Trading Update

Shareholders are advised that the company's earnings per share and headline earnings per share for the six month period ended 31 December 2006 are expected to be between 265 and 285 cents. This compares with the 130.1 cents per share reported for the previous comparable period ended 31 December 2005.

The expected increase in earnings results from a substantial rise in the average Rand receipts for the company`s basket of metals relative to the previous comparable period.

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 2006 will be released on or about 1 February 2007.

Johannesburg
15 January 2007