South Africa: Harmony Raises $124m Overnight

29 January 2003

Harmony Gold announced today it had placed eight million new shares with institutional investors, an opportunistic move it completed in the space of only a few hours on the back of voracious institutional demand.

"$124 million is a lot of money and we completed the raising overnight. There's a lot of demand and I wouldn't be surprised if the other gold companies go out and raise cash on the back of this," said Harmony commercial director Ferdi Dippenaar.

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