Trading Statement

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')

ARM - TRADING UPDATE - in respect of the twelve month period ended 30 June 2005

In terms of paragraph 3.4(b) of the Listings Requirements of the JSE Securities
Exchange South Africa ('the JSE') a listed company is required to publish a
trading statement as soon as it is satisfied that a reasonable degree of
certainty exists that the financial results for the period to be reported on
next will differ by at least 20% from those of the previous corresponding
period.

The group results to June 2005 have been positively impacted by a strong
performance from its ferrous metals and nickel divisions owing to increased
volumes and high commodity prices. ARM refers shareholders to the trading
update released by Assmang Limited on 20 May 2005. Furthermore, the ARM
interest in Harmony Gold Mining Company Limited ceased to be equity accounted
with effect from 30 November 2004 resulting in the group results for the second
half of the financial year not being affected by the results at Harmony.

In light of the above, ARM announces that it expects headline earnings per
share for the twelve months ended 30 June 2005 to be between 90 and 110 cents
per share ( June 2004 : headline earnings per share 37 per share ).

This trading statement has not been reviewed or reported on by ARM's external
auditors. The company's year end results are expected to be released during
September 2005.

By order of the board

May 20, 2005

Sponsor : Deutsche Securities (SA) (Proprietary) Limited