Trading Statement

Shareholders are advised that the company’s headline earnings per share and earnings per share for the six month period ended 31 December 2005 are expected to be between 490% and 500% higher than the restated headline earnings and earnings of 26.3 cents per share for the comparable period ended 31 December 2004. The earnings have been restated following the adoption of IFRS 2 – “Share Based Payments”.

The expected increase in earnings results from a combination of a substantial increase in the average Rand receipts for the company’s basket of metals and higher sales volumes relative to the previous comparable period which were adversely affected by an interruption to production.

The forecast earnings have not been reviewed by the company’s auditors.

It is anticipated that the interim results for the six months ended 31 December 2005 will be released on or about 2 February 2006.

Johannesburg

Distributed by:

Russell & Associates
Tel: +27 11 880 3924
Fax: +27 11 880 3788