Reviewed Group Results for the year ended 30 June 2003

Revenues up 21% to R4,896m (R4,047m)
Headline earnings before unrealised non-hedge derivatives up 18% to R241m (R204m)
Net cash flow from operations up 113% to R630m (R296m)
Record production at Assmang and Nkomati
Gearing reduced to 11% (42%)
Risk profile of the Group reduced – current portfolio of high quality assets
Excellent project pipeline going forward
Rick Menell, Chairman commented:

“We have had a good year operationally with record production being achieved at Assmang and Nkomati and with Target Mine having being brought into full production. As predicted, our earnings have been impacted by the strength of the Rand.

We have made significant steps during the year to reduce the risk profile of the Group and also have eliminated most of our debt. We now have a portfolio of high quality assets.

We are committed to a process of reviewing options to restructure the Group in order to accelerate the development of our exciting nickel, platinum and other projects. We expect to announce our strategic intentions by early 2004.”

For further details contact:
Anglovaal Mining Limited
Rick Menell, Chairman
Jan Steenkamp, CEO
Ebrahim Takolia, Investor Relations

Tel: 011 634 0333

College Hill South Africa
Nicholas Williams
Angela Parr

Tel: 011 447 3030