RNS Number:4723H
Anglo American Platinum Corp Ld
13 February 2003

Anglo American Platinum Corporation Limited

("Anglo Platinum")

(Incorporated in the Republic of South Africa)

(Registration number 1946/022452/06)

JSE Code: AMS

ISIN: ZAE000013181





Announcement - Pandora Joint Venture



On 9 April 2001, Anglo Platinum and Lonmin Platinum ("Lonmin") announced that in
principle agreement had been reached to establish a 50-50 Joint Venture (the "
Pandora Joint Venture") to exploit UG2 Reef in and upon certain portions of the
farms Hartebeespoort, Roodekopjes and Uitvalgrond near Brits in the North West
Provide of South Africa.  The parties also indicated their intention to
incorporate a Historically Disadvantaged South African ("HDSA") component into
the venture.



The parties are pleased to announce that the Joint Venture Agreement has been
concluded and incorporates the Bapo Ba Mogale Tribe and Northam Platinum with a
shareholding which the parties expect should comply with the requirements of the
Charter.  The joint venture is subject to certain suspensive conditions
including statutory consents and approvals which are expected to be fulfilled in
the near future.



The parties will co-operate as participants in the Joint Venture and intend to
utilise the existing infrastructure at Eastern Platinum Mine ("EPM") to gain
quickly access to the Mineral Rights Area adjacent to EPM.  The capacity of the
existing EPM concentrator has been expanded by an additional 120 000 tons of ore
per month.  A new 200 000 ton per month concentrator will be constructed on the
Pandora Mine area, adjacent to EPM, and three decline shaft systems will be
installed, all of which will enable the Joint Venture to attain full production
of 3.6 million tons per annum some six years after commencement.  The Pandora
Mine will have mineable UG2 reserves and resources in excess of 130 million tons
and is expected to produce 230 000 ozs of refined platinum and 110 000 ozs of
refined palladium per annum over its expected life of 30 years.  Each party will
be responsible for further downstream smelting, refining and marketing of their
share of the concentrate from the Pandora Mine.



Lonmin Platinum will be appointed as Manager of the Joint Venture whose affairs
will be administered by an Executive Committee comprising representatives from
each of the parties.



The capital expenditure of the Joint Venture has been estimated at R2,836
billion (1 July 2002 money terms).  In order to make good the difference in
value of mineral rights and infrastructure contributed by each party to the
Joint Venture, capital will initially be contributed as follows (in 1 July 2002
money terms):



Lonmin:                  R                   919,5 million

Anglo Platinum:          R                   613,0 million

Bapo:                    R                   85,1 million

Northam:                 R                   85,1 million



TOTAL:                   R                   1702,8 million



Thereafter, capital will be contributed by the parties in proportion to their
participation interests. It is estimated that approximately 5,000 jobs will be
created over a period of time through this transaction.



The Joint Venture offers significant synergies to both Anglo Platinum and Lonmin
Platinum, increasing the output of platinum group metals in a capital and cost
efficient manner.





For further information please contact:



Mike Mtakati                   Peter Ledger

Anglo Platinum                   Lonmin Platinum

+27 11 373 6865                   +27 11 516 1311

+27 (0)83 455 7887                   +27 (0)83 657 2311





13 February 2003


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