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Harmony - Review for the quarter ended 31 March 2005

Release Date: 25/04/2005 08:30:24      Code(s): HAR
Harmony - Review for the quarter ended 31 March 2005                            
Harmony Gold Mining Company Limited                                             
Registration number 1950/038232/06                                              
Incorporated in the Republic of South Africa                                    
ISIN: ZAE000015228                                                              
JSE Securities Exchange South Africa: HAR                                       
REVIEW FOR THE QUARTER ENDED 31 MARCH 2005                                      
OPERATING AND FINANCIAL RESULTS (Rand/metric)                                   
                                     Underground production - South Africa      
                                                       Quality       Growth     
                                                        Ounces     Projects     
Ore milled - t"000                          Mar-05       1 570          323     
                                            Dec-04       1 815          360     
Gold produced - kg                          Mar-05       9 819        2 119     
                                            Dec-04      11 676        2 022     
Yield - g/tonne                             Mar-05        6.25         6.56     
                                            Dec-04        6.43         5.62     
Cash operating costs - R/kg                 Mar-05      76 518       91 828     
                                            Dec-04      65 224       93 376     
Cash operating costs - R/tonne              Mar-05         479          602     
                                            Dec-04         420          524     
Working revenue (R"000)                     Mar-05     818 078      176 389     
                                            Dec-04     979 664      169 677     
Cash operating costs (R"000)                Mar-05     751 329      194 583     
                                            Dec-04     761 558      188 806     
Cash operating profit (R"000)               Mar-05      66 749      (18 194     
                                            Dec-04     218 106      (19 129     
Capital expenditure (R"000)                 Mar-05      34 933       74 870     
                                            Dec-04      50 790      106 448     
                                                        Leve-                   
                                                        raged                   
Ounces     Sub total     
Ore milled - t"000                                      1 062         2 955     
                                                        1 426         3 601     
Gold produced - kg                                      5 481        17 419     
6 956        20 654     
Yield - g/tonne                                          5.16          5.89     
                                                         4.88          5.74     
Cash operating costs - R/kg                           107 805        88 226     
98 600        79 222     
Cash operating costs - R/tonne                            556           520     
                                                          481           454     
Working revenue (R"000)                               459 366     1 453 833     
584 249     1 733 590     
Cash operating costs (R"000)                          590 878     1 536 790     
                                                      685 859     1 636 223     
Cash operating profit (R"000)                       (131 512)      (82 957)     
(101 610)        97 367     
Capital expenditure (R"000)                             1 809       111 612     
                                                       13 214       170 452     
Quality Ounces - Evander Shafts, Randfontein Cooke Shafts, Target, Tshepong,    
Masimong Growth Projects - Doornkop shaft and South Reef Project, Elandsrand    
shaft and New Mine Project, Phakisa shaft, Tshepong Decline Project Leveraged   
Ounces - Bambanani, Joel, Kudu/Sable, West, Nyala, St Helena, Harmony 2,        
Merriespruit 1 and 3, Unisel, Brand 3 and 5, Saaiplaas 3, Evander 9, Orkney 2   
and 4                                                                           
OPERATING AND FINANCIAL RESULTS (Rand/metric)                                   
                            South           South      Austr-                   
                             Africa        Africa        alia       Harmony     
Surface         Total       Total         Total     
Ore milled -                                                                    
t"000            Mar-05       1 533         4 488         975         5 463     
                 Dec-04       1 334         4 935         981         5 916     
Gold produced -                                                                 
kg               Mar-05       1 564        18 983       2 143        21 126     
                 Dec-04       1 454        22 108       2 496        24 604     
Yield - g/tonne  Mar-05        1.02          4.23        2.20          3.87     
Dec-04        1.09          4.48        2.54          4.16     
Cash operating   Mar-05      76 187        87 233      73 729        85 863     
costs - R/kg     Dec-04      80 183        79 284      60 859        77 415     
Cash operating   Mar-05          78           369         162           332     
costs - R/tonne  Dec-04          87           355         155           322     
Working revenue  Mar-05     128 104     1 581 937     177 293     1 759 230     
(R"000)          Dec-04     122 780     1 856 370     211 123     2 067 493     
Cash operating   Mar-05     119 157     1 655 947     158 002     1 813 949     
costs (R"000)    Dec-04     116 586     1 752 809     151 904     1 904 713     
Cash operating   Mar-05       8 947      (74 010)      19 291      (54 719)     
profit (R"000)   Dec-04       6 194       103 561      59 219       162 780     
Capital                                                                         
expenditure      Mar-05           0       111 612      44 590       156 202     
(R"000)          Dec-04           0       170 452      60 060       230 512     
TOTAL OPERATIONS - QUARTERLY FINANCIAL RESULTS(Rand/metric) (unaudited)         
                                        Quarter       Quarter       Quarter     
ended         ended         ended     
                                       31 March   31 December      31 March     
                                           2005          2004          2004     
Ore milled             t"000              5 463         5 916         7 770     
Gold produced          kg                21 126        24 604        24 735     
Gold price received    R/kg              83 273        84 031        88 277     
Cash operating costs   R/kg              85 863        77 415        82 852     
                                      R million     R million     R million     
Gold sales                                1 759         2 068         2 183     
Cash operating costs                      1 814         1 905         2 049     
Cash operating (loss)/profit               (55)           163           134     
Other income - net                            9            11            62     
Employment termination and                                                      
restructuring costs                       (171)         (109)          (14)     
Corporate, marketing, new business                                              
expenditure                                (46)          (41)          (34)     
Exploration expenditure                    (13)          (20)          (14)     
Income from associates                        -             -            33     
Loss on sale of ARM Ltd                   (111)             -             -     
Interest paid                              (96)         (104)          (97)     
Depreciation and amortisation             (197)         (216)         (251)     
Provision for rehabilitation costs         (14)          (14)          (12)     
Gain/(loss) on financial instruments         51          (29)            48     
Profit/(loss) on foreign exchange            21            14          (11)     
Impairment of fixed assets              (1 513)             -             -     
Loss before tax                         (2 135)         (345)         (156)     
Current tax - (expense)/benefit             (5)            56            11     
Deferred tax - benefit                      443            12            67     
Net loss before minority interests      (1 697)         (277)          (78)     
Minority interests                            -             -           (3)     
Net loss                                (1 697)         (277)          (81)     
TOTAL OPERATIONS - QUARTERLY FINANCIAL RESULTS (Rand/metric) (unaudited)        
Quarter ended     Quarter ended     Quarter ended    
                                31 March       31 December          31 March    
                                    2005              2004              2004    
Loss per share (cents)*                                                         
- Basic loss                      (432)              (80)              (31)     
- Basic loss before                                                             
impairment                        (131)              (80)              (31)     
- Headline loss                   (107)              (88)              (16)     
- Fully diluted loss** ***        (432)              (80)              (31)     
Dividends per share                                                             
(cents)                                                                         
- Interim                             -                 -                40     
- Proposed final                      -                 -                 -     
Prepared in accordance with International Financial Reporting Standards.        
  * Calculated on weighted average number of shares in issue at quarter         
    end March 2005: 393.2 million (December 2004: 345.0 million)                
(March 2004: 258.4 million).                                                
 ** Calculated on weighted average number of diluted shares in issue at         
    quarter end March 2005: 392.9 million(December 2004: 344.7 million)         
    (March 2004: 257.0 million).                                                
*** The effect of the dilution of shares is anti-dilutive.                      
Reconciliation of                                                               
headline loss:                                                                  
Net loss                       (1 697)               (277)              (81)    
Adjustments:                                                                    
- Profit on sale of assets        (18)                (25)               (2)    
- Loss on sale of ARM Ltd                                                       
 - net of tax                      111                  -                 -     
- Amortisation of                                                               
goodwill                             -                  -                 42    
- Impairment of fixed assets                                                    
 - net of tax                     1 182                 -                  -    
Headline loss                     (422)              (302)               (41)   
TOTAL OPERATIONS - YEAR TO DATE FINANCIAL RESULTS (Rand/metric) (unaudited)     
                                              Year to date     Year to date     
                                                  31 March         31 March     
2005             2004     
Ore milled             t"000                        17 943           22 809     
Gold produced          kg                           71 552           76 754     
Gold price received    R/kg                         83 450           86 481     
Cash operating costs   R/kg                         80 082           78 370     
                                                 R million        R million     
Gold sales                                           5 971            6 638     
Cash operating costs                                 5 730            6 015     
Cash operating profit                                  241              623     
Other income - net                                      57              199     
Employment termination and restructuring costs       (434)             (41)     
Corporate, marketing, new business expenditure       (125)            (104)     
Exploration expenditure                               (57)             (63)     
Loss from associates                                     -              (8)     
Profit on sale of Highland and High River                -              522     
Profit on Australian listed investments                  4                -     
Loss on sale of ARM Ltd                              (111)                -     
Interest paid                                        (300)            (259)     
Depreciation and amortisation                        (652)            (639)     
Provision for rehabilitation costs                    (42)             (35)     
Gain/(loss) on financial instruments                    23            (113)     
Gain/(loss) on foreign exchange                         34             (93)     
Impairment of fixed assets                         (1 513)                -     
Loss before tax                                    (2 875)             (11)     
Current tax - benefit/(expense)                         34             (90)     
Deferred tax - benefit                                 527              162     
Net (loss)/income before minority interests        (2 314)               61     
Minority interests                                       -             (25)     
Net (loss)/income                                  (2 314)               36     
TOTAL OPERATIONS - YEAR TO DATE FINANCIAL RESULTS (Rand/metric) (unaudited)     
                                              Year to date     Year to date     
                                                  31 March         31 March     
2005             2004     
(Loss)/earnings per share (cents)*                                              
- Basic (loss)/earnings                              (656)               15     
- Basic (loss)/earnings before impairment            (321)               15     
- Headline loss                                      (305)            (141)     
- Fully diluted (loss)/earnings**                    (656)               15     
Dividends per share (cents)                                                     
- Interim                                                -               40     
- Proposed final                                         -                -     
Prepared in accordance with International Financial Reporting Standards.        
  * Calculated on weighted number of shares in issue at year ended March 2005:  
    352.7 million (March 2004:240.5 million).                                   
** Calculated on weighted average number of diluted shares in issue at year    
    ended March 2005: 352.7 million                                             
    (March 2004: 239.2 million).                                                
Reconciliation of headline (loss)/earnings:                                     
Net (loss)/earnings                                (2 314)               36     
Adjustments:                                                                    
- Profit on sale of assets                            (52)             (15)     
- Loss on sale of ARM Ltd - net of tax                 111                -     
- Profit on disposal of Highland and High                                       
  River - net of tax                                     -            (444)     
- Profit on Australian listed investments              (4)                -     
- Amortisation of goodwill                               -               84     
- Impairment of fixed assets - net of tax            1 182                -     
Headline loss                                      (1 077)             (339)    
ABRIDGED BALANCE SHEET AT 31 MARCH 2005 (Rand)                                  
                             At 31 March     At 31 December     At 31 March     
2005               2004            2004     
                               R million          R million       R million     
                             (unaudited)        (unaudited)     (unaudited)     
ASSETS                                                                          
Non-current assets                                                              
Property, plant and                                                             
equipment                         21 058             22 390        14   821     
Intangible assets                  2 268              2 268         2   761     
Investments                        6 531              6 364         1   130     
Investments in associates              -                  -         2   604     
                                  29 857             31 022          21 316     
Current assets                                                                  
Inventories                          571                550             455     
Receivables                          614                383             452     
Cash and cash equivalents          (233)                296           2 337     
                                     952              1 229           3 244     
Total assets                      30 809             32 251          24 560     
EQUITY AND LIABILITIES                                                          
Share capital and reserves                                                      
Issued capital                    25 325             25 313          14 678     
Fair value and other reserves    (1 501)            (2 061)           (376)     
Retained (loss)/earnings         (1 333)                364           1 637     
                                  22 491             23 616          15 939     
Minority interest                      -                  -             147     
Non-current liabilities                                                         
Long-term borrowings               2 944              2 861           2 795     
Net deferred taxation                                                           
liabilities                        2 141              2 549           2 706     
Net deferred financial                                                          
liabilities                          452                529             299     
Long-term provisions                 847                825             852     
                                   6 384              6 764           6 652     
Current liabilities                                                             
Payables and accrued                                                            
liabilities                        1 943              1 834           1 770     
Income and mining taxes             (18)                 27              44     
Shareholders for dividends             9                 10               8     
                                   1 934              1 871           1 822     
Total equity and liabilities      30 809             32 251          24 560     
Number of ordinary shares                                                       
in issue                     393 231 894        392 993 004     258 469 684     
Net asset value per share                                                       
(cents)                            5 720              6 009           6 217     
Basis of accounting                                                             
The unaudited results for the quarter have been prepared on the International   
Financial Reporting Standards (IFRS) basis. These consolidated quarterly        
statements 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 2005 (unaudited)                             
                     Issued      Fair value                                     
share       and other        Retained                     
                    capital        reserves       earnings            Total     
                  R million       R million       R million       R million     
Balance at 1                                                                    
July 2004            20 889         (1 186)           1 078          20 781     
Issue of share                                                                  
capital               4 436               -               -           4 436     
Currency                                                                        
translation                                                                     
adjustment and                                                                  
other                     -           (315)               -           (315)     
Net earnings              -               -         (2 315)         (2 315)     
Dividends paid            -               -            (96)            (96)     
Balance at 31                                                                   
March 2005           25 325         (1 501)         (1 333)          22 491     
Balance 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 at 31                                                                   
March 2004           14 678           (376)           1 637          15 939     
                     Issued      Fair value                                     
share       and other        Retained                     
                    capital       reserves       earnings           Total       
                US$ million     US$ million     US$ million     US$ million     
Balance at 1                                                                    
July 2004             3,361           (191)             173           3,343     
Issue of share                                                                  
capital                 713               -               -             713     
Currency                                                                        
translation                                                                     
adjustment and                                                                  
other                     -            (50)               -            (50)     
Net earnings              -               -           (372)           (372)     
Dividends paid            -               -            (15)            (15)     
Balance at 31                                                                   
March 2005            4,074           (241)           (214)           3,619     
Balance at 1                                                                    
July 2003             1,088            (38)             316           1,366     
Issue of share                                                                  
capital               1,234               -               -           1,234     
Currency                                                                        
translation                                                                     
adjustment and                                                                  
other                     -            (21)               -            (21)     
Net earnings              -               -               5               5     
Dividends paid            -               -            (63)            (63)     
Balance at 31                                                                   
March 2004            2,322            (59)             258           2,521     
Balances translated at closing rates of: March 2005: US$1 = R6.22               
(March 2004: US$1 = R6.32).                                                     
SUMMARISED CASH FLOW STATEMENT                                                  
FOR THE NINE MONTHS ENDED 31 MARCH 2005 (unaudited)                             
                                                       Nine            Nine     
months          months     
                                                      ended           ended     
                                                   31 March        31 March     
                                                       2004            2005     
US$ million     US$ million     
Cash flow from operating activities                                             
Cash (utilised)/generated by operations                  99           (149)     
Interest and dividends received                          22              17     
Interest paid                                          (34)            (35)     
Income and mining taxes paid                           (78)             (8)     
Cash (utilised)/generated by operating                                          
activities                                                9           (171)     
Cash flow from investing activities                                             
Cash held by subsidiaries at acquisition                104               -     
Net additions of listed investments                     142              15     
Net additions to property, plant and equipment         (86)            (87)     
Other investing activities                                -               -     
Cash (utilised)/generated by investing                                          
activities                                              160            (72)     
Cash flow from financing activities                                             
Long-term loans raised/(repaid)                        (22)              13     
Ordinary shares issued - net of expenses                 11             (6)     
Dividends paid                                         (57)            (15)     
Cash utilised by financing activities                  (68)             (8)     
Foreign currency translation adjustments                 44             (4)     
Net (decrease)/increase in cash and equivalents         145           (255)     
Cash and equivalents - 1 July                           225             217     
Cash and equivalents - 31 March                         370            (38)     
Nine          Nine     
                                                       months        months     
                                                        ended         ended     
                                                     31 March      31 March     
2005          2004     
                                                    R million     R million     
Cash flow from operating activities                                             
Cash (utilised)/generated by operations                 (914)           691     
Interest and dividends received                           104           152     
Interest paid                                           (192)         (236)     
Income and mining taxes paid                             (51)         (542)     
Cash (utilised)/generated by operating activities     (1 053)            65     
Cash flow from investing activities                                             
Cash held by subsidiaries at acquisition                    -           729     
Net additions of listed investments                        92           994     
Net additions to property, plant and equipment          (536)         (598)     
Other investing activities                                  1             -     
Cash (utilised)/generated by investing activities       (443)         1 125     
Cash flow from financing activities                                             
Long-term loans raised/(repaid)                            81         (155)     
Ordinary shares issued - net of expenses                 (36)            78     
Dividends paid                                           (95)         (395)     
Cash utilised by financing activities                    (50)         (472)     
Foreign currency translation adjustments                (101)          (68)     
Net (decrease)/increase in cash and equivalents       (1 647)           650     
Cash and equivalents - 1 July                           1 414         1 687     
Cash and equivalents - 31 March                         (233)         2 337     
Operating activities translated at average rates of: March 2005:                
US$1 = R6.14 (March 2004: US$1 = R6.98).                                        
Closing balance translated at closing rates of: March 2005:                     
US$1 = R6.22 (March 2004: US$1 = R6.32).                                        
SUMMARISED CASH FLOW STATEMENT                                                  
FOR THE THREE MONTHS ENDED 31 MARCH 2005 (unaudited)                            
                                                      Three           Three     
                                                     months          months     
                                                      ended           ended     
31 December        31 March     
                                                       2004            2005     
                                                US$ million     US$ million     
Cash flow from operating activities                                             
Cash utilised by operations                            (54)            (87)     
Interest and dividends received                           4               7     
Interest paid                                          (10)            (12)     
Income and mining taxes paid                              -             (8)     
Cash utilised by operating activities                  (60)           (100)     
Cash flow from investing activities                                             
Net proceeds on disposal of listed investments          (9)              24     
Net additions to property, plant and equipment         (29)            (21)     
Cash (utilised)/generated by investing                                          
activities                                             (38)               3     
Cash flow from financing activities                                             
Long-term loans raised                                    3              10     
Ordinary shares issued - net of expenses                (6)               -     
Dividends paid                                            -               -     
Cash (utilised)/generated by financing                                          
activities                                              (3)              10     
Foreign currency translation adjustments                (2)             (4)     
Net decrease in cash and equivalents                  (103)            (91)     
Cash and equivalents - beginning of quarter             156              53     
Cash and equivalents - end of quarter                    53            (38)     
Three           Three     
                                                     months          months     
                                                      ended           ended     
                                                   31 March     31 December     
2005            2004     
                                                  R million       R million     
Cash flow from operating activities                                             
Cash utilised by operations                           (532)           (338)     
Interest and dividends received                          41              27     
Interest paid                                          (72)            (64)     
Income and mining taxes paid                           (51)               -     
Cash utilised by operating activities                 (614)           (375)     
Cash flow from investing activities                                             
Net proceeds on disposal of listed investments          149            (57)     
Net additions to property, plant and equipment        (129)           (183)     
Cash (utilised)/generated by investing activities        20           (240)     
Cash flow from financing activities                                             
Long-term loans raised                                   63              18     
Ordinary shares issued - net of expenses                  -            (36)     
Dividends paid                                            -               1     
Cash (utilised)/generated by financing activities        63            (17)     
Foreign currency translation adjustments                  2            (85)     
Net decrease in cash and equivalents                  (529)           (717)     
Cash and equivalents - beginning of quarter             296           1 013     
Cash and equivalents - end of quarter                 (233)             296     
Operating activities translated at average rates of:                            
March 2005 quarter: US$1 = R6.00 (December 2004 quarter: US$1 = R6.03).         
Closing balance translated at closing rates of:                                 
March 2005: US$1 = R6.22 (December 2004: US$1 = R5.63).                         
RECONCILIATION BETWEEN CASH OPERATING PROFIT/(LOSS) AND CASH                    
(UTILISED)/GENERATED BY OPERATIONS - PERIOD ENDED 31 MARCH 2005                 
                                         Nine   Quarter   Quarter      Nine     
months to     ended     ended months to     
                                     31 March  31 March    31 Dec  31 March     
                                         2005      2005      2004      2004     
                                    R million R million R million R million     
Cash operating profit/(loss)              241      (55)       163       623     
Other cash items per income statement:                                          
Other income                               91        30        25       106     
Employment termination and                                                      
restructuring costs                     (434)     (171)     (109)      (41)     
Corporate, administration and other                                             
expenditure                             (125)      (46)      (41)     (104)     
Exploration expenditure                  (57)      (13)      (20)      (63)     
Provision for rehabilitation costs        (4)       (1)       (2)       (9)     
Cash flow statement adjustments:                                                
Cost of Avgold currency hedge and close                                         
out of hedges                           (146)      (52)      (49)     (105)     
Profit on sale of mining assets          (52)      (18)      (25)      (14)     
Interest and dividends received         (104)      (41)      (27)     (152)     
Other non-cash items                     (59)      (16)      (23)      (81)     
Effect of changes in operating working                                          
capital items:                                                                  
Receivables                               246     (231)        19       544     
Inventories                              (40)      (21)      (32)        29     
Accounts payable and                                                            
accrued liabilities                     (471)       103     (217)      (42)     
Cash (utilised)/generated                                                       
by operations                           (914)     (532)     (338)       691     
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS                                  
FOR THE QUARTER ENDED 31 MARCH 2005                                             
Commodity contracts                                                             
Maturity schedule of the Harmony Group"s commodity contracts by type at         
31 March 2005:                                                                  
30 June     30 June     30 June     30 June                 
                       2006        2007        2008        2009      Total      
Forward sales                                                                   
agreements                                                                      
Ounces              108,000     147,000     100,000     100,000     455,000     
A$/ounce                510         515         518         518         515     
Calls                                                                           
contracts sold                                                                  
Ounces               30,000      10,000           -           -      40,000     
A$/ounce                552         562           -           -         554     
                    138,000     157,000     100,000     100,000     495,000     
These contracts are classified as speculative and the marked-to-market movement 
is reflected in the income statement.                                           
The mark-to-market of these contracts was a negative R225 million (US$36        
million) at 31 March 2005. These values were based on a gold price of US$427    
(A$553) per ounce, exchange rates of US$1/R6.2155 and A$1/US$0.7727 and         
prevailing market interest rates at the time. These valuations were provided by 
independent risk and treasury management experts.                               
Gold lease rates                                                                
Harmony holds certain gold lease rate swaps which were acquired through its     
acquisition of New Hampton. These instruments are all treated as speculative.   
The mark-to-market of the above contracts was a positive R500 000 (US$85,000)   
at 31 March 2005, based on valuations provided by independent treasury and risk 
management experts. During the March quarter, Harmony closed out the lease      
rate swaps which were inherited through the acquisition of Hill 50.             
Interest rate swaps                                                             
The Group has interest rate swap agreements to convert R600 million of its      
R1.2 billion fixed rate bond to variable rate debt. The interest rate swap runs 
over the term of the bond, interest is received at a fixed rate of 13% and the  
company pays floating rate based on JIBAR plus a spread raging from 1.8% to     
2.2%.                                                                           
These transactions which mature in June 2006 are designated as fair value       
hedges. The marked-to-market value of the transactions was a negative R43       
million (US$7 million) at 31 March 2005, based on the prevailing interest rates 
and volatilities at the time.                                                   
The directors of Harmony accept responsibility for the information contained    
in this announcement. To the best of the knowledge and belief of the directors  
of Harmony (who have taken all reasonable care to ensure that such is the       
case), the information contained in this announcement is in accordance with     
the facts and does not omit anything likely to affect the import of such        
information                                                                     
CONTACT DETAILS                                                                 
Harmony Gold Mining Company Limited                                             
Corporate Office                                                                
Suite No. 1                                                                     
Private Bag X1                                                                  
Melrose Arch, 2076                                                              
South Africa                                                                    
First Floor                                                                     
4 The High Street                                                               
Melrose Arch, 2196                                                              
Johannesburg                                                                    
South Africa                                                                    
Telephone:   +27 11 684 0140                                                    
Fax:         +27 11 684 0188                                                    
Website: http://www.harmony.co.za                                               
Directors                                                                       
P T Motsepe (Chairman)*                                                         
Z B Swanepoel (Chief Executive)                                                 
F Abbott*, F Dippenaar, V N Fakude*, T S A Grobicki                             
Dr D S Lushaba*, R P Menell*, M Motloba*, Dr M Z Nkosi*                         
M F Pleming*, N V Qangule, C M L Savage*                                        
(*non-executive)                                                                
Investor Relations                                                              
Brenton Saunders                                                                
Executive - Investor Relations                                                  
Telephone:   +27 11 684 0146                                                    
Fax:         +27 11 684 0188                                                    
E-mail:      brenton.saunders@harmony.co.za                                     
Vusi Magadana                                                                   
Investor Relations Officer                                                      
Telephone:    +27 11 684 0149                                                   
Fax:          +27 11 684 0188                                                   
E-mail:       vusi.magadana@harmony.co.za                                       
Marian van der Walt                                                             
Company Secretary                                                               
Telephone:  +27 11 411 2037                                                     
Fax:        +27 11 411 2398                                                     
E-mail:     mvanderwalt@harmony.co.za                                           
South African Share Transfer Secretaries                                        
Ultra Registrars (Pty) Ltd                                                      
PO Box 4844                                                                     
Johannesburg, 2000                                                              
Telephone:    +27 11 832 2652                                                   
Fax:          +27 11 834 4398                                                   
United Kingdom Registrars                                                       
Capita Registrars                                                               
The Registry                                                                    
34 Beckenham Road                                                               
Beckenham                                                                       
Kent BR3 4TU                                                                    
Telephone:  +44 870 162 3100                                                    
Fax:        +44 208 639 2342                                                    
ADR Depositary                                                                  
The Bank of New York                                                            
101 Barclay Street                                                              
New York, NY 10286                                                              
United States of America                                                        
Telephone:   +1888-BNY ADRS                                                     
Fax:         +1 212 571 3050                                                    
Trading Symbols                                                                 
JSE Securities Exchange South Africa HAR                                        
New York Stock Exchange, Inc.        HMY                                        
London Stock Exchange plc            HRM                                        
Euronext Paris                       HG                                         
Euronext Brussels                    HMY                                        
Berlin Stock Exchange                HAM1                                       
Date: 25/04/2005 08:30:57 AM Supplied by www.sharenet.co.za                     
Produced by the JSE SENS Department                                             
                                                                                
                                                                                
                                                                                



                                        
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