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HARMONY DISPOSES OF ITS SHAREHOLDING IN HIGHLAND GOLD

Release Date: 14/10/2003 09:20:01      Code(s): HAR
HARMONY DISPOSES OF ITS SHAREHOLDING IN HIGHLAND GOLD                           
Harmony Gold Mining Company Limited                                             
(NYSE: HMY JSE: HAR)                                                            
ISIN: ZAE000015228                                                              
Johannesburg, 14 October 2003                                                   
Harmony Gold Mining Company Limited (NYSE: HMY JSE: HAR) today announced that it
had sold its 31.7% shareholding in Highland Gold Mining Limited in a placing    
arranged by City Capital Corporation Limited in London. The price of GBP2.05 per
share achieved in the placing values the shareholding at approximately R830     
million and represents a gain of R510 million.                                  
As stated in its annual report, the company"s investment in Highland Gold, as   
with all of its strategic investments, depended on its assessment of whether it 
could add additional value to or whether it was able to either control or exert 
significant influence over such an investment. As the Board was not able to     
satisfy itself that these criteria could be met in the short term, it decided to
exit at what it believes is an attractive price.                                
"Highland Gold has been an extremely profitable investment for Harmony and has  
also served to broaden our understanding of the highly prospective gold mining  
environment in Russia. Harmony wishes Highland Gold continued success with its  
ongoing development," commented Bernard Swanepoel, Chief Executive.             
Peter Daresbury, Chairman of Highland Gold said: "We would like to thank the    
Board of Harmony for their energy and expertise during the creation and         
development of Highland Gold and we are grateful in particular to Ted Grobicki, 
Peter McKenna and Mike Pleming for their service as non-executive directors on  
our Board."                                                                     
Ends                                                                            
Issued by Harmony Gold Mining Company Limited                                   
14 October 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                                                      
Corne Bobbert                                                                   
Tel +27 11 684 0146                                                             
Mobile +27(0)83 380 6614                                                        
cbobbert@harmony.co.za                                                          
www.harmony.co.za                                                               
JSE:          HAR                                                               
NYSE:       HMY                                                                 
ISIN No.:   ZAE000015228                                                        
Date: 14/10/2003 09:20:03 AM Supplied by www.sharenet.co.za                     
Produced by the JSE SENS Department                                             
                                                                                
                                                                                
                                                                                



                                        
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