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Anglovaal Mining Ld (ARB)

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Tuesday 08 April, 2003

Anglovaal Mining Ld

Statement re Chambishi Metals


(Registration number 1933/004580/06)

(Incorporated in the Republic of South Africa)

Share codes: South Africa AIN

London Stock Exchange: AGM

('Avmin' or the 'Company')

Cautionary announcement

A memorandum of understanding has been entered into with J&W Holding AG
(incorporated in Switzerland) ('J&W') regarding the potential acquisition of
Avmin's 90 per cent stake in Chambishi Metals plc ('Chambishi'). Chambishi is a
primary cobalt/copper producer located on the Zambian Copperbelt.

The memorandum of understanding permits J&W to have exclusivity for two months
to conduct a due diligence study. Based on the outcome of this study, detailed
terms will be finalised and a sales and purchase agreement concluded. The
transaction is subject to approval from lending institutions and the
authorities in Zambia and South Africa, plus approval by the Avmin and J&W
boards of directors.

Shareholders are advised to exercise caution in dealings in the Company's
securities until a further announcement is made.

Johannesburg, South Africa

April 2003


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