Harmony Gold Mining Company Limited - Completion of an issue of shares for cash 
Harmony Gold Mining Company Limited                                             
(Incorporated in the Republic of South Africa)                                  
(Registration number 1950/038232/06)                                            
Share code: HAR   ISIN: ZAE000015228                                            
("Harmony" or "the Company")                                                    
Completion of an issue of shares for cash                                       
The board of directors of Harmony is pleased to announce the completion of an   
international issue of 8,000,000 new ordinary shares in Harmony with a par value
of 50 cents each ("Harmony shares"), comprising 4.59% of the ordinary shares    
currently in issue, for a cash price (including premium) of R136.00 (US$15.50)  
per Harmony share, in terms of a general authority to issue shares for cash.    
The issue price was determined following a book-building process, which         
commenced at the close of business on Tuesday, 28 January 2003, and closed prior
to the commencement of business on Wednesday, 29 January 2003. The issue price  
of R136.00 per Harmony share represents a discount of 5.56% to the closing price
of the Harmony shares on the JSE Securities Exchange ("JSE") on Tuesday, 28     
January 2003 and a discount of 7.29% to the weighted average traded price of    
Harmony shares over the 30 trading days prior to the date that the issue price  
was determined.                                                                 
The pro-forma effects of the issue on earnings and net asset value per Harmony  
share on the basis set out below are as follows:                                
                                       Before   After   % Increase /            
(Decrease)              
Net asset and tangible asset value     4,507.7  4918.9  9.1%                    
per ordinary share (cents)                                                      
Earnings per share (cents)             261.8    262.8   0.4%                    
Headline earnings per share (cents)    255.2    256.5   0.5%                    
Fully diluted earnings per share       257.4    258.7   0.5%                    
(cents)                                                                         
Notes:                                                                          
1.   The pro-forma consolidated income statement has been compiled from the     
consolidated income statement of Harmony for three-month period ended 31        
December 2002.                                                                  
2.   The after column on the pro-forma consolidated income statement relates to 
the following:                                                                  
     - interest of 12% per annum received on cash generated by the shares issued
as indicated below; and                                                         
     - tax effects related to the above.                                        
3.   The pro-forma consolidated balance sheet has been compiled from the        
consolidated balance sheet of Harmony as at 31 December 2002, adjusted for      
8,000,000 Harmony shares.                                                       
4.   Fully diluted earnings per share is calculated on the average number of    
diluted shares in issue for the quarter ended 31 December 2002: 185.4 million   
(including 8,000,000 shares issued). Diluted earnings per share is calculated on
the listed warrants issued.                                                     
The Harmony shares are to be listed on the JSE. Application will be made for the
listing of the Harmony shares on the Official List of the United Kingdom Listing
Authority and for admission to trading on the London Stock Exchange. An         
application is also expected to be made for listing of the Harmony shares on the
Premier March of the Euronext Paris.                                           
Randfontein                                                                     
29 January 2003                                                                 
Sponsor                                                                         
JP Morgan                                                                       
Date: 29/01/2003 03:36:00 PM Supplied by www.sharenet.co.za                     
Produced by the JSE SENS Department