REPORT

FOR THE QUARTER AND NINE MONTHS
ENDED 30 SEPTEMBER 2000

A stronger production quarter,
but increased costs depress
earnings

Group results for the quarter

•      Steady performance for the group's operations.

•      Gold production increases by 2% to 1.83 million
        ounces (56,924 kilograms).

•      Wage and diesel increases lead to a 3% increase in
        total cash costs to R46,914 per kilogram.

•      Operating profit is marginally lower.

•       Headline earnings are down 7% to 399 cents per
        share, due largely to increased corporate activities.

Regional operating results for the quarter

SOUTH AFRICA

 •      Good performances at Great Noligwa, Tau Lekoa,
         Tshepong and Savuka and production
         improvements at most others.

•      Unresolved problems at Elandsrand and
       Bambanani.

•      Gold production is up 1% to 43,000 kilograms
       despite the closure of Matjhabeng's Kudu shaft and
       resultant loss of 250 kilograms of gold and other
       operating problems.

 •      Volume and value efficiencies are up 5% and 3%
         respectively.

 •      Total cash costs are contained to a 2.5% increase,
        reflecting the 9% annual wage adjustment and
        increases in mining activity.

AFRICA

•     Both Sadiola and Navachab report improved

production and creditable cost performances,
despite diesel price increases.

•     At Yatela the ceremonial first concrete is poured by

the Mali Minister of Mines on 12 October.
At Morila the first commissioning gold is poured on
18 October.

•     Ashanti's bankers give approval to the Geita deal

and finalisation of the transaction should take place
at the end of November.

NORTH AMERICA

•     Cost increases for the region are contained to 2%

 despite diesel increase and grade problems at Jerritt
 Canyon.

•     Decreased grade at Jerritt Canyon leads to a 9%

 reduction in gold production, to be offset in the last
 quarter as the Cortez ore purchase arrangement
 comes on stream.

•     At Cripple Creek & Victor, production is up by 3%

 and costs down by 6%, and Phase 3 of the leach
 pad expansion is completed during the quarter.

SOUTH AMERICA

•      Another good quarter overall.

•      Despite bad weather at Cerro Vanguardia, gold

  production from the region's operations increases by
  2%.

•     Total cash costs are pushed higher by wage

  increases at Morro Velho and weather-induced
  production problems at Cerro Vanguardia.

AUSTRALASIA

•     Gold production at Sunrise Dam increases by 31%

and total cash costs drop by 31%.

•     Production at Boddington is reduced because of

 heavy rains early in the quarter.

•      Production improves at both Pine Creek and

  Tanami.

•      Technical appraisal of the Boddington expansion

   project is under way, with completion likely at year-
   end. AngloGold is positive about the outcome.

Quarter 

ended 

Sept 

2000 

Quarter 

ended 

June 

2000 

Nine 

  months 

ended 

Sept 

2000 

Nine 

months 

ended 

Sept 

1999 

Quarter

ended

Sept

2000

Quarter 

ended 

June 

2000 

Nine 

months

ended 

Sept 

2000 

Nine 

months 

ended 

Sept 

1999 

Rand/Metric

Dollar/Imperial

Gold

Produced

- kg/oz 000

56,924

55,957

167,390

162,487

1,830

1,799

5,382

5,224

Revenue

- R/kg/$/oz sold

67,460

66,192

65,901

61,489

300

300

305

313

Total cash costs

- R/kg/$/oz produced

46,914

45,734

45,763

41,497

209

207

212

211

Total production costs

- R/kg/$/oz produced

53,967

52,726

52,601

47,556

240

239

244

242

Operating profit

- R/$ million

814

821

2,383

2,389

115

119

352

392

Net capital expenditure

- R/$ million

438

356

1,071

885

63

52

158

145

Net profit

- R/$ million

394

424

1,247

2,122

54

61

182

348

Net earnings

- cents per share

369

397

1,167

2,169

50

57

171

356

Headline earnings

- cents per share

399

429

1,257

2,003

55

62

184

328

Headline earnings before

deferred taxation rate change

- cents per share

398

426

1,255

1,533

55

62

184

251

Dividends

- cents per share

750

900

110

149

ANGLOGOLD LIMITED
Registration No. 05/17354/06
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's
Corporate Communications Department

PO Box 62117
Marshalltown
2107
South Africa

Telephone: +27 11 637 6147
Fax: +27 11 637 6399/6400
E-mail:  investors@anglogold.com

1

Dear Shareholder

The Gold Market
The spot gold price has stayed in the low $270s for most
of the last quarter.  However, supply and demand
fundamentals are more positive for the price than they
have been for a long time.

From the supply point of view, cutbacks continue to

be made to exploration spending in gold mining.  This
strongly suggests that, while current levels of new mine
production might be maintained, it is more probable that
they will decline.  Central bank sales, although higher
this year than in recent years, are largely regulated by
last year's Washington Agreement.  These official sales
seem now to be discounted in this market, with neither
the continuing British auctions nor the more
conventional Swiss sales having a major price effect.

In contrast, jewellery demand has continued, by

and large, to be strong, with  off-take in most Asian
markets now back to levels prior to the 1998 financial
crisis in that part of the world.

Equally, broad market circumstances are more

favourable for gold.  United States equities markets
appear to have entered a bear phase with the `old'
economy enjoying investor support and the oil price
rising by more than 40% over the past six months. While
AngloGold has vigorously promoted gold jewellery and,
more recently, the development of new industrial
applications for gold, it will also continue to support and
advocate the metal's traditional monetary role,
particularly during times of political and economic
uncertainty.

Although it is logical to look to price improvement

in the medium term it is also clearly prudent to seek
profitability at current price levels in the short term.
AngloGold is therefore planning its business on current
prices.

Operating and Financial Performance
Overall, AngloGold's operations in all regions combined
to give a steady performance this quarter.  The
operations in South and West Africa, in South America
and Australia all increased gold production.  We are
particularly pleased to report strong performances at
Sunrise Dam in Western Australia, Sadiola in Mali and
Navachab in Namibia.  Production from the North
American operations decreased but they continue to
forecast meeting gold production targets for the year,
with a significant increase in the ounces produced in the
fourth quarter.  Costs, however, also increased,
particularly in the South African operations. This,
together with some inventory movements, produced
operating profits slightly down (1%) for the quarter.
Increased spending on exploration and on corporate
activities, together with lower income from associates,
saw headline earnings decline by 7%.  In the context of
the 9% wage increase which became effective this
quarter in the South African operations, and which

affects some 54% of working costs, this represents a
respectable performance by the region as a whole.
However, further steps are needed at Bambanani,
Matjhabeng, Joel, Elandsrand and Deelkraal.

Headline earnings for the nine mo nths ended

September 2000 were down 37% to 1,257 cents per
share.  This was largely due to the deferred taxation rate
change during the previous period.  However, headline
earnings before the deferred taxation rate change were
18% lower.

The safety perfo rmance of the South African mines

is very encouraging, with the lost time injury rate,
expressed per one million man hours worked, at 9.6
being the lowest quarterly rate ever recorded by these
mines.  Two mines, Moab Khotsong and Great Noligwa,
achieved the international best practice benchmark used
by AngloGold, which is the lost time accident rate in
underground mines in the Ontario province of Canada.
Currently, this is 6.5 lost time injuries per million man
hours worked.

Prospects
In the light of the weak gold price the company faces a
difficult fourth quarter, when, in South Africa, the
combination of  the Christmas calendar and the
additional public holiday announced for this year's
municipal elections, reduce the quarter's working shifts.
The cost to our business goes beyond the shifts directly
lost, as a mid-week holiday often produces lower
production on either side of the break.

Many democracies around the world hold national

and local government elections without lost production.
Mining companies in South Africa have, since 1994,
shown their ability to work with the Independent
Electoral Commission to ensure that all of their
employees have the opportunity to vote conveniently
and expeditiously.  If South Africa wants to compete in
world markets it will have to review the extent and
pattern of its public holidays and their effect on
productivity and produce a more internationally
competitive work calendar.

The AngloGold Board
We are very pleased to announce that Tony Trahar, the
CEO of Anglo American plc, has accepted our invitation
to join the AngloGold board.  He replaces Anglo
American's Bill Nairn, who assumes the position of
alternate director and will continue to provide technical
and operational counsel to the board.

NICKY OPPENHEIMER

BOBBY GODSELL

Chairman

Chief Executive Officer

26 October 2000  

LETTER FROM THE CHAIRMAN AND
THE CHIEF EXECUTIVE OFFICER

2

SOUTH AFRICA

Overall performance

Both mining volume and gold production efficiency
indicators continued to show improvement over the
quarter: area mined per employee rose by 5%
quarter-on-quarter and gold production, measured
in grams per employee, increased by 3%, despite
a 2% drop in recovered grade.

Continued strong performance at Great

Noligwa and Tau Lekoa, Tshepong and Savuka,
together with enhanced performances at TauTona
and Deelkraal, resulted in gold production
increasing by 1% to 42,914 kilograms (1.4 million
ounces).  The Kudu shaft at Matjhabeng was
successfully closed at the end of the second
quarter.

Total cash costs of R48,778 per kilogram

($217 per ounce) for the quarter were contained to
a 2.5% increase over the previous quarter, despite
the impact of the annual wage adjustment of 9%
and greater production activity in stoping (3%) and
development (5%).  Dollar-denominated total cash
costs increased by only 1%, as a result of a 1.7%
devaluation of the rand during the quarter.

We regret to report the death of 11

employees in work-related accidents during the
quarter.  Nevertheless, the improving safety trend
reported for the second quarter has continued: the
number of lost time injuries in this quarter are
again the lowest on record, up by 22% on the
previous quarter.  Both Moab Khotsong and Great
Noligwa again reported lost time injury frequency
rates below the Ontario benchmark.

Mine performance

All production, efficiency and cost indicators at
Great Noligwa showed improvements in the third
quarter, with gold output increasing by 8% and
total cash costs reducing by more than 6%.
Kopanang was unable to sustain its excellent
second quarter results as gold production declined
and total cash costs rose in line with a drop in

recovered grade.  At  Tau Lekoa, excellent
performance was sustained with all production,
efficiency and cost indicators showing
improvement over the June quarter.

The special focus on miner al resource

management at  Bambanani resulted in a 3%
improvement in gold production, although total
cash costs increased by some 6%.  At  Tshepong,
gold production rose by 5% through improved
mine and plant efficiencies.  A 7% reduction in
gold output at  Matjhabeng arises from the closure
of the Kudu shaft and the scaling back of
production prior to the closure of the Nyala and
Sable shafts at the end of this year.  Mining
volumes have been increased by 11% at  Joel to
counter the impact of declining grade.  Gold
production is up by 5%.

Despite problems experienced in the decline

shaft at TauTona, gold production rose by 4%
over the previous quarter.  At  Savuka, the
operation maintained a steady improvement in
mining volume and gold output.

Mponeng increased gold production

marginally over the previous quarter.  Poor
flexibility in grades above cut-off resulted in a
further drop in gold output and significantly higher
total cash costs at  Elandsrand, despite an
increase in volumes mined.   Deelkraal improved
gold production by 8%, resulting from better face
values and a release of lock-up tonnage.

Ergo's performance continued to meet

expectations.

AFRICA

AngloGold's Africa Region continues to perform
above expectations.  Gold production increased by
5% for the quarter and total cash costs were
largely unchanged, despite diesel fuel price
increases.

Sadiola (38% attributable) had another good

quarter.  Mill throughput increased by 3% to a

SUMMARY OF OPERATIONS

3

quarterly record of 572,500 tons, and production
by 2% to a record 63,100 ounces.  Total cash
costs at $108 per ounce were at a level similar to
the previous quarter.  The mine had achieved a
record 322 days without a disabling injury, prior to
an injury during September.

Construction at the new  Yatela mine is in

progress with all the construction and mining
contractors on site.  Work is currently on schedule
and within original cost estimates.  The
Niamboulama village, originally situated on the
edge of the Yatela pit, has been successfully
relocated in consultation with local authorities and
the villagers.  The Minister of Mines of Mali, Mr
Aboubacary Coulibaly, laid the first ceremonial
concrete at the mine site on 12  October.

Construction of the  Morila (40% attributable)

project in Mali is nearing completion.
Commissioning of the plant started on 5 October
and mining is ahead of schedule in the oxide
areas.  The first commissioning gold was poured
on 18 October and the mine is expected to be in
full production by year-end.

The completion of the  Geita transaction, in

which AngloGold will be acquiring from Ashanti a
50% interest in the Geita project, is expected to be
completed by the end of November, following the
approval of the deal by Ashanti's bankers.  The
mine was officially opened by the President of
Tanzania, Mr Benjamin Mkapa, on 3  August.

Navachab had an excellent quarter with

production of 20,500 ounces and total cash costs
of $178 per ounce, improvements from last quarter
of 16% and 14% respectively.  The improved
production was due to a combination of increased
mill throughput and an increase in recovered
grade.

NORTH AMERICA

Despite a 2% reduction in gold produced and a
marginal rise in total cash costs, due largely to
higher diesel fuel prices, the region recorded an
increase in operating profit.

At Jerritt Canyon (70% attributable), the third

quarter's production, at 52,400 ounces, was 8%
lower than the second quarter as a result of
decreased ore grades.  The mill grade was 18%
lower than the second quarter.  Tonnage
processed in the third quarter was approximately
14% higher than the second quarter.  This,
however, did not make up for the unfavourable ore
grades as 28% more low-grade stockpile was
milled in the third quarter than in the second
quarter.  Production ounces are expected to
increase in the last quarter as a result of the
processing of ore purchased from Cortez.  The first
batch of 26,000 tonnes of purchased ore was
milled during the first week of October with no
significant process difficulties.

Total cash costs for the third quar ter were

$224 per ounce, 13% higher than the second
quarter, owing to higher than planned underground
mined tonnes and associated costs.

Production at  Cripple Creek & Victor J.V.

(67% attributable, with a 100% interest in
production ounces, subject to contractual
obligations by the joint venture partners) was
65,400 ounces, 3% higher than the second
quarter.  Total cash costs were $182 per ounce,
some 6% lower than the second quarter.

Phase 3 of the leach pad expansion was

completed during the third quarter.  The project
was finished under budget and ahead of schedule.

Work continued on the Great Basin

Prospectivity Study which is expected to be
completed by the end of the year.

SOUTH AMERICA

Gold production at the South American operations
 Morro Velho, Serra Grande (50% attributable)
and Cerro Vanguardia (46.25% attributable)
was 2% higher than the previous quarter at
107,000 ounces.  This is attributable to increased
volumes of ore production at Morro Velho and
better grades at Morro Velho and Serra Grande.
These improvements compensate for reduced
production at Cerro Vanguardia, which was

4

affected by bad weather conditions in July and
September.

Total cash costs for the quarter were 3.6%

higher than the previous quarter at $137 per
ounce, chiefly because of higher maintenance
costs and wage increases at Morro Velho in
August and the lower production at Cerro
Vanguardia.  Capital expenditure was some $1.8
million lower than the previous quarter owing to the
phasing of equipment replacement. Recoupments
of $4.4 million relate to the sale of mineral rights
and other assets in Argentina.

At Cerro Vanguardia, the improving safety

trend noted in the first and second quarters
continues and Serra Grande remains below the
Ontario benchmark, although Morro Velho has yet
to achieve this target.

The exploration programme at the Corrego do

Sitio project in Brazil continues, with encouraging
results.

AUSTRALASIA

The September quarter built on the improvements
registered in the previous quarter, with a further
increase in production to 142,000 ounces (16%
higher than the previous quarter).

Sunrise Dam recorded an outstanding

quarter with production rising to 64,300 ounces,
which is 31% up on the previous quarter.  The
production increase was largely driven by an
improvement in the mill head grade.  The
production levels were accompanied by a
significant fall in total cash costs to $149 (A$262)
per ounce (31% below the previous quarter).  The
cut-back of the pit and the expansion of the
processing plant are proceeding on schedule.

Production from  Pine Creek operations

increased by 7% to 45,000 ounces. Total cash

costs, however, rose by 13% to $273 (A$478) per
ounce.  Production at Union Reefs improved
markedly to 33,500 ounces (14% higher than the
previous quarter).  The new mining contract has
been awarded and the contractor was moving
equipment on to site towards the end of the
quarter, preparatory to the start of mining in
October.  Production at Brocks Creek fell to 11,500
ounces (down 11% from the previous quarter) as
the processing of residual stockpiles neared
completion.  Gold operations will cease during the
next quarter and the only ongoing activity will be
site rehabilitation.

At Boddington (33.3% attributable),

production of 18,500 ounces was 6% lower than
the previous quarter.  Heavy rains early in the
quarter restricted mining in the remaining, mainly
clay, pits and adversely affected mill throughputs
and head grades at various times during the
month.  Total cash costs of $211 (A$367) per
ounce were, however, still 7% below the previous
quarter.  Revisions to the mine design for the
expansion project, to incorporate the latest
geotechnical data, slightly delayed completion of
the feasibility study.  Technical appraisal of the
final study documentation was in progress at the
end of the month.

As the impact of the weather during the first

half of the year diminished, production from the
Tanami mine (40% attributable) increased by 18%
in the third quarter to 14,200 ounces.  However,
the need to rearrange mining schedules and
rebuild ore stockpiles pushed total cash costs up
to $298 (A$520) per ounce (12% higher than the
previous quarter).

Relatively high levels of exploration activity

were maintained during the quarter.  Drilling below
the current Sunrise Dam open pit continues to
intersect significant mineralisation.  Further drilling
at Coyote prospect in the Tanami region has given
good intercepts in several zones over a one-
kilometre strike length.

5

The gold market was quiet for much of the third
quarter, and the price drifted lower.  The average
spot price of $276 per ounce compares with the
average for the second quarter of $280 per ounce.
Support for the price from physical demand around
levels of $270 per ounce was evident again in the
quarter; the price closed the quarter at $274 per
ounce at the low end of its recent trading range.

Once again, there was significantly more

action in the currency markets, driven by the
strength of the US dollar.  The rand weakened
against the US currency for the third successive
quarter, for an average exchange rate of R7.00 to
the dollar for the period under review.  Since the
end of the quarter, further selling of the rand has
taken the currency to an historic low of R7.73 to
the dollar.  The Australian dollar also touched
historic lows against the US dollar during this
period.  For the moment, the cycle of US dollar
strength remains intact, although some
commentators have begun to speculate about the
unusual dominance of the dollar in world markets
today.  For gold production outside of the United
States, US dollar strength has meant a further
windfall in local gold prices.  In South Africa, the
average price for the quarter of R62,176 per
kilogram was up slightly on the second quarter, but
since the end of the third quarter, we have seen
historic record rand prices for gold of over R67,000
per kilogram.

The physical markets for gold remain largely

in balance.  Countries which support the
Washington Agreement have shown every sign of
adhering to that agreement, but countries and
institutions that are not signatories have felt free to
sell gold from their reserves.  The market has had

to absorb opportunistic sales of gold from a
number of official sellers outside of the
Washington Agreement during the past nine
months and total official sales of the metal for this
year look likely to be higher than in 1999.  To
balance this, physical demand has been good,
although uneven in some important markets.  It is
encouraging that gold producers appear to be
more aware of the need for the marketing of gold,
and it must be hoped that this awareness will
translate to more widespread support for gold
promotion by gold producers than has been the
case in the past.

The paper market for gold remains thin, with

limited interest; this has contributed to a narrow
price range for the metal.  This price range is likely
to prevail into the future until some major
dislocating event in other financial markets occurs
to move investor interest back to gold.  A setback
in equity markets, or in the value of the US dollar
could lead to more favourable interest in gold.

The lower spot price of gold and the limited

price range have made it necessary for the
company to increase further the levels of hedge
cover for new projects in Mali and Tanzania, and
for existing capital projects in South Africa.  This
cover is consistent with the company's policy of
actively managing revenue risk in the short to
medium term, and with the company's commitment
to paying appropriate returns to shareholders on
capital invested in the company.  Hedge cover
remains concentrated primarily in the two years
immediately ahead, with relatively low levels of
cover in place for the company in the period
thereafter.

GOLD MARKET

6

NET DELTA OPEN HEDGE POSITION AS AT 30 SEPTEMBER 2000

As at 30 September  2000, the group had outstanding the following net forward pricing commitments

against future production. A portion of these sales consists of US dollar-priced contracts which have been
converted to rand prices at average annual forward rand values based on a spot rand/dollar rate of 7.19
available on 30  September  2000.

Kilograms

Forward price Forward price

Ounces

sold

rand per kg

US$ per oz

sold (000)

12 months ending

31 December 2000

47,119

R66,413

$286

1,515

2001

118,155

R73,008

$308

3,799

2002

98,271

R81,016

$326

3,159

2003

71,933

R85,359

$324

2,313

2004

43,597

R105,879

$330

1,402

January 2005  December 2010

136,660

R162,871

$364

4,394

Total

515,735

R102,245

$328

16,581

The marked to market value of all hedge transactions making up the hedge positions in the above table

was R578.1 million ($80.4 million) as at 30 September 2000. The value was based on a gold price of $274.05
per ounce, exchange rates of R/$7.19 and $/A$ 0.5423 and the prevailing market interest rates and volatilities
at the time.

As at 26 October 2000, the marked to market value of the hedge book was R667.1 million ($87.0 million)

based on a gold price of $267.10 per ounce and exchange rates of R/$7.67 and $/A$.5188 and the prevailing
market interest rates and volatilities at the time.

Note to AngloGold Hedge Position as at 30 September 2000

*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 30 September 2000.

GOLD MARKET

7

Year

2000

2001

2002

2003

2004 2005-2009

Total

DOLLAR GOLD

Forward Contracts

Amount (kg)

25,678

54,102

39,987

39,822

26,015

92,486

278,091

$ per oz

$297

$315

$322

$327

$331

$409

$349

Put Options Purchased

Amount (kg)

8,398

4,510

3,110

4,977

1,866

22,861

$ per oz

$294

$363

$407

$362

$433

$349

*Delta (kg)

7,236

3,715

2,838

3,373

1,496

18,658

Put Options Sold

Amount (kg)

4,043

4,043

$ per oz

$282

$282

*Delta (kg)

2,606

2,606

Call Options Purchased

Amount (kg)

21,461

2,658

740

667

572

26,099

$ per oz

$325

$342

$340

$350

$360

$329

*Delta (kg)

221

337

209

243

240

1,250

Call Options Sold

Amount (kg)

31,436

8,731

11,885

10,463

3,303

3,938

69,755

$ per oz

$313

$357

$373

$372

$342

$347

$341

*Delta (kg)

4,693

1,276

2,278

3,029

1,682

2,352

15,310

RAND GOLD

Forward Contracts

Amount (kg)

1,374

38,208

37,898

13,706

10,311

23,391

124,888

Rand per kg

R152,241

R75,162

R79,618

R83,900

R89,066

R127,283

R89,231

Put Options Purchased

Amount (kg)

311

2,644

2,955

Rand per kg

R69,124

R71,668

R71,400

*Delta (kg)

234

1,472

1,706

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)

3,019

18,214

14,357

4,519

1,875

4,994

46,978

Rand per kg

R71,029

R78,116

R87,002

R93,765

R93,602

R113,695

R86,282

*Delta (kg)

277

4,102

4,210

1,720

1,223

3,241

14,773

A DOLLAR GOLD

Forward Contracts

Amount (kg)

9,443

15,994

12,597

10,731

3,110

36,391

88,266

A$ per oz

A$539

A$522

A$618

A$548

A$510

A$585

A$566

Call Options Purchased

Amount (kg)

2,644

4,121

6,687

778

36,391

50,621

A$ per oz

A$661

A$717

A$728

A$703

A$686

A$693

*Delta (kg)

196

377

1,329

205

21,201

23,308

Call Options Sold

Amount (kg)

2,488

2,488

A$ per oz

A$488

A$488

*Delta (kg)

1,207

1,207

RAND DOLLAR (000)

Forwrd Contracts

Amount ($)

166,476

75,000

20,000

261,476

ZAR per $

R6.73

R6.76

R6.48

R6.72

Put Options Purchased

Amount ($)

73,750

130,000

203,750

ZAR per $

R6.81

R7.15

R7.03

*Delta ($)

6,014

39,092

45,107

Put Options Sold

Amount ($)

35,000

30,000

65,000

ZAR per $

R6.78

R6.84

R6.81

*Delta ($)

4,385

4,093

8,478

Call Options Purchased

Amount ($)

2,530

10,470

5,450

18,450

ZAR per $

R5.90

R6.15

R6.48

R6.21

*Delta ($)

2,530

10,162

4,972

17,665

Call Options Sold

Amount ($)

90,500

160,170

33,450

8,000

292,120

ZAR per $

R7.02

R7.35

R7.06

R6.94

R7.20

*Delta ($)

68,032

91,215

25,617

7,016

191,880

A DOLLAR (000)

Forward Contracts

Amount ($)

103,278

16,663

119,941

$ per A$

A$.65

A$.67

A$.65

ANGLOGOLD HEDGE POSITION
AS AT 30 SEPTEMBER 2000

8

1. The results included herein for the quarter and nine months ended 30  September  2000, which are

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

2. During the quarter, 2,800 ordinary shares were allotted in terms of the Share Incentive Scheme, thereby

increasing the number of ordinary shares in issue at 30  September  2000 to 107,017,487.

3. It was previously reported that AngloGold had entered into a non-binding heads of agreement for the

acquisition of a 50% joint venture interest in the Geita project in Tanzania from Ashanti Goldfields
Company Limited (Ashanti).  On 26  June 2000 it was announced that the formal agreement had been
signed with Ashanti.  The transaction, which is subject to regulatory and governmental approvals as well
as Ashanti shareholders' and bank creditor ratifications, was to have been completed by
30 September  2000, but is now expected to be finalised by the end of November  2000.

4. Earnings per share have been calculated using the weighted average number of ordinary shares in issue.

The average number of ordinary shares in issue at 30  September  2000 was 106,860,638.

5. Orders placed and outstanding on capital contracts as at 30  September  2000 totalled R746.5 million

(30 June 2000: R836.6 million), equivalent to $103.2 million (30  June 2000: $126.9 million)  at the rate of
exchange ruling on that date.  The figures for orders placed and outstanding on capital contracts
published at 30 June 2000 have been restated, and are reflected as comparatives.

6. Dividend

Interim Dividend No. 88 of 750 South African cents per ordinary share was paid to registered
shareholders on 22  September  2000.  A dividend was paid to holders of American Depositary Receipts
(ADR) on 11 October  2000 at a rate of  51.06 US cents per American Depositary Share (ADS). Each ADS
represents one-half of an ordinary share.

AngloGold has learnt that certain shareholders received payment of Dividend No. 88 later than the
payment dates as announced on 26 July 2000.  The dividend payment was later than anticipated as a
result of delays in processing the transfer of funds.  AngloGold is in discussion with all parties involved to
ensure an improved payment process in future.  The company regrets the inconvenience caused to
shareholders who have experienced delayed payment of the dividend.

 By order of the Board

N F OPPENHEIMER

R M GODSELL

Chairman

Chief Executive Officer

26 October 2000

NOTES

9

GROUP INCOME STATEMENT

GROUP OPERATING RESULTS

GROUP BALANCE SHEET

GROUP CASH FLOW STATEMENT

KEY OPERATING RESULTS

DETAILED OPERATING RESULTS

GROUP OPERATING RESULTS

Issued Capital:

107,017,487 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

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

Quarter

Quarter

Nine months

Nine months

ended

ended

ended

ended

September

June

September

September

2000

2000

2000

1999

GOLD
UNDERGROUND OPERATIONS
Tonnes milled

- 000

- reef

5,531

5,354

16,003

15,944

- waste

8

48

132

467

- total

5,539

5,402

16,135

16,411

Yield

- g/t

- reef

 7.79

 7.92

 7.95

 8.32

- waste

 0.50

 0.53

 0.62

 0.87

- average

 7.78

 7.85

 7.89

 8.11

Gold produced

- kg

- reef

43,073

42,394

127,267

132,625

- waste

4

26

82

408

- total

43,077

42,420

127,349

133,033

PRODUCTIVITY
g/employee

- target

213

207

208

222

- actual

199

192

192

212

SURFACE AND  DUMP RECLAMATION
Tonnes treated

- 000

12,111

13,482

37,949

41,203

Yield

- g/t

 0.31

 0.30

 0.31

 0.29

Gold produced

- kg

3,747

4,069

11,748

12,045

OPEN-PIT OPERATIONS
Tonnes mined

- 000

10,589

12,545

34,956

36,683

Stripping ratio

- t(mined-treated)
 /t treated

 0.81

 1.20

 1.02

 2.50

Tonnes treated

- 000

5,839

5,694

17,332

10,478

Yield

- g/t

 1.73

 1.66

 1.63

 1.66

Gold produced

- kg

10,100

9,468

28,293

17,409

TOTAL
Gold produced

- kg

56,924

55,957

167,390

162,487

Revenue - R/kg sold

- (excluding accelerated hedge)

67,072

65,741

65,527

61,294

- (including accelerated hedge)

67,460

66,192

65,901

61,489

Total cash costs

- R/kg produced

46,914

45,734

45,763

41,497

Total production costs

- R/kg produced

53,967

52,726

52,601

47,556

CAPITAL EXPENDITURE

 - mining direct

 426.0

 333.6

1 014.3

 801.0

 - other

 47.7

 25.6

 102.4

 83.9

 - recoupments

( 35.8)

( 3.6)

( 45.8)

-

Net capital expenditure

 437.9

 355.6

1 070.9

 884.9

 10

GROUP OPERATING RESULTS

Issued Capital:

107,017,487 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

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

Quarter

Quarter

Nine months

Nine months

ended

ended

ended

ended

September

June

September

September

2000

2000

2000

1999

GOLD

UNDERGROUND OPERATIONS
Tons milled

- 000

- reef

6,097

5,902

17,640

17,574

- waste

9

53

145

514

- total

6,106

5,955

17,785

18,088

Yield

- oz/t

- reef

 0.227

 0.231

 0.232

 0.243

- waste

-

 0.019

 0.021

 0.025

- average

 0.227

 0.229

 0.230

 0.236

Gold produced 

- oz 000

- reef

1,385

1,363

4,092

4,264

- waste

-

1

3

13

- total

1,385

1,364

4,095

4,277

PRODUCTIVITY
oz/employee

- target

 6.84

 6.66

 6.70

 7.13

- actual

 6.41

 6.16

 6.18

 6.81

SURFACE AND  DUMP RECLAMATION
Tons treated

- 000

13,350

14,862

41,833

45,419

Yield

- oz/t

 0.009

 0.009

 0.009

 0.009

Gold produced

- oz 000

120

131

377

387

OPEN-PIT OPERATIONS
Tons mined

- 000

11,672

13,829

38,532

40,435

Stripping ratio

- t(mined-treated)
 /t treated

 0.81

 1.20

 1.02

 2.50

Tons treated

- 000

6,437

6,277

19,106

11,550

Yield

- oz/t

 0.05

 0.05

 0.048

 0.048

Gold produced

- oz 000

325

304

910

560

TOTAL
Gold produced

- oz 000

1,830

1,799

5,382

5,224

Revenue - $/oz  sold

- (excluding accelerated hedge)

298

298

304

312

- (including accelerated hedge)

300

300

305

313

Total cash costs

- $/ounce produced

209

207

212

211

Total production costs

- $/ounce produced

240

239

244

242

Rand/US Dollar average exchange rate

 6.99

 6.87

 6.71

 6.10

CAPITAL EXPENDITURE

 - mining direct

60.9

48.6

149.8

131.3

 - other

6.8

3.7

15.1

13.7

 - recoupments

(5.1)

(0.5)

(6.6)

-

Net capital expenditure

62.6

51.8

158.3

145.0

 11

GROUP INCOME STATEMENT

Quarter

Quarter

Nine months

Nine months

ended

ended

ended

ended

September

June

September

September

SA Rand million

2000

2000

2000

1999

Turnover

4,020.0

3,802.3

11,468.2

10,281.9

Gold revenue

3,903.7

3,734.5

11,206.7

10,131.6

Normal

3,881.6

3,709.4

11,144.0

10,099.8

Accelerated hedge

22.1

25.1

62.7

31.8

Cost of sales

3,089.8

2,913.6

8,823.3

7,742.4

Cash operating costs

2,654.2

2,558.1

7,630.2

6,713.1

Other cash costs

41.0

24.9

97.8

29.7

Total cash costs

2,695.2

2,583.0

7,728.0

6,742.8

Retrenchment costs

22.1

25.1

62.7

31.7

Rehabilitation and other non-cash costs

13.1

3.4

29.6

59.0

Production costs

2,730.4

2,611.5

7,820.3

6,833.5

Amortisation of mining assets

378.9

377.3

1,091.7

893.7

Total production costs

3,109.3

2,988.8

8,912.0

7,727.2

Inventory change

(19.5)

(75.2)

(88.7)

15.2

Operating profit

813.9

820.9

2,383.4

2,389.2

Corporate administration and other expenses

45.6

39.4

125.8

137.0

Exchange gain on transactions other than sales

1.3

6.4

5.4

8.7

Marketing development costs

25.9

25.5

71.7

67.7

Research and development

12.4

11.7

33.4

29.8

Exploration costs

74.3

54.1

199.6

176.8

Profit from operations

657.0

696.6

1,958.3

1,986.6

Interest paid

121.1

106.8

326.3

215.7

Unwinding of decommissioning obligation

0.8

(4.1)

1.5

13.5

Interest receivable

59.5

44.6

205.7

284.8

Growth in AngloGold Environmental Rehabilitation Trust

4.6

4.6

13.8

20.9

Income from associates

3.3

10.7

21.7

43.3

Dividends received

-

-

-

2.4

Profit on sale of assets

21.7

8.0

28.3

-

Profit on ordinary activities before taxation

624.2

661.8

1,900.0

2,108.8

Taxation

181.9

195.7

516.2

131.2

Normal taxation

123.4

155.0

428.0

560.0

Deferred taxation 

- current

59.4

43.4

90.8

31.1

- rate change

(0.9)

(2.7)

(2.6)

(459.9)

Profit on ordinary activities after taxation

442.3

466.1

1,383.8

1,977.6

Profit on sale of associate

-

-

-

543.2

Amortisation of goodwill

32.4

33.5

96.3

380.9

Minority interest

16.0

8.4

40.4

17.7

Net profit

393.9

424.2

1,247.1

2,122.2

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

393.9

424.2

1,247.1

2,122.2

Less: Profit on sale of associate

-

-

-

543.2

Add: Amortisation of goodwill

32.4

33.5

96.3

380.9

Headline earnings

426.3

457.7

1,343.4

1,959.9

Add : Deferred taxation rate change

(0.9)

(2.7)

(2.6)

(459.9)

Headline earnings before deferred taxation rate change

425.4

455.0

1,340.8

1,500.0

Earnings per ordinary share - cents
    - Net earnings

369

397

1,167

2,169

    - Headline

399

429

1,257

2,003

    - Headline before deferred taxation rate change

398

426

1,255

1,533

Dividends
    - Rm

802.6

880.8

    - cents per share

750

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

900

 12

GROUP INCOME STATEMENT

Quarter                Quarter        Nine months   Nine months

ended                   ended                  ended             ended

September                    June           September      September

US Dollar million 2000 2000 2000 1999

Turnover                                                                                                                       573.6

               553.6

               1,703.7

            1,684.6

Gold revenue                                                                                                               557.1

               543.8

               1,665.3

            1,659.9

Normal                                                                                                                          553.9

               540.1

               1,656.0

            1,654.7

Accelerated hedge                                                                                                            3.2

                   3.7

                    9.3

                   5.2

Cost of sales                                                                                                                442.0

               424.6

               1,313.2

            1,268.4

Cash operating costs                                                                                                     379.7

               372.8

               1,135.5

            1,099.7

Other cash costs                                                                                                                5.9

                   3.6

                   14.5

                 4.8

Total cash costs                                                                                                             385.6

               376.4

               1,150.0

            1,104.5

Retrenchment costs                                                                                                           3.2

                   3.7

                   9.3

                   5.2

Rehabilitation and other non-cash costs                                                                            1.9

                   0.5

                   4.5

                   9.8

Production costs                                                                                                            390.7

               380.6

               1,163.8

            1,119.5

Amortisation of mining assets                                                                                          54.2

                 54.9

                 162.4

               146.4

Total production costs                                                                                                   444.9

               435.5

               1,326.2

            1,265.9

Inventory change                                                                                                             (2.9)

                  (10.9)

                (13.0)

                2.5

Operating profit                                                                                                            115.1 

               119.2

               352.1

               391.5

Corporate administration and other expenses                                                                   6.5

                   5.8

                   18.9

                 22.6

Exchange gain on transactions other than sales                                                                0.2

                   0.8

                   0.6

                   1.5

Marketing development costs                                                                                            3.7

                    3.7

                   10.6

                 11.1

Research and development                                                                                              1.8

                   1.7

                   5.0

                   4.9

Exploration costs                                                                                                             10.6

                 7.9

                   29.6

                 29.0

Profit from operations                                                                                                    92.7

                 100.9

               288.6

               325.4

Interest paid                                                                                                                    17.4

                       14.0

                 48.5

                 35.3

Unwinding of decommissioning obligation                                                                       0.1

                   (0.6)

                  0.3

                   2.1

Interest receivable                                                                                                            8.5

                   5.0

                   31.1

                 46.6

Growth in AngloGold Environmental Rehabilitation Trust                                                0.7

                   0.7

                   2.1

                   3.5

Income from associates                                                                                                    (0.8)

                  1.6

                   2.0

                   7.1

Dividends received                                                                                                              -

                   -

                   -

                   0.4

Profit on sale of assets                                                                                                       3.1

                   1.1

                   4.0

                   -

Profit on ordinary activities before taxation                                                                  86.7

                 95.9

                 279.0

               345.6

Taxation                                                                                                                         25.9

                 28.5

                 76.4

                 21.5

Normal taxation                                                                                                              17.5

                 22.6

                 63.8

                 91.7

Deferred taxation 

- current                                                                       8.5

                   6.3

                   12.9

                 5.2

- rate change                                                              (0.1)

                  (0.4)

                  (0.3)

                  (75.4)

Profit on ordinary activities after taxation                                                                    60.8

                 67.4

                 202.6

               324.1

Profit on sale of associate                                                                                                    -

                   -

                   -

                   88.7

Amortisation of goodwil                                                                                                  l 4.6

                   4.9

                   14.3

                 61.8

Minority interest                                                                                                                2.3

                   1.2

                   6.0

                   2.9

Net profit                                                                                                                        53.9

61.3

                 182.3

               348.1

Headline earnings
The net profit has been adjusted by the following
to arrive at headline earnings:
Net profit                                                                                                                         53.9

61.3

                 182.3

               348.1

Less: Profit on sale of associate                                                                                           -

                   -

                   -

                   88.7

Add: Amortisation of goodwill                                                                                           4.6

                   4.9

                   14.3

                 61.8

Headline earnings                                                                                                           58.5

                 66.2

                 196.6

               321.2

Add : Deferred taxation rate change                                                                                (0.1)

                  (0.4)

                  (0.3)

                  (75.4)

Headline earnings before deferred taxation rate change                                                58.4

                 65.8

                 196.3

               245.8

Earnings per ordinary share - cents
    - Net earnings                                                                                                                 50

57

                    171

                  356

    - Headline                                                                                                                      55

                    62

                    184

                  328

    - Headline before deferred taxation rate change                                                           55

                    62

                    184

                  251

Dividends
    - $m                                                                                                                                                                                       118.1

               145.9

    - cents per share                                                                                                                                                                        110

                  149

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

 13

GROUP BALANCE SHEET

September

June

September

September

June

September

1999

2000

2000

2000

2000

1999

US Dollar million

SA Rand million

ASSETS

Non-current assets

2,457.3

2,562.1

2,607.0

Mining assets

18,861.6

17,409.7

14,762.0

138.0

276.6

274.8

Goodwill

1,988.2

1,879.7

829.0

13.2

12.4

18.1

Investments in associates

139.9

84.1

79.5

9.5

6.3

6.1

Other investments

44.1

42.8

56.8

40.2

41.6

39.7

AngloGold Environmental Rehabilitation Trust

287.5

282.9

241.5

59.4

46.9

48.9

Long-term loans - unsecured

353.8

318.4

357.0

2,717.6

2,945.9

2,994.6

21,675.1

20,017.6

16,325.8

Current assets

167.3

196.1

189.3

Inventories

1,369.9

1,332.7

1,005.1

191.3

235.0

224.3

Trade and other receivables

1,623.1

1,596.5

1,148.9

21.2

18.3

19.1

Current portion of loans advanced

137.9

124.0

127.1

470.8

310.6

159.5

Cash and cash equivalents

1,153.9

2,110.4

2,828.3

850.6

760.0

592.2

4,284.8

5,163.6

5,109.4

3,568.2

3,705.9

3,586.8

Total assets

25,959.9

25,181.2

21,435.2

EQUITY AND LIABILITIES

Capital and reserves

878.9

1,167.7

1,098.7

Share capital and premium

7,949.2

7,934.6

5,279.8

26.2

33.8

20.6

Non-distributable reserve

158.9

229.8

156.5

494.5

461.3

376.0

Retained earnings

2,720.4

3,134.3

2,970.8

1,399.6

1,662.8

1,495.3

Shareholders' equity

10,828.5

11,298.7

8,407.1

26.3

27.2

25.3

Minority interests

183.2

184.6

158.0

1,425.9

1,690.0

1,520.6

11,011.7

11,483.3

8,565.1

Non-current liabilities

704.5

649.8

749.7

Borrowings

5,424.3

4,415.4

4,232.5

15.8

17.8

16.7

Debentures

120.7

120.7

95.1

296.7

309.4

296.3

Provisions

2,143.6

2,102.6

1,782.1

667.6

632.2

601.3

Deferred taxation

4,350.2

4,295.8

4,010.5

1,684.6

1,609.2

1,664.0

12,038.8

10,934.5

10,120.2

Current liabilities

280.9

262.1

254.5

Trade and other payables

1,841.1

1,780.9

1,687.8

107.9

115.0

106.6

Current portion of borrowings

771.2

781.4

648.0

68.9

29.6

41.1

Taxation

297.1

201.1

414.1

457.7

406.7

402.2

2,909.4

2,763.4

2,749.9