Platinum Transaction

Anglo American PLC
31 January 2008


MVELAPHANDA RESOURCES LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1980/001395/06)
(ISIN: ZAE000050266)
(Share code: MVL)
("Mvela Resources")

NORTHAM PLATINUM LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1977/003282/06)
(ISIN: ZAE000030912)
(Share code: NHM)
("Northam")

ANGLO PLATINUM LIMITED (PROPRIETARY) LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1946/022452/06)
(ISIN: ZAE000013181)
(Share code: AMS)
("Anglo Platinum")

MVELAPHANDA HOLDINGS (PTY) LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1997/021524/07)
("Mvela Holdings")

ANGLO AMERICAN PLC
(Incorporated in the United Kingdom)
(Registration number 3564138)
(ISIN: GB00B1XZS820)
(Share code: AGL)
("Anglo American")

AFRIPALM RESOURCES (PROPRIETARY) LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 2006/011933/07)
("Afripalm Resources")

JOINT UPDATED TRANSACTION ANNOUNCEMENT
     
1.   Introduction and Transaction update

Shareholders of Anglo Platinum, Mvela Resources and Northam ("the parties") are 
referred to the joint announcement published by the parties on 4 September 2007 
regarding:
          
     •    the proposed acquisition by Mvela Resources of Anglo Platinum's entire
          interest (comprising 53.1 million shares, being 22.3% of the issued 
          share capital) in Northam and Anglo Platinum's 50% effective interest 
          in the Booysendal Platinum Project ("Booysendal") for a total cash 
          consideration of R4 billion;

     •    the proposed subsequent acquisition by Northam of 100% of Booysendal; 
          and

     •    a specific issue of ordinary shares by Mvela Resources to Afripalm
          Resources (collectively, "the Transaction").

The parties advised on 7 November 2007 that, due to the complexity of the
Transaction, the circulars to Mvela Resources and Northam shareholders were
expected to be posted during January 2008. As more fully described below, the
proposed Transaction terms have been amended. Accordingly, the circulars to
Mvela Resources and Northam shareholders are expected to be posted during March
2008.

The confirmatory due diligence process has been completed and the principles of
the key Transaction agreements have been finalised. The requisite approval
from the Competition Tribunal has been received for the increase in Mvela
Resources' stake in Northam and for the acquisition by Northam of Booysendal.
To the extent the amendments to the Transaction referred to below require a
further competition authority approval, this will be sought.

The implementation of the Transaction remains subject to the fulfilment or,
where appropriate, waiver of the following remaining conditions precedent:
                    
     •    conclusion of all the requisite agreements;

     •    approval by the remaining relevant regulatory authorities and other 
          third parties; and

     •    approval by shareholders, where required, in general meetings.
     
2.   Amendment to Transaction terms

The acquisition by Mvela Resources of Anglo Platinum's effective 50% interest
in Booysendal and the subsequent disposal of Mvela Resources' 100% interest in
Booysendal to Northam was based on the assumption that Booysendal comprised a
Mineral Resource of 112 million oz 4PGE (4PGE being platinum,
palladium, rhodium and gold), subject to the completion of confirmatory due
diligences.

The far southern extent of the Eastern Limb of the Bushveld Complex (where the
southern end of Booysendal is located) is known to be structurally and
geologically more complex than the northern extent. This is related to the
relatively shallow presence of Transvaal Supergroup rocks that have affected
the structure and mineralisation of the Merensky and UG2 reefs, possibly
contributing to challenging mining conditions in certain areas. An independent
due diligence study on Booysendal commissioned by Northam, which assumed a
higher geological loss due to these factors in the southern area, ascribed some
94 million oz 4PGE of Mineral Resource to the Booysendal property.

Consequently the basis upon which value was determined by Anglo Platinum and
Mvela Resources and which was reflected in the Transaction terms announced on
4 September 2007 has been revised. In order to ensure that the BEE transaction
originally proposed continues to benefit from the same high degree of
sustainability, the parties agreed to:

     •    increase the extent of the Booysendal property; and

     •    to reduce the consideration, in Northam ordinary shares due.

Accordingly, the terms of the Transaction have been amended as follows:

     •    the northern limit of the Booysendal property to be acquired will be
          extended by a dip line commencing 1.3 kilometres northward along the 
          surface strike length of the ore body, including the overlying surface 
          rights (the "Booysendal Extension"). The additional resource in the           
          Booysendal Extension currently forms part of Anglo Platinum's Der 
          Brochen project area. The increased Booysendal property including the 
          Booysendal Extension now contains a total mineral resource estimated 
          to be approximately 103 million oz 4PGE. On average the geological 
          certainty in the new area is superior to that in the far southern part 
          of Booysendal; and

     •    the number of Northam shares to be received by Mvela Resources in
          consideration for 100% of Booysendal will be reduced from 125 million 
          to 121 million new Northam shares.

3. Ancillary assets and services

Agreement in principle between the parties has been reached regarding ancillary
assets and services which are required to ensure the technical and economic
sustainability of Booysendal. These include, inter alia:

     •    Electrical power: Booysendal will have access to up to 16MVA of the 
          surplus transformer capacity installed at Mototolo until the end of 
          the first quarter of calendar 2011, providing adequate lead time for 
          the acquisition of new transformers for Booysendal. The Mototolo 
          project is a joint venture between Anglo Platinum and XK Platinum 
          Partnership (consisting of Xstrata South Africa Pty) Ltd ("Xstrata") 
          and Kagiso Platinum Venture (Pty) Ltd). Anglo Platinum and Xstrata 
          support this arrangement.

     •    Water: An allocation of 7 megalitres of water per day from the 
          existing Lebalelo water scheme will be allocated to Booysendal. This 
          is sufficient until the commissioning and initial production stages, 
          after which water supplies will be augmented by supplies from the 
          De Hoop dam (due to be completed in 2013). The Lebalelo pipeline, 
          which currently terminates at Mototolo, will be extended to 
          Booysendal.

     •    Tailings dam: Studies to identify suitable sites for tailings dams 
          will be commissioned over the Der Brochen and the Booysendal areas. To 
          the extent that suitable surplus tailings dam site(s) are identified 
          on the property of either party, such site(s) will be offered to the 
          other party at a market-related consideration.

     •    Access to Booysendal: Anglo Platinum will grant traversing rights over
          Der Brochen to Booysendal.

4.   Pro forma financial effects

Shareholders are referred to the pro forma financial effects which were set out
in the announcement dated 4 September 2007 and are advised that those pro forma
financial effects have changed. Details of these changes are set out in the
separate Mvela Resources and Northam announcement released
today.

5.   Circulars

Circulars to shareholders of Mvela Resources and Northam relating to the
matters contemplated in this announcement will include the relevant Competent
Person's Reports required in terms of the Listings Requirements of the JSE
Limited and are expected to be posted to Mvela Resources and Northam
shareholders during March 2008.

Johannesburg
31 January 2008

Financial advisor           Legal counsel to           Merchant bank and
and sponsor to              Mvela Resources            transaction sponsor
Mvela Resources                                        to Anglo Platinum

JP Morgan                   Bowman Gilfillan           RMB

Sponsor to Anglo            Independent                Legal counsel to Northam
Platinum                    technical advisor to
                            Northam

Merrill Lynch               The Mineral                Brink Cohen Le Roux
                            Corporation

Financial advisor to        Legal counsel to           Legal counsel to
Afripalm                    Afripalm                   Mvela Holdings

Nedbank Capital             Edward Nathan              Hofmeyr Inc
                            Sonnenbergs

Advisor to Anglo            Legal counsel to
American and Anglo          Anglo Platinum
Platinum

Rothschild                  Deneys Reitz

Sponsor to Northam          Legal counsel to
                            Anglo American

BJM Corporate               Webber Wentzel
Finance                     Bowens


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