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
HARMONY COMMENCES TRADING ON THE NEW YORK STOCK EXCHANGE (NYSE)
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
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:
on +27(0)83 303 9922
on +27(0)82 807 3684
Tel +27 11 684 0146
Fax +27 11 684 0188 Cel +27(0)83 380 6614
Date: 27/11/2002 04:30:00 PM Supplied by www.sharenet.co.za
Produced by the JSE SENS Department