Heed the signs that gold is scarce and getting scarcer fast


JOHANNESBURG, Nov 15 (Reuters) -- South Africa's third-largest
gold miner, Harmony Gold, said on Friday it would list on the New
York Stock Exchange on November 27, joining fellow mining
majors AngloGold and Gold Fields.

Harmony, whose American Depositary Receipts already trade
on the U.S. Nasdaq, will trade on the NYSE under the ticker
symbol HMY, the company said in a statement.

"This move represents an important milestone in our growth
as an independent public company over the past seven years,"
said Harmony Chief Executive Officer Bernard Swanepoel.

"We believe that the NYSE listing will improve Harmony's
visibility among a wider base of investors while also
lessening the volatility of our stock for current investors."

Harmony is the world's fifth largest gold producer, with an
output of 2.7 million ounces in the year to June.

It sees production rising to 3.1 million ounces in the 2003
financial year.

Harmony's share price was 1.7 percent or 240 cents higher
at 45 rand at 1420 GMT, slightly outperforming a 1.4 percent
gain in the gold mining index. Analysts said the move to the
NYSE would improve the rating on Harmony's shares, which
are already highly liquid.

"The share rating is still very wide between the U.S. and
South Africa, and Harmony management are probably
hoping it will close that gap. It will also increase interest
in a very liquid stock in a market where investors are
prepared to pay more," said one analyst.

"They should benefit from moving to the NYSE where the
spreads are slightly betyer, and they will be trading
alongside their peers," said another.

South Africa's largest gold miner AngloGold debuted on
the NYSE in August 1998, and Gold Fields, South Africa's
second largest gold miner, listed in May.