Harmony Gold Mining Company Limited
(Incorporated in the Republic of South Africa)
(Registration number 1950/038232/06)
ISIN No.: ZAE000015228
HARMONY RESTRUCTURES ITS BOARD OF DIRECTORS
Johannesburg, Thursday 29 April 2004 - Harmony Gold Mining Company Limited
(NYSE: HMY JSE: HAR) today announced the restructuring of its Board of
Directors following the announcement on 7 April 2004 that the parties concerned
(Harmony/ARMI/Avmin) had received approval from the Competition Tribunal to
proceed with the range of indivisible transactions announced on 13 November
Mr Patrice Motsepe, Harmony's Non-Executive Chairman, will now be supported by
Mr Rick Menell, the company's newly appointed Deputy Chairman. Harmony also
appointed Dr Morley Nkosi, who to date served on the ARM Board, as a
Non-Executive Director. Both their appointments were effective 23 April 2004.
Dr Manana Bakane -Tuoane, Mr Michael King, Dr Sibusiso Sibisi, Dr Rejoice
Simelane and Mr Max Sisulu resigned as Directors from Harmony effective 21
April 2004, which resignations were accepted by the Harmony Board on 23 April
2004. These Directors have all been nominated as Non-Executive Directors of the
ARM Board. Mr Dan Simelane also tendered his resignation as Executive as he
wishes to explore other business opportunities. Mr Simelane's resignation was
accepted by the Harmony Board on 23 April 2004.
Mr Frank Abbott, Harmony's Financial Director, has been nominated as Financial
Director of ARM. Due to his skills and experience at Harmony, and in order to
facilitate a smoother handover, it was agreed by the Harmony Board that Mr
Abbott should continue to be a Director of Harmony, but in the capacity as
Non-Executive Director. It is anticipated that a new Financial Director will be
appointed in the next few weeks. Johannes van Heerden, the Financial Director
of Harmony Australia, will in the interim, act as Chief Financial Officer.
The Harmony Board therefore comprises of the following members:
Bernard Swanepoel, Mangisi Gule, Ted Grobicki, Ferdi Dippenaar
Patrice Motsepe (Chairman), Rick Menell (Deputy Chairman), Lord Renwick of
Mike Pleming, Simo Lushaba, Nolitha Fakude, Cedric Savage, Frank Abbott
The Harmony Board therefore now comprises 9 Non-Executive Directors (of whom 7
are independent) and 4 Executive Directors.
The conclusion of the range of indivisible transactions between ARMI, Avmin and
Harmony created an opportunity to restructure the Boards of the various
companies. This enables the companies to draw on the skills and capacities of
the newly appointed directors as we continue with our track record in creating
value for shareholders," said Bernard Swanepoel, Chief Executive.
Information on newly appointed Harmony Board Members
Mr Rick Menell, 48, MA, MSc
Trained as a geologist, Rick has been a merchant banker in New York and
Melbourne. He also worked as an executive director of Delta Gold in Australia.
He joined Avmin in February 1992 as assistant financial manager, mines. He was
later appointed manager, finance and administration (mines) and then general
manager, corporate service. Appointed managing director of Avmin Limited in
1996 and in 1999 was elected president of the Chamber of Mines of South Africa.
He is also chairman of the South African Tourism Board, a director of the
Standard Bank Group Limited, Telkom Limited and Mutual & Federal Insurance
Company Limited and a trustee of the National Business Trust.
Dr. Morley Nkosi, 68, PhD (Economics), MBA, BS (Economic)
Apart from being an academic, economist and businessman, Morley is the
chairperson of the National Institute for Economic Policy and managing
associate of Morley Nkosi Associates. He serves on several boards including
that of Investec Bank Limited.
Issued by Harmony Gold Mining Company Limited
29 April 2004
For more details contact:
on +27(0)83 303 9922
on +27(0)82 807 3684
Investor Relations Officer
Tel +27 11 684 0146
Mobile +27(0)83 380 6614