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PALABORA MINING COMPANY LIMITED - NOTIFICATION OF INTEREST RATE                 
  PALABORA MINING COMPANY LIMITED                                                 
  (Incorporated in the Republic of South Africa)                                  
  (Registration number 1956/002134/06)                                            
  Share code: PAMD                                                                
  ISIN:  ZAE000005245                                                             
  NOTIFICATION OF INTEREST RATE                                                   
  Debenture holders are advised that the interest rate in respect of the interest 
  period from 23 March 2004 to but excluding 20 September 2004 in respect of the  
  849 465 floating rate partially subordinated unsecured redeemable convertible   
  debentures will be 13,150% determined in accordance with the terms and          
  conditions of the convertible debentures.                                       
  Phalaborwa                                                                      
  2 April 2004                                                                    
  Sponsor                                                                         
  Barnard Jacobs Mellet Corporate                                                 
  Finance (Pty) Limited                                                           
  Date: 02/04/2004 11:31:01 AM Produced by the JSE SENS Department

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