Disposal

Anglo American PLC
7 November 2000


ANGLO COAL

(an operating division of Anglo American plc)

('Anglo Coal')




INGWE COAL

CORPORATION LIMITED

(a subsidiary of Billiton plc)

('Ingwe')




JOINT PRESS RELEASE


BLACK EMPOWERMENT IN THE COAL MINING INDUSTRY: CONTROLLING STAKE IN NEWCOAL
SOLD TO EYESIZWE COAL (PTY) LIMITED


Tuesday, 7 November 2000


Anglo Coal and Ingwe announce today the signing of a black empowerment
transaction with Eyesizwe Coal (Pty) Ltd ('Eyesizwe'), for 80% of the NewCoal
assets, for a consideration of R360 million. This new company will produce
around 18 million tons of coal per annum, with a turnover of just under R1bn
in 2001, creating a large, balanced, financially viable black-controlled coal
mining group - the fourth largest coal producer in South Africa.


The transaction, initiated by Anglo Coal and Ingwe, involved selling coal
interests previously held by these two companies and known provisionally as
NewCoal, to Eyesizwe. Other significant components were the contribution by
Gold Fields of South Africa Limited of large additional coal reserves and the
cession by Eskom of its coal supply agreements in respect of the Matla and
Arnot Power Stations to Eyesizwe.


Anglo Coal and Ingwe will retain 11% and 9% equity interests respectively, in
Eyesizwe and have undertaken to hold this interest for at least two years. As
part of their commitment to support Eyesizwe, both companies have also entered
into Service Agreements in terms of which they will provide technical services
at market related rates to assist in the efficient running of Eyesizwe's
operations.


The effective date of the transaction is 1 July 2000, subject to approval of
the Competition Commission.


Commenting at the signing ceremony of the Purchase and Sale Agreement, James
Campbell, Executive Director of Anglo American plc and Chairman of Anglo Coal
said, 'This empowerment initiative brings to fruition an important development
within the South African mining industry in general, and coal, in particular
by having large volume operations transferred to an empowerment group, and at
the same time, having a substantial resource base for its long term success.
We welcome Eyesizwe and its management team to the coal industry and wish the
company success in the years ahead.'


Mick Davis, Executive Director, Billiton plc and Chairman of Billiton Coal,
said, 'Having mooted the idea of a black empowered coal mining company with
Anglo American some two years ago, I am particularly pleased with the results
of the process we followed. Our agreement with Eyesizwe is a landmark in South
Africa - the process can be a role model for future black empowerment
initiatives, and in Eyesizwe, I believe we have a solid, black empowered
company joining the South African coal mining industry and which has the
potential to develop into a major resource company. '



Enquiries:

Anglo American                                    Billiton
Anne Dunn: Snr V P: Investor Relations            Mike Campbell: Manager
Corporate Affairs
Tel: [phone]                              Tel: [phone]
Mob: [phone]                              Mob: [phone]




BACKGROUND INFORMATION


On 30 July 1998 Anglo Coal and Ingwe announced their commitment to create a
large, balanced and financially viable black controlled coal mining group,
provisionally named NewCoal.


In March 1999, Mr Rick Mohring, formerly a director of Ingwe, was appointed as
Chief Executive Officer of NewCoal.. A common corporate governance system and
a consolidated financial reporting system were initiated to enable the
effective management and administration of the new group to be progressively
introduced.


The assets which form part of the transaction include Matla Coal, an
underground colliery which is contracted to supply around 10 million tons per
annum to Eskom's Matla Power Station, New Clydesdale Colliery, an underground
mine which produces around 1 million tons per annum, largely for the export
market, Arnot underground Colliery, contracted to supply around 4 million tons
to Eskom's Arnot Power Station, Glisa Colliery, an opencast and underground
mine producing around 1 millions tons per annum largely for the supply to the
domestic industrial market, a shareholding in the Richards Bay Coal Terminal,
and unexploited resources of some 5 billion tons..


The external debt financing is provided by ABSA and NIB, and is secured
against the cash flows of NewCoal.