2Release Date: 07/04/2004 17:42:02 Code(s): HAR
HARMONY / ARMI / AVMIN Transaction Receives Competition Tribunal Approval
Harmony Gold Mining Company Limited
JSE :HAR HAR
ISIN No. :ZAE000015228
HARMONY / ARMI / AVMIN TRANSACTION RECEIVES COMPETITION TRIBUNAL APPROVAL
Johannesburg, Wednesday 7 April 2004 - Harmony Gold Mining Company Limited
(NYSE: HMY JSE: HAR) today announced that the parties concerned had received
approval from the Competition Tribunal to proceed with the range of indivisible
transactions announced on 13 November 2003.
The only remaining condition precedent to the acquisition of Avmin"s 42.1% stake
in Avgold is the approval of Avmin shareholders in the General Meeting scheduled
for 15 April 2004. Harmony has also made an offer to the remaining Avgold
shareholders, in the ratio of one Harmony share for 10 Avgold shares.
Avgold owns the Target Mine in the Free State which is planned to produce in
excess of 300 000 ounces of gold per annum at a cash cost of US$230 per ounce.
Avgold also owns the Target North resource, consisting of some 60 million
"We are very please to have received approval from the Competition Tribunal. The
acquisition of Avgold will further enhance our strategy of building a larger
quality gold producer. We expect the transaction to be concluded by the third
week of May 2004," commented Bernard Swanepoel, Chief Executive.
Issued by Harmony Gold Mining Company Limited
7 April 2004
For more details contact:
on +27(0)83 303 9922
on +27(0)82 807 3684
Investor Relations Officer
Tel +27 11 684 0146
Mobile +27(0)83 380 6614
Date: 07/04/2004 05:42:05 PM Supplied by www.sharenet.co.za
Produced by the JSE SENS Department
|Email this JSE Sens Item to a Friend.|
Market Statistics are calculated by Sharenet and are therefore not the official JSE Market Statistics. The calculation/derivation may include underlying JSE data.