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Harmony Gold Mining Company Limited - Harmony Acquires 11,5% Of Avgold From

Release Date: 16/07/2003 07:01:16      Code(s): HAR HARW
Harmony Gold Mining Company Limited - Harmony Acquires 11,5% Of Avgold From     
                                      Anglo SA                                  
(Incorporated in the Republic of South Africa)                                  
(Registration number 1950/038232/06)                                            
Share code: HAR   ISIN: ZAE000015228                                            
("Harmony")                                                                     
HARMONY ACQUIRES 11,5% OF AVGOLD FROM ANGLO SA                                  
Johannesburg, 15 July 2003 - Harmony Gold Mining Company Limited (NYSE: HMY     
JSE: HAR) today announced the acquisition of 11,5% or 77 540 830 shares in      
Avgold                                                                          
Limited from Anglo South Africa Capital (Proprietary) Limited for a             
consideration of                                                                
R7,91 per Avgold share. The acquisition is subject to the fulfillment of        
suspensive                                                                      
conditions including the unconditional approval of the board of Anglo American  
plc                                                                             
and is expected to be implemented on 21 July 2003.                              
The consideration will be discharged by the issue of a renounceable letter of   
allocation                                                                      
to Anglo South Africa representing the rights to 6 960 964 new Harmony shares   
comprising 3,8% of the issued share capital of Harmony.                         
On 2 May 2003, African Rainbow Minerals Gold Limited ("ARMgold") and Harmony    
announced the joint acquisition of a 34,5% stake in Anglovaal Mining Limited    
("Avmin").                                                                      
Avmin holds a 42% stake in Avgold.                                              
Avgold operates the Target Mine in the Free State which at full production is   
expected                                                                        
to produce approximately 350 000 ounces of gold per annum, at a cash cost of    
below                                                                           
US$180 per ounce.                                                               
An extensive exploration programme in an area known as Target North, which has a
resource base of approximately 80 million ounces, is currently underway.        
ENDS                                                                            
Issued by Harmony Gold Mining Company Limited                                   
For release on                                                                  
Tuesday                                                                         
15 July 2003                                                                    
For more details contact:                                                       
Bernard Swanepoel                                                               
on +27(0)83 303 9922                                                            
or                                                                              
Ferdi Dippenaar                                                                 
on +27(0)82 807 3684                                                            
Investor Relations Officer                                                      
Corn Bobbert                                                                   
Tel +27 11 684 0146                                                             
Fax +27 11 684 0188                                                             
Mobile +27(0)83 380 6614                                                        
cbobbert@harmony.co.za                                                          
www.harmony.co.za                                                               
JSE:          HAR             HAR                                               
NYSE:       HMY                                                                 
ISIN No.:   ZAE000015228                                                        
JSE:          HARW                                                              
NYSE:       HMYWS                                                               
ISIN No.:   ZAE000031209                                                        
Date: 16/07/2003 07:01:20 AM Supplied by www.sharenet.co.za                     
Produced by the JSE SENS Department                                             
                                                                                
                                                                                
                                                                                



                                        
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