Minorco S.A. - Dividend Declaration

RNS No 5972w
MINORCO S.A
30th December 1998


MINORCO PAYS SECOND INTERIM DIVIDEND 

Minorco announces that a second interim dividend of 8 US cents per share has
been declared by the Board of Directors in respect of the year ending December
31 1998, payable on February 10 1999 to all Minorco shareholders of record as
at January 15 1999.

Minorco declared an interim dividend of 22 US cents per share for the first
six months of 1998.  The two interim dividends total 30 US cents per share, a
53% reduction compared with the total dividend in respect of the prior year of
64 US cents.

At the time of the publication of the 1998 interim results in September, the
Board indicated that it was unlikely that earnings before exceptional items in
the second half of the year would match those of the first half and that the
level of the final dividend in respect of the financial year would therefore
need to be kept under review.  During the second half of the year commodity
prices in general and those of copper and nitrogen in particular have weakened
even further as a result of which it is anticipated that earnings during the
second half of the year will be very substantially below those recorded during
the first half.  It is against this background that the decision to reduce the
dividend has been taken.

Minorco's final dividend in respect of any financial year is only payable
after the approval by shareholders of the annual accounts which normally takes
place in May of each year.  The approval of the accounts in respect of the
1998 financial year is expected, however,  to occur only after the completion
of the acquisition of all of Minorco's shares by Anglo American plc ("AA plc")
as part of the proposed combination of the businesses of Minorco and Anglo
American Corporation of South Africa Limited announced on October 15, 1998,
which would therefore not permit the current shareholders of Minorco to
receive a distribution in respect of earnings in the second half of 1998.  For
these reasons the dividend declared today must be described as an interim
dividend, notwithstanding the fact that no further dividends will be declared
by Minorco on the assumption that the proposed transaction with AA plc is
completed as proposed.  Furthermore, the Board does not have the power, in
terms of Luxembourg Law, to declare an interim dividend during the first half
of any financial year.  It is therefore necessary to declare this second
interim dividend before the end of the 1998 financial year.

Enquiries:  

NK von Schirnding
Vice President Investor & Corporate Affairs
[phone]


END


DIVFCKCKDDDDABN