AFRICAN RAINBOW MINERALS 2006 Annual Report. Underground at Harmony s Target gold mine in the Free State province

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1 48 AFRICAN RAINBOW MINERALS Underground at Harmony s Target gold mine in the Free State province

2 AFRICAN RAINBOW MINERALS 49 Harmony Gold ABOUT HARMONY ARM holds a 16 percent interest in Harmony Gold Mining Company Limited (Harmony), which is the fifth largest gold producer in the world. Harmony's operations are located in the major gold-producing areas of South Africa (Carletonville, Orkney, Welkom and Virginia) and Australia. These are outlined below. IN SOUTH AFRICA the company's Quality Assets, which include the Target, Tshepong, Masimong 5, Evander and Randfontein operations; the Leveraged Assets, including Bambanani, Joel, West, St Helena, Harmony 2, Merriespruit 1 and 3, Unisel, Brand 3 in the Free State, and Orkney 1, 2 and 7 operations in North West Province; and Growth Projects, namely the Doornkop South Reef, Elandsrand new mine, the Tshepong decline project and the Phakisa shaft projects. In addition, there are several surface operations, including Kalgold. IN AUSTRALASIA the Mt Magnet and South Kal mine open-pit and underground operations in Western Australia; and the Hidden Valley and Wafi-Golpu projects in Papua New Guinea (PNG). HARMONY location of operations NAMIBIA BOTSWANA Limpopo North West Mpumalanga Johannesburg Gauteng KwaZulu Natal Elandsrand Randfontein Kalgold Evander Doornkop Orkney 2, 4 PNG Wafi Golpu Hidden Valley Wafi SOUTH AFRICA Free State Durban Darwin Port Moresby Eastern Cape Cairns Cape Town Western Cape Tshepong Welkom Masimong 5 St. Helena Bambanani Brand 3 Joel Unisel Phakisa Harmony 2 Target Merriespruit 1, 3 AUSTRALIA Brisbane Perth Mt Magnet South Kal Adelaide Melbourne Sydney 5 HARMONY GOLD

3 50 AFRICAN RAINBOW MINERALS Harmony Gold continued MANAGEMENT Harmony is managed independently of ARM, although the executive chairman of ARM is also the non-executive chairman of Harmony. ARM s financial director, Frank Abbott, also serves on the Harmony board as a non-executive director. HARMONY AT A GLANCE FY2006 FY2005 % Increase/(decrease) Total gold production kg (20) 000oz (20) Revenue R/kg $/oz Cash operating costs R/kg (18) $/oz (14) Cash operating profit Rm Headline loss per share cents (269) (342) 21 Capital expenditure Rm $ REVIEW OF THE MARKET Renewed investor and speculative interest in the gold market over the past 12 months has resulted in the gold price rising to levels not seen in at least 25 years it peaked at $730 per ounce in mid-may Gold has frequently been regarded as an inflationary hedge and the rise in the gold price, especially since January 2006, has been largely driven by fears of rising global inflation as a result of a rising oil price and a global economic downturn. The conflict in the Middle East, initially Iraq and more recently Israel and Lebanon, has helped to fuel speculative demand. However, South African producers have seen the price in rands soar to above R per kilogram, supported by the recent softening of the rand against the US dollar. Fabrication demand for gold, which had reacted positively to the upturn in global economies in recent years, has fallen off in response to the higher price. On the supply side, production from South Africa has declined significantly over the years, but the country is still the largest gold producer in the world. Current price levels have led to a surge in exploration and expansion projects around the world. REVIEW OF THE YEAR The 2006 financial year continued to be one of consolidation for Harmony. The radical restructuring of operations embarked on in the 2004 financial year closure of loss-making and marginal shafts, mining lower volumes at higher grades and the introduction of continuous operations at a number of shafts was largely completed by year end, although the effects have yet to be felt on operating performance. In the 2006 financial year, gold produced declined by 20 percent to kilograms ( ounces). The average gold price received was R per kilogram ($529 per ounce), an increase of 28 percent over the previous year. The average rand/dollar exchange rate was R6.36/$ compared with R6.18/$ the previous year, reaching R7.17/$ at year end.

4 AFRICAN RAINBOW MINERALS 51 PRODUCTION AND CASH OPERATING COSTS BY REGION Production in FY2006 (000oz) Cash operating costs (R/kg) SOUTH AFRICA Quality Assets Leveraged Assets Growth Projects AUSTRALIA SURFACE OPERATIONS TOTAL Cash operating costs were up by 18 percent to R per kilogram (or by 14 percent to $433 per ounce) which is a creditable performance when considering the decrease in gold production. This increase was also affected by an increase in wages of between 6 percent and 7 percent with effect from 1 July 2005 following the two-year wage agreement reached with the unions in August Operating profit margin increased to 18 percent while cash operating profit rose by 68 percent to R1 459 million ($229 million), both having felt the impact of the rising gold price and the slightly weakening rand, and are highly illustrative of Harmony's gearing. PROJECT CAPEX Capital expenditure in FY2006 amounted to R1 688 million ($266 million), of which 33 percent (R561 million; $88 million) was allocated to the five growth projects in support of the company s robust project pipeline. In line with the company's policy of accounting for the capitalisation of mine development, there was a significant (R659 million: $103 million) decrease in operating costs and a commensurate increase in the figure for capital expenditure. On 16 November 2005, Harmony disposed of its remaining 26.5 million Gold Fields Limited shares for R2 442 million, equivalent to an average price of R per share.the investment was acquired at a cost of R2 135 million, resulting in a profit of R307 million. Harmony has acquired during the year under review a total of million shares in Western Areas Limited, representing a 29.2 percent stake in the company. The acquisition of this significant shareholding in Western Areas provides Harmony with a strategic exposure of 14.6 percent to South Deep gold mine, which is a 50:50 joint venture between Western Areas and Barrick Gold Corporation. The South Deep gold mine contains a reserve of 29.2 million ounces and a resource of 67 million ounces, which represents one of the biggest high quality gold ore bodies globally. Subsequent to the financial year-end, Barrick Gold Corporation agreed to sell its interest in South Deep to Gold Fields Limited. Furthermore, Gold Fields has increased its holding in Western Areas and made an offer to minorities, including Harmony, to acquire all its shares in Western Areas in exchange for Gold Fields shares. R147m R119m R53m R147m R95m Doornkop South Reef Elandsrand New Mine Tshepong North Decline Phakisa shaft Hidden Valley, PNG 5 HARMONY GOLD

5 52 AFRICAN RAINBOW MINERALS Harmony s Phakisa shaft, in the Free State province

6 AFRICAN RAINBOW MINERALS 53 Harmony Gold continued Harmony's focus on projects has also continued during the year, with good progress being made on all five of the company's significant projects (See table below). OUTLOOK AND GROWTH Harmony s continued investment in its major projects should soon bear fruit as these projects come into production over the next few years. Production is planned to increase to 3.5 million ounces over the next four years with a corresponding decline in cash operating costs. HARMONY S GROWTH PROJECTS SUMMARY OF KEY STATISTICS Project Location Description Expected peak Project Life of mine production completion (years) (000oz) date Tshepong Free State Development of a decline to access 172 February 13 Decline Province, lower reserves from bottom of the 2008 South existing Tshepong vertical shaft Africa Phakisa Free State Sinking and equipping of primary 282 February 21 Shaft Province, shaft to metres below surface; 2009 South and the development of a Africa metre twin decline Doornkop Gauteng Deepening of the Doornkop main 340 June 11 South Province, shaft to metres 2010 Reef South Africa Elandsrand Gauteng, Development of a new mine at 445 December 22 new mine Province, depths between and South metres below the existing mine Africa infrastructure Hidden Morobe Development of a new mine in 285 September 10 Valley Province, two phases 2007 PNG The information in this section is a summary of information that appears in the Harmony Annual Report. 5 HARMONY GOLD

ABOUT HARMONY. In addition, there are several surface operations, including Kalgold.

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