Another solid quarter, completes a good year

Group results for the quarter

• 

Headline earnings (before unrealised hedging
activities) up 16% to $88 million or in rand terms up by
45% to R924 million

• 

Total cash costs down from $176/oz to $159/oz

•  

Operating profit up 13% to $153 million (or 43% to
R1,621 million)

•  

Bid for Normandy Mining Limited unsuccessful but
value-adding growth strategy continues

... and for the year

•  

Headline earnings (before unrealised hedging
activities) increased 13% to $286 million (or 43% to
R2,536 million) despite gold production reducing 4%,
largely due to sale of Elandsrand and Deelkraal

•  

Total cash costs down 16% to $178/oz

•  

Operating profit up 12% to $522 million (or 41% to
R4,617 million)

•  

Africa region increased production by 137%

•  

Final dividend of R11.00 per share ($0.48 per ADS),
giving an annualised yield of 4.7% at R468 per share
($20.36 per ADS)

Regional operating results for the quarter

SOUTH AFRICA

•  

Operating profit up 50% to R1,074 million
($101 million)

•  

Total cash costs steady in local currency terms at
R49,757 and down 16% in dollars to $154/oz

•  

Disappointing safety performance

•  

Announcement of the sale of Free State assets to
Harmony and ARM joint venture

AFRICA

•  

Record 233,000 attributable ounces production  up
2% on previous quarter

•  

Operating profit up 14% to $25 million

•  

Total cash costs up 5% to $138/oz

NORTH AMERICA

•  

Operating difficulties experienced during the quarter

•  

Operating profit down to $1 million

•  

Gold production down 21% to 106,000 ounces

• 

Total cash costs up 18% to $235/oz

SOUTH AMERICA

•  

Gold production up 4% to 116,000 ounces

•  

Operating profit up 13% to $18 million

•  

Total cash costs down 4% to $123/oz

AUSTRALIA

•  

Production down 7% on previous quarter due to mine
closures

•  

Total cash costs down 7% to $183/oz (A$357/oz)

•  

Operating profit up 14% to $8 million (A$16 million)

•  

Boddington ceased production during the quarter

•  

Sunrise Dam expansion complete with first additional
ounces mined during the quarter

Quarter 

 ended 

Dec 

2001 

Quarter 

 ended 

Sept
2001 

Year 

 ended 

Dec 

2001 

Year 

 ended 

Dec 

2000 

Quarter 

 ended 

Dec 

2001 

Quarter 

 ended 

Sept
2001 

Year 

 ended 

Dec 

2001 

Year 

 ended 

Dec 

2000 

Rand/Metric

Dollar/Imperial

Gold
     Produced

- kg/oz 000

53,471

55,440

217,203

225,295

1,719

1,782

6,983

7,243

     Revenue

- R/kg/$/oz sold

92,544

77,635

79,384

67,158

280

288

286

308

     Total cash costs

- R/kg/$/oz produced

51,710

47,687

48,828

46,404

159

176

178

213

     Total production costs

- R/kg/$/oz produced

62,995

57,046

58,579

53,334

193

211

213

245

Operating profit

- R/$ million

1,621

1,136

4,617

3,273

153

135

522

468

Net profit

- R/$ million

895

439

2,180

1,116

86

53

245

166

Headline earnings

- R/$ million

971

491

2,476

1,773

94

59

281

254

Headline earnings before unrealised
  hedging activities

- R/$ million

924

637

2,536

1,773

88

76

286

254

Capital expenditure

- R/$ million

815

631

2,567

2,063

82

75

298

304

Net earnings (basic)

- cents per share

835

410

2,035

1,043

80

50

229

155

Headline earnings

- cents per share

906

459

2,311

1,658

88

55

262

237

Headline earnings before unrealised
  hedging activities

- cents per share

862

595

2,367

1,658

82

71

267

237

Dividends

- cents per share

1,800

1,400

181

190

REPORT

FOR THE QUARTER AND YEAR ENDED
31 DECEMBER 2001

ANGLOGOLD LIMITED
Registration No. 1944/017354/06
Incorporated in the Republic of South Africa

Certain forward-looking statements

Certain statements contained in this document, including, without
limitation, those concerning the economic outlook for the gold mining
industry, expectations regarding gold prices and production, the
completion and commencement of commercial operations of certain of
AngloGold's exploration and production projects, and its liquidity and
capital resources and expenditure, contain certain forward-looking
statements regarding AngloGold's operations, economic performance and
financial condition.  Although AngloGold believes that the expectations
reflected in such forward-looking statements are reasonable, no
assurance can be given that such expectations will prove to have been
correct.  Accordingly, results could differ materially from those set out in
the forward-looking statements as a result of, among other factors,
changes in economic and market conditions, success of business and
operating initiatives, changes in the regulatory environment and other
government actions, fluctuations in gold prices and exchange rates, and
business and operational risk management.

Throughout this document, $ refers to US dollars, unless otherwise
stated.

Published by AngloGold

PO Box 62117
Marshalltown
2107
South Africa

Telephone: +27 11 637 6000
Fax: +27 11 637 6399/6400
E-mail: investors@anglogold.com

1

Dear Shareholder,

The December quarter was notable for continued sound
performances from most of AngloGold's operations, the
sudden and significant devaluation of the rand, and the
bid for Normandy.

The fourth quarter of 2001

In operating terms, AngloGold's fourth quarter for 2001
was pleasing overall.  While production fell 4% to
1.72 million ounces, largely as a result of a disappointing
performance from the North American operations and
lower grades and mining volumes from two of the South
African region's largest producers, costs were well
contained in local currency terms.  However, with the
20% devaluation of the rand over the quarter, dollar-
denominated total cash costs were dramatically reduced
by $17 per ounce to $159 per ounce.

In financial terms, the combination of rigorous cost
controls and the lower rand value contributed to a 13%
improvement in operating profit to $153 million and a
16% increase in headline earnings, before unrealised
hedging activities, to $88 million. This good performance
has yielded returns on net capital employed and
shareholders' equity for the quarter of 16% and 20%
respectively, putting the company well on track to meet
its own ambitious returns and targets.

AngloGold has sold forward part of its South African
production in rand denominated contracts for many
years now.  The company certainly did not anticipate the
very sharp drop in the rand value against the dollar, and
other hard currencies, which occurred during this
quarter.  Clearly the extent of these rand-priced
contracts has limited the extent of the benefit derived by
AngloGold from the significantly lower rand/dollar
exchange rate. The dislocation of the rand during this
quarter required active management of the portion of the
hedge book priced in rands, delivering into contracts and
restructuring the hedge.  This has left the book
substantially less exposed to further declines in the local
currency and, going forward, management intends to
continue to reduce the rand component of its forward
contracts.  Additionally, we have also continued to
reduce our overall hedge position during this quarter; the
cumulative reduction over the past 12 months has been
some 3.5 million ounces.

The year ended 31 December 2001

Turning to AngloGold's performance during the year
ended 31 December 2001, gold production declined by
4% as a result of the sale of the Elandsrand and
Deelkraal mines.  Improvements in cost control and
productivity and the devaluation of the rand led to a 16%
improvement in total cash costs from $213 per ounce to
$178 per ounce, lifting operating profit by 12% to
$522 million.

AngloGold is declaring a final dividend for the half-year
of R11.00 per share, which, in dollar terms, is equal to
48 US cents per ADS, using an illustrative exchange
rate of R11.495 to the dollar -- the rate on 30 January
2002, and represents an annualised dividend yield of
4.7% calculated on a share price of R468 per share (or
$20.36 per ADS), the closing JSE price on 30 January

2002.  This announcement is consistent with
AngloGold's established practice of paying most of the
company's earnings back to shareholders, after allowing
for organic growth.

Normandy

We were, of course, disappointed to have lost in our bid
for Normandy but we are confident that, given the level
of the offer price, the decision to withdraw from the
transaction was made on sound business logic. On
21 January we sold our 7.1% interest in Normandy for
$159 million and intend to use the proceeds to repay
debt, thereby strengthening our balance sheet. The
company's value-adding growth strategy remains a core
focus going forward and we will continue to look for
additional opportunities to grow our business, through
organic growth, focused exploration and a disciplined
approach to opportunistic asset purchases as well as
through value-driven corporate mergers and
acquisitions.

Sale of the Free State assets  South Africa

The announcement of the sale of the Free State assets
during the quarter was driven by the need to consolidate
the central Free State gold mines under common
ownership and management, which has now been
largely achieved.  This common ownership and
management allows these assets optimal future life, to
the benefit of all Free State gold stakeholders.   For
AngloGold it creates a South African asset base which is
low cost, high margin and long life.  Indeed, our
remaining South African assets, with the exception of
the end of life operations Savuka and Ergo are now all
world-class.

Outlook for 2002

Following the disposal of its operations in the South
African Free State and the closure of end-of-life assets,
AngloGold expects annual gold production for 2002 to
reduce to 5.8 million ounces, at a cash cost of $154 per
ounce.  Capital expenditure for the year 2002 is
expected to be $268 million.

RUSSELL EDEY
Deputy Chairman

30 January 2002

LETTER FROM THE CHAIRMAN AND
DEPUTY CHAIRMAN

BOBBY GODSELL
Chairman and Chief
Executive Officer

2

OVERVIEW

The quarter

AngloGold reports the fourth satisfactory quarter in
succession, with headline earnings (before
unrealised hedging activities) increasing by 16% to
$88 million (or 45% to R924 million).  This quarter
saw stable production and lower unit costs, further
assisted by the devaluation of the rand.  Gold
production, although 4% down on the previous
quarter at 1.72 million ounces, was better than
planned and total cash costs were well controlled,
falling 10% from $176 per ounce to $159 per ounce.

In South Africa, Great Noligwa and Kopanang had
production levels below an exceptional third quarter
due to lower mining volumes and grades.  The North
American mines continue to have operating
difficulties and in Australia, the Boddington and
Tanami operations closed earlier than anticipated.

In South Africa, costs were held steady in local
currency terms, quarter-on-quarter, despite a
reduction in gold produced.  Operating profit
increased by 13% ($18 million) to $153 million (or
43% to R1,621 million).  Return on net capital
employed and return on shareholders' equity
increased accordingly, to 16% and 20%
respectively.

The year

For the year ended 31 

December 2001, gold

production declined by 4% as a result of the sale of
the Elandsrand and Deelkraal mines.  This was
partially offset by a 137% increase in production
from the Africa region, with the full inclusion of Geita
and Morila.  Improvements in cost control and
productivity assisted by the devaluation of the rand,
resulted in total cash costs improving by 16%, from
$213 per ounce to $178 per ounce, lifting operating
profit by 12% to $522 million (or 41% to R4,617
million).  Headline earnings (before unrealised
hedging activities) increased by 13% to R286 million
(or 43% to R2,536 million).

SOUTH AFRICA

Overall performance

This was another good quarter for South Africa with
production and productivity only showing a marginal
decline compared with the previous excellent
quarter.

The impact of the 16% increase in the price
received is reflected in the 50% or R359 million
($16 million) improvement in operating profit to
R1,074 million ($101 million).

Management's commitment to containing operating
costs is once again evident in the total cash costs,
which were held steady at R49,757 per kilogram.
(down 16% in dollar terms to $154 per ounce).

Productivity indices, expressed in grams per
employee as well as square metres per employee,
both showed slight deteriorations of 1% and 3%
respectively over the previous quarter despite the
2% reduction in the number of employees.

Tragically, during the month of December, ten
employees lost their lives in six mine accidents,
taking the total number of fatalities for the quarter to
14.  The number of fatal incidents recorded for the
year decreased from 49 in 2000 to 43 in 2001.

The effects of seismicity remain a major threat
facing the region in respect of safety. A research
and development project entitled Hazmap has been
initiated, which will use a multi-dimensional
modelling approach to improve the ability to forecast
where underground teams may be exposed to
undue risk.  ISS International, an AngloGold
subsidiary, has been contracted to manage the
monitoring of seismicity.

On a positive note, Moab Khotsong recorded
1 million fatality-free shifts on 9 November. Its lost-
time injury frequency (LTIF) rate of 4.65 for the year,
improving on the rate of 5.44 for 2000, is well below
the Ontario benchmark of 6.5.  Kopanang achieved
2 million fatality-free shifts on 15 November, while
TauTona was awarded the Mine Health and Safety
Council Flag award for deep-level mines for the
second consecutive year.  Safety will continue to be
a high priority during 2002.

The year 2001 began with the sale of the
Elandsrand and Deelkraal operations. Despite these
activities, the South African region recorded a 39%
increase in operating profit to R2,947 million ($331
million).  Area mined fell by 22% (5% excluding
closure and sold operations) and gold produced was
reduced by 748,000 ounces (14%) to 4,670,000
ounces, which is mainly attributable to the closure or
selling of operations.  Total cash costs for the year
were up 3%, from R48,395 per kilogram to

R50,065 per kilogram, but decreased in dollar terms
from $217 per ounce to $184 per ounce, compared
to a 6.5% inflation rate for the period and wage

OPERATING AND FINANCIAL REVIEW

3

increases in the order of 8%.  Productivity indices,
expressed in grams per employee and square
metres per employee, showed a 10% improvement
and a 1% reduction respectively.

In November, AngloGold announced that it would
sell its Free State assets to ARM and Harmony for
R2.2 billion. On fulfilment of the conditions of sale,
AngloGold will be paid R1.8 billion, with the balance
of R400 million payable in three years' time. In
2001, the Free State operations produced 17% of
AngloGold's worldwide production but only 9% of its
EBITDA. Taken over the 12 months to December
2001, the sale would have the effect of lowering
AngloGold's total cash costs for its remaining
worldwide assets by 4% -- from $178 per ounce to
$170 per ounce.

Mine performance for the quarter

Great Noligwa was unable to maintain its
remarkable performance of the previous quarter
because of lower volumes mined (4%) and lower
reef values (11%).  Year-on-year, grades were
constant at 12.3 grams per tonne.  However, the
total cash costs were reduced by 2% to R31,027 per
kilogram, which at the current exchange rate is
equivalent to $97 per ounce.  Operating profit was
R403 million ($39 million), up 20% on the previous
quarter.

At  Kopanang,  the quarter was highlighted by the
outstanding achievement of 2 million fatality-free
shifts -- the first time that an AngloGold operation
has achieved this significant milestone.  Area mined
fell by 12% from the previous excellent quarter,
which together with the 11% drop in yield from
mining lower values than planned, resulted in a
reduction of 11% in gold produced.  Despite this,
operating profit increased by 31%, with total cash
costs at R46,062 per kilogram ($144 per ounce)
reflecting a 2% improvement.

Following a poor third quarter performance,
Tau Lekoa  focused attention on mining values and
metallurgical processes and tabled a 4%
improvement in volume mined, a 23% improvement
in yield and a 27% increase in gold production.
Total cash costs were reduced by 16% to
R55,573 per kilogram ($173 per ounce), which
helped to effect a turnaround from an operating loss
of R15 million ($2 million) in September to an
operating profit of R52 million ($5 million) for the
quarter.

Gold production at TauTona decreased by 5% to
4,781 kilograms (154,000 ounces) following a lower
Mine Call Factor and a drop in grade experienced in
the Upper Carbon Leader.  Total cash costs
increased by 6% to R43,917 per kilogram ($135 per
ounce).  Operating profit showed a 24%
improvement.

Savuka's production fell short of planned levels and
was down on the previous quarter.  Both yield and
gold production fell by 5% and 1% respectively,
following increased damage from seismicity.  Total
cash costs per kilogram increased to R73,341 per
kilogram ($225 per ounce) following increased
expenditure on development and the maintenance
of major equipment in anticipation of an extended
life of mine.  The operation achieved a R16 million
($1 million) operating profit.

As anticipated, Mponeng showed further
improvements over the previous quarter with mined
volumes up 1%, yield up 1% and gold production up
3%.  This was mainly because of the availability of
new panels in the recently holed raise lines.  Total
cash costs fell by 1% to R56,391 per kilogram
($173 per ounce) and operating profit improved by
R41 million ($3 million) to R52 million ($5 million).

At  Bambanani, production volumes were affected
by two fires and a major seismic event on
21 November, which resulted in the deaths of three
employees.  Mined volume decreased by 7% but
was offset to a significant degree by an increased
yield (4%) to reach the gold production level of the
previous quarter. Total cash costs increased to
R67,205 per kilogram ($206 per ounce), with

operating profit rising to R33 million ($3 million).

Tshepong had another excellent quarter, with
production on a par with the previous quarter.
Although still above target, there was a drop in
recovered grade (down by 3%).  Total cash costs
increased marginally to R50,940 per kilogram ($156
per ounce) with operating profit up 63% to
R73 million ($7 million).

Matjhabeng and Joel both posted improved
operating results.

At Ergo, gold production fell only marginally despite
the closure of Daggafontein and production
disruptions from power failures and excessive
rainfall.  This was achieved through improved head
grade, higher metallurgical efficiency and the gold
recovered from the toll treatment of loaded carbon
material.  Operating profit increased by 84% to
R58 million ($5 million).

AFRICA

The Africa region includes all operations on the
continent outside of South Africa.

Overall performance

The Africa region returned to the performance levels
of earlier in 2001 by producing a record 233,000
attributable ounces and an operating profit of
$25 million -- increases of 2% and 14% respectively
on the September quarter.  Total cash costs were

4

5% higher at $138 per ounce.  The region continued
its good safety performance with only four lost-time
injuries recorded for the quarter.

For the year, the region performed very well with a
total of 868,000 attributable ounces, including
production from Geita and Yatela for the first time
and Morila for its first full year.  Total cash costs for
the year were $129 per ounce.

Operating profit for the year improved by 93% or
$42 million to $87 million.

Mine performance for the quarter

An improved performance at Sadiola (38%
attributable) led to a 17% increase in production to
55,000 ounces, largely as a result of improved
grades.  Total cash costs improved by 4% to
$131 per ounce.  Sadiola had an outstanding year in
terms of safety, with no lost-time injuries recorded
for 2001.  A project is under way to convert the
process plant to treat sulphide ore from the first
quarter of 2002, which will enable the mine to
sustain gold production volume.  Exploration in the
oxide ore continues to prove successful and
exploration drilling in the hard sulphide is in the
process of evaluation for economic extraction.

Since first production in mid-2001, Yatela (40%
attributable) has exceeded expectations in
production, costs and safety and is currently in the
process of an internal post-project performance
testing.  Production in the fourth quarter increased
to 28,000 attributable ounces, 12% up on the
previous quarter.  Total cash costs increased by 3%
to $151 

per ounce. Yatela has continued its

excellent safety performance having recorded only
one lost-time injury since commissioning in June
2001.

A 3% increase in plant throughput was achieved at
Morila  (40% attributable) during the quarter,
however a 14% planned reduction in grade to
5.8 grams per tonne resulted in an 11% drop in gold
production to 58,000 ounces (attributable).  Grades
are expected to remain at this level for the first half
of 2002 prior to the mining of higher grades from the
second pit, resulting in an expected overall
improvement in annual production levels for 2002.
Total cash costs for the quarter increased by 13% to
$117 per ounce largely as a result of the decrease
in production in the fourth quarter.

Gold production at Geita (50% attributable)
decreased by 4% to 69,000 attributable ounces.
Increased plant throughput of 12%, at
596,000 

tonnes, was largely offset by a 14%

reduction in recovered grade to 3.6 grams per
tonne, caused by planned mining of lower grade ore
in the Nyankanga Pit.   Gold production levels
achieved in 2001 are expected to be repeated in
2002.  Total cash costs increased by 9% to

$163 per ounce for the quarter due to the decreased
production and contract payment adjustments
during the quarter.

An all-time record quarter was achieved by
Navachab with a 15% improvement in production to
23,000 ounces and total cash costs of $142 per
ounce, 22% lower than in the third quarter. This
record production was mainly as a result of higher
than expected grades.  An exploration programme
has been designed to assess upside potential
during 2002.

NORTH AMERICA

Overall performance

The North America operations had a difficult quarter
due to severe winter weather, a fire in the roaster at
Jerritt Canyon and ongoing technical problems
associated with the leach pad at Cripple Creek &
Victor (CC&V).  Operating profit decreased to
$1 million due to a significant decline in gold
production.  Reduced gold production of
106,000 ounces for the quarter also contributed to
higher total cash costs of $235 per ounce.

During 2001, approval for the $195 million CC&V
expansion plan was granted.  The project is
described in the "Value-Adding Growth" section of
this report.

Operating profit for the year of $16 million is 16%
lower than in 2000 with total cash costs increasing
by 6% to $211 per ounce.

Mine performance for the quarter

Production at Cripple Creek & Victor (67%
attributable -- effectively 100% -- see Note 4 on
page 12 was 26% lower for the quarter at 45,000
ounces due to ongoing technical problems with the
leach pad.  As a result of the decreased production,
total cash costs were 10% higher than in the third
quarter at $212 per ounce.  During 2001, the
Colorado Mining Association and the Colorado
Division of Minerals and Geology recognised the
CC&V mine as the safest surface mine in the State
of Colorado.

Jerritt Canyon's (70% attributable) production was
18% lower quarter-on-quarter at 61,000 attributable
ounces.  Fire caused a roaster shutdown and
adverse weather conditions, including significantly
higher than normal snowfall, caused a reduction in
mill throughput.  Total cash costs were 24% higher
quarter-on-quarter at $248 per ounce because of
the decrease in production, repair of the roaster fire
damage and higher wet ore handling costs.  SSX
mine received the Mine Safety and Health
Administration's Sentinels of Safety award as the

5

safest underground metal group mine in the United
States.

SOUTH AMERICA

Overall performance

During the quarter, gold production in the South
America region increased by 4% to 116,000 ounces
with operating profit improving by 13% to
$18 million.  Total cash costs were reduced by 4%
to $123 per ounce, mainly as a result of increased
production.

Despite good performances by all three operations
in South America during 2001, operating profit for
the year was 9% down on 2000 at $63 million.
Higher ounces sold offset a lower realised price,
while total cash costs were 7% lower at $134 per
ounce.  Gold production for 2001 was the same as
2000 at 441,000 ounces with silver production 35%
higher at Cerro Vanguardia.

Mine performance for the quarter

Operating profit was 8% higher ($7 million) at Morro
Velho, largely as a result of increased gold sales
and higher received price.  Production increased by
6% to 56,000 

ounces with average grade at

6.9 grams per tonne (1% higher).  Safety has
improved to a LTIF rate of 9.06, although this is still
above the Ontario benchmark of 6.5.

Serra Grande's (50% attributable) operating profit
declined by 3% as a result of a 12% decrease in the
gold sold.  This was partially offset by a higher
received price.  A planned decrease in production,
due to mining a lower grade ore zone, saw Serra
Grande's ounces fall by 12% to 22,000 attributable
ounces.  Good safety performances saw the LTIF
rate at just outside of the Ontario benchmark of 6.5.

At  Cerro Vanguardia (46.25% attributable),
production increased during the quarter by 12% to
38,000 attributable ounces as a result of higher
tonnage treated with grades running 2% below
those of last quarter.  Operating profits were 35%
higher as a result of increased gold sold and higher
received prices.  LTIF rate is currently running at
7.54 compared to the Ontario benchmark of 6.5.

AUSTRALIA

Overall performance

Production for the quarter of 124,000 ounces was
7% below output in the September quarter, with the
loss of production attributable to the closure of the
Tanami and Boddington oxide mines during the
quarter.  Despite lower gold production for the
quarter, total cash costs fell by 7% to A$357

($183) per ounce.  Operating profit for the quarter
improved by 14% to A$16 million ($8 million).

Production during 2001 was 508,000 ounces, 3%
lower than in 2000.  Record production from Sunrise
Dam could not fully offset the losses resulting from
the closure of the Brocks Creek mine in 2000 and
the Tanami mine during 2001.  In addition,
Boddington ceased operations during the fourth
quarter.  The operating profit for the year of A$48
million ($25 million) was 19% below that recorded
for 2000.

The LTIF rate in the December quarter improved to
9.3, down 38% compared to the previous quarter.

Mine performance for the quarter

Production at Sunrise Dam fell marginally (by 1%)
to 76,000 ounces.  Plant throughput increased to
around 3 million tonnes per annum following the
expansion completed earlier in the year.  Operating
profit increased by 33% to A$12 million ($6 million),
with total cash costs at the operation down by 5% to
A$317 ($162) per ounce during the quarter.  With
continued outstanding exploration results adding to
the resource, further cutbacks to the open pit are
being planned to access ore in the Watu and Mako
lodes.

Despite the onset of the wet season, gold
production for the fourth quarter at Union Reefs
increased by 1% to 31,000 ounces.  Increased
mining activity led to a 2% increase in total cash
costs to A$463 ($237) per ounce.  Operating profit
of A$3 million ($1 million) is 25% lower than in the
third quarter.

Operations at Boddington (33.33% attributable)
ceased at the end of November and the plant has
been placed on care and maintenance pending the
commencement of the Boddington Expansion
Project.  As a result of the closure, production for the
quarter fell 23% to 17,000 attributable ounces.  With
the inclusion of gold recovered from the plant clean-
out, total cash costs were reduced by 8% to A$316
($161) per ounce.  The mine returned an operating
profit of A$4 million ($2 million) -- the same as in
the previous quarter.

Operations at Tanami  (40% attributable) ceased
early in the December quarter, resulting in
production of less than 1,000 attributable ounces.
Implementation of the mine rehabilitation plan is
continuing with the plant now leased to Normandy
North Flinders.  The mine recorded an operating
loss of A$1 million for the quarter.

VALUE-ADDING GROWTH

AngloGold continues to enhance the value of the
company through organic growth.  The company

6

currently has five major capital projects in
development which will be coming into production
over the next three years, and which will produce
around 18 million ounces of gold in total over the life
of the projects at an average cash cost of
approximately $150 per ounce.  AngloGold will also
seek value growth through its substantial and
focused exploration programme, in addition to the
acquisition of both individual orebodies and
corporate entities where these acquisitions add
value to AngloGold.

CAPITAL PROJECTS

Sunrise Dam  Cleo pit and treatment plant
expansion

This project was based on a significant increase in
the Cleo resource which had expanded to 4.5 million
ounces by the end of 2001.  The expansion will
increase production by approximately 2.1 million
ounces and the life of mine by four years to 2008.
The expansion is effectively complete, at a capital
cost of A$97 million.  Beyond this initial Megapit
expansion project, drilling results indicate significant
upside potential which could result in a doubling of
the current resource base and a further extension to
the life of Sunrise Dam.  Production from the
Megapit commenced during the fourth quarter of
2001 at an average cash cost of $170 per ounce.

Mponeng  deepening to 120 level

This project will extend the life of mine by five years
to 2012.  The total capital expenditure for the
deepening is R1.3 billion, with half of this already
spent.  The project is expected to add 3 million
ounces to production over the life of the mine,
resulting in an  average cash cost for the mine of
$156 per ounce.

TauTona

The project will extend TauTona's life by at least
another four years to 2011.  The project has two
main areas of focus  accessing and mining part of
the shaft pillar and accessing and mining an area
east of the Bank Dyke, previously part of the mine
plan of the adjacent Mponeng mine.  The project will
require capital expenditure of R462 million, R60
million of which has already been spent to date.
The project will add 2.3 million ounces of gold
production over the life of the operation resulting in
an average cash cost for the mine of $133 per
ounce.  The project is advancing on schedule.

Cripple Creek & Victor expansion

The CC&V expansion will extend the life of mine by
four years to 2013 and will produce 2.8 million
ounces of additional gold resulting in an average
cash cost for the mine of $174 per ounce.

Progress on project construction is on plan.  The
mining fleet is now in place and leach pad
performance is being monitored.  Life of mine capital
expenditures is expected to total $195 million, of
which approximately $119 million has been spent to
date.

The installation of process equipment is on schedule
with the crusher to be commissioned early in the
third quarter of 2002.

Moab Khotsong

This project and new mine is due to commence
operating in October 2003, reaching full production
in 2006. With capital expenditure of R3.8  billion,
R2.4 billion of which has been spent to date, the
mine which extends to 101 level, is expected to
produce 4.5 million ounces of gold through to 2015
at  an average cash cost of $97 per ounce.  To date,
development is on schedule and within budget.
Drilling below 101 level will continue in 2002 to
assess upside potential.

ADVANCED DEVELOPMENT PROJECTS

Cuiab expansion  Brazil

The planned Cuiab expansion project is expected
to effectively increase production from
approximately 2,300 to 4,000 tonnes per day and
will increase the amount of gold produced by some
150,000 ounces per year.  The ore reserve between
11-level and 21 level (approximately 1,400 metres
below surface at 21 level) is 9 million tonnes at 7.7
grams per tonne, or approximately 2.2 million

ounces.  The project is likely to require capital
expenditure of $140 million.  Should the project be
approved, it is expected that the pre-feasibility study
would commence late in 2002 or early in 2003, and
production in 2005 or 2006.

Boddington expansion  Western Australia

AngloGold (33.33% attributable) is a partner in
Boddington with Normandy (44.44% attributable)
and Newcrest (22.22% attributable).  Boddington's
oxide mining operation came to an end during the
December quarter, pending a decision on the
expansion project.  In late 2000, a feasibility study
was completed for the expansion of the operation,
which has a reserve of 390 million tonnes at

0.87 grams  per  tonne,  containing  10.9 million
ounces of gold.  A decision on the project is
expected during the year.

7

EXPLORATION

AngloGold's exploration strategy is to extend the life
of existing operations and to find new, cost-effective
ounces through in-house exploration or joint
ventures and the acquisition of late-stage
exploration projects.  The company's significant and
focused exploration programme has shown
encouraging results, some of which are outlined
below.

Brownfields exploration

At Sadiola in Mali,  exploration activity delineated
0.6 million attributable ounces of oxide resources
from satellite deposits.  The hard sulphide potential
below and adjacent to the pit is being assessed by
drilling and structural reinterpretation.

At Sunrise Dam in Western Australia, drilling results
from the Western Shear and Watu structures at the
southern end of the pit have been encouraging and
indicate that further pit cut-backs may be justified.
Significant intercepts from the Western Shear
included 13 metres at 19.42 grams per tonne.

Results from Watu included 9 metres at

26.77 grams per tonne.

On the northern side of the pit, intersections of new
structures at Mako lode included 4 

metres at

150.79 grams per tonne which is promising for
future work.  The operation will continue to expand
as exploration continues.

At the advanced exploration project at Coyote in the
Tanami region of Australia, the main high-grade
Buggsy-Gonzalez structure has been defined over a
strike length of 800 metres and to a depth of
250 metres.  Significant intercepts include 2 metres
at 27.40 

grams per tonne and 7 metres at

132.00 grams per tonne.  This structure is open-
ended and provisional resource estimation is in
progress.

At Morila in Mali, exploration comprised drilling in
the Donba corridor as well as an electromagnetic
(EM) airborne programme.  Drilling results at Donba
include 33 metres at 3.30 grams per tonne.  Target
generation from the exploration programmes have
produced a number of new targets that will be drill-
tested in 2002.

At Serra Grande, geophysics has identified several
new targets in the Crixas greenstone belt.  These
will be followed up in 2002.  Deep drilling has
confirmed the down-plunge mineralisation at Mina
Nova and Mina III.

Within the Iron Quadrangle at Corrego do Sitio in
Brazil, drilling will be conducted from a ramp to
assess the underground sulphide potential.  Oxide
drilling results at Corrego do Sitio include 12.2
metres at 15.04 grams per tonne.

In the Geita region, exploration drilling has
produced encouraging results at Geita Hill and the
focus for 2002 will be extensions to the Nyankanga
orebody.  Testing of the down-dip extension at Geita
Hill intersected 21 metres at 2.55 grams per tonne
with the best results to date 39 metres at 7.08 grams
per tonne.  Exploration results for satellite deposits
include 5 metres at 13.31 grams per tonne at
Samena, 5 metres at 16.00 grams per tonne at
Prospect 30 and 51 metres at 2.40 grams per tonne
at Chipaka.

At Cripple Creek & Victor in Colorado, exploration
for new resources will remain focused on the
definition of high-grade underground targets and
surface potential in operational areas.  Encouraging
drill results were obtained from the latter.

Underground drilling at the Smith mine at Jerritt
Canyon in Nevada yielded several high-grade
intersections including 15 metres at 30.63 grams per
tonne.  Diamond drilling at the SSX mine included
intersections of 18 metres at 10.92 grams per tonne.

Greenfields exploration

In  Southern Mali,  AngloGold conducted a high-
resolution airborne electromagnetic survey and has
identified a number of new targets.  Several new
joint ventures and permits were negotiated and
granted with drilling planned to commence during
2002.

At Red Lake in Canada, diamond drilling intersected
encouraging values during the year and follow-up
drilling on other targets will continue during 2002.

In  Peru, four target areas are being explored and
drilling has proceeded in three of these.
Encouraging results were intersected and a drilling
programme is planned for 2002.

8

After an eventful and volatile year in the gold
market, the gold price remained well
supported during the final quarter of 2001,
with firm prices for the metal into the new
year.  The spot price again traded above
$290 per ounce during this period, this time
on the back of the terrorist attacks on the
United States of America.  The average
price of $278 for the quarter was the highest
quarterly average spot price in the past 18
months.

Activity in the gold market was completely
overshadowed, however, by the
unprecedented weakness of the South
African currency during this quarter.  At its
weakest point just before Christmas, the

rand fell to R13.81 against the US dollar and
R20.00 against the pound.  At this point, the
currency had fallen by some 50% in value
from its opening exchange rate of slightly
less than R9.00 to the dollar at the beginning
of the year.  The average exchange rate
against the US dollar for the quarter of
R10.17 was over 20% weaker than the
average for the previous quarter.  The local
currency has since steadied, closing the
year at around R12.00 to the dollar, and
trading in the new year at around R11.50 to
the dollar.  This produced record high local
spot gold prices of just under R123,000 per
kilogram on 21 December 2001.  Spot gold
prices have since fallen with the firmer rand
to around R105,000 per kilogram.

This fall in the value of the rand has seen
the currency break out of all long-term
exchange rate relationships with the
currencies of South Africa's major trading
partners.  The currency's average
depreciation of some 15% against the US
dollar since the early 1990's was broken in
September when the rand moved above
R8.50 to the dollar, and current exchange
rates bear no relationship to any economic
fundamentals such as purchasing power
parities, cumulative interest rate differentials
or inflation rate differentials.  This leaves the
currency and the associated local gold spot

price in a no man's land where forecasts of
future movement are impossible.  Whilst
previous experience of exchange rate
dislocation from time to time would suggest
that the rand should stabilise and trade
sideways at around current levels, there
remains a danger that speculation against
the currency might recur.  A government
commission of enquiry into the exceptional
movement in exchange rates during last
quarter has brought some sense of
reassurance to this nervous market.

RAND GOLD PRICE: 2000 - TODAY

40,000

60,000

80,000

100,000

120,000

140,000

Jan-00

Apr-00

Jul-00

Oct-00

Jan-01

Apr-01

Jul-01

Oct-01

Jan-02

R/Kg

GOLD MARKET

9

R/$ EXCHANGE RATE : 1994  2002

Turning to the gold market, the past year
has been one of change and transition in a
number of important areas of physical
supply and demand, and the final quarter of
the year was no different.  The most
important determinant of this change has
been the slow-down in the global economy,
and in particular in the developed
economies.  This has been negative for gold
demand.  However, lower US interest rates
and other circumstances in the market have
led to a material fall in hedging activities and
a reversal in gold disinvestment seen in
recent years, leaving the physical market for
gold overall in an unchanged state of
balance.  A fall in physical demand was
seen in both gold jewellery and industrial
offtake in the developed economies in
particular, with some slippage also in gold
offtake in certain important developing
markets due to specific regional causes.
Early estimates of fabrication demand for the
year show a slippage of some 7% or 270
tons, from 3,750 tons in 2000 to 3,480 in
2001.  On the supply side, mining production
has stalled at unchanged levels year on
year, whilst net producer hedging and
implied disinvestment saw reduced supplies
to the market of around the same level as
the fall in demand.

Secular changes in the valuation of
currencies or metal prices obviously have a
material impact on price hedges in place in
such markets.  This is certainly true of the
fall in the rand value.  AngloGold has
consistently hedged a portion of its forward
pricing in rands, and at the end of the
previous quarter, 153 tons or 30% of the
total hedge of 506 tons was priced in rands.

Following deliveries against contracts in the
final quarter of the year, and a measure of
restructuring of the hedge during December,
the outstanding rand priced hedges amount
to 125 tons or 27% of the total hedge.  By
maintaining forward price cover, AngloGold
has managed its hedge actively over the
years, and it is our intention to further reduce
the level of rand priced cover by
restructuring the hedge as particular market
circumstances provide the opportunity to do
so from time to time.  During the quarter
under review, the company reduced its
hedge position by some 53 tons or
1.7 million ounces; the progressive reduction
in net hedge commitments over the past
year has been just on 105 tons or 3.4 million
ounces.  In current market circumstances,
the company will continue to deliver into
maturing hedge contracts in the year ahead.

RA N D  D O LLA R EX C H A N G E RA TE

Jan95

Jan96

Jan97

Jan98

Jan99

Jan00

Jan01

Jan02

 R/U S$

2

3

4

5

6

7

8

9

10

11

12

13

A nnualised depreciation from  Feb. '96 to Sep. '01 : 15.3%

3 Sept. '01, R8.42

28 Sept. '01, R9.00

10

NET DELTA OPEN HEDGE POSITION AS AT 31 DECEMBER 2001

As at 31 December 2001, the group had outstanding the following net forward-pricing commitments against future
production.

Rand Gold

kg's
sold

R per kg

Dollar Gold

Kg

sold

$ per oz

AUS Dollar

Gold

kg's sold

A$ per oz

Total

kg's sold

Total

oz sold

`000

12 months

ending

31 Dec

2002

22,920

60,332

66,375

301

18,919

563

108,214

3,479

2003

24,706

90,914

39,226

320

13,686

524

77,618

2,495

2004

22,438

109,137

35,404

322

5,443

534

63,285

2,035

2005

22,509

132,592

32,287

325

5,163

646

59,959

1,928

2006

14,007

135,287

26,901

332

6,146

615

47,055

1,513

Jan 2007 

Dec 2011

10,140

135,367

76,525

352

10,397

535

97,061

3,121

116,720

105,636

276,718

327

59,754

559

453,192

14,571

The marked-to-market value of all hedge transactions making up the hedge positions in the above table was a
negative R2,850 million (negative $238 million) as at 31 December 2001.  The value was based on a gold price of
$278 per ounce, exchange rates of R/$12.0 and $/A$ 0.5111 and the prevailing market interest rates and volatilities
at the time.

As at 29 January 2002, the marked-to-market value of the hedge book was a negative R2,173 million ($189 million)
based on a gold price of $279 per ounce and exchange rates of $/R11.47 and A$/$0.515 and the prevailing market
interest rates and volatilities at the time.

Note to AngloGold Hedge Position as at 31 December 2001
*The delta position indicated hereafter 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 2001.

GOLD MARKET

11

Year

2002

2003

2004

2005

2006     2007-2011

Total

DOLLAR GOLD

Forward Contracts

Amount (kg)

61,727

33,465

32,435

25,879

20,524

43,831

217,861

$ per oz

$299

$315

$317

$326

$334

$349

$321

Put Options Purchased

Amount (kg)

10,238

5,808

2,662

757

563

728

20,756

$ per oz

$312

$352

$390

$291

$291

$292

$331

*Delta (kg)

5,110

4,898

2,118

283

183

210

12,802

Put Options Sold

Amount (kg)

3,732

3,732

$ per oz

$273

$273

*Delta (kg)

1,270

1,270

Call Options Purchased

Amount (kg)

24,535

4,710

572

29,817

$ per oz

$338

$394

$360

$347

*Delta (kg)

1,049

176

115

1,340

Call Options Sold

Amount (kg)

24,584

10,463

3,303

12,902

12,222

57,194

120,668

$ per oz

$340

$372

$342

$321

$329

$357

$348

*Delta (kg)

1,857

1,039

966

6,125

6,194

32,484

48,665

RAND GOLD

Forward Contracts

Amount (kg)

20,316

21,067

20,264

19,964

11,825

10,140

103,576

Rand per kg

R56208         R90,427       R110,801      R133,897      R142,973

  R135,367      R106,479

Put Options Purchased

Amount (kg)

1,875

1,875

1,875

1,875

1,875

9,375

Rand per kg

 R93,603         R93,603        R93,603         R93,603       R93,603

R93,603

*Delta (kg)

144

103

79

44

31

401

Put Options Sold

Amount (kg)
Rand per kg

*Delta (kg)

Call Options Purchased

Amount (kg)

12,031

1,058

13,089

Rand per kg

 R86,039         R93,881

R86,673

*Delta (kg)

11,746

980

12,726

Call Options Sold

Amount (kg)

14,669

4,831

2,187

3,432

2,187

27,306

Rand per kg

R87,148          R93,767        R93,630      R122,862        R93,630

R93,846

*Delta (kg)

14,206

4,516

2,095

2,501

2,151

25,469

AUS DOLLAR (A$) GOLD

Forward Contracts

Amount (kg)

18,040

13,841

5,443

6,221

9,331

22,395

75,271

A$ per oz

A$572

A$526

A$534

A$659

A$635

A$618

A$590

Call Options Purchased

Amount (kg)

6,687

3,888

3,110

6,221

20,062

39,968

A$ per oz

A$728

A$701

A$724

A$673

A$691

A$698

*Delta (kg)

847

817

1,058

3,185

11,998

17,905

Call Options Sold

Amount (kg)

3,732

3,110

6,842

A$ per oz

A$554

A$700

A$620

*Delta (kg)

1,726

662

2,388

RAND DOLLAR (000)

Forward Contracts

Amount ($)

25,574

25,574

Rand / $

R 6.31

R 6.31

Put Options Purchased

Amount ($)

105,000

105,000

Rand per $

R 8.18

R 8.18

*Delta ($)

1,233

1,233

Put Options Sold

Amount ($)

Rand per $
*Delta ($)

Call Options Purchased

Amount ($)

78,450

8,000

86,450

Rand per $

R 8.33

R 6.94

R 8.20

*Delta ($)

75,910

7,985

83,895

Call Options Sold

Amount ($)

153,450

8,000

161,450

Rand per $

R 8.76

R 6.94

R 8.67

*Delta ($)

147,294

7,985

155,279

AUS DOLLAR (000)

Forward Contracts

Amount ($)

43,748

29,428

15,970

89,146

$ per A$

$0.58

$0.59

$0.64

$0.60

ANGLOGOLD HEDGE POSITION
AS AT 31 DECEMBER 2001

12

1.       The results included herein for the quarter and twelve months ended 31 December 2001, which are

audited, have been prepared using the accounting policies which are in accordance with the standards
issued by the International Accounting Standards Board and the South African Institute of Chartered
Accountants.  Where appropriate, comparative figures have been restated.

2.       During the quarter, 210,400 ordinary shares were allotted in terms of the AngloGold Share Incentive

Scheme and 1,001 ordinary shares were allotted in terms of the Acacia Employee Option Plan.

3.       Orders placed and outstanding on capital contracts as at 31 December 2001 totalled R877 million

(30 September 2001: R943 million), equivalent to $73 million (30 September 2001: $104 million) at the
rate of exchange ruling on that date.

4.       Although AngloGold holds a 66.7% interest in Cripple Creek & Victor Gold Mining Company Limited, it is

currently entitled to receive 100% of the cash flow from the operation until a loan, extended to the joint
venture by AngloGold North America Inc., is repaid.

5.       On 5 September 2001, AngloGold announced that it was to make an offer to acquire the entire issued

share capital of Normandy Mining Limited, Australia's largest and leading gold company.  The offer was
to be settled in AngloGold shares in the ratio of 2.15 AngloGold shares for every 100 Normandy shares.
Shareholders approved the acquisition in general meeting on 19 November 2001.  In the light of a
competing offer for Normandy by Newmont Mining Corporation, on 28 November 2001 AngloGold
announced a revised offer to include a cash consideration of A$20 for every 100 Normandy shares in
addition to the 2.15 AngloGold shares.  AngloGold shareholders approved the revised offer in general
meeting on 19 December 2001.  Following the revision of Newmont's offer, AngloGold once again
revised its offer by increasing the cash consideration by a further A$10 for every 100 Normandy shares.
As the increase in the offer was not material, shareholder approval was not required.  The final offer to
Normandy shareholders comprised 2.15 AngloGold shares plus a cash consideration of A$30 for every
100 Normandy shares.

At the close of the offer on 18 January 2002, AngloGold had received acceptances totalling
159,690,842 Normandy shares (7.1295% of the issued Normandy share capital).  Arising out of the
offer, a total of 3,435,950 AngloGold shares have been issued (31 December 2001:  233,183 AngloGold
shares).  The Normandy shares acquired were sold on 21 January 2002, realising $159 million.

6.       On 28 November 2001, AngloGold implemented a 10-for-1 split of the AngloGold CHESS Depositary

Interests (CDIs), which trade on the Australian Stock Exchange.

7.       On 21 November 2001, AngloGold announced that agreement had been reached with African Rainbow

Minerals (Proprietary) Limited and Harmony Gold Mining Company Limited for the sale, effective on
1 January 2002, by AngloGold of its entire interest in the gold mining operations comprising Bambanani,
Joel, Matjhabeng and Tshepong mines and the Ernest Oppenheimer Hospital in the Free State, as well
as their related infrastructure, assets and associated liabilities, subject to the fulfilment of suspensive
conditions.  The cash consideration of R2,200 million is payable in two tranches: R1,800 million on
fulfilment of the suspensive conditions and R400 million on 1 January 2005.

8.

STRATE

AngloGold commenced trading under STRATE, the JSE Securities Exchange South Africa's (JSE)
electronic settlement system, on 5 November 2001.  Shareholders are reminded that in order to trade
AngloGold shares on the JSE, AngloGold shares must have been dematerialised.  Shareholders
holding share certificates who wish to trade their shares, should contact their stockbroker, banker or
agent in this regard.

9.

Dividend

The directors have today declared Final Dividend No. 91 of 1,100 (Final Dividend No. 89: 650) South
African cents per ordinary share for the 12 months ended 31 December 2001.  In compliance with the
requirements of STRATE, the salient dates for this final dividend are as follows:

NOTES

13

To holders of ordinary shares

South African, United Kingdom
and Australian share registers

2002

Currency conversion date for UK pounds and Australian dollars

Friday 8 February

Last date to trade ordinary shares cum dividend

Friday 15 February

Last date to register transfer of certificated securities cum dividend Friday 15 February

Ordinary shares trade ex dividend

Monday 18 February

Record date

Friday 22 February

Payment date

Monday 4 March

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

Dividends in respect of dematerialised shareholdings will be credited to shareholders' safe custody
accounts with their CSDPs or brokers.

Shareholders may not dematerialise or rematerialise their holdings of ordinary shares between
Monday, 11 February 2002 and Friday, 22 February 2002, both dates inclusive.

To holders of American Depositary Shares

(Each American Depositary Share (ADS) represents one-half of an ordinary share)

2002

Ex dividend on New York Stock Exchange

Wednesday 20 February

Record date

Friday 22 February

Approximate date for currency conversion

Monday 4 March

Approximate payment date of dividend

Friday 15 March

For illustrative purposes, the dividend payable on an ADS was equivalent to 48 US cents at the rate of
exchange ruling on Wednesday, 30 January 2002.  This compares with the final dividend of 39.88 US
cents per ADS paid on 9 April 2001.

By order of the Board

R M GODSELL

R P EDEY

Chairman and Chief Executive Officer

Deputy Chairman

30 January 2002 

GROUP OPERATING RESULTS

Issued Capital:

107,634,058 ordinary shares of 50 cents each
2,000,000 A redeemable preference shares
778,896 B redeemable preference shares
All the preference shares are held by a wholly owned subsidiary company

Weighted average:

107,139,446 ordinary shares in issue for the year

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

Quarter

Quarter

Year

Year

ended

ended

ended

ended

December

September

December

December

2001

2001

2001

2000

GOLD
UNDERGROUND OPERATIONS
Tonnes milled

- 000

- reef

4,393

4,445

17,929

21,126

- waste

23

-

25

167

- total

4,416

4,445

17,954

21,293

Yield

- g/t

- reef

 8.20

 8.38

 8.21

 8.02

- waste

-

-

 0.08

 0.54

- average

 8.15

 8.38

 8.20

 7.96

Gold produced

- kg

- reef

36,012

37,254

147,248

169,468

- waste

-

-

2

91

- total

36,012

37,254

147,250

169,559

PRODUCTIVITY
g/employee

- target

228

229

219

209

- actual

220

224

214

193

SURFACE AND DUMP RECLAMATION
Tonnes treated

- 000

11,668

12,620

50,355

50,289

Yield

- g/t

 0.32

 0.30

 0.32

 0.32

Gold produced

- kg

3,692

3,843

15,976

15,870

OPEN-PIT OPERATIONS
Tonnes mined

- 000

24,485

22,498

85,790

49,121

Stripping ratio *

 2.80

 2.25

 2.17

 1.08

Tonnes treated

- 000

6,446

6,932

27,042

23,601

Yield

- g/t

 2.14

 2.07

 2.00

 1.69

Gold produced

- kg

13,767

14,343

53,977

39,866

TOTAL
Gold produced

- kg

53,471

55,440

217,203

225,295

Gold sold

- kg

53,777

56,081

217,862

225,235

Revenue

- R/kg sold

92,544

77,635

79,384

67,158

Total cash costs

- R/kg produced

51,710

47,687

48,828

46,404

Total production costs

- R/kg produced

62,995

57,046

58,579

53,334

CAPITAL EXPENDITURE

 - mining direct

 721

 529

2 175

1 851

 - other

 94

 102

 392

 212

 815

 631

2 567

2 063

* Stripping ratio = (tonnes mined - tonnes treated) / tonnes treated

 15

GROUP OPERATING RESULTS

Issued Capital:

107,634,058 ordinary shares of 50 cents each
2,000,000 A redeemable preference shares
778,896 B redeemable preference shares
All the preference shares are held by a wholly owned subsidiary company

Weighted average:

107,139,446 ordinary shares in issue for the year

Statistics are shown in imperial units and financial figures in US dollars.

Quarter

Quarter

Year

Year

ended

ended

ended

ended

December

September

December

December

2001

2001

2001

2000

GOLD
UNDERGROUND OPERATIONS
Tons milled

- 000

- reef

4,842

4,900

19,764

23,287

- waste

26

-

28

184

- total

4,868

4,900

19,792

23,471

Yield

- oz/t

- reef

 0.239

 0.244

 0.240

 0.234

- waste

-

-

-

 0.016

- average

 0.238

 0.244

 0.239

 0.232

Gold produced 

- oz 000      - reef

1,158

1,197

4,734

5,448

- waste

-

-

-

3

- total

1,158

1,197

4,734

5,451

PRODUCTIVITY
oz/employee

- target

 7.32

 7.36

 7.05

 6.71

- actual

 7.09

 7.20

 6.87

 6.21

SURFACE AND DUMP RECLAMATION
Tons treated

- 000

12,862

13,911

55,506

55,436

Yield

- oz/t

 0.009

 0.009

 0.009

 0.009

Gold produced

- oz 000

119

124

514

510

OPEN-PIT OPERATIONS
Tons mined

- 000

26,990

24,800

94,567

54,146

Stripping ratio *

 2.80

 2.25

 2.17

 1.08

Tons treated

- 000

7,105

7,641

29,808

26,016

Yield

- oz/t

 0.062

 0.060

 0.058

 0.049

Gold produced

- oz 000

442

461

1,735

1,282

TOTAL
Gold produced

- oz 000

1,719

1,782

6,983

7,243

Gold sold

- oz 000

1,729

1,803

7,004

7,241

Revenue

- $/oz sold

280

288

286

308

Total cash costs

- $/ounce produced

159

176

178

213

Total production costs

- $/ounce produced

193

211

213

245

Rand/US Dollar average exchange rate

 10.18

 8.39

 8.62

 6.78

CAPITAL EXPENDITURE

 - mining direct

 73

 63

 252

 273

 - other

 9

 12

 46

 31

 82

 75

 298

 304

* Stripping ratio = (tons mined - tons treated) / tons treated

 16

GROUP INCOME STATEMENT

Quarter

Quarter

Year

Year

ended

ended

ended

ended

December

September

December

December

SA Rand million

2001

2001

2001

2000

Gold income

5,069

4,429

17,590

15,338

Cost of sales

(3,448)

(3,293)

(12,973)

(12,065)

Cash operating costs

2,732

2,606

10,454

10,421

Other cash costs

59

62

240

131

Total cash costs

2,791

2,668

10,694

10,552

Retrenchment costs

32

25

185

118

Rehabilitation and other non-cash costs

55

48

123

9

Production costs

2,878

2,741

11,002

10,679

Amortisation of mining assets

538

462

1,884

1,508

Total production costs

3,416

3,203

12,886

12,187

Inventory change

32

90

87

(122)

Operating profit

1,621

1,136

4,617

3,273

Corporate administration and other expenses

(42)

(44)

(174)

(175)

Market development costs

(39)

(31)

(133)

(82)

Research and development costs

(5)

(5)

(20)

(54)

Exploration costs

(76)

(51)

(228)

(309)

Profit from operations

1,459

1,005

4,062

2,653

Interest receivable

62

31

176

250

Other net income (expense)

(3)

21

1

124

Finance costs

(143)

(132)

(608)

(481)

Realised (loss) gain on hedging instruments

(20)

31

30

-

Unrealised gain (loss) on hedging activities

47

(235)

(126)

-

Profit before exceptional items

1,402

721

3,535

2,546

Amortisation of goodwill

(89)

(59)

(259)

(135)

Debt written-off

-

-

(21)

-

Impairment of mining assets

-

-

(3)

(708)

Investment properties value restatement

67

-

67

-

Profit (loss) on sale of mining assets

-

7

(32)

-

Termination of retirement benefit plans

(54)

-

(54)

(10)

Profit before taxation

1,326

669

3,233

1,693

Taxation

(410)

(211)

(983)

(490)

Normal taxation

(411)

(280)

(950)

(533)

Deferred taxation 

1

(20)

(105)

(153)

Deferred tax on unrealised hedging activities

-

89

66

-

Taxation on exceptional items

-

-

6

196

Profit after taxation

916

458

2,250

1,203

Minority interest

(21)

(19)

(70)

(87)

Net profit

895

439

2,180

1,116

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

895

439

2,180

1,116

Amortisation of goodwill

89

59

259

135

Debt written-off

-

-

21

-

Impairment of mining assets

-

-

3

708

Investment properties value restatement

(67)

-

(67)

-

(Profit) loss on sale of mining assets

-

(7)

32

-

Termination of retirement benefit plans

54

-

54

10

Taxation on exceptional items

-

-

(6)

(196)

Headline earnings

971

491

2,476

1,773

Unrealised loss (gain) on hedging activities

(47)

235

126

-

Deferred tax on unrealised hedging activities

-

(89)

(66)

-

Headline earnings before unrealised
hedging activities

Earnings per ordinary share - cents
    - Basic

835

410

2,035

1,043

    - Headline

906

459

2,311

1,658

    - Headline before unrealised hedging activities

862

595

2,367

1,658

Dividends declared
    - Rm

1,971

1,498

    - cents per share

1,800

"The results have been prepared in accordance with International Accounting Standards."              

1,400

637

2,536

1,773

924

 17

GROUP INCOME STATEMENT

Quarter

Quarter

Year

Year

ended

ended

ended

ended

December

September

December

December

US Dollar million

2001

2001

2001

2000

Gold income

 493

 528

2 041

2 208

Cost of sales

( 340)

( 393)

(1 519)

(1 740)

Cash operating costs

 270

 311

1 226

1 502

Other cash costs

 6

 7

 29

 19

Total cash costs

 276

 318

1 255

1 521

Retrenchment costs

 3

 3

 22

 17

Rehabilitation and other non-cash costs

 5

 6

 13

 2

Production costs

 284

 327

1 290

1 540

Amortisation of mining assets

 53

 55

 220

 217

Total production costs

 337

 382

1 510

1 757

Inventory change

 3

 11

 9

( 17)

Operating profit

 153

 135

 522

 468

Corporate administration and other expenses

( 4)

( 5)

( 20)

( 25)

Market development costs

( 4)

( 4)

( 16)

( 12)

Research and development costs

-

( 1)

( 2)

( 8)

Exploration costs

( 7)

( 6)

( 26)

( 44)

Profit from operations

 138

 119

 458

 379

Interest receivable

 6

 4

 20

 37

Other net income (expense)

-

 3

( 1)

 18

Finance costs

( 14)

( 16)

( 72)

( 69)

Realised (loss) gain on hedging instruments

( 2)

 4

 5

-

Unrealised gain (loss) on hedging activities

 8

( 27)

( 10)

-

Profit before exceptional items

 136

 87

 400

 365

Amortisation of goodwill

( 8)

( 7)

( 29)

( 20)

Debt written-off

-

-

( 3)

-

Impairment of mining assets

( 1)

-

( 1)

( 93)

Investment properties value restatement

 6

-

 6

Profit (loss) on sale of mining assets

-

 1

( 4)

-

Termination of retirement benefit plans

( 5)

-

( 5)

( 1)

Profit before taxation

 128

 81

 364

 251

Taxation

( 40)

( 25)

( 111)

( 73)

Normal taxation

( 37)

( 33)

( 103)

( 78)

Deferred taxation 

( 1)

( 2)

( 13)

( 21)

Deferred tax on unrealised hedging activities

( 2)

 10

 5

-

Taxation on exceptional items

-

-

-

 26

Profit after taxation

 88

 56

 253

 178

Minority interest

( 2)

( 3)

( 8)

( 12)

Net profit

 86

 53

 245

 166

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

 86

 53

 245

 166

Amortisation of goodwill

 8

 7

 29

 20

Debt written-off

-

-

 3

-

Impairment of mining assets

 1

-

 1

 93

Investment properties value restatement

( 6)

-

( 6)

-

(Profit) loss on sale of mining assets

-

( 1)

 4

-