Harmony Gold Mining Co. Ltd. - NEWS RELEASE Release Date: 31/07/2002 14:33:18 Code(s): HAR
Harmony Gold Mining Co. Ltd. - NEWS RELEASE
HARMONY GOLD MINING COMPANY LIMITED
ISIN No.: ZAE000015228
HARMONY CONCLUDES BEE/SUPPLY INITIATIVE WITH IZINGODO HOLDINGS
Johannesburg, 31 July 2002 - Harmony today announced that Izingodo Holdings, a
black controlled consortium that have acquired a significant stake in Timrite
(Pty) Ltd, will in future supply 90% of the company`s timber requirements. The
initial stake taken by Izingodo is the first tranche in an acquisition programme
that will result in the company acquiring the majority stake in Timrite over the
next few years.
Timrite was the largest contract supplier to Harmony, supplying the bulk of the
company`s mining timber requirements to the value of R102 million per annum and
managing its timber yards.
The acquisition by Izingodo of Timrite is in line with Harmony`s Black Economic
Empowerment-Suppliers Policy. In terms of this policy Harmony is committed to
transforming its purchasing policy and power towards black owned suppliers
without compromising on price, quality and service. The Izingodo /Timrite
transaction is an important part of this programme.
Izingodo Timrite (Pty) Ltd, as the new company will be known, will be the first
major Black Empowered timber company servicing the mining industry.
The Izingodo Holdings consortium comprises Nthato and Karabo Motlana, sons of
well-known Dr. Nthato Motlana, as well as Eric Mabuza, a businessman and
advocate based in Mpumalanga. Mr Mabuza will be the chairman of the company.
Nthato Motlana, who is to become an executive director of the company, is well
known in the Timber industry. Mr. Motlana founded Madiba sawmills, the first
black owned sawmill in South Africa. Since 1999, he has been chairman of the
South African Lumber Millers` Association and serves on the National Forestry
Advisory Council, a statutory body that advises the Minister of Water Affairs
IZINGODO TIMRITE (PTY) LTD
Contact: Nthato Motlana
Phone: +27 11 465 1600
For further details contact:
on +27(0)83 303 9922
on +27(0)82 807 3684
Issued by Harmony Gold Mining Company Limited
Tel +27 11 684 0146
Fax +27 11 684 0188 Mobile +27(0)83 380 6614
Date: 31/07/2002 02:32:42 PM Supplied by www.sharenet.co.za
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