| Fri 10 Dec 2004, 10:58 | | Concern Over Harmony"s Delay In Producing |
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Gold Fields` Board Expresses Concern Over Harmony`s Delay In Producing Its
Resources And Reserves Statement
MEDIA RELEASE
Gold Fields Limited
(Incorporated in the Republic of South Africa)
Registration number: 1968/004880/06
JSE code: GFI ISIN: ZAE000018123
(`Gold Fields`)
Gold Fields` Board Expresses Concern Over Harmony`s Delay In Producing Its
Resources And Reserves Statement
Johannesburg, 10 December 2004. The Board of Gold Fields Limited (GFI: JSE and
NYSE) notes with concern that Harmony appears to be delaying the disclosure of
its independently audited Reserves and Resources Statement.
In Harmony`s offer document, and in subsequent statements, Harmony promised that
it would produce its Reserves Statement by early December 2004. It is now
approaching mid-December and still there has been neither Reserves Statement nor
any explanation for the delay in producing it.
In its offer response document published on 3 November 2004 the Gold Fields
Board expressed concern over the unexplained differences between Harmony`s
claimed reserve position of 62 million ounces as reported in its 2004 Annual
Report and the 41 million ounces of reserves stated in the Competent Persons
Report (`CPR`) included in Harmony`s South African offer document.
Gold Fields` shareholders need to know whether Harmony has 41 million or 62
million ounces of reserves.
Why the delay in providing the independent report?
Does this indicate that the independent auditors are having difficulty
reconciling the two conflicting numbers?
Each further day of delay gives rise to suspicions that serious problems are
being experienced.
Gold Fields Chief Executive Officer, Ian Cockerill commented,
`An up to date, independently audited Reserves Statement is vital in
understanding Harmony`s true value and hence the value of its offer. We have
significant concerns about the conflicting statements on Harmony`s reserve
position. Our shareholders have the right to make an assessment of Harmony`s
true value based on accurate, independent information. By delaying publication
of its Reserves Statement Harmony is depriving shareholders of that right.
`In the interests of transparency, protecting shareholder rights and good
corporate governance, we call on Harmony to produce an independently audited
Reserves and Resources Statement without further delay.`
- ends -
Important information:
In the United States, Gold Fields Limited (`Gold Fields`) has filed a
Solicitation/Recommendation Statement with the Securities and Exchange
Commission (the `SEC`) on Schedule 14D-9 and holders of the Gold Fields Ordinary
Shares and American Depositary Shares are advised to read it as it contains
important information. Copies of the Schedule 14D-9 and other related documents
filed by Gold Fields are available free of charge on the SEC`s website at
http://www.sec.gov. Any documents filed by Harmony Gold Mining Company Limited,
including any registration statement on Form F-4 (including any prospectus
contained therein) and related exchange offer materials as well as its Tender
Offer Statement on Schedule TO, will also be available free of charge on the
SEC`s website.
The directors of Gold Fields accept responsibility for the information contained
in this document. To the best of their knowledge and belief (having taken all
reasonable care to ensure that such is the case) the information contained in
this document is in accordance with the facts and does not omit anything likely
to affect the import of such information.
Copies of this document are not being made available, and must not be mailed,
forwarded, transmitted or otherwise distributed or sent in or into Australia,
Canada, Japan, the Republic of Ireland or any other jurisdiction in which it is
illegal to make this document available and persons receiving this document
(including custodians, nominees and trustees) must not distribute, forward,
mail, transmit or send it in or into or from Australia, Canada, Japan, the
Republic of Ireland or any such other jurisdiction.
