Annual Report 2010

Harmony is 60 years old – one of the
foremost gold mining companies in the world
with reserves of 48.1Moz of gold, employing
more than 42 000 people at 12 operations in
South Africa and one in Papua New Guinea.

Harmony – 60 years on

Chairman's letter

Patrice Motsepe

A year ago I had the pleasure of congratulating Harmony’s committed team of managers and employees on their efforts in aiding the company to weather the economic storm of 2008. This year, I extend my thanks to a team that has continued to build and position Harmony for a safe, sustainable and profitable long-term future.

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Chief executive
officer's review

Graham Briggs

I am very pleased to present to shareholders this report for the year, on the occasion of Harmony’s 60th year in business. While this report reviews the 2010 financial year (FY10), and our prospects going forward, it also reflects on the 60 years that have past.

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Review of operations

Harmony, one of the world’s 10 largest gold mining companies, operates in South Africa and in Papua New Guinea (PNG), where the Hidden Valley mine recently came into production. In FY10, Harmony produced 1.43 million ounces of gold, of which 51 046 ounces were capitalised (FY09:1.46 million ounces).

Papua New Guinea

Harmony (50%): Hidden Valley open-pit mine, Wafi-Golpu project, Some exploration tenements
Harmony (100%): 8 000km of exploration tenements

South Africa

Underground operations

Free State operations: Bambanani*, Joel, Masimong, Phakisa, Target*, Tshepong, Virginia
Gauteng: Doornkop
North West Province: Kusasalethu
Mpumalanga: Evander

Surface operations

Kalgold, Phoenix project, Other surface sources

* The former Pamodzi Gold assets in the Free State, Steyn 2 and Target 3, have been included in Harmony's Bambanani and Target operations respectively

Scope of the report

This Annual Report covers the financial year from 1 July 2009 to 30 June 2010 (FY10). Harmony is committed to the principle of integrated reporting and has, for the first time, incorporated an account of broader social, environmental and economic performance throughout this report.

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