20036

Main Telephone: 202-518-5240

Website: www.5% stake in Bendigo for
AUD32 million, and the repayment of loans totalling more than ZAR400
million.
Harmony was put on Rating Watch Positive in October 2004 following
its announcement that it was making an offer to Gold Fields Ltd.

businesses external

is a respected world leader for solving complex
challenges in a changing environment.

Headquarters Address: 1523 New Hampshire Avenue, NW
Washington, D.mzminc.com

within africa

Although Fitch has previously highlighted the deterioration in
Harmony's financial profile in rating action dated 17 August 2004,
this would be mitigated by a successful acquisition of Gold Fields,
which Fitch views as potentially credit -enhancing for Harmony.

external transportation

Company: MZM Inc. Asset impairments
amounting to ZAR1,513 million widened the quarterly loss to ZAR2,135
million at the pre-tax level. Again, Fitch is aware that the
company has instituted stringent restructuring programmes in some of
its operations , but these may take time to show any benefit.

views ghana

The revision reflects a continuous deterioration of the financial
profile of the company as demonstrated by the latest release by
Harmony of its results for the third quarter ended 31 March 2005.

organisations c

Specific letter grades are not therefore internationally
comparable.

c government

EVP: Karen Theobald

Public Relations
Contact: Karen Theobald
Phone: 202-518-5240
Email: ktheobald@mzminc.

Fitch Revises Harmony's Rating Watch Positive to Evolving

Total shareholders' funds declined marginally to
ZAR22 ,491 million.
shares for ZAR830 million, the sale of its 11.
The South African Competition Tribunal will be sitting early in
May 2005 to decide on the proposed transaction, which hopefully will
be concluded later in the month.

d sources

Business Editors

----A national security and information technology
firm, MZM Inc. The best risk within a country is rated 'AAA'
and other credits are rated only relative to this risk. National
ratings are designed for use mainly by local investors in local
markets and are signified by the addition of an identifier for the
country concerned , such as 'AAA(zaf)' for National ratings in South
Africa.

ivory transportation

In the
meantime, it appears likely that the South African Rand will continue
to trade strongly and that the U.

organisations ivoire

C.

Business Editors

JOHANNESBURG, South Africa----Fitch
Ratings, the international rating agency, has today revised the Rating
Watch on Harmony Gold Mining Company Ltd's (Harmony) National ratings
to Evolving from Positive. Rising costs and a relatively static
Rand-denominated gold price pushed cash operating costs to beyond the
average gold price received in the quarter.

transportation te

Harmony is a leading South African
gold producer. Gold Fields has a portfolio of high margin, profitable
mines and enjoys a degree of geographical diversification with mines
in South Africa, Ghana, and Australia.

ghana within

maps west

coast maps

Sr. dollar gold price will maintain a
trading range of about USD420 per ounce to USD435 per ounce for the
next few months, not adding any advantage to Harmony's trading
environment.

transportation maps

A deferred tax credit helped reduce the
net loss to ZAR1,697 million, but this effectively changed retained
earnings of ZAR364 million on the balance sheet to a retained loss of
ZAR1,333 million .
However, Fitch is concerned that should the proposed acquisition not
be concluded swiftly, further losses by Harmony at the cash operating
level are considered possible over the next two to three quarters.

This category contains links to web sites about Cte d'Ivoire including businesses and organisations within Cte d'Ivoire, and links to information and news from external sources.

guides sources

Company Profile for MZM Inc.

within directories

While Fitch is aware that Harmony has access to substantial liquid
resources through its 11.

ivory african

businesses just

5% holding of Gold Fields, it views a
successful outcome to the acquisition as positive for Harmony's future
prospects.

ghana just

The company creatively applies
innovation, high standards and expertise in national security,
technology and policy arenas for the Defense Department, federal and
state agencies and private businesses.

known african

The
significant decline in earnings led to a loss of ZAR55 million at the
cash operating level.,
another leading South African gold producer, to acquire all of its
shares.

transportation within

Harmony's debt level will be
reduced during the current quarter as a result of the sale of ARM Ltd.

african external

com

Type of Organization: Private

Industry: Government: Defense

Key Executives: President: Mitchell Wade
COO: Frank Bragg, Jr. Its National ratings are Long-term
'A-(zaf)' and Short-term 'F2(zaf)'.

Note to Editors: Fitch's National ratings provide a relative
measure of creditworthiness for rated entities in countries with
relatively low international sovereign ratings and where there is
demand for such ratings.

environment d

government businesses

Funding the deficits over the past three quarters
since fiscal year-end 2004 has resulted in net debt increasing to
ZAR3,177 million from ZAR2,097 million.