Unaudited Group Results for the six months ended 31 December 2003

24 March 2004

Headline earnings* down 27% to R77 million
Net cash flow from operating activities up 464% to R237 million following the disposal of Chambishi
Nkomati, now 100% owned, delivers strong operational performance
Net gearing reduced to 11%
US$ borrowings fully repaid by 31 August 2003
* before unrealised non-hedge derivatives
Rick Menell, Chairman commented:

“The last six months has been a period of significant progress with the completion of our strategic review and the announcement of a pioneering transaction to transform Avmin into the largest fully empowered, diversified mining company in South Africa.”

“At our operations, the Nkomati nickel mine performed exceptionally well, taking full advantage of high nickel prices, and the new Target gold mine delivered improved results.”

“However, our earnings have been severely impacted by the strength of the rand, especially at our ferrous metals division. Despite the strong rand we were strongly cash generative and our balance sheet shows low gearing levels.”

“We are excited about the future prospects of the company and look forward to unlocking the value inherent in our operations and new projects.”

For further details contact:
Anglovaal Mining Limited
+27 (0) 11 634 0333

Ebrahim Takolia, Investor Relations

Rick Menell, Chairman
Jan Steenkamp, CEO

+ 27 (0) 83 291 3384