Canadian Mining Journal

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COMPANY NEWS Harmony Acquires Stake in High River

South Africa's third largest gold producer, HARMONY GOLD MINING, has acquired a 21% equity stake in HIGH RIVER GOLD...


South Africa’s third largest gold producer, HARMONY GOLD MINING, has acquired a 21% equity stake in HIGH RIVER GOLD of Toronto. The purchase amounts of US$14.5 million or 85 cents/share for 17.1 million High River shares.

High River holds 50% (with TVX Newmont) of the New Britannia gold mine near Bissett, Man., a 53% fully diluted interest in the Buryatzoloto gold mine in Russia, an 80% interest in the Taparko gold project in Burkina Faso, and an agreement to acquire 100% interest in the Berezitovoye gold project in Siberia. High River’s share of production from all its properties was 57,000 oz gold in 2001, but that is expected to jump to 140,000 oz this year.

By contrast, Harmony sold in the neighbourhood of 2.67 million oz of gold last year from its South African operations. In October Harmony was awarded U.S. and Canadian marketing rights for a line of gold and silver jewellery, investment bars and coins based on the popular Lord of the Rings trilogy.

"We are extremely pleased with securing the rights for the North American market for these products produced in South Africa. Beneficiation of our gold has been high on our priority list and initiatives like these ensure new opportunities for South Africa and its people," according to Ferdi Dippenaar, Harmony’s marketing director.

High River maintains its web site at www.hrg.ca and more information on Harmony is available at www.harmony.co.za


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