Gold Fields' Board Expresses Concern Over Harmony's Delay In Producing Its Resources And Reserves Statement
December 10 2004 - 1:49AM
PR Newswire (US)
Gold Fields' Board Expresses Concern Over Harmony's Delay In
Producing Its Resources And Reserves Statement JOHANNESBURG, South
Africa, December 10 /PRNewswire-FirstCall/ -- 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." 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. http://www.goldfields.co.za/ DATASOURCE: Gold Fields
Limited CONTACT: Enquires: South Africa, Willie Jacobsz, Tel
+27-11-644-2460, Fax +27-11-484-0639; North America, Cheryl A
Martin, Tel +1-303-796-8683, Fax +1-303-796-8293
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