Final Results

Anglovaal Mining Ld
30 August 2001

ANGLOVAAL MINING LIMITED
  (Registration No 1933/004580/06)
  Incorporated in the Republic of South Africa
  Share code: AIN   ISIN code: ZAE000017141
  ('Avmin' or 'the Company')

REPORT FOR THE YEAR ENDED 30 JUNE 2001

HIGHLIGHTS
*Comparable year on year headline earnings rose 102% to R281 million
*Strong performances from Nkomati and Assmang
*Earnings turnaround at Avgold
*Significant stake in Iscor acquired

GROUP BALANCE SHEET
at 30 June 2001
                                        2001         2000
                                        Audited      Audited
                                        Rm           Rm
ASSETS
Non-current assets
Tangible assets                         5 987        3 924
Intangible assets                       9            (8)
Loans and long-term receivables         -            2
Deferred tax assets                     47           22
Environmental rehabilitation
  trust funds                           59           51
Investments                             1 186        57
                                        7 288        4 048
Current assets
Inventories                             722          586
Trade and other receivables             664          640
Taxation                                1            3
Deposits and cash                       439          4 160
                                        1 826        5 389
Total assets                            9 114        9 437
EQUITY AND LIABILITIES
Capital and reserves
Ordinary share capital                  6            5
Preference share capital                -            4
Share premium                           56           51
Non-distributable reserves              679          56
Distributable reserves                  3 267        2 971
Shareholders' interest in capital
  and reserves                          4 008        3 087
Minority interest                       1 483        1 185
Total shareholders' interest            5 491        4 272
Non-current liabilities
Long-term borrowings                    921          208
Deferred tax liabilities                360          289
Long-term provisions                    196          202
                                        1 477        699
Current liabilities
Trade and other payables                387          388
Provisions                              116          105
Taxation                                78           194
Shareholders for dividends              -            1 208
Shareholders for distribution           -            1 697
Financial liabilities                   11           -
Overdrafts and short-term borrowings    1 554        874
                                        2 146        4 466
Total equity and liabilities            9 114        9 437


GROUP INCOME STATEMENT
for the year ended 30 June 2001
                                        2001         2000
                                        Audited      Audited
                                        Rm           Rm

Revenue                                 2 806        2 934
Cost of sales                           2 083        2 119
Gross profit                            723          815
Other operating income                  211          76
Other operating expenses                338          289
Profit from operations                  596          602
Income from investments                 108          183
Finance costs                           132          72
Profit before taxation and
  exceptional items                     572          713
Exceptional items                       -            3 648
Profit before taxation                  572          4 361
Taxation                                167          324
Profit from ordinary activities         405          4 037
Minority interest                       124          57
Earnings                                281          3 980
Headline earnings                       281          486
Earnings per share (cents)              259          3 723
Headline earnings per share (cents)     259          455
Dividends per share (cents)             -            1 123
Capital distribution per share (cents)  -            1 577
Number of shares in issue at end of
  year (thousands)                      110 105      107 610
Weighted average number of shares
in issue (thousands)                    108 379      106 889

GROUP CASH FLOW STATEMENT
for the year ended 30 June 2001
                                        2001         2000
                                        Audited      Audited
                                        Rm           Rm

CASH FLOW FROM OPERATING ACTIVITIES
Cash receipts from customers            2 967        2 878
Cash paid to suppliers and employees    2 441        2 246
Cash generated from operations          526          632
Interest received                       106          172
Interest paid                           (132)        (72)
Dividends received                      2            11
Dividends paid                          (1 222)      (41)
Capital distribution                    (1 697)      -
Taxation paid                           (237)        (68)
Net cash (outflow)/inflow from
  operating activities                  (2 654)      634
CASH FLOW FROM INVESTING ACTIVITIES
Proceeds from sale of Hartebeestfontein -            304
Proceeds from sale of joint venture and
  subsidiary                            6            17
Additions to fixed assets to maintain
  operations                            (291)        (312)
Additions to fixed assets to expand
  operations                            (1 793)      (973)
Proceeds on disposal of fixed assets    2            43
Proceeds on disposal of investments     12           3 617
Decrease in investment loans and
  receivables                           4            117
Other investments acquired              (497)        (63)
Net cash (outflow)/inflow from
  investing activities                  (2 557)      2 750
CASH FLOW FROM FINANCING ACTIVITIES
Increase in shareholder funding         -            9
Funding received from minority
  shareholders                          182          14
Long-term borrowings raised             726          160
Long-term borrowings repaid             (4)          (6)
Increase in short-term borrowings       599          163
Decrease in treasury liabilities        (13)         -
Net cash inflow from
  financing activities                  1 490        340
Net (decrease)/increase in cash and
  cash equivalents                      (3 721)      3 724
Cash and cash equivalents at
  beginning of year                     4 160        436
Cash and cash equivalents at
  end of year                           439          4 160
Cash generated from operations
  per share (cents)                     485          591

NOTES TO THE FINANCIAL STATEMENTS

CHANGE IN ACCOUNTING POLICY
During the year the Group changed its accounting policy to account for
financial instruments in terms of AC 133: Financial Instruments - Recognition
and Measurement. This change affected the revaluation of listed investments
other than subsidiaries and the recognition and measurement of financial
instruments at fair value. The change in accounting policy relating to
investments resulted in the transfer of the excess of the fair value of
investments over the original value being transferred to a revaluation
reserve.

This change, which has no effect on earnings, was applied prospectively in
accordance with AC 133: Financial Instruments - Recognition and Measurement.
Where necessary, opening balances have been adjusted to comply with this
change. Comparative figures relating to the change in accounting policy have
not been restated. Certain other comparative figures have been regrouped and
restated where necessary.

The annual financial statements are prepared on the historical cost basis as
adjusted for the revaluation of certain freehold land and buildings, and  the
fair value revaluation of non-current listed investments and are in accordance
with South African Statements of Generally Accepted Accounting Practice.

SEGMENTAL INFORMATION
                    Precious  Copper          Ferrous  Dia-   Corporate
Rm                    metals  Cobalt  Nickel  metals   monds  and other  Total

Year to 30 June 2001

External revenue      218     326     327     1 926    -      9          2 806
Contribution to
  earnings            39      (64)    130     153      -      23         281
Contribution to
  headline earnings   39      (64)    130     153      -      23         281
Consolidated
  total assets        2 688   2 080   206     2 589    -      1 551      9 114
Consolidated
  total liabilities   517     1 704   58      1 400    -      (56)       3 623
Capital expenditure   600     834     21      626      -      3          2 084

Year to 30 June 2000

External revenue      290     232     264     1 592    339    217        2 934
Contribution to
  earnings            9       (33)    91      98       347    3 468      3 980
Contribution to
  headline earnings   (3)     (33)    91      98       347    (14)       486
Consolidated
  total assets        2 032   1 000   262     1 878    -      4 265      9 437
Consolidated
  total liabilities   415     606     130     890      -      3 124      5 165
Capital expenditure   469     426     15      407      -      6          1 323

GROUP STATEMENT OF CHANGES IN EQUITY

                                   Foreign     Re-
                     Share capital currency    valuation       Retained
Rm                   and premium   translation surplus   Other profit   Total

Balance at
  30 June 2000
  as reported            60        6           3         47    2 971    3 087
Earnings                 -         -           -         -     281      281
Revaluation of
  listed investments     -         -           635       -     -        635
Conversion of
  preference shares      2         -           -         -     -        2
Reallocation of
  reserves               -         -           -         (12)  12       -
Other movements          -         -           -         -     3        3

Balance at
  30 June 2001           62        6           638       35    3 267    4 008

Balance at
  30 June 1999
  restated               1 701     (2)         3         94    199      1 995
Foreign currency
  translation reserve    -         8           -         -     -        8
Earnings                 -         -           -         -     3 980    3 980
Special distribution     (1 697)   -           -         -     (1 208) (2 905)
Share issues net
  of expenses            9         -           -         -     -        9
Share election
  reserve
- utilised               47        -           -         (47)  -        -
- encashed               -         -           -         (9)   -        (9)
Other movements          -         -           -         9     -        9

Balance at
  30 June 2000           60        6           3         47    2 971    3 087

COMMENTARY

INTRODUCTION
During the year under review, considerable effort was directed at ensuring
that Avmin is well positioned to achieve maximum value for its shareholders by
bringing to fruition various capital growth projects and implementing the
current strategy of being a mining company focused on ferrous, precious and
base metals.

Attributable borrowings increased from R1 082 million at 30 June 2000 to R2
475 million. The net increased long-term debt of R713 million has been applied
to Avgold Limited, R302 million, and Chambishi Metals plc R411 million.
Short-term borrowings of R437 million were utilised by Assmang Limited,
Chambishi and the Company accounted for R106 million and R137 million,
respectively. The interest payable on those borrowings applied to capital
expenditure has been capitalised and R60 million (equating to 39 cents on
earnings per share) was charged to income.

Headline earnings for the year ended June 2001 totalled R281 million (R486
million) which equates to 259 cents (455 cents) per share. The previous year's
headline earnings included a contribution to Avmin of R347 million by way of
diamond royalty income from The Saturn Partnership, which was sold to De Beers
Consolidated Mines Limited during the latter part of fiscal 2000. Excluding
diamond royalty income, headline earnings rose by 102 per cent.

Costs were well contained throughout the Company's operating entities. Sales
were higher in all sectors of the business with the exception of precious
metals as a result of the inclusion in the prior year results of gold sales of
Hartebeestfontein mine prior to its disposal on 16 August 1999. The pleasing
bottom line result was achieved in a period of intensive capital investment
and capacity building.

Results for the operations are reflected below:

FERROUS METALS
Assmang Limited's (Assmang), 50,3 per cent owned, total headline earnings rose
82 per cent to R231 million (R127 million). The results benefited from the
weaker rand, better efficiencies at all operations and well-controlled
operating costs.  Manganese sales rose to 979 000 tons (926 000 tons) and iron
ore sales were 145 000 tons higher at 4,3 million tons. The manganese alloy
operations sold 193 000 tons (206 000 tons), inclusive of refined
ferro-manganese, and despite weak market conditions chrome alloy sales were
slightly higher at 125 000 tons (114 000 tons). Chrome ore production from the
newly commissioned Dwarsrivier chrome mine, totalled 254 000 tons, was
delivered to Assmang's chrome alloy operation.

Capital expenditure rose to R626 million (R407 million), which was spent on
Assmang's major projects that all remained on or ahead of schedule, costs
being within budget. The iron ore jig plant at the Beeshoek mine was
commissioned, the chrome smelter expansion at Assmang's chrome alloys plant
will be commissioned this calendar year, and the new shaft complex at the
Nchwaning manganese mine remains on schedule for commissioning in 2003.

PRECIOUS METALS
Major progress was made during the year at Avgold Limited (Avgold), 61 per
cent owned, with the implementation of a revised Target mine plan, the
conclusion of equity and loan financing agreements, clearer definition of the
Target North/Paradise potential and the turnaround of ETC. Avgold's headline
earnings amounted to R39 million (R32 million - loss). A revitalised ETC
achieved earnings of R32 million (R13 million - loss).  Consistent mining
tonnages and an improved Biox(r) plant performance produced 2 800kg or 91
400oz (2 300kg or 73 200oz) of gold at a cash cost of R58 700/kg or US$241/oz
(R58 100/kg or US$286/oz). The cash operating costs by year-end had reduced to
below US$220 an ounce of gold.

The Target mine remains on schedule to reach full production during the first
quarter calendar 2002 and within budget. The production from Target during the
latter part of this financial year will see the return of significant
operating profits for Avgold.

The formation of Two Rivers Platinum (Proprietary) Limited, following the
acquisition, for R551 million, of platinum group metal (PGM) rights from
Assmang during the year, achieved an Avmin objective of entering the PGM
market. Impala Platinum Holdings Limited (Implats) is a 45 per cent partner in
this venture, with Avmin holding the balance. Implats is the ideal partner for
Avmin, given its PGM expertise, processing knowledge and infrastructure.
Subject to the Competition Commission approval, an exploratory drilling
programme and detailed designs will be undertaken over the succeeding twelve
months. A post feasibility study decision could result in a new mine with an
annual run-of-mine output of some 1,4 million tons, producing between 160 000
and 170 000 ounces of PGMs a year, over a life of approximately 20 years. It
is estimated that the capital cost for the new mine will be between R500 and
R700 million.

NICKEL
Earnings from the Nkomati mine, 75 per cent owned, of R173 million (R144
million) were very pleasing. Nkomati's total profit before tax rose
significantly to R249 million (R207 million). Mining and mill tonnages
increased, but a slightly reduced nickel grade led to sales being constant at
4 000 tons. Costs were well controlled and favourable prices were achieved,
particularly from the by-product PGMs. The PGM and other by-product benefits
to Nkomati enabled the mine to produce nickel, net of by-products, at minus
US$0,82/lb for the year (minus US$0,01/lb).

The Nkomati expansion study will be completed and decisions taken by the two
joint venture partners in the coming year. It is expected that this study will
recommend the expansion of nickel output to approximately 17 500 tons of
refined nickel a year and over 80 000 ounces of PGMs.

COPPER/COBALT
Chambishi Metals Plc's (Chambishi), 90 per cent owned, loss of R64 million
(R21 million - loss) reflects an unsatisfactory year from both an operating
and a project perspective.

The current cobalt tolling operation suffered from poor availability and
quality of both concentrate feed and pyrite from contract suppliers. These
problems were resolved by year end, resulting in a return to profitability for
the existing operations. Production achieved was 2 700 tons (1 900 tons) of
cobalt, of which 500 tons was for Chambishi's own account. Copper production
was 10 000 tons (7 700 tons) of which 400 tons was for Chambishi's own
account.

The new smelter, built to treat the slag material, was commissioned earlier
this year. Initial commissioning was interrupted by a water leak from the
copper coolers that resulted in the necessity to rebrick the furnace.
Commissioning of the furnace resumed in the first quarter of the new financial
year, approximately six months behind schedule, and full production is
expected in 2002.

ACQUISITION OF ISCOR SHARES
During the middle of the financial year, Avmin acquired 35 million shares in
Iscor Limited for a cash consideration of R494 million. The Company continues
to evaluate its best options with respect to this asset, which has shown
considerable appreciation.

DIVIDEND
The directors have resolved that in view of the Company's substantial capital
expenditure programme and certain bank covenants no final dividend be paid for
the year ended 30 June 2001.

THE YEAR AHEAD
The Company is expecting a year of weakness in the economies of Japan, Europe
and the United States of America and accordingly the prices for commodities
that Avmin produces will either remain under pressure or will not be
materially different for the coming year. It is therefore anticipated that
this year's results are not expected to show an improvement over those for
2001.

This year Avmin will be undertaking significant development expenditure as the
Target mine and the Chambishi smelter and refinery build up to full
production. The new platinum acquisition and the Nkomati mine expansion will
be evaluated. Also, within the Assmang group, the new chrome alloy smelter and
pelletising plant will be fully commissioned and the Nchwaning shaft complex
will be further developed.

DIRECTORATE AND MANAGEMENT
During the year, Messrs D N Murray and R Oron were welcomed to the board. 
Subsequent to the year end Messrs B Frank and N Livnat were appointed
non-executive directors.  Mr Murray was also appointed as chief operating
officer and the subsequent reshaping of the Company impacted on the
operational structure, which has now been split into four business units each
headed by a senior vice president. The head office functions include a chief
financial officer and three vice presidents covering technical services, human
resources as well as safety, health and the environment.

For and on behalf of the board

K W Maxwell, Chairman
R P Menell, Deputy chairman and chief executive officer
Johannesburg
30 August 2001

Directors:
K W Maxwell (chairman),  R P Menell (deputy chairman and chief executive
officer), D N Murray (chief operating officer), B Frank, D E Jowell, N Livnat,
Dr T V Maphai, J R McAlpine, B M Menell, Dr M Z Nkosi, R Oron.

Group company secretary:
R H Phillips

Registered Office:
Anglovaal Mining Limited, 56 Main Street, Johannesburg 2001 (PO Box 62379,
Marshalltown 2107)

For further information:
e-mail [e-mail].  www.avmin.co.za