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Harmony and num agree to two-year wage settlement

Harmony Gold Mining Company Limited (NYSE: HMY JSE: HAR) today announced that it had reached settlement on the annual wage increase negotiations with its largest union.

The two-year agreement provides for between 6% and 7% increases in wages at the lowest job categories in 2005 (effective from 1 July 2005) and the lessor of CPI plus 1% or between 5,5% and 6% in 2006. For employees qualifying for living out allowances, this will be increased to R800 per month in 2005 from the current level of R750 per month. The increase in living out allowance will be further stepped up to R900 per month by July 2006 and R1000 per month by September 2006.

“We are pleased to have been able to reach a quick and sensible agreement, which is in the interests of all stakeholders. Having been able to reach consensus on a two-year deal, is an added bonus. We aim to improve and re-establish constructive and mutually beneficial relationships with our employees and unions.” Commented Chief Executive Bernard Swanepoel.

Operations are expected to return to normal with employees returning to work on night shift on 11 August 2005.

For more details contact:

Brenton Saunders
Executive, Investor Relations
+27(0)83 607 4060

Vusi Magadana
Investor Relations Officer
Office: +27 11 684 0149
Mobile: +27(0)72 157 5986
This email address is being protected from spambots. You need JavaScript enabled to view it.

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Investor brief

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Harmony Investor brief

(PDF - 6.5MB)

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