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Harmony Sells Kalgold To Aflease

Release Date: 07/11/2003 08:51:15      Code(s): HAR
Harmony Sells Kalgold To Aflease                                                
Harmony Gold Mining Company Limited                                             
Registration number: 1950/038232/06                                             
Share Code:   HAR                                                               
ISIN: ZAE000015228                                                              
Johannesburg, 7 November 2003 - Harmony Gold Mining Company Limited             
(NYSE: HMY JSE: HAR) today announced that it had sold its Kalgold Operations to 
The Afrikander Lease Limited (Aflease) for a consideration of R275 million.     
In terms of the agreement, Aflease will pay Harmony an amount of R137,5 million 
in cash, with the remaining R137,5 million being funded with the issue of       
ordinary shares at a price of R5,35, which is based on the seven day volume     
weighted average Aflease share price.                                           
A total of 25 700 935 shares will be issued to Harmony.                         
"Whilst Kalgold has consistently delivered cash operating profit of R10,0       
million per quarter, the disposal thereof is in line with our strategy of       
upgrading the quality of our production base. The proceeds from this disposal   
further strengthens our balance sheet and our ability to fund the development of
our quality growth projects," commented Bernard Swanepoel, Chief Executive.     
Harmony will retain its interest in the company"s Kalplats platinum discovery   
and associated mineral rights.                                                  
Issued by Harmony Gold Mining Company Limited                                   
7 November 2003                                                                 
For more details contact:                                                       
Bernard Swanepoel                                                               
on +27(0)83 303 9922                                                            
Ferdi Dippenaar                                                                 
on +27(0)82 807 3684                                                            
Investor Relations Officer                                                      
Corne Bobbert                                                                   
Tel +27 11 684 0146                                                             
Mobile +27(0)83 380 6614                                                        
JSE:       HAR                                                                  
NYSE:      HMY                                                                  
ISIN No.:  ZAE000015228                                                         
Date: 07/11/2003 08:51:17 AM Supplied by www.sharenet.co.za                     
Produced by the JSE SENS Department                                             

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