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To: yard_man who wrote (238734)	5/2/2003 2:51:56 PM
From: ild	Respond to of 436258

ARMgold AND HARMONY MERGE TO CREATE SOUTH AFRICA’S LARGEST GOLD PRODUCER harmony.co.za Harmony and ARM Gold to merge: Harmony Gold And African Rainbow Minerals To Merge -3 Bernard Swanepoel, Harmony's chief executive, said the company is now well positioned to continue with its strategy of growth and delivery of shareholder value. The new company will have operating mines in all the major gold producing regions in South Africa. Most of the synergies will, in the short term, be realized in the Free State, as the region will now be consolidated as one operating unit, the companies said. Optimal use of infrastructure and exploitation of the orebodies will deliver enhanced returns for shareholders, they said. The only other operations of note in the Free State are Beatrix mine, operated by Gold Fields Limited ( GFI ) and Target mine, operated by Avgold Ltd ( O.AVG ) , which has a resource base of 78.1 million ounces of gold of which 2.6 million ounces are in the reserve category. As reported earlier, the two companies have bought a stake in Avgold through their ZAR1.766 billion purchase in cash of Anglo American PLC's ( AAUK ) 34.5% stake in Anglovaal Mining Ltd, or Avmin. Avgold is the gold mining arm of Anglovaal Mining. The new Harmony will be well positioned to continue with its strategy of growth, both locally and internationally, the companies said. The acquisition of the stake in Avmin creates an opportunity for Harmony and ARMgold to participate in unlocking value within that company, the companies said. The two companies will hold a joint press conference on May 5 at 0800 GMT. On the JSE Securities Exchange South Africa, Harmony shares ended trading up ZAR4.10, or 5.3%, at ZAR81.10.