Voluntary Announcement: Disposal of ARM’s indirect interest in Lubambe Copper Mine

ARM shareholders are advised that, further to announcements indicating that the Lubambe Copper Mine (�Lubambe Mine�) was under review with an aim to maximise value for ARM, ARM and Vale International SA, a wholly owned subsidiary of Vale S.A., (�Vale�) have concluded an agreement for the disposal of ARM and Vale’s 80% indirect interest in Lubambe Mine located in Zambia to EMR Capital Bidco (No.2C) Limited (�EMR�) (the �Disposal�). �The 80% indirect interest in Lubambe Mine, which is held in equal shares by ARM and Vale, includes the equity holding in Lubambe Mine as well as loans to Lubambe Mine.

The purchase consideration for the Disposal is US$97.10 million and will be settled in cash. The final amount receivable is subject to, amongst others, the following adjustments which will be finalised on completion of the Disposal:

• Settlement of Lubambe Mine’s general banking facility; and
• Additional funding provided to Lubambe Mine by ARM and Vale between 1 May 2017 and the completion date.

Completion of the Disposal is subject to the fulfilment of agreed conditions precedent.

EMR is a specialist resources private equity management firm with a proven investment track record spanning over 20 years. It manages investments of more than US$2 billion.

The Disposal falls below the transaction categorisation threshold in terms of the Listings Requirements of the JSE Limited.

For all investor relations queries please contact:

Jongisa Magagula
Head of Investor Relations and Corporate Development
Tel: +27 11 779 1507
E-mail: jongisa.magagula@arm.co.za

Johannesburg
15 August 2017

Investment Bank and Transaction Sponsor to ARM
The Standard Bank of South Africa Limited

Legal adviser to ARM
Bowman Gilfillan

Sponsor to ARM
Deutsche Securities (SA) Proprietary Limited