Go Back Email this Link to a friend


HARMONY GOLD MINING COMPANY LIMITED - ANNOUNCEMENT

Release Date: 22/01/2003 09:00:17      Code(s): HAR
HARMONY GOLD MINING COMPANY LIMITED - ANNOUNCEMENT                              
Harmony Gold Mining Company Limited                                             
Registration number 1950/038232/06                                              
ISIN : ZAE000015228                                                             
Trading Symbols                                                                 
Ordinary Shares                                                                 
JSE Securities Exchange  HAR                                                    
New York Stock Exchange  HMY                                                    
London Stock Exchange    HRM                                                    
Euronext Paris           HG                                                     
Euronext Brussels        HMY                                                    
Berlin Stock Exchange    HAM1                                                   
Warrants                                                                        
JSE Securities Exchange  HARW                                                   
New York Stock Exchange  HMYWS                                                  
Options                                                                         
Chicago Board Options                                                           
Exchange                 QHG                                                    
Doornkop South Reef Project: Our growth story continues                         
22 January 2003                                                                 
This review includes certain information that is based on management`s          
reasonable expectations and assumptions. These "forward-looking statements"     
include, but are not limited to, statements regarding estimates, intentions and 
beliefs, as well as anticipated future production, mine life, market conditions 
and costs. While management has prepared this information using the best of     
their experience and judgment, and in all good faith, there are risks and       
uncertainties involved which could cause results to differ from projections.    
Cautionary Note to US Investors - The United States Securities and Exchange     
Commission (the "SEC") permits mining companies, in their filings with the SEC, 
to disclose only those mineral deposits that a company can economically and     
legally extract or produce. We may use certain terms in this quarterly review,  
such as "resources", that the SEC guidelines strictly prohibit us from including
in our filings with the SEC.                                                    
Harmony`s 2002 Annual Report is available on our website at www.harmony.co.za   
COMPANY HIGHLIGHTS                                                              
* Delivery of future production growth at Randfontein with excellent financial  
returns                                                                         
* 26% Participation by Africa Vanguard Resources (Doornkop) (Pty) Ltd (AVR), a  
Black Economic Empowerment company                                              
* Creation of 2 798 employment opportunities (41 970 man years)                 
FINANCIAL HIGHLIGHTS                                                            
* Capital Expenditure of R1,27 billion (Base Dec 2002)                          
* 20 Year life with maximum of 330 000 oz/annum for a period of 12 years        
* NPV of R876 million using a real discount rate of 7,5%                        
* IRR of 48% (after tax) for Harmony                                            
* Maximum funding requirement of R500 m or R360 m after the AVR payment         
KEY TECHNICAL INDICATORS                                                        
* Definitive feasibility study completed - August 2002                          
* Resource of 20,1 m tons @ 10,17 g/t - 6,6 moz of gold                         
* Project to extract 18,3 m tons @ 6,36 g/t - 3,8 moz of gold                   
* Main shaft to be deepened from 1 340 m to 2 032 m                             
* Increased reef hoisting capacity from 90 000 reef tpm to 135 000 reef tpm     
* Reef tonnage build up from 45 000 tpm - 135 000 tpm after 6 years             
1. Project Background                                                           
1.1 Location                                                                    
The Doornkop Shaft complex is located south of Krugersdorp, on the north-west   
rim of the Witwatersrand Basin. The property lies between The Cooke 1 Shaft and 
Durban Roodepoort Deep Mines.                                                   
1.2 Current situation                                                           
The Kimberley Reef is mined on the upper levels with the South Reef, on the     
lower levels, the target resource of the proposed deepening project.            
Limited trial mining of the South Reef has been done from the sub-vertical      
ventilation shaft on 192 level at a depth of 1 734 m below surface.             
1.3 Pre-Harmony History                                                         
Exploration in the Doornkop area commenced in the early 1930s. Of eighteen      
boreholes drilled over the area, a total of thirteen boreholes provide useful   
information. In addition three intersections from the Kimberley Reef workings,  
and three from the adjoining Durban Roodepoort Deep area were obtained.         
Evaluation from all these intersections showed the South Reef to contain        
economic concentrations of gold.                                                
During August 1983 the sod turning ceremony took place and the sinking of the   
Doornkop Main Shaft and the Ventilation Shaft commenced. The plan at the time   
was to mine both the Kimberley Reef and the South Reef.                         
A decision was later taken to initially target the shallower Kimberley Reef only
and to defer the deeper section of the Main Shaft that would have given access  
to the South Reef.                                                              
During 1989 the planned production rates from the Kimberley Reefs were achieved.
The anticipated grades were not, however, achieved and adverse geological       
structures were encountered. Difficulties were encountered associated with the  
mechanised mining methods used.                                                 
During October 1991 the go-ahead was given for the South Reef Project which     
required that a prospect shaft (the Sub-vertical Ventilation Shaft) be sunk to  
intersect the South Reef. The South Reef was intersected in October 1993, with  
prospect development carried out in four directions off the shaft barrel        
including some 450 m of on-reef development. All work on the South Reef project 
was again stopped in 1995.                                                      
The project was given yet another go-ahead and the deepening of the Main Shaft  
recommenced in November 1996. All mining of the Kimberley Reef had to be stopped
and the shaft was dedicated to solid bottom sinking. Some infrastructure        
development was carried out on the 5 levels from 192 Level to 212 Level from the
Sub-vertical Ventilation Shaft.                                                 
In anticipation of corporate restructuring at JCI level, the deepening project  
was stopped in May 1999. At this time the Sub-vertical Shaft sinking was        
complete and the deepening of the Main Shaft stopped at 1 340 m below surface.  
Mechanical mining of the Kimberley Reef was resumed.                            
Over the years the South Reef was successfully and extensively mined on         
Randfontein Estates Mines and to a limited extent on the Durban Roodepoort Deep 
Mines.                                                                          
1.4 History post Harmony takeover                                               
Harmony acquired Doornkop when they took control of Randfontein in early 2000.  
Harmony carried on mining the Kimberley Reef but changed back to conventional   
mining methods at a reduced tonnage.                                            
Over the last two years, ledging and limited stoping of the South Reef has taken
place from 192 level. This has allowed for sampling and mapping of the faces to 
confirm the presence of a central pay shoot, adding value to the geological     
model.                                                                          
Harmony carried out a preliminary study on the South Reef in the period from    
September 2000 to January 2001. A feasibility study to take the project to a    
definitive level was then completed in August 2002, indicating a robust project 
with low technical risks and excellent returns.                                 
2. Project Description                                                          
The project is essentially a shaft deepening project and will allow access to   
additional resources on the South Reef.                                         
2.1 Geology                                                                     
The South Reef lies between 1 650 and 2 000 metres below surface and at 900     
metres below the Kimberley Reef dipping at 10 degrees to the southeast. It is a 
very thin seam, typically 1 to 10 cm thick.                                     
The reef plane is broken into a number of large blocks by a series of faults    
associated with the Witpoortjie Horst. The project area is bounded to the       
northwest by the Roodepoort Fault. A number of other faults including the Saxon 
Fault, constitutes conspicuous structural breaks. A second major fault, the     
Doornkop Fault, trends in an east-west direction and occurs towards the southern
portion of the project area. Within the major structural blocks, the reef plane 
is relatively uncomplicated with minor throw faults.                            
A prominent intrusive, the "Black Duck Dyke", is known to cut across Doornkop.  
This carries substantial water and is associated with bad ground conditions. The
dyke has been successfully negotiated in past mining activities.                
Metallurgical test work reveals that about 70% of the gold mineralisation are in
the form of free gold. This can be successfully addressed in the design of the  
recovery plant. The reef is also carbonaceous and friable in nature.            
A conservative 80% was used as a mine call factor. Correct blast fragmentation, 
good blast containment and effective sweeping (clean mining) should make an     
improvement on the mine call factor achievable.                                 
2.2 Mineral Resource                                                            
The resource has been modelled using data points provided from surface and      
underground boreholes, as well as from underground mapping and sampling and is  
defined in terms of the SAMREC code.                                            
A central higher grade pay shoot has been defined within this above 600 cmg/t   
area, which is recommended as the first phase of mining. As a result of         
underground sampling, a higher degree of confidence is ascribed to this area.   
South Reef Reserves                                                             
                   In situ Resource   Recovered                                 
Tons (millions)    20,1               18,3                                      
Grade (g/t)        10,17              6,36                                      
Gold (million oz)  6,6                3,8                                       
Gold (tons)        211                117                                       
2.3 Project Scope                                                               
The main shaft is currently at a depth of 1 340 m below surface and the sub-    
vertical ventilation shaft at a depth of 1 953 m below surface. To access the   
South Reef resource the main shaft will be deepened to a depth of 2 032 m and   
the spillage incline shaft extended to a depth of 2 082 m from surface.         
Shaft capacities:                                                               
                                                    Sub-Vertical                
Shaft                      Main       Ventilation   Ventilation                 
Current depth              1 340 m    867 m         1 948 m                     
Planned depth              2 032 m    Completed     Completed                   
Current hoisting capacity  90 ktpm    Nil           11 ktpm                     
Planned hoisting capacity  135 ktpm   Nil           22 ktpm                     
Diameter                   8 m        6,5 m         6 m                         
The project will be completed in the following phases:                          
Project phases                                                                  
Phase 1: Enable production of 45 000 tpm from South Reef                        
* Increase hoisting capacity of the sub-vertical ventilation shaft to 1 000 tpa 
* Opening of second outlets                                                     
* Completion of main shaft sinking and equipping                                
* Phase 1 primary and secondary development                                     
Duration    43 months - July 2006                                               
Phase 2: Enable production of 135 000 from South Reef                           
* Phase 2 primary and secondary development                                     
* Installation of additional compressor                                         
Duration    27 months - October 2008                                            
Phase 3: Mining below 212 Level                                                 
* Incline Shaft below 212 Level                                                 
* Phase 3 primary and secondary development (217 and 222 Levels)                
2.4 Production Build-up                                                         
The project will allow mining for 20 years with gold production of 272 kg (8 745
ounces) in year one, building up to 1 302 kg (41 859 ounces) in year four. After
year four gold production will build up rapidly to 10 362 kg (333 132 ounces)   
where it will remain up to year fourteen when gold production will start        
declining to the end of the project. It is estimated that 3,75 million ounces   
(116,7 tons) of gold will be recovered from this reserve.                       
3. Capital Expenditure                                                          
For the supply of plant and equipment, formal enquiries were issued for the bulk
of the projects requirements. For the shaft sinking, development, raiseboring,  
support and all construction work underground (including civil, mechanical,     
structural, electrical and instrumentation) a single sinking/construction       
enquiry was formally issued.                                                    
The tendered prices have been carried forward into the Capital estimates. The   
capital costs are all in July 2002 money terms, with no provision for           
escalation. Over 75% of the total estimated capital cost is based on tendered   
prices with the balance of the costs being estimated, so giving an overall      
accuracy on the estimates of 10%.                                               
Estimated Capital Expenditure for South Reef Project - in Phases                
(R million)                                                                     
July 2002 Cash Base           Equipment   Construction   Total                  
Phase 1 - 45 000 tpm          413         322            736                    
Phase 2 - 135 000 tpm         260         165            426                    
Phase 3 - 217 and 222 levels  20          89             108                    
Total                         693         576            1 270                  
4. Mining Production                                                            
The existing levels from the sub-vertical vent shaft will be used to access the 
South Reef. These levels are spaced at 50 m intervals. Rock transfer passes and 
level development was stopped at various stages for each level and can easily be
restarted for the project.                                                      
The mineralised portion is a narrow band, which will probably be carried in the 
middle of the face. There do not appear to be weak zones of rock in the vicinity
of the reef itself or of the footwall development and no major rock engineering 
problems are foreseen.                                                          
The design of the mine is based on conventional mining methods, proven          
technology and blasting techniques that will result on an average stoping width 
of 120 cm and a tramming width of 130 cm.                                       
Stoping outputs, development rates and valuation factors are within industry    
norms.                                                                          
Initial development will be done using the existing sub-ventilation shaft. By   
carefully selecting the development targets it is possible to ensure an         
immediate production rate of 45 000 t/month of reef, on commissioning of the    
deepened main shaft. There will be a rapid build up of production to 135 000    
t/month six years after the start of the project.                               
5. Working Costs                                                                
Working costs for the South Reef Project have generally been planned from a     
`zero cost` base. Costs have been estimated at three levels, 45 000, 90 000 and 
135 000 reef tons per month, as follows:                                        
Mine Operating Cost (R/ton milled)                                              
Production Level       45 000 tpm   90 000 tpm   135 000 tpm                    
Labour                 179          155          148                            
Stores                 86           86           86                             
Electric Power         42           31           28                             
RWB                    1            1            2                              
Contractors            4            3            3                              
Metallurgy             15           14           13                             
Other Costs            2            2            2                              
Total on-mine costs    330           293          281                           
Randfontein Overheads  30           30           30                             
Total Working Costs    360          323          311                            
6. Economic Valuation                                                           
6.1 Assumptions used                                                            
The following assumptions were used in calculating the valuations:              
Gold Price              R95 000/kg                                              
Tax Base                Randfontein Estates                                     
Tax Rate                46%                                                     
Total Labour            2 798 employees                                         
6.2 Valuation (R million)                                                       
The valuation is after tax in real terms, using Randfontein as tax base:        
Gold price  95 000   100 000                                                    
NPV 7.5%    876      1 032                                                      
IRR         48%                                                                 
6.3 Cash flow                                                                   
The project becomes cash positive in year 7 (2008) or in year 6 if we bring the 
R140 m AVR payment into account. Maximum cumulative funding requirement amounts 
to R500 million. No external funding will be required to fund cash outflows,    
which will be required over a five-year period. Funds will be available from    
current Randfontein working profits. Randfontein tax base will be used.         
Total capital requirement: R1,271 million - Maximum funding R500 million.       
6.4 Sensitivity analyses                                                        
A sensitivity analysis of plus 5%, plus 10%, minus 5% and minus 10% was         
conducted on revenue (gold price and grade), working cost and capital           
expenditure.                                                                    
The analysis indicates that the project is marginally sensitive to capital      
expenditure, with the sensitivity to revenue (gold price and grade) and working 
costs more pronounced. Even at a 10% variance of one of the parameters from the 
base case, the project still shows a post-tax NPV (7,5%) of R409 m, indicating  
the robustness of the project.                                                  
Sensitivity to changes in main parameters for NPV of 7,5% (R million)           
- 10%   - 5%   Base   5%     10%                        
Revenue                                                                         
(Gold price and grade)  589     782    876    1 015  162                        
Working Cost            1 023   949    876    802    728                        
CAPEX                   927     909    876    850    824                        
Sensitivity of IRR with respect to gold price                                   
R/kg gold price  IRR   Description                                              
95 000           48%   Estimated return                                         
82 000           22%   Required hurdle rate                                     
75 000           16%   W.A.C.C                                                  
7. Black Economic Empowerment                                                   
7.1 Sale of 26% of Mineral Rights                                               
Randfontein sells 26% of the mineral rights to African Vanguard Resources (AVR) 
for R250 million. The amount will be paid as follows:                           
* R140 million in cash, and                                                     
* R110 million in call options on 290 000 oz of gold (the 290 000 oz of gold is 
equal to 16% of the gold produced by the operations during the first 10 years)  
7.2 Joint Venture Arrangement                                                   
Randfontein and AVR will manage the project as a joint venture. Randfontein will
fund all the project capital and the profit share will be Randfontein 84% and   
AVR 16%                                                                         
8. Key Milestone Dates                                                          
Key Milestone Dates                                                             
Phase 1: (45 000 tpm)                                                           
Project start date                                      22 Jan 2003             
Increasing hoisting capacity of the                                             
Sub-vertical Ventilation Shaft to 1000 tpd              21 Apr 2003             
Opening a second outlet via the 132 Level raisebore     29 Nov 2003             
hole                                                                            
Opening a second outlet via No.1 Shaft                  7 Jul 2004              
Completion of Main Shaft sinking and equipping          1 May 2006              
Start of Phase 1 primary development                    1 Dec 2003              
Completion of Phase 1 primary development               14 Jan 2005             
Completion of Phase 1 secondary development             27 Jul 2006             
Phase 1 project duration                                43 months               
Phase 2: (135 000 tpm)                                                          
Project start date (assumed)                            28 Aug 2006             
Completion of phase 2 primary development               20 Oct 2007             
Completion of Phase 2 secondary development             14 Oct 2008             
Clear site                                              24 Oct 2008             
9. Current Infrastructure                                                       
The Doornkop shaft complex consists of two surface shafts with one Sub-vertical 
ventilation shaft (originally used as a prospect shaft to access the South      
Reef). The second outlet to surface is on 106 Level to Cooke No.1 Shaft.        
9.1 Main Shaft                                                                  
The Doornkop Main Shaft is a man and rock hoisting shaft, 8,0 m in diameter with
six winding compartments. Transfer Level (132 Level) is 1 128 m below collar    
with shaft bottom being at 1 340 m below collar. The shaft is equipped with two 
winders, one man winder and a dual purpose winder - each is a 4,88 m diameter by
1,83 m wide double drum unit.                                                   
This shaft complex currently has a hoisting capacity of approximately 120 000   
tons per month of reef and waste from 132 Level.                                
These winders are suitable for the production of up to 90 000 reef tons per     
month from the South Reef, but to increase to the planned 135 000 tons, a       
replacement rock winder will have to be installed.                              
9.2 Ventilation Shaft                                                           
The upcast ventilation shaft has two surface fans. The ventilation shaft is 6,5 
m diameter and extends from surface to 106 Level (867 m below surface). There is
no winding capacity available on this shaft.                                    
9.3 Sub-Vertical Ventilation Shaft                                              
The Sub-vertical Ventilation Shaft has an existing kibble winder and stage      
winder on 96 Level with main bank access on 106 Level. This is a single outlet  
for the working environment below 132 Level and thus there is a restriction on  
the number of men who can work there. The shaft bottom is at 212 Level (1 948 m 
below collar). The stage ropes are used as kibble guides. This shaft is to be   
upgraded for the development phase to enable up to 1 000 tons per day to be     
hoisted.                                                                        
10. Impact of the Project on Infrastructure                                     
10.1 Main Shaft                                                                 
The shaft deepening will be effected by means of sliping into a hole raisebored 
between levels rather than by solid bottom sinking. This sinking method has been
recommended for the following reasons:                                          
* Industry safety records indicated that this method of sinking shafts is vastly
superior to solid bottom sinking methods.                                       
* Overall advance rates will be compatible with those obtainable in solid bottom
sinking using the small kibbles dictated by the size of winding compartments;   
* More time can be made available in the Main Shaft for supporting construction 
and mining operations off the Sub-vertical Ventilation Shaft;                   
* Production from the Kimberley Reef may be continued throughout the deepening  
process;                                                                        
* The access via the Sub-vertical Ventilation Shaft will be used to allow for   
all the capital development and construction to be completed concurrently with  
the deepening of the Main Shaft.                                                
The Main Shaft will be sliped, lined and equipped. Once the shaft has been      
equipped past a level, permanent winding for men and material to the levels     
above this will be possible, allowing the Sub-vertical Ventilation Shaft to be  
used mainly for waste rock hoisting. As a result waste rock hoisted will        
increase from about 1 000 tpd to about 2 000 tpd. During the above activities,  
the spare hoisting capacity would be used to maximise the amount of level       
development that is done during the shaft-deepening phase.                      
10.2 Increasing the Hoisting Capacity in the Sub-vertical Ventilation Shaft     
It is proposed to de-bottleneck the hoisting capacity of the existing winder in 
the Sub-vertical Ventilation Shaft. This would be achieved by:                  
* Modifying the stage so that it can be lowered to the bottom of the shaft and  
the stage ropes may be used as guide ropes for the new skips. The stage would   
also have a deck for the transport of large machines and heavy material between 
levels;                                                                         
* Installing a modular temporary skip loading arrangement on 212 Level station; 
* Modifying the headgear arrangements to allow the new skips to tip into the    
existing tipping arrangements.                                                  
Based on the specified assumptions, this should allow the waste hoisting        
capacity of the Sub-vertical Ventilation Shaft to be increased. The skips would 
also have a fixed small single deck for transport of men and material.          
10.3 Pumping Arrangements                                                       
Temporary pumping arrangements would be installed in the early stages of the    
project. This would comprise modular settlers, clear water and mud pumping      
arrangements on 192 Level, with the existing dirty water stage pumping          
arrangements on the lower levels being used.                                    
The construction of the permanent pumping arrangements would require the        
raiseboring, sliping and supporting of the two vertical dams, the installation  
of the two settlers, the installation of permanent clear water and mud pumping  
arrangements and the installation of permanent dirty water pumping arrangements.
A dirty water surge dam would be raisebored, sliped and equipped.               
10.4 Service Water Arrangements                                                 
Temporary service water arrangements would be installed in the Sub-vertical     
Ventilation Shaft in the early stages of the project.                           
For the permanent service water arrangements, a surge dam would be constructed  
in an existing excavation. The service water feed down the shaft, complete with 
pressure reducing valves would be installed either concurrently with equipping  
or after completion of the shaft. The permanent service water pipes on the      
levels would be equipped concurrently with the development.                     
10.5 Electrical Power Supply                                                    
The surface sub-station would have to be extended and the supply from the       
consumer sub-station upgraded.                                                  
Shaft cables would be installed down the Sub-vertical Ventilation Shaft during  
the early stages of the project. These temporary cables would be sufficient to  
handle power requirements for initial pumping, ventilation, raiseboring,        
construction activities, development and ledging, so reducing the criticality of
the permanent cables down Main Shaft. The permanent sub-stations would be       
equipped as and when required on the levels.                                    
10.6 Reef and Waste Rock Handling Arrangements                                  
The reef and waste passes from have already been raisebored and have been       
partially equipped. The completion of these arrangements would be done early in 
the project to facilitate the handling of raiseborer chips, sliping waste and   
development waste.                                                              
10.7 Rock Winder                                                                
The supply, installation and commissioning of the third permanent winder is     
required for use when Main Shaft is commissioned to final depth. Once installed 
it will be of significant value during the project phase if operated as a       
temporary Single Drum Service Winder with a small conveyance in the South Skip  
compartment. Since this winder must have a unique configuration to give the     
required wide drum centres and is capable of handling loads larger than the     
standard winder design; there will be minimal chances of purchasing a second-   
hand unit. This new winder has been specified to have specially reinforced      
drums, stronger brakes and upgraded power to satisfy the duty requirements.     
10.8 Compressed Air Arrangements                                                
The installed compressors should be sufficient for the Phase 1 requirements of  
45 000 tpm (reef). A third 300 drill machine would be required for Phase 2, i.e.
135 000 tpm (ore).                                                              
10.9 Gold Plant                                                                 
The Gold Plant has a nominal capacity of 225 000 tons per month at a design     
grade of about 3,5 g/t. The South Reef Project will deliver reef at a grade of  
between 6 and 7 g/t to the plant. The plant has been a low-grade plant, and the 
introduction of relatively high-grade reef has necessitated the inclusion of    
gravity recovery to reduce the impacts upon the leaching and gold recovery      
circuits. In addition, the South Reef contains a considerable proportion of     
gravity recoverable gold, which complements the changes in the plant.           
The plant is in good condition and it should be able to operate for the required
life of the underground mine recovering the Doornkop South Reef.                
Investor relations                                                              
Business address                                                                
Harmony Gold Mining                                                             
Company Limited                                                                 
Suite No. 1                                                                     
Private Bag X1                                                                  
Melrose Arch, 2076                                                              
Telephone: +27 (11) 684 0140                                                    
Telefax:    +27 (11) 684 0188                                                   
E-mail: corporate@harmony.co.za                                                 
Investor relations contacts                                                     
Corne Bobbert                                                                   
Telephone: +27 (11) 684 0146                                                    
Telefax:    +27 (11) 684 0188                                                   
E-mail: cbobbert@harmony.co.za                                                  
Ferdi Dippenaar                                                                 
Telephone: +27 (11) 684 0147                                                    
Telefax:      +27 (11) 684 0188                                                 
E-mail: fdippenaar@harmony.co.za                                                
Share transfer secretaries                                                      
Ultra Registrars (Pty) Ltd                                                      
Contact: Polly Pollard                                                          
Telephone: +27 (11) 832 2652                                                    
Telefax: +27 (11) 834 4398                                                      
E-mail: ultra@registrars.co.za                                                  
11 Diagonal Street                                                              
Johannesburg 2001                                                               
(PO Box 4844, Johannesburg, 2000)                                               
United States ADR Depositary                                                    
The Bank of New York                                                            
Telephone: +1888-BNY ADRS                                                       
Telefax: +1 (212) 815 3050                                                      
Shareholder Relations Department                                                
101 Barclay Street                                                              
22nd Floor, New York, NY 10286                                                  
United States of America                                                        
United Kingdom Registrars                                                       
Capita IRG Plc                                                                  
Contact: Melvyn Leigh                                                           
Telephone: +44 (208) 639 1001                                                   
Telefax: +44 (208) 478 2876                                                     
E-mail: mleigh@capita-irg.com                                                   
Balfour House                                                                   
390-398 High Road, Ilford                                                       
Essex IG1 1NQ, United Kingdom                                                   
Directors                                                                       
A R Fleming*+ (Chairman),                                                       
Z B Swanepoel (Chief executive),                                                
F Abbott, F Dippenaar,                                                          
T S A Grobicki, T A Mokhobo*,                                                   
M F Pleming*, Lord Renwick of                                                   
 Clifton KCMG*+,                                                                
J G Smithies*, S Lushaba, N Fakude                                              
*Non executive directors +British                                               
For a hard copy please contact                                                  
Corne Bobbert on                                                                
tel +27 11 684-0146 or e-mail                                                   
cbobbert@harmony.co.za.                                                         
Date: 22/01/2003 09:00:00 AM Supplied by www.sharenet.co.za                     
Produced by the JSE SENS Department                                             



                                        
Email this JSE Sens Item to a Friend.

Send e-mail to
© 2019 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.