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Gold Fields: Harmony Reserve Statement delay

Gold Fields: Harmony Reserve Statement delay < News < Bet On Markets

The board of Gold Fields notes with concern that Harmony appears to be delaying the disclosure of its independently audited Reserves and Resources Statement. In Harmony`s offer document, and in subsequent statements, Harmony promised that it would produce its Reserves Statement by early December 2004. It is now approaching mid-December and still there has been neither Reserves Statement nor any explanation for the delay in producing it. In its offer response document published on 3 November 2004 the Gold Fields board expressed concern over the unexplained differences between Harmony`s claimed reserve position of 62 million ounces as reported in its 2004 Annual Report and the 41 million ounces of reserves stated in the Competent Persons Report included in Harmony`s South African offer document. Gold Fields` shareholders need to know whether Harmony has 41 million or 62 million ounces of reserves.

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