Ok, I post two images of the Minoc sawmill. One for DOS version and another for Exult version. The image of the saw is a bit different in Exult versión.
DOS image
[img]http://i.share.pho.to/37f08b01_o.jpeg[/img]
Exult image
[img]http://i.share.pho.to/a63f6a41_o.jpeg[/img]
Tested without BG Keyring MOD and happens the same. Using the binary build from one month ago more or less, v1.5.0.
DOS version

Exult version

Last edit: David Ramis 2015-02-01
The links to the pictures are already dead. Please attach the images next time, so the bug reports stay valid :)
I've attached a new screenshot, showcasing this. Exult is on the background, Dosbox on top. Clearly showing the conveyor belt being replaced by saws in Exult :(
Traced it back to r5911 Marzo's "BIG Commit (TM). Quite likely, there are a lot of bugs." https://sourceforge.net/p/exult/code/5911/
Marzo deleted the entries of the special animation section in shape_info.txt and voila, belt broken, I think.
At least that is when the case of shape 933 was no longer handled anywhere.
Thanks Marzo, unfortunately the shafts are still not animating. You can see the end part in the screenshot I made in Dosbox, which isn't in Exult.
Sorry, please disregard, with a new game the shafts are ok.
Probably the same reason, Colourless remarked on his initial fix for the millsaw "Requires new game to work 100% properly" back in 2001 :)