LONMIN PLC

11 OCTOBER 1999

THE BOARD OF LONMIN PLC ("LONMIN") NOTES THE SUSPENSION OF THE SHARES OF
ASHANTI GOLDFIELDS COMPANY LIMITED ("ASHANTI") , AND CONFIRMS THAT IT HAS MADE
CERTAIN PROPOSALS TO THE BOARD OF ASHANTI REGARDING A MERGER OFFER BY LONMIN.
THE TERMS OF SUCH PROPOSAL ARE ON THE BASIS OF AN EXCHANGE RATIO OF 32 NEW
LONMIN SHARES FOR EVERY 43 ASHANTI SHARES NOT CURRENTLY OWNED BY LONMIN. ON THE
BASIS OF THE CLOSING PRICE OF LONMIN SHARES ON FRIDAY 8TH OCTOBER 1999 THIS
REPRESENTS A VALUE OF $7 PER ASHANTI SHARE OR A PREMIUM OF 86% TO THE ASHANTI
CLOSING PRICE.

THE LONMIN PROPOSAL IS CONDITIONAL, INTER ALIA, UPON THE IRREVOCABLE COMMITMENT
OF THE GHANAIAN GOVERNMENT, WHICH OWNS APPROXIMATELY 20% OF ASHANTI, TO SUPPORT
THE MERGER, THE UNANIMOUS AGREEMENT OF ASHANTIS HEDGE BOOK COUNTER PARTIES TO A
STANDSTILL COVERING ASHANTI'S OUTSTANDING OBLIGATIONS, AND APPROPRIATE
SHAREHOLDER APPROVALS.

LONMIN AWAITS THE RESPONSE OF THE BOARD OF ASHANTI TO THESE PROPOSALS.
A FURTHER ANNOUNCEMENT WILL BE MADE IN DUE COURSE.
CONTACTS :
CARDEW & CO ANTHONY CARDEW TEL 0171 930 0777