HRM Harmony Gold

FOR IMMEDIATE RELEASE                   
                                        
31 March 2004                           

THIS ANNOUNCEMENT IS NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN OR INTO
THE UNITED STATES, CANADA, AUSTRALIA OR JAPAN ORTO US, CANADIAN, AUSTRALIAN OR
JAPANESE PERSONS

Harmony Gold Mining Company Limited

Incorporated in the Republic of South Africa

(Registration number 1950/038232/06)

Share Code: HAR ISIN:ZAE 000015228

Convertible Bond Issue

Harmony Gold Mining Company Ltd ("Harmony") today announces that it intends to
issue ZAR1,700 million (c.US$270 million) of convertible bonds (the "Bonds").

The proceeds of the issue will be used primarily to refinance Harmony's
existing South African Rand debt, hence benefiting from the attractive
financing opportunities currently available in the convertible bond market.

Terms of the Bonds

Subject to the terms and conditions of the Bonds, the Bonds will be issued by
Harmony and will be convertible into approximately 14 million new Harmony
ordinary shares (the "Shares"), representing approximately 5% of Harmony's
issued ordinary share capital. The Bonds will be denominated in Rand and will
be issued at 100% of their principal amount. The coupon on the Bonds will be
4.875% payable semi-annually in arrears and the conversion price will be
ZAR121.

The Bonds are expected to settle on or about 21 May 2004. Applications will be
made for the Bonds to be admitted to the Official List of the UK Listing
Authority and to theLondon Stock Exchange plc's market for listed securities.

J.P. Morgan Securities Ltd. is the lead manager of the Bond issue.

For further information please contact:

Ferdi Dippenaar            Harmony                     +27 82 807 3684        
     
Ian Hannam                 JPMorgan                    +44 207 325 1168      

Background Information

Harmony Gold Mining Company Limited

Harmony is the largest gold producer inSouth Africa and the sixth largest gold
producer in the world. Harmony is listed on stock exchanges in Johannesburg,
New York, London, Paris, Berlin and Brussels, and has a market capitalisation
of approximately US$ 4.0 billion. Since becoming an independent mining company
in 1995, Harmony has implemented a successful strategy of delivering
shareholder value by pursuing a focused strategy of growth through
acquisitions. Harmony has completed some 25 acquisitions, many of which have
also provided the company with opportunities for significant organic growth. As
at 30 June 2003, Harmony's mining operations in South Africa and Australia
reported in aggregate total proven and probable reserves of approximately 61.9
million ounces, and a gold resource in excess of 410 million ounces.

In the United Kingdom, this announcement is directed exclusively at persons who
have professional experience in matters relating to investments who fall within
Article 19 or 49 of the Financial Services and Markets Act 2000 (Financial
Promotion) Order 2001. In the United Kingdom, the Bonds will only be issued to
such persons.

This announcement is not for distribution in or into the United States or to US
persons. This announcement is not an offer of securities for sale in the United
States or to US persons. The securities referred to herein may not be offered
or sold in the United States or to US persons unless they are registered under
the US Securities Act of 1933 or exempt from registration. There will be no
public offering of the securities referred to herein in the United States.


END

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