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Harmony Gold Mining Company Limited - Chief executive"s review for the quarterly

Release Date: 28/04/2004 08:14:23      Code(s): HAR
Harmony Gold Mining Company Limited - Chief executive"s review for the quarterly
ended 31 March 2004                                                             
Harmony Gold Mining Company Limited                                             
(Incorporated in the Republic of South Africa)                                  
ISIN ZAE000015228                                                               
(Registration number 1950/038232/06)                                            
TRADING SYMBOLS: Ordinary                                                       
Shares:  JSE Securities Exchange: HAR,                                          
         New York Stock Exchange: HMY,                                          
         London Stock Exchange: HRM,                                            
         Euronext Paris: HG,                                                    
Euronext Brussels: HMY,                                                
         Berlin Stock Exchange: HAM1                                            
Chief executive"s review for the quarterly ended 31 March 2004                  
Key indicators                                                                  
* Christmas break impacts on production volumes                                 
* restructuring process underway at loss-making shafts                          
* CONOPS benefits start to show                                                 
* convertible bonds issued offshore to raise R1 700 million                     
* growth projects on schedule and within budget                                 
* acquisition of 42,1% of Avgold from ARM. Offer to minorities underway         
  following Competition Tribunal and shareholders" approval                     
* restructuring of Australian hedge book continues as 365 000 ounces were       
closed out                                                                    
Quarterly financial highlights                                                  
                                                   31 March     30 December     
                                                       2004            2003     
Cash operating                                                                  
profit              -     Rand                   134 million     271 million    
                    -     US$                     20 million      40 million    
Cash earnings       -     SA cents per share              52             105    
-     US cents per share               8              15    
Basic earnings      -     SA cents per share            (31)              92    
                    -     US cents per share             (5)              14    
Headline earnings   -     SA cents per share            (16)            (66)    
-     US cents per share             (2)            (10)    
Fully diluted                                                                   
earnings            -     SA cents per share            (31)              92    
                    -     US cents per share             (5)              14    
Gold produced       -     Kg                          24 735          29 294    
                    -     Oz                         795 239         941 826    
Cash costs          -     R/Kg                        82 852          75 888    
                    -     $/Oz                           382             350    
SAFETY REPORT                                                                   
We regretfully report that during the March 2004 quarter, eleven of our         
employees lost their lives at our operations. We offer our sincere condolences  
to the families, friends and relatives of the deceased.                         
Fatality injury rate (per million hours worked)                                 
This information is illustrated in a graph form and can be viewed in the press. 
THE PAST QUARTER IN REVIEW                                                      
The company reported cash operating profits down by 50% from R271,0 million to  
R134,2 million.                                                                 
The performance of the company is highlighted in the following table:           
                                          March     December     Percentage     
                                           2004         2003       variance     
Production  - kg                          24 735       29 294           (16)    
Production  - oz                         795 239      941 826           (16)    
Revenue  - R/kg                           88 277       85 139             4     
Revenue  - US$/oz                            406          393             3     
Cash cost  - R/kg                         82 852       75 888            (9)    
Cash cost  - US$/oz                          382          350            (9)    
Exchange rate  - R/US$                      6,77         6,75              -    
The impact of the reduced working days in South Africa over Christmas is evident
from the reduction in volumes. A 3% increase in the US Dollar gold price saw us 
receive a R/kg gold price which, measured quarter on quarter, was only 5% higher
at R88 277/kg. Cash working costs were well controlled, decreasing by 8% or R174
million to R2 049 million. This is well in line with the reduction in working   
days during the quarter. Underground cash costs in                              
R/tonne terms increased by 3% from R414/tonne to R428/tonne mainly as a result  
of the 12% reduction in tonnage treated. In US Dollar terms our cash operating  
profit margin decreased from US$43/oz (12%) to US$25/oz (7%). In R/kg terms,    
cash working costs increased from R75 888/kg to R82 852/kg. This increase was   
mainly due to the 16% reduction in gold produced.                               
Four shafts, Welkom 1, Orkney 6, Eland (which is part of Free Gold) and         
Merriespruit 3 are nearing the end of their economical life and have been       
earmarked for closure.                                                          
We are in consultations with the respective unions on the restructuring plans.  
At a meeting held on 16 April 2004, Harmony and the various unions agreed to    
support the establishment of a multi-party process. This joint task team has    
subsequently met to evaluate the financial situation of the shafts and will soon
report back to their principals.                                                
OUR GROWTH STORY CONTINUES  - UPGRADING THE QUALITY OF OUR PRODUCTION BASE      
Harmony successfully acquires Avmin"s stake in Avgold                           
On 7 April 2004 we announced that the parties concerned (Harmony/ ARMI/Avmin)   
had received approval from the Competition Tribunal to proceed with the range   
of indivisible transactions announced on 13 November 2003.                      
Subsequently at a general meeting of Avmin shareholders held on Thursday, 15    
April 2004, the shareholders approved the disposal of its entire shareholding of
286 305 263 ordinary shares in Avgold, representing 42,1% of Avgold"s issued    
share capital to Harmony. In a share exchange agreement, ARM will receive 1     
Harmony share for every 10 Avgold shares held.                                  
Abelle Limited (83% Harmony)                                                    
On 15 March 2004 we announced an offer to holders of ordinary shares, listed    
options and unlisted options in Abelle Limited that we do not already own.      
The acquisition of the Abelle minorities is valued at approximately R620 million
or A$125 million. An amount of approximately A$177 million is estimated to be   
needed to finance the development of the first of these prospective projects in 
PNG. These assets are a natural fit with our pipeline of quality growth projects
which we are currently developing in South Africa.                              
We remain on track with our strategy of delivering growth in Harmony"s          
international production base.                                                  
"A closer analysis of a breakdown of our quarterly production shows that the    
gold price of R88 277/kg achieved during the quarter, 66% of 16 359 kg were     
minded profitably. The remaining 34% pr 8 376 kg were mined at a loss of R64,3  
million. Deelkraal and the leveraged ounces of the Free State region            
contributed R56,0 mil- lion towards the loss."                                  
                                                                       Cash     
Tonnes     Production                     operating     
Operations              ("000)           (kg)     Grade (g/t)        profit     
Free State growth        1 066          6 677            6.27       123 305     
Free State leverage        796          3 197            4.02      (23 537)     
Elandsrand                 317          1 938            6.12         1 950     
Deelkraal                  114            523            4.58      (17 880)     
Randfontein                623          2 828            4.54        12 990     
Evander                    482          2 448            5.08       (4 416)     
Welkom                     373          1 720            4.60      (14 573)     
Orkney                     325          1 676            5.15        23 527     
Kalgold opencast           315            488            1.55       (3 904)     
Total                    4 411         21 495            4.87        97 462     
SA Surface               2 298            945            0.41        10 244     
Total SA Operations      6 709         22 440            3.34       107 706     
Australian Operations    1 061          2 295            2.16        26 491     
Total Harmony            7 770         24 735            3.18       134 197     
RESTRUCTURING OUR BALANCE SHEET                                                 
Harmony announced on 1 April 2004 that it intends to raise R1 700 million by way
of a specific issue of convertible bonds to international investors which will  
reduce our South African interest payments by approximately R85 million per year
(R21,25 million per quarter).                                                   
OUR GROWTH STRATEGY AND PROJECTS CONTINUE REGARDLESS                            
We continue to aggressively deliver on our organic growth projects. Five        
projects with a total capital cost of R3,1 billion are in various stages of     
completion, on schedule and within budget.                                      
This information is illustrated in a graph form and can be viewed in the press. 
The approved projects which are undertaken are in South Africa and will see the 
company increase its production base by approximately 1,6 million ounces per    
annum. Of these ounces, 1,2 million will be replacement ounces and the remainder
will allow for growth in excess of the current annualised 4 million             
ounces. If the projects in PNG are included, the production profile of the      
company increases further.                                                      
HARMONY PROJECT AND ACQUISITION PRODUCTION PROFILES                             
The above production profile includes the projects which currently reside within
Abelle, i.e. Hidden Valley and Wafi. The Golpu Copper  - gold porphyry project  
has been excluded for the purposes of this illustration. These projects in PNG, 
if approved, have the potential to increase the company"s production profile by 
an additional 500 000 to 600 000 ounces within the next four years.             
This will see us produce approximately 5 million ounces per annum by 2009/2010, 
even with no further acquisitions. This is a healthy position to be in at a time
when producers are paying excessive prices for growth and replacement ounces.   
This information is illustrated in a graph form and can be viewed in the press. 
Total Operations  - quarterly financial results                                 
(Rand/metric) (unaudited)                                                       
Quarter ended     Quarter ended     Quarter ended     
                               31 March       31 December          31 March     
                                   2004              2003              2003     
Ore milled           - t"000      7 770             8 183             7 070     
Gold produced        - kg        24 735            29 294            22 211     
Gold price received  - R/kg      88 277            85 139            94 687     
Cash operating costs - R/kg      82 852            75 888            73 150     
                                      R million     R million     R million     
Gold sales                                2 183         2 494         2 103     
Cash operating costs                      2 049         2 223         1 625     
Cash operating profit                       134           271           478     
Other income  - net                          62            65            40     
Employment termination and                                                      
restructuring costs                         (14)          (20)           (8)    
Corporate, marketing,                                                           
new business expenditure                    (34)          (43)          (32)    
Exploration expenditure                     (14)          (35)          (23)    
Income/(loss) from associates                33           (34)           24     
Profit on sale of listed investments          -           522             -     
Interest paid                               (97)         (107)          (63)    
Cash profit                                  70           619           416     
Depreciation and amortisation              (251)         (246)         (132)    
Provision for rehabilitation costs          (12)          (18)          (13)    
Gain on financial instruments                48            11           133     
Loss on listed investments                    -             -           (17)    
Loss on foreign exchange                    (11)          (50)          (49)    
(Loss)/income before tax                   (156)          316           338     
Current tax  - benefit/(expense)             11           (84)          (30)    
Deferred tax  - benefit/(expense)            67            10           (73)    
Net (loss)/income before                                                        
minority interests                          (78)          242           235     
Minority interests                           (3)           (6)            -     
Net (loss)/income                           (81)          236           235     
Earnings per share  - cents*                                                    
 - Basic (loss)/earnings                    (31)           92           130     
 - Headline (loss)/earnings                 (16)          (66)          126     
- Fully diluted (loss)/earnings**          (31)           92           129     
Dividends per share  - (cents)                                                  
 - Interim                                   40             -           125     
Prepared in accordance with International Financial Reporting Standards.        
*Calculated on weighted number of shares in issue at quarter-end March 2004:    
258.4 million (December 2003: 257.9 million) ( March 2003: 180.6 million).      
**Calculated on weighted average number of diluted shares in issue at           
quarter-end March 2004: 257.0 million (December 2003: 256.5 million) (March     
2003: 182.5 million).                                                           
Reconciliation of headline earnings:                                            
Net (loss)/earnings                         (81)          236           235     
Adjustments:                                                                    
- Profit on sale of assets                  (2)           (3)          (7)     
 - Profit on sale of Highland                                                   
   & High River  - net of tax                 -          (444)           -      
 - Amortisation on goodwill                  42            41            -      
Headline (loss)/earnings                    (41)         (170)         228      
Total Operations  - year to date financial results                              
(Rand/metric) (unaudited)                                                       
                        Year to date         Year to date      Year to date     
31 March             31 March          31 March     
                                2004                 2003              2004     
                                                                  Including     
                                                                    ARMgold     
in     
                                                                  September     
                                                               2003 Quarter     
Ore milled           - t"000  22 809               21 011            24 547     
Gold produced        - kg      76754               71 063            84 174     
Gold price received  - R/kg   86 481              100 657            86 500     
Cash operating costs - R/kg   78 370               69 811            77 731     
                                      R million     R million     R million     
Gold sales                                6 638         7 153         7 281     
Cash operating costs                      6 015         4 961         6 543     
Cash operating profit                       623         2 192           738     
Other income  - net                         199           141           250     
Employment termination                                                          
and restructuring costs                     (41)          (35)          (49)    
Corporate, marketing,                                                           
new business expenditure                   (104)          (90)         (115)    
Exploration expenditure                     (63)          (80)          (63)    
(Loss)/income from associates                (8)           24           (12)    
Profit on sale of listed                                                        
investments                                 522           469           522     
Interest paid                              (259)         (182)         (287)    
Cash profit                                 869         2 439           984     
Depreciation and amortisation              (639)         (403)         (663)    
Provision for rehabilitation costs          (35)          (34)          (42)    
(Loss)/gain on financial                                                        
instruments                                (113)          210          (113)    
Loss on listed investments                    -          (523)            -     
Loss on foreign exchange                    (93)          (49)          (93)    
(Loss)/income before tax                    (11)        1 640            73     
Current tax  - expense                      (90)         (275)         (108)    
Deferred tax  - benefit/(expense)           162          (246)          153     
Net income before minority                                                      
interests                                    61         1 119           118     
Minority interests                          (25)            -           (25)    
Net income                                   36         1 119            93     
Earnings per share  - cents*                                                    
- Basic (loss)/earnings                     15           636            39     
 - Headline (loss)/earnings                (141)          623          (118)    
 - Fully diluted (loss)/earnings**           15           629            39     
Dividends per share  - (cents)                                                  
- Interim               40           125            40     
Prepared in accordance with International Financial Reporting Standards.        
 *Calculated on weighted number of shares in issue at year to date end          
  March 2004: 240.5 million (March 2003: 175.9 million).                        
**Calculated on weighted average number of diluted shares in issue              
  year to date end March 2004: 239.2 million (March 2003: 177.9 million).       
Reconciliation of headline earnings:                                            
Net (loss)/earnings                          36         1 119            93     
Adjustments:                                                                    
 - Profit on sale of assets                 (15)          (23)          (16)    
 - Profit on sale of listed                                                     
   investments  - net of tax               (444)            -          (444)    
- Amortisation on goodwill                  84             -            84     
Headline (loss)/earnings                   (339)        1 096          (283)    
Abridged balance sheet at 31 March 2004 (Rand)                                  
                              At 31 March     At 31 December     At 30 June     
2004               2003           2003     
                                R million          R million      R million     
                              (unaudited)        (unaudited)      (audited)     
ASSETS                                                                          
Non-current assets                                                              
Property, plant and equipment      14 821             14 911          9 969     
Investments                         1 130              1 098            868     
Investments in associates           2 604              2 564          1 398     
Intangible assets                   2 761              2 803               -    
                                   21 316             21 376         12 235     
Current assets                                                                  
Inventories                           455                463            454     
Receivables                           452                551            771     
Cash and cash equivalents           2 337              2 888          1 687     
                                    3 244              3 902          2 912     
Total assets                       24 560             25 278         15 147     
EQUITY AND LIABILITIES                                                          
Share capital and reserves                                                      
Issued capital                     14 678             14 673          6 874     
Fair value and other reserves       (376)              (243)          (242)     
Retained earnings                   1 637              1 821          1 996     
                                   15 939             16 251          8 628     
Minority interest                     147                155            120     
Non-current liabilities                                                         
Long-term borrowings                2 795              2 863          2 415     
Net deferred taxation                                                           
liabilities                         2 706              2 779          1 534     
Net deferred financial                                                          
liabilities                           299                432            283     
Long-term provisions                  852                860            633     
                                    6 652              6 934          4 865     
Current liabilities                 1 822              1 938          1 534     
Total equity and liabilities       24 560             25 278         15 147     
Number of ordinary shares                                                       
 in issue                     258 469 684        258 350 934    184 854 115     
Net asset value per share                                                       
(cents)                            6 217              6 350          4 732     
Basis of accounting                                                             
The unaudited results for the quarter have been prepared on the International   
Financial Reporting Standards ("IFRS") basis. These consolidated quarterly state
ments are prepared in accordance with IFRS 34, Interim Financial                
Reporting. The accounting policies are consistent with those applied in the     
previous financial year.                                                        
Condensed statement of changes in equity for the nine months ended              
31 March 2004 (unaudited)                                                       
                          Issued     Fair value                                 
                           share      and other      Retained                   
                         capital       reserves      earnings         Total     
R million      R million     R million     R million     
Balance as at 1 July 2003  6,874           (242)        1,996         8,628     
Issue of share capital     7,804              -             -         7,804     
Currency translation                                                            
adjustment                                                                      
and other                      -           (134)            -          (134)    
Net earnings                   -              -            36            36     
Dividends paid                 -              -          (395)         (395)    
Balance as at 31 March                                                          
2004                      14,678           (376)        1,637        15,939     
Balance as at 1 July 2002  5,547             88         2,328         7,963     
Issue of share capital     1,305              -             -         1,305     
Currency translation                                                            
adjustment and other           -           (489)            -          (489)    
Net earnings                   -              -         1,118         1,118     
Dividends paid                 -              -          (965)         (965)    
Balance as at 31 March                                                          
2003                       6,852           (401)        2,481         8,932     
Balances translated at closing rates of: March 2004: US$1 = R6.32               
(March 2003: R8.03).                                                            
Summarised cash flow statement for the nine months ended 31 March 2004          
(unaudited)                                                                     
                                                         Nine          Nine     
                                                       months        months     
ended         ended     
                                                     31 March      31 March     
                                                         2004          2003     
                                                    R million     R million     
Cash flow from operating activities                        65         1,687     
Cash flow from investing activities                                             
Cash held by subsidiaries at acquisition                  729             -     
Net proceeds on disposal of listed investments            994           564     
Net additions to property, plant and equipment           (598)         (542)    
Other investing activities                                  -           (59)    
Cash generated/(utilised) by investing activities       1,125           (37)    
Cash flow from financing activities                                             
Long-term loans (repaid)                                 (155)          (59)    
Ordinary shares issued  - net of expenses                  78         1,252     
Dividends paid                                           (395)         (965)    
Cash (utilised)/generated by financing                                          
activities                                               (472)          228     
Foreign currency translation adjustments(68)                           (191)    
Net increase in cash and equivalents                      650         1,687     
Cash and equivalents  - 1 July                          1,687         1,441     
Cash and equivalents  - 31 March                        2,337         3,128     
Operating activities translated at average rates of: March 2004: US$1 = R6,98   
(March 2003: R9,52).                                                            
Closing balance translated at closing rates of: March 2004: US$1 = R6,32        
(March 2003: R8,03).                                                            
Summarised cash flow statement for the three months ended 31 March 2004         
(unaudited)                                                                     
                                                      Three           Three     
months          months     
                                                      ended           ended     
                                                   31 March     31 December     
                                                       2004            2003     
R million       R million     
Cash flow from operating activities                    (68)           (432)     
Cash flow from investing activities                                             
Cash held by subsidiaries at acquisition                 -               -      
Net proceeds on disposal of listed investments           -             987      
Net additions to property, plant and equipment        (228)           (223)     
Other investing activities                               -               -      
Cash (utilised)/generated by investing activities     (228)            764      
Cash flow from financing activities                                             
Long-term loans repaid                                 (92)            (61)     
Ordinary shares issued  - net of expenses                5             (25)     
Dividends paid                                        (103)             (1)     
Cash utilised by financing activities                 (190)            (87)     
Foreign currency translation adjustments               (65)             82      
Net (decrease)/increase in cash and equivalents       (551)            327      
Cash and equivalents  - beginning of quarter         2,888           2,561      
Cash and equivalents  - end of quarter               2,337           2,888      
Operating activities translated at average rates of: March 2004 quarter:        
US$1 = R6.77 (December 2003 quarter: R6.75) Closing balance translated at       
closing rates of: March 2004: US$1 = R6.32 (December 2003: R6.70)               
Operating and financial results                                                 
(Rand/metric)                                                                   
                                  Underground production  - South Africa        
                                       Free                           Rand-     
State         Evander         fontein     
Ore milled - t"000       Mar-04       1 051             482             623     
                         Dec-03       1 145             483             716     
Gold produced - kg       Mar-04       4 509           2 448           2 828     
Dec-03       5 078           2 768           3 244     
Yield - g/t              Mar-04        4,29            5,08            4,54     
                         Dec-03        4,43            5,73            4,53     
Cash operating           Mar-04      89 173          89 919          82 825     
costs - R/kg             Dec-03      81 566          78 154          77 007     
Cash operating           Mar-04         383             457             376     
costs - R/tonne          Dec-03         362             448             349     
Working revenue          Mar-04     397 117         215 705         247 220     
(R"000)                 Dec-03     435 492         237 494         276 427     
Cash operating costs     Mar-04     402 080         220 122         234 229     
 (R"000)                 Dec-03     414 190         216 330         249 812     
Cash operating           Mar-04      (4 963)         (4 416)         12 990     
profit (R"000)           Dec-03      21 302          21 164          26 616     
                              Elands-        Free     Orkney/          Sub-     
                                kraal        Gold      Welkom         total     
Ore milled - t"000                431       1 107         402         4 096     
Dec-03               506       1 259         538         4 647     
Gold produced - kg              2 460       6 717       2 044        21 006     
                                2 527       8 364       3 012        24 993     
Yield - g/t                      5,71        6,07        5,08          5,13     
4,99        6,64        5,60          5,38     
Cash operating                 94 202      74 507      79 774        83 390     
costs - R/kg                   95 485      68 416      76 076        76 941     
Cash operating                    538         452         406           428     
costs - R/tonne                   477         455         426           414     
Working revenue               215 807     594 888     182 322     1 853 059     
 (R"000)                      215 283     708 578     255 506     2 128 780     
Cash operating costs          231 737     500 466     163 059     1 751 693     
(R"000)                      241 290     572 230     229 141     1 922 992     
Cash operating               (15 929)      94 421      19 263       101 366     
profit (R"000)               (26 007)     136 349      26 365       205 788     
                                   Surface production  - South Africa           
Free                  Rand-        Elands-     
                                State     Evander    fontein          kraal     
Ore milled - t"000                765           0        557              0     
            Dec-03                422          45        530            114     
Gold produced - kg                241           0        150              0     
                                  200          30        137             47     
Yield - g/t                      0,32        0,00       0,27           0,00     
                                 0,47        0,67       0,26           0,41     
Cash operating                 87 244           0     82 847              0     
costs - R/kg                   67 064      52 067     74 241        149 489     
Cash operating                     27           0         22              0     
costs - R/tonne                    32          35         19             62     
Working revenue                21 220           0     13 113              0     
 (R"000)                       16 907       2 498     11 804          3 964     
Cash operating costs           21 026           0     12 427              0     
 (R"000)                       13 413       1 562     10 171          7 026     
Cash operating                    195           0        686              0     
profit (R"000)                  3 495         936      1 633        (3 062)     
                                                         Open                   
                                  Free       Sub-        cast        Africa     
Gold      total     Kalgold         Total     
Ore milled - t"000                 976      2 298         315         6 709     
            Dec-03                 869      1 980         327         6 954     
Gold produced - kg                 554        945         488        22 439     
558        972         643        26 608     
Yield - g/t                       0,57       0,41        1,55          3,34     
                                  0,64       0,49        1,97          3,83     
Cash operating                  72 240     77 748      95 777        83 422     
costs - R/kg                    63 614     69 620      70 628        76 521     
Cash operating                      41         32         148           279     
costs - R/tonne                     41         34         139           293     
Working revenue                 49 413     83 746      42 835     1 979 641     
(R"000)                        47 403     82 576      54 303     2 265 660     
Cash operating costs            40 050     73 503      46 739     1 871 935     
 (R"000)                        35 471     67 643      45 414     2 036 049     
Cash operating                   9 363     10 244     (3 904)       107 706     
profit (R"000)                  11 932     14 934       8 890       229 611     
                                                    Australia       Harmony     
                                                        Total         Total     
Ore milled - t"000                                      1 061         7 770     
Dec-03                                      1 229         8 183     
Gold produced - kg                                      2 295        24 735     
                                                        2 687        29 294     
Yield - g/t                                              2,16          3,18     
2,19          3,58     
Cash operating                                         77 280        82 852     
costs - R/kg                                           69 618        75 888     
Cash operating                                            167           264     
costs - R/tonne                                           152           272     
Working revenue                                       203 879     2 183 519     
 (R"000)                                              228 414     2 494 074     
Cash operating costs                                  177 387     2 049 322     
(R"000)                                              187 034     2 223 083     
Cash operating                                         26 491       134 197     
profit (R"000)                                         41 379       270 991     
This report was approved by the Board of directors and is signed on their       
behalf by:                                                                      
Z B Swanepoel                                 F Abbott                          
Chief executive                               Financial director                
Virginia                                                                        
28 March 2004                                                                   
Investor Relations                                                              
Ferdi Dippenaar                                                                 
Marketing Director                                                              
Telephone:    +27 11 684 0140                                                   
Fax:          +27 11 684 0188                                                   
E-mail:       fdippenaar@harmony.co.za                                          
Corne(c) Bobbert                             Marian van der Walt                
Investor Relations Officer                Company Secretary                     
Telephone: +27 11 684 0146                Telephone: +27 11 411 2037            
Fax:       +27 11 684 0188                Fax:       +27 11 411 2398            
E-mail:    cbobbert@harmony.co.za         E-mail:    mvanderwalt@harmony.co.za  
Directors                                                                       
P T Motsepe (Chairman), Z B Swanepoel (Chief Executive), F Abbott,              
Dr M M M M Bakane-Tuoane, F Dippenaar, V N Fakude, T S A Grobicki, W M Gule,    
M W King, D S Lushaba, M F Pleming, Lord Renwick of Clifton KCMG*,              
C M L Savage, Dr S P Sibisi, D V Simelane, Dr R V Simelane, M V Sisulu,         
*British                                                                        
For the comprehensive set of results please visit our web site at               
www.harmony.co.za or call Corne(c) Bobbert on +27 11 684 0146                   
e-mail: cbobbert@harmony.co.za                                                  
Date: 28/04/2004 08:14:45 AM Supplied by www.sharenet.co.za                     
Produced by the JSE SENS Department                                             
                                                                                
                                                                                
                                                                                



                                        
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