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New Bendigo Shareholders Give Harmony The Go Ahead

Release Date: 13/12/2001 15:32:34      Code(s): HAR
Harmony Gold Mining Co. Ltd.
News Release
Johannesburg - Shareholders of New Bendigo NL (Bendigo) have unanimously
voted in favour of Harmony's offer announced on 25 September 2001.
120 shareholders were present at the meeting and 360,4 proxy votes were
received, of which 0,5 million voted against the transaction. The effective
date of the transaction is 14 December 2001.
Says Bernard Swanepoel, Harmony's chief executive, "We are very pleased with
the shareholders decision. Payment is being affected today and the shares
will issued thereafter."
Ted Grobicki, Harmony's executive director: Australian Operations, has been
appointed to the Bendigo Board and Harmony manager Ian Crowe as the mining
Harmony's cash investment will be used to continue a project to develop a
high grade, mechanised underground mine, with a life of 25 years. The work
on the decline that was suspended earlier this year will now go ahead with
the first blast scheduled for Monday 17 December.
The potential resource of the orebodies that have been analysed to date, is
estimated at 12 million ounces of gold. The proposed mine will be developed
in stages and is planned to reach its design capacity of 400 000 oz/year by
At a recovery grade of  10 - 12 g/t, the mine would be producing more that
400 000 ounces of gold per annum at a cash cost of approximately US$100 per
ounce. Total cash costs, including capital, for the project are estimated at
US$135 per ounce.
"We believe that this is one of the most exciting gold mining opportunities
in Australia," says Swanepoel. "New Hampton and Hill 50 currently add
approximately 520 000 ounces per annum to Harmony's production. At
completion of the Bendigo project, the company will control production in
excess of 1 million ounces in Australia."

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