Avmin and IDC examining options for ISCOR investment

30 March 2001

Stakeholders are referred to the joint announcements made by Anglovaal Mining Limited (“Avmin”) and The Industrial Development Corporation of South Africa Limited (“IDC”) dated 1 February 2001 and 21 February 2001.

In the announcement dated 1 February 2001, Avmin announced that it had acquired an interest of approximately 14 per cent in Iscor Limited (“Iscor”) and had formed an alliance (“the alliance”) with the IDC with the express intention of unlocking value in Iscor. In the announcement dated 21 February 2001, the alliance announced that it was proposing to call a shareholders’ meeting to reconstitute the board of directors of Iscor.

The alliance, which holds approximately 26 per cent of Iscor, has decided to defer convening the shareholders’ meeting to reconstitute the board until further notice. This is pending a comprehensive evaluation of various options, including the latest Iscor restructuring proposal, to determine which option is in the best interests of Iscor shareholders.

A further announcement will be made as and when appropriate.

Julian Gwillim
General Manager, Investor Relations