Trading Update re the six month period ended 31...

African Rainbow Minerals Limited

(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 six month period ended 31 December
2005

In terms of paragraph 3.4(b) of the Listings Requirements of the JSE Limited
('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 ARM group results for the six months to December 2005 have been negatively
impacted by market conditions in its ferrous metals division. Shareholders are
referred to the trading update released by Assmang in this regard, dated 26
January 2006. Sales volumes and metal prices have been negatively affected in
particular for manganese ore, ferromanganese and ferrochrome alloys.

The significant increase in platinum group metal ('PGM') prices during the
reporting period has impacted positively on the ARM operating results for its
proportionate interest in the Modikwa platinum mine. Following the sale of 50%
of Nkomati Nickel Mine ('Nkomati') to Lion Ore, effective 30 June 2005, results
for this reporting period will only reflect 50% of the profits from this
operation whereas in the comparative 6 month period the Nkomati profits were
accounted for on a 100% basis.

Furthermore, ARM shareholders are reminded of the fact that the interest held
in Harmony Gold Mining Company Limited ceased to be equity accounted with
effect from 30 November 2004.

In light of the above, ARM announces that it expects headline earnings per
share to increase for the 6 months ended 31 December 2005 to between 60 and 68
cents per share (December 2004: 9 cents per share). Basic earnings per share
for the same period are expected to be between 110 and 130 cents per share
(December 2004: 117 cents per share).

This trading statement has not been reviewed or reported on by ARM's external
auditors. The Company's results will be released on 20 February 2006.

By order of the board

6 February 2006

Sponsor : Deutsche Securities (SA) (Proprietary) Limited

ENDS