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

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1 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 and projects are located in the major gold-producing areas of South Africa (Carletonville, Orkney, Welkom, Evander and Virginia), Australia and Papua New Guinea. These are outlined below. IN SOUTH AFRICA the company's Quality Assets, which include the Target, Tshepong, Masimong 5, Evander and Randfontein Cooke 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 in the North West province; and Growth Projects, namely the Doornkop South Reef, Elandsrand new mine, the Tshepong decline project and the Phakisa New Mine project. In addition, there are several surface operations, including Kalgold. IN AUSTRALASIA the Mt Magnet and South Kal operations in Western Australia; and the Hidden Valley and Wafi-Golpu projects in PNG. 50

2 HARMONY GOLD North West Limpopo Mpumalanga Johannesburg Gauteng Free State KwaZulu Natal Elandsrand Randfontein Kalgold Evander Doornkop SOUTH AFRICA Durban Eastern Cape Western Cape Wafi- Golpu Tshepong Masimong 5 Bambanani Joel Phakisa Target Welkom St. Helena Brand 3 Unisel Harmony 2 Merriespruit 1, 3 Darwin PNG Port Moresby Wafi Cairns Hidden Valley AUSTRALIA Brisbane South Kal Mt Magnet Perth Adelaide Sydney Melbourne GOLD 51

3 PHAKISA SHAFT, HARMONY 52

4 Harmony Gold The 2007 financial year was a challenging one for Harmony. Key board and management changes were effected post year end and ARM is confident that the new management in place at Harmony is focused on implementing effective cost cutting and control measures and, at the same time, focusing on the basic principles of ore reserve management and mining that has made Harmony the successful company that it has been in the past. OPERATING PERFORMANCE Operating performance was disappointing both in respect of production and cost control. On the production front, gold produced declined to kilograms. A significant increase in cash operating costs was also reported for the F2007, rising by 26.8% year-on-year from R6.6 billion to R8.2 billion. Cost under-reporting in the third quarter owing to a system implementation error had a significant impact on results of the fourth quarter. A number of operational problems were experienced during the year and these are more fully reported in the Harmony annual report and on that company s website at FINANCIAL PERFORMANCE Harmony s performance in F2007 exceeded that of F2006, albeit largely as a result of the rising gold price. The financial performance was much improved, with the group posting net profit of R341 million, the first time that the group registered a profit in three years. Pleasingly, cash operating profit increased to R2 556 million (F2006: R1 459 million) while operating profit improved to R1 228 million from R255 million in F2006. This follows a rise in revenue for the year of 34% to R9 148 million (F2006: R6 823 billion). The gold price received for the year was 21% higher, at US$638/oz (F2006: US$529/oz), while the Rand/US Dollar exchange rate was marginally weaker at R7.20, and also played a role in raising randbased revenue. Basic headline earnings per share improved substantially to 43 SA cents from a loss of 269 SA cents per share recorded in FY06. DISPOSALS In April 2007, Harmony announced the sale of the Orkney shafts to Pamodzi Gold in a transaction valued at R550 million. The transaction agreement, which was signed on 31 August, provides for a royalty for Harmony and the sale should be concluded by the end of calendar On 31 July 2007, Harmony reached agreement to sell South Kal Mines to Dioro Exploration NL in Australia. Dioro will pay to HARMONY KEY STATISTICS Unit F2007 F2006 Gold produced continued ops kg Gold produced discontinued ops kg Gold produced total kg Average gold price achieved continued ops R/kg Average gold price achieved discontinued ops R/kg Average gold price achieved total R/kg Revenue continued ops R million Revenue discontinued ops R million Revenue total R million Cash costs continued ops R/kg Cash costs discontinued ops R/kg Cash costs total R/kg Cash operating profit R million Cash operating profit discont. ops R million Cash operating profit total R million Headline earnings/(loss) per share cont. ops SA cps 129 (275) Headline earnings/(loss) per share discont. ops SA cps (85) 6 Headline earnings/(loss) per share total SA cps 43 (269) Fully diluted earnings/(loss) per share cont. ops SA cps 235 (139) Fully diluted earnings/(loss) per share - discont. ops SA cps (150) 4 Fully diluted earnings/(loss) per share SA cps 85 (133) Average exchange rate Rand/US$ GOLD 53

5 Harmony Gold continued Harmony A$25 million (R150 million) in cash and will issue shares to the value of A$20 million (R120 million). The transaction is expected to close in October GROWTH PROJECTS Good progress continued to be made at Harmony s five growth projects during F2007 four in South Africa and one in PNG. Together these projects will add some 1.4 million ounces to production over the next four years and substantially improve the quality of Harmony s operations going forward. Attributable capital expenditure incurred for these five growth projects during F2007 amounted to R1 174 million, with Hidden Valley in PNG accounting for around 45% of this. Given the company s current cash position, planned capital expenditure is being re-evaluated, together with project timelines. The company spent R194 million on exploration in F2007, which is an increase of 173% on the exploration expenditure incurred in F2006. In July 2007, Harmony completed the pre-feasibility studies for the Wafi-Golpu gold copper deposit located at the Wafi site in the Morobe province of PNG. A pre-feasibility study for the Wafi gold deposit study is currently under way and due for completion in November The Golpu study identified a technically and economically viable project plan, with the definition of a probable ore reserve of 70.8 million tonnes, grading 1.1% copper, 0.61g/t gold, and 121ppm molybdenum. PROSPECTS A key priority for F2008 is ensuring that Harmony turns its current operations to optimal account. The company s back to basics approach and focus on disciplined mining should have management and the workforce concentrating on reversing the downward trend in its production and the upward trend in costs. 54

6 TARGET MINE, HARMONY GOLD 55

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

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