Total cost R26.9m (US$3.55m) – education programs: R4.9m (
Slide 71: PNG community support and business development
PNG community support and business development Agriculture • Partnerships with service providers • Implement sustainable food crop and domestic livestock programs • Partnerships with commercial agricultural entities and other service providers • Support economic oriented programs for both cash crops
Slide 72: Environmental management
Environmental management Compliance to international standards – ISO 14001 implementation Doornkop plant and shaft, Kalgold and Kusasalethu are certified • Evander was recommended for certification - imminent International Cyanide Management Code • All plants barring Joel and Kalgold have been certi
Slide 73: Environmental rehabilitation
Environmental rehabilitation • Financial liability at 30 June 2011: R2 231m (US$294.7m) – 99.1% of the total environmental liability funded by Harmony • Virginia mine closure initiative to – reduce environmental liability – restore land capability – support socio-economic value-add to affected commu
Slide 74: Employee wellness
Employee wellness • Comprehensive, integrated clinic on site • Better health, higher productivity • Acclaimed by the DMR as the first of its kind in the gold mining industry • Case study: Target operations – labour availability improved – more people o assessed and treated at the mining operation o
Slide 75: Conclusion
Conclusion 75 www.harmony.co.za
Slide 76: Scorecard
Scorecard Generate free cash flow Actions Key steps Progress to date Improve cash costs Weekly and monthly reviews Optimise asset portfolio Review operational performance • Correctly targeted development • Achievable plans Majority of shafts perform in Increase production line with plan; exceptions
Slide 77: Scorecard cont’d
Scorecard cont’d Grow the company Actions Key steps Progress to date PNG – Wafi-Golpu 5 drill rigs at Wafi-Golpu; 8 rigs • Resource growing by December 2011 • Drilling continuing Explore • Transfer structure exploration PNG tenements 100% owned One drill rig at Mt Hagen; flurry • Further gold-copper
Slide 78: Unlocking value
Increasing project value Exploration Target definition Resource definition Pre-feasibility study Feasibility Project construction Wafi-Golpu Commissioning Production gap and build-up Doornkop, Phakisa www.harmony.co.za Steady state production Hidden Valley, Kusasalethu Masimong, Tshepong, etc. 78 Un
Slide 79: Better quality, lower costs (metric)
Better quality, lower costs (metric) Kilograms produced - Growth shafts (y-on-y) (metric) Kg R/Kg 35 000 250 000 30 000 200 000 25 000 150 000 20 000 15 000 100 000 10 000 50 000 5 000 0 - FY11 FY12 (FC) FY13 (FC) FY14 (FC) FY15 (FC) FY16 (FC) FY17 (FC) FY18 (FC) Hidden Valley Doornkop Phakisa Kusas
Slide 80: Strategic objectives
Strategic objectives Production Cash cost (million oz) ($/oz) Cash cost * ^ Production from: 1100 • SA – 1.4Moz 2.5 • Wafi-Golpu - 400 000oz • Hidden Valley – 200 000oz 900 2.0 p 700 1.5 500 Further decrease Production from SA and Hidden Valley under current copper price scenarios 1.0 No acquisition
Slide 81: Harmony – an exciting investment proposition
Harmony – an exciting investment proposition 1 Wafi-Golpu ‘find of the century’ 9 2 Unhedged, low debt 9 3 Building low-cost, high grade mines 9 4 Experienced, focused management team 9 5 Exciting long-term possibilities 9 6 Dividends 9 81 www.harmony.co.za
Slide 82: An exciting investment proposition
Henrika Basterfield Investor Relations Officer Tel: +27 (0)11 411 2314 Mobile: +27 (0)82 759 1775 Email: henrika@harmony.co.za Marian van der Walt Executive: Corporate and Investor Relations Tel: +27 (0)11 411 2037 Mobile: +27 (0)82 888 1242 Email: marian@harmony.co.za An exciting investment proposi