Statement re Trading Update

ANGLOVAAL MINING LIMITED

(Incorporated in the Republic of South Africa)

(Registration number 1933/004580/06)

Share code: AIN

ISIN: ZAE00017141

('Avmin' or 'the Company')

TRADING UPDATE AND CAUTIONARY ANNOUNCEMENT

Shareholders are advised that following the trading update issued by our 50%
subsidiary company Assmang Limited on 14 November 2003, and the impact of the
strengthening Rand particularly in the application of Generally Accepted
Accounting Practice Statement on Financial Instruments, AC133, to our 42%
subsidiary company Avgold Limited's gold hedges, the headline earnings of the
Group for the half year to 31 December 2003 will be substantially below the
headline earnings and earnings per share reported for the previous half-year to
31 December 2002.

The above forecast earnings information has not been reviewed or reported on by
Avmin's auditors.

Production at all of the Group's operations is in accordance with plan and no
deviation therefrom is anticipated.

Shareholders are advised to exercise caution in their share dealings until the
release of the interim results for the half year to 31 December 2003. These
results are to be published during early March 2004.

Group company secretary

RH Phillips

27 November 2003

Contact:

Direct line: ([phone]

Registered office: 56 Main Street

Johannesburg

2001 South Africa

Phone: [phone]

Fax: [phone]