SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 6-K

REPORT OF FOREIGN PRIVATE ISSUER

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

THE SECURITIES EXCHANGE ACT OF 1934

Report on Form 6-K dated

AngloGold Limited

(Name of Registrant)

11 Diagonal Street

Johannesburg, 2001

(P O Box 62117)

Marshalltown, 2107

    South Africa

(Address of Principal Executive Offices)

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

Form 20-F:   X      Form 40-F: 

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule

101(b)(1):

Yes: 

      No:  

X

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule

101(b)(7):

Yes: 

      No:  

X

Indicate by check mark whether the registrant by furnishing the information contained in this form is also thereby

furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.

Yes: 

      No:  

X

Enclosures:

  Report for the quarter and year ended 31 December 2002

Report 

for the quarter and year

ended 31 December 2002

Group results for the quarter ended 31 December 2002...

Solid set of results achieved despite expected lower mining grades at Morila and the 

stronger rand

Gold production 2% down at 1.55Moz

Headline earnings down 11% to $90m or 41 US cents per share

Ordinary shares sub-divided at close of business on 24 December 2002 on a 2:1 basis  

see note 1 on page 56

...and for the year

A very good year:

Total cash costs down 10% to $161/oz

Operating profit up 21% to $638m

Headline earnings up 29% to $368m

Gold production down 15% to 5.9Moz due to the sale of the Free State assets

Return on capital and return on equity 15% and 21% respectively

Reserves up by 22% to 72.3Moz and resources up by 2% to 287.6Moz

Final dividend declared at R6.75 or 78 US cents per share resulting in a total dividend for 

2002 of R13.50 or 142 US cents per share

www.anglogold.com

Quarter

Quarter

Year

Year

Quarter

Quarter

Year

Year

ended

ended

ended

ended

ended

ended

ended

ended

Dec 02

Sept 02

Dec 02

Dec 01

Dec 02

Sept 02

Dec 02

Dec 01

Dollar/Imperial

Rand/Metric

Gold

Produced 

 - oz (000)/kg

1,549

1,587

5,939

6,983

48,168

49,358

184,711

217,203

*Price received 

 - $/oz /R/kg 

314

305

303

287

96,911

102,267

101,817

79,523

Total cash costs

-  $/oz /R/kg 

173

158

161

178

53,457

52,751

54,037

48,828

Total production costs

-  $/oz /R/kg 

220

202

203

213

68,159

67,637

68,241

58,579

Operating profit

-  $/R million

184

150

650

517

1,758

1,566

6,784

4,521

Operating profit excluding unrealised

nonhedge derivatives

-  $/R million

155

174

638

527

1,478

1,822

6,683

4,647

Net profit

-  $/R million

100

81

332

245

955

850

3,444

2,180

Headline earnings

-  $/R million

107

88

376

281

1,021

925

3,920

2,476

Headline earnings before unrealised

nonhedge derivatives

-  $/R million

90

101

368

286

858

1,062

3,854

2,536

Capital expenditure

-  $/R million

89

64

271

298

880

665

2,842

2,567

Net earnings (basic)

-  cents per share

45

37

150

114

430

383

1,552

1,017

Headline earnings

-  cents per share

48

40

169

131

460

417

1,767

1,156

Headline earnings before unrealised

nonhedge derivatives

-  cents per share

41

46

166

133

387

479

1,737

1,184

Dividends

-  cents per share

142

87

1,350

900

* Price received includes realised non-hedge derivatives

$ represents US dollar, unless otherwise stated

Dear Shareholder

AngloGold`s results for the fourth quarter of 2002 reflect a sound operating performance. As

predicted, production and profit levels at Morila declined compared to the third quarter, though

they remain impressive. Compared to the third quarter, the South African rand strengthened

by almost 8% against the US dollar. These factors combined to reduce headline earnings by

11% to $90 million. Gold production decreased by only 2% from the very high level of the

September quarter and, while dollar-denominated unit cash costs increased by 9% with the

strengthened rand, the South African operations kept local currency costs steady.

Production levels at both Morila and Geita continue to be affected by substantial (though

anticipated) decreases in grade this quarter. We expect grades and production to return to a

steady state in the next two quarters. Similarly, at Sunrise Dam in Australia, as mining moved

through lower grade areas of the pit during the fourth quarter, production was below the high

levels of the September quarter, but still above target. Drilling results at the operation indicate

sound performances for the future. Production at the Cripple Creek & Victor operation in

Colorado improved by 33% over the quarter as our efforts to overcome the recovery problems

in the leach pad began to bear fruit.

AngloGold'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 per ounce and headline earnings increased by 29% on the 2001 performance, to

$368 million.

Looking ahead, the increase in reserves has resulted in longer mine lives rather than increased

production and we anticipate gold production for 2003 to be unchanged at around 6 million

ounces, increasing to 6.5 million ounces in 2006. Part of the increased reserve is due to the

rise in the gold price, which has the effect of making lower-grade areas profitable. This leads to

a lower average grade overall and, consequently, increased unit costs which are also affected

by the stronger rand. Total cash costs for 2003 are estimated to be $190 per ounce and total

production costs $229 per ounce, with capital expenditure forecast at $330 million.

There are two other noteworthy developments. First, we publish our annual reserve and

resource statement today and report a 22% increase in the company's ore reserve, to

72.3 million ounces. Included in this is a 30% increase in the South African ore reserve to

47.5 million ounces.

The company has reduced its hedging contracts by some 133 tonnes during the past year. In

the light of the continued strength of the gold price and of the steady improvement in

AngloGold's operating performance over the past two years, and consequently the reduced

need for the company to manage revenue through forward pricing, the Board has encouraged

the continuing management and restructuring of the hedge book.

We also announce today that AngloGold proposes to pay a final dividend for the year of R6.75

per share, unchanged in rand terms from the interim dividend, but 22% higher in dollar terms

at 78 US cents per share. This gives a total dividend for the year of R13.50 (R9.00 in 2001) and

a yield of 4.4%, calculated on a share price of R305 per share. This level of dividend is

consistent with AngloGold's established practice of paying out a high proportion of its earnings

to shareholders, once we have provided for our organic growth objectives.

Russell Edey

Bobby Godsell

Chairman

Chief Executive Officer

30 January 2003

Bobby Godsell

Chief Executive Officer

Russell Edey

Chairman

Letter from 

Chairman and CEO

2

Operating profit excluding 

unrealised non-hedge

Production

Price received

Total cash costs

EBITDA

derivatives

oz % 

 oz % $/oz % $m

%

$m 

% 

(000)

Variance**

(000)

Variance**

Variance**

Variance**

Variance**

Morila*

130 	(24)

316  	   2  	78  	59                34            (19)

25 

(19)

Great Noligwa

204 

(3)

307 

4 

152 

  12 

  33 

- 

30 

(3)

TauTona

168 	    - 

307 	   5 

142	    8 

  29 	4 

27 

4 

Cerro 

Vanguardia*

66 	29 

336  	   5              108  	 5                 17              31 

11 

57 

Kopanang

138 	    7 

309 	   5 

185 	    4 

  15  	- 

13 

- 

Mponeng

127	  (7)

304  	   4 

186  	    9 	 15 

(17)

7 

(30)

Cripple Creek 

& Victor*

76 

 33 

330 

(1)

178 

(3)

 12 

- 

5 

(100)

Morro Velho

54 

- 

328 

1 

120 

(2)

 11 

- 

8 

- 

Tau Lekoa

86 

12 

311 

6 

202 

- 

 10 

43 

7 

40 

Sunrise Dam

90 

(14)

331 

- 

193 

  14 

 8 

(53)

4 

(67)

Jerritt Canyon*

63 

11 

327 

(1)

221 

(18)

 6 

100 

1 

(100)

Sadiola*

48 	 20 

325 	    9 

204 	  19  	   5  	- 

2 

- 

Serra Grande*

22 

(8)

326 

1 

94 

 4 

 5 

- 

4 

- 

Geita*

61               (26)

289	 (4)

216  	  29 

 4            (64)

1 

(86)

Navachab

21                 (9)

318  	    1 

168 	  19  	   4 	 - 

3 

(25)

Yatela*

29 	(3)

325 	    4 

202 	  16  	   4 	 - 

2 

(33)

Ergo

66 	  6 

307 	    4 

204 	    4 	   3 

(25)

3 

(25)

Union 

Reefs

28	(3)

318 	   (4)

244 	  19  	   - 

(100)

- 

(100)

Savuka

48               (16)

307  	    5             320  	21               (1)

(150)

(2)

(300)

Other

24

-

(15)

-

4

(33)

Anglogold 

Group

1,549

(2)

314

3

173

9

199

(10)

155

(11)

*Attributable

**Variance quarter-on-quarter

Operations at a glance

3

OVERVIEW OF THE QUARTER AND THE YEAR

For the December quarter, AngloGold again

produced a solid set of results in the face of

predicted declining mining grades, specifically at

Morila, Geita and Sunrise Dam, and a stronger

South African currency, resulting in higher dollar

costs. Of the $19m reduction in operating profit,

$29m was on account of the lower grade and $14m

due to the strengthened rand.  More than half of this

was offset by a higher received gold price ($13m)

and increased volumes ($10m).  Costs were well-

contained on the South African operations at

R55,229/kg and on a cost per square metre basis

were 2% down at R2,664/m2.  Overall, total cash

costs increased by 9% to $173/oz.  Headline

earnings were 11% lower at $90m or 41 US cents

per share.

Gold production for the quarter decreased by 2% to

1.55Moz, as a result of the anticipated return to

lower grades at Morila in southern Mali, and at

Sunrise Dam in Australia, while production at Geita

in Tanzania was down, as expected, owing to the

second pit cutback.  In South Africa, the effect of the

lower grade at Great Noligwa was to a large extent

offset by the excellent performance of the other

operations which were able to increase their volume

mined.

AngloGold had a very good year in 2002.  Total cash

costs decreased by 10% to $161/oz, operating profit

increased by 21% to $638m and headline earnings

went up by 29% to $368m.  Gold production dropped

by some 15% to 5.94Moz as a result of the sale of

AngloGold's assets in the Free State in South Africa.

Returns on capital and equity for the year were 15%

and 21%, respectively.

AngloGold has declared a final dividend of R6.75 per

share for 2002 which, in dollar terms, is equal to

78 US cents per ADS, assuming an exchange rate of

R8.6/$1.  This gives a total dividend for the year of

R13.50, representing a yield of 4.4% calculated on a

share price of R305 per share (or $35 per ADS), the

closing price on the JSE Securities Exchange on

30 January 2003.

OPERATING RESULTS FOR THE QUARTER

SOUTH AFRICA

At Great Noligwa, a 2% increase in volume mined

was offset by a 3% drop in grade to 10.4g/t.  The

lower gold production, at 6,327kg (204,000oz), and

decreased income from by-products contributed to a

4% increase in total cash costs to R47,114/kg

($152/oz).  Operating profit decreased by 11% to

R288m ($30m).  Looking ahead to 2003, the grade is

expected to improve to around 11.5g/t, with

production exceeding the 27t (880,000oz) recorded

for 2002.  After the tragic seismic-related fatal

accidents of the second quarter, the mine's safety

record substantially improved over the remainder of

the year to the extent that it achieved one million

fatality-free shifts in November.

At  Kopanang, the increased volumes mined in

December, together with the higher grade

encountered, resulted in a 7% improvement in gold

production to 4,292kg (138,000oz).  Total cash costs

decreased by 3% to R57,312/kg ($185/oz) while

operating profit fell by 14% to R120m  ($13m),

mainly as a result of the lower rand gold price.

At Tau Lekoa, the year finished strongly with a 12%

improvement in gold production to 2,683kg

(86,000oz).  Total cash costs were 7% lower at

R62,360/kg ($202/oz) while operating profit

increased by 7% to R60m ($7m).

Mponeng performed well, despite being unable to

match the exceptional results of the September

quarter. Volume mined increased by 2%, although

gold production declined by 7% to 3,936kg

(127,000oz) as a result of lower grade.  Total cash

costs were held steady at R57,216/kg ($186/oz).

Operating profit at R66m ($7m) was down by 39%

due to the reduced gold production and lower rand

gold price.

An 11% decrease in volume mined at Savuka,

together with the drop in grade in the Carbon Leader

section, contributed to the 16% decline in gold

production to 1,500kg (48,000oz).  Total cash costs

increased by 11% to R98,863/kg ($320/oz).  The

operating loss of R16m ($2m) was directly

attributable to the reduced mining rates in the

interest of safety.  Eleven employees lost their lives

in accidents during the year.  The recent extension

FINANCIAL AND OPERATING REVIEW

4

of the mine's life has allowed for the mine to be

redesigned in such a way as to better manage

seismicity, which will positively impact on workplace

safety, and consequently, production.

TauTona  performed well, with mining volume

increasing by 9% and gold production steady at

5,227kg (168,000oz).  Total cash costs decreased

marginally to R43,842/kg ($142/oz) while operating

profit fell by 6% to R254m ($27m), partly because of

the lower rand price received.  The mine's safety

practices continue to yield positive results.  There

has not been a rock-related fatal accident since

September 2001 and in January 2003, the mine

achieved one million fatality-free shifts for the

second time in its 40-year history.

At  Ergo, good operational performance contributed

to the 6% increase in tonnes treated and the

consequent increase in gold production to 2,054kg

(66,000oz).  Total cash costs fell by 4% to

R62,856/kg ($204/oz), with operating profit declining

by 40% to R24m ($3m), following a lower price

received and a decision to accelerate the provision

for environmental rehabilitation.

Compared with 2001, the annual Lost Time Injury

Frequency Rate (LTIFR) for the South African region

improved by 14% to 9.99 -- the best rate ever

recorded for this region.

EAST AND WEST AFRICA

At  Geita (50% attributable), gold production

decreased by 26% to 61,000oz, due to an

anticipated 24% decline in recovered grade to

3.03g/t.  As a consequence of the lower production,

total cash costs increased by 29% to $216/oz.

Grade is expected to remain at this level for the first

quarter of 2003 before returning to an average of

approximately 4g/t for the rest of the year.  The mine

had three fatal accidents during the year, all

transport related.  This has led management to focus

particular attention on this aspect of mine safety and

to align contractors' safety standard with those of the

mine.

It was reported at the end of the September quarter

that the exceptionally high grades experienced

during that quarter at Morila (40% attributable) were

unlikely to be sustained beyond October 2002.  As

was anticipated, recovered grade declined by 38% to

15.11g/t and production for the fourth quarter fell by

24% to 130,000oz.  The decrease in production,

combined with higher costs due to a 22% increase in

tonnage throughput, resulted in total cash costs

rising by 59% to what remains a very creditable

$78/oz.  Operating profit decreased by 19% to $25m,

largely as a result of the lower grades and

decreased production.  The reduced grades will

probably continue to have an impact on the mine's

short-term performance, with grade likely to remain

lower than in the fourth quarter.

Navachab had another good quarter, with

production above target but 9% down on the

previous quarter at 21,000oz, mainly because of a

4% reduction in tonnage treated.  Total cash costs

increased by 19% to $168/oz, as a result of

decreased production and the strengthening of the

Namibian dollar against the US dollar.  Operating

profit declined by 25% to $3m.

Production at Sadiola (38% attributable) increased

by 20% to 48,000oz, largely as a result of the

treatment of a greater proportion of higher-grade

sulphide material over the lower-grade oxide

material.  This change led to an increase in the

quantity of reagents used and, coupled with

increased mining volume, resulted in an 19% rise in

total cash costs to $204/oz.  Operating profit was in

line with that of the previous quarter at $2m.

At  Yatela (40% attributable), gold production

decreased by 3% to 29,000oz.  Tonnes treated

increased by 20% quarter-on-quarter, but this was

largely offset by a larger-than-planned reduction in

recovered grade to 2.83g/t.  Total cash costs

increased by 16% to $202/oz as a result of the

combination of the higher mining volume and lower

production levels.

NORTH AMERICA

Production at Cripple Creek & Victor (67%

ownership with 100% interest in production) was

33% higher quarter-on-quarter at 76,000oz due to

improved solution grades and larger leach solution

volumes processed.  Total cash costs were 3% lower

than those of the third quarter at $178/oz.  During

the quarter, both crusher tonnage and leach solution

volumes reached design capacity levels.  Operating

profit improved to $5m.  On the safety front, the mine

completed its expansion programme without injury.

Jerritt Canyon's (70% attributable) production was

11% higher for the fourth quarter at 63,000oz.  The

increase in production was due to additional tons

processed and improved recoveries.  Total cash

costs at $221/oz were 18% lower, owing to lower

5

dewatering costs and decreased underground

mining costs.  Operating profit increased to $1m

from a deficit of $2m in the third quarter, as a result

of the higher gold production.

SOUTH AMERICA

At  Cerro Vanguardia (92.5% attributable), gold

production was 29% higher at 66,000oz.  The

production increase was largely owing to the greater

availability of the crusher plant and an enhanced

ore-mix treated, resulting from better management of

the higher clay content in the ore.  Total cash costs

were 5% higher at $108/oz.  Operating profit rose by

57% to $11m due to a 25% increase in the amount

of gold sold, the higher gold price received and lower

total production costs.

At  Morro Velho, gold production was stable at

54,000oz. Total cash costs were 2% lower quarter-

on-quarter at $120/oz while operating profit

remained stable at $8m.

At  Serra Grande (50% attributable) production

decreased by 8% to 22,000oz due to planned

reductions in both ore treated and recovered grade.

Total cash costs were 4% higher at $94/oz, while

operating profit was steady at $4m.

The South America region again had a good safety

performance this quarter, with its LTIFR below

AngloGold's Ontario Underground Metalliferous

Mines benchmark.  Both the Serra Grande and

Cerro Vanguardia operations were audited by

NOSA.  Serra Grande was awarded "5 star" rating

and Cerro Vanguardia maintained its "5 star" rating

and ISO14001 rating.  Morro Velho is expected to be

audited by NOSA in February 2003.

AUSTRALIA

Although mill throughputs at Sunrise Dam increased

slightly, scheduled mining moved to lower-grade

areas of the open pit, resulting in decreased grades

and a 14% decline in production to 90,000oz.  With

the lower production, total cash costs increased by

10% to A$341/oz ($193/oz).  Operating profit for the

quarter fell to A$7m ($4m), mainly because of the

impact of lower gold sales.   AngloGold acquired an

adjacent mining lease from Placer Dome late in

2002.  The lease covers the complete Sunrise pit

and its purchase will  enable full optimisation of the

Cleo MegaPit.

At Union Reefs, mining is now moving into its final

stages and has been directed towards the small,

dispersed resources that remain in the vicinity of the

plant.  In addition, processing of low-grade stockpiles

has commenced.  As a consequence, a fall in grade

resulted in slightly lower production (3%) of 28,000oz

and increased total cash costs (15%) of A$431/oz

($244/oz).  Operating profit decreased to A$1m

($0.5m) from A$4m ($2m) in the previous quarter.

The mine recorded no lost time injuries during 2002.

EXPLORATION

At Sadiola in Mali, sulphide infill drilling continued.

Notable intersections at a 1g/t cut-off include 18m at

3.46g/t from 440m; 21m at 4.11g/t from 332m; 39m

at 2.99g/t from 430m; 43m at 7.95g/t from 436m;

15m at 4.09g/t from 365m; and 60m at 3.19g/t from

376m.

Satellite oxide exploration focused on the FE3 and

FE4 targets, some 7km south-east of the Sadiola pit.

Intersections include 34m at 2.67g/t from 46m; 48m

at 2.80g/t gold from 58m; and 46m at 2.99g/t from

58m.

At  Yatela mineral resource modelling of the

Alamoutala  deposit situated 13km south-east of the

pit, has increased the Mineral Resource by

170,000oz (69,000oz attributable).  Pending the

current feasibility study, mining of the deposit is

scheduled to commence in July 2003.

Six diamond holes were completed in the Western

Fringe area of the Morila pit, and with the exception

of one of the holes, all intersected mineralisation

more than 200m west of the current ore envelope.

Results for five of the holes have been received,

yielding 52m at 2.06g/t from 243m; 63m at 2.11g/t

from 178m; 8m at 3.57g/t from 23m; 29m at 2.52g/t

from 275m; 15m at 1.08g/t from 47m; and 13m at

20.71g/t from 48m including 1m at 227.6g/t.

RAB (rotary airblast) drilling continued on three

greenfields prospects in southern Mali with assays

pending.

In Tanzania, infill drilling at Geita was completed at

the Star and Comet and Ridge 8 projects.

Significant intersections at Star and Comet include:

7m at 8.36g/t from 76m; 6m at 10.00g/t from 122m;

and 19m at 17.30g/t from 113m.  Updating of the

mineral resource model generated an additional

2.48Mt at 2.97g/t for 240,000oz (120,000oz

attributable).

6

Notable values at Ridge 8 include: 10m at 4.70g/t

from 191m; 21m at 3.60g/t from 67m; and 30m at

3.40g/t from 188m.

Drilling was completed in the area between Geita Hill

and Lone Cone.  Results include: 19m at 4.70g/t

from 106m; 22m at 5.20g/t from 105m and 18m at

3.50g/t from 133m.

At Navachab in Namibia, drilling of the MC second

shoot north of the pit was completed.  Intersections

include: 40m at 4.77g/t from 10m; 34m at 5.77g/t

from surface; 38m at 4.61g/t from 4m; and 28m at

4.65g/t from 6m.  An extensive drilling programme is

planned during 2003 as part of the expansion

project.

In  North America extensive geophysical surveying

was completed at the Red Lake joint venture in

Canada during the quarter.  Results are being

compiled from preliminary drilling for follow-up work

in 2003.

In  Nevada, three Great Basin projects were drill-

tested with a further three targets to be drill-tested

during 2003.

Resource development drilling continued at both

Jerritt Canyon  and  Cripple Creek & Victor  joint

ventures, in support of life of mine plans.

Mineralisation defined at Cripple Creek will require

further drilling in 2003.

In  South America, high-grade gold intercepts in

both the oxide and sulphide mineralisation at

Corrego do Sitio in Brazil has extended

mineralisation in the open-pit zones.  Best

intersections include 6.30m at 26.00g/t from 1m;

5.50m at 16.30g/t from 17m; 15.8m at 13.35g/t from

41m; 10.00m at 11.18g/t from 9m; and 4.15m at

32.68g/t from 91m.  Ramp development to access

sulphide mineralisation at Corrego do Sitio is

progressing well.  Drilling at the Lamego project has

extended mineralisation, which is considered to be

open along strike to the north-east.

At Cerro Vanguardia in Argentina, exploration

activities were focused on drilling extensions at the

Dany, Osvaldo Diez, Mangas and Jani veins.

In  Peru three greenfields targets were drill-tested

with the La Rescatada project in southern Peru

warranting further drilling in 2003.  Target generation

in Peru continues to provide numerous targets that

require follow up during 2003.

In Australia at Sunrise Dam, exploration during the

quarter concentrated on testing extensions of the

Dolly-Cosmo zone, yielding significant results from

Dolly including: 19m at 4.00g/t; 2m at 15.45g/t; and

24m at 5.58g/t.  This drilling also intersected a new

lode to the east of Cosmo ("Hammerhead"), with

results including 11m at 36.58g/t and 8m at 5.30g/t.

A first-pass drilling programme testing extensions of

the Sunrise Shear zone intersected the structure up

to 300m north-west of the current underground

resource, with results including 4m at 8.49g/t and 7m

at 3.87g/t.

Step-out drilling continued west of Coyote, and

limited drilling was undertaken within the main

Coyote area for resource definition and confirmation

of geological interpretations.  Best intercepts from

drilling within the main Coyote area included: 4m at

15.54g/t; 11m at 33.23g/t and 3m at 12.30g/t.

In  South Africa, the Ventersdorp Contact Reef

(VCR) was intersected in two surface holes being

drilled to the west of the Tau Lekoa Mine.  Assay

results are expected early in 2003.  One surface

borehole is continuing to be drilled at Moab

extension to confirm predicted structure and grade.

The drilling has not yet reached its target.

Note:

All references to price received includes the realised non-hedge

derivative gains (losses).

All references to operating profits and headline earnings excludes

unrealised non-hedge derivative gains (losses).

Rounding of figures may result in computational discrepancies.

In the case of Joint Venture operations, all production and

financial results are attributable to AngloGold.

7

The price of gold finished the year strongly, touching a high of $354/oz in December.

The average spot price for the quarter of $323/oz is almost $10 higher than the price

for the previous quarter. Market volatility also increased with a price range of $45/oz

for the quarter. The US dollar moved in the other direction, downwards against other

currencies, including the rand. The local currency gained almost 20% against the

dollar during this quarter, finishing at an exchange rate of R8.55 to the dollar, off an

opening rate of R10.41. Both of these trends have been maintained into 2003.

The factors which drove the gold price during 2002 made 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 this past quarter, the

price was influenced most significantly by dollar weakness and 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 below), and this correlation was maintained in

the final quarter. 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

decline in physical demand for gold in both

the jewellery and the investment sectors,

with exceptions in only a few countries.

Compounding 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

has been 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.

1.3

1.25

1.2

1.15

1.1

1.05

1

0.95

0.9

1.3

1.25

1.2

1.15

1.1

1.05

1

0.95

0.9

2 Jan 02

11 Jan 02

22 Jan 02

31 Jan 02

11 Feb 02

20 Feb 02

1 Mar 02

12 Mar 02

21 Mar 02

1 Apr 02

10 Apr 02

19 Apr 02

30 Apr 02

9 May 02

20 May 02

29 May 02

7 Jun 02

18 Jun 02

27 Jun 02

8 Jul 02

17 Jul 02

26 Jul 02

8 Aug 02

15 Aug 02

26 Aug 02

4 Sep 02

13 Sep 02

24 Sep 02

3 Oct 02

14 Oct 02

23 Oct 02

1 Nov 02

12 Nov 02

21 Nov 02

2 Dec 02

11 Dec 02

20 Dec 02

31 Dec 02

10 Jan 03

GOLD

EUR0

Kelvin Williams

Marketing Director

Review

of the gold market

$/Euro rate and $ gold price indexed 2002

8

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 below,

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.

Compared with the previous

quarter, the net delta hedge

position reflects a reduction of

some 120,000oz, or 4t. This small

reduction was achieved in the face

of a sharply higher dollar gold

price which has the effect of

increasing the net delta of open

option positions in the hedge.

Notwithstanding this, the overall

cover in the book continues to

decrease. As an illustration,

without changes to the hedge

book during the fourth quarter of

2002, the hedge book of 324t net

short as reported to shareholders

at 30 September 2002 valued at

the market rates for

31 December 2002 would have risen to 344t. Likewise, the negative marked-to-market

value at 30 September of ($441m) would have risen, unmanaged, to ($674m). Instead,

the actual delta of 319.7t (10.3Moz) gives some measure of the underlying reduction and

restructuring in the overall book. Noting the continued strength of the gold price and of

the reduced need for the company to manage revenue through forward pricing, the

Board, at its meeting on 30 January 2003, encouraged the continuing management of

the hedge book.

Kelvin Williams

Marketing Director

12

10

8

6

4

2

0

-2

-4

-6

-8

350

325

300

275

250

Moz

US$/oz

4 Jan 00

22 Feb 00

11 Apr 00

30 May 00

18 Jul 00

05 Sep 00

24 Oct 00

12 Dec 00

30 Jan 01

20 Mar 01

08 May 01

26 Jun 01

14 Aug 01

02 Oct 01

20 Nov 01

08 Jan 02

26 Feb 02

16 Apr 02

04 Jun 02

23 Jul 02

10 Sep 02

29 Oct 02

17 Dec 02

NY Comex: Futures and options Jan 2000  Jan 2003

$ gold price

Open contracts

9

As at 31 December 2002, the group had outstanding, the following forward-pricing commitments against future production.  The

total net delta tonnage of the hedge on this date was 10.28Moz or 319.7t (at 30 September 2002: 10.40Moz or 323.6t).

The marked-to-market value of all hedge transactions making up the hedge positions was a negative R3.81bn (negative $446.6m)

as at 31 December 2002 (at 30 September 2002: negative R4.65bn  negative $442.3m).  These values were based on a gold

price of $345.50 per ounce, exchange rates of R/$8.53 and A$/$0.56 and the prevailing market interest rates and volatilities at the

time.

As at 29 January 2003, the marked-to-market value of the hedge book was a negative $591.3m (negative R5.085bn) based on a

gold price of $363/oz and exchange rates of R/$8.6 and A$/$0.588 and the prevailing market interest rates and volatilities at the

time.

These marked-to-market valuations are in no way predictive of the future value of the hedge position nor of future impact on the

revenue of the company.  The mark-to market represents the current profit/loss value of the hedge book at market prices and rates

available at that time.

Year

2003

2004

2005

2006

2007 2008-2012

Total

DOLLAR GOLD

Forward Contracts

Amount (kg)

15,289

18,056

25,049

19,862

18,974

25,878

123,108

$ per oz

$307

$313

$325

$333

$337

$355

$331

Put Options Purchased

Amount (kg)

5,808

796

757

563

728

8,652

$ per oz

$352

$291

$291

$291

$292

$332

*Delta (kg)

2,353

119

129

99

126

2,826

Put Options Sold

Amount (kg)

12,752

7,465

20,217

$ per oz

$307

$317

$311

*Delta (kg)

1,837

2,034

3,871

Call Options Purchased

Amount (kg)

4,555

572

5,127

$ per oz

$351

$360

$352

*Delta (kg)

2,339

277

2,616

Call Options Sold

Amount (kg)

18,830

5,829

16,360

14,681

14,308

54,245

124,253

$ per oz

$332

$330

$322

$329

$336

$363

$344

*Delta (kg)

13,150

3,835

11,415

9,983

9,656

39,963

84,002

RAND GOLD

Forward Contracts

Amount (kg)

15,936

12,476

9,855

6,335

4,541

3,732

52,875

Rand per 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

Rand per kg

R93,602

R93,602

R93,602

R93,602

R93,602

*Delta (kg)

399

322

258

209

1,188

Put Options Sold

Amount (kg)

Rand per kg

*Delta (kg)

Call Options Purchased

Amount (kg)

Rand per kg

*Delta (kg)

Call Options Sold

Amount (kg)

6,553

4,688

4,687

4,688

2,986

11,944

35,546

Rand per 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

HEDGE POSITION AT 31 DECEMBER 2002

10

Year

2003

2004

2005

2006

2007                2008-2012

Total

AUS DOLLAR (A$) GOLD

Forward Contracts

Amount (kg)

16,392

5,443

6,221

9,331

8,398

13,343

59,128

A$ per oz

A$544

A$548

A$652

A$644

A$590

A$603

A$591

Put Options Purchased

Amount (kg)

A$ per oz

*Delta (kg)

Put Options Sold

Amount (kg)

A$ per oz

*Delta (kg)

Call Options Purchased

Amount (kg)

3,888

3,110

6,221

3,732

11,197

28,148

A$ per 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$ per 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

319,723

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)

Forward Contracts

Amount ($)

Rand / $

Put Options Purchased

Amount ($)

Rand per $

*Delta ($)

Put Options Sold

Amount ($)

Rand per $

*Delta ($)

Call Options Purchased

Amount ($)

Rand per $

*Delta ($)

Call Options Sold

Amount ($)

10,000

10,000

Rand per $

R9.12

R9.12

*Delta ($)

1,550

1,550

AUS 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 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.

11

Overall, ore reserves have increased by 22% from 59.4Moz to 72.3Moz and mineral 

resources by 2% from 281.7Moz to 287.6Moz during the 12 months ended 

31 December 2002. (These figures exclude the Free State assets which were 

declared effectively sold on 1 January 2002)

Mineral resources were calculated at $400/oz, at an exchange rate of R10.5=$1

Ore reserves were calculated at $325/oz, at an exchange rate of R10.5=$1

The ore reserve depletion for 2002 (that is, the reduction in the ore reserves due to

mining) was 6.5Moz. Reserve additions excluding depletion were 19.6Moz (excluding

the Free State), a 33% increase on the 2001 stated reserve.

These ore reserves are relatively insensitive to changes in gold price and exchange rates

of up to 10%, positive or negative.

Growing reserves

Some of the significant increases in ore reserves include:

Mponeng  increase by 4.6Moz mainly due to the inclusion of the Mponeng CL and 

VCR below 120 level

Moab Khotsong  increase by 4.3Moz due to the inclusion of the Phase 2 project 

which aims to exploit the Vaal reef below 101 level

TauTona  increase by 0.8Moz due to the inclusion of the CL below 120 level, the 

area East of the Bank Dyke on 116 level and the VCR area "A"

Savuka and Tau Lekoa  increase by 1.2Moz and 0.7Moz respectively owing to 

changes in mine design leading to additional life at both operations

Geita  increase by 0.8Moz due to the redesign of the Nyankanga, Geita Hill and 

Lone Cone pits as well as the inclusion of the Chipaka, Area 3W and Roberts pits

Cerro Vanguardia  increase of 1.1Moz mainly as a result of AngloGold's increase in 

ownership to 92.5%.

(The above figures are the year-on-year difference in reserve including the effect of depletion)

Reserves and Resources as at 31 December 2002

Continuing the

Growth story

12

MINERAL RESOURCE AND ORE RESERVE COMPARISON 2001 vs 2002

Gold Content (Attributable)

REGION

(Moz)

2001

2002 Difference

Difference %

SOUTH AFRICA

Resource

228.1

228.6

0.5

0

(excluding Free State)

Reserve

36.6

47.5

10.9

30

EAST AND WEST AFRICA

Resource

16.9

20.7

3.8

22

Reserve

7.8

8.7

0.9

12

AUSTRALIA

Resource

11.8

11.8

0.0

0

Reserve

6.2

6.3

0.1

2

NORTH AMERICA

Resource

10.1

10.1

0.0

0

Reserve

5.7

4.7

(1.0)

(18)

SOUTH AMERICA

Resource

14.8

16.3

1.5

10

Reserve

3.1

5.1

2.0

65

TOTAL ANGLOGOLD

Resource

281.7

287.6

5.9

2

(excluding Free State*)

Reserve

59.4

72.3

12.9

22

* The Free State assets were declared sold as at 1 January 2002. Reserves of 9.0Moz

and resources of 65.1Moz for the Free State operations were included in the AngloGold

reserves and resources statement as at 31 December 2001.

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:

VA Chamberlain, MSc (Mining Engineering), BSc (Hons) (Geology), MAusIMM, 

17 years' experience

MF O'Brien, MSc (Engineering), BSc (Hons) (Geology), Pr.Sci.Nat., MAusIMM, 

23 years' experience

Designated competent persons taking corporate responsibility for the reporting of Ore

Reserves are:

BW Guenther, BSc (Mining Engineering), MAusIMM, 22 years' experience

DL Worrall, ACSM, MAusIMM, 22 years' experience 

J van Zyl Visser, BSc (Mineral Resource Management), PLATO, 16 years' experience

The competent persons are employed by AngloGold Limited and have consented to the

inclusion of the Mineral Resources and Ore Reserves information outlined above.

NOTES  

Supplementary information containing a detailed breakdown of the Mineral Resources and Ore

Reserves, together with plans of the South African operations, will be provided in the annual report

section of the AngloGold website (www.anglogold.com) and will be available in March 2003.

Following the release of the annual report in March, the supplementary information will also be

available from the AngloGold offices at the addresses given on the back cover of this report.

13

METRIC

IMPERIAL

Tonnes

Grade

Contained gold

Tons

Grade 	Contained gold

million

g/t

tonnes

million

oz/t

million oz

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 

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 

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 

South Africa 

(2)

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 

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 

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

(2)

Excludes the Free State Mines which were sold to Harmony effective from 1 January 2002

Ore reserves

(as at 31 December 2002)

14

METRIC

IMPERIAL

Tonnes

Grade

Contained gold

Tons

Grade 	Contained gold

million

g/t

tonnes

million

oz/t

million oz

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 

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 

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 

South Africa

(2)

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 

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 

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 

** Resources attributable to AngloGold

(1)

Inclusive of the Ore Reserve component

(2)

Excludes the Free State Mines which were sold to Harmony effective from 1 January 2002

NB:Rounding of figures may result in computational discrepancies

Mineral resources

(1)

(as at 31 December 2002)

15

GROUP OPERATING RESULTS

Issued Capital:

222,622,022 ordinary shares of 25 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:

221,883,567 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

2002

2002

2002

2001

GOLD

UNDERGROUND OPERATIONS

Tonnes milled

- 000

3,500

3,466

13,426

17,954

Yield

- g/t

 8.04

 8.17

 8.27

 8.20

Gold produced

- kg

28,148

28,311

111,017

147,250

PRODUCTIVITY

g/employee

- target

252

256

247

219

- actual

240

242

238

214

SURFACE AND DUMP RECLAMATION

Tonnes treated

- 000

9,743

9,410

38,366

50,355

Yield

- g/t

 0.29

 0.29

 0.30

 0.32

Gold produced

- kg

2,798

2,692

11,350

15,976

OPEN-PIT OPERATIONS

Tonnes mined

- 000

28,711

28,624

109,987

85,790

Stripping ratio *

 2.73

 3.00

 3.05

 2.17

Tonnes treated

- 000

7,705

7,162

27,186

27,042

Yield

- g/t

 2.24

 2.56

 2.29

 2.00

Gold produced

- kg

17,222

18,355

62,344

53,977

TOTAL

Gold produced

- kg

48,168

49,358

184,711

217,203

Gold sold

- kg

48,602

49,295

184,798

217,862

Price received

- R/kg sold **

96,911

102,267

101,817

79,523

Total cash costs

- R/kg produced

53,457

52,751

54,037

48,828

Total production costs

- R/kg produced

68,159

67,637

68,241

58,579

CAPITAL EXPENDITURE  -  Rm

880

665

2,842

2,567

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

** Price received includes realised non-hedge derivatives 

16

GROUP OPERATING RESULTS

Issued Capital:

222,622,022 ordinary shares of 25 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:

221,883,567 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

2002

2002

2002

2001

GOLD

UNDERGROUND OPERATIONS

Tons milled

- 000

3,858

3,821

14,800

19,792

Yield

- oz/t

 0.235

 0.238

 0.241

 0.239

Gold produced 

- oz 000

905

910

3,569

4,734

PRODUCTIVITY

oz/employee

- target

 8.11

 8.22

 7.95

 7.05

- actual

 7.71

 7.76

 7.66

 6.87

SURFACE AND DUMP RECLAMATION

Tons treated

- 000

10,740

10,373

42,292

55,506

Yield

- oz/t

 0.008

 0.008

 0.009

 0.009

Gold produced

- oz 000

90

87

365

514

OPEN-PIT OPERATIONS

Tons mined

- 000

31,649

31,554

121,242

94,567

Stripping ratio *

 2.73

 3.00

 3.05

 2.17

Tons treated

- 000

8,493

7,894

29,966

29,808

Yield

- oz/t

 0.065

 0.075

 0.067

 0.058

Gold produced

- oz 000

554

590

2,005

1,735

TOTAL

Gold produced

- oz 000

1,549

1,587

5,939

6,983

Gold sold

- oz 000

1,562

1,585

5,941

7,004

Price received

- $/oz sold **

314

305

303

287

Total cash costs

- $/ounce produced

173

158

161

178

Total production costs

- $/ounce produced

220

202

203

213

Rand/US Dollar average exchange rate

 9.62

 10.42

 10.48

 8.62

CAPITAL EXPENDITURE  -  $m

89

64

271

298

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

** Price received includes realised non-hedge derivatives 

17

GROUP INCOME STATEMENT

Quarter

Quarter

Year

Year

ended

ended

ended

ended

December

September

December

December

SA Rand million

2002

2002

2002

2001

Gold income

4,814

5,015

18,372

17,590

Cost of sales

(3,341)

(3,328)

(12,550)

(12,973)

Cash operating costs

2,506

2,569

9,812

10,454

Other cash costs

90           

84

291

240

Total cash costs

2,596

2,653

10,103

10,694

Retrenchment costs

-		   

5

30

185

Rehabilitation and other non-cash costs

74

20

119

123

Production costs

2,670

2,678

10,252

11,002

Amortisation of mining assets

657

733

2,566

1,884

Total production costs

3,327

3,411

12,818

12,886

Inventory change

14

(83)

(268)

87

1,473

1,687

5,822

4,617

Non-hedge derivatives

285

(121)

962

(96)

Operating profit *

1,758

1,566

6,784

4,521

Corporate administration and other expenses

(73)

(72)

(258)

(194)

Market development costs

(45)

(46)

(179)

(133)

Exploration costs

(63)

(90)

(296)

(228)

Interest receivable

84

84

373

176

Other net (expense) income

(36)

(41)