Cap. Share Award, etc

Anglovaal Mining Ld
14 December 1999


Anglovaal Mining Limited
(Formerly Anglovaal Limited)
(Incorporated in the Republic of South Africa)
(Registration number 05/04580/06)
('Avmin')

Results of the capitalisation share award and right of election to receive a
cash dividend of 70 cents per share in respect of the year ended 30 June
1999

Deutsche Bank Securities (SA) (Pty) Limited is authorised to announce that,
further to the announcement of Friday, 5 November 1999, the right of
election to decline the capitalisation share award and to receive instead a
cash dividend of 70 cents per share, closed at 12:00 on Friday, 10 December
1999.

The weighted average price of Avmin's ordinary shares on the Johannesburg
Stock Exchange ('JSE') for the four business days ended Thursday, 9 December
1999, was R46,56. Accordingly, the capitalisation share award has been
determined on the basis of 1,578608 new ordinary shares for every 100
ordinary shares in Avmin held on Friday, 12 November 1999.

Results of capitalisation share award

Allotment of 1 060 560 new ordinary shares in Avmin in terms of the
capitalisation share award has been made at an issue price of R46,56. This
represents 63,2% of the maximum possible capitalisation award of 1 678 666
ordinary shares.

The election to receive a cash dividend in lieu of the capitalisation award
was made in respect of a total of 39 080 170 ordinary shares in Avmin,
resulting in a total cash payment of R27 408 586,91 which includes R52
512,01 in respect of the residual cash dividend payable in lieu of
unallocated fractional entitlements to new ordinary shares.

Listing

The JSE and London Stock Exchange have granted a listing of 1 060 560 new
ordinary shares issued in terms of the capitalisation share award with
effect from the commencement of business on Wednesday, 15 December 1999.

Accordingly, the number of issued ordinary shares in the share capital of
Avmin has increased by 1 060 560 ordinary shares from 106 338 368 ordinary
shares to 107 398 928 ordinary shares with a par value of 5 cents each.

Posting of share certificates and dividend cheques

Share certificates in respect of new ordinary shares issued in terms of the
capitalisation share award and cheques in respect of the cash dividend
and/or payments in lieu of fractional entitlements will be posted to the
relevant shareholders on or about Wednesday, 15 December 1999, at the risk
of the shareholders concerned.

Johannesburg
14 December 1999

Financial adviser and sponsoring broker
Deutsche Bank Securities
Deutsche Bank Securities (SA) (Proprietary) Limited
(Registration number 95/11798/07)
Deutsche Bank Securities (Proprietary) Limited
(Registration number 73/06709/07)
(Member of the Johannesburg Stock Exchange)