Go Back Email this Link to a friend

Harmony Commences Trading On The New York Stock Exchange (NYSE)

Release Date: 27/11/2002 16:30:02      Code(s): HAR
Harmony Commences Trading On The New York Stock Exchange (NYSE)                 
Harmony Gold Mining Co. Ltd                                                     
ISIN No.:   ZAE000015228                                                        
JSE:         HAR                                                                
NYSE:        HMY                                                                
News Release                                                                    
Johannesburg - 27 November 2002 - Harmony Gold Mining                           
Company Limited (NYSE: HMY; JSE: HAR), the world`s fifth largest                
gold producer, today announced that its American Depositary Receipts            
commenced trading on the New York Stock Exchange (NYSE) under                   
the symbol "HMY." The Company`s warrants also began trading on                  
the NYSE under the symbol "HMYWS." No new shares were issued                    
in connection with the listing.                                                 
This morning, in honour of the occasion, Ms. Pumzile Mlambo-Ngcuka,             
South Africa`s Minister of Minerals & Energy and Mr. Bernard Swanepoel,         
Harmony`s Chief Executive rang the NYSE traditional opening bell to             
mark the start of the trading day on Wall Street.                               
Mr. Khanya Motshabi, South Africa`s Chief Executive NEF Department of           
Minerals & Energy, and Adam Fleming, Harmony`s Chairman also                    
attended the listing ceremony accompanied by other members of                   
management and of the financial community.                                      
"Harmony`s listing on the prestigious NYSE marks a significant milestone        
in our growth and development and represents another step in our                
ongoing commitment to corporate governance and transparency,"                   
commented Bernard Swanepoel.  "The NYSE listing will provide greater            
visibility and access to a wider investor base, while reducing volatility in    
the trading of our stock."                                                      
"My partners at the Exchange and I are privileged to welcome Harmony to our     
listed company family," said Chairman and CEO of the NYSE, Dick Grasso.  "Our   
goal is to provide the highest quality market possible for investors and        
qualifying issuers, and it is especially gratifying when an outstanding         
enterprise such as Harmony recognizes the benefits of a NYSE listing.  We look  
forward to our new partnership with Harmony, and to serving the Company and its 
Minister Mlambo-Ngcuka commented: "We congratulate Harmony on their successful  
listing on the NYSE. South Africa remains an extremely attractive investment    
destination, with Harmony being the proof that value can be created for all     
JP Morgan Chase Securities represented Harmony in this transaction and The Bank 
of New York acts as its Depositary Bank.  Harmony selected Van der Moolen to    
represent it as its Specialist Firm on the NYSE.                                
About Harmony Gold Mining Company Limited                                       
Harmony is the world`s fifth largest gold producer with a market capitalization 
of approximately US$2.3 billion.  The Company has the world`s largest gold      
resource and during the June 2002 quarter was the second most profitable gold   
producer, as measured by EPS per ounce produced.                                
Harmony`s successful growth strategy and focus on cost reduction has created    
significant value for all stakeholders since it became an independent mining    
company in 1995.  Through organic growth and the completion of 23 acquisitions  
to-date, Harmony increased its production base to an annualized 3.1 million     
ounces for fiscal year 2003, from approximately 580,000 ounces for fiscal year  
1995.  Additionally, by being unhedged, the Company is leveraged to changes in  
the gold price.                                                                 
For the fiscal year ended June 30, 2002, cash operating profits increased year- 
on-year by 284% to R2,591 million (US$254 million), from R673 million (US$88    
million).  Over the same period, earnings per share increased year-on-year by   
882% percent to 1 094 SA cents (US$1.07), from 112 SA cents (US$0.15 cents).  A 
dividend of 500 SA cents (US$0.49 cents) per share was declared and paid for    
fiscal year 2002.                                                               
Using a gold price of US$295/oz, Harmony`s reserve base increased in both       
quantity and quality to an estimated 49 million ounces as of June 2002, from    
approximately 8 million ounces in 1995. In addition, over the same period, the  
Company`s resources increased to approximately 295 million ounces, from 23      
million ounces.                                                                 
Based in South Africa, Harmony has operations in South Africa and Australia, as 
well as a highly prospective exploration program in South Africa, Australia,    
Peru and Russia.                                                                
For more information on the Company go to www.harmony.co.za                     
Issued by :                                                                     
Harmony Gold Mining Company Limited                                             
For release at 16:30 pm Johannesburg time on Wednesday                          
27 November 2002                                                                
For more details contact:                                                       
Bernard Swanepoel                                                               
on +27(0)83  303 9922                                                           
Ferdi Dippenaar                                                                 
on +27(0)82 807 3684                                                            
Investor Relations                                                              
Corn Bobbert                                                                   
Tel +27 11 684 0146                                                             
Fax +27 11 684 0188 Cel +27(0)83 380 6614                                       
E-mail: cbobbert@harmony.co.za                                                  
Web site:                                                                       
Date: 27/11/2002 04:30:00 PM Supplied by www.sharenet.co.za                     
Produced by the JSE SENS Department                                             

Email this JSE Sens Item to a Friend.

Send e-mail to
© 2021 SHARENET (PTY) Ltd, Cape Town, South Africa
Home     Terms & conditions    Privacy Policy
    Security Notice    Contact Details
Market Statistics are calculated by Sharenet and are therefore not the official JSE Market Statistics. The calculation/derivation may include underlying JSE data.