Harmony Gold Mining Co. Ltd.
SHARE CODE : HAR
NASDAQ : HGMCY
ISIN NO. ZAE000015228
NEWS RELEASE
HARMONY CLOSES RANDFONTEIN HEDGE BOOK
Johannesburg, 12 April 2002 - Harmony Gold Mining Company Limited today
announced that the company had closed the balance of the Randfontein hedge
book it inherited with the acquisition of Randfontein Estates Limited in
January 2000.
"The closure of the Randfontein hedge book is a continuation of Harmony's
strategy of being unhedged. We believe our shareholders want the exposure of
a potential increase in the gold price," says financial director Frank
Abbott.
All the remaining forward sales contracts and call options totaling
approximately 490 000 ounces, have been closed. In addition, as result of
the higher gold price, the company closed a further 220 000 ounces of
forward purchases.
The closure of the hedge book resulted in a net cost after tax of R125
million (US$11 million), which has been financed from existing cash
resources. The closure cost of the hedge book will however not have an
impact on the company's financial results, as these had been accounted for
previously.
"The company will continue restructuring the hedge books of our Australian
acquisitions, New Hampton and Hill 50, as and when markets conditions
allow," he concluded.
Ends
For further details contact:
Bernard Swanepoel
On +27(0)83 303 9922
Or
Frank Abbott
On +(27(0)82 800 4290
Issued by Harmony Gold Mining Company Limited
Contact:
Corne Bobbert
Tel +27 11 411 2036
Fax + 27 11 411 2169
Mobile +27(0)83 380 6614
E-mail: cbobbert@harmony.co.za
Web Site: www.harmony.co.za
Profile Group (Pty) Ltd. has taken care in preparing all information on this website, but does not accept any liability for errors or out-of-date information.
