Memo of Understanding

Anglo American PLC
23 May 2000

                              ANGLO AMERICAN PLC
                              ('Anglo American')
                                       
                                 BILLITON PLC
                                 ('Billiton')
                                       
                           GLENCORE INTERNATIONAL AG
                                 ('Glencore')
                                       
                                       
   ANGLO AMERICAN, BILLITON AND GLENCORE SIGN MEMORANDUM OF UNDERSTANDING ON
                        CARBONES DEL CERREJON, COLOMBIA
                                       
Anglo  American,  Billiton  and Glencore announce  that  they  have  signed  a
Memorandum  of  Understanding in terms of which Billiton will  acquire  a  one
third  share  of  Carbones  del  Cerrejon ('CdelC')  from  the  current  equal
shareholders, Anglo American and Glencore.  The next stage will be  for  Anglo
American,  Billiton  and  Glencore  to  sign  a  definitive  sale  /  purchase
agreement.

CdelC  holds  the rights to mine three world class, high grade  coal  reserves
totalling some      2 billion tonnes - Cerrejon Central, Oreganal and Cerrejon
South  -  which support the current and planned mining operations in  northern
Colombia,  CdelC supplies steamcoal to customers in the USA,  Europe  and  the
Middle East, via Puerto Bolivar.

James  Campbell, Executive Director of Anglo American with responsibility  for
Anglo  Coal  commented, 'this is another important step in the development  of
coal  exports  from  Colombia, and we welcome this further  relationship  with
Billiton.'   Mick  Davis,  Executive  Director  of  Billiton  responsible  for
Billiton Coal added, 'we are pleased to be associated with Anglo American  and
Glencore  in  the  important  coal venture in Columbia.   This  investment  is
consistent  with  our  long  term coal strategy.'  Ivan  Glasenberg,  Head  of
Glencore  coal  activities commented 'we look forward to developing  the  vast
coal potential together with our partners in Colombia.'


Enquiries:

Anglo American
London:  Nick von Schirnding
Tel:  [phone]
Fax: [phone]

Johannesburg:  Marion Dixon
Tel:   [phone]
Fax:  [phone]


Billiton
Michael Campbell
Tel:   [phone]
Fax:  [phone]
Mob: [phone]


Glencore:
Lotti Grenacher
Tel:   [phone]
Fax:  [phone]