Formed in 1950, South Africa's Harmony Gold Mining Company Limited (HMY) has grown through a series of strategic acquisitions. In addition to underground and surface gold mining, Harmony is also engaged in related activities such as exploration, processing, smelting, and refining. Presently, HMY is the largest producer of gold in South Africa, producing about 30% of the country's annual gold output, and the fifth largest gold producer in the world. Though the company's mining operations are mainly concentrated in South Africa, it also has mines in Australia and owns interests in the development and exploration programs at Hidden Valley and Wafi in Papua New Guinea. In fiscal year 2007, approximately 90.4% of Harmony's gold production came from South Africa and 9.6% from Australia. In Australia, Harmony's two operations consist of both underground and open pit mines located at Mt. Magnet and South Kalgoorlie in Western Australia. The company has total proven and probable reserves of approximately 53.67 million ounces mainly from its South African sources.