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Harmony Gold Mining Company Limited - Press release

Release Date: 29/01/2004 12:45:02      Code(s): HAR
Harmony Gold Mining Company Limited - Press release                             
JSE:      HAR                                                                   
NYSE:     HMY                                                                   
ISIN No.: ZAE000015228                                                          
HARMONY AGGRESIVELY RESTRUCTURES AUSTRALIAN HEDGE BOOKS                         
Johannesburg, 29 January 2004                                                   
Harmony Gold Mining Company Limited (NYSE: HMY JSE: HAR) today announced that it
had further restructured the Australian hedge books which the company inherited 
with the acquisition of New Hampton and Hill 50. A total of 365 000 ounces,     
being a combination of forward sales and call contracts, have been closed out.  
"The restructuring of the Australian hedge books is a continuation of Harmony"s 
strategy of being unhedged. With the acquisition of these two companies, we     
inherited hedge books consisting of forward sales and call contracts in excess  
of 2 million ounces. Following the latest restructuring only 495 000 ounces     
remain hedged," commented Bernard Swanepoel, Chief Executive.                   
Ounces produced by the Australian Operations for the 18-month period January    
2004 to June 2005, will now be exposed to the current spot price of gold.       
Delivery of the remaining hedged ounces is scheduled over the period July 2005  
to June 2009.                                                                   
The restructuring of the hedge books at a net cost of R80 million (US$11,3      
million) has been financed from existing cash resources.                        
"Harmony continues to generate good cash operating profits and using these      
proceeds to close out inherited hedged ounces makes good business sense. We will
continue with the restructuring of the remaining hedged ounces of New Hampton   
and Hill 50, as and when market conditions allow," concluded Bernard.           
Ends                                                                            
Issued by Harmony Gold Mining Company limited                                   
29 January 2004                                                                 
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                                                               
Sponsor                                                                         
JP Morgan                                                                       
Date: 29/01/2004 12:45:04 PM Supplied by www.sharenet.co.za                     
Produced by the JSE SENS Department                                             
                                                                                
                                                                                
                                                                                



                                        
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