Press releases - 2002

Anglo Platinum is pleased to announce that it has reached in principle agreement with Cluff Mining plc ("Cluff") to establish a joint venture to prospect and potentially develop the Sheba's Ridge platinum project in the Mpumalanga province. Anglo Platinum holds the rights to 50,33% and Cluff holds the rights to the remaining 49,67% of the mineral rights, which constitutes the proposed joint venture area. In terms of the agreement both parties will contribute assets to the joint venture and Cluff will make a payment of US$5million payable in cash and US$3 million in Cluff shares to Anglo Platinum resulting in Cluff holding a 65% interest and Anglo Platinum holding a 35% interest in the joint venture. Cluff will continue to fund the exploration programme. Upon completion of a bankable feasibility study Cluff will make a further payment of US$12,5 million to Anglo Platinum thereby increasing their interest in the joint venture to 87,5% and the parties will finalise the terms for Anglo Platinum to purchase all concentrate produced by the mine.