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Avmin/ARMI/HARMONY - Creation of South Africa"s largest diversified empowered

Release Date: 13/11/2003 08:27:20      Code(s): AIN HAR
Avmin/ARMI/HARMONY - Creation of South Africa"s largest diversified empowered   
mineral resources company                                                       
Anglovaal Mining        African Rainbow         Harmony Gold Mining             
Limited                 Minerals & Exploration  Company Limited                 
(Incorporated in the    Investments             (Incorporated in the            
Republic of South       (Proprietary) Limited   Republic of South               
Africa)                 (Incorporated in the    Africa)                         
(Registration number    Republic of South       (Registration number            
1993/004580/06)         Africa)                 1950/038232/06)                 
(Share code: AIN)       (Registration number    (Share code: HAR)               
(ISIN code:             1997/020158/07)         (ISIN code:                     
ZAE000017141)            ("ARMI")               ZAE000015228)                   
("Avmin")                                       ("Harmony")                     
Creation of South Africa"s largest diversified empowered mineral resources      
company                                                                         
All objectives of Avmin"s strategic review achieved earlier than planned -      
empowerment and strong financial base for future growth                         
Avmin will dispose of its entire 42.2% interest in Avgold to Harmony, the       
consideration for which will be discharged by the issue of new Harmony shares   
("the Avgold Share Disposal)                                                    
Avmin will acquire from the ARM group of companies("ARM"):                      
ARM"s entire indirect 13.6% interest in Harmony;                                
ARM"s 41.5% effective interest in the Modikwa Joint Venture;                    
the consideration for which will be discharged by the issue of new Avmin shares 
to ARM or its nominee (collectively referred to as the "Avmin Acquisitions");   
Avmin will acquire the Kalplats platinum discovery and associated mineral rights
from Harmony, the consideration for which will be discharged by the issue of new
Avmin shares ("the Kalplats Acquisition") to Harmony                            
Harmony will merge its remaining shares in Avmin with the Avmin shares          
controlled by ARM, post the above transactions, either through a sale           
transaction or a voting pool arrangement ("The ARM Control Structure")          
Avmin will acquire the Kalplats platinum discovery and associated mineral rights
from Harmony, the consideration for which will be discharged by the issue of new
Avmin shares to Harmony                                                         
ARM to have effective control over Avmin, creating an  empowered diversified    
mineral resources company; Avmin shareholders to benefit from new status        
Patrice Motsepe to become Chairman and Rick Menell the Deputy Chairman of Avmin,
post the transaction                                                            
All parties have agreed that Avmin will change its name to African Rainbow      
Minerals Limited                                                                
Shareholders advised to exercise caution when dealing in the shares of Avmin and
Harmony                                                                         
13 November 2003                                                                
Rick Menell, Chairman of Avmin commented:                                       
"This is a pioneering transaction, which delivers on our strategic objectives of
becoming a fully empowered company with a strong financial base to develop our  
exciting project pipeline. We are now the largest empowered and diversified     
mining company in South Africa which will bring new opportunities as we are seen
to be the preferred partner in the market. The terms of the transaction are     
favourable to our shareholders and we are well placed to unlock further value as
we go forward."                                                                 
Patrice Motsepe, Chairman of ARMI commented:                                    
"Whilst this transaction allows ARMI to venture outside the gold industry, we   
will be retaining a significant exposure to Harmony through Avmin.  ARM and the 
Maandagshoek communities who constitute our broad based BEE partners also have  
an opportunity to crystallise value for our Modikwa investment. We are extremely
excited about the opportunities that will be created by the creation of this    
world class, truly South African diversified mineral resources company."        
Bernard Swanepoel, CEO of Harmony commented:                                    
"The proposed acquisition of Avgold fits well with our strategy of delivering   
real value to our shareholders. Harmony has evolved from a once lease bound     
marginal operation in the Free State, to the 5th largest gold producer in the   
world. Our production base of some 4 million ounces per annum will be           
significantly upgraded by the contribution from the world class Target Mine. We 
are extremely excited with the potential of the Target North area which is one  
of the best quality undeveloped orebodies in the world.""                       
ANALYST AND MEDIA PRESENTATION:                                                 
A presentation in this regard will be held at 10:00 today, 13 November 2003, at 
the Michelangelo Hotel (L"Incontro Room), Sandton Square, West Street, Sandown. 
The presentation will also be broadcast live on Summit TV, DSTV Channel 55 from 
10am, and will be webcast live on the Avmin and Harmony websites:               
www.avmin.co.za and www.harmony.co.za                                           
Enquiries:                                                                      
Avmin                                   Tel: 011 634 9111                       
Ebrahim Takolia, Investor Relations               Cell: 083 291 3384            
ARMI                                                                            
Patrice Motsepe                    Tel:(011) 883 5606                           
Harmony                                                                         
Bernard Swanepoel                       Cell: 083 303 9922                      
Ferdi Dippenaar                              Cell: 082 807 3684                 
Corne Bobbert                           Cell: 083 380 6614                      
College Hill                            Tel: 011 447 3030                       
Nicholas Williams                       Cell: 083 607 0761                      
Alice Jordan                            Cell: 083 448 2650                      
Date: 13/11/2003 08:27:24 AM Supplied by www.sharenet.co.za                     
Produced by the JSE SENS Department                                             
                                                                                
                                                                                
                                                                                



                                        
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