Anglovaal Mining Limited – Project Updates

1 November 2001

Speaking at the Annual General Meeting of Anglovaal Mining Limited (Avmin) shareholders today, CEO Rick Menell, provided members with an update on Avmin’s major capital development and growth programme.

At Chambishi Metals, Avmin’s cobalt and copper producer in Zambia, the new smelter built to treat slag material was commissioned during the third quarter of the financial year ended 30 June 2001. However, the necessity to re-brick the furnace lining occurred as a result of water ingress. Re-heating of the furnace commenced during July 2001. The current plan indicates that the build-up to full production, which is at a rate of 4 200 tons a year of cobalt in the expanded facility and is currently at 50 per cent capacity, will be achieved during the first quarter of the 2002 calendar year. The total investment, to date, in Chambishi Metals is higher than anticipated at US$258 million.

Avgold Limited’s new R2,1 billion Target gold mine is on schedule and within budget for full production during the first quarter of the 2002 calendar year. It is being anticipated that Target’s new metallurgical plant will start commissioning this month. All work on Target’s refrigeration and water handling facilities is progressing satisfactorily and the back fill plant has commissioned.

In Assmang Limited, the iron ore jig plant was commissioned, within budget and schedule, during the last financial year and the significant new chrome alloy expansion is in the process of commissioning, which is also within budget and envisaged timing. The new manganese shaft at the Nchwaning mine remains on schedule for completion in late 2003.

The feasibility study to assess a possible expansion at Avmin’s Nkomati mine will be completed during the first quarter of calendar 2002 and this will be presented to Avmin’s board of directors for decision before the middle of the year.

Two Rivers Platinum (Pty) Limited, which ‘;houses’ the recently-acquired platinum group metals deposit, is on schedule to complete its feasibility study by the middle of 2002.

Julian Gwillim
General Manager, Investor Relations