Capital Share Award, etc

Anglovaal Mining Ld
4 November 1999

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

Terms 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, 29 October 1999, the requisite majority
of shareholders present at the Company's annual general meeting held on
Thursday, 4 November 1999, passed the necessary resolutions to enable the
directors of the Company to effect the capitalisation share award, or if
shareholders so elect, to distribute a cash dividend.Consequently, the
directors have resolved to declare a final dividend (No 106) of 70 cents per
share ('the election') payable to holders of ordinary shares registered as
such in the books of the Company at the close of business on Friday, 12
November 1999 ('the record date').The directors have determined the terms of
the issue of new fully paid ordinary shares ('capitalisation shares') with a
par value of 5 cents each, as set out below.

*  Terms of the award
   The award of capitalisation shares  will be determined by the ratio that 70
   cents per share multiplied by 1,05 bears to the weighted average trading
   price of the Company's ordinary shares on the Johannesburg Stock Exchange
  ('JSE') for the four business days ending Thursday, 9 December 1999.       

  Shareholders will be entitled to elect to decline the capitalisation share
  award in respect of all or any part of their shareholding and to instead
  receive a cash dividend of 70 cents per ordinary share.  

  The number of new ordinary shares in the Company to which shareholders are
  entitled, in terms of the capitalisation share award, will be calculated on
  the following basis:

New ordinary   =  Number of ordinary shares held at  70 cents (equivalent of
share entitlement the record date and in respect of  dividend per share)x 1,05
                  which the election has not been
                  made                             x Weighted average trading
                                                     price in cents

* Fractional entitlements
  No fraction of a share will be allotted. Where entitlements to
  capitalisation shares would result in shareholders receiving fractions of a
  share, these fractions will rank for a residual cash dividend, based on the
  cash equivalent of such fractional entitlement.
* Listing 
  Subject to the approval of the JSE and London Stock Exchange, the listing of
  the new ordinary shares on the two stock exchanges will commence on
  Wednesday, 15 December 1999.
* Posting of share certificates and dividend cheques
  Share certificates in respect of the new ordinary shares awarded 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.
* Documentation
  A circular containing full details of the capitalisation share award,
  together with a form of election, will be mailed to shareholders on or about
  Friday, 19 November 1999. Shareholders wishing to elect to receive the final
  cash dividend with respect to all or part of their shareholding will be
  required to return the completed form of election to the Company's transfer
  secretaries by no later than 12:00 on Friday, 10 December 1999. Late
  responses will not be accepted. Once submitted, forms of election are
  irrevocable.A further announcement will be made on Tuesday, 14 December
  1999, reporting on the results of the election and confirming the posting
  date of share certificates and cheques.

Johannesburg
5 November 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)