Harmony Gold Mining Company Limited - Harmony Acquires 11,5% Of Avgold From
(Incorporated in the Republic of South Africa)
(Registration number 1950/038232/06)
Share code: HAR ISIN: ZAE000015228
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
Limited from Anglo South Africa Capital (Proprietary) Limited for a
R7,91 per Avgold share. The acquisition is subject to the fulfillment of
conditions including the unconditional approval of the board of Anglo American
and is expected to be implemented on 21 July 2003.
The consideration will be discharged by the issue of a renounceable letter of
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 holds a 42% stake in Avgold.
Avgold operates the Target Mine in the Free State which at full production is
to produce approximately 350 000 ounces of gold per annum, at a cash cost of
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.
Issued by Harmony Gold Mining Company Limited
For release on
15 July 2003
For more details contact:
on +27(0)83 303 9922
on +27(0)82 807 3684
Investor Relations Officer
Tel +27 11 684 0146
Fax +27 11 684 0188
Mobile +27(0)83 380 6614
JSE: HAR HAR
ISIN No.: ZAE000015228
ISIN No.: ZAE000031209
Date: 16/07/2003 07:01:20 AM Supplied by www.sharenet.co.za
Produced by the JSE SENS Department