UPDATE: Harmony Gold Taps Hannes Meyer As Finance Director

Harmony Gold Mining Co. (HAR.JO), Africa's third-largest producer of the precious metal, Friday appointed experienced industry executive Hannes Meyer as finance director.

Meyer will take over from Frank Abbott, finance director of mining concern African Rainbow Minerals Ltd. (ARI) and Harmony's acting finance director since August 2007, when Nomfundo Qangule unexpectedly stepped down soon after the departure of former Harmony Chief Executive Bernard Swanepoel.

Harmony said Abbott had given notice of his planned early retirement. He will hand over his responsibilities to Hannes Nov. 1.

ARM separately said Abbott would step down as finance director, although he would remain on its board as a non-executive, to be succeeded by Chief Finance Officer Michael Arnold. ARM is Harmony's second-largest shareholder behind Allan Gray Ltd. with a 16% interest.

At 0844 GMT, Harmony's shares were trading 1.8% lower at 72.20 rand, in line with a decline in gold stocks.

"We searched for an individual with financial engineering abilities and Hannes was by far the strongest candidate," Harmony Chief Executive Graham Briggs said.

Meyer, 39, currently is Chief Executive of Teal Exploration & Mining Inc., a company housing ARM's exploration operations in Africa. ARM in March concluded a deal to sell 50% of Teal to Vale SA (VALE) ahead of delisting the business from the Toronto and Johannesburg stock exchanges.

A chartered accountant, Meyer's first job was with Randgold Resources Ltd.'s (GOLD) mining operations in Mali, before he joined AngloGold Ashanti Ltd. (AU), where he spent seven years and was latterly appointed senior financial manager of business development. He joined Teal as chief financial officer before being named Chief Executive in 2008.

Meyer will join Harmony as finance director designate from Aug. 1, and will join the company's board at the beginning of November. Abbott will remain on Harmony's board until the end of December, after which he will continue to serve as a non-executive director.

Company Web site: www.harmony.co.za

-By Robb M. Stewart, Dow Jones Newswires; [phone]; [e-mail]