Trading Update and Cautionary Announcement

Shareholders are advised that the company’s earnings and headline earnings per share for the six month period ending 31 December 2003 are expected to be substantially lower than those of the comparable period ended 31 December 2002. Despite a satisfactory operational performance and a significant increase in the US Dollar value of the company’s basket of metals, the company’s financial results have been adversely affected by materially lower Rand receipts as a consequence of the continued strength of the Rand against the US Dollar.

The company’s forecast earnings and headline earnings per share have not been reviewed by the company’s auditors. Shareholders are advised to exercise caution when dealing in the company’s securities on the JSE until the interim results for the six months ending 31 December 2003 are released.

It is anticipated that the interim results for the six months ending 31 December 2003 will be released on or about 5 February 2004.

This trading statement and cautionary announcement is issued in accordance with the revised Listings Requirements of the JSE Securities Exchange South Africa which became effective on 1 September 2003.

Johannesburg
8 December 2003