Edgar Filing: ANGLOGOLD LTD

Page 1

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 6-K

REPORT OF FOREIGN PRIVATE ISSUER

PURSUANT TO RULE 13a-16 or 15d-16 OF

THE SECURITIES EXCHANGE ACT OF 1934

Report on Form 6-K dated

30 JANUARY 2004

AngloGold Limited

(Name of Registrant)

11 Diagonal Street

Johannesburg, 2001

(P O Box 62117)

Marshalltown, 2107

South Africa

(Address of Principal Executive Offices)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F:

Form 20-F: Form 40-F:

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule
101(b)(1):

Yes:

No:

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule
101(b)(7):

Yes:

No:

Indicate by check mark whether the registrant by furnishing the information contained in this form is also thereby
furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.

Yes:

No:

Enclosures:

REPORT FOR THE QUARTER AND YEAR ENDED 31 DECEMBER 2003.

THE RESULTS HAVE BEEN PREPARED IN ACCORDANCE WITH
INTERNATIONAL ACCOUNTING STANDARDS.

Report

for the quarter and year ended 31 December 2003

Group results for the quarter ...

Adjusted headline earnings

increased by 12% to $75m

Adjusted operating profit

increased by 1% to $137m

Total cash costs increased by 5% to $249/oz impacted by strong local currencies

Gold production steady at 1.39Moz

Received gold price

₄

$392/oz

... and for the year

Adjusted headline earnings

decreased by 23% to $282m

Adjusted operating profit

decreased by 12% to $559m

Total cash costs increased by 42% to $229/oz impacted by strong local currencies

Gold production down by 5% to 5.62Moz

Average dollar gold spot price 17% higher at $363/oz, but 16% lower in rand terms at R88,058/kg

Final dividend declared at R3.35 per share or 48 US cents per share, resulting in a total dividend

of R7.10 or 99 US cents per share

Quarter ended

Year ended

Quarter ended

Year ended

Dec

Sept

Dec

Sept

Dec

2003

2002

2003

2002

Unaudited

Reviewed

Audited

Unaudited

Reviewed

Audited

SA Rand/Metric

US Dollar/Imperial

Operating review
Gold

Produced

- kg / oz (000)

43,210

43,240 174,668

184,711

1,389

1,390

5,616

5,939

Price received

- R/kg / $/oz

84,705

86,619

87,826

101,817

392

364

363

303

Total cash costs

- R/kg / $/oz

53,846

56,311

55,442

54,037

249

237

229

161

Total production costs

- R/kg / $/oz

65,128

65,502

65,703

68,241

301

275

272

203

Financial review
Operating profit

- R / $ million

1,060

1,304

4,667

6,784

159

176

622

650

Adjusted operating profit

- R / $ million

926

1,004

4,229

6,683

137

136

559

638

Net profit

- R / $ million

611

729

2,331

3,444

312

332

Headline earnings

- R / $ million

585

674

2,379

3,920

318

376

Adjusted headline earnings

- R / $ million

506

497

2,133

3,854

282

368

Capital expenditure

- R / $ million

1,057

661

2,744

2,842

148

363

271

Earnings per ordinary share cents/share

Basic

274

327

1,046

1,552

140

150

Diluted

273

326

1,042

1,545

139

149

Headline

263

303

1,068

1,767

143

169

Adjusted headline earnings

227

223

957

1,737

ANGLOGOLD QUARTERLY REPORT DECEMBER 2003 - WWW.ANGLOGOLD.COM

127

166

Dividends

- cents/share

710

1,350

146

Note: 1. Headline earnings before unrealised non-hedge derivatives and marked-to-market of debt financial instruments

2. Operating profit excluding unrealised non-hedge derivatives

3. Price received includes realised non-hedge derivatives

$ represents US dollar, unless otherwise stated

Donna Kodger
Senior Equipment
Operator at CC&V

Dear Shareholder

Steady performance for the December Quarter

AngloGold reports a steady performance for the final quarter of 2003, after the solid results of the previous quarter, at a time when the strong rand is negatively impacting the profits of South African export-oriented producers. Although total cash costs across the company increased by 5% to $249/oz, the cash costs of the South African operations, measured in local currency terms, were 1% lower at R60,784/kg, due to improved grades, cost containment and lower inflation. Similarly, unit costs in Australian dollar terms at Sunrise Dam were some 13% lower.

Gold production was virtually unchanged for the quarter at 1.39Moz. We are pleased that the steps taken to overcome technical difficulties at Cripple Creek & Victor in Colorado and Cerro Vanguardia in Argentina are beginning to yield results. There were improved production performances at both of those operations, as well as at Geita, although these were offset by the continuing grade decline at Morila and a drop off in performance at Kopanang and Mponeng. Operating profit, adjusted to exclude non-hedge derivatives, was marginally higher this quarter, at $137m. Similarly, adjusted headline earnings, including a favourable $7m in abnormal items, were 12% higher at $75m, or 34 cents per share.

For the year ended 31 December 2003, AngloGold's performance was affected by a combination of stronger currencies in most of the company's operating regions as well as lower ore grade in several of these regions. Unit cash costs were $68/oz higher, at $229/oz, for the same reasons. Adjusted headline earnings in 2003 were 23% lower than those for the previous year, at $282m, or 127 cents per share.

The gold price reflected the 20% decline in the value of the US dollar against the euro during 2003. The average spot price for 2003, at $363/oz, was 17% higher than the average for 2002. Against this background, AngloGold's net delta hedge position was again marginally lower over the fourth quarter, at 8.59Moz, illustrating the company's continued faith in the strength of the gold price.

Our mine safety performance for the year 2003 in South Africa was disappointing, after a 16% improvement in the lost time injury frequency rate (LTIFR) during the previous year. The LTIFR for 2003 is virtually unchanged from the 2002 figure, and the fatality frequency rate improved by only 6%. Fatalities in the South Africa region improved by 40% during the second half of 2003 compared to the first half. If we can continue this trend, a step change in our safety performance seems possible.

We also announce that AngloGold proposes to pay a final dividend for the year of R3.35 per share. This gives a total dividend for the year of R7.10, and continues AngloGold's practice of paying to shareholders a high proportion of the company's earnings, once we have provided for our organic growth objectives.

Looking ahead: the making of the African global
gold company

There has been substantial progress made in the merger of AngloGold and Ashanti, and we are well on track to create what will be the leading African gold company and one which will effectively compete with its peers globally.

On 12 December 2003, we announced that AngloGold had entered into a support agreement with the Government of Ghana in its role as holder of 16.9% of the share capital of Ashanti Goldfields Company and that it had agreed the terms of a stability agreement concerning certain fiscal and regulatory undertakings, in the Government's role as regulator of Ashanti.

AngloGold has also received confirmation from the US Securities and Exchange Commission (SEC) of the availability of an exemption under Section 3(a)(10) of the US Securities Act of 1933 that will enable the company to issue AngloGold shares relating to the merger of AngloGold and Ashanti without registration in the United States.

Once the required approvals of the Parliament and Government of Ghana have been received, the scheme documents will be finalised and distributed to Ashanti shareholders and we expect the transaction to close during April 2004.

Looking ahead to the rest of 2004 and following the completion of this deal during April, we are anticipating that gold production will increase from 5.6Moz to approximately 6.6Moz. Assuming an exchange rate of R7.00 to the US dollar, we are expecting unit cash costs to rise to $238/oz and capital expenditure to increase to $589m.

Russell Edey

Bobby Godsell

Chairman

Chief Executive Officer

29 January 2004

Letter from

Chairman and CEO

Russell Edey

Chairman

ANGLOGOLD QUARTERLY REPORT DECEMBER 2003 - WWW.ANGLOGOLD.COM

Bobby Godsell

Chief Executive Officer

Operations

at a glance

for the quarter ended 31 December 2003

$/oz

% Variance

oz (000)

% Variance

$/oz

% Variance

Great Noligwa

414

218

232

(3)

TauTona

407

164

(4)

208

Geita

340

117

136

(28)

111

Sunrise Dam

425

230

(5)

138

300

Cerro Vanguardia

359

138

(20)

100

250

Kopanang

415

124

(6)

297

(19)

(21)

Mponeng

404

119

(8)

293

(13)

(20)

Morro Velho

341

(4)

144

(1)

Cripple Creek & Victor J.V.

328

(10)

203

(6)

(17)

(67)

Morila

367

(40)

182

(53)

(71)

Sadiola

395

223

Tau Lekoa

413

342

(1)

(125)

Serra Grande

340

(4)

131

Yatela

395

(15)

322

(67)

(2)

(300)

Navachab

393

(11)

349

100

Union Reefs

335

(7)

(78)

179

(25)

(100)

Ergo

395

365

(11)

100

Savuka

405

(5)

544

(9)

(13)

(9)

(13)

Other

(68)

(57)

AngloGold Group

392

1,389

249

205

137

Price received includes realised non-hedge derivatives.

Adjusted operating profit plus amortisation of mining assets.

Operating profit excluding unrealised non-hedge derivatives.

Variance December 2003 quarter on September 2003 quarter - Increase (Decrease).

Attributable

Adjusted operating

profit

Price received

Production

Total cash costs

Cash operating

profit

ANGLOGOLD QUARTERLY REPORT DECEMBER 2003 - WWW.ANGLOGOLD.COM

Financial

and Operating Review

OVERVIEW OF THE QUARTER AND THE YEAR

AngloGold's adjusted headline earnings 1 for the December quarter increased by 12% to $75m.

The operations overall maintained their sound performance in the fourth quarter of 2003, with adjusted operating profits ² increasing marginally to $137m. Geita's results continued to improve and there were better performances from Sunrise Dam, Cripple Creek & Victor (CC&V) and Cerro Vanguardia. Kopanang, Mponeng and Morila all reported lower adjusted operating profit ² than the previous quarter due to volume and grade reductions.

Gold production for the quarter was steady at 1.39Moz, although total cash costs were 5% higher at $249/oz, largely as a result of stronger operating currencies, with the rand strengthening by 9% over the US dollar since the previous quarter.

For the 12 months ended 31 December 2003, production declined by 5% to 5.6Moz, largely as a result of lower grades in all of the operating regions. Total cash costs were $229/oz or $68/oz higher for the year and adjusted operating profit ² was 12% lower at $559m, mainly due to significantly stronger operating currency values against the US dollar. Adjusted headline earnings ¹decreased by 23% to $282m over the period.

OPERATING RESULTS FOR THE QUARTER

SOUTH AFRICA

At Great Noligwa, volume mined rose by 12% due to the continued focus on improving production efficiencies, with yield also increasing by 5% to 11.18g/t. Despite the improved efficiencies and higher grades, gold production at 6,770kg (218,000oz) was only marginally higher than that of the previous quarter due to reduced tramming efficiency during December. Tramming has subsequently been identified as an area of focus for improvement at Great Noligwa in 2004. Total cash costs at R50,295/kg ($232/oz) decreased by 4% despite the higher volumes mined, with most of these savings coming from lower power costs and the continued focus on reducing costs at the operation. Adjusted operating profit ² at R230m ($34m) fell by 11 %. The lost time injury frequency rate (LTIFR) improved by 26% although tragically, one employee died in a fall of ground incident.

At Kopanang, an increased focus on safety, following the deaths of three employees in incidents involving falls of ground in November, had a significant impact on the volume mined for that month. This, together with a fire on 44/47 levels in December, resulted in a 6% decrease in gold production to 3,866kg (124,000oz). Total cash costs increased by 3% to R64,281/kg ($297/oz) largely because of the lower gold production. This was partially offset by savings on treatment and power costs and on mine cost-saving initiatives such as stricter ordering procedures and inventory controls. Adjusted operating profit 2at R75m ($11m) decreased by 29% largely as a result of reduced gold revenue and a lower received price.

Tau Lekoa's volume mined decreased by 3% as a result of lower than planned face advance. With yield steady at 4.04g/t, the 2% increase in tonnage milled from the surface stockpile enabled gold production to improve by 2% to 2,492kg (80,000oz). Total cash costs at R74,058/kg ($342/oz) went up by 2%, mainly as a result of increased gold production. The adjusted operating profit ² decreased from R32m to a loss of R6m, mainly owing to an increase in amortisation charges of R36m ($6m). This arose from an adjustment made to the operation's reserves. The quarter saw a 14% improvement in the LTIFR.

Despite reductions in stoping width at Savuka in order to achieve higher productivity through mining less waste, a 7% improvement in volume mined was achieved for the quarter. In addition, several development ends were stopped which together with the reduced stoping width resulted in a 9% drop in tonnage milled. This was partially offset by an improved yield up by 4% to 5.71g/t. Gold production declined by 5% to 1,304kg (42,000oz). This led to a 2% increase in total cash costs to R117,763/kg ($544/oz). The drop in gold revenue increased adjusted operating losses 2 by 5% to R59m ($9m). Two employees died in accidents and there was a 3% deterioration in the LTIFR.

At Mponeng, the impact of increased seismicity on available panels is reflected in a 6% decrease in the volume mined. Gold production was down by 9% to 3,696kg (119,000oz) partly owing to the lower volumes mined, but also because of the lower tonnages delivered to the plant. Total cash costs increased by 7% to R63,437/kg ($293/oz) mainly as a result of the lower gold production which was partially offset by 2% from cost savings initiatives. Adjusted operating profit ² at

ANGLOGOLD QUARTERLY REPORT DECEMBER 2003 - WWW.ANGLOGOLD.COM

R51m ($8m) decreased by 30% and reflects the impact of the lower gold production. LTIFR improved by 13%.

At TauTona, improved face length and face advance resulted in an 11% increase in volume mined. The impact of the fire in the previous quarter resulted in a 7% reduction in yield to 12.21g/t. This drop in yield was only partially offset by a 4% increase in tonnes treated, resulting in a 4% decrease in gold production to 5,086kg (164,000oz). Despite the lower production, an 8% improvement in operating expenditure through the re- phasing of major expenditures and reduced power consumption, resulted in a 4% decrease in total cash costs to R45,014/kg ($208/oz). The 4% increase in adjusted operating profit ² of R190m ($28m) reflects the benefit of these cost reductions. There was an 8% improvement in the LTIFR.

At Ergo, the warmer weather led to improvements in the thickening operations quarter-on-quarter. The tonnage throughput increased by 5% which, together with a yield that went up by 11% to 0.21g/t from higher head grades, and improved calcine gold contribution, resulted in a 14% rise in gold production to 1,597kg (51,000oz). Total cash costs were down by 19% to R79,185/kg ($365/oz), as a result of improved gold production as well as a reduction in planned major expenditures. The adjusted operating profit ² of R2m (from the loss of R22m in the previous quarter) reflects the impact of the increased gold production and cost reductions.

EAST AND WEST AFRICA

Geita (50% attributable) increased production by 33% to 117,000oz, largely owing to an anticipated 37% increase in recovered grade to 5.26g/t. Total cash costs decreased by 28% to $136/oz due to the higher production whilst adjusted operating profit 2 rose by 111% to $19m. There were three lost time injuries recorded during the quarter.

Production at Morila (40% attributable) decreased by 40% to 48,000oz. As was anticipated and reported previously, recovered grade declined by 42% to 4.41g/t. The decrease in production, coupled with increased mining contractor costs resulted in total cash costs rising by 67% to $182/oz. Adjusted operating profit 2 for the quarter decreased by 71% to $4m. Commissioning of the plant expansion project was delayed to January 2004. There were four lost time injuries recorded during the quarter.

At Navachab, a 5% decrease in milled tonnage throughput coupled with a 2% decline in recovered grade, resulted in a 7% drop in gold production to 16,000oz. As a result, total cash costs went up by 15%

to $349/oz, but with a 9% increase in the price received, adjusted operating profit 2 for the quarter rose by $1m. The mine had one lost time injury for the quarter.

At Sadiola (38% attributable), production went up by 19% to 50,000oz as a result of a 9% increase in milled tonnage throughput, coupled with a 9% improvement in recovered grade. Total cash cost increased by 14% to $223/oz whilst adjusted operating profit 2 remained steady at $5m. The rise in cash costs was caused by higher reagent costs associated with the increased treatment of sulphide material and higher metallurgical plant maintenance costs. The mine had no lost time injuries for the quarter.

Production at Yatela (40% attributable) decreased by 15% to 17,000oz. An increase of 44% in tonnage stacked, as a result of the rectification of commissioning problems with the new crusher circuit during the third quarter, was offset by a decline in the recovered grade. The decrease in the grade was largely due to artificially high grades in the third quarter resulting from the low tonnages stacked. As a consequence of the lower production, total cash costs increased by 29% to $322/oz and adjusted operating profit 2 decreased by $3m. Yatela recorded one lost time injury for the quarter.

NORTH AMERICA

At Cripple Creek & Victor (67% ownership with 100% interest in production until the initial loans are repaid) production was up by 15% quarter-on-quarter at 76,000oz due to improvements in leach solution chemistry and production from Phase 4B of the leach pad, which is closer to the liner and therefore produces gold in a much shorter time. Total cash costs were 6% lower than those of the third quarter at $203/oz as production increased without a significant rise in costs. Despite increased production, adjusted operating profit 2 was $2m lower than that for the third quarter at $1m due to unfavourable gold prices and higher production costs. There were no lost time injuries for the quarter and three lost time injuries for the year.

The new processing facilities exceeded design capacity in each of the three months during the quarter, and haulage fleet availability ended the year only slightly below targeted levels. Phase 4B of the leach pad construction has ceased for the winter and will resume in June 2004. Stacking started during the third quarter on this area of the leach pad, which was then under irrigation for part of the fourth quarter.

As announced in the June quarter, AngloGold sold its interests in the Jerritt Canyon joint venture to

ANGLOGOLD QUARTERLY REPORT DECEMBER 2003 - WWW.ANGLOGOLD.COM

Queenstake Resources. The transaction took effect on 30 June 2003.

SOUTH AMERICA

At Cerro Vanguardia (92.5% attributable), gold production was 41% higher at 58,000oz due to a 20% improvement in recovered grade to 7.25g/t and a 17% increase in ore treated. This was as a result of changes to the production programme associated with the commissioning of the scrubber system in the grinding circuit, permitting the effective treatment of wet higher- grade material. Total cash costs were 20% lower than those of the previous quarter at $138/oz, mainly because of higher gold produced and silver by-product credits which were up by 21%. Adjusted operating profit 2 rose significantly to $7m largely as a result of increased sales volumes, higher received price and lower total cash costs. The mine recorded an LTIFR of 7.54 for the quarter.

At Morro Velho, gold production was 3% higher than for the previous quarter at 61,000oz, due to a 6% improvement in recovered grade to 6.87g/t. This was despite a 2% reduction in the ore treated. Total cash costs decreased by 1% to $144/oz mainly because of the increased gold production. Adjusted operating profit 2 remained steady at $9m. The mine had a 4.65 LTIFR.

At Serra Grande (50% attributable), gold production decreased by 4% from the previous quarter to 23,000oz. Total cash costs were 20% higher at $131/oz mainly owing to higher labour costs reflecting annual union agreement negotiations in November, energy cost increases and reduction in the gold produced. Adjusted operating profit 2 increased to $5m chiefly because of a 9% rise in sales volume. There were no lost time injuries at Serra Grande during the quarter.

The LTIFR (including contractors) for the region in the year was 4.48. This compares favourably with the Ontario underground metalliferous mines benchmark of 6.5.

AUSTRALIA

At Sunrise Dam, production during the quarter increased by 9% to 93,000oz. As forecast, mining in higher grade areas resulted in a higher recovery, from 80% in the previous quarter to 83% this quarter, with a resultant increase in recovered grade to 3.03g/t. Mining will return to some of the lower grade areas in the first quarter of 2004. Mill throughput for the quarter increased by 7%. Total cash costs decreased by 13% to A$321/oz ($230/oz) and adjusted operating profit 2 improved by 239% to A$16m ($12m) primarily due to a

higher price received and a greater volume sold. There were two lost time injuries during the quarter. Underground development commenced in October and, by year-end 2003, more than 500m of decline development had been completed.

Milling operations at Union Reefs shut down in October, with the majority of production reported for the fourth quarter from clean-up activities. Gold produced was 5,000oz compared with 23,000oz for the previous quarter and with no mining or milling, total cash costs decreased to A$254/oz ($179/oz). There were again no lost time injuries recorded for the quarter.

In November, AngloGold announced that it had reached a conditional agreement with Greater Pacific Gold Ltd to sell the Union Reefs mine, associated assets and tenements for a staged consideration of A$6.2m ($4.5m). In November, AngloGold reached agreement to sell its Western Tanami Project, which includes the Coyote deposit, to Tanami Gold NL. The consideration comprises A$9m ($7m) in cash, 25 million ordinary shares in Tanami Gold and a phased production royalty.

Work to update the November 2000 Boddington Expansion Feasibility Study project continued.

Note:

All references to price received includes the realised non-hedge derivative gains (losses).

Rounding of figures may result in computational discrepancies.

In the case of joint venture operations, all production and
financial results are attributable to AngloGold.

Adjusted to exclude unrealised non-hedge derivatives and marked-to-market of debt financial instruments.

Adjusted to exclude unrealised non-hedge derivatives.

ANGLOGOLD QUARTERLY REPORT DECEMBER 2003 - WWW.ANGLOGOLD.COM

Exploration

AngloGold's exploration activities are focused on discovering long-life, low-cost orebodies, utilising multi- disciplinary teams and appropriate state-of-the-art exploration techniques and technology.

During the quarter

Exploration continued to yield encouraging results from several projects. In Mali at Sadiola oxide drilling at FE3 and FE4 showed strike continuity and in Brazil at Corrego do Sitio mineralisation has been traced over a down-plunge length of 900m and underground exploration development has confirmed the drilled gold grades.

Regional exploration overview

At Sadiola in Mali, Phase VI of the hard sulphides diamond drilling programme was completed and orebody modelling is in progress. Additional drill hole samples from the main sulphide zone have been submitted for metallurgical test work.

Exploration for satellite oxide mineralisation at Sadiola continued to focus on the FE3 Southern Extension and FE4 targets. Diamond drilling to test the gap between FE3 and FE4 intersected mineralisation. An initial sulphide drilling programme was completed at FE3 and FE4, intersecting the oxide limit at F4 deeper than expected at 200m.

In-fill drilling completed at Alamoutala, indicated that mineralisation could be extended to the north-east and south of the current pit.

Greenfields exploration continued at Kola, south of Morila. Due to negative drilling results at Sinsin, east of Morila, the permit will be relinquished in 2004. At Garalo, located 100km SW of Morila, Reverse Circulation (RC) drilling of Rotary Airblast (RAB)-delineated gold anomalies produced encouraging results requiring further drilling in 2004. At the Banzana permit, located 140km SW of Morila on the Cote d'Ivoire border, soil sampling is in progress with RAB-drilling scheduled for the second
quarter of 2004.

At Geita in Tanzania, geological modelling continues at Nyankanga West and a reconnaissance RC drilling programme was completed at Nyankanga South, with assay results pending. Diamond drilling at Geita Hill concentrated on the gap between Geita Main and North East

Extension. The results from RC drilling at Chipaka, indicated a possible westerly extension to the currently defined deposit.

In North America at the Cripple Creek & Victor Joint Venture (CC&V) in the United States drilling was completed in the current mining areas to define ore trends and mining limits and to assist with mining schedules. Drilling continued at the Wildhorse Extension project in the northern part of the Cripple Creek District.

Greenfields exploration was conducted at several projects in the Tintina Gold Belt of central Alaska (USA) and at the west end of the Red Lake (Ontario, Canada) camp. In Alaska, AngloGold acquired 100% ownership of the West Pogo Joint Venture after purchasing Zeus Exploration's interest. In addition, AngloGold acquired new land parcels on several other targets within the Tintina Gold Belt. At Red Lake work focused on analysis of data from the rationalised properties at the west end of Belt. Further exploration is planned for all project areas in Alaska and Red Lake subject to a further review in 2004.

In South America diamond drilling of the Carruagem shoot at the Lamego project in Brazil has confirmed the down-plunge continuity of the mineralisation to a vertical depth of 400m, but at marginal grades with further drilling planned in 2004.

Drilling of the Cachorro Bravo orebody at Crrego do Stio has defined the down-dip limit of the principal mineralised horizons and has confirmed the flat (20 degree) northerly plunge of the mineralisation for a down-plunge length of 900m, which is still open ended. Seventy-five metres of underground exploration access strike development has been completed on the principal 200 ore horizon, with 26 face samples, assaying a weighted average of 14.32g/t over an average sampled true width of 3.31m.

At the Crixs mine in Brazil, ongoing drill testing of the Forquilha Sul ore zone has further extended the mineralisation along strike and down-plunge to the north-west.

ANGLOGOLD QUARTERLY REPORT DECEMBER 2003 - WWW.ANGLOGOLD.COM

Greenfields exploration in Peru has generated three projects, which will be drill tested in 2004. Exploration drilling was completed at La Rescatada and metallurgical studies on the refractory sulphide ore are in progress.

At Cerro Vanguardia in Argentina encouraging gold-values continued to be returned by diamond and RC drilling at Lomo North & East, the Mangas South Extension and the Monica South veins.

In Australia drilling at Sunrise Dam focused on underground targets that would be accessible via the new decline. Targets included the recently discovered Hammerhead Zone to the east of the pit, newly identified mineralisation immediately to the west of the pit and the Astro Zone, beneath the Sunrise Shear. All intercepts lie between 350m and 400m below surface. Drilling also continued to test the narrow, high-grade, Summercloud-style mineralisation discovered in the last quarter approximately 150m west of the pit.

In South Africa ongoing diamond drilling from surface at Goedgenoeg, west of Tau Lekoa, is aimed at delineating additional Ventersdorp Contact Reef resources. The two boreholes intersected the target horizon, however, gold values were negligible. One surface diamond drill hole is in progress in the Moab Khotsong area testing the Vaal Reef within the Lower Mine Block.

____________________________________________

Note:
Unless otherwise stated, all intercepts are drilled widths

ANGLOGOLD QUARTERLY REPORT DECEMBER 2003 - WWW.ANGLOGOLD.COM

Review of the

gold market

The final quarter of 2003 saw a strong finish to a good year for the gold price.

The spot price for the metal reached over $417/oz during December and touched $430/oz in early 2004, although the market has since retraced to around $410/oz. The average gold price for 2003 of $363/oz was $53 or 17% above the average price for 2002. The gold price again mirrored moves in the currency markets, particularly the US dollar exchange rate against the euro, which fell steadily during the fourth quarter to reach an all-time low of $1.27 to the euro in December. This reflects a loss in value of almost 20% during 2003. The rand proved as volatile and the currency moved in a range of almost 20%, between R6.07 and R7.28 to the US dollar.

GOLD PRICE DRIVERS

The primary mover in gold continues to be strong speculator and investor interest in the metal, driven by a number of fundamental economic circumstances. Amongst these circumstances is most certainly the anticipated further decline in the value of the US dollar. These same influences have pushed up prices of base metals and other commodities, although the extent of investor interest in precious metals is relatively high compared with the rest of the metals sector. The quarter again saw higher levels of open positions on the New York Commodity Exchange (Comex), reaching an all-time high of 19Moz, or almost 600t, net long in
futures and options contracts combined.

During the final quarter of 2003, the spot gold price tracked the dollar/euro exchange rate particularly closely. This exchange rate is valuable as an indicator rather than a determinant of gold price direction, at least in part, because many of the same economic fundamental issues affect the dollar as they do the gold market.

INVESTMENT

Investor and speculator interest in gold remained on the
rise throughout most of 2003, reflected particularly in
the recorded statistics of Comex. Overall open interest
and the net open position on that exchange are both at
all-time high levels since the exchange commenced
trading gold over 20 years ago.

Of particular interest during the final quarter was the
launch by the World Gold Council of the Gold Bullion
Securities (GBS) product on the London Stock
Exchange. The GBS is a gold-backed fund enabling
institutional and private investors to invest directly in
gold through a traded instrument. This product followed
the launch of a similar fund in Australia earlier in 2003,
and the World Gold Council continues to work on
similar products to offer to investors in other important
financial markets elsewhere. This new product very
quickly took in purchases amounting to 25t of bullion,
and has since established two-way liquidity in the
London market.

US$ Gold Price and US$ / Euro Indexed: CY 2003

ANGLOGOLD QUARTERLY REPORT DECEMBER 2003 - WWW.ANGLOGOLD.COM

PHYSICAL

Physical demand for gold continued to suffer in the face of a rising gold price. Whilst gold offtake in jewellery for 2003 was off by 7% year-on-year, in the second half of 2003 alone, demand fell by over 11% compared with 2002. As usual, India responded immediately to higher prices, and much of the expected seasonal demand in that region was negated by the Indian trade's unwillingness to buy gold
in a rising market. With the spot price retracement in mid-January, some recovery in seasonal buying might still occur in that market.

However, many other gold jewellery markets have also declined in this period. Lower levels of producer de- hedging added to the reduced demand. After six quarters of material levels of de-hedging, the second half of 2003 saw significantly less activity in this area, notwithstanding the announcement late in 2003 by Barrick Gold Corporation of its intention to cease new hedges, and to reduce its hedge book. Only a substantial increase in implied net investment demand helped to balance the physical market.

On the supply side, mine production for 2003 was just slightly more than that in 2002. However, scrap sales increased again, and at a little less than 1,000t for 2003, now make up almost a quarter of the supply of gold to the current market. Central bank sales of 591t in 2003 reached their highest level in a decade, but there was little negative response in the markets to this level of selling.

The physical market remains important as it provides a floor of support when investment interest weakens and prices soften. Whilst making every effort to encourage investor demand for gold in the current market, attention should also be paid to the health of the wider physical market in the medium and longer term.

OFFICIAL SECTOR

The Washington Agreement on sales of gold by European central banks comes to an end in less than nine months' time. Public statements by a number of senior European central bank officials at the Dubai meetings of the International Monetary Fund in 2003 indicate that there is little doubt that the agreement will be renewed, and good reason to expect that the behaviour of the signatories to this agreement will follow the precedent of the orderly and responsible behaviour of these banks over the past four years.

CURRENCY

Currency markets were again active. The euro gained 11% against the US dollar within the quarter, continuing the trend for this year in which the US dollar has lost 22% against the European currency. Whilst all the evidence points to a strong recovery in the US economy running well into 2004, any benefit that this might have for the US currency is negated by the record levels of budget and current account deficits currently prevailing in the United States, and market commentators and analysts expect the US currency to weaken in the year ahead up to a range of $1.35 - $1.40 to the euro. The one element that might temper further dollar weakness would be real resistance from European monetary authorities to further strengthening of the euro. This occurred to a degree in mid-January, leading swiftly to a correction in the exchange rate and the weakening in the euro from $1.29 back to $1.25. However, there are no signs yet of any change to the weaker trend for the US currency.

The rand has seen as much movement as the European currency, but greater volatility. Whilst the first three quarters of 2003 saw a continuation of the rand strengthening against the US dollar, this strength reversed in the final quarter of the year. During this fourth quarter, the South African currency lost more than 20% against the US dollar between its strongest point of R6.07, to its weakest point of R7.28 to the US dollar.

In just over two years, we have seen the rand first lose almost 40% in value against the US dollar, and thereafter recover all of that and more to strengthen by almost 60% against its end-2001 exchange rate.

Rupee Gold 1/1/2003 - 19/1/2004

ANGLOGOLD QUARTERLY REPORT DECEMBER 2003 - WWW.ANGLOGOLD.COM

The rand has strengthened materially more against the US dollar than have either the euro or the Australian dollar, and this occurred particularly during the period in which South African interest rates were either rising sharply, or were at their highs between October 2002 and June 2003. The recent reversal in the direction of the rand value could reflect the end of the impact of high interest rates, as 2003 has seen the South African Reserve Bank cut the local repo rate by 5.5%, from a peak of 13.5% to 8.0%, mostly during the latter months of 2003.

HEDGING

As at 31 December 2003, the net delta hedge position of the company was 8.59Moz or 267t at a spot price of $416/oz. The marked-to-market value of this position as at 31 December 2003 was negative $664m. The relatively small reduction in the level of hedging compared with the level at 30 September 2003 is a result of a higher delta volume consequent on a sharply higher spot price of gold at this quarter-end ($416/oz vs $383 at 30 September 2003). The company continues to manage its hedge positions actively, and to reduce overall levels of forward pricing on gold.

US$/Rand Exchange Rate

2001 - Today

ANGLOGOLD QUARTERLY REPORT DECEMBER 2003 - WWW.ANGLOGOLD.COM

Hedge position

As at 31 December 2003, the group had outstanding, the following forward-pricing commitments against future production. The total net delta tonnage of the hedge on this date was 8.59Moz or 267.1t (at 30 September 2003: 8.67Moz or 269.5t).

The marked-to-market value of all hedge transactions making up the hedge positions was a negative $663.7m (negative R4.4bn) as at 31 December 2003 (as at 30 September 2003: negative $445m negative R3.1bn). These values were based on a gold price of $415.75/oz, exchange rates of R/$6.6376 and A$/$0.7525 and the prevailing market interest rates and volatilities at the time.

As at 28 January 2004, the marked-to-market value of the hedge book was a negative $577.7m (negative R4.07bn), based on a gold price of $409.25/oz and exchange rates of R/$7.04 and A$/$0.7781 and the prevailing market interest rates and volatilities at the time.

These marked-to-market valuations are in no way predictive of the future value of the hedge position or of future impact on the revenue of the company. The valuation represents the cost of buying all hedge contracts at the time of valuation, at market prices and rates available at the time.

Year

2004

2005

2006

2007

2008

2009-2013

Total

DOLLAR GOLD
Forward contracts

Amount (kg)

18,374

26,576

19,862

18,974

15,801

10,078

109,665

$ per oz

$315

$324

$333

$337

$352

$360

$334

Put options purchased

Amount (kg)

5,772

2,624

4,918

728

14,042

$ per oz

$382

$363

$292

$367

*Delta (kg)

1,703

637

1,102

3,491

Put options sold

Amount (kg)

13,997

2,799

4,354

21,150

$ per oz

$362

$345

$339

$355

*Delta (kg)

2,800

441

681

3,922

Call options purchased

Amount (kg)

7,112

$ per oz

$330

*Delta (kg)

6,990

Call options sold

Amount (kg)

14,413

18,227

16,547

14,308

14,183

40,061

117,739

$ per oz

$376

$338

$346

$336

$347

$369

$355

*Delta (kg)

10,973

15,419

13,564

12,201

11,911

33,244

97,312

RAND GOLD
Forward contracts

Amount (kg)

6,249

8,145

4,500

2,830

2,799

933

25,456

Rand per kg

R73,930

R119,409

R96,436

R118,197

R120,662

R116,335

R104,074

Put options purchased

Amount (kg)

933

2,808

6,549

Rand per kg

R99,346

R95,511

R96,057

*Delta (kg)

614

964

721

2,299

Put options sold

Amount (kg)

2,333

1,400

5,133

Rand per kg

R89,250

R88,414

R88,794

*Delta (kg)

1,061

364

280

1,705

Call options purchased

Amount (kg)
Rand per kg
*Delta (kg)

Call options sold

Amount (kg)

4,679

5,620

5,621

1,493

2,986

8,958

29,357

Rand per kg

R118,661

R130,321

R131,389

R173,119

R187,586

R216,522

R162,971

*Delta (kg)

384

1,694

2,188

294

615

2,396

7,571

ANGLOGOLD QUARTERLY REPORT DECEMBER 2003 - WWW.ANGLOGOLD.COM

Year

2004

2005

2006

2007

2008

2009-2013

Total

A DOLLAR GOLD
Forward contracts

Amount (kg)

8,279

6,221

9,331

8,398

3,110

10,233

45,572

A$ per oz

A$533

A$680

A$661

A$633

A$647

A$651

A$632

Put options purchased

Amount (kg)
A$ per oz
*Delta (kg)

Put options sold

Amount (kg)
A$ per oz
*Delta (kg)

Call options purchased

Amount (kg)

3,110

6,221

3,732

3,110

8,087

24,260

A$ per oz

A$724

A$673

A$668

A$680

A$710

A$692

*Delta (kg)

714

2,985

2,013

1,843

4,996

12,551

Call options sold

Amount (kg)

933

A$ per oz

A$506

*Delta (kg)

933

Delta (kg)

36,658

58,137

47,322

40,733

32,393

51,888

267,131

Total net gold:

Delta (oz)

1,178,572

1,869,146

1,521,446

1,309,585

1,041,466

1,668,226

8,588,441

The following table indicates the group's currency hedge position at 31 December 2003

Year

2004

2005

2006

2007

2008

2009-2013

Total

RAND DOLLAR (000)
Forward contracts

Amount ($)
Rand per $

Put options purchased

Amount ($)

35,000

Rand per $

R7.20

*Delta ($)

27,689

Put options sold

Amount ($)

35,000

Rand per $

R6.74

*Delta ($)

17,417

Call options purchased

Amount ($)
Rand per $
*Delta ($)

Call options sold

Amount ($)

50,000

Rand per $

R7.21

*Delta ($)

14,318

A DOLLAR (000)
Forward contracts

Amount ($)

29,275

29,267

58,542

A$ per $

A$0.59

A$0.55

A$0.57

Put options purchased

Amount ($)

10,000

A$ per $

A$0.63

*Delta ($)

9,269

Put options sold

Amount ($)

10,000

A$ per $

A$0.68

*Delta ($)

7,491

Call options purchased

Amount ($)
A$ per $
*Delta ($)

Call options sold

Amount ($)

20,000

A$ per $

A$0.60

*Delta ($)

582

ANGLOGOLD QUARTERLY REPORT DECEMBER 2003 - WWW.ANGLOGOLD.COM

The Delta position indicated above reflects the nominal amount of the option multiplied by the mathematical probability of the option being exercised. This is calculated using the Black-Scholes option formula with the ruling market prices, interest rates and volatilities as at 31 December 2003

GROUP OPERATING RESULTS

Statistics are shown in metric units and financial figures in South African rand million.

Quarter ended

Year ended

December

September

December

2003

2002

Unaudited

Reviewed

Audited

GOLD
UNDERGROUND OPERATIONS
Tonnes milled

- 000

3,097

3,223

13,047

13,426

Yield

- g/t

8.24

8.18

8.03

8.27

Gold produced

- kg

25,527

26,380

104,741

111,017

PRODUCTIVITY
g/employee

- target

230

238

236

247

- actual

227

232

228

238

SURFACE AND DUMP RECLAMATION
Tonnes treated

- 000

9,044

8,665

36,822

38,366

Yield

- g/t

0.27

0.26

0.27

0.30

Gold produced

- kg

2,474

2,287

9,958

11,350

OPEN-PIT OPERATIONS
Tonnes mined

- 000

30,679

37,871

128,770

97,030

Stripping ratio

8.08

11.53

9.08

6.17

Tonnes treated ore

- 000

6,472

7,689

27,242

22,225

Yield

- g/t

1.90

1.55

1.78

2.34

Gold produced

- kg

12,321

11,907

48,427

52,005

HEAP LEACH OPERATIONS
Tonnes mined

- 000

17,314

14,397

56,266

51,192

Tonnes placed

- 000

4,899

4,673

18,137

13,504

Stripping ratio

2.83

2.40

2.43

2.63

Gold placed

- kg

3,632

2,917

14,424

14,228

Yield

- g/t

0.74

0.62

0.80

1.05

Gold produced

- kg

2,888

2,666

11,542

10,339

TOTAL
Gold produced

- kg

43,210

43,240

174,668

184,711

Gold sold

- kg

43,203

43,259

174,587

184,798

Price received

- R/kg sold

84,705

86,619

87,826

101,817

Total cash costs

- R/kg produced

53,846

56,311

55,442

54,037

Total production costs

- R/kg produced

65,128

65,502

65,703

68,241

CAPITAL EXPENDITURE

- Rm

1,057

661

2,744

2,842

Stripping ratio = (tonnes mined total - tonnes mined ore) / tonnes mined ore.

Tonnes placed onto leach pad.

Gold placed into leach pad inventory.

Gold placed / tonnes placed.

Price received includes realised non-hedge derivatives.

ANGLOGOLD QUARTERLY REPORT DECEMBER 2003 - WWW.ANGLOGOLD.COM

GROUP OPERATING RESULTS

Statistics are shown in imperial units and financial figures in US dollar million.

Quarter ended

Year ended

December

September

December

2003

2002

Unaudited

Reviewed

Audited

GOLD
UNDERGROUND OPERATIONS
Tons milled

- 000

3,414

3,552

14,382

14,800

Yield

- oz/t

0.240

0.239

0.234

0.241

Gold produced

- oz 000

820

848

3,367

3,569

PRODUCTIVITY
oz/employee

- target

8.22

8.39

8.33

8.79

- actual

7.29

7.45

7.34

7.65

SURFACE AND DUMP RECLAMATION
Tons treated

- 000

9,969

9,551

40,589

42,292

Yield

- oz/t

0.01

Gold produced

- oz 000

320

365

OPEN-PIT OPERATIONS
Tons mined

- 000

33,817

41,744

141,945

106,957

Stripping ratio

8.10

11.56

9.10

6.18

Tons treated ore

- 000

11,022

11,597

45,465

39,724

Yield

- oz/t

0.04

0.03

0.04

Gold produced

- oz 000

396

383

1,559

1,673

HEAP LEACH OPERATIONS
Tons mined

- 000

19,086

15,871

62,022

56,430

Tons placed

- 000

5,401

5,151

19,992

14,886

Stripping ratio

2.83

2.40

2.43

2.63

Gold placed

- oz 000

116

464

458

Yield

0.021

0.018

0.023

0.031

Gold produced

- oz 000

370

332

TOTAL
Gold produced

- oz 000

1,389

1,390

5,616

5,939

Gold sold

- oz 000

1,389

1,391

5,613

5,941

Price received

- $/oz sold

392

364

363

303

Total cash costs

- $/oz produced

249

237

229

161

Total production costs

- $/oz produced

301

275

272

203

CAPITAL EXPENDITURE

- $m

148

363

271

Stripping ratio = (tons mined total - tons mined ore) / tons mined ore.

Tons placed onto leach pad.

Gold placed into leach pad inventory.

Gold placed / tons placed.

ANGLOGOLD QUARTERLY REPORT DECEMBER 2003 - WWW.ANGLOGOLD.COM

Price received includes realised non-hedge derivatives.

GROUP INCOME STATEMENT

Quarter ended

Year ended

December

September

December

2003

2002

SA Rand million

Notes

Unaudited

Reviewed

Audited

Gold income

3,685

3,735

15,264

18,372

Cost of sales

(2,821)

(11,458)

(12,550)

864

914

3,806

5,822

Non-hedge derivatives

196

390

861

962

Operating profit (1)

1,060

1,304

4,667

6,784

Corporate administration and other expenses

(60)

(46)

(273)

(258)

Market development costs

(46)

(29)

(139)

(179)

Exploration costs

(68)

(283)

(296)

Interest receivable

285

373

Other net income (expense)

(31)

(123)

(91)

Finance costs

(145)

(77)

(362)

(464)

Marked-to-market of debt financial instruments

Abnormal items

(122)

(102)

Profit before exceptional items

752

1,116

3,688

5,767

Amortisation of goodwill

(52)

(54)

(221)

(293)

Impairment of mining assets

(252)

(327)

Profit (loss) on disposal of assets and subsidiaries

(145)

Profit on disposal of investments

280

331

Termination of retirement benefit plans

Profit on ordinary activities before taxation

790

1,090

3,546

5,331

Taxation

(142)

(334)

(1,080)

(1,730)

Profit on ordinary activities after taxation

648

756

2,466

3,601

Minority interest

(32)

(27)

(130)

(157)

Minority interest in abnormal items

(5)

Net profit

611

729

2,331

3,444

Operating profit

1,060

1,304

4,667

6,784

(134)

(300)

(438)

(101)

Adjusted operating profit

926

1,004

4,229

6,683

Headline earnings

Net profit

611

729

2,331

3,444

Amortisation of goodwill

221

293

Impairment of mining assets

(20)

252

327

(Profit) loss on disposal of assets and subsidiaries

(19)

(75)

145

Profit on disposal of investments

(51)

(280)

(331)

Termination of retirement benefit plans

(2)

Taxation on exceptional items

(81)

(94)

Headline earnings

585

674

2,379

3,920

(166)

(307)

(476)

(101)

Deferred tax on unrealised non-hedge derivatives

130

230

506

497

2,133

3,854

Earnings per ordinary share (cents)
- Basic

274

327

1,046

1,552

- Diluted

273

326

1,042

1,545

- Headline

263

303

1,068

1,767

- Adjusted headline

227

223

957

1,737

Dividends
- Rm

1,584

3,005

- cents per share

710

1,350

The results have been prepared in accordance with International Financial Reporting Standards (IFRS).

Unrealised non-hedge derivatives and marked-to-market of
debt financial instruments

Adjusted headline earnings

(1) Adjusted operating profit
The operating profit has been adjusted by the following to
arrive at adjusted operating profit:

Unrealised non-hedge derivatives

The net profit has been adjusted by the following to arrive at
headline earnings:

ANGLOGOLD QUARTERLY REPORT DECEMBER 2003 - WWW.ANGLOGOLD.COM

GROUP INCOME STATEMENT

Quarter ended

Year ended

December

September

December

2003

2002

US Dollar million

Notes

Unaudited

Reviewed

Audited

Gold income

547

505

2,029

1,761

Cost of sales

(419)

(381)

(1,526)

(1,203)

128

124

503

558

Non-hedge derivatives

119

Operating profit (1)

159

176

622

650

Corporate administration and other expenses

(9)

(6)

(36)

(25)

Market development costs

(7)

(4)

(19)

(17)

Exploration costs

(10)

(9)

(38)

(28)

Interest receivable

Other net income (expense)

(4)

(15)

(9)

Finance costs

(21)

(11)

(49)

(44)

Marked-to-market of debt financial instruments

Abnormal items

(19)

(10)

Profit before exceptional items

113

151

490

553

Amortisation of goodwill

(8)

(7)

(29)

(28)

Impairment of mining assets

(35)

(44)

Profit (loss) on disposal of assets and subsidiaries

(13)

Profit on disposal of investments

Termination of retirement benefit plans

Profit on ordinary activities before taxation

118

147

472

512

Taxation

(20)

(46)

(142)

(165)

Profit on ordinary activities after taxation

101

330

347

Minority interest

(4)

(17)

(15)

Minority interest in abnormal items

(1)

Net profit

312

332

Operating profit

159

176

622

650

(22)

(40)

(63)

(12)

Adjusted operating profit

137

136

559

638

Headline earnings

Net profit

312

332

Amortisation of goodwill

Impairment of mining assets

(2)

(Profit) loss on disposal of assets and subsidiaries

(3)

(10)

Profit on disposal of investments

(8)

(38)

(45)

Termination of retirement benefit plans

Taxation on exceptional items

(11)

(12)

Headline earnings

318

376

(27)

(41)

(69)

(12)

Deferred tax on unrealised non-hedge derivatives

282

368

Earnings per ordinary share (cents)
- Basic

140

150

- Diluted

139

149

- Headline

143

169

- Adjusted headline

127

166

Dividends ~
- $m

220

325

- cents per share

146

The results have been prepared in accordance with International Financial Reporting Standards (IFRS).

~ Dividends are translated at actual rates on date of payment. The current year is an indicative rate only.

Unrealised non-hedge derivatives and marked-to-market of
debt financial instruments

Adjusted headline earnings

(1) Adjusted operating profit
The operating profit has been adjusted by the following to
arrive at adjusted operating profit:

Unrealised non-hedge derivatives

The net profit has been adjusted by the following to arrive at
headline earnings:

ANGLOGOLD QUARTERLY REPORT DECEMBER 2003 - WWW.ANGLOGOLD.COM

GROUP BALANCE SHEET

As at

December

September

December

2003

2002

SA Rand million

Reviewed

Unaudited

Audited

ASSETS
Non-current assets
Mining assets

18,427

17,711

19,555

Goodwill

2,749

2,735

3,210

Investments in associates

151

165

Other investments

174

197

AngloGold Environmental Rehabilitation Trust

352

297

275

Other non-current assets

667

551

466

Derivatives

630

563

549

22,934

22,182

24,417

Current assets
Inventories

2,050

1,781

1,848

Trade and other receivables

1,461

1,316

2,190

Cash and cash equivalents

3,367

3,765

3,544

Current portion of other non-current assets

Derivatives

2,515

2,762

1,996

9,452

9,686

9,581

TOTAL ASSETS

32,386

31,868

33,998

EQUITY AND LIABILITIES
Equity
Shareholders' equity

10,852

10,784

12,375

Minority interests

354

257

347

11,206

11,041

12,722

Non-current liabilities
Borrowings

5,383

5,758

7,219

Provisions

1,832

1,744

2,008

Deferred taxation

3,986

4,011

3,445

Derivatives

2,194

1,647

2,028

13,395

13,160

14,700

Current liabilities
Current portion of borrowings

2,340

2,264

719

Trade and other payables

2,339

2,049

2,145

Taxation

164

267

1,124

Derivatives

2,942

3,087

2,588

7,785

7,667

6,576

TOTAL EQUITY AND LIABILITIES

32,386

31,868

33,998

The results have been prepared in accordance with International Financial Reporting Standards (IFRS).

ANGLOGOLD QUARTERLY REPORT DECEMBER 2003 - WWW.ANGLOGOLD.COM

GROUP BALANCE SHEET

As at

December

September

December

2003

2002

US Dollar million

Reviewed

Unaudited

Audited

ASSETS
Non-current assets
Mining assets

2,764

2,552

2,280

Goodwill

412

394

374

Investments in associates

Other investments

AngloGold Environmental Rehabilitation Trust

Other non-current assets

101

Derivatives

3,440

3,196

2,847

Current assets
Inventories

307

257

216

Trade and other receivables

219

190

255

Cash and cash equivalents

505

542

413

Current portion of other non-current assets

Derivatives

377

398

233

1,417

1,396

1,117

TOTAL ASSETS

4,857

4,592

3,964

EQUITY AND LIABILITIES
Equity
Shareholders' equity

1,628

1,555

1,443

Minority interests

1,681

1,592

1,483

Non-current liabilities
Borrowings

807

830

842

Provisions

275

251

234

Deferred taxation

598

578

402

Derivatives

329

237

236

2,009

1,896

1,714

Current liabilities
Current portion of borrowings

351

326

Trade and other payables

350

295

250

Taxation

131

Derivatives

441

445

302

1,167

1,104

767

TOTAL EQUITY AND LIABILITIES

4,857

4,592

3,964

The results have been prepared in accordance with International Financial Reporting Standards (IFRS).

ANGLOGOLD QUARTERLY REPORT DECEMBER 2003 - WWW.ANGLOGOLD.COM

GROUP CASH FLOW STATEMENT

Quarter ended

Year ended

December

September

December

2003

2002

SA Rand million

Unaudited

Reviewed

Audited

Cash flows from operating activities
Cash generated from operations

901

1,043

4,527

8,255

Interest received

245

331

Environmental and other expenditure

(108)

(41)

(232)

(169)

Dividends received from associates

Finance costs

(80)

(67)

(291)

(410)

Recoupment tax received: Free State assets

681

Recoupment tax paid: Free State assets

(681)

Taxation paid

(101)

(51)

(780)

(1,376)

Net cash inflow from operating activities

696

930

3,478

6,650

Cash flows from investing activities
Capital expenditure

(1,057)

(661)

(2,744)

(2,842)

Proceeds from disposal of mining assets

Net proceeds from disposal of mines

1,544

Proceeds

1,813

Contractual obligations

(269)

Investments acquired

(5)

(8)

(355)

Proceeds from disposal of investments

351

423

1,829

Acquisition of subsidiary

(979)

Disposal of subsidiary

Loans advanced

(122)

(2)

(133)

(51)

Repayment of loans advanced

175

Net cash outflow from investing activities

(1,086)

(293)

(2,387)

(668)

Cash flows from financing activities
Proceeds from issue of share capital

156

Share issue expenses

(1)

(2)

(116)

Proceeds from borrowings

347

2,182

2,678

8,599

Repayment of borrowings

(460)

(366)

(1,241)

(9,789)

Dividends paid

(35)

(882)

(2,476)

(2,821)

Net cash (outflow) inflow from financing activities

(126)

954

(978)

(3,971)

Net (decrease) increase in cash and cash equivalents

(516)

1,591

113

2,011

Cash in the subsidiary acquired

Translation

(156)

(348)

(751)

Opening cash and cash equivalents

3,765

2,330

3,544

2,284

Closing cash and cash equivalents

3,367

3,765

3,367

3,544

Cash generated from operations
Profit on ordinary activities before taxation

790

1,090

3,546

5,331

Adjusted for:
Non-cash movements

(63)

(97)

(252)

(187)

Movement on non-hedge derivatives

(98)

(337)

(449)

(132)

Amortisation of mining assets

455

391

1,739

2,566

Interest receivable

(94)

(56)

(285)

(373)

Other net income (expense)

(1)

(3)

(6)

Finance costs

145

363

464

Abnormal items

122

Amortisation of goodwill

221

293

Impairment of mining assets

(20)

252

327

Profit on disposal of investments

(51)

(280)

(331)

(Profit) loss on disposal of assets and subsidiaries

(19)

(75)

Termination of retirement benefit plans

(2)

Movement in working capital

(317)

(48)

(484)

209

901

1,043

4,527

8,255

Movement in working capital:
(Increase) decrease in trade and other receivables

(135)

207

488

(Increase) decrease in inventories

(219)

(1)

(165)

Increase (decrease) in trade and other payables

(254)

(376)

(364)

(317)

(48)

(484)

209

The results have been prepared in accordance with International Financial Reporting Standards (IFRS).

ANGLOGOLD QUARTERLY REPORT DECEMBER 2003 - WWW.ANGLOGOLD.COM

GROUP CASH FLOW STATEMENT

Quarter ended

Year ended

December

September

December

2003

2002

US Dollar million

Unaudited

Reviewed

Audited

Cash flows from operating activities
Cash generated from operations

136

145

592

758

Interest received

Environmental and other expenditure

(15)

(5)

(31)

(16)

Dividends received from associates

Finance costs

(13)

(9)

(40)

Recoupment tax received: Free State assets

Recoupment tax paid: Free State assets

(91)

Taxation paid

(20)

(11)

(102)

(131)

Net cash inflow from operating activities

101

126

453

605

Cash flows from investing activities
Capital expenditure

(148)

(88)

(363)

(271)

Proceeds from disposal of mining assets

Net proceeds from disposal of mines

140

Proceeds

164

Contractual obligations

(24)

Investments acquired

(1)

(34)

Proceeds from disposal of investments

158

Acquisition of subsidiary

(97)

Disposal of subsidiary

Loans advanced

(16)

(19)

(5)

Repayment of loans advanced

Net cash outflow from investing activities

(150)

(41)

(316)

(91)

Cash flows from financing activities
Proceeds from issue of share capital

Share issue expenses

(11)

Proceeds from borrowings

296

362

798

Repayment of borrowings

(65)

(48)

(165)

(912)

Dividends paid

(5)

(119)

(314)

(260)

Net cash (outflow) inflow from financing activities

(18)

132

(107)

(367)

Net (decrease) increased in cash and cash equivalents

(67)

217

147

Cash in the subsidiary acquired

Translation

Opening cash and cash equivalents

542

311

413

191

Closing cash and cash equivalents

505

542

505

413

Cash generated from operations
Profit on ordinary activities before taxation

118

147

472

512

Adjusted for:
Non-cash movements

(9)

(13)

(34)

(17)

Movement on non-hedge derivatives

(17)

(45)

(65)

(16)

Amortisation of mining assets

232

245

Interest receivable

(14)

(8)

(38)

(36)

Other net income (expense)

(2)

(1)

Finance costs

Abnormal items

Amortisation of goodwill

Impairment of mining assets

(2)

Profit on disposal of investments

(8)

(38)

(45)

(Profit) loss on disposal of assets and subsidiaries

(3)

(10)

Termination of retirement benefit plans

Movement in working capital

(45)

(2)

(71)

(9)

136

145

592

758

Movement in working capital:
(Increase) decrease in trade and other receivables

(28)

(53)

(5)

(Increase) decrease in inventories

(44)

(19)

(87)

(54)

Decrease in trade and other payables

(45)

(2)

(71)

(9)

The results have been prepared in accordance with International Financial Reporting Standards (IFRS).

ANGLOGOLD QUARTERLY REPORT DECEMBER 2003 - WWW.ANGLOGOLD.COM

STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY

Ordinary share

Non -

Foreign

Other

capital and

distributable

currency

comprehensive

Retained

premium

reserves

translation

income

earnings

Total

SA Rand million

Balance at December 2001

8,140

143

2,999

(1,057)

3,132

13,357

Movements on other comprehensive income

(728)

Net profit

3,444

Dividends paid

(2,728)

Ordinary shares issued

1,467

Transfer from non-distributable reserves

(5)

Translation

(2,640)

202

(2,438)

Balance at December 2002

9,607

138

359

(1,583)

3,853

12,375

Movements on other comprehensive income

(678)

Net profit

2,331

Dividends paid

(2,337)

Ordinary shares issued

Transfer from non-distributable reserves

Translation

(1,115)

214

(900)

Balance at December 2003

9,668

138

(755)

(2,047)

3,848

10,852

US Dollar million

Balance at December 2001

681

250

(88)

262

1,117

Movements on other comprehensive income

(74)

Net profit

332

Dividends paid

(251)

Ordinary shares issued

140

Transfer from non-distributable reserves

(1)

Translation

299

(207)

(23)

105

179

Balance at December 2002

1,120

(185)

449

1,443

Movements on other comprehensive income

(95)

Net profit

312

Dividends paid

(296)

Ordinary shares issued

Transfer from non-distributable reserves

Translation

320

156

(27)

(112)

254

Balance at December 2003

1,450

113

(307)

577

1,628

The results have been prepared in accordance with International Financial Reporting Standards (IFRS).

ANGLOGOLD QUARTERLY REPORT DECEMBER 2003 - WWW.ANGLOGOLD.COM

1. Basis of preparation

The financial statements have been prepared in accordance with the historic cost convention, except for certain financial instruments, which have been stated at fair value. The group's accounting policies used in the preparation of these financial statements are consistent with those used in the annual financial statements for the year ended 31 December 2002.

The summarised group financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS) and South African Generally Accepted Accounting Practices (SA GAAP), in compliance with the Listings Requirements of the JSE Securities Exchange South Africa (JSE) and in the manner required by the South African Companies Act, 1973 for the preparation of interim financial information. Accordingly, the financial statements do not include all the information and disclosures required by IFRS, SA GAAP and in the manner required by the South African Companies Act, 1973 for annual consolidated financial statements.

2. Cost of sales

SA Rand million

US Dollar million

Quarter ended

Year ended

Quarter ended

Year ended

Dec

2003

Unaudited

Sept

2003

Unaudited

Dec

2003

Reviewed

Dec

2002

Audited

Dec

2003

Unaudited

Sept

2003

Unaudited

Dec

2003

Reviewed

Dec

2002

Audited

Cash operating costs

2,271 2,395 9,473 9,812 337 324 1,260 939

Other cash costs

255

291

Total

cash

costs

2,332

2,455

9,728

10,103 346 332

1,294 967

Retrenchment

costs

15 7

27 30 2 1 4 3

Rehabilitation and other non-
cash costs

119

Production costs

2,380

2,479

9,852

10,252 353 335

1,311 982

Amortisation of mining assets

455

391

1,739

2,566

232

245

Total production costs

2,835

2,870

11,591

12,818 421 388

1,543

1,227

Inventory change

(14)

(49)

(133)

(268)

(2)

(7)

(17)

(24)

2,821 2,821

11,458

12,550 419 381

1,526

1,203

3. Taxation

SA Rand million

US Dollar million

Quarter ended

Year ended

Quarter ended

Year ended

Dec

2003

Unaudited

Sept

2003

Unaudited

Dec

2003

Reviewed

Dec

2002

Audited

Dec

2003

Unaudited

Sept

2003

Unaudited

Dec

2003

Reviewed

Dec

2002

Audited

Normal

taxation

55 93

545

1,315 8 13 69 124

Deferred

taxation

167 192 578 293 25 26 79 39

Deferred tax on unrealised
non-hedge derivatives

130

230

Taxation on abnormal item

(179)

(27)

(5)

Taxation on exceptional items

(81)

(94)

(11)

(12)

142 334

1,080

1,730 20 46

142 165

NOTES

ANGLOGOLD QUARTERLY REPORT DECEMBER 2003 - WWW.ANGLOGOLD.COM

4. Shares

31 December

2003

30 September

2003

31 December

2002

Shares in issue:
Ordinary shares

223,136,342

222,946,842

222,622,022

A redeemable preference shares

2,000,000

B redeemable preference shares

778,896

Weighted average number of ordinary shares for the year:
Basic

222,836,574

222,772,159

221,883,567

Diluted

223,717,575

223,817,499

222,899,926

During the quarter, 189,500 ordinary shares were allotted in terms of the AngloGold Share Incentive Scheme and the
Acacia Employee Option Plan. All the preference shares are held by a wholly-owned subsidiary company.

5. Capital commitments

Orders placed and outstanding on capital contracts at the prevailing rate of exchange:

SA Rand million

US Dollar million

31 December

2003

30 September

2003

31 December

2002

31 December

2003

30 September

2003

31 December

2002

650 864 918 98 118 107

6. Exchange rates

31 December 2003

30 September

2003

31 December 2002

Rand/US dollar average for the year

7.55

7.82

10.48

Rand/US dollar average for the quarter

6.74

7.40

9.62

Rand/US dollar closing

6.67

6.94

8.58

Rand/Australian dollar average for the year

4.90

4.94

5.70

Rand/Australian dollar average for the quarter

4.82

4.88

5.37

Rand/Australian dollar closing

5.02

4.73

4.80

7. Attributable interest

Although AngloGold holds a 66.7% interest in Cripple Creek & Victor Gold Mining Company Limited, it is currently entitled to receive 100% of the cash flow from the operation until the loan, extended to the joint venture by AngloGold North America Inc., is repaid.

8. Announcements: Since the previous quarterly report, AngloGold has made the following announcements:

8.1

Further to the announcements regarding the proposed merger of AngloGold and Ashanti Goldfields Company Limited made by AngloGold on 16 May, 13 June, 4 August, 22 September, 23 September, 15 October, 29 October and 30 October, AngloGold announced on 12 December 2003, the terms and conditions of the Support Deed entered into with the Government of Ghana, whereby the Government agreed to vote its shares in Ashanti in favour of the merger, as well as the definitive terms of a Stability Agreement to be entered into with the Government concerning certain fiscal and regulatory undertakings in its role as regulator of Ashanti. At this time, the previous cautionary announcement was withdrawn.

8.2

On 14 November 2003, AngloGold announced that it had entered into an agreement with Greater Pacific Gold Limited, for the sale of its Union Reefs Gold Mine at Pine Creek, which closed in October 2003, together with the associated assets and tenements. The agreed staged purchase consideration for these assets is A$6.2m.

8.3

On 24 November 2003, AngloGold announced the terms and conditions for the sale of the Western Tanami Project to Tanami Gold NL for a staged payment of A$9m, the receipt of 25mTanami Gold NL shares and the payment of a royalty, based on production. The effective date of sale has not yet been finalised.

Copies of the detailed announcements are available on the AngloGold website: www.anglogold.com.

ANGLOGOLD QUARTERLY REPORT DECEMBER 2003 - WWW.ANGLOGOLD.COM

9. Dividend

The directors have declared a Final Dividend No. 95 of 335 (Final Dividend No. 93: 675) South African cents per ordinary share for the year ended 31 December 2003. In compliance with the requirements of STRATE, the salient dates for payment of the dividend are as follows:

To holders of ordinary shares and to holders of CHESS Depositary Interests (CDIs) Each CDI represents one-fifth of an ordinary share.

2004

Currency conversion date for UK pounds and Australian dollars

Thursday, 5 February

Last date to trade ordinary shares cum dividend

Friday, 13 February

Last date to register transfers of certificated securities cum dividend

Friday, 13 February

Ordinary shares trade ex dividend

Monday, 16 February

Record date

Friday, 20 February

Payment date

Friday, 27 February

On the payment date, dividends due to holders of certificated securities on the South African share register will either be electronically transferred to shareholders' bank accounts or, in the absence of suitable mandates, dividend cheques will be posted to such shareholders.

Dividends in respect of dematerialised shareholdings will be credited to shareholders' accounts with the relevant CSDP or broker.

To comply with the further requirements of STRATE, between Monday, 16 February 2004 and Friday, 20 February 2004, both days inclusive, no transfers between the South African, United Kingdom and Australian share registers will be permitted and no ordinary shares pertaining to the South African share register may be dematerialised or rematerialised.

To holders of American Depositary Shares
Each American Depositary Share (ADS) represents one ordinary share.

2004

Ex dividend on New York Stock Exchange

Wednesday, 18 February

Record date

Friday, 20 February

Approximate date for currency conversion

Friday, 27 February

Approximate payment date of dividend

Tuesday, 9 March

Assuming an exchange rate of R7.04/$1, the dividend payable on an ADS is equivalent to 48 US cents. This compares with the final dividend of 82.12 US cents per ADS paid on 10 March 2003. However, the actual rate of payment will depend on the exchange rate on the date for currency conversion.

10.

The group financial statements for the quarter and year ended 31 December 2003 were authorised for issue in accordance with a resolution of the directors passed on 28 January 2004. AngloGold is a limited liability company incorporated in the Republic of South Africa.

11.

The results have been reviewed by AngloGold's auditors, Ernst & Young Registered Accountants and Auditors, Chartered Accountants (SA), and their unmodified review opinion is available for inspection at AngloGold's registered office in South Africa.

By order of the board

R P EDEY

R M GODSELL

Chairman

Chief Executive Officer

29 January 2004

ANGLOGOLD QUARTERLY REPORT DECEMBER 2003 - WWW.ANGLOGOLD.COM

SEGMENTAL REPORTING

for the quarter and year ended 31 December 2003

SA Rand million

US Dollar million

Quarter ended

Year ended

Quarter ended

Year ended

December

September

December

September

December

2003

2002

2003

2002

Unaudited

Reviewed

Audited

Unaudited

Reviewed

Audited

Gold income

South Africa

2,245

2,292

8,845

9,718

333

310

1,179

930

East and West Africa

618

621

2,536

3,428

338

329

North America

158

163

981

1,581

128

152

South America

413

380

1,715

2,032

227

195

Australia

251

279

1,187

1,613

157

155

3,685

3,735

15,264

18,372

547

505

2,029

1,761

Adjusted operating profit

South Africa

526

602

2,419

4,102

320

389

East and West Africa

186

210

881

1,343

116

129

North America

South America

146

141

712

878

Australia

211

343

926

1,004

4,229

6,683

137

136

559

638

Cash operating profit

South Africa

674

705

2,853

4,729

100

379

450

East and West Africa

293

310

1,279

1,988

170

190

North America

361

631

South America

235

226

1,080

1,315

142

126

Australia

116

395

586

1,381

1,395

5,968

9,249

205

189

791

883

Capital expenditure

South Africa

836

408

1,860

1,168

116

246

112

East and West Africa

200

287

North America

201

776

South America

101

324

283

Australia

159

328

1,057

661

2,744

2,842

148

363

271

Total assets

South Africa

16,260

14,262

2,439

1,663

East and West Africa

4,940

6,661

741

777

North America

2,796

3,756

419

438

South America

3,933

4,965

590

579

Australia

4,457

4,354

668

507

32,386

33,998

4,857

3,964

Gold production

Quarter ended

Year ended

Quarter ended

Year ended

December

September

December

September

December

2003

2002

2003

2002

South Africa

25,660

26,265

102,053

106,106

825

844

3,281

3,412

East and West Africa

7,720

7,699

30,509

33,754

248

981

1,085

North America

2,374

2,065

12,141

14,371

390

462

South America

4,421

3,866

16,540

14,854

142

124

532

478

Australia

3,035

3,345

13,425

15,626

108

432

502

43,210

43,240

174,668

184,711

1,389

1,390

5,616

5,939

Operating profit excluding unrealised non-hedge derivatives.

Adjusted operating profit plus amortisation of mining assets.

The results have been prepared in accordance with International Financial Reporting Standards (IFRS).

Based on risks and returns the directors consider that the primary reporting format is by business segment. The directors consider that there is only one business segment being mining, extraction and production of gold. Therefore the disclosures for the primary segment have already been given in the abbreviated financial statements. The secondary reporting format is by geographical analysis by origin.

oz (000)

ANGLOGOLD QUARTERLY REPORT DECEMBER 2003 - WWW.ANGLOGOLD.COM

KEY OPERATING RESULTS

PER REGION & OPERATION

Quarter ended

Year ended

Quarter ended

Year ended

December

September

December

September

December

2003

2002

2003

2002

SA Rand / US Dollar

Capital expenditure - Rm

Capital expenditure - $m

SOUTH AFRICA REGION

810

404

1,819

1,111

111

242

106

Vaal River

Great Noligwa Mine

164

121

Kopanang Mine

Tau Lekoa Mine

Moab Khotsong

142

139

503

376

Ergo

West Wits

Mponeng Mine

121

417

332

Savuka Mine

106

TauTona Mine

400

493

115

EAST AND WEST AFRICA REGION

200

287

Geita - Attributable 50%

Morila - Attributable 40%

Navachab

Sadiola - Attributable 38%

Yatela - Attributable 40%

NORTH AMERICA REGION

201

788

Cripple Creek & Victor J.V.

181

706

Jerritt Canyon J.V. - Attributable 70%

Minorities and exploration

SOUTH AMERICA REGION

101

324

283

Cerro Vanguardia - Attributable 92.50%

Morro Velho

192

173

Serra Grande - Attributable 50%

Minorities and exploration

AUSTRALIA REGION

159

311

Sunrise Dam

148

258

Minorities and exploration

OTHER

ANGLOGOLD GROUP

ANGLOGOLD QUARTERLY REPORT DECEMBER 2003 - WWW.ANGLOGOLD.COM

1,057

661

2,744

2,842

148

363

271

Effective July 2002 (previously 46.25%)

KEY OPERATING RESULTS

PER REGION & OPERATION

Quarter ended

Year ended

Quarter ended

Year ended

December

September

December

September

December

2003

2002

2003

2002

Metric

Yield - g/t

Gold produced - kg

SOUTH AFRICA REGION

25,660

26,265

102,053

106,106

Vaal River
Great Noligwa Mine

11.18

10.62

10.57

11.02

6,770

6,752

25,263

27,380

Kopanang Mine

7.42

7.40

7.07

7.23

3,867

4,119

15,449

15,874

Tau Lekoa Mine

4.04

4.06

4.24

4.45

2,492

2,449

10,010

9,675

Surface Operations

0.59

0.60

0.61

0.56

848

835

3,551

3,081

Ergo

0.21

0.19

0.20

0.25

1,597

1,407

6,313

8,215

West Wits
Mponeng Mine

8.85

8.81

8.96

8.63

3,696

4,055

15,517

14,498

Savuka Mine

5.71

5.49

5.81

7.07

1,304

1,376

5,825

7,331

TauTona Mine

12.21

13.19

12.09

11.66

5,086

5,272

20,106

19,997

Surface Operations

0.88

9.26

EAST AND WEST AFRICA REGION

7,720

7,699

30,509

33,754

Geita - Attributable 50%

5.26

3.83

3.60

3.62

3,635

2,745

10,280

9,005

Morila - Attributable 40%

4.41

7.55

7.56

11.96

1,487

2,483

9,878

13,083

Navachab

1.61

1.65

1.75

1.93

518

559

2,299

2,653

Sadiola - Attributable 38%

3.04

2.79

2.77

2.96

1,566

1,311

5,340

5,672

Yatela - Attributable 40%

2.22

2.34

2.84

3.60

514

601

2,712

3,341

NORTH AMERICA REGION

2,374

2,065

12,141

14,371

Cripple Creek & Victor J.V.

0.65

0.55

0.67

0.82

2,374

2,065

8,830

6,998

Jerritt Canyon J.V. - Attributable 70%

7.15

7.91

3,311

7,373

SOUTH AMERICA REGION

4,421

3,866

16,540

14,854

Cerro Vanguardia - Attributable 92.50%

7.25

6.05

7.15

9.49

1,814

1,291

6,501

5,561

Morro Velho

6.87

6.48

6.66

6.71

1,899

1,822

7,092

6,380

Serra Grande - Attributable 50%

7.80

7.89

7.88

7.84

708

753

2,947

2,913

AUSTRALIA REGION

3,035

3,345

13,425

15,626

Boddington

Sunrise Dam

3.03

2.98

3.12

3.49

2,889

2,652

11,122

11,892

Union Reefs

7.71

1.02

1.12

1.36

146

693

2,303

3,680

ANGLOGOLD GROUP

43,210

43,240

174,668

184,711

Underground Operations

8.24

8.18

8.03

8.27

25,527

26,380

104,741

111,017

Surface and Dump Reclamation

0.27

0.26

0.27

0.30

2,474

2,287

9,958

11,350

Open-pit Operations

3.92

3.24

3.43

3.80

12,321

11,907

48,427

52,005

Heap leach Operations

0.74

0.62

0.80

1.05

2,888

2,666

11,542

10,339

43,210

ANGLOGOLD QUARTERLY REPORT DECEMBER 2003 - WWW.ANGLOGOLD.COM

43,240

174,668

184,711

Yield excludes surface operations.

The yield is calculated on gold placed into leach pad inventory / tonnes placed onto leach pad.

Effective July 2002 (previously 46.25%)

KEY OPERATING RESULTS

PER REGION & OPERATION

Quarter ended

Year ended

Quarter ended

Year ended

December

September

December

September

December

2003

2002

2003

2002

SA Rand / Metric

Productivity per employee - g

Gold sold - kg

SOUTH AFRICA REGION

218

222

214

218

25,690

26,536

102,057

106,109

Vaal River
Great Noligwa Mine

242

240

224

246

6,775

6,821

25,266

27,379

Kopanang Mine

178

188

173

3,868

4,162

15,451

15,873

Tau Lekoa Mine

168

172

174

2,496

2,475

10,011

9,674

Surface Operations

593

640

399

850

844

3,553

3,080

Ergo

277

243

270

331

1,596

1,407

6,312

8,216

West Wits
Mponeng Mine

229

248

239

212

3,702

4,099

15,516

14,500

Savuka Mine

102

105

124

1,314

1,391

5,825

7,332

TauTona Mine

301

312

297

292

5,089

5,337

20,105

20,000

Surface Operations

EAST AND WEST AFRICA REGION

1,401

1,383

1,443

1,855

7,877

7,544

30,531

33,670

Geita - Attributable 50%

1,727

1,345

1,278

1,356

3,635

2,745

10,280

9,005

Morila - Attributable 40%

2,007

3,374

3,469

4,434

1,530

2,440

9,878

13,080

Navachab

439

424

493

626

579

464

2,263

2,653

Sadiola - Attributable 38%

2,270

1,925

1,954

2,664

1,580

1,242

5,353

5,633

Yatela - Attributable 40%

646

760

949

1,495

553

653

2,757

3,299

NORTH AMERICA REGION

2,458

2,080

2,149

1,979

2,303

2,065

12,069

14,363

Cripple Creek & Victor J.V.

2,458

2,080

2,261

1,856

2,303

2,065

8,758

6,998

Jerritt Canyon J.V. - Attributable 70%

1,899

2,110

3,311

7,365

SOUTH AMERICA REGION

731

624

672

684

4,335

3,766

16,533

15,028

Cerro Vanguardia - Attributable 92.50%

1,134

853

1,077

1,640

1,652

1,292

6,443

5,675

Morro Velho

523

469

461

434

1,922

1,777

7,151

6,365

Serra Grande - Attributable 50%

863

939

926

932

761

697

2,939

2,988

AUSTRALIA REGION

2,322

2,425

2,311

2,437

2,998

3,348

13,397

15,628

Boddington

Sunrise Dam

2,895

2,889

2,937

3,136

2,862

2,640

11,084

11,887

Union Reefs

905

2,151

1,572

1,928

136

708

2,313

ANGLOGOLD QUARTERLY REPORT DECEMBER 2003 - WWW.ANGLOGOLD.COM

3,666

ANGLOGOLD GROUP

329

326

327

341

43,203

43,259

174,587

184,798

Effective July 2002 (previously 46.25%)

KEY OPERATING RESULTS

PER REGION & OPERATION

Quarter ended

Year ended

Quarter ended

Year ended

December

September

December

September

December

2003

2002

2003

2002

SA Rand / Metric

Total cash costs - R/kg

Total production costs - R/kg

SOUTH AFRICA REGION

60,784

61,657

61,011

53,146

67,512

66,285

65,933

60,450

Vaal River
Great Noligwa Mine

50,295

52,183

52,515

41,658

54,292

55,371

55,952

45,388

Kopanang Mine

64,281

62,189

64,164

55,001

69,216

65,960

68,223

61,158

Tau Lekoa Mine

74,058

75,407

70,702

64,234

92,666

79,712

78,459

75,954

Surface Operations

50,243

50,454

48,275

45,903

50,243

50,489

48,283

49,119

Ergo

79,185

97,163

84,455

61,810

81,384

104,856

90,242

73,051

West Wits
Mponeng Mine

63,437

59,039

59,536

59,504

73,902

68,562

68,686

76,922

Savuka Mine

117,763

115,931

108,219

82,111

131,244

122,651

114,283

86,729

TauTona Mine

45,014

47,096

46,790

44,465

49,016

49,989

49,836

48,125

Surface Operations

62,302

15,125

62,302

15,125

EAST AND WEST AFRICA REGION

40,364

41,282

41,320

42,268

55,808

55,161

55,291

61,896

Geita - Attributable 50%

29,493

44,735

44,248

58,831

38,544

54,405

53,779

75,024

Morila - Attributable 40%

39,099

25,875

26,086

24,541

62,447

42,139

43,298

47,559

Navachab

75,347

71,907

65,782

49,265

87,787

75,214

70,801

54,138

Sadiola - Attributable 38%

48,008

46,315

50,450

54,603

62,869

61,346

65,940

80,873

Yatela - Attributable 40%

69,379

59,628

56,633

58,302

111,731

89,982

80,033

73,684

NORTH AMERICA REGION

44,693

54,189

54,960

74,710

68,645

76,546

81,318

111,396

Cripple Creek & Victor J.V.

43,794

51,696

47,992

62,509

66,764

75,156

74,864

103,042

Jerritt Canyon J.V. - Attributable 70%

69,686

84,466

94,657

117,503

SOUTH AMERICA REGION

35,007

36,787

35,257

41,975

53,992

56,179

55,160

67,531

Cerro Vanguardia - Attributable 92.50%

29,971

41,121

34,630

34,384

57,735

72,220

63,100

67,362

Morro Velho

31,247

34,827

33,866

44,273

44,411

48,029

48,082

65,056

Serra Grande - Attributable 50%

28,362

26,026

26,241

33,967

38,570

38,624

39,323

53,584

AUSTRALIA REGION

51,494

59,010

59,172

65,056

67,964

72,127

73,996

82,926

Sunrise Dam

49,767

57,704

55,073

59,451

65,980

73,029

71,196

76,271

Union Reefs

39,413

57,143

68,358

75,630

39,470

57,172

ANGLOGOLD QUARTERLY REPORT DECEMBER 2003 - WWW.ANGLOGOLD.COM

71,320

92,248

ANGLOGOLD GROUP

53,846

56,311

55,442

54,037

65,128

65,502

65,703

68,241

Effective July 2002 (previously 46.25%)

KEY OPERATING RESULTS

PER REGION & OPERATION

Quarter ended

Year ended

Quarter ended

Year ended

December

September

December

September

December

2003

2002

2003

2002

SA Rand

Cash operating profit - Rm

Adjusted operating profit - Rm

SOUTH AFRICA REGION

657

701

2,799

4,743

517

607

2,398

4,135

Vaal River
Great Noligwa Mine

252

276

974

1,573

230

258

903

1,487

Kopanang Mine

118

401

665

105

347

591

Tau Lekoa Mine

193

330

(6)

122

235

Surface Operations

152

155

152

155

Ergo

(22)

(17)

230

(22)

(21)

213

West Wits
Mponeng Mine

110

435

568

299

322

Savuka Mine

(59)

(53)

(146)

126

(59)

(56)

(156)

TauTona Mine

208

196

807

1,092

190

182

752

1,031

Surface Operations

EAST AND WEST AFRICA REGION

288

305

1,252

1,936

182

205

854

1,293

Geita - Attributable 50%

157

334

353

126

242

214

Morila - Attributable 40%

138

574

1,023

100

411

723

Navachab

141

129

Sadiola - Attributable 38%

201

269

122

124

Yatela - Attributable 40%

150

(12)

103

NORTH AMERICA REGION

379

644

Cripple Creek & Victor J.V.

338

447

Jerritt Canyon J.V. - Attributable 70%

197

(36)

(31)

SOUTH AMERICA REGION

211

183

915

1,107

135

113

605

747

Cerro Vanguardia - Attributable 92.50%

356

448

176

271

Morro Velho

380

427

289

300

Serra Grande - Attributable 50%

179

232

140

176

AUSTRALIA REGION

123

422

622

248

392

Boddington

Sunrise Dam

123

389

544

217

351

Union Reefs

OTHER

201

197

ANGLOGOLD QUARTERLY REPORT DECEMBER 2003 - WWW.ANGLOGOLD.COM

100

ANGLOGOLD GROUP

1,381

1,395

5,968

9,249

926

1,004

4,229

6,683

Effective July 2002 (previously 46.25%)

Adjusted operating profit plus amortisation of mining assets.

Operating profit excluding unrealised non-hedge derivatives.

KEY OPERATING RESULTS

PER REGION & OPERATION

Quarter ended

Year ended

Quarter ended

Year ended

December

September

December

September

December

2003

2002

2003

2002

Imperial

Yield - oz/t

Gold produced - oz (000)

SOUTH AFRICA REGION

825

844

3,281

3,412

Vaal River
Great Noligwa Mine

0.326

0.310

0.308

0.321

218

217

812

880

Kopanang Mine

0.217

0.216

0.206

0.211

124

132

497

511

Tau Lekoa Mine

0.118

0.119

0.124

0.130

322

311

Surface Operations

0.017

0.018

0.016

114

Ergo

0.006

0.007

203

264

West Wits
Mponeng Mine

0.258

0.257

0.261

0.252

119

130

499

466

Savuka Mine

0.167

0.160

0.169

0.206

187

236

TauTona Mine

0.356

0.385

0.353

0.340

164

170

646

643

Surface Operations

0.026

0.270

EAST AND WEST AFRICA REGION

248

981

1,085

Geita - Attributable 50%

0.153

0.112

0.105

0.106

117

331

290

Morila - Attributable 40%

0.129

0.220

0.221

0.349

318

421

Navachab

0.047

0.048

0.051

0.056

Sadiola - Attributable 38%

0.089

0.081

0.086

172

182

Yatela - Attributable 40%

0.065

0.068

0.083

0.105

107

NORTH AMERICA REGION

390

462

Cripple Creek & Victor J.V.

0.019

0.016

0.020

0.024

283

225

Jerritt Canyon J.V. - Attributable 70%

0.209

0.231

107

237

SOUTH AMERICA REGION

142

124

532

478

Cerro Vanguardia - Attributable 92.50%

0.212

0.176

0.208

0.277

209

179

Morro Velho

0.200

0.189

0.194

0.196

228

205

Serra Grande - Attributable 50%

0.228

0.230

0.229

AUSTRALIA REGION

108

432

502

Boddington

Sunrise Dam

0.089

0.087

0.091

0.102

358

382

Union Reefs

0.225

0.030

0.033

0.040

118

ANGLOGOLD GROUP

1,389

1,390

5,616

5,939

Underground Operations

0.240

0.239

0.234

0.241

820

848

3,367

3,569

Surface and Dump Reclamation

0.008

0.009

320

365

Open-pit Operations

0.114

0.095

0.100

0.111

396

383

1,559

1,673

Heap leach Operations

0.021

0.018

0.023

0.031

370

332

1,389

ANGLOGOLD QUARTERLY REPORT DECEMBER 2003 - WWW.ANGLOGOLD.COM

1,390

5,616

5,939

Yield excludes surface operations.

The yield is calculated on gold placed into leach pad inventory / tons placed onto leach pad.

Effective July 2002 (previously 46.25%)

KEY OPERATING RESULTS

PER REGION & OPERATION

Quarter ended

Year ended

Quarter ended

Year ended

December

September

December

September

December

2003

2002

2003

2002

Imperial

Productivity per employee - oz

Gold sold - oz (000)

SOUTH AFRICA REGION

7.02

7.12

6.88

7.00

826

854

3,281

3,411

Vaal River
Great Noligwa Mine

7.79

7.71

7.22

7.91

218

219

812

880

Kopanang Mine

5.74

6.04

5.58

5.57

125

134

497

510

Tau Lekoa Mine

5.41

5.40

5.52

5.61

322

311

Surface Operations

19.06

20.59

20.58

12.83

114

Ergo

8.91

7.81

8.68

10.65

203

264

West Wits
Mponeng Mine

7.35

7.98

7.68

6.82

119

132

499

466

Savuka Mine

3.28

3.27

3.36

4.00

187

236

TauTona Mine

9.67

10.03

9.56

9.37

164

172

646

643

Surface Operations

EAST AND WEST AFRICA REGION

45.04

44.47

46.40

59.66

254

242

982

1,083

Geita - Attributable 50%

55.51

43.26

41.10

43.61

117

331

290

Morila - Attributable 40%

64.53

108.47

111.52

142.54

318

421

Navachab

14.12

13.65

15.86

20.12

Sadiola - Attributable 38%

72.99

61.89

62.82

85.66

172

181

Yatela - Attributable 40%

20.77

24.43

30.50

48.07

106

NORTH AMERICA REGION

79.03

66.87

69.10

63.61

388

462

Cripple Creek & Victor J.V.

79.03

66.87

72.68

59.68

282

225

Jerritt Canyon J.V. - Attributable 70%

61.07

67.85

106

237

SOUTH AMERICA REGION

23.50

20.06

21.61

22.01

139

121

531

483

Cerro Vanguardia - Attributable 92.50%

36.47

27.44

34.63

52.73

207

182

Morro Velho

16.83

15.09

14.82

13.94

230

205

Serra Grande - Attributable 50%

27.74

30.19

29.77

29.97

AUSTRALIA REGION

74.65

77.97

74.29

78.36

108

431

502

Boddington

Sunrise Dam

93.07

92.90

94.42

100.83

357

382

Union Reefs

29.10

69.15

50.54

61.98

118

ANGLOGOLD GROUP

10.58

10.48

ANGLOGOLD QUARTERLY REPORT DECEMBER 2003 - WWW.ANGLOGOLD.COM

10.51

10.97

1,389

1,391

5,613

5,941

Effective July 2002 (previously 46.25%)

KEY OPERATING RESULTS

PER REGION & OPERATION

Quarter ended

Year ended

Quarter ended

Year ended

December

September

December

September

December

2003

2002

2003

2002

US Dollar / Imperial

Total cash costs - $/oz

Total production costs - $/oz

SOUTH AFRICA REGION

281

259

253

158

312

279

274

180

Vaal River
Great Noligwa Mine

232

219

218

124

251

233

135

Kopanang Mine

297

261

266

165

319

277

283

183

Tau Lekoa Mine

342

317

294

192

430

335

328

227

Surface Operations

232

212

200

137

232

212

200

146

Ergo

365

408

349

184

376

441

373

218

West Wits
Mponeng Mine

293

248

247

178

341

288

285

230

Savuka Mine

544

487

448

245

606

515

474

258

TauTona Mine

208

198

194

132

226

210

207

143

Surface Operations

255

EAST AND WEST AFRICA REGION

187

174

171

126

259

232

230

184

Geita - Attributable 50%

136

188

183

175

178

229

223

Morila - Attributable 40%

182

109

108

290

177

179

142

Navachab

349

303

274

147

407

317

296

162

Sadiola - Attributable 38%

223

195

210

163

292

258

275

241

Yatela - Attributable 40%

322

250

235

175

519

378

334

221

NORTH AMERICA REGION

207

227

223

222

318

320

329

330

Cripple Creek & Victor J.V.

203

217

199

187

310

315

310

306

Jerritt Canyon J.V. - Attributable 70%

270

249

366

348

SOUTH AMERICA REGION

162

155

147

126

250

236

229

202

Cerro Vanguardia - Attributable 92.50%

138

173

143

104

267

303

261

203

Morro Velho

144

146

141

131

205

202

199

193

Serra Grande - Attributable 50%

131

109

100

178

162

163

158

AUSTRALIA REGION

238

248

243

193

314

303

304

246

Sunrise Dam

230

242

228

177

305

307

295

227

Union Reefs

179

240

272

224

179

240

283

ANGLOGOLD QUARTERLY REPORT DECEMBER 2003 - WWW.ANGLOGOLD.COM

273

ANGLOGOLD GROUP

249

237

229

161

301

275

272

203

Effective July 2002 (previously 46.25%)

KEY OPERATING RESULTS

PER REGION & OPERATION

Quarter ended

Year ended

Quarter ended

Year ended

December

September

December

September

December

2003

2002

2003

2002

US Dollar

Cash operating profit - $m

Adjusted operating profit - $m

SOUTH AFRICA REGION

370

451

317

392

Vaal River
Great Noligwa Mine

131

149

121

141

Kopanang Mine

Tau Lekoa Mine

(1)

Surface Operations

Ergo

(3)

West Wits
Mponeng Mine

Savuka Mine

(9)

(8)

(20)

(9)

(8)

(21)

TauTona Mine

107

104

100

Surface Operations

EAST AND WEST AFRICA REGION

167

185

113

124

Geita - Attributable 50%

Morila - Attributable 40%

Navachab

Sadiola - Attributable 38%

Yatela - Attributable 40%

(2)

NORTH AMERICA REGION

Cripple Creek & Victor J.V.

Jerritt Canyon J.V. - Attributable 70%

(5)

(3)

SOUTH AMERICA REGION

120

107

Cerro Vanguardia - Attributable 92.50%

Morro Velho

Serra Grande - Attributable 50%

AUSTRALIA REGION

Boddington

Sunrise Dam

Union Reefs

OTHER

ANGLOGOLD GROUP

205

189

791

883

137

136

ANGLOGOLD QUARTERLY REPORT DECEMBER 2003 - WWW.ANGLOGOLD.COM

559

638

Effective July 2002 (previously 46.25%)

Adjusted operating profit plus amortisation of mining assets.

Operating profit excluding unrealised non-hedge derivatives.

DEVELOPMENT

Development values represent actual results of sampling, no allowances having been made for adjustments necessary in estimating ore reserves.

Quarter ended December 2003

Statistics are shown in metric units

Advance

Sampled

metres

channel

gold

uranium

width cm

g/t

cm.g/t

kg/t

cm.kg/t

VAAL RIVER

Great Noligwa Mine
Vaal reef

4,379

622

99.4

19.98

1,986

1.04

103.23

Kopanang Mine
Vaal reef

6,998

1,024

12.1

166.36

2,013

5.56

67.33

"C" reef

Tau Lekoa Mine
Denny's Reef

Ventersdorp Contact reef

4,343

850

77.5

8.88

688

0.12

9.22

Moab Khotsong Mine
Vaal reef

2,560

101.9

19.78

2,016

WEST WITS

TauTona Mine
Ventersdorp Contact reef

157

Carbon Leader reef

4,215

18.0

62.11

1,118

0.12

2.11

Savuka Mine
Ventersdorp Contact reef

728

Carbon Leader reef

1,270

142

61.0

36.70

2,239

0.01

0.32

Mponeng Mine
Ventersdorp Contact reef

5,034

362

67.4

30.73

2,071

Statistics are shown in imperial units

Advance

Sampled

feet

channel

gold

uranium

width inches

oz/t

ft.oz/t

lb/t

ft.lb/t

VAAL RIVER

Great Noligwa Mine
Vaal reef

14,367

2,041

39.13

0.58

1.90

2.08

6.78

Kopanang Mine
Vaal reef

22,960

3,360

4.76

4.85

1.92

11.12

4.41

"C" reef

Tau Lekoa Mine
Denny's Reef

Ventersdorp Contact reef

14,248

2,789

30.51

0.26

0.66

0.24

0.61

Moab Khotsong Mine
Vaal reef

8,399

40.12

0.58

1.94

WEST WITS

TauTona Mine
Ventersdorp Contact reef

513

Carbon Leader reef

13,829

138

7.09

1.81

1.07

0.24

0.14

Savuka Mine
Ventersdorp Contact reef

2,389

Carbon Leader reef

4,168

466

24.02

1.07

2.14

0.02

0.04

Mponeng Mine
Ventersdorp Contact reef

16,515

ANGLOGOLD QUARTERLY REPORT DECEMBER 2003 - WWW.ANGLOGOLD.COM

1,188

26.54

0.90

1.99

SHAFT SINKING

Quarter ended

Year ended

December

September

December

2003

2002

Statistics are shown in metric units

metres

MOAB KHOTSONG MINE

Main shaft

Advance

Depth to date (below collar)

3,112

Rock / ventilation sub-vertical shaft

Depth to date

939

Station cutting

MPONENG MINE

Sub Shaft 1

Depth to date

1,209

Sub Shaft Vent Shaft Deepening

Advance

Depth to date

Statistics are shown in imperial units

feet

MOAB KHOTSONG MINE

Main shaft

Advance

227

Depth to date (below collar)

10,210

Rock / ventilation sub-vertical shaft

Depth to date

3,080

Station cutting

MPONENG MINE

Sub Shaft 1

Depth to date

3,965

Sub Shaft Vent Shaft Deepening

Advance

ANGLOGOLD QUARTERLY REPORT DECEMBER 2003 - WWW.ANGLOGOLD.COM

Depth to date

SOUTH AFRICA REGION

VAAL RIVER

Quarter ended

Year ended

Quarter ended

Year ended

December

September

December

September

December

2003

2002

2003

2002

Rand / Metric

Dollar / Imperial

GREAT NOLIGWA MINE
OPERATING RESULTS
UNDERGROUND OPERATION
Area mined

- 000 m

/ - 000 ft

122

109

433

430

1,308

1,168

4,665

4,632

Milled

- 000 tonnes / - 000 tons

605

636

2,389

2,484

667

701

2,634

2,739

Yield

- g / t

/ - oz / t

11.18

10.62

10.57

11.02

0.326

0.310

0.308

0.321

Gold produced

- kg

/ - oz (000)

6,770

6,752

25,263

27,380

218

217

812

880

Gold sold

- kg

/ - oz (000)

6,775

6,821

25,266

27,379

218

219

812

880

Price received

- R / kg

/ - $ / oz

- sold

89,762

91,365

90,916

98,877

414

384

379

293

Total cash costs

- R

/ - $

- ton milled

562

554

555

459

- R / kg

/ - $ / oz

- produced

50,295

52,183

52,515

41,658

232

219

218

124

Total production costs

- R / kg

/ - $ / oz

- produced

54,292

55,371

55,952

45,388

251

233

135

PRODUCTIVITY PER EMPLOYEE
Target

- g

/ - oz

274

291

274

276

8.81

9.35

8.80

8.88

Actual

- g

/ - oz

242

240

224

246

7.79

7.71

7.22

7.91

Target

- m

/ - ft

4.18

4.33

4.06

3.85

45.04

46.56

43.72

41.40

Actual

- m

/ - ft

4.35

3.85

3.87

46.80

41.47

41.45

41.65

FINANCIAL RESULTS (MILLION)
Gold income

593

590

2,189

2,496

293

238

Cost of sales

379

365

1,394

1,221

187

116

Cash operating costs

338

350

1,315

1,131

176

108

Other cash costs

Total cash costs

341

353

1,326

1,141

177

109

Retrenchment costs

Rehabilitation and other non-cash costs

Production costs

346

356

1,342

1,158

179

110

Amortisation of mining assets

Inventory change

(9)

(19)

(23)

(1)

(2)

214

225

795

1,275

106

122

Realised non-hedge derivatives

108

212

Adjusted operating profit

230

258

903

1,487

121

141

ANGLOGOLD QUARTERLY REPORT DECEMBER 2003 - WWW.ANGLOGOLD.COM

Capital expenditure

164

121

SOUTH AFRICA REGION

VAAL RIVER

Quarter ended

Year ended

Quarter ended

Year ended

December

September

December

September

December

2003

2002

2003

2002

Rand / Metric

Dollar / Imperial

KOPANANG MINE
OPERATING RESULTS
UNDERGROUND OPERATION
Area mined

- 000 m

/ - 000 ft

120

125

481

457

1,295

1,347

5,180

4,919

Milled

- 000 tonnes / - 000 tons

521

556

2,184

2,195

574

613

2,408

2,420

Yield

- g / t

/ - oz / t

7.42

7.40

7.07

7.23

0.217

0.216

0.206

0.211

Gold produced

- kg

/ - oz (000)

3,866

4,119

15,449

15,874

124

132

497

511

Gold sold

- kg

/ - oz (000)

3,868

4,162

15,451

15,873

125

134

497

510

Price received

- R / kg

/ - $ / oz

- sold

89,970

91,511

91,098

98,837

415

385

378

295

Total cash costs

- R

/ - $

- ton milled

476

460

454

398

- R / kg

/ - $ / oz

- produced

64,281

62,189

64,164

55,001

297

261

266

165

Total production costs

- R / kg

/ - $ / oz

- produced

69,216

65,960

68,223

61,158

319

277

283

183

PRODUCTIVITY PER EMPLOYEE
Target

- g

/ - oz

178

184

177

176

5.71

5.90

5.69

5.65

Actual

- g

/ - oz

178

188

173

5.74

6.04

5.58

5.57

Target

- m

/ - ft

5.32

5.53

5.34

4.85

57.23

59.53

57.46

52.21

Actual

- m

/ - ft

5.55

5.71

5.40

4.99

59.79

61.44

58.17

53.68

FINANCIAL RESULTS (MILLION)
Gold income

339

360

1,342

1,456

179

140

Cost of sales

274

276

1,061

978

142

Cash operating costs

246

254

982

866

131

Other cash costs

Total cash costs

248

256

991

873

132

Retrenchment costs

Rehabilitation and other non-cash costs

Production costs

251

258

1,000

897

133

Amortisation of mining assets

Inventory change

281

478

Realised non-hedge derivatives

113

Adjusted operating profit

105

347

591

ANGLOGOLD QUARTERLY REPORT DECEMBER 2003 - WWW.ANGLOGOLD.COM

Capital expenditure

SOUTH AFRICA REGION

VAAL RIVER

Quarter ended

Year ended

Quarter ended

Year ended

December

September

December

September

December

2003

2002

2003

2002

Rand / Metric

Dollar / Imperial

TAU LEKOA MINE
OPERATING RESULTS
UNDERGROUND OPERATION
Area mined

- 000 m

/ - 000 ft

102

105

414

410

1,101

1,128

4,462

4,415

Milled

- 000 tonnes / - 000 tons

617

602

2,363

2,174

680

664

2,605

2,396

Yield

- g / t

/ - oz / t

4.04

4.06

4.24

4.45

0.118

0.119

0.124

0.130

Gold produced

- kg

/ - oz (000)

2,492

2,449

10,010

9,675

322

311

Gold sold

- kg

/ - oz (000)

2,496

2,475

10,011

9,674

322

311

Price received

- R / kg

/ - $ / oz

- sold

89,540

91,566

90,917

98,962

413

385

376

296

Total cash costs

- R

/ - $

- ton milled

299

307

299

286

- R / kg

/ - $ / oz

- produced

74,058

75,407

70,702

64,234

342

317

294

192

Total production costs

- R / kg

/ - $ / oz

- produced

92,666

79,712

78,459

75,954

430

335

328

227

PRODUCTIVITY PER EMPLOYEE
Target

- g

/ - oz

179

181

177

187

5.77

5.81

5.69

6.02

Actual

- g

/ - oz

168

172

174

5.41

5.40

5.52

5.61

Target

- m

/ - ft

7.52

7.63

7.45

7.81

80.97

82.15

80.24

84.03

Actual

- m

/ - ft

6.91

7.19

7.11

7.40

74.34

77.41

76.58

79.62

FINANCIAL RESULTS (MILLION)
Gold income

218

214

868

888

116

Cost of sales

229

194

788

722

106

Cash operating costs

183

702

617

Other cash costs

Total cash costs

185

184

708

621

Retrenchment costs

Rehabilitation and other non-cash costs

Production costs

186

715

639

Amortisation of mining assets

Inventory change

(2)

(1)

(12)

(1)

(11)

166

(2)

Realised non-hedge derivatives

Adjusted operating profit

(6)

122

235

(1)

ANGLOGOLD QUARTERLY REPORT DECEMBER 2003 - WWW.ANGLOGOLD.COM

Capital expenditure

SOUTH AFRICA REGION

VAAL RIVER

Quarter ended

Year ended

Quarter ended

Year ended

December

September

December

September

December

2003

2002

2003

2002

Rand / Metric

Dollar / Imperial

SURFACE OPERATIONS
OPERATING RESULTS
Milled

- 000 tonnes / - 000 tons

1,432

1,392

5,859

5,536

1,579

1,534

6,458

6,102

Yield

- g / t

/ - oz / t

0.59

0.60

0.61

0.56

0.017

0.018

0.016

Gold produced

- kg

/ - oz (000)

848

835

3,552

3,081

114

Gold sold

- kg

/ - oz (000)

850

844

3,553

3,080

114

Price received

- R / kg

/ - $ / oz

- sold

90,297

91,637

91,148

99,121

416

384

375

294

Total cash costs

- R

/ - $

- ton milled

- R / kg

/ - $ / oz

- produced

50,243

50,454

48,275

45,903

232

212

200

137

Total production costs

- R / kg

/ - $ / oz

- produced

50,243

50,489

48,283

49,119

232

212

200

146

PRODUCTIVITY PER EMPLOYEE
Target

- g

/ - oz

334

323

325

410

10.75

10.38

10.45

13.19

Actual

- g

/ - oz

593

640

399

19.06

20.59

20.58

12.83

FINANCIAL RESULTS (MILLION)
Gold income

309

282

Cost of sales

172

150

Cash operating costs

172

141

Other cash costs

Total cash costs

172

141

Retrenchment costs

Rehabilitation and other non-cash costs

Production costs

172

151

Amortisation of mining assets

Inventory change

(1)

137

132

Realised non-hedge derivatives

Adjusted operating profit

152

155

Moab Khotsong

Capital expenditure

142

139

503

376

ANGLOGOLD QUARTERLY REPORT DECEMBER 2003 - WWW.ANGLOGOLD.COM

SOUTH AFRICA REGION

ERGO

ANGLOGOLD QUARTERLY REPORT DECEMBER 2003 - WWW.ANGLOGOLD.COM

Quarter ended

Year ended

Quarter ended

Year ended

December

September

December

September

December

2003

2002

2003

2002

Rand / Metric

Dollar / Imperial

ERGO
SURFACE AND DUMP RECLAMATION
Material treated

- 000 tonnes / - 000 tons

7,598

7,249

30,905

32,824

8,375

7,990

34,067

36,182

Yield

- g / t

/ - oz / t

0.21

0.19

0.20

0.25

0.006

0.007

Gold produced

- kg

/ - oz (000)

1,597

1,407

6,313

8,215

203

264

Gold sold

- kg

/ - oz (000)

1,596

1,407

6,312

8,216

203

264

Price received

- R / kg

/ - $ / oz

- sold

85,464

85,801

87,078

99,093

395

361

360

294

Total cash costs

- R

/ - $

- ton treated

- R / kg

/ - $ / oz

- produced

79,185

97,163

84,455

61,810

365

408

349

184

Total production costs

- R / kg

/ - $ / oz

- produced

81,384

104,856

90,242

73,051

376

441

373

218

PRODUCTIVITY PER EMPLOYEE
Target

- g

/ - oz

305

278

283

290

9.80

8.95

9.09

9.34

Actual

- g

/ - oz

277

243

270

331

8.91

7.81

8.68

10.65

FINANCIAL RESULTS (MILLION)
Gold income

139

122

547

753

Cost of sales

134

142

570

601

Cash operating costs

126

136

531

504

Other cash costs

Total cash costs

126

137

533

507

Retrenchment costs

Rehabilitation and other non-cash costs

Production costs

128

147

566

583

Amortisation of mining assets

Inventory change

(5)

(1)

(20)

(23)

152

(1)

(3)

Realised non-hedge derivatives

(3)

(2)

Adjusted operating profit

(22)

(21)

213

(3)

Capital expenditure

SOUTH AFRICA REGION

WEST WITS

ANGLOGOLD QUARTERLY REPORT DECEMBER 2003 - WWW.ANGLOGOLD.COM

Quarter ended

Year ended

Quarter ended

Year ended

December

September

December

September

December

2003

2002

2003

2002

Rand / Metric

Dollar / Imperial

MPONENG MINE
OPERATING RESULTS
UNDERGROUND OPERATION
Area mined

- 000 m

/ - 000 ft

336

308

900

955

3,620

3,312

Milled

- 000 tonnes / - 000 tons

418

460

1,733

1,679

460

507

1,910

1,851

Yield

- g / t

/ - oz / t

8.85

8.81

8.96

8.63

0.258

0.257

0.261

0.252

Gold produced

- kg

/ - oz (000)

3,696

4,055

15,517

14,498

119

130

499

466

Gold sold

- kg

/ - oz (000)

3,702

4,099

15,516

14,500

119

132

499

466

Price received

- R / kg

/ - $ / oz

- sold

87,475

85,261

88,164

98,599

404

358

365

294

Total cash costs

- R

/ - $

- ton milled

561

520

533

514

- R / kg

/ - $ / oz

- produced

63,437

59,039

59,536

59,504

293

248

247

178

Total production costs

- R / kg

/ - $ / oz

- produced

73,902

68,562

68,686

76,922

341

288

285

230

PRODUCTIVITY PER EMPLOYEE
Target

- g

/ - oz

202

203

193

6.51

6.53

6.20

6.22

Actual

- g

/ - oz

229

248

239

212

7.35

7.98

7.68

6.82

Cost of sales

- m

/ - ft

4.74

4.63

4.60

4.40

51.05

49.88

49.49

47.37

Actual

- m

/ - ft

5.17

5.43

5.18

4.50

55.66

58.44

55.74

48.47

FINANCIAL RESULTS (MILLION)
Gold income

323

354

1,346

1,330

179

128

Cost of sales

272

277

1,069

1,109

143

106

Cash operating costs

232

237

916

857

123

Other cash costs

Total cash costs

234

239

924

863

125

Retrenchment costs

Rehabilitation and other non-cash costs

Production costs

235

241

930

870

125

Amortisation of mining assets

136

246

Inventory change

(1)

(7)

(1)

277

221

Realised non-hedge derivatives

(4)

101

(1)

Adjusted operating profit

299

322

Capital expenditure

121

417

332

SOUTH AFRICA REGION

WEST WITS

ANGLOGOLD QUARTERLY REPORT DECEMBER 2003 - WWW.ANGLOGOLD.COM

Quarter ended

Year ended

Quarter ended

Year ended

December

September

December

September

December

2003

2002

2003

2002

Rand / Metric

Dollar / Imperial

SAVUKA MINE
OPERATING RESULTS
UNDERGROUND OPERATION
Area mined

- 000 m

/ - 000 ft

166

195

480

455

1,784

2,104

Milled

- 000 tonnes / - 000 tons

228

251

1,003

1,037

252

276

1,106

1,143

Yield

- g / t

/ - oz / t

5.71

5.49

5.81

7.07

0.167

0.160

0.169

0.206

Gold produced

- kg

/ - oz (000)

1,304

1,376

5,825

7,331

187

236

Gold sold

- kg

/ - oz (000)

1,314

1,391

5,825

7,332

187

236

Price received

- R / kg

/ - $ / oz

- sold

87,643

85,207

88,482

99,306

405

358

365

294

Total cash costs

- R

/ - $

- ton milled

673

636

628

581

- R / kg

/ - $ / oz

- produced

117,763

115,931

108,219

82,111

544

487

448

245

Total production costs

- R / kg

/ - $ / oz

- produced

131,244

122,651

114,283

86,729

606

515

474

258

PRODUCTIVITY PER EMPLOYEE
Target

- g

/ - oz

130

127

125

135

4.18

4.08

4.03

4.34

Actual

- g

/ - oz

102

105

124

3.28

3.27

3.36

4.00

Target

- m

/ - ft

4.37

4.34

4.16

4.38

47.00

46.71

44.76

47.17

Actual

- m

/ - ft

3.49

3.12

2.98

3.32

37.52

33.62

32.02

35.71

FINANCIAL RESULTS (MILLION)
Gold income

115

120

504

671

Cost of sales

174

671

631

Cash operating costs

152

158

625

598

Other cash costs

Total cash costs

154

159

630

602

Retrenchment costs

Rehabilitation and other non-cash costs

Production costs

171

166

656

607

Amortisation of mining assets

Inventory change

(5)

(59)

(54)

(167)

(9)

(7)

(23)

Realised non-hedge derivatives

(2)

(1)

Adjusted operating profit

(59)

(56)

(156)

(9)

(8)

(21)

Capital expenditure

106

SOUTH AFRICA REGION

WEST WITS

ANGLOGOLD QUARTERLY REPORT DECEMBER 2003 - WWW.ANGLOGOLD.COM

Quarter ended

Year ended

Quarter ended

Year ended

December

September

December

September

December

2003

2002

2003

2002

Rand / Metric

Dollar / Imperial

TAUTONA MINE
OPERATING RESULTS
UNDERGROUND OPERATION
Area mined

- 000 m

/ - 000 ft

305

315

876

783

3,286

3,395

Milled

- 000 tonnes / - 000 tons

416

400

1,663

1,716

459

441

1,833

1,891

Yield

- g / t

/ - oz / t

12.21

13.19

12.09

11.66

0.356

0.385

0.353

0.340

Gold produced

- kg

/ - oz (000)

5,086

5,272

20,106

19,997

164

170

646

643

Gold sold

- kg

/ - oz (000)

5,089

5,337

20,105

20,000

164

172

646

643

Price received

- R / kg

/ - $ / oz

- sold

87,832

85,164

88,180

98,972

407

358

366

294

Total cash costs

- R

/ - $

- ton milled

550

621

566

518

- R / kg

/ - $ / oz

- produced

45,014

47,096

46,790

44,465

208

198

194

132

Total production costs

- R / kg

/ - $ / oz

- produced

49,016

49,989

49,836

48,125

226

210

207

143

PRODUCTIVITY PER EMPLOYEE
Target

- g

/ - oz

285

301

294

287

9.16

9.68

9.46

9.24

Actual

- g

/ - oz

301

312

297

292

9.67

10.03

9.56

9.37

Target

- m

/ - ft

4.34

4.55

4.49

46.76

48.93

48.28

48.29

Actual

- m

/ - ft

4.82

4.30

4.52

4.60

51.85

46.32

48.60

49.49

FINANCIAL RESULTS (MILLION)
Gold income

444

460

1,738

1,837

232

176

Cost of sales

257

272

1,021

949

136

Cash operating costs

227

246

932

882

124

Other cash costs

Total cash costs

229

248

941

889

125

Retrenchment costs

Rehabilitation and other non-cash costs

Production costs

231

249

947

902

126

Amortisation of mining assets

Inventory change

(14)

(1)

187

188

717

888

Realised non-hedge derivatives

(6)

143

(1)

Adjusted operating profit

190

182

752

1,031

100

Capital expenditure

400

493

115

EAST AND WEST AFRICA REGION

Quarter ended

Year ended

ANGLOGOLD QUARTERLY REPORT DECEMBER 2003 - WWW.ANGLOGOLD.COM

Quarter ended

Year ended

December

September

December

September

December

2003

2002

2003

2002

Rand / Metric

Dollar / Imperial

GEITA - Attributable 50%
OPERATING RESULTS
OPEN-PIT OPERATION
Volume mined

- 000 bcm

/ - 000 bcy

3,021

3,077

11,364

8,916

3,951

4,025

14,864

11,663

Mined

- 000 tonnes / - 000 tons

7,758

8,121

29,935

22,564

8,551

8,952

32,998

24,872

Treated

- 000 tonnes / - 000 tons

691

716

2,852

2,489

761

789

3,144

2,744

Stripping ratio

- t (mined total - mined ore) / t mined ore

8.52

8.54

9.53

7.36

8.52

8.54

9.53

7.36

Yield

- g / t

/ - oz / t

5.26

3.83

3.60

3.62

0.153

0.112

0.105

0.106

Gold produced

- kg

/ - oz (000)

3,635

2,745

10,280

9,005

117

331

290

Gold sold

- kg

/ - oz (000)

3,635

2,745

10,280

9,005

117

331

290

Price received

- R / kg

/ - $ / oz

- sold

73,902

79,129

77,382

98,785

340

334

326

292

Total cash costs

- R / kg

/ - $ / oz

- produced

29,493

44,735

44,248

58,831

136

188

183

175

Total production costs

- R / kg

/ - $ / oz

- produced

38,544

54,405

53,779

75,024

178

229

223

PRODUCTIVITY PER EMPLOYEE
Target

- g

/ - oz

1,593

1,575

1,467

1,560

51.20

50.65

47.18

50.15

Actual

- g

/ - oz

1,727

1,345

1,278

1,356

55.51

43.26

41.10

43.61

FINANCIAL RESULTS (MILLION)
Gold income

266

216

787

879

107

Cost of sales

142

150

553

676

Cash operating costs

113

421

492

Other cash costs

Total cash costs

108

123

455

530

Rehabilitation and other non-cash costs

Production costs

109

124

461

537

Amortisation of mining assets

139

Inventory change

124

234

203

Realised non-hedge derivatives

Adjusted operating profit

126

242

214

Capital expenditure

EAST AND WEST AFRICA REGION

Quarter ended

ANGLOGOLD QUARTERLY REPORT DECEMBER 2003 - WWW.ANGLOGOLD.COM

Year ended

Quarter ended

Year ended

December

September

December

September

December

2003

2002

2003

2002

Rand / Metric

Dollar / Imperial

MORILA - Attributable 40%
OPERATING RESULTS
OPEN-PIT OPERATION
Volume mined

- 000 bcm

/ - 000 bcy

893

942

3,613

4,434

1,168

1,232

4,726

5,800

Mined

- 000 tonnes / - 000 tons

2,382

2,468

9,364

10,497

2,626

2,720

10,322

11,571

Treated

- 000 tonnes / - 000 tons

337

329

1,306

1,094

371

363

1,440

1,206

Stripping ratio

- t (mined total - mined ore) / t mined ore

5.23

9.25

4.77

7.12

5.23

9.25

4.77

7.12

Yield

- g / t

/ - oz / t

4.41

7.55

7.56

11.96

0.129

0.220

0.221

0.349

Gold produced

- kg

/ - oz (000)

1,487

2,483

9,878

13,083

318

421

Gold sold

- kg

/ - oz (000)

1,530

2,440

9,878

13,080

318

421

Price received

- R / kg

/ - $ / oz

- sold

78,552

83,026

84,739

102,985

367

350

345

309

Total cash costs

- R / kg

/ - $ / oz

- produced

39,099

25,875

26,086

24,541

182

109

108

Total production costs

- R / kg

/ - $ / oz

- produced

62,447

42,139

43,298

47,559

290

177

179

142

PRODUCTIVITY PER EMPLOYEE
Target

- g

/ - oz

3,024

3,591

3,495

3,202

97.22

115.46

112.37

102.94

Actual

- g

/ - oz

2,007

3,374

3,469

4,434

64.53

108.47

111.52

142.54

FINANCIAL RESULTS (MILLION)
Gold income

120

202

836

1,347

110

130

Cost of sales

103

426

624

Cash operating costs

199

226

Other cash costs

Total cash costs

258

321

Rehabilitation and other non-cash costs

Production costs

265

322

Amortisation of mining assets

163

300

Inventory change

(2)

410

723

Realised non-hedge derivatives

Adjusted operating profit

100

411

723

Capital expenditure

EAST AND WEST AFRICA REGION

Quarter ended

ANGLOGOLD QUARTERLY REPORT DECEMBER 2003 - WWW.ANGLOGOLD.COM

Year ended

Quarter ended

Year ended

December

September

December

September

December

2003

2002

2003

2002

Rand / Metric

Dollar / Imperial

NAVACHAB
OPERATING RESULTS
OPEN-PIT OPERATION
Volume mined

- 000 bcm

/ - 000 bcy

374

299

1,397

1,319

489

392

1,827

1,725

Mined

- 000 tonnes / - 000 tons

960

873

3,792

3,663

1,058

963

4,179

4,037

Treated

- 000 tonnes / - 000 tons

321

338

1,314

1,372

354

373

1,448

1,512

Stripping ratio

- t (mined total - mined ore) / t mined ore

1.86

1.39

1.89

1.77

1.86

1.39

1.89

1.77

Yield

- g / t

/ - oz / t

1.61

1.65

1.75

1.93

0.047

0.048

0.051

0.056

Gold produced

- kg

/ - oz (000)

518

559

2,299

2,653

Gold sold

- kg

/ - oz (000)

579

464

2,263

2,653

Price received

- R / kg

/ - $ / oz

- sold

85,108

85,673

87,491

102,429

393

360

361

305

Total cash costs

- R / kg

/ - $ / oz

- produced

75,347

71,907

65,782

49,265

349

303

274

147

Total production costs

- R / kg

/ - $ / oz

- produced

87,787

75,214

70,801

54,138

407

317

296

162

PRODUCTIVITY PER EMPLOYEE
Target

- g

/ - oz

587

601

604

557

18.88

19.32

19.43

17.91

Actual

- g

/ - oz

439

424

493

626

14.12

13.65

15.86

20.12

FINANCIAL RESULTS (MILLION)
Gold income

198

272

Cost of sales

143

Cash operating costs

134

129

Other cash costs

Total cash costs

135

130

Rehabilitation and other non-cash costs

Production costs

140

131

Amortisation of mining assets

Inventory change

(3)

(1)

129

Realised non-hedge derivatives

Adjusted operating profit

129

Capital expenditure

EAST AND WEST AFRICA REGION

Quarter ended

ANGLOGOLD QUARTERLY REPORT DECEMBER 2003 - WWW.ANGLOGOLD.COM

Year ended

Quarter ended

Year ended

December

September

December

September

December

2003

2002

2003

2002

Rand / Metric

Dollar / Imperial

SADIOLA - Attributable 38%
OPERATING RESULTS
OPEN-PIT OPERATION
Volume mined

- 000 bcm

/ - 000 bcy

1,153

832

3,873

3,405

1,509

1,089

5,065

4,454

Mined

- 000 tonnes / - 000 tons

2,035

1,500

7,085

6,370

2,244

1,653

7,810

7,021

Treated

- 000 tonnes / - 000 tons

515

470

1,927

1,914

567

518

2,124

2,110

Stripping ratio

- t (mined total - mined ore) / t mined ore

1.64

4.25

2.25

1.63

1.64

4.25

2.25

1.63

Yield

- g / t

/ - oz / t

3.04

2.79

2.77

2.96

0.089

0.081

0.086

Gold produced

- kg

/ - oz (000)

1,566

1,311

5,340

5,672

172

182

Gold sold

- kg

/ - oz (000)

1,580

1,242

5,353

5,633

172

181

Price received

- R / kg

/ - $ / oz

- sold

84,710

88,791

88,602

102,455

395

373

369

305

Total cash costs

- R / kg

/ - $ / oz

- produced

48,008

46,315

50,450

54,603

223

195

210

163

Total production costs

- R / kg

/ - $ / oz

- produced

62,869

61,346

65,940

80,873

292

258

275

241

PRODUCTIVITY PER EMPLOYEE
Target

- g

/ - oz

2,612

2,321

2,280

2,403

83.97

74.61

73.31

77.26

Actual

- g

/ - oz

2,270

1,925

1,954

2,664

72.99

61.89

62.82

85.66

FINANCIAL RESULTS (MILLION)
Gold income

135

107

472

587

Cost of sales

100

352

453

Cash operating costs

236

269

Other cash costs

Total cash costs

269

309

Rehabilitation and other non-cash costs

Production costs

273

313

Amortisation of mining assets

145

Inventory change

(5)

(1)

120

134

Realised non-hedge derivatives

(1)

(10)

(1)

Adjusted operating profit

122

124

Capital expenditure

EAST AND WEST AFRICA REGION

Quarter ended

Year ended

ANGLOGOLD QUARTERLY REPORT DECEMBER 2003 - WWW.ANGLOGOLD.COM

Quarter ended

Year ended

December

September

December

September

December

2003

2002

2003

2002

Rand / Metric

Dollar / Imperial

YATELA - Attributable 40%
OPERATING RESULTS
HEAP LEACH OPERATION
Volume mined

- 000 bcm

/ - 000 bcy

1,863

816

4,452

3,687

2,437

1,067

5,823

4,822

Mined

- 000 tonnes / - 000 tons

3,683

1,637

8,847

7,517

4,060

1,805

9,752

8,286

Placed

- 000 tonnes / - 000 tons

272

189

1,035

1,131

300

208

1,141

1,247

Stripping ratio

- t (mined total - mined ore) / t mined ore

10.54

10.64

8.75

7.25

10.54

10.64

8.75

7.25

Yield

- g / t

/ - oz / t

2.22

2.34

2.84

3.60

0.065

0.068

0.083

0.105

Gold placed

- kg

/ - oz (000)

605

443

2,940

4,072

131

Gold produced

- kg

/ - oz (000)

514

601

2,712

3,341

107

Gold sold

- kg

/ - oz (000)

553

653

2,757

3,299

106

Price received

- R / kg

/ - $ / oz

- sold

85,400

85,574

87,871

104,010

395

358

361

311

Total cash costs

- R / kg

/ - $ / oz

- produced

69,379

59,628

56,633

58,302

322

250

235

175

Total production costs

- R / kg

/ - $ / oz

- produced

111,731

89,982

80,033

73,684

519

378

334

221

PRODUCTIVITY PER EMPLOYEE
Target

- g

/ - oz

947

1,089

1,231

1,737

30.46

35.02

39.59

55.86

Actual

- g

/ - oz

646

760

949

1,495

20.77

24.43

30.50

48.07

FINANCIAL RESULTS (MILLION)
Gold income

242

343

Cost of sales

218

240

Cash operating costs

136

170

Other cash costs

Total cash costs

154

195

Rehabilitation and other non-cash costs

Production costs

159

199

Amortisation of mining assets

Inventory change

(6)

(1)

(12)

103

(2)

Realised non-hedge derivatives

Adjusted operating profit

(12)

103

(2)

Capital expenditure

Tonnes / Tons placed onto leach pad.

Gold placed / tonnes (tons) placed.

Gold placed into leach pad inventory.

NORTH AMERICA REGION

Quarter ended

Year ended

Quarter ended

Year ended

December

September

December

September

December

2003

2002

2003

2002

Rand / Metric

Dollar / Imperial

CRIPPLE CREEK & VICTOR J.V.
OPERATING RESULTS
HEAP LEACH OPERATION
Mined

- 000 tonnes / - 000 tons

13,631

12,760

47,419

43,675

15,026

14,066

52,270

48,144

Placed

- 000 tonnes / - 000 tons

4,627

4,484

17,102

12,373

5,101

4,943

18,851

13,639

Stripping ratio

- t (mined total - mined ore) / t mined ore

2.24

2.12

2.06

2.31

2.24

2.12

2.06

2.31

Yield

- g / t

/ - oz / t

0.65

0.55

0.67

0.82

0.019

0.016

0.020

0.024

Gold placed

- kg

/ - oz (000)

3,027

2,474

11,484

10,156

369

327

Gold produced

- kg

/ - oz (000)

2,374

2,065

8,830

6,998

283

225

Gold sold

- kg

/ - oz (000)

2,303

2,065

8,758

6,998

282

225

Price received

- R / kg

/ - $ / oz

- sold

70,600

86,295

82,238

111,779

328

363

340

335

Total cash costs

- R / kg

/ - $ / oz

- produced

43,794

51,696

47,992

62,509

203

217

199

187

Total production costs

- R / kg

/ - $ / oz

- produced

66,764

75,156

74,864

103,042

310

315

310

306

PRODUCTIVITY PER EMPLOYEE
Target

- g

/ - oz

3,659

3,281

2,895

2,593

117.63

105.49

93.07

83.38

Actual

- g

/ - oz

2,458

2,080

2,261

1,856

79.03

66.87

72.68

59.68

FINANCIAL RESULTS (MILLION)
Gold income

158

163

697

770

Cost of sales

159

156

661

720

Cash operating costs

138

148

569

617

Other cash costs

Total cash costs

141

152

587

638

Rehabilitation and other non-cash costs

(9)

(16)

(41)

(103)

(1)

(2)

(5)

(10)

Production costs

132

136

546

535

Amortisation of mining assets

278

386

Inventory change

(37)

(45)

(163)

(201)

(5)

(6)

(22)

(19)

(1)

Realised non-hedge derivatives

Adjusted operating profit

Capital expenditure

181

706

ANGLOGOLD QUARTERLY REPORT DECEMBER 2003 - WWW.ANGLOGOLD.COM

Tonnes / Tons placed onto leach pad.

Gold placed / tonnes (tons) placed.

Gold placed into leach pad inventory.

Total cash cost calculation includes inventory change.

NORTH AMERICA REGION

Quarter ended

Year ended

Quarter ended

Year ended

December

September

December

September

December

2003

2002

2003

2002

Rand / Metric

Dollar / Imperial

JERRITT CANYON J.V. - Attributable 70%
OPERATING RESULTS
UNDERGROUND OPERATION
Mined

- 000 tonnes / - 000 tons

479

938

528

1,034

Treated

- 000 tonnes / - 000 tons

463

932

511

1,027

Yield

- g / t

/ - oz / t

7.15

7.91

0.209

0.231

Gold in ore

- kg

/ - oz (000)

3,422

7,942

110

255

Gold produced

- kg

/ - oz (000)

3,311

7,373

107

237

Gold sold

- kg

/ - oz (000)

3,311

7,365

106

237

Price received

- R / kg

/ - $ / oz

- sold

86,625

112,248

336

334

Total cash costs

- R / kg

/ - $ / oz

- produced

69,686

84,466

270

249

Total production costs

- R / kg

/ - $ / oz

- produced

94,657

117,503

366

348

PRODUCTIVITY PER EMPLOYEE
Target

- g

/ - oz

2,015

2,369

64.78

76.16

Actual

- g

/ - oz

1,899

2,110

61.07

67.85

FINANCIAL RESULTS (MILLION)
Gold income

284

812

Cost of sales

322

857

Cash operating costs

229

619

Other cash costs

Total cash costs

231

622

Rehabilitation and other non-cash costs

Production costs

236

638

Amortisation of mining assets

228

Inventory change

(9)

(1)

(39)

(45)

(5)

(4)

Realised non-hedge derivatives

Adjusted operating profit

(36)

(31)

(5)

(3)

Capital expenditure

ANGLOGOLD QUARTERLY REPORT DECEMBER 2003 - WWW.ANGLOGOLD.COM

SOUTH AMERICA REGION

Quarter ended

Year ended

Quarter ended

Year ended

December

September

December

September

December

2003

2002

2003

2002

Rand / Metric

Dollar / Imperial

CERRO VANGUARDIA - Attributable 92.50%

OPERATING RESULTS
OPEN-PIT OPERATION
Mined

- 000 tonnes / - 000 tons

4,401

4,199

15,958

8,946

4,851

4,628

17,591

9,861

Treated

- 000 tonnes / - 000 tons

250

213

910

586

276

235

1,003

646

Stripping ratio

- t (mined total - mined ore) / t mined ore

18.79

19.69

18.49

13.87

18.79

19.69

18.49

13.87

Yield

- g / t

/ - oz / t

7.25

6.05

7.15

9.49

0.212

0.176

0.208

0.277

Gold in ore

- kg

/ - oz (000)

1,902

1,353

6,783

5,757

218

185

Gold produced

- kg

/ - oz (000)

1,814

1,291

6,501

5,561

209

179

Gold sold

- kg

/ - oz (000)

1,652

1,292

6,443

5,675

207

182

Price received

- R / kg

/ - $ / oz

- sold

77,824

76,188

82,771

106,816

359

320

340

323

Total cash costs

- R / kg

/ - $ / oz

- produced

29,971

41,121

34,630

34,384

138

173

143

104

Total production costs

- R / kg

/ - $ / oz

- produced

57,735

72,220

63,100

67,362

267

303

261

203

PRODUCTIVITY PER EMPLOYEE
Target

- g

/ - oz

1,762

1,664

1,674

1,984

56.66

53.51

53.81

63.80

Actual

- g

/ - oz

1,134

853

1,077

1,640

36.47

27.44

34.63

52.73

FINANCIAL RESULTS (MILLION)
Gold income

131

103

556

639

Cost of sales

398

388

Cash operating costs

179

146

Other cash costs

Total cash costs

225

191

Rehabilitation and other non-cash costs

Production costs

230

198

Amortisation of mining assets

180

177

Inventory change

(9)

(1)

(12)

(1)

(2)

158

251

Realised non-hedge derivatives

Adjusted operating profit

176

271

Capital expenditure

ANGLOGOLD QUARTERLY REPORT DECEMBER 2003 - WWW.ANGLOGOLD.COM

Effective July 2002 (previously 46.25%)

SOUTH AMERICA REGION

Quarter ended

Year ended

Quarter ended

Year ended

December

September

December

September

December

2003

2002

2003

2002

Rand / Metric

Dollar / Imperial

MORRO VELHO
OPERATING RESULTS
UNDERGROUND OPERATION
Mined

- 000 tonnes / - 000 tons

203

222

879

839

224

245

969

925

Treated

- 000 tonnes / - 000 tons

200

222

875

838

221

245

964

925

Yield

- g / t

/ - oz / t

8.00

7.22

7.12

0.233

0.210

0.211

0.208

Gold in ore

- kg

/ - oz (000)

1,723

6,797

6,462

219

208

Gold produced

- kg

/ - oz (000)

1,603

1,604

6,313

5,975

203

192

SURFACE AND DUMP RECLAMATION
Treated

- 000 tonnes / - 000 tons

Yield

- g / t

/ - oz / t

2.14

1.90

1.99

0.063

0.055

0.058

Gold produced

- kg

/ - oz (000)

OPEN-PIT OPERATION
Mined

- 000 tonnes / - 000 tons

781

1,305

3,975

1,644

861

1,438

4,382

1,812

Treated

- 000 tonnes / - 000 tons

179

112

197

123

Stripping ratio

- t (mined total - mined ore) / t mined ore

12.00

32.34

21.51

14.87

12.00

32.34

21.51

14.87

Yield

- g / t

/ - oz / t

4.28

4.92

3.94

3.61

0.125

0.143

0.115

0.105

Gold in ore

- kg

/ - oz (000)

302

198

793

406

Gold produced

- kg

/ - oz (000)

267

173

705

405

TOTAL
Yield

- g / t

/ - oz / t

6.87

6.48

6.66

6.71

0.200

0.189

0.194

0.196

Gold produced

- kg

/ - oz (000)

1,899

1,822

7,092

6,380

228

205

Gold sold

- kg

/ - oz (000)

1,922

1,777

7,151

6,365

230

205

Price received

- R / kg

/ - $ / oz

- sold

73,918

84,812

86,794

112,439

341

355

358

334

Total cash costs

- R / kg

/ - $ / oz

- produced

31,247

34,827

33,866

44,273

144

146

141

131

Total production costs

- R / kg

/ - $ / oz

- produced

44,411

48,029

48,082

65,056

205

202

199

193

PRODUCTIVITY PER EMPLOYEE
Target

- g

/ - oz

505

469

449

368

16.23

15.09

14.44

11.85

Actual

- g

/ - oz

523

469

461

434

16.83

15.09

14.82

13.94

FINANCIAL RESULTS (MILLION)
Gold income

152

149

610

701

Cost of sales

339

415

Cash operating costs

234

276

Other cash costs

Total cash costs

240

283

Rehabilitation and other non-cash costs

Production costs

250

288

Amortisation of mining assets

127

Inventory change

(1)

(3)

(2)

271

286

Realised non-hedge derivatives

(2)

Adjusted operating profit

289

300

Capital expenditure

ANGLOGOLD QUARTERLY REPORT DECEMBER 2003 - WWW.ANGLOGOLD.COM

192

173

SOUTH AMERICA REGION

Quarter ended

Year ended

Quarter ended

Year ended

December

September

December

September

December

2003

2002

2003

2002

Rand / Metric

Dollar / Imperial

SERRA GRANDE - Attributable 50%
OPERATING RESULTS
UNDERGROUND OPERATION
Mined

- 000 tonnes / - 000 tons

374

369

104

412

407

Treated

- 000 tonnes / - 000 tons

374

371

100

105

412

409

Yield

- g / t

/ - oz / t

7.80

7.89

7.88

7.84

0.228

0.230

0.229

Gold in ore

- kg

/ - oz (000)

744

765

3,054

3,036

Gold produced

- kg

/ - oz (000)

708

753

2,947

2,913

Gold sold

- kg

/ - oz (000)

761

697

2,939

2,988

Price received

- R / kg

/ - $ / oz

- sold

73,617

84,284

86,757

112,928

340

354

357

334

Total cash costs

- R / kg

/ - $ / oz

- produced

28,362

26,026

26,241

33,967

131

109

100

Total production costs

- R / kg

/ - $ / oz

- produced

38,570

38,624

39,323

53,584

178

162

163

158

PRODUCTIVITY PER EMPLOYEE
Target

- g

/ - oz

825

900

874

879

26.53

28.92

28.08

28.25

Actual

- g

/ - oz

863

939

926

932

27.74

30.19

29.77

29.97

FINANCIAL RESULTS (MILLION)
Gold income

252

329

Cost of sales

115

161

Cash operating costs

Other cash costs

Total cash costs

Rehabilitation and other non-cash costs

(1)

Production costs

100

Amortisation of mining assets

Inventory change

(3)

(1)

137

168

Realised non-hedge derivatives

(1)

Adjusted operating profit

140

176

ANGLOGOLD QUARTERLY REPORT DECEMBER 2003 - WWW.ANGLOGOLD.COM

Capital expenditure

AUSTRALIA REGION

Quarter ended

Year ended

Quarter ended

Year ended

December

September

December

September

December

2003

2002

2003

2002

Rand / Metric

Dollar / Imperial

SUNRISE DAM
OPERATING RESULTS
OPEN-PIT OPERATION
Volume mined

- 000 bcm

/ - 000 bcy

5,027

6,186

20,500

14,703

6,575

8,092

26,815

19,232

Treated

- 000 tonnes / - 000 tons

952

889

3,564

3,407

1,049

980

3,929

3,756

Stripping ratio

- t (mined total - mined ore) / t mined ore

14.78

18.81

15.92

10.22

14.78

18.81

15.92

10.22

Yield

- g / t

/ - oz / t

3.03

2.98

3.12

3.49

0.089

0.087

0.091

0.102

Gold produced

- kg

/ - oz (000)

2,889

2,652

11,122

11,892

358

382

Gold sold

- kg

/ - oz (000)

2,862

2,640

11,084

11,887

357

382

Price received

- R / kg

/ - $ / oz

- sold

91,460

84,662

91,894

104,062

425

357

381

310

Total cash costs

- R / kg

/ - $ / oz

- produced

49,767

57,704

55,073

59,451

230

242

228

177

Total production costs

- R / kg

/ - $ / oz

- produced

65,980

73,029

71,196

76,271

305

307

295

227

PRODUCTIVITY PER EMPLOYEE
Target

- g

/ - oz

3,045

3,271

3,109

1,933

97.89

105.16

99.96

62.14

Actual

- g

/ - oz

2,895

2,889

2,937

3,136

93.07

92.90

94.42

100.83

FINANCIAL RESULTS (MILLION)
Gold income

240

220

981

1,228

131

118

Cost of sales

183

201

801

886

107

Cash operating costs

137

147

588

676

Other cash costs

Total cash costs

143

153

613

707

Rehabilitation and other non-cash costs

Production costs

145

155

620

714

Amortisation of mining assets

172

193

Inventory change

(7)

(21)

(1)

180

342

Realised non-hedge derivatives

Adjusted operating profit

217

351

ANGLOGOLD QUARTERLY REPORT DECEMBER 2003 - WWW.ANGLOGOLD.COM

Capital expenditure

148

258

AUSTRALIA REGION

Quarter ended

Year ended

Quarter ended

Year ended

December

September

December

September

December

2003

2002

2003

2002

Rand / Metric

Dollar / Imperial

UNION REEFS
OPERATING RESULTS
OPEN-PIT OPERATION
Volume mined

- 000 bcm

/ - 000 bcy

1,387

3,024

1,814

3,955

Treated

- 000 tonnes / - 000 tons

680

2,048

2,707

750

2,258

2,984

Stripping ratio

- t (mined total - mined ore) / t mined ore

1.99

5.27

3.24

1.99

5.27

3.24

Yield

- g / t

/ - oz / t

7.71

1.02

1.12

1.36

0.225

0.030

0.033

0.040

Gold produced

- kg

/ - oz (000)

146

693

2,303

3,680

118

Gold sold

- kg

/ - oz (000)

136

708

2,313

3,666

118

Price received

- R / kg

/ - $ / oz

- sold

73,922

85,601

90,321

102,875

335

360

362

306

Total cash costs

- R / kg

/ - $ / oz

- produced

39,413

57,143

68,358

75,630

179

240

272

224

Total production costs

- R / kg

/ - $ / oz

- produced

39,470

57,172

71,320

92,248

179

240

283

273

PRODUCTIVITY PER EMPLOYEE
Target

- g

/ - oz

432

2,809

2,269

1,978

13.89

90.30

72.96

63.59

Actual

- g

/ - oz

905

2,151

1,572

1,928

29.10

69.15

50.54

61.98

FINANCIAL RESULTS (MILLION)
Gold income

206

378

Cost of sales

178

341

Cash operating costs

158

279

Other cash costs

Total cash costs

158

279

Rehabilitation and other non-cash costs

Production costs

163

303

Amortisation of mining assets

Inventory change

Realised non-hedge derivatives

(1)

Adjusted operating profit

Capital expenditure

ANGLOGOLD QUARTERLY REPORT DECEMBER 2003 - WWW.ANGLOGOLD.COM

AngloGold Limited
Registration No. 1944/017354/06
Incorporated in the Republic of South Africa
ISIN: ZAE000043485
Share codes:

JSE: ANG
LSE: 79 LK
NYSE: AU
ASX: AGG
Euronext Paris: VA
Euronext Brussels: ANG BB

JSE Sponsor: UBS

Auditors: Ernst & Young

Contacts
South Africa
Steve Lenahan
Telephone: +27 11 637 6248
Fax: +27 11 637 6400
E-mail: slenahan@anglogold.com

Peta Baldwin
Telephone: +27 11 637 6647
Fax: +27 11 637 6399
E-mail: pbaldwin@anglogold.com

Europe/Asia
Tomasz Nadrowski
Telephone: +1 212 750 7999
Fax: +1 212 750 5626
E-mail: tnadrowski@anglogold.com

United States of America
Charles Carter
Telephone: (800) 417 9255 (toll free in USA
and Canada) or +1 212 750 7999
Fax: +1 212 750 5626
E-mail: cecarter@anglogold.com

Australia
Andrea Maxey
Telephone: + 61 8 9425 4604
Fax: + 61 8 9425 4662
E-mail: amaxey@anglogold.com.au

General E-mail enquiries
investors@anglogold.com

AngloGold website
http://www.anglogold.com

Directors
Executive
R M Godsell (Chief Executive Officer)
J G Best
D L Hodgson
K H Williams

Non-Executive
R P Edey* (Chairman)
Dr T J Motlatsi (Deputy Chairman)
F B Arisman

Mrs E le R Bradley
C B Brayshaw
A W Lea (Alternate: P G Whitcutt)
W A Nairn (Alternate: A H Calver*)
J Ogilvie Thompson (Alternate: D D Barber)
N F Oppenheimer
A J Trahar

* British

ANGLOGOLD QUARTERLY REPORT DECEMBER 2003 - WWW.ANGLOGOLD.COM

American

Offices
Registered and Corporate
Managing Secretary
Ms Y Z Simelane

Company Secretary
C R Bull

11 Diagonal Street
Johannesburg 2001
(PO Box 62117, Marshalltown 2107)
South Africa
Telephone: +27 11 637 6000
Fax: +27 11 637 6624

Australia
Level 13, St Martins Tower
44 St George's Terrace
Perth, WA 6000
(PO Box Z5046, Perth WA 6831)
Australia
Telephone: +61 8 9425 4604
Fax: +61 8 9425 4662

United Kingdom Secretaries
St James's Corporate Services Limited
6 St James's Place
London SW1A 1NP
England
Telephone: +44 20 7499 3916
Fax: +44 20 7491 1989

Share Registrars
South Africa
Computershare Limited
Ground Floor, 70 Marshall Street
Johannesburg 2001
(PO Box 61051, Marshalltown 2107)
South Africa
Telephone: +27 11 370 7700
Fax: +27 11 688 7722

United Kingdom
Computershare Investor Services PLC
PO Box 82
The Pavilions
Bridgwater Road
Bristol BS99 7NH
England
Telephone: +44 870 702 0001
Fax: +44 870 703 6119

Australia
Computershare Investor Services Pty Limited
Level 2, 45 St George's Terrace
Perth, WA 6000
(GPO Box D182 Perth, WA 6840)
Australia
Telephone: +61 8 9323 2000
Telephone: 1300 55 7010 (in Australia)
Fax: +61 8 9323 2033

ADR Depositary
The Bank of New York
101 Barclay Street
22nd Floor
New York, NY 10286
United States of America
Telephone: +1 888 269 2377
Fax: +1 212 571 3050/3052

Global BuyDIRECT

The Bank of New York maintains a direct
share purchase and dividend reinvestment
plan for AngloGold. For additional
information, please visit The Bank of New
York's website at www.globalbuydirect.com
or call Shareholder Relations Department at
1-888-BNY-ADRS or write to:
The Bank of New York
Church Street Station
PO Box 11258
New York, NY 10286-1258
United States of America
Fax: +1 302 738 7210

Administrative

information

Certain statements contained in this document, including, without limitation, those concerning the letter from the Chairman and CEO, the economic outlook for the gold
mining industry, expectations regarding gold prices and production, the completion and commencement of commercial operations of certain of AngloGold's exploration
and production projects, and its liquidity and capital resources and expenditure, contain certain forward-looking statements regarding AngloGold's operations, economic
performance and financial condition. Although AngloGold believes that the expectations reflected in such forward-looking statements are reasonable, no assurance can
be given that such expectations will prove to have been correct. Accordingly, results could differ materially from those set out in the forward-looking statements as a
result of, among other factors, changes in economic and market conditions, success of business and operating initiatives, changes in the regulatory environment and
other government actions, fluctuations in gold prices and exchange rates, and business and operational risk management. For a discussion on such risk factors, refer
to the annual report on Form 20-F for the year ended 31 December 2002, which was filed with the Securities and Exchange Commission on 7 April 2003.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has

duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

AngloGold Limited

Date:

30 JANUARY 2004 By: /s/ C R B

ULL

Name: C R Bull
Title: Company Secretary