HARMONY GOLD MINING COMPANY LIMITED - HARMONY"S BID FOR ABELLE NOW UNCONDITIONALRelease Date: 19/05/2004 13:26:27 Code(s): HAR
HARMONY GOLD MINING COMPANY LIMITED - HARMONY"S BID FOR ABELLE NOW UNCONDITIONAL
Harmony Gold Mining Company Limited
ISIN No.: ZAE000015228
HARMONY"S BID FOR ABELLE NOW UNCONDITIONAL
Johannesburg, Wednesday 19 May 2004 - Harmony Gold Mining Company Limited
(NYSE: HMY JSE: HAR) today announced that its bid for all the outstanding
securities in Abelle Limited is now unconditional.
Since launching its offer for Abelle on 15 March 2004, Harmony has received
acceptances for 27,985,985 ordinary shares and 18,860,254 listed options. This
gives Harmony an effective interest in 96.61% of the ordinary shares in issue
and in 97.20% of the listed options. Based on this level of acceptance, Harmony
is now entitled to proceed with a compulsory acquisition of both these classes
Having reached this level of ownership and thereby satisfied a key condition of
its offer, Harmony has now declared its offer free from all remaining
conditions. Under the terms of the offer, Abelle shareholders and optionholders
who have accepted the offer will be sent their payment within seven days.
"This is a great milestone for Harmony. The Hidden Valley Project, Wafi Gold
Project and the Golpu Copper-Gold Projects are exciting world class deposits and
further enhance our international growth strategy. We look forward to developing
these exciting projects for the benefits of both Harmony shareholders and the
people of Papua New Guinea" said Harmony"s Chief Executive, Bernard Swanepoel.
Hidden Valley Project, on which the new feasibility study was completed in 2003,
is currently in the process of seeking development approvals from the Papua New
Guinea government. Phase 1 of the project will produce on average 300 000 oz
gold and 4.5 Moz silver per annum. Assuming the approval process proceeds with
without delay the project should be pouring its first gold early in the year
2006. If the inferred resources identified to date are converted to reserves
there will be significant extension on the currently envisaged 6.5-year life.
Wafi Gold Project is still undergoing active exploration. Significant success
has been achieved in expanding the resource base which now totals 6.3 Moz (72.2
Mt @ 2.72g/t). The project has the potential to be developed into a significant
world class producer. Significant work will be carried out during the current
year including exploration, metallurgical and geotechnical studies. A pre-
feasibility study is being planned for 2005.
The Golpu copper-gold porphyry deposit is adjacent to the Wafi gold project. A
pre-feasibility study, which envisages mining by large-scale block-cave
underground mining methods, is being progressed and early work indicates that
this project will proceed to feasibility study with some detail metallurgical
and geotechnical work required. The current resource estimate totals 114.25 Mt @
1.43% copper and 0.72g/t gold.
Issued by Harmony Gold Mining Company Limited
19 May 2004
For more details contact:
Mobile +61 427 990 039
Office +61 8 9211 3100
Mobile +27 82 807 3684
Investor Relations Officer
Tel +27 11 684 0146
Mobile +27(0)83 380 6614
ISIN No.: ZAE000015228
Date: 19/05/2004 01:26:31 PM Supplied by www.sharenet.co.za
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