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Harmony sells Mt Magnet to Monarch

Johannesburg. Thursday 8 November 2007. Harmony Gold Mining Company Limited (Harmony: JSE/HAR) announces that it has signed a letter of intent with the Australian–based junior miner Monarch Gold Mining Company (Monarch: ASX/DIFX:MON) for the sale of its Mount Magnet operations for Aus$65 million.

The Mt Magnet asset package, which includes Hill 50, Great Fingall, St George, Star and Big Bell mines, comprises a resource inventory of 2.7Moz of gold, tenements covering approximately 62,000 hectares and 166 exploration licence blocks, along with a 2.7Mt a year capacity plant.

Harmony’s Acting Chief Executive Graham Briggs says, “The sale of Mt Magnet forms part of our 2007 rationalisation strategy which considered the Western Australian assets as being non–core to this strategy. Mt Magnet is the last of those operations to be sold. It is our intention, going forward, to focus on developing and operating our larger, long–life mines.”

In terms of the letter of intent, the purchase consideration of Aus$65 million payable to Harmony by Monarch is calculated as follows:

  • Cash  Aus$30 million
  • ASX MON shares (issued at 7 day VWAP)   Aus$20 million
  • Convertible note       Aus$15 million
    • 3 year term
    • 5% per annum interest
    • 30% premium for conversion to issue price
    • secured by the asset
  • For more details contact:

    Graham Briggs
    Acting Chief Executive
    +27(0)83 265 0274

    Amelia Soares
    General Manager, Investor Relations
    +27(0)82 654 9241

    Lizelle du Toit
    Investor Relations Officer
    +27(0)82 465 1244

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