Director Shareholding

African Rainbow Minerals Limited

[Formerly Anglovaal Mining Limited]

(Incorporated in the Republic of South Africa)

(Registration number 1933/004580/06)

(South African share code :AIN)

(London Stock Exchange code:AGM)

(ISIN: ZAE000017141)

('ARM')

Directors' dealings in ARM securities

In compliance with paragraph 3.63 of the Listings Requirements of the JSE
Securities Exchange, South Africa, we hereby advise the following dealing by
directors in ARM securities:

Name of director                        Richard Peter Menell                   
                                                                               
Category of director                    Deputy chairman                        
                                                                               
Name of company                         African Rainbow Minerals Limited       
                                                                               
Date of transaction                     1 September 2004                       
                                                                               
Price of securities                     R34,52                                 
                                                                               
Number of securities                    160 000                                
                                                                               
Total value of securities               R5 523 200                             
                                                                               
Class of securities                     Options on ordinary shares             
                                                                               
Nature of transaction                   Exercise of options                    
                                                                               
Interest (ie direct/indirect etc)       Direct beneficial                      
                                                                               
Clearance to deal received              Yes                                    

Simultaneously with this transaction put and call options have been
implemented.

Sandton

2 September 2004

Sponsor to ARM:

Deutsche Securities (SA) (Proprietary) Limited