Further re Stimela Mining

Anglovaal Mining Ld
15 January 2002

ANGLOVAAL MINING LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1933/004580/06)
Share code: AIN ISIN: ZAE000017141
('Avmin')

STIMELA MINING LIMITED
(Registered in the British Virgin Islands)
(Registration number 462007)
('Stimela')

The disposal by Avmin of its call option rights on Kumba Resources Limited
('Kumba') shares to Stimela

1. Background

On 1 November 2001, Avmin announced the disposal of its entire shareholding in
Iscor Limited ('Iscor') to Stimela and the creation of a joint venture between
Avmin and Stimela ('the share sale transaction'). Stimela agreed to pay Avmin
an amount of R24,00 per Iscor share for its entire shareholding of 31 093 300
shares. This represented a total consideration of R746 239 200 for Avmin. The
first instalment was paid on 5 November 2001 and the remainder is due on 6 May
2002.

As part of the consideration for the share sale transaction, Avmin was granted
a call option ('the Option') by Stimela to acquire between 10 per cent and 25
per cent of all the Kumba shares beneficially held by Stimela at the time of
exercising the Option. In terms of the call option, the cost of the Kumba
shares to Avmin was set at R20,25 per Kumba share, plus related transaction
costs and interest. The Option was exercisable at anytime after the listing of
Kumba until 5 November 2002.

2. The transaction

Avmin and Stimela have concluded an agreement in terms of which Avmin will
sell its rights to the Option to Stimela for a total cash consideration of R75
million ('the Option sale transaction'). Avmin will apply the proceeds from
the Option sale transaction towards reducing current gearing levels.

The joint venture, formed between Avmin and Stimela to pursue iron ore
opportunities, remains intact. Avmin's Deputy Chairman and CEO, Mr Rick
Menell, has been invited to join the board of directors of Stimela.

3. Financial effects for Avmin

The effects of the Option sale transaction on net profit per share and net
assets per share is not considered to be material.

4. Kumba pre-listing statement

Copies of Kumba's pre-listing statement, issued on 29 October 2001, will be
available to Avmin shareholders at Avmin's head office, 56 Main Street,
Johannesburg, 2001.



Johannesburg
15 January 2002

Sponsor to Avmin
Deutsche Securities
Member of the Deutsche Bank Group
Deutsche Securities (SA) (Proprietary) Limited
(Registration number 1995/011798/07)

Attorneys to the transaction
Jowell, Glyn & Marais Inc
(Registration number 1990/000849/21)