Restated Results for the year ended 30 June 2004

African Rainbow Minerals Limited (Formerly Anglovaal Mining Limited ('Avmin'))

(Incorporated in the Republic of South Africa)

(Registration number 1933/004580/06)

JSE Share code: ARI

LSE Share code: AGM

ISIN: ZAE000054045

('ARM' or the 'Company')

Restated results for the year ended 30 June 2004

Shareholders are referred to the reviewed results of ARM for the year ended 30
June 2004 published on the Stock Exchange News Service ('SENS') on 17 August
2004.

Shareholders are advised that, for the reasons set out below, the results of
ARM for the year ended 30 June 2004 and the comparative 2003 results have been
restated.

Revised preliminary results to June 2004.

During the finalisation of ARM's financial results for the year ended 30 June
2004 a number of complex accounting issues flowing from the African Rainbow
Minerals & Exploration Investments (Proprietary)Limited / Avmin /Avgold Limited
('Avgold') /Harmony Gold Mining Company Limited ('Harmony') transaction were
considered. These issues included (i) confirmation of the prior treatment of
Avgold as a subsidiary, (ii) accounting for Harmony as an associate and (iii)
the correct application of business combination accounting for all the linked
transactions. Confirmation of the approach to accounting for Harmony as an
associate company results in the accounting deferral of a portion of the profit
attributable to the sale of Avgold by ARM to Harmony, as it is considered to be
unrealised. The preliminary results for the year to 30 June 2004, published on
17 August 2004, have been revised to reflect this deferral as an adjustment to
the exceptional profit on the sale with a respective reduction in the carrying
value of the investment in Harmony.

Owing to the deconsolidation of Avgold with effect from 1 May 2003 individual
line items in the 2004 income statement have been restated, as shown below.
There is no change to the previously reported headline earnings of R47 million.

The impact on the published preliminary June 2004 annual results is:

R'm                                                 Before             Restated
                                                                               
Basic Earnings                                       1 360                1 108
                                                                               
Headline earnings                                       47                   47
                                                                               
EPS (cps)                                            1 062                  865
                                                                               
HEPS (cps)                                              37                   37
                                                                               
Total assets                                        11 725               11 460
                                                                               
Shareholders interest in capital and                 6 880                6 628
reserves (attributable net assets)                                             

Restated comparative figures for the year ended 30 June 2003

In April 2003 Avmin sold down a portion of its investment in Avgold from 55.9
percent to 42.2 percent. Avgold's results continued to be consolidated after
that date as eight of the ten directors on the Avgold board were appointed by
Avmin and this situation remained after the dilution in interest.

International Accounting Standard IAS 27 paragraph 13(d) which refers inter-
alia to the 'power to cast the majority of votes at meetings of the board of
directors' was interpreted by the board to mean that the group still controlled
Avgold.

During the current year there was new thinking and interpretation,
internationally, on the issue of ' effective control ', and it was concluded
that the power to appoint the majority of directors must be by legal or
contractual right and that effective control is not the type of control that
the statement intended. Therefore, although Avmin did actually have control of
the Avgold board, this does not constitute control as intended by IAS 27. This
has the result that Avgold is considered to be an associated company that is
equity accounted and not a subsidiary to be consolidated.

This revised accounting treatment has been applied in the 2004 annual financial
statements and as a result, the 30 June 2003 comparative financial statements
and notes thereto for the ARM Group have been restated to equity account the
results of Avgold as an associate from 1 May 2003. Previously reported headline
and basic earnings and attributable net asset value for June 2003 are
unchanged.

The summarised impacts on the June 2003 annual financial statements are:

R'm                                                 Before       Restated Basic
                                                                       Earnings
                                                                               
                                                      -191                 -191
                                                                               
Headline earnings                                      197                  197
                                                                               
EPS (cps)                                             -170                 -170
                                                                               
HEPS (cps)                                             176                  176
                                                                               
Total assets                                         7 161                5 468
                                                                               
Shareholders interest in capital and                 2 511                2 511
reserves (attributable net assets)                                             

The restated balance sheet, income statement, statement of changes in equity
and cash flow statement follows:

BALANCE SHEET - at 30 June 2004

                                                     Group                Group
                                                                               
                                                      2004                 2003
                                                                               
                                                        Rm                   Rm
                                                                               
ASSETS                                                                         
                                                                               
Non-current assets                                                             
                                                                               
Tangible assets                                      4 674                2 278
                                                                               
Intangible assets                                        5                    6
                                                                               
Deferred tax assets                                      7                   12
                                                                               
Environmental rehabilitation trust funds                29                   22
                                                                               
Investment in associates                             4 338                  925
                                                                               
Other Investments                                        3                  212
                                                                               
                                                     9 056                3 455
                                                                               
Current assets                                                                 
                                                                               
Inventories                                            914                  849
                                                                               
Trade and other receivables                          1 162                  900
                                                                               
Cash and cash equivalents                              328                  264
                                                                               
                                                     2 404                2 013
                                                                               
Total assets                                        11 460                5 468
                                                                               
EQUITY AND LIABILITIES                                                         
                                                                               
Capital and reserves                                                           
                                                                               
Ordinary share capital                                  10                    6
                                                                               
Share premium                                        3 495                   79
                                                                               
Other reserves                                      ( 193)                  218
                                                                               
Retained earnings                                    3 316                2 208
                                                                               
Shareholders interest in capital and                 6 628                2 511
reserves                                                                       
                                                                               
Minority interest                                    1 326                1 141
                                                                               
Total shareholders' interest                         7 954                3 652
                                                                               
Non-current liabilities                                                        
                                                                               
Long-term borrowings                                   857                    -
                                                                               
Deferred tax liabilities                               853                  519
                                                                               
Long-term provisions                                   151                  111
                                                                               
                                                     1 861                  630
                                                                               
Current liabilities                                                            
                                                                               
Trade and other payables                               567                  439
                                                                               
Provisions                                              41                   32
                                                                               
Taxation                                                63                   28
                                                                               
Overdrafts and short-term borrowings                   974                  687
                                                                               
                                                     1 645                1 186
                                                                               
Total equity and liabilities                        11 460                5 468
                                                                               

Income statement - for the year ended 30 June 2004

Group                                                Group                Group
                                                                               
                                                      2004                 2003
                                                                               
                                                        Rm                   Rm
                                                                               
Revenue                                              3 885                4 728
                                                                               
Cost of sales                                      (3 064)              (3 733)
                                                                               
Gross profit                                           821                  995
                                                                               
Other operating income                                  73                  358
                                                                               
Other operating expenses                             (343)                (698)
                                                                               
Retrenchment costs                                    (23)                 (35)
                                                                               
Profit from operations                                 528                  620
                                                                               
Income from investments                                 26                   80
                                                                               
Finance costs                                         (80)                (169)
                                                                               
Loss from associate                                  (120)                 (42)
                                                                               
Profit before taxation and exceptional                 354                  489
items                                                                          
                                                                               
Exceptional items                                    1 148                (395)
                                                                               
- Profit / (loss) on disposal of                     1 057                (649)
discontinued operations                                                        
                                                                               
-Other exceptional items                                91                  254
                                                                               
Profit / (loss) before taxation                      1,502                   94
                                                                               
Taxation                                             (291)                (147)
                                                                               
Profit / (loss) after taxation                       1 211                 (53)
                                                                               
Minority interest                                    (103)                (138)
                                                                               
Basic earnings / (loss)                              1 108                (191)

Statement of       Share     Foreign Revaluation   Other *   Retained     Total
changes in       Capital    currency of land and             earnings          
equity               and translation   buildings                               
(revised)        Premium                                                       
                                                                               
For the year          Rm          Rm          Rm        Rm         Rm        Rm
ended 30 June                                                                  
2004                                                                           
                                                                               
Group Balance         68        (42)           6       146      2 401     2 579
at 30 June                                                                     
2002                                                                           
                                                                               
Loss                   -           -           -         -      (191)     (191)
                                                                               
Revaluation            -           -           -        39          -        39
of listed                                                                      
investments                                                                    
                                                                               
Translation            -          24           -         -          -        24
of foreign                                                                     
subsidiary                                                                     
                                                                               
Reversal of            -           -           -        26          -        26
derivitive                                                                     
instruments                                                                    
                                                                               
Reasliation            -          18           -         -          -        18
of reserve on                                                                  
disposal of                                                                    
Chambsihi                                                                      
                                                                               
Share options         17           -           -         -          -        17
exercised                                                                      
                                                                               
Transfer to                                    -         2        (2)         -
insurance                                                                      
contingency                                                                    
reserve                                                                        
                                                                               
Other                  -           -           -       (1)          -       (1)
                                                                               
Balance at 30         85           -           6       212      2 208     2 511
June 2003                                                                      
                                                                               
Basic                  -           -           -         -      1 108     1 108
earnings                                                                       
                                                                               
Investment             -           -           -     (133)          -     (133)
sold                                                                           
                                                                               
Revaluation            -           -           -      (45)          -      (45)
of listed                                                                      
investments                                                                    
                                                                               
Share options         54           -           -         -          -        54
exercised                                                                      
                                                                               
Share's            3 366           -          --         -          -     3 366
issued for                                                                     
acquisitions                                                                   
                                                                               
Share of               -           -           -     (235)          -     (235)
associate's                                                                    
other                                                                          
reserves                                                                       
                                                                               
Other                  -           -           -         2          -         2
                                                                               
Balance at 30      3 505           -           6     (199)      3 316     6 628
June 2004                                                                      

Cash flow statement (revised) for the year ended 30 June 2004

                                                        Group             Group
                                                                               
                                                         2004              2003
                                                                               
                                                           Rm                Rm
                                                                               
CASH FLOW FROM OPERATING ACTIVITIES                                            
                                                                               
Cash receipts from customers                            3 838             4 777
                                                                               
Cash paid to suppliers and employees                  (3 235)           (3 967)
                                                                               
Cash generated from operations                            603               810
                                                                               
Interest received                                          24                76
                                                                               
Interest paid                                            (70)             (169)
                                                                               
Dividends received                                          1                 3
                                                                               
Dividends paid to minorities                             (13)              (21)
                                                                               
Taxation paid                                            (70)             (101)
                                                                               
Net cash inflow from operating                            475               598
activities                                                                     
                                                                               
CASH FLOW FROM INVESTING ACTIVITIES                                            
                                                                               
Additions to fixed assets to maintain                   (472)             (414)
operations                                                                     
                                                                               
Additions to fixed assets to expand                     (101)             (110)
operations                                                                     
                                                                               
Net cash effects of acquisitions                         (32)                 -
                                                                               
Proceeds on disposal of fixed assets                        7                 8
                                                                               
Proceeds on disposal of investments                       167                 -
                                                                               
Purchase of remaining portion in Nkomati                (260)                 -
                                                                               
Net cash effect on sale of Chambishi                        -             ( 67)
                                                                               
Net cash effect on sale of Avgold                           -               426
                                                                               
Net cash outflow from investing                         (691)             (157)
activities                                                                     
                                                                               
CASH FLOW FROM FINANCING ACTIVITIES                                            
                                                                               
Proceed on exercise of share options                       54                17
                                                                               
Funding received from minority                             42                11
shareholders                                                                   
                                                                               
Long-term borrowings raised                               280                 -
                                                                               
Long-term borrowings repaid                             (127)             (745)
                                                                               
Increase / (decrease) in short-term                        31             (239)
borrowings                                                                     
                                                                               
Net cash inflow / (outflow) from                          280             (956)
financing activities                                                           
                                                                               
Net increase / (decrease) in cash and                      64             (515)
cash equivalents                                                               
                                                                               
Cash and cash equivalents at beginning                    264               779
of year                                                                        
                                                                               
Cash and cash equivalents at end of year                  328               264
                                                                               
Cash generated from operations per share                  471               723
(cents)                                                                        
                                                                               

Johannesburg

14 December 2004

Sponsor

Deutsche Securities (SA) (Proprietary) Limited