RNS Number:4585U
Harmony Gold Mining Co Ld
12 April 2002

                          Harmony Gold Mining Co. Ltd.

                                  NEWS RELEASE

For immediate release
Tuesday 12 April 2002



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 totalling
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

 ISIN No.: ZAE000015228

JSE: HAR

NASDAQ: HGMCY

Disclaimer

This presentation includes certain information that is based on management's
reasonable expectations and assumptions. These "forward-looking statements"
include, but are not limited to, statements regarding estimates, intentions and
beliefs, as well as anticipated future production, mine life, market conditions
and costs. While management has prepared this information using the best of
their experience and judgment, and in all good faith, there are risks and
uncertainties involved which could cause results to differ from projections.

Cautionary Note to US Investors - The United States Securities and Exchange
Commission (the "SEC") permits mining companies, in their filings with the SEC,
to disclose only those mineral deposits that a company can economically ad
legally extract or produce. We use certain terms in this quarterly review, such
as "resources", that the SEC guidelines strictly prohibit us from including in
our filings with the SEC. U.S. Investors are urged to consider closely the
disclosure in our public filings with the SEC available from us at Harmony Gold
Mining Company Limited, P.O. Box 2, Randfontein, 1760, South Africa, Attention:
Mr. Ferdi Dippenaar, Commercial Director. You can also obtain these filings from
the SEC by calling 1-800-SEC-0330.







                      This information is provided by RNS
            The company news service from the London Stock Exchange
Harmony Gold (LSE:HRM)
Historical Stock Chart
From Jul 2024 to Aug 2024 Click Here for more Harmony Gold Charts.
Harmony Gold (LSE:HRM)
Historical Stock Chart
From Aug 2023 to Aug 2024 Click Here for more Harmony Gold Charts.