Harmony Gold Mining Co. Ltd.
HARMONY GETS SARB APPROVAL FOR HILL 50 BID
Johannesburg, 23 January 2002 - Harmony Gold Mining Company Limited today
announced that it had received formal notification from the South African
Reserve Bank (SARB) that its take-over offer for Hill 50 had been approved.
This approval fulfils another of the conditions relating to Harmony's bid
for Hill 50. Two other conditions have also recently been fulfilled:
* Last week Harmony received notification from the Foreign Investment Review
Board of Australia that Harmony's bid could go ahead
* Harmony has also been informed that the banking counter parties that have
hedging arrangements with Hill 50 would not exercise their rights to
terminate or suspend their contracts should Harmony be successful in taking
over Hill 50
Bernard Swanepoel, chief executive of Harmony said: "We are very pleased
that all regulatory conditions relating to Harmony's offer to Hill 50
shareholders have now been fulfilled. We therefore encourage shareholders to
accept Harmony's offer which had already been accepted by Hill 50's largest
shareholder who owns 16,3% of the company".
Harmony's offer is still subject to the condition that the company receive
acceptance to its bid from the holders of at least 50,1% of the aggregate of
Hill 50 shares and options.