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

15 MARCH 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:

AngloGold 2003 Annual Report prepared in accordance with International

Financial Reporting Standards (IFRS)

annual financial statements

2003

Mission, values &
business principles

ethics & governance

labour practices

community

environment

occupational safety health

HIV/AIDS

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The Global Reporting Initiative is a standard developed to
create a global measure for social responsibility reporting

A letter from CEO,
Bobby Godsell

Economic performance

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South Africa

East and West Africa

Australia

South America

North America

Corporate profile

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2003

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The Annual Financial Statements and Report to Society - comprehensive,
focused disclosure

The Annual Financial Statements (AFS) cover AngloGold's operating and financial results for the year 2003. However, in order to ensure a comprehensive perspective of all aspects of the company, in addition to the AFS, AngloGold has this year produced a web-based Report to Society. This report seeks to explain and assess the economic, social and environmental responsibilities and performance obligations the company believes it has with regard to its stakeholders, who include our shareholders, our employees, their families, employee representatives, the communities in which we operate and government. We seek to measure our performance in these areas against our business principles, goals and objectives, which are to run a business that is profitable; manage workplaces that are safe and healthy; ensure that the environments in which we operate are ecologically sound and sustainable, and ensure that communities within which we operate are better off for AngloGold being there.

Efforts have been made to report on a wide range of issues from a number of operations around the world. There has, however, been a bias in reporting on the South African operations because that is where the majority of AngloGold's employees are based and where the most material impact on society has historically registered.

The Report to Society, including the AFS, is available on the AngloGold website at www.anglogold.com, on a CD or in a printed version from the contacts listed on the inside back cover of the report.

Using the Report to Society

Key features - 2003

Gold production down by 5% to 5.62Moz, as anticipated

Average Dollar gold spot price 17% higher at $363/oz, but 16% lower

in Rand terms at R88,058/kg

Total cash costs rise 42% to $229/oz with strengthening local currencies

Adjusted headline earnings down by 23% to $282 million

Total dividend for the year of R7.10 per share, or $1.01 per ADS

Ore Reserves down 15% to 63Moz and Mineral Resources 26% lower

at 213Moz at the end of December 2003, due to production depletion

and changes to mine planning parameters.

Certain forward-looking statements

Certain statements contained in this document including, without limitation, those concerning 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 action, fluctuations in gold prices and exchange rates, and business and operational risk management. For a discussion of such factors, refer to the annual report on Form 20-F for the year ended 31 December 2003, which was filed with the Securities and Exchange Commission on or about 15 March 2004.

Key features - 2003

Throughout this document, $ refers to US Dollars, unless otherwise stated.
For other abbreviations see glossary of terms on page 149.

2003

2002

Average for year

Closing rate

Average for year

Closing rate

R/$

7.5516

6.6679

10.4835

8.5775

A$/$

1.5406

1.3275

1.8383

1.7873

AngloGold Limited - Annual financial statements 2003

Corporate profile

In 2003, AngloGold produced 5.62Moz of gold from its 19 operations in eight countries.

AngloGold is listed on securities exchanges in Johannesburg (ANG), New York (AU) and Australia (AGG), as well as on the London Stock Exchange (AGD), Euronext Paris (VA) and Euronext Brussels (ANG BB).

In the event that the merger with Ashanti Goldfields is approved, the transaction is likely to be completed during April 2004. In this event, the enlarged company will combine Ashanti's exceptional orebodies, operating experience and world- class management with the deep-level underground experience and financial strength of AngloGold. The result will be AngloGold Ashanti - a world-class, global gold company with its origins and a substantial portion of its asset base and future growth potential in Africa.

Brazil

Argentina

Serra Grande

Cerro Vanguardia

Morro Velho

USA

Cripple Creek

& Victor

Mali

Tanzania

Namibia

Geita

Sadiola

Yatela

Morila

Navachab

SA operations

South Africa

Boddington

Australia

AngloGold

Ashanti Goldfields

Guinea

Siguiri

Ghana

Obuasi

Iduapriem/Terebie

Bibiani

Sunrise Dam

Zimbabwe

Freda Rebecca

Contents

Letter from the Chairman and Chief Executive

One-year forecast - 2004

Group value-added statement

Review of the gold market

Financial review

Summarised group financial and operating
results

Review of operations

Introduction

South Africa

East and West Africa

South America

Australia

North America

Summary review of operations

Exploration

Mineral Resources and Ore Reserves

Directors and executive management

Directors' approval

Secretary's certificate

Report of the independent auditors

Corporate governance

Remuneration report

Directors' report

Group financial statements

122

Company financial statements

141

US GAAP condensed consolidated financial statements

148

Investment in principal subsidiaries and joint venture interests

149

Glossary of terms

152

Shareholders' information

156

Directorate and administration

Inside back cover - Contact information

"In 2003, AngloGold produced 5.62Moz of gold from its 19 operations in eight countries".

Contents

Dear Shareholder

The planned merger of AngloGold with Ghana's Ashanti Goldfields, which is expected to be concluded during April 2004, has been the most significant recent strategic event for AngloGold. The merger will bring together AngloGold's technical and financial strength and Ashanti's substantial ore reserves, making possible the development of the Obuasi Deeps project - one of the most prospective gold orebodies in the world - and extending Obuasi's life by some 20 years.

In 2003, AngloGold's performance was affected by a combination of stronger local currencies in most of the company's operating regions, as well as lower ore grades in several operations. As anticipated, gold production declined by 5% to 5.62Moz, as a result of the lower grades at Morila, following the extraordinary but unsustainable production levels of 2002, and at Great Noligwa. In addition AngloGold sold its stake in Jerritt Canyon in Nevada.

Total cash costs across the company were $68/oz higher, at $229/oz, mainly as a result of translating local currency costs to US Dollars at a significantly lower Dollar exchange rate. Adjusted headline earnings in 2003 were 23% lower than those for the previous year, at $282 million, or 127 US cents per share.

In January we announced that AngloGold would pay a final dividend for the year of $0.50 per ADS, giving a total dividend for the year of $1.01 per ADS, thus continuing AngloGold's practice of paying to shareholders a high proportion of the company's earnings after providing for long-term growth.

The average spot price for gold in 2003, at $363/oz, was 17% higher than the average for 2002 and AngloGold

received the full spot price for the year on its gold sales. Against this background, AngloGold's net delta hedge position of 8.59Moz was 16% lower at the end of 2003 than it had been a year previously, illustrating the company's continued faith in the strength of the gold price.

Mine safety performance in South Africa for the year 2003 was disappointing, after a 14% improvement in the lost time injury frequency rate (LTIFR) during the previous year. The LTIFR for 2003 for the South African operations increased by 4% and the fatal injury frequency rate (FIFR) was unchanged. However, FIFR in the second half of 2003 improved by 40% compared with the first half of the year. If we can continue this trend, a step change in our safety performance seems possible.

On the subject of expansion, the company has a number of major, well advanced capital projects in South Africa: at Mponeng, Moab Khotsong and two at TauTona, which will yield some 12Moz of gold over their lives, while future capital projects could add a further 7.5Moz. Potential growth projects elsewhere include the Cuiaba Expansion in Brazil, and the Sunrise Dam underground project and Boddington mine in Australia, which together could add a further 7Moz of attributable gold production.

In February this year, AngloGold successfully launched a convertible bond, raising $1 billion. The five-year bond, which carries a 2.375% coupon, has a conversion premium of 60% on the current share price. The proceeds of the offering will be used to replace existing debt of the greater group, including Ashanti (assuming that the merger is completed). This was one of the most successful public offerings ever by a South African company and illustrates AngloGold's capacity to raise

"The combination of AngloGold and Ashanti will form a company which is likely to cement Africa's leading position in the global gold industry."

AngloGold Limited - Annual financial statements 2003

Letter from the Chairman and Chief Executive

Russell Edey, Chairman

Bobby Godsell, Chief Executive Officer

Letter from Chairman and Chief Executive

money at very competitive rates, effectively reducing its cost of capital and ensuring that the growth projects, which the cash will be used to fund, will bring enhanced value to shareholders.

On AngloGold's South African mines, progress continues to be made with the company's campaign to effectively manage HIV and AIDS. More than 3,000 voluntary counselling and testing (VCT) sessions were conducted by trained counsellors during 2003, almost double the number recorded in 2002 and some 3,000 employees registered with the AngloGold Wellness programme during 2003. The full-scale roll-out of the company's anti- retroviral therapy (ART) programme began in 2003, and by the end of the year, some 530 employees had begun the treatment. Most patients receiving ART have returned to work.

Looking forward to the rest of 2004, and assuming the conclusion of the merger with Ashanti in April, production from the enlarged group is expected to be around 6.47Moz. Assuming an average exchange rate of R7.00 to the Dollar, AngloGold is expecting total cash costs to rise to $243/oz, with earnings being largely dependent on exchange rates and the gold price. Capital expenditure is expected to increase to $596 million.

We expect the gold price to continue to be supported by positive investment sentiment and by the weak Dollar, but we are concerned about the negative trend evident in the last few years in the fall in demand for gold in jewellery. In the light of this, we intend to continue and, indeed to expand our efforts to re-invigorate all aspects of the gold jewellery value chain.

Finally, we must note that Julian Ogilvie Thompson and Nicky Oppenheimer, both founding members of the Board, have indicated that they will not be standing for re- election to the Board at the forthcoming AGM. We take this opportunity to record our sincere appreciation to both of them for their immense contribution to AngloGold since its formation.

Russell Edey

Bobby Godsell

Chairman

Chief Executive Officer

100

150

200

1999

2000

2001

2002

2003

2,000

4,000

6,000

8,000

1999

2000

2001

2002

2003

Gold produced (000oz)

Dividend declared per ordinary share (US cents)

East &

South

West

South North

Total

Merged

Africa

America

Australia

America

AngloGold

Ashanti

group

(1)

Gold
Underground operations
Metric tonnes milled

- 000

10,873

1,207

193

12,273

4,707

16,980

Yield

- g/t 8.15

7.22

3.49

7.98

3.45

6.73

Produced

- oz 000

2,848

280

3,150

522

3,672

Productivity
g/employee

249 -

1,199

630

269

246

265

Surface and dump reclamation
Metric tonnes treated

- 000

33,753

1,740

35,493

Yield

- g/t 0.25

0.25

0.64

0.27

Produced

- oz 000

270

306

Open-pit operations
Metric tonnes mined

- 000

50,621

18,728

40,275

109,024

65,980

175,004

Stripping ratio

(2)

- 5.79

18.65

11.10

8.31

4.30

6.27

Metric tonnes treated

- 000

8,064

1,050

3,271

12,385

10,102

22,487

Yield

- g/t -

3.15

6.29

3.65

3.55

1.67

2.70

Produced

- oz 000

816

212

383

1,411

543

1,954

Heap leach operations
Metric tonnes mined

- 000

10,140

3,172

52,617

65,929

3,689

69,618

Metric tonnes placed

(3)

- 000 -

1,227

179

18,144

19,550

2,196

21,746

Stripping ratio

(2)

- 7.92

16.70

1.90

2.39

1.20

2.37

Gold placed

(4)

- kg

- 3,448

726

11,634

15,808

1,738

17,546

Yield

(5)

- g/t -

2.81

4.05

0.64

0.81

0.79

0.81

Produced

- oz 000

274

349

485

541

Total gold produced

- oz 000

3,118

927

517

405

349

5,316

1,157

6,473

Total cash costs

- $/oz produced

274

202

155

246

210

245

233

243

Capital expenditure

- $m

298

477

119

596

Rand/US Dollar average
exchange rate

7.00

(1)

The merged group in the event of the Ashanti transaction being successfully concluded, with effect April 2004.

(2)

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

(3)

Tonnes placed onto leach pad.

(4)

Gold placed into leach pad inventory.

(5)

Gold placed/tonnes placed.

AngloGold Limited - Annual financial statements 2003

One-year forecast - 2004

for the year ended 31 December 2003

Employees (44%)

State for taxes (10%)

Other (3%)

Providers of capital (19%)

Re-invested in

the group (24%)

Employees (35%)

State for taxes (13%)

Other (1%)

Providers of capital (29%)

Re-invested in

the group (22%)

2002 Distribution of wealth

2003 Distribution of wealth

Group value-added statement

for the year ended 31 December 2003

Figures in million

Notes

(1)

2003

2002

US Dollars

Value added

Gold income

2 and 3

2,029

1,761

Less: Purchases of goods and services in order to
operate mines and produce refined metal, including
market development costs net of other income

(767)

(611)

Value-added by operations

1,262

1,150

Non-hedge derivatives

119

Marked-to-market of debt financial instruments

Profit on disposal of investments

Profit on disposal of assets and subsidiaries

Income from investments and interest received

Total value added

100

1,486

100

1,285

Value distributed

Employees
Salaries, wages and other benefits

(2)

660

443

Government

142

165

- Current taxation

177

- Deferred taxation

(1)

(12)

Providers of capital
- Finance costs

- Dividends declared

224

325

- Minorities

Other
- Impairment of mining assets

- Loss on disposal of assets and subsidiaries

Total value distributed

1,137

1,005

Re-invested in the group

- Amortisation and depreciation

4, 17, 18 and 19

261

273

- Retained income

100

1,486

100

1,285

(1)

Refer to the notes on the group financial statements on pages 82 to 121.

(2)

Year-on-year movement mainly attributable to stronger Rand/Dollar exchange rate.

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 of $363/oz for 2003 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 anticipation of further declines in the value of the US Dollar. These same circumstances have also pushed up the prices of base metals and other commodities. The last quarter of the year again saw higher levels of derivatives in gold 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.

Investment

Investor and speculator interest in gold remained on the rise throughout most of 2003, reflected particularly in the buying on 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 was the launch by the World Gold Council (WGC) of the Gold Bullion Securities (GBS) product on the London Stock Exchange in the last quarter of the year. 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. The WGC continues to work on similar products to offer to investors in other important financial markets elsewhere. This GBS product very quickly took in purchases amounting to 25t of bullion, and has since established two-way liquidity in the London market.

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 2003alone 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 retracing in mid-January 2004, some recovery in seasonal buying might still occur in that market. However, many other gold jewellery markets also declined in this period.

Lower levels of producer de-hedging added to the lower 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 slightly higher than 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 reaction in the markets to this level of selling.

20,000

19,000

18,000

17,000

16,000

15,000

14,000

Jan Feb Mar

Apr May Jun

Jul

Aug

Sep

Oct

Nov

Dec

Jan

INR/oz

J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J
01

US$/R

Rupee gold

US$/Rand exchange rate

AngloGold Limited - Annual financial statements 2003

Review of the gold market

$ Gold price and $/Euro indexed: 2003

130

120

110

100

Jan Feb Mar

Apr May Jun

Jul

Aug

Sep

Oct

Nov

Dec

Jan

Index

US$/Euro

US$ Gold

Review of the gold market

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 signatories to this Agreement will follow the precedent of the orderly and responsible behaviour of these banks over the past four years.

Currency

Whilst all the evidence points to a strong recovery in the United States 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 USA, 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 2004, 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 R1 or 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. 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 peak 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 $664 million. The company continues to manage its hedge positions actively, and to reduce overall levels of forward pricing on gold.

"The primary mover in gold continues to be strong speculator and investor interest."

AngloGold Limited - Annual financial statements 2003

Financial review

AngloGold reports reasonable performance for the year 2003, despite having been affected by lower grade ore in several of the regions.

Results for the year

Adjusted headline earnings decreased by 23% to $282 million or 127 US cps, from $368 million or 166 US cps in 2002.

Return on net capital employed decreased from 17% to 11%.

Return on equity decreased from 21% to 12%.

Gold production was 5% lower at 5.62Moz.

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

A final dividend of R3.35 per share or $0.50 per share was declared, resulting in a total dividend of R7.10 or $1.01 per ADS.

Exchange rates

The average exchange rate for the year ended 31 December 2003 was R7.55:US$1 compared with R10.48:US$1 in 2002. The average Australian Dollar rate for 2003 was A$1.54:US$1; in 2002 it was A$1.84:US$1.

Gold production

AngloGold's gold production, although 5% lower at 5.62Moz, was in line with planned levels and can be analysed as follows:

Production from operations located in South Africa decreased by 4% to 3.28Moz in 2003 from 3.41Moz produced in 2002. This is attributable to lower grades at Great Noligwa, lower volumes at Savuka and a dwindling reserve tonnage base at Ergo.

Gold production in the East and West Africa region decreased by 10% to 0.98Moz in 2003, from 1.09Moz in 2002. This was primarily owing to the drop in grade at Morila.

South America's production rose by 54,000oz to 0.53Moz in 2003. This 11% increase is explained by the additional 46.25% interest acquired in the Cerro Vanguardia mine in Argentina in July 2002, as well as by increased production at the Corrego do Sitio mine at Morro Velho in Brazil.

The Australian operations produced 0.43Moz of gold during 2003, compared with 0.50Moz in 2002. This 14% decrease, amounting to 70,000oz, was caused by the closure of Union Reefs and lower grades at Sunrise Dam mine.

Gold production in the North America region decreased by 16%, or 72,000oz, to 0.39Moz in 2003 from 0.46Moz in 2002. Jerritt Canyon's production was 0.13Moz below that reported in the previous year because of the sale of the mine to Queenstake Resources, which became effective 30 June 2003. Gold production at Cripple Creek & Victor (CC&V) has been below target levels from 2001 to 2003, due to haul truck and crusher commissioning problems and unfavourable leach pad chemistry. All three factors improved in the second half of 2003, and such improvement has continued into the first quarter of 2004. Both the haul truck fleet and the crusher are now meeting production targets. The leach pad pH level was negatively affected by placing alkaline-consuming historic waste dump ore on the leach pad with the insufficient addition of lime in 2001. Lime addition rates were increased substantially and ammonia was added during 2003 to correct the problem. The pH levels returned to within a normal range in the second half of 2003. Production at CC&V, however, was up by 58,000oz to 283,000oz as a result of the expanded processing facilities following the completion of the expansion project towards the end of 2002.

Gold income

The average spot price of $363/oz for the year was 17% higher than the average for 2002. In Rand terms, the average spot price was 16% lower at R88,058/kg. Against this background, AngloGold's net delta hedge position was 16% lower in 2003 at 8.59Moz, illustrating the company's continued faith in the strength of the gold price.

Gold income increased by 15%, rising from $1,761 million in 2002 to $2,029 million in 2003. This was mainly as a result of a $60/oz or 20% increase in the received gold price of $363/oz. This was partly offset by a 5% reduction in gold production to 5.62Moz in 2003.

Cost of sales

Cost of sales rose by 27% from $1,203 million in 2002 to $1,526 million in 2003. This increase was caused by lower grade ore mined and recovered at certain operations and the strengthening of local currencies, relative to the US Dollar, in the countries in which AngloGold operates.

Financial review

Cost of sales, comprising total cash costs, retrenchment and rehabilitation costs, changes in gold inventories and amortisation of mining assets, can be analysed as follows:

- Total cash costs increased to $1,294 million in 2003

from $967 million in 2002 (or from $161/oz to $229/oz), following the reduction in gold produced from 5.94Moz in 2002 to 5.62Moz in 2003. Of the $68/oz increase in total cash costs year-on-year, $47/oz relates to stronger currencies relative to the US Dollar, while lower grades contributed a further $17/oz.

- Retrenchment costs were $4 million in 2003 compared

with $3 million in 2002. The retrenchment costs in 2003 were incurred through the down-sizing at Savuka mine.

- Rehabilitation and other non-cash costs increased by

$1 million from the previous year, while amortisation of mining assets decreased by 5% to $232 million, in line with the lower gold production.

- Inventory increased by $17 million in 2003 compared

with an increase of $24 million in 2002. The unfavourable inventory movement was mainly because of the South African operations capitalising on the available spare capacity during the year-end break.

Operating profit

Operating profit decreased by 4% to $622 million in 2003 from $650 million in 2002. Adjusted operating profit decreased by 12% from $638 million to $559 million. This was mainly owing to lower grade ore in several of the regions and the stronger average Rand/Dollar exchange rate, which were offset by a 20% increase in the received Dollar gold price to $363/oz.

The adjusted operating margin for the AngloGold group was 27% for 2003 and 35% for 2002, while the cash operating margin was 38% in 2003 compared with 48% in 2002. These margins vary from operation to operation as they are dependent on each region's adjusted operating profit, amortisation of mining assets and gold sales, including realised non-hedge derivatives.

Net profit

Net profit of $312 million includes operating profit as well as the following:

Corporate and other administration expenses increased by $11 million on the previous year to $36 million mainly as a result of the strengthening of the Rand/US Dollar exchange rate.

Market development costs amounted to $19 million, of which 55% was spent through the World Gold Council (WGC).

Exploration continued in countries in which AngloGold has operations, namely in Argentina, Australia, Brazil, Tanzania, Mali, Namibia, South Africa and the United States. In addition, exploration was pursued in highly prospective areas: in Alaska, Canada, Mongolia and Peru. Exploration spending for 2003 amounted to $63 million and, of this total, $38 million was expensed in 2003. In 2002, total exploration expenditure was $51 million of which $28 million was expensed.

Interest received increased by $2 million to $38 million, mainly as a result of the higher gold price and improved cash position.

Other net expenses amounted to $21 million for the year and included foreign exchange losses on transactions other than sales ($3 million), post- retirement medical expenses relating to mines sold and a subsidy to address a shortfall in the medical aid ($12 million), additional retirement provisions ($2 million), and the unwinding of the decommissioning obligation ($4 million).

Finance costs increased by $5 million to $49 million, due to the interest payable on the corporate bond. These costs were partly offset by lower LIBOR rates applicable to several of the loans.

Abnormal items include a provision for the post- retirement medical liability ($33 million), partly offset by the reversal of over-provisions in decommissioning and restoration liabilities in South Africa ($14 million).

Goodwill amortised remained fairly constant at $29 million.

Impairment of mining assets in the amount of $44 million was recognised in 2003. The impairment includes various exploration assets in Australia ($9 million), Savuka mine in South Africa ($34 million) and mining equipment in South America ($1 million).

AngloGold Limited - Annual financial statements 2003

Financial review

(continued)

The profit on the disposal of investments includes profits on the disposal of shares in East African Gold Mines ($25 million), Randgold Resources Limited ($17 million) and Queenstake Resources ($3 million).

The taxation charge decreased by $23 million to $142 million in 2003, owing to the reduced earnings for the year, deferred tax credits on losses in South America, a tax break on foreign exchange losses and deferred tax effects an additional medical provisions net of rehabilitation provision reversals.

The minorities' share of earnings increased to $18 million compared with $15 million in 2002. This was due to the increase of minorities in Cerro Vanguardia from 3.75% to 7.5% with effect from July 2002.

Cash flow

Operating activities

Cash generated from operations was derived from profits on ordinary activities before taxation of $472 million as set out in the income statement, adjusted for changes in working capital and non-cash flow items. The most significant non-cash flow item was the amortisation of mining assets of $232 million.

Cash generated from operations of $592 million was increased by interest received of $33 million, but reduced by payments to outside stakeholders for:

- finance costs of $40 million; and

- mining and normal taxes of $102 million.

Net cash inflow from operating activities was $453 million in 2003, 25% lower than the amount of $605 million recorded in 2002. The decrease in net cash inflow from operating activities was mainly the result of a working capital outflow of $71 million and a decline in AngloGold's profitability.

Investing activities

Funds of $453 million generated from operating activities were utilised to grow the group by investing in capital projects amounting to $363 million. Total capital expenditure during 2003 was $92 million or 34% higher than in 2002, and is mainly attributable to the South African operations. Capital expenditure at these operations increased from $112 million in 2002 to $246 million in 2003, mainly due to the development of Moab Khotsong, the deepening project at Mponeng shaft, the acquisition of a portion of the Driefontein mining area from Gold Fields

Limited (adjacent to TauTona, and known as 1C11), and the strengthening of the Rand against the US Dollar.

Capital expenditure decreased in the North America region from $74 million in 2002 to $27 million in 2003, and in the Australia region from $31 million to $21 million. These decreases were mainly because of higher expenditure in 2002 relating to the expansion project at CC&V in North America and at Sunrise Dam in Australia.

The East and West Africa region recorded capital expenditure of $26 million from $27 million in 2002, while capital expenditure in the South America region rose from $27 million in 2002 to $43 million in 2003.

The funds generated from operating activities were further adjusted by $56 million, which was received following the sale of the shares held in Randgold Resources, East African Gold Mines and Queenstake Resources.

The net cash inflow after investment activities amounted to $137 million.

Financing activities

- Net cash used in financing activities decreased by

$260 million to an outflow of $107 million in 2003 ($367 million in 2002).

- This net decrease was the result of the repayment of

$30 million of a $400 million unsecured loan facility, while the balance of loan repayments comprised normal scheduled payments in terms of loan agreements. No further drawings or repayments were made under the $600 million borrowings facility which AngloGold entered into during 2002.

- In addition, on 21 August 2003, AngloGold launched

and priced a senior unsecured fixed rate bond in an aggregate principal amount of $300 million, with semi- annual coupons payable at a rate of 10.5% per annum. The bond will be repayable on 28 August 2008, subject to early redemption at AngloGold's option. The bond is listed on the Bond Exchange of South Africa.

- On 14 October 2002, a new loan facility of A$50 million

was arranged with the Australia and New Zealand Banking Group Limited, at 0.35% over the Bank Bill Swop Reference Rate. During 2003 the facility, originally repayable by September 2003, was extended to September 2004. The undrawn portion of the facility as at 31 December 2003 was A$40 million.

Financial review

- Dividend payments in the amount of $314 million were

made during the year. This compares with a dividend of $260 million in 2002. Dividends were financed from the cash generated from operating activities.

The net result of the operating, investing and financing activities amounted to a net cash inflow of $30 million which, when added to the $9 million cash acquired following the consolidation of Rand Refinery, and an opening balance and translation adjustment, resulted in an amount of $505 million of cash and cash equivalents being on hand at year-end.

Hedging

The company has reduced its hedging contracts by some 1.69Moz during the year. In the light of the continued strength of the gold price and the steady operating performance over the past year, AngloGold has reduced the need for the company to manage revenue through forward pricing. This results in the AngloGold Board encouraging the continued management, restructuring and reduction of the hedge book.

Balance sheet

AngloGold sold its entire 70% interest in the Jerritt Canyon Joint Venture on 30 June 2003. On 27 February 2003, AngloGold and its partner in the Jerritt Canyon Joint Venture announced that they had entered into a purchase and sale agreement with Queenstake Resources USA Inc (Queenstake) for their entire interests in the Jerritt Canyon Joint Venture. In terms of the agreement, Queenstake paid the Jerritt Canyon Joint Venture $1 million in cash and 32 million shares of Queenstake, with $6 million in deferred payments and $4 million in future royalty payments. The transaction closed on 2 July 2003. AngloGold sold its entire interest in Queenstake during November 2003.

Net debt to net capital employed remained constant year-on-year at 20% compared to 19% in 2002, despite increased cash levels with the higher received price of gold, and the stronger Rand/US Dollar closing price of R6.67:US$1 compared with R8.58:US$1 in 2002.

Other issues

In October 2002, the President of South Africa assented to the Mineral and Petroleum Resources Development Act 2002, which had been passed by Parliament in June of that year. It will come into operation in May 2004. Until then the existing regulatory regime for mineral rights will remain in place whereby the holder of mineral rights is entitled to mine on obtaining a mining authorisation from the State of South Africa. AngloGold

owns substantially all the mineral rights for which it holds mining authorisations.

Outlook

AngloGold expects production in 2004 to decrease to around 5.32Moz, following the closure in 2003 by AngloGold of Union Reefs and the sale of its 70% interest in the Jerritt Canyon Joint Venture. (In 2003, Union Reefs and Jerritt Canyon collectively contributed 180,000oz towards AngloGold's total production of 5.62Moz.) The merged group's

(1)

production is

expected to be in the region of 6.47Moz.

AngloGold will implement a change in the accounting treatment of Ore Reserve development expenditure from 1 January 2004. Previously, a portion of this expenditure was expensed in the period that such expenditure was incurred. In line with many major gold producers, AngloGold will capitalise Ore Reserve development expenditure and amortise this over the life of the relevant mining area to which such expenditure applies.

Assuming that the exchange rates (relative to the US Dollar) of the currencies in the countries where AngloGold operates remain at similar levels in 2004 to the average exchange rates achieved in 2003, and allowing for the change in treatment of Ore Reserve development expenditure outlined above, AngloGold anticipates that its total cash costs will increase to $245/oz in 2004 compared with $229/oz in 2003. The merged group's

(1)

total cash costs are expected to be of

the order of $243/oz in 2004. AngloGold expects capital expenditure for 2004 to be $477 million, which is higher than the capital expenditure in 2003 of $363 million (merged group

(1)

: $596 million). This increase is

primarily as a result of the inclusion of Ore Reserve development expenditure.

(1)

The merged group - in the event of the Ashanti transaction being

successfully completed.

Summarised group financial and
operating results

AngloGold Limited - Annual financial statements 2003

US Dollar millions

2003

2002

2001

2000

(1)

1999

(1)

Balance sheet

Assets
Mining assets and goodwill

3,176

2,654 2,446 3,064 3,123

Cash and cash equivalents

505

413 191 195 493

Other assets

1,176

897 662 566 555

Total assets

4,857

3,964 3,299 3,825 4,171

Equity and liabilities
Shareholders' equity and minority interests

1,681

1,483 1,147 1,481 1,892

Borrowings

1,158

926 987

1,156 828

Deferred taxation

598

402 286 553 711

Other liabilities

1,420

1,153 879 635 740

Total equity and liabilities

4,857

3,964 3,299 3,825 4,171

Other financial data

Net capital employed

3,274

2,635 2,385 2,995 2,938

Equity

2,568

2,082 1,559 2,006 2,576

Debt

1,158

926 987

1,156 828

Cash

505

413 191 195 493

Net debt

653

513 796 961 335

Net asset value - US cents per share

730

648

519

679

875

Net tangible asset value - US cents per share

545

480

338

491

771

Financial ratios

Return on net capital

Return on equity

Net debt to net capital employed %

Net debt to equity

(1)

IAS 39 adopted with effect 1 January 2001.

Financial review

US Dollar millions

2003

2002

2001

2000

(1)

1999

(1)

Income statement

Gold income

2,029

1,761 2,041 2,208 2,205

Cost of sales

(1,526

) (1,203) (1,519) (1,740) (1,700)

503

558 522 468 505

Non-hedge derivatives

119

92 (5) - -

Operating profit

622

650 517 468 505

Corporate administration and other expenses

(36)

(25) (22) (33) (36)

Market development costs

(19)

(17) (16) (12) (15)

Exploration costs

(38)

(28) (26) (44) (47)

Interest receivable

36 20 37 72

Other net (expenses) income

(15)

(9) (1) 18 16

Finance costs

(49)

(44) (72)

(69) (53)

Marked-to-market of debt financial instruments

- - - -

Abnormal items

(19)

(10) - - -

Profit before exceptional items

490

553 400 365 442

Exceptional items

(18)

(41) (36) (114) 34

Profit on ordinary activities before taxation

472

512 364 251

476

Taxation

(142

)

(165) (111) (73) (37)

Profit on ordinary activities after taxation

330

347 253 178 439

Minority interest

(18)

(15)

(8) (12) (5)

Net profit

312

332 245 166 434

Other financial data

Adjusted operating profit

559

638 527 468 505

Cash operating profit

791

883 747 685 701

Headline earnings

318

376 281 254 325

Adjusted headline earnings

282

368 286 254 325

Adjusted operating margin

Cash operating margin

EBITDA

659

799 682

608 617

EBITDA margin

Interest cover

times

Earnings per ordinary share (cents)

Basic US

cents

140

150 114 78 221

Diluted US

cents

139

149

114

201

Headline US

cents

143

169 131 119 164

Adjusted headline

US cents

127

166 133 119 164

Dividends declared per ordinary share US cents

101

146 87 91

158

Weighted average number of shares (million)

223

222 214 214 197

Issued shares at year-end (million)

223

223 215 214 213

(1)

IAS 39 adopted with effect 1 January 2001.

Summarised group financial
and operating results

(continued)

AngloGold Limited - Annual financial statements 2003

US Dollar millions

2003

2002

2001

2000

1999

Cash flow statement

Cash flows from operating activities Cash generated from operations

592

758 673 603 588

Net finance costs and other income

(37)

(22) (62) (46) 20

Mining and normal taxation paid

(102)

(131) (111) (104) (101)

Net cash inflow from operating activities

453

605 500 453 507

Cash flows from investing activities Net capital expenditure

(363)

(271) (298) (304) (218)

Net proceeds (acquisition) of mines and subsidiaries

43 109 (348)

(517)

Net proceeds from disposal of investments and other

117 2 5

221

Net loans (repaid) advanced

(15)

12 39 11 15

Net cash outflow from investing activities

(316)

(99) (148) (636) (499)

Cash flows from financing activities Net proceeds from share issues

7 7 (1)

(3)

Net borrowings proceeds (repaid)

197

(114) (138) 261 475

Dividends paid

(314)

(260) (167) (310) (279)

Net cash (outflow) inflow from financing activities

(107)

(367) (298)

(50) 193

Net increase (decrease) in cash and cash equivalents

139 54

(233)

201

Cash in the subsidiary acquired

8 - 3

Translation

(58) (68) (11)

Opening cash and cash equivalents

413

191 195 493 254

Closing cash and cash equivalents

505

413 191 195 493

Other financial data

Free cash flow

305

510 421 308 419

Financial review

Summarised group financial
and operating results

2003

2002

2001

2000

1999

Operating results

Underground operations
Tonnes milled

000

13,047

13,426

17,954

21,293

21,704

Yield

g/t

8.03

8.27

8.20

7.96

8.09

Produced

oz 000

3,367

3,569

4,734

5,451

5,643

Productivity
g/employee

target

236

247

219

209

222

actual

228

238

214

193

186

Surface and dump reclamation
Tonnes treated

000

36,822

38,366

50,355

50,289

54,354

Yield

g/t

0.27

0.30

0.32

0.30

Produced

oz 000

320

365

514

510 520

Open-pit operations
Tonnes mined

000

125,529

97,030

51,667

22,867

20,832

Stripping ratio

(1)

8.95

6.18

6.93

5.22

6.51

Tonnes treated

000

26,884

22,225

15,294

13,332

3,411

Yield

g/t

1.78

2.34

2.99

2.41

4.17

Produced

oz 000

1,542

1,673

1,469

1,034

524

Heap leach operations
Tonnes mined

000

59,507

51,192

34,123

26,253

27,048

Tonnes placed

(2)

000

18,265

13,504

11,748

10,269

10,219

Stripping ratio

(1)

2.60

2.63

1.73

1.59

1.70

Gold placed

(3)

14,782

14,228

10,668

8,002

8,016

Yield

(4)

g/t

0.81

1.05

0.91

0.78

Produced

oz 000

387

332

266

248

231

Total gold produced

oz 000

5,616

5,939

6,983

7,243 6,918

- South Africa

oz 000

3,281

3,412

4,670

5,418

5,746

- East and West Africa

oz 000

981

1,085

868

366

262

- South America

oz 000

532

478

441

439

425

- Australia

oz 000

432

502

508

524

- North America

oz 000

390

462

496

485

Price received

(5)

$/oz sold

363

303

287

308

315

Total cash costs

$/oz produced

229

161

178

213

Total production costs

$/oz produced

272

203

213

245 244

Monthly average number of employees

55,439

54,042

70,380

84,036 86,120

LTIFR

8.83

8.86

10.55

11.58 13.91

FIFR

4.21

4.75

6.03

6.30 8.06

Rand/US Dollar average exchange rate

7.55

10.48

8.62

6.78

6.11

Rand/US Dollar closing exchange rate

6.67

8.58

11.96

7.58

6.15

Australian Dollar/US Dollar average exchange rate

1.54

1.84

1.93

1.70

1.54

Australian Dollar/US Dollar closing exchange rate

1.33

1.79

1.96

1.80

1.52

(1)

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

(2)

Tonnes placed onto leach pad.

(3)

Gold placed into leach pad inventory.

(4)

Gold placed/tonnes placed.

(5)

Price received includes realised non-hedge derivatives.

AngloGold Limited - Annual financial statements 2003

Review of operations

Introduction

Overall gold production for 2003 declined by 5% to 5.62Moz, largely as a result of lower grades in some operating regions, a trend which is not expected to continue in 2004. This, combined with the effect of the stronger operating currencies against the US Dollar, resulted in total cash costs increasing substantially by $68/oz to $229/oz. Adjusted operating profit decreased by 12% to $559 million.

Safety, health, HIV/AIDS and sustainable development

Detailed discussions relating to safety, health, HIV/AIDS and sustainable development may be found in AngloGold's Report to Society 2003. This report is a fully- interactive web-based report and can be found at the company's website at www.anglogold.com. This report covers issues pertaining to social development in line with AngloGold's values and business principles, the Global Reporting Initiative Guidelines, and on a regional basis. Sections of this report may be downloaded and printed. A summarised overview on safety is presented below, while a summarised discussion on health issues in the South African region (in terms of the reporting required by the South African Mine Health and Safety Act) is reported under the discussion on that region.

during the year - this decreased by 6% to 0.29 per million man hours worked.

Regrettably, 43 employees lost their lives in the course of work during the year: 40 of these employees were employed in the South Africa region where the majority of AngloGold's workforce is employed.

There were, however, a number of excellent safety performances:

Serra Grande in Brazil was recognised by NOSA, an organisation specialising in safety, health and environment auditing, as the winner in the Underground Hard Rock Deep Mine category in its world-wide auditing programme.

Morila mine in Mali was nominated overall winner in the Dynamic Health and Safety Competition in May 2003. The competition is open to all industries in Mali and had 150 entrants. Sadiola mine achieved second place.

The Colorado Division of Minerals and Geology and the Colorado Mining Association jointly recognised the Cripple Creek & Victor mine (CC&V) and Safety, Health and Environment Manager, Larry Snyder, for the mine's continued exemplary safety record during the recent two-year Cresson expansion project.

The safety and health of employees has remained a key area of focus for AngloGold. Performance in 2003 was, however, disappointing. While the gains made over the past five years have been maintained, there has not been

the

much-desired step-change in improving

safety

and

health performance. The long-term

downward trend in lost time injuries has been maintained, although the year-on-year figure has increased marginally to 8.83 per million man hours. There was more pleasing progress in respect of the fatal injury frequency rate (FIFR)

In August 2003, the Namibian Chamber of Mines recognised Navachab as the safest mine in Namibia, based on the number of fatality-free employee hours worked in 2002.

Ergo, the surface retreatment operation in South Africa, achieved one million fatality-free shifts on 22 June 2003, while Moab Khotsong mine - which is currently under development - also achieved a million fatality-free shifts on 18 November 2003.

1998 1999 2000 2001 2002 2003

LTIFR - AngloGold (per million man hours)

FIFR - AngloGold (per million man hours)

100

150

200

250

300

1998 1999 2000 2001 2002 2003

Total cash costs - AngloGold ($/oz)

Review of operations

The Sunrise Dam Gold Mine was recognised for excellence in safety when it was awarded AngloGold's Global Safety Award for 2003. Mponeng mine won the South Africa region Safety Shield competition for 2003, with an improvement of 13% in its serious injury frequency rate compared with its best performance over the previous four years.

Further details on performance and the strategies and programmes that have been and are being put in place to address safety at work can be found in the AngloGold Report to Society 2003.

LTIFR (per million man hours)

Region

2003

2002

South Africa

10.40

9.98

East and West Africa

1.77

2.93

South America

4.48

4.21

Australia

5.54

11.22

North America

2.91

4.95

AngloGold

8.83

8.86

Operating performance and outlook

Production for the year was 5.62Moz, a decrease of 5% from the previous year, mainly a result of lower grades achieved at several of the operating regions. The East and West Africa region, now

43% to adjusted operating profit and 52% to cash operating profit.

Overall, total cash costs rose by 42% to $229/oz, as the performance of the Rand against the Dollar undermined the good cost control initiatives at the South African operations. By way of example, total cash costs in Dollar terms rose by 60% to $253/oz, while in Rand terms this increase was held to 15% at R61,011/kg. Consequently, adjusted operating profit decreased by 12% to $559 million.

Capital expenditure for the year rose to $363 million from $271 million in the previous year. Of this, 58% was for maintenance capital expenditure and 42% on expansion - mainly at Moab Khotsong, Mponeng and TauTona in South Africa.

AngloGold expects production in 2004 to decrease to around 5.32Moz following the closure in 2003 of Union Reefs and the sale of its interest in the Jerritt Canyon Joint Venture. (In 2003, Union Reefs and Jerritt Canyon collectively contributed 180,000oz towards AngloGold's total production of 5.62Moz.) The merged group's

(1)

production is expected to be in the region of

6.47Moz.

Capital expenditure is forecast to be $477 million (merged group

(1)

: $596 million), which includes Moab

Khotsong ($60 million), Mponeng ($58 million), TauTona ($63 million) and Sunrise Dam ($29 million).

Total cash costs per region ($/oz)

Region

2003

2002

Variance %

South Africa

253

158

East and West Africa

171

126

South America

147

126

Australia

243

193

North America

223

222

AngloGold

229

161

Contribution to cash operating profit by region ($m)

Region

2003

2002

Variance %

South Africa

379

450

(16)

East and West Africa

170

190

(11)

South America

142

126

Australia

(5)

North America

(23)

AngloGold

791

883

(10)

(1)

The merged group in the event of the Ashanti transaction being

successfully concluded.

South Africa (58.4%)

East and West

Africa (17.5%)

South America

(9.5%)

Australia (7.7%)

North America (6.9%)

Contribution to production (%) by region

contributes some 17% in terms of gold produced and 21% of cash operating profit in Dollar terms.

AngloGold's drive for geographic and orebody diversity will be boosted in the coming year should the merger of AngloGold-Ashanti be concluded. AngloGold in its current form has nonetheless continued to make good progress in meeting this objective, with gold production outside of South Africa - principally from low-cost surface and shallow mines - rising to 42%, and contributing

AngloGold Limited - Annual financial statements 2003

South Africa

The South Africa region comprises seven underground mines - the Great Noligwa, Kopanang, Tau Lekoa and Moab Khotsong mines, near the towns of Klerksdorp and Orkney, and the Mponeng, Savuka and TauTona mines near Carletonville. A surface reclamation project - Ergo - is located near Johannesburg.

Key statistics

2003

2002

Tonnes treated (Mt)

Underground

11.3

11.3

Surface (incl Ergo)

36.8

38.4

Average grade (g/t)

Underground

8.13

8.40

Surface (incl Ergo)

0.27

0.30

Gold production (000oz)

3,281

3,412

Total cash costs ($/oz)

253

158

Number of employees*

46,274

45,772

Efficiencies (g/TEC)

214

218

Capital expenditure ($ million)

242

106

Including contractors.

LTIFR/FIFR (per million man hours)

2003

2002

2003

2002

LTIFR

FIFR

Great Noligwa

9.83

11.06

0.32

0.47

Kopanang

14.08

12.91

0.41

0.22

Tau Lekoa

25.96

17.94

0.09

0.51

Savuka

17.57

17.12

0.47

1.06

Mponeng

9.81

10.91

0.33

0.47

TauTona

8.24

7.67

1.1

0.08

Ergo

1.75

1.53

0.00

0.00

Moab Khotsong

7.11

6.82

0.00

0.19

South Africa

10.40

9.98

0.34

0.34

Safety and health

Regrettably, 40 employees died in work-related accidents on the South African operations during the year in 31 separate accidents. The most significant of these was a seismic-related fall of ground incident, in which five employees lost their lives at TauTona mine on 1 April 2003. A further four deaths were caused in a second seismic event at the mine on 26 May 2003.

The primary cause of fatal accidents remains falls of ground (72%), with seismically-induced falls of ground alone responsible for 47% of fatalities. Particular emphasis has been placed on preventing falls of ground, and a new Falls of Ground Management System has been initiated.

Overall, the FIFR for the year on the South African operations was 0.34, unchanged from 2002, and the LTIFR was 10.40, up 4% on the 2002 rate of 9.98.

The primary challenges in respect of occupational health remain noise-induced hearing loss (NIHL), tuberculosis (TB) and occupational lung disease (OLD).

Occupational health services are provided to employees at two occupational health centres that conduct risk- based medical surveillance programmes. During 2003, these centres conducted 5,733 initial, 804 transfer, 38,528 periodical and 4,143 exit medical examinations.

774 new cases of NIHL were reported during the year, a rate of 18 per 1,000 employees, compared with 26 per 1,000 employees the previous year.

167 cases of OLD were reported, four per 1,000 employees, the same as reported the previous year.

469 new cases of TB were treated during the year, a rate of 24 per 1,000 employees, which is unchanged from the previous year. The relatively high rates of TB infection are a consequence of a high prevalence of HIV-84% of new TB patients are HIV-positive.

Ergo

TauTona Savuka Mponeng

Tau Lekoa
Kopanang
Great Noligwa
Moab Khotsong

Review of operations

Further information on safety and health performance and the various initiatives undertaken in this region can be found in the Report to Society 2003.

HIV/AIDS

AngloGold's comprehensive HIV/AIDS programme has four components:

Restricting the disease through education, the provision of condoms and the effective treatment of sexually transmitted infections;

Care for employees infected with the virus through comprehensive hospital benefits and the company's Wellness Clinics, including the provision of anti- retroviral therapy (ART) to employees where this is medically indicated;

Support for employees no longer able to fulfil their roles in the company through ill-health retirement programmes linked to home-based care programmes; and

Fundamental research into the disease and its treatment conducted by Aurum Health, a world-class research facility.

More than 500 employees entered the ART programme rolled out by AngloGold in South Africa in 2003. This represents 18% of AngloGold's employees for whom ART is medically indicated.

A detailed discussion on the latest statistics, programmes and initiatives undertaken by the company can be found in the Report to Society.

Operating performance and outlook

Overall production fell by 4% to 3.28Moz with increased volumes mined being offset by planned reductions in yield of 3%. Cash costs rose by 60% to $253/oz, mainly because of the stronger Rand (45%) and the inflationary pressures of the two-year wage agreement which resulted in a 9% increase for the majority of employees coming into effect from July. Consequently operating profit declined to $318 million.

Capital expenditure for the year was $242 million, primarily at Moab Khotsong ($67 million), which remains under development, the Mponeng shaft deepening project ($55 million), and TauTona ($65 million).

Great Noligwa: Volumes mined increased by 1% despite difficulties experienced in the SV4 section. Grade fell by 4% following the lower face values experienced during the year, resulting in an 8% reduction in gold output to 812,000oz. Reduced gold production, increased wages

and the effect of the strong Rand contributed to a significant rise in total cash costs to $218/oz. Operating profit declined to $121 million. Capital expenditure for the refurbishment of infrastructure and the No 8 plant mills amounted to $22 million.

Production is expected to increase marginally to 821,000oz in 2004, at a total cash cost of $216/oz in 2004. Capital expenditure is expected to be of the order of $29 million.

Kopanang: The 5% improvement in volumes mined can be attributed to the impact of the "power team" training initiatives that were undertaken during the year as productivity (measured in terms of m

/employee) rose by

8%. However, generally lower grades were encountered in the first half of the year and resulted in a 3% reduction in gold production to 497,000oz. Total cash costs rose by 61% to $266/oz. Operating profit decreased by 18% to $46 million. Capital expenditure on infrastructure refurbishment and expansion development amounted to $12 million.

In 2004, gold production is expected to decrease to 468,000oz at a total cash cost of $288/oz. Capital expenditure will be in the region of $31 million.

Tau Lekoa: Gold production increased to 322,000oz as volumes mined improved. This was offset by lower grades that were impacted by the mining mix. Total cash costs were $294/oz, 53% higher than those of the previous year. Operating profit fell by 35% to $15 million.

Total cash costs are expected to rise to $310/oz, for production of 326,000oz, in 2004. Capital expenditure should be in the region of $23 million.

Mponeng: Volumes mined improved by 9% as a result of additional stope crews, extra equipped face length and improved face advance. This, together with the higher than planned face values, resulted in gold production rising by 7% to 499,000oz. Total cash costs rose marginally in R/kg terms but increased by 39% to $247/oz, mainly as a result of the stronger Rand. Operating profit increased by 30% to $39 million as a result of the improved production and a reduced amortisation charge from the review of the LOM plan. Capital expenditure on the sub-shaft deepening, ore reserve development and infrastructural refurbishment amounted to $55 million.

Production in 2004 should fall to 442,000oz at a total cash cost of $309/oz, with capital expenditure $58 million.

AngloGold Limited - Annual financial statements 2003

Review of operations

(continued)

Savuka: Safety-related concerns continued to require the replanning of areas available for mining, which led to a 15% decrease in the volumes mined. This was also affected by a decision to stop mining uneconomic Ventersdorp Contact Reef (VCR) panels. At the same time cost-saving initiatives began to show results, as both the number of people employed and the number of contractors were reduced in line with the level of production. Grade decreased by 18% to 5.81g/t, relative to the high grades achieved in 2002 as a result of the mining of a high-grade pillar. Gold production decreased by 21% to 187,000oz. Total cash costs rose by 83% as a result of the lower gold production and stronger Rand. Operating results reflected a loss of $21 million for the year. Capital expenditure on access development, ore reserve development and infrastructural refurbishments amounted to $14 million in 2003.

The continued operating difficulties at Savuka led to a review of the mine. As a result of this, Savuka has been put into closure mode. AngloGold has impaired the Savuka assets and has, as a result, charged profits with an amount of R135 million ($18 million) in respect of this impairment, net of tax. The carrying value of Savuka was nil as at 31 December 2003.

Production is expected to decrease to 172,000oz in 2004, at a total cash cost of $407/oz in 2004. Capital expenditure is forecast at $7 million.

TauTona: Volume mined decreased as production delays were experienced following two significant seismic incidents in the second quarter and a fire in the third quarter. There was a release of high grade locked-up gold in the stopes which led to the 4% improvements in grade. Gold production increased by 1% to 646,000oz and total cash costs rose by 47% to $194/oz. Operating profit increased by 2% to $100 million. Capital expenditure on the declines, pillar removal, technology and infrastructural refurbishments amounted to $23

million. A further $48 million was allocated to the acquisition of mineral rights from Driefontein (an area known as 1C11).

In 2004, production is set to decrease to 620,000oz, while total cash costs will rise to $218/oz. Capital expenditure should amount to $63 million.

Ergo: Tonnes treated - at 30.9 million tonnes - were 6% lower because of an increased proportion of "clean-up" tonnes which restricted incoming tonnages and the ability to recover from down-time events, as well as the large number of water and slurry pipeline failures. As a result, production decreased to 203,000oz. The grade, although 20% lower, was in line with planned levels as Ergo's accessibility to higher grade dams diminished. An increased loss on acid by-products from the lower-than- planned sulphur grades and the impact of the decreased production as the operation enters its final years, led to total cash costs rising to $349/oz. This resulted in an operating loss of $3 million.

Although the operation is due to close at the end of 2004, discussions are being held with prospective buyers with a view to the sale of the operation.

Production in 2004 is expected to be 168,000oz, at a total cash cost of $452/oz.

Organic growth projects

Five major growth projects are currently in progress in South Africa - at Mponeng, TauTona and Moab Khotsong - at a capital cost of approximately R7.1 billion ($1.1 billion at current year's closing exchange rate).

Mponeng shaft deepening project

The scope of the project is to deepen the sub-shaft system and provide access tunnels to the VCR horizon on 113, 116 and 120 levels (ranging from 3,172m to 3,372m below surface). The project is expected to produce 4.25Moz of

500

1,000

1,500

2,000

1999

2000

2001

2002

2003

100

150

200

250

300

Capital expenditure

10,000

20,000

30,000

40,000

50,000

60,000

70,000

1999

2000

2001

2002

2003

100

150

200

250

300

R/kg

$/oz

South African operations - Total cash costs

gold over a period of five years. The total capital expenditure for the project is R1.3 billion ($200 million at the current year's closing exchange rate), with some R129 million remaining ($19 million at the current year's closing exchange rate). Average project cash cost over the life-of-mine (LOM) should be in the region of $270/oz.

The in-circle development was completed in February 2003. Access development on 113 level was completed ahead of schedule, while that on 116 level was completed in November 2003. It is anticipated that development on 120 level will be completed by February 2004. Stoping operations are due to commence in April 2004.

TauTona expansion project

The scope of the project is to access the Carbon Leader Reef (CLR) shaft pillar to allow for stoping operations up to the infrastructural zone of influence, as well as accessing a mining area east of the Bank Dyke on 100, 104, 107 and 109 levels. The project is expected to produce 2.3Moz of gold over a period of 10 years, at a capital cost of R432 million ($65 million at current year's closing exchange rate). R233 million ($35 million at current year's closing exchange rate) has been spent to date. The average project cash cost is expected to be of the order of $187/oz.

The proposed mining east of the Bank Dyke is under review owing to seismicity experienced in the development towards this area, the amount of water that could be encountered, and the added flexibility that the purchase of the block of ground from Driefontein allows. Changes will be implemented if they improve the overall value of TauTona.

TauTona VCR development project

The scope of the project is to access two distinct reserve blocks on the VCR horizon. One reserve block is situated north-east of the shaft complex, while the VCR pillar area of interest consists of two mining blocks situated outside

the zone of influence. The project will add some 0,33Moz to production with project capital expenditure at R192 million ($29 million at current year's closing exchange rate).

Progress on both the VCR reserve blocks is ahead of schedule, with production due to start in January 2005.

TauTona below 120 level project

The CLR reserve block below 120 level will be accessed by sinking a twin decline system into its geographical centre, down to 125 level. The project is expected to produce 1.8Moz of gold over a period of seven years, with a project capital cost of R982 million ($147 million at current year's closing exchange rate). The average project cash cost is expected to be of the order of $203/oz. Progress is on schedule and production is due to start in January 2007.

Moab Khotsong mine

The scope of the project is to sink, construct and equip the shaft systems to a depth of 3,130m below surface, provide access tunnels to the reef horizon on 85, 95 and 101 levels, and develop the necessary ore reserves. The project is expected to produce 4.1Moz of gold over 12 years from 7.75 million tonnes of milled ore. The project capital cost is estimated at R4.2 billion ($629 million at current year's closing exchange rate), of which R3.3 billion ($495 million at current years' closing exchange rate) has been spent to date.

The main shaft extension has been completed, and the shaft was commissioned to its full depth in June 2002. The Rock Ventilation shaft has been sunk and equipped to its final depth, and was commissioned in March 2003. Access development is progressing to plan. The first raise line has been established and stoping operations commenced in November 2003. Moab Kotsong is forecast to reach commercial production in 2006, and full production, at an average of 15.6 tonnes (502,000oz) per annum, is expected by 2008.

Review of operations

Great Noligwa (25%)

TauTona (20%)

Mponeng (15%)

Kopanang (15%)

Tau Lekoa (10%)

Ergo (6%)

Savuka (6%)

Surface operations (3%)

Contribution to South African operations

(000oz) to region's production

South Africa - Total cash costs (R/kg and $/oz)

2003

2002

2003

2002

R/kg

$/oz

Great Noligwa

52,515

41,658

218

124

Kopanang

64,164

55,001

266

165

Tau Lekoa

70,702

64,234

294

192

Savuka

108,219

82,111

448

245

Mponeng

59,536

59,504

247

178

TauTona

46,790

44,465

194

132

Ergo

84,455

61,810

349

184

South Africa

61,011

53,146

253

158

East and West Africa

The East and West Africa region comprises five operations - the Yatela (40% stake), Sadiola (38%) and Morila (40%) mines in Mali, the Geita mine (50%) in Tanzania and the Navachab mine (100%) in Namibia.

Key statistics

2003

2002

Tonnes treated (Mt) (attributable)

8.4

8.0

Average grade (g/t)

3.6

4.2

Gold production (000oz) (attributable)

981

1,085

Total cash costs ($/oz)

171

126

Number of employees*

2,724

2,276

Efficiencies (g/TEC)

1,443

1,855

Capital expenditure (attributable) ($m)

Including contractors.

Safety and health

The region's safety performance continued to improve during the year, with the overall LTIFR decreasing to 1.77, from 2.93 in the previous year. One fatal accident occurred at Morila mine and one at Sadiola mine during the year, marring the latter's zero FIFR record. The FIFR for the region was 0.11.

A more detailed discussion on safety, health, HIV/AIDS and sustainable development issues can be found in the Report to Society 2003.

Operating performance and outlook

Overall production decreased by 10% to 981,000oz, while total cash costs rose by 36% to $171/oz. Capital expenditure for the region decreased marginally to $26 million. Adjusted operating profit declined by 10% to $116 million.

Geita: Production at Geita (50% attributable) went up by 14% to 331,000oz as the increased plant capacity was utilised and the grade improved from 2.70g/t in the first half of the year to 4.53g/t during the second half. The leach capacity at the mine was raised towards mid-year to maximise recovery from these high grades. Total cash costs were well-contained as a result of the increased production in the second half, rising by only 5% to $183/oz. As a result, adjusted operating profit rose from $20 million to $34 million. Capital expenditure was maintained at $10 million.

Production is set to increase to 345,000oz in 2004, at a total cash cost of $199/oz. Capital expenditure is likely to be in the region of $10 million.

Morila: As expected, grades at the Morila mine decreased to 7.56g/t for the year, resulting in gold production (40% attributable) declining by 24% to 318,000oz. Throughput increased by 19% to 1,440 tonnes. Lower grade, a stronger Euro and higher fuel prices caused total cash costs to rise by 46% to $108/oz. Adjusted operating profit fell by 24% to $53 million. Capital expenditure decreased to $5 million, from $7 million the previous year.

In 2004, production is expected to be 228,000oz, at a total cash cost of $177/oz. Capital expenditure is expected to be in the region of $3 million.

East and West Africa LTIFR/FIFR (per million man hours)

2003

2002

2003

2002

LTIFR

FIFR

Geita

0.79

2.11

0.00

0.49

Morila

3.78

6.27

0.31

0.33

Navachab

3.60

3.05

0.00

0.00

Sadiola

0.31

1.54

0.31

0.00

Yatela

2.92

2.07

0.00

0.00

East & West Africa

1.77

2.93

0.11

0.26

AngloGold Limited - Annual financial statements 2003

Review of operations

(continued)

Geita

Sadiola

Yatela

Morila

Navachab

Review of operations

Navachab: Production at the Navachab mine decreased by 14% to 73,000oz, as both the tonnage throughput and recovered grades declined. The former was adversely affected by plant down-time caused by a transformer failure and damage to a mill girth gear. Total cash costs rose significantly to $274/oz, as a result of the lower production and a higher LOM stripping ratio as mining commenced on the Eastern Pushback project. Despite a lower amortisation charge (relating to the longer LOM as a result of the project), adjusted operating profit decreased by 42% to $7 million. Capital expenditure for the year was $2 million.

Owner mining, rather than contractor mining, will be implemented at Navachab in 2004. Production for 2004 is expected to be in the region of 66,000oz, at a total cash cost of $295/oz.

Capital expenditure is forecast at around $18 million and includes the purchase of a new mining fleet.

Sadiola: Production at Sadiola (38% attributable) declined by 5% to 172,000oz as a result of a 6% decrease in recovered grade. Total cash costs were up by 29% to $210/oz. This increase is largely attributable to lower production, higher fuel costs and the impact of the stronger Euro. Adjusted operating profit increased to

$16 million, as a result of higher received price. Capital expenditure for the year decreased to $4 million.

Production is expected to rise to 177,000oz in 2004 at a total cash cost of $214/oz. Capital expenditure is likely to be of the order of $4 million.

Yatela: Production at Yatela (40% attributable) decreased by 19% to 87,000oz. Tonnage stacked in the second half of the year was negatively affected by problems experienced with the commissioning of the new crushing circuit. Total cash costs rose to $235/oz as a result of lower gold production, increased mining contractor costs and the impact of the stronger Euro and Rand. Adjusted operating profit decreased to $3 million.

Construction of the 10km road between Yatela and Alamoutala was completed during the third quarter. The mining fleet was ordered in the second quarter; stripping began in the third quarter and the first ore was delivered in the final quarter, with the hauling of the higher grade ore exceeding the original plan. Capital expenditure for the year was $6 million.

In 2004, production is expected to rise to 111,000oz, at a total cash cost of $217/oz with capital expenditure of around $1 million.

100

150

200

1999

2000

2001

2002

2003

200

400

600

800

1,000

1,200

1999

2000

2001

2002

2003

East and West Africa - Gold production (000oz)

East and West Africa - Total cash costs ($/oz)

AngloGold Limited - Annual financial statements 2003

Review of operations

(continued)

South America

The South America region comprises the Morro Velho and Serra Grande (50% attributable) operations in Brazil, and Cerro Vanguardia (92.5% attributable) in Argentina.

Key statistics

2003

2002

Tonnes treated (Mt) (attributable)

2.4

1.9

Average grade (g/t)

6.96

7.78

Gold production (000oz) (attributable)

532

478

Total cash costs ($/oz)

147

126

Number of employees*

3,356

2,660

Efficiencies (g/TEC)

672

684

Capital expenditure (attributable) ($m)

Including contractors.

South America - Total cash costs ($/oz)

2003

2002

Cerro Vanguardia (92.5%)

143

104

Morro Velho

141

131

Serra Grande (50%)

109

100

South America - LTIFR/FIFR (per million man hours)

2003

2002

2003

2002

LTIFR

FIFR

Morro Velho

4.04

5.73

0.20

0.0

Serra Grande

1.94

0.70

0.0

0.0

Cerro Vanguardia

7.95

3.72

0.0

0.93

South America

4.48

4.21

0.12

0.16

Safety and health

Regrettably, one employee died at Morro Velho's Cuiaba mine in Brazil during the year. The FIFR for the year decreased to 0.12, while the LTIFR rose marginally to 4.48 from 4.21.

A more detailed discussion on safety, health and sustainable development issues can be found in the Report to Society 2003.

Operating performance and outlook

Attributable production in the region rose by 11% to 532,000oz, as a result of the increased stake held in Cerro Vanguardia for the first full year (AngloGold acquired an additional 46.25% stake in Cerro Vanguardia in July 2002), as well as a rise in production at Morro Velho and Serra Grande. The recovered grade decreased by 10% to 6.96g/t mainly due to operational problems at Cerro Vanguardia, while total cash costs increased by 17% to $147/oz, owing largely to the appreciation of both the Real and the Peso against the US Dollar.

Capital expenditure rose by 63% to $39 million, $8 million at Morro Velho on the Cuiaba expansion project and improvements to the mine ventilation and backfill systems, and $8 million at Cerro Vanguardia on projects and exploration. Adjusted operating profit rose by 11% to $93 million.

Attributable production is expected to decrease by 3% to 517,000oz in 2004, primarily due to the closing of Mina

Serra Grande

Cerro Vanguardia

Morro Velho

Review of operations

Velha in 2003 and Engenho d'Agua in mid-2004. This will be partially offset by higher production at both the Cuiaba and Corrego do Sitio mines. Total cash costs are expected to increase by 5% to $155/oz due to inflation, lower production and a higher stripping ratio at Cerro Vanguardia.

Morro Velho: Production rose by 11% to 228,000oz with an increased contribution from Cuiaba mine. The mine engaged a fourth team of employees early in the year, enabling operations to move to a seven-hour shift to improve efficiency. Increased contributions were achieved from Corrego do Sitio mine (in its first full year of production) and Morro do Galo, a dump that is being treated. This offset the closure of Mina Velha at the end of October and lower production from Engenho d'Agua. The recovered grade decreased by 1% to 6.66g/t as a result of the addition of ore from the Corrego do Sitio open-pit mine.

Total cash costs increased by 8% to $141/oz, primarily because of the Real appreciation, higher inflation levels, the annual wage agreement reached with unions in August, as well as higher energy costs and contractor costs at Corrego do Sitio mine associated with the higher stripping ratio. Adjusted operating profit rose by 28% to $37 million. Capital expenditure went up to $25 million.

Attributable production is expected to decrease by 3% to 222,000oz in 2004 as a result of the closure of Mina Velha in 2003 and Engenho d'Agua in mid 2004, partially offset by higher production at both the Cuiaba and Corrego do Sitio mines. Total cash costs are forecast at $150/oz. Capital expenditure is expected to increase to $72 million, which includes expenditure on the Cuiaba expansion (due to start in the second half of 2004) and the Lamego and Corrego do Sitio sulphide projects.

Serra Grande: Attributable (50%) gold production rose by 1% to 95,000oz due to increases in both grade and volumes treated. Total cash costs increased by 9% to $109/oz, primarily because of the appreciation in the Real, higher inflation, the annual wage agreement reached with the union in November and increased services and materials costs.

Adjusted operating profit rose by 12% to $19 million due to a higher received price. Capital expenditure was maintained at $3 million.

Production at Serra Grande is expected to decrease by 7% to 88,000oz owing to lower grades and an expected decrease in throughput. Total cash cost is forecast at $131/oz. Capital expenditure is expected to be maintained at $3 million.

Cerro Vanguardia: Attributable (92.5%) gold production rose by 17% to 209,000oz as a result of the increased stake held for the first full year (AngloGold acquired an additional 46.25% stake in July 2002). If that is excluded production was 13% lower owing to operational problems caused by large amounts of water in the pits which restricted the amount of high-grade material delivered to the plant for processing. As a result, the plant was fed with lower-grade dry ore (grades were 25% lower than previous year) from a contingency stockpile, which affected production levels. A full range material scrubber was commissioned in late September enabling the treatment of wet, higher-grade material.

Total cash costs rose by 38% to $143/oz, largely due to the Peso appreciation and operational problems which led to lower production and higher costs. These were partially offset by a 68% increase in silver by- product credit.

Adjusted operating profit decreased by 15% to $23 million due to operational problems and higher costs.

In 2004, attributable production is expected to be slightly lower at 207,000oz, at a cash cost of $166/oz. Capital expenditure is expected to increase to $11 million in 2004.

AngloGold Limited - Annual financial statements 2003

Review of operations

(continued)

Australia

The Australia region comprises two operations: Sunrise Dam in Western Australia and Union Reefs in the Northern Territory, which ceased operations in October 2003, with clean-up activities continuing to year-end. The Boddington operation in Western Australia is currently on a care-and- maintenance programme, pending a decision to proceed with the Boddington expansion project. The Tanami plant in the Northern Territory has been leased for third party processing.

Key statistics

2003

2002

Tonnes treated (Mt)

5.6

6.1

Average grade (g/t)

2.39

2.56

Gold production (000oz)

432

502

Total cash costs $/oz

243

193

Number of employees*

540

600

Efficiencies (g/TEC)

2,311

2,437

Capital expenditure ($ million)

Including contractors.

Australia - LTIFR (per million man hours)

2003

2002

Sunrise Dam

6.0

11.0

Union Reefs

0.0

0.0

Australia

5.5

11.2

Safety and health

Safety performance at Sunrise Dam mine improved and it was awarded the AngloGold Global Safety Award for 2003 in recognition of this performance. The Union Reefs mine continued its excellent performance, recording another year without a lost time injury.

Overall, the LTIFR for the region was 5.5, a significant improvement on that of the previous year.

Operating performance and outlook

As forecast, production in the Australia region decreased by 14% to 432,000oz, while total cash costs rose to $243/oz. Capital expenditure decreased by 32% to $21 million. Adjusted operating profit decreased by 15% to $28 million.

Sunrise Dam: Production at Sunrise Dam decreased by 6% to 358,000oz. Remodelling of the orebody indicated a significant increase in ore tonnes within the open- pit design shell; this has been the major contributor to the increase in open-pit reserves from 2.29Moz at the end of 2002 to 2.72Moz at the end of 2003, which will result in an increased open-pit mine-life of about two years.

Total cash costs for the year rose to $228/oz, while adjusted operating profit decreased to $29 million. Capital

expenditure for the year amounted to $20 million, down from $26 million in the previous year.

With the first ore being produced from underground reserves during the second quarter, gold production for 2004 is expected to be in the region of 405,000oz at a total cash cost of $237/oz. Capital expenditure will be $29 million, the majority of which will be on the Sunrise Dam underground feasibility study.

Union Reefs: Mining continued in its final stages for the first half of the year, with small, dispersed resources being mined and processed, along with low-grade stockpiles. Mining ceased in the third quarter and the milling operations shut down in October 2003. Gold production decreased to 74,000oz for the year. Total cash costs rose marginally to $272/oz while adjusted operating profit increased to $4 million.

Clean-up work and minor residual gold production commenced in the third quarter. In November, AngloGold announced that it had reached a conditional agreement with Greater Pacific Gold Limited to sell the Union Reefs mine, associated assets and tenements for a staged consideration of A$6 million.

Organic growth projects

Sunrise Dam Underground Project: Following a scoping study that was completed in the first half of the year, underground development commenced in the fourth quarter. The three-year underground project, involving the development of two declines and 125,000m of drilling from surface and underground, will enable the underground potential of the Sunrise Dam orebody to be fully explored. Declines are being developed in the vicinity of defined underground reserves, which will be mined through the course of the project. Deep drilling to date has indicated that the sub-vertical, high-grade zones that have been a feature of open-cut mining at Sunrise Dam continue at depth. It is expected that the project will add significantly to underground reserves and a decision on whether to proceed to full-scale underground mining will be made in early 2007.

Boddington Expansion Project: Negotiations with AngloGold's partners in respect of the Boddington Expansion Project continued during the year. The joint venture partners have committed to an update on the November 2000 Expansion Project feasibility study.

Sunrise Dam

Union Reefs

Review of operations

North America

The North America region comprises the Cripple Creek & Victor Gold Mining Company (CC&V). Although AngloGold holds a 67% interest, it has a 100% interest in the gold produced until loans made to the project are repaid. AngloGold's 70% stake in the Jerritt Canyon Joint Venture was sold to Queenstake Resources USA Inc, with effect from 30 June 2003.

Key statistics

2003

2002

Tonnes treated/placed (Mt) (attributable) Underground

0.5

0.9

Heap leach

17.1

12.4

Average grade (g/t) Underground

7.15

7.91

Heap leach*

0.67

0.82

Gold production (oz 000) (attributable) Underground

107

237

Heap leach

283

225

Total cash costs ($/oz)

223

222

Number of employees**

740

910

Efficiencies (g/TEC)

2,149

1,979

Capital expenditure ($ million)

Gold placed/tonnes placed.

Including contractors.

North America - LTIFR (per million man hours)

2003

2002

CC&V

3.22

4.36

Jerritt Canyon

2.32

5.74

North America

2.91

4.95

Note that the statistics above include Jerritt Canyon until the end of June 2003.

Safety and health

The North America region's excellent safety performance continued, with the LTIFR decreasing to 2.91 for the year.

Operating performance and outlook

Production decreased in this region to 390,000oz, primarily as a result of the sale of AngloGold's 70% interest in the Jerritt Canyon JV to Queenstake Resources following an unsolicited offer received from Queenstake. Total cash costs were held at $223/oz. The adjusted operating profit for the region decreased from $3 million to $2 million during the year.

Capital expenditure decreased to $27 million, from $74 million, as the Cresson expansion project was completed.

CC&V: Production at the CC&V operation improved towards year-end to reach 283,000oz for the year. Leach solution chemistry problems and lower irrigation flows (caused by drought) improved during the second half of 2003. Total cash costs rose to $199/oz due to higher reagent consumption to correct leach pad chemistry. Adjusted operating profit increased to $8 million owing to higher production volumes.

Processing facility and haulage fleet production achieved budgeted levels by year-end. Phase 4B of the leach pad construction was completed ahead of schedule with stacking having commenced in the second quarter.

Jerritt Canyon: As expected, production at this operation continued to decline during the first six months of the year to 107,000oz, while total cash costs rose to $270/oz. An adjusted operating loss of $5 million was incurred for the period.

In 2004, North American production is expected to decrease to 349,000oz with the sale of Jerritt Canyon. However, total cash costs are also expected to decline to $210/oz. Capital expenditure of $17 million is planned in 2004.

CC&V

Operation

South Africa
Ergo

30.9

32.8

0.20

0.25

203

264

349

184

(3)

Great Noligwa

2.4

2.5

10.57

11.02

812

880

218

124

121

141

131

149

Kopanang

2.2

2.2

7.07

7.23

497

511

266

165

Moab Khotsong

(1)

Mponeng

1.7

1.7

8.96

8.63

499

466

247

178

Savuka

1.0

1.0

5.81

7.07

187

236

448

245

(21)

(20)

Tau Lekoa

2.4

2.2

4.24

4.45

322

311

294

192

TauTona

1.7

1.7

12.09

11.66

646

643

194

132

100

107

104

East and West Africa
Geita (50%)

2.9

2.5

3.60

3.62

331

290

183

175

Morila (40%)

1.3

1.1

7.56

11.96

318

421

108

Navachab

1.3

1.4

1.75

1.93

274

147

Sadiola (38%)

1.9

1.9

2.77

2.96

172

182

210

163

Yatela (40%)

(3)

1.0

1.1

2.84

3.60

107

235

175

South America
Cerro Vanguardia (92.5%)

0.9

0.6

7.15

9.49

209

179

143

104

Morro Velho

1.1

0.9

6.66

6.71

228

205

141

131

Serra Grande (50%)

0.4

0.4

7.88

7.84

109

100

Australia
Sunrise Dam

3.6

3.4

3.12

3.49

358

382

228

177

Union Reefs

2.0

2.7

1.12

1.36

118

272

224

North America
Cripple Creek & Victor
Joint Venture

(3)

17.1

12.4

0.67

0.82

283

225

199

187

Jerritt Canyon Joint
Venture (70%)

(2)

0.5

0.9

7.15

7.91

107

237

270

249

(5)

(3)

(1)

All income and expenses will be capitalised until commercial production is reached.

(2)

Jerritt Canyon Joint Venture was sold with effect from 30 June 2003.

(3)

Yatela and Cripple Creek & Victor Joint Venture operations show tonnes placed and recoverable grade placed.

Attributable

Average

Attributable

Total

Attributable Attributable

tonnes

grade

gold

cash

adjusted

cash

treated/milled recovered

production

costs

operating

(Mt)

(3)

(g/t)

(oz 000)

($/oz)

profit ($m)

2003

2002

2003

2002

2003

2002

2003

2002

2003

2002

2003

2002

Summary review of operations

for the year ended 31 December 2003

AngloGold Limited - Annual financial statements 2003

Brazil

Argentina

Serra Grande

Cerro Vanguardia

Morro Velho

USA

Cripple Creek

& Victor

Mali

Tanzania

Namibia

Geita

Sadiola

Yatela

Morila

Navachab

SA operations

South Africa

Union Reefs

(sold)

Boddington

Australia

Alaska

Canada

Peru

Mines

Greenfields exploration areas

Brownfields exploration areas

Sunrise Dam

Mongolia

Jerritt Canyon

(sold)

"Exploration activity continued
to support AngloGold's growth
strategy by sustaining or
growing existing operations
and to discover new gold
deposits."

Exploration

AngloGold's exploration activities in 2003 continued to support the group's growth strategy, by seeking to extend and replace existing production ounces by sustaining or growing existing operations (through brownfields exploration) and to discover gold deposits in new areas (through greenfields exploration). Activities are focused on finding long-life, economic orebodies by utilising multi-disciplinary teams and appropriate state-of- the-art technology.

Brownfields exploration continued with variable success at all the existing operations. Greenfields exploration activities continued in the traditional areas such as Australia, Mali, Canada, Alaska, Peru and Brazil, and exploration commenced within the "frontier" area of Mongolia. In line with AngloGold's strategy to commit itself to definitive "walk-away criteria", greenfields exploration was terminated in Nevada and Tanzania and curtailed in Australia, where further exploration

South America

(26.7%)

East and West

Africa (21.3%)

South Africa (3.7%)

Australia (23.0%)

Corporate* (5.4%)

North America

(19.9%)

*Includes target generation

Exploration expenditure by country

expenditure is considered to have reached the point of diminishing returns.

Exploration expenditure amounted to $63.4 million for the year, some 60% of which was spent on increasing and converting near and in-mine resources. Of the brownfields expenditure incurred in 2003, $25 million has been capitalised. Exploration expenditure for 2004 is expected to be in the region of $62 million.

Exploration expenditure by region ($ million)

Region

Brownfields Greenfields

Total

South Africa

East and West Africa

South America

Australia

North America

Corporate (includes
target generation)

Total

Review of exploration activities
by country

Mali

Phases V & VI of the deep sulphide drilling programme at Sadiola were completed during 2003 and orebody modelling and further metallurgical testwork have commenced. The final feasibility study is planned to be completed by 2005. Satellite oxide exploration continued to produce positive results from extension drilling between the FE3 and FE4 pits.

Satellite oxide mining at Yatela commenced at the Alamoutala project, located some 13km south-east of the main pit. Extension and in-fill drilling at Alamoutala has indicated further contiguous resources to the north-east and south of the current pit shell.

At Morila, exploration drilling was focused on the areas to the west and east of the pit with drilled intersections being narrow and deep.

In southern Mali at Sinsin, the JV with Fokolore Mining will be terminated early in 2004 due to negative drilling results. At Kola, Reverse Circulation (RC) follow-up drilling returned mixed results and further drilling is planned in 2004. At Garalo, located about 100km south-west of Morila, encouraging results were obtained from RC follow-up drilling on Rotary Airblast (RAB) delineated gold anomalies. Further drilling will be required in 2004. Soil sampling is in progress at the Banzana permit, 140km

south-west of Morila on the Cote d'Ivoire border, with RAB drilling scheduled for 2004.

Tanzania

At Geita Mine, additional drilling information from Nyankanga and Geita Hill has added 1.2Moz to the Mineral Resource. In 2003, drilling of the "Gap" area between Geita Main and North-East Extension has indicated that this area could be continuously mineralised. Results from RC drilling at Chipaka indicate a possible westerly extension to the currently defined deposit.

Namibia

At Navachab, expansion drilling was completed and a feasibility study on the footwall expansion is in progress.

Canada

AngloGold has restructured its landholding in the Red Lake area with the dissolution of the Rubicon Joint Venture in exchange for a royalty and 100% interest in certain properties at the west end of the Red Lake Belt. Further work is planned for these tenements in 2004 pending a review.

United States

Exploration in Alaska focused on the Tintina Gold Belt, a region of intrusion-related gold deposits that extends from central Alaska to the Yukon Territory of Canada through Alaska. Drilling in the West Pogo area, adjacent to the Teck/Sumitomo's Pogo property, where AngloGold has a joint venture with Rimfire Minerals, intersected mineralisation warranting further work in 2004. After encouraging first-phase exploration results at Livengood, 100km north of Fairbanks, further work is planned for 2004. Exploration in Nevada was terminated due to poor results.

Brownfields exploration was primarily concentrated on Cripple Creek & Victor, where extensive drilling was conducted to expand and define new, potentially surface mineable resources at the Upper Cresson project and to test targets in close proximity to the current reserve areas. 1.0Moz was added to the Mineral Resource in 2003.

Brazil

Diamond drilling of the Carruagem (PA zone) shoot at the Lamego project, near Morro Velho's Cuiaba mine, has confirmed the mineralisation of both limbs of the fold structure at depth, and metallurgical test work has indicated that the ore is free-milling. Further drilling is planned for 2004.

Drilling of the Cachorro Bravo orebody at Corrego do Sitio has tested the down-dip limit of the principal mineralised

AngloGold Limited - Annual financial statements 2003

Exploration

(continued)

Exploration

horizons in the area currently being investigated by the exploration ramp. The mineralisation has been traced for a down-plunge length of 900m and is still open-ended. Some 75m of underground exploration access strike development was completed on the principal 200 ore horizon, with 26 face samples assaying at an average grade of 14.32g/t over an average sampled true width of 3.31m.Test mining and further exploration from the exploration ramp will be conducted in 2004 with a possible view to fast tracking the project.

At Crixas mine, ongoing drill testing of the Forquilha Sul ore zone extended the mineralisation along strike and down-plunge to the north-west. Drill testing of a number of geophysical anomalies in the vicinity of the mine has proved negative to date.

At the Toncantins project, a joint venture with IAMGOLD, RC drilling was completed on two targets and negotiations are in progress for further tenement acquisitions. Three drillholes are currently in progress at the Gandarela project in the Iron Quadrangle, a joint venture with IAMGOLD, to test the Witwatersrand-type mineralisation.

Argentina

At Cerro Vanguardia, exploration continued to focus on the definition of depth and strike extensions of the Osvaldo Diez, Lomas Sur, Loma del Muerto and Mangas Sur veins, for possible future open-pit and underground resources. An additional Mineral Resource of 0.3Moz at a grade of 9.60g/t was added in 2003 from brownfields exploration.

Peru

Greenfields exploration in Peru brought three prospects to drill-ready stage in 2004. Exploration concentrated on multi-disciplinary target generation, ground truthing and third-party property-scale investigations in several parts of the country.

At the La Rescatada project, the diamond-drilling programme was completed in the third quarter and metallurgical studies on the refractory sulphide ore are in progress. Once the metallurgical work has been completed, a scoping study based on a conceptual resource will be completed to assess the project's potential.

Australia

At Sunrise Dam the Mineral Resource, before depletion, increased by 1.5Moz, whilst the Ore Reserves increased by 1.0Moz. The majority of this growth was in underground resources, particularly in the GQ, Sunrise Shear and Hammerhead structures. The growth in high-

grade underground resources initiated the Sunrise Dam expansion project, which is discussed under Review of Operations. The expansion project will focus on the development of reserves within the Western Shear and Sunrise Shear and the expansion of the GQ, Cosmo, Dolly, Astro and Northern Deeps areas. Underground development will also provide the platform for ongoing exploration of other underground targets. During 2003, deep drilling confirmed the existence of the Carey Shear and intersected high-grade mineralisation below the shear, at a depth of about 1,100m below surface. Further drilling will be undertaken to test new targets associated with and below this structure.

Greenfields exploration activities focused on the Yamarna Greenstone belt, about 150km east of Sunrise Dam (AngloGold earning 70%) in a joint venture with Aurex Consolidated Ltd. and at the Tropicana East project located about 350km north-east of Kalgoorlie (AngloGold earning 70%) in a joint venture with Independence Group NL. AngloGold holds substantial acreage in these under- explored belts and has achieved encouraging results from initial exploration programmes.

In May, an exploration office was opened in Mongolia. A large number of exploration properties were reviewed, with four properties acquired to date. Field activities in Mongolia will commence in 2004.

AngloGold is actively seeking new exploration opportunities in the Asian region.

A review of the Western Tanami project, which includes the Coyote Resource, concluded that development of a project that would fit with a portfolio of long-life, high-margin operations was unlikely. The company divested the project to Tanami Gold NL for A$9 million cash, 25 million A$0.20 Tanami Gold shares and a phased production royalty.

South Africa

Three drillholes targeting high-grade Ventersdorp Contact Channel Reef (VCR) to the west of Tau Lekoa mine at Goedgenoeg all intersected negligible values. A 22-hole drilling programme at Weltevreden, to the east of the mine, for an open pit VCR Mineral Resource encountered uneconomic mining grades.

A drillhole at Moab, targeting the Vaal Reef in the Lower Mine Block, intersected reef as anticipated and confirmed the predicted structure and grade. A second hole is in progress to confirm the facies model over the Lower Mine Area.

AngloGold Limited - Annual financial statements 2003

Mineral Resources and Ore Reserves

AngloGold had Ore Reserves of 63.1Moz and Mineral Resources of 212.7Moz as of 31 December 2003.

Mineral Resources and Ore Reserves are reported in accordance with the Australasian Code for Reporting of Mineral Resources and Ore Reserves (the JORC Code), together with the South African Code for the Reporting of Mineral Resources and Mineral Reserves (the SAMREC Code). Mineral Resources are inclusive of the Ore Reserve component.

Mineral Resources

Mineral Resources calculated at a gold price of $400/oz, reduced by 74.9Moz or 26% to 212.7Moz at the end of 2003. The reduction in Mineral Resources includes a depletion of 6.6Moz.

The single largest reduction in Mineral Resources (64.8Moz) occurred at Western Ultra Deep Levels mainly due to the application of a maximum Mineral Resource depth limit of 4,500m, in contrast to the limit of 5,000m previously used. The next largest reduction in Mineral Resources (2.9Moz) resulted from the application of an increased Mineral Resources cut-off at Tau Lekoa.

There were two significant increases in Mineral Resources:

an increase of 1.2Moz at Geita due primarily to additional drilling information at Nyankanga and Geita Hill; and

an increase of 0.9Moz at Sunrise Dam due to revised modelling and successful drilling.

Ore Reserves

Ore Reserves show a year-on-year decrease of 9.2Moz to 63.1Moz, of which 6.3Moz was due to depletion. Ore Reserves have been determined broadly at a gold price of US$350/oz. In respect of AngloGold's South African and Australian assets, exchange rate of ZAR7.00 = US$1 and A$1 = US$0.63 respectively have been assumed.

The principal changes in AngloGold's Ore Reserves, for reasons other than depletion, are as follows:

an increase of 1.0Moz at Sunrise Dam mine due to new modelling techniques, additional drilling and new underground design;

an increase of 0.9Moz at the TauTona mine partially as a result of the purchase of an area of Gold Fields Limited's Driefontein Gold Mine;

an increase of 0.6Moz of the Vaal River Surface Ore Reserves, due to the inclusion of the Mizpah plant and the South Tailings facility;

an increase of 0.3Moz at Tau Lekoa mine due to the assumption of a higher Mine Call Factor (MCF), as well as extensions of the Ore Reserve due to exploration in new mining areas;

a decrease of 2.2Moz at the Savuka mine owing to updates to the geological model which resulted in lower gold values as well as due to changes in economic factors which has resulted in a considerable proportion of the Mineral Resource being considered no longer feasible to be mined economically;

a decrease of 1.7Moz at Mponeng mine due to the exclusion of the Carbon Leader Reef (CLR) below 120 level project and a reduction in the VCR below 120 level project. The lower R/kg gold price resulted in the CLR below 120 level project at Mponeng being excluded from the reserves since it did not meet the required hurdle rate set for new projects. The VCR reserves below 120 level have been reduced due to a shorter life-of-mine (five years), caused by the CLR project being no longer feasible at current assumed gold prices;

a decrease of 0.7Moz due to the sale of the Amapari project in Brazil during May 2003;

a decrease of 0.5Moz at the Great Noligwa mine due the assumption of a lower MCF and due to updates to the geological model which resulted in lower gold values;

a decrease of 0.5Moz at the Moab Khotsong mine due to updates to the geological model which resulted in lower gold values;

a decrease of 0.3Moz due to the sale of AngloGold's interest in the Jerritt Canyon Joint Venture during 2003; and

a decrease of 0.2Moz at Cerro Vanguardia mine due to changes in the pit designs resulting from higher waste mining costs.

The Ore Reserves are relatively insensitive to changes in gold price and exchange rates of up to 10%, positive or negative.

AngloGold will continue to pursue a strategy of increasing value-adding reserves through expansion projects, brownfields and greenfields exploration and the acquisition of new assets.

Mineral Resources and Ore Reserves

Ore Reserves

(as at 31 December 2003)

Metric

Imperial

Contained

Tonnes Grade

gold

Tons

Grade

gold

g/t

tonnes

oz/t

Moz

South Africa

Proved

54.8

2.96

162.0

60.4

0.086

5.2

Probable

267.9

4.12

1,104.3

295.3

0.120

35.5

Total

322.6

3.93

1,266.4

355.6

0.114

40.7

East & West Africa*

Proved

23.3

3.01

70.0

25.7

0.088

2.3

Probable

48.2

3.52

169.4

53.1

0.103

5.4

Total

71.5

3.35

239.5

78.8

0.098

7.7

South America*

Proved

10.6

7.27

77.4

11.7

0.212

2.5

Probable

6.3

7.34

46.4

6.9

0.214

1.5

Total

17.0

7.30

123.8

18.7

0.213

4.0

Australia*

Proved

46.9

1.31

61.3

51.7

0.038

2.0

Probable

105.3

1.40

147.2

116.1

0.041

4.7

Total

152.2

1.37

208.6

167.8

0.040

6.7

North America*

Proved

53.9

1.26

67.7

59.4

0.037

2.2

Probable

64.7

0.87

56.1

71.3

0.025

1.8

Total

118.6

1.04

123.8

130.7

0.030

4.0

Total*

Proved

189.5

2.31

438.5

208.9

0.067

14.1

Probable

492.4

3.09

1,523.5

542.8

0.090

49.0

Total

681.9

2.88

1,962.0

751.7

0.084

63.1

Reserves attributable to AngloGold.

Competent persons

Competent persons for AngloGold's Mineral Resources are:

V A Chamberlain, MSc (Mining Engineering), BSc (Hons) (Geology), MAusIMM, 18 years' experience.

M F O'Brien, MSc (Engineering), BSc (Hons)
(Geology), Dip Data, Pr.Sci.Nat., MAusIMM, 24 years'
experience.

Competent persons for the Ore Reserves are:

B W Guenther, BSc (Mining Engineering), MAusIMM, 23 years' experience.

D L Worrall, ACSM, MAusIMM, 23 years' experience.

J van Zyl Visser, BSc (Mineral Resource Management),
PLATO, 17 years' experience.

Notes

A detailed breakdown of the Mineral Resources and Ore Reserves is available in a supplementary statistics document, provided in the annual report section of the AngloGold website (www.anglogold.com) and may be downloaded as PDF files using Adobe Acrobat Reader. This information is also obtainable from the AngloGold offices at the addresses given on the inside back cover.

AngloGold Limited - Annual financial statements 2003

Mineral Resources and Ore Reserves

Mineral Resources

(1)

(as at 31 December 2003)

Metric

Imperial

Contained

Tonnes

Grade

gold

Tons

Grade

gold

g/t

tonnes

oz/t

Moz

South Africa

Measured

103.2

4.26

439.4

113.8

0.124

14.1

Indicated

661.1

4.17

2,754.6

728.7

0.122

88.6

Inferred

263.2

6.48

1,705.8

290.1

0.189

54.8

Total

1,027.5

4.77

4,899.7

1,132.6

0.139

157.5

East & West Africa**

Measured

42.4

2.40

101.8

46.7

0.070

3.3

Indicated

123.5

2.50

308.6

136.1

0.073

9.9

Inferred

138.0

1.62

224.0

152.1

0.047

7.2

Total

303.8

2.09

634.3

334.9

0.061

20.4

South America**

Measured

29.8

4.41

131.2

32.8

0.129

4.2

Indicated

12.7

6.94

88.1

14.0

0.202

2.8

Inferred

29.0

6.98

202.8

32.0

0.204

6.5

Total

71.5

5.90

422.2

78.8

0.172

13.6

Australia**

Measured

63.0

1.36

85.5

69.4

0.040

2.7

Indicated

149.9

1.30

195.1

165.2

0.038

6.3

Inferred

87.2

1.29

112.2

96.1

0.038

3.6

Total

300.1

1.31

392.8

330.8

0.038

12.6

North America**

Measured

109.4

1.17

128.1

120.6

0.034

4.1

Indicated

110.8

0.88

97.7

122.1

0.026

3.1

Inferred

38.0

1.05

39.7

41.9

0.031

1.3

Total

258.2

1.03

265.5

284.6

0.030

8.5

Total**

Measured

347.7

2.55

885.9

383.3

0.074

28.5

Indicated

1,058.0

3.26

3,444.1

1,166.2

0.095

110.7

Inferred

555.4

4.11

2,284.5

612.2

0.120

73.4

Total

1,961.1

3.37

6,614.5

2,161.7

0.098

212.7

Resources attributable to AngloGold.

(1)

Inclusive of the Ore Reserves component.

Directors and executive management

Executive directors

R M Godsell (51)
BA, MA
Chief Executive Officer

Bobby Godsell was appointed to the AngloGold board as chief executive officer in April 1998 and as chairman in December 2000. He relinquished his role as chairman of AngloGold in May 2002. He has in excess of 30 years of service with companies associated with the mining industry, and has served as a non-executive director of Anglo American plc since March 1999. He is also a past chairman of the World Gold Council.

J G Best (55)
ACIS, ACIMA, MBA
Executive Director: Finance

Jonathan Best was appointed finance director of AngloGold in April 1998. He has had 35 years of service with companies associated with the mining industry.

D L Hodgson (56)
BSc (Mining engineering), BSc (Civil Engineering), BCom,
AMP (Harvard) Chief Operating Officer

Dave Hodgson was appointed to the AngloGold board in November 2001 as chief operating officer. He was previously executive officer responsible for AngloGold's South Africa region. He has more than 30 years of mining experience.

K H Williams (55)
BA (Hons)
Executive Director: Marketing

Kelvin Williams was appointed marketing director of AngloGold in April 1998. He has 28 years of service in the gold mining industry. He is chairman of Rand Refinery and a director of the World Gold Council.

Non-executive directors

R P Edey (61)
FCA
Chairman

Russell Edey was appointed to the AngloGold board in April 1998 and as deputy chairman in December 2000. In May 2002 he was appointed chairman when Bobby Godsell relinquished this office. Based in the United Kingdom, he is deputy chairman of N M Rothschild Corporate Finance and a director of a number of other companies.

Dr T J Motlatsi (52)
Hon D Soc Sc (Lesotho)
Deputy Chairman

James Motlatsi was appointed to the AngloGold board in April 1998 and as deputy chairman in May 2002 upon Russell Edey being appointed chairman. He has been associated with the South African mining industry since 1970, and is a past president of the National Union of Mineworkers (NUM). He is also chief executive officer of TEBA Limited.

F B Arisman (59)
MSc (Finance)

Frank Arisman was appointed to the AngloGold board in April 1998. He resides in New York and recently retired, after 32 years of service, from J P Morgan Chase, where he held the position of managing director.

Mrs E Le R Bradley (65)
BSc, MSc

Elisabeth Bradley was appointed to the AngloGold board in April 1998. She is non-executive chairman of Wesco Investments Limited, Metair Investments Limited and Toyota South Africa (Proprietary) Limited and a director of a number of other companies. She is also deputy chairman of the South African Institute of International Affairs.

C B Brayshaw (68)
CA(SA), FCA

Colin Brayshaw was appointed to the AngloGold board in April 1998. He is a retired managing partner and chairman of Deloitte & Touche and is a non-executive director of a number of other companies including Anglo Platinum Corporation, Datatec Ltd and Johnnic Holdings Ltd.

A W Lea (55)
BA (Hons)

Tony Lea was appointed to the AngloGold board in July 2001. He is finance director of Anglo American plc.

W A Nairn (59)
BSc (Mining Engineering)

Bill Nairn has been a member of the AngloGold board since January 2000. He was re-appointed to the board in May 2001, having previously been alternate director to Tony Trahar. He is group technical director of Anglo American plc.

J Ogilvie Thompson (70)
MA

Julian Ogilvie Thompson was appointed to the AngloGold board in April 1998. He resigned as executive chairman of Anglo American plc in November 2002 and is a non- executive director of both Anglo American Corporation (a wholly-owned

South African subsidiary of Anglo

American plc) and De Beers Consolidated Mines and a director of a number of other companies.

N F Oppenheimer (58)
MA

Nicky Oppenheimer was appointed to the AngloGold board in April 1998 and is a former non-executive chairman of the company. He is chairman of De Beers Consolidated Mines, a non-executive director of Anglo American plc and a director of a number of other companies.

A J Trahar (54)
BCom, CA(SA)

Tony Trahar was appointed to the AngloGold board in October 2000. He is chief executive officer of Anglo American plc.

Alternate directors

D D Barber (51)
FCA, AMP (Harvard)

David Barber was appointed alternate director to Julian Ogilvie Thompson in April 2002. He is finance director of Anglo American Corporation.

A H Calver (56)
BSc (Hons) Engineering,
MDP (UNISA), PMD (Harvard)

Harry Calver was appointed alternate director to Bill Nairn in May 2001. He is head of engineering Anglo American plc.

P G Whitcutt (38)
BCom(Hons), CA(SA), MBA

Peter Whitcutt was appointed alternate director to Tony Lea in October 2001. He is Head of Finance at Anglo American plc.

Members of the executive committee

R M Godsell (51)
Chief executive officer

J G Best (55)
Executive Director: Finance

D L Hodgson (56)
Chief operating officer

K H Williams (55)
Executive Director: Marketing

Executive officers

R Carvalho Silva (52)
BAcc, BCorp Admin

South America region

Roberto Carvalho Silva joined the Anglo American group in Brazil in 1973 and was appointed president and chief executive officer of AngloGold South America in January 1999. He became an executive officer of AngloGold in February 2000.

R N Duffy (40)
BCom, MBA

Business planning

Richard Duffy joined Anglo American Corporation 17 years ago. He became an executive officer of AngloGold in 1998 and was given the business planning portfolio in November 2000.

S J Lenahan (48) BSoc Sc, MSc

Corporate affairs

Steve Lenahan has been working in the mining industry since 1978 when he started his career at De Beers. He was appointed investor relations executive in 1998 and assumed responsibility for corporate affairs in early 2001.

N F Nicolau (44)
B-Tech (Min.Eng), MBA

South Africa region

Neville Nicolau became the executive officer responsible for AngloGold's South Africa region in November 2001. He has 25 years of mining experience.

N W Unwin (51)
BA

Human resources and information technology

Nigel Unwin has had many years of experience in the field of human resources. He has been an executive officer since 1999. He relinquished his executive officer responsibilities for AngloGold's Australia region during 2002.

Managing secretary

Ms Y Z Simelane (38)
BA LLB, FILPA, MAP

Yedwa Simelane joined AngloGold in November 2000 from the Mineworkers' Provident Fund where she was the senior manager of the Fund.

AngloGold Limited - Annual financial statements 2003

Directors and executive management

Annual financial statements

Directors' approval

Secretary's certificate

Report of the independent auditors

Corporate governance

Remuneration report

Directors' report

Group income statement

Group balance sheet

Group cash flow statement

Group statement of changes in shareholders' equity

Notes to the group financial statements

122

Company financial statements

122

Company income statement

123

Company balance sheet

124

Company cash flow statement

125

Company statement of changes in shareholders' equity

126

Notes to the company financial statements

141

US GAAP condensed consolidated financial statements

141

Introduction

142

Condensed consolidated income statement

143

Condensed consolidated balance sheet

144

Condensed consolidated cash flow statement

145

Condensed reconciliation between IFRS and US GAAP

148

Investment in principal subsidiaries and joint venture interests

149

Glossary of terms

152

Shareholders' information

156

Directorate and administration

Inside Back Cover - Contact information

Annual financial statements contents

Directors' approval

AngloGold Limited - Annual financial statements 2003

The annual financial statements and group annual financial statements for the year ended 31 December 2003 were approved by the board of directors on 11 March 2004 and are signed on its behalf by:

Directors
R P Edey, Chairman

R M Godsell, Chief Executive Officer

J G Best, Executive Director: Finance

C B Brayshaw, Chairman, Audit and Corporate Governance Committee

Managing secretary
Ms Y Z Simelane

Secretary's certificate

In terms of Section 268G(d) of the Companies Act, 1973, I certify that the company has lodged with the Registrar of Companies all such returns as are required of a public company in terms of the Act, and that all such returns are true, correct and up to date.

Ms Y Z Simelane
Managing Secretary

Johannesburg
11 March 2004

Group financial statements

Report of the independent auditors on the annual financial statements

We have audited the annual financial statements and group annual financial statements of AngloGold Limited set out on pages 42 to 140 and page 148 for the year ended 31 December 2003. These financial statements are the responsibility of the company's directors. Our responsibility is to express an opinion on these financial statements based on our audit.

Scope

We conducted our audit in accordance with statements of South African Auditing Standards. Those standards require that we plan and perform the audit to obtain reasonable assurance that the annual financial statements are free of material misstatement.

An audit includes

examining, on a test basis, evidence supporting the amounts and disclosures in the annual financial statements;

assessing the accounting principles used and significant estimates made by management; and

evaluating the overall financial statement presentation.

We believe that our audit provides a reasonable basis for our opinion.

Audit opinion

In our opinion the annual financial statements and group annual financial statements fairly present, in all material respects, the financial position of the company and the group at 31 December 2003, and the results of operations and cash flows for the year then ended in accordance with South African Statements of Generally Accepted Accounting Practice, International Financial Reporting Standards, and in the manner required by the Companies Act in South Africa.

Ernst & Young
Registered Accountants and Auditors
Chartered Accountants (SA)

Johannesburg 11 March 2004

AngloGold is committed to the principles and practice of good corporate governance. The King Report on Corporate Governance (2002) (the King Report) and the US Sarbanes-Oxley Act have significantly altered the corporate governance landscape.

Except

where otherwise stated, AngloGold's

practices and policies remain in compliance with the values enshrined in the King Report and the directors have complied with the King Report requirements for the entire year under review. The management continues to address particular areas where the company's governance position needs to be aligned to the recommendations contained in this Report.

AngloGold's shares are traded on the New York Stock Exchange (NYSE) in the form of ADSs that are administered by The Bank of New York by means of an American Depositary Receipt programme. Many of the applicable provisions of the Sarbanes-Oxley Act have yet to come into force and management continues to implement the requirements as they arise.

The company continues to pursue excellence in corporate governance practices and achieved the following during the year:

AngloGold's Annual Report 2002 received a merit award at the distinguished South African Annual Report Award ceremony, sponsored by amongst others, the JSE Securities Exchange South Africa;

AngloGold won the award for Best Investor Relations Website for 2003, and was the runner-up for the Best Overall Investor Relations Company Award, at the Investor Relations Magazine South Africa Conference & Awards 2003;

introduced a Nominations Committee, which reports to the AngloGold Board;

revised terms of reference for the Audit Committee, placing corporate governance within its ambit and renaming of the committee the Audit and Corporate Governance Committee;

attained the highest rank in the Edward Nathan and Friedland (ENF) Sustainability Index 2002;

appointed independent auditors PricewaterhouseCoopers
to review the 2003 AngloGold Report to Society;

adopted an AngloGold Code of Ethics;

adopted a code of ethics for the chief executive

officer, principal financial officer and senior financial officers;

provided the mechanisms for the confidential reporting of unethical and/or illegal conduct; and

AngloGold, in the interests of transparency and accountability, was the first publicly listed company in South Africa to fully disclose its policy on party political donations. The policy is available from the company website.

The board is presently engaged in a process of determining the policy and procedures for appraising its effectiveness and that of each individual director. This process will be finalised during the course of 2004.

The board of directors

The company has a unitary board structure comprising four executive directors and 10 non-executive directors. Details of each of the directors are available on pages 37 and 38 of this report. The board meets at least on a quarterly basis to discuss and review issues of strategy, planning, operational and financial performance, acquisitions and disposals, major capital expenditure, stakeholder communications and other material issues reserved for its decision. Further meetings are held as and when required.

The board consists of a group of directors which together possesses the necessary knowledge, expertise and experience to contribute meaningfully to the deliberations of the board, and continue to be committed to principles of corporate discipline, accountability, transparency, independence, fairness and social responsibility.

The board charter detailing the composition, powers, authority, responsibilities and procedures of the board, selection criteria for directors, and incorporating key elements of ethical standards for directors, is publicly available from the company website. As required by the Sarbanes-Oxley Act the board has furthermore adopted a code of ethics for the chief executive officer, principal financial officer and senior financial officers. This code will be made available on the company website.

The Remuneration Committee is responsible for evaluating the performance of the chief executive officer and for determining all issues affecting executive remuneration.

The appointment of new directors is a matter for the board as a whole. In accordance with best practice, the

AngloGold Limited - Annual financial statements 2003

Corporate governance

board's Nominations Committee, chaired by an independent non-executive chairman, has been appointed to assist the board in considering and selecting eligible members to the board.

An agenda, the minutes of the previous meeting and supporting documentation to assist directors in making informed decisions is provided to all board and board committee members prior to meetings being held. Furthermore, all directors have unrestricted access to, and may inspect, all documentation and property held by the company. The directors also have unrestricted access to the managing and company secretaries for advice and information.

Directors attend all board and committee meetings as far as practicable. Meetings are mainly held in the corporate offices in Johannesburg, and where feasible, video and telephone conferencing facilities are provided when directors cannot be present at the venue.

In addition to the four scheduled board meetings held during the year, five special meetings were held. Details of dates and attendance by the directors at the nine board meetings held in 2003 are provided below:

Key
*

= Special board meeting to discuss the proposed

merger between AngloGold and Ashanti Goldfields Company Limited.

= Attended meeting either personally or via

conferencing facilities

= Absent from meeting, with apologies and leave

having been granted

= Not required for the meeting

A special board sub-committee met on 20 March 2003 to approve the company's 2002 20-F filing to the US Securities and Exchange Commission.

A special board sub-committee met on 8 May 2003 to discuss the proposed merger with Ashanti.

The directors

The executive directors are appointed by the board to oversee the day-to-day running of the company through effective supervision of management. Executive directors are held accountable by regular reporting to the board, and their performance is measured against pre- determined criteria as well as the performance of their respective business units. The performances of the executive directors are considered relative to the prevailing business climate. Bonuses paid to executive directors are a reflection of the performance of each of the directors and the company as a whole. Executive directors have elected to receive no remuneration as directors of the company.

Only executive directors have contracts of employment with the company. There are no contracts of service between the directors and the company, or any of its subsidiaries, that are terminable at periods of notice exceeding one year and requiring the payment of compensation. All directors are subject to retirement by rotation and re-election by shareholders at least once every three years. In addition, all directors are subject to re-election by shareholders at the first annual general meeting following their appointment, and sufficient biographical detail is supplied to shareholders for informed decisions to be made on the re-election of directors.

Non-executive directors provide the board with invaluable and balanced advice and experience that is independent of management and the executive. Crucially, non- executive directors play an integral part in company activities not just through their membership of the board,

but also through their representation

all

board

committees where their individual

knowledge

and

experience contributes to the

AngloGold Limited - Annual financial statements 2003

Corporate governance

(continued)

deliberations of the committees. In addition to executive directors supervising management, management is held accountable to the board committees, as non-executive directors are able to have strategic oversight of management decisions and actions, and to advise on strategy and planning.

Five of the non-executive directors, including the chairman and deputy chairman, are independent as defined in the JSE Securities Exchange Listings Requirements. The board is of the view that the number and calibre of the independent directors serving on it, and their representation on board committees, ensures the company's interests receive impartial views that are separate of management andshareholders. The five independent directors are: Messrs F B Arisman, C B Brayshaw and R P Edey, Dr T J Motlatsi and Mrs E le R Bradley.

The board has approved a fit and proper policy for directors and company secretaries. This policy will be applied to all new appointments of board members and company secretaries.

The roles of chief executive officer and chairman have been separate since 2002 when Russell Edey was appointed board chair and Bobby Godsell retained the chief executive's position.

The fees of non-executive directors are fixed by shareholders at the annual general meeting, and other than the fees they receive for their participation on board committees and an allowance for travelling internationally to attend board meetings, non-executive directors receive no further payments from the company.

A managing secretary and company secretary advise the board on compliance with procedural and regulatory aspects of a legal nature, and are active in guiding the board on all corporate governance issues.

Policies and procedures are in place to allow directors to seek independent professional advice at the company's expense. This enables the directors and board committees to act independently of management where this is deemed necessary.

Board committees

The company's activities span a wide range of disciplines and activities. Board committees have been established to oversee the development of strategy, ensure its implementation and to report to the board on important issues facing the company. The committees play a vital role in enhancing the effectiveness of the board and

assist the board in discharging its duties and responsibilities. The committees comprise members of the board, are chaired (in the main) by a non-executive director, and meet a number of times each year. Each committee fulfils a specific mandate entrusted to it by the board and has written terms of reference governing its particular sphere of activity, membership requirements and reporting procedures, together with details of its powers, rights and obligations. Members of each committee are chosen having regard to each member's knowledge, experience and ability to provide a meaningful contribution to the committee's particular mandate. Management, who attend the meetings by invitation, report to the committees on their activities, and important issues requiring a decision are raised with the members of the committees. An agenda, supporting documentation and full justification for decisions required are provided prior to each committee meeting. Minutes of each committee meeting are circulated to members and the board. The chairman of each committee prepares reports for each board meeting detailing the committee's activities for the preceding period and, where necessary, attends the annual general meeting to answer any questions raised by shareholders.

The remuneration of board committee members is determined by the board. At present, the chairman of a board committee receives R50,000 per annum, and members receive R30,000 each per annum. Executive directors receive no remuneration for membership of board committees.

A description of each board committee is provided below.

Executive Committee

Members: R M Godsell (Chairman), J G Best, D L Hodgson, and K H Williams

The Executive Committee comprises the four executive directors, and is chaired by the chief executive officer. The committee meets on a weekly basis with a mandate to review operational activities and the performance of the group, develop strategy and policy proposals for consideration by the board, and implement board directives.

The Operations Committee has been established as a sub-committee of the Executive Committee to assist in the execution of certain of its duties and responsibilities. The Operations Committee is chaired by the chief operating officer, meets on a regular basis, and comprises the executive officers in charge of each of the

Corporate governance

operational regions, together with the executive officers for human resources, corporate affairs, business planning, and designated senior managers appointed by the Executive Committee. The purpose of the sub- committee is to oversee and monitor the performance of the operational activities, implement the strategic objectives of the company, and to report to the Executive Committee on important areas of concern.

Audit and Corporate Governance Committee

Members: C B Brayshaw (Chairman), F B Arisman Mrs E le R Bradley and R P Edey

In accordance with best practice the terms of reference for this committee were amended during the year to incorporate the corporate governance discipline within the committee's mandate. The committee comprises only independent non-executive directors and its mandate covers the sphere of duties relating to accounting policies, internal control, financial reporting practices, identification of exposure to significant risks and all corporate governance issues. The committee meets at least five times a year.

On 30 July 2003, Peter Whitcutt, who had been a member of this committee, resigned, and Frank Arisman was appointed in his stead.

The board has determined that the board chairman possesses skills and experience necessary to contribute meaningfully to the committee's deliberations as a member rather than an invitee. The board also considers it unnecessary for the chief executive to be a member of the committee and that he should rather attend meetings by invitation only.

To assist the committee in discharging its responsibilities, internal audits are performed at all of the operating units of the company under the auspices and direction of the group internal audit manager. Teams of suitable, qualified and experienced employees perform the internal audits. The committee has approved an Internal Audit Charter that governs the activities, powers and duties of the internal audit function, and this charter is reviewed annually. The primary mandate of the group's internal auditors is to provide an independent, objective assurance and consulting activity designed to add value and improve the organisation's operations. This is done by a systematic, disciplined approach to review, evaluate and improve the effectiveness of risk management, internal control and governance processes. This process would bring material deficiencies, instances of non-compliance, high-

risk exposure and development needs to the attention of the group internal audit manager and operational management for resolution. The board has obtained assurance from management, the internal auditors and the external auditors, that there have been no significant breakdowns in internal control systems during the year.

The committee is responsible for the appointment and removal of the group internal audit manager. This committee and the executive committee consider it unnecessary for the group internal audit manager to report administratively to the chief executive officer, and has determined that she report administratively to the finance director and functionally to the committee. The internal audit manager has unrestricted access to the chief executive, the board chairman and the chairman of the committee, and is invited to attend and report on her department's activities at all committee meetings. The board is confident that the unfettered access of the group internal audit manager to key board members and the direct and regular reporting to the committee, together with her calibre and integrity, enables her to discharge her duties as required by law and in fulfilment of her obligations to the company.

The committee has access to all records of the internal audit team. The group's external audit partner has unrestricted access to the chairman of the committee and, where necessary, to the chairman of the board and chief executive officer. Important findings arising from audit procedures are brought to the attention of the committee and reported to the board.

The committee is responsible for the appointment, removal and oversight of the activities of the external auditors. In addition, the committee set the principles for recommending the use of the external auditors for non- audit services. The committee approves all external consulting services and other charges levied by the external auditors.

The committee met five times during 2003, with the external audit partner, the group's internal audit manager and the corporate accounting manager, to review the audit plans of the internal and external auditors, to ascertain the extent to which the scope of the audit can be relied upon to detect weaknesses in internal controls and to review the quarterly and half-yearly financial results, the preliminary announcement of the annual results and the annual financial statements, as well as all statutory submissions of a financial nature, prior to approval by the board.

AngloGold Limited - Annual financial statements 2003

Corporate governance

(continued)

All committee members attended these meetings personally, or were included in the proceedings through teleconferencing facilities, except as indicated below:

Date of meeting

Apologies tendered

24 January 2003

20 February 2003

Mrs E le R Bradley

25 April 2003

25 July 2003

24 October 2003

Mrs E le R Bradley

A sub-committee met on 20 March 2003 to review the company's annual report on Form 20-F prior to approval by the board and subsequent submission to the SEC.

Employment Equity and Development
Committee

Members: Dr T J Motlatsi (Chairman), F B Arisman,
R M Godsell, D L Hodgson and W A Nairn

The committee met on four occasions during the year, chaired by the board deputy chairman. It comprises three non-executive directors, as well as the chief executive and chief operating officers. The purpose of the committee is to facilitate the development of opportunities in the company for all employees and to encourage employees to achieve their optimal levels of career development in the company, with due recognition being given to the diversity of the society in which the company operates.

All members attended the meetings, either personally or through the provision of teleconferencing facilities, except where specifically mentioned below:

Date of meeting

Apologies tendered

24 January 2003

16 April 2003

29 July 2003

W A Nairn

22 October 2003

R M Godsell

Investment Committee

Members: R P Edey (Chairman), J G Best,
Mrs E le R Bradley, A W Lea, W A Nairn and
K H Williams

Chaired by a non-executive director, the committee is composed of four non-executive directors, as well as the executive directors for finance and marketing, and meets as and when required. The mandate of the committee is to assess and evaluate capital projects, and ensure that investments, disinvestments and financing proposals are in accordance with the company's primary objective of

creating wealth for its shareholders on a sustainable long-term basis.

Four meetings were held during 2003. All members attended the meetings, either personally or through the provision of teleconferencing facilities, except where specifically mentioned below:

Date of meeting

Apologies tendered

27 January 2003

22 April 2003

Mrs E le R Bradley

29 July 2003

W A Nairn

23 October 2003

Mrs E le R Bradley

Market Development Committee

Members: Mrs E le R Bradley (Chairman), F B Arisman,
R M Godsell, Dr T J Motlatsi and K H Williams

AngloGold is committed both to the production of gold and the development of the market for gold itself. To this end this committee has been established to extend the influence of AngloGold as a major global gold company, in the development of a broader gold business, both nationally and internationally. Victor Fung, who had been a member of this committee, did not stand for re-election to the board and accordingly, ceased to be a member of the board after 30 April 2003. The committee, which met twice during the year, is composed of three non-executive directors, the chief executive officer and the executive director for marketing. All members attended the meetings, either personally or through the provision of teleconferencing facilities, except where specifically mentioned below:

Date of meeting

Apologies tendered

29 January 2003

Dr V K Fung

29 July 2003

Dr T J Motlatsi

Nominations Committee

Members: R P Edey (Chairman), F B Arisman,
Mrs E le R Bradley, C B Brayshaw, Dr T J Motlatsi
and A J Trahar

The committee was established during the year and has yet to meet. It is chaired by the board chairman, and is composed solely of non-executive directors, the majority of whom are independent directors as defined in the JSE Listings Requirements. The mandate of the committee is to assist the board in determining the criteria for new appointments to the board, to select and advise the board on eligible candidates, and to put in place succession plans particularly for the chairman of the board and the chief executive officer.

Corporate governance

Remuneration Committee

Members: R P Edey (Chairman), C B Brayshaw,
N F Oppenheimer, J Ogilvie Thompson and A J Trahar

The Remuneration Committee, which comprises exclusively non-executive directors, is primarily responsible for approving the remuneration policies of the company. Further details of this committee are available in the Remuneration Report. Colin Brayshaw was appointed as a member of the committee on 30 July 2003.

The committee meets as and when required, with a minimum of one meeting per annum. Three meetings of the committee were held during 2003. All members attended the meetings, either personally or through the provision of teleconferencing facilities.

Date of meeting

Apologies tendered

27 January 2003

29 April 2003

30 July 2003

Safety, Health and Sustainable
Development Committee

Members: W A Nairn (Chairman), R M Godsell
and Dr T J Motlatsi

The committee's brief is to evaluate the social, economic, environmental and health impacts of the company's operations on both local and global communities. One of the primary objectives of this committee is the elimination of all work-related accidents. The committee conducts on-site inspections in regard to matters of serious concern.

The committee, which comprises two non-executive directors and the chief executive officer, met on four occasions during 2003. All members attended the meetings, either personally or through the provision of teleconferencing facilities, except where specifically mentioned below:

Date of meeting

Apologies tendered

24 January 2003

16 April 2003

25 July 2003

R M Godsell

22 October 2003

R M Godsell

Other committees

In addition to the board committees, other committees have been established to oversee the effective day-to-day management of the company. These committees meet on a regular basis and are detailed below:

The Treasury Committee meets on a monthly basis and is chaired by a non-executive director, and comprises key officers in the finance and marketing disciplines. The committee is tasked with discussing and valuating market conditions, treasury operations and future hedging strategies. The members of this committee are:

CB Brayshaw (Chairman) - Non-executive

Director

J G Best

- Executive Director,

Finance

S Cassim

- East and West Africa

Region, Financial Manager

R N Duffy

- Executive Officer,

Business Planning

Ms D Earp

- Manager, Corporate

Accounting

R P H Hayes

- Manager, Treasury

Ms H H Hickey

- Manager, Group Internal

Audit

Ms C A Hoad

- Manager, Risk

M P Lynam

- Treasurer

K H Williams

- Executive Director,

Marketing

The Finance Committee, chaired by the executive director for finance, meets on a regular basis, and comprises key officers in the finance, marketing and legal disciplines. The committee has responsibility for strategy and monitoring of all financial and administrative aspects of the company.

The committee's membership is as follows: J G Best (Chairman)

- Executive director,

Finance

S Barua

Legal compliance Manager

R C Croll

Manager, mining valuations

PJ G Dennison

- Manager, mergers and

acquisitions

R N Duffy

- Executive officer,

Business planning

Ms D Earp

- Manager, Corporate

accounting

Ms H H Hickey

- Manager, Group internal

audit

S J Lenahan

- Executive officer,

Corporate affairs

M P Lynam

- Treasurer

O C Murphy

- Manager, Corporate

taxation

Ms Y Z Simelane

Managing secretary

AngloGold Limited - Annual financial statements 2003

Corporate governance

(continued)

Company secretarial function

The company secretarial function consists of both a managing secretary and a company secretary. The managing secretary bears overall responsibility for the company secretarial function. Appointment and removal of the managing secretary and company secretary are matters for the board.

The managing secretary and company secretary advise the directors, both collectively and individually, on compliance with procedural and regulatory aspects of a legal nature, ensuring awareness of applicable laws and regulations, guiding the board on all corporate governance and ethical issues, as well as advising the directors on their rights, duties and powers. The in-house legal department reports to the managing secretary and assists the company secretarial function should any questions or issues arise. In addition, the company secretarial function has access to a legal counsel who reports to the managing secretary on all compliance and corporate governance issues affecting the company. The company secretarial function also plays a crucial role in the induction of new directors.

Policies and procedures affecting directors and the board as a whole are developed by the company secretarial function in consultation with the Executive Committee, prior to submission and approval by the board. During the year, policies and procedures were developed for directors and the board including directors' rights to seek independent professional advice, the induction of new directors, and the development of fit and proper standards for the appointment of directors. Terms of reference of the various board committees are either developed by, or in consultation with, the company secretarial function, prior to submission to the board for formal approval.

Together with the investor relations department, the company secretarial function also provides a direct communications link with investors, and liaises with the company's share registrars on all issues affecting shareholders. The company secretarial function, in consultation with other departments, also provides mandatory information required by various regulatory bodies and stock exchanges on which the company is listed.

The managing secretary and company secretary are also responsible for compliance with all the statutory requirements in regard to the administration of the Share Incentive Scheme. Directors and officers report dealing in shares of the company to the company secretarial function who in turn report the dealings to the board. The

managing secretary and company secretary are also required to ensure that minutes of all shareholders', board and board committees' meetings are properly recorded in accordance with the South African Companies Act of 1973.

Management

Although the board bears overall responsibility for the company, management (together with the executive directors) is the custodian and administrator of the day- to-day performance of the company. Management therefore plays a significant role in the corporate governance of the company. The executive directors are the board functionaries who assume control and guide the activities and actions of management. Management also reports to the various board committees and receives direction and guidance on issues of strategy and planning from such committees.

Those chosen to assume managerial positions are appointed on the basis of their qualifications, experience and ability to contribute meaningfully to the company's best interests. Integrity and honesty are qualities expected of management, as this is central to the practice of good corporate governance.

Management has engaged, and is engaging in an extensive review of its current practices and is satisfied that it complies with its corporate governance obligations. A multi-disciplinary Disclosures Committee has been established by management to review and monitor company practices and obligations, and to ensure appropriate, effective and timely disclosures are made to the various regulatory bodies.

Succession planning

AngloGold recognises that it is in its best interests, and those of its stakeholders, to ensure that it continues to operate and function effectively, with minimal disruption, should key personnel resign or retire. Competent, credible and appropriately qualified candidates are selected and groomed to take over key positions in the event of a vacancy arising in senior managerial positions. A talent management programme is in place to harness, nurture and maximise the potential of promising employees. The Nominations Committee is briefed inter alia to put in place plans for the succession of the chairman of the board and the chief executive officer.

Corporate governance guidelines

AngloGold's Corporate Governance Guidelines are available from the company website. These guidelines include the board charter, business principles, code of ethics for the chief executive officer and financial officers,

Corporate governance

board committees' terms of reference, and other policies of the company.

Annual financial statements

The directors are required by the South African Companies Act to maintain adequate accounting records and are responsible for the preparation of the annual financial statements which fairly present the state of affairs of the company and the AngloGold group at the end of the financial year, and the results of operations and cash flow for the year, in conformity with generally accepted accounting practice and in terms of the JSE Listings Requirements.

In preparing the annual financial statements reflected in US Dollars and SA Rands on pages 42 to 140, the group has complied with South African Statements of Generally Accepted Accounting Practice (SA GAAP) and International Financial Reporting Standards (IFRS) and has used appropriate accounting policies supported by reasonable and prudent judgements and estimates. The directors are of the opinion that these financial statements fairly present the financial position of the company and the group at 31 December 2003, and the results of their operations and cash flow information for the year then ended.

The directors have reviewed the group's business plan and cash flow forecast for the year to 31 December 2004. On the basis of this review, and in the light of the current financial position and existing borrowing facilities, the directors are satisfied that AngloGold is a going concern and have continued to adopt the going-concern basis in preparing the financial statements.

The external auditors, Ernst & Young, are responsible for independently auditing and reporting on the financial statements in conformity with Generally Accepted Auditing Standards, IFRS and the Companies Act. Their unqualified report on these financial statements appears on page 41.

To comply with requirements for reporting by non-US companies registered with the SEC, the company has prepared a set of financial statements (Form 20-F) in accordance with US Generally Accepted Accounting Principles (US GAAP) which will be available from The Bank of New York to holders of the company's securities listed in the form of American Depositary Shares on the NYSE. Copies of the Form 20-F will also be available to stakeholders and other interested parties upon request to the company's corporate office or its contacts as listed on the back cover of this report. In compliance with the

requirements of the NYSE, a condensed consolidated income statement, balance sheet, statement of cash flows and brief financial notes based on US GAAP are included on pages 141 to 144 in this report. A condensed reconciliation between IFRS and US GAAP is supplied as supplementary information (pages 145 to 147).

In terms of the Sarbanes-Oxley Act, the chief executive officer and chief financial officer are required to complete a group certificate stating that the financial statements and reports are not misleading and that they fairly present the financial condition, results of operations and cash flows in all material respects. The design and effectiveness of the internal controls, including disclosure controls, are also included in the declaration. As part of the process, a declaration is also made that all significant deficiencies and material weaknesses, fraud involving management or employees who play a significant role in internal control, and significant changes that could impact on the internal control environment, are disclosed to the Audit and Corporate Governance Committee and the board.

Risk management and internal control

The board has ultimate responsibility for the total risk management process within the group. The board reviews and approves the risk strategy and policies that are formulated by the executive directors and senior management. Management is accountable to the board and has established a group-wide system of internal control to manage significant group risk. This system assists the board in discharging its responsibility for ensuring that the wide range of risks associated with the group's global operations are effectively managed in support of the creation and preservation of shareholder wealth. The risk management policies are communicated to all relevant employees.

Corporate governance is viewed as a strategic response to pursuing opportunities in a manner that is balanced by taking prudent risks, appropriately mitigated in exchange for measurable rewards. A full review of the risk, control and disclosure processes is undertaken annually to ensure that all additional requirements are incorporated into the system in the future. The systems are in place and the focus is on ensuring that the requirements of the King Report 2002 and the Sarbanes- Oxley Act are complied with timeously.

The management of risk encompasses all significant business risks, including operational and financial risk, which could undermine the achievement of business

AngloGold Limited - Annual financial statements 2003

Corporate governance

(continued)

objectives. The board has approved the level of acceptable risk and required that operations manage and report in terms thereof. Issues and circumstances, which could give rise to material adverse reputation considerations, are also considered to be unacceptable risk.

There is clear accountability for risk management. The requisite risk and control capability is assured through board control and appropriate management selection and skills development. Managers are supported in giving effect to their risk responsibilities through sound policies and guidelines on control management. Continual monitoring of risk and control processes, across significant risk areas, provides the basis for regular and exceptional reporting to the Audit and Corporate Governance and Executive committees. In the event of failure or disaster, continuity plans are in place with regard to critical processes.

For key risk areas, group risk owners have been appointed and board policies issued. The risk assessment and reporting criteria are designed to provide the board with a consistent, group-wide perspective of the key risks. The system of internal control, which is embedded in all key operations, provides reasonable assurance, rather than absolute assurance, that the group's business objectives will be achieved within the levels of risk tolerance defined by the board.

Regular management reports, which provide a balanced assessment of key risks, are an important component of board assurance. Additional sources include assertions by divisional heads as well as board committees established to focus on specific risks such as safety, health and sustainability, and capital investment. The board also receives assurance from the Audit and Corporate Governance Committee, which derives its information, in part, from regular internal and external audit reports on risk and internal control throughout the group.

The company has a sound system of internal control, based on the group's policies and guidelines, in all material associates and joint ventures. Where this is not possible, the directors, who represent AngloGold's interests on the boards of these entities, seek assurance that significant risks are being managed.

In conducting its annual review of the effectiveness of risk management in terms of the Turnbull requirements of the Combined Code - Principles of Good Corporate Governance and Code of Best Practice in the United Kingdom, the board considers the key findings from the

ongoing monitoring and reporting process, management assertions and independent assurance reports. The board also takes account of material changes and trends in the risk profile, and considers whether the control system, including reporting, adequately supports the board in achieving its risk management objectives. In addition, business unit heads and corporate risk owners are required to sign off abbreviated certificates confirming their understanding of their responsibility for internal controls. They are also required to certify that their disclosure in relation to their internal controls is transparent and that there are no untrue statements or omissions in their reporting process.

During the course of the year the board considered the group's responsiveness to changes within its business environment, and systems of control. The board is satisfied that there is an ongoing process for identifying, evaluating and managing the significant risks faced by the group.

Risk factors

This section describes some of the risks that could materially affect AngloGold. Additional risk factors not presently known to AngloGold or that AngloGold currently deems immaterial may also impair the business operations of AngloGold.

The risk factors set forth in this document have been organised into two categories:

- risks related to the gold mining industry generally; and

- risks related to AngloGold's operations.

Risks related to the gold mining industry
generally

The profitability of AngloGold's operations, and the cash flows generated by these operations, are significantly affected by changes in the market price for gold.

The market price for gold can fluctuate widely, as a result of numerous factors beyond AngloGold's control, including:

- speculative positions taken by investors or traders in

gold;

- changes in the demand for gold use in jewellery, for

industrial uses and for investment;

- changes in the supply of gold from production,

disinvestment, scrap and hedging;

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- financial market expectations regarding the rate of

inflation;

- the strength of the US Dollar (the currency in which the

gold price trades internationally) relative to other currencies;

- changes in interest rates;

- actual or expected gold sales by central banks;

- gold sales by gold producers in forward transactions;

- global or regional political or economic events; and

- costs of gold production in major gold-producing

nations, such as South Africa, the United States and Australia.

The price of gold is often subject to sharp, short-term changes resulting from speculative activities. While the overall supply of and demand for gold can affect its market price, because of the considerable size of above- ground stocks of the metal in comparison to other commodities, these factors typically do not affect the price in the same manner or degree as the supply of and demand for other commodities tend to affect their market price.

The following table presents the annual high, low and average afternoon fixing prices over the past 10 years, expressed in US Dollars, for gold per ounce, on the London Bullion Market:

Year

High

Low Average

1994

396

370

384

1995

396

372

384

1996

415

367

388

1997

367

283

331

1998

314

273

287

1999

340

252

278

2000

317

262

279

2001

298

253

271

2002

347

278

310

2003

417

320

364

Source of Data: Metals Week, Reuters and London Bullion

Market Association.

On 27 February 2004, the afternoon fixing price of gold on the London Bullion Market was US$395.85/oz.

AngloGold's current average total cash costs and total production costs are significantly below prevailing

market prices. If revenue from gold sales falls below the cost of production for an extended period, AngloGold may experience losses and be forced to curtail or suspend some or all of its capital projects and/or operations and change its past dividend payment policies. In addition, it would have to assess the economic impact of low gold prices on its ability to recover any losses it may incur during that period and on its ability to maintain adequate cash and accounting reserves. The current price of gold is significantly in excess of AngloGold's total cost of production.

AngloGold's use of hedging instruments to protect against low gold prices and exchange rate movements may prevent it from realising all potential gains resulting from subsequent gold price increases in the future.

AngloGold currently uses hedging instruments to fix the selling price of a portion of its respective anticipated gold production and to protect its revenues against unfavourable gold price and exchange rate movements. While the use of these instruments may protect against a drop in gold prices and exchange rate movements, it will only do so for a limited period of time and only to the extent that the hedge remains in place. The use of these instruments may also prevent AngloGold from realising the positive impact on income from any subsequent favourable increase in the price of gold on the portion of production covered by the hedge and any subsequent favourable exchange rate movements.

As at 31 December 2003, AngloGold's hedge book had a net delta of 8.6Moz and negative marked-to-market valuations of $663.7 million, including AngloGold's and Ashanti's respective 50% interests in the $154.9 million negative marked-to-market value of the Geita hedge book.

If the negative marked-to-market value of the Geita hedgebook exceeds a specified level, AngloGold will not be able to receive any cash from the Geita joint venture.

The Geita Joint Venture also engages in hedging transactions with respect to production from the Geita mine. This hedging is carried out on a margin-free basis. However, if at any time the aggregate respective marked-to-market value of the Geita hedge book exceeds $167.38 million (negative), AngloGold will be restricted from receiving cash from the joint venture until the marked-to-market negative value reduces below that threshold. The hedging arrangements also provide for events of default and termination that could result in early close-outs or a

AngloGold Limited - Annual financial statements 2003

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(continued)

default of Geita's $66.25 million project finance facility. The threshold of $167.38 million will increase during the life of the Geita project finance facility as principal repayments under the facility are made and additional coverage becomes available under AngloGold's political risk insurance.

Uncertainty and cost of mineral exploration and acquisitions

Exploration activities are speculative and are often unproductive. These activities also often require substantial expenditure to:

- establish Mineral Resources and Ore Reserves

through drilling, and metallurgical and other testing techniques;

- determine metal content and metallurgical recovery

processes to extract metal from the ore; and

- construct, renovate or expand mining and process

facilities.

Once gold mineralisation is discovered it can take several years to determine whether Mineral Resources and Ore Reserves exist. During this time the economic feasibility of production may change.

AngloGold considers from time to time the acquisition of Mineral Resources, Ore Reserves, development properties and operating mines, either as stand-alone assets or as part of companies. Its decisions to acquire these properties have historically been based on a variety of factors including historical operating results, estimates of and assumptions about future reserves, cash and other operating costs, metal prices and projected economic returns and evaluations of existing or potential liabilities associated with the property and its operations. Other than historical operating results, all of these parameters may differ significantly from its estimates and assumptions. In addition, there is intense competition for attractive properties.

As a result of these uncertainties, the exploration programmes and acquisitions engaged in by AngloGold may not result in the expansion or replacement of current production with new Ore Reserves or operations. This could adversely affect its ongoing business and financial position.

Development risks. AngloGold's profitability depends, in part, on the actual economic returns and the actual costs of developing mines, which may differ significantly from its current estimates. The development of its mining

projects may be subject to unexpected problems and delays.

AngloGold's decision to develop a mineral property is typically based, in the case of an extension or in the case of a new development, on the results of a feasibility study. Feasibility studies derive estimates of expected or anticipated project economic returns. These estimates are based on assumptions about:

- future gold and other metal prices;

- anticipated tonnage, grades and metallurgical

characteristics of ore to be mined and processed;

- anticipated recovery rates of gold and other metals

from the ore;

- anticipated capital expenditure and cash operating

costs; and

- the anticipated return on investment.

Actual cash operating costs, production and economic returns may differ significantly from those anticipated by such studies and estimates. There are a number of uncertainties inherent in the development and construction of an extension to an existing mine, or in the development and construction of any new mine. These uncertainties include, in addition to those discussed immediately above:

the timing and cost, which can be considerable, of the construction of mining and processing facilities;

the availability and cost of skilled labour, power, water and transportation facilities;

the availability and cost of appropriate smelting and refining arrangements;

the need to obtain necessary environmental and other governmental permits and the timing of those permits; and

the availability of funds to finance construction and development activities.

The costs, timing and complexities of mine development and construction can increase because of the remote location of many mining properties. New mining operations could experience unexpected problems and delays during development, construction and mine start- up. In addition, delays in the commencement of mineral

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production could occur. Accordingly, AngloGold's future development activities may not result in the expansion or replacement of current production with new production, or one or more of these new production sites or facilities may be less profitable than currently anticipated or may not be profitable at all.

Ore Reserve estimation risks. AngloGold's Ore Reserves described in this document are the best estimates of AngloGold's current management as of the dates stated and are reported in accordance with the requirements of the United States' Securities Exchange Commission's Industry Guide 7. In Australia and South Africa, AngloGold is legally required to publicly report Ore Reserves and Mineral Resources in accordance with the Australasian Code for Reporting of Mineral Resources and Ore Reserves (JORC Code) and the South African Code for Reporting of Mineral Resources and Ore Reserves (SAMREC Code).

AngloGold undertakes annual revisions to their respective Mineral Resource and Ore Reserve estimates based upon actual exploration and production results, depletion, new information and fluctuations in production and economic parameters. These factors may result in reductions in its Ore Reserve estimates, which could adversely impact upon the life-of-mine plans and consequently the total value of AngloGold's mining asset base. As a result, this in turn could have a negative impact upon the market price of ADSs and shares.

Mining industry risks

Gold mining is susceptible to numerous events that may have an adverse impact on a gold mining business. These events include, but are not limited to:

- environmental hazards, including discharge of metals,

pollutants or hazardous chemicals;

- industrial accidents;

- underground fires;

- labour disputes;

- unexpected geological formations;

- unanticipated ground and water conditions;

- fall of ground accidents;

- failure of mining pit slopes and tailings dam walls;

- legal and regulatory restrictions and changes to such

restrictions;

- seismic activity; and

- other natural phenomena, such as floods or inclement

weather conditions.

The occurrence of one or more of these events may result in the death of, or personal injury to, miners, the loss of mining equipment, damage to or destruction of mineral properties or production facilities, monetary losses, delays in production, environmental damage and potential legal liabilities. As a result, AngloGold's operations could be affected and, if such effect were material, its financial position could be adversely affected to a significant extent.

Seismic activity is of particular concern to the gold mining industry in South Africa, in part because of the large percentage of deep-level gold mines. To understand and manage this risk, AngloGold uses sophisticated seismic and rock mechanics technologies. AngloGold has had some success with these technologies in identifying the possible location of future seismic activity and in the development of mine layouts, support layouts and technologies, and mining methods to ameliorate seismic risk. Despite these programmes and their success to date, seismic events have in the past and may in the future cause employee injury and death,

and may cause substantial damage to

AngloGold's operations both within South Africa and elsewhere, which could have an adverse impact on the future results of its operations and, consequently, its financial condition.

Gold mining operations are subject to extensive safety and health laws and regulations.

Gold mining operations are subject to a variety of mine safety and health laws and regulations, depending upon the jurisdiction in which they are located. These laws and regulations are formulated to improve and protect the safety and health of employees.

In complying with the mine safety and health laws and regulations to which its operations are subject, AngloGold has dedicated resources in an attempt to achieve and to ensure the application of international best practice in the management of health across its operations, including medical surveillance systems. These systems and policies have resulted in improvements in its safety performance. AngloGold intends to implement such systems and policies, where required, across Ashanti's operations since the countries in which Ashanti operates do not currently have fully developed systems of safety and health laws and regulations.

AngloGold Limited - Annual financial statements 2003

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(continued)

If these laws and regulations were to change and, if as a result, material additional expenditure was required to comply with such new laws and regulations, it could adversely affect AngloGold's financial position.

Gold mining companies are subject to extensive environmental laws and regulations.

Gold mining companies are subject to extensive environmental laws and regulations in the various jurisdictions in which they operate. These regulations establish limits and conditions on the ability of gold producers' ability to conduct their operations. The cost of AngloGold's compliance with environmental laws and regulations has been significant in the past.

Pursuant to environmental laws and regulations, gold mining companies are also obligated to close their operations and rehabilitate the lands that they mine in accordance with these laws and regulations. Estimates of the total ultimate closure and rehabilitation costs for gold mining operations are significant and based principally on current legal and regulatory requirements that may change materially. AngloGold currently expenses rehabilitation costs as incurred and provides for the anticipated costs of compliance on a unit of production basis over the operating life of the mine. Other environmental liabilities are accrued when they are known, probable and can be reasonably estimated.

Environmental laws and regulations are continually changing and are generally becoming more restrictive. If AngloGold's environmental compliance obligations were to change as a result of changes in the laws and regulations or in certain assumptions it makes to estimate liabilities, or if unanticipated conditions were to arise in its operations, its expenses and provisions would increase to reflect these changes. If material, these expenses and provisions could adversely affect its results of operations and financial position. For a discussion of the estimated cost of the future environmental rehabilitation obligations with respect thereto, see Note 29 "Provisions: Environmental Rehabilitation Obligations" of AngloGold's consolidated audited financial statements. Additionally, for a discussion of the effects of the Mineral and Petroleum Resources Development Act with respect to the additional responsibilities imposed on mining companies in South Africa in respect of the environment and rehabilitation, see "Changes to mineral rights ownership regimes in South Africa, where a significant portion of AngloGold's mineral reserves and deposits are located, could have a material impact on its financial position" below.

Risks related to AngloGold's operations

AngloGold faces many risks related to its operations that may affect its cash flows and overall profitability.

There is a risk that the merger with Ashanti may not be implemented

The merger of AngloGold with Ashanti is subject to a number of conditions including the approval by the requisite majority of Ashanti shareholders of the Ghanaian Scheme of Arrangement and the relevant special resolution proposed at Ashanti's extraordinary general meeting, the confirmation of the scheme by the High Court of Ghana, the receipt of certain regulatory approvals and third party consents and the absence of any material adverse change to the business, financial condition, results of operations, assets or liabilities of Ashanti since 31 December 2002 (other than as publicly disclosed or announced by Ashanti prior to the date of the transaction agreement). If the conditions to the merger are not satisfied or, if permissible, waived on or before 31 May 2004 or such later day as may be agreed by AngloGold or Ashanti, AngloGold and Ashanti may terminate the transaction agreement, in which case the scheme of arrangement will not become effective and the merger will not be completed. AngloGold and Ashanti are not obliged to extend the period for the satisfaction or, if permissible, waiver of the conditions to the merger beyond 31 May 2004. Should the merger not be completed, the anticipated benefits of the merger will not be realised. At this stage there is no guarantee that the conditions to the merger will be satisfied and that the merger will be completed.

Foreign exchange fluctuations could have a material impact on AngloGold's operating results and financial position.

Since June 2002, the weakening of the US Dollar against the South African Rand, and, to a lesser extent, the Brazilian Real, the Argentinean Peso and the Australian Dollar has had a negative effect on AngloGold's profitability. Conversely, in certain prior years, the devaluation of these local currencies against the US Dollar had a significant positive effect on the profitability of its operations. Typically, revenues are derived in US Dollars and production costs are largely incurred in the relevant local currency. In 2003 and 2002, AngloGold derived approximately 77% and 73%, respectively, of its revenues from these countries and approximately 79% and 74%, respectively, of production costs in these local currencies. In 2003, the weakening of the US Dollar against these local currencies accounted for nearly $47/oz, or 69% of the total increase in total cash costs compared with a decrease in 2002 of $24/oz. In addition,

Corporate governance

production costs in South African Rands, Brazilian Reals, Argentinean Pesos and Australian Dollars were only modestly offset by the effect of exchange rate movements on the price of imports denominated in US Dollars, as imported products comprise a small proportion of production costs in each of these countries. AngloGold's product, gold, is principally a US Dollar-priced commodity, and most of its revenues are realised in US Dollars. The weakening of the US Dollar, without a corresponding increase in the US Dollar price of gold against these local currencies results in lower revenues and higher production costs in US Dollar terms. Conversely, the strengthening of the US Dollar, without a corresponding decrease in the US Dollar price of gold, against these local currencies yields significantly higher revenues and lower production costs in US Dollar terms. If material, these exchange rate movements may have an adverse impact on AngloGold's operating results. For example, due to the strengthening of the South African Rand against the US Dollar, production

costs at AngloGold's South African

operations increased in US Dollar terms during the second half of 2002 compared to the first half. This trend continued in 2003 due to the continued weakening of the US Dollar relative to currencies in many of the countries in which AngloGold operates. These impacts have been partially offset in 2003 by the increase in the US Dollar price of gold, which increase has been partially a function of US Dollar weakness.

To a lesser extent, mainly as a result of its hedging instruments, a small proportion of AngloGold's revenues are denominated in South African Rand and Australian Dollars, which may partially offset the effect of the US Dollar's strength or weakness on AngloGold's profitability.

In addition, due to its global operations and local foreign exchange regulations, some of AngloGold's funds are held in local currencies, such as the South African Rand and Australian Dollar. The US Dollar value of these currencies may be affected by exchange rate fluctuations. If material, exchange rate movements may affect AngloGold's overall financial position.

Inflation may have a negative impact
on AngloGold's results of operations.

Most of AngloGold's operations are located in countries that have historically experienced high rates of inflation. AngloGold's operations have not been materially adversely affected by inflation in recent years. However, because it is unable to control the market price at which it sells the gold it produces (except to the extent that it

enters into forward sales and other derivative contracts), it is possible that significantly higher inflation in the future in the countries in which AngloGold operates, result in a consequent increase in operational costs in local currencies, without a concurrent devaluation of the local currency of operations against the US Dollar or an increase in the US Dollar price of gold. This could have a material adverse effect upon the results of AngloGold's operations and financial condition.

While none of its specific operations are currently materially adversely affected by inflation, significantly higher and sustained inflation in the future, with a consequent increase in operational costs, could result in operations being discontinued, or reduced and rationalised at higher cost mines.

Changes to mineral rights ownership regimes in South Africa, where a significant portion of AngloGold's mineral reserves and deposits are located, could have a material impact on its financial position.

AngloGold's rights to own and exploit mineral reserves and deposits are governed by the laws and regulations of the jurisdictions in which the mineral properties are

located. Currently, a significant portion of

AngloGold's mineral reserves and deposits are located in South Africa.

In October 2002, the President of South Africa assented to the Mineral and Petroleum Resources Development Act (MPRDA), which had been passed by Parliament in June 2002. It will take effect on a date to be proclaimed by the President, which is expected to be in May 2004. Until then the existing regulatory regime for mineral rights will remain in place whereby the holder of mineral rights is entitled to mine on obtaining a mining authorisation from South Africa. AngloGold owns substantially all the mineral rights for which it holds mining authorisations.

The MPRDA vests custodianship of South Africa's mineral resources in the State, which will issue prospecting rights or mining rights to applicants in the future. The existing common law prospecting, mining and mineral rights will cease to exist but transitional arrangements are provided in order to give holders of existing rights the opportunity to convert their current rights into new rights.

Where AngloGold holds mineral rights and mining authorisations and is conducting mining operations on the date on which the MPRDA comes into effect, it will be able within five years from the date of effectiveness

AngloGold Limited - Annual financial statements 2003

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(continued)

of the MPRDA to submit the old rights and authorisations for conversion to new mining rights. AngloGold will need to submit a mining work programme and thereby to substantiate the area and period of the new rights, and also to comply with the requirements of the Charter as described below. A similar procedure applies where it holds prospecting rights and a prospecting permit and is conducting prospecting operations, but AngloGold must apply for conversion to new prospecting rights within two years from the date of effectiveness of the MPRDA for which purpose a prospecting work programme must be submitted. Where AngloGold holds unused rights, however, it will have one year to apply for new prospecting rights or mining rights, the requirements which are more stringent than for conversion, requiring, for example, non-concentration of resources, fair competition, no exclusionary effects, and proof of financial and technical ability.

Even where new rights are obtained under the MPRDA, these rights will not be equivalent to the existing rights. The area covered by the new rights may be reduced by the State if it finds that the prospecting or mining work programme submitted by an applicant does not substantiate the need to retain the area covered by the old rights. The duration of the new rights will no longer be perpetual but rather, in the case of new mining rights, for a maximum of 30 years with renewals of up to 30 years each and, in the case of prospecting rights, up to five years with one renewal of up to three years. The MPRDA provides for a retention period after prospecting of up to three years with one renewal of up to two years, subject to certain conditions, such as non-concentration of resources, fair competition, and non-exclusion of others. In addition, the new rights will only be transferable subject to the approval of the Minister of Minerals and Energy. Mining or prospecting must commence within one year or 120 days, respectively, of the mining right or prospecting right becoming effective, and must be conducted continuously and actively thereafter.

The new rights can be suspended or cancelled by the Minister of Minerals and Energy on breach or, in the case of a mining right, on non-optimal mining in accordance with the mining work programme.

New Royalty Bill

- The new rights will be subject to a State royalty

calculated on gross revenue as proposed in the draft Mineral and Petroleum Royalty Bill, 2003, which was released in March 2003 for comment, and which proposes a royalty payment of 3% of gross revenue per annum, payable quarterly, in the case of gold. As proposed, royalty payments will commence upon the

conversion and granting of a new mining right. AngloGold and other members of the South African mining community have submitted comments on the draft bill to the relevant authorities. These comments included recommendations for a profit-based rather than a revenue-based royalty and in order not to delay the conversion of mineral rights from old to new order mining rights, that the proposed royalty should only become payable from a fixed date being five years after the MPRDA takes effect, which date is the final date for the conversion of old order to new order mining rights under the MPRDA. In addition, a reduction in the royalty rate from that proposed in the draft Mineral and Petroleum Royalty Bill has been proposed. On 18 February 2004, in the Budget Speech for the 2004 fiscal year, the South African Minister of Finance announced several refinements to the draft Mineral and Petroleum Royalty Bill. These include a delay in the introduction of the royalty to five years after the introduction of the MRPDA and confirmation of the South African Government's preference for a revenue-based royalty. It was further indicated that the royalty regime would take cognisance of the mining sector's diverse production and profitability dynamics with differential rates to apply to marginal mining operations. The proposed royalty will have an adverse impact upon AngloGold's profitability as currently no royalty is payable.

- The MPRDA calls for a Charter to be developed by the

Minister of Minerals and Energy within six months of commencement of the Act, the content of which has largely been agreed with mining industry representatives (including AngloGold), and with representatives of other stakeholders. The Charter's stated objectives include the:

expansion of opportunities for persons disadvantaged by unfair discrimination under the previous political dispensation;

expansion of the skills base of such persons;

promotion of employment and advancement of the social and economic welfare of mining communities; and

promotion of beneficiation, or the crushing and separation of ore into valuable substances or waste within South Africa.

The Charter requires that each mining company achieve 15% ownership by historically disadvantaged South Africans of its South African mining assets within five years

Corporate governance

and 26% ownership within ten years. It contemplates that this will be achieved by, amongst other things, disposals of assets by mining companies to historically disadvantaged persons on a willing seller-willing buyer basis at fair market value. In addition, the Charter requires mining companies to formulate plans for achieving employment equity at management level with a view to achieving 40% participation by historically disadvantaged persons in management and 10% participation by women in the mining industry, each within five years. When considering applications for the conversion of existing rights, the State will take a scorecard approach, evaluating the commitments of each company to the different facets of promoting the objectives of the Charter. The draft scorecard was published by the South African government in February 2003.

AngloGold fully supports the principle that the mining industry and the wider South African economy have to find ways of dealing with the legacy of the country's history in a manner that promotes economic development and growth. AngloGold has made progress in adjusting the ownership structure of its South African mining assets and the composition of its management consistent with the Charter's spirit. It believes that it is well placed to meet the Charter's targets in accordance with the scorecard.

AngloGold has completed a number of asset sales to companies owned by historically disadvantaged persons in the past four years, which meet the requirements of the Charter and the scorecard. According to AngloGold's estimates based on operating data for the 12 months ended 30 September 2003, these transactions transfer 22.4% of its attributable units of production in South Africa to historically disadvantaged persons. However, AngloGold would expect the State to conduct its own assessment of these transfers when it submits its conversions or applications for acquisition of new rights to replace its existing rights. In addition, it is continuing to evaluate alternative ways in which to achieve the objectives of the Charter through, for example, forms of broad-based equity ownership by historically disadvantaged entities, groups or individuals, including employee share ownership and empowerment unit trusts.

AngloGold believes that it has made significant progress towards meeting the requirements of the Charter and the scorecard in human resource development, employment equity, mine community and rural development, housing and living conditions, procurement and beneficiation. It will also reflect these results when it lodges its conversions or applications for acquisition of new rights to replace its existing rights. The performance under the

criteria set by the Charter and the scorecard will be assessed by the State upon the occurrence of such lodgements or applications. Details of the State's methodology for calculating performance regarding to beneficiation have, however, not yet been made public. Failure on the part of AngloGold to comply with the requirements of the Charter and the scorecard could subject AngloGold to negative consequences.

AngloGold may also incur expenses in giving additional effect to the Charter and the scorecard, including costs which it may incur in facilitating the financing of initiatives towards ownership by historically disadvantaged persons as part of the industry-wide commitment to assist such persons in securing financing of R100 billion during the first five years of the Charter's life. There is furthermore no guarantee that any steps AngloGold might take to comply with the Charter would ensure that it could successfully acquire new mining rights in place of its existing rights. In addition, the terms of such new rights may not be as favourable to AngloGold as the terms applicable to its existing rights. Based on present indications, however, AngloGold believes that it should be able successfully to acquire new rights on reasonable terms.

The MPRDA also imposes on mining companies additional responsibilities relating to environmental management and to environmental damage, degradation or pollution resulting from their prospecting or mining activities. AngloGold has a policy of evaluating, minimising and addressing the environmental consequences of its activities and, consistent with this policy and the MPRDA, has undertaken a review of the environmental costs and liabilities associated with its South African operations in light of the new, as well as the existing, environmental requirements. While this examination could result in an increase in AngloGold's compliance costs and accruals for environmental remediation following the proposed merger with Ashanti, it is not certain at this stage whether these costs or liabilities will have a material adverse effect on AngloGold's financial condition or results of operations.

A majority of AngloGold's mineral reserves and
deposits and mining operations are located in
countries that face political and economic risks.

The mineral deposits and mining operations of AngloGold are located mainly in Africa and, to a lesser extent, South American countries. Countries in these regions, to a greater or lesser extent, have experienced political instability and economic uncertainty in the past. More recently, certain of the countries in which AngloGold operates and in particular South Africa, have achieved greater political and economic stability. Nevertheless, in

AngloGold Limited - Annual financial statements 2003

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(continued)

some of the countries where AngloGold operates, government policy may be unpredictable, and the institutions of government and market economy may be unstable and subject to rapid and unpredictable change.

Any existing and new mining operations and projects carried out by AngloGold in these countries are and will be subject to various national and local laws, policies and regulations governing the prospecting, developing and mining of mineral reserves, taxation, exchange controls, investment approvals, employee relations and other matters. If, in one or more of these countries, AngloGold could not obtain or maintain necessary permits, authorisations or agreements to implement planned projects or continue its operations under conditions or within time frames that make such plans and operations economic, or if legal or fiscal regimes or the governing political authorities change materially, its financial position could be adversely affected.

In South Africa, on 18 February 2004, in the Budget Speech for the 2004 fiscal year, the Minister of Finance announced that due to the new regulatory system for the mining rights in terms of the MRPDA and accompanying royalty dispensation under the draft Mineral and Petroleum Royalty Bill, it has become imperative to reassess holistically the current fiscal regime as applicable to the mining and petroleum industries in South Africa, including tax depreciation, rate differentiation for mining sectors, allowable deductions and exemptions from Secondary Tax on Companies in terms of South Africa's income tax regime. Also due for review is the gold mining tax formula, which provides income tax exemption and relief from Secondary Tax on Companies for gold mines despite the existence of profit. The impact of these proposed reviews is unknown at this stage and any material adverse change arising from there could have an adverse impact upon the financial position of AngloGold.

In certain circumstances, AngloGold will be required to seek the consent of regulators and other governmental authorities before it can undertake significant transactions, such as disposals of assets. It may not be able to obtain these consents expeditiously or at all.

Labour disruptions in South Africa and other
countries could have an adverse effect on
AngloGold's operating results and financial condition.

As at 31 December 2003, approximately 87% (2002: 88%) of AngloGold's workforce was located in South Africa.

More than 75% of the workforce on its South African operations is unionised, with the National Union of

Mineworkers (NUM) representing the majority of unionised workers. AngloGold's employees in some South American countries are also highly unionised. In the past, trade unions have had a significant impact on AngloGold's collective bargaining process, as well as on social and political reforms, most notably in South Africa. In 1987, the NUM embarked on a three-week strike in support of a wage demand. Since then AngloGold and the industry have not experienced any work stoppages due to wage negotiations. It has become practice to negotiate wages and conditions of employment with the unions every two years, through the Chamber of Mines of South Africa. The most recent settlement negotiation was completed in July 2003, when the parties reached an agreement covering the period from 1 July 2003 to 30 June 2005. Furthermore, AngloGold has instituted a number of processes at both mine and at company level, whereby management and unions interact regularly and address areas of difference as they arise.

It is uncertain whether labour disruptions will be used to advocate labour, political or social causes in the future.

Should any labour disruptions occur, if

material,

they could have an adverse effect

on AngloGold's results of operations and financial condition.

AngloGold faces certain risks in dealing with HIV/AIDS which may have an adverse effect on its operations.

AIDS and tuberculosis (which is exacerbated in the presence of HIV/AIDS) remain the major health care challenges faced by AngloGold's South African operations. A significant portion, approximately 30%, of its South African workforce is believed to be infected with the HI virus. AngloGold is continuing to develop and implement various programmes aimed at helping those who have been infected with HIV and preventing new infections. On 14 November 2002, it announced that it had begun implementing a monitored pilot anti-retroviral therapy programme for volunteer employees in South Africa who are infected with HIV. The pilot programme involved offering a triple combination drug regimen, known as a drug cocktail, to 200 Wellness Clinic patients (being AngloGold employees) that met the medical eligibility criteria for starting treatment. From April 2003, it commenced a roll-out of the treatment to all eligible employees desiring it.

At this stage, the drug cocktail alone costs approximately $70 per participating employee per month. It is not yet possible to develop an accurate cost estimate of the programme in its entirety, given uncertainties such as drug prices and the ultimate rate of employee

Corporate governance

participation. Based on its estimates, AngloGold believes that the cost of managing and treating the impact of the HIV/AIDS epidemic would be significantly lower than the cost of ignoring it and failing to take measures to manage and treat it.

AngloGold does not expect the cost that it will incur related to the prevention of HIV infection and the treatment of AIDS to materially and adversely affect its operations and profitability. Nevertheless, it is not possible to determine with certainty the costs that it may incur in the future in addressing this issue, and consequently, its operations and profitability could be adversely affected.

The occurrence of events for which AngloGold is not insured or for which its insurance is inadequate may affect its cash flows and overall profitability.

AngloGold maintains insurance to protect only against catastrophic events which could have a significant adverse impact on its operations and profitability. This insurance is maintained in amounts that are believed to be reasonable depending upon the circumstances surrounding each identified risk. However, AngloGold's insurance does not cover all potential risks associated with its business. In addition, AngloGold may elect not to insure for certain risks, due to the high premiums associated with insuring those risks or for various other reasons, including an assessment that the risks are remote. Furthermore, AngloGold may not be able to obtain insurance coverage at acceptable premiums. AngloGold has a captive insurance company, namely AGRe Insurance Company Limited, which participates at various levels in certain of the insurances maintained by AngloGold. The occurrence of events for which it is not insured may adversely affect AngloGold's cash flows and overall profitability.

Insider trading

AngloGold does not permit directors and key employees (that is, employees having access to price sensitive information) to trade in company shares during closed periods. Key employees trading in company shares are required to notify and obtain the necessary consent from the company secretarial function which determines whether such trading is permissible. A list of persons regarded as key employees for this purpose has been approved by the board and is revised from time to time. Directors wishing to trade in the company shares are required to notify and obtain the necessary consent from the chairman of the Remuneration Committee, or his or her deputy. The chairman of the Remuneration Committee,

or his deputy, consults with the managing secretary to determine if the trading is permissible. Closed periods are operated prior to the publication of the quarterly, half-yearly and year-end results. Where appropriate, a closed period is also operative during periods where major transactions are being negotiated and a public announcement is imminent.

Employee participation

The company has in place a variety of strategies and structures, designed to promote employee participation. These strategies and structures are further developed and adapted from time to time to meet variations in operational requirements and to accommodate changing circumstances. Management and employee representatives meet in formal and informal forums at company and operational levels to share information and to address matters of mutual interest.

Employment equity and development

In October 2003, AngloGold submitted its third annual employment equity report to the Department of Labour on progress made with the implementation of the company's employment equity plan in respect of its South African operations. The 2003 report indicates that continued progress has been made year-on-year, most notably in the category of technicians and associated professionals, where the percentage of designated employees has increased from 27% to 30%.

The employment equity governance structures and monitoring processes have been entrenched at company and business unit levels. A Mining Charter Steering Committee has been established to lead and direct the overall process of compliance with the charter. Four strategic issues have been identified to enable the company to meet the employment equity objectives:

accelerating progress towards achieving targets;

retention of talented employees;

facilitating the employment of women, and

improving communication with all employees regarding issues concerning employment equity.

Measures are being implemented to address these issues. The following is a summary of the 2003 report as required by section 22(1) of the Employment Equity Act of 1998.

AngloGold Limited - Annual financial statements 2003

Corporate governance

(continued)

Communication

AngloGold subscribes to a policy of full, accurate and consistent communication in respect of both its financial and operating affairs. The company regularly enters into dialogue with institutional and private investors on the basis of the guidelines of promptness, relevance, transparency and substance over form, having due regard to statutory, regulatory and other directives prohibiting the dissemination of unpublished and price- sensitive information by the company and its directors and officers. In addition to the facilities offered by the corporate secretarial function and the company's share registrars, AngloGold has established an investor relations and communications programme in South Africa, Europe, Asia, the United States and Australia, to maintain contact with members of the investing communities and the media around the world.

The company encourages shareholders to attend its general meetings, which provide opportunities for shareholders to ask questions of the board, including the chairmen of the various standing committees of the board, or their representatives.

International media and investor briefings, which include telephonic and web-based conference calls, are held when the company's results are announced at quarterly intervals and when events require disclosure and discussion. The company also has a website containing up-to-date information.

Copies of all corporate presentations are posted onto the company's website. In addition, shareholders are informed at the meeting of the results of voting, in person and by proxy, in respect of all ordinary and special resolutions proposed under special business at the meeting.

Executive directors also hold face-to-face meetings with the company's institutional shareholders around the world during the year to discuss company performance and the proposed merger between AngloGold and Ashanti.

Equally high value is placed on the process of internal communication to all employees at the company's corporate office and operating units.

Employment Equity Report

2003

2002

Total

Occupational

Black

White

Black

White

desig-

Black

White

Black

White

desig-

categories

Total

males

males femalesfemales

nated

Total

males

males femalesfemales

nated

Legislators, senior officials
and managers

158

142

149

136

Professionals

909

747

162

881

739

142

Technicians and associate
professionals

1,697

321

1,196

166

501

1,640

290

1,192

146

448

Clerks

1,218

684

220

225

998

1,165

662

192

231

973

Craft and related trades
workers

3,583

1,629

1,733

173

1,850

3,523

1,553

1,768

165

1,755

Plant & machine operators
and assemblers

5,458

5,187

135

5,377

5,313

5,085

120

5,253

Elementary
occupations

26,142 25,642

132

364

26,010

26,149 25,830

236

3 26,069

100

Total permanent

39,165 33,548

4251

660

706 34,914

38,820 33,488

4,167

496

669 34,653

Non-permanent
employees

7,996

7,085

730

155

7,266

6,414

5,691

687

5,727

Total

47,161 40,633

4,981

815

732 42,180

45,234 39,179

4,854

528

673 40,380

The category Blacks includes Coloureds and Indians. Included in the above are 556 people with disabilities. The above employee numbers are as at 1 August 2003 and exclude AngloGold Health Services as they submit a separate report to the Department of Labour.

Corporate governance

Sustainable development

AngloGold continues to be committed to sustainable development in all the regions in which it operates. An innovation is that the company's 2003 Report to Society is published as a web-based document simultaneously with this report. It can be accessed from the home page of the company's website and is designed to enable easy access to the reader's particular area of interest, either in terms of geographical area or discipline. Also, for the first time, key aspects of this report have been reviewed by independent auditors,PricewaterhouseCoopers.

During the year the company participated in the inaugural JSE Socially Responsible Investment Index. AngloGold welcomes the initiative shown by the JSE and awaits the publication of its index during the first half of 2004.

For the second year in a row AngloGold participated in the Edward Nathan and Friedland (ENF) Sustainability Index. Both the JSE and ENF indices seek to examine the performance of participating companies in terms of each company's triple bottom line, that is each company's attitude and actions in respect of the environment, society and economy, or in the words of the World Summit for Sustainable Development, 2002, "planet, people, prosperity". In the inaugural 2002 ENF Sustainability Index, AngloGold was ranked first in the sustainability assessment.

Further details on AngloGold's activities in respect of each of its regions is available under the Review of Operations, at pages 18 to 30 of this report. Details of the company's actions in respect of HIV/AIDS, beneficiation, social investment and code of ethics are also available from the company website in the Report to Society.

Company ethics and business
principles

The company is committed to the highest standards of integrity, and ethical and legal conduct in dealings with all its stakeholders. Principles of corporate business conduct, which outline the ethical and professional management practices that AngloGold upholds, have been adopted by the board. Individuals and entities doing business with AngloGold are expected to observe the same level of commitment to group integrity. The dissemination of these principles of business conduct to all levels of employees at all regions is in progress. These principles are available on the company website. The company is confident that these principles are being adhered to.

Business principles detailing the company's approach to community and social development issues and its labour practices have also been formulated on a group-wide basis. These principles were in the process of being further refined with internal stakeholders during 2003. This will continue in 2004, and will be the subject of a comprehensive internal communications campaign during 2004 and beyond.

In addition, a policy providing for the confidential reporting of acts of fraud, dishonesty, and other acts of an unethical and illegal nature was finalised. The procedures and mechanisms for such reporting are already functional, and permit the confidential reporting via facsimile, anonymous e-mail and a toll-free telephone facility to the group internal audit manager, who is functionally and operationally independent of management. Once a report is made, the matter will be investigated and appropriate action taken. Information on the reporting mechanisms and the policy on such reporting will be communicated to all employees by means of a roll-out campaign and through the company intranet.

As the company's code of ethics and confidential reporting policy and programmes have been newly introduced, it is still early to gauge the extent to which there is adherence to the company's ethical standards. AngloGold will be able to assess the actual levels of adherence to its ethics once the confidential reporting policy has had time to filter through to employees. The findings of the internal and external audit functions have revealed no significant breaches of the company's ethics. The company is, therefore, confident that there is a high level of adherence to its ethical standards.

Access to information

The company has complied with its obligations in terms of the South African Promotion of Access to Information Act of 2000, and the company's manual is available from the company website and the company secretarial department.

Sponsor

UBS acts as sponsor to the company in compliance with the Listings Requirements of the JSE.

AngloGold Limited - Annual financial statements 2003

Remuneration report

Executive remuneration for the company is determined and monitored by the Remuneration Committee which comprises five non-executive directors. The committee has set the Executive Remuneration Policy for AngloGold as follows:

to attract, reward and retain executives of the highest calibre;

to align the behaviour and performance of executives with the company's strategic goals and in the overall interests of shareholders;

to ensure the appropriate mix of short-, medium- and long-term rewards and incentives, with the latter being closely linked to structured company performance targets and strategic objectives; and

to ensure that, within regions, management is competitively rewarded within a global remuneration policy, which recognises both local and global markets.

In particular the Remuneration Committee is responsible
for:

the specific remuneration packages for executive directors of the company including basic salary, performance-based short- and long-term incentives, pensions, and other benefits; and

the operation of the company's share option scheme.

Membership of the Remuneration
Committee

The Remuneration Committee has included the following non-executive directors during the period since the previous annual general meeting:

Russell Edey (Chairman)

Colin Brayshaw (appointed July 2003)

Nicky Oppenheimer

Julian Ogilvie Thompson

Tony Trahar

The committee met three times during 2003. The chief executive officer and the executive officer responsible for human resources attend the meetings but are not present when their own benefits are discussed.

During the year, advice was received from Deloitte and Touche LLP following a survey they conducted on AngloGold's behalf of best practices in executive remuneration in the global resources sector, with particular emphasis on gold mining.

The following principles are used in the determination of executive remuneration:

1. Annual remuneration should be a combination of

base pay and short-, medium- and long-term incentives, with salary comprising about 50% of annual remuneration.

2. Salary, should be set at the median for the relevant

competitive markets.

3. All incentive plans should align performance targets

with shareholder interests.

Currently, executive director remuneration comprises the following elements:

1. Salary which is subject to annual review by the

Remuneration Committee and is set at the median of salaries in the relevant competitive markets in South Africa and globally. The individual salaries of executive directors are reviewed in light of their own performance, experience, responsibility and company performance.

2. Annual bonus, which is determined by the

achievement of a set of company and individual performance targets. The company targets include earnings per share, cost control and global production. The weighting of the respective contribution of company and individual targets is 70% for company and 30% for individual. The Remuneration Committee has the right to adjust the overall level of bonus of executive directors, particularly in the light of the company's annual safety performance and of the specific contribution of individual executive directors to the company's success.

Remuneration report

3. Share option scheme, which allows for an annual

grant of AngloGold share options based on the achievement of pre-determined performance targets similar to those used for the annual bonus. Options granted are subject to the achievement of a performance condition set by the Remuneration Committee, and are subject to a maximum equivalent to annual salary for any executive director.

4. Pensions: all executive directors are members of

the AngloGold Pension Fund, a defined benefit fund which guarantees a pension on retirement equivalent to 2% of final basic salary per year of service. Death and disability cover reflects best practice amongst comparable employers in South Africa.

5. Other benefits: executive directors are members

of the AngloGold Medical Scheme, which covers the director and his immediate family.

Long-term incentive plan

The committee resolved to investigate the introduction of a long-term incentive plan in 2005, subject to shareholder approval.

Directors' service contracts

Service contracts of executive directors are reviewed annually. The contractual notice period in respect of Bobby Godsell, as chief executive officer, is 12 months, and for the other three executive directors, six months. The contracts also deal with compensation if employment is terminated or a material change in role, responsibilities or remuneration occurs. Compensation in these circumstances is pegged at twice the notice period.

Directors' emoluments

The salaries and benefits of executive directors, who receive no fees as members of the AngloGold Board, and the fees paid to non-executive directors, are shown in the tables on pages 64 to 66.

Non-executive directors' remuneration

The remuneration and fees of non-executive board members are reviewed from time to time to ensure that they remain competitive and that they attract individuals

of the appropriate reputation and experience to the board. The executive directors are responsible for conducting this review and making recommendations accordingly.

To this end, at the annual general meeting to be held on Thursday, 29 April 2004, shareholders will be requested to consider an ordinary resolution to approve the following:

an increase in the fees payable to directors of the company from R100,000 to R110,000 per annum, provided that directors who are non-residents of South Africa will receive US$16,000 per annum;

an increase in the fee payable to the deputy chairman of the board from R150,000 to R300,000 per annum;

an increase in the fee payable to the chairman of the board from R200,000 to US$130,000 per annum, provided that the chairman is a non-resident of South Africa; and

an increase from US$2,000 to US$4,000 in the additional travel allowance payable to directors who travel internationally to attend board meetings.

Remuneration report

(continued)

AngloGold Limited - Annual financial statements 2003

All figures have been stated to the nearest R000.

Pre-tax

Per-

Pension

gains

formance

scheme

on share

related

contri-

Other

Sub-

options

Salary payments

butions

benefits

total exercised

Total

Executive Directors' remuneration 2003
R M Godsell (Chief Executive Officer)

5,386

2,459

684

120

8,649

J G Best

2,862

857

365

4,137

4,932

9,069

D L Hodgson

2,862

857

365

4,145

1,845

5,990

K H Williams

2,972

927

380

102

4,381

291

4,672

Total

14,082

5,100

1,794

336

21,312

7,068

28,380

Executive Directors' remuneration 2002
R M Godsell (Chief Executive Officer)

4,217

1,295

496

283

6,291

J G Best

2,476

928

300

3,736

2,130

5,866

D L Hodgson

2,475

678

300

100

3,553

2,972

6,525

K H Williams

2,673

898

333

150

4,054

2,154

6,208

Total

11,841

3,799

1,429

565

17,634

7,256

24,890

Non-executive Directors' remuneration

2003

2002

Directors' Committee

Travel

Directors' Committee

Travel*

fees

fees allowance

Total

fees

fees allowance

Total

R P Edey (Chairman)

200

130

373

160

126

327

Dr T J Motlatsi
(Deputy Chairman)

150

110

277

117

107

245

F B Arisman

100

220

184

Mrs E le R Bradley

100

110

227

107

190

C B Brayshaw

100

182

130

Dr V K Fung
(resigned 30 April 2003) 33

133

A W Lea

100

130

111

W A Nairn

100

110

210

104

187

J Ogilvie Thompson

100

130

113

N F Oppenheimer

100

130

113

A J Trahar

100

130

113

Total

1,183

730

139

2,052

1,024

699

123

1,846

Remuneration report

2003

2002

Directors' Committee

Travel

Directors' Committee

Travel*

fees

fees allowance

Total

fees

fees allowance

Total

Alternates D D Barber

P G Whitcutt

Total

Fees paid to a former non-executive director
D M J Ncube

60**

Total

Grand total

1,183

745

156

2,084

1,024

789

123

1,936

Introduced with effect from 1 May 2002.

Prior years' adjustment.

Executive directors do not receive payment of directors' fees and committee fees.

Share incentive scheme

Options to subscribe for ordinary shares in the company granted to, and exercised by, executive directors, executive officers and managers during the year to 31 December 2003, and subsequent to year end, are included in the table below:

Executive directors and senior managers

R M

J G

D L

K H

Executive

Other

Godsell

Best

Hodgson

Williams

Total

officers managers

Total

Granted as at 1 January 2003
Number

194,300

74,100

83,700

82,100

434,200

225,600

2,678,580

3,338,380

Average exercise price per share - R

123.80

141.10

152.15

129.98

133.39

173.74

196.12

186.45

Granted during year
Number

16,000

10,500

47,500

24,000

1,168,200

1,239,700

Average exercise price per share - R

221.90

Exercised during year
Number

25,800

9,600

1,500

36,900

58,200

412,920

508,020

Average exercise price per share - R

104.96

104.00

104.67

163.21

119.10

123.10

Average market price per share at
date of exercise

- R

296.11

296.18

297.87

296.20

271.97

285.82

284.99

Pre-tax gain at date of exercise

- R value

4,931,703

1,844,955

290,808

7,067,466

6,329,730 68,841,924 82,239,120

- average
R per share

191.15

192.18

193.87

191.53

108.76

166.72

161.88

Lapsed during year
Number

16,000

134,100

150,100

Average exercise price per share - R

159.60

245.47

236.32

Held as at 31 December 2003
Number

210,300

58,800

84,600

91,100

444,800

175,400

3,299,760

3,919,960

Average exercise price per share - R

131.27

171.38

166.27

141.00

145.22

185.12

212.88

203.96

Latest expiry date

2 May

2013

Executive directors and senior managers

R M

J G

D L

K H

Executive

Other

Godsell

Best

Hodgson

Williams

Total

officers managers

Total

Subsequent to year-end Granted Number

Average exercise price per share - R

Value

- R

Exercised Number

30,000

73,200

103,200

Average exercise price per share

- R

104.00

116.99

113.21

Value

- R

3,120,000

8,563,520 11,683,520

Average market price per share at date of exercise

- R

290.95

301.22

298.24

Value

- R

8,728,607

22,049,566 30,778,173

Pre-tax gain at date of exercise Value

- R

5,608,607

- 13,486,046 19,094,653

Average R per share

186.95

184.24

185.03

Lapsed Number

5,600

Average exercise price per share

- R

253.77

Value

- R

1,421,120

Held as at 24 February 2004 Number

210,300

58,800

84,600

61,100

414,800

175,400

3,220,960

3,811,160

Average exercise price per share

- R

131.27

171.38

166.27

159.17

148.20

185.12

214.99

206.35

Value

- R 27,605,600

10,077,100 14,066,100

9,725,100 61,473,900 32,469,300 692,470,980 786,414,180

Latest expiry date

2 May

2013 2013 2013

2013

Remuneration report

(continued)

AngloGold Limited - Annual financial statements 2003

Directors' report

Nature of business

AngloGold Limited conducts mining operations in Africa, North and South America and Australia and undertakes exploration activities worldwide. In addition, the company is involved in the manufacturing, marketing and selling of gold products, as well as the development of markets for gold.

Ashanti Goldfields Company Limited

Following the initial announcement in May 2003 regarding the proposed merger between AngloGold and Ashanti Goldfields Company Limited, the detailed terms were announced on 4 August 2003. Shareholders have continually been updated regarding negotiations with Ashanti and other parties involved in the transaction. It is proposed that, subject to a scheme of arrangement being approved by Ashanti shareholders and the High Court of Ghana, Ashanti shareholders will be entitled to receive 29 AngloGold shares for every 100 Ashanti shares held. AngloGold shareholders in general meeting will be asked to approve a change of name of the company to AngloGold Ashanti Limited. A separate circular will be sent regarding the change of name and, assuming all approvals are received, the merger is expected to be effective and the name changed on 26 April 2004.

Holding company

The company's holding and ultimate holding companies are respectively:

Anglo South Africa Capital (Proprietary) Limited

Anglo American plc (incorporated in England and Wales)

The effective shareholding of Anglo American plc in the issued share capital of the company at the undermentioned dates was as follows:

24 February 2004

31 December 2003

31 December 2002

Ordinary shares held
Number

122,863,176

121,502,197

114,457,368

Percentage

55.04

54.45

51.41

Share capital

There was no change to the authorised share capital of the company during 2003. The authorised ordinary share capital of AngloGold is R100m in 400m shares of 25 cents each.

The following are the movements in the issued and unissued ordinary share capital from the beginning of the accounting period to the date of this report:

Issued

2003

2002

Number of

shares

Rand

shares

Rand

At 1 January

222,622,022

55,655,506

215,268,116

53,817,029

Issues during year Issue of shares in terms of - Normandy top-up facility*

127,156

31,789

- Normandy share-swap*

6,403,236

1,600,809

- AngloGold odd-lot offer

278,196

69,549

Exercise of options by participants in the - AngloGold Share Incentive Scheme

508,020

127,005

478,720

119,680

- Acacia Employee Option Plan

6,300

1,575

66,598

16,650

At 31 December

223,136,342

55,784,086

222,622,022

55,655,506

Issues subsequent to year-end Exercise of options by participants in the AngloGold Share Incentive Scheme

103,200

25,800

At 24 February 2004

223,239,542

55,809,886

Arising from the offer by AngloGold to shareholders of Normandy Mining Limited, a gold mining company registered in Australia, to acquire the entire issued share capital of Normandy. As acceptances in respect of this offer constituted only 7.11% of Normandy's issued share capital, with no possibility of AngloGold obtaining majority control of Normandy, the offer closed on 18 January 2002. The company's holding of Normandy shares was disposed of in January 2002 and the proceeds applied towards repaying debt owed by the AngloGold group.

Unissued

2003

2002

Number of

shares

At 1 January

177,377,978

184,731,884

Issues during year

514,320

7,353,906

Maximum number of shares available for allocation for purposes
of the Share Incentive Scheme

6,136,249

6,122,106

Unissued shares under the control of the directors at 31 December

170,727,409

171,255,872

Issues subsequent to year-end

103,200

Additional number of shares available for allocation for purposes
of the Share Incentive Scheme

2,838

Balance of unissued shares under the control of the directors at
24 February 2004

170,621,371

All the issued A and B redeemable preference shares are held by a wholly owned subsidiary and further details of the authorised, issued and unissued shares, as well as the share premium, are given in note 27 to the group's financial statements.

At the annual general meeting to be held on 29 April 2004, shareholders will be asked to consider an ordinary resolution placing the number of unissued ordinary shares, exclusive of the number of shares reserved for purposes of the Share Incentive Scheme as at that date, under the control of the directors until the next annual general meeting.

In terms of the Listings Requirements of the JSE Securities Exchange South Africa (JSE), shareholders may, subject to certain conditions, authorise the directors to issue the shares held under their control for cash other than by means of a rights offer to shareholders. In order that the directors of the company may be placed in a position to take advantage of favourable circumstances which may arise for the issue of such shares for cash without restriction for the benefit of the company, shareholders will be asked to consider an ordinary resolution to this effect at the forthcoming annual general meeting.

The company has not exercised the general approval to buy back shares from its issued ordinary share capital granted at the annual general meeting held on 30 April 2003. At the next annual general meeting shareholders will be asked to renew the general authority for the acquisition by the company, or a subsidiary of the company, of its own shares.

As AngloGold is not incorporated in Australia, the acquisition of its shares by another company or person is not subject to the takeovers and substantial holding provisions of Chapter 6 of the Australian Corporations Act. However, AngloGold is required to comply with those provisions in the case of a bid for an Australian company.

American Depositary Shares

At 31 December 2003, the company had in issue through The Bank of New York as Depositary, and listed on the New York Stock Exchange (NYSE), 36,753,386 (2002: 39,879,957) American Depositary Shares (ADSs). Each ADS is equal to one ordinary share.

At 24 February 2004, there were 36,017,376 ADSs in issue and listed on the NYSE.

AngloGold Limited - Annual financial statements 2003

Directors' report

(continued)

Directors' report

Share incentive schemes

As approved by shareholders, AngloGold operates two share incentive schemes (as detailed below), for the purpose of providing an incentive to executive directors, executive officers and managers of the company and its subsidiaries to identify themselves more closely with the fortunes of the group and its continued growth, and also to promote the retention of such employees by giving them an opportunity to acquire shares in the company. Employees participate in the schemes to the extent that they are granted options and accept them.

The maximum number of ordinary shares that may be allocated for the purposes of the schemes, equivalent to 2.75% of the total number of ordinary shares in issue at that date, is:

24 February 2004

31 December 2003

31 December 2002

6,139,087

6,136,249

6,122,106

The maximum aggregate number of shares which may be acquired by any one participant in the scheme is 300,000.

All options which have not been exercised within ten years from the date on which they were granted automatically lapse, unless otherwise stated.

Non-executive directors are not eligible for participation in the share incentive schemes.

AngloGold Share Incentive Scheme

This share incentive scheme provides for the granting of options, based on two separate criteria:

Time-related

Time-related options were approved by shareholders at the general meeting held on 4 June 1998, and amended by shareholders at the annual general meeting held on 30 April 2002.

Time related options granted, may be exercised as follows:

Percentage

Period after date of grant of options

2 years

3 years

4 years

100

5 years

No further options will be granted under this plan which will terminate on 1 February 2012, being the date on which the last options may be exercised or will expire.

Performance-related options

Performance-related options were approved by shareholders at the annual general meeting held on 30 April 2002.

Performance related options granted, may be exercised in full, three years after date of grant, provided that the condition on which the options were granted, namely related to the performance of the company, as determined by the directors, are met.

Summary

As is required to be disclosed in terms of the AngloGold Share Incentive Scheme and stock exchange regulations, the movement in respect of options granted and the ordinary shares issued as a result of the exercise of options during the period 1 January 2003 to 24 February 2004 was as follows:

Options

Average exercise

price per

Ordinary

Time

Performance

ordinary shares

related

Total

share

issued

At 1 January 2003

2,159,280

1,179,100

3,338,380

R186.45

1,539,320

Movements during year - Granted

1,239,700

R221.90

- Exercised

508,020

R123.10

508,020

- Lapsed - terminations

47,600

102,500

150,100

R236.32

At 31 December 2003

1,603,660

2,316,300

3,919,960

R203.96

2,047,340

Subsequent to year-end Exercised

103,200

R113.21

103,200

Lapsed - terminations

5,600

R253.77

At 24 February 2004

1,500,460

2,310,700

3,811,160

R206.35

2,150,540

Analysis of options in issue at 24 February 2004:

Holding

Holders

Number

Value - R000

1 -

100

101 -

500

501 -

1,000

127

112,200

26,946

1,001 -

5,000

474

1,239,100

319,170

5,001 -

10,000

709,900

138,694

10,001 -

100,000

1,539,660

273,999

Over 100,000

210,300

27,605

Total

777

3,811,160

786,414

Directors' report

(continued)

AngloGold Limited - Annual financial statements 2003

Directors' report

Acacia Employee Option Plan

The company's wholly owned subsidiary, AngloGold Australia Limited (originally Acacia Resources Limited) operated the Acacia Employee Option Plan for certain of its employees. In terms of this plan, on exercising of options, a ratio of seven AngloGold ordinary shares for every 100 options held was applicable. The issue price of the AngloGold shares was calculated using the A$/R exchange rate ruling on the date of allotment. At 31 December 2003, all options granted in terms of the Acacia Employee Option Plan had been exercised or lapsed and the plan has now been terminated.

The movement in respect of options during the period 1 January 2003 to 31 December 2003 was as follows:

Average

issue

Equivalent

price of

Number

AngloGold

Ordinary

AngloGold

ordinary

shares

ordinary

options

shares

issued

shares

At 1 January 2003

90,000

6,300

91,700

R161.02

Movements during year
- Issued

- Exercised

90,000

6,300

R138.61

- Lapsed

At 31 December 2003

98,000

R159.58

Financial results

The financial statements set out fully the financial position, results of operations and cash flows of the group and the company for the financial year ended 31 December 2003. A synopsis of the financial results for the year is set out in the Financial Review on pages 10 to 13.

Review of operations

The performance of the various regions are comprehensively reviewed on pages 18 to 30.

Dividends

Dividend policy

The company's dividend policy is to declare an interim and a final dividend in respect of each financial year and to pay out a high proportion of its earnings after providing for long-term growth. This policy is reviewed by the board from time to time in the light of the group's cash requirements and financial position.

Dividends paid since 1 January 2003:

Final

Interim

Final

dividend

number 93

number 94

number 95

Declaration date

30 January 2003

30 July 2003

29 January 2004

Last date to trade ordinary shares cum dividend

14 February 2003

15 August 2003

13 February 2004

Record date

21 February 2003

22 August 2003

20 February 2004

Amount per ordinary share - South African currency (cents)

675

375

335

- United Kingdom currency (pence)

48.43

31.69

26.54

Amount per CDI* - Australian currency (cents)

27.00

15.74

12.77

Payment date

28 February 2003

29 August 2003

27 February 2004

Amount per ADS** - United States currency (cents)

82.12

50.73

49.82

Payment date

10 March 2003

9 September 2003

8 March 2004

Each CDI (CHESS Depository Interest) is equal to one-fifth of one ordinary share.

Each ADS (American Depositary Share) is equal to one ordinary share.

Shareholders who have dematerialised their ordinary shares receive payment of their dividends electronically, as provided for by STRATE. For those shareholders who have not yet dematerialised their shares, or who may intend retaining their shareholding in the company in certificated form, the company operates an electronic funds transmission service, whereby dividends may be electronically transferred to shareholders' bank accounts. These shareholders are encouraged to mandate this method of payment for all future dividends.

Borrowings

On 21 August 2003, AngloGold launched and priced an issue of senior unsecured 10.5% bonds due on 28 August 2008 in an aggregate principal amount of R2,000m. The bonds, the proceeds of which are for general corporate purposes, are listed on the Bond Exchange of South Africa.

The company's borrowing powers are unlimited. At 31 December 2003, the group's borrowings totalled $1,158m, R7,723m (2002: $926m, R7,938m).

Fixed assets

On 13 March 2003, AngloGold announced that its wholly owned subsidiary, AngloGold Australia Limited, had signed a new joint venture agreement with Striker Resources NL and De Beers Australia Exploration Limited, to undertake further exploration work covering an area in excess of 17,000km

in the east Kimberley region of Western Australia. An

expenditure of $4.61m (A$7.75m) entitles AngloGold to a 51% return on income.

On 23 May 2003, AngloGold announced that it had signed an agreement to sell its wholly-owned Amapari project to Mineracao Pedra Branca do Amapari, for the total consideration of $18.2m. The Amapari project is located in the State of Amapa, North Brazil. Since acquiring the property from Minorco, AngloGold has sought to prove up additional reserve ounces in order to get it to a size and life that would justify the management resources needed to run it effectively. This was not achieved and AngloGold, on receiving a fair offer from a purchaser who could constructively turn this orebody to account, agreed to sell.

Directors' report

(continued)

AngloGold Limited - Annual financial statements 2003

Directors' report

Fixed assets (continued)

On 6 June 2003, AngloGold announced that it had finalised the sale of its 49% stake in the Gawler Craton Joint Venture, including the Tunkillia project located in South Australia to Helix Resources Limited. Consideration for the sale comprised cash of $500,000 (A$750,000), 1.25m fully-paid Helix shares issued at A$0.20 per share and 1.25m Helix options exercisable at A$0.25 per option before 30 November 2003 with an additional payment of $335,000 (A$500,000) deferred to the delineation of a mineable resource of 350,000 ounces. Helix's proposed acquisition of AngloGold's rights to the Tarcoola Project, 60km to the south, was excluded from the final agreement. This resulted in a restructure of the original agreement terms, as announced on 8 April 2003.

With effect from 30 June 2003, the company disposed of its 70% interest in the Jerritt Canyon Joint Venture to Queenstake Resources USA Inc. In terms of the agreement of sale, Queenstake paid to the Joint Venture partners, AngloGold and Meridian Gold, $1.5m in cash and 32m shares issued by a subsidiary, Queenstake Resources Limited, with $6m in deferred payments and $4m in future royalty payments. Queenstake accepted full closure and reclamation liabilities. During November 2003 AngloGold sold its entire equity interest in Queenstake Resources for a consideration of $9.4m, resulting in a profit of $3m.

On 18 September 2003 AngloGold and Gold Fields jointly announced that agreement had been reached on the sale by Gold Fields of a portion of the Driefontein mining area, known as Block 1C11, to AngloGold for a cash consideration of R315m. The area can be accessed from AngloGold's adjacent TauTona mine and is estimated to contain 1.4Mt of reserves at a grade of 12.7g/t, which should result in recoverable gold of 576,000oz.

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 associated assets and tenements. The staged purchase consideration for these assets is A$6.2m. The effective date of sale has not yet been finalised.

On 24 November 2003, AngloGold announced its agreement to sell its Western Tanami Project to Tanami Gold NL for a staged payment of A$9m, the receipt of 25m Tanami Gold shares and the payment of a royalty based on production. In November, an initial payment of A$250,000 was received and in January 2004, a cash payment of A$3.75m and the 25m shares were received. AngloGold Australia is currently Tanami Gold's largest shareholder with a 10.25% interest. The Western Tanami Project comprises an established exploration camp and associated equipment, a number of exploration licences in northern Western Australia and includes the Coyote gold deposit.

Investments

Particulars of the group's principal subsidiaries and joint venture interests are reflected on page 148.

Events subsequent to the balance sheet

In February 2004, AngloGold's wholly owned subsidiary incorporated in the Isle of Man, AngloGold Holdings plc, issued $1,000m 2.375% Guaranteed Convertible Bonds due 2009. The bonds, which are guaranteed by AngloGold, are convertible into AngloGold American Depositary Shares (ADSs) at a strike price $65 per ADS at the option of the holder. The proceeds of the bonds will be used to repay outstanding indebtedness, to pay transaction costs associated with the proposed merger with Ashanti Goldfields Company and for general corporate purposes, including planned capital expenditure. The bonds have been admitted to the Official List of the United Kingdom Listing Authority and to trading on the London Stock Exchange's market for listed securities. Further information in respect of the bonds is given in note 38 to the group's financial statements.

Material resolutions

Details of special resolutions and other resolutions of a significant nature passed by the company and its subsidiaries during the year under review, requiring disclosure in terms of the Listings Requirements of the JSE, are as follows:

Nature of resolution

Effective date

AngloGold Limited

Passed at the annual general meeting held on 30 April 2003:

General approval for the acquisition by the company, or a

5 May 2003

subsidiary of the company, of its own shares

Amendment to the company's articles of association

5 May 2003

by the deletion therefrom of the present sub-article 63.1 and the substitution in place thereof of the following new sub-article 63.1: "on a show of hands, every member present in person and entitled to vote shall have only one vote irrespective of the number of shares he holds or represents; and"

* Mineracao Itajobi Ltda

Change of name to Mineracao AngloGold Ltda

7 November 2003

Incorporated in Brazil.

Annual general meeting

At the 59th annual general meeting held on 30 April 2003, shareholders passed ordinary resolutions relating to:

the adoption of the annual report for the year ended 31 December 2002;

the re-election of Mr F B Arisman, Mr R P Edey, Mr R M Godsell and Dr T J Motlatsi as directors of the company;

the renewal of the general authority placing the unissued ordinary shares of the company under the control of the directors; and

the granting of a general authority to issue ordinary shares in the capital of the company for cash, subject to certain limitations in terms of the Listings Requirements of the JSE.

Details concerning the special resolutions passed by shareholders at this meeting are disclosed above.

Notice of the 60th annual general meeting, which is to be held in Johannesburg at 11:00 on Thursday, 29 April 2004, is enclosed as a separate document with the annual report. Additional copies of the notice of meeting may be obtained from the company's corporate contacts and the share registrars or may be accessed from the company's website.

Directorate and secretary

The directors retiring by rotation at the forthcoming annual general meeting in terms of the articles of association are Mr J G Best, Mrs E le R Bradley, Mr J Ogilvie Thompson, Mr N F Oppenheimer and Mr A J Trahar. Mr Ogilvie Thompson and Mr Oppenheimer have advised that they wish to retire from the board and, therefore, have not made themselves available for re-election. However, Mr J G Best, Mrs E le R Bradley and Mr A J Trahar, being eligible, offer themselves for re-election.

The names of the directors and alternate directors of the company in office at the date of this report are listed on page 156.

Biographies of the board of directors appear on pages 37 and 38.

There has been no change in the offices of managing secretary and company secretary whose names and business and postal addresses are set out on page 156.

Directors' report

(continued)

AngloGold Limited - Annual financial statements 2003

Directors' report

Directors' interests in shares

The interests of the directors and alternate directors in the ordinary shares of the company at 31 December 2003, which did not individually exceed 1% of the company's issued ordinary share capital, were:

31 December 2003

31 December 2002

Beneficial

Non-

Beneficial

Non-

Direct

Indirect

beneficial

Direct

Indirect

beneficial

Executive directors
J G Best

R M Godsell

460

460

D L Hodgson

430

K H Williams

920

920

Total

460

1,350

460

920

Non-executive directors
F B Arisman

2,000

2,000

Mrs E le R Bradley

23,423

33,027

23,423*

33,027*

C B Brayshaw

R P Edey

1,000

1,000

A W Lea

Dr T J Motlatsi

W A Nairn

J Ogilvie Thompson

478

478

N F Oppenheimer

8,726

6,426

A J Trahar

Total

26,423

42,231

26,423

39,931

Alternate directors
D D Barber

A H Calver

P G Whitcutt

Grand total

460

27,819

42,231

460

27,343

39,931

Restated.

There have been no changes in the above interests since 31 December 2003.

A register detailing directors' and officers' interests in contracts is available for inspection at the company's registered and corporate office.

Group income statement

for the year ended 31 December 2003

AngloGold Limited - Annual financial statements 2003

19,267

15,922

Revenue

2,116

1,847

18,372

15,264

Gold income

2, 3

2,029

1,761

(12,550)

(11,458)

Cost of sales

(1,526)

(1,203)

5,822

3,806

503

558

962

861

Non-hedge derivatives

119

6,784

4,667

Operating profit

622

650

(258)

(273)

Corporate administration and other expenses

(36)

(25)

(179)

(139)

Market development costs

(19)

(17)

(296)

(283)

Exploration costs

(38)

(28)

446

329

Investment income

(164)

(167)

Other net expenses

(21)

(16)

(464)

(362)

Finance costs

(49)

(44)

Marked-to-market of debt financial instruments

(102)

(122)

Abnormal items

(19)

(10)

5,767

3,688

Profit before exceptional items

490

553

(293)

(221)

Amortisation of goodwill

18, 19

(29)

(28)

(145)

Profit (loss) on disposal of assets and subsidiaries

(13)

331

Profit on disposal of investments

(327)

Impairment of mining assets

(44)

Termination of retirement benefit plans

5,331

3,546

Profit on ordinary activities before taxation

472

512

(1,730)

(1,080)

Taxation

(142)

(165)

3,601

2,466

Profit on ordinary activities after taxation

330

347

(157)

(130)

Minority interest

(17)

(15)

(5)

Minority interest in abnormal items

(1)

3,444

2,331

Net profit

312

332

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

6,784

4,667

Operating profit

622

650

(101)

(438)

Unrealised non-hedge derivatives

(63)

(12)

6,683

4,229

Adjusted operating profit

559

638

2002

2003

Figures in million

Notes

2003

2002

SA Rands

US Dollars

Group financial statements

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

3,444

2,331

Net profit

312

332

293

221

Amortisation of goodwill

18, 19, 33

327

Impairment of mining assets

145

(75)

(Profit) loss on disposal of assets and subsidiaries

(10)

(331)

Profit on disposal of investments

(45)

(2)

Termination of retirement benefit plans

(94)

Taxation on exceptional items

(12)

3,920

2,379

Headline earnings

318

376

Unrealised non-hedge derivatives and marked-to-

(101)

(476)

market of debt financial instruments

(69)

(12)

Deferred tax on unrealised non-hedge

230

derivatives

3,854

2,133

Adjusted headline earnings

282

368

Earnings per ordinary share (cents)

1,552

1,046

Basic

140

150

1,545

1,042

Diluted

139

149

1,767

1,068

Headline

143

169

1,737

957

Adjusted headline

127

166

1,350

710

Dividends declared per ordinary share (cents)

101

146

1.3

1.3

Dividend cover based on adjusted headline earnings

1.3

1.1

2002

2003

Figures in million

Notes

2003

2002

SA Rands

US Dollars

Group balance sheet

as at 31 December 2003

AngloGold Limited - Annual financial statements 2003

Assets

Non-current assets

19,555

18,427

Mining assets

2,764

2,280

3,210

2,749

Goodwill

412

374

165

Investments in associates

197

Other investments

275

352

AngloGold Environmental Rehabilitation Trust

466

667

Other non-current assets

101

549

630

Derivatives

24,417

22,934

3,440

2,847

Current assets

1,848

2,050

Inventories

307

216

2,190

1,461

Trade and other receivables

219

255

3,544

3,367

Cash and cash equivalents

505

413

Current portion of other non-current assets

1,996

2,515

Derivatives

377

233

9,581

9,452

1,417

1,117

33,998

32,386

Total assets

4,857

3,964

Equity and liabilities

12,375

10,852

Shareholders' equity

(1)

1,628

1,443

347

354

Minority interests

12,722

11,206

1,681

1,483

Non-current liabilities

7,219

5,383

Borrowings

807

842

2,008

1,832

Provisions

275

234

3,445

3,986

Deferred taxation

598

402

2,028

2,194

Derivatives

329

236

14,700

13,395

2,009

1,714

Current liabilities

719

2,340

Current portion of borrowings

351

2,145

2,339

Trade and other payables

350

250

1,124

164

Taxation

131

2,588

2,942

Derivatives

441

302

6,576

7,785

1,167

767

33,998

32,386

Total equity and liabilities

4,857

3,964

(1)

Shareholders' equity is analysed in the statement of changes in shareholders' equity (see pages 80 and 81).

2002

2003

Figures in million

Notes

2003

2002

SA Rands

US Dollars

Group financial statements

Group cash flow statement

for the year ended 31 December 2003

Cash flows from operating activities

19,020

15,712

Cash receipts from customers

2,075

1,808

(10,765)

(11,185)

Cash paid to suppliers and employees

(1,483)

(1,050)

8,255

4,527

Cash generated from operations

592

758

331

245

Interest received

(169)

(232)

Environmental contributions and expenditure

(31)

(16)

Dividends received from associates

(410)

(291)

Finance costs

(40)

(40)

681

Recoupments tax received: Free State assets

(681)

Recoupments tax paid: Free State assets

(91)

(1,376)

(780)

Taxation paid

(102)

(131)

6,650

3,478

Net cash inflow from operating activities

453

605

Cash flows from investing activities

(1)

Capital expenditure

(1,844)

(1,622)

- to expand operations

(215)

(176)

(998)

(1,122)

- to maintain operations

(148)

(95)

Proceeds from disposal of mining assets

1,544

Net proceeds from disposal of mines

140

1,813

Proceeds

164

(269)

Contractual obligations

(24)

(355)

(8)

Other investments acquired

(1)

(34)

1,829

423

Proceeds from disposal of investments

158

(1,060)

Acquisition of shares

(105)

Disposal of subsidiary

(51)

(133)

Loans advanced

(19)

(5)

175

Repayment of loans advanced

(749)

(2,387)

Net cash outflow from investing activities

(316)

(99)

Cash flows from financing activities

156

Proceeds from issue of share capital

(116)

(2)

Share issue expenses

(11)

8,599

2,678

Proceeds from borrowings

362

798

(9,789)

(1,241)

Repayment of borrowings

(165)

(912)

(2,821)

(2,476)

Dividends paid

(314)

(260)

(3,971)

(978)

Net cash outflow from financing activities

(107)

(367)

1,930

113

Net increase in cash and cash equivalents

139

Cash in the subsidiary acquired

(1)

(751)

(348)

Translation

2,284

3,544

Cash and cash equivalents at beginning of year

413

191

3,544

3,367

Cash and cash equivalents at end of year

505

413

(1)

Where the presentation or classification of an item has been amended, comparative amounts have been reclassified to ensure comparability with the current period. The amendments have been made to provide the users of the financial statements with additional information.

2002

2003

Figures in million

Notes

2003

2002

SA Rands

US Dollars

Group statement of changes in shareholders' equity

for the year ended 31 December 2003

AngloGold Limited - Annual financial statements 2003

Balance at 31 December 2001

677

250

(88)

262

1,117

Net profit

332 332

Dividends (note 16)

(251) (251)

Ordinary shares issued

140

Net loss on cash flow hedges removed
from equity and reported in income

Net loss on cash flow hedges

(105)

Deferred taxation on cash flow hedges

(29)

Net gain on available-for-sale financial
assets

7 7

Acquisition of shares

(3)

Transfer from non-distributable reserves

(1)

Translation 3

296

(207)

(28)

105

174

Balance at 31 December 2002

7 1,113

43 (185) 449 1,443

Net profit

312

Dividends (note 16)

(296)

Ordinary shares issued

Net loss on cash flow hedges removed
from equity and reported in income

Net loss on cash flow hedges

(142)

Deferred taxation on cash flow hedges

Net gain on available-for-sale financial
assets

Net gain on available-for-sale financial
assets removed from equity and reported
in income

(22)

Net gain on repayment of net investment -

Translation 1

319

(156)

(27)

112

254

Balance at 31 December 2003

1,442

(113)

(307)

577

1,628

Notes

27 27

Non-

Foreign

Other

Ordinary

distri-

currency

compre-

Share-

share

Share

butable

trans-

hensive

Retained holders'

Figures in million

capital

premium

reserves

(1)

lation

income

(2)

earnings

equity

US Dollars

Group financial statements

Balance at 31 December 2001

8,086

143

2,999

(1,057)

3,132

13,357

Net profit

3,444 3,444

Dividends (note 16)

(2,728) (2,728)

Ordinary shares issued

1,465

1,467

Net loss on cash flow hedges removed
from equity and reported in income

644

Net loss on cash flow hedges

(1,102)

Deferred taxation on cash flow hedges

(304)

Net gain on available-for-sale financial
assets

60 60

Acquisition of shares

(26)

Transfer from non-distributable reserves

(5)

Translation (2,639)

202

(2,437)

Balance at 31 December 2002

56 9,551

138

360 (1,583) 3,853 12,375

Net profit

2,331

Dividends (note 16)

(2,336)

Ordinary shares issued

Net loss on cash flow hedges removed
from equity and reported in income

375

Net loss on cash flow hedges

(956)

Deferred taxation on cash flow hedges

(38)

Net gain on available-for-sale financial
assets

114

Net gain on available-for-sale financial
assets removed from equity and reported
in net income

(174)

Net gain on repayment of net investment

Translation (1,118)

215

(903)

Balance at 31 December 2003

9,612

138

(755)

(2,047)

3,848

10,852

Notes

27 27

(1)

Non-distributable reserves comprise a surplus on disposal of company shares of $21m, R141m and a negative foreign equity reserve of $nil, R3m.

(2)

Other comprehensive income represents the effective portion of fair value gains or losses in respect of cash flow hedges and fair value gains (losses) on

available-for-sale financial assets until the underlying transaction occurs, upon which the gains or losses are recognised in earnings.

Non-

Foreign

Other

Ordinary

distri-

currency

compre-

Share-

share

Share

butable

trans-

hensive

Retained holders'

Figures in million

capital

premium

reserves

(1)

lation

income

(2)

earnings

equity

SA Rands

Notes to the group financial statements

for the year ended 31 December 2003

AngloGold Limited - Annual financial statements 2003

Accounting policies

The financial statements are prepared according to the historical cost accounting convention, as modified by the revaluation of certain financial instruments to fair value. The group's accounting policies as set out below are consistent in all material respects with those applied in the previous year. These accounting policies conform with International Financial Reporting Standards (IFRS) and South African Statements of Generally Accepted Accounting Practice.

AngloGold presents its consolidated financial statements in US Dollars. The group's presentation currency is US Dollars since the majority of its sales are in US Dollars. The measurement currency of the various entities within the group depends on where the entity operates and reflects the economic substance of the underlying events and circumstances of that entity.

The following method of translation has been used:

equity items other than net profit at the closing rate on each balance sheet date;

assets and liabilities at the closing rate on each balance sheet date;

income, expenses and cash flows at the average exchange rate; and

resulting exchange differences are included in equity.

To assist investors in South Africa, amounts have also been disclosed in SA Rands. This is supplementary to the information required by IFRS. AngloGold the company, measures and presents its results in SA Rands.

Basis of consolidation

The group financial statements incorporate the financial statements of the company, its subsidiaries and its proportionate interest in joint ventures.

The financial statements of subsidiaries and joint ventures are prepared for the same reporting period as the holding company, using the same accounting policies.

Where an investment in a subsidiary or a joint venture is acquired or disposed of during the financial year, its results are included from or to, the date control became, or ceased to be, effective.

All intra-group transactions and balances are eliminated on consolidation. Unearned profits that arise between group entities are eliminated.

Foreign entities

Assets and liabilities (both monetary and non-monetary) of foreign entities are translated at the closing rate. Income statement items are translated at an average rate of exchange for the period. Exchange differences are taken directly to a foreign currency translation reserve.

Acquisition and goodwill arising thereon

Where an investment in a subsidiary, joint venture or an associate is made, any excess of the purchase price over the fair value of the attributable mineral reserves and net assets is recognised as goodwill. Goodwill which represents resources, is amortised on a systematic basis which recognises the depletion of resources over the lesser of the life of the mine or 20 years.

The unamortised balance is reviewed on a regular basis and, if impairment in the value has occurred, it is written off in the period in which the circumstances are identified.

Goodwill in respect of subsidiaries and proportionately consolidated joint ventures is disclosed as goodwill. Goodwill relating to associates is included within the carrying value of the investment in associates.

Goodwill and fair value adjustments arising on the acquisition of a foreign entity are treated as assets and liabilities of the foreign entity and are translated at the closing rate.

Joint ventures

A joint venture is an entity in which the group holds a long-term interest and which is jointly controlled by the group and one or more other venturers under a contractual arrangement. The group's interest in a jointly controlled entity is accounted for by proportionate consolidation.

Associates

The equity method of accounting is used for an investment over which the group exercises significant influence and normally owns between 20% and 50% of the voting equity. Associates are equity accounted from the effective dates of acquisition to the effective dates of disposal.

Results of associates are equity accounted from their most recent audited annual financial statements or unaudited interim financial statements. Any losses of associates are brought to account in the consolidated financial statements until the investment in such associates is written down to a nominal amount.

Group financial statements

Thereafter, losses are accounted for only insofar as the group is committed to providing financial support to such associates.

The carrying values of the investments in associates represent the cost of each investment, including unamortised goodwill, the share of post-acquisition retained earnings and losses and any other movements in reserves. The carrying value of associates is reviewed on a regular basis and if any impairment in value has occurred, it is written off in the period in which these circumstances are identified.

Mining assets

Mining assets are recorded at cost less accumulated amortisation and impairments. Cost includes pre- production expenditure incurred during the development of a mine and the present value of future decommissioning costs. Cost also includes finance charges capitalised during the construction period where such expenditure is financed by borrowings.

Mine development costs

Capitalised mine development costs include expenditure incurred to develop new orebodies, to define further mineralisation in existing orebodies, to expand the capacity of a mine and to maintain production. Where funds have been borrowed specifically to finance a project, the amount of interest capitalised represents the actual borrowing costs incurred.

Mine development costs are amortised using the units- of-production method based on estimated proved and probable mineral reserves. Amortisation is first charged on new mining ventures from the date it is capable of commercial production.

Proved and probable mineral reserves reflect estimated economically recoverable quantities which can be recovered in future from known mineral deposits.

Stripping costs incurred in open-pit operations during the production phase to remove additional waste are charged to operating costs on the basis of the average life of mine stripping ratio and the average life of mine costs per tonne. The average stripping ratio is calculated as the number of tonnes of waste material expected to be removed during the life of mine per tonne of ore mined. The average life of mine cost per tonne is calculated as the total expected costs to be incurred to mine the orebody divided by the number of tonnes expected to be mined. The average life of mine stripping ratio and the

average life of mine cost per tonne is recalculated annually in the light of additional knowledge and changes in estimates. Thus, the cost of stripping in any period will be reflective of the average stripping rates for the orebody as a whole.

Mine infrastructure

Plant, equipment and buildings are amortised using the lesser of their useful life or units-of-production method based on estimated proved and probable mineral reserves.

Land

Land is not depreciated.

Mineral rights, dumps and ore reserves

Mineral rights are amortised using the units-of- production method based on estimated proved and probable Mineral Reserves.

Dumps are amortised over the period of treatment.

Ore Reserves are measured mining resources which, when proved and probable, are transferred to mine development costs and amortised from the date on which commercial production begins.

If there is an indication that the recoverable amount of any of the above assets is less than the carrying value, the recoverable amount is estimated and an allowance is made for the impairment in value.

Borrowing costs

Interest on borrowings relating to the financing of major capital projects under construction is capitalised during the construction phase as part of the cost of the project. Other borrowing costs are expensed as incurred.

Leased assets

Assets subject to finance leases are capitalised at cost with the related lease obligation recognised at the same amount. Capitalised leased assets are depreciated over the shorter of their estimated useful lives and the lease term. Finance lease payments are allocated, using the effective interest rate method, between the lease finance cost, which is included in finance costs, and the capital repayment, which reduces the liability to the lessor.

Operating lease rentals are charged against operating profits in a systematic manner related to the period of use of the assets concerned.

Notes to the group financial statements

for the year ended 31 December 2003

AngloGold Limited - Annual financial statements 2003

Research and exploration expenditure

Research and exploration expenditure is expensed in the year in which it is incurred. When it has been determined that a mineral property can be economically developed, all further pre-production expenditure incurred to develop such property is capitalised. Capitalisation of pre-production expenditure ceases when the mining property is capable of commercial production.

Inventories

Inventories are valued at the lower of cost and net realisable value after appropriate allowances for redundant and slow moving items. Cost is determined on the following bases:

gold in process is valued at the average total production cost at the relevant stage of production;

gold on hand is valued on an average total production cost method;

ore stockpiles are valued at the average moving cost of mining and stockpiling the ore;

by-products, which include uranium oxide and sulphuric acid are valued on an average total production cost method; and

consumable stores are valued at average cost.

A portion of the related depreciation, depletion and amortisation charge is included in the cost of inventory.

Provisions

Provisions are recognised when the group has a present obligation, whether legal or constructive, as a result of a past event for which it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation and a reliable estimate can be made of the amount of the obligation.

Employee benefits

The group operates post-retirement medical aid benefit plans, a number of defined contribution pension plans and a defined benefit pension plan.

Defined contribution plans

Contributions to defined contribution pension and provident funds in respect of services during that year are recognised as an expense in that year.

Defined benefit plan

The cost of providing benefits to the defined benefit pension plan is determined using the projected unit credit actuarial valuation method. The current service cost in respect of the defined benefit plan is recognised as an expense in the current year. Actuarial gains and losses are recognised as an expense or income systematically over the expected remaining service period of employees participating in the plan where the cumulative amount of such gains and losses exceeds 10% of the greater of the fair value of the plan assets and the present value of the defined benefit obligation.

Post-retirement medical aid obligation

The cost of post-retirement benefits are made up of those obligations which the group has towards current and retired employees.

The entitlement to these benefits for current employees is dependent upon the employee remaining in service until retirement age. The cost of providing benefits to the post-retirement medical benefit plan is determined using the projected unit credit actuarial valuation method. Actuarial gains and losses arising in the plan are recognised as income or expense over the expected average remaining service lives of employees participating in the plan where the cumulative amount of such gains and losses exceeds 10% of the greater of the fair value of the plan assets and the present value of the defined benefit obligation.

Environmental expenditure

Long-term environmental obligations comprising decommissioning and restoration are based on the group's environmental management plans, in compliance with the current environmental and regulatory requirements.

Decommissioning costs

The provision for decommissioning represents the cost that will arise from rectifying damage caused before production commenced.

Decommissioning costs are provided at the present value of the expenditures expected to settle the obligation, using estimated cash flows based on current prices. When this provision gives access to future economic benefits, an asset is recognised and included within mining infrastructure. The unwinding of the decommissioning obligation is included in the income statement. The estimated future costs of decommissioning obligations are regularly reviewed and adjusted as appropriate for new circumstances or changes in law or technology. The

Group financial statements

estimates are discounted at a pre-tax rate that reflects current market assessments of the time value of money.

Gains from the expected disposal of assets are not taken into account when determining the provision.

Restoration costs

The provision for restoration represents the cost of restoring site damage after the commencement of production. Increases in the provision are charged to the income statement as a cost of production.

Gross restoration costs are estimated at the present value of the expenditures expected to settle the obligation, using estimated cash flows based on current prices. The estimates are discounted at a pre-tax rate that reflects current market assessments of the time value of money.

Restoration costs are accrued and expensed over the operating life of each mine using the units-of-production method based on estimated proved and probable mineral reserves. Expenditure on ongoing restoration costs is brought to account when incurred.

Environmental Rehabilitation Trust

Annual contributions are made to the AngloGold Environmental Rehabilitation Trust, created in accordance with South African statutory requirements, to fund the estimated cost of rehabilitation during and at the end of the life of a mine. The funds that have been paid into the trust fund plus the growth in the trust fund are shown as an asset on the balance sheet.

The environmental rehabilitation obligations in respect of the non-South African operations are not funded through an established trust fund. Bank guarantees and reclamation bonds are provided for some of these liabilities.

Revenue recognition

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the group and the revenue can be reliably measured. The following criteria must also be present:

the sale of mining products is recognised when the significant risks and rewards of ownership of the products are transferred to the buyer;

dividends are recognised when the right to receive payment is established; and

interest is recognised on a time proportion basis,

taking account of the principal outstanding and the effective rate over the period to maturity, when it is determined that such income will accrue to the group.

Deferred taxation

Deferred taxation is provided on all temporary differences at the balance sheet date between the tax bases of assets and liabilities and their carrying amounts for financial reporting purposes.

Deferred tax assets are only recognised to the extent that it is probable that the temporary differences will reverse in the foreseeable future and future taxable profit will be available against which the temporary difference can be utilised.

The carrying amount of deferred tax assets is reviewed at each balance sheet date and reduced to the extent that it is no longer probable that sufficient future taxable profit will be available to allow all or part of the deferred tax asset to be utilised.

Deferred tax assets and liabilities are measured at current tax rates.

Financial instruments

Financial instruments recognised on the balance sheet include investments, loans receivable, trade and other receivables, cash and cash equivalents, borrowings, derivatives and trade and other payables.

Financial instruments are initially measured at cost, including transaction costs, when the group becomes a party to their contractual arrangements. The subsequent measurement of financial instruments is dealt with below.

A financial instrument or a portion of a financial instrument will be derecognised and a gain or loss recognised when the company loses the contractual rights or extinguishes the obligation associated with such an instrument.

On derecognition of a financial asset, the difference between the proceeds received or receivable and the carrying amount of the asset is included in income.

On derecognition of a financial liability the difference between the carrying amount of the liability extinguished or transferred to another party and the amount paid for is included in income.

Notes to the group financial statements

for the year ended 31 December 2003

AngloGold Limited - Annual financial statements 2003

Derivatives

The group enters into derivatives to ensure a degree of price certainty and to guarantee a minimum revenue on a portion of the future planned gold production of its mines.

IAS39 (AC133) requires that derivatives be treated as follows:

Commodity based (normal purchase or normal sale) contracts that meet the requirements of IAS39 are recognised in earnings when they are settled by physical delivery.

Where the conditions in IAS39 for special hedge accounting are met the derivative is recognised on the balance sheet as either a derivative asset or derivative liability and recorded at fair value. The group enters into cash flow hedges whereby the effective portion of fair value gains or losses are recognised in equity (other comprehensive income) until the underlying transaction occurs, then the gains or losses are recognised in earnings or included in the initial measurement of the asset or liability. The ineffective portion of fair value gains and losses is reported in earnings in the period to which they relate.

All other derivatives are subsequently measured at their estimated fair value, with the changes in estimated fair value at each reporting date being reported in earnings in the period to which it relates.

The estimated fair values of derivatives are determined at discrete points in time based on the relevant market information. These estimates are calculated with reference to the market rates using industry standard valuation techniques.

Investments

Listed investments, other than investments in subsidiaries, joint ventures and associates, are subsequently measured at fair value, which is calculated by reference to the quoted selling price at the close of business on the balance sheet date. Unlisted

investments are shown at fair value, or at cost where fair value cannot be reliably measured. Investments in subsidiaries, joint ventures and associates are carried at cost in the investor's separate financial statements.

Investments classified as available-for-sale financial assets are subsequently measured at fair value, with changes in fair value recognised in equity (other comprehensive income) in the period in which they arise. These amounts are removed from equity and reported in income when the asset is derecognised or when there is evidence that the asset is impaired.

Other non-current assets

Other non-current assets are subsequently measured at amortised cost using the effective interest rate method.

Trade and other receivables

Trade and other receivables originated by the group are subsequently measured at amortised cost less allowance for doubtful debts.

Cash and cash equivalents

Cash and cash equivalents are defined as cash on hand, demand deposits and short-term, highly liquid investments readily convertible to known amounts of cash and subject to insignificant risk of changes in value and are subsequently measured at cost.

Impairment of financial assets

At each balance sheet date an assessment is made of whether there is any evidence of impairment of financial assets. If such evidence exists, the estimated recoverable amount of that asset is determined and any impairment loss recognised in income for the difference between the recoverable amount and the carrying amount.

Financial liabilities

Financial liabilities, other than trading financial liabilities and derivatives, are subsequently measured at amortised cost being the original obligation less principal payments and amortisations. Trading financial liabilities and derivatives are subsequently measured at fair value.

Group financial statements

Segmental information

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 these financial statements.

The secondary reporting format is by geographical analysis by origin and destination.

Geographical analysis by origin is as follows:

Gold Adjusted

Cash

operating

Average

number

(1)

income (m)

operating profit (m)

profit (m)

of employees

2003

2002

2003

2002

2003

2002

2003

2002

US Dollars

South Africa

1,179

930

320

389

379

450

48,078

47,602

East and West Africa

338

329

116

129

170

190

2,724

2,276

South America

227

195

142

126

3,356

2,656

Australia

157

155

540

599

North America

128

152

741

909

2,029

1,761

559

638

791

883

55,439

54,042

SA Rands

South Africa

8,846

9,718

2,419

4,102

2,853

4,729

East and West Africa

2,535

3,428

881

1,343

1,279

1,988

South America

1,715

2,032

712

878

1,080

1,315

Australia

1,187

1,613

211

343

395

586

North America

981

1,581

361

631

15,264

18,372

4,229

6,683

5,968

9,249

Gold production

(oz 000)

(kg)

2003

2002

2003

2002

South Africa

3,281

3,412

102,053

106,106

East and West Africa

981

1,085

30,509

33,754

South America

532

478

16,540

14,854

Australia

432

502

13,425

15,626

North America

390

462

12,141

14,371

5,616

5,939

174,668

184,711

(1)

Where the presentation or classification of an item has been amended, comparative amounts have been reclassified to ensure comparability with the

current period. The amendments have been made to provide the users of the financial statements with additional information.

Notes to the group financial statements

for the year ended 31 December 2003

AngloGold Limited - Annual financial statements 2003

Segmental information (continued)

Net

Capital

operating assets

Total assets

expenditure

Figures

million

2003

2002

2003

2002

2003

2002

US Dollars

South Africa

1,411

1,012

2,439

1,663

246

112

East and West Africa

425

433

741

777

South America

404

435

590

579

Australia

341

239

668

507

North America

388

403

419

438

2,969

2,522

4,857

3,964

363

271

SA Rands

South Africa

9,407

8,681

16,260

14,262

1,860

1,168

East and West Africa

2,835

3,709

4,940

6,661

200

287

South America

2,692

3,732

3,933

4,965

324

283

Australia

2,273

2,047

4,457

4,354

159

328

North America

2,590

3,461

2,796

3,756

201

776

19,797

21,630

32,386

33,998

2,744

2,842

Geographical analysis by destination is as follows:

Gold income

US Dollars

SA Rands

Figures

million

2003

2002

2003

2002

South Africa

565

601

4,250

6,269

North America

271

144

2,038

1,505

Australia

115

145

867

1,508

Asia

121

907

Europe

569

437

4,280

4,560

United Kingdom

388

434

2,922

4,530

2,029

1,761

15,264

18,372

Group financial statements

3. Revenue

Revenue consists of the following principal categories:

18,372

15,264

Gold income (note 2)

2,029

1,761

522

373

Sale of uranium, silver and sulphuric acid

373

285

Interest receivable (note 6)

19,267

15,922

2,116

1,847

4. Cost of sales

9,812

9,473

Cash operating costs

1,260

939

291

255

Other cash costs

10,103

9,728

Total cash costs

1,294

967

Retrenchment costs (note 11)

119

Rehabilitation and other non-cash costs

10,252

9,852

Production costs

1,311

982

2,566

1,739

Amortisation of mining assets (notes 10, 17 and 33)

232

245

12,818

11,591

Total production costs

1,543

1,227

(268)

(133)

Increase in inventories

(17)

(24)

12,550

11,458

1,526

1,203

5. Exploration costs

532

477

Expenditure incurred during the year

(236)

(194)

Expenditure transferred to mining assets

(25)

(23)

296

283

6. Investment income

Investment income consists of the following
principal categories:

373

285

Interest receivable (notes 3 and 33)

Profit from associates after taxation (note 19)

Growth in AngloGold Environmental Rehabilitation

Trust (note 22)

446

329

Other net expenses

Other net expenses consist of the following
principal categories:

(45)

(23)

Foreign exchange loss on transactions other than sales

(3)

(4)

(30)

(4)

Loss on disposal of assets

(3)

Post-retirement medical expenses for disposed mines

(49)

(101)

and medical aid shortfall subsidies

(12)

(5)

(17)

Additional retirement provisions

(2)

(124)

(145)

(17)

(12)

Unwinding of decommissioning obligation

(40)

(22)

(note 29)

(4)

(4)

(164)

(167)

(21)

(16)

2002

2003

Figures in million

2003

2002

SA Rands

US Dollars

8. Finance costs

377

231

Finance costs on bank loans and overdrafts

Finance costs on corporate bond

Other

464

362

(Note 33)

No interest was capitalised during the year (2002: $nil)

9. Abnormal items

Abnormal items consist of the following items:

214

Provision for post-retirement medical liability

Reversal of over-provisions in decommissioning

(46)

(note 29)

(7)

Reversal of over-provision in restoration

(46)

(note 29)

(7)

102

Mondi settlement of claim

102

122

Abnormal items before taxation

Taxation
- Current taxation on foreign exchange losses

on borrowings (note 14)

120

- Deferred taxation (note 14)

- provision for post-retirement medical liability

- over provisions in decommissioning and

(42)

restoration liabilities

(6)

- deferred tax asset raised

(57)

Abnormal items after taxation

(8)

Minorities interest

(52)

Abnormal items after taxation and after minorities

(7)

10. Profit before exceptional items

is arrived at after taking account of:

Auditors' remuneration

(1)

- Audit fees

- Non-audit fees

- Assurance services

- Tax advisory services

- Other*

* Other services include services relating to financial

information technology

Amortisation of mining assets (notes 4, 17 and 33)

2,526

1,694

Owned assets

226

241

Leased assets

2,566

1,739

232

245

Grants for educational and community development

Operating lease charges

(1)

2002

2003

Figures in million

2003

2002

SA Rands

US Dollars

Notes to the group financial statements

for the year ended 31 December 2003

AngloGold Limited - Annual financial statements 2003

Group financial statements

11. Employee benefits

Employee benefits including executive directors'

4,110

4,321

salaries, wages and other benefits

572

392

Health care and medical scheme costs

241

297

- current medical expenses

- post-retirement medical expenses

210

268

Contributions to pension and provident plans

Retrenchment costs (note 4)

4,643

4,979

660

443

Actuarial defined benefit plan expense analysis

Defined benefit pension plan expense

- current service cost

116

- interest cost

(87)

(100)

- expected return on plan assets

(13)

(8)

- recognised past service cost

(9)

- actuarial loss (gain)

(1)

Defined benefit post-retirement medical expense

- current service cost

- interest cost

134

- recognised past service cost

(3)

- actuarial gain

(153)

- curtailment

(15)

(31)

309

(3)

Actual return on plan assets

120

Defined benefit pension plan (note 32)

Refer to directors' report for details of directors'
emoluments

12. Profit (loss) on disposal of assets

and subsidiaries

Disposal of Jerritt Canyon Joint Venture (note 34)

(145)

Disposal of Free State operations (note 34)

(13)

(7)

Other

(145)

(13)

2002

2003

Figures in million

2003

2002

SA Rands

US Dollars

13. Profit on disposal of investments

Profit on sale of Queenstake Resources USA Inc shares

189

Profit on sale of shares in East African Gold Mines

Gain on disposal of available-for-sale financial assets -

125

Randgold Resources Limited

(1)

Other

331

(Note 33)

On 8 July 2003, AngloGold disposed of its entire investment of 8,348,600 shares held in East African Gold Mines Limited for a consideration of $25m, R189m.

In the second half of 2003, AngloGold disposed of 952,481 shares in Randgold Resources Limited, for a consideration of $23m, R170m.

AngloGold disposed of its entire interest in Queenstake Resources USA Inc during November 2003, realising a profit of $3m, R18m. This interest was acquired as part of the sales consideration for Jerritt Canyon.

14. Taxation

(1)

Current taxation

373

Mining taxation

879

450

Non-mining taxation

Under provision prior year

Secondary tax on companies

(47)

(59)

Abnormal taxation (note 9)

(8)

(5)

Exceptional items

- capital gains tax

688

- recoupments tax on Free State disposal (note 34)

(78)

- mining tax on Free State operating loss

(10)

1,924

526

177

Deferred taxation

341

576

Current

230

Unrealised non-hedge derivatives

(120)

Abnormal taxation (note 9)

(19)

Exceptional items

(132)

- impairment

(18)

(570)

- disposal of Free State operations

(50)

(194)

554

(Note 30)

(12)

1,730

1,080

142

165

2002

2003

Figures in million

2003

2002

SA Rands

US Dollars

Notes to the group financial statements

for the year ended 31 December 2003

AngloGold Limited - Annual financial statements 2003

Group financial statements

14. Taxation

(1)

(continued)

Tax reconciliation A reconciliation of the marginal South African tax rate compared with that charged in the income statement is set out in the following table:

Marginal tax rate

Disallowable expenditure

Goodwill amortised

Taxable non-mining income

(3)

(3)

Mining capital allowances

(1)

Mining tax formula adjustment

Dividends received

(4)

(5)

Foreign income tax allowances

(14)

(14)

Previously unrecognised tax assets

(1)

Other

(3)

Effective tax rate

The unutilised tax losses of the North American operations which are available for offset against future profits earned in the USA, amount to $209m, R1,394m (2002: $182m, R1,561m).

The unutilised tax losses of the South American operations which are available for offset against future profits earned in these countries, amount to $67m, R449m (2002: $86m, R738m).

Analysis of tax losses
No assessed losses were utilised during the year. The above unutilised tax losses totalling $276m, R1,843m will be utilised in excess of five years against future profits.

(1)

2003

2002

15. Earnings per ordinary share

1,552

1,046

Basic

140

150

The calculation of basic earnings per ordinary share is based on net profit of $312m, R2,331m (2002: $332m, R3,444m) and 222,836,574 (2002:221,883,567) shares being the weighted average number of ordinary shares in issue during the financial year.

1,767

1,068

Headline

143

169

Headline earnings removes items of a capital nature from the calculation of earnings per share.

The calculation of headline earnings per ordinary share is based on headline earnings of $318m, R2,379m (2002: $376m, R3,920m) and 222,836,574 (2002: 221,883,567) shares being the weighted average number of ordinary shares in issue during the financial year.

1,737

957

Adjusted headline earnings

127

166

This calculation is based on adjusted headline earnings of $282m, R2,133m (2002: $368m, R3,854m) and 222,836,574 (2002: 221,883,567) shares being the weighted average number of ordinary shares in issue during the financial year.

1,545

1,042

Diluted

139

149

The calculation of diluted earnings per ordinary share is based on net profit of $312m, R2,331m (2002: $332m, R3,444m) and 223,717,575 (2002: 222,899,926) shares being the diluted number of ordinary shares.

The weighted average number of shares has been adjusted by the following to arrive at the diluted number of ordinary shares:

Weighted average number of shares

222,836,574

221,883,567

Dilutive potential of share options

881,001

1,016,359

Diluted number of ordinary shares

223,717,575

222,899,926

2002

2003

Figures in million

2003

2002

SA Rands

US Dollars

Notes to the group financial statements

for the year ended 31 December 2003

AngloGold Limited - Annual financial statements 2003

Group financial statements

2002

2003

Figures in million

2003

2002

SA Rands

US Dollars

16. Dividends

Ordinary shares
No. 91 of 550 SA cents per ordinary share declared on 30 January 2002 and paid on 4 March 2002 (49 US cents per share).

No. 92 of 675 SA cents per ordinary share declared on 30 July 2002 and paid on 30 August 2002 (64 US cents per share).

No. 93 of 675 SA cents per ordinary share declared on 30 January 2003 and paid on 28 February 2003

1,223

1,500

(82 US cents per share).

183

109

No. 94 of 375 SA cents per ordinary share declared on 30 July 2003 and paid on 29 August 2003

1,505

836

(51 US cents per share).

113

142

2,728

2,336

296

251

No. 95 of 335 SA cents per ordinary share was declared on 29 January 2004 and paid on 27 February 2004 (50 US cents per share).

17. Mining assets

Mineral

rights,

Mine dumps

development Mine

and

ore

costs

infrastructure

reserves Land Total

Figures in million

US Dollars

Cost
Balance at beginning of year

2,046

1,379

301

3,741

Additions
- expand operations

150

215

- maintain operations

148

Disposals (38)

(9)

(1)

(48)

Acquisition and disposals - subsidiaries (note 34)

(86)

(37)

(123)

Transfers and other movements

(10)

Translation 408

175

621

Balance at end of year

2,544

1,634

381

4,574

Accumulated amortisation
Balance at beginning of year

715

700

1,461

Amortisation charge for the year
(notes 4, 10 and 33)

109

232

Impairments (note 33)

Disposals (16)

(8)

(24)

Acquisition and disposals - subsidiaries (note 34)

(79)

(41)

(120)

Transfers and other movements

(16)

(12)

(25)

Translation 131

111

242

Balance at end of year

869

873

1,810

Net book value at 31 December 2003

1,675

761

313

2,764

Net book value at 31 December 2002

1,331

679

255

2,280

17. Mining assets (continued)

Mineral

rights,

Mine dumps

development Mine

and

ore

costs

infrastructure

reserves Land Total

Figures in million

SA Rands

Cost
Balance at beginning of year

17,504

11,829

2,630

124

32,087

Additions
- expand operations

1,125

177

320

1,622

- maintain operations

568

555

(1)

1,122

Disposals (285)

(70)

(5)

(360)

Acquisition and disposals - subsidiaries (note 34)

(660)

(287)

(3)

(950)

Transfers and other movements

(74)

217

147

Translation (1,216)

(1,521)

(411)

(16)

(3,164)

Balance at end of year

16,962

10,900

2,538

104

30,504

Accumulated amortisation
Balance at beginning of year

6,131

6,001

400

12,532

Amortisation charge for the year
(notes 4, 10 and 33)

820

742

177

1,739

Impairments (note 33)

183

327

Disposals (123)

(63)

(186)

Acquisition and disposals - subsidiaries (note 34)

(605)

(311)

(916)

Transfers and other movements

(119)

(89)

(184)

Translation (490)

(637)

(108)

(1,235)

Balance at end of year

5,797

5,826

453

12,077

Net book value at 31 December 2003

11,165

5,074

2,085

103

18,427

Net book value at 31 December 2002

11,373

5,828

2,230

124

19,555

Included in the amounts above for mine infrastructure are assets held under finance leases with a net book value of $21m, R143m (2002: $25m, R212m).

Mining assets with a carrying value of $161m, R1,076m (2002: $254m, R2,180m) are encumbered by project finance (note 28).

Notes to the group financial statements

for the year ended 31 December 2003

AngloGold Limited - Annual financial statements 2003

Group financial statements

17. Mining assets (continued)

Australia
The impairment of various exploration assets based

on the net realisable value.

South Africa
Savuka based on the value in use and the relevant
discount rate. The impairment loss arose from the

247

declining values of the remaining ore reserves.

South America

Impairment of equipment based on value in use.

327

On 18 September 2003, AngloGold announced that agreement had been reached with Gold Fields Limited (Gold Fields) regarding the acquisition by AngloGold of a mining area of Gold Fields' Driefontein mine adjacent to TauTona, known as 1C11, for a cash consideration of $48m, R315m. The agreement has been approved by the Competition Authorities in terms of the Competition Act, 89 of 1988, and has been included in additions to mining assets.

18. Goodwill

Cost

5,726

4,241

Balance at beginning of year

494

479

(1,485)

(430)

Translation

4,241

3,811

Balance at end of year

571

494

Accumulated amortisation

1,074

1,031

Balance at beginning of year

120

289

216

Amortisation (note 33)

(332)

(185)

Translation

1,031

1,062

Balance at end of year

159

120

3,210

2,749

Net book value

412

374

2002

2003

Figures in million

2003

2002

SA Rands

US Dollars

19. Investments in associates

The group has the following associated undertakings:

- A 53.03% (2002: 53.03%) interest in Rand Refinery

Limited, which is involved in the refining of bullion and by-products which are sourced inter alia from South Africa and foreign gold producing mining companies. The interest in Rand Refinery Limited has been consolidated from 31 December 2003 as AngloGold controls the financial and operating policies of this company. Prior to this date, Rand Refinery was equity accounted. The year-end of Rand Refinery Limited is 30 September. The results were equity accounted for 2003 and are based on the result for the 12 months ended 30 September 2003.

- A 26.6% (2002: 25.0%) interest in Oro Group

(Proprietary) Limited which is involved in the manufacture and wholesale of jewellery. The year end of Oro Group (Proprietary) Limited is 31 March. Equity accounting is based on the results for the twelve months ended 30 September 2003.

Carrying value of associates consists of:

Unlisted shares at cost

Share of retained earnings brought forward

Profit after taxation (note 6)

(19)

(9)

Dividends

(1)

(2)

Rand Refinery Limited became a subsidiary with

(116)

effect from 31 December 2003

(17)

(4)

(5)

Amortisation of goodwill (note 33)

(1)

Translation

165

Carrying value

165

Directors' valuation of unlisted associates

The carrying value of the investment can be
summarised as follows:

Investment at cost

(8)

Share of retained earnings

165

The group's effective share of certain balance sheet
items of its associates is as follows:

Non-current assets

145

Current assets

233

Total assets

Non-current liabilities

Current liabilities

105

Total equity and liabilities

128

Net assets

Reconciliation of the carrying value of investments
in associates with net assets:

128

Net assets

Goodwill

165

Carrying value

2002

2003

Figures in million

2003

2002

SA Rands

US Dollars

Notes to the group financial statements

for the year ended 31 December 2003

AngloGold Limited - Annual financial statements 2003

Group financial statements

20. Other investments

Listed investments

131

110

Balance at beginning of year

1,757

Additions

152

(1,824)

(246)

Disposals

(33)

(158)

Acquisitions and disposals - subsidiaries (note 34)

114

Fair value adjustment

(14)

(13)

Translation

110

Balance at end of year

110

Market value of listed investments

Unlisted investments

Balance at beginning of year

Additions

(15)

(6)

Disposals

(1)

(1)

Fair value adjustment

(13)

Write-off of investments

(2)

(23)

(2)

Translation

(1)

Balance at end of year

Directors' valuation of unlisted investments

Investment properties

Balance at beginning of year

(19)

(11)

Translation

Balance at end of year

Directors' valuation of investment properties

197

Total other investments

197

Total valuation (note 37)

21. Interest in joint ventures

(1)

The group's effective share of income, expenses, assets, liabilities and cash flows of joint ventures, which are included in the consolidated financial statements, are as follows:

Income statement

3,271

2,356

Gold income

312

312

(2,149)

(1,608)

Cost of sales

(213)

(205)

1,122

748

Operating profit

107

Financial income

(94)

(60)

Finance costs

(8)

(9)

1,038

689

Profit on ordinary activities before taxation

Balance sheet

4,366

3,321

Non-current assets

498

509

1,218

1,320

Current assets

198

142

5,584

4,641

Total assets

696

651

(1)

2002

2003

Figures in million

2003

2002

SA Rands

US Dollars

21. Interest in joint ventures

(1)

(continued)

3,500

2,561

Shareholders' equity

384

408

Non-current liabilities

746

380

Interest-bearing borrowings

Provisions

317

360

Derivatives

Current liabilities

172

400

Interest-bearing borrowings

789

860

Other

129

5,584

4,641

Total equity and liabilities

696

651

Cash flow statement

1,573

680

Cash flows from operating activities

150

(178)

(295)

Cash flows from investing activities

(39)

(17)

(1,258)

(574)

Cash flows from financing activities

(76)

(120)

137

(189)

Net increase in cash and cash equivalents

(25)

22. AngloGold Environmental

Rehabilitation Trust

460

275

Balance at beginning of year

Contributions

197

Additional contribution - Free State disposal

Growth in AngloGold Environmental Rehabilitation

Trust (note 6)

Funds transferred in respect of Free State

(253)

disposal (note 34)

(23)

Additional funds transferred to Free State

(197)

Environmental Trust Fund

(19)

Translation

275

352

Balance at end of year

23. Other non-current assets

Unsecured

115

179

Loans to joint venture partners

Deferred purchase consideration in respect of the

326

360

sale of the Free State assets

Deferred purchase consideration in respect of the

sale of the Jerritt Canyon Joint Venture

Other

469

589

Less: Current portion of other non-current assets

included in current assets

466

588

Total

Secured
Deferred purchase consideration in respect of the

102

sale of the Amapari project

Other

137

Less: Current portion of other non-current assets

included in current assets

Total

466

667

Total non-current assets (note 37)

101

2002

2003

Figures in million

2003

2002

SA Rands

US Dollars

Notes to the group financial statements

for the year ended 31 December 2003

AngloGold Limited - Annual financial statements 2003

100

Group financial statements

101

24. Inventories

983

971

Gold in process

146

115

Gold on hand

228

236

Ore stockpiles

111

326

By-products

1,345

1,610

Total metal inventories

241

157

503

440

Consumable stores

1,848

2,050

307

216

25. Trade and other receivables

411

336

Trade debtors

484

320

Prepayments and accrued income

220

181

Value added taxation

Receivable in respect of the sale of the Free

688

State assets

387

624

Other debtors

2,190

1,461

(Note 37)

219

255

26. Cash and cash equivalents

2,900

1,456

Cash and deposits on call

218

338

644

1,911

Money market instruments

287

3,544

3,367

(Note 37)

505

413

27. Share capital and premium

Share capital
Authorised

100

100

400,000,000 ordinary shares of 25 SA cents each

2,000,000 A redeemable preference shares of

50 SA cents each

5,000,000 B redeemable preference shares of

1 SA cent each

101

101

Issued
223,136,342 ordinary shares of 25 SA cents each
(2002: 222,622,022 ordinary shares of 25 SA cents

each)

2,000,000 A redeemable preference shares of

50 SA cents each

778,896 B redeemable preference shares of

1 SA cent each

Less: A redeemable preference shares held within

(1)

(1)

the group

Share premium

9,863

9,924

Total share premium

1,495

1,166

(312)

(312)

Less: Held within the group

(53)

(53)

9,551

9,612

1,442

1,113

9,607

9,668

Share capital and premium

1,450

1,120

2002

2003

Figures in million

2003

2002

SA Rands

US Dollars

28. Borrowings

Unsecured

4,028

3,124

Syndicated loan facility ($600m)

469

470

Interest charged at LIBOR plus 0.7% per annum. Loan is repayable in February 2005 and is US Dollar-based.

2,052

Corporate Bond

(1)

308

Semi-annual coupons are payable at 10.5% per annum, and the bond is repayable on 28 August 2008 and is ZAR-based.

2,264

1,555

Syndicated loan facility ($400m)

233

264

Interest charged at LIBOR plus 0.75% per annum. Loan is repayable in May 2004 and is US Dollar-based.

265

RMB International (Dublin) Limited

Interest charged at LIBOR plus 0.82% per annum. Loan is of a short-term nature, has no fixed repayment date and is US Dollar-based.

Banco Europeu para a America Latina-Brussels

Interest charged at LIBOR plus 1.75% per annum. Loan is repayable in monthly instalments commencing March 2004 and terminating in September 2004 and is US Dollar-based.

Australia and New Zealand Banking Group Limited

Interest charged at Bank Bill Swop Reference Rate plus 0.35% per annum. Loan is repayable by September 2004 and is Australian Dollar-based.

Government of Mali

Interest charged at LIBOR plus 2% per annum. There are no fixed repayment terms and the loan is US Dollar-based.

Santander Bank

Itau Bank

HSBC Bamerindus

6,649

7,128

Total unsecured borrowings

1,069

776

2002

2003

Figures in million

2003

2002

SA Rands

US Dollars

Notes to the group financial statements

for the year ended 31 December 2003

AngloGold Limited - Annual financial statements 2003

102

Group financial statements

103

28. Borrowings (continued)

Secured

441

221

Geita Syndicated Project Finance

Interest charged at LIBOR plus 1.7% per annum. Loan is repayable half-yearly until 2007 and is US Dollar-based.

464

158

Cerro Vanguardia Syndicated Project Finance

Interest charged at LIBOR plus 1.75% per annum. Loan is repayable in half-yearly instalments terminating in December 2004 and is US Dollar-based.

125

Morila Syndicated Project Finance

Interest charged at LIBOR plus 2% per annum. Loan is repayable in half-yearly instalments terminating in December 2004 and is US Dollar-based.

152

Senstar Capital Corporation

Interest charged at an average rate of 6.89% per annum. Loans are repayable in monthly instalments terminating in November 2009 and are US Dollar-based.

Rolls Royce

Interest is index linked. Loan is repayable in monthly instalments terminating in December 2010 and is US Dollar-based.

Investec

Interest charged at 6.5% per annum. Loan is repayable in half-yearly instalments terminating in June 2006 and is US Dollar-based.

Kudu Finance Company

Interest charged at LIBOR plus 2% per annum. Loan is repayable in monthly instalments terminating in December 2010 and is US Dollar-based.

Mineral Laboratories of Australia (Pty) Limited

7,938

7,723

Total borrowings (note 37)

1,158

926

Less: Current portion of borrowings included in

719

2,340

current liabilities

351

7,219

5,383

Total long-term borrowings

807

842

Amounts falling due

719

2,340

Within one year

351

2,788

3,214

Between one and two years

482

325

4,355

2,138

Between two and five years

320

508

After five years

7,938

7,723

(Note 37)

1,158

926

2002

2003

Figures in million

2003

2002

SA Rands

US Dollars

28. Borrowings (continued)

Currency
The currencies in which the borrowings are
denominated are as follows:

Australian Dollars

2,052

SA Rands

308

7,866

5,621

US Dollars

843

917

7,938

7,723

1,158

926

Undrawn Facilities
Undrawn borrowing facilities as at 31 December 2003
are as follows:

1,184

1,120

Syndicated loan ($400m) - US Dollar

168

138

1,158

900

Syndicated loan ($600m) - US Dollar

135

135

Australia and New Zealand Banking Group Limited

168

201

- Australian Dollar

2,510

2,221

333

293

Geita Project Finance
Secured by pledge over the shares in the project
company.

Cerro Vanguardia Project Finance
Secured by a fixed and floating charge over the project
assets (note 17), the major project contracts and a pledge
over the shares in the project company.

Morila Project Finance
Secured by a fixed and floating charge over the project
assets (note 17), the hedging contracts and a pledge
over the shares in the project company.

Investec
Loan is guaranteed by AngloGold Limited.

The equipment financed by the other secured loans
is used as security for those loans.

Corporate Bond

(1)

2,000

Senior unsecured fixed rate bond

300

Less: Unamortised discount and bond issue costs

1,980

297

Add: Accrued interest

2,052

308

(1)

On 21 August 2003, AngloGold launched and priced an issue of senior unsecured fixed rate bond in an aggregate principal amount of $300m, R2,000m, with semi-annual coupons payable at a rate of 10.5% per annum. This bond will be repayable on 28 August 2008, subject to early redemption at AngloGold's option. The bond is listed on the Bond Exchange of South Africa. The net proceeds of the bond are for general corporate purposes. Included in finance costs in the income statement is $nil, R1m for the amortisation of the bond issue costs.

(1)

The effect of the issue of the Corporate Bond on earnings per share is not material.

2002

2003

Figures in million

2003

2002

SA Rands

US Dollars

Notes to the group financial statements

for the year ended 31 December 2003

AngloGold Limited - Annual financial statements 2003

104

Group financial statements

105

29. Provisions

Post-retirement medical funding

743

700

Balance at beginning of year

(34)

Disposal (note 34)

(3)

227

Charge to income statement

(52)

(56)

Less: Utilised during the year

(8)

(5)

(9)

(5)

Translation

700

866

Balance at end of year

130

The provision for post-retirement medical funding represents the provision for health care benefits for employees and retired employees and their registered dependants. The above provision relates to the South African and North American post-retirement medical plans.

The post-retirement benefit costs are assessed in accordance with the advice of independent professionally qualified actuaries. The actuarial method used is the projected unit credit funding method.

The assumptions used in calculating the defined benefit post-retirement medical obligation are as follows:

Discount rate

10.0

11.5

Expected increase in health care costs

5.0

9.2

Short-term inflation rate for one year is 5.5% and 5% thereafter.

The normal retirement age is 60 years, and fully eligible age is 55 years.

The last valuation was performed as at 31 December 2002.

Environmental rehabilitation obligations
Provision for decommissioning

529

405

Balance at beginning of year

(112)

(28)

Acquisition and disposals (note 34)

(4)

(10)

(2)

Change in estimates

Unwinding of decommissioning obligation (note 7)

(46)

Reversal of over-provision (note 9)

(7)

(62)

(25)

Translation

405

326

Balance at end of year

Provision for restoration

1,078

800

Balance at beginning of year

(179)

(160)

Acquisition and disposals (note 34)

(21)

(16)

(46)

Reversal of over-provision (note 9)

(7)

157

Charge to income statement

Change in estimates

(42)

(35)

Less: Utilised during the year

(5)

(4)

(224)

(91)

Translation

800

562

Balance at end of year

2002

2003

Figures in million

2003

2002

SA Rands

US Dollars

29. Provisions (continued)

Other provisions

223

103

Balance at beginning of year

122

Charge to income statement

(69)

(139)

Less: Utilised during the year

(18)

(8)

(61)

(8)

Translation

103

Balance at end of year

2,008

1,832

Total provisions

275

234

Other provisions include civil claims and medical costs arising from former employees, and retirement benefit provisions referred to in note 32.

30. Deferred taxation

Deferred taxation relating to temporary differences
is made up as follows

(1)

Deferred taxation liabilities

4,369

4,703

Mining assets

705

509

113

101

Inventories

155

Derivatives

114

Other

4,596

5,073

761

535

Deferred taxation assets

589

658

Provisions

552

390

Derivatives

Other

1,151

1,087

163

133

3,445

3,986

Net deferred taxation

598

402

The movement on the deferred tax balance is as follows:

3,423

3,445

Balance at beginning of year

402

286

(194)

554

Income statement charge (note 14)

(12)

415

Taxation of other comprehensive income

(7)

(40)

Acquisition and disposals (note 34)

(4)

(159)

(67)

Translation

126

3,445

3,986

Balance at end of year

598

402

(1)

31. Trade and other payables

698

676

Trade creditors

101

665

557

Accruals

782

791

Other creditors

118

Accrued purchase consideration for mineral rights

315

acquired from Gold Fields Limited

2,145

2,339

(Note 37)

350

250

2002

2003

Figures in million

2003

2002

SA Rands

US Dollars

Notes to the group financial statements

for the year ended 31 December 2003

AngloGold Limited - Annual financial statements 2003

106

Group financial statements

107

32. Retirement benefits

The group has made provision for pension and provident schemes covering substantially all employees. Eligible employees are members of either AngloGold's defined benefit fund or one of the industry-based defined contribution funds.

There is one defined benefit scheme and three defined contribution schemes. The assets of these schemes are held in administered funds separated from the group's assets. Scheme assets primarily consist of listed shares, fixed income securities and foreign assets.

Contributions to the various defined contribution retirement schemes are fully expensed during the year in which they are funded and the cost of providing retirement benefits for the year amounted to $25m, R186m (2002: $16m, R167m).

South Africa region
Defined benefit pension fund

855

1,089

Present value of fund obligation

163

100

(797)

(920)

Fair value of fund assets

(138)

(93)

169

(58)

(169)

Unrecognised actuarial loss

(25)

(7)

Recognised in balance sheet

797

920

Market value of plan assets

138

Plan assets are made up as follows:

451

549

Domestic equities

Foreign equities

146

191

Domestic fixed interest bonds

Foreign fixed interest bonds

Property

Cash

797

920

Total

138

Movement in the balance sheet

Beginning of year

Expense per income statement

(35)

(62)

Contributions paid - company

(8)

(3)

End of year

Actual return on plan assets

Expected return on plan assets

(91)

Actuarial gain (loss) on plan assets

(8)

120

(Note 11)

The assumptions used in calculating the above defined
benefit pension plan obligation are as follows:

Discount rate

8.5

11.5

Pension increase

3.6

6.1

Rate of compensation increase

5.0

7.8

Expected return on plan assets

8.5

11.5

2002

2003

Figures in million

2003

2002

SA Rands

US Dollars

32. Retirement benefits (continued)

A statutory valuation of the defined benefit Pension Fund was performed as at 31 December 2002, which showed that the Fund was in deficit. This will require a review of the company's rate of contribution to the Fund, with the aim of restoring the Fund to a sound financial position over a period of time. In arriving at their conclusions, the actuaries took into account reasonable long-term estimates of inflation, increases in wages, salaries and pension as well as returns on investments. Calculations for the Pension Fund's financial position are carried out in years when a statutory valuation is not performed.

All South African funds are governed by the Pension Funds Act of 1956 as amended.

East and West Africa region
Namibia (Navachab)
Navachab employees are members of a defined contribution provident fund. The fund is administered by the Old Mutual insurance company. Both the company and the employees make contributions to this fund. AngloGold seconded employees at Navachab remain members of the applicable pension or retirement fund in terms of their conditions of employment with AngloGold.

Mali (Sadiola, Yatela and Morila)
The Malian operations do not have retirement schemes for employees. All employees (local and expatriate) contribute towards the government social security fund, and the company also makes a contribution towards this fund. On retirement, Malian employees are entitled to a retirement benefit from the Malian government. Expatriate employees are reimbursed only their contributions to the social security fund. AngloGold seconded employees in Mali remain members of the applicable pension or retirement fund in terms of their conditions of employment with AngloGold.

Tanzania (Geita)
Geita does not have a retirement scheme for employees. Tanzanian nationals contribute towards the government social security fund, and the company also makes a contribution towards this fund. On retirement, employees are entitled to a retirement benefit from the Tanzanian Government. The company makes no contribution towards any retirement schemes for contracted expatriate employees. AngloGold seconded employees in Tanzania remain members of the applicable pension or retirement fund in terms of their conditions of employment with AngloGold.

Australia region
The region contributes to the Australian Retirement Fund for the provision of benefits to employees and their dependants on retirement, disability or death. The fund is a multi-industry national fund with defined contribution arrangements. Contribution rates by the operation on behalf of employees varies, with minimum contributions meeting compliance requirements under the Superannuation Guarantee legislation. Members also have the option of contributing to approved personal superannuation funds. The contributions by the operation are legally enforceable to the extent required by the Superannuation Guarantee legislation and relevant employment agreements.

Notes to the group financial statements

for the year ended 31 December 2003

AngloGold Limited - Annual financial statements 2003

108

Group financial statements

109

32. Retirement benefits (continued)

North America region
The Retiree Medical Plan is a non-contributory defined benefit plan. This plan was last evaluated by independent actuaries in December 2002 who took into account reasonable long-term estimates of increases in health care costs and mortality rates in determining the obligations of AngloGold North America under the Retiree Medical Plan. The evaluation of the Retiree Medical Plan reflected liabilities of $2m, R16m, (2002: $2m, R17m) which are included in post-retirement medical provisions (note 29) in the balance sheet. The Retiree Medical Plan is an unfunded plan. The Retiree Medical Plan is evaluated on an annual basis using the projected benefit method.

The cost of providing benefits under the Retirement Plan and the Retiree Medical Plan was insignificant in 2003 and 2002.

Defined Contribution Plan - AngloGold North America sponsors a 401(k) savings plan whereby employees may contribute up to 17% of their salary, of which up to 5% is matched at a rate of 150% by AngloGold North America. AngloGold North America's contributions were $2m, R15m (2002: $2m, R21m) during the year.

Supplemental Employee Retirement Plan - Certain former employees of Minorco (USA) Inc. were covered under the Minorco (USA) Inc. Supplemental Employee Retirement Plan (the "SERP"), a non-contributory defined benefit plan. The SERP was last evaluated by independent actuaries in 2002 who took into account reasonable long-term estimates of inflation, and mortality rates in determining the obligations of AngloGold North America under the SERP. This evaluation of the SERP reflected Plan liabilities of $1m, R6m (2002: $1m, R9m) which are included in other provisions (note 29) in the balance sheet. The SERP is an unfunded plan. The SERP is evaluated on an annual basis using the projected benefit method. The cost of providing benefits under the SERP for the year was nominal.

South America region
The AngloGold South America region operates a number of defined contribution arrangements for their employees. These arrangements are funded by the operations (basic plan) and operations/employees (optional supplementary plan) and are embodied in a pension plan entity, Fundambras Sociedade de Previdencia Privada, which is responsible for administering the funds and making arrangements to pay the benefits. On conversion of the defined benefit fund to the defined contribution fund on 30 November 1998, an actuarial liability of $6m, R51m was calculated. This liability is annually revised by Mercer, the plan's actuary, and provided for under other provisions which as at 31 December 2003 amounted to $6m, R38m (2002: $3m, R36m).

In December 2001, contributions started to be made to a new PGBL fund, a defined contribution plan similar to the American 401 (k) type of plan, administered by Bradesco Previdencia e Seguros. The transfer of funds from Fundambras to the PGBL requires approval from governmental SPC agency (still in process) and is conditional on the full funding of the actuarial liability.

2002

2003

Figures in million

2003

2002

SA Rands

US Dollars

Notes to the group financial statements

for the year ended 31 December 2003

AngloGold Limited - Annual financial statements 2003

110

33. Cash generated from operations

5,331

3,546

Profit on ordinary activities before taxation

472

512

Adjusted for:

(197)

(252)

Non-cash movements

(34)

(19)

(132)

(449)

Movement on non-hedge derivatives

(65)

(16)

2,566

1,739

Amortisation of mining assets (notes 4, 10 and 17)

232

245

(373)

(285)

Interest receivable (note 6)

(38)

(36)

Other net expenses

464

362

Finance costs (note 8)

122

Abnormal items (note 9)

293

221

Amortisation of goodwill (notes 18 and 19)

327

Impairment of mining assets (note 17)

(331)

Profit on disposal of investments (note 13)

(45)

(75)

(Profit) loss on disposal of assets and subsidiaries

(10)

(2)

Termination of retirement benefit plans

209

(484)

Movements in working capital

(71)

(9)

8,255

4,527

592

758

Movements in working capital:

(165)

(Increase) decrease in inventories

(87)

(54)

488

(Increase) decrease in trade and other receivables

(53)

(5)

(364)

(376)

Increase (decrease) in trade and other payables

209

(484)

(71)

(9)

34. Acquisitions and disposals

Acquisitions and disposals can be summarised
as follows:

1,408

Mining assets (note 17)

117

253

Environmental Trust Fund (note 22)

(34)

Inventories

(5)

130

(9)

Trade and other receivables

(1)

(81)

(58)

Cash and cash equivalents

(9)

(8)

103

Minority interests

384

(12)

Borrowings

(2)

(325)

(188)

Provisions (note 29)

(25)

(29)

(40)

Deferred taxation (note 30)

(4)

(163)

Trade and other payables

(15)

1,608

(106)

Carrying value

(15)

137

Profit (loss) on disposal of assets and subsidiaries

(145)

(note 12)

(13)

1,463

(24)

Net sale (purchase) consideration

(5)

124

(688)

Recoupment taxation (note 14)

(63)

116

Investments in associates

(291)

(50)

Deferred sales consideration

(6)

(26)

Cash and cash equivalents

(34)

Shares received in Queenstake Resources (note 20)

(5)

565

Net cash flow on disposals (acquisition)

Group financial statements

111

2002

2003

Figures in million

2003

2002

SA Rands

US Dollars

34. Acquisitions and disposals (continued)

Net cash flow on disposals (acquisition) can be

565

summarised as follows:

Consolidation of Rand Refinery Limited

Net cash flow on disposal of Jerritt Canyon

Joint Venture

(979)

Purchase of additional interest in Cerro Vanguardia

(97)

Sales consideration of Free State assets and

1,544

Stone & Allied

140

Rand

Acquisitions comprise the following:

Rand

Cerro

Refinery

Cerro

Vanguardia

Limited

Vanguardia

1,292

160

Mining assets

128

Inventories

151

Trade and other receivables

Cash and cash equivalents

(40)

(103)

Minority interests

(15)

(4)

(384)

Borrowings

(38)

(30)

Provisions

(3)

(14)

Deferred taxation

(2)

(121)

(49)

Trade and other payables

(7)

(12)

1,060

116

Carrying value

105

Profit (loss) on disposal of assets and subsidiaries

1,060

116

Purchase consideration

105

(116)

Investments in associates

(17)

(81)

(58)

Cash and cash equivalents

(9)

(8)

979

(58)

Cash flow on acquisition

(9)

Free

Disposals comprise the following:

Free

State and

Jerritt

State and

Stone

Canyon

Stone &

& Allied

Allied

2,700

194

Mining assets

245

253

Environmental Trust Fund

Inventories

281

Trade and other receivables

(12)

Borrowings

(2)

(355)

(188)

Provisions

(25)

(32)

(284)

(5)

Trade and other payables

(27)

2,668

Carrying value

242

(145)

Profit (loss) on disposal of assets and susidiaries

(13)

2,523

Sale consideration

229

(688)

Recoupment taxation

(63)

(291)

(50)

Deferred sale consideration

(6)

(26)

(34)

Shares received in Queenstake Resources

(5)

1,544

Cash flow on disposals

140

Notes to the group financial statements

for the year ended 31 December 2003

AngloGold Limited - Annual financial statements 2003

112

34. Acquisitions and disposals (continued)

The interest in Rand Refinery Limited has been consolidated from 31 December 2003 as AngloGold now controls the financial and operating policies of this company. Prior to this date, Rand Refinery Limited was equity accounted as AngloGold was deemed to have only significant influence on the financial and operating policies. The change in status was a result of an ownership agreement giving AngloGold effective control.

AngloGold sold its 70% interest in the Jerritt Canyon Joint Venture effective 30 June 2003. On 27 February 2003, AngloGold, together with its partner in the Jerritt Canyon Joint Venture, announced that they had entered into a purchase and sale agreement with Queenstake Resources USA Inc (Queenstake) for their entire interests in the Jerritt Canyon Joint Venture. In terms of the agreement, Queenstake paid the Jerritt Canyon Joint Venture $1m in cash and 32m shares of Queenstake, with $6m in deferred payments, and $4m in royalty payments. Queenstake has accepted full closure and reclamation and other liabilities. The transaction closed on 2 July 2003. AngloGold sold its entire interest in Queenstake during November 2003.

35. Related parties

Related party transactions are concluded on an arm's length basis. Details of material transactions with those related parties not dealt with elsewhere in the financial statements are summarised below:

Purchases

Amounts

Purchases

Amounts

from

owed to

from

owed

related

parties

parties

Figures in million

2003

2002

US Dollars

With fellow subsidiaries of the Anglo American plc
group
Boart Longyear Limited - mining services

9 -

Mondi Limited - timber

18 1

Scaw Metals - A division of Anglo Operations Limited - steel and engineering

Associates
Rand Refinery Limited - gold refinery

2 -

SA Rands

With fellow subsidiaries of the Anglo American plc
group
Boart Longyear Limited - mining services

89 3

Mondi Limited - timber

189 5

Scaw Metals - A division of Anglo Operations Limited - steel and engineering

113

Associates
Rand Refinery Limited - gold refinery

24 3

Directors
Details relating to directors' emoluments and shareholdings in the company are disclosed in the directors' report.

Shareholders
The principal shareholders of the company are detailed on page 153.

Group financial statements

113

36. Commitments and contingencies

Acquisition of mining assets

918

653

Contracted for

107

3,234

4,181

Not contracted for

627

377

4,152

4,834

Authorised by the directors

725

484

Allocated for:
Expansion of operations

1,424

2,594

- within one year

389

166

1,510

553

- thereafter

176

2,934

3,147

472

342

Maintenance of operations

1,141

1,620

- within one year

243

133

- thereafter

1,218

1,687

253

142

This expenditure will be financed from existing cash resources and future borrowings.

Contingent liabilities
The group has given collateral to certain bankers for satisfactory contract performance in relation to exploration and development tenements and mining operations in Australia amounting to $12m, R82m (2002: $17m, R150m).

AngloGold has signed surety in favour of the bankers on the Yatela loan for $6m, R40m (2002: $8m, R69m).

AngloGold has provided a letter of credit for Geita Gold Mining Ltd for $19m, R127m (2002: $19m, R163m).

Discussions are underway with the Mali government as to the validity of tax claims for an attributable amount of $6m, R40m, including interest and penalties. The claims have arisen due to new legislation that is in conflict with AngloGold's prior mining convention stability agreements and different interpretations of the legislation. The final outcome cannot be determined at present.

AngloGold North America has a potential liability in respect of preference claims from a third party amounting to $2m, R14m. This is in respect of gold shipments returned by the third party to AngloGold North America which the bankruptcy trustee is claiming should not have been returned and final shipments that should not have been paid as the third party had filed for protection under Chapter 11 of the US Bankruptcy Code.

AngloGold North America has $45m, R300m (2002: $59m, R506m) of reclamation bonds with various federal and governmental agencies, to cover potential environmental obligations. These obligations are guaranteed by AngloGold Limited.

Various equipment tax claim guarantees in South America in the amount of $3m, R20m (2002: $7m, R63m).

Contingent assets
Future royalty payments are anticipated from Queenstake Resources in terms of the sale agreement of Jerritt Canyon, which cannot be estimated as they are dependent on future production.

2002

2003

Figures in million

2003

2002

SA Rands

US Dollars

Notes to the group financial statements

for the year ended 31 December 2003

AngloGold Limited - Annual financial statements 2003

114

37. Risk management activities

In the normal course of its operations, the group is exposed to gold price, currency, interest rate, liquidity and credit risks. In order to manage these risks, the group may enter into transactions which make use of both on- and off- balance sheet derivatives. The group does not acquire, hold or issue derivatives for trading purposes. The group has developed a comprehensive risk management process to facilitate, control and to monitor these risks. The board has approved this risk management process, inclusive of documented treasury policies, counterpart limits, controlling and reporting structures.

Controlling risk in the group
The Executive Committee and the Treasury Committee are responsible for risk management activities within the group. The Treasury Committee, chaired by the independent chairman of the AngloGold Audit and Corporate Governance Committee, comprising executive members and treasury executives, reviews and recommends to the Executive Committee all treasury counterparts, limits, instruments and hedge strategies. The treasurer is responsible for managing investment, gold price, currency, liquidity and credit risk. Within the treasury function, there is an independent risk function, which monitors adherence to treasury risk management policy, counterpart and dealer limits and provides regular and detailed management reports.

Gold price and currency risk
Gold price risk arises from the risk of an adverse effect on current or future earnings resulting from fluctuations in the price of gold. The gold market is predominately priced in US Dollars which exposes the group to the risk that fluctuations in the SA Rand/US Dollar, Brazilian Real/US Dollar and Australian Dollar/US Dollar exchange rates may also have an adverse effect on current or future earnings.

A number of products, including derivatives, are used to manage well-defined gold price and foreign exchange risks that arise out of the group's core business activities. Forward-sales contracts and call and put options are used by the group to protect itself from downward fluctuations in the gold price. These instruments may establish a minimum price for a portion of future production while maintaining the ability to benefit from increases in the gold price for the majority of future gold production.

Net delta open hedge position as at 31 December 2003

The group had the following net forward-pricing commitments outstanding against future production.

Table A: Summary: All open contracts in the group's gold hedge position at 31 December 2003

2009-

Year 2004

2005

2006

2007

2008

2013

Total

Dollar/Gold
Forward contracts
Amount (kg)

18,374

26,576

19,862

18,974

15,801

10,078

109,665

$/oz

$315

$324

$333

$337

$352

$360

$334

Put options purchased
Amount (kg)

5,772

2,624

4,918

728

14,042

$/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

$/oz

$362

$345

$339

$355

*Delta (kg)

2,800

441

681

3,922

Call options purchased
Amount (kg)

7,112

$/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

$/oz

$376

$338

$346

$336

$347

$369

$355

*Delta (kg)

10,973

15,419

13,564

12,201

11,911

33,244

97,312

Group financial statements

115

37. Risk management activities (continued)

Table A: Summary: All open contracts in the group's gold hedge position at 31 December 2003 (continued)

2009-

Year 2004

2005

2006

2007

2008

2013

Total

Rand/Gold
Forward contracts
Amount (kg)

6,249

8,145

4,500

2,830

2,799

933

25,456

R/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

R/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

R/kg

R89,250

R88,414

R88,794

*Delta (kg)

1,061

364

280

1,705

Call options sold
Amount (kg)

4,679

5,620

5,621

1,493

2,986

8,958

29,357

R/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

A Dollar/Gold
Forward contracts
Amount (kg)

8,279

6,221

9,331

8,398

3,110

10,233

45,572

A$/oz

A$533

A$680

A$661

A$633

A$647

A$651

A$632

Call options purchased
Amount (kg)

3,110

6,221

3,732

3,110

8,087

24,260

A$/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$/oz

A$506

*Delta (kg)

933

Total net gold
Delta (kg)

36,658

58,137

47,322

40,733

32,393

51,888

267,131

Delta (oz)

1,178,572 1,869,146 1,521,446 1,309,585 1,041,466 1,668,226 8,588,441

All open contracts in the group's currency hedge position at 31 December 2003

Table B: Summary: All open contracts in the group's currency hedge position at 31 December 2003

2009-

Year 2004

2005

2006

2007

2008

2013

Total

Rand/Dollar (000)
Put options purchased
Amount ($)

35,000

ZAR per $

R7.20

*Delta ($)

27,689

Put options sold
Amount ($)

35,000

ZAR per $

R6.74

*Delta ($)

17,417

Notes to the group financial statements

for the year ended 31 December 2003

AngloGold Limited - Annual financial statements 2003

116

37. Risk management activities (continued)

Table B: Summary: All open contracts in the group's currency hedge position at 31 December 2003 (continued)

2009-

Year 2004

2005

2006

2007

2008

2013

Total

Rand/Dollar (000)
Call options sold
Amount ($)

50,000

ZAR per $

R7.21

*Delta ($)

14,318

A Dollar (000)
Forward contracts
Amount ($)

29,275

29,267

58,542

$ per A$

$0.59

$0.55

$0.57

Put options purchased
Amount ($)

10,000

$ per A$

$0.63

*Delta ($)

9,269

Put options sold
Amount ($)

10,000

$ per A$

$0.68

*Delta ($)

7,491

Call options sold
Amount ($)

20,000

$ per A$

$0.60

*Delta ($)

582

The delta position indicated above is calculated using the Black-Scholes option formula with the ruling market prices, interest rates and volatilities as at 31 December 2003.

The mix of hedging instruments, the volume of production hedged and the tenor of the hedging book is continually reviewed in the light of changes in operational forecasts, market conditions and the group's hedging policy.

Forward sales contracts require the future delivery of gold at a specified price.

A put option gives the put buyer the right, but not the obligation, to sell gold to the put seller at a predetermined price on a predetermined date.

A call option gives the call buyer the right, but not the obligation, to buy gold from the call seller at a predetermined price on a predetermined date.

The marked-to-market value of all hedge transactions making up the hedge position was a negative $663.7m (negative R4.4bn) as at 31 December 2003 (as at 31 December 2002: negative $446.6m - negative R3.81bn). These values were based on a gold price of $415.75/oz, exchange rates of R/$6.64 and A$/$0.75 and the prevailing market interest rates and volatilities at the time.

Interest rate and liquidity risk
Fluctuations in interest rates impact on the value of short-term cash investments and financing activities, giving rise to interest rate risk.

In the ordinary course of business, the group receives cash from the proceeds of its gold sales and is required to fund working capital requirements. This cash is managed to ensure surplus funds are invested in a manner to achieve market related returns while minimising risks. The group is able to actively source financing at competitive rates.

The group has sufficient undrawn borrowing facilities available to fund working capital requirements.

Group financial statements

117

37. Risk management activities (continued)

Investment maturity profile

Fixed Floating

rate

investment

Effective investment

Effective

amount

rate

amount

rate

Maturity date

Currency

million

Less than one year

0.9

120

0.9

ZAR

884

7.9

1,206

7.5

2.8

EUR

1.0

FCFA

1,375

3.0

REAIS

16.3

PESOS

6.0

Greater than one year

1.9

ZAR

396

7.9

Borrowing maturity profile (note 28)

Within Between Between

one year

one and two years

two and five years

After five years

Borrowings

Effective Borrowings

EffectiveBorrowings

Effective

amount

rate

amount

rate

amount

rate

amount

rate

Currency

million

333

1.9

482

2.0

4.2

4.9

5.9

ZAR

(1)

1,980

10.5

Interest rate risk

Fixed for less than

Fixed for between

Fixed for greater

one year

one and three years

than three years

Total

Borrowings

Effective Borrowings

Effective borrowings

amount

rate

amount

rate

amount

rate

amount

Currency

million

819

2.0

6.5

5.3

843

5.9

ZAR

(1)

1,980

10.5

2,052

(1)

Represents interest accrual on the corporate bond as at 31 December 2003.

Interest rate swaps
The group has interest rate swap agreements to convert $150m (R1,000m) of its $300m (R2,000m) fixed rate bond to variable rate debt. The interest rate swap runs over the term of the bond and receives interest at a fixed rate of 10.5% and pays floating JIBAR (reset quarterly) plus a spread of 0.915%.

This transaction matures in August 2008. The swap is subsequently re-measured at fair value, but is not designated as a fair value hedge. The marked-to-market of the transaction was a positive $5m (R32m) as at 31 December 2003.

Credit risk
Credit risk arises from the risk that a counterpart may default or not meet its obligations timeously. The group minimises credit risk by ensuring that credit risk is spread over a number of counterparts. These counterparts are financial and banking institutions of good credit quality. Where possible, management tries to ensure that netting agreements are in place.

Notes to the group financial statements

for the year ended 31 December 2003

AngloGold Limited - Annual financial statements 2003

118

37. Risk management activities (continued)

Trade debtors comprise a small group of international companies. No provision for doubtful debts was made as the principal debtors continue to be in a sound financial position.

The group does not generally obtain collateral or other security to support financial instruments subject to credit risk, but monitors the credit standing of counterparts. The group believes that no concentration of credit exists.

Fair value of financial instruments
The estimated fair values of financial instruments are determined at discrete points in time based on relevant market information. These estimates involve uncertainties and cannot be determined with precision. The estimated fair values of the group's financial instruments as at 31 December are as follows:

Type of instrument

Carrying

Fair

Fair

Carrying

amount

value

Amount

Value

Figures in million

2003

2002

US Dollars

Other investments (note 20)

Other non-current assets (note 23)

101

Trade and other receivables (note 25)

219

255

Cash and cash equivalents (note 26)

505

413

Borrowings (note 28)

1,158

1,168

926

Trade and other payables (note 31)

350

250

Derivatives comprise the following:

(299)

(659)

(241)

(447)

Forward sale commodity contracts

(225)

(350)

(151)

(194)

Option contracts

(84)

(319)

(73)

(236)

Foreign exchange contracts

(17)

Foreign exchange option contracts

Interest rate swaps

SA Rands

Other investments (note 20)

197

Other non-current assets (note 23)

667

466

Trade and other receivables (note 25)

1,461

2,190

Cash and cash equivalents (note 26)

3,367

3,544

Borrowings (note 28)

7,723

7,789

7,938

Trade and other payables (note 31)

2,339

2,145

Derivatives comprise the following:

(1,991)

(4,394)

(2,071)

(3,834)

Forward sale commodity contracts

(1,497)

(2,331)

(1,298)

(1,665)

Option contracts

(560)

(2,129)

(627)

(2 023)

Foreign exchange contracts

(146)

Foreign exchange option contracts

Interest rate swaps

The fair value amounts include off balance sheet designated hedges, which are not carried on the balance sheet and excluded from the carrying amount. All other derivatives are carried at fair value.

Group financial statements

119

37. Risk management activities (continued)

Derivative maturity profile

Total

Assets

Liabilities

Figures in million

2003

US Dollars

Total

(299)

471

(770)

Less: Amounts to mature within 12 months of balance sheet date

(377)

441

Amounts to mature thereafter

(235)

(329)

SA Rands

Total

(1,991)

3,145

(5,136)

Less: Amounts to mature within 12 months of balance sheet date

427

(2,515)

2,942

Amounts to mature thereafter

(1,564)

630

(2,194)

2002

Total

Assets

Liabilities

Figures in million

2002

US Dollars

Total

(241)

297

(538)

Less: Amounts to mature within 12 months of balance sheet date

(233)

302

Amounts to mature thereafter

(172)

(236)

SA Rands

Total

(2,071)

2,545

(4,616)

Less: Amounts to mature within 12 months of balance sheet date

592

(1,996)

2,588

Amounts to mature thereafter

(1,479)

549

(2,028)

The following methods and assumptions were used to estimate the fair value of each class of financial instrument:

Trade and other receivables, cash and cash equivalents and trade and other payables
The carrying amounts approximate fair value because of the short-term duration of these instruments.

Investments and other non-current assets
Listed investments are carried at market value while unlisted investments are carried at directors' valuation. Other non-current assets are carried at discounted value.

Borrowings
The fair value of listed fixed rate debt is shown at its market value. The remainder of debt re-prices on a short-term floating rate basis, and accordingly the carrying amount is considered to approximate fair value.

Derivatives
The fair values of derivatives are estimated based on the ruling market prices, volatilities and interest rates at 31 December 2003.

Notes to the group financial statements

for the year ended 31 December 2003

AngloGold Limited - Annual financial statements 2003

120

38. Events after balance sheet date

Disposal of Union Reefs Gold Mine
AngloGold Australia Limited announced on 14 November 2003 that it had entered into an agreement with Greater Pacific Gold Limited to sell its 100% owned Northern Territory gold mining assets. These comprise the Union Reefs gold mine at Pine Creek and associated assets and tenements. The sale is dependent upon Greater Pacific Gold Limited meeting the staged payments schedule and various other AngloGold Australia Limited related performance criteria. The transaction is conditional upon a satisfactory due diligence outcome, the attainment of all regulatory approvals, shareholder approval and securing requisite financing arrangements. The agreed staged purchase consideration for these assets is A$6m ($5m, R31m). The potential profit on the disposal of Union Reefs is A$5m ($3m, R25m). Additional profit may arise if the rehabilitation provision is not fully depleted prior to sale or if interest is payable on payments not paid by the due date.

Sale of Western Tanami Project
AngloGold Australia Limited announced on 24 November 2003 that it had agreed to sell its Western Tanami Project to Tanami Gold NL. The Western Tanami project comprises an established exploration camp and associated equipment, a number of Exploration Licences in northern Western Australia and includes the Coyote gold project. The sale agreement was concluded on 20 January 2004. In addition to the deposit made on 24 November 2003 of A$0.3m ($0,2m, R1m), Tanami Gold has made a further A$4m ($3m, R19m) cash payment and issued 25 million fully paid ordinary shares to AngloGold. A further payment of A$5m ($3m, R25m) will be made by 16 May 2004 and future royalty payments will be made on gold produced above 300,000oz up to 1Moz. The potential profit on the disposal of the Western Tanami project is A$3m ($2m, R15m) excluding the potential royalty payments. Including the royalty payments, the potential profit would be dependent on the final gold production.

Proposed Merger between AngloGold and Ashanti
AngloGold and Ashanti Goldfields Company Limited issued a joint announcement on 4 August 2003, which detailed the proposed merger of the two companies. The Transaction Agreement which was signed by both parties outlined the terms and structure of the merger. On 15 October 2003, it was announced that Lonmin Plc, which holds 27.6% of Ashanti's issued share capital, had undertaken to vote its shares in favour of the merger. The merger is conditional on the support of the government of Ghana as shareholder and regulator of Ashanti, the approval of the scheme of arrangement and its confirmation by the High Court of Ghana and certain other regulatory approvals and third party consents, as detailed in the 4 August 2003 announcement.

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.

On 26 January 2004, AngloGold announced that confirmation had been received from the United States 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 AngloGold to issue its shares in the scheme 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.

AngloGold anticipates that the transaction will be completed during April 2004.

Launch of Convertible Bonds Offer
On 19 February 2004 AngloGold announced the final terms of an offering of $900m (subject to increase by up to $100m pursuant to an option) Convertible Bonds which are due 2009, by its wholly owned subsidiary, AngloGold Holdings plc. The bonds are guaranteed by AngloGold.

Group financial statements

121

38. Events after balance sheet date (continued)

On 20 February 2004, AngloGold announced it had placed all $900m of the convertible bonds at a semi-annual coupon of 2.375%.

On 25 February 2004, the above-mentioned option was exercised, increasing the total bonds issued by AngloGold to $1,000m.

The bonds are convertible into American Depositary Shares (ADS) of AngloGold, at a strike price of $65 per ADS, at the option of the holder. Each ADS represents one ordinary share of AngloGold. The conversion premium to the reference volume weighted average price of the ADSs on the New York Stock Exchange of $40.625 on the launch day, was 60%. If all bond holders exercise their conversion options, 15,384,615 new ADSs would be created. If the bonds have not been converted by 20 February 2009, they will be redeemed at par on 27 February 2009. Other terms include an issuer call at 130% after 3 years and a conversion ratio adjustment to cater for events such as share splits and capital distributions, etc.

The proceeds of the offering of the Bonds will be used to repay outstanding indebtedness, to pay transaction costs relating to the proposed merger with Ashanti Goldfields Company Limited and for general corporate purposes.

Application has been made to, and approval received from, the UK listing Authority for the bonds to be admitted to the Official List, and the London Stock Exchange plc for the Bonds to be admitted to trading on the London Stock Exchange plc's market for listed securities.

Company income statement

for the year ended 31 December 2003

AngloGold Limited - Annual financial statements 2003

122

Revenue

9,245

10,356

Gold income

8,845

9,718

Cost of sales

(6,762)

(6,383)

2,083

3,335

Non-hedge derivatives

877

794

Operating profit

2,960

4,129

Corporate administration and other expenses

(283)

(227)

Market development costs

(115)

(173)

Net inter-company royalties, dividends and interest

(189)

(336)

Exploration costs

(128)

(126)

Investment income

197

318

Other net expenses

(114)

(72)

Finance costs

(185)

(162)

Marked-to-market of debt financial instruments

Abnormal items

(122)

(102)

Profit before exceptional items

2,059

3,249

Amortisation of goodwill

(5)

(4)

Impairment of mining assets

Group 17

(247)

Loss on disposal of mines

(80)

Profits (loss) on disposal of assets

(14)

Debt written off

(9)

(56)

Profit on ordinary activities before taxation

1,808

3,095

Taxation

(767)

(1,138)

Net profit

1,041

1,957

Adjusted operating profit
The operating profit has been adjusted by the following
to arrive at adjusted operating profit:
Operating profit

2,960

4,129

Unrealised non-hedged derivatives

(576)

(17)

Adjusted operating profit

2,384

4,112

Figures in million

Notes

2003

2002

SA Rands

The company annual financial statements represent the South African operations and corporate office. These company annual financial statements are a statutory requirement, and are accordingly presented in SA Rands only.

Company financial statements

Company balance sheet

as at 31 December 2003

123

Assets

Non-current assets
Mining assets

9,161

7,974

Investments in associates

Group 19

165

Investments in subsidiaries

7,257

5,747

Other investments

AngloGold Environmental Rehabilitation Trust

230

185

Intra-group balances

832

3,953

Other non-current assets

369

333

Derivatives

572

524

18,485

18,899

Current assets
Inventories

389

397

Trade and other receivables

535

1,078

Cash and cash equivalents

1,886

1,641

Current portion of other non-current assets

Derivatives

2,106

1,546

4,917

4,662

Total assets

23,402

23,561

Equity and liabilities

Shareholders' equity

(1)

8,409

9,836

Non-current liabilities
Borrowings

1,980

2,264

Provisions

1,174

1,068

Intra-group balances

2,094

2,198

Deferred taxation

3,413

2,692

Derivatives

959

1,171

9,620

9,393

Current liabilities
Current portion of borrowings

1,627

Trade and other payables

1,507

1,161

Taxation

1,047

Derivatives

2,187

2,124

5,373

4,332

Total equity and liabilities

23,402

23,561

(1)

Shareholders' equity is analysed in the statement of changes in shareholders' equity (see page 125).

Figures in million

Notes

2003

2002

SA Rands

Company cash flow statement

for the year ended 31 December 2003

AngloGold Limited - Annual financial statements 2003

124

Cash flows from operating activities
Cash receipts from customers

8,952

10,143

Cash paid to suppliers and employees

(6,779)

(6,347)

Cash generated from operations

2,173

3,796

Interest received

149

248

Contributions to the AngloGold Environmental Rehabilitation Trust

(45)

(32)

Dividends received from unlisted associate

Group 19

Finance costs

(120)

(162)

Recoupments tax received: Free State assets

681

Recoupments tax paid: Free State assets

(681)

Taxation paid

(452)

(796)

Net cash inflow from operating activities

1,714

3,073

Cash flows from investing activities
Capital expenditure
- to expand operations

(545)

(745)

- to maintain operations

(1,302)

(406)

Proceeds from disposal of mining assets

Proceeds from disposal of mine

1,544

Proceeds from disposal of investments

1,828

Other investments acquired

(1)

(291)

Intra-group loans

871

(1,478)

Loans advanced

(2)

Repayment of loans advanced

Net cash inflow from investing activities

(966)

481

Cash flows from financing activities
Proceeds from issue of share capital

156

Share issue expenses

(2)

(116)

Proceeds from borrowings

2,184

1,842

Repayment of borrowings

(412)

(1,753)

Dividends paid

Group 16

(2,336)

(2,728)

Net cash outflow from financing activities

(503)

(2,599)

Net increase in cash and cash equivalents

245

955

Cash and cash equivalents at beginning of year

1,641

686

Cash and cash equivalents at end of year

1,886

1,641

Figures in million

Notes

2003

2002

SA Rands

Company financial statements

Company statement of changes in shareholders' equity

for the year ended 31 December 2003

125

Balance at 31 December 2001

8,398

(1,282)

1,603

8,825

Net profit

1,957 1,957

Dividends (Group note 16)

(2,728)

Ordinary shares issued

1,581

1,583

Share issue expenses written off

(116)

Net loss on cash flow hedges removed
from equity and reported in income

539

Net gain on cash flow hedges

592

Deferred taxation on cash flow hedges

(430)

Translation (386)

(386)

Balance at 31 December 2002

9,863

(335)

(581)

832

9,836

Net profit

1,041

Dividends (Group note 16)

(2,336)

Ordinary shares issued

Net loss on cash flow hedges removed
from equity and reported in income

Net gain on cash flow hedges

Deferred taxation on cash flow hedges

(92)

Net gain on repayment of net investment

Translation (260)

(260)

Balance at 31 December 2003

9,924

(592)

(517)

(463)

8,409

Note Group

Group

note 27

(1)

Non-distributable reserves is a surplus on disposal of company shares within the group R141m (2002: R141m), and a downward revaluation of foreign

denominated loans and intra-group balances R733m (2002: R476m).

(2)

Other comprehensive income represents the effective portion of fair value gains or losses in respect of cash flow hedges until the underlying transaction

occurs upon which the gains or loses are recognised in earnings.

Ordinary

and

Non-

Other

preference preference

distri-

compre-

Share-

share

share butable-

hensive

Retained

holders'

capital

premium reserves

(1)

income

(2)

earnings

equity

Figures in million

SA Rands

Notes to the company financial
statements

for the year ended 31 December 2003

AngloGold Limited - Annual financial statements 2003

126

Revenue

Revenue consists of the following principal categories:
Gold income

8,845

9,718

Sale of uranium, silver and sulphuric acid

215

357

Interest receivable (note 3)

185

281

9,245

10,356

Cost of sales

Cash operating costs

6,174

5,621

Other cash costs

Total cash costs

6,226

5,663

Retrenchment costs (note 8)

Rehabilitation and other non-cash costs

138

Production costs

6,328

5,831

Amortisation of mining assets (notes 7, 10 and 22)

415

607

Total production costs

6,743

6,438

Decrease (increase) in inventory

(55)

6,762

6,383

Investment income

Investment income consists of the following principal categories:
Interest receivable (notes 1 and 22)

185

281

Profit from associates after taxation (note 22 and Group note 16)

197

318

Other net expenses

Other net expenses consists of the following principal categories:
Foreign exchange (loss) gain on transactions other than sales

(2)

Post-retirement medical expenses for disposed mines and medical
aid shortfall subsidies

(101)

(41)

(103)

(39)

Unwinding of decommissioning obligation (notes 18 and 22)

(11)

(33)

(114)

(72)

Finance costs

Finance costs paid on bank loans and overdrafts

162

Finance costs on corporate bond

Other

(Note 22)

185

162

No interest was capitalised during the year (2002: nil).

Figures in million

2003

2002

SA Rands

Company financial statements

127

Abnormal items

Abnormal items consist of the following items:
Provision for post-retirement medical liability

214

Reversal of over-provisions in decommissioning (note 18)

(46)

Reversal of over-provision in restoration (note 18)

(46)

Mondi settlement of claim

102

Abnormal items before taxation

122

102

Taxation
- Current taxation on foreign exchange losses on borrowings (note 9)

(59)

(47)

- Deferred taxation (note 9)

(56)

- provision for post-retirement medical liability

- over provisions in decommisioning and restoration liabilities

(42)

Abnormal items after taxation

Profit before exceptional items is arrived at

after taking account of:

Auditors' remuneration

(1)

- Audit fees

- Non-audit fees

- Assurance services

Amortisation of mining assets (notes 2, 10 and 22) - Owned assets

415

607

Grants for educational and community development

Operating lease charges

(1)

Employee benefits

Employee benefits including executive directors'
salaries, wages and other benefits

3,358

2,933

Health care and medical scheme cost - current medical expenses

246

183

- post-retirement medical expenses

Contributions to pension and provident plans

213

164

Retrenchment costs (note 2)

3,909

3,363

Actuarial defined benefit plan expense analysis

Defined benefit pension plan expense
- current service cost

- interest cost

106

- expected return on plan assets

(92)

(87)

- recognised past service cost

Figures in million

2003

2002

SA Rands

Notes to the company financial
statements

for the year ended 31 December 2003

AngloGold Limited - Annual financial statements 2003

128

Employee benefits (continued)

Defined benefit post-retirement medical expense - current service cost

- interest cost

- recognised past service cost

134

(153)

288

(39)

Actual return on plan assets (note 21)

120

Taxation

(1)

Current taxation

Mining taxation

425

Non-mining taxation

108

405

Under provision prior year

Abnormal taxation (note 6)

(59)

(47)

Exceptional items
- capital gains tax

- recoupments tax on Free State disposal (note 23)

(6)

688

- mining tax on Free State operating loss

(78)

138

1,433

Deferred taxation

Current (note 19)

512

268

Unrealised non-hedge derivatives

286

Abnormal taxation (note 6)

(56)

Exceptional items
- impairment (note 19)

(113)

- disposal of the Free State operations

(570)

629

(295)

767

1,138

Tax reconciliation
A reconciliation of the mining and non-mining tax rate compared with that charged in the income statement is set out in the following table:

Non-

Non-

mining

Mining

mining

Mining

2003

2002

Marginal tax rate

38 46

Disallowed expenditure

7 6

Non-mining losses transferred to mining taxation

(1)

Mining capital allowances without tax cover

- -

Non taxable profit based on Gold Formula

- -

Dividends received

(13)

(16)

Taxable items not forming part of income statement

Royalties

(28)

- (22)

Other

4 7

Effective tax rate

36 37

(1)

Figures in million

2003

2002

SA Rands

Company financial statements

129

10. Mining assets

Mineral

rights,

Mine dumps

development Mine

and

ore

costs

infrastructure

reserves Land Total

Figures in million

SA Rands

Cost
Balance at beginning of year

9,807

3,165

379

13,373

Additions
- expand operations

420

125

545

- maintain operations

819

163

320

1,302

Disposals -

(19)

Transfers and other movements

(2)

Balance at end of year

11,046

3,438

699

15,203

Accumulated amortisation
Balance at beginning of year

3,179

2,131

5,399

Amortisation charge for the year
(notes 2, 7 and 22)

312

415

Impairments (note 22 and group note 17)

181

247

Disposals -

(19)

Balance at end of year

3,672

2,260

110

6,042

Net book value at 31 December 2003

7,374

1,178

589

9,161

Net book value at 31 December 2002

6,628

1,034

290

7,974

On 18 September 2003, AngloGold announced that agreement had been reached with Gold Fields Limited (Gold Fields) regarding the acquisition by AngloGold of a mining area of Gold Fields' Driefontein mine adjacent to TauTona, known as 1C11, for a cash consideration of R315m. The agreement has been approved by the Competition Authorities in terms of the Competition Act 89 of 1988, and has been included in additions above.

Figures in million

2003

2002

SA Rands

Notes to the company financial
statements

for the year ended 31 December 2003

AngloGold Limited - Annual financial statements 2003

130

11. Other investments

Listed investments
Balance at beginning of year

104

Additions

1,717

Disposals

(1,821)

Balance at the end of year

Market value of listed investments

Unlisted investments
Balance at beginning of year

Additions

Disposals

(1)

(6)

Balance at end of year

Directors' valuation of unlisted investments

Total other investments (note 26)

Total valuation

12. AngloGold Environmental Rehabilitation Trust

Balance at beginning of year

185

339

Contributions

Additional contribution - Free State disposal

197

Additional funds transferred to Free State Environmental Trust Fund

(197)

Amounts transferred in respect of Free State disposal (note 23)

(186)

Balance at end of year

230

185

13. Other non-current assets

Unsecured
Deferred purchase consideration in respect of the sale of the Free State assets

360

326

Other

370

333

Less: Current portion of other non-current assets included in current assets

Total

369

333

14. Inventories

Gold in process

201

220

By-products

Total metal inventories

240

245

Consumable stores

149

152

389

397

Company financial statements

131

15. Trade and other receivables

Trade debtors

120

Pre-payments and accrued income

190

276

South African Revenue Services - Value-added taxation

Receivable in respect of the sale of the Free State assets

688

Other debtors

148

(Note 26)

535

1,078

16. Cash and cash equivalents

Cash and deposits on call

1,023

1,111

Money market instruments

863

530

(Note 26)

1,886

1,641

17. Borrowings

Unsecured
Syndicated loan facility

1,555

2,264

Interest charged at LIBOR plus 0.75% per annum. The loan is repayable in
May 2004 and is US Dollar-based

Corporate Bond

(1)

Semi-annual coupons are payable at 10.5% per annum and the bond is
repayable on 28 August 2008 and is ZAR-based

2,052

Total borrowings (note 26)

3,607

2,264

Less: Current portion of borrowings included in current liabilities

1,627

Total long-term borrowings

1,980

2,264

Amounts falling due:
Within one year

1,627

Between one and two years

2,264

Between two and five years

1,980

(Note 26)

3,607

2,264

Currency
The currency in which the borrowings are denominated is as follows: SA Rand

2,052

US Dollars

1,555

2,264

3,607

2,264

Undrawn facilities
Undrawn borrowing facilities as at 31 December 2003 are as follows:
Syndicated loan - US Dollar

1,120

1,184

(1)

On 21 August 2003, AngloGold launched and priced an issue of senior unsecured fixed rate bond in an aggregate principal amount of R2,000m,

with semi-annual coupons payable at a rate of 10.5% per annum. This bond will be repayable on 28 August 2008, subject to early redemption at

AngloGold's option. The bond is listed on the Bond Exchange of South Africa. The net proceeds of the bond are for general corporate purposes.

Included in finance costs in the income statement is R1m for the amortisation of the bond issue costs.

Figures in million

2003

2002

SA Rands

Notes to the company financial
statements

for the year ended 31 December 2003

AngloGold Limited - Annual financial statements 2003

132

18. Provisions

Post-retirement medical funding
Balance at beginning of year

680

713

Disposal (note 23)

(33)

Charge to income statement

226

Less: Utilised during the year

(56)

(52)

Balance at end of year

850

680

The provision for post-retirement medical funding represents the provision for health care benefits for employees and retired employees and their registered dependants.

The post-retirement benefit costs are assessed in accordance with the advice of independent professionally qualified actuaries. The actuarial method used is the projected unit credit funding method.

The assumptions used in calculating the above defined benefit post-retirement medical obligation are as follows:

Discount rate

10.0

11.5

Expected increase in health care costs

5.0

9.2

Short-term rates ranged from 5.5% and 5.0% thereafter

The normal retirement age is 60 years, and fully eligible age is 55 years.

The last valuation was performed as at 31 December 2002.

Environmental rehabilitation obligations
Provision for decommissioning
Balance at beginning of year

226

325

Unwinding of decommissioning obligation (note 4)

Reversal of overprovision in decommissioning (note 6)

(46)

Disposal (note 23)

(132)

Balance at end of year

191

226

Provision for restoration
Balance at beginning of year

162

295

Disposal (note 23)

(186)

Reversal of overprovision (note 6)

(46)

Charge to income statement

Balance at end of year

133

162

Total provisions

1,174

1,068

Figures in million

2003

2002

SA Rands

Company financial statements

133

19. Deferred taxation

Deferred taxation relating to temporary differences is made up as follows:
Deferred taxation liabilities

Mining assets

3,927

3,571

Inventories

101

Derivatives

119

Other

4,175

3,672

Deferred taxation assets

Provisions

498

458

Derivatives

264

522

Net deferred taxation

3,413

2,692

The movement on the deferred tax balance is as follows:
Balance at beginning of year

2,692

2,557

Income statement charge (note 9)

629

(295)

Taxation of other comprehensive income

430

Balance at end of year

3,413

2,692

20. Trade and other payables

Trade creditors

335

200

Accruals

142

398

Other creditors

715

563

Accrued purchase consideration for mineral rights
acquired from Gold Fields Limited

315

(Note 26)

1,507

1,161

21. Retirement benefits

Defined benefit pension fund
Present value of fund obligation

1,089

855

Fair value of fund assets

(920)

(797)

169

Unrecognised actuarial loss

(169)

(58)

Recognised on balance sheet

Market value of plan assets (group note 32)

920

797

Movement in balance sheet
Beginning of year

Expense per income statement

Contributions paid - company

(62)

(35)

End of year

Actual return on plan assets
Expected return on plan assets

Actuarial gain (loss) on plan assets

(91)

(Note 8)

120

Figures in million

2003

2002

SA Rands

Notes to the company financial
statements

for the year ended 31 December 2003

AngloGold Limited - Annual financial statements 2003

134

21. Retirement benefits (continued)

The assumptions used in calculating the above amounts as at 31 December are:

Discount rate

8.5

11.5

Pension increase

3.6

6.1

Rate of compensation increase

5.0

7.8

Expected return on plan assets

8.5

11.5

All funds are governed by the Pension Funds Act of 1956 as amended.

22. Cash generated from operations

Profit on ordinary activities before taxation

1,808

3,095

Adjusted for:
Non-cash movements

339

Movement on non-hedge derivatives

(633)

(49)

Amortisation of mining assets (notes 2, 7 and 10)

415

607

Interest receivable (notes 1 and 3)

(185)

(281)

Profit from associates after taxation (note 3)

(12)

(37)

Unwinding of decommissioning obligation (notes 4 and 18)

Finance costs (note 5)

185

162

Abnormal items

122

Amortisation of goodwill

Impairment of mining assets (note 10 and group note 17)

247

Debt written off

Loss on disposal of mines

(Profit) loss on disposal of assets

(10)

Movements in working capital

197

(174)

2,173

3,796

Movements in working capital:
Decrease in inventories

Increase in trade and other receivables

(139)

(662)

Increase (decrease) in trade and other payables

328

(286)

Decrease in current portion of intra-group balances

769

197

(174)

Figures in million

2003

2002

SA Rands

Company financial statements

135

23. Disposals

Free State

Mining assets

2,695

Environmental Trust Fund ( note 12)

186

Inventories

Trade and other receivables

274

Provisions (note 18)

(351)

Trade and other payables

(273)

Carrying value

2,603

Loss on disposal of mines

(80)

Sale consideration

2,523

Recoupments taxation (note 9)

(688)

Deferred sale consideration

(291)

Cash flow on disposals

1,544

24. Related parties

Purchases

Amounts

Purchases

Amounts

from

owed

from

owed

related

parties

parties

2003

2002

With fellow subsidiaries of the Anglo American plc group
Boart Longyear Limited - mining services

Mondi Limited - timber

189

Scaw Metals - A division of Anglo Operations

110

Limited - steel and engineering

Associates
Rand Refinery Limited - gold refinery

2003

2002

SA Rands

25. Commitments

Acquisition of mining assets
Contracted for

569

758

Not contracted for

2,856

2,022

Authorised by the directors

3,425

2,780

Allocated for:
Expansion of operations
- within one year

478

1,088

- thereafter

1,453

853

1,931

1,941

Maintenance of operations
- within one year

794

- thereafter

1,403

1,494

839

This expenditure will be financed from existing cash resources and future borrowings.

Figures in million

2003

2002

SA Rands

Notes to the company financial
statements

for the year ended 31 December 2003

AngloGold Limited - Annual financial statements 2003

136

26. Risk management activities

In the normal course of its operations, the company is exposed to gold price, currency, interest rate, liquidity and credit risks. In order to manage these risks, the company may enter into transactions which make use of both on- and off-balance sheet derivatives. The company does not acquire, hold or issue derivatives for trading purposes. The company has developed a comprehensive risk management process to facilitate, control and to monitor these risks. The board has approved and monitors this risk management process, inclusive of documented treasury policies, counterpart limits, controlling and reporting structures.

Controlling risk in the company
The Executive Committee and the Treasury Committee are responsible for risk management activities within the company. The Treasury Committee, chaired by the independent chairman of the AngloGold Audit and Corporate Governance Committee, comprising executive members and treasury executives, reviews and recommends to the Executive Committee all treasury counterparts, limits, instruments and hedge strategies. The treasurer is responsible for managing investment, gold price, currency and liquidity risk. Within the treasury function, there is an independent risk function, which monitors adherence to treasury risk management policy, counterpart and dealer limits and provides regular and detailed management reports.

Gold price and currency risk
Gold price risk arises from the risk of an adverse effect on current or future earnings resulting from fluctuations in the price of gold. The gold market is predominately priced in US Dollars which exposes the company to the risk that fluctuations in the SA Rand/US Dollar exchange rate may also have an adverse effect on current or future earnings.

A number of products, including derivatives, are used to manage well-defined gold price and foreign exchange risks that arise out of the company's core business activities. Forward-sales contracts and call and put options are used by the company to protect itself from downward fluctuations in the gold price. These derivatives may establish a minimum price for a portion of future production, while maintaining the ability to benefit from increases in the gold price for the majority of future gold production.

Company financial statements

137

26. Risk management activities (continued)

Net delta open hedge position as at 31 December 2003

The company had the following net forward-pricing commitments outstanding against future production.

Table A: Summary: All open contracts in the company's gold hedge position at 31 December 2003

2009-

Year 2004

2005

2006

2007

2008

2013

Total

Dollar/Gold
Forward contracts
Amount (kg)

9,013

2,644

933

3,145

3,732

3,577

23,044

$/oz

$306

$372

$426

$355

$369

$380

$347

Put options purchased
Amount (kg)

4,977

1,866

4,354

11,197

$/oz

$396

$393

$372

$386

*Delta (kg)

1,696

604

1,068

3,368

Put options sold
Amount (kg)

13,063

2,799

4,354

20,216

$/oz

$363

$345

$339

$355

*Delta (kg)

2,735

441

681

3,857

Call options purchased
Amount ( kg)

6,105

$/oz

$326

*Delta (kg)

6,049

Call options sold
Amount (kg)

9,020

16,298

15,676

13,188

39,564

106,934

$/oz

$384

$339

$347

$338

$349

$370

$356

*Delta (kg)

6,239

13,705

12,787

11,206

11,031

32,802

87,770

2009-

Year 2004

2005

2006

2007

2008

2013

Total

Rand/Gold
Forward contracts
Amount (kg)

6,249

8,145

4,500

2,830

2,799

933

25,456

R/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

R/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

R/kg

R89,250

R88,414

R88,794

*Delta (kg)

1,061

364

280

1,705

Call options sold
Amount (kg)

4,679

5,620

5,621

1,493

2,986

8,958

29,357

R/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

Total net gold
Delta (kg)

14,350

26,951

21,236

17,475

18,177

39,708

137,897

Delta (oz)

461,363

866,494

682,752

561,833

584,403 1,276,640 4,433,485

Notes to the company financial
statements

for the year ended 31 December 2003

AngloGold Limited - Annual financial statements 2003

138

26. Risk management activities (continued)

Table B: Summary: All open contracts in the company's currency hedge position at 31 December 2003

2009-

Year 2004

2005

2006

2007

2008

2013

Total

Put options purchased
Amount ($)

35,000

ZAR per $

R7.20

*Delta (kg)

27,689

Put options sold
Amount ($)

35,000

ZAR per $

R6.74

*Delta (kg)

17,417

Call options sold
Amount ($)

50,000

ZAR per $

R7.21

*Delta (kg)

14,318

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.

Forward sales contracts require the future delivery of gold at a specified price.

A put option gives the put buyer the right, but not the obligation, to sell gold to the put seller at a pre-determined price on a pre-determined date.

A call option gives the call buyer the right, but not the obligation, to buy gold from the call seller at a predetermined price on a predetermined date.

Interest rate and liquidity risk Refer note 37 in group financial statements.

Company financial statements

139

26. Risk management activities (continued)

Investment maturity profile

Fixed Floating

rate

investment

Effective investment

Effective

amount

rate

amount

rate

Maturity date

Currency

million

Less than one year

ZAR

850

7.8

1,009

8.0

0.9

0.4

Greater than one year

ZAR

250

7.4

Borrowings maturity profile (note 17)

Within Between

one year

one and five years

Borrowings Effective Borrowings

Effective

amount rate

amount

rate

Currency million

% million

ZAR

(1)

1,980

10.5

233

1.9

Interest rate risk

Fixed for less

Fixed for greater

than one year

Borrowing Effective Borrowings

Effective

amount rate

amount

rate

Currency million

% million

ZAR

(1)

1,980

10.5

233

1.9

(1)

Represents interest accrual on the corporate bond as at 31 December 2003.

Interest rate swap
Refer to note 37 in group financial statements

Credit Risk
Refer to note 37 in group financial statements

Fair value of financial instruments
The estimated fair values of financial instruments are determined at discrete points in time based on relevant market information. These estimates involve uncertainties and cannot be determined with precision. The estimated fair values of the company's financial instruments as at 31 December 2003 are as follows:

Notes to the company financial
statements

for the year ended 31 December 2003

AngloGold Limited - Annual financial statements 2003

140

26. Risk management activities (continued)

Type of instrument

Carrying

Fair

Carrying

Fair

amount

value

amount

value

Figures in million

2003

2002

SA Rands

Other Investments (note 11)

Other non-current assets (note 13)

369

333

Trade and other receivables (note 15)

535

1,078

Cash and cash equivalents (note 16)

1,886

1,641

Borrowings (note 17)

3,607

3,673

2,264

Trade and other payables (note 20)

1,507

1,161

Derivatives comprise the following:

(468)

(2,132)

(1,225)

(2,034)

Forward sale contracts

(25)

(282)

(381)

Option contracts

(593)

(2,141)

(832)

(1,542)

Foreign exchange contracts

(5)

(111)

Foreign exchange option contracts

Interest rate swaps

The fair value amounts above include off balance sheet designated hedges, which are not carried on the balance sheet and excluded for the carrying amount. All other derivatives are carried at fair value.

Derivative maturity profile

Total

Assets

Liabilities

Figures in million

2003

SA Rands

Total

(468)

2,678

(3,146)

Less: Amounts to mature within 12 months of balance sheet date

(2,106)

2,187

Amounts to mature thereafter

(387)

572

(959)

Figures in million

2002

SA Rands

Total

(1,225)

2,070

(3,295)

Less: Amounts to mature within 12 months of balance sheet date

578

(1,546)

2,124

Amounts to mature thereafter

(647)

524

(1,171)

The following methods and assumptions were used to estimate the fair value of each class of financial instrument:

Trade and other receivables, cash and cash equivalents and trade and other payables
The carrying amounts approximate fair value because of the short-term duration of these instruments.

Borrowings
The fair value of listed fixed rate debt is shown at its market value as at 31 December 2003. The remainder of debt re-prices on a short-term floating rate basis, and accordingly the carrying amount is considered to approximate fair value.

Derivatives
The fair values of derivatives are estimated based on the ruling market prices, volatilities and interest rates at 31 December 2003.

US GAAP condensed consolidated financial statements

Condensed consolidated financial
statements prepared in accordance
with US GAAP

141

AngloGold provides as part of this annual report, to all shareholders, condensed consolidated financial statements derived from and presented in the manner detailed below.

Basis of presentation
The condensed consolidated financial statements have been derived from the group's consolidated financial statements as prepared in accordance with accounting principles generally accepted in the United States ("US GAAP"). US GAAP differs in certain material respects from International Financial Reporting Standards ("IFRS"). The condensed consolidated financial statements do not include notes in support of the financial information presented therein. The Group's audited consolidated financial statements prepared in accordance with US GAAP from which the condensed consolidated financial statements have been derived, contain detailed notes prepared in accordance with US GAAP. The audited consolidated financial statements prepared in accordance with US GAAP, together with related notes, are included under Item 18 in AngloGold's Annual Report on Form 20-F filed with the United States Securities and Exchange Commission on or about 15 March 2004. The AngloGold Annual Report on Form 20-F for the year ended 31 December 2003 as filed with the United States Securities and Exchange Commission on or about 15 March 2004 is available free of charge on EDGAR at www.sec.gov.

The condensed consolidated financial statements set forth below for each of the three years in the period ended 31 December 2003, and as at 31 December 2003 and 2002, have been derived from, and should be read in conjunction with the US GAAP financial statements included under Item 18 in AngloGold's Annual Report on Form 20-F as filed with the United States Securities and Exchange Commission on or about 15 March 2004.

Stock split
Throughout the condensed consolidated financial statements presented herein, the number of AngloGold ordinary shares and the calculation of basic and diluted earnings (loss) per share information for AngloGold have been adjusted retroactively to reflect AngloGold's two-for-one stock split and the issuance of a total of 278,196 AngloGold ordinary shares under AngloGold's odd lot offer as approved at the general meeting of AngloGold's shareholders held on 5 December 2002.

US GAAP condensed consolidated financial statements

Condensed consolidated income
statement

derived from financial statements prepared in accordance with US GAAP

AngloGold Limited - Annual financial statements 2003

142

Sales and other income

2,062

1,799

2,066

Product sales

2,026

1,761

2,041

Interest, dividends and other income

Cost and expenses

1,651

1,369

2,059

Production costs

1,206

910

1,245

Exploration costs

Related party transactions

General and administrative

Royalties

Market development costs

Research and development

Depreciation, depletion and amortisation

321

333

371

Impairment of assets

173

Goodwill amortised

Interest expense

Accretion expense

Employment severance costs

Loss on sale of mining assets

(Profit) loss on sale of assets

(55)

Non-hedge derivative (gains) loss

(119)

(73)

Other

Income before equity income and income tax

411

430

Equity income in affiliates

Income before income tax provision

413

434

Deferred income and mining tax expensed

(146)

(62)

(163)

Income (loss) before minority interest

267

372

(155)

Minority interest

(17)

(16)

(8)

Income (loss) before cumulative effect of accounting change

250

356

(163)

Cumulative effect of accounting change

(3)

(10)

Net income (loss) - applicable to common stockholders

247

356

(173)

Basic earnings (loss) per common share: (cents)
Before cumulative effect of accounting change

112

160

(76)

Cumulative effect of accounting change

(1)

(5)

Net income (loss) - applicable to common stockholders

111

160

(81)

Diluted earnings (loss) per common share: (cents)
Before cumulative effect of accounting change

112

160

(76)

Cumulative effect of accounting change

(1)

(5)

Net income (loss) - applicable to common stockholders

111

160

(81)

Weighted average number of common shares used in computation

222,836,574

221,883,567 214,278,892

Dividend per common share (cents)

133

113

These condensed financial statements should be read in conjunction with the Company's financial statements and footnotes filed on Form 20-F with the United States Securities and Exchange Commission on or about 15 March 2004.

Figures in US Dollars millions, except for share data

2003

2002

2001

Year ended 31 December

US GAAP condensed consolidated financial statements

Condensed consolidated balance sheet

derived from financial statements prepared in accordance with US GAAP

143

Assets

Current assets

1,410

1,038

Cash and cash equivalents

505

413

Receivables

602

488

Trade

Derivatives

377

233

Value added taxes

Other

151

181

Inventories

202

137

Materials on the leach pad

101

Property, plant and equipment, net

2,555

2,015

Acquired properties, net

936

902

Goodwill

410

345

Derivatives

Materials on the leach pad

Other long-term assets

167

134

Total assets

5,579

4,577

Liabilities and stockholders' equity

Current liabilities

1,202

799

Accounts payable and accrued liabilities

385

282

Derivatives

441

302

Short-term debt

351

Income and mining tax payable

131

Long-term debt

807

842

Derivatives

329

236

Deferred income and mining tax

845

561

Provision for environmental rehabilitation

134

140

Other accrued liabilities

Provision for post-retirement medical benefits

130

127

Minority interest

Commitments and contingencies
Share capital and reserves

2,068

1,820

Common stock

Stock issued 2003 - 223,136,342 (2002 - 222,622,022)

Additional paid in capital

3,415

3,403

Accumulated deficit

(616)

(567)

Accumulated other comprehensive income

(740)

(1,025)

Total liabilities and stockholders' equity

5,579

4,577

Figures in US Dollars millions

2003

2002

As at 31 December

US GAAP condensed consolidated financial statements

Condensed consolidated cash flow
statement

derived from financial statements prepared in accordance with US GAAP

AngloGold Limited - Annual financial statements 2003

144

Net cash provided by operating activities

453

594

501

Income (loss) before cumulative effect of accounting change

250

356

(163)

Reconciled to net cash provided by operations:

Loss on sale of mining assets

(Profit) loss on sale of assets

(55)

Depreciation, depletion and amortisation

321

333

371

Deferred stripping costs

(43)

(11)

Impairment of assets

173

Deferred income and mining tax

(62)

Other non-cash items

Net (decrease) increase in provision for environmental
rehabilitation and post-retirement medical benefits

(88)

(17)

Effect of changes in operating working capital items:

Receivables

(53)

(5)

Inventories

(87)

(54)

Accounts payable and accrued liabilities

(61)

Net cash used in investing activities

(307)

(91)

(148)

Cash acquired in acquisitions

Increase in non-current investments

(1)

(34)

(4)

Additions to property, plant and equipment

(363)

(271)

(298)

Proceeds on sale of mining assets

Proceeds on sale of investments

158

Cash effects of acquisitions or disposals

109

- Proceeds

109

- Contractual obligations

(24)

Loans receivable advanced

(19)

(5)

(4)

Loans receivable repaid

Net cash used in financing activities

(107)

(356)

(298)

Payments of short-term debt

(46)

(616)

(347)

Issuance of stock

Proceeds of long-term debt

243

502

209

Dividends paid

(314)

(260)

(167)

Net increase in cash and cash equivalents

147

Effect of exchange rate changes on cash

(59)

Cash and cash equivalents - 1 January

413

191

195

Cash and cash equivalents - 31 December

505

413

191

Figures in US Dollars millions

2003

2002

2001

Year ended 31 December

US GAAP condensed consolidated financial statements

Condensed reconciliation between IFRS
and US GAAP

results for the year ended and as at 31 December 2003

145

Income statement information

Net profit as per IFRS

312

332

245

Adjusted for:

Amortisation of acquired properties (ore reserves) and mining assets

(89)

(88)

(151)

IFRS exceptional loss reversed

Impairment of assets

(34)

(173)

Actuarial surplus (shortfall) on post-retirement medical expenses

III

(37)

Goodwill adjustments

Normandy transaction costs

(11)

Stock compensation expense

(4)

Other

(18)

(20)

Sub-total

253

254

(112)

Adjustments made to taxation charge

VII

(4)

103

(51)

Adjusted profit (loss) after taxation

249

357

(163)

Cumulative effect of accounting changes

VIII

(3)

(10)

Minority adjustments

(1)

Net income (loss) applicable to common stockholders as per US GAAP

247

356

(173)

Figures in US Dollars millions

Notes

2003

2002

As at 31 December

Balance sheet information

Net assets as per IFRS

1,628

1,443

Adjusted for:

Acquired properties (ore reserves)

936

902

Mining assets

(209)

(265)

Goodwill

(2)

(29)

Deferred taxation

VII

(282)

(181)

Post-retirement medical benefits

III

(1)

(46)

Other

(2)

(4)

Stockholders' equity as per US GAAP

2,068

1,820

Supplemental information to the condensed consolidated financial statements.

Figures in US Dollars millions

Notes

2003

2002

2001

Year ended 31 December

AngloGold provides, supplemental to the condensed consolidated financial statements, a reconciliation from its IFRS to US GAAP results. This reconciliation is provided for illustrative purposes only, as AngloGold prepares consolidated financial statements prepared in accordance with US GAAP, together with related notes, which are included under Item 18 in AngloGold's Annual Report on Form 20-F filed with the United States Securities and Exchange Commission on or about 15 March 2004.

US GAAP condensed consolidated financial statements

Condensed reconciliation between IFRS
and US GAAP

results for the year ended and as at 31 December 2003

AngloGold Limited - Annual financial statements 2003

146

Differences in accounting treatment between IFRS and US GAAP which have a significant effect on AngloGold are noted below:

I Business combinations (including acquired properties and goodwill)

Under IFRS at the formation of AngloGold on 29 June 1998, the acquisition of the participating companies and the interests in the share interest companies were accounted for using the pooling of interest method. Under US GAAP the original formation of AngloGold did not qualify as a "pooling of interest" and therefore the formation transaction was accounted for as a business combination. Subsequent acquisitions have been accounted for as business combinations under both IFRS and US GAAP.

Both IFRS and US GAAP require purchase consideration to be allocated to the net assets acquired at their fair value on the date of acquisition. Under IFRS any excess of the purchase price over the fair value of the attributable mineral reserves and net assets is recognised as goodwill. Goodwill which represents resources is amortised on a systematic basis which recognises the depletion of resources over the lesser of the LOM or 20 years.

Under US GAAP, the purchase consideration is allocated to the net assets acquired according to the assets and liabilities respective fair value, including acquired properties which is amortised over the LOM. Where the purchase price cannot be attributed to the assets acquired, it is allocated to goodwill and amortised on a straight line basis over the lesser of the LOM or 20 years until 31 December 2001. In accordance with the provisions of SFAS 142, goodwill is no longer amortised but reviewed annually for impairment effective from 1 January 2002.

In cases where traded equity securities are exchanged as consideration, IFRS requires the fair value of the consideration to be determined based on market value at the date of the exchange transaction. The date of acquisition is considered to be when effective control over the acquired assets and liabilities is obtained.

US GAAP requires that the fair value of such transaction be determined, at the date the terms and conditions of the transaction are agreed to and announced, by the average trading price of a few days before and after the acquisition is agreed to and announced.

II IFRS exceptional loss reversed

Represents the reversal of the loss on disposal of the Free State assets recorded in IFRS in 2002. Under US GAAP, the value of the Free State assets were written down in 2001 to the net selling price per the sale agreement.

III Post-retirement medical benefits

Under IFRS, post-retirement medical benefits are accounted for in accordance with the provisions of IAS 19. Under US GAAP these benefits are accounted in accordance with the provisions of SFAS 106.

Under IFRS, only the contractual liability for post-retirement is accounted for. Under US GAAP, both the contractual and the liabiliy in excess of contributions made by plan members are accounted for. The adjustment to post-retirement medical benefits refers to the actuarial valuation as calculated by independent actuaries.

IV Normandy transaction costs

Under IFRS, the transaction costs relating to the Normandy bid were charged to share premium. Under US GAAP, these expenses are expensed as an aborted business combination.

V Stock compensation expense

Under US GAAP performance-related options are accounted for as variable compensation awards in accordance with Accounting Principles Board Opinion No. 25 (APE No. 25). A compensation expense is calculated at the end of each reporting period until the performance obligation has been met or waived. Compensation expense will vary based on the fluctuations of the underlying stock price in excess of the exercise price.

VI Other

Other consists of other differences between IFRS and US GAAP that are considered insignificant to be quantified individually.

Supplemental information to the condensed consolidated financial statements.

US GAAP condensed consolidated financial statements

Condensed reconciliation between IFRS
and US GAAP

results for the year ended and as at 31 December 2003

147

VII Income taxes

Reflects the tax impact of the differences between IFRS and US GAAP.

VIII Cumulative effect of accounting changes

Hedge accounting

The $10m (net of provision for deferred taxation of $2m) cumulative effect of change in accounting policy represents the transitional adjustment resulting from the adoption of SFAS 133 on 1 January 2001. In accordance with IAS 39, such adjustments are recorded to opening retained earnings.

Asset retirement obligations

The $3m (net of provision for deferred taxation) cumulative effect of change in accounting policy represents the transitional adjustment resulting from the adoption of SFAS 143 on 1 January 2003. Under IFRS, accounting for provisions and contingencies is dealt with in IAS 37.

Supplemental information to the condensed consolidated financial statements.

Investment in principal subsidiaries
and joint venture interests

for the year ended 31 December 2003

AngloGold Limited - Annual financial statements 2003

148

Nature of

business

Shares held

Percentage held

Book value

Net loan account

2003

2002

2003

2002

2003

2002

2003

2002

Direct investments

Advanced Mining Software Limited

40,000

40,000

100

100

(11)

(7)

AGRe Insurance Company Limited

100

100

AngloGold American Investments Limited

100

100

928

928

AngloGold Geita Holdings Limited

2,513

71.53

1,394

AngloGold Health Service (Pty) Limited

100

100

AngloGold Offshore Investments Limited

5,001,000

5,001,000

100

100

3,858

3,858

(1,054)

(1,074)

43,251*

100

100

AngloGold Ventures (Pty) Limited

100

100

Eastvaal Gold Holdings Limited

454,464,000

454,464,000

100

100

917

917

(604)

(604)

iGolide (Pty) Limited

100

100

100

100

Masakhisane Investment Limited

100

100

100

100

Nuclear Fuels Corporation of SA (Pty) Limited

1,450,000

1,450,000

100

100

Nufcor International Limited

3,000,000

3,000,000

Rand Refinery Limited **

208,471

208,471

53.03

53.03

116

Southvaal Holdings Limited

26,000,000

26,000,000

100

100

(67)

(81)

Indirect investments

AngloGold (Colorado) Corp.

10,000

10,000

100

100

AngloGold (Nevada) Corp.

1,000

1,000

100

100

AngloGold Argentina Limited

100

100

AngloGold Argentina S.A.

1,331,093

1,331,093

100

100

AngloGold Australia Investment Holdings Limited

2,000

2,000

100

100

43,251*

100

100

AngloGold Australia Limited

257,462,077

257,462,077

100

100

AngloGold Brasil Ltda.

8,827,437,875

8,827,437,875

100

100

AngloGold Brazil Limited

100

100

AngloGold Finance Australia Holdings Limited

1,002

1,002

100

100

43,251*

100

100

AngloGold Finance Australia Limited

1,002

1,002

100

100

43,251*

100

100

AngloGold Geita Holdings Limited

1,000

1,000

28.47

100

1,831

AngloGold Investments Australasia Limited

2,000

2,000

100

100

43,251*

100

100

AngloGold Investments Australia Pty Ltd

100

100

AngloGold Investments (Sadex) Limited

1,000'A'

1,000'A'

100

100

AngloGold Mining (West Africa) Limited

5,000

5,000

100

100

AngloGold Morila Holdings Limited

1,000

1,000

100

100

AngloGold Namibia (Pty) Ltd

10,000

10,000

100

100

AngloGold North America Inc.

7,902

7,902

100

100

504

603

AngloGold North American Holdings Limited

100

100

AngloGold South America Limited

488,000

488,000

100

100

(193)

(248)

AngloGold South American Holdings Limited

100

100

AngloGold USA Incorporated

100

100

100

100

Cerro Vanguardia S.A.

13,875,000

13,875,000

92.50

92.50

Chellaston Limited

100

100

Cluff Resources Limited

46,819,281

46,819,281

Dysart International Limited

100

100

Erongo Holdings Limited

13,334'A'

13,334'A'

100

100

(13)

(17)

Mineracao Morro Velho Ltda.

4,822,582,443

4,585,851,748

100

100

Mineracao Serra Grande S.A.

499,999,997

499,999,997

Quorum International Limited

100

100

Sadiola Exploration Limited

5,000 'A'

5,000 'A'

Joint ventures

Geita Gold Mining Limited

Societe des Mines de Morila S.A.

400

400

1,150

Societe d'Exploitation des Mines d'Or de Sadiola S.A.

38,000

38,000

Societe d'Exploitation des Mines d'Or de Yatela S.A.

400

400

BGM Management Company Pty Ltd

3'B'

3'B'

33.33

33.33

7,257

5,747

(1,262)

1,755

Nature of business

A - Mining
B - Investment holding
C - Software development
D - Market agent
E - Marketing intermediary
F - Health care
G - Short-term insurance and re-assurance
H - Precious metal refining

Indicates preference shares

** Accounted for as an associate in 2002 as AngloGold did not govern the financial and operating policies of Rand Refinery Limited

The aggregate interest in the net profits and losses in subsidiaries are as follows:

$ m

2003

2002

Net profits

274

300

Net losses

(95)

(156)

179

144

All companies are incorporated in the Republic

of South Africa except where otherwise indicated

Incorporated in the British Virgin Islands

Incorporated in the Isle of Man

Incorporated in Namibia

Incorporated in Mali

Incorporated in the United States of America

Incorporated in Argentina

Incorporated in Brazil

Incorporated in Australia

Incorporated in the United Kingdom

10 Incorporated in Malta
11 Incorporated in Tanzania

Glossary of terms

149

Adjusted headline earnings

Headline earnings excluding unrealised non-hedge derivatives and marked-to-market of debt financial instruments.

Adjusted operating profit

Operating profit excluding unrealised non-hedge derivatives.

Adjusted operating margin

Adjusted operating profit divided by gold sales including realised non-hedge derivatives.

By-products

Any products that arise from the core process of producing gold, including silver, uranium and sulphuric acid.

Net capital employed

Equity plus minority interests, interest-bearing debt, less cash and cash equivalents. Where average net capital employed is referred to, this is the average of the figures at the beginning and the end of the financial year.

Capital expenditure

Total capital expenditure on mining assets both to maintain and to expand operations.

Cash operating profit

Adjusted operating profit plus amortisation of mining assets.

Cash operating margin

Adjusted operating profit plus amortisation of mining assets divided by gold sales including realised non-hedge derivatives.

Dividend cover

Adjusted headline earnings per ordinary share divided by dividends per ordinary share.

Debt

Borrowings including short-term portion.

Effective tax rate

Current and deferred taxation as a percentage of profit on ordinary activities before taxation.

EBITDA

Profit before exceptional items and before net interest, growth in the Environmental Rehabilitation Trust Fund, amortisation of mining assets, foreign exchange gain (loss) on transactions other than sales, unwinding of the decommissioning obligation, unrealised non-hedge derivatives and marked-to-market of debt financial instruments.

Equity

Shareholders' equity adjusted for other comprehensive income and deferred taxation. Where average equity is referred to, this is calculated by averaging the figures at the beginning and the end of the financial year.

Free cash flow

Net cash inflow from operating activities less capital expenditure to maintain operations.

Grade

The quantity of gold contained within a unit weight of gold-bearing material generally expressed in ounces per short ton of ore (oz/t), or grams per metric tonne (g/t).

Interest cover

EBITDA divided by finance costs.

Life-of-mine (LOM)

Number of years that the operation is planning to mine and treat ore, and is taken from the current mine plan.

Glossary of terms

AngloGold Limited - Annual financial statements 2003

150

Market capitalisation

Number of ordinary shares in issue at close of business on 31 December multiplied by the closing share price as quoted on the JSE Securities Exchange South Africa.

Mineral Resource

A Mineral Resource is a concentration or occurrence of material of economic interest in or on the earth's crust in such form, quality and quantity that there are reasonable and realistic prospects for eventual economic extraction. The location, quantity, grade, continuity and other geological characteristics of a Mineral Resource are known, estimated from specific geological evidence and knowledge, or interpreted from a well-constrained and portrayed geological model. Mineral Resources are sub-divided, in order of increasing geological confidence, into Inferred, Indicated and Measured categories. The Mineral Resources are inclusive of those resources which have been modified to produce Mineral Reserves.

Net operating assets

Mining assets, inventories, trade receivables, less trade payables.

Net debt

Debt less cash and cash equivalents.

Net tangible asset value per share

Shareholders' equity less goodwill, divided by the number of ordinary shares in issue.

Operating margin %

Adjusted operating profit as a percentage of gold income including realised non-hedge derivatives.

Mineral Reserve

A Mineral Reserve is the economically mineable material derived from a Measured and/or Indicated Mineral Resource. It is inclusive of diluting materials and allows for losses that may occur when the material is mined. Appropriate assessments, which may include feasibility studies, have been carried out, including consideration of, and modification by, realistically assumed mining, metallurgical, economic, marketing, legal, environmental, social and governmental factors. These assessments demonstrate at the time of reporting that extraction is reasonably justified. Mineral Reserves are sub- divided in order of increasing confidence into Probable Mineral Reserves and Proved Mineral Reserves.

Ounces (oz) (troy)

Used in imperial statistics. A kilogram is equal to 32.1507 ounces.

Price received ($/oz and R/kg)

Attributable gold income including realised non-hedge derivatives divided by attributable ounces/kilograms sold.

Rehabilitation

The process of restoring mined land to allow an appropriate post-mining use. Rehabilitation standards are determined amongst others by the South African Department of Minerals and Energy, the US Bureau of Land Management, the US Environmental Protection Agency, and the Australian Minerals Industry Code for Environmental Management, and address ground and surface water, topsoil, final slope gradient, waste handling and re-vegetation issues.

Region

Defines the operational management divisions within AngloGold and these are South Africa, East and West Africa, Australia, North America and South America.

Return on net capital employed

Adjusted headline earnings before finance costs expressed as a percentage of average net capital employed, adjusted for the timing of acquisitions and disposals.

Return on equity

Adjusted headline earnings expressed as a percentage of the average equity, adjusted for the timing of acquisitions and disposals.

Glossary of terms

151

Total cash costs

Total cash costs include site costs for all mining, processing and administration, as well as contributions from by-products and are inclusive of royalties and production taxes. Amortisation, rehabilitation, corporate administration, retrenchment, capital and exploration costs are excluded. Total cash costs per ounce are the attributable total cash costs divided by the attributable ounces of gold produced.

Total production costs

Total cash costs including amortisation, retrenchment, rehabilitation and other non-cash costs. Corporate administration, capital and exploration costs are excluded. Total production costs per ounce are the attributable total production costs divided by the attributable ounces of gold produced.

Weighted average number of ordinary shares in issue

The number of ordinary shares in issue at the beginning of the year, increased by shares issued during the year, weighted on a time basis for the period during which they have participated in the income of the group.

Ordinary shares were sub-divided at close of business on 24 December 2002 on a 2:1 basis. All references to ordinary shares, and related calculations have been restated to take cognisance of this sub-division.

Abbreviations

United States Dollars

Australian Dollars

ADS

American Depositary Share

Billion

capex

Capital expenditure

CHF

Swiss Francs

CLR

Carbon Leader Reef

FCFA

Communaute Financiere Africaine Francs

FIFR

Fatal Injury Frequency Rate per million hours worked

Grams

g/t

Grams per tonne

g/TEC

Grams per total employee costed

Kilograms

LIBOR

London interbank offer rate

LOM

Life-of-mine

LTIFR

Lost Time Injury Frequency Rate per million hours worked

Note that AngloGold utilises the strictest definition in reporting Lost Time Injuries in that it includes all Disabling Injuries (where an individual is unable to return to his place of regular work the next calendar day after the injury) and Restricted Work Cases (where the individual may be at work, but unable to perform full or regular duties on the next calendar day after the injury) within this definition.

/TEC

Square metres per total employee costed

Metre or million, depending on the context

Moz

Million ounces

Million tonnes or tons

Mtpa

Million tonnes/tons per annum

Namibian Dollars

NOSA

National Occupational Safety Association

Ounces (troy)

oz/t

Ounces per ton

R or ZAR

South African rands

RIFR

Reportable Injury Frequency Rate per million hours worked

Tons (short) or tonnes (metric)

tpm

Tonnes per month

tpa

Tonnes per annum

tpd

Tonnes per day

VCR

Ventersdorp Contact Reef

Rounding of figures in this report may result in computational discrepancies.

Shareholders' information

AngloGold Limited - Annual financial statements 2003

152

Stock exchange listings

The primary listing of the company's ordinary shares is on the JSE Securities Exchange South Africa (JSE). Its ordinary shares are also listed on stock exchanges in London and Paris, as well as being quoted in Brussels in the form of International Depositary Receipts (IDRs), in New York in the form of American Depositary Shares (ADSs) and in Australia, in the form of Clearing House Electronic Subregister System Depositary Interests (CDIs).

Stock exchange information as at 31 December

2003

2002

2001

2000

1999

JSE Securities Exchange South Africa
Rands per share:
Market price

- high

339.00

347.00

248.00

192.50

214.00

- low

191.00

200.00

104.20

93.00

112.50

- year end

313.99

290.50

211.00

110.50

158.30

Shares traded

- 000

88,025

117,543

91,318

49,804

63,574

London Stock Exchange
Pounds per share:
Market price

- high

23.68

23.26

13.90

17.76

20.86

- low

16.58

4.20

9.13

8.57

11.43

- year end

26.42

10.54

12.09

9.73

16.00

Shares traded

- 000

1,187

8,643

18,862

4,984

6,625

Euronext Paris
Euros per share:
Market price

- high

41.23

37.73

25.00

28.90

34.30

- low

24.10

18.78

14.26

14.10

16.62

- year end

38.00

33.00

19.53

15.93

25.45

Shares traded

- 000

841

1,917

1,678

1,894

2,824

Euronext Brussels
Euros per share:
Market price

- high

40.50

37.50

24.90

24.98

34.10

- low

24.10

32.00

14.52

14.28

16.75

- year end

36.55

32.05

20.25

15.93

25.43

IDRs traded

- 000

973

3,138

1,638

2,004

5,270

Each IDR is equal to one ordinary share.

New York Stock Exchange
US Dollars per ADS:
Market price

- high

49.95

35.33

22.34

28.69

37.00

- low

32.80

17.62

13.15

12.25

18.31

- year end

46.70

34.26

18.06

14.94

25.69

ADSs traded

- 000

249,791

210,933

106,231

46,940

41,355

Each ADS is equal to one ordinary share.

Australian Stock Exchange
(listing commenced 15 November 1999)
Australian Dollars per CDI:
Market price

- high

13.55

12.00

8.00

8.68

8.90

- low

8.61

7.00

4.80

4.75

7.10

- year end

12.80

12.00

7.55

5.48

7.64

CDIs traded

- 000

12,788

6,758

62,576

17,830

4,870

Each CDI is equal to one-fifth of one ordinary share.

Shareholders' information

153

Australian Stock Exchange Listing Rules

The following disclosures are made pursuant to the Listing Rules of the Australian Stock Exchange and according to information available to the directors:

The 20 largest holders of the ordinary share capital of the company as at 31 January 2004 were:

Ordinary shares held

Number

Anglo American plc

121,502,197

54.45

The Bank of New York

27,555,996

12.34

ANZ Nominees Limited

10,891,245

4.88

JP Morgan Chase Bank

9,295,833

4.16

Public Investment Commissioners

7,164,807

3.21

Old Mutual Group

3,549,498

1.59

Soges Fiducem SA

3,503,096

1.57

Sanlam Group

2,512,517

1.13

State Street Bank and Trust

2,441,107

1.09

Mines Pension Fund

1,929,670

0.86

National Nominees Limited

1,505,566

0.67

SIS Segaintersettle AG

1,344,072

0.60

Euroclear France SA

1,331,190

0.60

Liberty Group

1,125,204

0.50

Engineering Industries Pension Fund

847,592

0.38

Allan Gray Funds

826,699

0.37

Investment Solutions

818,765

0.37

Citibank (Global)

736,840

0.33

Prudential M&G Funds

730,268

0.33

Investors Bank and Trust Company West

658,172

0.29

The above list of shareholders may not necessarily reflect the beneficial shareholders.

Analysis of ordinary shareholdings at 31 January 2004

Number of

of total

Number of

of shares

Size of holding

shareholders

shares

issued

1 - 100 shares

6,428

38.78

430,013

0.19

101 - 500 shares

6,861

41.40

1,618,926

0.73

501 - 1,000 shares

1,350

8.15

978,813

0.44

1,001 - 5,000 shares

1,237

7.46

2,717,873

1.22

5,001 - 10,000 shares

244

1.47

1,777,876

0.80

10,001 - 100,000 shares

382

2.30

11,364,372

5.09

Over 100,000

0.44

204,331,769

91.53

Total

16,574

100.00

223,219,642

100.00

Shareholders' information

(continued)

AngloGold Limited - Annual financial statements 2003

154

Shareholder spread

as at 31 January 2004

Pursuant to the Listings Requirements of the JSE, with the best knowledge of the directors and after reasonable enquiry, the spread of shareholders was as follows:

Class

Number of holders

Ordinary shares Non-public shareholders: Directors

0.03

Shares held by Anglo American plc

0.01

Public shareholders

16,566

99.96

Total

16,574

100.00

A redeemable preference shares

}

All shares are held by a wholly owned subsidiary company

B redeemable preference shares

Major shareholders

as at 24 February 2004

According to information available to the directors, the following are the only shareholders beneficially holding, directly or indirectly, in excess of 5% of the ordinary share capital of the company:

Ordinary shares held

24 February 2004

31 December 2003

31 December 2002

Number %

Anglo American plc

122,863,176

55.04

121,502,197

54.45

114,457,368

51.41

The Bank of New York*

36,017,376

16.13

36,753,386

16.47

39,879,957

17.91

Shares held through various custodians in respect of ADSs issued by the Bank.

Voting rights

The articles of association provide that every member present at a meeting in person or, in the case of a body corporate, represented, is entitled to one vote only on a show of hands. Upon a poll, members present or any duly appointed proxy shall have one vote for every share held. There are no limitations on the right of non-South African shareholders to hold or exercise voting rights attaching to any shares of the company. CDI holders are not entitled to vote in person at meetings, but may vote by way of proxy.

Options granted in terms of share incentive schemes do not carry a right to vote.

Shareholders' information

155

Diary

Financial year end

31 December

Annual financial statements issued

15 March 2004

Annual general meeting

11:00 on 29 April 2004

Quarterly reports released (on or about)

Quarter ended 31 March 2004

29 April 2004

Quarter and six months ended 30 June 2004

29 July 2004

Quarter and nine months ended 30 September 2004

28 October 2004

Quarter and year ended 31 December 2004

28 January 2005

Dividends

Last date to trade

Payment

ordinary shares

date to

Declared

cum dividend

shareholders

ADS holders

Final - No. 95

29 January 2004

13 February 2004

27 February 2004

8 March 2004

Interim - No. 96

28 July 2004*

13 August 2004*

27 August 2004*

10 September 2004*

Final - No. 97

27 January 2005*

11 February 2005*

25 February 2005*

11 March 2005*

* Approximate dates.

Currency conversion guide

At 31 December one Rand was equal to:

2003

2002

Australian Dollar

0.20

0.20

Euro

0.12

0.11

Japanese Yen

16.08

13.72

Swiss Franc

0.19

0.16

British Pound

0.08

0.07

US Dollar

0.15

0.12

Directorate and administration

AngloGold Limited - Annual financial statements 2003

156

AngloGold Limited

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

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

# American

Managing secretary

Ms Y Z Simelane

Company secretary

C R Bull

Offices

Registered and corporate

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 on 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

Contact information

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

11 Diagonal Street
Johannesburg 2001
(PO Box 62117, Marshalltown 2107)
South Africa

Europe/Asia

Tomasz Nadrowski
Telephone: (800) 417 9255 (toll free in USA and Canada)
or +1 212 750 7999
Fax: +1 212 750 5626
E-mail: tnadrowski@anglogold.com

509 Madison Avenue
Suite 1914
New York, NY 10022
United States of America

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

509 Madison Avenue
Suite 1914
New York, NY 10022
United States of America

Australia

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

Level 13
St Martins Tower
44 St George's Terrace
Perth, WA 6000
(PO Box Z5046, Perth WA 6831)
Australia

General e-mail enquiries

investors@anglogold.com

AngloGold Website

http://www.anglogold.com

This Annual Report is available in printed format from the contacts whose details appear above or on the Internet at the above website address. In addition, AngloGold has produced the Form 20-F (a report required by the Securities and Exchange Commission in the United States), copies of which are available on or about 15 March 2004, free of charge on EDGAR at www.sec.gov, or from the contacts given above.

Supplementary information on Mineral Resources, Ore Reserves and development, prepared on a business unit basis, is obtainable from the above sources as well as in PDF format on the AngloGold website. Plans of the South Africa region underground workings are also available on request.

Produced by: Russell & Associates

ANGLOGOLD LIMITED

(Incorporated in the

Republic of South Africa)

Registration number 1944/017354/06

ISIN: ZAE000043485 JSE Share Code: ANG

notice of annual general meeting

2004

AngloGold Limited

(Incorporated in the

Republic of South Africa)

Registration number

1944/017354/06

ISIN: ZAE000043485

JSE Share code: ANG

("AngloGold" or "the company")

This document is

important

and requires your

immediate attention

If you are in any doubt

about what action you

should take, consult your

stockbroker, attorney,

banker, financial adviser,

accountant or other

professional adviser

immediately

If you have disposed of all

your shares in AngloGold

you should pass this

document and the

enclosed proxy form/CDI

voting instruction form to

the purchaser of such

shares or the stockbroker,

banker or other agent

through whom the

disposal was effected for

transmission to the

purchaser

Registered and

corporate office

11 Diagonal Street,

Johannesburg, 2001

(PO Box 62117

Marshalltown, 2107)

South Africa

AngloGold Limited

Annual General Meeting

INVITATION

Thursday, 29 April 2004

11:00

The Johannesburg Country Club

Napier Road

Auckland Park

Johannesburg

South Africa

Included in this document are the following:

The notice of meeting setting out the resolutions to be proposed, together with explanatory notes. There are also guidance notes if you wish to attend the meeting (for which purpose an AGM location map is included) or to vote by proxy.

Proxy form for completion, signature and submission to the share registrars by shareholders holding AngloGold ordinary shares in certificated form or recorded in sub-registered electronic form in "own name".

Shareholders on the South African register who have dematerialised their AngloGold ordinary shares through STRATE, other than those whose shareholding is recorded in their "own name" in the sub-register maintained by their Central Securities Depositary Participant (CSDP) or broker, must advise their CSDP or broker of their voting instructions should they wish to be represented at the annual general meeting. If, however, such shareholders wish to attend the meeting in person, then they will need to request their CSDP or broker to provide them with the necessary authority in terms of the custody agreement entered into between the dematerialised shareholder and the CSDP or broker.

CDI voting instruction form for completion, signature and submission by Australian holders of CHESS Depositary Interests (CDIs).

A copy of the annual financial statements for the financial year 2003 is also enclosed.

Notice of annual general meeting

Notice is hereby given that the 60th annual general meeting of shareholders of AngloGold Limited will be held at The Johannesburg Country Club, Napier Road, Auckland Park, Johannesburg, South Africa, on Thursday, 29 April 2004, at 11:00, to consider and, if deemed fit, to pass, with or without modification, the following ordinary and special resolutions in the manner required by the Companies Act, 61 of 1973, as amended, and subject to the Listings Requirements of the JSE Securities Exchange South Africa and other stock exchanges on which the company's ordinary shares are listed.

Ordinary business

1. Ordinary resolution number 1

Adoption of financial statements

"Resolved that the consolidated audited annual financial statements of the company and its subsidiaries, incorporating the auditors' and directors' reports for the year ended 31 December 2003, be received and adopted."

The reason for proposing ordinary resolution number 1 is to receive and adopt the consolidated annual financial statements of the company and its subsidiaries for the last completed financial year. These are contained within the annual financial statements.

2. Ordinary resolution number 2

Re-election of director

"Resolved that Mr J G Best who retires in terms of the Articles of Association, and who is eligible and available for re-election, is hereby re-elected as a director of the company."

The reason for proposing ordinary resolution number 2 is because Mr J G Best retires as a director of the company by rotation at the meeting.

Jonathan Best, (55) ACIS, ACIMA, MBA, was appointed finance director of AngloGold in April 1998. He has 35 years of service with companies associated with the mining industry.

3. Ordinary resolution number 3

Re-election of director

"Resolved that Mrs E le R Bradley who retires in terms of the Articles of Association, and who is eligible and available for re-election, is hereby re-elected as a director of the company."

The reason for proposing ordinary resolution number 3 is because Mrs E le R Bradley retires as a director of the company by rotation at the meeting.

Elisabeth Bradley, (65) BSc, MSc, was appointed to the AngloGold board in April 1998. She is the non- executive chairman of Wesco Investments Limited, Metair Investments Limited and Toyota South Africa (Proprietary) Limited and a director of a number of other companies. She is also deputy chairman of the South African Institute of International Affairs.

4. Ordinary resolution number 4

Re-election of director

"Resolved that Mr A J Trahar who retires in terms of the Articles of Association, and who is eligible and available for re-election, is hereby re-elected as a director of the company."

The reason for proposing ordinary resolution number 4 is because Mr A J Trahar retires as a director of the company by rotation at the meeting.

Tony Trahar, (54) BCom, CA(SA), was appointed to the AngloGold board in October 2000. He is chief executive officer of Anglo American plc.

5. Ordinary resolution number 5

Placement of shares under the control
of the directors

"Resolved that subject to the provisions of the Companies Act, 61 of 1973, as amended, and the Listings Requirements of the JSE Securities Exchange South Africa, the directors are hereby authorised to allot and issue in their discretion all the remaining authorised but unissued ordinary shares of 25 cents each in the capital of the company for such purposes as they may determine, after setting aside so many shares as may be required to be allotted and issued by the company pursuant to The AngloGold Limited Share Incentive Scheme and the conditions of the 2.375% guaranteed Convertible Bonds issued by AngloGold Holdings plc."

The reason for proposing ordinary resolution number 5 is to seek a general authority placing the unissued ordinary shares of the company under the control of the directors. The directors consider it advantageous to renew this authority to enable the company to take advantage of any business opportunity which might arise in the future.

6. Ordinary resolution number 6

Issuing of shares for cash

"Resolved that in terms of the Listings Requirements of the JSE Securities Exchange South Africa (JSE), the directors are hereby authorised to allot and issue the unissued ordinary shares of 25 cents each in the capital of the company (after

Notice of annual general meeting

(continued)

AngloGold Limited - Notice of annual general meeting

setting aside so many shares as may be required to be allotted and issued by the company pursuant to The AngloGold Limited Share Incentive Scheme) for cash, without restrictions to any public shareholder, as defined by the JSE Listings Requirements, as and when suitable opportunities arise, subject to the following conditions:

(a)

that this authority shall only be valid until the next annual general meeting but shall not extend beyond 15 months;

(b)

that a paid press announcement giving full details, including the impact on net asset value and earnings per share, be published after any issue representing, on a cumulative basis within one financial year, 5% or more of the number of shares in issue prior to the issue concerned;

(c)

that the issues in the aggregate in any one financial year shall not exceed 15% of the number of shares of the company's issued ordinary share capital; and

(d)

that, in determining the price at which an issue of shares for cash will be made in terms of this authority, the maximum discount permitted shall be 10% of the weighted average traded price of the ordinary shares on the JSE (adjusted for any dividend declared but not yet paid or for any capitalisation award made to shareholders), over the 30 business days prior to the date that the price of the issue is determined or agreed by the directors of the company."

The reason for proposing ordinary resolution number 6 is to comply with the JSE Listings Requirements relating to the issue of shares for cash. The directors consider it advantageous to renew this authority to enable the company to take advantage of any business opportunity which might arise in the future.

A 75% majority is required of the votes cast by shareholders present or represented by proxy at the meeting for the approval of this ordinary resolution.

Special business

7. Ordinary resolution number 7

To consider and, if thought fit, to pass, with or without modification the following resolution as an ordinary resolution: "Resolved that, subject to Article 73 of the Articles of Association of the Company the following remuneration shall be payable to directors of

the Company quarterly in arrear with effect from 1 May 2004:

(a)

R110,000 per annum for each director, other than for the incumbants of the offices of chairman, deputy chairman and a director qualifying for remuneration under (d) below.

(b)

US$130,000 per annum for the office of chairman.

(c)

R300,000 per annum for the office of deputy chairman.

(d)

Incumbents holding the office of director and who are non-residents of South africa will receive US$16,000 per annum.

(e)

An additional travel allowance of US$4,000 per meeting for each director, including the chairman and deputy chairman, travelling internationally to attend board meetings.

The remuneration payable in terms of (a), (b), (c) and (d) shall be in proportion to the period during which the offices of director, chairman or deputy chairman, as the case may be have been held during the year."

The reason for proposing the ordinary resolution is to ensure that directors' remuneration, which has not changed since 2002, remains competitive. It is proposed that the annual remuneration payable to directors (R100,000), the chairman (R200,000) and deputy chairman (R150,000) be increased to R110,000, US$130,000 and R300,000, respectively. A director resident outside South Africa would receive US$16,000 per annum instead of R110,000. On the basis of the present number of non-executive directors, the aggregate annual remuneration would increase from R1,150,000 to R1,180,000 and US$146,000. In addition, it is proposed that the current travel allowance of US$2,000 per meeting, payable to directors, including the chairman and deputy chairman, who travel internationally to attend board meetings, be increased to US$4,000 per meeting. The increase of this allowance represents additional remuneration of some R230,000.

The company will disregard any votes cast by:

the chairman, deputy chairman, non-executive directors and executive directors;

an associate of that person or group of persons stated above.

Notice of annual general meeting

However, the company will not disregard a vote if:

it is cast by a person as proxy for a person who is entitled to vote in accordance with the directions on the proxy form; or

it is cast by the person chairing the meeting as a proxy of a person who is entitled to vote in accordance with a direction on the proxy form to vote as the proxy decides.

Executive directors do not receive payment of directors' remuneration.

8. Special resolution number 1

Acquisition of company's own shares

"Resolved that by way of a general authority, the company and any of its subsidiaries from time to time (the subsidiaries), being authorised thereto by the articles of association of respectively the company and the subsidiaries, hereby approve the acquisition in terms of Section 85 of the Companies Act, 61 of 1973, as amended, (the Act) and the Listings Requirements of the JSE Securities Exchange South Africa (JSE) from time to time (the Listings Requirements) by the company of shares issued by the company, and the acquisition in terms of Section 89 of the Act and the Listings Requirements by the subsidiaries of shares issued by the company, provided that:

any such acquisition of shares shall be implemented on the open market of the JSE and/or on the open market of any other stock exchange on which the shares are listed or may be listed and on which the company may, subject to the approval of the JSE and any other stock exchange as necessary, wish to effect such acquisition of shares;

this approval shall be valid only until the next annual general meeting of the company, but may be varied or revoked by special resolution by any general meeting of the company at any time prior to such annual general meeting;

an announcement containing details of such acquisitions will be published as soon as the company, or the subsidiaries collectively, shall have acquired shares issued by the company constituting, on a cumulative basis, not less than 3% of the number of shares in the company in issue as at the date of this approval; and an announcement containing details of such

acquisitions will be published in respect of each subsequent acquisition by either the company, or by the subsidiaries collectively, as the case may be, of shares issued by the company, constituting, on a cumulative basis, not less than 3% of the number of shares in the company in issue as at the date of this approval;

the company, and its subsidiaries collectively, shall not in any financial year be entitled to acquire shares issued by the company constituting, on a cumulative basis, more than 20% of the number of shares in the company in issue as at the date of this approval;

shares issued by the company may not be acquired at a price greater than 10% above the weighted average market price of the company's shares for the five business days immediately preceding the date of the relevant acquisition."

The reason for this special resolution is to grant the directors of the company a general authority for the acquisition of the company's shares by the company, or by a subsidiary of the company.

The effect of this special resolution will be to authorise the directors of the company to procure that the company or any of its subsidiaries may purchase shares issued by the company on the JSE or any other stock exchange on which the company's shares are or may be listed.

The directors, after considering the effect of a repurchase, up to the maximum limit, of the company's issued shares, are of the opinion that if such repurchases were implemented:

the company and the group will be able in the ordinary course of business to pay its debts for a period of 12 months after the date of the notice issued in respect of the annual general meeting;

the assets of the company and the group will be in excess of the liabilities of the company and the group for a period of 12 months after the date of the notice issued in respect of the annual general meeting. For this purpose, the assets and liabilities will be recognised and measured in accordance with the accounting policies used in the latest audited group annual financial statements;

Notice of annual general meeting

(continued)

the ordinary capital and reserves of the company and the group will be adequate for a period of 12 months after the date of notice issued in respect of the annual general meeting; and

the working capital of the company and the group will be adequate for a period of 12 months after the date of notice issued in respect of the annual general meeting.

At the present time the directors have no specific intention with regard to the utilisation of this authority which will only be used if the circumstances are appropriate.

AngloGold will ensure that its sponsor provides the necessary sponsor letter on the adequacy of the working capital in terms of section 2.12 of the JSE Listings Requirements prior to the commencement of any purchases of AngloGold's shares on the open market.

Voting instructions

A shareholder entitled to attend and vote at the annual general meeting may appoint one or more proxies to attend, speak and, on a poll, vote in his/her stead. A proxy need not be a shareholder of the company. A form of proxy/CDI voting instruction form, accompanies this notice.

As Tuesday, 27 April 2004 is a public holiday in South Africa, duly completed proxy forms must be received by the share registrars by no later than 11:00 (South African time) on Monday, 26 April 2004.

Duly completed CDI voting instruction forms must be received by the share registrars in Perth, Australia, by 11:00 (Perth time) on Friday, 23 April 2004.

The attention of shareholders is directed to the additional notes contained in the form of proxy and the CDI voting instruction form, relating to the completion and timeous submission of such forms.

Shareholders who have already dematerialised their shares in the company (other than those shareholders whose shareholding is recorded in their own name in the sub-register maintained by their Central Securities Depository Participant (CSDP) or broker) must advise their CSDP or broker of their voting instructions should they wish to be represented at the annual general meeting. If, however, such shareholders wish to attend the annual general meeting in person, they will need to request their CSDP or broker to provide them with the

necessary authority in terms of the custody agreement entered into between them and the CSDP or broker.

In terms of the JSE Listings Requirements for the special resolution, the following general information is included in the annual report:

(a)

Directors and management (pages 37 and 38)

(b)

Major shareholders (page 154)

(c)

Directors' interest in securities (page 75)

(d)

Share capital of the company (pages 67 and 68)

There have been no material changes since 31 December 2003.

The company is not party to any material litigation nor is it aware of any pending material litigation to which it may become a party.

The directors whose names appear on pages 37 and 38 of the annual report collectively and individually accept full responsibility for the accuracy of the information given and certify that to the best of their knowledge and belief there are no facts that have been omitted which would make any statement false or misleading and that all reasonable enquiries to ascertain such facts have been made and that the notice of the annual general meeting contains all information required by law and the JSE Listings Requirements.

By order of the board

Ms Y Z Simelane
Managing Secretary

Johannesburg
15 March 2004

Registered and corporate office
11 Diagonal Street
Johannesburg 2001
South Africa

AngloGold Limited - Notice of annual general meeting

Notice of annual general meeting

Date

Thursday, 29 April 2004 at 11:00

Venue

The Johannesburg Country Club, Napier Road
Auckland Park, Johannesburg, South Africa.

Timing

The AGM will start promptly at 11:00.

Travel information

The outline map below indicates the location of
The Johannesburg Country Club.

Admission

Shareholders and others attending the AGM are asked to register at the registration desk at the venue. Shareholders and proxies may be required to provide proof of identity.

Security

Secured parking is provided at the venue. Mobile telephones should be switched off during the AGM.

Enquiries and questions

Shareholders who intend to ask a question related to the business of the AGM or on related matters are asked to register their name, address and question(s) at the registration desk. Personnel will be on hand to provide any advice and assistance required.

Queries about annual general meeting

If you have any queries about the AGM please telephone any of the contact names listed on the inside back cover of the accompanying annual financial statements.

Important notes about the annual general meeting (AGM)

MELVILLE

Jan Smuts

RICHMOND

AUCKLAND

PARK

COTTESLOE

PARKTOWN

The Country

Club

Johannesburg

St Andrews

JOHANNESBURG

Empire

Stanley

Park

Ceda

Empire

Holiday Inn

Garden Court

Milpark's
Galleries

Owl

Annet

Henley

Cookham

othbury

Kingsw

Uni

ver

sity

Main R

oad

SABC

Menton

Napier

Bar

ry Her

Annet

abord

SANDTON

Pretoria

N12

R24

Bloemfontein

Sandton

CBD

ANGLOGOLD LIMITED

(Incorporated in the

Republic of South Africa)

Registration number 1944/017354/06

ISIN: ZAE000043485 JSE Share Code: ANG

supplementary mineral resource

and ore reserve information

2003

Supplementary Mineral Resource and Ore Reserve information

Ore Reserves by region

Mineral Resources by region

Ore Reserves by operation

Mineral Resources by operation

Grade tonnage curves of the Mineral Resource

Year-on-year Mineral Resource and Ore Reserve comparison by operation

Year-on-year Mineral Resource and Ore Reserve changes

Modifying factors

Drillhole spacing

Ore Reserves by project

Mineral Resources by project

Development sampling results - South Africa region

Competent persons

Contents

Supplementary Mineral Resource and Ore Reserve information

Ore Reserves by region

as at 31 December 2003

Ore Reserves

Metric

Imperial

Contained

Tonnes Grade

gold

Tons

Grade

gold

g/t

tonnes

oz/t

Moz

South Africa

Proved

54.8

2.96

162.0

60.4

0.086

5.2

Probable

267.9

4.12

1,104.3

295.3

0.120

35.5

Total

322.6

3.93

1,266.4

355.6

0.114

40.7

East & West Africa*

Proved

23.3

3.01

70.0

25.7

0.088

2.3

Probable

48.2

3.52

169.4

53.1

0.103

5.4

Total

71.5

3.35

239.5

78.8

0.098

7.7

South America*

Proved

10.6

7.27

77.4

11.7

0.212

2.5

Probable

6.3

7.34

46.4

6.9

0.214

1.5

Total

17.0

7.30

123.8

18.7

0.213

4.0

Australia*

Proved

46.9

1.31

61.3

51.7

0.038

2.0

Probable

105.3

1.40

147.2

116.1

0.041

4.7

Total

152.2

1.37

208.6

167.8

0.040

6.7

North America*

Proved

53.9

1.26

67.7

59.4

0.037

2.2

Probable

64.7

0.87

56.1

71.3

0.025

1.8

Total

118.6

1.04

123.8

130.7

0.030

4.0

Total*

Proved

189.5

2.31

438.5

208.9

0.067

14.1

Probable

492.4

3.09

1,523.5

542.8

0.090

49.0

Total

681.9

2.88

1,962.0

751.7

0.084

63.1

Reserves attributable to AngloGold.

Supplementary Mineral Resource and Ore Reserve information

Mineral Resources by region

as at 31 December 2003

Mineral Resources

(1)

Metric

Imperial

Contained

Tonnes

Grade

gold

Tons

Grade

gold

g/t

tonnes

oz/t

Moz

South Africa

Measured

103.2

4.26

439.4

113.8

0.124

14.1

Indicated

661.1

4.17

2,754.6

728.7

0.122

88.6

Inferred

263.2

6.48

1,705.8

290.1

0.189

54.8

Total

1,027.5

4.77

4,899.7

1,132.6

0.139

157.5

East & West Africa**

Measured

42.4

2.40

101.8

46.7

0.070

3.3

Indicated

123.5

2.50

308.6

136.1

0.073

9.9

Inferred

138.0

1.62

224.0

152.1

0.047

7.2

Total

303.8

2.09

634.3

334.9

0.061

20.4

South America**

Measured

29.8

4.41

131.2

32.8

0.129

4.2

Indicated

12.7

6.94

88.1

14.0

0.202

2.8

Inferred

29.0

6.98

202.8

32.0

0.204

6.5

Total

71.5

5.90

422.2

78.8

0.172

13.6

Australia**

Measured

63.0

1.36

85.5

69.4

0.040

2.7

Indicated

149.9

1.30

195.1

165.2

0.038

6.3

Inferred

87.2

1.29

112.2

96.1

0.038

3.6

Total

300.1

1.31

392.8

330.8

0.038

12.6

North America**

Measured

109.4

1.17

128.1

120.6

0.034

4.1

Indicated

110.8

0.88

97.7

122.1

0.026

3.1

Inferred

38.0

1.05

39.7

41.9

0.031

1.3

Total

258.2

1.03

265.5

284.6

0.030

8.5

Total**

Measured

347.7

2.55

885.9

383.3

0.074

28.5

Indicated

1,058.0

3.26

3,444.1

1,166.2

0.095

110.7

Inferred

555.4

4.11

2,284.5

612.2

0.120

73.4

Total

1,961.1

3.37

6,614.5

2,161.7

0.098

212.7

** Resources attributable to AngloGold.

(1)

Inclusive of the Ore Reserve component.

Ore Reserves by operation
(attributable)

as at 31 December 2003

Supplementary Mineral Resource and Ore Reserve information

Metric

Imperial

Contained

Tonnes

Grade

gold Tons

Grade

gold

Mine

Category

g/t

oz/t

Moz

South Africa

Great Noligwa

Proved

4.0

9.46

37.6

4.4

0.276

1.2

Probable

14.9

9.16

136.1

16.4

0.267

4.4

Total

18.8

9.22

173.6

20.7

0.269

5.6

Kopanang

Proved

3.4

6.94

23.8

3.7

0.202

0.8

Probable

19.8

7.19

142.3

21.8

0.210

4.6

Total

23.2

7.15

166.1

25.6

0.209

5.3

Moab Khotsong

Proved

16.45

0.4

0.480

Probable

18.8

13.93

262.4

20.7

0.406

8.4

Total

18.9

13.93

262.8

20.8

0.406

8.4

Mponeng

Proved

2.8

8.74

24.5

3.1

0.255

0.8

Probable

22.8

9.01

205.3

25.1

0.263

6.6

Total

25.6

8.98

229.9

28.2

0.262

7.4

Savuka

Proved

0.4

6.79

2.7

0.4

0.198

0.1

Probable

1.1

6.76

7.8

1.2

0.197

0.3

Total

1.5

6.77

10.5

1.7

0.197

0.3

Tau Lekoa

Proved

7.4

5.05

37.2

8.2

0.147

1.2

Probable

20.6

3.99

82.2

22.7

0.116

2.6

Total

28.0

4.27

119.4

30.9

0.125

3.8

TauTona

Proved

1.6

13.11

21.3

1.8

0.382

0.7

Probable

16.3

11.21

182.3

18.0

0.327

5.9

Total

17.9

11.38

203.6

19.7

0.332

6.5

Western Ultra Deep

Proved

Levels

(1)

Probable

Total

Ergo

Proved

29.4

0.38

11.1

32.4

0.011

0.4

Probable

Total

29.4

0.38

11.1

32.4

0.011

0.4

Vaal River Surface

Proved

5.8

0.59

3.4

6.4

0.017

0.1

Probable

153.6

0.56

86.0

169.3

0.016

2.8

Total

159.3

0.56

89.4

175.6

0.016

2.9

West Wits Surface

Proved

Probable

Total

Supplementary Mineral Resource and Ore Reserve information

Ore Reserves by operation
(attributable)

(continued)

as at 31 December 2003

Metric

Imperial

Contained

Tonnes

Grade

gold Tons

Grade

gold

Mine

Category

g/t

oz/t

Moz

East & West Africa

Geita (50%)

Proved

14.2

3.30

46.8

15.7

0.096

1.5

Probable

21.1

4.17

88.1

23.3

0.122

2.8

Total

35.3

3.82

134.9

38.9

0.111

4.3

Morila (40%)

Proved

4.4

3.55

15.6

4.9

0.104

0.5

Probable

5.9

3.88

22.9

6.5

0.113

0.7

Total

10.3

3.74

38.5

11.4

0.109

1.2

Navachab

Proved

1.3

1.38

1.8

1.4

0.040

0.1

Probable

10.1

1.81

18.2

11.1

0.053

0.6

Total

11.4

1.76

20.0

12.6

0.051

0.6

Sadiola (38%)

Proved

2.5

1.93

4.8

2.8

0.056

0.2

Probable

7.7

3.53

27.3

8.5

0.103

0.9

Total

10.2

3.14

32.1

11.2

0.092

1.0

Yatela (40%)

Proved

0.9

1.12

1.0

0.033

Probable

3.4

3.84

12.9

3.7

0.112

0.4

Total

4.3

3.25

13.9

4.7

0.095

0.4

South America

Amapari

(2)

Proved

Probable

Total

Cerro Vanguardia

Proved

6.7

7.34

49.1

7.4

0.214

1.6

(92.5%)

Probable

0.5

10.16

5.6

0.6

0.296

0.2

Total

7.2

7.56

54.6

7.9

0.220

1.8

Morro Velho

Proved

2.3

7.84

18.1

2.5

0.229

0.6

Probable

5.2

7.01

36.2

5.7

0.205

1.2

Total

7.5

7.27

54.4

8.3

0.212

1.7

Serra Grande (50%)

Proved

1.6

6.17

10.2

1.8

0.180

0.3

Probable

0.6

7.59

4.6

0.7

0.221

0.1

Total

2.3

6.55

14.8

2.5

0.191

0.5

Ore Reserves by operation
(attributable)

(continued)

as at 31 December 2003

Supplementary Mineral Resource and Ore Reserve information

Metric

Imperial

Contained

Tonnes

Grade

gold Tons

Grade

gold

Mine

Category

g/t

oz/t

Moz

Australia

Boddington

(3)

Proved

41.5

0.94

39.0

45.7

0.027

1.3

(33.33%)

Probable

88.4

0.84

74.3

97.4

0.024

2.4

Total

129.9

0.87

113.3

143.2

0.025

3.6

Coyote

(4)

Proved

Probable

Total

Sunrise Dam

Proved

5.4

4.16

22.3

0.121

0.7

Probable

16.9

4.33

72.9

18.6

0.126

2.3

Total

22.2

4.29

95.3

24.5

0.125

3.1

Tanami

(5)

Proved

(40%)

Probable

Total

Union Reefs

(6)

Proved

Probable

Total

North America

Jerritt Canyon

(7)

Proved

Probable

Total

Cripple Creek & Victor

Proved

53.9

1.26

67.7

59.4

0.037

2.2

(70%)

Probable

64.7

0.87

56.1

71.3

0.025

1.8

Total

118.6

1.04

123.8

130.8

0.030

4.0

Proved

189.5

2.31

438.5

208.9

0.067

14.1

Probable

492.4

3.09

1,523.5

542.8

0.090

49.0

Total Ore Reserves
attributable to AngloGold

Total

681.9

2.88

1,962

751.7

0.084

63.1

NB: Rounding of figures may result in computational discrepancies.

(1)

The southerly down-dip extension of Mponeng, Elandsrand (Harmony) and Driefontein (Gold Fields Limited), with depths to reef exeeding 4,500m in the south.

(2)

Sold 21 May 2003.

(3)

The Ore Reserves associated with the Boddington Expansion have been based on the feasibility study completed in 2000 and assume a gold price of AUD$425/oz.

(4)

Sold - settlement due on 16 January 2004.

(5)

Mine closed.

(6)

Sold - settlement date still under negotiation.

(7)

Sold 30 June 2003.

Supplementary Mineral Resource and Ore Reserve information

Mineral Resources by operation
(attributable)

as at 31 December 2003 (inclusive of the Ore Reserve component)

Metric

Imperial

Contained

Tonnes

Grade

gold Tons

Grade

gold

Mine

Category

g/t

oz/t

Moz

South Africa

Great Noligwa

Measured

7.9

17.82

140.3

8.7

0.520

4.5

Indicated

19.6

16.83

329.6

21.6

0.491

10.6

Inferred

5.8

10.89

63.1

6.4

0.318

2.0

Total

33.2

16.03

533.0

36.6

0.468

17.1

Kopanang

Measured

4.0

17.22

68.2

4.4

0.502

2.2

Indicated

17.1

17.22

293.6

18.8

0.502

9.4

Inferred

4.3

19.34

82.8

4.7

0.564

2.7

Total

25.3

17.57

444.6

27.9

0.513

14.3

Moab Khotsong

Measured

18.97

0.6

0.553

Indicated

12.9

26.54

342.7

14.2

0.774

11.0

Inferred

1.5

29.19

43.8

1.7

0.851

1.4

Total

14.4

26.80

387.1

15.9

0.782

12.4

Moab Khotsong Extension

Measured

Indicated

2.5

16.31

41.0

2.8

0.476

1.3

Inferred

Total

2.5

16.31

41.0

2.8

0.476

1.3

Mponeng

Measured

4.5

15.34

68.8

5.0

0.447

2.2

Indicated

56.7

11.60

657.5

62.5

0.338

21.1

Inferred

9.4

7.87

74.3

10.4

0.229

2.4

Total

70.6

11.34

800.6

77.8

0.331

25.7

Savuka

Measured

3.2

14.19

45.7

3.5

0.414

1.5

Indicated

17.5

12.60

221.1

19.3

0.368

7.1

Inferred

Total

20.8

12.85

266.8

22.9

0.375

8.6

Tau Lekoa

Measured

8.9

6.32

56.4

9.8

0.184

1.8

Indicated

45.1

5.56

251.1

49.7

0.162

8.1

Inferred

24.0

5.97

143.4

26.5

0.174

4.6

Total

78.1

5.78

450.8

86.1

0.168

14.5

TauTona

Measured

1.4

25.72

37.2

1.5

0.750

1.2

Indicated

21.0

22.52

473.7

23.1

0.657

15.2

Inferred

Total

22.5

22.72

510.9

24.8

0.663

16.4

Western Ultra Deep

Measured

Levels

(1)

Indicated

Inferred

103.3

11.85

1,223.9

113.9

0.346

39.3

Total

103.3

11.85

1,223.9

113.9

0.346

39.4

Ergo

Measured

73.3

0.30

22.2

80.8

0.009

0.7

Indicated

Inferred

Total

73.3

0.30

22.2

80.8

0.009

0.7

Supplementary Mineral Resource and Ore Reserve information

Mineral Resources by operation
(attributable)

as at 31 December 2003 (inclusive of the Ore Reserve component)

Metric

Imperial

Contained

Tonnes

Grade

gold Tons

Grade

gold

Mine

Category

g/t

oz/t

Moz

Vaal River Surface

Measured

Indicated

306.1

0.34

102.9

337.4

0.010

3.3

Inferred

101.7

0.65

66.4

112.1

0.019

2.1

Total

407.9

0.41

169.2

449.6

0.012

5.4

West Wits Surface

Measured

Indicated

162.5

0.25

41.4

179.1

0.007

1.3

Inferred

13.2

0.62

8.2

14.6

0.018

0.3

Total

175.7

0.28

49.5

193.7

0.008

1.6

East & West Africa

Geita (50%)

Measured

20.5

3.13

64.0

22.6

0.091

2.1

Indicated

43.3

3.80

164.8

47.7

0.111

5.3

Inferred

20.0

3.03

60.4

22.0

0.088

1.9

Total

83.7

3.45

289.2

92.3

0.101

9.3

Morila (40%)

Measured

5.2

3.49

18.3

5.7

0.102

0.6

Indicated

7.0

3.82

26.7

7.7

0.112

0.9

Inferred

0.8

2.96

2.4

0.9

0.086

0.1

Total

13.0

3.64

47.5

14.3

0.106

1.5

Navachab

Measured

8.7

0.79

6.8

9.6

0.023

0.2

Indicated

56.9

1.31

74.7

62.7

0.038

2.4

Inferred

60.8

1.04

63.1

67.0

0.030

2.0

Total

126.3

1.15

144.7

139.2

0.033

4.7

Sadiola (38%)

Measured

6.5

1.68

11.0

7.2

0.049

0.4

Indicated

10.1

2.62

26.4

11.1

0.077

0.8

Inferred

54.7

1.76

96.2

60.3

0.051

3.1

Total

71.3

1.87

133.6

78.6

0.055

4.3

Yatela (40%)

Measured

1.5

1.11

1.6

1.7

0.032

0.1

Indicated

6.2

2.56

16.0

6.8

0.075

0.5

Inferred

1.8

1.03

1.8

2.0

0.030

0.1

Total

9.5

2.05

19.4

10.5

0.060

0.6

South America

Amapari

(2)

Measured

Indicated

Inferred

Total

Cerro Vanguardia (92.5%)

Measured

23.2

3.62

83.8

25.6

0.106

2.7

Indicated

2.4

6.07

14.7

2.6

0.177

0.5

Inferred

0.9

8.40

7.3

1.0

0.245

0.2

Total

26.5

4.00

105.8

29.2

0.117

3.4

Morro Velho

Measured

4.8

7.24

34.9

5.3

0.211

1.1

Indicated

9.6

7.07

67.9

10.6

0.206

2.2

Inferred

26.6

6.93

184.1

29.3

0.202

5.9

Total

41.0

7.00

286.8

45.2

0.204

9.2

Supplementary Mineral Resource and Ore Reserve information

Mineral Resources by operation
(attributable)

(continued)

as at 31 December 2003 (inclusive of the Ore Reserve component)

Metric

Imperial

Contained

Tonnes

Grade

gold Tons

Grade

gold

Mine

Category

g/t

oz/t

Moz

Serra Grande (50%)

Measured

1.8

6.98

12.6

2.0

0.204

0.4

Indicated

0.7

8.21

5.5

0.8

0.239

0.2

Inferred

1.6

7.15

11.5

1.8

0.209

0.4

Total

4.1

7.25

29.5

4.5

0.211

0.9

Australia

Boddington

(3)

Measured

43.0

0.93

40.1

47.4

0.027

1.3

(33.33%)

Indicated

123.0

0.83

102.3

135.6

0.024

3.3

Inferred

76.2

0.81

61.4

84.0

0.023

2.0

Total

242.2

0.84

203.8

267.0

0.025

6.6

Coyote

(4)

Measured

Indicated

Inferred

1.3

6.89

9.1

1.4

0.201

0.3

Total

1.3

6.89

9.1

1.4

0.201

0.3

Sunrise Dam

Measured

18.5

2.28

42.2

20.4

0.067

1.4

Indicated

25.9

3.45

89.3

28.5

0.101

2.9

Inferred

8.3

4.72

39.3

9.1

0.138

1.3

Total

52.7

3.24

170.8

58.1

0.095

5.5

Tanami

(5)

Measured

1.3

2.11

2.8

1.4

0.061

0.1

(40%)

Indicated

0.9

3.49

3.1

1.0

0.102

0.1

Inferred

0.1

4.30

0.4

0.1

0.125

Total

2.3

2.73

6.3

2.5

0.080

0.2

Union Reefs

(6)

Measured

0.1

2.97

0.4

0.1

0.087

Indicated

0.1

2.47

0.3

0.1

0.072

Inferred

1.3

1.62

2.0

1.4

0.047

0.1

Total

1.5

1.81

2.7

1.7

0.053

0.1

North America

Jerritt Canyon

(7)

Measured

(70%)

Indicated

Inferred

Total

Cripple Creek & Victor

Measured

109.4

1.17

128.1

120.6

0.034

4.1

Indicated

110.8

0.88

97.7

122.2

0.026

3.1

Inferred

38.0

1.05

39.7

41.9

0.031

1.3

Total

258.2

1.03

265.5

284.6

0.030

8.5

Measured

347.7

2.55

885.9

383.3

0.074

28.5

Indicated

1,058.0

3.26

3,444.1

1,166.2

0.095

110.7

Inferred

555.4

4.11

2,284.5

612.2

0.120

73.4

Total Mineral Resources
attributable to AngloGold

Total

1,961.1

3.37

6,614.5

2,161.7

0.098

212.7

NB: Rounding of figures may result in computational discrepancies

(1)

The southerly down-dip extension of Mponeng, Elandsrand (Harmony) and Driefontein (Gold Fields Limited), with depths to reef exeeding 4,500m in the south.

(2)

Sold 21 May 2003.

(3)

The Mineral Resource associated with the Boddington Expansion have been based on the feasibility study completed in 2000 and assume a gold price of AUD$650/oz.

(4)

Sold - settlement due on 16 January 2004.

(5)

Mine closed.

(6)

Sold - settlement date still under negotiation.

(7)

Sold 30 June 2003.

Grade tonnage curves of the
Mineral Resource

Supplementary Mineral Resource and Ore Reserve information

Cut-off grade (g/t)

Resource

Average grade above cut-off

g/t

T onnes (million)

Cut-off grade (oz/ton)

Resource

Average grade above cut-off

oz/ton

Tons (million)

0.1

0.2

0.3

0.4

0.5

0.6

0.4

0.6

0.8

1.0

1.2

Great Noligwa - Imperial

Great Noligwa - Metric

Cut-off grade (g/t)

Resource

Average grade above cut-off

g/t

Tonnes (million)

Cut-off grade (oz/ton)

Resource

Average grade above cut-off

oz/ton

Tons (million)

0.1

0.2

0.3

0.4

0.5

0.6

0.7

0.8

0.9

0.2

0.3

0.4

0.5

0.6

Kopanang - Imperial

Kopanang - Metric

Cut-off grade (g/t)

Resource

Average grade above cut-off

g/t

Tonnes (million)

Cut-off grade (oz/ton)

Resource

Average grade above cut-off

oz/ton

Tons (million)

0.1

0.2

0.4

0.6

0.8

1.0

1.2

1.4

0.2

0.3

0.4

0.5

0.6

Moab Khotsong - Imperial

Moab Khotsong - Metric

South Africa

Supplementary Mineral Resource and Ore Reserve information

Cut-off grade (g/t)

Resource

Average grade above cut-off

g/t

Tonnes (million)

Cut-off grade (oz/ton)

Resource

Average grade above cut-off

oz/ton

Tons (million)

0.1

0.2

0.3

0.4

0.5

0.6

0.7

0.8

0.2

0.3

0.4

0.5

0.6

Mponeng - Imperial

Mponeng - Metric

South Africa (continued)

Cut-off grade (g/t)

Resource

Average grade above cut-off

g/t

Tonnes (million)

Cut-off grade (oz/ton)

Resource

Average grade above cut-off

oz/ton

Tons (million)

0.1

0.2

0.3

0.4

0.5

0.6

0.7

1.0

0.1

0.2

0.3

0.4

0.5

0.6

0.9

0.8

Savuka - Imperial

Savuka - Metric

Cut-off grade (g/t)

Resource

Average grade above cut-off

g/t

Tonnes (million)

Cut-off grade (oz/ton)

Resource

Average grade above cut-off

oz/ton

Tons (million)

0.1

0.2

0.3

0.4

0.5

0.6

100

0.2

0.3

0.4

Tau Lekoa - Imperial

Tau Lekoa - Metric

Grade tonnage curves of the
Mineral Resource

(continued)

Supplementary Mineral Resource and Ore Reserve information

Cut-off grade (g/t)

Resource

Average grade above cut-off

g/t

Tonnes (million)

Cut-off grade (oz/ton)

Resource

Average grade above cut-off

oz/ton

Tons (million)

0.1

0.0

0.2

0.4

0.6

0.8

1.0

1.4

0.2

0.3

0.4

0.5

0.6

1.2

TauTona - Imperial

TauTona - Metric

Cut-off grade (g/t)

Resource

Average grade above cut-off

g/t

Tonnes (million)

100

120

Cut-off grade (oz/ton)

Resource

Average grade above cut-off

oz/ton

Tons (million)

100

120

0.1

0.2

0.3

0.4

0.5

0.6

0.7

0.8

0.2

0.3

0.4

0.5

0.6

Western Ultra Deep Levels - Imperial

Western Ultra Deep Levels - Metric

South Africa (continued)

Supplementary Mineral Resource and Ore Reserve information

Cut-off grade (g/t)

Resource

Average grade above cut-off

g/t

T onnes (million)

Cut-off grade (oz/ton)

Resource

Average grade above cut-off

oz/ton

T ons (million)

0.05

0.1

0.10

0.15

0.20

0.25

0.30

0.2

0.3

0.4

0.5

0.6

Geita - Imperial

Geita - Metric

Cut-off grade (g/t)

Resource

Average grade above cut-off

g/t

T onnes (million)

0.05

Cut-off grade (oz/ton)

0.1

0.2

0.3

0.4

0.5

0.6

Resource

Average grade above cut-off

oz/ton

T ons (million)

0.10

0.15

0.20

0.25

0.30

Morila - Imperial

Morila - Metric

Cut-off grade (g/t)

Resource

Average grade above cut-off

g/t

T onnes (million)

100

120

140

0.8

1.2

1.6

2.0

2.4

2.8

0.5

1.0

1.5

2.0

2.5

3.0

3.5

4.0

4.5

0.4

Cut-off grade (oz/ton)

Resource

Average grade above cut-off

oz/ton

T ons (million)

100

120

140

0.01

0.02

0.04

0.06

0.08

0.10

0.12

0.14

0.03

0.04

0.05

0.06

0.07

0.08

0.09

Navachab - Imperial

Navachab - Metric

East & West Africa

Grade tonnage curves of the
Mineral Resource

(continued)

Supplementary Mineral Resource and Ore Reserve information

Cut-off grade (g/t)

Resource

Average grade above cut-off

g/t

T onnes (million)

0.0

0.4

0.8

1.2

1.6

2.0

2.4

2.8

0.0

1.0

2.0

3.0

4.0

5.0

6.0

7.0

8.0

Cut-off grade (oz/ton)

Resource

Average grade above cut-off

oz/ton

T ons (million)

0.01

0.00

0.05

0.02

0.03

0.04

0.05

0.06

0.07

0.08

0.09

0.10

0.15

0.20

0.25

Yatela - Imperial

Yatela - Metric

East & West Africa (continued)

Cut-off grade (g/t)

Resource

Average grade above cut-off

g/t

T onnes (million)

0.0

0.4

0.8

1.2

1.6

2.0

2.4

3.2

100

2.8

Cut-off grade (oz/ton)

Resource

Average grade above cut-off

oz/ton

T ons (million)

0.010

0.000

0.020

100

0.040

0.060

0.080

0.100

0.120

0.140

0.160

0.020

0.030

0.040

0.050

0.060

0.070

0.080

0.090

Sadiola - Imperial

Sadiola - Metric

Supplementary Mineral Resource and Ore Reserve information

Cut-off grade (g/t)

Resource

Average grade above cut-off

g/t

T onnes (million)

Cut-off grade (oz/ton)

Resource

Average grade above cut-off

oz/ton

T ons (million)

0.05

0.10

0.15

0.20

0.25

0.30

0.35

0.40

0.45

0.50

0.10

0.15

0.20

0.25

0.30

Cerro Vanguardia - Imperial

Cerro Vanguardia - Metric

Cut-off grade (g/t)

Resource

Average grade above cut-off

g/t

T onnes (million)

Cut-off grade (oz/ton)

Resource

Average grade above cut-off

oz/ton

T ons (million)

0.10

0.20

0.30

0.40

0.05

0.10

0.15

0.20

0.25

0.30

0.35

0.40

0.25

0.15

0.5

0.35

0.45

Morro Velho - Imperial

Morro Velho - Metric

Cut-off grade (g/t)

Resource

Average grade above cut-off

g/t

T onnes (million)

0.0

0.2

0.6

1.0

0.8

1.4

0.4

1.2

Cut-off grade (oz/ton)

Resource

Average grade above cut-off

oz/ton

T ons (million)

0.4

0.8

0.6

1.4

0.10

0.2

1.0

1.2

0.15

0.25

0.35

0.50

0.1

0.2

0.3

0.4

0.5

0.6

0.7

0.30

0.20

0.40

0.45

Serra Grande - Imperial

Serra Grande - Metric

South America

Grade tonnage curves of the
Mineral Resource

(continued)

Supplementary Mineral Resource and Ore Reserve information

Australia

Cut-off grade (oz/ton)

Resource

Average grade above cut-off

oz/ton

T ons (million)

0.4

0.8

1.2

1.6

2.0

2.4

Cut-off grade (oz/ton)

Resource

Average grade above cut-off

oz/ton

T ons (million)

0.02

0.00

0.02

0.04

0.06

0.08

0.10

0.12

0.20

0.03

0.04

0.05

0.06

0.07

0.14

0.16

0.18

Sunrise Dam (Cleo open pit) - Imperial

Sunrise Dam (Cleo open pit) - Metric

Cut-off grade (g/t)

Resource

Average grade above cut-off

g/t

T onnes (million)

0.5

0.9

1.3

1.7

2.5

2.1

2.9

Cut-off grade (oz/ton)

Resource

Average grade above cut-off

oz/ton

T ons (million)

0.01

0.05

0.10

0.15

0.20

0.25

0.30

0.35

0.02

0.03

0.04

0.05

0.06

0.07

0.08

0.09

Coyote - Imperial

Coyote - Metric

Cut-off grade (g/t)

Resource

Average grade above cut-off

g/t

T onnes (million)

100

150

200

250

300

0.4

3.2

1.2

4.4

0.5

1.0

1.5

2.0

2.5

3.0

5.0

3.6

1.6

0.8

3.5

4.0

4.5

2.0

2.4

2.8

4.0

Cut-off grade (oz/ton)

Resource

Average grade above cut-off

oz/ton

T ons (million)

100

150

200

250

300

0.02

350

0.06

0.08

0.12

0.14

0.02

0.04

0.06

0.12

0.04

0.10

0.08

0.10

Boddington - Imperial

Boddington - Metric

Supplementary Mineral Resource and Ore Reserve information

Australia (continued)

Cut-off grade (g/t)

Resource

Average grade above cut-off

g/t

T onnes (million)

100

150

200

250

300

350

400

0.2

0.4

0.6

0.8

1.0

0.5

1.0

1.5

2.0

2.5

3.0

0.3

0.5

0.7

0.9

1.1

3.5

Cut-off grade (oz/ton)

Resource

Average grade above cut-off

oz/ton

T ons (million)

100

150

200

250

300

350

400

0.005

0.01

450

0.010

0.015

0.020

0.025

0.030

0.02

0.03

0.04

0.05

0.06

0.07

0.08

0.09

Cripple Creek & Victor - Imperial

Cripple Creek & Victor - Metric

Cut-off grade (g/t)

Resource

Average grade above cut-off

g/t

T onnes (million)

0.0

1.0

2.0

3.0

4.0

5.0

6.0

7.0

8.0

9.0

0.0

4.0

8.0

12.0

16.0

20.0

Cut-off grade (oz/ton)

Resource

Average grade above cut-off

oz/ton

T ons (million)

0.0

1.0

2.0

3.0

4.0

5.0

6.0

7.0

8.0

9.0

10.0

0.0

0.3

0.4

0.5

0.6

0.7

0.8

0.1

0.2

0.3

0.4

0.5

0.6

0.1

0.2

Sunrise Dam (underground) - Imperial

Sunrise Dam (underground) - Metric

North America

Year-on-year Mineral Resource and Ore
Reserve comparison by operation

as at 31 December 2003

Supplementary Mineral Resource and Ore Reserve information

South Africa

Great

Noligwa

Resource

18.4 -1.1 -0.2 0.1 17.1 -1.2 -7

Reserve

6.9 -0.8 -0.5

- 5.6 -1.3 -19

Kopanang

Resource

14.8 -0.7 0.6 -0.4 14.3 -0.5 -3

Reserve

6.0 -0.5 -0.1

- 5.3 -0.6 -11

Moab

Khotsong

Resource

12.8 -0.0 -0.4

- 12.4 -0.4 -3

Reserve

9.0 -0.0 -0.6 0.1 8.4 -0.5 -6

Mponeng

Resource

26.7 -0.5 -2.1 1.7 25.7 -1.0 -4

Reserve

9.5 -0.5 -1.1 -0.5 7.4 -2.2 -23

Savuka

Resource

8.8 -0.2 0.9 -0.9 8.6 -0.2 -3

Reserve

2.7 -0.2

- -2.2 0.3 -2.4 -88

Tau

Lekoa

Resource

17.4 -0.4 -0.4 -2.1 14.5 -2.9 -17

Reserve

3.9 -0.3 0.3 - 3.8 -0.1 -2

TauTona

Resource

15.9 -0.7 0.1 1.2

16.4 0.6 4

Reserve

6.3 -0.7 0.9 - 6.5 0.2 4

WUDL

Resource

104.1 0.0

- -64.8 39.4 -64.8 -62

Reserve

0.0 0.0 - - 0.0 0.0 0

Moab Khotsong Extention

Resource

0.0 0.0 - 1.3 1.3 1.3 0

Reserve

0.0 0.0 - - 0.0 0.0 0

Surface

Resource

9.7 -0.3

- -1.7 7.7 -2.0 -20

Reserve

3.2 -0.6 -0.5 1.1 3.2 0.0

Resource

228.6 -3.9 -1.5

-65.7

157.5

-71.0 -31

Totals

Reserve

47.5 -3.6 -1.7 -1.6 40.7 -6.8 -14

Gold content (attributable) Moz

Model

Scope

Operation

Category

2002 Depletion

(1)

change

(2)

change

(3)

2003

Net diff

Supplementary Mineral Resource and Ore Reserve information

Change primarily due to depletion, with a minor value decrease on the Vaal Reef and movement out of resource to inventory. A decrease in the Mine Call Factor (MCF) of 5.8%, coupled with a 10% reduction of in-situ grade, resulted in the drop off in reserves.

A drop in value of the Vaal Reef, an increase due to structure (C Reef), evaluation boundary changes and movements to inventory. The drop in average in-situ grade of 12% over life-of-mine due to revised modelling resulted in the drop off in reserves.

Reduction due to evaluation change in boundary methodology. The decrease of 0.5Moz was due to updates to the geological model, which resulted in lower gold values.

Loss due to geology model changes and revised relative density. Increase due to upgrading from inventory. A decrease of 1.7Moz was due to the exclusion of the Carbon Leader Reef (CLR) Below 120 Level project and a reduction in the VCR Below 120 Level project. The lower Rand per kilogram gold price at the end of 2003 resulted in the Carbon Leader Reef Below 120 Level project no longer being feasible and it has now been excluded from Ore Reserves as at 31 December 2003. The project is currently the subject of a revised feasibility study.

Increase in value due to new data is offset by transfer of Mineral Resource to TauTona. The Savuka reserve is down due to economic factors. It is expected that the mine will be operational for another two years with an orderly closure in 2006.

Scope changes due to movement out of resource to inventory due to increased resource cut-off. Increases due to geology model changes and new information . An increase of 0.3Moz was due to the assumption of a higher MCF, as well as extensions of the Ore Reserve due to exploration in new mining areas.

Increase due to inclusion of new ground purchased from Driefontein (656,000oz) and transfers in from Savuka (434,000oz) and Mponeng (117,000oz). An increase of 0.9Moz was partially as a result of the purchase of new ground from Gold Fields' Driefontein Gold Mine.

Reduced mining limit depth from 5km below datum to 4.5km below datum and increased Mineral Resource cut-off.

Held under prospecting permit - south of Kopanang Mine.

Reduction due to depletion and transfers to inventory.

Comments

Year-on-year Mineral Resource and Ore
Reserve comparison by operation

(continued)

as at 31 December 2003

Supplementary Mineral Resource and Ore Reserve information

East & West Africa

Geita

Resource

8.1 -0.4 1.2 0.3 9.3 1.2 14

Reserve

4.7 -0.4 0.3 -0.3 4.3 -0.4 -8

Morila

Resource

2.1 -0.4 -0.2

- 1.5 -0.6 -27

Reserve

1.7 -0.3 -0.1

- 1.2 -0.4 -27

Navachab

Resource

4.6 -0.1 - 0.1 4.7 0.0 1

Reserve

0.6 -0.1 0.1 - 0.6 0.0 2

Sadiola

Resource

5.1 -0.2 -0.2 -0.5 4.3 -0.8 -16

Reserve

1.1 -0.2 0.1

- 1.0 -0.1 -10

Yatela

Resource

0.8 -0.1

- -0.1 0.6 -0.1 -18

Reserve

0.5

-0.1 - -

0.4

-0.1

-11

Resource

20.7 -1.1 0.8 -0.1 20.4 -0.3 -2

Totals

Reserve

8.7 -1.1 0.4 -0.3 7.7 -1.0 -11

South America

Amapari

Resource

2.4 0.0 - -2.4 0.0 -2.4

-100

Reserve

0.7 0.0 - -0.7 0.0 -0.7

-100

Cerro

Vanguardia

Resource

3.6 -0.2 0.3 -0.2 3.4 -0.2 -5

Reserve

2.2 -0.2 0.0 -0.2 1.8 -0.4 -19

Morro

Velho

Resource

9.4

-0.2 - -

9.2

-0.2 -2

Reserve

1.7 -0.2 0.2 - 1.7 0.0 0

Serra

Grande

Resource

0.9 -0.1 0.1 - 0.9 0.1 6

Reserve

0.5 -0.1 0.1 - 0.5 -0.0 -1

Resource

16.3 -0.5 0.4 -2.6 13.6 -2.8 -17

Totals

Reserve

5.1 -0.6 0.3 -0.9 4.0 -1.1 -22

Gold content (attributable) Moz

Model

Scope

Operation

Category

2002 Depletion

(1)

change

(2)

change

(3)

2003

Net diff

Supplementary Mineral Resource and Ore Reserve information

Additions due to drilling at Nyankanga and Geita Hill during 2003 and further additions due to incorporation of low-grade ore greater than 0.7g/t.
Ridge 8 and Star & Comet added to reserves; Nyankanga Cut 7 excluded to maintain drainage channel.

Model change due to new drill information and anisotropic remodelling.

Depletion and loss of Deep Sulphide below new $400/oz shell and revised modelling of the North Pit area.

Sold 21 May 2003.

Increase in waste mining costs.

Comments

Year-on-year Mineral Resource and Ore Reserve comparison by operation

(continued)

as at 31 December 2003

Supplementary Mineral Resource and Ore Reserve information

Australia

Boddington

Resource

6.6 0.0 - - 6.6 0.0 0

Reserve

3.6 0.0 - - 3.6 0.0 0

Coyote

Resource

0.3 0.0 - - 0.3 0.0 0

Reserve

0.0 0.0 - - 0.0 0.0 n/a

Sunrise

Dam

Resource

4.6 -0.4 1.5 -0.1 5.5 0.9 20

Reserve

2.6 -0.4 0.9 0.1 3.1 0.5 19

Tanami

Resource

0.2

0.0 - -

0.2

-0.0 -2

Reserve

0.0 0.0 - - 0.0 0.0 n/a

Union

Reefs

Resource

0.2 -0.1

0.1 -0.1 -50

Reserve

0.1 -0.1

0.0 -0.1 -100

Resource

11.8 -0.5 1.5 -0.2 12.6 0.8

Totals

Reserve

6.3 -0.5 0.9 0.1 6.7 0.4 6

North America

Cripple

Creek

Resource

8.1 -0.6 1.0 - 8.5 0.4 5

Victor

Reserve

4.3 -0.5 0.2 - 4.0 -0.3 -7

Jerritt

Canyon

Resource

2.0 0.0 - -2.0 0.0 -2.0

-100

Reserve

0.4 -0.1

- -0.3 0.0 -0.4 -100

Resource

10.1 -0.6 1.0 -2.0 8.5 -1.6 -16

Totals

Reserve

4.7 -0.6 0.2 -0.3 4.0 -0.7 -15

Resource

287.6 -6.6 2.2

-70.5

212.7

-74.9 -26

AngloGold

totals Reserve

72.3 -6.3 0.1 -3.0 63.1 -9.2 -13

(1)

Depletion: reduction in reserves based on ore delivered to the plant and corresponding reduction in resource.

(2)

Model change: difference between the reserves based on the start of year and end of year resource models. In both cases the end of year mine design and mining faces are applied.

(3)

Scope change: difference resulting from change in cut-off grade, MCF, new project studies and any other factors influencing Mineral Resource and Ore Reserve estimation.

Gold content (attributable) Moz

Model

Scope

Operation

Category

2002 Depletion

(1)

change

(2)

change

(3)

2003

Net diff

Supplementary Mineral Resource and Ore Reserve information

No change.
Pending implementation.

Sold - settlement due on 16 January 2004.

Revised Mineral Resource modelling of open pit. Underground resource additions. Additional exploration information in open pit and underground. New modelling techniques, additional drilling and new underground design.

Mine closed.

Sold - settlement date still under negotiation.

Revised Mineral Resource modelling more than compensated for depletion.
New drilling, geostats parameters and recovery functions.

Sold 30 June 2003.

Comments

Year-on-year Mineral Resource and Ore Reserve changes

Supplementary Mineral Resource and Ore Reserve information

72.3

2002

0.0

Scope

-6.3

Depletion

2.5

Exploration

-1.0

Disposal

-2.4

Other

Model

-2.0

Other

scope

63.1

2003

300

280

260

240

220

200

287.6

2002

-64.8

Abnormal

-6.627

Depletion

4.7

Exploration

-4.5

Disposal

-0.1

Other

Model

-3.8

Other

scope

212.658

2003

Mineral Resource changes

Ore Reserve changes

47.5

2002

0.0

Abnormal

-3.6

Depletion

0.8

Exploration

0.0

Disposal

-2.5

Other

Model

-1.6

Other

scope

40.7

2003

250

230

210

190

170

150

228.6

2002

-64.8

Abnormal

-4.1

Depletion

0.9

Exploration

0.0

Disposal

0.4

Other

Model

-3.6

Other

scope

157.5

2003

Mineral Resources

Ore Reserves

South Africa: 2002 vs 2003 Moz

Global: 2002 vs 2003 Moz

8.7

2002

0.0

Abnormal

-1.1

Depletion

0.4

Exploration

0.0

Disposal

0.0

Other

Model

-0.3

Other

scope

7.7

2003

20.7

2002

0.0

Abnormal

-1.1

Depletion

1.0

Exploration

0.0

Disposal

0.0

Other

Model

-0.2

Other

scope

20.4

2003

Mineral Resources

Ore Reserves

East and West Africa: 2002 vs 2003 Moz

Supplementary Mineral Resource and Ore Reserve information

5.5

3.0

5.08

2002

-0.20

Scope

-0.56

Depletion

0.30

Exploration

-0.67

Disposal

0.04

Other

Model

-0.20

Other

scope

3.98

2003

3.5

4.0

4.5

5.0

17.0

11.0

16.35

2002

-0.20

Scope

-0.50

Depletion

0.37

Exploration

-2.45

Disposal

0.00

Other

Model

-0.20

Other

scope

13.57

2003

13.0

12.0

14.0

15.0

16.0

6.3

2002

0.0

Abnormal

-0.5

Depletion

0.9

Exploration

0.0

Disposal

0. 0

Other

Model

0.1

Other

scope

6.7

2003

11.8

2002

Abnormal

-0.5

Depletion

1.5

Exploration

-0.0

Disposal

Other

Model

-0.1

Other

scope

12.6

2003

4.8

3.6

3.0

4.71

2002

0.00

Scope

-0.61

Depletion

0.20

Exploration

-0.31

Disposal

0.00

Other

Model

0.00

Other

scope

3.98

2003

4.0

3.8

4.2

3.2

4.4

4.6

3.4

11.0

7.0

5.0

10.11

2002

0.00

Scope

-0.58

Depletion

1.01

Exploration

-2.01

Disposal

0.00

Other

Model

0.00

Other

scope

8.54

2003

9.0

8.0

10.0

6.0

Mineral Resources

Ore Reserves

Mineral Resources

Ore Reserves

Australia: 2002 vs 2003 Moz

South America: 2002 vs 2003 Moz

Mineral Resources

Ore Reserves

North America: 2002 vs 2003 Moz

Modifying factors

as at 31 December 2003

Supplementary Mineral Resource and Ore Reserve information

Gold price

Cut-off

Stoping

Mine Call**

used

grade

Width

Dilution*

Factor

Mine

US$/oz

g/t Au

(1)

(2)

(MCF) %

South Africa

Great Noligwa

350

5.60

151.9

Kopanang

350

9.31

102.0

Tau Lekoa

350

4.77

151.1

Moab Khotsong

350

4.10

122.0

Mponeng

350

4.08

130.0

TauTona

350

11.36

96.8

111

Savuka

350

4.61

108.4

Western Ultra Deep Levels

n/a

Ergo

350

n/a

Surface (excl Ergo)

350

n/a

East & West Africa

Geita - Nyankanga

350

0.8 to 1.0

n/a

Geita - Area 3W

350

1.3 to 2.2

n/a

Geita - Chipaka

350

1.0 to 1.3

n/a

Geita - Geita Hill

350

0.9 to 1.1

n/a

Geita - Kukuluma

350

1.1 to 1.9

n/a

Geita - Lone Cone

350

0.9 to 1.0

n/a

Geita - Matandani

350

1.3 to 2.7

n/a

Geita - Ridge 8

350

1.0 to 1.2

n/a

Geita - Roberts

350

1.0 to 1.2

n/a

Geita - Star & Comet

350

1.0 to 1.2

n/a

Morila

350

1.30

n/a

Navachab

350

0.8 to 0.9

n/a

100

Sadiola - Main Pit

350

1.0 to 2.0

n/a

100

Sadiola - Blue Dam

350

1.0 to 2.0

n/a

100

Sadiola - Tabakoto

350

1.0 to 2.0

n/a

100

Yatela - Main Pit

350

0.9 to 1.3

n/a

100

Yatela - Alamoutala

350

1.3 to 1.5

n/a

100

South America

Cerro Vanguardia

325

2.40

n/a

Morro Velho - Cuiaba

350

2.8 to 3.8

n/a

Mineracao AngloGold - Engenho d'Agua

325

1.00

n/a

Mineracao AngloGold - Corrego Do Sitio

325

2.00

n/a

Mina Serra Grande - Mina III

350

3.6 - 5.4

n/a

Mina Serra Grande - Mina Nova

350

1.90

n/a

Australia

Boddington

234

0.40

n/a

Sunrise Dam - surface

350

0.8 to 1.2

n/a

100

Sunrise Dam - underground

350

3.00

n/a

20 to 25

100

North America

Cripple Creek & Victor

325

0.28

n/a

Notes: (1) Where a range of cut-off grades is shown this indicates variable ore types.

(2) Where no dilution factor is indicated the dilution is inherent in the resource model estimate. (3) Where a range of plant recoveries is shown this indicates variable ore types. *

Dilution: The difference between the tonnage broken in stopes and the tonnage milled from underground sources. For example, if every 100 tonnes broken in stopes the tonnes milled amounts to 132 tonnes, the dilution is 32%.

** Mine Call Factor (MCF): The ratio expressed as a percentage, which the specific product accounted

for in the recovery, plus residues, bears to the corresponding product called for by the mine's measuring methods.

Supplementary Mineral Resource and Ore Reserve information

Metallurgical

recovery

factor %

(3)

Comments

96.5
96.9
96.4

97.7

98.2

97.8
97.7

No reserves

53.2

74.3

92.5 to 95.3
83.5 to 60.4
89.2 to 92.0
85.0 to 85.5
66.7 to 94.0

91.4 to 91.5

47.1 to 81.4

95
95
95
92

87 to 92

Assumes N$105000/kg gold price

82 to 95
82 to 95
82 to 95
75 to 85

Includes some marginal ore

75 to 85

95.8

1m dilution added to vein width

92.8

93
87

96.6
93.2

83 to 92

Based on 2000 feasibility study that assumed a gold price A$425/oz

80 to 85

Details of average drillhole spacing
and type in relation to Mineral Resource
classification

Supplementary Mineral Resource and Ore Reserve information

Spacing

Type of drilling

Category

m (-x-)

Diamond

Blasthole

Other

South African Mines

Measured

5 x 5

Indicated

> 40 x 40

Inferred > 800 x 800

Grade/Ore Control

5 x 5

Geita

Measured

40 x 20

Indicated

40 x 40

Inferred

80 x 80

Grade/Ore Control

10 x 5

Morila

Measured

20 x 20

Indicated

40 x 40

Inferred

> 40 x 40

Grade/Ore Control

10 x 10

Navachab

Measured

20 x 20

Indicated

30 x 30

Inferred

50 x 50

Grade/Ore Control

3.2 x 3.7

Sadiola North Pit

Measured

(and outer anomalies)

Indicated

25 x 25

Inferred

>25 x 25

Grade/Ore Control

5 x 10

Sadiola South Pit

Measured

25 x 25

Indicated

25 x 50

Inferred

>25 x 50

Grade/Ore Control

5 x10

Yatela

Measured

5 x10

Indicated

25 x 25

Inferred

50 x 50

Grade/Ore Control

5 x 10

Alamoutala

Measured

10 x 10

Indicated

25 x 25

Inferred

>25 x 25

Grade/Ore Control

5 x 10

Supplementary Mineral Resource and Ore Reserve information

Comments

Based on optimised kriging to a minimum regression slope of 0.6 Based on a > 20% estimated error Based on a > 80% estimated error Chipped channel samples

Evaluated using a combination of diamond drilling and RC boreholes Evaluated using a combination of diamond drilling and RC boreholes Evaluated using a combination of diamond drilling and RC boreholes Evaluated using a combination of diamond drilling and RC boreholes

From grade control

From advanced grade control

Details of average drillhole spacing
and type in relation to Mineral Resource
classification

(continued)

Supplementary Mineral Resource and Ore Reserve information

Spacing

Type of drilling

Category

m (-x-)

Diamond

Blasthole

Other

MMV (including Cuiaba)

Measured

20 X 60

Indicated

20 X 60

Inferred

>20 X 60

Grade/Ore Control

5 x 5

Serra Grande

Measured

30 x 15

Indicated

55 X 100

Inferred

>55 X 100

Grade/Ore Control

5 x 5

Cerro Vanguardia

Measured

< 40 X 40

Indicated

40 x 80

Inferred > to 40 x 80

Grade/Ore Control

10 x 5

Sunrise Dam

Measured

25 x 25

Indicated

40 x 40

Inferred

50 x 100

Grade/Ore Control

7 x 5

(X)

Boddington

Measured

25 x 25

Indicated

50 x 50

Inferred

100 x 200

Grade/Ore Control

Tanami

Measured

20 x 20

Indicated

40 x 40

Inferred

> 40 x 40

Grade/Ore Control

Cripple Creek & Victor

Measured

50 x 50

Indicated

50 x 50

Inferred

>50 x 50

Grade/Ore Control

6 x 5

Supplementary Mineral Resource and Ore Reserve information

Comments

Drilling spacing for Cuiaba Expansion Project and above level 11 since 2002 Drilling spacing for Cuiaba Expansion Project and above level 11 since 2002

Channel sampling

Disseminated ore

Channel sampling

With in-fill drilling Grid drilling is less than 20 by 40 metres

Resources classified using a combination of drillhole spacing, number of samples in estimate, average distance to samples and confidence in geological interpretation/estimate.

(Blastholes were historically used for grade control in Sunrise Pit by Placer.)

Resources classified using a combination of drillhole spacing, number of samples in estimate, average distance to samples

Not Applicable

Resources classified using a combination of drillhole spacing, number of samples in estimate, average distance to samples

Not Applicable

Ore Reserves by project

Contained

Grade gold

Mine/project name

Category

Tonnes

g/t

grams

South Africa

TauTona - CL Shaft Pillar (Level1)

Proved

Probable

912,760

17.87

16,307,240

Total

912,760

17.87

16,307,240

TauTona - CL East of Bank (Level1)

Proved

Probable

1,448,701

11.25

16,294,305

Total

1,448,701

11.25

16,294,305

TauTona - CL Below 120 Project

Proved

Probable

4,397,514

10.61

46,659,700

Total

4,397,514

10.61

46,659,700

TauTona - VCR Shaft Pillar

Proved

Probable

562,703

12.49

7,026,641

Total

562,703

12.49

7,026,641

TauTona - VCR Area "A"

Proved

Probable

707,937

5.59

3,954,664

Total

707,937

5.59

3,954,664

Mponeng - Deepening Project

Proved

798,907

9.64

7,697,484

Probable

14,011,291

8.88

124,422,641

Total

14,810,198

8.92

132,120,125

Mponeng - VCR 120 to 125 plus tailings

Proved

Probable

7,303,696

9.20

67,174,284

Total

7,303,696

9.20

67,174,284

Moab Khotsong - Upper Mine

Proved

28,659

16.00

458,418

Probable

7,643,822

16.65

127,248,266

Total

7,672,481

16.64

127,706,684

Moab Khotsong - Extension

Proved

Probable

7,960,601

13.50

107,431,944

Total

7,960,601

13.50

107,431,944

Moab Khotsong - Lower mine

Proved

Probable

3,232,028

8.61

27,837,277

Total

3,232,028

8.61

27,837,277

Tau Lekoa - S5 Area

Proved

Probable

1,822,904

3.92

7,139,744

Total

1,822,904

3.92

7,139,744

Supplementary Mineral Resource and Ore Reserve information

Ore Reserves by project

(continued)

Contained

Grade gold

Mine/project name

Category

Tonnes

g/t

grams

East and West Africa

Geita - Nyankanga Pit

Proved

6,672,533

4.89

32,628,686

Probable

23,732,701

4.82

114,296,688

Total

30,405,234

4.83

146,925,374

Geita - Kukuluma Pit

Proved

2,683,532

3.53

9,472,868

Probable

187,659

3.53

662,436

Total

2,871,191

3.53

10,135,304

Geita - Lone Cone Pits

Proved

501,326

3.34

1,674,429

Probable

1,128,183

2.83

3,192,758

Total

1,629,509

2.99

4,867,187

Geita - Geita Hill Pits

Proved

14,410,028

2.57

37,033,772

Probable

6,136,496

3.62

22,221,715

Total

20,546,524

2.88

59,255,487

Geita - Matandani Pit

Proved

3,021,483

3.49

10,544,976

Probable

13,437

1.72

23,103

Total

3,034,920

3.48

10,568,078

Geita - Area 3 West Pit

Proved

Probable

333,672

2.91

970,986

Total

333,672

2.91

970,986

Geita - Star and Comet Pits

Proved

Probable

3,305,358

4.99

16,493,736

Total

3,305,358

4.99

16,493,736

Geita - Roberts Pit

Proved

Probable

3,913,561

2.52

9,862,174

Total

3,913,561

2.52

9,862,174

Geita - Chipaka Pit

Proved

Probable

2,102,774

2.24

4,707,223

Total

2,102,774

2.24

4,707,223

Geita - Ridge 8 Pit

Proved

Probable

1,388,504

2.73

3,790,616

Total

1,388,504

2.73

3,790,616

Geita - Nyankanga underground

Proved

Probable

Total

Navachab - Main Pit

Proved

1,315,376

1.38

1,810,074

Probable

10,064,950

1.81

18,219,624

Total

11,380,326

1.76

20,029,698

Contained

Grade gold

Mine/project name

Category

Tonnes

g/t

grams

Sadiola - Main Pit

Proved

6,512,860

1.93

12,560,279

Probable

18,187,571

3.55

64,626,773

Total

24,700,431

3.12

77,187,052

Sadiola - (FE3)

Proved

Probable

737,456

3.09

2,276,900

Total

737,456

3.09

2,276,900

Sadiola - (FE4)

Proved

Probable

1,459,286

3.47

5,063,900

Total

1,459,286

3.47

5,063,900

Yatela - Main Pit

Proved

1,946,681

0.99

1,922,319

Probable

7,085,266

4.00

28,310,817

Total

9,031,947

3.35

30,233,137

Yatela - Alamoutala Pit

Proved

354,773

1.82

644,133

Probable

1,303,609

2.97

3,865,700

Total

1,658,382

2.72

4,509,833

South America

Morro Velho - Cuiaba

Proved

1,713,047

8.16

13,981,425

Probable

5,061,540

7.07

35,781,062

Total

6,774,588

7.35

49,762,487

Morro Velho - Engenho d'Agua

Proved

42,543

4.48

190,529

Probable

Total

42,543

4.48

190,529

Morro Velho - Corrego Do Sitio

Proved

558,043

7.11

3,967,686

Probable

101,503

4.28

434,433

Total

659,546

6.65

4,402,119

Australia

Sunrise Dam - Open Pit (incl. Stockpile)

Proved

5,377,236

4.16

22,347,255

Probable

15,349,904

4.05

62,188,614

Total

20,727,140

4.08

84,535,869

Sunrise Dam - Underground

Proved

Probable

1,504,000

7.15

10,761,000

Total

1,504,000

7.15

10,761,000

Ore Reserves by project

(continued)

Supplementary Mineral Resource and Ore Reserve information

Mineral Resources by project

Contained

Grade gold

Mine/project name

Category

Tonnes

g/t

grams

South Africa

Tau Lekoa - Tau Lekoa

Measured

8,419,651

6.38

53,750,466

Indicated

15,171,367

6.42

97,388,652

Inferred

11,172,524

5.82

65,045,142

Total

34,763,542

6.22

216,184,260

Tau Lekoa - Goedgenoeg

Measured

Indicated

Inferred

12,847,359

6.10

78,338,300

Total

12,847,359

6.10

78,338,300

Tau Lekoa - Weltevreden

Measured

498,462

5.28

2,633,565

Indicated

29,954,456

5.13

153,663,002

Inferred

Total

30,452,918

5.13

156,296,567

Moab Khotsong - Upper Mine

Measured

29,909

18.97

567,271

Indicated

5,796,968

29.72

172,293,872

Inferred

643,160

37.60

24,180,787

Total

6,470,037

30.45

197,041,930

Moab Khotsong - Lower Mine

Measured

Indicated

7,115,426

23.95

170,386,406

Inferred

858,390

22.89

19,650,467

Total

7,973,816

23.83

190,036,873

Moab Khotsong - Extension

Measured

Indicated

2,515,160

16.31

41,023,612

Inferred

Total

2,515,160

16.31

41,023,612

Mponeng - Above 120 Level

Measured

4,485,746

15.34

68,795,685

Indicated

56,676,039

11.60

657,500,420

Inferred

9,439,494

7.87

74,253,896

Total

70,601,280

11.34

800,550,001

Ergo

Measured

73,286,620

0.30

22,214,660

Indicated

Inferred

Total

73,286,620

0.30

22,214,660

West Wits Surface - WWGO

Measured

Indicated

162,539,742

0.25

41,373,126

Inferred

13,153,049

0.62

8,174,692

Total

175,692,791

0.28

49,547,818

Vaal River Surface - VRGO

Measured

Indicated

306,130,490

0.34

102,869,425

Inferred

101,730,869

0.65

66,369,888

Total

407,861,359

0.41

169,239,313

Supplementary Mineral Resource and Ore Reserve information

Contained

Grade gold

Mine/project name

Category

Tonnes

g/t

grams

East and West Africa

Geita - Kukuluma

Measured

3,909,200

3.15

12,313,980

Indicated

1,185,800

3.07

3,640,406

Inferred

93,100

3.04

283,024

Total

5,188,100

3.13

16,237,410

Geita - Lone Cone

Measured

1,067,600

3.23

3,448,348

Indicated

2,490,600

2.67

6,649,902

Inferred

804,300

1.90

1,528,170

Total

4,362,500

2.67

11,626,420

Geita - Geita Hill

Measured

18,051,000

2.65

47,835,150

Indicated

16,398,500

3.11

50,999,335

Inferred

19,177,700

3.01

57,724,877

Total

53,627,200

2.92

156,559,362

Geita - Matandani

Measured

9,610,400

2.61

25,083,144

Indicated

2,650,000

2.52

6,678,000

Inferred

2,370,700

3.27

7,752,189

Total

14,631,100

2.70

39,513,333

Geita - Area 3 West

Measured

Indicated

2,973,900

1.94

5,769,366

Inferred

1,232,500

2.29

2,822,425

Total

4,206,400

2.04

8,591,791

Geita - Star and Comet

Measured

Indicated

5,030,900

4.59

23,091,831

Inferred

1,622,100

3.03

4,914,963

Total

6,653,000

4.21

28,006,794

Geita - Roberts

Measured

Indicated

9,932,700

2.09

20,759,343

Inferred

Total

9,932,700

2.09

20,759,343

Geita - Chipaka

Measured

Indicated

5,527,800

1.88

10,392,264

Inferred

Total

5,527,800

1.88

10,392,264

Geita - Ridge 8

Measured

Indicated

6,009,500

2.93

17,607,835

Inferred

6,285,700

2.72

17,097,104

Total

12,295,200

2.82

34,704,939

Mineral Resources by project

(continued)

Contained

Grade gold

Mine/project name

Category

Tonnes

g/t

grams

Geita - Nyankanga Surface

Measured

7,201,300

5.15

37,086,695

Indicated

30,611,900

4.85

148,467,715

Inferred

7,218,900

2.94

21,223,566

Total

45,032,100

4.59

206,777,976

Geita - Nyankanga Underground

Measured

Indicated

3,798,200

9.34

35,475,188

Inferred

1,123,500

6.65

7,471,275

Total

4,921,700

8.73

42,946,463

Geita - Stockpile

Measured

1,088,754

2.06

2,242,833

Indicated

Inferred

Total

1,088,754

2.06

2,242,833

Navachab - Anomaly 16

Measured

Indicated

Inferred

1,706,078

0.94

1,602,519

Total

1,706,078

0.94

1,602,519

Navachab - Grid A

Measured

Indicated

82,234

1.45

118,857

Inferred

1,158,563

1.78

2,062,197

Total

1,240,797

1.76

2,181,054

Navachab - Main Pit

Measured

981,479

1.37

1,341,175

Indicated

56,771,820

1.31

74,594,160

Inferred

57,929,132

1.03

59,466,792

Total

115,682,431

1.17

135,402,127

Navachab - Stockpile

Measured

7,679,132

0.71

5,489,217

Indicated

Inferred

Total

7,679,132

0.71

5,489,217

Sadiola - FE2

Measured

Indicated

Inferred

2,959,099

1.41

4,171,274

Total

2,959,099

1.41

4,171,274

Sadiola - FE3

Measured

344,202

1.91

658,590

Indicated

1,694,751

2.01

3,407,809

Inferred

Total

2,038,953

1.99

4,066,399

Supplementary Mineral Resource and Ore Reserve information

Mineral Resources by project

(continued)

Supplementary Mineral Resource and Ore Reserve information

Contained

Grade gold

Mine/project name

Category

Tonnes

g/t

grams

Sadiola - FE4

Measured

Indicated

2,117,650

3.21

6,804,718

Inferred

65,523

2.92

191,276

Total

2,183,173

3.20

6,995,994

Sadiola - FN3

Measured

Indicated

Inferred

1,406,256

1.09

1,533,958

Total

1,406,256

1.09

1,533,958

Sadiola - Sekokoto

Measured

Indicated

Inferred

1,964,750

1.43

2,800,093

Total

1,964,750

1.43

2,800,093

Sadiola - Tambali South

Measured

Indicated

Inferred

6,073,675

1.30

7,884,246

Total

6,073,675

1.30

7,884,246

Yatela - Main Pit

Measured

2,691,038

0.95

2,568,066

Indicated

13,617,192

2.57

35,056,188

Inferred

3,492,856

0.80

2,792,059

Total

19,801,087

2.04

40,416,313

Yatela - Alamoutala Pit

Measured

957,708

1.56

1,493,192

Indicated

1,969,572

2.49

4,902,675

Inferred

931,991

1.88

1,751,810

Total

3,859,271

2.11

8,147,677

South America

Morro Velho - Cuiaba

Measured

2,649,097

8.17

21,639,980

Indicated

6,355,615

7.74

49,180,172

Inferred

16,483,314

7.44

122,569,098

Total

25,488,025

7.59

193,389,251

Morro Velho - Lamego

Measured

Indicated

766,525

5.39

4,131,570

Inferred

5,574,821

6.04

33,671,919

Total

6,341,346

5.96

37,803,489

Morro Velho - Other Resources

Measured

1,433,533

5.32

7,620,528

Indicated

1,641,541

5.68

9,316,721

Inferred

2,738,016

6.21

16,990,381

Total

5,813,090

5.84

33,927,630

Mineral Resources by project

(continued)

Supplementary Mineral Resource and Ore Reserve information

Mineral Resources by project

(continued)

Contained

Grade gold

Mine/project name

Category

Tonnes

g/t

grams

Morro Velho - Engenho d'Agua

Measured

14,197

3.76

53,381

Indicated

489,634

4.17

2,041,774

Inferred

1,223,978

4.34

5,312,065

Total

1,727,809

4.29

7,407,219

Morro Velho - Corrego Do Sitio

Measured

720,691

7.70

5,549,321

Indicated

356,293

9.10

3,242,266

Inferred

546,172

10.09

5,510,875

Total

1,623,156

8.81

14,302,462

Cerro Vanguardia - Pits

Measured

8,897,814

8.22

73,110,668

Indicated

1,643,269

9.18

15,085,209

Inferred

840,153

9.35

7,855,431

Total

11,381,236

8.44

96,051,308

Cerro Vanguardia - Heap Leach

Measured

9,375,298

0.90

8,435,569

Indicated

979,372

0.86

837,852

Inferred

100,581

0.44

43,983

Stock pile

6,766,384

1.33

9,028,966

Total

17,221,635

1.07

18,346,370

Australia

Sunrise Dam - Open Pit (inc. Stockpiles)

Measured

15,152,773

2.08

31,593,141

Indicated

21,534,696

3.17

68,264,986

Inferred

282,465

3.30

932,135

Total

36,969,934

2.73

100,790,261

Sunrise Dam - Underground

Measured

Indicated

1,444,305

9.92

14,323,847

Inferred

5,385,639

6.31

33,979,774

Total

6,829,944

7.07

48,303,621

Sunrise Dam - North Wall Cutback

Measured

3,329,814

3.19

10,622,107

Indicated

1,870,985

2.59

4,845,851

Inferred

6,799

2.65

18,017

Total

5,207,598

2.97

15,485,975

Sunrise Dam - Golden Delicious

Measured

Indicated

1,038,000

1.84

1,909,920

Inferred

2,643,000

1.64

4,334,520

Total

3,681,000

1.70

6,244,440

Development sampling results -
South Africa region

for the year ended 31 December 2003

Supplementary Mineral Resource and Ore Reserve information

Metric

Channel

Advanced

Sampled width

Mine

metres

g/t

cm. g/t

kg/t

cm.kg/t

Great Noligwa mine
Vaal Reef

15,766.4

2,222

108.1

21.3

2,302

1.01

108.74

Kopanang mine
C Reef

667.3

Vaal Reef

29,026

3,886

12.7

133.39

1,694

5.33

67.69

Moab Khotsong mine
Vaal Reef

5,827.3

67.9

25.7

1,745

0.71

48.44

Mponeng mine
Ventersdorp Contact Reef

21,324

1,420

75.5

23.92

1,806

Savuka mine
Carbon Leader Reef

6,125.9

374

86.5

21.82

1,887

0.01

0.67

Ventersdorp Contact Reef

2,918.6

Tau Lekoa mine
Ventersdorp Contact Reef

16,614.7

2558

93.4

8.72

814

0.12

11.25

TauTona mine
Carbon Leader Reef

16,676.8

118

17.7

122.71

2,172

1.81

32.09

Ventersdorp Contact Reef

190.6

Average gold

value

Average

uranium value

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

Supplementary Mineral Resource and Ore Reserve information

Imperial

Channel

Advanced

Sampled width

Mine

feet

inches

oz/t

ft.oz/t

lb/t

ft.lb/t

Great Noligwa mine
Vaal Reef

51,727

7,290

42.56

0.62

2.2

2.02

7.16

Kopanang mine
C Reef

2,189

Vaal Reef

95,230

12,749

3.89

1.62

10.66

4.44

Moab Khotsong mine
Vaal Reef

19,118

157

26.73

0.75

1.67

1.42

3.16

Mponeng mine
Ventersdorp Contact Reef

69,961

4,659

29.72

0.7

1.73

Savuka mine
Carbon Leader Reef

20,098

1,227

34.06

0.64

1.82

0.02

0.06

Ventersdorp Contact Reef

9,575

Tau Lekoa mine
Ventersdorp Contact Reef

54,510

8,392

36.77

0.25

0.77

0.24

0.74

TauTona mine
Carbon Leader Reef

54,714

387

6.97

3.58

2.08

3.62

2.1

Ventersdorp Contact Reef

625

Average gold

value

Average

uranium value

Supplementary Mineral Resource and Ore Reserve information

Competent persons

Competent Persons or "recognised mining professionals", designated in terms of the JORC Code and responsible for the generation of the Mineral Resources and Ore Reserves on the various mines and ventures, are listed below:

South Africa

Great Noligwa

Mineral Resources

H Eybers - BSc Hons (Geology), GDE (Mineral
Economics), Pr.Sci.Nat., 17 years experience.

H A Kruger - HND (Mine Surveying), GDE (Mineral
Economics), MSCC, PLATO, 25 years experience.

F J G Putter - BSc Hons (Geology), BCom,
Pr.Sci.Nat., 22 years experience.

Ore Reserves

P Enslin - HND (Mineral Resource Management),
MSCC, PLATO, 21 years experience.

H A Kruger - HND (Mine Surveying), GDE (Mineral
Economics), MSCC, PLATO, 25 years experience.

Kopanang

Mineral Resources

A C De Wet - HND (Mine Surveying), MSCC,
25 years experience.

A J Johnston - BSc (Geology), GDE (Mineral
Economics), MSc (Engineering), Pr.Sci.Nat.,
16 years experience.

A N Johnson - ND (Survey), HND (Mineral Resource
Management), PLATO

(2)

, 9 years experience.

Ore Reserves

A C De Wet - HND (Mine Surveying), MSCC,
25 years experience.

J Oberholzer - HND (Mine Surveying), MSCC,
14 years experience.

Moab Khotsong

Mineral Resources

T Adam - BSc Hons (Geology), GDE (Mineral
Economics), 27 years experience.

A C Barnard - HND (Mineral Resource Management),
5 years experience.

M Biddulph - BSc Hons (Geology), GDE (Mineral
Economics), Pr.Sci.Nat., 8 years experience.

Ore Reserves

M Biddulph - BSc Hons (Geology), GDE (Mineral
Economics), Pr.Sci.Nat., 8 years experience.

P Venter - HND (Mineral Resource Management),
23 years experience.

Mponeng

Mineral Resources

R Brokken - HND (Mine Surveying), MSCC, PLATO,
22 years experience.

H Husselman - HND (Mineral Resource Management),
PLATO

(2)

, 16 years experience.

D J Kershaw - BSc Hons (Mining Geology), Pr.Sci.Nat.,
24 years experience.

Ore Reserves

R Brokken - HND (Mine Surveying), MSCC, PLATO,
22 years experience.

Savuka

Mineral Resources

I Frith - MSc (Geology), Pr.Sci.Nat.

(1)

, 24 years

experience.

R Orton - HND (Mineral Resource Management),
MSCC, PLATO

(2)

, 20 years experience.

Ore Reserves

M W Armstrong - MSCC, PLATO,
19 years experience.

W Kinner - HND (Mineral Resource Management),
MSCC, PLATO

(2)

, 14 years experience.

Tau Lekoa

Mineral Resources

W Britz - BSc Hons (Geology), Pr.Sci.Nat.

(1)

, 8 years

experience.

R Downing - BSc Hons (Geology), GDE (Mineral
Economics), Pr.Sci.Nat.

(1)

, 16 years experience.

V. Govindsammy - BSc Hons (Statistics), HND
(Economic Geology), GDE (Mineral Economics),
Pr.Sci.Nat., 11 years experience.

Ore Reserves

R Downing - BSc (Hons) (Geology), GDE (Mineral
Economics), Pr.Sci.Nat.

(1)

, 16 years experience.

J Wall - HND (Mine Surveying), PLATO,
13 years experience.

TauTona

Mineral Resources

S Kelly - HND, PLATO

(2)

, 20 years experience.

P van Zyl - BSC Hons, Pr.Sci.Nat.

(1)

, 6 years

experience.

Ore Reserves

M W Armstrong - MSCC, PLATO, 19 years
experience.

G Hall - BSc Hons (Geology), GDE (Mineral
Economics), Pr.Sci.Nat., 6 years experience.

C Nel - HND, PLATO

(2)

, 26 years experience.

Supplementary Mineral Resource and Ore Reserve information

Western Ultra Deep Levels

Mineral Resources

R K Lavery - BSc Eng (Mining Geology), GDE
Mining, Pr.Sci.Nat., 22 years experience.

Ore Reserves

Not applicable

Ergo

Mineral Resources

R K Lavery - BSc Eng (Mining Geology), GDE
Mining, Pr.Sci.Nat., 22 years experience.

Ore Reserves

J vZ Visser - BSc (Mineral Resource Management),
PLATO, 17 years experience.

Vaal River Surface

Mineral Resources

R K Lavery - BSc Eng (Mining Geology), GDE Mining,
Pr.Sci.Nat., 22 years experience.

Ore Reserves

J vZ Visser - BSc (Mineral Resource Management),
PLATO, 17 years experience.

West Wits Surface

Mineral Resources

R K Lavery - BSc Eng (Mining Geology), GDE Mining,
Pr.Sci.Nat., 22 years experience.

Ore Reserves

J vZ Visser - BSc (Mineral Resource Management),
PLATO, 17 years experience.

East & West Africa

Geita

Mineral Resources

R Adofo - MSc (Mineral Exploration), MAusIMM,
10 years experience.

Ore reserves

M Hill - BSc (Mining), MAusIMM, 10 years experience.

D Purdey - BEng (Mining), MAusIMM, 8 years experience.

Morila

Mineral Resources

R Peattie - BSc Hons (Geology), Pr.Sci.Nat.,
MAusIMM, 12 years experience.

C Poulin - BSc Hons (Geology), 29 years experience.

A Sisokko - BSc Hons (Geology), 2 years experience.

D Stephen - BSc Hons (Geology), 11 years
experience.

S Walton - BSc Hons (Geology), MAusIMM,
12 years experience.

Ore Reserves

P Christians - BSc (Mining Engineering), 19 years
experience.

Navachab

Mineral Resources

F P Badenhorst - MSc (Geology), Pr.Sci.Nat.,
12 years experience.

R Peattie - BSc Hons (Geology), Pr.Sci.Nat.,
MAusIMM, 12 years experience.

Ore Reserves

D L Worrall - ACSM, MAusIMM, 28 years
experience.

Sadiola

Mineral Resources

S Bamforth - BSc (Geology), MAusIMM,
7 years experience.

G Cooper - BSc Hons (Geology), MAusIMM,
19 years experience.

T Gell - BSc Hons (Geology), MAusIMM, 13 years
experience.

Ore Reserves

E Smuts - BEng (Mining), SAIMM, MAusIMM,
9 years experience.

M Thiel - BSc (Mining Engineering), AIME, MAusIMM,
28 years experience.

R vd Westhuizen - MSc (Mining), Pr.Sci.Nat.,
7 years experience.

Yatela

Mineral Resources

G Cooper - BSc Hons (Geology), MAusIMM,
19 years experience.

T Gell - BSc Hons (Geology), MAusIMM, 13 years
experience.

S P Robins - BSc Hons (Geology), Pr.Sci.Nat.,
7 years experience.

Ore Reserves

M Thiel - BSc (Mining Engineering), AIME, MAusIMM,
27 years experience.

R vd Westhuizen - MSc (Mining), Pr.Sci.Nat.,
7 years experience.

Competent persons

(continued)

Supplementary Mineral Resource and Ore Reserve information

Competent persons

(continued)

South America

Cerro Vanguardia

Mineral Resources

E R Lopez - Geologist, Consejo Superior de
Geologia, 9 years experience.

A Medeiros - Geologist, CREA, 5 years experience.

P Noriega - Geologist, SJBUNP, 4 years experience.

L L Rivera - Geologist, Consejo Superior de
Geologia, 11 years experience.

C A Riveros - Geologist, Consejo Superior de
Geologia, 18 years experience.

V Scavuzzo - Geologist, Consejo Superior de
Geologia, 5 years experience.

Ore Reserves

E R Lopez - Geologist, Consejo Superior de
Geologia, 9 years experience.

A Medeiros - Geologist, CREA, 5 years experience.

P Noriega - Geologist, SJBUNP, 4 years experience.

L L Rivera - Geologist, Consejo Superior de
Geologia, 11 years experience.

M Roldan - Mining Engineer, SJNU, 7 years experience.

Morro Velho

Mineral Resources

E E Biase - Engineering Geologist, CREA,
26 years experience.

E A de Souza (Jnr) - Geologist, CREA,
17 years experience.

P de Tarso Ferreira - Geologist, CREA,
19 years experience.

J Duchini - Engineering Geologist, CREA,
21 years experience.

C R P Ferreira (Jnr) - Geologist, CREA,
9 years experience.

J M Lopez - Engineering Geologist, CREA,
16 years experience.

A H Medeiros Silva - Geologist, CREA,
5 years experience.

F W Reis Vieira - Geologist, CREA,
19 years experience.

A H M Silva - Geologist, CREA, 5 years experience.

C Silva Ferreira - Mining Engineer, CREA,
3 years experience

J W Soares - Geologist, CREA, 15 years experience.

Ore Reserves

E A de Souza (Jnr) - Geologist, CREA,
17 years experience.

P de Tarso Ferreira - Geologist, CREA,
19 years experience.

J M Lopez - Engineering Geologist, CREA,
16 years experience.

A H Medeiros Silva - Geologist, CREA,
5 years experience.

S B R Pinto - Mining Engineer, CREA,
18 years experience.

C Silva Ferreira - Mining Engineer, CREA,
3 years experience.

J W Soares - Geologist, CREA, 15 years experience.

P M Sobrinho - Mining Engineer, CREA,
23 years experience.

Serra Grande

Mineral Resources

E M de Araujo - Geologist / Geostatistician, CREA,
18 years experience.

A Medeiros - Geologist, CREA, 5 years experience.

W N Yamaoka - Geologist, CREA, 18 years experience.

Ore Reserves

E M de Araujo - Geologist / Geostatistician, CREA,
18 years experience.

E S Barbosa - Geologist, CREA, 12 years
experience.

C A Neves - Mining Engineer, CREA, 6 years
experience.

M G Simoni - Mining Engineer, CREA, 6 years
experience.

W N Yamaoka - Geologist, CREA, 18 years
experience.

Australia

Boddington

Mineral Resources

K Gleeson - BSc (Hons) (Geology), MAusIMM,
12 years experience.

Ore Reserves

S Williams - B Min Tech (Hons), MAusIMM,
14 years experience.

Coyote

Mineral Resources

G Tangney - BSc Hons (Geology), MAusIMM,
11 years experience.

Ore Reserves

S Khosrowshahi - PhD (Geology), MAusIMM,
21 years experience.

Supplementary Mineral Resource and Ore Reserve information

Sunrise Dam

Mineral Resources

R Gaze - BEng Hons (Mining), MSc, MAusIMM,
9 years experience.

D Gibbs - BSc Hons (Geology), MAusIMM,
16 years experience.

M Erickson - BSc Hons (Geology), MAusIMM,
18 years experience.

M Kent - BSc Hons (Geology), MAusIMM,
7 years experience.

S Khosrowshahi - PhD (Geology), MAusIMM,
21 years experience.

Ore Reserves

Q de Klerk - HND (Mining), MAusIMM,
15 years experience.

M Reed - BEng (Mining), MSc, MAusIMM,
25 years experience.

Tanami

Mineral Resources

W Makar - Dip Min Sc & Min Tech, MAusIMM,
26 years experience.

Union Reefs

Mineral Resources

W Makar - Dip Min Sc & Min Tech, MAusIMM,
26 years experience.

North America

Cripple Creek and Victor

Mineral Resources

R Largent - BSc (Mining Engineering), SME,

20 years experience.

G Seibel - MSc (Economic Geology), SME, 22 years

experience.

D Vardiman - BSc (Engineering Geology), 26 years

experience.

Ore Reserves

R Largent - BSc (Mining Engineering), M.B.A., SME,

20 years experience.

S Montelius - BSc (Mining Engineering), 15 years

experience.

L Newcomer - BSc (Metallurgy), 26 years

experience.

G Seibel - MSc (Economic Geology), SME, 22 years

experience.

Competent persons

(continued)

(1)

Pr.Sci.Nat. application being processed

(2)

PLATO application being processed

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:

15 MARCH 2004

By: /s/ C R B

ULL

Name: C R Bull
Title: Company Secretary