Harmony Gold



Harmony Gold is a South African based mining company, and the largest of its kind in the region. They specifically work in the Gold mining industry and donít develop any other metals. As well as Africa, they have operations based out of Canada, Australia and Papua New Guinea. They were most recently brought to the forefront of pop culture as the producers of a Lord of the Rings replica ring, made from South African, 18 carat gold, mined right near author JRR Tolkienís birthplace. It was marketed at around $250 US dollar equivalent.

Going by 2004 data, that year Harmony Gold had mined and processed over 3.96 million tons of ore, resulting in approximately 3 million ounces of Gold that could be sold. There most recent annual revenue reached $1.18 billion US Dollar equivalent. Currently their main mines are located on the Witwatersrand Basin in South Africa, the Gauteng, North West Province, Mpumalanga and the Free State.

Historically Harmony Gold was first founded in 1950 where it operated a single mine. In 1995 it sought massive expansion and acquired several other companies in the following years, including the Lydex mine in 1997, Evander the following year, Kalgold in 1999, Randfontein in the year 2000, ARMgold in 2003, and most recently Avgold in 2004.

Harmony Goldís current business structure sees Patrice Motsepe as a non Executive Chairman, Executive Directors Graham Briggs and Frank Abbot, several non executive Directors, and a 9 person strong management team headed by Bob Atkinsonas the Operations Director.

Their current strategy is to develop a dominant global gold mining company, in conjunction with their current exploration operations in South Africa and Papua New Guinea. They aim to increase their gold production to 2.2 million ounces annually by 2012.
In terms of criticism and the issues with sustainability, Harmony Gold claims to recognize the 'give-and-take' relationship that must prosper, so that balance can be promoted between economic growth and the wellbeing of local communities and their employees.



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