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HARMONY GOLD MINING COMPANY LIMITED ANNOUNCEMENT - Amendment

Release Date: 22/06/2001 11:18:38      Code(s): HAR
Harmony Gold Mining Company Limited
(Incorporated in the Republic of South Africa)
(Registration number 1950/038232/06)
("Harmony" or "the Company")
Successful completion of specific issue
The board of directors of Harmony is pleased to announce an international
specific issue for cash lead managed by J.P. Morgan Securities Ltd.
("JPMorgan") of ordinary shares in Harmony ("Harmony shares") and warrants,
each warrant entitling the holder to subscribe for one Harmony share on or
before 29 June 2003 on the terms set out in the circular to shareholders of
Harmony dated 17 May 2001 ("warrants"), (collectively, the "specific
issue"). The Harmony shares and warrants are being issued in multiples of
three shares and one warrant, at a total issue consideration of R129,00 per
three Harmony shares and one warrant. The Company is issuing 23 550 000 new
Harmony shares at an issue price of R43,00 per Harmony share ("the issue
price") and 7 850 000 warrants, and has granted an option to the
underwriters to the specific issue to increase the size of the issue by a
further 3 532 500 Harmony shares and 1 177 500 warrants ("the underwriters'
option").
1. Financial effects
The issue price was determined following a book-building process which
commenced on 11 June 2001 and closed on 21 June 2001. The issue price of
R43,00 per Harmony share is the same as the closing price on the JSE
Securities Exchange South Africa ("JSE") on 21 June 2001 and  represents a
discount of 4,0% to the weighted average traded price of Harmony shares over
the 30 days prior to the date that the issue price was determined. The pro-
forma effects of the specific issue on earnings and net asset value per
share issue on the basis set out below are as follows:
                                   Before    After    % Increase /
                                                      (Decrease)
Net asset and tangible asset
value per ordinary share (cents)   3 148     3 389    7,7%
Earnings and headline earnings
per share (cents)                  216,4     255,7    18,2%
Notes:
1. Includes the effects of the exercise in full of the underwriters' option.
2. The pro-forma consolidated income statement has been compiled from the
consolidated income statement of Harmony for the six months ended 31
December 2000.
3. The adjustment column on the pro-forma consolidated income statement
relates to the following:
- interest of 12% per annum received on cash generated by the shares issued
as indicated below; and
- tax effects related to the above.
4. The pro-forma consolidated balance sheet has been compiled from the
consolidated balance sheet of Harmony as at 31 December 2000, adjusted for
27 082 500 ordinary shares (includes full potential exercise of
underwriters' option) issued at a price of R43,00  per share.
2. Fair and Reasonable opinions
At a general meeting of shareholders of Harmony ("shareholders") held on 8
June 2001, the board of directors of Harmony ("Harmony Board") was
authorised to undertake the specific issue subject to the provision that
after the finalisation of the issue price, independent experts acceptable to
the JSE determine that the issue of the warrants is fair and reasonable to
shareholders in accordance with Section 3.40 of the JSE Listing Requirements
("Section 3.40").
After the pricing of the specific issue on 21 June 2001, the Harmony Board
was advised by both J.P. Morgan plc and RMB Resources that the issue of the
warrants was fair and reasonable to shareholders in accordance with Section
3.40.
3. Issue to non-public shareholders
5,9% of the total potential specific issue (including the underwriters'
option) is to be issued to certain directors and executive officers of
Harmony. Prior to the specific issue the directors and executive officers of
Harmony held 3,7% of the Harmony shares then in issue. A further
announcement detailing allotments to directors of Harmony will be made in
due course.
4.  Listings and JSE timetable
The Harmony shares and warrants are to be listed on the JSE and, in the case
of the Harmony shares, in the form of American Depository Shares which are
to be listed on the Nasdaq Stock Market in the United States of America
("NASDAQ"). The warrants will be listed on the JSE under the symbol "HARW"
and on the NASDAQ under the symbol "HGMCW".  Application will be made for
the listing of the Harmony shares on the Official List of the United Kindom
Listing Authority and for admission to trading on the London Stock Exchange.
Application is also expected to be made for listing of the Harmony shares on
the Premier March, of the Euronext Paris. Harmony's International Depository
Shares are listed on Euronext Brussels.
The timing of key JSE-related events is indicated below:
Issue of Harmony shares and
warrants on                            Friday, 29 June 2001
Listing of Harmony shares and
warrants on the JSE on                 Monday, 2 July 2001
Issue of certificates of title
to the Harmony shares and
warrants on or about                   Tuesday, 3 July 2001
Shareholders are cautioned to comply with applicable JSE settlement
requirements particularly, where applicable, the rules concerning bear
trading as set out in the JSE Rules and Related Legislation.
Randfontein
25 June 2001
Financial adviser and Sponsor
JP Morgan
Legal adviser
Cliffe Dekker Fuller Moore Inc
Reporting accountants and auditors
PricewaterhouseCoopers Inc
Independent merchant bank
RMB Resources



                                        
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