Fitch affirms Harmony Gold Mining

Fitch Ratings said it affirmed Harmony Gold Mining Co. Ltd.'s ratings at national long-term BBB+(zaf) and short-term F2(zaf).

The outlook remains negative.

Fitch noted the ratings reflect Harmony's position as third-largest gold producer in South Africa, its ownership of substantial gold reserves and ability, under normal circumstances, to operate with relatively low debt levels.

However, fiscal year 2004 and particularly the financial year ended June 30, 2005 were extremely difficult periods for Harmony due to the rand continuing to trade strongly against the U.S. dollar, rising input costs and substantial restructuring of certain operations.

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