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HAR - Harmony - Harmony continues to strengthen its balance sheet

Release Date: 22/12/2008 10:01:20      Code(s): HAR
HAR - Harmony - Harmony continues to strengthen its balance sheet               
Harmony Gold Mining Company Ltd                                                 
Incorporated in the Republic of South Africa                                    
Registration number: 1950/038232/06                                             
JSE: HAR                                                                        
NYSE: HMY                                                                       
NASDAQ: HMY                                                                     
ISIN: ZAE000015228                                                              
("Harmony")                                                                     
HARMONY CONTINUES TO STRENGTHEN ITS BALANCE SHEET                               
Johannesburg, 22 December 2008. Harmony Gold Mining Company Limited ("Harmony") 
is pleased to announce that despite international financial turmoil, it         
continues to strengthen its balance sheet.                                      
Raising funds                                                                   
Harmony has completed a capital raising by issuing shares for cash in the open  
market pursuant to its mandate given by shareholders at the Annual General      
Meeting.  In the capital raising 10 504 795 shares have been placed between 25  
November 2008 and 19 December 2008, at an average subscription price of R93.20, 
raising R979 million before costs. The average issue price compares favourable  
with the weighted average share price on the JSE over the same period of R92.79 
per share. The number of shares issued is equivalent to 2.6% of Harmony`s issued
share capital of 403 424 148 shares as at 30 September 2008. The cost of the    
placement was approximately R15 million, or 1.5% of the value of shares issued. 
In line with Harmony`s stated intention to have zero net debt by June 2009, the 
proceeds will primarily be used to reduce debt levels.                          
Nedbank loan                                                                    
Harmony has repaid R1,25 bn of the R2bn Nedbank debt which was repayable by     
December 2008. The Nedbank loan facility of R750 million is now repayable by    
December 2009.                                                                  
Capital projects                                                                
Harmony recognises that its pipeline of projects is the future of the company   
and regularly reviews its cash flow to ensure that it supports the continuation 
of its projects.  During a recent review Harmony reaffirmed its commitment to   
its capital expenditure plans.                                                  
Issued by Harmony Gold Mining Company Limited                                   
22 December 2008                                                                
For more details contact:                                                       
Frank Abbott                                                                    
Interim Financial Director                                                      
on +27(0)82 800 4290                                                            
or                                                                              
Graham Briggs                                                                   
Chief Executive Officer                                                         
on +27(0)83 265 0274                                                            
or                                                                              
Marian van der Walt                                                             
Executive: Corporate and Investor Relations                                     
on +27(0)82 888 1242                                                            
Corporate Office:                                                               
Randfontein Office Park                                                         
P O Box 1                                                                       
Randfontein                                                                     
South Africa 1796                                                               
T +27 (11) 411 2000                                                             
For more information on Harmony, please visit www.harmony.co.za                 
22 December 2008                                                                
Sponsor                                                                         
Merrill Lynch South Africa (Proprietary) Limited                                
Date: 22/12/2008 10:01:20 Supplied by www.sharenet.co.za                     
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