Edgar Filing: ANGLOGOLD LTD

Page 1

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 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 July

, 2004

Commission File Number 0-29874

AngloGold Ashanti Limited

(Translation of registrant's name into English)

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 X 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 X

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 X

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 X

Enclosure: Report for the quarter and six months ended 30 June 2004 - prepared in accordance with
International Financial Reporting Standards (IFRS).

Quarter 2 2004

Report

for the quarter and six months ended 30 June 2004

Solid operational performance constrained by strong local currencies, particularly the South African rand

Group results for the quarter...

Merger with Ashanti completed and integration of assets under way

Production for the quarter increased by 21% to 1.49Moz

Despite a 2.5% strengthening in the rand, total cash costs were unchanged at $260/oz, and in South Africa, total cash costs in local currency decreased by 4%

Average spot gold price declined 4% to $393/oz; received price of gold down $20/oz

Agreement reached to acquire a 29.9% stake in Trans-Siberian Gold for £17.6m ($32m)

...and for the six months

Gold production 4% lower at 2.7Moz, as a result of exceptional Morila performance in the previous corresponding half-year and sale of Jerritt Canyon in June 2003, though partly offset by additional production from Ashanti assets

Total cash costs increased by 27% to $260/oz and adjusted headline earnings down 21% to $111m mainly due to a stronger rand

Interim dividend of R1.70 ($0.27)/share declared. Reduced dividend arises from decline in earnings and necessity for prudence in light of uncertainty over gold price and rand/dollar exchange rate

Quarter

ended

June

2004

Quarter

ended March

2004

Six

months

ended

June

2004

Six

months

ended

June

2003

Quarter

ended

June

2004

Quarter

ended March

2004

Six

months

ended

June

2004

Six

months

ended

June

2003

Unaudited Unaudited

Unaudited

SA rand / Metric

US dollar / Imperial

Operating review

Gold

Produced

- kg / oz (000)

46,330

38,416

84,746

88,218

1,490

1,235

2,725

2,836

Price received

- R/kg / $/oz

81,276

87,837

84,285

89,948

385

405

394

349

Total cash costs

- R/kg / $/oz

55,162

56,297

55,677

52,659

260

259

260

204

Total production costs

- R/kg / $/oz

68,659

69,068

68,845

64,254

324

318

321

249

Financial review

Operating profit

- R / $ million

203

716

919

2,302

108

134

287

Adjusted operating profit

- R / $ million

702

884

1,586

2,298

108

132

240

286

Net (loss) profit

- R / $ million

(70)

248

178

991

(12)

123

Headline (loss) earnings

- R / $ million

(22)

286

264

1,118

(5)

139

Adjusted headline earnings

- R / $ million

322

400

722

1,130

111

140

Capital expenditure

- R / $ million

992

567

1,559

1,303

150

234

163

(Loss) earnings per ordinary share - cents/share

Basic

(28)

111

445

(5)

Diluted

(28)

111

445

(5)

Headline

(9)

128

111

502

(2)

Adjusted headline

127

179

303

507

Dividends

- cents/share

170

375

Note:

2003 restated to reflect the change in accounting treatment of ore reserve development expenditure.

Operating profit excluding unrealised non-hedge derivatives.

Price received including realised non-hedge derivatives.

Headline (loss) earnings before unrealised non-hedge derivatives and fair value losses on interest rate swaps.

$ represents US dollar, unless otherwise stated

Financial and operating review

OVERVIEW OF THE SECOND QUARTER AND THE HALF-YEAR

This quarter saw the merger with Ashanti completed and the results of the former Ashanti operations are incorporated from the beginning of May.

As expected, the AngloGold operations improved quarter-on-quarter while the majority of the Ashanti assets continued to suffer the effects of under- capitalisation. A reduction of 5% in the received gold price saw adjusted headline earnings fall by 15% to $51m.

Gold production for the quarter increased by 21% or 255,000oz, of which 199,000oz came from the two months' production at the Ashanti operations. The Ashanti production was lower than expected due to a combination of the Siguiri embargo and the effects of the continued undercapitalisation of the Ashanti assets. It is anticipated that it will take four to six quarters for the recapitalisation strategy of the Ashanti operations, set out in some detail later in this report, to begin to yield noticeable results.

On a more pleasing note, production from the operations in all of AngloGold Ashanti's other operating countries, with the exception of Mali (Morila and Sadiola), increased quarter-on-quarter. Notably, Cripple Creek & Victor and Cerro Vanguardia, two operations which had been performing below expectations, posted gold production increases of 6% and 34% respectively.

Despite a further 2.5% strengthening in the rand to an average of R6.59 to the dollar, average total cash costs (excluding those of the Ashanti operations) went down by $1/oz to $258/oz, due to the cost reduction initiatives currently being implemented across the group. In South Africa, costs in local currency terms decreased by 4% to R59,016/kg, while operations in all countries except Mali, Namibia, Tanzania and Argentina posted modest reductions in costs. Total cash costs for the group remained virtually unchanged at $260/oz. Total production costs increased by $6/oz to $324/oz as a result of the increased cost of amortisation with the Ashanti merger.

Against this backdrop of good production and cost performance, the received price of gold fell $20/oz to $385/oz compared with an average spot price of $393/oz. The volatility of the gold price during the quarter made it difficult for the company to track the spot price, although the price received by the Ashanti operations benefited from the timing of their hedge contracts. This price may not be sustainable and while AngloGold Ashanti will continue to actively manage the hedgebook, it is expected that the Ashanti contracts will deliver prices below spot in the foreseeable future.

The fall in the received gold price reduced revenue by $29m, while adjusted operating profit fell by $24m.

Expenditure on corporate activities rose by $6m: $4m on corporate costs and $2m on exploration as a result of the inclusion of Ashanti into the expanded company. A large part of the corporate cost increase was due to integration expenses and is therefore of a non-recurring nature. Despite planned lower cash balances and increased debt resulting from the Ashanti transaction, which required the repayment of the Ashanti mandatory exchangeable notes, its revolving credit facility and transaction-related costs, net interest paid reduced by $3m. This is primarily due to an interest rate swap on the convertible bond, where the fixed interest rate was swapped for a floating rate. Tax on normal operations decreased by $17m to $14m, primarily reflecting the response of the South African tax formula to the sharp drop in the operating profits of the South African operations.

Adjusted headline earnings consequently fell by $9m to $51m. During the quarter, 41,133,752 shares relating to the Ashanti transaction were issued, giving a weighted average number of shares for the quarter of 253,046,275. Adjusted headline earnings per share accordingly fell 7 US cents/share to 20 US cents/share. There was an unrealised loss on non-hedge derivatives of $82m, compared to $24m last quarter. This loss is based on the marked-to-market value at the end of the quarter of open non-hedge contracts; the loss is an accounting calculation and not a cash item and this negative valuation does not necessarily imply that this loss will be realised in the future. As a result, the income statement shows a net loss for the quarter of $12m, compared to a profit last quarter of $38m.

For the half-year, gold production, at 2.7Moz, was some 4% lower than that of the first half of 2003. This was due to the exceptionally high production at Morila in the first half of 2003 and the sale of Jerritt Canyon in the USA in June 2003, offset by the increase in production from the Ashanti operations. The 17% strengthening of the rand against the US dollar for the six-month period, from R8.03 to R6.67, impacted dramatically on total cash costs, which increased by 27% to $260/oz. The strengthened local currency also was the major cause of the 21% decline in adjusted headline earnings to $111m, or 47 US cents/share.

The company has declared an interim dividend of 170 South African cents/share (27 US cents/share). The reduced dividend arises from the decline in earnings over the six months and the necessity for prudence in light of uncertainty over the gold price and the rand/dollar exchange rate and their possible effects on earnings in the second half of 2004.

On 1 July, AngloGold Ashanti announced an agreement to acquire a 29.9% stake in Trans-Siberian Gold plc, the UK-based holding company for the TSG Group's Russian gold business, for £17.6m ($32m). The TSG Group has three existing gold projects in the Kamchatka and Krasnoyarsk regions of Russia, in addition to an extensive exploration licence surrounding one of the projects. This modest first move into Russia allows AngloGold Ashanti the opportunity of establishing an association with credible partners familiar with the operating environment.

AUDIT OF 2003 MINERAL RESOURCE AND ORE RESERVE STATEMENT

Early this year, the AngloGold Ashanti 2003 Mineral Resource and Ore Reserve Statement was submitted to independent consultants for review. The ore reserves and mineral resources from eight of AngloGold Ashanti's global operations were randomly selected and subjected to review. The company has been informed that the audit identified no material shortcomings in the process by which AngloGold Ashanti's reserves and resources were evaluated. It is the company's intention to repeat this process periodically to ensure continued compliance with accepted practice.

PROSPECTS FOR THE THIRD QUARTER AND YEAR

For the third quarter, AngloGold Ashanti anticipates producing approximately 1.6Moz at a total cash cost of about $263/oz, assuming a rand/dollar exchange rate of R6.59. For the full year, the company expects to produce approximately 6.1Moz at a total cash cost of about $260/oz, assuming an exchange rate of R6.59 for the year. The revision to these estimates follows an in-depth review of the Ashanti integration plan post the closure of the transaction. The company remains encouraged by the potential of these assets.

OPERATING RESULTS FOR THE QUARTER

With effect from this quarter, operational commentary is reported by country rather than by operating region.

SOUTH AFRICA

At Great Noligwa, the volume mined increased by 6% from last quarter, due to more production shifts. The high grades experienced in the SV1 area in the previous quarter were not sustained and the yield declined by 8% to 9.95g/t. Grade is expected to

remain at this level in the foreseeable future. Gold production was 4% higher at 6,121kg (196,000oz) while total cash costs decreased by 7% to R47,340/kg ($223/oz) mainly due to the higher gold production. Despite the improved cost and production performance, the adjusted operating profit fell by 21% to R166m ($26m), reflecting the impact of the lower price received. The Lost Time Injury Frequency Rate (LTIFR) deteriorated by 13% to 10.43 lost-time injuries per million hours worked. One employee lost his life when a support pack collapsed.

At Kopanang, the volume mined was 8% higher, and the grade, although 8% lower than that of the previous quarter, was still in line with expectations. Gold production improved by 2% to 3,821kg (122,000oz) following the 11% higher tonnage treated, although the effects of this increase were partially offset by the lower yield. Total cash costs fell by 7% to R55,814/kg ($263/oz), mainly because of the improved gold production. The adjusted operating profit was unfavourably impacted by the lower price received and fell 30% to R69m ($10m). For the quarter, the LTIFR improved by 12% to 11.88 and the mine achieved 1 million fatality-free shifts in July.

The volume mined at Tau Lekoa rose by 3% as a result of a further 1% improvement in face length and a 2% increase in face advance. Yield benefited 14% from the improved mining mix to close the quarter at 4.17 g/t. Plant throughput this quarter also improved as a result of a clean-up of underground lock-up over the Easter break and from the redistribution of mining crews to allow mining of more panels per raise line. This volume, together with the higher yield, accounted for a 20% increase in gold production to 2,509kg (81,000oz). The improved gold production resulted in total cash costs decreasing by 16% to R67,030/kg ($316/oz). The improved operating results were only partially offset by the lower price received and resulted in an adjusted operating profit of R6m ($1m) for the period, following the R3m ($0.3m) operating loss reported in the March quarter. The quarter saw an 11% improvement in the LTIFR to 16.11, although two employees lost their lives in separate incidents involving underground mining equipment.

At Moab Khotsong, the gold production of 66kg (2,100oz) is not included in the South Africa region's production, as the revenue continues to be capitalised against pre-production costs. Commercial production is scheduled for 2006. The LTIFR was 6.55 as compared with 4.83 in the last quarter.

Savuka's volume mined remained at the same level as the previous quarter. The 10% drop in in-

situ mining face grade was the main reason for the 1% fall in yield to 5.87g/t, a level at which the grade is expected to remain for the foreseeable future. More tonnes were treated quarter-on-quarter, as a result of increased development, while gold production also improved by 6% to 1,162kg (38,000oz). Total cash costs were held to previous levels of R97,928/kg ($462/oz). Adjusted operating losses were impacted by a lower price received and increased from R30m ($4m) to R41m ($7m). As the mine is expected to close in 2006, labour has been reduced and, given the lower gold price, further cost management initiatives will be implemented. Despite a 2% improvement in the LTIFR, one employee died as a result of a tramming accident.

At Mponeng, volume mined improved 11% over the first quarter, as expected. An anticipated 8% decline in grade to 7.80g/t resulted from a drop in face values and the dilution from an increased development rate. Gold production improved by 1% to 3,266kg (105,000oz) due to the higher tonnages treated. Total cash costs, at R68,486/kg ($323/oz), were unchanged from last quarter. The lower price received, unfavourable inventory movements and higher amortisation charges resulted in an adjusted operating loss of R1m ($0.1m). One employee lost his life due to a seismic event, while the LTIFR deteriorated by 3% to 9.06.

At TauTona, volume mined was 1% lower than that of the previous quarter due to planned stoppages for safety reasons and a combination of reduced face advance and difficulties in negotiating a major fault. Yield fell by 11% to 10.88g/t as a result of a higher level of off-reef mining due to the fault. Gold production was held steady at 4,559kg (147,000oz). Total cash costs at R48,572/kg ($229/oz) showed a 1% increase compared to the previous quarter. The lower price received together with the marginally higher costs impacted on the adjusted operating profit, which decreased by 44% to R87m ($13m). Two employees lost their lives in a seismic-induced fall of ground incident. The LTIFR, at 7.87, improved by 24% over the previous quarter.

At Ergo, tonnes treated increased by 6% as a result of the higher volumes reclaimed from the 5L29 dam, reduced downtime caused by rainfall and one additional production shift. The increased volume was offset by the lower yield of 0.23g/t (8%) and resulted in gold production falling by 3% to 1,855kg (59,000oz). Total cash costs increased by 2% to R82,869/kg ($391/oz) mainly from the lower gold output. Adjusted operating loss reflected the unfavourable impact of the lower gold production and price and rose to R14m ($2m). The LTIFR improved by 67% to 1.68.

TANZANIA

At Geita (100% attributable from May 2004), production increased by 51% to 140,000oz due to the inclusion of ounces previously attributed to Ashanti prior to the merger. There was a 14% decline in recovered grade to 3.46g/t, in line with expected grades for the rest of this year. Total cash costs increased by 19% to $226/oz as a consequence of decreased production and increased mining contractor costs. Adjusted operating profit fell by 20% due to the additional amortisation on the fair value placed on the 50% of Geita acquired in the merger. LTIFR increased to 0.94 with two lost-time injuries recorded following the previous lost-time injury-free quarter.

MALI

At Morila (40% attributable), production declined by 21% to 34,000oz as a result of a 27% decrease in recovered grade to 3.06g/t, primarily encountered at mining blocks on the periphery of the pit. Volume milled increased over the previous quarter and indications are that the milling circuit is starting to reach its expansion design throughput of 350,000tpm. Additional CIL tanks have been completed, though the commissioning of the thickener and the new tailings disposal has been delayed.

Operational problems caused by difficulties in integrating the expansion project reduced throughput and recoveries below planned levels and had a negative impact on the results for the quarter. Additional resources have been allocated to address these issues and a technical plan has been implemented to urgently return the mine to planned performance levels. A significant operational improvement is expected in the third quarter, with grades increasing to approximately 4g/t in the fourth quarter.

In June, production was further affected by industrial action and a tense labour climate around the issue of a productivity bonus related to the exceptionally high grades encountered at Morila in 2002. Mine management believes that a mutually acceptable solution to this disagreement can be achieved in the near future.

For the second quarter, total cash costs increased by 51% to $238/oz due to lower gold production and increased mining contractor costs. A 6% decline in the received gold price, together with decreased production and increased total cash costs, reduced adjusted operating profit for the quarter by 92% to $0.4m.

Morila's LTIFR for the second quarter was 2.73, compared to 1.22 in the previous quarter.

At Sadiola (38% attributable), a 10% decrease in recovered grade to 2.82g/t was offset by a 12% increase in milled tonnage throughput. Consequently, production was 2% lower at 44,000oz. There was a 7% increase in total cash costs to $232/oz due to the lower recovered grade.

Adjusted operating profit decreased by 33% to $4m due to a 4% decline in received price and increased operating costs. Sadiola had two lost-time injuries during the quarter, bringing the LTIFR to 2.18 as compared with 0 for the first quarter of 2004.

Production at Yatela (40% attributable) rose by 25% to 25,000oz owing to an increase of 18% in tonnage stacked and a 1% increase in recovered grade to 3.61g/t. As a consequence of the higher production, total cash costs decreased by 13% to $238/oz and adjusted operating profit increased to $3m. Yatela had no lost-time injuries.

NAMIBIA

At Navachab, a 5% decrease in recovered grade was offset by a 16% increase in milled tonnage throughput, which resulted in a 7% rise in gold production to 16,000oz. Total cash costs went up by 6% to $320/oz due to the lower recovered grade. Adjusted operating profit was maintained at $1m. The transition to owner mining has progressed well ahead of schedule and while no ore was mined during the second quarter, mining commenced at the beginning of July as planned. Navachab's LTIFR decreased by 51% to 1.52 with one lost-time injury for the quarter.

GHANA

As the AngloGold Ashanti merger only became effective on 26 April 2004, two of the quarter's three months' production at Obuasi, as with all of the former Ashanti operations, is included in the merged company's June quarter results.

At 71,000oz, Obuasi's production was lower than planned for the partial quarter primarily due to lower ore tonnages delivered to the plant. This shortfall was the result of limited equipment availability, though the delivery of new equipment, to be completed by September, along with an operator-training programme, is expected to incrementally boost tonnages. The equipment availability problems also impacted on development rates, though the measures referred to above are expected to address this issue as well. Total cash costs were $292/oz and, with the adoption of a new grade sampling approach, underground headgrade improved to 7.1g/t in June. Grades are expected to remain at current levels for the foreseeable future or improve slightly as the gains of this programme are realised.

Lower than expected recoveries were achieved at the main sulphide treatment plant during the first half of the

year due to plant remediation and maintenance, which should eliminate the necessity of any major maintenance work on the plant during the second half of the year. A sulphide treatment plant upgrade, scheduled for completion by the end of July, is also expected to improve process control. The LTIFR was 3.59 for the attributable period.

At Bibiani, gold production of 25,000oz for the partial quarter was slightly lower than planned due to interrupted mining in the main pit, the result of a highwall failure. Gold production will increase during the second half of the year as full access to the main pit is resumed. Decreased plant recoveries and throughput also contributed to the lower than anticipated production for the partial quarter. With the resumption of mining in the main pit, however, throughput at the plant is expected to increase and, combined with a new flash flotation and re-grind mill circuit commissioned in the first half of the year to treat the refractory ore, is expected to have a positive impact on gold recoveries in the coming months. Total cash costs of $237/oz were recorded for the partial quarter. No lost-time injuries occurred during the quarter.

Underground mine development at Bibiani will continue in earnest throughout the rest of the year, with a focus on immediate rehabilitation of old shafts and the development of a promising virgin block located south of the main pit up to 12 level. Old tailings reclamation is planned to commence by year-end and is expected to deliver 4.7Mt at 1.03g/t and at an anticipated recovery rate of 60% over three years.

At Iduapriem (85% attributable), production for the partial quarter was 27,000oz at a total cash cost of $309/oz. Plant throughput was reduced as a result of unusually hard ore, problems with the crusher and sand in the tanks. Lower residence time coupled with high residue values also impacted negatively on gold recoveries and throughput.

To help resolve these issues, crusher and mill optimisation will be completed in the second half of the year, along with the installation of a trash screen to reduce volumetric constraints in the CIL circuit and a fourth leach tank will be constructed to improve residence time and recovery. Closure of the heap leach operations at Iduapriem was completed during the second quarter, which will result in lower than expected production for the year, though the various initiatives at the CIL are expected to deliver better throughput and recoveries to offset the initial heap leach loss. No lost-time injuries occurred during the quarter.

REPUBLIC OF GUINEA

At Siguiri (85% attributable), the partial quarter's lower-than-expected gold production of 17,000oz at a total cash cost of $386/oz, reflected the effects of a government embargo implemented during the second quarter. Management continues to work with the government of Guinea toward a speedy resolution, so as to minimise the effect of the embargo on the full year's production.

Construction of the carbon-in-pulp plant is continuing, although commissioning of the project is likely to be delayed as a result of the embargo. No lost-time injuries occurred during the quarter.

ZIMBABWE

Freda-Rebecca produced 4,000oz this partial quarter at a total cash cost of $447/oz. Mining was severely constrained by non-availability of trackless mining equipment and material resources. No lost-time injuries occurred during the quarter.

USA

At Cripple Creek & Victor (67% ownership with 100% interest in production until initial loans are repaid), production was 6% higher than the previous quarter at 76,000oz, due to higher recoveries resulting from improved crusher production and increased lime application over the past 12 months. Total cash costs remained the same at $208/oz. Adjusted operating profit increased from $1m to $4m. There were no lost- time injuries for the quarter.

The new processing facilities exceeded design capacity during the quarter and haul truck hours ended the quarter slightly above planned levels. Phase 4C of the leach pad construction began in May. A leach pad drilling programme also commenced in the second quarter to improve understanding of physical conditions within the leach pad and validate leach pad inventory. Results will be compiled and evaluated during the second half of the year.

ARGENTINA

At Cerro Vanguardia (92.5% attributable), gold production went up as planned by 34% to 47,000oz due to a 20% increase in ore treated as a result of the recent plant upgrade and a 10% improvement in grade. Management continues to focus on achieving the best mix of feed from low and higher grade pits, the stripping ratio and the dewatering of high grade pits. Total cash costs were 2% up at $187/oz, mainly owing to an 8% reduction in silver produced and the lower price received for the metal, higher royalties paid on increased sales and higher fuel and maintenance costs, which were partially offset by improved production. Adjusted operating profit, at $3m, remained at the previous quarter's level.

In mid-June, Cerro Vanguardia settled its Senior Loan by bringing forward the payment of the last $12m instalment due in December.

The LTIFR for the quarter improved by 30% to 7.24 following the implementation of a new action plan designed to focus on major safety risks.

BRAZIL

At AngloGold Ashanti

Brazil

(

the new name

given to the operations previously collectively known as Morro Velho), gold production increased by 25% to 65,000oz, due to a 16% increase in ore treated at Cuiabá, Engenho D'água and Córrego do Sitio mines. Total cash costs were 7% lower at $129/oz mainly due to the higher gold production. Adjusted operating profit was up by 75% to $14m, mainly due to the higher volumes sold at a higher realised price and at lower production costs. The LTIFR improved by 70% to 0.75.

At Serra Grande (50% attributable), gold production was maintained at 23,000oz. Total cash costs were 4% lower at $125/oz and adjusted operating profit improved by 25% to $5m. There were no lost-time injuries recorded during the quarter.

AUSTRALIA

Production at Sunrise Dam increased by 11% to 97,000oz from 87,000oz in the March quarter. Recovered grade rose by 22% from 2.84g/t to 3.47g/t as mining operations moved into higher grade areas as planned. Total cash costs decreased by 1% to A$357/oz ($255/oz) and adjusted operating profit increased by 93% to A$27m ($18m) due to the higher grade. For the quarter, 1,035m of underground decline development was completed and underground drilling is in progress. The LTIFR rate at Sunrise Dam deteriorated to 7.16 this quarter, following three lost-time injuries, including a restricted work case.

Work to update the November 2000 Boddington Expansion Feasibility Study project continued and all three parties involved share a commitment to complete the study and optimise the project.

Note:

All references to price received include the realised non- hedge derivatives.

All references to adjusted operating profit refer to operating profit excluding unrealised non-hedge derivatives.

All references to adjusted headline earnings refer to headline earnings excluding unrealised non-hedge derivatives and fair value losses on interest rate swaps.

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

Rounding of figures may result in computational discrepancies.

Ashanti integration update

During this past quarter, Ashanti's London office was closed and the management team in Ghana was restructured, with associated selected retrenchment of executives and senior managers, together with the relocation of some officers to the company's corporate office in Johannesburg. Annual savings of $11m have been realised through the repayment of Ashanti's $139m Revolving Credit Facility, the termination of consulting contracts, the restructuring of insurance contracts and procurement procedures, and the closure of the London office.

The AngloGold and Ashanti African exploration teams have been merged and rationalised, and have relocated to Accra, under the leadership of Charl du Plessis. Exploration presence has been withdrawn from Sierra Leone, Burkina Faso and Cote d'Ivoire. Preparations are under way to commence exploration drilling in the Ituri region of the DRC.

OPERATIONAL ISSUES

As is noted elsewhere in this report, the Ashanti mines have recently recorded generally disappointing operating performances. The results themselves are discussed in the Financial and Operating review. However, the problems giving rise to these results and the actions put in place to overcome them are set out here. Where this is possible, the timing of the action to be taken is also provided.

1. At Obuasi,

a lack of developed and drilled reserves, in addition to equipment availability, is negatively impacting gold production. The delivery of new equipment is in progress, principally drill rigs, loaders and trucks. Lower-than-planned development achievements are being addressed by improving the mining contractor's equipment and improving communications between mine planning and development planning. The cumulative impact of reduced development has constrained most aspects of Obuasi's mine plan to date.

In respect of ore definition drilling, areas where ore reserve definition is required are currently being identified and a process to ensure proper planning is being designed. Orders for new machines have been placed.

A new mineral resource manager has been appointed and the centralisation of the MRM office and personnel at Obuasi is under way. GMSI and Datamine have been tasked to assist with a full system design and data processing. Once fully operational, the new MRM system should result in greater flexibility in life of mine planning processes, and detailed reconciliation and production reporting.

In respect of mine earthmoving equipment, the overall objective is to reduce equipment from 200 units to 160 units and in the process to remove excess equipment from the mine. At the same time, the fleet is being upgraded and refurbished. A fleet size of less than 30 LHDs, including those used by the contractor, is being targeted. Orders have been placed for 17 pieces of equipment. Three LHDs and a dump truck arrived by the end of June. The balance is scheduled to arrive as planned by mid-September.

As a result of holing the decline ramp in May, access between 26 and 32 Levels in South mine has been completed, enabling entry from the Sansu mine portal at South mine to 26 Level. Work is ongoing to improve the planning and excavation of truck loading points, intersections, passing areas and curves, so as to increase productivity and improve safety.

Priority has been given to work on the 32 Level connection between GCS and KMS shafts, with completion scheduled for the second quarter of next year. Once complete, it will be possible to drive from surface at South mine, through Central mine, to North mine. This will have multiple benefits for fleet mobility, maintenance and efficiency, as well as for ventilation (for South mine) and exploration, with 32 Level becoming a drilling platform.

Completion of the BSVS shaft extension is under way. Raise boring of 16 Level to 26 Level should be completed in December 2004. It will take six months to equip the conveyor drive. Targeted start to development is the third quarter of 2005, with development

to KMS shaft in 2005/2006. This will allow development and effective mining of the lower blocks in Central mine.

A project team has been set up to review all aspects of ventilation and cooling, with the immediate priority on short- and medium-term (9- 24 months) interventions aimed at addressing temperatures in Central mine. An environmental manager, from the South African region, will be on site by the end of July 2004.

A Deeps Project Team will be established later this year. In respect of exploration, thus far 45,000m of diamond drilling has been completed in Central Deeps, while drilling in North Deeps has started (drilling from 42 South and 19 North). The focus to date has been around the KMS central shaft and is now shifting to the North area. The intention is to get coverage along the whole strike of the orebody. Consideration is also being given to undertaking at least one long hole to 3km, so as to confirm structure at depth.

2. At Iduapriem, the key restriction lies with crushing

plants. Crushing circuit optimisation is being analysed. The plant upgrade is being optimised and with improved recoveries in the CIP plant, gold production will improve. Heap leach operations at Iduapriem are being stopped for economic reasons. Performance in the second half of the year is expected to improve.

3. At Bibiani, development and exploration

activities continue in parallel with underground production studies. Exploration and underground studies will be reviewed during the third and fourth quarters. In respect of the current mine plan, open-pit mining and ore stockpile processing will be completed in 2005. Mining of broken ore in the open pit commenced in June, following the wall failure and contractor problems, which negatively impacted production in the first two quarters. These problems notwithstanding, Bibiani should come close to meeting its annual production target.

4. At Siguiri, project development and

production activities during the second quarter and the beginning of the third quarter have been affected by the impasse with the government of Guinea. Whilst ore has been placed on the pad, it has not been irrigated during the second quarter.

FORECAST PERFORMANCE FOR 2004

It is anticipated that the Ashanti assets will produce 310,000oz at a total cash cost of $269/oz for the third quarter of 2004 and 343,000oz at $259/oz for the fourth. As has been noted previously, management anticipates that it will take between four and six quarters for the remedies set out in this report to have a significant effect on production and efficiencies.

Exploration

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

In South Africa, surface diamond drilling at Goedgenoeg, west of Tau Lekoa, is aimed at delineating additional Ventersdorp Contact Reef (VCR) resources. The long deflection, reported on last quarter from Drillhole G51, as well as a medium deflection intersected highly faulted VCR.

Drillhole G52 collared last quarter intersected VCR at 2,385m below surface. Assay results of the original and three short deflections are listed below.

Inter-

section

Corr.Width

(cm)

Au g/t

cmg/t

197.0

5.79

1,141

187.1

5.44

1,018

187.6

9.95

1,867

169.3

11.14

1,886

Average

185.2

7.98

1,478

Drillhole MMB 4 drilling at Moab Khotsong testing facies and grade models in the Lower Mine Block intersected the Vaal Reef at 3,204m below surface with short deflections currently in progress. The assay result of the original intersection is listed below.

Inter-

section.

Corr.Width

(cm)

Au g/t

cmg/t

129.2

53.37

6,895

At Geita in Tanzania, diamond and RC drilling to test an extension to the mineralisation west of the Nyakanga pit was completed. Results are consistent with those of previous campaigns. Reconnaissance RC drilling of a structural target situated 300m south of the Nyankanga pit has yielded positive results.

Down-dip extension diamond drilling at Geita Hill continues in the North East Extension area, with positive results.

A high-resolution heliborne magnetic survey was completed at the greenfields Kigosi prospect, located 150km south-west of Geita.

At Sadiola in Mali, Phase VII infill drilling of the hard sulphides continued during the quarter and 48% of the programme is complete. Results to

date remain consistent with those from previous drill campaigns.

Satellite oxide exploration continued to focus on resource conversion drilling at FE3 Southern Extension and the FE3/FE4 "Gap" where results continue to confirm the grade and tenor of previous drilling.

Greenfields exploration in South Mali continued at Kola, south of Morila, where follow-up Rotary Airblast (RAB) drilling has produced anomalous intersections. At the Banzana permit, which is located 150km south-west of Morila on the Cote d'Ivoire border, follow-up first phase reverse circulation (RC) drilling of RAB anomalies was completed with assay results pending. Additional RC drilling at Garalo located 100km south-west of Morila was completed this quarter with assay results pending.

In Ghana at Obuasi, exploration continued to focus on drilling below 50 Level.

In Guinea at the Siguiri operation, drilling targeted possible strike and depth extensions to the existing pits and additional mineralisation within the immediate area.

In North America at Cripple Creek & Victor (CC&V) in Colorado, exploration focused on infill drilling at Main Cresson and Upper Cresson (Wildhorse Extension). In addition, drilling continued testing deeper high-grade vein system targets.

Greenfields exploration in Alaska focused on surface geochemical and geophysical surveys at the ER, Eagle and Livengood projects. Drilling will commence shortly at the ER and Eagle projects in the West Pogo area. Positive results from the regional sampling programme in the Pogo area has led to additional land acquisition in the region.

Farm-out activities continue on the Red Lake West End properties in Canada and in Nevada.

In Brazil at Cachorro Bravo, Córrego do Sítio, down-plunge drill testing continued to define the limits to the 200 and 300 ore horizons at depth. The mineralisation is not fully closed off, and further drilling will be required.

A total of 228m of underground ore development has now been completed on the 200 horizon with channel sample results from 70 faces taken at

3.25m intervals averaging 13.37g/t over a horizontal width of 2.85m. Underground ore development during the quarter has expanded to include the 101 and the 300 horizons.

Down-plunge testing of mineralisation continued

on the Forquilha Sul/Corpo IV orebody at Crixas

with intermediate results.

At CVSA in Argentina, drilling was completed at the Paula Centro vein within the central mining area to delineate additional high-grade open-pit ounces. Results to date are in line with expectations and have also highlighted the potential upside at depth. Further drilling is in progress at the Loma Norte and Mangas Sur veins. The 2004 drilling campaign has generated 180,000oz of Mineral Resource so far this year.

Drilling of the high sulphidation AR 38 target in the Ayacucho district in Peru yielded negative results. Target generation and evaluation continues within various areas of the country. Several companies have submitted formal offers for the La Rescatada project.

At Sunrise Dam in Australia, deeper drilling from underground and surface of the Sunrise Shear Zone, Northern Deeps, Middle Deeps, Astro and Dolly lodes continued. New mineralised zones were intersected to the east of the current decline, to the east of the Hammerhead lode, to the north of the current pit as well as extending the Cosmo structure 400m down dip.

In the Laverton region, acquisition of the Jasper Hills project, including the Fish and Lord Byron prospects, was finalised. At Lord Byron, a detailed geophysical survey was completed with drilling of the existing resource and testing of new targets commencing in early July.

Greenfields exploration activities concentrated on the Tropicana East JV with the completion of a geophysical survey and geochemical sampling. At Yamarna, access agreements to a significant portion of the project have progressed well with drilling likely to commence next quarter.

In Mongolia, geophysical programmes were completed at the Ikh Shankh property with drilling planned for the second half of 2004.

An office has been established in Beijing to seek exploration and business opportunities in China.

Note:

Unless otherwise stated, all intercepts are drilled widths

Review of the

gold market

The second quarter of the year saw a major correction in the three-year rise in the spot price of gold. Until this quarter, the US dollar spot price of gold had risen every quarter since the beginning of 2001 (except for a slight retracement in the second quarter of 2003). During the most recent quarter, the average price of $393/oz was $15, or 4% lower than the previous quarter. Trading ranges within the quarter saw the spot price fall by $59/oz, from a high of $430/oz in early April, to $371/oz in mid-May. The gold price at the end of the quarter was $394/oz, over $30 lower than the opening price for the quarter.

See Graph A "Quarterly Average US Dollar Gold Spot Price: March 2001- June 2004".

The period under review saw price volatility in a number of markets besides gold. The rand strengthened from a weak point of R7.15 to the US dollar, to close the quarter 14% stronger at R6.16. As a result of moves in both the gold and rand markets, the South African price of gold fell during the quarter from a high of almost R88,000/kg to a closing price of R78,000/kg.

During July, we have seen some recovery in the dollar spot price of gold, but the benefits of this recovery have been offset by strengthening gold producer currencies. Both the rand and the Australian dollar have risen against the US dollar since the end of the quarter.

GOLD PRICE DRIVERS

During much of the first half of 2004, the spot price of gold traded in a far looser relationship to the US dollar/euro exchange rate than had prevailed during the latter half of 2003. The sharp fall in the spot price in April was brought about in part by surprisingly positive US economic data, and consequent inflation fears, and in part by a scare in commodity markets in general, triggered by the announcement of stricter credit controls in China to curb credit expansion in that economy and slow the pace of growth that China has enjoyed in the past year.

However, during the latter part of the quarter, and in July, the gold price has reverted to a much closer relationship to changes in the value of the dollar against the euro. The resumption of dollar weakness against the euro since mid-May has

triggered new buying in gold as a currency hedge, lifting the price of the metal to almost $400/oz by the end of the quarter, and to $408/oz during July.

As has been the case throughout this price rise, investor and speculator interest in gold has been the direct mover of the gold price, reflected specifically in changes in the open position in gold contracts on the New York Commodities Exchange (Comex). On Comex, this quarter saw the largest change in open positions in several years, as the net long position of Comex fell from 22.6Moz in early April to little more than 7Moz net long in mid-May. This move reflected net sales of gold by investors and speculators in that market of over 450t of gold in six weeks (see graph below). This selling pulled the spot price of gold down to touch $371/oz. in early May.

See Graph B "COTR (Gold): Futures and Options Net Position: 2003 - Today".

Since May, Comex has traded largely in a neutral zone, with small additions to the net long position. The quarter closed with Comex net long 9.7Moz or 301t. We have seen the gold price sustained by nett buying on Comex since the end of the quarter, but the market has moved largely sideways during July.

PHYSICAL DEMAND

Whilst latest figures for physical offtake of gold during the first quarter of 2004 show that demand in a number of areas improved by comparison with the poor offtake in the first quarter of 2003, the overall erosion of demand for gold for jewellery fabrication remains unchecked.

The global picture of the gold market during the past year is one in which physical supply has continued to rise modestly (driven by increases in scrap and official sector sales), whilst global offtake of gold in jewellery continues to slip (by 5.5% in 2003). The physical supply of over 900t of gold which was surplus to fabrication offtake in 2003 was squared by net dehedging, and by a sharp increase in assumed offtake of gold by investors and speculators. 2003 saw the largest physical surplus of gold in the gold market in thirty years of supply and demand statistics on this market, and the market in 2004 is certain to produce at least the same surplus or larger.

For the quarter under review, there was encouraging physical buying during the lower gold prices in the first half of the quarter. However, this offtake had softened by the end of the quarter. In India, the end of the favourable season for marriage (between December and May) saw lower levels of demand in June. In addition, rupee weakness after Indian parliamentary elections in early May wiped out rupee gains in March and April which had encouraged gold buying in India at that time, and the Indian market was further weakened as buyers were discouraged by price volatility caused by currency movements.

CURRENCIES

The major event in the currency markets this quarter was the end of several months of dollar strength against the euro, and a return to a weaker US currency.

The dollar had recovered by mid-May to $1.176 to the euro, an exchange rate last seen six months ago. Thereafter, renewed concerns with the US economy asserted themselves. This quarter saw the US trade deficit rise further, and there is little likelihood of policy change to address the US budget deficit during a presidential election year in that country. The quarter also saw the Federal Reserve signal the end of the current cycle of US monetary and interest rate policy by the first increase in the US discount rate in more than four years.

It is still unclear whether the change in interest rate policy will signal also the end of the three year cycle of dollar retracement against the euro. On balance, we believe that structural factors should prevail, and that the US currency is likely to continue weaker. There are, however, differences of opinion as to how far it might

weaken. As we have seen on two occasions already, European leaders are uncomfortable and concerned for their economy as the American currency approaches $1.30 to the euro, and some public resistance should be expected from Europe if the dollar returns to those levels.

The South African currency has again strengthened disproportionately against the dollar, gaining ground as a result against other major currencies as well. Since the end of the quarter, the rand has returned to an exchange rate of R6 to the dollar, a level at which the currency traded five years ago. Whilst the Reserve Bank remains focused on an inflation target to guide its interest rate and monetary policy, it would seem that little relief will come from official policy in moderating the negative effects of the stronger currency on production and employment in the South African export industries.

HEDGING

As at 30 June 2004, the net delta hedge position of AngloGold Ashanti was 12.5Moz, or 389t, at a spot price of gold of $393.25/oz. This net delta volume was made up of an amount of 7Moz (218t) in the original AngloGold Limited hedge, and 5.5Moz (171t) of hedge taken on with the merger with Ashanti Goldfields at the end of April 2004. This delta position reflects a reduction of 1.5Moz or 46t in the net size of the combined hedges compared with the previous quarter. The marked- to-market value of this combined position as at 30 June 2004 was negative $927m, reflecting the increase in the size of the hedge following the merger with Ashanti Goldfields. The company has continued to manage its hedge positions actively, and to reduce overall levels of pricing commitments in respect of future production of gold.

GRAPH A

GRAPH B

COTR for GOLD: FUTURES & OPTIONS NET POSITION

2003 - TODAY

Quarterly Average US Dollar Gold Spot Price: March 2001- June 2004

Hedge position

As at 30 June 2004, the group had outstanding the following forward-pricing commitments against future production. The total net delta tonnage of the hedge of the merged company on this date was 12.5Moz or 388.9t (at 31 March 2004, AngloGold's reported a net delta hedge tonnage was 8.16Moz or 253.9t; Ashanti on that date had a net delta tonnage of 5.8Moz or 180.3t; these figures includes each company's attributable share in Geita).

The marked-to-market value of all hedge transactions making up the hedge positions was a negative $927.1m (negative R5.71bn) as at 30 June 2004 (as at 31 March 2004: AngloGold Limited reported a valuation of negative $651.9m, or R4.1bn; Ashanti's hedge had a marked-to- market value of negative $562m). This value at 30 June 2004 was based on a gold price of $393.25/oz, exchange rates of R/$6.16 and A$/$0.69 and the prevailing market interest rates and volatilities at that date.

As at 28 July 2004, the marked-to-market value of the hedge book was a negative $863.5m (negative R5.44bn), based on a gold price of $387.75/oz and exchange rates of R/$6.2950 and A$/$0.7006 and the prevailing market interest rates and volatilities at the time.

These marked-to-market valuations are not predictive of the future value of the hedge position, nor of future impact on the revenue of the company. The valuation represents the cost of buying all hedge contracts at the time of valuation, at market prices and rates available at the time.

Year

2004

2005

2006

2007

2008

2009-2013

Total

DOLLAR GOLD

Forward contracts

Amount (kg)

26,749

51,523

40,416

38,519

28,256

60,719

246,182

$ per oz

$326

$329

$341

$343

$360

$367

$346

Put options purchased

Amount (kg)

2,351

3,381

5,481

1,455

12,668

$ per oz

$349

$347

$355

$292

$345

*Delta (kg)

600

808

1,286

2,779

Put options sold

Amount (kg)

7,900

2,799

4,354

15,053

$ per oz

$343

$345

$339

$342

*Delta (kg)

987

462

720

2,169

Call options purchased

Amount (kg)

7,706

5,401

1,538

2,003

16,648

$ per oz

$343

$347

$370

$361

$349

*Delta (kg)

7,170

4,407

1,107

1,553

14,237

Call options sold

Amount (kg)

17,977

34,094

22,208

19,714

20,977

44,026

158,996

$ per oz

$368

$345

$351

$342

$353

$368

$356

*Delta (kg)

12,831

27,655

17,459

16,444

17,218

36,013

127,620

RAND GOLD

Forward contracts

Amount (kg)

933

Rand per kg

R116,335

Put options purchased

Amount (kg)

3,266

1,875

5,141

Rand per kg

R79,931

R93,602

R84,917

*Delta (kg)

2,055

723

2,778

Put options sold

Amount (kg)

6,793

1,400

8,193

Rand per kg

R80,570

R88,414

R81,910

*Delta (kg)

4,953

516

5,469

Call options purchased

Amount (kg)

9,126

Rand per kg

R80,414

*Delta (kg)

2,896

Call options sold

Amount (kg)

2,340

3,745

5,621

746

2,986

8,958

24,396

Rand per kg

R110,375

R148,690

R131,389

R173,119

R187,586

R216,522

R171,444

*Delta (kg)

1,395

313

1,570

3,416

Year

2004

2005

2006

2007

2008

2009-2013

Total

A DOLLAR GOLD

Forward contracts

Amount (kg)

7,434

3,888

9,331

8,398

3,110

8,367

40,528

A$ per oz

A$548

A$663

A$664

A$640

A$656

A$635

A$631

Put options purchased

Amount (kg)

A$ per oz

*Delta (kg)

Put options sold

Amount (kg)

467

A$ per oz

A$572

*Delta (kg)

352

Call options purchased

Amount (kg)

3,110

6,221

3,732

3,110

6,221

22,394

A$ per oz

A$724

A$673

A$668

A$680

A$712

A$691

*Delta (kg)

363

2,689

1,929

1,827

3,921

10,729

Call options sold

Amount (kg)

1,866

A$ per oz

A$566

*Delta (kg)

601

Delta (kg)

33,935

78,684

65,578

60,037

47,070

103,681

388,985

Total net gold:

Delta (oz)

1,091,042

2,529,744

2,108,380

1,930,243

1,513,345

3,333,407

12,506,161

The following table indicates the group's currency hedge position at 30 June 2004

Year

2004

2005

2006

2007

2008

2009-2013

Total

RAND DOLLAR (000)

Forward contracts

Amount ($)

Rand per $

Put options purchased

Amount ($)

Rand per $

*Delta ($)

Put options sold

Amount ($)

Rand per $

*Delta ($)

Call options purchased

Amount ($)

Rand per $

*Delta ($)

Call options sold

Amount ($)

75,000

Rand per $

R6.46

*Delta ($)

7,706

A DOLLAR (000)

Forward contracts

Amount ($)

55,237

$ per A$

$0.59

Put options purchased

Amount ($)

$ per A$

*Delta ($)

Put options sold

Amount ($)

$ per A$

*Delta ($)

Call options purchased

Amount ($)

$ per A$

*Delta ($)

Call options sold

Amount ($)

$ per A$

*Delta ($)

BRAZILIAN REAL (000)

Forward contracts

Amount ($)

$ per BRL

Put options purchased

Amount ($)

6,600

600

7,200

$ per BRL

BRL3.09

BRL3.38

BRL3.11

*Delta ($)

1,892

290

2,182

Put options sold

Amount ($)

5,100

600

5,700

$ per BRL

BRL2.79

BRL3.21

BRL2.83

*Delta ($)

220

214

434

Call options purchased

Amount ($)

$ per BRL

*Delta ($)

Call options sold

Amount ($)

6,600

600

7,200

$ per BRL

BRL3.19

BRL3.55

BRL3.22

*Delta ($)

3,602

233

3,835

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 30 June 2004

$/oz

% Variance

oz (000)

% Variance

$/oz

% Variance

Great Noligwa

389

(8)

196

223

(5)

(12)

(16)

Sunrise Dam

422

(12)

255

(7)

TauTona

389

(8)

147

229

(30)

(43)

AngloGold Ashanti Brazil

393

129

(7)

Geita

357

140

226

(20)

Kopanang

390

(8)

122

263

(4)

(28)

(33)

Cripple Creek & Victor J.V.

327

208

300

Cerro Vanguardia

361

(2)

187

Mponeng

388

(8)

105

323

(50)

(100)

Sadiola

392

(4)

(2)

232

(33)

Serra Grande

391

125

(4)

Morila

353

(6)

(21)

238

(56)

(92)

Tau Lekoa

390

(8)

316

(14)

100

Yatela

395

(2)

238

(13)

100

200

Obuasi

400

292

Bibiani

391

237

Navachab

396

(2)

320

100

Iduapriem

400

309

Freda-Rebecca

418

447

(1)

Ergo

389

(8)

(5)

391

(2)

(300)

(2)

(300)

Siguiri

386

(2)

Savuka

388

(8)

462

(4)

(7)

Other

(14)

(10)

AngloGold Ashanti

385

(5)

1,490

260

187

(6)

108

(18)

Price received includes realised non-hedge derivatives.

Adjusted operating profit plus amortisation of mining assets less non-cash revenues.

Operating profit excluding unrealised non-hedge derivatives.

Variance June 2004 quarter on March 2004 quarter - Increase (Decrease).

Attributable 100% from May 2004.

Attributable.

Operations at a glance

Adjusted operating

profit

Price received

Production

Total cash costs

Cash operating

profit

for the quarter ended 30 June 2004

Group operating results

Quarter

QuarterSix months Six months

Quarter

QuarterSix months Six months

ended

June

March

June

March

June

2004

2003

2004

2003

Unaudited Unaudited Unaudited Unaudited

Rand / Metric

Dollar / Imperial

OPERATING RESULTS UNDERGROUND OPERATION
Milled

- 000 tonnes /

- 000 tons

3,471

2,806

6,277

6,728

3,825

3,094

6,919

7,416

Yield

- g / t

- oz / t

7.43

8.11

7.74

7.85

0.217

0.237

0.226

0.229

Gold produced

- kg

- oz (000)

25,794

22,770

48,564

52,834

830

732

1,562

1,698

SURFACE AND DUMP RECLAMATION
Treated

- 000 tonnes /

- 000 tons

10,140

9,134

19,274

19,114

11,178

10,068

21,246

21,070

Yield

- g / t

- oz / t

0.29

0.30

0.27

0.009

0.008

Gold produced

- kg

- oz (000)

2,963

2,736

5,699

5,197

183

167

OPEN-PIT OPERATION
Mined

- 000 tonnes /

- 000 tons

35,522

27,054

62,576

58,679

39,156

29,822

68,978

64,684

Treated

- 000 tonnes /

- 000 tons

4,668

2,930

7,598

7,231

5,145

3,230

8,375

7,971

Stripping ratio

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

6.33

9.09

7.31

8.30

6.33

9.09

7.31

8.30

Yield

- g / t

- oz / t

2.92

3.39

3.10

3.33

0.085

0.099

0.090

0.097

Gold in ore

- kg

- oz (000)

11,459

5,848

17,307

12,762

368

188

556

410

Gold produced

- kg

- oz (000)

13,635

9,938

23,573

24,050

439

319

758

774

HEAP LEACH OPERATION
Mined

- 000 tonnes /

- 000 tons

17,559

17,611

35,170

26,092

19,357

19,412

38,769

28,761

Placed

- 000 tonnes /

- 000 tons

5,672

4,710

10,382

8,611

6,253

5,192

11,445

9,492

Stripping ratio

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

2.18

2.51

2.33

2.38

2.18

2.51

2.33

2.38

Yield

- g / t

- oz / t

0.84

0.93

0.024

0.025

0.027

Gold placed

- kg

- oz (000)

4,756

3,970

8,726

8,019

153

128

281

258

Gold produced

- kg

- oz (000)

3,938

2,972

6,910

6,137

126

222

197

TOTAL
Gold produced

- kg

- oz (000)

46,330

38,416

84,746

88,218

1,490

1,235

2,725

2,836

Gold sold

- kg

- oz (000)

45,495

38,533

84,028

88,126

1,463

1,239

2,702

2,833

Price received

- R / kg

- $ / oz

- sold

81,276

87,837

84,285

89,948

385

405

394

349

Total cash costs

- R / kg

- $ / oz

- produced

55,162

56,297

55,677

52,659

260

259

260

204

Total production costs

- R / kg

- $ / oz

- produced

68,659

69,068

68,845

64,254

324

318

321

249

PRODUCTIVITY PER EMPLOYEE
Target

- g

- oz

385

356

372

339

12.39

11.44

11.95

10.90

Actual

- g

- oz

356

344

351

326

11.46

11.05

11.27

10.49

CAPITAL EXPENDITURE

- Rm

- $m

992

567

1,559

1,303

150

234

163

Tonnes (Tons) placed onto leach pad.

Gold placed / tonnes (tons) placed.

Gold placed into leach pad inventory.

2003 restated to reflect the change in accounting treatment of ore reserve development expenditure.

Quarter

Six months

ended

June

March

June

2004

2003

2004

2003

SA Rand million

Notes

Unaudited

3,705

3,298

3,907

7,003

7,845

(3,091)

(2,581)

(2,932)

(5,672)

(5,817)

614

717

975

1,331

2,028

(411)

(1)

119

(412)

274

203

716

1,094

919

2,302

(105)

(76)

(82)

(181)

(167)

(22)

(26)

(25)

(48)

(65)

(72)

(59)

(72)

(131)

(147)

155

134

(35)

(9)

(66)

(44)

(97)

(112)

(145)

(71)

(257)

(140)

(15)

(18)

(33)

(86)

466

841

380

1,820

(54)

(52)

(56)

(106)

(114)

(95)

(Loss) profit on ordinary activities before taxation

(133)

434

746

301

1,667

(149)

(266)

(62)

(604)

(Loss) profit on ordinary activities after taxation

(46)

285

480

239

1,063

(24)

(37)

(36)

(61)

(72)

(70)

248

444

178

991

203

716

1,094

919

2,302

499

168

(12)

667

(4)

702

884

1,082

1,586

2,298

Headline earnings

(70)

248

444

178

991

106

114

(7)

(20)

(56)

(27)

(56)

(26)

Headline (loss) earnings

(22)

286

513

264

1,118

514

186

(12)

700

(4)

(170)

(72)

(242)

322

400

516

722

1,130

(Loss) earnings per ordinary share (cents)

(28)

111

199

445

(28)

111

199

445

(9)

128

230

111

502

127

179

232

303

507

Dividends

449

836

170

375

Profit on disposal of assets and subsidiaries

Adjusted operating profit

Net (loss) profit
Amortisation of goodwill
Impairment of mining assets

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

Gold income
Cost of sales

Non-hedge derivatives
Operating profit
Corporate administration and other expenses
Market development costs
Exploration costs
Interest receivable
Other net expenses
Finance costs
Fair value loss on interest rate swaps

Amortisation of goodwill
Impairment of mining assets
Profit on disposal of assets and subsidiaries

Taxation

Minority interest

Operating profit
Unrealised non-hedge derivatives

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

Adjusted operating profit

- Headline
- Adjusted headline

Current and deferred taxation on exceptional items

Unrealised non-hedge derivatives and fair value losses
on interest rate swaps

Adjusted headline earnings

Deferred tax on unrealised non-hedge derivatives and
fair value losses on interest rate swaps

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

Group income statement

(Loss) profit before exceptional items

Net (loss) profit

- Rm
- cents per share

- Basic
- Diluted

Quarter

Six months

ended

June

March

June

2004

2003

2004

2003

US Dollar million

Notes

Unaudited

563

488

505

1,051

977

(470)

(381)

(380)

(851)

(726)

107

125

200

251

(67)

(66)

108

142

134

287

(16)

(11)

(27)

(21)

(3)

(4)

(3)

(7)

(8)

(11)

(9)

(20)

(18)

(5)

(2)

(11)

(7)

(14)

(17)

(21)

(9)

(38)

(17)

(2)

(3)

(5)

(17)

108

226

(8)

(8)

(7)

(16)

(14)

(12)

(Loss) profit on ordinary activities before taxation

(25)

207

(22)

(34)

(7)

(75)

(Loss) profit on ordinary activities after taxation

(10)

132

(2)

(6)

(5)

(8)

(9)

(12)

123

108

142

134

287

(2)

106

(1)

108

132

140

240

286

Headline earnings

(12)

123

(4)

(7)

(4)

(7)

(1)

(3)

Headline (loss) earnings

(5)

139

(2)

111

(1)

(28)

(11)

(39)

111

140

(Loss) earnings per ordinary share (cents)

(5)

(2)

Dividends *

113

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

Operating profit
Corporate administration and other expenses

Gold income
Cost of sales

Non-hedge derivatives

Net (loss) profit

Market development costs
Exploration costs

Fair value loss on interest rate swaps
(Loss) profit before exceptional items

Interest receivable
Other net expenses Finance costs

Taxation

Minority interest

Amortisation of goodwill
Impairment of mining assets
Profit on disposal of assets and subsidiaries

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

Adjusted operating profit

Unrealised non-hedge derivatives
Adjusted operating profit

The net profit has been adjusted by the following to
arrive at headline earnings:
Net (loss) profit

Unrealised non-hedge derivatives and fair value losses
on interest rate swaps

Impairment of mining assets
Profit on disposal of assets and subsidiaries
Current and deferred taxation on exceptional items

- Basic

Adjusted headline earnings

Group income statement

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

- Headline
- Adjusted headline

- $m
- cents per share

- Diluted

Amortisation of goodwill

Deferred tax on unrealised non-hedge derivatives and
fair value losses on interest rate swaps

Group balance sheet

As at

June

March

June

December

2004

2003

SA Rand million

Unaudited Unaudited Unaudited

Audited

ASSETS

Non-current assets

Tangible assets

34,079

18,082

18,283

18,427

Intangible assets

2,524

2,545

2,980

2,749

Investments in associates

155

Other investments

133

125

237

Other non-current assets

520

964

853

1,011

Derivatives

832

696

592

630

38,131

22,459

23,100

22,950

Current assets

Inventories

2,511

1,853

1,778

2,050

Trade and other receivables

1,873

1,542

1,523

1,461

Cash and cash equivalents

3,458

5,868

2,330

3,367

Current portion of other non-current assets

385

103

Derivatives

1,904

2,062

1,954

2,515

10,131

11,428

7,652

9,452

TOTAL ASSETS

48,262

33,887

30,752

32,402

EQUITY AND LIABILITIES

Equity

19,782

11,104

12,464

11,222

Non-current liabilities

Borrowings

8,088

7,977

4,122

5,383

Provisions

2,117

1,808

1,798

1,832

Deferred taxation

8,268

4,091

3,953

3,986

Derivatives

2,123

2,086

1,200

2,194

20,596

15,962

11,073

13,395

Current liabilities

Current portion of borrowings

2,125

2,151

2,547

2,340

Trade and other payables

2,940

1,971

2,181

2,339

Taxation

157

141

193

164

Derivatives

2,662

2,558

2,294

2,942

7,884

6,821

7,215

7,785

TOTAL EQUITY AND LIABILITIES

48,262

33,887

30,752

32,402

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

Group balance sheet

As at

June

March

June

December

2004

2003

US Dollar million

Unaudited Unaudited Unaudited

Audited

ASSETS

Non-current assets

Tangible assets

5,473

2,877

2,443

2,764

Intangible assets

405

405

398

412

Investments in associates

Other investments

Other non-current assets

153

114

153

Derivatives

134

111

6,123

3,573

3,087

3,443

Current assets

Inventories

403

295

238

307

Trade and other receivables

301

245

203

219

Cash and cash equivalents

555

934

311

505

Current portion of other non-current assets

Derivatives

306

328

261

377

1,627

1,818

1,022

1,417

TOTAL ASSETS

7,750

5,391

4,109

4,860

EQUITY AND LIABILITIES

Equity

3,177

1,767

1,666

1,684

Non-current liabilities

Borrowings

1,299

1,269

551

807

Provisions

340

288

240

275

Deferred taxation

1,328

651

528

598

Derivatives

341

332

160

329

3,308

2,540

1,479

2,009

Current liabilities

Current portion of borrowings

341

342

340

351

Trade and other payables

471

313

291

350

Taxation

Derivatives

428

407

307

441

1,265

1,084

964

1,167

TOTAL EQUITY AND LIABILITIES

7,750

5,391

4,109

4,860

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

Group cash flow statement

Quarter

Quarter Six months Six months

ended

June

March

June

2004

2003

2004

2003

SA Rand million

Unaudited Unaudited Unaudited Unaudited Unaudited

761

549

1,106

1,310

2,583

133

115

(13)

(17)

(33)

(30)

(83)

(78)

(175)

(58)

(253)

(144)

681

(681)

(56)

(105)

(547)

(161)

(628)

675

324

521

999

1,852

Cash flows from investing activities

(992)

(567)

(538)

(1,559)

(1,026)

(2)

(3)

(2)

(3)

(802)

(802)

(32)

(1)

(6)

(33)

(8)

106

109

(1,713)

(539)

(518)

(2,252)

(1,008)

(1)

(1)

(2)

6,737

6,797

148

(1,379)

(3,192)

(305)

(4,571)

(413)

(59)

(758)

(38)

(817)

(1,560)

(1,378)

2,798

(266)

1,420

(1,807)

(2,416)

2,583

(263)

167

(963)

(82)

(93)

(76)

(251)

5,868

3,367

2,686

3,367

3,544

3,458

5,868

2,330

3,458

2,330

(133)

434

746

301

1,667

(66)

(24)

125

425

189

(26)

614

(15)

600

446

444

1,046

893

(40)

(74)

(70)

(114)

(128)

(72)

(83)

(63)

(155)

(134)

130

145

275

140

106

114

(7)

(20)

(56)

(27)

(56)

(130)

(582)

(172)

(712)

(118)

761

549

1,106

1,310

2,583

(157)

196

(168)

(57)

(99)

(225)

(15)

195

(721)

(99)

(526)

(159)

(130)

(582)

(172)

(712)

(118)

Cash flows from operating activities
Cash generated from operations
Interest received
Environmental and other expenditure
Dividends received from associates
Finance costs
Recoupment tax received: Free State assets
Recoupment tax paid: Free State assets
Taxation paid
Net cash inflow from operating activities

Capital expenditure
Proceeds from disposal of mining assets
Investments acquired
(Acquisition) disposal of subsidiary
Loans advanced
Repayment of loans advanced
Net cash outflow from investing activities

Cash flows from financing activities

Net cash (outflow) inflow from financing activities

Net (decrease) increase in cash and cash equivalents

Proceeds from issue of share capital
Share issue expenses
Proceeds from borrowings
Repayment of borrowings
Dividends paid

Translation
Opening cash and cash equivalents
Closing cash and cash equivalents

Cash generated from operations
(Loss) profit on ordinary activities before taxation
Adjusted for:
Non-cash movements
Non-cash movement on derivatives
Amortisation of mining assets

Interest receivable

Deferred stripping costs

Finance costs
Amortisation of goodwill
Impairment of mining assets
Profit on disposal of assets and subsidiaries

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

Movement in working capital

(Increase) decrease in inventories
(Increase) in trade and other receivables
Increase (decrease) in trade and other payables

Movement in working capital

Group cash flow statement

Quarter

Quarter Six months Six months

ended

June

March

June

2004

2003

2004

2003

US Dollar million

Unaudited Unaudited Unaudited Unaudited Unaudited

120

130

218

311

(2)

(3)

(4)

(5)

(10)

(12)

(26)

(8)

(38)

(18)

(91)

(9)

(15)

(62)

(24)

(72)

171

226

Cash flows from investing activities

(150)

(84)

(69)

(234)

(128)

(126)

(126)

(5)

(1)

(5)

(1)

(264)

(80)

(66)

(344)

(125)

997

1,019

(213)

(472)

(38)

(685)

(51)

(9)

(113)

(5)

(122)

(190)

(200)

414

(34)

214

(221)

(380)

421

(37)

(120)

934

505

340

505

413

555

934

311

555

311

(25)

207

(9)

(2)

(3)

(2)

157

111

(6)

(11)

(9)

(17)

(16)

(11)

(12)

(9)

(23)

(17)

(4)

(7)

(4)

(7)

(40)

(48)

(34)

(88)

(24)

120

130

218

311

(29)

(8)

(16)

(24)

(29)

(23)

(28)

(52)

(39)

(38)

(20)

(40)

(48)

(34)

(88)

(24)

Cash flows from financing activities
Proceeds from issue of share capital
Share issue expenses
Proceeds from borrowings
Repayment of borrowings
Dividends paid
Net cash (outflow) inflow from financing activities

Net (decrease) increase in cash and cash equivalents
Translation
Opening cash and cash equivalents
Closing cash and cash equivalents

Cash generated from operations
(Loss) profit on ordinary activities before taxation
Adjusted for:
Non-cash movements
Non-cash movement on derivatives
Amortisation of mining assets

Interest receivable

Deferred stripping costs

Finance costs
Amortisation of goodwill
Impairment of mining assets

(Increase) in trade and other receivables
Increase (decrease) in trade and other payables

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

Profit on disposal of assets and subsidiaries
Movement in working capital

Movement in working capital
(Increase) decrease in inventories

Statement of changes in equity

Ordinary

Equity

Non -

Other

share

portion of

distri-

Foreign compre-

capital and convertible

butable

currency hensive Retained

Minority

Total

premium

bond reserves translation

income earnings

Total interest

equity

SA Rand million

Balance at December 2002

9,607

138

360

(1,583)

3,853

12,375

347

12,722

Movements on other comprehensive
income

680

Net profit

991

1,063

Dividends paid

(1,500)

(60)

(1,560)

Ordinary shares issued

Transfer from non-distributable
reserves

(1)

Translation

(540)

135

(404)

(55)

(459)

Balance at June 2003

9,625

138

(180)

(768)

3,345

12,160

304

12,464

Balance at December 2003

9,668

138

(755)

(2,031)

3,848

10,868

354

11,222

Movements on other comprehensive
income

811

Net profit

178

239

Dividends paid

(748)

(69)

(817)

Ordinary shares issued

9,312

Issue of convertible bond

513

At acquisition of subsidiary

Translation

(1,579)

(1,502)

(18)

(1,520)

Balance at June 2004

18,980

513

138

(2,334)

(1,143)

3,278

19,432

350

19,782

US Dollar million

Balance at December 2002

1,120

(185)

449

1,443

1,483

Movements on other comprehensive
income

Net profit

123

132

Dividends paid

(183)

(8)

(191)

Ordinary shares issued

Transfer from non-distributable
reserves

Translation

164

(67)

(14)

143

Balance at June 2003

1,286

(24)

(102)

447

1,625

1,666

Balance at December 2003

1,450

(113)

(307)

577

1,628

1,681

Movements on other comprehensive
income

123

Net profit

Dividends paid

(111)

(11)

(122)

Ordinary shares issued

1,368

Issue of convertible bond

At acquisition of subsidiary

Translation

230

(260)

Balance at June 2004

3,048

(373)

(184)

526

3,121

3,177

Attributable to holders of the group

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

Notes

Basis of preparation: The financial statements have been prepared in accordance with the historic cost convention except for certain financial instruments which are stated at fair value. The group's accounting policies used in the preparation of these financial statements are consistent with those used in the annual financial statements for the year ended 31 December 2003.

The summarised group financial statements of AngloGold Ashanti Limited have been prepared in accordance with International Financial Reporting Standards (IFRS), South African Statements of Generally Accepted Accounting Practices (SA GAAP), in compliance with the JSE Securities Exchange South Africa and in the manner required by the South African Companies Act, 1973 for the preparation of financial information of the company for the quarter and six months ended 30 June 2004. However, they do not include all of the information and disclosures required by International Financial Reporting Standards (IFRS) and SA GAAP and the South African Companies Act, 1973 for annual consolidated financial statements.

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.

Cost of sales

Quarter ended

Six months ended

Quarter ended

Six months ended

June

2004

March

2004

June

2004

June

2003

June

2004

March

2004

June

2004

June

2003

Unaudited

SA Rand million

US Dollar million

Cash operating costs

2,492

2,095

4,587

4,807

378

310

688

600

Other cash costs

139

133

Total cash costs

2,572

2,154

4,726

4,940

391

318

709

617

Retrenchment costs

Rehabilitation & other non-cash costs

Production costs

2,622

2,220

4,842

4,994

399

328

727

624

Amortisation of mining assets

600

446

1,046

893

157

111

Total production costs

3,222

2,666

5,888

5,887

490

394

884

735

Inventory change

(131)

(85)

(216)

(70)

(20)

(13)

(33)

(9)

3,091

2,581

5,672

5,817

470

381

851

726

Taxation

Quarter ended

Six months ended

Quarter ended

Six months ended

June

2004

March

2004

June

2004

June

2003

June

2004

March

2004

June

2004

June

2003

Unaudited

SA Rand million

US Dollar million

Normal taxation

126

396

Deferred taxation

138

171

218

Deferred tax on unrealised non-hedge derivatives and fair value losses on interest rate swaps

(170)

(72)

(242)

(28)

(11)

(39)

Taxation on exceptional items

(26)

(1)

(3)

(87)

149

604

(15)

Capital commitments

June

2004

March

2004

June

2003

Dec

2003

June

2004

March

2004

June

2003

Dec

2003

SA Rand million

US Dollar million

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

885

931

1,123

650

142

148

150

Shares

Quarter ended

Six months ended

June 2004

March 2004

June 2003

June 2004

June 2003

Authorised share capital:

Ordinary shares of 25 SA cents each

400,000,000

400,000,000

A redeemable preference shares of

50 SA cents each

2,000,000

2,000,000

B redeemable preference shares of

1 SA cent each

778,896

778,896

Issued share capital:

Ordinary shares

264,403,394

223,255,242

222,785,154

264,403,394

222,785,154

A redeemable preference shares

2,000,000

2,000,000

B redeemable preference shares

778,896

778,896

Weighted average number of ordinary shares for the period

Basic ordinary shares

253,046,275

223,212,890

222,737,513

238,129,583

222,737,513

Diluted number of ordinary shares

268,430,890

224,180,742

222,437,590

248,695,939

223,437,590

During the quarter, 14,400 ordinary shares were allotted in terms of the AngloGold Share Incentive Scheme and 41,133,752 ordinary shares were allotted in terms of the merger with Ashanti Goldfields Company Limited. All the preference shares are held by a wholly-owned subsidiary company.

Exchange rates

June 2004

March 2004

June 2003

Dec 2003

Rand/US dollar average for the year to date

6.67

6.76

8.03

7.55

Rand/US dollar average for the quarter

6.59

6.76

7.73

6.74

Rand/US dollar closing

6.23

6.28

7.48

6.67

Rand/Australian dollar average for the year to date

4.94

5.17

4.96

4.90

Rand/ Australian dollar average for the quarter

4.70

5.17

4.95

4.82

Rand/ Australian dollar closing

4.33

4.79

5.02

Attributable interest

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

Announcements

On 26 May 2004, it was announced that the government of Guinea had placed an embargo on imports and exports by AngloGold Ashanti's Siguiri Mine. This was followed by a further announcement on 14 June 2004 in which the company advised that constructive discussions had commenced and that the supply of diesel fuel to the mine had resumed. However, the embargo on the export of gold from Siguiri remains in place. AngloGold Ashanti is using its best efforts to bring this undesirable state of affairs to a speedy and satisfactory resolution.

On 21 June 2004, AngloGold Ashanti announced that talks between management and union representatives were continuing, following the return to work by the workforce after a three day strike at Morila.

Following an announcement made on 14 November 2003 in which the company advised that an agreement had been entered into for the sale of Union Reefs Gold Mine and associated assets and tenements, AngloGold Ashanti advises that the agreement has been terminated and related negotiations for the sale have ceased but that the company continues to explore other options for the sale of these gold mining assets.

On 1 July 2004, AngloGold Ashanti announced that it had entered into an agreement with Trans- Siberian Gold plc for the acquisition of a 29.9% stake in the company through an equity investment of approximately £17.6m ($32m). This first move into Russia allows AngloGold Ashanti the opportunity of establishing an association with credible partners familiar with the environment.

Dividend: The directors have today declared Interim Dividend No. 96 of 170 (Interim Dividend No. 94: 375) South African cents per ordinary share for the six months ended 30 June 2004. In compliance with the requirements of STRATE, given the company's primary listing on the JSE Securities Exchange South Africa, the salient dates for payment of the dividend are as follows:

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

2004

Currency conversion date for UK pounds, Australian dollars and Ghanaian cedis

Thursday, 5 August

Last date to trade ordinary shares cum dividend

Friday, 13 August

Last date to register transfers of certificated securities cum dividend

Friday, 13 August

Ordinary shares trade ex dividend

Monday, 16 August

Record date

Friday, 20 August

Payment date

Friday, 27 August

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

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

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

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

2004

Ex dividend on New York Stock Exchange

Wednesday, 18 August

Record date

Friday, 20 August

Approximate date for currency conversion

Friday, 27 August

Approximate payment date of dividend

Friday, 7 September

Assuming an exchange rate of R6.2737/$1, the dividend payable on an ADS is equivalent to 27 US cents. This compares with the interim dividend of 50.73 US cents per ADS paid on 9 September 2003. However, the actual rate of payment will depend on the exchange rate on the date for currency conversion.

To holders of Ghanaian Depositary Shares (GhDSs)
100 GhDSs represent one ordinary share.

2004

Last date to trade and to register GhDSs cum dividend

Friday, 13 August

Record date

Friday, 20 August

Approximate payment date of dividend

Monday, 30 August

Assuming an exchange rate of R1/c1,446 the dividend payable per GhDS is equivalent to 24,58 cedis. However, the actual rate of payment will depend on the exchange rate on the date for currency conversion. In Ghana, the authorities have determined that dividends payable to residents on the Ghana share register be subject to a final withholding tax at a rate of 10%, similar to the rate applicable to dividend payments made by resident companies which is currently at 10%.

The group financial statements for the quarter and six months to 30 June 2004 were authorised for

issue in accordance with a resolution of the directors passed on 28 July 2004. AngloGold Ashanti is a

limited liability company incorporated in the Republic of South Africa.

By order of the board

R P EDEY

R M GODSELL

Chairman

Chief Executive Officer

29 July 2004

Segmental reporting

Quarter

Six months Six months

Quarter

Six months Six months

ended

June

March

June

March

June

2004

2003

2004

2003

2004

2003

2004

2003

Unaudited Unaudited Unaudited

Unaudited

Unaudited Unaudited Unaudited Unaudited

Unaudited

SA Rand million

US Dollar million

1. Gold income South Africa

1,903

2,000

2,151

3,903

4,308

289

296

278

585

536

Argentina

129

115

154

244

347

Australia

273

247

333

520

657

Brazil

258

250

286

508

575

Ghana

350

350

Guinea

Mali

267

276

432

543

883

110

Namibia

109

USA

167

153

350

320

660

Tanzania

299

216

145

515

305

Zimbabwe

Corporate

3,705

3,298

3,907

7,003

7,845

563

488

505

1,051

977

2. Adjusted operating profit

South Africa

306

505

617

811

1,274

123

159

Argentina

129

Australia

109

170

112

Brazil

157

118

145

275

312

Ghana

Guinea

(16)

(16)

(2)

(2)

Mali

180

131

372

Namibia

USA

(12)

(1)

Tanzania

118

Zimbabwe

(4)

(4)

(1)

(1)

Corporate

(1)

702

884

1,082

1,586

2,298

108

132

140

240

286

3. Cash operating profit

South Africa

484

668

701

1,152

1,442

174

180

Argentina

123

230

Australia

149

101

104

250

206

Brazil

192

153

191

345

406

Ghana

Guinea

(16)

(16)

(3)

(3)

Mali

133

253

228

524

Namibia

USA

120

163

216

Tanzania

100

189

Zimbabwe

(2)

(2)

Corporate

1,222

1,330

1,527

2,552

3,191

187

198

197

385

397

Operating profit excluding unrealised non-hedge derivatives.

Adjusted operating profit plus amortisation of mining assets less non-cash revenues.

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

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

Segmental

reporting (continued)

Quarter

Six months

Quarter

Six months

ended

June

March

June

March

June

2004

2003

2004

2003

2004

2003

2004

2003

Unaudited Unaudited Unaudited

Unaudited

Unaudited Unaudited Unaudited Unaudited

Unaudited

SA Rand million

US Dollar million

4. Capital expenditure

South Africa

510

416

439

926

882

139

110

Argentina

Australia

Brazil

127

104

Ghana

Guinea

Mali

Namibia

101

105

USA

131

Tanzania

Zimbabwe

Corporate

992

567

667

1,559

1,303

150

234

163

As at

June

March

June

December

June

March

June

December

2004

2003

2004

2003

Unaudited

Audited Unaudited Unaudited

Unaudited

Audited

SA Rand million

US Dollar million

5. Total assets South Africa

12,127

11,893

10,849

11,883

1,948

1,892

1,449

1,782

Argentina

1,811

1,969

2,276

2,035

290

313

304

305

Australia

3,898

4,295

4,217

4,457

626

683

563

668

Brazil

1,825

1,836

2,123

1,898

293

292

284

285

Ghana

10,997

1,765

Guinea

1,167

187

Mali

1,992

2,049

2,529

2,171

320

327

337

326

Namibia

200

200

223

200

USA

2,569

2,592

3,166

2,796

412

412

422

418

Tanzania

6,422

2,493

2,845

2,586

1,031

396

380

388

Zimbabwe

Corporate

5,204

6,560

2,524

4,376

838

1,044

340

658

48,262

33,887

30,752

32,402

7,750

5,391

4,109

4,860

Quarter

Six months

Quarter

Six months

ended

June

March

June

March

June

2004

2003

2004

2003

2004

2003

2004

2003

Unaudited Unaudited Unaudited

Unaudited

Unaudited Unaudited Unaudited Unaudited

Unaudited

6. Gold production South Africa

24,233

23,338

25,286

47,571

50,128

779

750

803

1,529

1,612

Argentina

1,449

1,097

1,524

2,546

3,397

109

Australia

3,008

2,703

3,488

5,711

7,046

112

184

226

Brazil

2,732

2,334

2,471

5,066

4,856

163

156

Ghana

3,820

3,820

123

123

Guinea

535

535

Mali

3,213

3,352

5,110

6,565

9,967

103

108

164

211

320

Namibia

503

460

657

963

1,221

USA

2,373

2,237

4,152

4,610

7,702

134

148

248

Tanzania

4,339

2,895

1,925

7,234

3,901

140

233

126

Zimbabwe

125

125

46,330

38,416

44,613

84,746

88,218

1,490

1,235

1,424

2,725

2,836

2003 restated to reflect the change in accounting treatment of ore reserve development expenditure.

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

oz (000)

Key operating results

PER REGION & OPERATION

Quarter

Year

Quarter

Year

ended

to date

ended

to date

June

March

June

March

June

2004

2003

2004

2003

2004

SA Rand / US Dollar

Capital expenditure - Rm

Capital expenditure - $m

SOUTH AFRICA

510

416

439

926

139

Vaal River
Great Noligwa Mine

114

Kopanang Mine

107

Tau Lekoa Mine

Surface Operations

Moab Khotsong

110

115

109

225

Ergo

West Wits
Mponeng Mine

110

187

Savuka Mine

TauTona Mine

101

167

Surface Operations

ARGENTINA

Cerro Vanguardia - Attributable 92.50%

Minorities and exploration

AUSTRALIA

Sunrise Dam

Minorities and exploration

BRAZIL

127

AngloGold Ashanti Brazil

Serra Grande - Attributable 50%

Minorities and exploration

GHANA

Bibiani

Iduapriem - Attributable 85%

Obuasi

GUINEA

Siguiri - Attributable 85%

MALI

Morila - Attributable 40%

Sadiola - Attributable 38%

Yatela - Attributable 40%

NAMIBIA

101

105

Navachab

101

105

USA

Cripple Creek & Victor J.V.

Jerritt Canyon J.V. - Attributable 70%

TANZANIA

Geita

ZIMBABWE

Freda-Rebecca

OTHER

ANGLOGOLD ASHANTI

992

567

667

1,559

150

234

2003 restated to reflect the change in accounting treatment of ore reserve development expenditure.

Key operating results

PER REGION & OPERATION

Quarter

Year

Quarter

Year

ended

to date

ended

to date

June

March

June

March

June

2004

2003

2004

2003

2004

Metric

Yield - g/t

Gold produced - kg

SOUTH AFRICA

24,233

23,338

25,286

47,571

Vaal River
Great Noligwa Mine

9.95

10.81

10.06

10.35

6,121

5,866

6,065

11,987

Kopanang Mine

7.35

8.03

6.69

7.67

3,821

3,750

3,589

7,571

Tau Lekoa Mine

4.17

3.65

4.20

3.91

2,509

2,095

2,539

4,604

Surface Operations

0.55

0.57

0.58

0.56

940

817

889

1,757

Ergo

0.23

0.25

0.20

0.24

1,855

1,919

1,532

3,774

West Wits
Mponeng Mine

7.80

8.47

9.07

8.11

3,266

3,234

3,976

6,500

Savuka Mine

5.87

5.94

6.27

5.90

1,162

1,099

1,653

2,261

TauTona Mine

10.88

12.17

11.93

11.49

4,559

4,558

5,024

9,117

Surface Operations

0.88

ARGENTINA

1,449

1,097

1,524

2,546

Cerro Vanguardia - Attributable 92.50%

6.39

5.81

6.70

6.13

1,449

1,097

1,524

2,546

AUSTRALIA

3,008

2,703

3,488

5,711

Sunrise Dam

3.47

2.84

2.97

3.14

3,008

2,693

2,613

5,701

Union Reefs

1.25

875

BRAZIL

2,732

2,334

2,471

5,066

AngloGold Ashanti Brazil

7.48

7.47

6.46

7.47

2,003

1,634

1,722

3,637

Serra Grande - Attributable 50%

7.87

7.65

7.94

7.76

729

700

749

1,429

GHANA

3,820

Bibiani

1.79

788

Iduapriem - Attributable 85%

1.48

838

Obuasi

3.18

2,194

GUINEA

535

Siguiri - Attributable 85%

1.12

535

MALI

3,213

3,352

5,110

6,565

Morila - Attributable 40%

3.06

4.19

9.54

3.60

1,058

1,332

2,942

2,390

Sadiola - Attributable 38%

2.82

3.15

2.52

2.97

1,386

1,385

1,237

2,771

Yatela - Attributable 40%

3.61

3.58

3.82

3.60

769

635

931

1,404

NAMIBIA

503

460

657

963

Navachab

1.46

1.54

1.90

1.50

503

460

657

963

USA

2,373

2,237

4,152

4,610

Cripple Creek & Victor J.V.

0.59

0.67

0.72

0.63

2,373

2,237

2,433

4,610

Jerritt Canyon J.V. - Attributable 70%

7.41

1,719

TANZANIA

4,339

2,895

1,925

7,234

Geita - Attributable 100% May 2004

3.46

4.02

2.58

3.66

4,339

2,895

1,925

7,234

ZIMBABWE

125

Freda-Rebecca

1.60

125

ANGLOGOLD ASHANTI

46,330

38,416

44,613

84,746

Underground Operations

7.43

8.11

7.84

7.74

25,794

22,770

26,886

48,564

Surface and Dump Reclamation

0.29

0.30

0.26

0.30

2,963

2,736

2,440

5,699

Open-pit Operations

2.92

3.39

3.18

3.10

13,635

9,938

11,830

23,573

Heap leach Operations

0.84

0.92

0.84

3,938

2,972

3,457

6,910

46,330

38,416

44,613

84,746

which will be capitalised against pre-production costs.

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

Yield excludes surface operations. Attributable production year to date at Moab Khotsong yielded 104kg

Key operating results

PER REGION & OPERATION

Quarter

Year

Quarter

Year

ended

to date

ended

to date

June

March

June

March

June

2004

2003

2004

2003

2004

Metric

Productivity per employee - g

Gold sold - kg

SOUTH AFRICA

256

240

210

248

24,213

23,332

24,984

47,545

Vaal River
Great Noligwa Mine

286

256

213

271

6,117

5,864

5,991

11,981

Kopanang Mine

230

222

159

226

3,817

3,750

3,544

7,567

Tau Lekoa Mine

201

173

174

187

2,506

2,095

2,510

4,601

Surface Operations

952

793

658

871

939

817

879

1,756

Ergo

330

342

260

336

1,855

1,918

1,532

3,773

West Wits
Mponeng Mine

231

227

245

229

3,263

3,233

3,926

6,496

Savuka Mine

123

111

116

117

1,161

1,098

1,629

2,259

TauTona Mine

324

315

298

319

4,555

4,557

4,955

9,112

Surface Operations

ARGENTINA

814

628

1,052

722

1,438

1,215

1,605

2,653

Cerro Vanguardia - Attributable 92.50%

814

628

1,052

722

1,438

1,215

1,605

2,653

AUSTRALIA

2,391

2,163

2,265

2,277

3,011

2,706

3,660

5,717

Sunrise Dam

2,827

2,526

2,782

2,676

3,010

2,695

2,797

5,705

Union Reefs

240

1,874

151

863

BRAZIL

687

588

529

638

2,703

2,372

2,541

5,075

AngloGold Ashanti Brazil

640

521

443

581

2,014

1,645

1,763

3,659

Serra Grande - Attributable 50%

861

840

957

850

689

727

778

1,416

GHANA

303

3,800

Bibiani

1,024

788

Iduapriem - Attributable 85%

609

845

Obuasi

210

2,167

GUINEA

273

Siguiri - Attributable 85%

273

MALI

1,380

1,440

2,499

1,410

3,344

3,247

5,076

6,591

Morila - Attributable 40%

1,353

1,822

4,282

1,580

1,089

1,287

3,005

2,376

Sadiola - Attributable 38%

1,967

1,907

1,808

1,936

1,375

1,394

1,193

2,769

Yatela - Attributable 40%

914

730

1,383

820

880

566

878

1,446

NAMIBIA

783

732

634

758

538

460

657

998

Navachab

783

732

634

758

538

460

657

998

USA

2,513

2,383

2,235

2,448

2,375

2,306

4,152

4,681

Cripple Creek & Victor J.V.

2,513

2,383

2,447

2,448

2,375

2,306

2,433

4,681

Jerritt Canyon J.V. - Attributable 70%

1,991

1,719

TANZANIA

1,159

1,333

934

1,223

3,949

2,895

1,925

6,844

Geita - Attributable 100% May 2004

1,159

1,333

934

1,223

3,949

2,895

1,925

6,844

ZIMBABWE

125

Freda-Rebecca

125

ANGLOGOLD ASHANTI

356

344

331

351

45,496

38,533

44,600

84,029

Key operating results

PER REGION & OPERATION

Quarter

Year

Quarter

Year

ended

to date

ended

to date

June

March

June

March

June

2004

2003

2004

2003

2004

SA Rand / Metric

Total cash costs - R/kg

Total production costs - R/kg

SOUTH AFRICA

59,016

61,681

55,342

60,323

68,085

71,399

61,711

69,711

Vaal River
Great Noligwa Mine

47,340

50,994

48,007

49,128

52,764

57,357

52,439

55,011

Kopanang Mine

55,814

59,808

57,001

57,792

62,249

66,579

62,724

64,394

Tau Lekoa Mine

67,030

79,795

60,939

72,839

78,451

92,080

66,387

84,653

Surface Operations

49,274

54,911

50,220

51,895

49,274

54,911

50,220

51,895

Ergo

82,869

80,908

87,137

81,872

89,777

88,681

92,996

89,220

West Wits
Mponeng Mine

68,486

68,287

54,200

68,387

81,698

80,825

64,091

81,264

Savuka Mine

97,928

98,153

88,835

98,037

115,465

122,819

97,174

119,041

TauTona Mine

48,572

48,283

41,299

48,428

61,076

60,523

48,806

60,800

Surface Operations

48,227

ARGENTINA

39,673

42,188

37,753

39,861

68,938

73,323

67,966

70,860

Cerro Vanguardia - Attributable 92.50%

39,673

42,188

37,753

39,861

68,938

73,323

67,966

70,860

AUSTRALIA

56,053

62,707

61,836

59,203

70,305

78,287

76,290

74,083

Sunrise Dam

53,942

59,584

60,712

56,608

67,013

74,051

78,480

70,338

BRAZIL

27,087

29,606

32,636

28,247

37,285

41,232

47,156

39,103

AngloGold Ashanti Brazil

27,300

30,240

35,631

28,620

37,993

42,576

50,421

40,051

Serra Grande - Attributable 50%

26,504

28,127

25,756

27,299

35,340

38,096

39,655

36,690

GHANA

60,284

84,018

Bibiani

50,177

75,617

Iduapriem - Attributable 85%

65,545

84,258

Obuasi

61,905

86,944

GUINEA

82,013

109,599

Siguiri - Attributable 85%

82,013

109,599

MALI

49,833

44,340

35,295

47,030

65,422

60,410

50,293

62,787

Morila - Attributable 40%

50,383

34,345

23,387

41,445

72,640

54,949

38,758

62,781

Sadiola - Attributable 38%

49,087

46,977

52,990

48,033

61,607

59,859

68,618

60,734

Yatela - Attributable 40%

50,423

59,557

49,406

54,553

62,370

73,064

61,318

67,205

NAMIBIA

67,876

65,487

54,756

66,734

76,372

70,177

57,533

73,412

Navachab

67,876

65,487

54,756

66,734

76,372

70,177

57,533

73,412

USA

44,915

46,504

55,826

45,686

58,443

65,922

83,594

62,073

Cripple Creek & Victor J.V.

44,081

45,307

46,736

44,676

57,610

64,726

77,817

61,064

Jerritt Canyon J.V. - Attributable 70%

67,158

90,237

TANZANIA

48,015

41,193

57,231

45,284

64,139

51,075

66,274

58,910

Geita - Attributable 100% May 2004

48,015

41,193

57,231

45,284

64,139

51,075

66,274

58,910

ZIMBABWE

95,120

115,258

Freda-Rebecca

95,120

115,258

ANGLOGOLD ASHANTI

55,162

56,297

52,578

55,677

68,659

69,068

63,979

68,845

2003 restated to reflect the change in accounting treatment of ore reserve development expenditure.

Key operating results

PER REGION & OPERATION

Quarter

Year

Quarter

Year

ended

to date

ended

to date

June

March

June

March

June

2004

2003

2004

2003

2004

SA Rand

Cash operating profit - Rm

Adjusted operating profit - Rm

SOUTH AFRICA

483

667

702

1,150

305

505

619

810

Vaal River
Great Noligwa Mine

190

233

222

423

166

211

206

377

Kopanang Mine

118

207

167

Tau Lekoa Mine

(3)

Surface Operations

Ergo

(14)

(9)

(7)

(14)

(8)

(7)

West Wits
Mponeng Mine

124

116

(1)

Savuka Mine

(28)

(16)

(12)

(44)

(41)

(30)

(16)

(71)

TauTona Mine

141

201

207

342

154

195

241

Surface Operations

ARGENTINA

114

Cerro Vanguardia - Attributable 92.50%

114

AUSTRALIA

154

106

111

260

117

186

Sunrise Dam

156

109

265

119

191

Union Reefs

(2)

(3)

(5)

(2)

(3)

(5)

BRAZIL

152

108

143

260

125

109

206

AngloGold Ashanti Brazil

113

188

147

Serra Grande - Attributable 50%

GHANA

Bibiani

Iduapriem - Attributable 85%

Obuasi

(2)

GUINEA

(16)

(13)

Siguiri - Attributable 85%

(16)

(13)

MALI

133

255

227

180

131

Morila - Attributable 40%

183

138

Sadiola - Attributable 38%

102

Yatela - Attributable 40%

NAMIBIA

Navachab

USA

124

168

Cripple Creek & Victor J.V.

101

168

Jerritt Canyon J.V. - Attributable 70%

(14)

TANZANIA

101

190

117

Geita - Attributable 100% May 2004

101

190

117

ZIMBABWE

(2)

(4)

Freda-Rebecca

(2)

(4)

OTHER

132

ANGLOGOLD ASHANTI

1,222

1,330

1,527

2,552

702

884

1,082

1,586

Adjusted operating profit plus amortisation of mining assets less non-cash revenues.

Operating profit excluding unrealised non-hedge derivatives.

Key operating results

PER REGION & OPERATION

Quarter

Year

Quarter

Year

ended

to date

ended

to date

June

March

June

March

June

2004

2003

2004

2003

2004

Imperial

Yield - oz/t

Gold produced - oz (000)

SOUTH AFRICA

779

750

813

1,529

Vaal River
Great Noligwa Mine

0.290

0.315

0.293

0.302

196

189

196

385

Kopanang Mine

0.214

0.234

0.195

0.224

122

121

115

243

Tau Lekoa Mine

0.122

0.106

0.122

0.114

148

Surface Operations

0.016

0.017

0.016

Ergo

0.007

0.006

0.007

121

West Wits
Mponeng Mine

0.227

0.247

0.265

0.237

105

104

128

209

Savuka Mine

0.171

0.173

0.183

0.172

TauTona Mine

0.317

0.355

0.348

0.335

147

146

161

293

Surface Operations

0.026

ARGENTINA

Cerro Vanguardia - Attributable 92.50%

0.186

0.169

0.196

0.179

AUSTRALIA

112

184

Sunrise Dam

0.101

0.083

0.087

0.092

184

Union Reefs

0.036

BRAZIL

163

AngloGold Ashanti Brazil

0.218

0.188

0.218

117

Serra Grande - Attributable 50%

0.230

0.223

0.232

0.226

GHANA

123

Bibiani

0.052

Iduapriem - Attributable 85%

0.043

Obuasi

0.093

GUINEA

Siguiri - Attributable 85%

0.033

MALI

103

108

164

211

Morila - Attributable 40%

0.089

0.122

0.278

0.105

Sadiola - Attributable 38%

0.082

0.092

0.074

0.087

Yatela - Attributable 40%

0.105

0.104

0.112

0.105

NAMIBIA

Navachab

0.042

0.045

0.056

0.044

USA

134

148

Cripple Creek & Victor J.V.

0.017

0.020

0.021

0.018

148

Jerritt Canyon J.V. - Attributable 70%

0.216

TANZANIA

140

233

Geita - Attributable 100% May 2004

0.101

0.117

0.075

0.107

140

233

ZIMBABWE

Freda-Rebecca

0.047

ANGLOGOLD ASHANTI

1,490

1,235

1,434

2,725

Underground Operations

0.217

0.237

0.229

0.226

830

732

865

1,562

Surface and Dump Reclamation

0.009

0.008

0.009

183

Open-pit Operations

0.085

0.099

0.093

0.090

439

319

380

758

Heap leach Operations

0.024

0.025

0.027

0.025

126

111

222

1,490

1,235

1,434

2,725

Yield excludes surface operations. Attributable production year to date at Moab Khotsong yielded 3,343 ounces

which will be capitalised against pre-production costs.

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

Key operating results

PER REGION & OPERATION

Quarter

Year

Quarter

Year

ended

to date

ended

to date

June

March

June

March

June

2004

2003

2004

2003

2004

Imperial

Productivity per employee - oz

Gold sold - oz (000)

SOUTH AFRICA

8.23

7.72

6.76

7.97

778

751

803

1,529

Vaal River
Great Noligwa Mine

9.21

8.23

6.86

8.70

196

189

192

385

Kopanang Mine

7.41

7.15

5.10

7.28

122

121

114

243

Tau Lekoa Mine

6.46

5.55

5.61

6.01

148

Surface Operations

30.61

25.49

21.17

28.00

Ergo

10.61

11.01

8.35

10.81

121

West Wits
Mponeng Mine

7.44

7.29

7.87

7.36

105

104

126

209

Savuka Mine

3.97

3.56

3.73

3.76

TauTona Mine

10.41

10.11

9.59

10.26

146

147

159

293

Surface Operations

ARGENTINA

26.18

20.21

33.83

23.22

Cerro Vanguardia - Attributable 92.50%

26.18

20.21

33.83

23.22

AUSTRALIA

76.86

69.53

72.82

73.21

118

184

Sunrise Dam

90.88

81.22

89.44

86.04

184

Union Reefs

BRAZIL

22.09

18.91

17.01

20.50

163

AngloGold Ashanti Brazil

20.58

16.76

14.24

18.67

118

Serra Grande - Attributable 50%

27.67

26.99

30.78

27.34

GHANA

9.75

122

Bibiani

32.92

Iduapriem - Attributable 85%

19.59

Obuasi

6.75

GUINEA

8.78

Siguiri - Attributable 85%

8.78

MALI

44.37

46.30

80.00

45.34

108

104

164

212

Morila - Attributable 40%

43.51

58.59

137.67

50.79

Sadiola - Attributable 38%

63.24

61.30

58.12

62.26

Yatela - Attributable 40%

29.38

23.47

44.46

26.38

NAMIBIA

25.19

23.52

20.40

24.36

Navachab

25.19

23.52

20.40

24.36

USA

80.80

76.60

71.86

78.71

133

150

Cripple Creek & Victor J.V.

80.80

76.60

78.68

78.71

150

Jerritt Canyon J.V. - Attributable 70%

64.00

TANZANIA

37.26

42.85

30.03

39.31

127

220

Geita - Attributable 100% May 2004

37.26

42.85

30.03

39.31

127

220

ZIMBABWE

2.67

Freda-Rebecca

2.67

ANGLOGOLD ASHANTI

11.46

11.05

10.63

11.27

1,463

1,239

1,434

2,702

Key operating results

PER REGION & OPERATION

Quarter

Year

Quarter

Year

ended

to date

ended

to date

June

March

June

March

June

2004

2003

2004

2003

2004

US Dollar / Imperial

Total cash costs - $/oz

Total production costs - $/oz

SOUTH AFRICA

279

284

223

281

321

328

248

325

Vaal River
Great Noligwa Mine

223

235

193

229

249

264

211

256

Kopanang Mine

263

275

230

269

294

306

253

300

Tau Lekoa Mine

316

367

245

339

370

423

267

394

Surface Operations

232

253

202

242

232

253

202

242

Ergo

391

372

351

382

424

408

374

416

West Wits
Mponeng Mine

323

314

218

319

386

372

258

379

Savuka Mine

462

451

358

457

545

564

391

555

TauTona Mine

229

222

166

226

289

278

196

284

Surface Operations

196

ARGENTINA

187

184

152

186

325

337

274

330

Cerro Vanguardia - Attributable 92.50%

187

184

152

186

325

337

274

330

AUSTRALIA

265

289

249

276

332

361

307

346

Sunrise Dam

255

274

244

264

317

341

315

328

BRAZIL

128

136

131

132

176

190

182

AngloGold Ashanti Brazil

129

139

143

133

179

196

203

187

Serra Grande - Attributable 50%

125

130

104

127

167

175

160

171

GHANA

288

280

400

390

Bibiani

237

358

Iduapriem - Attributable 85%

309

397

Obuasi

292

410

GUINEA

386

516

Siguiri - Attributable 85%

386

516

MALI

235

204

139

219

309

281

205

299

Morila - Attributable 40%

238

158

194

344

253

156

293

Sadiola - Attributable 38%

232

216

213

224

291

276

283

Yatela - Attributable 40%

238

274

198

255

295

338

246

314

NAMIBIA

320

302

220

312

360

324

231

343

Navachab

320

302

220

312

360

324

231

343

USA

212

214

225

213

276

302

336

289

Cripple Creek & Victor J.V.

208

188

208

272

297

313

284

Jerritt Canyon J.V. - Attributable 70%

270

363

TANZANIA

226

190

230

212

302

235

267

275

Geita - Attributable 100% May 2004

226

190

230

212

302

235

267

275

ZIMBABWE

447

543

Freda-Rebecca

447

543

ANGLOGOLD ASHANTI

260

259

212

260

324

318

257

321

2003 restated to reflect the change in accounting treatment of ore reserve development expenditure.

Key operating results

PER REGION & OPERATION

Quarter

Year

Quarter

Year

ended

to date

ended

to date

June

March

June

March

June

2004

2003

2004

2003

2004

US Dollar

Cash operating profit - $m

Adjusted operating profit - $m

SOUTH AFRICA

100

173

122

Vaal River
Great Noligwa Mine

Kopanang Mine

Tau Lekoa Mine

Surface Operations

Ergo

(2)

(1)

(2)

(1)

West Wits
Mponeng Mine

Savuka Mine

(4)

(3)

(1)

(7)

(4)

(2)

(11)

TauTona Mine

Surface Operations

ARGENTINA

Cerro Vanguardia - Attributable 92.50%

AUSTRALIA

Sunrise Dam

Union Reefs

(1)

BRAZIL

AngloGold Ashanti Brazil

Serra Grande - Attributable 50%

GHANA

Bibiani

Iduapriem - Attributable 85%

Obuasi

GUINEA

(2)

Siguiri - Attributable 85%

(2)

MALI

Morila - Attributable 40%

Sadiola - Attributable 38%

Yatela - Attributable 40%

NAMIBIA

Navachab

USA

Cripple Creek & Victor J.V.

Jerritt Canyon J.V. - Attributable 70%

(2)

TANZANIA

Geita - Attributable 100% May 2004

ZIMBABWE

(1)

Freda-Rebecca

(1)

OTHER

ANGLOGOLD ASHANTI

187

198

197

385

108

132

140

240

Adjusted operating profit plus amortisation of mining assets less non-cash revenues.

Operating profit excluding unrealised non-hedge derivatives.

Development

Statistics are shown in metric units

Advance

Sampled

metres

channel

gold

uranium

width cm

g/t

cm.g/t

kg/t

cm.kg/t

VAAL RIVER

Great Noligwa Mine
Vaal reef

3,880

484

116.4

18.34

2,135

0.94

109.33

"C" reef

Kopanang Mine
Vaal reef

6,676

1,140

13.3

181.35

2,412

5.25

69.80

"C" reef

Tau Lekoa Mine
Denny's Reef

Ventersdorp Contact reef

4,376

698

88.9

8.18

727

0.17

15.30

Moab Khotsong Mine
Vaal reef

3,049

99.8

17.36

1,733

WEST WITS

TauTona Mine
Ventersdorp Contact reef

Carbon Leader reef

4,517

8.9

77.42

689

Savuka Mine
Ventersdorp Contact reef

658

Carbon Leader reef

866

250

29.5

48.24

1,423

0.02

0.64

Mponeng Mine
Ventersdorp Contact reef

4,641

904

100.1

26.37

2,640

Statistics are shown in imperial units

Advance

Sampled

feet

channel

gold

uranium

width inches

oz/t

ft.oz/t

lb/t

ft.lb/t

VAAL RIVER

Great Noligwa Mine
Vaal reef

12,729

1,588

45.83

0.53

2.04

1.88

7.18

"C" reef

Kopanang Mine
Vaal reef

21,902

3,740

5.24

5.29

2.31

10.50

4.58

"C" reef

Tau Lekoa Mine
Denny's Reef

Ventersdorp Contact reef

14,358

2,290

35.00

0.24

0.70

0.34

0.99

Moab Khotsong Mine
Vaal reef

10,005

282

39.29

0.51

1.67

WEST WITS

TauTona Mine
Ventersdorp Contact reef

Carbon Leader reef

14,819

217

3.50

2.26

0.66

Savuka Mine
Ventersdorp Contact reef

2,157

Carbon Leader reef

2,842

820

11.61

1.41

1.36

0.04

Mponeng Mine
Ventersdorp Contact reef

15,227

2,966

39.41

0.77

2.53

Quarter ended June 2004

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

South Africa

VAAL RIVER

Quarter

Year

Quarter

Year

ended

to date

ended

to date

June

March

June

March

June

2004

2003

2004

2003

2004

GREAT NOLIGWA MINE

Rand / Metric

Dollar / Imperial

OPERATING RESULTS UNDERGROUND OPERATION
Area mined

- 000 m²

- 000 ft²

105

104

204

1,125

1,069

1,118

2,194

Milled

- 000 tonnes

- 000 tons

615

543

603

1,158

678

598

664

1,276

Yield

- g / t

- oz / t

9.95

10.81

10.06

10.35

0.290

0.315

0.293

0.302

Gold produced

- kg

- oz (000)

6,121

5,866

6,065

11,987

196

189

196

385

Gold sold

- kg

- oz (000)

6,117

5,864

5,991

11,981

196

189

192

385

Price received

- R / kg

- $ / oz

- sold

82,152

91,817

90,534

86,882

389

423

364

406

Total cash costs

- R

- $

- ton milled

471

551

483

509

- R / kg

- $ / oz

- produced

47,340

50,994

48,007

49,128

223

235

193

229

Total production costs

- R / kg

- $ / oz

- produced

52,764

57,357

52,439

55,011

249

264

211

256

PRODUCTIVITY PER EMPLOYEE
Target

- g

- oz

295

253

281

274

9.48

8.14

9.04

8.80

Actual

- g

- oz

286

256

213

271

9.21

8.23

6.86

8.70

Target

- m

- ft

4.80

4.34

4.16

4.56

51.63

46.67

44.81

49.10

Actual

- m

- ft

4.89

4.33

3.65

4.60

52.63

46.62

39.32

49.52

FINANCIAL RESULTS (MILLION)
Gold income

481

502

518

983

147

Cost of sales

337

327

337

664

Cash operating costs

287

296

319

583

Other cash costs

Total cash costs

290

299

322

589

Retrenchment costs

Rehabilitation and other non-cash costs

Production costs

299

314

326

613

Amortisation of mining assets

Inventory change

(9)

(5)

(1)

144

175

181

319

Realised non-hedge derivatives

Adjusted operating profit

166

211

206

377

Capital expenditure

114

2003 restated to reflect the change in accounting treatment of ore reserve development expenditure.

South Africa

VAAL RIVER

Quarter

Year

Quarter

Year

ended

to date

ended

to date

June

March

June

March

June

2004

2003

2004

2003

2004

KOPANANG MINE

Rand / Metric

Dollar / Imperial

OPERATING RESULTS UNDERGROUND OPERATION
Area mined

- 000 m²

- 000 ft²

121

112

117

233

1,301

1,210

1,261

2,511

Milled

- 000 tonnes

- 000 tons

520

467

536

987

573

515

592

1,088

Yield

- g / t

- oz / t

7.35

8.03

6.69

7.67

0.214

0.234

0.195

0.224

Gold produced

- kg

- oz (000)

3,821

3,750

3,589

7,571

122

121

115

243

Gold sold

- kg

- oz (000)

3,817

3,750

3,544

7,567

122

121

114

243

Price received

- R / kg

- $ / oz

- sold

82,361

91,497

90,635

86,888

390

422

364

406

Total cash costs

- R

- $

- ton milled

410

479

381

443

- R / kg

- $ / oz

- produced

55,814

59,808

57,001

57,792

263

275

230

269

Total production costs

- R / kg

- $ / oz

- produced

62,249

66,579

62,724

64,394

294

306

253

300

PRODUCTIVITY PER EMPLOYEE
Target

- g

- oz

212

208

179

210

6.80

6.70

5.75

6.75

Actual

- g

- oz

230

222

159

226

7.41

7.15

5.10

7.28

Target

- m

- ft

6.71

6.53

5.47

6.62

72.23

70.27

58.87

71.25

Actual

- m

- ft

7.29

6.67

5.17

6.97

78.42

71.77

55.68

75.07

FINANCIAL RESULTS (MILLION)
Gold income

300

322

307

622

Cost of sales

246

245

255

491

Cash operating costs

211

222

236

433

Other cash costs

Total cash costs

214

224

239

438

Retrenchment costs

Rehabilitation and other non-cash costs

Production costs

218

230

242

448

Amortisation of mining assets

Inventory change

(5)

(1)

131

Realised non-hedge derivatives

Adjusted operating profit

167

Capital expenditure

107

2003 restated to reflect the change in accounting treatment of ore reserve development expenditure.

South Africa

VAAL RIVER

Quarter

Year

Quarter

Year

ended

to date

ended

to date

June

March

June

March

June

2004

2003

2004

2003

2004

TAU LEKOA MINE

Rand / Metric

Dollar / Imperial

OPERATING RESULTS UNDERGROUND OPERATION
Area mined

- 000 m²

- 000 ft²

109

106

107

215

1,169

1,141

1,159

2,310

Milled

- 000 tonnes

- 000 tons

602

574

606

1,176

664

633

667

1,297

Yield

- g / t

- oz / t

4.17

3.65

4.20

3.91

0.122

0.106

0.122

0.114

Gold produced

- kg

- oz (000)

2,509

2,095

2,539

4,604

148

Gold sold

- kg

- oz (000)

2,506

2,095

2,510

4,601

148

Price received

- R / kg

- $ / oz

- sold

82,373

91,957

90,353

86,736

390

424

364

405

Total cash costs

- R

- $

- ton milled

279

293

256

285

- R / kg

- $ / oz

- produced

67,030

79,795

60,939

72,839

316

367

245

339

Total production costs

- R / kg

- $ / oz

- produced

78,451

92,080

66,387

84,653

370

423

267

394

PRODUCTIVITY PER EMPLOYEE
Target

- g

- oz

221

213

181

217

7.12

6.84

5.81

6.98

Actual

- g

- oz

201

173

174

187

6.46

5.55

5.61

6.01

Target

- m

- ft

9.24

8.85

7.56

9.04

99.47

95.23

81.43

97.35

Actual

- m

- ft

8.70

8.74

7.40

8.72

93.63

94.10

79.63

93.86

FINANCIAL RESULTS (MILLION)
Gold income

198

179

216

377

Cost of sales

201

195

181

396

Cash operating costs

166

170

332

Other cash costs

Total cash costs

167

168

172

335

Retrenchment costs

Rehabilitation and other non-cash costs

Production costs

171

173

342

Amortisation of mining assets

Inventory change

(3)

(16)

(19)

(2)

Realised non-hedge derivatives

Adjusted operating profit

(3)

Capital expenditure

2003 restated to reflect the change in accounting treatment of ore reserve development expenditure.

South Africa

VAAL RIVER

Quarter

Year

Quarter

Year

ended

to date

ended

to date

June

March

June

March

June

2004

2003

2004

2003

2004

SURFACE OPERATIONS

Rand / Metric

Dollar / Imperial

OPERATING RESULTS
Milled

- 000 tonnes

- 000 tons

1,720

1,432

1,527

3,152

1,896

1,579

1,683

3,475

Yield

- g / t

- oz / t

0.55

0.57

0.58

0.56

0.016

0.017

0.016

Gold produced

- kg

- oz (000)

940

817

889

1,757

Gold sold

- kg

- oz (000)

939

817

879

1,756

Price received

- R / kg

- $ / oz

- sold

82,425

90,785

90,435

86,313

391

418

364

404

Total cash costs

- R

- $

- ton milled

- R / kg

- $ / oz

- produced

49,274

54,911

50,220

51,895

232

253

202

242

Total production costs

- R / kg

- $ / oz

- produced

49,274

54,911

50,220

51,895

232

253

202

242

PRODUCTIVITY PER EMPLOYEE
Target

- g

- oz

726

522

313

624

23.33

16.79

10.07

20.06

Actual

- g

- oz

952

793

658

871

30.61

25.49

21.17

28.00

FINANCIAL RESULTS (MILLION)
Gold income

144

Cost of sales

Cash operating costs

Other cash costs

Total cash costs

Retrenchment costs

Rehabilitation and other non-cash costs

Production costs

Amortisation of mining assets

Inventory change

(2)

(1)

(2)

Realised non-hedge derivatives

Adjusted operating profit

Capital expenditure

South Africa

ERGO

Quarter

Year

Quarter

Year

ended

to date

ended

to date

June

March

June

March

June

2004

2003

2004

2003

2004

ERGO

Rand / Metric

Dollar / Imperial

SURFACE AND DUMP RECLAMATION
Material treated

- 000 tonnes

- 000 tons

8,173

7,702

7,849

15,875

9,010

8,489

8,652

17,499

Yield

- g / t

- oz / t

0.23

0.25

0.20

0.24

0.007

0.006

0.007

Gold produced

- kg

- oz (000)

1,855

1,919

1,532

3,774

121

Gold sold

- kg

- oz (000)

1,855

1,918

1,532

3,773

121

Price received

- R / kg

- $ / oz

- sold

81,990

91,379

87,223

86,764

389

422

351

406

Total cash costs

- R

- $

- ton treated

- R / kg

- $ / oz

- produced

82,869

80,908

87,137

81,872

391

372

351

382

Total production costs

- R / kg

- $ / oz

- produced

89,777

88,681

92,996

89,220

424

408

374

416

PRODUCTIVITY PER EMPLOYEE
Target

- g

- oz

274

276

256

275

8.82

8.86

8.24

8.84

Actual

- g

- oz

330

342

260

336

10.61

11.01

8.35

10.81

FINANCIAL RESULTS (MILLION)
Gold income

145

164

132

309

Cost of sales

166

168

141

334

Cash operating costs

153

155

133

308

Other cash costs

Total cash costs

154

155

133

309

Retrenchment costs

Rehabilitation and other non-cash costs

Production costs

167

170

143

337

Amortisation of mining assets

(1)

Inventory change

(1)

(2)

(1)

(3)

(21)

(4)

(9)

(25)

(3)

(1)

(2)

(4)

Realised non-hedge derivatives

Adjusted operating profit

(14)

(8)

(7)

(2)

(1)

Capital expenditure

South Africa

WEST WITS

Quarter

Year

Quarter

Year

ended

to date

ended

to date

June

March

June

March

June

2004

2003

2004

2003

2004

MPONENG MINE

Rand / Metric

Dollar / Imperial

OPERATING RESULTS UNDERGROUND OPERATION
Area mined

- 000 m²

- 000 ft²

152

864

772

909

1,636

Milled

- 000 tonnes

- 000 tons

419

382

438

801

462

421

483

883

Yield

- g / t

- oz / t

7.80

8.47

9.07

8.11

0.227

0.247

0.265

0.237

Gold produced

- kg

- oz (000)

3,266

3,234

3,976

6,500

105

104

128

209

Gold sold

- kg

- oz (000)

3,263

3,233

3,926

6,496

105

104

126

209

Price received

- R / kg

- $ / oz

- sold

81,991

91,490

88,844

86,719

388

421

358

405

Total cash costs

- R

- $

- ton milled

534

578

492

555

- R / kg

- $ / oz

- produced

68,486

68,287

54,200

68,387

323

314

218

319

Total production costs

- R / kg

- $ / oz

- produced

81,698

80,825

64,091

81,264

386

372

258

379

PRODUCTIVITY PER EMPLOYEE
Target

- g

- oz

232

223

189

227

7.45

7.17

6.08

7.31

Actual

- g

- oz

231

227

245

229

7.44

7.29

7.87

7.36

Target

- m

- ft

5.66

5.04

4.67

5.35

60.90

54.25

50.31

57.59

Actual

- m

- ft

5.68

5.03

5.19

5.35

61.18

54.13

55.91

57.64

FINANCIAL RESULTS (MILLION)
Gold income

256

278

337

534

Cost of sales

268

257

525

Cash operating costs

222

219

228

441

Other cash costs

Total cash costs

224

221

230

445

Retrenchment costs

Rehabilitation and other non-cash costs

Production costs

226

224

231

450

Amortisation of mining assets

Inventory change

(5)

(7)

(3)

(1)

(12)

(2)

Realised non-hedge derivatives

Adjusted operating profit

(1)

Capital expenditure

110

187

2003 restated to reflect the change in accounting treatment of ore reserve development expenditure.

South Africa

WEST WITS

Quarter

Year

Quarter

Year

ended

to date

ended

to date

June

March

June

March

June

2004

2003

2004

2003

2004

SAVUKA MINE

Rand / Metric

Dollar / Imperial

OPERATING RESULTS UNDERGROUND OPERATION
Area mined

- 000 m²

- 000 ft²

424

422

410

846

Milled

- 000 tonnes

- 000 tons

198

185

264

383

218

204

291

422

Yield

- g / t

- oz / t

5.87

5.94

6.27

5.90

0.171

0.173

0.183

0.172

Gold produced

- kg

- oz (000)

1,162

1,099

1,653

2,261

Gold sold

- kg

- oz (000)

1,161

1,098

1,629

2,259

Price received

- R / kg

- $ / oz

- sold

81,915

91,858

89,080

86,750

388

423

358

405

Total cash costs

- R

- $

- ton milled

575

577

557

579

- R / kg

- $ / oz

- produced

97,928

98,153

88,835

98,037

462

451

358

457

Total production costs

- R / kg

- $ / oz

- produced

115,465

122,819

97,174

119,041

545

564

391

555

PRODUCTIVITY PER EMPLOYEE
Target

- g

- oz

136

138

125

137

4.36

4.43

4.01

4.39

Actual

- g

- oz

123

111

116

117

3.97

3.56

3.73

3.76

Target

- m

- ft

4.64

4.27

4.18

4.46

49.96

45.98

44.94

47.97

Actual

- m

- ft

4.18

3.95

2.68

4.56

45.00

42.56

28.81

43.75

FINANCIAL RESULTS (MILLION)
Gold income

140

185

Cost of sales

136

131

163

267

Cash operating costs

113

106

156

219

Other cash costs

Total cash costs

115

107

158

222

Retrenchment costs

Rehabilitation and other non-cash costs

Production costs

122

120

160

242

Amortisation of mining assets

Inventory change

(3)

(1)

(2)

(45)

(37)

(23)

(82)

(7)

(5)

(2)

(12)

Realised non-hedge derivatives

Adjusted operating profit

(41)

(30)

(16)

(71)

(7)

(4)

(2)

(11)

Capital expenditure

2003 restated to reflect the change in accounting treatment of ore reserve development expenditure.

South Africa

WEST WITS

Quarter

Year

Quarter

Year

ended

to date

ended

to date

June

March

June

March

June

2004

2003

2004

2003

2004

TAUTONA MINE

Rand / Metric

Dollar / Imperial

OPERATING RESULTS UNDERGROUND OPERATION
Area mined

- 000 m²

- 000 ft²

139

736

756

792

1,492

Milled

- 000 tonnes

- 000 tons

419

375

421

794

462

413

464

875

Yield

- g / t

- oz / t

10.88

12.17

11.93

11.49

0.317

0.355

0.348

0.335

Gold produced

- kg

- oz (000)

4,559

4,558

5,024

9,117

147

146

161

293

Gold sold

- kg

- oz (000)

4,555

4,557

4,955

9,112

146

147

159

293

Price received

- R / kg

- $ / oz

- sold

82,055

91,932

88,645

86,995

389

424

357

406

Total cash costs

- R

- $

- ton milled

529

587

493

556

- R / kg

- $ / oz

- produced

48,572

48,283

41,299

48,428

229

222

166

226

Total production costs

- R / kg

- $ / oz

- produced

61,076

60,523

48,806

60,800

289

278

196

284

PRODUCTIVITY PER EMPLOYEE
Target

- g

- oz

338

328

298

333

10.87

10.54

9.59

10.70

Actual

- g

- oz

324

315

298

319

10.41

10.11

9.59

10.26

Target

- m

- ft

5.15

4.94

4.55

5.04

55.46

53.15

49.03

54.29

Actual

- m

- ft

4.85

4.37

4.85

52.20

47.02

52.20

FINANCIAL RESULTS (MILLION)
Gold income

357

391

423

748

112

Cost of sales

286

265

244

551

Cash operating costs

219

218

229

437

Other cash costs

Total cash costs

222

220

231

442

Retrenchment costs

Rehabilitation and other non-cash costs

Production costs

224

229

233

453

Amortisation of mining assets

101

Inventory change

(11)

(1)

(3)

(2)

126

179

197

Realised non-hedge derivatives

Adjusted operating profit

154

195

241

Capital expenditure

101

167

2003 restated to reflect the change in accounting treatment of ore reserve development expenditure.

Argentina

Quarter

Year

Quarter

Year

ended

to date

ended

to date

June

March

June

March

June

2004

2003

2004

2003

2004

CERRO VANGUARDIA - Attributable 92.50%

Rand / Metric

Dollar / Imperial

OPERATING RESULTS OPEN-PIT OPERATION
Mined

- 000 tonnes

- 000 tons

4,386

3,923

4,153

8,309

4,834

4,325

4,577

9,159

Treated

- 000 tonnes

- 000 tons

227

189

227

416

250

208

251

458

Stripping ratio

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

19.05

19.24

19.23

19.14

19.05

19.24

19.23

19.14

Yield

- g / t

- oz / t

6.39

5.81

6.70

6.13

0.186

0.169

0.196

0.179

Gold in ore

- kg

- oz (000)

1,524

1,110

1,593

2,634

Gold produced

- kg

- oz (000)

1,449

1,097

1,524

2,546

Gold sold

- kg

- oz (000)

1,438

1,215

1,605

2,653

Price received

- R / kg

- $ / oz

- sold

76,430

80,058

85,207

78,092

361

367

343

364

Total cash costs

- R / kg

- $ / oz

- produced

39,673

42,188

37,753

39,861

187

184

152

186

Total production costs

- R / kg

- $ / oz

- produced

68,938

73,323

67,966

70,860

325

337

274

330

PRODUCTIVITY PER EMPLOYEE
Target

- g

- oz

962

727

1,613

843

30.94

23.36

51.85

27.11

Actual

- g

- oz

814

628

1,052

722

26.18

20.21

33.83

23.22

FINANCIAL RESULTS (MILLION)
Gold income

120

106

143

226

Cost of sales

105

104

188

Cash operating costs

Other cash costs

Total cash costs

102

Rehabilitation and other non-cash costs

Production costs

103

Amortisation of mining assets

Inventory change

Realised non-hedge derivatives

(1)

(2)

Adjusted operating profit

Capital expenditure

Australia

Quarter

Year

Quarter

Year

ended

to date

ended

to date

June

March

June

March

June

2004

2003

2004

2003

2004

SUNRISE DAM

Rand / Metric

Dollar / Imperial

OPERATING RESULTS OPEN-PIT OPERATION
Volume mined

- 000 bcm

- 000 bcy

4,171

4,011

5,583

8,182

5,454

5,247

7,303

10,701

Treated

- 000 tonnes

- 000 tons

866

948

879

1,814

955

1,045

969

2,000

Stripping ratio

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

8.94

14.40

17.24

11.02

8.94

14.40

17.24

11.02

Yield

- g / t

- oz / t

3.47

2.84

2.97

3.14

0.101

0.083

0.087

0.092

Gold produced

- kg

- oz (000)

3,008

2,693

2,613

5,701

184

Gold sold

- kg

- oz (000)

3,010

2,695

2,797

5,705

184

Price received

- R / kg

- $ / oz

- sold

88,462

103,623

91,104

95,624

422

480

366

449

Total cash costs

- R / kg

- $ / oz

- produced

53,942

59,584

60,712

56,608

255

274

244

264

Total production costs

- R / kg

- $ / oz

- produced

67,013

74,051

78,480

70,338

317

341

315

328

PRODUCTIVITY PER EMPLOYEE
Target

- g

- oz

2,552

2,150

3,056

2,351

82.03

69.12

98.24

75.58

Actual

- g

- oz

2,827

2,526

2,782

2,676

90.88

81.22

89.44

86.04

FINANCIAL RESULTS (MILLION)
Gold income

273

246

255

519

Cost of sales

148

207

355

Cash operating costs

156

155

152

311

Other cash costs

Total cash costs

162

161

158

323

Rehabilitation and other non-cash costs

Production costs

164

163

160

327

Amortisation of mining assets

Inventory change

(53)

(46)

(8)

(7)

125

164

Realised non-hedge derivatives

(6)

(1)

Adjusted operating profit

119

191

Capital expenditure

Brazil

Quarter

Year

Quarter

Year

ended

to date

ended

to date

June

March

June

March

June

2004

2003

2004

2003

2004

ANGLOGOLD ASHANTI BRAZIL

Rand / Metric

Dollar / Imperial

OPERATING RESULTS UNDERGROUND OPERATION
Mined

- 000 tonnes

- 000 tons

220

185

231

405

242

204

255

446

Treated

- 000 tonnes

- 000 tons

214

189

235

403

236

208

258

444

Yield

- g / t

- oz / t

7.91

7.77

6.69

7.85

0.231

0.227

0.195

0.229

Gold in ore

- kg

- oz (000)

1,880

1,580

1,686

3,460

111

Gold produced

- kg

- oz (000)

1,694

1,468

1,569

3,162

102

OPEN-PIT OPERATION
Mined

- 000 tonnes

- 000 tons

262

289

Treated

- 000 tonnes

- 000 tons

Stripping ratio

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

0.23

1.72

13.52

0.87

0.23

1.72

13.52

0.87

Yield

- g / t

- oz / t

3.54

3.97

3.35

3.72

0.103

0.116

0.098

0.108

Gold in ore

- kg

- oz (000)

148

Gold produced

- kg

- oz (000)

149

HEAP LEACH OPERATION
Mined

- 000 tonnes

- 000 tons

638

209

1 143

847

704

230

1,259

934

Placed

- 000 tonnes

- 000 tons

Stripping ratio

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

12.93

8.81

34.40

11.62

12.93

8.81

34.40

11.62

Yield

- g / t

- oz / t

4.45

3.71

2.72

4.23

0.130

0.108

0.079

0.123

Gold placed

- kg

- oz (000)

204

280

Gold produced

- kg

- oz (000)

226

100

326

TOTAL Yield

- g / t

- oz / t

7.48

7.47

6.46

7.47

0.218

0.188

0.218

Gold produced

- kg

- oz (000)

2,003

1,634

1,722

3,637

117

Gold sold

- kg

- oz (000)

2,014

1,645

1,763

3,659

118

Price received

- R / kg

- $ / oz

- sold

83,520

76,267

88,835

80,258

393

350

357

374

Total cash costs

- R / kg

- $ / oz

- produced

27,300

30,240

35,631

28,620

129

139

143

133

Total production costs

- R / kg

- $ / oz

- produced

37,993

42,576

50,421

40,051

179

196

203

187

PRODUCTIVITY PER EMPLOYEE
Target

- g

- oz

576

505

427

540

18.53

16.23

13.74

17.38

Actual

- g

- oz

640

521

443

581

20.58

16.76

14.24

18.67

FINANCIAL RESULTS (MILLION)
Gold income

150

130

152

280

Cost of sales

146

Cash operating costs

101

Other cash costs

Total cash costs

104

Rehabilitation and other non-cash costs

Production costs

104

Amortisation of mining assets

Inventory change

134

Realised non-hedge derivatives

(5)

(1)

Adjusted operating profit

147

Capital expenditure

Tonnes / Tons placed onto leach pad.

Gold placed / tonnes (tons) placed.

Gold placed into leach pad inventory.

Total yield excludes the heap leach operation

Brazil

Quarter

Year

Quarter

Year

ended

to date

ended

to date

June

March

June

March

June

2004

2003

2004

2003

2004

SERRA GRANDE - Attributable 50%

Rand / Metric

Dollar / Imperial

OPERATING RESULTS UNDERGROUND OPERATION
Mined

- 000 tonnes

- 000 tons

186

101

104

102

205

Treated

- 000 tonnes

- 000 tons

184

102

101

104

203

Yield

- g / t

- oz / t

7.87

7.65

7.94

7.76

0.230

0.223

0.232

0.226

Gold in ore

- kg

- oz (000)

765

734

775

1,499

Gold produced

- kg

- oz (000)

729

700

749

1,429

Gold sold

- kg

- oz (000)

689

727

778

1,416

Price received

- R / kg

- $ / oz

- sold

83,035

74,158

88,972

78,478

391

343

357

367

Total cash costs

- R / kg

- $ / oz

- produced

26,504

28,127

25,756

27,299

125

130

104

127

Total production costs

- R / kg

- $ / oz

- produced

35,340

38,096

39,655

36,690

167

175

160

171

PRODUCTIVITY PER EMPLOYEE
Target

- g

- oz

839

815

889

827

26.96

26.20

28.60

26.58

Actual

- g

- oz

861

840

957

850

27.67

26.99

30.78

27.34

FINANCIAL RESULTS (MILLION)
Gold income

106

Cost of sales

Cash operating costs

Other cash costs

Total cash costs

Rehabilitation and other non-cash costs

Production costs

Amortisation of mining assets

Inventory change

(1)

Realised non-hedge derivatives

(1)

Adjusted operating profit

Capital expenditure

Ghana

Quarter

Year

Quarter

Year

ended

to date

ended

to date

June

March

June

March

June

2004

2003

2004

2003

2004

BIBIANI

Rand / Metric

Dollar / Imperial

OPERATING RESULTS UNDERGROUND OPERATION
Mined

- 000 tonnes

- 000 tons

Treated

- 000 tonnes

- 000 tons

Yield

- g / t

- oz / t

3.28

0.096

Gold in ore

- kg

- oz (000)

Gold produced

- kg

- oz (000)

OPEN-PIT OPERATION
Mined

- 000 tonnes

- 000 tons

729

804

Treated

- 000 tonnes

- 000 tons

440

485

Stripping ratio

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

2.83

Yield

- g / t

- oz / t

1.78

0.052

Gold in ore

- kg

- oz (000)

522

Gold produced

- kg

- oz (000)

783

TOTAL Yield

- g / t

- oz / t

1.79

0.052

Gold produced

- kg

- oz (000)

788

Gold sold

- kg

- oz (000)

788

Price received

- R / kg

- $ / oz

- sold

82,555

391

Total cash costs

- R / kg

- $ / oz

- produced

50,177

237

Total production costs

- R / kg

- $ / oz

- produced

75,617

358

PRODUCTIVITY PER EMPLOYEE
Target

- g

- oz

1,244

40.00

Actual

- g

- oz

1,024

32.92

FINANCIAL RESULTS (MILLION)
Gold income

Cost of sales

Cash operating costs

Other cash costs

Total cash costs

Rehabilitation and other non-cash costs

Production costs

Amortisation of mining assets

Inventory change

Realised non-hedge derivatives

(1)

Adjusted operating profit

Capital expenditure

Ghana

Quarter

Year

Quarter

Year

ended

to date

ended

to date

June

March

June

March

June

2004

2003

2004

2003

2004

IDUAPRIEM - Attributable 85%

Rand / Metric

Dollar / Imperial

OPERATING RESULTS OPEN-PIT OPERATION
Mined

- 000 tonnes

- 000 tons

3,315

3,655

Treated

- 000 tonnes

- 000 tons

542

597

Stripping ratio

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

4.80

Yield

- g / t

- oz / t

1.48

0.043

Gold in ore

- kg

- oz (000)

1,019

Gold produced

- kg

- oz (000)

802

HEAP LEACH OPERATION
Mined

- 000 tonnes

- 000 tons

Placed

- 000 tonnes

- 000 tons

Gold produced

- kg

- oz (000)

TOTAL Yield

- g / t

- oz / t

1.48

0.043

Gold produced

- kg

- oz (000)

838

Gold sold

- kg

- oz (000)

845

Price received

- R / kg

- $ / oz

- sold

84,757

400

Total cash costs

- R / kg

- $ / oz

- produced

65,545

309

Total production costs

- R / kg

- $ / oz

- produced

84,258

397

PRODUCTIVITY PER EMPLOYEE
Target

- g

- oz

807

25.96

Actual

- g

- oz

609

19.59

FINANCIAL RESULTS (MILLION)
Gold income

Cost of sales

Cash operating costs

Other cash costs

Total cash costs

Rehabilitation and other non-cash costs

Production costs

Amortisation of mining assets

Inventory change

(1)

Realised non-hedge derivatives

(3)

(1)

Adjusted operating profit

Capital expenditure

Tonnes / Tons placed onto leach pad.

Total yield excludes the heap leach operation

Ghana

Quarter

Year

Quarter

Year

ended

to date

ended

to date

June

March

June

March

June

2004

2003

2004

2003

2004

OBUASI

Rand / Metric

Dollar / Imperial

OPERATING RESULTS UNDERGROUND OPERATION
Mined

- 000 tonnes

- 000 tons

330

363

Treated

- 000 tonnes

- 000 tons

344

379

Yield

- g / t

- oz / t

5.39

0.157

Gold in ore

- kg

- oz (000)

2,305

Gold produced

- kg

- oz (000)

1,852

SURFACE AND DUMP RECLAMATION
Treated

- 000 tonnes

- 000 tons

247

272

Yield

- g / t

- oz / t

0.68

0.020

Gold produced

- kg

- oz (000)

168

OPEN-PIT OPERATION
Mined

- 000 tonnes

- 000 tons

583

643

Treated

- 000 tonnes

- 000 tons

109

Stripping ratio

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

6.93

Yield

- g / t

- oz / t

1.76

0.051

Gold in ore

- kg

- oz (000)

354

Gold produced

- kg

- oz (000)

175

TOTAL Yield

- g / t

- oz / t

3.18

0.093

Gold produced

- kg

- oz (000)

2,194

Gold sold

- kg

- oz (000)

2,167

Price received

- R / kg

- $ / oz

- sold

84,892

400

Total cash costs

- R / kg

- $ / oz

- produced

61,905

292

Total production costs

- R / kg

- $ / oz

- produced

86,944

410

PRODUCTIVITY PER EMPLOYEE
Target

- g

- oz

238

7.65

Actual

- g

- oz

210

6.75

FINANCIAL RESULTS (MILLION)
Gold income

192

Cost of sales

186

Cash operating costs

127

Other cash costs

Total cash costs

136

Rehabilitation and other non-cash costs

Production costs

136

Amortisation of mining assets

Inventory change

(5)

(1)

Realised non-hedge derivatives

(8)

(1)

Adjusted operating profit

(2)

Capital expenditure

Guinea

Quarter

Year

Quarter

Year

ended

to date

ended

to date

June

March

June

March

June

2004

2003

2004

2003

2004

SIGUIRI - Attributable 85%

Rand / Metric

Dollar / Imperial

OPERATING RESULTS HEAP LEACH OPERATION
Mined

- 000 tonnes

- 000 tons

1 029

1,135

Placed

- 000 tonnes

- 000 tons

593

653

Stripping ratio

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

0.46

Yield

- g / t

- oz / t

1.12

0.033

Gold placed

- kg

- oz (000)

663

Gold produced

- kg

- oz (000)

535

Gold sold

- kg

- oz (000)

Price received

- R / kg

- $ / oz

- sold

Total cash costs

- R / kg

- $ / oz

- produced

82,013

386

Total production costs

- R / kg

- $ / oz

- produced

109,599

516

PRODUCTIVITY PER EMPLOYEE
Target

- g

- oz

566

18.21

Actual

- g

- oz

273

8.78

FINANCIAL RESULTS (MILLION)
Gold income

Cost of sales

Cash operating costs

Other cash costs

Total cash costs

Rehabilitation and other non-cash costs

Production costs

Amortisation of mining assets

Inventory change

(49)

(8)

(9)

(1)

Realised non-hedge derivatives

(4)

(1)

Adjusted operating profit

(13)

(2)

Capital expenditure

Tonnes / Tons placed onto leach pad.

Gold placed / tonnes (tons) placed.

Gold placed into leach pad inventory.

Mali

Quarter

Year

Quarter

Year

ended

to date

ended

to date

June

March

June

March

June

2004

2003

2004

2003

2004

MORILA - Attributable 40%

Rand / Metric

Dollar / Imperial

OPERATING RESULTS OPEN-PIT OPERATION
Volume mined

- 000 bcm

- 000 bcy

786

994

827

1,780

1,028

1,300

1,083

2,328

Mined

- 000 tonnes

- 000 tons

2,175

2,696

2,131

4,871

2,397

2,972

2,350

5,369

Treated

- 000 tonnes

- 000 tons

346

318

308

664

382

350

340

732

Stripping ratio

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

4.11

5.59

3.19

4.84

4.11

5.59

3.19

4.84

Yield

- g / t

- oz / t

3.06

4.19

9.54

3.60

0.089

0.122

0.278

0.105

Gold produced

- kg

- oz (000)

1,058

1,332

2,942

2,390

Gold sold

- kg

- oz (000)

1,089

1,287

3,005

2,376

Price received

- R / kg

- $ / oz

- sold

74,061

81,026

84,164

77,833

353

374

337

365

Total cash costs

- R / kg

- $ / oz

- produced

50,383

34,345

23,387

41,445

238

158

194

Total production costs

- R / kg

- $ / oz

- produced

72,640

54,949

38,758

62,781

344

253

156

293

PRODUCTIVITY PER EMPLOYEE
Target

- g

- oz

2,302

2,281

3,863

2,291

74.02

73.33

124.18

73.67

Actual

- g

- oz

1,353

1,822

4,282

1,580

43.51

58.59

137.67

50.79

FINANCIAL RESULTS (MILLION)
Gold income

103

253

182

Cost of sales

115

147

Cash operating costs

Other cash costs

Total cash costs

Rehabilitation and other non-cash costs

Production costs

102

Amortisation of mining assets

Inventory change

(4)

(3)

(1)

138

Realised non-hedge derivatives

Adjusted operating profit

138

Capital expenditure

Mali

Quarter

Year

Quarter

Year

ended

to date

ended

to date

June

March

June

March

June

2004

2003

2004

2003

2004

SADIOLA - Attributable 38%

Rand / Metric

Dollar / Imperial

OPERATING RESULTS OPEN-PIT OPERATION
Volume mined

- 000 bcm

- 000 bcy

751

819

966

1,570

981

1,072

1,263

2,053

Mined

- 000 tonnes

- 000 tons

1,386

1,545

1,840

2,931

1,528

1,703

2,028

3,231

Treated

- 000 tonnes

- 000 tons

493

439

491

932

543

484

541

1,027

Stripping ratio

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

1.17

1.31

1.70

1.24

1.17

1.31

1.70

1.24

Yield

- g / t

- oz / t

2.82

3.15

2.52

2.97

0.082

0.092

0.074

0.087

Gold produced

- kg

- oz (000)

1,386

1,385

1,237

2,771

Gold sold

- kg

- oz (000)

1,375

1,394

1,193

2,769

Price received

- R / kg

- $ / oz

- sold

82,614

88,501

86,457

85,578

392

408

347

400

Total cash costs

- R / kg

- $ / oz

- produced

49,087

46,977

52,990

48,033

232

216

213

224

Total production costs

- R / kg

- $ / oz

- produced

61,607

59,859

68,618

60,734

291

276

283

PRODUCTIVITY PER EMPLOYEE
Target

- g

- oz

1,676

2,061

2,115

1,869

53.89

66.28

68.01

60.08

Actual

- g

- oz

1,967

1,907

1,808

1,936

63.24

61.30

58.12

62.26

FINANCIAL RESULTS (MILLION)
Gold income

115

123

103

238

Cost of sales

168

Cash operating costs

116

Other cash costs

Total cash costs

133

Rehabilitation and other non-cash costs

Production costs

135

Amortisation of mining assets

Inventory change

(1)

(3)

(1)

Realised non-hedge derivatives

(1)

Adjusted operating profit

Capital expenditure

Mali

Quarter

Year

Quarter

Year

ended

to date

ended

to date

June

March

June

March

June

2004

2003

2004

2003

2004

YATELA - Attributable 40%

Rand / Metric

Dollar / Imperial

OPERATING RESULTS
HEAP LEACH OPERATION

Mined

- 000 tonnes

- 000 tons

1,985

2,967

1,782

4,952

2,187

3,271

1,965

5,458

Placed

- 000 tonnes

- 000 tons

303

258

278

561

334

284

307

618

Stripping ratio

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

4.91

6.70

7.18

5.87

4.91

6.70

7.18

5.87

Yield

- g / t

- oz / t

3.61

3.58

3.82

3.60

0.105

0.104

0.112

0.105

Gold placed

- kg

- oz (000)

1,094

922

1,064

2,016

Gold produced

- kg

- oz (000)

769

635

931

1,404

Gold sold

- kg

- oz (000)

880

566

878

1,446

Price received

- R / kg

- $ / oz

- sold

83,553

87,528

86,232

85,110

395

405

346

399

Total cash costs

- R / kg

- $ / oz

- produced

50,423

59,557

49,406

54,553

238

274

198

255

Total production costs

- R / kg

- $ / oz

- produced

62,370

73,064

61,318

67,205

295

338

246

314

PRODUCTIVITY PER EMPLOYEE
Target

- g

- oz

1,044

937

1,667

991

33.58

30.13

53.60

31.86

Actual

- g

- oz

914

730

1 383

820

29.38

23.47

44.46

26.38

FINANCIAL RESULTS (MILLION)
Gold income

123

Cost of sales

Cash operating costs

Other cash costs

Total cash costs

Rehabilitation and other non-cash costs

Production costs

Amortisation of mining assets

Inventory change

(3)

(1)

Realised non-hedge derivatives

Adjusted operating profit

Capital expenditure

Tonnes / Tons placed onto leach pad.

Gold placed / tonnes (tons) placed.

Gold placed into leach pad inventory.

Namibia

Quarter

Year

Quarter

Year

ended

to date

ended

to date

June

March

June

March

June

2004

2003

2004

2003

2004

NAVACHAB

Rand / Metric

Dollar / Imperial

OPERATING RESULTS OPEN-PIT OPERATION
Volume mined

- 000 bcm

- 000 bcy

360

471

Mined

- 000 tonnes

- 000 tons

974

1,074

Treated

- 000 tonnes

- 000 tons

345

299

344

644

381

329

380

710

Stripping ratio

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

0.33

0.69

0.35

0.33

0.69

0.35

Yield

- g / t

- oz / t

1.46

1.54

1.90

1.50

0.042

0.045

0.056

0.044

Gold produced

- kg

- oz (000)

503

460

657

963

Gold sold

- kg

- oz (000)

538

460

657

998

Price received

- R / kg

- $ / oz

- sold

83,549

87,867

85,900

85,538

396

406

346

400

Total cash costs

- R / kg

- $ / oz

- produced

67,876

65,487

54,756

66,734

320

302

220

312

Total production costs

- R / kg

- $ / oz

- produced

76,372

70,177

57,533

73,412

360

324

231

343

PRODUCTIVITY PER EMPLOYEE
Target

- g

- oz

405

521

626

463

13.02

16.76

20.12

14.89

Actual

- g

- oz

783

732

634

758

25.19

23.52

20.40

24.36

FINANCIAL RESULTS (MILLION)
Gold income

Cost of sales

Cash operating costs

Other cash costs

Total cash costs

Rehabilitation and other non-cash costs

(1)

Production costs

Amortisation of mining assets

Inventory change

Realised non-hedge derivatives

Adjusted operating profit

Capital expenditure

101

105

USA

Quarter

Year

Quarter

Year

ended

to date

ended

to date

June

March

June

March

June

2004

2003

2004

2003

2004

CRIPPLE CREEK & VICTOR J.V.

Rand / Metric

Dollar / Imperial

OPERATING RESULTS HEAP LEACH OPERATION
Mined

- 000 tonnes

- 000 tons

13,885

14,434

10,189

28,319

15,305

15,911

11,232

31,216

Placed

- 000 tonnes

- 000 tons

4,722

4,432

4,365

9,154

5,206

4,885

4,811

10,091

Stripping ratio

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

2.14

2.13

1.54

2.13

2.14

2.13

1.54

2.13

Yield

- g / t

- oz / t

0.59

0.67

0.72

0.63

0.017

0.020

0.021

0.018

Gold placed

- kg

- oz (000)

2,795

2,972

3,157

5,767

102

185

Gold produced

- kg

- oz (000)

2,373

2,237

2,433

4,610

148

Gold sold

- kg

- oz (000)

2,375

2,306

2,433

4,681

150

Price received

- R / kg

- $ / oz

- sold

68,941

65,879

85,559

67,433

327

302

344

315

Total cash costs

- R / kg

- $ / oz

- produced

44,081

45,307

46,736

44,676

208

188

208

Total production costs

- R / kg

- $ / oz

- produced

57,610

64,726

77,817

61,064

272

297

313

284

PRODUCTIVITY PER EMPLOYEE
Target

- g

- oz

2,857

2,696

2,488

2,777

91.85

86.69

80.00

89.27

Actual

- g

- oz

2,513

2,383

2,447

2,448

80.80

76.60

78.68

78.71

FINANCIAL RESULTS (MILLION)
Gold income

167

153

205

320

Cost of sales

137

145

189

282

Cash operating costs

127

129

142

256

Other cash costs

Total cash costs

131

134

147

265

Rehabilitation and other non-cash costs

(7)

(6)

(14)

(1)

(2)

Production costs

124

127

141

251

Amortisation of mining assets

134

Inventory change

(47)

(56)

(34)

(103)

(7)

(8)

(4)

(15)

Realised non-hedge derivatives

(3)

(1)

(4)

(1)

Adjusted operating profit

Capital expenditure

Tonnes / Tons placed onto leach pad.

Gold placed / tonnes (tons) placed.

Gold placed into leach pad inventory.

Total cash cost calculation includes inventory change.

Tanzania

Quarter

Year

Quarter

Year

ended

to date

ended

to date

June

March

June

March

June

2004

2003

2004

2003

2004

GEITA - Attributable 100% May 2004

Rand / Metric

Dollar / Imperial

OPERATING RESULTS OPEN-PIT OPERATION
Volume mined

- 000 bcm

- 000 bcy

4,367

3,036

2,957

7,402

5,677

3,971

3,868

9,648

Mined

- 000 tonnes

- 000 tons

11,236

7,792

7,849

19,028

12,386

8,589

8,651

20,975

Treated

- 000 tonnes

- 000 tons

1,253

721

747

1,974

1,382

794

823

2,176

Stripping ratio

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

6.60

10.53

10.93

7.83

6.60

10.53

10.93

7.83

Yield

- g / t

- oz / t

3.46

4.02

2.58

3.66

0.101

0.117

0.075

0.107

Gold produced

- kg

- oz (000)

4,339

2,895

1,925

7,234

140

233

Gold sold

- kg

- oz (000)

3,949

2,895

1,925

6,844

127

220

Price received

- R / kg

- $ / oz

- sold

76,043

75,103

76,380

75,646

357

347

307

352

Total cash costs

- R / kg

- $ / oz

- produced

48,015

41,193

57,231

45,284

226

190

230

212

Total production costs

- R / kg

- $ / oz

- produced

64,139

51,075

66,274

58,910

302

235

267

275

PRODUCTIVITY PER EMPLOYEE
Target

- g

- oz

1,187

1,360

1,342

1,251

38.18

43.71

43.13

40.21

Actual

- g

- oz

1,159

1,333

934

1,223

37.26

42.85

30.03

39.31

FINANCIAL RESULTS (MILLION)
Gold income

299

216

145

515

Cost of sales

256

146

126

402

Cash operating costs

193

109

103

302

Other cash costs

Total cash costs

209

119

110

328

Rehabilitation and other non-cash costs

Production costs

211

120

111

331

Amortisation of mining assets

Inventory change

(23)

(2)

(1)

(25)

(4)

113

Realised non-hedge derivatives

Adjusted operating profit

118

Capital expenditure

Zimbabwe

Quarter

Year

Quarter

Year

ended

to date

ended

to date

June

March

June

March

June

2004

2003

2004

2003

2004

FREDA-REBECCA

Rand / Metric

Dollar / Imperial

OPERATING RESULTS UNDERGROUND OPERATION
Mined

- 000 tonnes

- 000 tons

Treated

- 000 tonnes

- 000 tons

Yield

- g / t

- oz / t

1.68

0.049

Gold in ore

- kg

- oz (000)

Gold produced

- kg

- oz (000)

OPEN-PIT OPERATION
Mined

- 000 tonnes

- 000 tons

Treated

- 000 tonnes

- 000 tons

Stripping ratio

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

0.84

Yield

- g / t

- oz / t

1.48

0.043

Gold in ore

- kg

- oz (000)

Gold produced

- kg

- oz (000)

TOTAL Yield

- g / t

- oz / t

1.60

0.047

Gold produced

- kg

- oz (000)

125

Gold sold

- kg

- oz (000)

125

Price received

- R / kg

- $ / oz

- sold

88,265

418

Total cash costs

- R / kg

- $ / oz

- produced

95,120

447

Total production costs

- R / kg

- $ / oz

- produced

115,258

543

PRODUCTIVITY PER EMPLOYEE
Target

- g

- oz

203

6.52

Actual

- g

- oz

2.67

FINANCIAL RESULTS (MILLION)
Gold income

Cost of sales

Cash operating costs

Other cash costs

Total cash costs

Rehabilitation and other non-cash costs

Production costs

Amortisation of mining assets

Inventory change

(4)

(1)

Realised non-hedge derivatives

Adjusted operating profit

(4)

(1)

Capital expenditure

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 Ashanti's exploration and production projects, and its liquidity and capital resources and expenditure, contain certain forward-

looking statements regarding AngloGold Ashanti's operations, economic performance and financial condition. Although AngloGold Ashanti

believes that the expectations reflected in such forward-looking statements are reasonable, no assurance can be given that such expectations

will prove to have been correct. Accordingly, results could differ materially from those set out in the forward-looking statements as a result of,

among other factors, changes in economic and market conditions, success of business and operating initiatives, changes in the regulatory

environment and other government actions, fluctuations in gold prices and exchange rates, and business and operational risk management. For

a discussion on such risk factors, refer to AngloGold's annual report on Form 20-F for the year ended 31 December 2003, which was filed with

the Securities and Exchange Commission (SEC) on 19 March 2004.

Administrative

information

NGLO

OLD

SHANTI

IMITED

(formerly: AngloGold Limited)

Registration No. 1944/017354/06

Incorporated in the Republic of South

Africa
ISIN: ZAE000043485

Share codes:

JSE:

ANG

LSE:

AGD

NYSE:

ASX:

AGG

GSE:

AGA

Euronext Paris:

Euronext Brussels:

ANG BB

JSE Sponsor:

UBS

Auditors:

Ernst & Young

Contacts

South Africa

Steve Lenahan

Telephone: +27 11 637 6248

Fax: +27 11 637 6400

E-mail:
slenahan@anglogoldashanti.com

Michael Clements

Telephone: +27 11 637 6647

Fax: +27 11 637 6400

E-mail: mclements@anglogoldashanti.com

United States of America

Charles Carter

Telephone: (800) 417 9255 (toll free in

USA and Canada) or +1 212 750 7999

Fax: +1 212 750 5626
E-mail:

cecarter@anglogoldashanti.com

Australia

Andrea Maxey

Telephone: +61 8 9425 4604
Fax: +61 8 9425 4662

E-mail:

amaxey@anglogoldashanti.com.au

General E-mail enquiries

investors@anglogoldashanti.com

AngloGold Ashanti website

http://www.anglogoldashanti.com

Directors

Executive

R M Godsell (Chief Executive Officer)
J G Best

D L Hodgson

Dr S E Jonah KBE

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 *)
S R Thompson *

A J Trahar

P L Zim (Alternate: D D Barber)

* British

American

Ghanaian

Offices

Registered and Corporate
Managing Secretary

Ms Y Z Simelane

Company Secretary
C R Bull

11 Diagonal Street

Johannesburg 2001
(PO Box 62117, Marshalltown 2107)

South Africa

Telephone: +27 11 637 6000
Fax: +27 11 637 6624

Australia
Level 13, St Martins Tower

44 St George's Terrace

Perth, WA 6000
(PO Box Z5046, Perth WA 6831)

Australia

Telephone: +61 8 9425 4604
Fax: +61 8 9425 4662

United Kingdom Secretaries

St James's Corporate Services Limited
6 St James's Place

London SW1A 1NP

England
Telephone: +44 20 7499 3916

Fax: +44 20 7491 1989

Share Registrars

South Africa

Computershare Investor Services
2004 (Pty) 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
P O 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

Ghana

NTHC Limited

Martco House
Off Kwame Nkrumah Avenue

POBox K1A 9563 Airport

Accra
Ghana

Telephone: +233 21 238492-3

Fax: +233 21 229975

ADR Depositary
The Bank of New York ("BoNY")

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

BoNY maintains a direct share
purchase and dividend

reinvestment plan for A

NGLO

OLD

SHANTI

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.

July 30, 2004

By:

/s/ C R Bull

Name: C R Bull

Title: Company Secretary