Following extensive discussions, Anglo Platinum and African Rainbow Minerals (ARM), as leader of an Economic Empowerment Consortium, have concluded an agreement in terms whereof a 50:50 Joint Venture will be established between Anglo Platinum and ARM Mining Consortium to undertake the mining at Maandagshoek.

In determining the identity of shareholders in ARM Mining Consortium the parties have taken cognisance of the need to have a broadly based shareholding representative of communities affected by the mining operations as well as Northern Province, Mpumalanga and National, Business and other Interest Groups.

The parties will each fund half the estimated R1,35 billion capital cost of the mine (in 2000 money terms) which will lead to the annual production of some 162 000 oz of platinum and the creation of some 1 500 new jobs.

In terms of the Joint Venture agreement ARM Consortium will conclude an interim loan agreement with BOE Merchant Bank, pending the conclusion of a full project financing agreement, arranged by BOE Merchant Bank.

ARM will contribute R100 million out of its own funds towards the ARM Consortium portion of the capital costs.

The agreement is subject to the fulfilment of certain suspensive conditions relating to, inter alia, regulatory approval, the conclusion of a full project financing agreement by ARM Consortium, finalisation of the ARM Consortium constitution and various offtake agreements.

Other positive spin offs from the mine will be the enhancement of infrastructure to communities on the Eastern Limb and the creation of numerous SME's and other business opportunities in the area.

For further information, please contact

Mike Mtakati (Anglo Platinum)
(011) 373-6865
082 805 6515

Mangisi Gule (African Rainbow Minerals)
(011) 883-5606
082 805 3863

15 August 2001