Statement re Sale of Chambishi Metals

ANGLOVAAL MINING LIMITED                            

                     (Registration number 1933/004580/06)                      

                (Incorporated in the Republic of South Africa)                 

                         Share codes: South Africa AIN                         

                          London Stock Exchange: AGM                           

                          ('Avmin' or the 'Company')                           

              SALE AND FINAL WRITE-OFF OF CHAMBISHI METALS ASSETS              

1. Chambishi sale

Further to Avmin's cautionary announcements on 9 April and 21 May 2003
regarding the potential sale of Avmin's 90 per cent stake in Chambishi Metals
plc ('Chambishi'), shareholders are advised that the Company has concluded a
sale agreement with Swiss based J&W Holding AG ('J&W') and its subsidiary ENYA
Holdings BV ('ENYA').

According to the sale agreement:

  * Chambishi and Chambishi Marketing (Proprietary) Limited have been sold to
    ENYA with J&W guaranteeing the obligations of ENYA;
   
  * Avmin will receive US$6,5 million (R51,4 million) [US$1 = R7,90] cash on
    conclusion of the deal and sums of up to US$25 million (R197,5 million)
    [US$1 = R7,90] depending on cobalt prices and production at Chambishi over
    the next five years;
   
  * J&W will assume responsibility for approximately US$25 million (R197,5
    million) [US$1 = R7,90] of contingent liabilities related to infrastructure
    at Chambishi.
   
The deal is subject to two suspensive conditions:

  * approval by The South African Reserve Bank;
   
  * consent of the Government of the Republic of Zambia, which is a shareholder
    in Chambishi, to the share transfer.
   
After fully assessing the impact of the various technical problems experienced
at Chambishi, evaluating the return on investment and cash flows from
Chambishi, considering the near-term requirement for additional capital
investment at Chambishi, and following the decision by the Zambian Government
to sell the Baluba and Roan Antelope copper operations at Luanshya to J&W, the
Board decided to sell Chambishi to J&W.

2. Chambishi write-off

The sale will result in Avmin taking a write-off of approximately US$90 million
(R711 million) [US$1 = R7,90]. Complete details of the write-off and its effect
on Avmin's financial position will be disclosed when Avmin releases its
preliminary results.

3. Positioned for Growth

Over the past few months Avmin has actively sought to strengthen its financial
position through:

  * Reducing Gearing - Avmin is in the process of repaying its debt and the
    Board anticipates that the Company will be debt free by August 2003.
   
  * Reducing its Risk Exposure - Avmin's risk profile will improve
    significantly as a result of the Chambishi sale.
   
Avmin is now once again in a position to pursue its new projects aggressively
and seek strategic acquisitions.

4. Optimising Operations

Avmin will continue to concentrate on optimising the performance of its
operations:

  * Assmang - the 50,3 per cent held manganese, chrome and iron ore producer is
    expected to complete its new Nchwaning III shaft complex by 31 December
    2003.
   
  * Nkomati - the 75 per cent owned nickel mine continues its outstanding
    performance.
   
  * Avgold - the 42,4 per cent held gold producer. Following the sale of ETC,
    Avgold's debts are in the process of being restructured and the company
    will actively manage its hedge book. The Target mine has not yet reached
    its true operating potential, but is expected to meet its objectives in the
    near future.
   
 5. New Projects
   
Avmin will continue to advance its new projects.

  * Two Rivers - the platinum prospect. A mining licence was issued in March
    2003.
   
  * Nkomati Expansion Project - the improved nickel price has enhanced the
    economic viability of the Nkomati expansion project.
   
  * AvAlloys - the nickel-cobalt superalloy beneficiation project is
    negotiating a technical and offtake agreement with a major offshore
    company.
   
Johannesburg, South Africa      Sponsor:                                     
                                                                             
June 2003                       Deutsche Securities SA (Proprietary) Limited