/ 19 April 2000

HARMONY PREDICTS TOUGH QUARTER

HARMONY Gold, the country’s third biggest gold producer, reported mixed results for the quarter to March with mining operations hit by bad weather and extra public holidays. Harmony kicked off the country’s gold reporting season by predicting another tough quarter ahead, but said it expected restructuring gains from its newly-acquired Randfontein mine. It warned tough decisions will have to be taken at Randfontein’s money-losing Cooke 4 shaft, with closure possible if losses continued. Harmony, which for the first time included results from Randfontein, reported earnings of 114 cents per share for the three months ended March 31, up 39% from the previous quarter to December.