Page 1

Alec: What about the cost or the value of ounces in the ground? South African gold ounces have made progress compared to other parts of the world. But they do still lag?

Bobby: Gold companies trade at a premium to their net asset value. It's true that some of the North Americans trade at a larger premium. That premium is one of two things. It's either a bet on the gold price or it's the view that management is smart enough to buy new mines, prove up new reserves.

I am happy to accept the challenge for AngloGold that we will grow the company in terms of profitable ounces into the future. I am not terribly worried about competing with the North Americans.

Alec: Last year you said you were going to significantly increase your investment in exploration.

Bobby: We have, through two different strategies. Brownfields exploration means you are drilling for ounces where you already have infrastructure. They are very nice ounces because if you find more, you don't have to spend capital to sink the shaft or build the plant. Particularly with open-pit mining, companies often starve the brownfields budget and only drill to have the certainty for another six or 12 months of production. Every Dollar we spend in brownfields exploration wins reserve ounces. Our exploration budget is about $60m - two thirds of that is brownfields.

Greenfields is different. I can only explain it in non-technical terms. It's about God's sense of humour, because God put gold in interesting places. He didn't put it in Switzerland or Singapore. So we look for gold in new and interesting places we have just opened an office in Mongolia.

We have a map that tells us in terms of basic geological theory where you could expect major gold mineralisation through different mineralisation processes. It's a disappointing map, because a large part of the world is prospective. It would be super if you could only concentrate on two or three places. China

and India ought to be very prospective. Places that have been poorly surveyed, poorly explored, obviously hold quite a lot of potential. We are very excited about Peru, about the Great Lakes area of Africa.

In greenfields exploration you have to take some risks - you have got to try 20 things and expect 19 of them to fail.

Alec: Could there be another Wits Basin out there?

Bobby: It's hard to believe that it's entirely unique. We do understand the Basin extremely well. We have looked in other parts of the world; we understand the palaeontological and ageing-of-the-earth signmarks. It would be wonderful to find another. We are delighted to find any decent orebody that we can make money out of.

Alec: What about Australia? Do you think there could be a big find waiting there?

Bobby: We are very excited about two orebodies that we have interests in.

At Sunrise Dam mine, we have dramatically expanded the size of that open-pit operation and are immensely excited about the brownfields potential. Every time we put the drill down we come up with excellent results. I would be very surprised if we didn't significantly extend its life going forward.

The Boddington project is one of the largest and longest life

gold orebodies in the world. We share that with Newmont, who succeeded Normandy in ownership, and Newcrest, and we are trying to find the right model to expand it.

Alec: An area where you do have a distinct advantage that you have already turned to account is on the continent of Africa.

Bobby: It's our continent, it's our home. The great thing about South Africans is that they understand about cultural diversity. We are a world in one country and no manager can assume that he knows what the people who work with him think. He's got to take the effort to find out. It's been wonderful to see Afrikaners from the Free State go to Morila in Mali, an Islamic country, French-speaking, and turn out to be very good leaders of people.

Equally, we are completely committed to developing talent

from those countries. Mali has had no modern mining history. We are running three world-class mines there with overwhelmingly local people.

Alec: There's been criticism of South African gold companies for decades about not beneficiating. A couple of years ago you made a move into this field by the acquisition of a company called OroAfrica - a reconnaissance investment. How has that turned out?

Bobby: It has done pretty well. This was part of the journey we started on seven years ago.

It's very interesting that the first sentence of every conversation about gold is a conversation about price. It's indicative of an industry that hasn't grown up, because industries don't do well because of price, they do well because of profit. The auto industry and other industries are not fascinated by price. They are interested in sales, consumers and customers.

INTERVIEW WITH THE CHIEF EXECUTIVE OFFICER

ANGLO GOLD LIMITED ANNUAL REPORT 2002

In greenfields exploration you have to take some risks you have got to try 20 things and expect 19 of them to fail.

INTERVIEW WITH THE CHIEF EXECUTIVE OFFICER

ANGLO GOLD LIMITED ANNUAL REPORT 2002

The gold industry is not very customer oriented. An industry that forgets its customers will, and deserves to, go out of business. The customers of gold are overwhelmingly people who buy jewellery - 80% of 4,000t of annual production goes into jewellery.

For the last five years we have been looking at the customer and we would like to be part of modernising gold jewellery. This is an industry that got stuck in the 19th century. Going into OroAfrica was to find out about the customer. Here we had a modern factory located in our own country, making particularly gold chain and other machine-initiated gold jewellery, earrings and pendants, in alliance with the leading Italian gold jewellery manufacturer (Filk). OroAfrica uses about 5t of gold a year; Filk uses about 70t of gold. It's huge business.

It's still early days. What we'd like to do for gold is to be the Benetton of the gold industry, to be the Starbucks of jewellery. Coffee drinking was in decline in the United States. People thought it was unhealthy. But Starbucks has come along and persuaded people to pay $3 for a cup of coffee with foam in it, when they could have the same thing for 50 cents. That completely changed the market and consumption is going up. That's what we want to do, we want to revolutionise what we offer our customers.

Alec: Starbucks has branded coffee. Can AngloGold brand gold?

Bobby: Starbucks has also reinvigorated the entire category. If you go to to any modern city, you will find 15 Starbucks look-alikes - a place that looks nice, where you can pay a very high price for a fancy cup of coffee and where you have to learn a new language to order it. They've invented a new experience.

We think we can re-invent gold jewellery, whether it is the AngloGold brand or anything else. Coming from where we do, we would very much like to have an African brand. But equally we have been experimenting with Brazilian jewellery.

Gold is about people, particularly in Africa, it's about peasant life, it's about kings, the country, something that has been around for 5,000 to 7,000 years; part of the earth; part of the rich cultural heritage. If we draw on that, we think we can put a jewellery offer in the marketplace which is distinctly different to the dull, 19th century jewellery store offer that we have had.

Alec: Looking ahead, is it a year when AngloGold shareholders can expect
 similar progress as in the year behind.
Bobby: We have never been in the business of predicting the gold
price and to some extent, inevitably, our equity price is linked to
the gold price.

We are going to mine 6Moz of gold, we are going to mine it at a good cost, we are going to generate a lot of profit and we would be hoping to pay a really decent dividend. We hope that our price reflects the benefit of that, particularly over time.

We listed on the New York Stock Exchange in 1998 at $16 we - are now trading at around $32 so there has been good capital appreciation. Last year a holder of an AngloGold share would have seen a total return, including dividends, of close to 100%. Whether we are going to see the gold price shoot up as dramatically this year as it did last, I don't know. But what we can say to our shareholders is, "hold our shares, over time and at any moment in time, you have made good money". And at the very least, we are going to pay a good dividend.

Alec: If we speak in a year's time, strategically what milestones would you like to have behind you.

Bobby: Two major things:

I am assuming operational excellence; I am assuming we will mine gold very profitably.

Over and above that I would hope that we would be further

down the road in growing our ounces. We want to say to shareholders that this is not a wasting-asset industry. Your piece of AngloGold paper is worth something today, it will be worth something to you in five or 10 years' time, we would like you to leave it to your kids. We have got to grow our earnings.

Then I would love to have something dramatic and interesting to say about going downstream, modernising the customer base and finding ways to expand the jewellery market, maybe even making some money out of that side of the business.

Alec: And mergers and acquisitions?

Bobby: All the time and ongoing, but only if they add value. We haven't had a year where we haven't done something, but it is opportunistic. I hope that we have the courage to go after every deal and I hope we have the wisdom only to do those deals that make money for our shareholders.

The full interview is available in video, audio and transcript form on the AngloGold website

at www.anglogold.com

ANGLO GOLD LIMITED ANNUAL REPORT 2002

Group value-added statement

for the year ended 31 December 2002

Figures in US Dollars millions

Notes

2001*

Value added
Turnover

1,761

2,041

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

(611)

(746)

Value added by operations

1,150

1,295

Non-hedge derivatives

(5)

Income from investments and interest received

1,285

1,316

Value distributed
Employees
Salaries, wages and other benefits

Government

 - Current taxation

 - Deferred taxation

(1)

(12)

Providers of capital

 - Finance costs

 - Dividends

 - Minorities

Other

 - Loss on disposal of mines

Total value distributed

Re-invested in the Group

 - Amortisation and depreciation

14, 15 & 16

 - Retained income

1,285

1,316

* Includes Free State assets

State for taxes

$111m or 8%

Providers

of capital

$247m or 19%

Re-invested

in the group

$327m or 25%

Employees for

remuneration

$627m or 48%

Other $4m or 0%

2001 Distribution of wealth*

Employees for

remuneration

$443m or 35%

State for taxes
$165m or 13%

Providers of capital

$310m or 24%

Re-invested

in the group

$354m or 27%

Other $13m or 1%

2002 Distribution of wealth

ANGLO GOLD LIMITED ANNUAL REPORT 2002

The factors which drove the gold price during 2002 had a particularly strong impact in the final quarter. These factors included US Dollar weakness, international political tension, equity market declines and a halt to the dismantling of producer hedging. This last factor had the effect of both lowering gold producer selling in the spot market, and introducing some buying in the market. During the final quarter of the year, the price was influenced most significantly by Dollar weakness and by escalating conflict over Iraq. Over the past year, the spot price has responded almost perfectly to the Dollar's fall against the Euro (see graph). The additional tension in the Middle East provided the lift to take gold up further. All of the factors that have been positive for gold in 2002 remain firmly in play, and there is good reason to expect higher gold prices in the year ahead.

Under the favourable price performance of gold, the physical market continued to show weakness throughout 2002. There has been a general decline in physical demand for gold in both the jewellery and the investment sectors, with exceptions in only a few countries. Compounding the effects of this lower demand, scrap sales and gold recycling have increased sharply in the face of higher gold prices. The negative impact of these factors in the physical market was mitigated to a degree by slightly lower new mine production, and by the reduction in supply occasioned by the run-down in gold producer hedging referred to above. As is the case in all periods of rising gold prices and gold price volatility, the physical market should revive once the price returns to a stable trading range for a period of time. However, with further gold price volatility expected in 2003, a resurgence of physical demand should not be expected immediately.

A critical factor in the strength of the gold market in 2002 has been the return of investor and speculator interest in the metal. This interest has not translated particularly into demand for physical gold, but can most certainly be seen in the derivative markets, and particularly in the futures and options positions on the New York Comex and, from time to time, on the Tokyo Comex. There is no doubt also a considerable over-the-counter derivative trade in gold, although this is not easily measured. The importance of this gold buying in the derivatives markets for the

gold price can be seen from the graph, showing gold trading positions on New York Comex from the beginning of 2000, and the US Dollar spot price of gold. Buying in the derivatives markets is directly influenced by the factors referred to above, and is directly responsible for moving the price of gold.

Review of the

gold market

he price of gold finished the year strongly, touching a high of $354/oz in December, fully $75 or 27% higher than the opening price of $279/oz. The average spot price for the year of $310/oz is almost $40 higher than the average price in 2001. Market volatility also increased with a price range double that seen in 2001. The US Dollar moved in the other direction, downwards against other currencies, including the Rand. The local currency gained over 30% against the Dollar, finishing at an exchange rate of R8.55 to the Dollar, off an opening rate for 2002 of R12.55. Both of these trends have been maintained into 2003.

Results for the year

• Headline earnings before unrealised

non-hedge derivatives increased by 29% to $368m or 166 US cps (2001: $286m or 133 US cps).

• Return on capital improved from

13% to 15%.

• Return on equity increased from

16% to 21%.

• Gold production was down 15% to

5.9Moz, mainly due to the sale of the Free State assets.

• Total cash costs declined by 10%

to $161/oz.

Dividends

A final dividend of R6.75 per share ($0.82 per share) was paid, bringing the total dividend for the year to R13.50 per share ($1.46 per share). This dividend represents a yield of 4.4% calculated on a share price of R305 on 30 January 2003. This level of dividend is consistent with AngloGold's established practice of paying out a high proportion of its earnings to shareholders, once it has provided for its organic growth objectives.

Gold production

Gold production was down 15% (1.04Moz) to 5.9Moz. This is mainly due to the South Africa region's sale of the Free State assets, Elandsrand and Deelkraal. If these are excluded, the group's production would have increased by 3% or 190,000oz.

The Free State contributed 1.2Moz and Elandsrand and Deelkraal contributed 35,000oz in the prior year.

With reference to the disposals mentioned above, South Africa's production is 27% lower than 2001 at 3.4Moz.

Production in the East and West Africa region increased by 25% or 217,000oz to 1.08Moz. The main contributors were at Morila (+169,000oz) due to a 74% increase in recovered grade to 11.96g/t; Yatela (+55,000oz) as 2002 was the first year of full production; and at Geita (+17,000oz) arising from increased tonnage throughput. Decreased production was recorded at Sadiola (-22,000oz) where there was lower grade and tonnage throughput.

The North America region's production decreased by 7% or 34,000oz to 462,000oz. Cripple Creek's production was 11,000oz up on the prior year due to the expansion of the crusher and absorption circuit. Jerritt Canyon's production was 45,000oz below that reported in the prior year, because of adverse weather conditions, and completion of the Cortez tolling agreement and lower recovery issues.

South America's production increased by 37,000oz to 478,000oz. This is mainly attributable to the additional 46.25% interest acquired in Cerro Vanguardia. If the additional interest were ignored, production would be 5% lower than the prior year due to production problems at Cerro Vanguardia arising from recurrent underground water in the pits causing mining of wet ore with a very high level of clay.

Australia's production decreased by 6,000oz to 502,000oz. This is mainly as a result of the closure of operations at Boddington and Tanami, which was partially offset by a 29% or 87,000oz increase in production at Sunrise Dam made possible by the mill upgrade.

Gold income

The average gold price received increased by 6% to $303/oz in 2002. See Review of Gold Market on page 13.

Gold income together with realised non-hedge derivative income declined by 10% or $205m during the 2002 financial year to $1,841m ($2,046m). This is in line with lower production, but partially offset by a higher price received. The current year's received price is $16/oz higher than that for the previous year at $303/oz and compares to an average spot price of $310/oz.

Cost of sales

Cost of sales, comprising total cash costs, retrenchment and rehabilitation costs, changes in gold inventories and amortisation of mining assets, went down from $1,519m in 2001 to $1,203m in 2002, a decrease of 21%, analysed as follows:

Total cash costs decreased from $1,255m in 2001 to $967m in 2002 (or $178/oz to $161/oz), following the reduction in gold produced from 6.983Moz in 2001 to 5.939Moz in 2002. Of the $17/oz reduction in cash costs year on year, $24/oz related to the weakening of the SA Rand against the US Dollar. Excluding the Free State operations in the prior year, total cash costs decreased by 5% from $170/oz to $161/oz.

•

While retrenchment costs were $22m in 2001 (with most of the costs being associated with the Free State) they decreased to $3m in 2002.

•

Rehabilitation and other non-cash costs decreased by $1m on the previous year whilst amortisation of mining assets increased by 11% to

Financial

review

ngloGold's results for the year 2002 are impressive, reflecting the longer-term benefits of the company's growth and risk diversification strategy. Although gold production declined with the sale of the Free State mines in South Africa, cash costs were down year-on-year by 10% to $161/oz and headline earnings increased by 29% to $368m.

ANGLO GOLD LIMITED ANNUAL REPORT 2002

$245m. South Africa's amortisation of mining assets reduced $15m to $61m, mainly due to the sale of the Free State operations and the devaluation of the SA Rand. The lower amortisation charge in South Africa was offset by the higher amortisation charges in East and West Africa due to increased levels of production, and in North America as a result of accelerated amortisation charges on the old crusher assets.

Inventory movement was a $9m charge in 2001 compared to a credit of $24m in 2002. The increase in inventory levels on the previous year is mainly due to the increase in gold in process in the North America region. This is as a result of the ongoing problems with extracting gold from the heap leach pad resulting in a build up of inventory.

Operating profit

Operating profit excluding unrealised non-hedge derivatives is 21% up on the previous year at $638m. This is mainly due to a 6% increase in the received Dollar gold price, and a weaker average Rand/Dollar exchange rate. Included in this operating profit is an amount of $80m relating to realised gains on non- hedge derivatives.

The main reason for the $111m increase in operating profit is the weaker Rand/Dollar exchange rate ($143m), offset by $24m caused by lower grades.

The operating margin for the AngloGold group was 35% for 2002 and 26% for 2001. The EBITDA margin was 43% in 2002 compared to 33% in 2001. These margins vary from operation to operation and are summarised on page 16.

Net profit

Net profit of $332m (2001: $245m) is arrived at after making, amongst others, the following adjustments to operating profit:

Corporate and other administration expenses increased by $3m on the previous year to $25m.

Market development costs amounted to
$17m for the year of which some 80%
was paid to the World Gold Council.

Total exploration expenditure was $51m (2001: $44m) of which $28m (2001: $26m) was expensed.

Interest received increased from $20m to $36m, mainly as a result of the improved gold price and improved cash position with the sale of shares acquired in the aborted bid of Normandy and the proceeds from the Free State sale.

Other net expenses amounted to $16m for the year and included the unwinding of the decommissioning obligation, foreign exchange losses on transactions other than sales, and post-retirement medical expenses relating to mines sold.

Finance costs decreased by $28m to $44m, due to lower interest rates and the rearrangement of the loan facility debt. The proceeds on the sale of the Normandy investment were utilised to repay debt.

An abnormal item relating to thesettlement of a legal claim in the amount of $10m $5m net of tax.

Goodwill amortised remained fairlyconstant at $28m compared to 2001.

A loss on disposal of the Free State

assets of $13m was recognised in 2002. During 2001, a loss of $4m was recognised in respect of the sale of assets at the Deelkraal and Elandsrand mines.

The taxation charge increased by $54m to $165m in 2002, owing mainly to an increase in earnings for the year. The effective tax rate is 32% compared to 30% in 2001.

The minorities share of earnings has increased to $15m compared to $8m in the prior year. This is due to the increase of minorities in Cerro Vanguardia from 3.75% to 7.5%.

Cash flow

OPERATING ACTIVITIES

Cash generated from operations was derived from profits on ordinary activities before taxation of $512m per the income statement, adjusted for changes in working capital and non-cash flow items. The most significant non-cash flow item was the amortisation of mining assets of $245m.

Cash generated from operations of $758m was increased by interest received of $32m, but reduced by payments to outside stakeholders for:

Finance costs of $40m; and

Mining and normal taxes of $131m.

The resultant net increase in cash from operating activities is mainly as a result of the increase in AngloGold's profitability.

INVESTING ACTIVITIES

Funds of $605m generated from operating activities were utilised to grow the group by investing in capital projects amounting to $271m. Major project expenditure in 2002 comprised:

Moab Khotsong $36m;

Mponeng $33m;

TauTona $11m;

Cripple Creek & Victor Expansion

$66m; and

Sunrise Dam Project $26m.

The funds generated from operating

activities were further adjusted by:

$164m which was received for the disposal of the Free State assets, of which $24m was paid for contractual obligations;

$34m which was paid for investments, the major portion of this being Normandy;

$158m which was the proceeds on the sale of the Normandy investment;

$97m which was the net cash consideration paid for the 46.25% additional interest in Cerro Vanguardia.

The net cash inflow after investment activities amounted to $514m.

FINANCING ACTIVITIES

During the year, $585m was drawn and $120m was repaid on the three- year $600m syndicated loan facility. On the existing $400m syndicated loan facility, $175m was drawn.

Major loans repaid include $121m to Credit Agricole, $355m on the matured syndicated loan facility and $128m on the $400m syndicated loan facility. Other repayments comprise normal scheduled payments in terms of loan agreements.

FINANCIAL REVIEW

ANGLO GOLD LIMITED ANNUAL REPORT 2002

A new loan facility of A$50m was arranged with the Australia and New Zealand Banking Group Limited of which A$15m was drawn. The facility is at 0.35% over the Bank Bill Swop Reference Rate and replaces the matured Australian Dollar bank syndicated facility.

Dividend payments in the amount of $260m were made during the year. This compares with a dividend of $167m in 2001. Dividends were financed from the cash generated from operating activities.

The net result of the operating, investing and financing activities amounted to a net cash inflow of $147m, which when added to the opening balance and translation adjustment, amounted to $413m at 31 December 2002.

Balance sheet
With effect from 1 January 2002, the Free State assets were sold to a joint venture

between Harmony Gold Mining Company Limited and African Rainbow Minerals (Proprietary) Limited.

During July 2002, an agreement was reached with Prez Companc International to acquire its entire 46.25% equity interest in Cerro Vanguardia SA, including a loan, for a net cash consideration of $97m, which was paid from AngloGold's existing but undrawn debt facilities.

Net debt to capital employed is 17% compared to 31% in 2001. This decrease is attributable to the sale of the Free State assets and the Normandy shares, and the strengthening of the SA Rand against the US Dollar.

Other issues
On 3 October 2002, the President of South Africa signed the Mineral and Petroleum Resources Development Act 2002. The provisions of this law will come into operation on dates to be specified by the President, who may stipulate different dates for different provisions. It is

uncertain when the President will exercise these powers and, until the new provisions are effective, the existing regulatory regime for mineral rights will remain in place.

The company reduced its hedging contracts by some 4.29Moz during the year. In the light of the continued strength of the gold price and the steady improvement in AngloGold's operating performance over the past two years, which has reduced the need for the company to manage revenue through forward pricing, the AngloGold board has encouraged the continuing management, restructuring and reduction of the hedge book.

FINANCIAL REVIEW

ANGLO GOLD LIMITED ANNUAL REPORT 2002

Gold

Operating

Operating

income

profit*

margin

EBITDA

EBITDA

$m

$m

$m

margin %

South Africa

38.8

37.2

East and West Africa

39.2

57.8

South America

42.1

59.2

North America

1.9

38.1

Australia

21.3

35.5

Total

1,761

34.7

43.2

Gold

Operating

Operating

income

profit*

margin

EBITDA

EBITDA

$m

$m

$m

margin %

South Africa

1,298

26.1

26.9

East and West Africa

34.8

53.6

South America

36.1

54.4

North America

9.9

36.0

Australia

12.2

25.7

Total

2,041

25.8

33.2

Operating profit excludes unrealised non-hedge derivatives.

FINANCIAL REVIEW

ANGLO GOLD LIMITED ANNUAL REPORT 2002

Underground operations
Area mined

- m

2,116

3,043

3,900

3,880

4,275

Metric tonnes milled

 - 000

 total

13,426

17,954

21,293

21,704

23,396

Yield

 - g/t  average

8.27

8.20

7.96

8.09

8.08

Production

 - oz 000

 total

3,569

4,734

5,451

5,643

5,821

Productivity
g/employee

 target

 actual

Surface and dump reclamation
Metric tonnes treated

 - 000

38,366

50,355

50,289

54,354

57,511

Yield

 - g/t

0.30

0.32

0.32

0.30

0.30

Production

 - oz 000

510 	 520

Open-pit operations
Metric tonnes mined

 - 000

109,987

85,790

49,121 	 47,880

7,525

Stripping ratio

 - t (mined-treated)/t treated

3.05

2.17

1.08 	 2.51

1.63

Metric tonnes treated

 - 000

27,186

27,042

23,601 	 13,630

2,863

Yield

 - g/t

2.29

2.00

1.69 	 1.72

2.54

Production

 - oz 000

2,005

1,735

1,28	 2 755

Total
Production

 - oz 000

5,939

6,983

7,24             3 6,918

6,602

- South Africa

 - oz 000

3,412

4,670

5,418

5,746

6,368

- East and West Africa

 - oz 000

1,085

- North America

 - oz 000

485	      -

- South America

 - oz 000

425	      -

- Australia

 - oz 000

524	     -	       -

Price received*

 - $/oz sold

Total cash costs

 - $/oz produced

Total production costs

 - $/oz produced

245 	 244

Monthly average number of employees

53,097

70,380

84,036 	 86,120

93,316

LTIFR

8.86

10.55

11.58 	 13.91

14.52

Rand/US Dollar average exchange rate

10.48

8.62 	 6.78 	  6.11

5.53

Financial results
$m
Operating profit

Operating profit excluding unrealised non-hedge derivatives

Net profit

166 	 434

EBITDA

608 	 614

Headline earnings

254 	 325

Headline earnings before unrealised non-hedge derivatives

254 	 325

Capital expenditure

304 	 220

Financial ratios
Capital employed

 - $m

2,994

2,550

3,119 	 3,354

2,149

Return on capital

- %

10 	 15

Equity                                                                                          - $m

2,082

1,559

2,006 	 2,576

2,057

Return on equity

- %

11 	 16

Debt                                                                                             - $m

1,156 	    828

Cash                                                                                             - $m

195 	 493

Net debt (cash)

 - $m

961 	 335

(70)

Net debt (cash) to capital employed

- %

31 	 10

(3)

Net debt (cash) to equity

- %

48 	 13

(3)

Interest cover

 - times

Operating margin

- %

EBITDA margin

- %

Glossary of terms on page 138.
* Including realised non-hedge derivatives

Group operating and financial results

The year 2002 can be characterised as one in which the company actively pursued internal growth objectives. Supported by a rising gold price and continued cost control, a number of projects were identified and initiated to deliver new ounces from increasing reserves.

AngloGold's value-adding growth strategy remains on track, with projects to the value of $810m set to contribute an additional 3.3Moz to production over the next five years. In addition, feasibility and pre-feasibility studies are being undertaken on a further 11 projects, which should increase the operations' LOM.

Safety and health
The safety and health of employees remains a key area of focus for the company. Performance on the safety and health front was encouraging in some areas and disappointing in others.

The long-term trend in lost time injuries continues to decrease to 8.86 per million man hours in 2002 the lowest ever for AngloGold and reflecting an improvement of 16% for the year. This should be seen in the context of some 53,000 employees having worked 142 million hours during the year.

Regrettably, however, fatal accidents continued, with 44 employees losing their lives in the course of work during the year; 39 of these fatal accidents were in the South Africa region where most of the company's operations and employees are based. As a result, the fatal injury frequency rate (FIFR) increased to 0.31 per million man hours.

Despite the tragedy of these deaths, there were a number of exceptional safety performances at various operations. Great Noligwa mine achieved one million fatality-free shifts during the year, as did TauTona post year-end.

* The Serra Grande mine in Brazil recently recorded one million hours worked without a single lost-time injury. Serra Grande was also awarded the inaugural AngloGold Global Safety Award in January 2003.

* TauTona, one of the deepest mines in the world, is also one of the safest, with no rockfall-related fatalities recorded since September 2001. TauTona won the South Africa region Safety Shield for 2002.

* The Cripple Creek & Victor mine in Colorado completed its two-year expansion programme without injury.

Extensive efforts at emphasising and improving safety continue with the company's intranet and mine-based newsletters, as well as a monthly safety newsletter from the Chief Operating Officer, used to communicate with all employees.

Progressive and encouraging safety initiatives continue to be developed and implemented. In the Australia region, for example, safety performance is now being measured against leading indicators in addition to the traditional trailing indicators. This means that progress is assessed in terms of safety initiatives being undertaken, and on the level of employee commitment and knowledge, and not simply on the number of lost-time injuries.

South Africa remains the greatest challenge in terms of safety. Task teams are working to bring about major improvements in five areas, namely safety management systems, falls of ground and seismicity, dust, the effect of illness and HIV/AIDS on the workplace and safety,

Review

of

operations

ngloGold's operations produced some creditable performances during the year. Gold production declined by 15% mainly as a result of the sale of the Free State assets in South Africa. Excluding the production previously sourced from these assets, production rose by 3% to 5.9Moz. Total cash costs decreased by 10% to $161/oz, while resources increased by 2% to 287.6Moz and reserves increased by 22% to 72.3Moz.

ANGLO GOLD LIMITED ANNUAL REPORT 2002

AngloGold's Lost Time
Injury Frequency Rate

(per million man hours)

(Clockwise from top left) Metallurgical test work pouring fused material from a gold fire assay in Kayes laboratory in Mali, East and West Africa region;

Severe weather conditions at Jerritt Canyon caused a slow start to the year in the North America region; This flotation tank at Ergo, South Africa, has the

capacity to treat 100,000t of slimes a day; Hydro-powered rockdrill operated by Ephraim Mabeia at Tau Lekoa mine, South Africa region; Stream sampling by

geologists in the Peru exploration division; Gold production rose significantly at Sunrise Dam, Australia region, during the year.

LOST TIME INJURY FREQUENCY RATE

South Africa

9.98

11.58

East & West Africa

2.93

1.30

South America

4.21

8.16

North America

4.95

1.58

Australia

11.22

13.47

Group

8.86

10.55

1998 1999 2000 2001 2002

8.86

The massive fridge plant at Moab Khotsong in South Africa.

and developing a safety mindset. To assist in creating this safety mindset, an external consultant DuPont has completed an assessment of the company's operations and an in-house team has been established to tackle the implementation of this campaign. AngloGold's HIV/AIDS programme is dealt with on page 23.

Performance

Highlights for the year from an operational perspective include the sterling performance of the East and West Africa region, which increased attributable production by 25% to 1,085,000oz, at a total cash cost of $126/oz.

Further progress was made in AngloGold's drive for geographical and orebody diversity. Gold production from outside South Africa, principally from low-cost surface and shallow mines, rose to 42% of production, 39% of operating profit and 53% of EBITDA.

Overall, attributable production decreased to 5.94Moz, mainly as a result of the impact of the sale of the Free State assets. This was partially offset by an increase in production from the remaining operations of about 3%.

Good cost control was undermined to some extent by the strong performance of the SA Rand in the second half of the year. Nonetheless, total cash costs in Dollar terms decreased still further by 10% to $161/oz. As a result, operating profit increased by 21% to $638m.

Capital expenditure during the year amounted to $271m of which $95m was attributable to maintenance and $176m to expansion.

Outlook

Looking ahead, production is expected to remain unchanged in 2003 at 6Moz, while

total cash costs are expected to rise to $187/oz, largely due to the strengthening of the South African currency and the lower average grade being mined. The latter is directly related to the fact that lower grade areas have become profitable as a result of a rise in the gold price. Capital expenditure is forecast at $303m.

REVIEW OF OPERATIONS

ANGLO GOLD LIMITED ANNUAL REPORT 2002

$/oz

1998          1999         2000        2001       2002

Total cash costs over time

Total cash costs have declined steadily

over the past five years. However, an

increase is expected in 2003 to $187/oz.

TOTAL CASH COSTS PER REGION ($/oz)

2001 Variance %

South Africa

(14)

East and West Africa

(2)

South America

(6)

North America

Australia

(1)

Group

(10)

ATTRIBUTABLE PRODUCTION (000oz)

2001 Variance %

South Africa

3,412

4,670

(27)

East and West Africa

1,085

South America

North America

(7)

Australia

(1)

Group

5,939

6,983

(15)

South Africa 58%

East & West Africa 18%

Australia 8%

South America 8%

North America 8%

Contribution to production (oz) by region

South Africa 47%

Australia 7%

South America 15%

North America 7%

East & West Africa 24%

Contribution to EBITDA by region

161/oz

REVIEW OF OPERATIONS

ANGLO GOLD LIMITED ANNUAL REPORT 2002

Safety and health

Tragically, 39 employees lost their lives in mine accidents during the year. This include 11 employees who lost their lives in three multiple fatal seismic accidents at Great Noligwa and Savuka. As a result, the FIFR rose to 0.34 in 2002 from 0.28 the previous year.

The primary cause of fatal accidents remains falls of ground, which caused 57% of fatal accidents during the year. A high- profile Fall of Ground Safety Campaign was launched during the first quarter of the year in an attempt to increase awareness associated with particularly non-seismic falls of ground, and this campaign has largely been successful. Transport-related accidents were the second biggest problem

area and accounted for a further 25% of occupational accidents. A programme to address this involving training, infrastructure improvement and audits, was launched in the last quarter and will continue during 2003.

Overall, success has been achieved in decreasing LTIFR by 14% to 9.98, the best-ever level.

A number of mines performed exceptionally well, with notable safety and health achievements:

* TauTona mine, despite operating at ultra-deep levels, has not had a rockfall-related accident since September 2001, and continues to post accident frequency rates similar to those of AngloGold's surface operations. TauTona

Ergo

West Wits
TauTona
Savuka
Mponeng

Vaal River
Tau Lekoa
Kopanang
Great Noligwa
Moab Khotsong

South Africa

AngloGold's operations in South Africa

The South Africa region comprises seven underground operations: the Great Noligwa, Kopanang,

Tau Lekoa and Moab Khotsong mines are located in the Vaal River area, near the towns of Orkney

and Klerksdorp, while the Mponeng, Savuka and TauTona mines are located near Carletonville.

A surface reclamation project Ergo is located near Johannesburg. Four mines in the Free State

region were sold to Freegold, a joint venture between ARMgold Limited and Harmony Gold Mining

Company Limited in November 2001, with control of these operations passing to the joint venture

with effect from 1 January 2002.

Key statistics

Tonnes treated (Mt)
Underground

11.3

15.3

Surface (incl Ergo)

38.4

50.3

Average grade (g/t)
Underground

8.40

8.20

Surface (incl Ergo)

0.30

0.32

Gold production Moz

3.4

4.7

106,106

145,247

Total cash cost $/oz

R/kg

53,146

50,065

Number of
employees*

44,828

64,900

Efficiencies
g/TEC

/TEC

4.58

4.42

Capex
$m

Rm

1,150

* Including contractors

10%

20%

30%

40%

50%

Falls of ground (seismic)

Falls of ground (non-seismic)

Trucks and tramming

Vehicles

Machinery

Shaft accidents

Inundation

Slip and fall

Explosives

41%

16%

14%

11%

5%

2%

2%

Causes of fatal accidents - 2002

The primary cause of fatal accidents on the South African operations is falls of ground.

A major campaign to address this was initiated during the year.

REVIEW OF OPERATIONS

also won the South Africa region Safety Shield Competition for the best improvement in serious injury rates over the past five years.

* After the tragic multiple fatal accidents in May and June, Great Noligwa mine went on to achieve a million fatality- free shifts on 27 November 2002.

Occupational health

The primary concerns in respect of occupational health in the South African operations are noise-induced hearing loss (NIHL), occupational lung diseases (OLD) and tuberculosis (TB).

Occupational health services are provided to employees at two fully- equipped regional occupational health centres. These are staffed by occupational medical practitioners, professional nurses, audiologists and other support staff.

In addition, each mine has an occupational health nurse on site.

During the year, 52,742 occupational medical surveillance examinations (initial, periodical, transfer and exit) were performed. There were 1,087 new cases of NIHL in 2002. This translates into a rate of 26 per 1,000 employees, compared with 12 per 1,000 in 2001. Regarding OLD, 186 employees were diagnosed, reflecting a rate of 4 per 1,000 employees, the same rate as in 2001; 983 new cases of TB were treated in 2002, a rate of 23 per 1,000 employees, also the same rate as in 2001.

Stricter screening for NIHL, in preparation for a new compensation rule requiring base-lining of all employees, has meant an increase in the NIHL rates, which are now expected to fall off. No increase in liability is anticipated.

Results of efforts made by AngloGold to silencing all machine drills and over 88% of noisy fans over the past three years will soon become evident in NIHL results as ambient noise levels have been significantly reduced.

AngloGold continues to make advances in the control of underground dust. New and more accurate measuring methods have been introduced; better engineering practices are evident; a more standard approach to respiratory protective equipment has been implemented and employees detected as having very early OLD are moved to lower risk areas.

TB remains an area of focus in the sphere of occupational health. More effective detection methods are resulting in earlier diagnosis and treatment, which is limiting the onward transmission of the disease.

HIV is the major factor contributing to increased TB rates in South Africa. It is expected that the HIV Wellness Programme and introduction of anti- retroviral therapy (ART) by AngloGold (see HIV below) will have a positive impact on the TB problem and a project aimed at preventing transmission of TB, through mass prophylaxis, is planned for 2003.

HIV/AIDS
The prevention of HIV/AIDS infections and the compassionate care of those afflicted with the disease remains a priority for the South Africa region. AngloGold's core intervention comprises four elements, namely:

SAFETY PERFORMANCE

LTIFR

FIFR

2002

2001

2002

2001

Great Noligwa

11.06

9.61

0.47

0.19

Kopanang

12.91

11.12

0.22

Tau Lekoa

17.94

13.53

0.51

0.37

Ergo

1.53

3.86

0.20

TauTona

7.67

12.22

0.08

0.16

Savuka

17.12

21.00

1.24

1.06

Mponeng

10.91

13.77

0.47

Moab Khotsong

6.82

4.65

0.19

0.17

SAFETY STATISTICS

FIFR

0.34

0.28

0.24

0.38

0.41

LTIFR

9.98

11.58

11.98

14.35

15.18

The South African operations performed

creditably in the year under review, despite a

slow start. If the Free State operations are

excluded from last year's production numbers,

production for the South Africa region

decreased by 1%.

ANGLO GOLD LIMITED ANNUAL REPORT 2002

* Prevention, that is, restricting the spread of the disease through education, the provision of condoms and the effective treatment of sexually transmitted infections, is a key component of the programme. Some 1,082 employees participated in AngloGold's Voluntary Counselling and Testing programme during 2002, which is an improvement on the previous year and a significant achievement, considering the stigma associated with the disease.

* Care for employees infected with the virus through comprehensive hospital benefits and the company's Wellness Clinics, where patients receive preventive treatment against opportunistic infections and where an ART trial project was recently introduced.

* Support for those employees no longer able to fulfil their role in the company is provided through a compassionate ill-health retirement programme linked to home-based care programmes that AngloGold funds in labour-sending or near-mine communities.

* Fundamental research into the disease and its treatment, funded by AngloGold and conducted through Aurum Health, a wholly-owned subsidiary of Anglogold Health Service. Best practice interventions identified and developed by Aurum guide the company's medical strategy.

* AngloGold's AIDS strategy, which determines and guides these interventions, is a collaborative joint effort that has been defined in the agreement signed by the company and all five of its unions in July 2002.

* A noteworthy programme development was the introduction of ART, which was announced in August 2002. This is being implemented for employees who are medically eligible for the treatment and

are willing to participate in the project. The first phase of this project aims to develop an understanding of and find solutions to the challenges inherent in the provision of ART in the gold mining industry. The project will identify the operational requirements of providing ART, particularly around supporting patient adherence to the drug regimen, and making the provision of ART a part of primary rather than specialist healthcare to make it accessible in the volumes required. Included in this will be the monitoring of patients' capacity to carry out their duties in underground working conditions, and of drug sensitivity. Some 200 employees have been invited to participate in the initial programme before roll-out to all eligible employees in April 2003, for which the company has budgeted $1.5m.

Because HIV/AIDS is not a notifiable disease, no reliable data exists on prevalence levels. However, based on available information it is estimated some 30% of AngloGold's South African workforce is HIV-positive and some 3,000 current employees have developed advanced AIDS, making them eligible for ART. Some 1,500 employees are currently participating in AngloGold's Wellness programme. Some 600 employees left the company as part of the ill-health retirement programme during the year, alternative employment was found for 87 employees and 300 employees died in service during the year, largely as a consequence of AIDS-related conditions.

Performance
The South African operations performed well for the year under review, despite a slow start at the beginning of the year and significant seismic events at Great Noligwa mine. Overall gold production declined by 27% to 3,412,000oz, a result of the once-off decrease of 1,232,000oz (26% on last year) attributable to the sale of the Free State assets. If the Free State operations are excluded from last year's production numbers, production decreased by 1% due to the drop in production at Ergo. Total cash costs decreased by 14% to $158/oz, and even in Rand terms were well controlled to a 6% increase to R53,146/kg. This was despite an inflation rate of approximately 12% during the year. Productivity, in terms of the two main indices used namely g/TEC and m /TEC improved by 8% to 223 and 4% to 4.58, respectively.

REVIEW OF OPERATIONS

ANGLO GOLD LIMITED ANNUAL REPORT 2002

Joan de Jong, CEO of Hospice, North West,

with little Teboga Malangane, at the day care

centre for HIV/AIDS children. AngloGold

supports this invaluable facility in the

Klerksdorp area.

Consequently, operating profit excluding unrealised non-hedge derivatives, rose by 15% to $390m (R4.1bn).

VAAL RIVER
GREAT NOLIGWA

Volume mined decreased for the year, while grades declined by some 11% to 11.02g/t as a result of a change in the mining plan following several seismic events. The cumulative effects of these damaging seismic events during the second quarter continued to be felt into the third and fourth quarters, as a result of a lack of available production mining faces. At the same time, steps to further improve workplace safety were taken and changes were made to the mining plan which resulted in a temporary slowdown in mining production. Consequently, gold production decreased by 12% to 880,000oz (27,380kg). Total cash costs rose by 2% to $124/oz, largely as a result of the decrease in gold production and costs incurred following the seismic events. In Rand terms, cash costs increased by 26% to R41,658/kg. Operating profit, excluding unrealised non-hedge derivatives, at $141m (R1,487m) was 4% lower than the previous year.

In terms of outlook, production is expected to increase to 954,000oz or 29,685kg during 2003, at a total cash cost of $154/oz (R44,459/kg) as grades continue to decline. Capital expenditure during 2003, for the refurbishment of infrastructure and the No 8 plant mill, is likely to be in the region of $22.8m or R205m.

KOPANANG

Gold production increased by 3% to 511,000oz or 15,874kg, mainly as a result of increased volumes mined through improved labour efficiencies. Total cash costs reduced by 7% to $165/oz in Dollar terms; however, in Rand terms, cash costs increased by 14% to R55,001/kg, mainly as a result of increased cementatious support for safety reasons and lower by-product contributions from the lower exchange rate. Operating profit, excluding unrealised non-hedge derivatives, increased by 33% to $56m (R591m).

For 2003, production is expected to increase to 512,000oz or 15,926kg, at a total cash cost of $220/oz (R63,741/kg), predominantly from higher volumes mined. For the year ahead, capital expenditure on infrastructure refurbish- ment, expansion development and hostel upgrades is planned at $13m or R119m.

REVIEW OF OPERATIONS

ANGLO GOLD LIMITED ANNUAL REPORT 2002

Great Noligwa 36%

TauTona 25%

Kopanang 14%

Mponeng 8%

Tau Lekoa 6%

Ergo 5%

Savuka 2% Surface operations 4%

Contribution of South African operations

to the region's EBITDA (%)

Great Noligwa 26%

TauTona 19%

Kopanang 15%

Mponeng 13%

Tau Lekoa 9%

Ergo 8%

Savuka 7%

Surface operations 3%

Three mines, Great Noligwa, TauTona and Kopanang, make up 60%

of the South Africa region's production.

CASH COSTS

Forecast 2003

2002

2001

2000

1999

R/kg

60,515

53,146

50,065

48,395

44,598

$/oz

209

158

184

218

227

TOTAL CASH COSTS PER OPERATION

R/kg

$/oz

2002

2001 2002

2001

Great Noligwa

41,658

33,068

124

122

Kopanang

55,001

48,121

165

178

Tau Lekoa

64,234

55,545

192

203

TauTona

44,465

42,347

132

154

Savuka

82,111

68,209

245

248

Mponeng

59,504

61,221

178

223

Ergo

61,810

58,884

184

215

CAPITAL EXPENDITURE

Forecast 2003

2002

2001

2000

1999

1,659

1,150

875

1,047

922

185

105

101

145

151

Contribution of South African operations (oz)

to the region's production

REVIEW OF OPERATIONS

TAU LEKOA

Volumes mined at Tau Lekoa rose by 6%, while grades improved by 1% to 4.45g/t. Gold production increased by 9% to 311,000oz or 9,675kg. In Dollar terms, total cash costs declined by 6% to $192/oz, while in Rand terms total cash costs increased by 16% to R64,234/kg. This was primarily as a result of increased volumes mined, increased labour building up to a higher volume platform and lower contribution from by-products.

Gold production should increase to 319,000oz (9,926kg) in 2003, while total cash costs are expected to rise to $244/oz (R70,689/kg) mainly through higher volumes mined, lower grade and inflation. Tau Lekoa anticipates capital expenditure of about $8m or R71m during 2003, on technology projects, expansionary projects (Goedgenoeg and Weltevreden) and infrastructural refurbishment.

WEST WITS
TAU TONA
TauTona continued with its strong performance during the year, with gold production rising by 3% to 643,000oz, or 19,997kg. Total cash costs decreased to $132/oz. In Rand terms, however, this reflected an increase of 5% to R44,465/kg.

For 2003, gold production is expected to decrease to 623,000oz or 19,362kg, at a total cash cost of $168/oz (R48,677/kg) mainly from lower gold production and inflationary pressures. During the year ahead, capital expenditure on infra-structure refurbishment

and expansion projects is likely to be in the region of $22m, or R198m.

SAVUKA

Increased seismicity in the VCR had a negative impact on the volumes mined at the beginning of the year, although improvements in the rate of face advance countered this to some extent. After having mined a pillar in the first half of the year, the grade dropped on the depletion of the pillar, resulting in an average yield of 7.07g/t, similar to the previous year. Consequently, gold produced decreased by 2% to 236,000oz or 7,331kg, at a total cash cost of $245/oz. In Rand terms, total cash costs increased by 20% to R82,111/kg as a result of the accelerated development plan to match the new LOM profiles.

Looking forward, production is expected to decrease to 235,000oz or 7,299kg in 2003, while total cash costs should rise to $330/oz (R95,531/kg) following the higher volumes mined and increased development planned. The higher volumes mined planned for 2003 are to counter the 23% drop in recovered grade. Capital expenditure on expansion projects and infrastructure refurbishment is expected to be in the region of $10m or R94m. Savuka has strategic synergies with TauTona.

MPONENG
Performance at Mponeng improved significantly during the year, with volumes mined increasing by 21% and yields rose to 8.63g/t. Although newly equipped raise lines had an impact on costs during the year, the

flexibility afforded by these had a favourable impact on production from mid-year. As a result, gold production increased by 27% to 466,000oz or 14,498kg. Total cash costs decreased by 20% to $178/oz; in Rand terms, total cash costs decreased by 3% to R59,504/kg.

Gold production is expected to decrease to 401,000oz or 12,476kg in 2003, while total cash costs should increase to $244/oz (R70,681/kg) from the cost of the increased development plan and lower gold production. In 2003, capital expenditure is expected to be in the region of $46m (R413m) for expansion and shaft deepening, ore reserves development and infrastructure upgrades.

ERGO
As anticipated, gold production decreased by 20% to 264,000oz, or 8,215kg, following the closure of the Daggafontein plant in December 2001. During the year, the operation was affected by higher- than-expected rainfall, environmental clean-up activities and power failures. The effects were offset by improved headgrades and increased metallurgical efficiency. Total cash costs decreased by 15% to $184/oz. In Rand terms, total cash costs increased by 5% to R61,810/kg.

Production is expected to decrease to 215,000oz or 6,692kg in 2003 as a result of a declining headgrade. The 20% lower grade and constant volumes should result in a rise in total cash costs to $285/oz (R82,602/kg). Ergo's closure is scheduled for early 2005. Planning has started with the establishment of a closure

Moab Khotsong

The largest project under development in the

South Africa region is the Moab Khotsong

mine, located in the Vaal River area.

Production is scheduled to commence in late

2003 , with full production expected in 2006.

The mine will add 4.5Moz to the region's

production to 2015, at an average cash

cost of $129/oz.

ANGLO GOLD LIMITED ANNUAL REPORT 2002

REVIEW OF OPERATIONS

ANGLO GOLD LIMITED ANNUAL REPORT 2002

project team. The project scope includes rehabilitation, social aspects and other liabilities associated with the closure of the operation.

Growth
Three major growth projects are currently in progress in South Africa at Mponeng, TauTona and Moab Khotsong at a total capital cost of approximately R5.6bn ($649.7m at current year's closing exchange rate).

MPONENG SHAFT DEEPENING PROJECT

Good progress has been made during the year with the Mponeng Shaft Deepening Project. The project involves the development of ore reserves from the Ventersdorp Contact Reef (VCR) on 113, 116 and 120 levels at Mponeng mine (ranging from 3,172m to 3,372m below surface). The project will add some 2.8Moz to production and extend the LOM by five years to 2012. Total capex for the project is R1.3bn ($159.3m at current year's closing exchange rate) with some R318.7m remaining ($37.2m at current year's closing exchange rate). Average project cash costs over the LOM should be in the region of R55,200/kg ($180/oz at current year's closing exchange rate). In-circle development is in progress and will be completed by February 2003.

Access development on 113 level has been completed and permanent equipping began in January 2003. At 116 and 120 levels, access development is scheduled for completion in May 2003.

ADDITIONAL OPPORTUNITIES IN SOUTH AFRICA

Additional gold

Production

Mine

Project

production

start-up

Moab Khotsong

Phase 2: below 101 level

4.4Moz

2012

Mponeng

Lower grade VCR and CLR

3.1Moz

2014

TauTona

CLR 120-125 level and 116 level (east of Bank Dyke)

1.6Moz

2006

Mponeng

VCR: 120 125 level

1.3Moz

2007

TauTona

VCR shaft pillar and 66 level

0.3Moz

Tau Lekoa

Above 900 level

0.2Moz

Great Noligwa

Great Noligwa mine contributed 26% to the South Africa region's production. This was despite

several major seismic events at the mine during the year. The underground locomotive seen here is

known as "Big Momma". Its introduction is part of the mine's Hypermine project.

REVIEW OF OPERATIONS

ANGLO GOLD LIMITED ANNUAL REPORT 2002

TAU TONA EXTENSION PROJECT

This project has two areas of focus, namely accessing and mining part of the shaft pillar, and accessing and mining an area east of the Bank Dyke (previously part of the Mponeng mine plan). The project will add 2.7Moz to the mine, at a total capital cost of R432m ($50.4m at current year's closing exchange rate); of this some R160.1m ($18.7m at current year's closing exchange rate) has already been spent. LOM has been extended by six years to 2013, with average project cash costs expected to be in the order of R55,500/kg ($180/oz at current year's closing exchange rate).

Development to access the CLR and area east of the Bank Dyke is on target, while rehabilitation of the haulages continues. The drilling programme from various levels is in progress.

MOAB KHOTSONG MINE

The largest of the current South African projects is the development of the Moab Khotsong mine, located in the Vaal River area. The project comprises the sinking of a new shaft to 3,130m below surface (101 level) to access the Moab lease area, a 136-tonne reserve. The shaft system will have a capacity to hoist about 150,000t/month. Production is scheduled to commence in the last quarter of 2003, with full production of 360,000oz, or 11,215kg per annum, expected by 2006. The mine will add 4.5Moz to this region's production to 2015, with an average cash cost of R39,600/kg ($129/oz at current year's closing exchange rate). Total capex for the project is R3.8bn ($440m at current year's closing exchange rate), of which some R2.8bn ($335m at current year's closing exchange rate) has already been spent. Development of this mine, which began in 1991, is on schedule.

The Main shaft extension was commissioned to a depth of 3,130m in June 2002. Permanent equipping of the RV shaft is 70% complete with commissioning scheduled for March 2003. Access development has progressed to a point where the crosscut is in position and the first raiseline is being established.

ADDITIONAL OPPORTUNITIES

In addition, a higher gold price has contributed a further 11Moz of gold to reserves, resulting in the possible development of six deeplevel mining projects currently under evaluation.

Sustainable development
Since the South Africa region employs by far the most people, and has the largest number of operations, its community and environmental impact is greater here than anywhere else. The aim of the South Africa region is to create a balance between the impact on the natural and social environments in which it operates while at the same time ensuring that it delivers significant and lasting benefits to employees, their communities and other stakeholders, in partnership with government, international agencies, labour, health and non-governmental organisations. As a result of historical and current socio- economic imperatives, the role played by the company in social issues is significant.

ENVIRONMENT
An amended Environmental Management Programme Report for the West Wits and Vaal River operations was submitted to the Department of Minerals and Energy in November 2002. It is anticipated that feedback will be received on this early in 2003.

(From left to right) A pre-schooler enjoying the outside play area at the Shiloh Marabian Mission Station School in Whittlesea (a Khululeka project); Noncedile
Mozondi, one of the Mabhongo villagers who was given chickens as a part of the Masikhanyise sustainable development project. Coleth du Plessis and her pupils
in the new cookery centre at the North West Secondary School for the deaf in Leeudoringstad. All these projects were supported by the AngloGold Fund.

REVIEW OF OPERATIONS

ANGLO GOLD LIMITED ANNUAL REPORT 2002

Water usage and management remains a key area of focus. Water balances were updated and redesigned to ensure a more user-friendly and comprehensive system. Water monitoring programmes and procedures for ground and surface water were developed and implemented at the Vaal River and West Wits operations and a quarterly reporting and analysis system was rolled out across the region. Geotechnical assessment of rock dumps and tailings storage facilities, indicating pollution potential and associated time periods, were completed. This is the first time such an assessment has been undertaken in the South African gold mining industry. The main focus for 2003 will be the reduction in potable water usage and the treatment of mine water to reduce the contamination potential on water resources.

During 2002, the region committed itself to the development of a web-based electronic Environmental Management System. The system is based on ISO14000 principles. The first of four phases, involving policy development and planning, was completed in 2002.

Also during 2002, the region's Environmental Incident Review system was further refined, with the emphasis placed on implementation within the operations.

AngloGold is currently funding a study being undertaken by the genetics department of the University of Pretoria into the yellowfish population of the Vaal River. This study will develop genetic fingerprints of two particular species to assist in the formulation of fisheries management regulations. Both the Vaal River and West Wits operations are part of the greater Vaal River catchment area.

Good progress was made with rehabilitation trials at the Ergo Daggafontein tailings dam. The dam was decommissioned in

December 2001 and will be rehabilitated to environmental closure in terms of the Minerals Act.

SOCIAL INVESTMENT

In South Africa, the company's corporate social investment initiatives are directed by the AngloGold Fund and Education Trust. During 2002, some $1.5m (R15.6m) was committed to a range of initiatives, both large and small.

The primary areas of investment remain education, welfare and development, community health, health projects related to HIV/AIDS, and skills and entrepreneurial development. Although the Fund supports projects which have a national impact, the focus is on those regions and communities in which the company operates or has a major impact. For example, during the year, some 35% of funding went to the Eastern Cape, an area from which the company traditionally draws much of its workforce.

   Some of the major projects currently in progress include:
   * Klerksdorp Methodist Primary School is one of the few English-medium primary schools in one of AngloGold's key operational areas. The school's intake has grown exponentially over the past few years, to the point where new learners had to be turned away due to the lack of space. AngloGold's donation of $118,000 will enable a block of five classrooms to be added to the complex.
    * The Boyden Observatory is home to the second largest optical telescope in Africa. The observatory, part of the University of the Free State's Science Block, recently initiated a project to upgrade its facilities to make them more relevant to the school curriculum and accessible to previously disadvantaged communities in the area. The long-term aim is to foster greater interest in the study of science, engineering and technology.

(From left to right) A Grade 6 pupil doing his homework in the aftercare centre at the Methodist Primary School in Klerksdorp; Ayanda Matha a pre-grade
pupil enjoying the playground equipment that AngloGold sponsored for the Winterberg School Trust, Tarkastad; Elisabeth Ganakgomo preparing a quilted
bedspread that will be sold to raise funds for the Mohau AIDS centre.

* Goldfields Hospice in the Free State has received a grant of $15,000. This valuable facility provides extensive community- based homecare for terminally ill patients in the Welkom area in the Free State.

* Siphumezulwazi Secondary School in Alice in the Eastern Cape has been awarded grant from the AngloGold Fund for the construction of five classrooms, a store room, an office and ablution facilities.

* The National Association of Childcare Workers in the

Eastern Cape was awarded $27,500 for the Isibindi project in Cala, in the Eastern Cape. The project provides accredited training, support and development for child and youth care workers and is aimed at assisting children and youths who have been placed at risk as a result of abuse, HIV/AIDS or criminal involvement.

* Khululeka Community Education Development Centre in Queenstown, Eastern Cape, is another project that was supported during the year. A $25,000 grant to this leading early childhood development centre will enable a comprehensive training programme to be developed to empower other early childhood development practitioners with skills, resources and values to provide quality education and care for young children. The materials developed by Khululeka are already used by many other non-governmental organisations (NGOs) who do not have the resources or infrastructure to develop their own materials.

* The African Medical Mission in the Eastern Cape received

a grant of $27,000. The hospital which is situated in the town of Bedford, caters for a third of the people in the province many of whom live in rural areas and cannot afford alternative medical facilities and care.

* Carletonville Technical College was awarded some $23,000 to purchase computers for an engineering laboratory. The college is one of only six technical colleges in the country offering mining-related subjects and the only facility offering surface and hard-rock courses. Improved facilities will better equip locals with the knowledge, resources and skills to be employed by mines in the surrounding areas.

* Another project which received support is the St Bernard's

Hospice in the Eastern Cape. One of the best managed hospices in the region, St Bernard's provides a safe haven for terminally ill patients. A grant of $25,000 has assisted this organisation in improving and extending its homecare programme and to extend specialist care to patients, many of whom suffer from HIV/AIDS.

* The AngloGold Fund also awarded a grant of $20,000 to

the Triest Training Centre in North West Province. The centre provides care, rehabilitation and the integration of intellectually handicapped people into mainstream society.

The Morifi Community Secondary School was opened in September 2002. The school, granted R2.5m from the AngloGold Fund and situated in rural Lesotho not far from Mohale's Hoek, is the first in the area to cater for pupils in the post-primary phase. It was built following extensive consultation and planning with both the community and the Lesotho Ministry of Education. As almost a fifth of employees are from Lesotho, this is in line with the strategy to contribute to those communities from where AngloGold's employees come. The first intake of 160 pupils has been enrolled and there are five teachers on the staff. The number of pupils is expected to increase to 475 within three years.

REVIEW OF OPERATIONS

(From left to right) Songo Ndungane and Popama Mokopane, Grade 2

pupils, taking a break from a literacy class, Ginsberg Primary,

King William's Town.

REVIEW OF OPERATIONS

ANGLO GOLD LIMITED ANNUAL REPORT 2002

Safety and health

Safety has been an issue of concern in the East and West Africa region during the year, with 45 lost time injuries. One fatal accident occurred at Morila and three fatal accidents at Geita. The main contributing factors were identified and action plans were implemented to address the deficiencies. The LTIFR and the FIFR for the region were 2.93 and 0.26 respectively.

During the year, Geita maintained its NOSA 4-star rating, while Navachab retained its NOSA 5-star rating.

Malaria

With the ever-present threat of malaria at most of the African operations, prevention and treatment programmes are running effectively at the Malian and Tanzanian operations The focus is on education, malaria vector control, the issuing of mosquito nets and early detection and treatment.

HIV/AIDS

HIV/AIDS programmes have been implemented in the region with the

Mali

Tanzania

Namibia

Geita

Sadiola

Yatela

Morila

Navachab

WHO OWNS AND MANAGES THE OPERATIONS

Operation

Country

Partners

Stake

Management

Morila

Mali

AngloGold

40%

AngloGold

Randgold Resources

40%

Government of Mali

20%

Geita

Tanzania

AngloGold

50%

Joint management

Ashanti Goldfields Company 50%

Sadiola

Mali

AngloGold

38%

AngloGold

IAMGOLD

38%

Government of Mali

18%

International Finance

Corporation (IFC)

Navachab

Namibia

100%

AngloGold

Yatela

Mali

AngloGold

40%

AngloGold

IAMGOLD

40%

Government of Mali

20%

Key statistics

Tonnes treated (Mt)
(attributable)

8.0

7.3

Average grade (g/t)

4.22

3.71

Gold production (000 oz)
(attributable)

1,085

Total cash cost $/oz

Number of employees*  2,275

1,600

Efficiencies (g/TEC)

1,855

1,884

Capex ($m)
(attributable)

* Including contractors

East and
West Africa

AngloGold's operations in East and West Africa

The East and West Africa region (formerly known as the Africa region) comprises five operations,

located in three African countries other than South Africa. These are the Yatela, Sadiola and Morila

mines in Mali, the Navachab mine in Namibia and the Geita mine in Tanzania.

SAFETY PERFORMANCE

LTIFR

FIFR

2002

2001

2002

2001

Morila

6.27

1.68

0.33

0.00

Geita

2.11

0.65

0.49

0.00

Sadiola

1.54

0.00

0.00

0.00

Navachab

3.05

2.98

0.00

0.00

Yatela

2.07

2.52

0.00

0.00

REVIEW OF OPERATIONS

ANGLO GOLD LIMITED ANNUAL REPORT 2002

primary focus on prevention through education and awareness. At all operations, education programmes have been conducted in the local communities and throughout the workforce. Peer educators have been identified and have received professional training. Partnerships have been formed with NGOs and other stakeholders in the local communities. Awareness programmes and condom distribution initiatives are ongoing.

Performance and outlook
Overall, the East and West Africa region delivered an excellent performance for the year and produced over a million attributable ounces for the first time, largely owing to the exceptional high- grade ore at Morila. Attributable production increased by 25% to 1,085,000oz, while total cash costs decreased by 2% to $126/oz. Operating profit, excluding unrealised non-hedge derivatives, increased to $129m.

MORILA

Gold production at Morila increased by 67% to 421,000oz, largely as a result of the interception of exceptionally high-grade zones of ore during July to October. The average recovered grade for the year rose by 74% to 11.96g/t. As a result, total cash costs for the year improved by 28% to $74/oz and operating profit, excluding unrealised non-hedge derivatives, rose by 190% to $70m.

Attributable production at Morila should decrease by 19% to 343,000oz for 2003, while total cash costs will be $93/oz with the return to average mine grades. Drilling to identify other possible high- grade zones is underway. Capital expenditure of $4m is anticipated in 2003.

GEITA

Geita experienced another good year. Production rose by 6% to 290,000oz, despite a 2% decline in the average grade for the year to 3.62g/t. Total cash costs increased by 19% to $175/oz, as a result of increased stripping requirements, increased mining from the Kukuluma pit, and greater distances to the Geita plant. Operating profit, excluding unrealised non-hedge derivatives, fell by 20% to $20m.

During the second quarter, Geita successfully concluded its 90-day project completion testing, as required by loan covenants, resulting in the release of the AngloGold loan guarantees.

Approval was granted for the first phase of the Geita expansion project during the first quarter of the year. This followed encouraging results from exploration drilling in the Nyankanga pit, which increased the total remaining ore reserve to 33.5Mt. To realise the full potential of this increased reserve, plant throughput is being raised from 4.5Mtpa to 6Mtpa in two phases over the next two years. By year-end, Phase 1 of this project

increasing throughput to 5.6Mtpa had been completed and commissioned.

During 2003, attributable production should increase by 17% to 339,000oz. Total cash costs should increase by 1% to $176/oz. Capital expenditure of $12m is planned in 2003.

SADIOLA

Tonnage throughput at Sadiola was adversely affected by mineral sizer downtime in the first quarter, the low availability of high-grade oxide ore during the year and problems with the treatment of higher-grade soft sulphide ore. This resulted in a 5% decrease in the average recovered grade for the year to 2.96g/t. Consequently, gold production of 182,000oz was 10% lower than the previous year. Total cash costs increased by 25% to $163/oz as a result of the lower production and treatment of sulphide ores. Operating profit, excluding unrealised non-hedge derivatives, decreased by 42% to $12m.

The plant conversion project to improve gold recovery from the treatment of soft sulphide ore was completed on schedule by the end of February 2002. High cyanide values in the final residue prevented the treatment of soft sulphide ore, which required high cyanide addition to maintain acceptable recoveries. A cyanide destruction plant was designed and commissioned in the third quarter and

Expansion at Geita

The first phase of the Geita gold plant

expansion was approved during the first

quarter following encouraging results from

exploration in the Nyankanga pit, which

increased the total remaining reserve to

33.5Mt. Plant throughput is being increased

from 4.5Mtpa to 6Mtpa in two phases.

Phase 1, which was completed in

December 2002, involved the installation of

secondary crushers and modification to the

ball mill to cater for the increased throughput,

raising the treatment rate to 5.6Mtpa at a

capital cost of $3m.

REVIEW OF OPERATIONS

ANGLO GOLD LIMITED ANNUAL REPORT 2002

was fully operational at year-end. The system will be fully optimised by the end of January 2003.

The final instalment on the project finance loans for the development of Sadiola was paid during the second quarter. The total repayments for the five-year period of the facility amounted to $288m.

During the year ahead, attributable production at Sadiola should decrease by 7% to 169,000oz, while total cash costs will increase by 18% to $193/oz due to increased reagent costs to treat sulphide ore. Capital expenditure of $2m is planned for 2003.

NAVACHAB

Navachab continued to exceed production targets in 2002, although gold production was 2% lower at 85,000oz, mainly due to a 5% decrease in recovered grades to 1.93g/t for the year. Total cash costs declined by 10% to $147/oz. Operating profit, excluding unrealised non-hedge derivatives, increased by 41% to $12m.

A decision to proceed with a pushback towards the east to extend the LOM by eight years to 2013 was taken by the AngloGold board in July 2002. An early application for the renewal of the mining licence has been approved. This extends the licence to 2018.

Looking ahead to 2003, attributable production at Navachab should decrease by 6% to 80,000oz. It is anticipated that total cash costs will increase by 50% to $220/oz as extra stripping will be required at the Eastern Pushback.

It is expected that capital expenditure will rise by 41% to $4m during the year.

YATELA

This was the first full year of operation at Yatela. Gold production increased by 105% to 107,000oz, while total cash costs increased by 18% to $175/oz, largely as a result of higher maintenance costs on the mineral sizers as a result of harder materials being treated, and increased reagent mainly cement usage. Cement is used for leach pad stability. Operating profit including non- realised hedge derivatives, rose by 114% to $10m.

During 2003, attributable production is expected to decrease by 8% to 98,000oz. Total cash costs should increase by 14% to $199/oz. Capital expenditure of $3m is planned in 2003.

Growth
As a result of the successful brownfields drilling programme at Geita during

the year, the reserve has increased by 21% to 4.7Moz, confirming the company's confidence in the prospectivity of the deposit.

With the improvements in the gold price, a feasibility study commenced during the first quarter to evaluate the economic viability of a mine expansion project at Navachab.

Sustainable development
AngloGold's aim of ensuring sustainable development is particularly pertinent in Africa where mining operations are frequently located in inaccessible areas, largely untouched by industry and economic development. Sensible mining practices, with the full involvement of local communities and governments, can ensure that long-term benefits accrue to the regions, even after mining has been completed.

Localisation programmes have been implemented at all operations with the main focus on the implementation of tech- nical and managerial training programmes to fast-track the career development of local employees. Artisan training and business skills, safety and metallurgical training are in place at the operations. Progress has been made with at least 60%

of supervisory and managerial positions now being held by local employees.

Sustainable social development strategies have been implemented at all of the operations. At Sadiola and Yatela mines, through the facilitation of water irrigation and the training and education of local farmers, sustainable farming projects are being implemented in the local communities. Similar programmes are being investigated at other operations. As a result of a major drought in the local communities surrounding the Malian operations, borehole drilling operations are taking place to increase the provision of water. These initiatives to establish greater water security through the use of ground water, rather than surface water have cost in the region of $120,000.

At Sadiola and Yatela mines, the micro-credit programme continued with 98 loans amounting to $70,000 being granted to assist prospective small businesses.

At Morila, significant contributions (of some $250,000) were made towards the upgrade and maintenance of infra- structure in the communities surrounding operations. Examples include the upgrading of medical clinics, building of roads and bridges, provision of electricity

for strategic facilities and the construction of dams.

Training and education programmes have been initiated by the operations for the local communities covering topics such as HIV/AIDS and sustainable development. A social development trust consisting of mine management, NGOs and local community representatives is in the process of being formed by Morila mine. An initial contribution of $500,000 has been made by the mine to this trust. The main aim of the trust will be to manage the allocation of funds towards sustainable development projects and to monitor the success of these projects.

AngloGold's philosophy of ensuring

sustainable development is particularly

pertinent in Africa where mining operations

are frequently located in inaccessible areas,

largely untouched by industry and economic

development. Sensible mining practices,

with the full involvement of local

government and communities  such

as here at Sadiola in Mali  can ensure that

long-term benefits accrue to the region,

even after mining has been completed.

Navachab continues to exceed production

targets. Looking ahead, a project to extend

the LOM by eight years was approved

by the AngloGold board in July 2002.

REVIEW OF OPERATIONS

ANGLO GOLD LIMITED ANNUAL REPORT 2002

Brazil

Argentina

Serra Grande

Cerro Vanguardia

Morro Velho

AngloGold's operations

in South America

The South America region comprises three

operations, Morro Velho and Serra Grande

(50%) in Brazil and Cerro Vanguardia

(92.5% as of July 2002) in Argentina.

Key statistics

Tonnes treated (Mt)
(attributable)

1.9

1.7

Average grade (g/t)

7.8

7.8

Gold production (oz)
(attributable)

478,000

441,000

Total cash cost ($/oz)

Number of
employees *

2,660

2,300

Efficiencies (g/TEC)

Capex ($m)
(attributable)

* Excludes contractors for the Cuiab

Expansion and contractors for the
implementation phase of Crrego
do Stio mine

South America

Safety and health

Safety performance in the region was good, with the overall LTIFR - at 4.21 - below the Ontario benchmark of 6.5. Regrettably, a fatal accident occurred at

Cerro Vanguardia on 17 July.

Following a complete review of risk management procedures in November 2002, Cerro Vanguardia was re-audited and maintained a NOSA 5-star rating and ISO14001 Certification.

Serra Grande was audited during the first quarter and gained a 4-star rating. At the end of November, the mine was re- audited and achieved a NOSA 5-star rating the first underground mine in the world to achieve this distinction. The mine was awarded the inaugural Dick Fisher Safety Award, for the best performance across AngloGold's

operations, based on year-on-year safety improvements.

Morro Velho was also audited in the first quarter and was awarded a NOSA 3-star rating. A re-audit will take place in the first quarter of 2003.

Performance and outlook

Attributable production in the South America region increased to 478,000oz, principally as a result of the acquisition of

an additional 46.25% stake in Cerro Vanguardia in July 2002. Total cash costs decreased by 6% to $126/oz as a result of improved cost management, higher by- product credits and the effects of the devaluation of the Real and Peso. Attributable operating profit, excluding unrealised non-hedge derivatives, rose by 26% to $68m, primarily as more gold was sold at a higher gold price with lower cash costs.

MORRO VELHO

Production declined marginally to 205,000oz because of lower tonnages treated. This was exacerbated by rock mechanic problems experienced at Cuiab mine in the first quarter, which have since been resolved. Total cash costs increased by 3% to $131/oz. Operating profit, excluding unrealised non-hedge derivatives, was kept stable at $29m. Looking to 2003, production is expected

ANGLOGOLD'S OPERATIONS IN SOUTH AMERICA

Operation

Country

Partners

Stake

Management

Morro

Brazil

100%

AngloGold

Velho
Serra

Brazil

AngloGold

50%

AngloGold

Grande

TVX Gold inc

50%

Cerro

Argentina

AngloGold

92.5%

AngloGold

Vanguardia

Formicruz, Santa

7.5%

Cruz Province

SAFETY PERFORMANCE

LTIFR

FIFR

Morro Velho

5.73

9.07

0.00

0.58

Serra Grande

0.70

6.42

0.00

0.00

Cerro Vanguardia

3.72

7.54

0.93

0.00

REVIEW OF OPERATIONS

ANGLO GOLD LIMITED ANNUAL REPORT 2002

REVIEW OF OPERATIONS

ANGLO GOLD LIMITED ANNUAL REPORT 2002

to increase to 218,000oz, at a total cash cost of $106/oz. Capital expenditure for the year amounted to $17m and will increase to $28m during 2003.

SERRA GRANDE

Attributable production decreased by 3% to 94,000oz as a result of a 3% fall in grade owing to a depletion of the sulphide orebodies. Total cash costs decreased by 7% to $100/oz mainly due to the devaluation of the Real. Attributable operating profit, excluding unrealised non-hedge derivatives, increased by 1% to $17m.

Production is expected to decrease to 90,000oz in 2003, at a total cash cost of $90/oz. Capital expenditure for the year amounted to $3m, and will increase to $4m during 2003.

CERRO VANGUARDIA

Attributable gold production rose by 32% to 179,000oz principally as a result of the acquisition of an additional 46.25% stake from Prez Companc in July 2002. Excluding the additional production arising from the acquisition, production declined by 11% as a result of water entering the pits and combining with clay in the ore feed to the plant, causing production delays in the third quarter, which are still being addressed.

Total cash costs decreased by 22% to $104/oz as a result of better cost management and the Peso devaluation,

while attributable operating profit, excluding unrealised non-hedge derivatives, increased 85% to $27m, as a result of AngloGold's additional interests in Cerro Vanguardia, lower cash costs and the higher gold price received.

In 2003, production should rise to 246,000oz, at a total cash cost of $110/oz. Capital expenditure for the year amounted to $2m, and will increase to $6m during 2003.

Growth

The pre-feasibility study for the Cuiab Expansion Project was completed in 2002. The project envisages expanding production from 2,300tpd to 4,000tpd, yielding an additional 180,000oz/year of production at an estimated capital cost of some $93m. The feasibility study for the project will be completed during 2003 and, should approval be received, is scheduled for implementation in September 2004. Full production capacity would be reached in 2006.

Pre-feasibility studies to expand Cerro Vanguardia's ore treatment plant throughput to 1.2Mtpa and underground mining to produce 300,000tpa were both started in 2002. The increase in production is forecast at 75,000oz per year at an estimated capital expenditure of $13m. Implementation of these projects will be carried out from August 2003 to August 2004 and full production is expected in 2005.

The pre-feasibility study of the Lamego Project, which envisages the exploitation of 6.3Mt of resources at 5.96g/t, is due to start in 2003. Production is forecast to be 45,000oz per year for 10 years, with capital expenditure of $14m.

Opening of the access ramp to confirm resources of 600,000t at 10.78g/t of sulphide ore at Crrego do Stio began in 2002. The pre-feasibility study to treat the sulphide ore will start in 2003 at an estimated capital expenditure of $13m. The project will produce 55,000oz/year.

Exploration work continues at Serra Grande, with the aim of increasing reserves. During 2002, aerial geophysical work was undertaken and studies to verify geophysical anomalies were conducted. During 2003, it is expected that the investigation of such anomalies is expected to intensify.

Sustainable development
Environmental and social issues continue to receive attention.

Ongoing environmental work at Morro Velho includes a stepped-up waste collection and recycling campaign during the year, significantly reducing the amount of waste generated by the company. This programme has been bolstered by an extensive communications network to instil further awareness of the campaign.

Mayra Rodrigues Nunes (left), a

monitor at the Harry

Oppenheimer Environmental

Centre, hands seedlings to children

from the Nova Lima day care

centre. Both these centres are

examples of AngloGold's social

investment initiatives aimed at the

communities surrounding its

operations.

REVIEW OF OPERATIONS

ANGLO GOLD LIMITED ANNUAL REPORT 2002

In Raposos, Morro Velho has revitalised a dressmakers' cooperative by providing both financial and administrative support. Raposos, a mining town, was founded more than 300 years ago around one of the Morro Velho operations which has since closed.

Various donations amounting to $1.2m were made by the company to a number of projects. As an example of working in partnership with local municipalities, communities and other institutions, Morro Velho recently contributed towards the establishment of the Reference Centre for Pneumology. The Centre provides free services for the diagnosis and treatment of silicosis and associated diseases. The Centre has its own team of specialist physicians including ancillary services such as social work, physical therapy and pharmacies.

A project that has been dubbed "the second gold yield" will see the valuable real estate owned by Morro Velho in and around Nova Lima being used to provide much-needed green areas as a very important backdrop to the growing urban

landscape. Discussions are being held with key authorities in the region to ensure appropriate best practice use into the future. Also in the Nova Lima area, an educational campaign has been developed to inform communities about safe water usage.

To increase awareness of such green issues, the Harry Oppenheimer Centre for Environmental Education continued with its efforts during the year, while at the same time providing a recreational centre. The Centre had some 9,000 visitors during the year and about 600 company employees participated in courses and workshops looking at environmental programmes and technology implemented by the company.

Another environmental project, established by Serra Grande 18 months ago, the Ecological Preservation Centre, received visits from more than 400 people from the community of Crixs during the year. Students and teachers, as well as other community leaders, participated in the environmental awareness courses developed by the Centre.

A survey of the small community of Rio Acima, home to the Engenho d'gua mine, near Morro Velho, indicated that, although most community members were positive about the development, some aspects of concern were raised such as dust and traffic control. This was then addressed by the company by watering the roads and further training of operators.

The Crrego do Stio mine, located in Santa Brbara, was granted a renewal of its operating permit in 2002, which is now valid until July 2007. Good progress was made with environmental rehabilitation on the mine with about 163 hectares having been replanted up to December 2002.

An agreement was reached with the National University of Southern Patagonia for the monitoring of the flora, fauna and soil of the region in which the Cerro Vanguardia mine is situated. The aim is to ensure the preservation of animal and plant species, in addition to maintaining water and soil quality.

Cerro Vanguardia received both the

ISO14001 and NOSA 5-star status,

becoming the only mine in the

world to have achieved these two

accreditations simultaneously.

Safety and health
Safety performance continued at the exceptionally high levels that have become the norm at the North American operations. The overall LTIFR was 4.95, which compares favourably with the Ontario benchmark. Jerritt Canyon's Smith mine was once again recognised by the Nevada Mining Association as having the lowest reportable injury rates for calendar 2001, while the Murray mine achieved one million man-hours without a lost time injury.

CC&V was recognised by the Colorado Mining Association for achieving over 728,000 contractor man- hours without a lost time injury during the recent project expansion. CC&V's Safety Supervisor was also recognised by the Colorado Mining Association for his active involvement in this achievement.

Performance and outlook
The year started with some difficulties at the North American operations as severe weather conditions affected Jerritt Canyon, and CC&V experienced ongoing technical problems associated with its valley leach facility. Performance had improved by year-end, however, particularly as major elements of the CC&V expansion project were completed on time and below budget. Production

for the year decreased by 7% to 462,000oz, while cash costs rose by 5% to $222/oz. Operating profit, excluding unrealised non-hedge derivatives, decreased by 84% to $3m as a result of these production issues and higher non- cash charges at CC&V.

JERRITT CANYON

A reorganisation of labour in the underground mines resulted in reduced productivity in the first quarter, but the resultant improvements were felt from the second quarter onwards. Attributable production decreased by 16% to 237,000oz, primarily due to lower first quarter mill tonnages, lower grades mined, and completion of the Cortez tolling agreement.

     Total cash costs increased by 12% to $249/oz,
 while operating profit excluding unrealised non-
hedge derivatives, decreased to a loss of $3m.

On 27 February 2003, it was announced that AngloGold had entered into a purchase and sale agreement with Queenstake Resources USA Inc on its interest in the Jerritt Canyon Joint Venture. In terms of the agreement, Queenstake will pay the Jerritt Canyon Joint Venture $8m on closing, $6m in deferred payments and additional royalty payments. Queenstake will accept full closure and reclamation and other liabilities. The transaction is expected to close no later than 31 March 2003.

CC&V Production at CC&V increased by 5% to 225,000oz. Although gold production was negatively affected by technical problems associated with the leach system pH, higher leach solution volumes were processed during the latter part of the year. These factors, combined with the near completion of the bulk of the $195m

REVIEW OF OPERATIONS

ANGLO GOLD LIMITED ANNUAL REPORT 2002

USA

Jerritt

Canyon

CC&V

WHO OWNS AND MANAGES THE OPERATIONS

Operation

Country

Partners

Stake

Management

Jerritt USA

AngloGold

70%

AngloGold

Canyon

Meridian Gold Inc

30%

Cripple

USA

AngloGold

67%

AngloGold

Creek

*100%

& Victor

Golden Cycle Gold Corp

33%

Interest in gold produced.

Key statistics

Tonnes treated (Mt)
(attributable)

13.3

12.2

Average grade (g/t)

1.08

1.27

Gold production (oz)
(attributable)

462,000

496,000

Total cash cost ($/oz)

Number of employees*

Efficiencies (g/TEC)

1,979

2,273

Capex ($m)
(attributable)

* Including contractors

North America

AngloGold's operations

in North America

The North America region comprises the

Jerritt Canyon Joint Venture (70%) and the

Cripple Creek & Victor Gold Mining

Company (CC&V) (67% interest, with a

100% interest in gold produced).

SAFETY PERFORMANCE

LTIFR

Jerritt Canyon

5.74

1.17

CC&V

4.36

1.91

expansion in the third quarter, served to enhance operational efficiencies. The expansion project has increased the average annual gold production by 40% and extended the LOM from 2008 to at least 2013, thereby yielding an additional 2.8Moz. Current indications are that the average LOM cash costs will reduce from $227/oz to $176/oz. The new crushing facility was commissioned in July 2002, while additional leach pad and solution handling equipment were brought into production in September and December 2002, respectively.

Total cash costs remained at $187/oz

as higher reagent costs were offset by continued cost-cutting efforts. Mined tonnage and metal production improved towards the latter part of the year as the full benefit of the expansion project was realised.

Operating profit, excluding

unrealised non-hedge derivatives, decreased by 38% to $6m, owing to accelerated depreciation charges on the old crusher assets and higher amortisation charges relating to increased production. For 2003, production is likely to rise to 414,000oz at a total cash cost of $179/oz. Capital expenditure amounted to $66m in 2002, and is expected to be in the region of $25m in 2003.

Growth

Following the completion of the CC&V expansion project in 2002, extensive brownfields drilling is being conducted to further optimise surface mine plans, as well as to assess the potential for future underground operations.

Sustainable development

AngloGold North America endeavours to make a positive contribution to the communities in which the company operates. Projects with potential social, economic or environmental benefits are identified, nominated, evaluated and recommended to management for support.

Jerritt Canyon spearheaded the development of a voluntary mercury reduction programme with other mining companies, as well as state and federal government agencies. The aim is to reduce mercury air emissions between 2003 and 2005. Jerritt Canyon was a charter member and has implemented controls and other actions to exceed programme requirements.

Haul road re-contouring, surface mine backfill grading and revegetation,

and site rehabilitation of facilities beyond the requirements of the approved reclamation plan, were undertaken at Jerritt Canyon in 2002.

Funding in the form of housing and transportation for the Boise State University researchers' goshawk study group was provided again in 2002. Continued support for this research by Jerritt Canyon has resulted in this being the longest continuous study of goshawk in North America.

The McCaw School of Mines Foundation, the Gold Fever programme, University of Nevada Foundation, scholarships, teachers' programmes, and a myriad other worthwhile educational programmes are supported by Jerritt Canyon.

CC&V donated $25,000 in 2001 and $25,000 in 2002 to support the construction of a regional medical centre in Teller County. These donations were used by the Medical Centre Board to obtain a $250,000 grant from the State

of Colorado for this worthwhile project that will benefit the citizens of Teller County for many years into the future.

CC&V delivered two bulldozers with operators to assist the US Forest Service in fighting the Hayman Fire during the early summer of 2002. This was the largest fire in Colorado's history. CC&V later made a $10,000 donation for fire rehabilitation. A three-to-one federal matching fund increased this amount to $40,000. CC&V recognised the importance of fire rehabilitation in stabilising the soils and helping to control future flooding and sedimentation.

CC&V continues to actively support the Vindicator Valley Trail System in co- operation with an independent advisory group referred to as the Southern Teller County Focus Group. The trails, overlooks and structures have become tourist attractions and provide an opportunity to educate the public about historic and modern mining.

REVIEW OF OPERATIONS

ANGLO GOLD LIMITED ANNUAL REPORT 2002

REVIEW OF OPERATIONS

ANGLO GOLD LIMITED ANNUAL REPORT 2002

Expansion at Cripple Creek

& Victor

The expansion project, completed in 2002

without a single lost time injury, has increased

gold production capacity by 40% and extended

the LOM to 2013.

This 1,218ft long bridge, built to

accommodate the expanded CC&V leach pad,

spans a 250ft drop and cost $18m to build.

The bridge is a co-operative effort between

CC&V and the Colorado Department

of Transportation.

REVIEW OF OPERATIONS

ANGLO GOLD LIMITED ANNUAL REPORT 2002

Union Reefs

Sunrise Dam

Key statistics

Tonnes treated (Mt)
(attributable)

6.1

8.0

Average grade (g/t)

2.56

1.97

Gold production (oz)
(attributable)

502,000

508,000

Total cash cost
$/oz

A$/oz

Number of employees*

Efficiencies (g/TEC)

2,437

1,952

Capex (attributable)
$m

A$m

* Including contractors

Australia

AngloGold's operations in Australia

The Australia region comprises two operations: Sunrise Dam in Western Australia and Union Reefs

in the Northern Territory. Two further operations, Boddington and Tanami, were closed at the end
of 2001, with only the residual plant clean-up at Boddington contributing 2,000oz during the year.

Boddington is currently on a care-and-maintenance programme, pending a decision to proceed with
the Boddington Expansion Project. The Tanami plant has been leased for third party ore processing.

SAFETY PERFORMANCE*

LTIFR

Sunrise Dam

11.0

11.56

Union Reefs

0.0

5.08

* Based on South African benchmark

definitions

Safety and health
The Australia region (including Union Reefs, Sunrise Dam and Boddington) recorded an LTIFR of 11.22 for the year, down some 17% on the previous year, combined with a 38% decrease in all injuries. The SafeGold initiative, launched by Bobby Godsell at the Australian operations in late 2001, contributed to the improved safety performance. Further safety initiatives will be introduced in 2003.

Union Reefs was the recipient of the Northern Territory Government's recognition award for resource develop- ment in 2002.

Performance and outlook
Overall, production in the Australia region decreased only marginally (by 1%) to 502,000oz despite the closure of Tanami and Boddington in late 2001. Excellent results were achieved from the remaining operations, particularly at Sunrise Dam, where production increased by 30%. In US Dollar terms, total cash costs decreased by 1% to

$193/oz, or A$354/oz, a decline of 6%. This was a result of an ongoing focus on cost reduction and the impact of the expansion at Sunrise Dam. Operating profit, excluding unrealised non-hedge derivatives, increased by 83% to $33m (A$60m).

SUNRISE DAM

Gold production at Sunrise Dam increased significantly by 30% to 382,000oz as plant throughput rose by 41% to an annual rate of 3.4Mtpa following the capital expansions under- taken the previous year. Total cash costs increased by 15% to $177/oz or by 9% to A$323/oz. After completion of a major cutback at the end of 2001, mining in the new MegaPit reached full capacity in the first half of 2002. A smaller cutback, in the Watu section of the pit, was approved during the year, giving access to additional ore that had been identified for ongoing drilling. Operating profit, excluding unrealised non-hedge derivatives, rose by 57% to $33m (A$61m). Production should remain unchanged at 382,000oz in 2003 at

an expected total cash cost of $192/oz (A$326/oz). Capital expenditure was $26m (A$47m) for 2002, and should be of the order of $14m (A$23m) in 2003.

UNION REEFS

Gold production at Union Reefs increased by 4% to 118,000oz, despite disruptions to mining in the main Crosscourse Pit during the wet season at the beginning of the year, and an increased focus on mining smaller, satellite resources. Furthermore, total cash costs fell by 3% to $224/oz or by 8% to A$411/oz, as a result of higher production and tight cost control. As a result, operating profit, excluding unrealised non-hedge derivatives, increased to $3m (A$6m). The mine remains in closure mode, with operations expected to cease in the second half of 2003.

Growth
Very encouraging exploration results were achieved at Sunrise Dam during the year. A decision to proceed with the Boddington Expansion Project is expected

REVIEW OF OPERATIONS

ANGLO GOLD LIMITED ANNUAL REPORT 2002

by the second half of 2003. AngloGold owns 33.33% of the Boddington Gold Mine, along with Newmont (44.45%) and Newcrest (22.22%). A feasibility study completed in 2000 was based on an operation with a throughput of 25Mtpa, producing an average of 600,000oz of gold and 22,500t of copper per year over a mine life of 15 years. Further work was undertaken by the respective JV partners in the past year to further test the feasibility study, better understand the project risk and identify opportunities for enhancing returns. This work is likely to continue into the second quarter of 2003.

During 2002, Worlsey Alumina - the previous manager of the project - was

replaced by the Boddington Gold Mining Management Company, which is owned by the JV partners in proportion to their interests in the project. Environmental approvals associated with the expansion were received in June 2002 and will remain valid for a period of five years.

Sustainable development
Environmental management and compliance, as well as the promotion of social development in the regions in which the company operates, continued as a matter of priority during the year.

      AngloGold Australia improved its environ-
mental  performance, reducing the number of
 Category 3  incidents

during the year to two compared with eight incidents in 2001. A detailed closure plan for Union Reefs, addressing environmental, stakeholder and community issues, was approved by the Northern Territory Government.

The company was involved in a number of community development and support initiatives during the year and maintained its commitment to training, employment and business support in indigenous communities. In recognition of its positive contribution to indigenous issues in the Tanami region, the Darwin exploration team received a Community Service Award.

Encouraging exploration results were achieved

at Sunrise Dam, where gold production has

already increased significantly during the year

under review.

REVIEW OF OPERATIONS

ANGLO GOLD LIMITED ANNUAL REPORT 2002

Attributable

Average

tonnes

grade

treated

recovered

(Mt)

(g/t)

Operation
SOUTH AFRICA

Ergo

32.8

41.3

0.25

0.25

Great Noligwa

2.5

2.5

11.02

12.34

Kopanang

2.2

2.1

7.23

7.4

Moab Khotsong *				  	             -	                    -	       -	             -

Mponeng

1.7

1.5

8.63

7.71

Savuka

1.0

0.9

7.07

7.97

Tau Lekoa

2.2

2.0

4.45

4.42

TauTona

1.7

1.6

11.66

11.94

EAST AND WEST AFRICA

Geita (50%)

2.5

2.3

3.62

3.7

Morila (40%)

1.1

1.1

11.96

6.87

Navachab

1.4

1.3

1.93

2.04

Sadiola (38%)

1.9

2.0

2.96

3.13

Yatela (40%)

1.1

0.5

2.95

3.33

NORTH AMERICA

Cripple Creek &
Victor Joint Venture

12.4

11.3

0.57

0.59

Jerritt Canyon Joint
Venture (70%)

0.9

0.9

7.91

9.41

SOUTH AMERICA

Cerro Vanguardia (92.5%)

0.6

0.4

9.49

10.51

Morro Velho

1.0

1.0

6.71

6.63

Serra Grande (50%)

0.4

0.4

7.84

8.08

AUSTRALIA

Boddington (33.33%)					              -

2.6

0.92

Sunrise Dam

3.4

2.4

3.49

3.81

Union Reefs

2.7

2.6

1.36

1.36

Moab Khotsong is a new mine in its development phase. The mine is expected to commence production in 2003.

Operating profit excluding unrealised non-hedge derivatives.

Summary of operations

REVIEW OF OPERATIONS

ANGLO GOLD LIMITED ANNUAL REPORT 2002

Attributable

Attributable

gold

Total cash

operating

Attributable

production

costs

profit

EBITDA

(000oz)

($/oz)

($m)

($m)

1,004

-	        -	               -	                      -	       -	              -	                     -	       -

(3)

Independently of its support for the WGC, the company is active in a number of other marketing projects in support of gold, and AngloGold remains the only gold company in the world that has committed this level of resources to marketing the metal it produces.

Among existing downstream initiatives, the company continues as a partner in GoldAvenue, an Internet collaboration between AngloGold, JP Morgan Chase and Pamp MKS of Geneva. During 2002, GoldAvenue published two new gold jewellery catalogues focused on uniquely designed, high-value gold jewellery aimed at the US market. Both sales and market penetration improved, with further growth anticipated during the year ahead. This business is being developed in association with Vivre, a luxury goods catalogue business operation in which GoldAvenue has taken an equity interest. AngloGold has provided additional support to this venture through product development, sourcing and product selection.

AngloGold holds a 25% stake in OroAfrica, the largest manufacturer of gold jewellery in South Africa, as an investment in the downstream gold value chain. AngloGold and OroAfrica have co- operated in a number of projects including OroAfrica's development and launch of an African gold jewellery brand. An important strategic step has been the establishment of a Jewellery Design Centre at OroAfrica at a cost of $250,000. The purpose of the centre is to generate new gold jewellery designs, and to improve product standards through technology, design and innovation.

In the area of design innovation, AngloGold's current Riches of Africa Gold Jewellery Design Competition was established in 1998 to showcase South African jewellery designers, to enhance jewellery manufacturing technical skills and to support the local gold jewellery industry. Training workshops for competition entrants are held each year,

while the award-winning works are exhibited and used in fashion shows and other events both locally and abroad.

A gold jewellery design competition in Brazil was launched by AngloGold in 2002, and is the first such competition in that country. The competition generated unprecedented interest, with a high quality of design and craftsmanship. Some 43 finalists contributed towards a collection of 52 pieces of innovative, high quality gold jewellery. Some of these pieces have been acquired for sale in the United States through GoldAvenue.

The Gold of Africa Museum, inaugurated by AngloGold in 2001 with the permanent endowment of the Barbier Mueller collection of West African gold objects purchased by the company in 1998, enjoyed its first full year of operation and has proved to be an attractive museum venue in Cape Town. The museum also serves as a facility for training in the jewellery industry in Cape Town.

AngloGold and Mintek, South Africa's national metallurgical research organisation, launched Project AuTEK in 2000 to research and develop industrial applications for gold. In May 2002, the project unveiled the first working prototype of a room temperature air purification unit based on a gold catalyst. The new unit is expected to be considerably cheaper to manufacture than designs based on other types of catalysts and could be used in restaurants, hospitals, hotels and office blocks.

AngloGold remains a key sponsor of the Atteridgeville Jewellery Project, established in 2000 by the Vukani-Ubuntu Community Development Project to create opportunities in the jewellery industry in South Africa for the previously disadvantaged through training and development. A new project initiated during the year by Vukani-Ubuntu and funded by AngloGold was the production and marketing of the "Kwaito" jewellery range, strongly associated with South African Kwaito music through the slogan

"Rhythm you can wear". The focus is on affordable gold jewellery that is ready to wear and that can be mass produced by the Atteridgeville project.

AngloGold undertook two new ventures with gold in the fashion industry abroad. The first was the Afridesia project, involving the sponsorship and creation of a South African clothing and gold jewellery collection at the 2002 New York Fashion Week. This project created a platform for South African designers and craftspeople at this very important forum. It also showed the value of cross fertilisation with the fashion industry for gold jewellery design. In the second important overseas project, AngloGold co-sponsored and participated in the International Herald Tribune Luxury Conference in Paris in December 2002. This participation provided AngloGold with the opportunity to access fashion industry leaders and luxury brand name retailers, and to present a case for the introduction of new gold jewellery branded products to these businesses. Both of these initiatives were well received and have given rise to further opportunities to be pursued in 2003.

An important feature in many of AngloGold's marketing projects has been the beneficiation of gold, particularly in South Africa. AngloGold's commitment to adding value to gold extends beyond mining and contributes towards the upliftment of people and the sustainability of communities.

The challenge for marketing gold today is bigger than it has ever been, given the sharp fall-off in physical demand for gold in the major developing markets resulting from the rise in price and volatility. This market has now been stagnant for well on a decade as gold jewellery has had to compete with other luxury consumer goods. AngloGold will continue its work with the WGC but will continue also to work independently in other areas of the gold market where it can exercise strategic influence.

Marketing

uring 2002, AngloGold spent some $17m on gold marketing initiatives, of which 73% was spent through the World Gold Council (WGC). This organisation underwent a major restructuring during the year and has allocated increased resources to support the market for gold investment purposes.

ANGLO GOLD LIMITED ANNUAL REPORT 2002

The Afridesia project,

involving the sponsorship and

creation of a South African clothing and gold jewellery

collection at the 2002 New

York Fashion Week, created a

platform for South African

designers and craftspeople at

this important forum.

Exploration

ngloGold's global exploration strategy seeks both to extend the life of existing operations (through brownfields exploration) and to establish new mines (through greenfields exploration). The aim is to provide double-digit returns on investment.

ANGLO GOLD LIMITED ANNUAL REPORT 2002

Brazil

Argentina

Serra Grande

Cerro Vanguardia

Morro Velho

USA

Jerritt

Canyon

Cripple Creek

& Victor

Mali

Tanzania

Namibia

Geita

Sadiola

Yatela

Morila

Navachab

SA operations

South Africa

Union Reefs

Sunrise Dam

Australia

Alaska

Canada

Peru

Mines
Greenfields exploration areas
Brownfields exploration areas

AngloGold's exploration programme

extends to four continents at a cost

of $51 million during 2002.

Exploration
During 2002, the exploration focus continued in countries where AngloGold already has operations, namely in Argentina, Australia, Brazil, Tanzania, Mali, Namibia, South Africa and the United States. In addition, exploration was pursued in highly prospective areas in Alaska, Canada and Peru.

Exploration expenditure for the year amounted to $51m, some 63% of which was spent on increasing near and in-mine resources. Exploration expenditure in 2003 will be in the region of $61m.

EXPLORATION EXPENDITURE BY REGION ($m)

Forecast 2003

South Africa

East & West Africa

South America

North America

Australia

Corporate
(includes target generation)

Total

EXPLORATION

ANGLO GOLD LIMITED ANNUAL REPORT 2002

SOUTH AFRICA

Drilling commenced in two surface boreholes at Goedgenoeg to the west of Tau Lekoa to delineate further Ventersdorp Contact reef (VCR) resources. Assay results are expected early in 2003. A surface borehole is also in progress at Moab Extension to confirm predicted structure and grade.

EAST AND WEST AFRICA

At Sadiola in Mali, exploration and remodelling defined additional attributable principally hard sulphide Mineral Resources of 1.8Moz before depletion. In addition, new target areas continue to be defined.

Oxide exploration focused on extensions between the FE3 and FE4 satellite pits, some 7km south-east of the main Sadiola pit. Mineralisation is open ended to the north and north-west of the FE4 pit. Some encouraging intersections include 70m at 10.7g/t from 86m; 48m at 2.80g/t from 58m and 46m at 2.99g/t gold from 58m. Drilling will continue in 2003.

The sulphide drilling programme targeting the orebody below the main Sadiola pit continued as planned. Results are largely confirming the expected grades and widths.

At the nearby Yatela mine, infill drilling of the Alamoutala satellite deposit, situated 13km south-east of the pit, was completed during the year. A new resource model for this deposit was finalised, resulting in an increase in the attributable Mineral Resource by 0.1Moz. Optimisation and detailed planning have commenced and pending the current feasibility study, mining of the deposit is scheduled to commence in July 2003.

At Morila, diamond drilling to the west of the pit intersected mineralisation up to 250m west of the current ore envelope.

In southern Mali, geochemical sampling and first phase follow-up RAB (rotary airblast) drilling were completed on the Diele, Kola and Sinsin properties located adjacent to Morila. Further RAB drilling and RC (reverse circulation) drilling is planned at the Kola and Sinsin properties in 2003 to investigate Morila type mineralisation. RAB generated gold anomalies were RC drill tested towards the end of the year on the Kalaka licence situated 50km south of Morila. Assays are pending. A further two licences, Garalo and Banzana, situated approximately 100km

south-west of Morila were granted during the year. These properties will be RAB drilled in 2003.

In Tanzania, the Geita deposit has been geologically modelled as one continuous mineralised trend from Geita Hill to Nyankanga, a strike length of some 5km. Resource definition drilling resulted in an increase in attributable reserves of 0.9Moz and resources of 0.8Moz. Drill intersections include 26m at 4.06g/t and 14m at 14.90g/t. Further drilling is planned in 2003 at Nyankanga East and West, the area between Geita Hill and Lone Cone, at Geita Hill and the north-eastern extension.

At Navachab in Namibia, drilling concentrated on footwall extensions to the pit. An extensive drilling programme is planned as part of the expansion project during 2003. Resource definition drilling and new resource modelling added 1.9Moz to the resource base at Navachab in 2002.

Plan showing areas drilled in

vicinity of Geita in 2002

together with those planned

for 2003.

Exploration and remodelling defined additional attributable mineral

resources as well as new target areas. Section through the Sadiola orebody.

SOUTH AMERICA

Target generation, follow up sampling and mapping in five South American greenfields project areas added several new prospects to the exploration portfolio in the region. Three prospects were drilled in Peru with first stage diamond and RC drilling completed at the La Rescatada project in southern Peru. Additional drilling is scheduled to commence in February 2003 and is designed to confirm the continuity and extent of mineralisation, culminating in resource definition drilling.

In Brazil exploration continued to focus on near-mine resource generation at Serra Grande and Morro Velho. At Crrego do Stio, which is in the Iron Quadrangle located approximately 40km east of Morro Velho, an exploration ramp is being developed to evaluate the deeper sulphide ore potential. The ramp is scheduled to reach the ore zone in the second half of 2003. At Lamego, situated 10km north-east of Morro Velho, down-plunge drilling has confirmed the mineralisation to a vertical depth of 650m. An exploration ramp has been dewatered in preparation for underground evaluation drilling.

Exploration at Cerro Vanguardia in Argentina continued to produce new open-pit resources and underground down-plunge extensions from known orebodies. In 2002, drilling added Mineral Resources of 1Mt at 8.85g/t gold and 142g/t silver.

NORTH AMERICA

Resource development drilling continued at both Jerritt Canyon and CC&V joint ventures, in support of LOM plans. At Jerritt Canyon, exploration concentrated on targets near the current mine workings. At CC&V, reserve development drilling continued in the latter part of the year on the East and North Cresson deposits, with work to continue in 2003 to confirm newly identified mineralisation.

At Red Lake in Canada, drilling commenced on several targets in the Dorion-McCuaig, Slate Bay and Humlin areas and on the new Rivard property located at the west end of the Red Lake Belt towards the end of the year. Geophysical surveying was completed ahead of the winter drilling campaign

EXPLORATION

ANGLO GOLD LIMITED ANNUAL REPORT 2002

Drilling commenced on several targets at Red Lake

Joint Venture in Canada. Follow-up work will take

place in 2003.

La Rescatada is one of the three projects drilled in Peru, with initial

diamond and RC drilling completed during the year.

EXPLORATION

ANGLO GOLD LIMITED ANNUAL REPORT 2002

and results are being compiled from preliminary
drilling for follow-up work in 2003.

First phase drilling was completed at the Blue Desert

JV in Alaska.

In Nevada, three Great Basin projects were drill-tested

with a further three targets to be drill-tested during 2003.

AUSTRALIA

In Australia, exploration at Sunrise Dam continued to be successful. Work in 2002 focused on increasing the underground Mineral Resource in the Sunrise Shear zone, the Western Shear zone and Mako structures. An additional 0.6Moz was added to the Mineral Resource in 2002.

Toward the end of the year, exploration concentrated on testing extensions of the Dolly-Cosmo zone, yielding significant results from Dolly including: 19m at 4.00g/t from 934m; 2m at 15.45g/t from 728m and 24m at 5.58g/t from 374m. This drilling also intersected a new lode, Hammerhead, to the east of Cosmo. Results included 11m at 36.58g/t from 406m and 8m at 5.30g/t from 309m. Step out drilling on the Sunrise Shear zone intersected the structure up to 300m north-west of the new underground resource, with results including 4m at 8.49g/t from 502m and 7m at 3.87g/t from 635m.

At Coyote in the Tanami region, a small high-grade resource was outlined. In 2003, exploration will focus on follow- up targets in eastern and western Tanami.

Geologists near Lake Carey at Sunrise Dam, Australia region, where

exploration continues to add Mineral Resources (below).

A 3D view of the final pit shell is indicated (above).

AngloGold had Ore Reserves of 72.3Moz and Mineral Resources of 287.6Moz as of 31 December 2002.

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

Mineral Resources

Mineral Resources (excluding the Free State mines) calculated at a gold price of $400/oz, increased by 5.9Moz or 2% to 287.6Moz at the end of 2002. Ongoing exploration programmes added some 3.6Moz over and above the 6.5Moz of Mineral Resources that where depleted in 2002.

Some of the largest increases in resource are:

* an increase of 3.7Moz at Tau Lekoa to 17.4Moz, due primarily to the incorporation of adjacent ground at Goedgenoeg;

* an increase of 1Moz to 12.8Moz at Moab Khotsong, due mainly to revised geological modelling;

* an increase of 0.8Moz to 8.1Moz at Geita. This increase includes recent exploration successes;

* an increase at Navachab of 1.8Moz to 4.6Moz. This was largely due to changes in the Namibian Dollar/ US Dollar exchange rate and the effect of this on the Mineral Resource constraints;

* an increase of 1.9Moz at Cerro Vanguardia to 3.5Moz, due partly to the increased stake acquired during 2002 and partly due to some brownfields exploration successes.

Ore Reserves
Ore Reserves, estimated using a gold price of $325/oz at an exchange rate of R10.50 to the Dollar, show a year-on-year increase of some 12.9Moz to 72.3Moz. The higher gold price resulted in feasibility studies being conducted at several of the South African operations. This gave rise to a net increase of 10.9Moz or 22% to 47.5Moz, excluding the Free State mines.

The increase in the Group's reserves relates principally to the following:

* an increase of 4.6Moz at Mponeng mainly due to the inclusion of the Carbon Leader and VCR below 120 level;

* an increase of 4.3Moz at Moab

Khotsong due to the inclusion of Phase 2 which aims to exploit the Vaal Reef below 101 level;

* an increase of 0.8Moz at TauTona

as a result of the inclusion of the Carbon Leader below 120 level, the area East of the Bank Dyke on 116 level and area "A" on the VCR;

* increases of 1.2Moz and 0.7Moz at Savuka and Tau Lekoa respectively due to changes in mine design leading to additional life at both operations;

* an increase of 0.8Moz at Geita due

to the redesign of the Nyankanga, Geita Hill and Lone Cone pits, as well as the inclusion of Chipaka, Area 3W and Roberts;

* an increase of 1.1Moz at Cerro Vanguardia mainly as a result of Anglo- Gold's increase in ownership to 92.5%.

The Ore Reserves are relatively

insensitive to changes in gold price and exchange rates of up to 10%, positive or negative.

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

Competent persons
Competent persons, designated in terms of the JORC (and SAMREC) Codes and taking corporate responsibility for the reporting of AngloGold's Mineral Resources, are:

• V A Chamberlain, MSc (Mining

Engineering), BSc (Hons) (Geology), MAusIMM, 17 years' experience.

• M F O'Brien, MSc (Engineering),

BSc (Hons) (Geology), Dip Data, Pr.Sci.Nat., MAusIMM, 23 years' experience.

Designated competent persons taking corporate responsibility for the reporting of Ore Reserves are:

• B W Guenther, BSc (Mining

Engineering), MAusIMM, 22 years' experience.

• D L Worrall, ACSM, MAusIMM,

22 years' experience.

• J van Zyl Visser, BSc (Mineral

Resource Management), PLATO, 16 years' experience.

Notes
A detailed breakdown of the Mineral Resources and Ore Reserves, together with plans of the South African operations, is available in a supplementary statistics document, provided in the annual report section of the AngloGold website (www.anglogold.com) and may be downloaded as PDF files using Adobe Acrobat Reader. This information is also obtainable from the AngloGold offices at the addresses given on page 144.

Rounding of figures in this report and in the supplementary statistics document may result in minor computational discrepancies.

Mineral resources

ore reserves

ANGLO GOLD LIMITED ANNUAL REPORT 2002

MINERAL RESOURCES & ORE RESERVES

ANGLO GOLD LIMITED ANNUAL REPORT 2002

ORE RESERVES (as at 31 December 2002)

METRIC

IMPERIAL

Tonnes

Grade

Contained            Tons

Grade

Contained

Mt

g/t

 gold t

Mt

oz/t

gold Moz

South

Africa***

 Proved

  94.7                    2.22                      210.4                104.4                    0.065                        6.8

  Probable

  246.3                    5.14

   1,267.2                271.5                    0.150                      40.7

Total

  341.0                    4.33

   1,477.5                375.9                    0.126                      47.5

East & West Africa*

 Proved

  21.5

 3.50

   75.1

23.7

0.102

2.4

  Probable

  52.3                     3.73                    195.3                   57.7                   0.109                        6.3

Total

  73.8                     3.66                    270.4                   81.4                   0.107                        8.7

South

America*

 Proved

  15.3                     6.22                      95.5                   16.9                  0 .181                        3.1

  Probable

  12.7                     4.92                      62.4                   14.0                   0.143                        2.0

Total

28.0                     5.63                    157.8                   30.9                   0.164                        5.1

North

America*

 Proved

57.8                     1.34                      77.7                   63.7                   0.039                        2.5

  Probable

69.4                     0.99                      68.8                   76.5                   0.029                        2.2

Total

127.3                     1.15                    146.5                 140.3                   0.034                        4.7

Australia*

 Proved

49.0                     1.42                      69.7                   54.0                   0.042                        2.2

  Probable

100.4                     1.26                    126.4                 110.7                   0.037                        4.1

Total

149.4                     1.31                    196.1                 164.7                   0.038                        6.3

Totals*

 Proved

238.3                     2.22                    528.3                 262.7                   0.065                      17.0

  Probable

481.2                     3.57

  1,720.0                 530.4                   0.104                      55.3

Total

719.5                     3.12                 2,248.3                 793.1                   0.091                      72.3

Reserves attributable to AngloGold.

*** Excludes the Free State mines which were sold effective from 1 January 2002.

MINERAL RESOURCES* (as at 31 December 2002)

METRIC

IMPERIAL

Tonnes

Grade

Contained            Tons

Grade

Contained

Mt

g/t

 gold t

Mt

oz/t

gold Moz

South

Africa***

  Measured

300.3                    1.84                      552.1                331.0                     0.054                     17.8

  Indicated

647.7                    4.42

   2,865.1                714.0                     0.129                     92.1

  Inferred

463.1                    7.97

   3,692.3                510.5                     0.233                   118.7

Total

1,411.0

5.04                   7,109.5             1,555.4                     0.147                   228.6

East & West Africa** Measured

37.5

2.68

 100.7        41.3

0.078

3.2

  Indicated

107.6                    2.81                      301.9                 118.6                  0.082                        9.7

  Inferred

144.4                   1.68                       242.2                 159.2                  0.049                        7.8

Total

289.5                   2.23                       644.7                 319.1                  0.065                      20.7

South

America**

Measured

32.4                   4.41                       143.1                   35.7                   0.129                       4.6

Indicated

22.1                   4.68                       103.4                   24.4                   0.137                       3.3

Inferred

42.2                   6.20                       261.8                   46.5                   0.181                       8.4

Total

96.7                   5.26                      508.4                  106.6                   0.153                     16.3

North

America**

Measured

85.1                   1.24                      105.7                    93.8                   0.036                       3.4

Indicated

107.3                   1.12                      120.1                  118.3                   0.033                       3.9

Inferred

69.2                   1.28                        88.7                    76.3                   0.037                       2.9

Total

261.6                   1.20                      314.6                  288.4                   0.035                     10.1

Australia**

Measured

61.2                   1.41                        86.4                    67.5                   0.041                      2.8

Indicated

143.5                   1.22                      175.0                  158.2                   0.036                      5.6

Inferred

89.7                   1.18                      106.3                    98.9                   0.035                      3.4

Total

294.4                   1.25                      367.7                  324.5                   0.036                     11.8

Totals**

Measured

516.5                   1.91                      988.0                  569.3                   0.056                     31.8

Indicated

1,028.2

3.47                   3,565.5               1,133.4                    0.101                  114.6

Inferred

808.6                   5.43

4,391.3                  891.3                    0.158                  141.2

Total

2,353.2

3.80                   8,944.8               2,594.0                   0.111                   287.6

Inclusive of the ore reserve component.

** Resources attributable to AngloGold.
*** Excludes the Free State mines which were sold effective from 1 January 2002.
NB: Rounding of figures may result in computational discrepancies.

Executive directors
R M GODSELL (50)

BA, MA
Chief executive officer

Bobby Godsell was appointed to the AngloGold board as chief executive officer in April 1998 and as chairman in December 2000. He relinquished his role as chairman of AngloGold in May 2002. He has 29 years of service with companies associated with the mining industry, and has served as a non-executive director of Anglo American plc since March 1999. He is also the immediate past chairman of the World Gold Council.

J G BEST (54)

ACIS, ACIMA, MBA
Finance director

Jonathan Best was appointed finance director of AngloGold in April 1998. He has had 34 years of service with companies associated with the mining industry.

D L HODGSON (55)

BSC (MINING ENGINEERING), BSC (CIVIL

ENGINEERING), BCOM, AMP (HARVARD

Chief operating officer

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

K H WILLIAMS (54)

BA
Marketing director

Kelvin Williams was appointed marketing director of AngloGold in April 1998. He has 27 years of service in the gold mining industry. He is chairman of Rand Refinery and a director of the World Gold Council.

Non-executive directors
R P EDEY (60)

FCA
Chairman

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

DR T J MOTLATSI (51)

HOND SOC SCI (LESOTHO)

Deputy chairman

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

F B ARISMAN (58)

MSC (FINANCE)

Frank Arisman was appointed to the AngloGold board in April 1998. He resides in New York and is managing director of J P Morgan Chase, a company he joined in 1972.

MRS E LE R BRADLEY (64)

BSC, MSC

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

C B BRAYSHAW (67)

CA(SA), FCA

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

DR V K FUNG (57)

PH D (BUSINESS ECONOMICS), MSC

(ELECTRICAL ENGINEERING)

Victor Fung was appointed to the AngloGold board in April 1998. Based in Hong Kong, he is chairman of the Li & Fung group of companies, Hong Kong, the Hong Kong Airport Authority and the Hong Kong University Council.

Dr Fung has advised that he will not

be making himself available for re- election when he retires by rotation from the board at the company's forthcoming annual general meeting.

A W LEA (54)

BA (HONS)

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

W A NAIRN (58)

BSC (MINING ENGINEERING)

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

J OGILVIE THOMPSON (69)

Julian Ogilvie Thompson was appointed to the AngloGold board in April 1998. He is a non-executive director of Anglo American Corporation. He is a non- executive director of De Beers Consolidated Mines and a director of a number of other companies.

ANGLO GOLD LIMITED ANNUAL REPORT 2002

Directors and executive management

DIRECTORS AND EXECUTIVE MANAGEMENT

ANGLO GOLD LIMITED ANNUAL REPORT 2002

N F OPPENHEIMER (57)

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

A J TRAHAR (53)

BCOM , CA(SA)

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

Alternate directors
D D BARBER (50)

FCA, AMP (HARVARD)

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

A H CALVER (55)

BSC (HONS ) ENGINEERING, MDP

(UNISA), PMD (HARVARD)

Harry Calver was appointed alternate director to Bill Nairn in May 2001. He is deputy technical director (engineering) of Anglo American Corporation.

P G WHITCUTT (37)

BCOM (HONS), CA(SA), MBA

Peter Whitcutt was appointed alternate director to Tony Lea in October 2001. He is executive vice-president (finance) of Anglo American plc.

Members of the executive
committee
R M GODSELL  (50)

Chief executive officer

J G BEST (54)

Finance director

D L HODGSON (55)

Chief operating officer

K H WILLIAMS (54)

Marketing director

Executive officers
R CARVALHO SILVA (51)

BACC, BCORP ADMIN

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

R N DUFFY (39)

BCOM, MBA

Business planning
Richard Duffy joined Anglo American Corporation 16 years ago. He became an executive officer of AngloGold in 1998 and was given the business planning portfolio in November 2000.

J J KOMADINA (46)

BSC (METALLURGICAL ENGINEERING),

MBA, AMP (WHARTON)

North America region
Jim Komadina has 25 years of diverse mining experience and was appointed president and CEO of AngloGold North America in 1999. He became an executive officer in February 2000.

S J LENAHAN (47)

BSOC SC, MSC

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

R W MICSAK (48)

BS, MLA, JD

Law and Environment
Bob Micsak served as vice president, general counsel and chief environmental officer of AngloGold North America before he was appointed an AngloGold executive officer with the environment as his portfolio in August 2000. He assumed responsibility for AngloGold's corporate legal affairs in September 2002.

N F NICOLAU (43)

NHD (METALLIFEROUS MINING), MBA

South Africa region
Neville Nicolau became the executive officer responsible for AngloGold's South Africa region in November 2001. He has 24 years of mining experience.

N W UNWIN (50)

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

Managing secretary
MS Y Z SIMELANE (37)

BA LLB, FILPA, MAP

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

The annual financial statements and group annual financial statements for the year ended 31 December 2002 were approved by the board of directors on 3 March 2003 and are signed on its behalf by:

Directors

R P Edey Chairman

R M Godsell Chief Executive Officer

J G Best Finance Director

C B Brayshaw Chairman, Audit Committee

Managing Secretary

Ms Y Z Simelane

ANNUAL FINANCIAL STATEMENTS

ANGLO GOLD LIMITED ANNUAL REPORT 2002

Directors' approval

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

Ms Y Z Simelane
Managing Secretary

Johannesburg
3 March 2003

Secretary's certificate

We have audited the annual financial statements and group annual financial statements of AngloGold Limited set out on pages 56 to 131 for the year ended 31 December 2002. These financial statements are the responsibility of the company's directors. Our responsibility is to express an opinion on these financial statements based on our audit.

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

AN AUDIT INCLUDES

   examining, on a test basis, evidence supporting the amounts and
   disclosures in the annual financial statements;
   assessing the accounting principles used and significant estimates
    made by management; and
   evaluating the overall financial statement presentation.

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

Audit opinion
In our opinion the annual financial statements and group annual financial statements fairly present, in all material respects, the financial position of the company and the group at 31 December 2002, and the results of operations and cash flows for the year then ended in accordance with South African Statements of Generally Accepted Accounting Practices, International Accounting Standards, and in the manner required by the Companies Act in South Africa.

ERNST & YOUNG
Registered Accountants and Auditors

Johannesburg

Chartered Accountants (SA)

3 March 2003

Report of the independent auditors on the
annual financial statements

ANGLO GOLD LIMITED ANNUAL REPORT 2002

Introduction
The board of directors of AngloGold Limited welcomes the King Report on Corporate Governance for South Africa 2002 (King II) released on 26 March 2002.
     Although a great deal of the company's practices are already in line with the principles set out in King II, action plans have been drawn up to address specific areas where the company's governance position needs to be aligned with the Report's recommendations.
     The company is registered with the Securities and Exchange Commission (SEC) in the United States of America and its ordinary shares are quoted on the New York Stock Exchange (NYSE) in the form of American Depositary Shares, in terms of a sponsored American Depositary Receipt Programme administered by The Bank of New York. Accordingly, AngloGold is bound by the Sarbanes-Oxley Act of 2002 and is instituting a policy and procedures for implementing the requirements of that Act and those of the NYSE.
     Further reinforcing its resolve to continue pursuing a policy of global best practice in business management and corporate governance, the company achieved the following milestones during the year under review:
     * The separation of the combined role of chairman and chief executive officer with the appointment of a non-executive director as chairman.
     * AngloGold's annual report 2001 being adjudged the "Best Overall Annual Report" at the premier South African Annual Report Awards ceremony, sponsored, amongst others, by the JSE Securities Exchange South Africa (JSE).
     * The adoption of a mission and values statement in line with the present and longer-term strategic direction of the AngloGold group. The full text of the statement is to be found on the inside front cover of this report.
     * The adoption of an entirely new set of Memorandum and Articles of Association to take cognisance of numerous amendments to companies' legislation in South Africa over many years, changes to the Listings Requirements of the JSE, the impact of STRATE (Share Transactions Totally Electronic), the requirements of King II and changes in international corporate administrative practices.
     * The publication of the following documents:
        An HIV/AIDS Report 2001/2002 which details the company's comprehensive response to AIDS in the workplace. This publication has been augmented with a subsequent announcement that AngloGold has extended its antiretroviral therapy implementation project to include all eligible employees;
        Towards Sustainability A Social Investment Report 2001/2002. The report sets out the company's obligations and role as a corporate citizen and reviews the health and safety of employees, the management of environmental strategy and programmes for social investment.

The board of directors
The company has a unitary board structure which currently comprises four executive directors and 11 non-executive directors three of whom have alternates. The directors are identified on pages 54 and 55 of this report.
     The directors are committed to the principles of corporate discipline, transparency, independence, accountability, responsibility, fairness and social responsibility.
     Effective control of management is exercised through the executive directors. They are held accountable by means of regular reports to the board and are measured against agreed performance criteria and objectives relative to the current business climate and the prospects in each business unit. The non- executive directors derive no benefits other than their fee which is fixed by the shareholders in general meeting. The non-executive directors are high-calibre individuals and make a significant contribution to the board's deliberations and decisions. All directors have the requisite knowledge, experience and ability required to properly carry out their duties in meeting the present and future requirements of the company. All participate actively in the proceedings at meetings whether present personally or by teleconference or video conference facilities.
     The directors have access to the advice and services of a managing secretary, as well as a company secretary, who are both responsible to the board for ensuring compliance with procedures and regulations of a statutory nature, as well as playing an active role in the company's corporate governance process. Directors are entitled to seek independent professional advice concerning the affairs of the group at the group's expense, should they believe that course of action would be in the best interests of the group.
     There are no contracts of service between the directors and the company or any of its subsidiaries that are terminable at periods of notice exceeding one year and requiring the payment of compensation. All directors are subject to retirement by rotation and re-election by shareholders at least once every three years.
     In addition, all directors are subject to re-election by shareholders at the first annual general meeting following their appointment. The appointment of new directors is approved by the board as a whole. The names of the directors submitted for re-election are accompanied by sufficient biographical details in the notice of the forthcoming annual general meeting to enable shareholders to make an informed decision in respect of their re-election.
     The board retains full and effective control over the group, meeting four times a year with additional meetings being arranged when necessary, to review strategy, planning, operational and financial performance, acquisitions and disposals, major capital expenditure, stakeholder communications and other material matters reserved for its decision. The board is also responsible for monitoring the activities of executive management within the group. Board meetings are held in South Africa and internationally. In addition, there is provision in the company's Articles of Association for decisions to be taken between meetings by way of directors' written resolutions.
    An agenda and supporting papers are distributed to all directors prior to each board meeting. Appropriate explanations

Corporate governance

CORPORATE GOVERNANCE

ANGLO GOLD LIMITED ANNUAL REPORT 2002

and motivations are provided for items of business requiring decision at the meeting. This ensures that relevant facts and circumstances are brought to the attention of directors. In terms of good governance, the directors can conduct unrestricted inspection of all company property, information and records.

Particulars regarding directors' remuneration and share options, as well as their interests in the issued ordinary share capital of the company, are set out in full on pages 71, 72 and 73 of this report.

DETAILS OF ATTENDANCE BY DIRECTORS AT THE SEVEN BOARD MEETINGS HELD DURING 2002 ARE SET OUT BELOW:

All meetings were held in Johannesburg with the exception of the meeting on 7 May which took place in London. *

* unscheduled meetings

includes attendance through teleconference or video

conference facilities

A absent with apologies

Not required to be present

appointed Chairman 1 May 2002

appointed Deputy chairman 1 May 2002

relinquished Chairmanship 30 April 2002

appointed 29 April 2002 A register of directors and officers is available for inspection at the company's registered office in Johannesburg, South Africa.

Board committees
The board has also established a number of standing committees to enable it to properly discharge its duties and responsibilities and to effectively fulfil its decision-making process. Each committee acts within written terms of reference under which specific functions of the board are delegated with defined purposes, membership requirements, duties and reporting procedures. Minutes of the meetings of these committees are circulated to members of the committees and the board. Remuneration of non-executive directors for their services on the committees concerned is determined by the board. Currently, this comprises in the case of each committee: Chairman R50,000 per annum; Members R30,000 per annum each. The committees are subject to regular evaluation by the board with respect to performance and effectiveness. Chairmen of the board committees, or their representatives, are required to attend the annual general meetings to answer any questions raised by shareholders.

The following information reflects the composition and activities of these committees:

EXECUTIVE COMMITTEE

This Committee, comprising the four executive directors, meets on a regular basis under the chairmanship of the chief executive officer and is mandated to assist in reviewing operations and performance by the group, developing strategy and policy proposals for consideration by the board and in implementing its directives.

An Operations Sub-committee assists in the execution of certain duties and responsibilities of the Executive Committee. The objective of this Sub-committee is to oversee the implementation of the company's strategic objectives and review operational performance in detail.

Members of the Sub-committee are appointed by the Executive Committee and include the executive officers responsible for the various regional operations, together with the executive officers responsible for human resources, corporate affairs, business planning and any senior managers of the company as determined by the Executive Committee.

The names of the executive officers appear on page 55 of this report.

The Sub-committee meets under the chairmanship of the chief operating officer on a regular basis.

AUDIT COMMITTEE

C B Brayshaw (Chairman), Mrs E le R Bradley, R P Edey and
P G Whitcutt

The primary responsibility of the Audit Committee is to assist the board of AngloGold in carrying out its duties relating to accounting policies, internal control, financial reporting practices and identification of exposure to significant risks.

The Committee is comprised exclusively of non-executive directors and meets at least five times a year.

To assist the Audit Committee in discharging its responsibilities, internal audits are performed at all of the group's

CORPORATE GOVERNANCE

ANGLO GOLD LIMITED ANNUAL REPORT 2002

operating units and function under the control of, and report to, the group's internal audit manager. The internal audits are performed by teams of appropriate, qualified and experienced employees. The primary mandate of the group's internal auditors is to provide an independent, objective assurance and consulting activity designed to add value and improve the organisation's operations. This is done by a systematic, disciplined approach to review, evaluate and improve the effectiveness of risk management, internal control and governance processes. This process would bring material deficiencies, instances of non- compliance, high-risk exposure and development needs to the attention of the group internal audit manager and operational management for resolution. The board has obtained assurance from management, the internal auditors and the external auditors that there have been no significant breakdowns in the internal control systems during the year.

The group internal audit manager reports on anadministrative basis to the finance director and functionally to the Audit Committee. The company's Audit Committee has access to all records of the internal audit team. The group's internal audit manager and the external audit partner have unrestricted access to the chairman of the Committee and, where necessary, to the chairman of the board and chief executive officer. All important findings arising from audit procedures are brought to the attention of the Committee and, if necessary, to the board.

The Committee met six times during 2002, with the external audit partner, the group's internal audit manager and the finance director, to review the audit plans of the internal and external auditors, to ascertain the extent to which the scope of the audit can be relied upon to detect weaknesses in internal controls and to review the quarterly and half-yearly financial results, the preliminary announcement of the annual results and the annual financial statements, as well as all statutory submissions of a financial nature, prior to approval by the board. All Committee members attended these meetings personally, or were included in the proceedings through teleconferencing facilities, except as indicated in the table below:

Date of meeting

Apologies tendered

12 February

R P Edey

25 October

P G Whitcutt

A sub-committee met on 24 June 2002 to review the company's annual report on Form 20-F prior to approval by the board and subsequent submission to the SEC in Washington.

MPLOYMENT EQUITY AND DEVELOPMENT COMMITTEE

(Previously the Employment Equity Committee)
Dr T J Motlatsi (Chairman), F B Arisman, R M Godsell,
D L Hodgson and W A Nairn

Mr D L Hodgson was appointed an additional member of the Committee with effect from 26 July 2002.

As the change of name implies, the objective of this Committee was changed during 2002 in order to place greater emphasis on the extensive opportunities offered to all employees to achieve their optimal levels of career development in the

course of their employment with the company, recognising the diversity of the society within which the group conducts its business.

The Committee, comprising three non-executive directors, the chief executive officer and the chief operating officer, meets four times a year. The Committee met on four occasions during 2002. All members attended these meetings personally, or were included in the proceedings through teleconferencing facilities, except as indicated in the table below:

Date of meeting

Apologies tendered

29 January

Dr T J Motlatsi W A Nairn

25 April

W A Nairn

29 October

W A Nairn

INVESTMENT COMMITTEE

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

Composed of four non-executive directors, as well as the finance and marketing directors, this Committee meets as and when required for the purpose of assessing capital projects and ensuring that investments, disinvestments and financing proposals are in accordance with the company's primary objective of creating wealth for its shareholders on a sustainable long-term basis.

Three meetings were held during 2002. All the Committee members attended these meetings personally, or were included in the proceedings through teleconferencing facilities, except as indicated in the table below:

Date of meeting

Apologies tendered

19 June

W A Nairn K H Williams

29 July

A W Lea

MARKET DEVELOPMENT COMMITTEE

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

The primary objective of this Committee is to extend the influence of AngloGold as a major global gold company, in the development of a broader gold business both nationally and internationally.

This Committee, which now meets a minimum of twice a year, is composed of four non-executive directors, the chief executive officer and the marketing director. The Committee held three meetings during the course of 2002. All Committee members attended the meetings personally, or were included in the proceedings through teleconferencing facilities, except as indicated in the table below:

Date of meeting

Apologies tendered

29 January

Dr V K Fung
Dr T J Motlatsi

26 April

Dr T J Motlatsi

29 July

Dr V K Fung
R M Godsell

CORPORATE GOVERNANCE

ANGLO GOLD LIMITED ANNUAL REPORT 2002

REMUNERATION COMMITTEE

R P Edey (Chairman), N F Oppenheimer, J Ogilvie Thompson and A J Trahar

The Remuneration Committee, which comprises exclusively non-executive directors, is primarily responsible for approving the remuneration policies of the company and the terms and conditions of employment of executive directors and officers, including the determination of salaries, performance-based bonuses and the administration of the company's Share Incentive Scheme.

The Committee meets as and when required, with a minimum of one meeting per annum. Four meetings of the Committee were held during 2002. All of the members of the Committee attended these meetings personally, or were included in the proceedings through teleconferencing facilities, except as indicated in the table below:

Date of meeting

Apologies tendered

30 January

N F Oppenheimer

29 April

N F Oppenheimer

30 October

N F Oppenheimer A J Trahar

SAFETY, HEALTH AND SUSTAINABLE DEVELOPMENT

COMMITTEE

(Previously the Safety, Health and Environment (SHE) Committee) W A Nairn (Chairman), R M Godsell and Dr T J Motlatsi

The Committee's name was changed during 2002 to reflect the broadening of its objectives to include the social, economic, environmental and health impacts of the company's operations on both local and global communities. One of the primary objectives of this Committee is the elimination of all accidents of a mining nature. The Committee conducts on-site inspections in regard to matters of serious concern.

The Committee, which comprises two non-executive directors and the chief executive officer, met on four occasions during 2002 with full attendance by Committee members.

Other committees
TREASURY COMMITTEE

The Committee meets monthly and more often when necessary, to discuss market conditions, treasury operations and future hedging strategies. The Committee operates within clearly defined parameters set by the Executive Committee.

The members of this Committee are:
C B Brayshaw (Chairman) - Non-executive director
J G Best - Executive director  finance
S Cassim - East and West Africa region  financial manager
R N Duffy - Executive officer  business planning
Ms D Earp - Manager  corporate accounting
R P H Hayes - Treasury manager
Ms H H Hickey - Group internal audit manager
Ms C A Hoad - Risk manager
M P Lynam - Treasurer
K H Williams - Executive director  marketing

FINANCE COMMITTEE

This Committee, which meets on a weekly basis to review matters
essentially of a financial and administrative nature, comprises:
J G Best (Chairman) - Executive director - finance
R C Croll - Manager - mining valuations
P J G Dennison - Manager - mergers and acquisitions
R N Duffy - Executive officer - business planning
Ms D Earp - Manager - corporate accounting
Ms H H Hickey - Group internal audit manager
M P Lynam - Treasurer
O C Murphy - Corporate taxation manager

Either the managing secretary or the company secretary attends meetings of the Committee.

Annual financial statements The directors are required by the South African Companies Act, 1973, to maintain adequate accounting records and are responsible for the preparation of the annual financial statements which fairly present the state of affairs of the company and the AngloGold group at the end of the financial year, and the results of operations and cash flow for the year, in conformity with generally accepted accounting practice.

In preparing the annual financial statements reflected in US Dollars and SA Rands on pages 56 to 131, the group has complied with South African Statements of Generally Accepted Accounting Practice and International Accounting Standards (IAS) and has used appropriate accounting policies supported by reasonable and prudent judgements and estimates. The directors are of the opinion that these financial statements fairly present the financial position of the company and the group at 31 December 2002, and the results of their operations and cash flow information for the year then ended.

The directors have reviewed the group's business plan and cash flow forecast for the year to 31 December 2003. On the basis of this review, and in the light of the current financial position and existing borrowing facilities, the directors are satisfied that AngloGold is a going concern and have continued to adopt the going-concern basis in preparing the financial statements.

The external auditors, Ernst & Young, are responsible for independently auditing and reporting on the financial statements in conformity with Generally Accepted Auditing Standards. Their unqualified report on these financial statements appears on page 56.

To comply with requirements for reporting by non-US companies registered with the SEC, the company has prepared a set of financial statements (Form 20-F) in accordance with US Generally Accepted Accounting Principles (US GAAP) which will be available from The Bank of New York to holders of the company's securities listed in the form of American Depositary Shares on the NYSE. Copies of the Form 20-F will also be available to stakeholders and other interested parties upon request to the company's corporate office or its contacts as listed on page 144. In compliance with the requirements of the NYSE, a condensed consolidated income statement, balance sheet, statement of cash flows and brief financial notes based on US GAAP are included on pages 132 to 135 in this report. A condensed reconciliation between IAS and US GAAP is supplied as supplementary information (page 136).

CORPORATE GOVERNANCE

ANGLO GOLD LIMITED ANNUAL REPORT 2002

Risk management and internal control
The board has ultimate responsibility for the total risk management process within the group. Management is accountable to the board and has established a group- wide system of internal control to manage significant group risk. This system assists the board in discharging its responsibility for ensuring that the wide range of risks, associated with the group's global operations, are effectively managed in support of the creation and preservation of shareholder wealth.

During the year the King Report on Corporate Governance for South Africa 2002 was published and the Congress of the United States of America introduced the Sarbanes-Oxley Act of 2002. Corporate governance is viewed as a strategic response to pursuing opportunities in a manner that is balanced, by taking prudent risks, appropriately mitigated in exchange for measurable rewards. A full review of the risk, control and disclosure processes was undertaken, to ensure that all the additional requirements are incorporated into the system in the future. The systems are in place and the focus is on formalising them.

The management of risk encompasses all significant business risks, including operational risk, which could undermine the achievement of business objectives. The board has approved the level of acceptable risk and required that operations manage and report in terms thereof. Issues and circumstances, which could give rise to material adverse reputational considerations, are also considered to be unacceptable risk.

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

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

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

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

In conducting its annual review of the effectiveness of risk management in terms of the Turnbull requirements of the Combined Code Principles of Good Corporate Governance and Code of Best Practice in the United Kingdom, the board considers the key findings from the ongoing monitoring and reporting process, management assertions and independent assurance reports. The board also takes account of material changes and trends in the risk profile and considers whether the control system, including reporting, adequately supports the board in achieving its risk management objectives. In addition, business unit heads and corporate risk owners are required to sign off abbreviated certificates confirming their understanding of their responsibility for internal controls. They are also required to certify that their disclosure in relation to their internal controls is transparent and that there are no untrue statements or omissions in their reporting process.

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

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

Sustainable development
Matters under this heading are given extensive coverage on a regional basis in the Review of Operations between pages 18 and 45.

Company secretarial function
Appointment and removal of the managing secretary and company secretary are matters for the board.

Both these officials are required to provide the directors of the company, collectively and individually, with detailed guidance as to their duties, responsibilities and powers. They are also required to ensure that the directors are aware of all laws, legislation, regulations and matters of ethics and good governance relevant to, or affecting the company.

CORPORATE GOVERNANCE

ANGLO GOLD LIMITED ANNUAL REPORT 2002

The managing secretary and company secretary are also responsible for compliance with all the statutory requirements in regard to the administration of the Share Incentive Scheme. They are kept advised about all dealings by directors and officers in shares of the company and such are reported at board meetings.

The managing secretary and company secretary are also required to ensure that minutes of all shareholders' meetings, directors' meetings and the meetings of the various committees of the board of directors are properly recorded in accordance with the Companies Act. These minutes are circulated to all members of the board.

Insider trading
No employee may deal directly or indirectly in AngloGold ordinary shares on the basis of unpublished price-sensitive information regarding its business or affairs. No director or officer may trade in warrants and other derivative instruments of the company at any time. Similarly, no director or officer may trade in shares of the company during a closed period determined by the board. A list of persons regarded as officers for this purpose has been approved by the board and is revised from time to time. Closed periods are operated prior to the publication of the quarterly, half-yearly and year-end results. Where appropriate, a closed period is also operated during periods where major transactions are being negotiated and a public announcement is imminent.

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

Communication
AngloGold subscribes to a policy of full, accurate and consistent communication in respect of both its financial and operating affairs.

The company regularly enters into dialogue with institutional and private investors on the basis of the guidelines of promptness, relevance, transparency and substance over form, having due regard to statutory, regulatory and other directives prohibiting the dissemination of unpublished and price-sensitive information by the company and its directors and officers.

In addition to the facilities offered by the corporate secretarial department and the company's share registrars, AngloGold has

established an investor relations and communications programme in South Africa, Europe, Asia, the United States and Australia, to maintain contact with members of the investing communities and the media around the world.

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

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

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

At the annual general meeting held on 30 April 2002,

shareholders present were given the following presentations:

a review of the company's performance in the previous

financial year and the strategic objectives for the near to mid-term future;

an examination of the gold market and the company's gold

hedging strategy; and

an overview of the company's mining and operations

worldwide, as well as a brief review of the operational outlook for 2002.

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

Principles of business conduct
The company is committed to the highest standards of integrity and ethical conduct in dealings with all its stakeholders.

Principles of corporate business conduct, which outline the ethical and professional management practices that AngloGold upholds, have been adopted by the board. Individuals and entities doing business with AngloGold are expected to observe the same level of commitment to group integrity. The dissemination of these principles of business conduct to all levels of employees is receiving the attention of management.

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

ANGLO GOLD LIMITED ANNUAL REPORT 2002

Policy
AngloGold has operations in East, West and Southern Africa, the United States of America, Australia, Brazil and Argentina. As part of AngloGold's intention to maintain its position as a global gold company it has a Remuneration Policy which seeks to:

attract, reward and retain executives of the highest calibre;
align the behaviour and performance of executives with    thecompany's strategic goals and to act in the overall interests of    shareholders;
ensure the appropriate mix of short-, medium- and long term    rewards and incentives, with the latter being closely linked to    structured company performance targets and strategic objectives;
ensure that regional management is competitively rewarded    within a global remuneration policy, which recognises both local    and global markets.

This policy and its application is reviewed at least quarterly by a Remuneration Committee comprising four non-executive directors, under the chairmanship of the Chairman of AngloGold, Mr R P Edey. The other members of the Remuneration Committee are Mr J Ogilvie Thompson, Mr N F Oppenheimer and Mr A J Trahar.

Executive remuneration
The following elements constitute executive remuneration:

Salary
Annual performance bonus
Participation in the Share Option Scheme
Benefits, including pension, disability and death cover and healthcare.

SALARY

All salaries are reviewed annually, with the salaries of executive directors being set with reference to external market surveys, in particular South African survey information where all of the executive directors are based.

ANNUAL PERFORMANCE BONUS

All executive directors participate in an Annual Performance Bonus Scheme which is based on a combination of company and individual performance targets, with the company performance element comprising 70% and individual performance 30% of the bonus payable. Maximum bonus, for the full achievement of company targets, set in advance by the board, and individual performance targets agreed to by each executive director at the beginning of the review period, is expressed as a percentage of salary, with the chief executive officer's performance bonus set at a maximum of 70% of salary and the other three executive directors at 50% of salary.

Company performance measures include earnings per share, return on capital and cost control. The company's overall safety performance is also taken into account after review of the above targets. The Committee retains the right to alter bonuses in the light of exceptional individual performance.

SHARE OPTION SCHEME

The Scheme provides for executive directors to be granted options annually, subject to the approval of the Remuneration Committee. The annual value of shares over which options are currently granted is up to a maximum equivalent to annual salary for any executive director. Each tranche of options can only be exercised if earnings per share increase by 5% plus US inflation per year over a three-year period. Options must be exercised within 10 years of being issued.

Until 31 December 2001, the Scheme allowed for options to be granted in three tranches over a five-year period, subject to a maximum of 200,000 in respect of the chief executive officer and 100,000 for other executive directors. The number of options held by each executive director is reflected in the directors' report on page 72.

PENSIONS

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

OTHER BENEFITS

Executive directors are members of the AngloGold Medical Scheme, which covers the director and his immediate family.

They are also reimbursed for reasonable business expenses which they incur.

DIRECTORS' SERVICE CONTRACTS

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

DIRECTORS' EMOLUMENTS

The salaries and benefits of executive directors, who receive no fees as members of the AngloGold board, and the fees paid to non-executive directors, are shown in the directors' report on page 71.

Remuneration report

ANGLO GOLD LIMITED ANNUAL REPORT 2002

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

Sub-division of ordinary shares
Pursuant to the sub-division of the company's ordinary shares with effect from the close of business on 24 December 2002, all references to the authorised and issued share capital of the company in this report have been restated to take cognisance of the sub-division.

Events subsequent to the balance sheet
On 27 February 2003 it was announced that, pursuant to an unsolicited offer from Queenstake Resources USA Inc (Queenstake), the company had entered into a purchase and sale agreement for the disposal of its 70% stake in the Jerritt Canyon Joint Venture in North America. The consideration payable by Queenstake to the Joint Venture partners will comprise: $8m on closure of the transaction which is expected to be no later than 31 March 2003, $6m in deferred payments and certain additional royalty payments. In terms of the agreement Queenstake has undertaken to accept full closure and reclamation and other liabilities.

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

 * Anglo South Africa Capital (Proprietary) Limited
 * Anglo American plc (registered in the United Kingdom)

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

24 February

31 December

31 December

Ordinary shares held
Number

114,457,368

114,457,368

114,457,368

Percentage

51.40

51.41

53.17

Share capital
At a general meeting on 5 December 2002, shareholders approved, inter alia, a special resolution for the sub-division of the company's authorised and issued ordinary share capital on a 2 for 1 basis with effect from the close of business on 24 December 2002. The special resolution was registered on 10 December 2002.

Apart from the sub-division of the ordinary share capital, there was no other change to the authorised share capital of the company during 2002. The authorised ordinary share capital of AngloGold is R100m in 400m shares of 25 cents each.

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

ISSUED

Number of shares

Rand

Number of shares

Rand

At 1 January

215,268,116

53,817,029

214,042,174

53,510,544

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

127,156

31,789

16,474

4,118

 Normandy share-swap*

6,403,236

1,600,809

466,366

116,592

 AngloGold odd-lot offer**

278,196

69,549

Exercise of options by participants in the
 AngloGold Share Incentive Scheme

478,720

119,680

718,000

179,500

 Acacia Employee Option Plan

66,598

16,650

25,102

6,275

At 31 December

222,622,022

55,655,506

215,268,116

53,817,029

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

76,732

19,183

 Acacia Employee Option Plan

2,100

At 24 February 2003

222,700,854

55,675,214

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

Directors' report

DIRECTORS' REPORT

ANGLO GOLD LIMITED ANNUAL REPORT 2002

** A summary of the results of the odd-lot offer by the company to holders of less than 50 ordinary shares (pre sub-division), as published on 24 December 2002, appears below:

RESULTS OF ODD-LOT OFFER

Number of

Number of

Value

shareholders

shares

Rand

Holders electing/deemed to have elected to sell ordinary shares
at R246.66 per share (offer price)

11,213

217,338

53,608,591

Holders electing to purchase ordinary shares at R234.325 per
share (a 5% discount to offer price)

4,643

495,534

116,116,004

Total ordinary shares issued

278,196

62,507,413

Includes nominee companies and brokers acting on behalf of beneficial shareholders.

Prior to the odd-lot offer to shareholders, the company had a total of 31,013 shareholders and at 31 January 2003 this number had

reduced to 16,284. A total of 2,098 shareholders, holding in aggregate 50,794 ordinary shares, elected to retain their odd-lot holdings of
less than 100 shares (post sub-division).

UNISSUED

Number of shares

Number of shares

At 1 January

184,731,884

185,957,826

Issues during year

7,353,906

1,225,942

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

6,122,106

5,919,873

Unissued shares under the control of the directors at 31 December

171,255,872

178,812,011

Issues subsequent to year end

78,832

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

2,167

Balance of unissued shares under the control of the directors at 24 February 2003

171,174,873

All the issued A and B preference shares are held by a wholly-owned subsidiary and further details of the authorised, issued andunissued shares, as well as the share premium, are given in note 24 to the group's financial statements.

At the annual general meeting to be held on 30 April 2003, shareholders will be asked to consider an ordinary resolution placing the number of unissued ordinary shares, exclusive of the number of shares reserved for purposes of the share incentive schemes as at that date, under the control of the directors until the next annual general meeting.

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

The company has not exercised the general approval to buy back shares from its issued ordinary share capital granted at the annual general meeting held on 30 April 2002. At the next annual general meeting shareholders will be asked to renew the general authority for the acquisition by the company, or a subsidiary of the company, of its own shares.

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

American Depositary Shares
At 31 December 2002, the company had in issue through The Bank of New York as Depositary, and listed on the New York Stock Exchange (NYSE), 39,879,957 (2001: 30,104,646) American Depositary Shares (ADSs). Each ADS is equal to one ordinary share.

At 24 February 2003, there were 41,861,108 ADSs in issue and listed on the NYSE.

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

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

24 February

31 December

31 December

6,124,273

6,122,106

5,919,873

The maximum aggregate number of shares which may be acquired by any one participant is 300,000.
All options which have not been exercised within ten years from the date on which they were granted automatically lapse, unless otherwise stated.

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

ANGLO GOLD SHARE INCENTIVE SCHEME

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

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

Time related options granted, may be exercised as follows:

Percentage

Period after date of grant of options

2 years

3 years

4 years

5 years

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

may be exercised or will expire.

The movement in respect of time related options during the period 1 January 2002 to 24 February 2003 was as follows:

Options

Average

exercise price

per ordinary

Number

share

At 1 January 2002

2,565,600

R121.14

Movements during year
-  Granted*

108,000

R190.21

- Exercised

478,720

R118.79

- Lapsed  terminations

35,600

R145.55

At 31 December 2002

2,159,280

R124.72

Subsequent to year end
 - Exercised

76,732

R121.71

 - Lapsed - terminations

20,000

R137.73

At 24 February 2003

2,062,548

R124.70

Includes 64,000 options granted in 2001 at an average price of R159.36, recorded in 2002. (Prior year adjustment).

DIRECTORS' REPORT

ANGLO GOLD LIMITED ANNUAL REPORT 2002

DIRECTORS' REPORT

ANGLO GOLD LIMITED ANNUAL REPORT 2002

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

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

The movement in respect of performance related options during the period 1 January 2002 to 24 February 2003 was as follows:

Options

Average

exercise price

per ordinary

Number

share

At 1 January 2002

Movements during year
 - Granted

1,182,500

R299.50

 -  Exercised

 - Lapsed - terminations

3,400

R299.50

At 31 December 2002

1,179,100

R299.50

Subsequent to year end
-  Exercised

-  Lapsed - terminations

24,600

R299.50

At 24 February 2003

1,154,500

R299.50

The following are summaries of particulars required to be disclosed in terms of the AngloGold Share Incentive Scheme and stock exchange regulations:

Options

Average

Ordinary

exercise price

shares

per ordinary

issued

Number

share

At 1 January 2002

1,060,600

2,565,600

R121.14

Movements during year
- Granted*

1,290,500

R290.35

- Exercised

478,720

478,720

R118.79

- Lapsed - terminations

39,000

R158.97

At 31 December 2002

1,539,320

3,338,380

R186.45

Subsequent to year end
- Exercised

76,732

76,732

R121.71

- Lapsed - terminations

44,600

R226.96

At 24 February 2003

1,616,052

3,217,048

R187.43

Includes prior year adjustment.

Analysis of options in issue at 24 February 2003:

Holding

Holders

Number

Value  R000

1-

101-

501-      1,000

214,000

64,093

1,001-      5,000

499,700

139,938

5,001-    10,000

951,100

162,567

10,001-  100,000

1,357,948

212,325

Over 100,000

194,300

24,055

Total

3,217,048

602,978

ACACIA EMPLOYEE OPTION PLAN

The company's wholly-owned subsidiary, AngloGold Australia Limited (originally Acacia Resources Limited) operates the Acacia Employee Option Plan for certain of its employees. In terms of this plan, on exercising of options, a ratio of 7 AngloGold ordinary shares for every 100 options held is applicable. The issue price of the AngloGold shares is calculated using the A$/R exchange rate ruling on the date of allotment. No further options will be granted under this plan which will terminate on 28 April 2004, being the date on which the last option may be exercised or will expire.

The movement in respect of options during the period 1 January 2002 to 24 February 2003 was as follows:

Number                 Equivalent                   Ordinary

Average issue

of

AngloGold

shares

price of AngloGold

options

ordinary shares

issued

ordinary shares

At 1 January 2002

1,041,400

72,898

25,102

R122.83

Movements during year
- Issued

- Exercised

951,400

66,598

66,598

R175.41

- Lapsed

At 31 December 2002

90,000

6,300

91,700

R161.02

Subsequent to year end
- Exercised

30,000

2,100

2,100

R146.94

At 24 February 2003

60,000

4,200

93,800

R160.71

Financial results
The financial statements set out fully the financial position, results of operations and cash flows of the group and the company for the financial year ended 31 December 2002. A synopsis of the financial results for the year is set out in the Financial Review on pages 14 to 16.

Review of operations
The performance of the various regions are comprehensively reviewed on pages 18 to 45.

Dividends
DIVIDEND POLICY

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

DIVIDENDS PAID SINCE 1 JANUARY 2002

Final dividend

Interim dividend

Final dividend

number 91

number 92

number 93

Declaration date

30 January 2002

30 July 2002

30 January 2003

Last date to trade ordinary shares cum dividend

15 February 2002

16 August 2002

14 February 2003

Record date

22 February 2002

23 August 2002

21 February 2003

Amount per ordinary share
- South African currency (cents)                                 550

- United Kingdom currency (pence)                              34.19

42.25

48.43

Amount per CDI* - Australian currency (cents)                        18.88

24.34

27.00

Payment date

  4 March 2002

   30 August 2002

   28 February 2003

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

49.06

63.81

82.12

Payment date

  14 March 2002

  10 September 2002

  10 March 2003

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

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

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

DIRECTORS' REPORT

ANGLO GOLD LIMITED ANNUAL REPORT 2002

DIRECTORS' REPORT

ANGLO GOLD LIMITED ANNUAL REPORT 2002

Borrowing powers
The company's borrowing powers are unlimited. At 31 December 2002, the group's borrowings totalled $926m, R7,938m (2001: $987m, R11,811m).

Fixed assets
With effect from 1 January 2002 the company disposed of its Free State assets to Harmony Gold Mining Company Limited and African Rainbow Minerals (Proprietary) Limited, for a consideration of R2.2bn (excluding the refund for recoupments taxation of R688m). In terms of the agreement of sale the company received a cash payment of R1.8bn on 23 April 2002, together with interest thereon at the call rate calculated from 1 January 2002 to 22 April 2002. The balance of the consideration, R400m, is payable in cash on 1 January 2005.

Investments
In July 2002 the company acquired an additional 46.25% of the equity, as well as the total loan assignment, of Cerro Vanguardia SA, a company conducting gold mining operations in Argentina, from Prez Companc International SA for a gross consideration of $105m, thereby increasing its interest in Cerro Vanguardia to 92.5%.

The company disposed of its wholly-owned subsidiary, Stone and Allied Industries (O.F.S.) Limited, to a joint venture of that company's existing management and a group of black entrepreneurs, with effect from 1 October 2002, for a consideration of R5m, comprising R1.4m in respect of the equity interest, of which R450,000 is payable on the fulfilment of certain conditions precedent, and a loan claim of R3.6m. The balance of the consideration relative to the disposal of the equity interest, R950,000, and the loan claim are payable, together with interest thereon, in five equal annual instalments commencing on 1 October 2003. The agreement of sale provides for a 10% interest in Stone and Allied Industries (O.F.S.) Limited to be held by Masakhisane Investment Limited, a wholly-owned subsidiary established by AngloGold in terms of its Small and Medium Enterprises Development Initiative, which company will render technical and administrative assistance to the purchasers until the total amount of the consideration has been settled.

Particulars of the group's principal subsidiaries and joint venture interests are reflected on page 131.

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

Nature of resolution

Effective date

AngloGold Limited

Passed at the annual general meeting held on 30 April 2002:

General approval for the acquisition by the company, or a
subsidiary of the company, of its own shares

8 May 2002

Amendment to the company's articles of association
substituting a more simplified version of the existing
Article 70, pertaining to the determination of directors'
remuneration by means of an ordinary resolution of
shareholders in general meeting

8 May 2002

Passed at a general meeting held on 5 December 2002:

Adoption of a new memorandum and articles of association

10 December 2002

Sub-division of the company's ordinary shares on a 2 for 1 basis

10 December 2002

A specific approval for the acquisition by the company of
any excess ordinary shares arising in terms of the company's
odd-lot offer to shareholders

10 December 2002

Subsidiaries

Chellaston Limited*

Acquisition of a 46.25% interest in the equity of
Cerro Vanguardia SA

26 July 2002

Walsdon Limited*

Change of name to AngloGold International Holdings Limited

6 December 2002

AngloGold Investments

Change of name to AngloGold (Gibraltar) Holdings Limited

6 December 2002

(Senegal) Limited*

AngloGold International

Change of name from AngloGold International

Holdings Socit Anonyme**

Holdings Limited

10 December 2002

Incorporated in the British Virgin Islands

**   Incorporated in Luxembourg

DIRECTORS' REPORT

ANGLO GOLD LIMITED ANNUAL REPORT 2002

Annual general meeting
At the 58th annual general meeting held on 30 April 2002, shareholders passed ordinary resolutions relating to:

* the adoption of the annual report for the year ended 31 December 2001; * the re-election of Mr J G Best, Mrs E le R Bradley,
Mr C B Brayshaw, Mr D L Hodgson, Mr A W Lea, Mr W A Nairn and Mr K H Williams as directors of the company;

* the renewal of the general authority placing the unissued ordinary shares of the company under the control of the directors;
* the granting of a general authority to issue ordinary shares in the capital of the company for cash, subject to certain limitations in
terms of the Listings Requirements of the JSE;

* increases in annual directors' remuneration, with effect from 1 May 2002, as follows:

- Directors: from R50,000 to R100,000

- Chairman: from R80,000 to R200,000

- Deputy Chairman: from R80,000 to R150,000

- A travel allowance of $2,000 per meeting payable to each director, including the chairman and deputy chairman, who travel
internationally to attend board meetings of the company;

* an amendment to the rules of the share incentive scheme to provide for the exercise of options to be based on a condition, related
to the performance of the company, to be determined by the directors and which will be objective and specified.

Details concerning the special resolutions passed by shareholders at this meeting are disclosed on page 69.
Notice of the 59th annual general meeting, which is to be held in Johannesburg at 11:00 on Wednesday, 30 April 2003, is enclosed as a separate document with the annual report. Additional copies of the notice of meeting may be obtained from the company's corporate contacts and the share registrars or may be accessed from the company's website.

General meeting
A general meeting of shareholders was held on 5 December 2002 at which the undermentioned ordinary resolutions were passed:

* approval of an odd-lot offer to ordinary shareholders of the company; * the granting of an authority to a director of the company to implement all resolutions passed at the meeting. Details concerning the special resolutions passed by shareholders at this meeting are disclosed on page 69.

Memorandum and Articles of Association A new memorandum and articles of association were adopted by shareholders in terms of a special resolution passed at the general meeting held on 5 December 2002. The special resolution was registered on 10 December 2002. These documents which better reflect the existing regulatory environment and serve the company's requirements, replace the memorandum of association that had been in existence since the company's incorporation under its former name of Vaal Reefs Exploration and Mining Company Limited in 1944 and the set of articles of association adopted in 1977.

Directorate and secretary The only change in the composition of the board of directors from the beginning of the accounting period to the date of this report was the appointment of Mr D D Barber as alternate director to Mr J Ogilvie Thompson with effect from 29 April 2002.

The directors retiring by rotation at the forthcoming annual general meeting in terms of the articles of association are Mr F B Arisman, Mr R P Edey, Dr V K Fung, Mr R M Godsell and Dr T J Motlatsi. Dr Fung has advised that he wishes to retire from the board and, therefore, has not made himself available for re-election. However, Mr Arisman, Mr Edey, Mr Godsell and Dr Motlatsi, being eligible, offer themselves for re-election.

The names of the directors and alternate directors of the company in office at the date of this report are listed on page 143.

Biographies of the board of directors appear on pages 54 and 55.

There has been no change in the offices of managing secretary and company secretary whose names and business and postal addresses are set out on page 143.

DIRECTORS' REPORT

ANGLO GOLD LIMITED ANNUAL REPORT 2002

Directors' emoluments
The following tables record the emoluments paid to each director:
All figures have been stated to the nearest R000.

Bonuses and

Pre-tax

performance

Pension

gains on

related

scheme

share options

Other

Salary

payments

contributions

exercised

benefits

Total

EXECUTIVE DIRECTORS '

REMUNERATION 2002

R M Godsell (Chief
Executive Officer)

4,217

1,295

6,291

J G Best

2,476

2,130

5,866

D L Hodgson

2,475

2,972

6,525

K H Williams

2,673

2,154

6,208

Total

11,841

3,799

1,429

7,256

24,890

EXECUTIVE DIRECTORS '

REMUNERATION 2001*

R M Godsell (Chief
Executive Officer)

3,323

4,385

J G Best

2,122

1,575

4,637

D L Hodgson (appointed
1 November 2001)

1,061

1,620

K H Williams

2,268

1,053

4,215

Total

8,100

1,820

3,689

14,857

Includes pre-tax gains on options exercised in 2001, not previously reflected in remuneration table.

NON-EXECUTIVE DIRECTORS' REMUNERATION

Directors'

Committee

Travel

Directors'

Committee

fees

fees

allowance*         Total

fees                 fees

Total

R P Edey (Chairman)

Dr T J Motlatsi (Deputy

Chairman)

F B Arisman

Mrs E le R Bradley

C B Brayshaw

Dr V K Fung

A W Lea

W A Nairn

J Ogilvie Thompson

N F Oppenheimer

A J Trahar

Total

1,024

1,846

1,107

Alternates
P G Whitcutt

Total

Fees paid to former non-
executive directors and
former alternate directors
Dr J W Campbell

D M J Ncube

60**

M W King

R P Garnett

Total

Grand total

1,024

1,936

1,282

Introduced with effect from 1 May 2002.

**   Prior years' adjustment.

Executive directors have elected not to receive payment of directors' fees and committee fees.

DIRECTORS' REPORT

ANGLO GOLD LIMITED ANNUAL REPORT 2002

Share incentive scheme
Options to subscribe for ordinary shares in the company granted to, and exercised by, executive directors, executive officers and managers during the year to 31 December 2002, and subsequent to year end, are included in the table below:

Executive

Total Total

RM Godsell

JG Best DL Hodgson KH Williams

Total

officers

Managers

Granted as at
1 January 2002
Number

178,300

74,800

58,000

83,600

394,700

167,200*

2,003,700*

2,565,600

2,977,400

Average exercise
price per share - R

108.04

113.30

109.59

104.96

108.61

121.35

123.59

121.14

118.58

Granted during
year
Number

16,000

10,500

40,500**

10,500

77,500

90,400

1,122,600#

1,290,500

493,000

Average exercise
price per share - R

299.50

299.50

195.50

299.50

245.15

247.22

296.95

290.35

121.54

Exercised during
year
Number

11,200

14,800

12,000

38,000

32,000

408,720

478,720

718,000

Average exercise
price per share - R

104.00

104.00

104.00

104.00

107.54

121.05

118.79

109.92

Average market
price per share at
date of exercise - R

294.18

304.78

283.53

294.94

254.12

269.82

270.76

174.05

Pre-tax gain at date
of exercise
- R value

2,130,000

2,971,504

2,154,400

7,255,904

4,690,576

60,806,607

72,753,087

46,049,078

- Average R per

share

190.18

200.78

179.53

190.94

146.58

148.77

151.97

64.13

Lapsed during year
Number

39,000

39,000

186,800

Average exercise
price per share - R

158.97

158.97

124.40

Held as at
31 December 2002
Number

194,300

74,100

83,700

82,100

434,200

225,600

2,678,580

3,338,380

2,565,600

Average exercise
price per share - R

123.80

141.10

152.15

129.98

133.39

173.74

196.12

186.45

121.15

Subsequent to year end
Exercised
Number

8,000

68,732

76,732

Average exercise
price per share - R

121.36

121.75

121.71

Average market
price per share at
date of exercise - R

272.50

308.96

305.16

Pre-tax gain at
date of exercise
- R value

1,209,100

12,867,335

14,076,435

- Average R per

share

151.14

187.21

183.45

Lapsed
Number

44,600

44,600

Average exercise
price per share - R

226.96

226.96

Held as at
24 February 2003
Number

194,300

74,100

83,700

82,100

434,200

217,600

2,565,248

3,217,048

Average exercise
price per share - R

123.80

141.10

152.15

129.98

133.39

175.67

197.58

187.43

Latest expiry
date

2 May 2012 2 May 2012 2 May 2012 2 May 2012

2 May 2012 2 May 2012

Prior year adjustments:
*

20,000 options granted at an average price of R114.20 adjusted for category change.

**   30,000 options granted at an average price of R159.10.

16,000 options granted at an average price of R159.10.

18,000 options granted at an average price of R160.01.

DIRECTORS' REPORT

ANGLO GOLD LIMITED ANNUAL REPORT 2002

Directors' interests in shares
The interests of the directors and alternate directors in the ordinary shares of the company at 31 December 2002, which did not individually exceed 1% of the company's issued ordinary share capital, were:

31 December 2002

31 December 2001

Beneficial 	Non-

Beneficial 	  Non-

Direct

Indirect

beneficial

Direct

Indirect

beneficial

EXECUTIVE DIRECTORS

R M Godsell

K H Williams

Total

NON-EXECUTIVE DIRECTORS

F B Arisman

2,000

2,000*

Mrs E le R Bradley

28,200

10,000

5,200*

11,000

R P Edey

1,000

1,000

J Ogilvie Thompson

N F Oppenheimer

6,426

9,026

Total

31,200

16,904

8,200*

20,504

ALTERNATES

A H Calver

P G Whitcutt

Total

Grand total

32,120

16,904

552*

9,120*

20,504

Restated

There have been no changes in the above interests since 31 December 2002.

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

GROUP FINANCIAL STATEMENTS

ANGLO GOLD LIMITED ANNUAL REPORT 2002

Group income statement

for the year ended 31 December 2002

Figures in million

Notes

SA Rands

US Dollars

18,309

19,267

Revenue

1,847

2,121

17,590

18,372

Gold income

2, 3

1,761

2,041

(12,973)

(12,550)

Cost of sales

(1,203)

(1,519)

4,617

5,822

(96)

Non-hedge derivatives

(5)

4,521

6,784

Operating profit*

(194)

(258)

Corporate administration and other expenses

(25)

(22)

(133)

(179)

Market development costs

(17)

(16)

(228)

(296)

Exploration costs

(28)

(26)

Investment income

(48)

(164)

Other net expenses

(16)

(7)

(608)

(464)

Finance costs

(44)

(72)

(102)

Abnormal item  settlement of claim

(10)

3,535

5,767

Profit before exceptional items

(259)

(293)

Amortisation of goodwill

15/16

(28)

(29)

(32)

(145)

Loss on disposal of mines

(13)

(4)

(11)

Other

(3)

3,233

5,331

Profit on ordinary activities before taxation

(983)

(1,730)

Taxation  				                  11

(165)

(111)

2,250

3,601

Profit on ordinary activities after taxation

(70)

(157)

Minority interest

(15)

(8)

2,180

3,444

Net profit

* Operating profit excluding unrealised

4,647

6,683

non-hedge derivatives

2,476

3,920

Headline earnings

Headline earnings before unrealised non-hedge

2,536

3,854

derivatives

Earnings per ordinary share (cents)

1,017

1,552

Basic

1,015

1,545

Diluted

1,156

1,767

Headline

1,184

1,737

Headline before unrealised non-hedge derivatives

1,350

Dividends declared per ordinary share (cents)

Dividend cover based on headline earnings

1.3

1.3

before unrealised non-hedge derivatives

1.1

1.5

GROUP FINANCIAL STATEMENTS

ANGLO GOLD LIMITED ANNUAL REPORT 2002

Group balance sheet

at 31 December 2002

ASSETS

Non-current assets

24,606

19,555

Mining assets

2,280

2,057

4,652

3,210

Goodwill  				                  15

Investments in associates

Other investments

AngloGold Environmental Rehabilitation Trust

1,372

Derivatives  				                  35

Long-term loans

31,720

24,417

2,847

2,652

Current assets

1,534

1,996

Derivatives  				                  35

1,867

2,190

Trade and other receivables

1,948

1,848

Inventories  				                  22

Current portion of long-term loans

2,284

3,544

Cash and cash equivalents

7,742

9,581

1,117

39,462

33,998

Total assets

3,964

3,299

EQUITY AND LIABILITIES

13,357

12,375

Shareholders' equity*

1,443

1,117

Minority interests

13,712

12,722

1,483

1,147

Non-current liabilities

4,192

7,219

Borrowings  				                  25

2,573

2,008

Provisions 				                  26

3,423

3,445

Deferred taxation

1,917

2,028

Derivatives 				                  35

12,105

14,700

1,714

1,011

Current liabilities

2,984

2,588

Derivatives 				                  35

2,464

2,145

Trade and other payables

7,619

Current portion of borrowings

1,124

Taxation

13,645

6,576

1,141

39,462

33,998

Total equity and liabilities

3,964

3,299

Shareholders' equity is analysed in the statement of changes in shareholders' equity (see page 77).

Figures in million

Notes

SA Rands

US Dollars

GROUP FINANCIAL STATEMENTS

ANGLO GOLD LIMITED ANNUAL REPORT 2002

Group cash flow statement

for the year ended 31 December 2002

Cash flows from operating activities

18,333

19,020

Cash receipts from customers

1,808

2,153

(12,861)

(10,765)

Cash paid to suppliers and employees

(1,050)

(1,480)

5,472

8,255

Cash generated from operations

Interest received

(85)

(169)

Environmental contributions and expenditure

(16)

(10)

Dividends received from associates

(613)

(410)

Finance costs

(40)

(73)

(897)

(1,376)

Mining and normal taxation paid

(131)

(111)

4,064

6,650

Net cash inflow from operating activities

Cash flows from investing activities
Capital expenditure

(1,886)

(1,844)

- to expand operations

(176)

(219)

(681)

(998)

- to maintain operations

(95)

(79)

Proceeds from disposal of mining assets

1,544

Net proceed from disposal of mines

1,813

Proceeds

(269)

Contractual obligations

(24)

(11)

Associate acquired

(1)

(24)

(355)

Investments acquired

(34)

(3)

1,829

Proceeds from sale of investments

(979)

Acquisition of shares

(97)

(37)

(51)

Loans advanced

(5)

(4)

Repayment of loans advanced

(1,327)

(668)

Net cash outflow from investing activities

(91)

(148)

Cash flows from financing activities

Proceeds from issue of share capital

(116)

Share issue expenses

(11)

2,381

8,599

Proceeds from borrowings

(3,567)

(9,789)

Repayment of borrowings

(912)

(414)

(1,447)

(2,821)

Dividends paid

(260)

(167)

(2,548)

(3,971)

Net cash outflow from financing activities

(367)

(298)

2,011

Net increase in cash and cash equivalents

(751)

Translation

(58)

1,477

2,284

Cash and cash equivalents at beginning of year

2,284

3,544

Cash and cash equivalents at end of year

Figures in million

Notes

SA Rands

US Dollars

GROUP FINANCIAL STATEMENTS

ANGLO GOLD LIMITED ANNUAL REPORT 2002

Group statement of changes in shareholders' equity

for the year ended 31 December 2002

US Dollars

Balance at 31 December 2000

1,043

1,453

Effect of adoption of IAS 39

(25)

Net profit

245            245

Dividends (note 13)

(167)         (167)

Ordinary shares issued

Net gain on cash flow hedges

removed from equity and reported

in income

(1)	                    (1)

Net loss on cash flow hedges

(283)

(283)

Deferred taxation on cash flow

hedges

Transfer from non-distributable

reserves 						 (1)

Translation			                (3)

(388)

(7)

(132)

(288)

Balance at 31 December 2001

4              677

(88)  262

1,117

Net profit

332             332

Dividends (note 13)

(251)          (251)

Ordinary shares issued

Net loss on cash flow hedges

removed from equity and reported

in income

Net loss on cash flow hedges

(105)

(105)

Deferred taxation on cash flow

hedges

(29)

(29)

Net gain on available-for-sale

financial assets

Acquisition of shares

(3)

(3)

Transfer from non-distributable

reserves			                (1)

Translation 			                 3

(207)

(28)

Balance at 31 December 2002

7           1,113

(185)

449         1,443

Note 			                24

SA Rands

Balance at 31 December 2000

7,897

2,579

11,004

Effect of adoption of IAS 39

(186)

Net profit

2,180         2,180

Dividends (note 13)

(1,447)      (1,447)

Ordinary shares issued

Net gain on cash flow hedges

removed from equity and reported

in income

(8)

(8)

Net loss on cash flow hedges

(2,438)

(2,438)

Deferred taxation on cash flow

hedges

968 	                    968

Transfer from non-distributable

reserves 						 (6)

Translation 2,674

2,722

Balance at 31 December 2001

54           8,086

2,999

(1,057)            3,132

13,357

Net profit

3,444          3,444

Dividends (note 13)

(2,728)       (2,728)

Ordinary shares issued

1,465

1,467

Net loss on cash flow hedges

removed from equity and reported

in income

Net loss on cash flow hedges

(1,102)

(1,102)

Deferred taxation on cash flow

hedges

(304)

(304)

Net gain on available-for-sale

financial assets

Acquisition of shares

(26)

(26)

Transfer from non-distributable

reserves 						(5)

Translation (2,639)

(2,437)

Balance at 31 December 2002

56           9,551

(1,583)             3,853

12,375

Note 			                24

Non-distributable reserves comprise a surplus on disposal of company shares of $16m (R141m) and a negative foreign equity

reserve of $ nil (R3m).

** Other comprehensive income represents the effective portion of fair value gains or losses in respect of cash flow hedges until the

underlying transaction occurs, upon which the gains or losses are recognised in earnings.

Ordinary 		           Non-

 Foreign

Other

Share-

share       Share

distributable     currency

comprehensive

Retained

holders'

Figures in million

capital

premium

reserves*

translation

income**

earnings

equity

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

South African Statement of Generally Accepted Practice AC 133, Financial Instruments: Recognition and Measurement, has been adopted ahead of its effective date.

AngloGold presents its consolidated financial statements in US Dollars. The group's presentation currency is US Dollars since the majority of its sales are in US Dollars. The measurement currency is dependent on where the subsidiary operates.

The following method of translation has been used:
equity items other than net profit at the closing rate on each balance sheet date;
assets and liabilities at the closing rate on each balance sheet date;
income, expenses and cash flows at the average exchange rate; and
resulting exchange differences are included in equity.

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

BASIS OF CONSOLIDATION

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

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

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

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

FOREIGN ENTITIES

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

ACQUISITION AND GOODWILL ARISING THEREON

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

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

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

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

JOINT VENTURES

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

ASSOCIATES

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

Results of associates are equity accounted from their most recent audited annual financial statements or unaudited interim financial statements. Any losses of associates are brought to account in the consolidated financial statements until the investment in such associates is written down to a nominal amount. Thereafter, losses are accounted for only insofar as the group is committed to providing financial support to such associates.

GROUP FINANCIAL STATEMENTS

ANGLO GOLD LIMITED ANNUAL REPORT 2002

Notes to the group financial statements

for the year ended 31 December 2002

background image

GROUP FINANCIAL STATEMENTS

ANGLO GOLD LIMITED ANNUAL REPORT 2002

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

MINING ASSETS

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

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

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

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

Stripping costs incurred during the production phase to remove additional waste ore are deferred and charged to operating costs on the basis of the average life-of-mine stripping ratio.

The average stripping ratio is calculated as the number of tonnes of waste material removed per tonne of ore mined. The average life of the mine ratio is recalculated annually in the light of additional knowledge and changes in estimates.

The cost of the "excess stripping" is capitalised as mine development costs when the actual stripping ratio exceeds the average life- of-mine stripping ratio. When the actual stripping ratio is below the average life of the mine ratio, sufficient previously capitalised costs are expensed to increase the cost up to the average. Thus, under this method, the cost of stripping in any period will be reflective of the average stripping rates for the orebody as a whole.

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

Land
Land is not depreciated.

Mineral rights, dumps and ore reserves
Mineral rights are amortised using the units-of-production method based on estimated proved and probable mineral reserves.

Dumps are amortised over the period of treatment.

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

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

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

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

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

Accounting policies (continued)
Research and exploration expenditure
Research and exploration expenditure is expensed in the year in which it is incurred. When a decision is taken that a mining property is capable of commercial production, all further pre-production expenditure is capitalised. Capitalisation of pre- production expenditure ceases when the mining property is capable of commercial production.

Inventories
Inventories are valued at the lower of cost and net realisable value after appropriate allowances for redundant and slow moving items. Cost is determined on the following bases:
• gold in process is valued at the average total production cost at the relevant stage of production;
• gold on hand is valued on an average total production cost method;
• ore stockpiles are valued at the average moving cost of treating and processing the ore;
• by-products, which include uranium oxide and sulphuric acid are valued on an average total production cost method; and
• consumable stores are valued at average cost.

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

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

DEFINED BENEFIT PLANS

The cost of providing benefits to the group's defined pension and post-retirement benefit plans are determined using the projected unit credit actuarial valuation method. Actuarial gains and losses arising in the defined benefit plans are recognised as income or expense when the cumulative unrecognised gains or losses for each individual plan exceed the greater of 10% of the defined benefit obligation and 10% of the fair value of plan assets. These gains or losses are recognised over the expected average remaining working lives of the employees participating in the plans. Where the fair value of the plan assets exceeds the present value of the obligation, the resulting net asset is not recognised in respect of South African plans due to requirements under the Surplus Distribution legislation.

DEFINED CONTRIBUTION PLANS

Contributions to defined contribution plans in respect of services during that year are recognised as an expense in that year.

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

DECOMMISSIONING COSTS

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

Decommissioning costs are provided for at the present value of the expenditures expected to settle the obligation, using estimated cashflows based on current prices. When this provision gives access to future economic benefits, an asset is recognised and included within mining infrastructure. The unwinding of the decommissioning obligation is included in the income statement. The estimated future costs of decommissioning obligations are regularly reviewed and adjusted as appropriate for new circumstances or changes in law or technology. The estimates are discounted at a pre-tax rate that reflects current market assessments of the time value of money.

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

RESTORATION COSTS

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

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

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

GROUP FINANCIAL STATEMENTS

ANGLO GOLD LIMITED ANNUAL REPORT 2002

Notes to the group financial statements

for the year ended 31 December 2002

GROUP FINANCIAL STATEMENTS

ANGLO GOLD LIMITED ANNUAL REPORT 2002

Accounting policies (continued)
ENVIRONMENTAL REHABILITATION TRUST

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

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

Revenue recognition
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the group and the revenue can be reliably measured. The following criteria must also be present:
• the sale of mining products is recognised when the significant risks and rewards of ownership of the products are transferred

to the buyer;

• dividends are recognised when the right to receive payment is established; and
• interest is recognised on a time proportion basis, taking account of the principal outstanding and the effective rate over the

period to maturity, when it is determined that such income will accrue to the group.

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

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

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

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

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

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

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

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

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

DERIVATIVES

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

IAS39 (AC133) requires that derivatives be treated as follows:
• Commodity based ("normal purchase or normal sale") contracts that meet the requirements of IAS39 are recognised in

earnings when they are settled by physical delivery.

• Where the conditions in IAS39 for special hedge accounting are met the derivative is recognised on the balance sheet as either

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

• All other derivatives are subsequently measured at their estimated fair value, with the changes in estimated fair value at each

reporting date being reported in earnings in the period to which it relates.

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

GROUP FINANCIAL STATEMENTS

ANGLO GOLD LIMITED ANNUAL REPORT 2002

Notes to the group financial statements

for the year ended 31 December 2002

Accounting policies (continued)
INVESTMENTS

Listed investments, other than investments in subsidiaries, joint ventures, and associates, are subsequently measured at fair value, which is calculated by reference to the quoted selling price at the close of business on the balance sheet date. Unlisted investments are shown at fair value, or at cost where fair value cannot be reliably measured.

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

LONG-TERM LOANS RECEIVABLE

Long-term loans receivable are subsequently measured at amortised cost using the effective interest rate method.

TRADE AND OTHER RECEIVABLES

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

CASH AND CASH EQUIVALENTS

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

IMPAIRMENT OF FINANCIAL ASSETS

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

FINANCIAL LIABILITIES

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

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

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

Geographical analysis by origin is as follows:

Operating profit

Gold

excluding unrealised

Average number

income

non-hedge derivatives

EBITDA

of employees

2002        2001         2002         2001         2002         2001         2002         2001

US Dollars
South Africa

1,298

46,657

64,881

East & West Africa

2,276

1,627

South America

2,656

2,292

North America

Australia

1,761

2,041

53,097

70,380

SA Rands
South Africa

9,718

11,164

4,102

3,036

3,923

3,118

East & West Africa

3,428

2,171

1,343

1,980

1,156

South America

2,032

1,529

1,234

North America

1,581

1,377

Australia

1,613

1,349

18,372

17,590

6,683

4,647

8,332

5,950

GROUP FINANCIAL STATEMENTS

ANGLO GOLD LIMITED ANNUAL REPORT 2002

Segmental information (continued)

Gold 		Gold

production 	production

(oz 000)

(kg)

2002 	2001 	2002 	2001

South Africa

3,412

4,670

106,106

145,247

East & West Africa

1,085

33,754

26,992

South America

14,854

13,709

North America

14,371

15,436

Australia

15,626

15,819

5,939

6,983

184,711

217,203

Net operating assets

Total assets

Capital expenditure

2002	 2001 	2002 	2001 	2002 	2001

US Dollars (m)
South Africa

1,012

1,663

1,283

East & West Africa

South America

North America

Australia

2,522

2,148

3,964

3,299

SA Rands (m)
South Africa

8,681

10,260

14,262

15,349

1,168

East & West Africa

3,709

5,353

6,661

8,624

South America

3,732

3,619

4,965

5,562

North America

3,461

4,044

3,756

4,557

Australia

2,047

2,418

4,354

5,370

21,630

25,694

33,998

39,462

2,842

2,567

Geographical analysis by destination is as follows:

Gold income

US Dollars (m)

SA Rands (m)

2002	2001 	2002 	2001

South Africa

6,269

North America

1,225

1,505

10,562

Australia

1,508

1,547

Europe

4,560

3,531

United Kingdom

4,530

1,680

1,761

2,041

18,372

17,590

Revenue
Revenues consists of the following principal categories:

17,590

18,372

Gold income (note 2)

1,761

2,041

Sale of uranium, silver and sulphuric acid

Interest receivable (note 6)

18,309

19,267

1,847

2,121

Cost of sales

10,454

9,812

Cash operating costs

1,226

Other cash costs

10,694

10,103

Total cash costs

1,255

Retrenchment costs (note 10)

Rehabilitation and other non-cash costs

11,002

10,252

Production costs

1,290

1,884

2,566

Amortisation of mining assets (notes 9, 14 and 30)

12,886

12,818

Total production costs

1,227

1,510

(268)

Inventory change

(24)

12,973

12,550

1,203

1,519

5      Exploration costs

Expenditure incurred during the year

(154)

(236)

Expenditure transferred to mining assets

(23)

(18)

6      Investment income

Investment income consists of the following
principal categories:

Interest receivable (notes 3 and 30)

Profit from associates after taxation (notes 16 and 30)

Growth in AngloGold Environmental Rehabilitation

Trust (notes 19 and 30)

Other net expenses
Other net expenses consist of the following
principal categories:

(16)

(45)

Foreign exchange loss on transactions other than sales

(4)

(2)

(10)

(30)

Loss on disposal of assets (note 30)

(3)

(2)

(49)

Post-retirement medical expenses for disposed mines

(5)

(26)

(124)

(12)

(4)

Unwinding of decommissioning obligation

(22)

(40)

(notes 26 and 30)

(4)

(3)

(48)

(164)

(16)

(7)

Figures in million

SA Rands

US Dollars

GROUP FINANCIAL STATEMENTS

ANGLO GOLD LIMITED ANNUAL REPORT 2002

Notes to the group financial statements

for the year ended 31 December 2002

GROUP FINANCIAL STATEMENTS

ANGLO GOLD LIMITED ANNUAL REPORT 2002

8     Finance costs

Interest paid on bank loans and overdrafts

Interest paid on debentures

Other

Total interest

(5)

Less: amounts capitalised

(1)

(Note 30)

Profit before exceptional items is
arrived at after taking account of:
Auditors' remuneration

Audit fees

Under provision prior year

Other services*

Amortisation of mining assets (notes 4, 14 and 30)

1,857

2,526

Owned assets

Leased assets

1,884

2,566 							    245

Grants for educational and community development

Operating lease charges

* Other services include IT Security reviews and

acting as reporting accountants

10    Employee benefits

Employee benefits including executive directors

4,663

4,110

Salaries, wages and other benefits

Health care and medical scheme costs

- current medical expenses

- post-retirement medical expenses

Defined contribution pension plans expense

Retrenchment costs (note 4)

5,432

4,643

Employee benefits included in cost of sales

Actuarial defined benefit plan expense analysis

Defined benefit pension plan expense

- current service cost

- interest cost

(91)

(87)

- expected return on plan assets

(8)

(11)

(9)

- actuarial (gain) loss

(1)

Defined benefit post-retirement medical expense

- current service cost

- interest cost

(3)

- actuarial gain

(153)

- curtailment

(15)

(31)

(3)

Actual return on plan assets

Defined benefit pension plan

Refer to directors' report for details of
directors' emoluments

Figures in million

SA Rands

US Dollars

GROUP FINANCIAL STATEMENTS

ANGLO GOLD LIMITED ANNUAL REPORT 2002

Notes to the group financial statements

for the year ended 31 December 2002

11    Taxation

Current taxation

Mining taxation

Non-mining taxation

Under provision prior year

Secondary tax on companies

Exceptional items (note 12)

- recoupments tax on Free State disposal (note 31)

(78)

- mining tax on Free State operating loss

(10)

1,924

Deferred taxation

Current

(66)

Unrealised non-hedge derivatives (note 12)

(5)

Exceptional items

(6)

- debt written off (note 12)

(570)

- disposal of Free State operations (note 12)

(50)

(194)

(Note 27)

(12)

1,730 							   165

At 31 December 2001 there was unredeemed capital
expenditure estimated at $298m, R3,564m which was
available for set-off against future taxable income from
the mining operations of Joel mine. Joel mine was
sold with effect from 1 January 2002, resulting in the
unredeemed capital expenditure not being utilised.

The unutilised tax losses of the North American
operations which are available for offset against
future profits earned in the USA, amount to
$182m, R1,561m (2001: $177m, R2,115m).

The unutilised tax losses of the South American
operations which are available for offset against future
profits earned in these countries, amount to $86m,
R738m (2001: $49m, R583m).

Analysis of tax losses

Assessed losses utilised during the year

Utilised tax losses remaining to be used against
future profits can be split into the following periods:

Utilisation required within one year

Utilisation required within one and two years

Utilisation required within two and five years

2,064

Utilisation in excess of five years

2,299

Figures in million

SA Rands

US Dollars

GROUP FINANCIAL STATEMENTS

ANGLO GOLD LIMITED ANNUAL REPORT 2002

11    Taxation (continued)

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

Marginal tax rate

Disallowable expenditure

Goodwill amortised

Taxable non-mining income

(3)

(3)

Amortisation and inventory change

Mining capital allowances

(11)

(10)

Mining tax formula adjustment

(1)

Dividends received

(5)

(7)

Foreign income tax allowances

(14)

(7)

Other

(7)

Effective tax rate

2001 2002

SA cents per share

US cents per share

12    Earnings per ordinary share

1,017

1,552

Basic 					              150

The calculation of basic earnings per ordinary share is
based on net profit of $332m, R3,444m (2001: $245m,
R2,180m) and 221,883,567 (2001: 214,278,892) shares
being the weighted average number of ordinary shares
in issue during the financial year.

1,156

1,767

Headline

Headline earnings removes items of a capital nature
from the calculation of earnings per share.

The calculation of headline earnings per ordinary
share is based on headline earnings of $376m, R3,920m
(2001: $281m, R2,476m) and 221,883,567 (2001: 214,278,892)
shares being the weighted average number of ordinary
shares in issue during the year.

Headline earnings before unrealised non-hedge

1,184

1,737

derivatives. 					              166

This calculation is based on headline earnings before
unrealised non-hedge derivatives of $368m, R3,854m
(2001: $286m, R2,536m) and 221,883,567
(2001: 214,278,892) shares being the weighted average
number of ordinary shares in issue during the
financial year.

1,015

1,545

Diluted

The calculation of diluted earnings per ordinary share
is based on net profit of $332m, R3,444m (2001: $245m,
R2,180m) and 222,899,926 (2001: 214,715,806) shares
being the diluted number of ordinary shares.

Figures in million

12    Earnings per ordinary share (continued)

The net profit has been adjusted by the following to
arrive at headline and headline earnings before
unrealised non-hedge derivatives:

2,180

3,444

Net profit

Amortisation of goodwill (notes 15, 16 and 30)

Loss on disposal of mines

Current and deferred taxation on exceptional items

disposal of Free State operations (note 11)

(6)

Deferred taxation on debt written off (note 11)

Other comprises the following:

(2)

Termination of retirement benefit plans

Debt written off

Impairment of mining assets

(67)

Reversal of impairment on investments

(6)

2,476

3,920

Headline earnings

(101)

Unrealised (gain) loss on non-hedge derivatives

(12)

(66)

Deferred tax on unrealised non-hedge derivatives (note 11)

(5)

Headline earnings before unrealised non-hedge

2,536

3,854

derivatives

The weighted average number of shares has been
adjusted by the following to arrive at the diluted
number of ordinary shares:

Weighted average number of shares

221,883,567

214,278,892

Dilutive potential of share options

1,016,359

436,914

Diluted number of ordinary shares

222,899,926

214,715,806

At a general meeting held on 5 December 2002, a share
split was approved by way of a special resolution.
AngloGold's ordinary shares of 50 cents each were
sub-divided into ordinary shares of 25 cents each, with
effect from the close of business on 24 December 2002.
Throughout the annual financial statements presented
herein, the number of shares and the calculation of
earnings per ordinary share have been changed to
retroactively reflect this change in the number of shares.

13    Dividends

Ordinary shares
No. 91 of 550 SA cents per ordinary share declared on
30 January 2002 and paid on 4 March 2002

1,223

(49 US cents per share).

No. 92 of 675 SA cents per ordinary share declared
on 30 July 2002 and paid on 30 August 2002

1,505

(64 US cents per share).

1,447

2,728

No. 93 of 675 SA cents  per ordinary share was declared
on 30 January 2003 and paid on 28 February 2003
(82 US cents per share).

Figures in million

SA Rands

US Dollars

GROUP FINANCIAL STATEMENTS

ANGLO GOLD LIMITED ANNUAL REPORT 2002

Notes to the group financial statements

for the year ended 31 December 2002

GROUP FINANCIAL STATEMENTS

ANGLO GOLD LIMITED ANNUAL REPORT 2002

Mineral

Mine

Mine

rights,

development

infra-

dumps and

Figures in million

costs

structure

ore reserves

Land

Total

14.    Mining assets

US Dollars
Cost
Balance at beginning of year

1,863

1,185

3,312

Additions
- Expand operations

- Maintain operations

Acquisition and disposals (note 31)

(346)

(28)

(345)

Transfers and other movements

(4)

(3)

Translation 				            354

Balance at end of year

2,046

1,379

3,741

Accumulated amortisation
Balance at beginning of year

1,255

Amortisation charge for the year
(notes 4, 9 and 30)

Disposal (note 31)

(160)

(67)

(1)

(228)

Transfers and other movements

(10)

(3)

(11)

Translation				            117

Balance at end of year

1,461

Net book value at 31 December 2001

1,225

2,057

Net book value at 31 December 2002

1,331

2,280

SA Rands
Cost
Balance at beginning of year

22,282

14,180

2,997

39,615

Additions
- Expand operations

1,136

1,844

- Maintain operations

Acquisition and disposals (note 31)

(3,822)

(375)

(3,913)

Transfers and other movements

(47)

(22)

(3)

Translation				        (2,798)

(2,956)

(705)

(33)

(6,492)

Balance at end of year

17,504

11,829

2,630

32,087

Accumulated amortisation
Balance at beginning of year

7,630

7,090

15,009

Amortisation charge for the year
(notes 4, 9 and 30)

1,235

1,077

2,566

Disposal (note 31)

(1,761)

(739)

(5)

(2,505)

Transfers and other movements

(101)

(40)

(124)

Translation (990)

(1,326)

(98)

(2,414)

Balance at end of year

6,131

6,001

12,532

Net book value at 31 December 2001

14,652

7,090

2,708

24,606

Net book value at 31 December 2002

11,373

5,828

2,230

19,555

Included in the amounts above for mine infrastructure are assets held under finance leases with a net book value of $25m, R212m (2001: $14m, R171m).

Mining assets with a carrying value of $254m, R2,180m (2001: $304m, R3,640m) are encumbered by project finance (note 25).

GROUP FINANCIAL STATEMENTS

ANGLO GOLD LIMITED ANNUAL REPORT 2002

Notes to the group financial statements

for the year ended 31 December 2002

15    Goodwill

Cost

3,600

5,726

Balance at beginning of year

Fair value adjustment (note 32)

(76)

Transfer

(9)

1,944

(1,485)

Translation

(17)

5,726

4,241

Balance at end of year

Accumulated amortisation

1,074

Balance at beginning of year

Amortisation (notes 12 and 30)

(76)

Transfer  					                  -

(9)

(332)

Translation

(2)

1,074

1,031

Balance at end of year

4,652

3,210

Net book value

16 Investments in associates

The group has the following associated undertakings:
 A 53.03% (2001: 48.48%) interest in Rand Refinery
Limited, which is involved in the refining of bullion
and by-products which are sourced inter alia from South
Africa and foreign gold producing mining companies.
This investment is equity accounted as AngloGold only
has significant influence and not control over the financial
and operating policies of this company. The year end of
Rand Refinery Limited is 30 September.
Equity accounting is based on the results for the
twelve months ended 30 September 2002.

 A 25.0% (2001: 25.0%) interest in Oro Group
(Proprietary) Limited which is involved in the
manufacture and wholesale of jewellery. The year end
of Oro Group (Proprietary) Limited is 31 March.
Equity accounting is based on the results for the
twelve months ended 30 September 2002.

Carrying value of associates consists of:

Unlisted shares at cost

Share of retained earnings brought forward

Profit after taxation (notes 6 and 30)

Acquisition

(11)

(19)

Dividends

(2)

(1)

(4)

(4)

Amortisation of goodwill (note 12)

Translation

(3)

Carrying value

Directors' valuation of unlisted associates

The group's effective share of certain balance sheet items
of its associates is as follows:

Non-current assets

Current assets

Total assets

Figures in million

SA Rands

US Dollars

GROUP FINANCIAL STATEMENTS

ANGLO GOLD LIMITED ANNUAL REPORT 2002

16    Investments in associates (continued)

Non-current liabilities

Current liabilities

Total equity and liabilities

Net assets

Reconciliation of the carrying value of investments
in associates with net assets:

Net assets

Goodwill

Carrying value

17    Other investments

Listed investments

Balance at beginning of year

1,757

Additions

(3)

(1,824)

Disposals

(158)

Fair value adjustments

(14)

Translation

(3)

Balance at end of year

Market value of listed investments

Unlisted investments

Balance at beginning of year

Additions

(1)

(15)

Disposals

(1)

(1)

Fair value adjustment

(23)

Translation

(1)

(1)

Balance at end of year

Directors' valuation of unlisted investments

Investment properties

Balance at beginning of year

Impairment reversal per income statement

(19)

Translation

Balance at end of year

Directors' valuation of investment properties

Total other investments

Total valuation (note 35)

Figures in million

SA Rands

US Dollars

GROUP FINANCIAL STATEMENTS

ANGLO GOLD LIMITED ANNUAL REPORT 2002

Notes to the group financial statements

for the year ended 31 December 2002

18    Interest in joint ventures

The group's effective share of income, expenses, assets,
liabilities and cash flows of joint ventures, which are
included in the consolidated financial statements, are
as follows:

Income statement

2,350

3,271

Gold income

(1,435)

(2,149)

Cost of sales

(205)

(166)

1,122

Operating profit

(37)

Other net expense

(5)

Investment income

(176)

(94)

Finance costs

(9)

(20)

1,038

Profit on ordinary activities before taxation

Balance sheet

6,343

4,332

Non-current assets

1,674

1,201

Current assets

8,017

5,533

Total assets

5,732

3,946

Shareholders' equity

Minority interests

Non-current liabilities

1,281

Interest-bearing borrowings

Provisions

Current liabilities

Interest-bearing borrowings

Other

8,017

5,533

Total equity and liabilities

Cash flow statement

(2,248)

1,573

Cash flows from operating activities

(261)

(339)

(178)

Cash flows from investing activities

(17)

(39)

2,704

(1,258)

Cash flows from financing activities

(120)

Net increase in cash and cash equivalents

19    AngloGold Environmental Rehabilitation

Trust

Balance at beginning of year

Contributions

Additional contribution  Free State disposal

Growth in AngloGold Environmental

Rehabilitation Trust (notes 6 and 30)

(253)

Funds transferred in respect of Free State disposal (note 31)

(23)

Additional funds transferred to Free State

(197)

Environmental Trust Fund

(19)

(25)

Expenditure incurred

(3)

Translation

(21)

Balance at end of year

Figures in million

SA Rands

US Dollars

GROUP FINANCIAL STATEMENTS

ANGLO GOLD LIMITED ANNUAL REPORT 2002

20    Long-term loans

Unsecured

Loans to joint venture partners

Deferred purchase consideration in respect of the sale

of the Free State assets

Other

Less: Current portion of long-term loans included

in current assets

Total long-term loans (note 35)

21    Trade and other receivables

Trade debtors

Prepayments and accrued income

Value added taxation

Receivable in respect of the sale of the Free State assets

Other debtors

1,867

2,190

(Note 35)

22    Inventories

At cost

Gold in process

Gold on hand

Ore stockpiles

By-products

1,350

1,345

Total metal inventories

Consumable stores at average cost

1,948

1,848

23    Cash and cash equivalents

2,284

2,900

Cash and deposits on call

Money market instruments

2,284

3,544

(Note 35)

Figures in million

SA Rands

US Dollars

GROUP FINANCIAL STATEMENTS

ANGLO GOLD LIMITED ANNUAL REPORT 2002

Notes to the group financial statements

for the year ended 31 December 2002

24    Share capital and premium

Share capital
Authorised
400,000,000 ordinary shares of 25 SA cents each
(2001: 200,000,000 ordinary shares of 50 SA cents each.
After sub-division 400,000,000 ordinary shares of

25 SA cents each)

2,000,000 A redeemable preference shares of		                  -		    -

50 SA cents each

5,000,000 B redeemable preference shares of		                  -		    -

-	       -

1 SA cent each

Issued
222,622,022 ordinary shares of 25 SA cents each
(2001: 107,634,058 ordinary shares of 50 SA cents each.

After sub-division 215,268,116 shares of 25 SA cents each)

2,000,000 A redeemable preference shares of		                  -		    -

50 SA cents each

778,896 B redeemable preference shares of 		                  -		    -

1 SA cent each

Less: A redeemable preference shares held within

(1)

(1)

the group					                  -		    -

Share premium

8,398

9,863

Total share premium

1,166

(312)

(312)

Less: Held within the group

(53)

(53)

8,086

9,551

1,113

8,140

9,607

Share capital and premium

1,120

At a general meeting held on 5 December 2002, a share
split was approved by way of a special resolution.
AngloGold's ordinary shares of 50 cents each were
sub-divided into ordinary shares of 25 cents each, with
effect from the close of business on 24 December 2002.

Figures in million

SA Rands

US Dollars

GROUP FINANCIAL STATEMENTS

ANGLO GOLD LIMITED ANNUAL REPORT 2002

25    Borrowings

Unsecured

4,028

Syndicated loan facility ($600m)

Interest charged at libor plus 0.7% per annum. Loan
is repayable in February 2005 and is US dollar-based.

2,585

2,264

Syndicated loan facility ($400m)

Interest charged at libor plus 0.75% per annum. Loan
is repayable in May 2004 and is US dollar-based.

Banco Europeu para a Amrica Latina-Brussels

Interest charged at libor plus 1.75% per annum. Loan
is repayable in monthly instalments commencing
March 2004 and terminating in September 2004 and
is US dollar-based.

Syndicated loan facility

Interest charged at Bank Bill Swop Reference
Rate plus 0,35% per annum. Loan is repayable by
September 2003 and is Australian dollar-based.

Santander Bank

Interest charged at libor plus 1.5% per annum.
Loan is repayable in June and July 2003 and is
US dollar-based.

Itau Bank

Interest charged at libor plus 1.5% per annum. Loan
is repayable by September 2003 and is US dollar-based.

HSBC Bamerindus

Interest charged at libor plus 1.3% per annum. Loan
is repayable in May 2003 and is US dollar-based.

RMB International (Dublin) Limited

Interest charged at libor plus 0.82% per annum.
Loan is of a short-term nature and no dates of repayment
are fixed and is US dollar-based.

Government of Mali

Interest charged at libor plus 2% per annum. Loans
are repayable in half-yearly instalments terminating
in March 2006 and are US dollar-based.

4,250

Syndicated loan facility

1,450

Credit Agricole

Loans from Anmercosa Finance Limited

Syndicated loan facility

Citibank NA

Bank Boston

Deutsche Bank

Dresdner Bank Luxembourg SA

Banco do Brasil

Economic Development Corporation Limited

Local money market short-term borrowings

9,873

6,649

Total unsecured borrowings

Figures in million

SA Rands

US Dollars

GROUP FINANCIAL STATEMENTS

ANGLO GOLD LIMITED ANNUAL REPORT 2002

Notes to the group financial statements

for the year ended 31 December 2002

25    Borrowings (continued)

Secured

Geita Syndicated Project finance

Interest charged at libor plus 1.7% per annum. Loan is
repayable half-yearly until 2007 and is US dollar-based.

Cerro Vanguardia Syndicated Project finance

Interest charged at libor plus 1.75% per annum. Loan
is repayable in half-yearly instalments terminating
in December 2004 and is US dollar-based.

Morila Syndicated Project finance

Interest charged at libor plus 2% per annum. Loan is
repayable in half-yearly instalments terminating in
December 2005 and is US dollar-based.

Senstar Capital Corporation

Interest charged at an average rate of 7.01% per annum.
Loans are repayable in monthly instalments terminating
in November 2009 and are US dollar-based.

Rolls Royce

Interest is index linked. Loan is repayable in monthly
instalments terminating in December 2010 and is
US dollar-based.

Investec

Interest charged at 6.5% per annum. Loan is repayable
in half-yearly instalments terminating in June 2006
and is US dollar-based.

Kudu Finance Company

Interest charged at libor plus 2% per annum. Loan
is repayable in monthly instalments terminating in
December 2010 and is US dollar-based.

Mineral Laboratories of Australia (Pty) Limited

Interest charged at libor plus 2% per annum. Loan
is repayable in monthly instalments terminating in
August 2003 and is US dollar-based.

Sadiola Project Finance

11,811

7,938

Total borrowings (note 35)

Less: Current portion of borrowings included in current

7,619

liabilities

4,192

7,219

Total long-term borrowings

Amounts falling due

7,619

Within one year

2,788

Between one and two years

3,390

4,355

Between two and five years

After five years

11,811

7,938

(Note 35)

Figures in million

SA Rands

US Dollars

GROUP FINANCIAL STATEMENTS

ANGLO GOLD LIMITED ANNUAL REPORT 2002

25    Borrowings (continued)

Currency
The currencies in which the borrowings are denominated
are as follows:

Australian dollars

SA Rands

11,306

7,866

US Dollars

11,811

7,938

Undrawn Facilities
Undrawn borrowing facilities as at 31 December 2002
are as follows:

2,213

1,184

Syndicated loan ($400m)  US Dollar

1,158

Syndicated loan ($600m)  US Dollar

Australia and New Zealand Banking Group Limited

Australian dollar

Syndicated loan  Australian dollar

1,767

Deutsche Bank  Australian dollar

4,589

2,510 							    293

Morila and Geita Project Finance
Secured by a fixed and floating charge over the
project assets (note 14), the hedging contracts and
a pledge over the shares in the project company.

Cerro Vanguardia Project Finance
Secured by a fixed and floating charge over the project
assets (note 14), the major project contracts and a pledge
over the shares in the project company.

Investec
Loan is guaranteed by AngloGold Limited.

The equipment financed by the other secured loans
is used as security for those loans.

26    Provisions

Post-retirement medical funding

Balance at beginning of year

(22)

(34)

Disposal (note 31)

(3)

(4)

Charge to income statement

(67)

(52)

Less: Utilised during the year

(5)

(5)

(9)

Translation

(36)

Balance at end of year

The provision for post-retirement medical funding
represents the provision for health care benefits for
employees and retired employees and their registered
dependants.

The post-retirement benefit costs are assessed
in accordance with the advice of independent
professionally qualified actuaries. The actuarial
method used is the projected unit credit funding
method.

Figures in million

SA Rands

US Dollars

GROUP FINANCIAL STATEMENTS

ANGLO GOLD LIMITED ANNUAL REPORT 2002

Notes to the group financial statements

for the year ended 31 December 2002

26    Provisions (continued)

The assumptions used in calculating the
defined benefit post-retirement medical obligation
is as follows:

Discount rate

11.5

11.0

Expected increase in healthcare costs

9.2

10.0

Short-term rates ranged from 6.5% to 9.2% and
long-term after 3 years at 5%.

The normal retirement age is 60 years, and fully
eligible age is 55 years.

The last valuation was performed as at 31 December 2002.

Environmental rehabilitation obligations
Provision for decommissioning

Balance at beginning of year

(37)

(112)

Acquisition and disposals (note 31)

(10)

(4)

Change in estimates

Unwinding of decommissioning obligation (notes 7 and 30)

(62)

Translation

(18)

Balance at end of year

Provision for restoration

1,078

Balance at beginning of year

(17)

(179)

Acquisition and disposals (note 31)

(16)

(2)

Charge to income statement

Change in estimates

(164)

(42)

Less: Utilised during the year

(4)

(19)

(224)

Translation

(12)

1,078

Balance at end of year

Other provisions

Balance at beginning of year

Charge to income statement

(21)

(69)

Less: Utilised during the year

(8)

(2)

(61)

Translation

Balance at end of year

2,573

2,008

Total provisions

Other provisions include civil claims and medical
costs arising from former employees, and retirement
benefit provisions referred to in note 29.

Figures in million

SA Rands

US Dollars

GROUP FINANCIAL STATEMENTS

ANGLO GOLD LIMITED ANNUAL REPORT 2002

27   Deferred taxation

Deferred taxation relating to temporary differences is
made up as follows:
Deferred taxation liabilities

4,857

4,369

Mining assets

Inventories

Other

4,990

4,548

Deferred taxation assets

Provisions

Derivatives

Other

1,567

1,103

3,423

3,445

Net deferred taxation

The movement on the deferred tax balance is as follows:

4,187

3,423

Balance at beginning of year

Fair value adjustment (note 32)

(194)

Income statement charge (note 11)

(12)

(1,064)

Taxation of other comprehensive income

(102)

Effect of adoption of IAS 39

(500)

(40)

Acquisition and disposals (note 31)

(4)

(63)

(159)

Translation

(169)

3,423

3,445

Balance at end of year

28   Trade and other payables

1,166

Trade creditors

Accruals

Other creditors

2,464

2,145

(Note 35)

Figures in million

SA Rands

US Dollars

GROUP FINANCIAL STATEMENTS

ANGLO GOLD LIMITED ANNUAL REPORT 2002

Notes to the group financial statements

for the year ended 31 December 2002

29   Retirement benefits

South Africa region
The group has made provision for pension and provident
schemes covering substantially all employees. Eligible
employees are members of either AngloGold's defined
benefit fund or one of the industry-based defined
contribution funds.

There is one defined benefit scheme and three defined
contribution schemes. The assets of these schemes are
held in administered trust funds separated from the
group's assets. Scheme assets primarily consist of listed
shares, property trust units and fixed income securities.

Defined benefit pension fund

Fair value of fund assets

Present value of fund obligation

(58)

Plan (liability) asset

(7)

(6)

Unrecognised actuarial loss (gain)

Amount recognised in balance sheet

Market value of plan assets

The assumptions used in calculating the above defined
benefit pension plan obligation are as follows:

Discount rate

11.5

10.5

Pension increase

6.1

6.5

Rate of compensation increase

7.8

7.5

Expected return on plan assets

11.5

10.5

A statutory valuation of the defined benefit pension fund
was performed as at 31 December 2002, and the Pension
Fund was certified by the reporting actuaries as being
in a sound financial position, subject to the deficit being
funded through increased contributions as advised by the
actuaries. In arriving at their conclusions, the actuaries
took into account reasonable long-term estimates of
inflation, increases in wages, salaries and pension as well
as returns on investments. Calculations for the Pension
Funds financial position are carried out in years when a
statutory valuation is not performed.

Contributions to the various defined contribution
retirement schemes are fully expensed during the
year in which they are funded and the cost of
providing retirement benefits for the year amounted
to $17m, R183m (2001: $31m, R263m).

All funds are governed by the Pension Funds Act of 1956
as amended.

Figures in million

SA Rands

US Dollars

GROUP FINANCIAL STATEMENTS

ANGLO GOLD LIMITED ANNUAL REPORT 2002

29    Retirement benefits (continued)

East & West Africa region
Namibia (Navachab)
Navachab employees are members of a defined contribution provident fund. The fund is administered by the Old Mutual insurance company. Both the company and the employees make contributions to this fund. AngloGold seconded employees at Navachab remain members of the applicable pension or retirement fund in terms of their conditions of employment with AngloGold.

Mali (Sadiola, Yatela and Morila)
The Malian operations do not have retirement schemes for employees. All employees (local and expatriate) contribute towards the Government social security fund, and the company also makes a contribution towards this fund. On retirement, Malian employees are entitled to a retirement benefit from the Malian Government. Expatriate employees are reimbursed only their contributions to the social security fund. AngloGold seconded employees in Mali remain members of the applicable pension or retirement fund in terms of their conditions of employment with AngloGold.

Tanzania (Geita)
Geita does not have a retirement scheme for employees. Tanzanian nationals contribute towards the Government social security fund, and the company also makes a contribution towards this fund. On retirement, employees are entitled to a retirement benefit from the Tanzanian Government. The company makes no contribution towards any retirement schemes for contracted expatriate employees. AngloGold seconded employees in Tanzania remain members of the applicable pension or retirement fund in terms of their conditions of employment with AngloGold.

Australia region
The region contributes to the Australian Retirement Fund for the provision of benefits to employees and their dependants on retirement, disability, death, resignation or retrenchment. The fund is a multi-industry national fund with defined contribution arrangements. Contribution rates by the operation on behalf of employees varies, with minimum contributions meeting compliance requirements under the Superannuation Guarantee legislation. Members also have the option of contributing to approved personal superannuation funds. The contributions by the operation are legally enforceable to the extent required by the Superannuation Guarantee legislation and relevant employment agreements.

North America region
The AngloGold North America Inc. Retirement Plan and the AngloGold North America Inc. Retiree Medical Plan were incorporated during 1999 with the purchase of the Minorco assets.

Retirement Plan - Substantially all AngloGold North America employees at 31 December 1999 were covered by the AngloGold North America Inc. Retirement Plan (the "Plan"), a non-contributory defined benefit plan. With effect from 31 December 1999, the benefits of the Plan participants were frozen and the Plan was terminated during 2000. Curtailment accounting was applied to the Plan at 31 December 1999 and the liability was extinguished at 31 December 2000 with the termination of the Plan and related distribution of Plan assets to participants. At 31 December 2001, all the Plan assets had been distributed and the Plan has filed its final termination forms with the Federal Government in 2002.

Post-retirement benefits - AngloGold North America provides health care and life insurance benefits for certain retired employees under the AngloGold North America Retiree Medical Plan (the "Retiree Medical Plan"). This Plan is not funded. With effect 31 December 1999, no additional employees were eligible to receive post-retirement benefits under the Retiree Medical Plan. Curtailment accounting was applied at 31 December 1999.

The Retiree Medical Plan was last evaluated by independent actuaries in December 2002 who took into account reasonable long- term estimates of increases in health care costs and mortality rates in determining the obligations of AngloGold North America under the Retiree Medical Plan. The evaluation of the Retiree Medical Plan reflected liabilities of $2m, R17m, (2001: $2m, R28m). The Retiree Medical Plan is an unfunded plan. The Retiree Medical Plan is evaluated on an annual basis using the projected benefit method.

The cost of providing benefits under the Retirement Plan and the Retiree Medical Plan was insignificant in 2002 and 2001.

Defined Contribution Plan AngloGold North America sponsors a 401 (k) savings plan whereby employees may contribute up to 17% of their salary, of which up to 5% is matched at a rate of 150% by AngloGold North America. AngloGold North America's contributions were $2m, R21m (2001: $2m, R23m) during the year.

GROUP FINANCIAL STATEMENTS

ANGLO GOLD LIMITED ANNUAL REPORT 2002

Notes to the group financial statements

for the year ended 31 December 2002

Figures in million

SA Rands

US Dollars

29    Retirement benefits (continued)

Supplemental Employee Retirement Plan - Certain former employees of Minorco (USA) Inc. were covered under the Minorco (USA) Inc. Supplemental Employee Retirement Plan (the "SERP"), a non-contributory defined benefit plan. The SERP was last evaluated by independent actuaries in 2002 who took into account reasonable long-term estimates of inflation, and mortality rates in determining the obligations of AngloGold North America under the SERP. This evaluation of the SERP reflected Plan liabilities of $1m, R9m (2001: $1m, R12m). The SERP is an unfunded plan. The SERP is evaluated on an annual basis using the projected benefit method. The cost of providing benefits under the SERP for the year was nominal.

South America region
The AngloGold South America region operates a number of defined contribution arrangements for their employees. These arrangements are funded by the operations (basic plan) and operations/employees (optional supplementary plan) and are embodied in a pension plan entity, Fundambrs Sociedade de Previdncia Privada, which is responsible for administering the funds and making arrangements to pay the benefits. On conversion of the defined benefit fund to the defined contribution fund on 30 November 1998, an actuarial liability in the amount of $6m, R51m was calculated. This liability is annually revised by the Mercer, the plans actuary, and provided for under other provisions which as at 31 December 2002 amounted to $3m, R36m.

In December 2001, contributions started to be made to a new PGBL fund, a defined contribution plan similar to the American 401 (k) type of plan, administered by Bradesco Previdencia e Seguros. The transfer of funds from Fundambrs to the PGBL requires approval from governmental SPC agency (still in process) and is conditional to the full funding of the actuarial liability.

30   Cash generated from operations

3,233

5,331

Profit on ordinary activities before taxation

Adjusted for:

(197)

Non-cash movements

(19)

1,884

2,566

Amortisation of mining assets (notes 4, 9 and 14)

(176)

(373)

Interest receivable (note 6)

(36)

(20)

(7)

(37)

Profit from associates after taxation (notes 6 and 16)

(4)

(1)

Growth in AngloGold Environmental Rehabilitation

(42)

(36)

Trust (notes 6 and 19)

(3)

(5)

Loss on disposal of assets (note 7)

Unwinding of decommissioning obligation (notes 7 and 26)

Other provisions

Finance costs (note 8)

(53)

(132)

Movement on non-hedge derivatives

(16)

(12)

Amortisation of goodwill (notes 12, 15 and 16)

Debt written off

Impairment of mining assets

(67)

Reversal of impairments on investments

(6)

Loss on disposal of mines

(2)

Termination of retirement benefit plans

(633)

Movements in working capital

(9)

(17)

5,472

8,255

Movements in working capital:

(193)

(Increase) decrease in trade and other receivables

(5)

(551)

(Increase) decrease in inventories

(54)

(364)

Increase (decrease) in trade and other payables

(104)

(633)

(9)

(17)

GROUP FINANCIAL STATEMENTS

ANGLO GOLD LIMITED ANNUAL REPORT 2002

Figures in million

SA Rands

US Dollars

31   Acquisitions and disposals

Acquisitions and disposals can be summarised as follows:

1,245

1,408

Mining assets (note 14)

Environmental Trust Fund (note 19)

Trade and other receivables

Inventories

(81)

Cash and cash equivalents

(8)

Minority interests

Borrowings

(76)

(325)

Provisions (note 26)

(29)

(10)

(500)

(40)

Deferred taxation (note 27)

(4)

(63)

(36)

(163)

Trade and other payables

(15)

(5)

1,608

Carrying value

(32)

(145)

Loss on disposal of mines

(13)

(4)

1,463

Net sale (purchase) consideration

(688)

Recoupments taxation (note 11)

(63)

(291)

Deferred sale consideration

(26)

Cash and cash equivalents

Net cash flow on disposal (acquisition)

Net cash flow on disposal (acquisition) can be

summarised as follows:

(979)

Purchase of additional interest in Cerro Vanguardia

(97)

1,544

Sales consideration for Free State assets and Stone & Allied

Sale of Elandsrand, Deelkraal and Vaal River shaft No 2

Acquisition comprises the following:

Cerro

Cerro

Vanguardia

Vanguardia

1,292

Mining assets (note 14)

Trade and other receivables

Inventories

Cash and cash equivalents

(40)

Minority interests

(4)

(384)

Borrowings

(38)

(30)

Provisions (note 26)

(3)

Deferred taxation (note 27)

(121)

Trade and other payables

(12)

1,060

Carrying value

(81)

Cash and cash equivalents

(8)

Net cash flow on acquisition

GROUP FINANCIAL STATEMENTS

ANGLO GOLD LIMITED ANNUAL REPORT 2002

Notes to the group financial statements

for the year ended 31 December 2002

31   Acquisitions and disposals (continued)

Disposals comprise the following:

Elandsrand,

Elandsrand,

Deelkraal

Deelkraal

and

and

Vaal River

Free State and

Free State and

Vaal River

shaft no 2

Stone & Allied

Stone & Allied

shaft no 2

1,245

2,700

Mining assets (note 14)

Environmental Trust Fund (note 19)

Trade and other receivables

Inventories

(76)

(355)

Provisions (note 26)

(32)

(10)

(500)

Deferred taxation (note 27)

(63)

(36)

(284)

Trade and other payables

(27)

(5)

2,668

Carrying value

(32)

(145)

Loss on disposal of mines

(13)

(4)

2,523

Sale consideration

(688)

Recoupments taxation (note 11)

(63)

(291)

Deferred sale consideration

(26)

1,544

Net cash flow on disposals

During July 2002, an agreement was concluded with
Prez Companc International to acquire its entire 46.25%
equity interest in Cerro Vanguardia SA, including a loan
for a consideration of $105m, R1,060m.

The Free State assets were disposed to a joint venture
between Harmony Gold Mining Company Limited
and African Rainbow Minerals (Proprietary) Limited with
effect 1 January 2002 for a net consideration of R2,5bn.
The net purchase consideration of R2.5bn consists of
the contractual amount of R2.2bn and the refund of
recoupments taxation of R0.7bn less the deferred
compensation of R0.4bn payable on 1 January 2005.

Stone & Allied Industries (O.F.S) Limited was sold on
1 October 2002 to a group of black entrepreneurs
for a consideration of R5m.

32   Subsequent changes in value of

identifiable assets and liabilities

During 2001, there was a subsequent change to the fair
value of assets acquired in Geita Gold Mining Limited
(Geita) and Societe des Mines de Morila S.A (Morila) as
at 15 December and 3 July 2000 respectively.
Subsequent to acquisition, additional evidence and
audited financial statements were available to assist with
the estimation of amounts assigned to the assets of Geita
and Morila which resulted in fair value adjustments.

(17)

Mining assets

(2)

Goodwill (note 15)

(292)

Deferred taxation (note 27)

(34)

Trade and other payables

Figures in million

SA Rands

US Dollars

GROUP FINANCIAL STATEMENTS

ANGLO GOLD LIMITED ANNUAL REPORT 2002

33     Related parties

Related party transactions are concluded on an arm's length basis. Details of material transactions with those related parties not dealt with elsewhere in the financial statements are summarised below:

2002 		          2001

Amounts

Amounts

Purchases             owed

Purchases

owed

from related

to related

from related

to related

parties          parties           parties           parties

US Dollars (m)
With fellow subsidiaries of the Anglo American plc group
Boart Longyear Limited - mining services

9 	       - 	            11 	                     1

Mondi Limited - timber

18	         1	              15 		  1

Scaw Metals - A Division of Anglo Operations Limited -
steel and engineering

11	         1 	              13 		  1

Shaft Sinkers (Pty) Ltd - mining services

 -	        -	            12 		 1

With associates
Rand Refinery Limited - gold refinery

2	       -	             3		-

SA Rands (m)
With fellow subsidiaries of the Anglo American plc group
Boart Longyear Limited - mining services

Mondi Limited - timber

Scaw Metals - A Division of Anglo Operations Limited -

steel and engineering

Shaft Sinkers (Pty) Ltd - mining services

  -	          -

With associates
Rand Refinery Limited - gold refinery

Directors
Details relating to directors' emoluments and shareholdings in the company are disclosed in the directors' report.

Shareholders
The principal shareholders of the company are detailed on page 141.

GROUP FINANCIAL STATEMENTS

ANGLO GOLD LIMITED ANNUAL REPORT 2002

Notes to the group financial statements

for the year ended 31 December 2002

Figures in million

SA Rands

US Dollars

34    Commitments and contingencies

Acquisition of mining assets

1,017

Contracted for

6,004

3,234

Not contracted for

7,021

4,152

Authorised by the directors

Allocated for:
Expansion of operations

2,512

1,424

- within one year

2,655

1,510

- thereafter

5,167

2,934

Maintenance of operations

1,112

1,141

- within one year

- thereafter

1,854

1,218

This expenditure will be financed from existing cash resources and future borrowings.

The group has also given collateral to certain bankers for satisfactory contract performance in relation to exploration and development tenements and mining operations in Australia amounting to $17m, R150m (2001: $7m, R87m).

AngloGold has signed surety in favour of the bankers on the Yatela loan for $8m, R69m (2001:$11m, R132m).

AngloGold North America has $59m of reclamation bonds with various federal and governmental agencies, to cover potential environmental obligations. These obligations are guaranteed by AngloGold Limited.

AngloGold has provided a letter of credit for Geita Gold Mining Company Ltd for $19m, R163m (2001: Nil).

Various equipment tax claim guarantees in South America in the amount of $7m, R63m.

Risk management activities
In the normal course of its operations, the group is exposed to gold price, currency, interest rate, liquidity and credit risks. In order to manage these risks, the group may enter into transactions which make use of both on- and off-balance sheet derivatives. The group does not acquire, hold or issue derivatives for trading purposes. The group has developed a comprehensive risk management process to facilitate, control and to monitor these risks. The board has approved and monitors this risk management process, inclusive of documented treasury policies, counterpart limits, controlling and reporting structures.

CONTROLLING RISK IN THE GROUP

The Executive Committee and the Treasury Committee are responsible for risk management activities within the group. The Treasury Committee, chaired by the independent chairman of the AngloGold Audit Committee, comprising executive members and treasury executives, reviews and recommends to the Executive Committee all treasury counterparts, limits, instruments and hedge strategies. The treasurer is responsible for managing investment, gold price, currency and liquidity risk. Within the treasury function, there is an independent risk function, which monitors adherence to treasury risk management policy, counterpart and dealer limits and provides regular and detailed management reports.

GOLD PRICE AND CURRENCY RISK

Gold price risk arises from the risk of an adverse effect on current or future earnings resulting from fluctuations in the price of gold. The gold market is predominately priced in US Dollars which exposes the group to the risk that fluctuations in the SA Rand/US Dollar, Brazilian real/US Dollar and Australian dollar/US dollar exchange rates may also have an adverse effect on current or future earnings.

A number of products, including derivatives are used to manage well-defined gold price and foreign exchange risks, that arise out of the group's core business activities. Forward-sales contracts and call and put options are used by the group to protect itself from downward fluctuations in the gold price. These instruments may establish a minimum price for a portion of future production while maintaining the ability to benefit from increases in the gold price for the majority of future gold production.

GROUP FINANCIAL STATEMENTS

ANGLO GOLD LIMITED ANNUAL REPORT 2002

Risk management activities (continued)

NET DELTA OPEN HEDGE POSITION AS AT 31 DECEMBER 2002

The group had the following net forward-pricing commitments outstanding against future production.

TABLE A: SUMMARY: ALL OPEN CONTRACTS IN THE GROUP' S GOLD HEDGE POSITION AS AT 31 DECEMBER 2002

Year 2003

2007     2008-2012

Total

Dollar/Gold
Forward contracts
Amount (kg)

15,289

18,056

25,049

19,862

18,974

25,878

123,108

$/oz

$307

$313

$325

$333

$337

$355

$331

Put options purchased
Amount (kg)

5,808

8,652

$/oz

$352

$291

$291

$291

$292

$332

*Delta (kg)

2,353

2,826

Put options sold
Amount (kg)

12,752

7,465

20,217

$/oz

$307

$317

$311

*Delta (kg)

1,837

2,034

3,871

Call options purchased
Amount (kg)

4,555

5,127

$/oz

$351

$360

$352

*Delta (kg)

2,339

2,616

Call options sold
Amount (kg)

18,830

5,829

16,360

14,681

14,308

54,245

124,253

$/oz

$332

$330

$322

$329

$336

$363

$344

*Delta (kg)

13,150

3,835

11,415

9,983

9,656

35,963

84,002

Rand/Gold
Forward contracts
Amount (kg)

15,936

12,476

9,855

6,335

4,541

3,732

52,875

R/kg

R82,931

R98,532

R119,730

R108,426

R114,915

R119,580

R101,860

Put options purchased
Amount (kg)

1,875

1,875

1,875

1,875

7,500

R/kg

R93,602

R93,602

R93,602

R93,602

R93,602

*Delta (kg)

1,188

Call options sold
Amount (kg)

6,553

4,688

4,687

4,688

2,986

11,944

35,546

R/kg

R100,140

R115,284

R131,944

R132,647

R173,119

R209,288

R153,424

*Delta (kg)

3,798

2,340

2,259

2,620

1,076

4,900

16,993

GROUP FINANCIAL STATEMENTS

ANGLO GOLD LIMITED ANNUAL REPORT 2002

Notes to the group financial statements

for the year ended 31 December 2002

Risk management activities (continued)

Year 2003

2007     2008-2012

Total

A Dollar/Gold
Forward contracts
Amount (kg)

16,392

5,443

6,221

9,331

8,398

13,343

59,128

A$/oz

A$544

A$548

A$652

A$644

A$590

A$603

A$591

Call options purchased
Amount (kg)

3,888

3,110

6,221

3,732

11,197

28,148

A$/oz

A$701

A$724

A$673

A$668

A$702

A$693

*Delta (kg)

1,251

1,368

3,776

2,400

7,469

16,264

Call options sold
Amount (kg)

4,821

4,821

A$/oz

A$662

A$662

*Delta (kg)

2,354

2,354

Total net gold
Delta (kg)

64,243

40,279

53,818

44,663

40,371

76,348

319,722

Delta (oz)

2,065,462

1,295,012

1,730,288

1,435,961

1,297,969

2,454,640

10,279,332

Rand/Dollar (000)
Call options sold
Amount ($)

10,000

10,000

ZAR per $

R9.12

R9.12

*Delta ($)

1,550

1,550

A Dollar (000)
Forward contracts
Amount ($)

29,428

29,275

10,847

69,550

$ per A$

A$0.59

A$0.59

A$0.51

A$0.58

* 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 and Scholes option formula with the ruling market prices, interest rates and volatilities as at 31 December 2002.

The mix of hedging instruments, the volume of production hedged and the tenor of the hedging book is continually reviewed in the light of changes in operational forecasts, market conditions and the group's hedging policy.

Forward sales contracts require the future delivery of gold at a specified price.

A put option gives the put buyer the right, but not the obligation, to sell gold to the put seller at a predetermined price on a predetermined date.

A call option gives the call buyer the right, but not the obligation, to buy gold from the call seller at a predetermined price on a predetermined date.

The marked-to-market value of all hedge transactions making up the hedge positions was a negative $446,6m (negative R3.81bn) as at 31 December 2002. These values were based on a gold price of $345,50/oz, exchange rates of R/$8,53 and A$/$0,56 and the prevailing market interest rates and volatilities at the time.

INTEREST RATE AND LIQUIDITY RISK

Fluctuations in interest rates impact on the value of short-term cash investments and financing activities, giving rise to interest rate risk.

In the ordinary course of business, the group receives cash from the proceeds of its gold sales and is required to fund working capital requirements. This cash is managed to ensure surplus funds are invested in a manner to achieve market related returns while minimising risks. The group is able to actively source financing at competitive rates.

The group has sufficient undrawn borrowing facilities available to fund any working capital requirements.

GROUP FINANCIAL STATEMENTS

ANGLO GOLD LIMITED ANNUAL REPORT 2002

Risk management activities (continued)

INVESTMENT MATURITY PROFILE

Fixed rate

Floating rate

investment    Effective

investment    Effective

amount

rate         amount

rate

Maturity date

Currency

million

million

Less than one year

1.4

0.3

ZAR

12.0

1,067

11.7

A$

4.0

N$

12.0

10.5

FCFA

3,706

3.0

BORROWING MATURITY PROFILE (NOTE 25)

Between                         Between

Within one year

one and two years

two and five years

After five years

Borrowings    Effective

Borrowings    Effective

Borrowings    Effective

Borrowings

Effective

amount

rate         amount

rate         amount

rate         amount

 rate

Currency

million

million

million

million

3.4

2.5

2.6

5.4

A$

5.3

INTEREST RATE RISK

Fixed for less than

Fixed for between

Fixed for greater than

one year

one and three years

three years

Total

Borrowings    Effective

Borrowings    Effective

Borrowings    Effective

borrowings

amount

rate

          amount

rate

          amount

rate

         amount

Currency        million

%           million

%           million

%          million

2.6

5.9

6.3

A$

5.3

CREDIT RISK

Credit risk arises from the risk that a counterpart may default or not meet its obligations timeously. The group minimises credit risk by ensuring that credit risk is spread over a number of counterparts. These counterparts are financial and banking institutions of the highest quality. Where possible, management tries to ensure that netting agreements are in place.

Trade debtors comprise a small group of international companies. No provision for doubtful debts was made as the principal debtors continue to be in a sound financial position.

The group does not generally obtain collateral or other security to support financial instruments subject to credit risk, but monitors the credit standing of counterparts. The group believes that no concentration of credit exists.

GROUP FINANCIAL STATEMENTS

ANGLO GOLD LIMITED ANNUAL REPORT 2002

Notes to the group financial statements

for the year ended 31 December 2002

Risk management activities (continued)

FAIR VALUE OF FINANCIAL INSTRUMENTS

The estimated fair values of financial instruments are determined at discrete points in time based on relevant market information. These estimates involve uncertainties and cannot be determined with precision. The estimated fair values of the group's financial instruments as at 31 December are as follows:

TYPE OF INSTRUMENT

Carrying                             Carrying

Figures in million

amount

Fair value

amount

Fair value

US Dollars
Investments (note 17)

Long-term loans (note 20)

Trade and other receivables (note 21)

Cash and cash equivalents (note 23)

Borrowings (note 25)

Trade and other payables (note 28)

Derivatives comprise the following:

(241)

(447)

(167)

(238)

Forward sale commodity contracts

(151)

(194)

(131)

(124)

Option contracts

(73)

(236)

(66)

Foreign exchange contracts

(17)

(17)

(26)

(26)

Foreign exchange option contracts

(19)

(22)

SA Rands
Investments (note 17)

Long-term loans (note 20)

Trade and other receivables (note 21)

2,190

2,190

1,867

1,867

Cash and cash equivalents (note 23)

3,544

3,544

2,284

2,284

Borrowings (note 25)

7,938

7,938

11,811

11,811

Trade and other payables (note 28)

2,145

2,145

2,464

2,464

Derivatives comprise the following:

(2,071)

(3,834)

(1,995)

(2,852)

Forward sale commodity contracts

(1,298)

(1,665)

(1,568)

(1,490)

Option contracts

(627)

(2,023)

(789)

Foreign exchange contracts

(146)

(146)

(308)

(309)

Foreign exchange option contracts

(228)

(264)

The fair value amounts include off balance sheet designated hedges.

GROUP FINANCIAL STATEMENTS

ANGLO GOLD LIMITED ANNUAL REPORT 2002

Risk management activities (continued)

DERIVATIVE MATURITY PROFILE

Figures in million

Total

Assets

Liabilities

US Dollars
Total

(241)

(538)

Less: Amounts to mature within twelve months of balance sheet date

(233)

Amounts to mature thereafter

(172)

(236)

SA Rands
Total

(2,071)

2,545

(4,616)

Less: Amounts to mature within twelve months of balance sheet date

(1,996)

2,588

Amounts to mature thereafter

(1,479)

(2,028)

Figures in million

Total

Assets

Liabilities

US Dollars
Total

(167)

(410)

Less: Amounts to mature within twelve months of balance sheet date

(128)

Amounts to mature thereafter

(45)

(160)

SA Rands
Total

(1,995)

2,906

(4,901)

Less: Amounts to mature within twelve months of balance sheet date

1,450

(1,534)

2,984

Amounts to mature thereafter

(545)

1,372

(1,917)

The following methods and assumptions were used to estimate the fair value of each class of financial instrument:

INVESTMENTS, LONG-TERM LOANS, TRADE AND OTHER RECEIVABLES, CASH AND CASH EQUIVALENTS AND TRADE AND OTHER PAYABLES

The carrying amounts approximate fair value because of the short-term duration of these instruments.

BORROWINGS

The existing debt re-prices on a short-term floating rate basis, and accordingly the carrying amount is considered to approximate fair value.

DERIVATIVES

The fair values of derivatives are estimated based on the ruling market prices, volatilities and interest rates at 31 December 2002.

Events after balance sheet date
AngloGold enters into a purchase and sale agreement on Jerritt Canyon Joint Venture.

On 27 February 2003, AngloGold announced that it had entered into a purchase and sale agreement with Queenstake Resources USA Inc. on its interests in the Jerritt Canyon Joint Venture. This follows an unsolicited offer by Queenstake to the Jerritt Canyon Joint Venture partners. AngloGold owns 70% of the joint venture and is the operator and managing partner of the Jerritt Canyon mine. In terms of the agreement, Queenstake will pay the Jerritt Canyon Joint Venture $8m on closing, with $6m in deferred payments, with additional royalty payments. Queenstake will accept full closure and reclamation and other liabilities. The transaction is expected to close no later than 31 March 2003.

For the year ended 31 December 2002, Jerritt Canyon produced 237,000 attributable ounces of gold at a total cash cost of $249/oz.

AngloGold does not expect this sale to have a material impact on the expected gold production for 2003.

COMPANY FINANCIAL STATEMENTS

ANGLO GOLD LIMITED ANNUAL REPORT 2002

Company income statement

for the year ended 31 December 2002

The company annual financial statements are a statutory requirement, and are accordingly presented in SA Rands only.

Revenue

10,356

11,629

Gold income

9,718

11,164

Cost of sales

(6,383)

(8,216)

3,335

2,948

Non-hedge derivatives

(147)

Operating profit*

4,129

2,801

Corporate administration and other expenses

(227)

(197)

Market development costs

(173)

(133)

Net inter-company royalties, dividends and interest

(336)

(324)

Exploration costs

(126)

(95)

Investment income

Other net expenses

(72)

(30)

Finance costs

(162)

(189)

Abnormal item  settlement of claim

(102)

Profit before exceptional items

3,249

1,887

Amortisation of goodwill

(4)

(4)

Loss on disposal of mines

(80)

(32)

Loss on sale of assets

(14)

Debt written off

(56)

(21)

Profit on ordinary activities before taxation

3,095

1,830

Taxation

(1,138)

(602)

Net profit

1,957

1,228

Operating profit excluding unrealised non-hedge derivatives

4,112

3,029

Figures in million

SA Rands

COMPANY FINANCIAL STATEMENTS

ANGLO GOLD LIMITED ANNUAL REPORT 2002

Company balance sheet

as at 31 December 2002

ASSETS

Non-current assets
Mining assets

7,974

10,126

Investments in associates

Investments in subsidiaries

5,747

5,795

Other investments

AngloGold Environmental Rehabilitation Trust

Inter-group balances

3,953

4,408

Derivatives

Long-term loans

18,899

21,496

Current assets
Derivatives

1,546

1,602

Trade and other receivables

1,078

Inventories

Current portion of inter-group balances

Cash and cash equivalents

1,641

4,662

4,222

Total assets

23,561

25,718

EQUITY AND LIABILITIES

Shareholders' equity*

9,836

8,825

Non-current liabilities
Borrowings

2,264

2,585

Provisions

1,068

1,333

Inter-group balances

2,198

2,637

Deferred taxation

2,692

2,557

Derivatives

1,171

1,722

9,393

10,834

Current liabilities
Derivatives

2,124

2,865

Trade and other payables

1,161

1,066

Current portion of borrowings

1,718

Taxation

1,047

4,332

6,059

Total equity and liabilities

23,561

25,718

Shareholders' equity is analysed in the statement of changes in shareholders' equity (see page 115).

Figures in million

SA Rands

COMPANY FINANCIAL STATEMENTS

ANGLO GOLD LIMITED ANNUAL REPORT 2002

Company cash flow statement

for the year ended 31 December 2002

Cash flows from operating activities
Cash receipts from customers

10,143

11,617

Cash paid to suppliers and employees

(6,347)

(9,392)

Cash generated from operations

3,796

2,225

Interest received

Contributions to the AngloGold Environmental Rehabilitation Trust

(32)

(85)

Dividend received from unlisted associate

Finance costs

(162)

(189)

Mining and normal taxation paid

(796)

(564)

Net cash inflow from operating activities

3,073

1,445

Cash flows from investing activities
Capital expenditure

- to expand operations

(745)

(800)

- to maintain operations

(406)

(74)

Proceeds from disposal of mine

1,544

Proceeds from sale of investments

1,828

Associate acquired

(11)

Other investments acquired

(291)

(1)

Inter-group loans

(1,478)

Repayment of loans advanced

Net cash inflow from investing activities

Cash flows from financing activities
Proceeds from issue of share capital

Share issue expenses

(116)

Proceeds from borrowings

1,842

Repayment of borrowings

(1,753)

(325)

Dividends paid

(2,728)

(1,447)

Net cash outflow from financing activities

(2,599)

(1,413)

Net increase in cash and cash equivalents

Cash and cash equivalents at beginning of year

Cash and cash equivalents at end of year

1,641

Figures in million

SA Rands

COMPANY FINANCIAL STATEMENTS

ANGLO GOLD LIMITED ANNUAL REPORT 2002

Company statement of changes in shareholders' equity

for the year ended 31 December 2002

SA Rands
Balance at 31 December 2000

8,209

(6)

1,957

10,215

Effect of adoption of IAS 39

(135)

Net profit

1,228 	      1,228

Dividends (note 9)

(1,447) 	     (1,447)

Ordinary shares issued

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

(180) 		         (180)

Net loss on cash flow hedges

(2,617)

(2,617)

Deferred taxation on cash flow
hedges

1,063

1,063

Translation 			  		             57

Balance at 31 December 2001

8,398

(1,282)

1,603

8,825

Net profit

1,957                   1,957

Dividends (note 9)

(2,728)                 (2,728)

Ordinary shares issued

1,581

1,583

Share issue expenses written off

(116)

(116)

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

539 		           539

Net gain on cash flow hedges

Deferred taxation on cash flow
hedges

(430)

(430)

Translation 					         	             (386)

(386)

Balance at 31 December 2002

9,863

(335)

(581)

9,836

Note 				  18

Non-distributable reserves is a surplus on disposal of company shares within the group R141m (2001: R141m), and a downward revaluation of foreign denominated loans and inter-group balances R476m (2001: R90m).

Ordinary and

Ordinary and

Non-

Other com-

preference        preference

distributable

prehensive

Retained

Shareholders'

Figures in million

share capital

share premium

reserves*

income

earnings

equity

COMPANY FINANCIAL STATEMENTS

ANGLO GOLD LIMITED ANNUAL REPORT 2002

Notes to the company financial statements

for the year ended 31 December 2002

Revenue
Revenue consists of the following principal categories:
Gold income

9,718

11,164

Sale of uranium, silver and sulphuric acid

Interest receivable (note 3)

10,356

11,629

Cost of sales
Cash operating costs

5,621

7,221

Other cash costs

Total cash costs

5,663

7,272

Retrenchment costs (note 7)

Rehabilitation and other non-cash costs

Production costs

5,831

7,523

Amortisation of mining assets (notes 6, 10 and 24)

Total production costs

6,438

8,151

Inventory change

(55)

6,383

8,216

Investment income
Investment income consists of the following principal categories:
Interest receivable (notes 1 and 24)

Profit from associates after taxation (notes 11 and 24)

Other net expenses
Other net expenses consist of the following principal categories:
Foreign exchange gain (loss) on transactions other than sales

(11)

Post-retirement medical expenses for disposed mines

(41)

(39)

(11)

Unwinding of decommissioning obligation (notes 20 and 24)

(33)

(19)

(72)

(30)

Finance costs
Interest paid on bank loans and overdrafts

Interest paid on debentures

(Note 24)

Figures in million

SA Rands

COMPANY FINANCIAL STATEMENTS

ANGLO GOLD LIMITED ANNUAL REPORT 2002

Profit before exceptional items is arrived at after
taking account of:
Auditors' remuneration

Audit fees

Under provision prior year

Amortisation of mining assets (notes 2, 10 and 24)
- Owned assets

Grants for educational and community development

Operating lease charges

Employee benefits
Employee benefits including executive directors
Salaries, wages and other benefits

2,933

4,018

Defined contribution medical plan expense
 current medical expenses

 post-retirement medical expenses

Defined contribution pension plan expense

Retrenchment costs (note 2)

Employee benefits included in cost of sales

3,363

4,732

Actuarial defined benefit plan expense analysis

Defined benefit pension plan expense
- current service cost

- interest cost

- expected return on plan assets

(87)

(91)

- actuarial loss

Defined benefit post-retirement medical expense
- current service cost

- interest cost

- curtailment

(153)

(39)

Actual return on plan assets

Defined benefit pension plan

The assumptions used in calculating the pension plan expense are:

Discount rate

11.5

10.5

Rate of compensation increase

7.8

7.5

Expected return on plan assets

11.5

10.5

Refer to directors' report for details of directors' emoluments.

Figures in million

SA Rands

COMPANY FINANCIAL STATEMENTS

ANGLO GOLD LIMITED ANNUAL REPORT 2002

Notes to the company financial statements

for the year ended 31 December 2002

Figures in million

SA Rands

Taxation
Current taxation

Mining taxation

Non-mining taxation

Under provision prior year

Exceptional items
-  recoupments tax on Free State disposal (note 25)

 - mining tax on Free State operating loss

(78)

1,433

Deferred taxation

Current (note 21)

Unrealised non-hedge derivatives (note 21)

(87)

Exceptional items
 - debt written off

 - disposal of Free State operations

(570)

(295)

1,138

Non-mining            Mining   Non-mining          Mining

%                   %                   %                 %

Tax reconciliation
A reconciliation of the mining and non-mining tax
rate compared with that charged in the income statement
is set out in the following table:

Marginal tax rate

 38                     46

Adjusted for hedge revenue

 36                    (13)

Disallowed expenditure

 9                       7

Amortisation and inventory change

-                        21

Mining capital allowances

(29)

-                      (20)

Mining taxation formula adjustment

-                        (1)

Dividends received

(14)                          -

(43)                      -

Royalties

(22)

-                      (25)

Other

 2                      5

Effective tax rate

32                        20                          42                    20

At 31 December 2001 there was unredeemed capital expenditure estimated at R3,564m which was available for set-off against future taxable income from the mining operations of Joel mine. Joel mine was sold with effect from 1 January 2002 resulting in the unredeemable capital expenditure not being utilised.

COMPANY FINANCIAL STATEMENTS

ANGLO GOLD LIMITED ANNUAL REPORT 2002

Figures in million

SA Rands

Dividends
Ordinary shares
No. 91 of 550 SA cents per ordinary share declared on 30 January 2002
and paid on 4 March 2002.

1,223

No. 92 of 675 SA cents per ordinary share declared on 30 July 2002
and paid on 30 August 2002.

1,505

2,728

1,447

No. 93 of 675 SA cents per ordinary share was declared on 30 January 2003
and paid on 28 February 2003.

Mineral

Mine

Mine

rights,

development

infra-

dumps and

costs      structure

ore

reserves

Land

Total

Mining assets

SA Rands
Cost
Balance at 31 December 2001

12,848

4,141

17,394

Additions 1,038

1,151

Disposals (note 25)

(4,009)

(1,119)

(31)

(13)

(5,172)

Transfers and other movements

(70)

Balance at 31 December 2002

9,807

3,165

13,373

Accumulated amortisation
Balance at 31 December 2001

4,578

2,599

7,268

Amortisation charge for the year
(notes 2 and 6)

Disposals (note 25)

(1,761)

(711)

(5)

(2,477)

Transfers and other movements

(111)

(19)

Balance at 31 December 2002

3,179

2,131

5,399

Net book value at 31 December 2001

8,270

1,542

10,126

Net book value at 31 December 2002

6,628

1,034

7,974

COMPANY FINANCIAL STATEMENTS

ANGLO GOLD LIMITED ANNUAL REPORT 2002

Notes to the company financial statements

for the year ended 31 December 2002

Investment in associates
The company has the following associated undertakings:
 - A 53.03% (2001: 48.48%) interest in Rand Refinery Limited, which is involved in

the refining of bullion and by-products which are sourced inter alia from South Africa
and foreign gold producing mining companies. This investment is equity accounted as
AngloGold only has a significant influence and not control over the financial and operating
policies of this company. The year end of Rand Refinery Limited is 30 September.
Equity accounting is based on the results for the twelve months ended 30 September 2002.

 - A 25.0% (2001: 25.0%) interest in Oro Group (Proprietary) Limited which is involved in

the manufacture and wholesale of jewellery. The year end of Oro Group (Proprietary)
Limited is 31 March. Equity accounting is based on the results for the twelve months
ended 30 September 2002.

Carrying value of associates consists of:
Unlisted shares at cost

Share of retained earnings brought forward

Profit after taxation (notes 3 and 24)

Acquisitions

Dividends

(19)

(11)

Amortisation of goodwill (note 24)

(4)

(4)

Carrying value

Directors' valuation of unlisted associates

The company's effective share of certain balance sheet items of its associates is as follows:
Non-current assets

Current assets

Total assets

Non-current liabilities

Current liabilities

Total equity and liabilities

Net assets

Reconciliation of the carrying value of investments in associates with net assets
Net assets

Goodwill

Carrying value

Figures in million

SA Rands

COMPANY FINANCIAL STATEMENTS

ANGLO GOLD LIMITED ANNUAL REPORT 2002

Other investments
Listed investments
Balance at beginning of year

Additions

1,717

Disposals

(1,821)

Balance at end of year

Market value of listed investments

Unlisted investments
Balance at beginning of year

Additions

Disposals

(6)

(1)

Balance at end of year

Directors' valuation of unlisted investments

Total other investments (note 28)

Total valuation

AngloGold Environmental Rehabilitation Trust
Balance at beginning of year

Contributions

Additional contribution  Free State disposal

Additional funds transferred to Free State Environmental Trust Fund

(197)

Expenditure incurred

(25)

Amounts transferred in respect of Free State disposal (note 25)

(186)

Balance at end of year

Long-term loans
Unsecured
Deferred purchase consideration in respect of the sale of the Free State assets

Other

Trade and other receivables
Trade debtors

Prepayments and accrued income

South African Revenue Services  Value added taxation

Receivable in respect of the sale of the Free State assets

Other debtors

(Note 28)

1,078

Inventories
At cost
Gold in process

Gold on hand

By-products

Total metal inventories

Consumable stores at average cost

Figures in million

SA Rands

COMPANY FINANCIAL STATEMENTS

ANGLO GOLD LIMITED ANNUAL REPORT 2002

Notes to the company financial statements

for the year ended 31 December 2002

Cash and cash equivalents
Cash and deposits on call

1,111

Money market instruments

(Note 28)

1,641

18  Share capital and premium

Share capital

Authorised

400,000,000 ordinary shares of 25 cents each (2001: 200,000,000 ordinary shares of 50 cents each.

After sub-division 400,000,000 ordinary shares of 25 cents each)

2,000,000 A redeemable preference shares of 50 cents each

5,000,000 B redeemable preference shares of 1 cent each

Issued

222,622,022 ordinary shares of 25 cents each (2001: 107,634,058 ordinary shares of 50 cents each.

After sub-division 215,268,116 ordinary shares of 25 cents each)

Balance at beginning of year

Issue of shares

Balance at end of year

2,000,000 A redeemable preference shares of 50 cents each

778,896 B redeemable preference shares of 1 cent each

Balance at end of year

Share premium

9,863

8,398

Share capital and premium

9,920

8,453

At a general meeting held on 5 December 2002, a share split was approved by way of a

special resolution. AngloGold's ordinary shares of 50 cents each were sub-divided into

ordinary shares of 25 cents each, with effect from the close of business on 24 December 2002.

Borrowings
Unsecured loans

Syndicated loan facility

2,264

2,585

Interest charged at libor plus 0.75% per annum. The loan is repayable in May 2004

and is US dollar-based

Credit Agricole

1,450

Deutsche Bank

Economic Development Corporation

Local money market short-term borrowings

Total borrowings (note 28)

2,264

4,303

Less: Current portion of borrowings included in current liabilities

1,718

Total long-term borrowings

2,264

2,585

Amounts falling due

Within one year

1,718

Between one and two years

2,264

Between two and five years

2,585

2,264

4,303

Currency

The currency in which the borrowings are denominated is as follows:

Australian dollars

SA Rands

US Dollars

2,264

4,042

2,264

4,303

Undrawn facilities

Undrawn borrowing facilities as at 31 December 2002 are as follows:

Syndicated loan  US Dollar

1,184

2,213

Figures in million

SA Rands

COMPANY FINANCIAL STATEMENTS

ANGLO GOLD LIMITED ANNUAL REPORT 2002

Provisions
Post-retirement medical funding
Balance at beginning of year

Disposal (note 25)

(33)

(22)

Charge to income statement

Less: Utilised during the year

(52)

(67)

Other

Balance at end of year

The provision for post-retirement medical funding represents the provision for health
care benefits for employees and retired employees and their registered dependants.

The post-retirement benefit costs are assessed in accordance with the advice of independent
professionally qualified actuaries. The actuarial method used is the projected unit credit
funding method.

The assumptions used in calculating the above defined benefit post retirement medical
expense is as follows:

Discount rate

11.5

11.0

Expected increase in health care costs

9.2

10.0

Short term rates ranged from 6.5% to 9.2% and long-term after 3 years at 5%

The normal retirement age is 60 years, and fully eligible age is 55 years.

The last valuation was performed as at 31 December 2002.

Environmental rehabilitation obligations
Provision for decommissioning
Balance at beginning of year

Unwinding of decommissioning obligation (notes 4 and 24)

Disposal (note 25)

(132)

(37)

Change in estimate

Balance at end of year

Provision for restoration
Balance at beginning of year

Disposal (note 25)

(186)

(17)

Charge to income statement

Less: Utilised during the year

(33)

Balance at end of year

Total provisions

1,068

1,333

Figures in million

SA Rands

COMPANY FINANCIAL STATEMENTS

ANGLO GOLD LIMITED ANNUAL REPORT 2002

Notes to the company financial statements

for the year ended 31 December 2002

Deferred taxation
Deferred taxation relating to temporary differences is made up as follows:

Deferred taxation liabilities

Mining assets

3,571

3,919

Inventories

Other

3,672

4,018

Deferred taxation assets

Provisions

Derivatives

Net deferred taxation

2,692

2,557

The movement on the deferred tax balance is as follows:
Balance at beginning of year

2,557

3,867

Income statement charge (note 8)

Unrealised non-hedge derivatives (note 8)

(87)

Disposal

(570)

(500)

Taxation of other comprehensive income

(872)

Balance at end of year

2,692

2,557

Trade and other payables
Trade creditors

Accruals

Other creditors

(Note 28)

1,161

1,066

Retirement benefits
Defined benefit pension fund
Fair value of fund assets

Present value of fund obligation

Plan (liability) asset

(58)

Unrecognised actuarial loss (gain)

(6)

Amount recognised in balance sheet

Market value of plan assets

The assumptions used in calculating the above amounts as at 31 December are:

Discount rate

11.5

10.5

Pension increase

6.1

6.5

Rate of compensation increase

7.8

7.5

Rate of return on assets

11.5

10.5

A statutory valuation of the defined benefit pension fund was performed as at
31 December 2002, and the Pension Fund was certified by the reporting actuaries as being
in a sound financial position, subject to the deficit being funded through increased
contributions as advised by the actuaries. In arriving at their conclusions, the actuaries took
into account reasonable long-term estimates of inflation, increases in wages, salaries and
pension as well as returns on investments. Calculations for the Pension Fund's financial
position are carried out in years when a statutory valuation is not performed.

Contributions to the various defined contribution retirement schemes are fully expensed
during the year in which they are funded and the cost of providing retirement benefits for
the year amounted to R183m (2001: R263m).

All funds are governed by the Pension Funds Act of 1956 as amended.

Figures in million

SA Rands

COMPANY FINANCIAL STATEMENTS

ANGLO GOLD LIMITED ANNUAL REPORT 2002

Figures in million

SA Rands

Cash generated from operations 
Profit on ordinary activities before taxation

 3,095

1,830

Adjusted for:
Amortisation of mining assets (notes 2, 6 and 10)

Non-cash movements

(38)

Interest receivable (note 3)

(281)

(47)

Profit from associates after taxation (note 3)

(37)

(7)

Unwinding of decommissioning obligation (notes 4 and 20)

Finance costs (note 5)

Movement in non-hedge derivatives

(49)

Amortisation of goodwill (note 11)

Debt written off

Loss on disposal of mines

Loss on disposal of assets

Movements in working capital

(174)

(661)

3,796

2,225

Movements in working capital:
Increase in trade and other receivables

(662)

(17)

Decrease in inventories

Decrease in trade and other payables

(286)

(207)

Decrease (increase) in current portion of inter-group balances

(546)

(174)

(661)

Disposals

Elandsrand

Deelkraal

and Vaal

river shaft

Free State

No 2

Mining assets (note 10)

2,695

1,245

Environmental Trust Fund (note 13)

Trade and other receivables

Inventories

Provisions (note 20)

(351)

(76)

Deferred taxation

(500)

Trade and other payables

(273)

(36)

Carrying value

2,603

Loss on disposal of mines

(80)

(32)

Sale consideration

2,523

Recoupments taxation (notes 8 and 15)

(688)

Deferred sale consideration

(291)

Net cash flow on disposals

1,544

COMPANY FINANCIAL STATEMENTS

ANGLO GOLD LIMITED ANNUAL REPORT 2002

Notes to the company financial statements

for the year ended 31 December 2002

Related parties
Related party transactions are concluded on an arm's length basis. Details of material transactions with those related parties not dealt with elsewhere in the financial statements are summarised below:

2002                                                   2001

Purchases           Amounts

Purchases       Amounts

from related

owed to

from related

owed to

Figures in million

parties  related parties

parties  related parties

With fellow subsidiaries of the Anglo American plc group
Boart Longyear Limited  mining services

88                        3                          97                         8

Mondi Limited  timber

189                        5

132                        8

Scaw Metals  A Division of Anglo Operations Limited
steel and engineering

110                        4

115                      13

Shaft Sinkers (Pty) Ltd  mining services

107                      12

With associates
Rand Refinery Limited  gold refinery

24                        3                          26

Figures in million

SA Rands

Commitments
Acquisition of mining assets
Contracted for

Not contracted for

2,022

1,948

Authorised by the directors

2,780

2,389

Allocated for:
Expansion of operations
 within one year

1,088

 thereafter

1,572

1,941

2,350

Maintenance of operations
 within one year

 thereafter

This expenditure will be financed from existing cash resources and future borrowings.

Risk management activities
In the normal course of its operations, the company is exposed to gold price, currency, interest rate, liquidity and credit risks. In order to manage these risks, the company may enter into transactions which make use of both on- and off-balance sheet derivatives. The company does not acquire, hold or issue derivatives for trading purposes. The company has developed a comprehensive risk management process to facilitate, control and to monitor these risks. The board has approved and monitors this risk management process, inclusive of documented treasury policies, counterpart limits, controlling and reporting structures.

CONTROLLING RISK IN THE COMPANY

The Executive Committee and the Treasury Committee are responsible for risk management activities within the company. The Treasury Committee, chaired by the independent chairman of the AngloGold Audit Committee, comprising executive members and treasury executives, reviews and recommends to the Executive Committee all treasury counterparts, limits, instruments and hedge strategies. The treasurer is responsible for managing investment, gold price, currency and liquidity risk. Within the treasury function, there is an independent risk function, which monitors adherence to treasury risk management policy, counterpart and dealer limits and provides regular and detailed management reports.

GOLD PRICE AND CURRENCY RISK

Gold price risk arises from the risk of an adverse effect on current or future earnings resulting from fluctuations in the price of gold. The gold market is predominately priced in US Dollars which exposes the company to the risk that fluctuations in the SA Rand/US Dollar exchange rate may also have an adverse effect on current or future earnings.

A number of products, including derivatives are used to manage well-defined gold price and foreign exchange risks, that arise out of the company's core business activities. Forward-sales contracts and call and put options are used by the company to protect itself from downward fluctuations in the gold price. These derivatives may establish a minimum price for a portion of future production while maintaining the ability to benefit from increases in the gold price for the majority of future gold production.

COMPANY FINANCIAL STATEMENTS

ANGLO GOLD LIMITED ANNUAL REPORT 2002

Risk management activities (continued)

NET DELTA OPEN HEDGE POSITION AS AT 31 DECEMBER 2002

The company had the following net forward-pricing commitments outstanding against future production.

TABLE A: SUMMARY : ALL OPEN CONTRACTS IN THE COMPANY' S GOLD HEDGE POSITION AT 31 DECEMBER 2002

Year 2003

2007      2008-2012

Total

Dollar/Gold
Forward contracts
Amount (kg)

14,013

8,709

2,644

3,145

7,309

8,691

$/oz

$319

$301

$372

$426

$355

$374

$213

Put options purchased
Amount (kg)

4,977

4,977

$/oz

$362

$362

*Delta (kg)

2,302

2,302

Put options sold
Amount (kg)

11,819

7,465

19,284

$/oz

$307

$317

$311

*Delta (kg)

1,736

2,034

3,770

Call options purchased
Amount ( kg)

3,888

3,888

$/oz

$351

$351

*Delta (kg)

2,006

2,006

Call options sold
Amount (kg)

15,054

3,857

14,432

13,810

13,188

52,752

113,093

$/oz

$331

$330

$321

$330

$338

$365

$346

*Delta (kg)

10,760

2,516

10,141

9,354

8,828

34,845

76,444

Denotes a long position

Rand/Gold
Forward contracts
Amount (kg)

15,936

12,476

9,855

6,335

4,541

3,732

52,875

R/kg

R82,931

R98,532

R119,730

R108,426 R114,915

R119,580

R101,860

Put options purchased
Amount (kg)

1,875

1,875

1,875

1,875

7,500

R/kg

R93,602

R93,602

R93,602

R93,602 R93,602

*Delta (kg)

1,188

COMPANY FINANCIAL STATEMENTS

ANGLO GOLD LIMITED ANNUAL REPORT 2002

Notes to the company financial statements

for the year ended 31 December 2002

Risk management activities (continued)

Year 2003

2007        2008-2012

Total

Call options sold
Amount (kg)

6,553

4,688

4,687

4,688

2,986

11,944

35,546

R/kg

R100,140

R115,284

R131,944

R132,647

R173,119

R209,288

R153,424

*Delta (kg)

3,798

2,340

2,259

2,620

1,076

4,900

16,993

Total net gold
*Delta (kg)

15,440

6,911

25,157

19,452

17,590

50,787

135,337

*Delta (oz)

496,393

222,186

808,819

625,380

565,521

1,632,830

4,351,129

Rand/Dollar (000)
Call options sold
Amount ($)

10,000

10,000

ZAR per $

R9.12

R9.12

*Delta (kg)

1,550

1,550

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 and Scholes option formula with the ruling market prices, interest rates and volatilities as at 31 December 2002.

iThe mix of hedging instruments, the volume of production hedged and the tenor of the hedging book is continually reviewed in the light of changes n operational forecasts, market conditions and the company's hedging policy.

Forward sales contracts require the future delivery of gold at a specified price.

A put option gives the put buyer the right, but not the obligation, to sell gold to the put seller at a predetermined price on a predetermined date.

A call option gives the call buyer the right, but not the obligation, to buy gold from the call seller at a predetermined price on a predetermined date.

NTEREST RATE AND LIQUIDITY RISK

Fluctuations in interest rates impact on the value of short-term cash investments and financing activities, giving rise to interest rate risk.

In the ordinary course of business, the company receives cash from the proceeds of its gold sales and is required to fund working capital requirements. This cash is managed to ensure surplus funds are invested in a manner to achieve market related returns while minimising risks. The company is able to actively source financing at competitive rates.

The company has sufficient undrawn borrowing facilities available to fund working capital requirements.

COMPANY FINANCIAL STATEMENTS

ANGLO GOLD LIMITED ANNUAL REPORT 2002

Risk management activities (continued)

INVESTMENT MATURITY PROFILE

Fixed rate

Floating rate

investment

Effective

investment

Effective

amount

rate

amount

rate

Maturity date

Currency

million

million

Less than one year

ZAR

1,295

BORROWING MATURITY PROFILE

Between

one and five years

Borrowings       Effective

amount

rate

Currency

million

2.4

INTEREST RATE RISK

Fixed for less than one year
    Borrowings        Effective

amount

rate

Currency million

2.4

CREDIT RISK

Credit risk arises from the risk that a counterpart may default or not meet its obligations timeously. The company minimises credit risk by ensuring that credit risk is spread over a number of counterparts. These counterparts are financial and banking institutions of the highest quality. Where possible, management tries to ensure that netting agreements are in place.

No provision for doubtful debts was made as the principal debtors continue to be in a sound financial position.

The company does not generally obtain collateral or other security to support financial instruments subject to credit risk, but monitors the credit standing of counterparts. The company believes that no concentration of credit exists.

COMPANY FINANCIAL STATEMENTS

ANGLO GOLD LIMITED ANNUAL REPORT 2002

Notes to the company financial statements

for the year ended 31 December 2002

Risk management activities (continued)

FAIR VALUE OF FINANCIAL INSTRUMENTS

The estimated fair values of financial instruments are determined at discrete points in time based on relevant market information. These estimates involve uncertainties and cannot be determined with precision. The estimated fair values of the company's financial instruments as at 31 December are as follows:

TYPE OF INSTRUMENT

Carrying                                           Carrying

Figures in million

amount

 Fair value

amount

Fair value

SA Rands
Investments (note 12)

18                        18

Long-term loans (note 14)

333                      333

Trade and other receivables (note 15)

1,078                   1,078

Cash and cash equivalents (note 17)

1,641

1,641

Borrowings (note 19)

2,264

2,264

4,303

4,303

Trade and other payables (note 22)

1,161

1,161

1,066

1,066

Derivatives comprise the following:

(1,225)

(2,034)

(2,471)

(3,504)

Forward sale contracts

(282)

(381)

(1,874)

(1,976)

Option contracts

(832)

(1,542)

(219)

(1,112)

Foreign exchange contracts

(111)

(111)

(149)

(148)

Foreign exchange option contracts

(229)

(268)

The fair value amounts above include off balance sheet designated hedges.

DERIVATIVE MATURITY PROFILE

Figures in million

Total         Assets

Liabilities

SA Rands
Total

(1,225)

2,070

(3,295)

Less: Amounts to mature within twelve months of balance sheet date

(1,546)

2,124

Amounts to mature thereafter

(647)

524                  (1,171)

Figures in million

Total         Assets

Liabilities

Total

(2,471)

2,116

(4,587)

Less: Amounts to mature within twelve months of balance sheet date

1,263

(1,602)

2,865

Amounts to mature thereafter

(1,208)

(1,722)

The following methods and assumptions were used to estimate the fair value of each class of financial instrument:

INVESTMENTS, LONG-TERM LOANS, TRADE AND OTHER RECEIVABLES, CASH AND CASH EQUIVALENTS AND TRADE AND OTHER PAYABLES

The carrying amounts approximate fair value because of the short-term duration of these instruments.

BORROWINGS

The existing debt re-prices on a short-term floating rate basis, and accordingly the carrying amount is considered to approximate fair value.

DERIVATIVES

The fair values of derivatives are estimated based on the ruling market prices, volatilities and interest rates at 31 December 2002.

ANGLO GOLD LIMITED ANNUAL REPORT 2002

Investment in principal subsidiaries and joint

venture interests

for the year ended 31 December 2002

Nature of

Percentage

Net loan

business

Shares held

held

Book value

account

2002     2001

2002      2001

Rm

Rm

Rm

Rm

Direct investments
Advanced Mining Software Limited

40,000

40,000

(7)

(6)

AGRe Insurance Company Limited

AngloGold American Investments Limited

(203)

AngloGold Health Service (Pty) Limited

AngloGold Offshore Investments Limited

***

5,001,000

5,001,000

3,858

3,904

(1,074)

(1,084)

43,251*

43,251*

AngloGold Ventures (Pty) Limited

Eastvaal Gold Holdings Limited

454,464,000

454,464,000

(604)

(604)

Igolide Health Networks (Pty) Limited

Masakhisane Investment Limited

Nuclear Fuels Corporation of SA (Pty) Limited

1,450,000

1,450,000

Nufcor International Limited

3,000,000

3,000,000

Rand Refinery Limited **

208,471

208,471

53.03

48.48

Southvaal Holdings Limited

26,000,000

26,000,000

(81)

(186)

Stone and Allied Industries (O.F.S.) Limited

400,000

Indirect investments
AngloGold (Colorado) Corporation

10,000

10,000

AngloGold (Jerritt Canyon) Corporation

1,000

1,000

AngloGold Argentina Limited

AngloGold Argentina S.A.

1,331,093

1,331,093

AngloGold Australia Investment Holdings Limited

2,000

2,000

43,251*

43,251*

AngloGold Australia Limited

257,462,077

 257,462,077

AngloGold Brasil Ltda

B   8,827,437,875     8,827,437,875

AngloGold Brazil Limited

AngloGold Finance Australia Holdings Limited

1,002

1,002

43,251*

43,251*

AngloGold Finance Australia Limited

1,002

1,002

43,251*

43,251*

AngloGold Geita Holdings Limited

1,000

1,000

1,851

2,581

AngloGold Investments Australasia Limited

2,000

2,000

43,251*

43,251*

AngloGold Investments Australia Pty Ltd

AngloGold Investments (Sadex) Limited

1,000 'A'

1,000 'A'

AngloGold Mining (West Africa) Limited

5,000

5,000

AngloGold Morila Holdings Limited

1,000

1,000

AngloGold Namibia (Proprietary) Ltd

10,000

10,000

AngloGold North America Inc.

7,902

7,902

AngloGold North American Holdings Limited

AngloGold South America Limited

488,000

488,000

AngloGold South American Holdings Limited

AngloGold USA Incorporated

Cerro Vanguardia S.A.

13,875,000

6,937,500

92.50

46.25

Chellaston Limited

Cluff Resources Limited

46,819,281

46,819,281

Dysart International Limited

Erongo Holdings Limited

13,334 'A'

13,334 'A'

(17)

(23)

Minera~

ao Morro Velho Ltda

A   4,585,851,748    4,585,851,748

Minera~

ao Serra Grande S.A.

499,999,997

499,999,997

Quorum International Limited

Sadiola Exploration Limited

5,000 'A'

5,000 'A'

Joint ventures
Geita Gold Mining Limited

Socit des Mines de Morila S.A.

1,150

1,604

Socit d'Exploitation des Mines d'Or de Sadiola S.A.

38,000

38,000

Socit d'Exploitation des Mines d'Or de Yatela S.A.

5,747

5,795

1,755

2,540

Nature of business

A  Mining

B  Investment holding

C  Software development

D  Stone crusher

E  Market agent

F  Marketing intermediary

G  Health care

H  Short-term insurance and re-assurance

I  Precious metal refining
* Indicates preference shares ** Accounted for as an associate as AngloGold does not govern the financial and operating policies of Rand Refinery

Limited *** The reduction in the carrying value of accrued purchase consideration in respect of lapsed/forfeited share options on the acquisition of

Acacia Resources in December 1999.
There are no material losses in subsidiaries.

All companies are incorporated in the Republic of South Africa except where

otherwise indicated

Incorporated in the British Virgin Islands

9 Incorporated in the United Kingdom

Incorporated in the Isle of Man

10 Incorporated in Malta

Incorporated in Namibia

11 Incorporated in Tanzania

Incorporated in Mali

Incorporated in the United States of America

Incorporated in Argentina

Incorporated in Brazil

Incorporated in Australia

CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

ANGLO GOLD LIMITED ANNUAL REPORT 2002

Condensed consolidated financial statements

prepared in accordance with US GAAP

AngloGold provides as part of this annual report, to all shareholders, condensed consolidated financial statements derived from and presented in the manner detailed below.

Basis of presentation
The condensed consolidated financial statements have been derived from the Group's consolidated financial statements as prepared in accordance with accounting principles generally accepted in the United States ("US GAAP"). US GAAP differs in certain material respects from International Accounting Standards ("IAS"). The condensed consolidated financial statements do not include notes in support of the financial information presented therein. The Group's audited consolidated financial statements prepared in accordance with US GAAP from which the condensed consolidated financial statements have been derived, contain detailed notes prepared in accordance with US GAAP. The audited consolidated financial statements prepared in accordance with US GAAP, together with related notes, are included under Item 18 in AngloGold's Annual Report on Form 20-F filed with the United States Securities and Exchange Commission in March 2003. The AngloGold Annual Report on Form 20-F for the year ended 31 December 2002 as filed with the United States Securities and Exchange Commission on or about 31 March 2003 and is available free of charge on EDGAR at www.sec.gov.

The condensed consolidated financial statements set forth below for each of the three years in the period ended 31 December 2002, and as at 31 December 2002 and 2001 has been derived from, and should be read in conjunction with the US GAAP financial statements included under Item 18 in AngloGold's Annual Report on Form 20-F as filed with the United States Securities and Exchange Commission in March 2003.

Stock split
At a meeting in Johannesburg on 5 December 2002, AngloGold's shareholders approved, by the requisite number of votes, a stock split that had been proposed by the company's board of directors.

The stock split sub-divided each ordinary share with a par value of 50 cents into two ordinary shares each with a par value of 25 cents, with effect from the close of business on 24 December 2002. As a result of the sub-division, each AngloGold ADS (American Depositary Share) is equivalent to one AngloGold ordinary share. The ratio of AngloGold ordinary shares to AngloGold CDIs (CHESS Depositary Interest) was adjusted so that one new AngloGold share is equivalent to five AngloGold CDIs. The ratio of one AngloGold ADS to five AngloGold CDIs remains unchanged. The net effect of the stock split on CDI holders was that the number of CDIs held by each holder did not change.

Throughout the condensed consolidated financial statements presented herein, the number of shares and the calculation of basic and diluted earnings (loss) per common share have been changed to retroactively reflect this change in the number of shares.

CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

ANGLO GOLD LIMITED ANNUAL REPORT 2002

Condensed consolidated income statement

Derived from financial statements prepared in accordance with US GAAP

Year ended 31 December

Figures in US Dollars millions, except for share data

Sales and other income

1,799

2,066

2,264

Product sales

1,761

2,041

2,208

Interest, dividends and other income

Cost and expenses

1,369

2,059

2,508

Production costs

1,261

1,435

Exploration costs

Related party transactions

General and administrative

Royalties

Research and development

Depreciation, depletion and amortisation

Impairment of assets

Goodwill amortised

Interest expense

Employment severance costs

Loss on sale of mining assets

Loss on sale of assets

(Gain) loss on derivatives

(73)

(21)

Other

(7)

Income (loss) before equity income and income tax

(244)

Equity income in affiliates

Income (loss) before income tax provision

(240)

Deferred income and mining tax expensed

(62)

(163)

(9)

Income (loss) before minority interest

(155)

(249)

Minority interest

(16)

(8)

(13)

Income (loss) before cumulative effect of accounting change

(163)

(262)

Cumulative effect of accounting change

(10)

Net income (loss)  applicable to common stockholders

(173)

(262)

Basic earnings (loss) per common share: (cents)
Before cumulative effect of accounting change

(76)

(122)

Cumulative effect of accounting change

(5)

Net income (loss)  applicable to common stockholders

(81)

(122)

Diluted earnings (loss) per common share: (cents)
Before cumulative effect of accounting change

(76)

(122)

Cumulative effect of accounting change

(5)

Net income (loss)  applicable to common stockholders

(81)

(122)

Weighted average number of common shares used in computation

221,883,567

214,278,892

213,925,974

Dividend per common share (cents)

These condensed financial statements should be read in conjunction with the Company's financial statements and footnotes filed on Form 20-F with the United States Securities and Exchange Commission on or about 31 March 2003.

CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

ANGLO GOLD LIMITED ANNUAL REPORT 2002

Condensed consolidated balance sheet

Derived from financial statements prepared in accordance with US GAAP

At 31 December

Figures in US Dollars, millions

Assets
Current assets

1,117

Cash and cash equivalents

Receivables

Trade

Derivatives

Value added taxes

Other

Inventories

Property, plant and equipment

2,015

1,756

Mineral reserves

Goodwill

Derivatives

Other long-term assets

Total assets

4,545

3,750

Liabilities and Stockholders' equity
Current liabilities

1,210

Accounts payable and accrued liabilities

Derivatives

Short-term debt

Income and mining tax payable

Long-term debt

Derivatives

Deferred income and mining tax

Provision for environmental rehabilitation

Other accrued liabilities

Provision for post-retirement medical benefits

Minority interest

Commitments and contingencies

Share capital and reserves

1,820

1,354

Common stock
Stock issued 2002  222,622,022 (2001  215,268,116)

Additional paid-in capital

3,403

3,251

Accumulated other comprehensive income

(1,025)

(1,234)

Retained deficit

(567)

(672)

Total liabilities and stockholders' equity

4,545

3,750

CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

ANGLO GOLD LIMITED ANNUAL REPORT 2002

Condensed consolidated cash flow statement

Derived from financial statements prepared in accordance with US GAAP

Year ended 31 December

Figures in US Dollars, millions

Net cash provided by operating activities

Income (loss) before cumulative effect of accounting change

(163)

(262)

Reconciled to net cash provided by operations:

Loss on sale of mining assets

Loss on sale of assets

Depreciation, depletion and amortisation

Impairment of assets

Other non cash items

Net increase in provision for environmental rehabilitation and post-
retirement medical benefits

(17)

(12)

(13)

Deferred income and mining tax

(69)

(86)

Effect of changes in operating working capital items:

Receivables

(5)

(1)

Inventories

(54)

(2)

Accounts payable and accrued liabilities

(104)

(58)

Net cash used in investing activities

(91)

(148)

(630)

Cash acquired in acquisitions

Increase in non-current investments

(34)

(4)

(3)

Cash received as part of disposal

 Proceeds

 Contractual obligations

(24)

Cash paid as part of acquisition

(105)

(348)

Proceeds on sale of investments

Proceeds on sale of mining assets

Additions to property, plant and equipment

(271)

(298)

(301)

Loans receivable advanced

(5)

(4)

(8)

Loans receivable repaid

Net cash used in financing activities

(367)

(298)

(50)

(Decrease) increase in short-term debt

(616)

(347)

Issuance of stock

Share issue expenses

(11)

(3)

Increase in long-term debt

Dividends paid

(260)

(167)

(310)

Net increase (decrease) in cash and cash equivalents

(245)

Effect of exchange rate changes on cash

(59)

(53)

Cash and cash equivalents  1 January

Cash and cash equivalents  31 December

CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

ANGLO GOLD LIMITED ANNUAL REPORT 2002

AngloGold provides, supplemental to the condensed consolidated financial statements, a reconciliation from its IAS to US GAAP results. This reconciliation is provided for illustrative purposes only, as AngloGold prepares consolidated financial statements prepared in accordance with US GAAP, together with related notes, which are included under Item 18 in AngloGold's Annual Report on Form 20-F filed with the United States Securities and Exchange Commission on or about 31 March 2003.

Income statement information

Year ended 31 December

Figures in US Dollars, millions

Notes

Net profit as per IAS

Adjusted for:

Amortisation of ore reserves and mining assets

(88)

(151)

(222)

IAS exceptional loss reversed

II

Impairment of assets

(173)

(294)

Actuarial shortfall on post-retirement medical expenses

III

(37)

(11)

Goodwill adjustments

Normandy transaction costs

IV

(11)

Other

(20)

Sub-total

(112)

(325)

Adjustments made to taxation charge

VI

(51)

Adjusted profit (loss) after taxation

(163)

(261)

Cumulative effect of accounting change

VII

(10)

Minority adjustments

(1)

(1)

Net income (loss) applicable to common stockholders as per US GAAP

(173)

(262)

Balance sheet information

At 31 December

Figures in US Dollars, millions

Net profit as per IAS

1,443

1,117

Adjusted for:

Ore reserves

Mining assets

(265)

(301)

Goodwill

(29)

(56)

Deferred taxation

VI

(181)

(171)

Post-retirement medical benefits

III

(46)

(33)

Other

(4)

(45)

Stockholders' equity as per US GAAP

1,820

1,354

Supplemental information to the condensed consolidated financial statements.

Condensed reconciliation between IAS and
US GAAP

Results for the year ended and as at 31 December 2002

CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

ANGLO GOLD LIMITED ANNUAL REPORT 2002

Differences in accounting treatment between IAS and US GAAP which have a significant effect on AngloGold are noted below:

Business combinations (including mineral reserves and goodwill)
Under IAS at the formation of AngloGold on 29 June 1998 the acquisition of the participating companies and the interests in the share interest companies were accounted for using the pooling of interest method. Under US GAAP the original formation of AngloGold did not qualify as a "pooling of interest" and therefore the formation transaction was accounted for as a business combination. Subsequent acquisitions have been accounted for as business combinations under both IAS and US GAAP.

Both IAS and US GAAP require purchase consideration to be allocated to the net assets acquired at their fair value on the date of acquisition. Under IAS any excess of the purchase price over the fair value of the attributable mineral reserves and net assets is recognised as goodwill. Goodwill which represents resources is amortised on a systematic basis which recognises the depletion of resources over the lesser of the LOM or 20 years.

Under US GAAP the purchase consideration is allocated to the net assets acquired according to the assets and liabilities respective fair value, including mineral reserves which is amortised over the LOM. Where the purchase price cannot be attributed to the assets acquired, it is allocated to goodwill and amortised on a straight line basis over the lesser of the LOM or 20 years until 31 December 2001. In accordance with the provisions of SFAS 142 goodwill is no longer amortised but reviewed annually for impairment effective from 1 January 2002.

In cases where trade equity securities are exchanged as consideration, IAS requires the fair value of the consideration to be determined based on market value at the date of the exchange transaction. The date of acquisition is considered to be when effective control over the acquired assets and liabilities is obtained.

US GAAP requires that the fair value of such transaction be determined, at the date the terms and conditions of the transaction are agreed to and announced, based on the average trading price of a few days before and after the acquisition is agreed to and announced.

IAS exceptional loss reversed
Represents the reversal of the loss on disposal of the Free State assets recorded in IAS in 2002. Under US GAAP the value of the Free State assets were written down in 2001 to the net selling price per the sale agreement.

III

Post-retirement medical benefits
Under IAS, post-retirement medical benefits are accounted for in accordance with the provisions of IAS 19. Under US GAAP these benefits are accounted in accordance with the provision of SFAS 106.

Under IAS, only the contractual liability for post-retirement is accounted for. Under US GAAP both the contractual and the liability in excess of contributions made by plan members are accounted for.

Normandy transaction costs
Under IAS the transaction costs relating to the Normandy bid were charged to share premium. Under US GAAP these expenses are expensed as an aborted business combination.

Other
Other consists of other differences between IAS and US GAAP that are considered insignificant to be quantified individually.

Income taxes
Reflects the tax impact of the differences between IAS and US GAAP.

VII

Hedge accounting
The $10m (net of provision for deferred taxation of $2m) cumulative effect of change in accounting policy represents the transitional adjustment resulting from the adoption of SFAS 133 on 1 January 2001. In accordance with IAS 39, such adjustments are recorded to opening retained earnings.

Supplemental information to the condensed consolidated financial statements.

By-products

Any products that arise from the core process of producing gold, including silver, uranium and sulphuric acid.

Capital employed

Equity plus minority interests, interest-bearing debt, less long-term loans. Where average capital employed is referred to, this is the average of the figures at the beginning and the end of the financial year.

Capital expenditure

Total capital expenditure on mining assets to both maintain and expand operations.

Dividend cover

Headline earnings before unrealised non-hedge derivatives per ordinary share divided by dividends per ordinary share.

Debt

Borrowings including short-term portion.

Effective tax rate

Current and deferred taxation as a percentage of profit on ordinary activities before taxation.

EBITDA

Profit before exceptional items and before interest paid, interest received, growth in the Environmental Trust fund, amortisation of mining assets, foreign exchange gain (loss) on transactions other then sales and unrealised non-hedge derivatives.

Equity

Shareholders' equity adjusted for other comprehensive income and deferred taxation. Where average equity is referred to, this is calculated by averaging the figures at the beginning and the end of the financial year.

Grade

The quantity of gold contained within a unit weight of gold bearing material generally expressed in ounces per short ton of ore (oz/t), or grams per metric tonne (g/t).

Interest cover

EBITDA divided by finance costs.

Life-of-mine (LOM)

Number of years that the operation is planning to mine and treat ore, and is taken from the current mine plan.

Market capitalisation

Number of ordinary shares in issue at close of business on 31 December multiplied by the closing share price as quoted on the JSE Securities Exchange South Africa.

Mineral Resource

A Mineral Resource is a concentration or occurrence of material of economic interest in or on the earth's crust in such form, quality and quantity that there are reasonable and realistic prospects for eventual economic extraction. The location, quantity, grade, continuity and other geological characteristics of a mineral resource are known, estimated from specific geological evidence and knowledge, or interpreted from a well-constrained and portrayed geological model. Mineral Resources are sub-divided, in order of increasing geological confidence, into Inferred, Indicated and Measured categories. The Mineral Resources are inclusive of those resources which have been modified to produce Ore Reserves.

Net operating assets

Mining assets, inventories, trade and other receivables less trade and other payables.

Net debt

Debt less cash and cash equivalents.

Operating margin %

Operating profit (excluding unrealised non-hedge derivatives) as a percentage of gold income including realised non-hedge derivatives.

Ore Reserves

An Ore Reserve is the economically mineable material derived from a measured and/or indicated Mineral Resource. It is inclusive of diluting materials and allows for losses that may occur when the material is mined. Appropriate assessments have been carried out, including consideration of, and modification by, realistically assumed mining, metallurgical, economic, marketing, legal, environmental, social and governmental factors. These assessments demonstrate at the time of reporting that extraction is reasonably justified. Ore Reserves are sub-divided in order of increasing confidence into Probable Ore reserves and Proved Ore Reserves.

ANGLO GOLD LIMITED ANNUAL REPORT 2002

Glossary of terms

ANGLO GOLD LIMITED ANNUAL REPORT 2002

Ounces (oz) (troy)

Used in imperial statistics. A kilogram is equal to 32.1507 ounces.

Rehabilitation

The process of restoring mined land to allow an appropriate post-mining use. Rehabilitation standards are determined amongst others by the South African Department of Minerals and Energy, the US Bureau of Land Management, the US Environmental Protection Agency, and the Australian Minerals Industry Code for Environmental Management, and address ground and surface water, topsoil, final slope gradient, waste handling and re-vegetation issues.

Region

Defines the operational management divisions within AngloGold and these are South Africa, East and West Africa, Australia, North America and South America.

Return on capital

Headline earnings before unrealised non-hedge derivatives and before finance costs expressed as a percentage of average capital employed, adjusted for the timing of acquisitions and disposals.

Return on equity

Headline earnings before unrealised non-hedge derivatives expressed as a percentage of the average equity, adjusted for the timing of acquisitions and disposals.

Total cash costs

Total cash costs include site costs for all mining, processing and administration, as well as contributions from by-products and are inclusive of royalties and, production taxes. Amortisation, rehabilitation, corporate administration, retrenchment, capital and exploration costs are excluded.

Total production costs

Total cash costs including amortisation, retrenchment, rehabilitation and other non-cash costs. Corporate administration, capital and exploration costs are excluded.

Weighted average number

of ordinary shares in issue

The number of ordinary shares in issue at the beginning of the year, increased by shares issued during the year, weighted on a time basis for the period during which they have participated in the income of the group.

Ordinary shares were sub-divided at close of business on 24 December 2002 on a 2:1 basis. All references to ordinary shares, and related calculations have been restated to take cognisance of this sub-division.

Abbreviations
$

United States dollars

A$

Australian dollars

ADS

American Depositary Share

bn

Billion

Capex

Capital expenditure

CHF

Swiss Francs

CLR

Carbon Leader Reef

FCFA

Communaut Financire Africaine Francs

FIFR

Fatal Injury Frequency Rate per million hours
worked

Grams

g/t

Grams per tonne

g/TEC

Grams per total employee costed

kg

Kilograms

Libor

London interbank offer rate

LOM

Life-of-mine

LTIFR

Lost Time Injury Frequency Rate per million hours worked
Note that AngloGold utilises the strictest definition in reporting Lost Time Injuries in that it includes all Disabling Injuries (where an individual is unable to return to his place of regular work the next calendar day after the injury) and Restricted Work Cases (where the individual may be at work, but unable to perform full or regular duties on the next calendar day after the injury) within this definition.

/TEC

Square metres per total employee costed

Metre or million, depending on the context

Moz

Million ounces

Mt

Million tonnes or tons

Mtpa

Million tonnes/tons per annum

N$

Namibian dollars

NOSA

National Occupational Safety Association

oz

Ounces (troy)

oz/t

Ounces per ton

R or ZAR

South African rands

RIFR

Reportable Injury Frequency Rate per million
hours worked.

Tons (short) or tonnes (metric)

tpa

Tonnes per annum

tpd

Tonnes per day

tpm

Tonnes per month

VCR

Ventersdorp Contact Reef

ANGLO GOLD LIMITED ANNUAL REPORT 2002

Shareholders' information

Stock exchange listings
The primary listing of the company's ordinary shares is on the JSE Securities Exchange South Africa (JSE). Its ordinary shares are also listed on stock exchanges in London and Paris, as well as being quoted in Brussels in the form of International Depositary Receipts (IDRs), in New York in the form of American Depositary Shares (ADSs) and in Australia, in the form of Clearing House Electronic Subregister System Depositary Interests (CDIs).

All information has been restated to take cognisance of the sub-division of AngloGold's ordinary shares.

STOCK EXCHANGE INFORMATION AS AT 31 DECEMBER

JSE
Rands per share:
Market price

 - high

347.00

248.00            192.50            214.00

180.80

 - low

200.00

104.20              93.00            112.50

83.70

 - year end

290.50

211.00

110.50            158.30

114.60

Shares traded

 - 000

117,543

91,318

49,804            63,574

36,502

London Stock Exchange
Pounds per share:
Market price

 - high

23.26

13.90             17.76               20.86

17.68

 - low

4.20

9.13               8.57               11.43

10.05

 - year end

10.54

12.09               9.73               16.00

11.71

Shares traded

 - 000

8,643

18,862

4,984              6,625

24,412

Euronext Paris
Euros per share: (1998: French francs per share)
Market price

 - high

37.73

25.00

28.90               34.30

169.40

 - low

18.78

14.26              14.10               16.62

94.95

 - year end

33.00

19.53              15.93               25.45

110.55

Shares traded

 - 000

1,917

1,678

1,894

 2,824

2,874

Euronext Brussels 
Euros per share: (1998: Belgian francs per IDR)
Market price

 - high

37.50

24.90             24.98               34.10

1,030.00

 - low

32.00

14.52             14.28               16.75

575.00

 - year end

32.05

20.25             15.93              25.43

699.00

IDRs traded

 - 000

3,138

1,638

2,004              5,270

4,546

IDRs sub-divided in line with sub-division of AngloGold ordinary shares.
Each IDR is equal to one ordinary share.
New York Stock Exchange
(listing commenced 5 August 1998)
US dollars per ADS:
Market price

 - high

35.33

22.34            28.69                37.00

31.00

 - low

17.62

13.15            12.25                18.31

16.00

 - year end

34.26

18.06            14.94               25.69

19.56

ADSs traded

 - 000

210,933

106,231          46,940             41,355

14,213

Each ADS is equal to one ordinary share.
Australian Stock Exchange
(listing commenced 15 November 1999)
Australian dollars per CDI:
Market price

 - high

12.00

8.00                8.68                8.90

 - low

7.00

4.80                4.75                7.10

 - year end

12.00

7.55                5.48                7.64

CDIs traded

 - 000

6,758

62,576

17,830

4,870

Each CDI is equal to one-fifth of one ordinary share.

SHAREHOLDERS' INFORMATION

ANGLO GOLD LIMITED ANNUAL REPORT 2002

Australian Stock Exchange Listing Rules
The following disclosures are made pursuant to the Listing Rules of the Australian Stock Exchange and according to information available to the directors:

THE 20 LARGEST HOLDERS OF THE ORDINARY SHARE CAPITAL OF THE COMPANY AS AT 31 JANUARY 2003 WERE:

Ordinary shares held

Number

Anglo American plc

114,457,368

51.40

The Bank of New York

30,708,963

13.79

ANZ Nominees Limited

12,063,027

5.42

JP Morgan Chase Bank

10,134,377

4.55

PIC Equity

5,900,230

2.65

Soges Fiducem

4,150,896

1.86

State Street Bank and Trust Company

3,190,788

1.43

Mineworkers Pension and Provident Fund

2,089,753

0.94

Sanlam Group

2,033,308

0.91

Old Mutual Group

1,906,871

0.86

SIS Segaintersettle AG

1,524,527

0.68

Socit Interprofessionnell Pour La Compensation Des Valeurs Mobilieres a/c Sicovam

1,376,514

0.62

National Nominees Limited

1,375,432

0.62

Liberty Group

1,231,769

0.55

RMB Group

1,138,929

0.51

Standard Bank Group

1,080,609

0.49

Deutsche Bank

1,059,841

0.48

Prudential Group

998,859

0.45

Investment Solutions

852,302

0.38

Citibank

794,581

0.36

Total

198,068,944

88.95

The above list of shareholders may not necessarily reflect the beneficial shareholders.

ANALYSIS OF ORDINARY SHAREHOLDINGS AT 31 JANUARY 2003

Number of

% of total

Number of

% of shares

Size of holding

shareholders

shareholders

shares

issued

1 - 100

5,180

31.80

330,357

0.15

101 - 500

5,914

36.32

1,183,188

0.53

501 - 1,000

1,951

11.98

890,965

0.40

1,001 - 5,000

2,345

14.40

2,814,508

1.26

5,001 - 10,000

2.23

1,753,828

0.79

10,001 - 100,000

2.67

12,512,578

5.62

Over 100,000

0.60

203,201,898

91.25

Total

16,284

100.00

222,687,322

100.00

Shareholder spread as at 24 February 2003
Pursuant to the Listings Requirements of the JSE Securities Exchange South Africa, with the best knowledge of the directors and after reasonable enquiry, the spread of shareholders was as follows:

Class

Number of holders

Ordinary shares
Non-public shareholders:

Directors

0.03

Shares held by Anglo American plc

0.01

Public shareholders

16,278

99.96

Total

16,284

100.00

A    redeemable preference shares
B    redeemable preference shares

All shares are held by a wholly-owned subsidiary company

SHAREHOLDERS' INFORMATION

ANGLO GOLD LIMITED ANNUAL REPORT 2002

Major shareholders as at 24 February 2003
According to information available to the directors, the following are the only shareholders beneficially holding, directly or indirectly, in excess of 5% of the ordinary share capital of the company:

Ordinary shares held

24 February 2003

31 December 2002

31 December 2001

Number

Number                          %

Number

Anglo American plc

114,457,368

51.40

114,457,368

51.41

114,457,368

53.17

The Bank of New York*

41,861,108

18.80

39,879,957

17.91

30,104,646

13.98

Shares held through various custodians in respect of ADSs issued by the Bank.

Voting rights
The articles of association provide that every member present at a meeting in person or, in the case of a body corporate, represented, is entitled to one vote only on a show of hands. Upon a poll, members present or any duly appointed proxy shall have one vote for every share held. There are no limitations on the right of non-South African shareholders to hold or exercise voting rights attaching to any shares of the company. CDI holders are not entitled to vote in person at meetings, but may vote by way of proxy.

Options granted in terms of share incentive schemes do not carry a right to vote.

Diary
Financial year end

31 December

Annual financial statements issued

27 March 2003

Annual general meeting

11:00 on 30 April 2003

Quarterly reports released
Quarter ended 31 March 2003

30 April 2003

Quarter and six months ended 30 June 2003

31 July 2003

Quarter and nine months ended 30 September 2003

31 October 2003

Quarter and year ended 31 December 2003

30 January 2004

Dividends

Last date to trade

Payment

Payment

ordinary shares

date to

date to

Declared

cum dividend

shareholders

ADS holders

Final  No. 93

30 January 2003

14 February 2003

28 February 2003

10 March 2003

Final  No. 94

30 July 2003*

15 August 2003*

29 August 2003*

12 September 2003*

Final  No. 95

29 January 2004*

13 February 2004*

27 February 2004*

12 March 2004*

Approximate dates.

Currency conversion guide
At 31 December one rand was equal to:

Australian dollar

0.20

0.16

Euro

0.11

0.09

Japanese yen

13.72

10.83

Swiss franc

0.16

0.14

UK pound

0.07

0.06

US dollar

0.12

0.08

ANGLO GOLD LIMITED ANNUAL REPORT 2002

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

Directors
EXECUTIVE

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

NON-EXECUTIVE

R P Edey* (Chairman)
Dr T J Motlatsi (Deputy Chairman)
F B Arisman#
Mrs E le R Bradley
C B Brayshaw
Dr V K Fung#
A W Lea (Alternate: P G Whitcutt)
W A Nairn (Alternate: A H Calver*)
J Ogilvie Thompson (Alternate:
D D Barber)
N F Oppenheimer
A J Trahar

* British # American

MANAGING SECRETARY

Ms Y Z Simelane

COMPANY SECRETARY

C R Bull

Offices
REGISTERED AND CORPORATE

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

AUSTRALIA

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

UNITED KINGDOM SECRETARIES

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

Share registrars
SOUTH AFRICA

Computershare Investor Services Limited
Ground Floor, 70 Marshall Street
Johannesburg 2001
(PO Box 61051, Marshalltown 2107)
South Africa
Telephone: +27 11 370 7700
Fax: +27 11 688 7719

UNITED KINGDOM

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

AUSTRALIA

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

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

GLOBAL BUYDIRECT

SM

The Bank of New York maintains a direct
share purchase and dividend reinvestment
plan for AngloGold.

For additional information, please visit
The Bank of New York's website at
www.globalbuydirect.com or call
Shareholder Relations at 1-888-BNY-ADRS
or write to:
The Bank of New York
Church Street Station
PO Box 11258
New York, NY 10286-1258
United States of America

Authorised representative
UNITED STATES OF AMERICA

Puglisi & Associates
850 Library Avenue, Suite 204
PO Box 885
Newark, Delaware 19715
United States of America
Telephone: +1 302 738 6680
Fax: +1 302 738 7210

Directorate and administration

ANGLO GOLD LIMITED ANNUAL REPORT 2002

South Africa
STEVE LENAHAN

Telephone: +27 11 637 6248
Fax: +27 11 637 6247
E-mail: slenahan@anglogold.com

PETA BALDWIN

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

11 Diagonal Street
Johannesburg 2001
(PO Box 62117, Marshalltown 2107)
South Africa

Europe/Asia
TOMASZ NADROWSKI

Telephone: (800) 417 9255 (toll free in
USA and Canada) or +1 212 750 7999
Fax: +1 212 750 5626
E-mail: tnadrowski@anglogold.com

509 Madison Avenue
Suite 1914
New York, NY 10022
United States of America

United States of America
CHARLES CARTER

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

509 Madison Avenue
Suite 1914
New York, NY 10022
United States of America

Australia
ANDREA MAXEY

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

Level 13
St Martins Tower
44 St George's Terrace
Perth, WA 6000
(PO Box Z5046, Perth WA 6831)
Australia

Comments, questions and suggestions
on AngloGold's market development
programme may be directed to:

KELVIN WILLIAMS

Telephone: +27 11 637 6298
Fax: +27 11 637 6283
E-mail: khwilliams@anglogold.com

11 Diagonal Street
Johannesburg 2001
(PO Box 62117, Marshalltown, 2107)
South Africa

Contact information

This Annual Report is available in printed format from the contacts whose details appear above or on the Internet at the abovementioned website address. In addition, AngloGold has produced the Form 20-F (a report required by the Securities and Exchange Commission in the United States), copies of which are available on or about 31 March 2003, free of charge on EDGAR at www.sec.gov, or from the abovementioned contacts.

Supplementary information on Mineral Resources, Ore Reserves and development, prepared on a business unit basis, are obtainable from the above sources as well as in PDF format on the AngloGold website. Plans of the South Africa region underground workings are also available on request.

GENERAL E-MAIL ENQUIRIES

investors@anglogold.com

ANGLO GOLD WEBSITE

http://www.anglogold.com

AngloGold Limited

(Incorporated in the

Republic of South Africa)

Registration number 1944/017354/06

ISIN: ZAE000043485
JSE Share code: ANG

("AngloGold" or "the company")

This document is important

and requires your immediate

attention

If you are in any doubt about what action

you should take, consult your

stockbroker, attorney, banker, financial

adviser, accountant or other professional

adviser immediately

If you have disposed of all your shares in

AngloGold you should pass this

document and the enclosed proxy form/

voting instruction form/CDI voting

instruction form to the purchaser of such

shares or the stockbroker, banker or other

agent through whom the disposal was

effected for transmission to the purchaser

Registered and corporate office

11 Diagonal Street,

Johannesburg, 2001

(PO Box 62117

Marshalltown, 2107)

South Africa

ANGLOGOLD NOTICE OF ANNUAL GENERAL MEETING 2003

ANGLOGOLD NOTICE OF ANNUAL GENERAL MEETING 2003

AngloGold Limited

Annual General Meeting

INVITATION

Wednesday, 30 April 2003

11:00

The Johannesburg Country Club

Napier Road

Auckland Park

Johannesburg

South Africa

Included in this document are the following:

* The notice of meeting setting out the resolutions to be proposed, together with explanatory notes. There are also guidance notes if you wish to attend the meeting (for which purpose an AGM location map is included) or to vote by proxy.

* Proxy form for completion, signature and submission to the share registrars by shareholders holding AngloGold ordinary shares in certificated form or recorded in sub-registered electronic form in "own name".

* Voting instruction form for completion, signature and submission by shareholders on the South African register who have dematerialised through STRATE their AngloGold ordinary shares, other than those whose shareholding is recorded in their "own name" in the sub-register maintained by their Central Securities Depository Participant (CSDP) or broker. If, however, such shareholders wish to attend the meeting in person, then they will need to request their CSDP or broker to provide them with the necessary authority in terms of the custody agreement entered into between the dematerialised shareholder and the CSDP or broker.

* CDI voting instruction form for completion, signature and submission by Australian holders of Chess Depository Interests (CDIs).

A copy of the annual report, incorporating the annual financial statements, for the financial year 2002 is also enclosed.

ANGLOGOLD NOTICE OF ANNUAL GENERAL MEETING 2003

Notice is hereby given that the 59th annual general meeting of shareholders of AngloGold Limited will be held at The Johannesburg Country Club, Napier Road, Auckland Park, Johannesburg, South Africa on Wednesday, 30 April 2003, at 11:00, to consider and, if deemed fit, to pass, with or without modification, the following ordinary and special resolutions in the manner required by the Companies Act, 61 of 1973, as amended, and subject to the Listings Requirements of the JSE Securities Exchange South Africa and other stock exchanges on which the company's ordinary shares are listed.

Ordinary business

1. ORDINARY RESOLUTION NUMBER 1

Adoption of financial statements
"Resolved that the consolidated audited annual financial statements of the company and its subsidiaries, incorporating the auditors' and directors' reports for the year ended 31 December 2002, be received and adopted."

The reason for proposing ordinary resolution number 1 is to receive and adopt the consolidated annual financial statements of the company and its subsidiaries for the last completed financial year. These are contained within the annual report.

2. ORDINARY RESOLUTION NUMBER 2

Re-election of director "Resolved that Mr F B Arisman who retires in terms of the Articles of Association, and who is eligible and available for re-election, is hereby re-elected as a director of the company."

The reason for proposing ordinary resolution number 2 is because Mr F B Arisman retires as a director of the company by rotation at the meeting.

Frank Arisman, (58) MSc (Finance), was appointed to the AngloGold board in April 1998. He resides in New York and is managing director of J P Morgan Chase, a company he joined in 1972.

ORDINARY RESOLUTION NUMBER 3

Re-election of director "Resolved that Mr R P Edey who retires in terms of the Articles of Association, and who is eligible and available for re-election, is hereby re- elected as a director of the company."

The reason for proposing ordinary resolution number 3 is because Mr R P Edey retires as a director of the company by rotation at the meeting.

Russell Edey, (60) FCA, was appointed to the AngloGold board in April 1998 and as deputy chairman in December 2000. In May 2002 he was appointed chairman when Mr R M Godsell relinquished this office. Based in the United Kingdom, he is deputy chairman of
N M Rothschild Corporate Finance and a director of a number of other companies.

ORDINARY RESOLUTION NUMBER 4

Re-election of director "Resolved that Mr R M Godsell who retires in terms of the Articles of Association, and who is eligible and available for re-election, is hereby re- elected as a director of the company."

The reason for proposing ordinary resolution number 4 is because Mr R M Godsell retires as a director of the company by rotation at the meeting.

Bobby Godsell, (50) BA, MA, was appointed to the AngloGold board as chief executive officer in April 1998 and as chairman in December 2000. He relinquished his role as chairman of AngloGold in May 2002. He has 29 years

of service with companies associated with the mining industry, and has served as a non-executive director of Anglo American plc since March 1999. He is also the immediate past chairman of the World Gold Council.

ORDINARY RESOLUTION NUMBER 5

Re-election of director "Resolved that Dr T J Motlatsi who retires in terms of the Articles of Association, and who is eligible and available for re-election, is hereby re- elected as a director of the company."

The reason for proposing ordinary resolution number 5 is because Dr T J Motlatsi retires as a director of the company by rotation at the meeting.

James Motlatsi, (51) Hon D Soc Sci (Lesotho), was appointed to the AngloGold board in April 1998 and as deputy chairman in May 2002 upon Russell Edey being appointed chairman. He has been associated with the South African mining industry since 1970, and is the immediate past president of the National Union of Mineworkers. He is also chief executive officer of TEBA Limited.

ORDINARY RESOLUTION NUMBER 6

Placement of shares under the control of the directors "Resolved that subject to the provisions of the Companies Act, 61 of 1973, as amended, and the Listings Requirements of the JSE Securities Exchange South Africa, the directors are hereby authorised to allot and issue in their discretion all the remaining authorised but unissued ordinary shares of 25 cents each in the capital of the company for such purposes as they may determine, after setting aside so many shares as may be required to be allotted and issued by the company pursuant to The AngloGold Limited Share Incentive Scheme."

Notice of

annual general meeting

ANGLOGOLD NOTICE OF ANNUAL GENERAL MEETING 2003

The reason for proposing ordinary resolution number 6 is to seek a general authority placing the unissued ordinary shares of the company under the control of the directors. The directors consider it advantageous to renew this authority to enable the company to take advantage of any business opportunity which might arise in the future.

ORDINARY RESOLUTION NUMBER 7

Issuing of shares for cash
"Resolved that in terms of the Listings Requirements of the JSE Securities Exchange South Africa (JSE), the directors are hereby authorised to issue the unissued ordinary shares of 25 cents each in the capital of the company (after setting aside so many shares as may be required to be allotted and issued by the company pursuant to The AngloGold Limited Share Incentive Scheme) for cash, without restrictions to any public shareholder, as defined by the JSE Listings Requirements, as and when suitable opportunities arise, subject to the following conditions:

(a) that this authority shall only be valid until the next annual general meeting but shall not extend beyond 15 months;

(b) that a paid press announcement giving full details, including the impact on net asset value and earnings per share, be published after any issue representing, on a cumulative basis within one financial year, 5% or more of the number of shares in issue prior to the issue concerned;

(c) that the issues in the aggregate in any one financial year shall not exceed 15% of the number of shares of the company's issued ordinary share capital; and

(d) that, in determining the price at which an issue of shares for cash will be made in terms of this authority, the maximum discount permitted shall be 10% of the weighted average traded price of the ordinary shares on the JSE (adjusted for any dividend declared but not yet paid or for any capitalisation award made to shareholders), over the 30 business days prior to the date that the price of the issue is determined or agreed by the directors of the company."

The reason for proposing ordinary resolution number 7 is to comply with the JSE Listings Requirements relating to the issue of shares for cash. The directors consider it advantageous to renew this authority to enable the company to take advantage of any business opportunity which might arise in the future.

A 75% majority is required of the votes cast by shareholders present or represented by proxy at the meeting for the approval of this ordinary resolution.

Special business

8. SPECIAL RESOLUTION NUMBER 1

Acquisition of company's own shares "Resolved that by way of a general authority, the company and any of its subsidiaries from time to time (the subsidiaries), being authorised thereto by the articles of association of respectively the company and the subsidiaries, hereby approve the acquisition in terms of Section 85 of the Companies Act, 61 of 1973, as amended, (the Act) and the Listings Requirements of the JSE Securities Exchange South Africa (JSE) from time to time (the Listings Requirements) by the company of shares issued by the company, and the acquisition in terms of Section 89 of the Act and the Listings

Requirements by the subsidiaries of shares issued by the company, provided that:

any such acquisition of shares shall be implemented on the open market of the JSE and/or on the open market of any other stock exchange on which the shares are listed or may be listed and on which the company may, subject to the approval of the JSE and any other stock exchange as necessary, wish to effect such acquisition of shares;

this approval shall be valid only until the next annual general meeting of the company, but may be varied or revoked by special resolution by any general meeting of the company at any time prior to such annual general meeting;

an announcement containing details of such acquisitions will be published as soon as the company, or the subsidiaries collectively, shall have acquired shares issued by the company constituting, on a cumulative basis, not less than 3% of the number of shares in the company in issue as at the date of this approval; and an announcement containing details of such acquisitions will be published in respect of each subsequent acquisition by either the company, or by the subsidiaries collectively, as the case may be, of shares issued by the company, constituting, on a cumulative basis, not less than 3% of the number of shares in the company in issue as at the date of this approval;

the company, and its subsidiaries collectively, shall not in any financial year be entitled to acquire shares issued by the company constituting, on a cumulative basis, more than 20% of the number of shares in the company in issue as at the date of this approval;

ANGLOGOLD NOTICE OF ANNUAL GENERAL MEETING 2003

shares issued by the company may not be acquired at a price greater than 10% above the weighted average market price of the company's shares for the five business days immediately preceding the date of the relevant acquisition."

The reason for this special resolution is to grant the directors of the company a general authority for the acquisition of the company's shares by the company, or by a subsidiary of the company.

The effect of this special resolution will be to authorise the directors of the company to procure that the company or any of its subsidiaries may purchase shares issued by the company on the JSE or any other stock exchange on which the company's shares are or may be listed.

The directors, after considering the effect of a repurchase, up to the maximum limit, of the company's issued shares, are of the opinion that if such repurchases were implemented:

the company and the group will be able in the ordinary course of business to pay its debts for a period of 12 months after the date of the notice issued in respect of the annual general meeting;

the assets of the company and the group will be in excess of the liabilities of the company and the group for a period of 12 months after the date of the notice issued in respect of the annual general meeting. For this purpose, the assets and liabilities will be recognised and measured in accordance with the accounting policies used in the latest audited group annual financial statements;

the ordinary capital and reserves of the company and the group will be adequate for a period of 12 months after the date of notice issued in respect of the annual general meeting; and the working capital of the company and the group will
be adequate for a period of
12 months after the date of notice

issued in respect of the annual general meeting.

At the present time the directors have no specific intention with regard to the utilisation of this authority which will only be used if the circumstances are appropriate.

AngloGold will ensure that its sponsor provides the necessary sponsor letter on the adequacy of the working capital in terms of section 2.14 of the JSE Listings Requirents prior to the commencement of any purchases of AngloGold's shares on the open market.

9. SPECIAL RESOLUTION NUMBER 2

Amendment to articles of association "Resolved that the articles of association are hereby amended by the deletion therefrom of the present sub-article 63.1 and the substitution in place thereof of the following new sub-article 63.1:

"on a show of hands, every member present in person and entitled to vote shall have only one vote irrespective of the number of shares he holds or represents; and"

The reason for proposing this special resolution is to delete from the sub- article an erroneous inclusion of a provision in terms of which a member present by proxy at a general meeting of the company is able to vote on a show of hands. This change is necessary to bring sub-article number 63.1 in line with sub-article 67.2 which provides that a proxy "shall be entitled to vote on a poll only."

The effect of this special resolution will be to amend the articles of association to remove the inconsistency between sub-articles 63.1 and 67.2 and to provide for only those shareholders present in person at a general meeting of the company being able to vote on a show of hands.

Voting instructions
A shareholder entitled to attend and vote at the annual general meeting may appoint one or more proxies to attend,

speak and, on a poll, vote in his/her stead. A proxy need not be a shareholder of the company. A form of proxy/voting instruction form/CDI voting instruction form, accompanies this notice.

As Monday 28 April 2003 is a public holiday in South Africa, duly completed proxy forms must be received by the share registrars by no later than 11:00 (South African time) on Friday, 25 April 2003.

Duly completed CDI voting instruction forms must be received by the share registrars in Perth, Australia, by 11:00 (Perth time) on Thursday, 24 April 2003.

The attention of shareholders is directed to the additional notes contained in the form of proxy and the CDI voting instruction form, relating to the completion and timeous submission of such forms.

Shareholders who have already dematerialised their shares in the company (other than those shareholders whose shareholding is recorded in their own name in the sub-register maintained by their Central Securities Depository Participant (CSDP) or broker) may use the enclosed voting instruction form for the purpose of advising their CSDP or broker of their voting instructions. Shareholders should contact their CSDP or broker with regard to the cut-off time for lodging of voting instruction forms. If, however, such shareholders wish to attend the annual general meeting in person, they will need to request their CSDP or broker to provide them with the necessary authority in terms of the custody agreement entered into between them and the CSDP or broker.

By order of the board

Ms Y Z Simelane Managing Secretary

Johannesburg 27 March 2003

Registered and corporate office 11 Diagonal Street Johannesburg 2001 South Africa

ANGLOGOLD NOTICE OF ANNUAL GENERAL MEETING 2003

Important notes about the annual general meeting (AGM)

Date Wednesday, 30 April 2003 at 11:00

Venue
The Johannesburg Country Club,
Napier Road,
Auckland Park,
Johannesburg,
South Africa.

Timing
The AGM will start promptly at 11:00.

Travel information
The outline map above indicates the location of The Johannesburg Country Club.

Admission
Shareholders and others attending the AGM are asked to register at the registration desk at the venue. Shareholders and proxies may be required to provide proof of identity.

Security
Secured parking is provided at the venue. Mobile telephones should be switched off during the AGM.

Enquiries and questions
Shareholders who intend to ask a question related to the business of the AGM or on related matters are asked to register their name, address and question(s) at the registration desk. Personnel will be on hand to provide any advice and assistance required.

Queries about annual general meeting
If you have any queries about the AGM please telephone any of the contact names listed on page 144 of the accompanying annual report.

ANGLO GOLD LIMITED

(Incorporated in the Republic of South Africa)

Registration number 1944/017354/06

ISIN: ZAE000043485   JSE Share Code: ANG

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

AngloGold Limited

Date:    27 MARCH 2003

By:    /s/ C R B

ULL

Name:  C R Bull
Title:     Company Secretary