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Harmony tenders its Western Areas shares

Harmony Gold Mining Co. Ltd (“Harmony”) announced today that it had tendered its Western Areas shares for conversion to Gold Fields shares.

This follows the offer made by Gold Fields to the Western Areas minority shareholders contained in the circular dated 30 October 2006. Upon receipt of its shares, Harmony will own 2.75% of the enlarged share capital of Gold Fields having exchanged 29,2% ownership in Western Areas.

Chief Executive Bernard Swanepoel says, “Accepting the Gold Fields shares in lieu of Western Areas shares will facilitate the liquidation of our investment which, although already approved by Harmony’s board of directors, will only be concluded at an opportune time.”

Harmony acquired the 29.2% stake (44 985 939 shares) in Western Areas at a cost of R44,23 per share on 9 March 2006. The investment was carried at fair value in Harmony’s books and the estimated value* on disposal amounts to R40,61 per share. The proceeds on the share conversion amounts to R47,08 per share, resulting in an estimated accounting profit of R6,47 per share.

* Harmony’s share of Western Areas’ financial results for the month of October and November were estimated based on their September 2006 quarterly results.

For more details contact:

Bernard Swanepoel
Chief Executive
+27(0)83 303 9922

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

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

Annual report

Integrated annual report 2016
Integrated annual report 2017


Investor brief

Harmony Investor brief, Sep 2017
September 2017 -
Harmony Investor brief

(PDF - 6.5MB)

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