Harmony’s strategy is to produce 2 million ounces of gold, safely and
profitably, by 2013. Accordingly, action has been taken and capital
expenditure committed to increase production at existing operations,
further the development of current projects and advance scoping studies
so as to ensure the future production pipeline of tomorrow’s gold by
growing reserves and resources and strengthening the quality of our
asset base.
The first Stabilisation Phase of the strategy, as its name implies,
aimed to stabilise the company and its operations. It extended over a
five-month period, from August 2007 to December 2007, and included the
focused implementation of the first component of the strategy, called
Back-to-Basics, which continued into the early months of the second
18-month Recovery Phase. The Back-to-Basics component lasted until the
end of FY09 and has now become a guiding philosophy for the overall
strategy.
As Back-to-Basics was bedded down and began to deliver the desired
results, the second component of the strategy, known as Organic Growth,
was launched. This continued for the remainder of FY09 and into the
early months of the third, 36-month plus Growth Phase that extends to
June 2012 and beyond. As the Organic Growth component of the strategy is
bedded down and delivers results, the third and final
Organic/Acquisition component has been initiated.