Circ re ARMI/Harmony/Avgold & Change of Name

Anglovaal Mining Limited

Registration number 1993/004580/06

(Incorporated in the Republic of South Africa)

Circular to Shareholders dated 23 March 2004 relating to:

  * the disposal, in terms of section 228 of the Companies Act, 1973 (Act 61 of
    1973), as amended, by Avmin of its entire shareholding in Avgold Limited
    ('Avgold') to Harmony Gold Mining Company Limited ('Harmony');
   
  * the acquisition by Avmin from African Rainbow Minerals & Exploration
    Investments (Proprietary) Limited ('ARMI'), of its 13.6% shareholding in
    Harmony, its 100,0% shareholding in African Rainbow Minerals Platinum
    (Proprietary) Limited ('ARM Platinum') (which has a 41,5% effective
    interest in the Modikwa Joint Venture) and loans totalling approximately
    R509 million owed to ARMI by ARM Mining Consortium Limited;
   
  * the acquisition by Avmin through what will be its wholly-owned subsidiary,
    ARM Platinum, of the Kalplats platinum discovery and associated mineral
    rights from Kalahari Goldridge Mining Company Limited;
   
  * the combination of Harmony's shareholding in Avmin with ARMI's shareholding
    in Avmin, through a voting agreement;
   
  * a change in control of Avmin and waiver by Avmin shareholders of the
    requirement for a mandatory offer;
   
  * a change of Avmin's name to African Rainbow Minerals Limited; and
   
  * an increase in the authorised share capital of Avmin;
   
and incorporating

  * a notice of general meeting of Avmin shareholders;
   
  * a form of proxy (to be completed by certificated shareholders and
    dematerialised shareholders with 'own name' registration only);
   
  * a form of surrender (to be completed by certificated shareholders only);
    and
   
  * the revised listing particulars of Avmin (to be renamed African Rainbow
    Minerals Limited).
   
Copies of the above document have been submitted to the UK Listing Authority
and will be available for inspection at the UK Listing Authority's Document
Viewing Facility at:-

Financial Services Authority

25 The North Colonnade

Canary Wharf

London

E14 5HS

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