Assore - Press Release

ASSORE LIMITED
ISIN CODE : ZAE000017117
SHARE CODE : ASR
Assore Lifts Earnings 55,2% In Strong Year

Mining house Assore has finished its 30 June 2001 financial year in strong
style, buoyed by impressive results from its 45,7% holding in Assmang, which
recently reported good earnings growth for the year.

At Assore, attributable earnings for the year grew by a margin-boosted 55,2%
to R139 million or 496,6 cents a share on the back of an 18,9% lift in
turnover to R1 146 million and headline earnings by 52,4% to 483,0 cents a
share.

Assmang's performance was substantially influenced by the steady

deterioration in the Rand- $US exchange rate as well as by increased demands
for its products over the year. Iron ore volume rose by 3,3%, manganese ore
by 5,7% and charge chrome by 9,6%.

Apart from its investment in Assmang, Assore also benefited from Assmang's
increased sales in its capacity as agent for the sale of Assmang's products.
The Assore group's commitment towards the substantial capital expenditure in
its projects, especially Assmang's mines and alloy works, continued to
absorb major funding. These projects included the completion of the

Dwarsrivier chrome mine which commenced operations during the year and the
charge chrome expansion at the Machadodorp works, involving the installation
of a 54 MVA furnace with preheater and pelletising plant with the largest
sum being allocated to construction of the new shaft complex at the

Nchwaning manganese mine, which should be commissioned late in 2003.

Short term funding has catered for this expenditure pending the receipt of
the R551 million proceeds from Assmang's sale of its Platinum Group Metal
mineral rights at Dwarsrivier.

Assore chairman Des Sacco is cautious on the future outlook in the light of
prevailing international concern over recessionary trends. He notes the
group's exposure to the Rand's exchange rate with the US dollar, which has
been a strong force for growth over the past year.

He also comments that such a climate would impact on international steel
sales and correspondingly on source materials such as iron ore, manganese
ore and manganese alloys - all key products of Assmang.

Ferrochrome is another product and one which currently faces an oversupply
situation which may be exacerbated by the commissioning of additional
capacity, especially from South Africa.

The balance sheet remains healthy although borrowings are temporarily high
due to funding of capital expenditure which will be alleviated by the
payment for the sale of Assmang's PGM rights.

In the light of these cash constraints, the board has elected to maintain
the final dividend at 20 cents to total 32 cents for the year.

Assore's shares are trading at around 4000 cents at which level the latest
headline earnings per share give a multiple of 8,3 compared with a sector
average of 12,8.
ends
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SETON THOMPSON (031)2026110 / 0828979365