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CASH ALTERNATIVE UNDER OFFER BY HARMONY FOR RANDFONTEIN OPTIONS

Release Date: 07/01/2000 15:20:55      Code(s): HAR HARO
HARMONY GOLD MINING COMPANY LIMITED
(INCORPORATED IN THE REPUBLIC OF SOUTH AFRICA)
(REGISTRATION NUMBER 05/38232/06)
("HARMONY")
OFFER BY HARMONY TO ACQUIRE THE ENTIRE ISSUED ORDINARY SHARE CAPITAL OF AND ALL
LISTED OPTIONS ISSUED BY RANDFONTEIN ESTATES LIMITED ("RANDFONTEIN") (THE
"OFFER")
RANDFONTEIN SHAREHOLDERS AND OPTION HOLDERS ARE REFERRED TO THE ANNOUNCEMENT
PUBLISHED OVER SENS ON THURSDAY, 6 JANUARY 2000 AND IN THE PRESS ON FRIDAY, 7
JANUARY 2000 REGARDING THE OFFER.
THE BOARD OF DIRECTORS OF HARMONY ADVISES THAT IN ITS FORMAL OFFER DOCUMENT IT
WILL INTRODUCE A CASH ALTERNATIVE OF 248 CENTS PER RANDFONTEIN LISTED OPTION IN
TERMS OF THE OFFER TO ACQUIRE THE RANDFONTEIN LISTED OPTIONS (THE "CASH
ALTERNATIVE").  ACCORDINGLY, HARMONY INTENDS TO MAKE AN OFFER TO ACQUIRE ALL OF
THE LISTED OPTIONS FOR A CONSIDERATION WHICH IS EQUAL TO:
* 7 NEW HARMONY SHARES FOR EVERY 100 RANDFONTEIN LISTED OPTIONS HELD;
  OR, IF AN OPTION HOLDER SO ELECTS,
* 248 CENTS, IN CASH, PER RANDFONTEIN LISTED OPTION HELD,
IN TERMS OF THE OFFER TO ACQUIRE ALL OF THE RANDFONTEIN LISTED OPTIONS. SAVE AS
AFORESAID, ALL THE TERMS OF THE OFFER WILL BE AS REFLECTED IN THE AFORESAID
ANNOUNCEMENTS.
THE CASH ALTERNATIVE REPRESENTS A PREMIUM OF APPROXIMATELY 34% OVER THE CLOSING
MARKET PRICE PER RANDFONTEIN LISTED OPTION OF 185 CENTS ON 5 JANUARY 2000, THE
DAY BEFORE PUBLICATION OF THE ANNOUNCEMENT CONCERNING THE OFFER, AND A PREMIUM
OF APPROXIMATELY 77% OVER THE CLOSING MARKET PRICE PER RANDFONTEIN LISTED
OPTION OF 140 CENTS ON FRIDAY, 3 DECEMBER 1999, THE LAST PRACTICABLE DATE
BEFORE PUBLICATION OF THE TERMS OF THE WESTERN AREAS LIMITED RESTRUCTURING.
FURTHER DETAILS OF THE OFFER WILL BE PUBLISHED IN DUE COURSE.
BY ORDER OF THE BOARD
VIRGINIA
7 JANUARY 2000



                                        
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