A SOLID OPERATING PERFORMANCE
AND INCREASED RECEIVED GOLD PRICE
PUSH EARNINGS UP

Group results for the quarter

• 

Headline earnings up 2% to R4.08 ($0.52) per share.

•  

Operating profit steady at R894 million ($114 million).

•  

Received gold price 5% higher due to an established
hedging programme.

•  

Hedge book reduced by 800,000 ounces over the
quarter.

Regional operating results for the quarter

SOUTH AFRICA

•  

An 11% improvement in operating profit to
R584 million.

•  

Gold production on target, down by 10% to 1.2 million
ounces, due to the sale of unprofitable assets and
continued downsizing.

•  

Rand denominated cash costs steady, as predicted,
despite production decrease.

•  

Bambanani improving with R21 million operating profit
and most other operations steady or better than last
quarter.

•  

Approval for revisions to capital projects at Mponeng
and TauTona with good returns.

AFRICA

•  

Production increases 47% to 194,000 ounces, quarter
on quarter, with the inclusion of Geita production.

•  

Operating profit up 6%.

•  

The region produced 21% of AngloGold's cash
earnings from 11% of the company's gold production.

NORTH AMERICA

•  

Gold production down 13% on record December
quarter.

•  

Operating profit down with reduced production and
lower gold price.

•  

Cash costs marginally down to $211 per ounce.

•  

Approval for the CC&V expansion plan, giving 2.8
million additional ounces over the life of mine.

SOUTH AMERICA

•  

Gold production down 13% to 107,000 ounces
following high recovery in the December quarter.

•  

Total cash costs 8% lower at $147 per ounce.

AUSTRALASIA

•  

Production down 6% to 132,000 ounces following
usual seasonal rain problems.

•  

Cash costs increased only 1% with 56% of production
coming from Sunrise Dam at $132 per ounce.

•  

Corporate office restructured and relocated to Perth
with A$4.3 million saving this year.

Quarter 

ended 

Mar 

2001 

Quarter 

ended 

Dec 

2000 

Year 

ended 

Dec 

2000 

Quarter 

ended 

Mar 

2001 

Quarter 

ended 

Dec 

2000 

Year 

ended 

Dec 

2000 

Rand/Metric

Dollar/Imperial

Gold

Produced

- kg/oz 000

54,377

57,906 

225,295 

1,749

1,862 

7,243 

Revenue

- R/kg/$/oz sold

74,133

70,819 

67,158 

295

289 

308 

Total cash costs

- R/kg/$/oz produced

48,457

48,255 

46,404 

193

197 

213 

Total production costs

- R/kg/$/oz produced

57,537

55,454 

53,334 

229

226 

245 

Operating profit

- R/$ million

894

889 

3,272 

114

116 

469 

Net capital expenditure

- R/$ million

535

938 

2,009 

68

123 

281 

Net profit / (loss)

- R/$ million

336

(132)

1,116 

43

(18)

166 

Net earnings / (loss)

- cents per share

314

(123)

1,043 

40

(16)

155 

Headline earnings

- cents per share

408

402 

1,658 

52

52 

237 

Dividends

- cents per share

1,400                                                                                                         196 

REPORT

FOR THE QUARTER ENDED
31 MARCH 2001

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

Certain forward-looking statements

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

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

Published by AngloGold

PO Box 62117
Marshalltown
2107
South Africa

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

2

Dear Shareholder

Overall performance

The results reported for the March quarter
reflect a solid operating performance.  In the
context of a weak spot gold price, and in a
quarter that seasonally has been difficult for
this company's operations in South Africa,
Australia and North America, operating profit
has matched that of the December 2000
quarter and exceeded the performance in the
first three months of 2000 by 19%.
Management is targeting operational
performance which trends up marginally from
this level over the course of the year.

The improvement in the South African

operations is particularly pleasing.  Here
operating profit was up 11% and headline
earnings increase by 17% from the December
quarter.  Critically, in comparison with last
quarter, cash costs held constant in rand
terms, despite a 10% reduction in gold
production, and have declined 3% in dollar
terms to $202 per ounce.

Of particular note is Bambanani,

which improved its operating performance
from a R7 million loss in December last year
to a R21 million profit this quarter.

Another pleasing feature of these

results is the performance of the Africa region.
Here production grew 47% to 194,000
ounces.  This results from the full inclusion of
the attributable ounces from Geita mine in
Tanzania.  Operating profit was up 6% on the
December 2000 quarter.  During this last
quarter Africa produced 11% of the
company's ounces, 15% of the operating
profit, 19% of EBITDA and 21% of cash
earnings.

The Africa region's performance

confirms the benefits AngloGold increasingly
enjoys from the geographic and orebody
diversity strategy we have pursued over the
last three years.  This strategy has seen gold
production from outside South Africa,
principally from low-cost, surface and shallow

mines, grow to 32%, operating profits to 35%,
EBITDA to 49% and cash earnings to 54%.

Revenue protection

The first quarter's performance also needs to
be seen against the background of
AngloGold's hedging programme.  Despite the
fact that the average spot price for gold for the
quarter at $263 per ounce was some 2%
lower than in the last quarter of 2000, the gold
price received by AngloGold in the March
quarter increased by some 5%, underlining
the benefits of a responsible hedging
programme.

At the end of 2000, we reported that,

with some 17.8 million ounces sold forward,
we were fully hedged in terms of our
mandated hedge limit.  Given the sustained
lower price levels this quarter and the
absence of further price protection required by
loan financing, we have reduced the hedge
book by some 800,000 ounces over the
quarter.  At the end of the March quarter, 22%
of the AngloGold gold reserve was hedged.

Growth

At today's Board meeting, we approved a
major expansion at the Cripple Creek & Victor
mine, in Colorado, in the United States.  This
project, requiring some $194 million, will see
an additional 2.8 million ounces of gold
production over the life of the mine, which this
expansion will extend at least until 2012. The
project has a expected internal rate of return
(IRR) of 27%.

The Board also approved the

rationalisation of the Mponeng (formerly, the
Western Deep Levels South mine) Shaft
Deepening Project into two projects, with the
prospect of a third.  The life of TauTona will
be extended to 2011, requiring a further R404
million in capital.  The deepening of the
Mponeng sub-shaft will be stopped at the 123
level and the available reserves will be
developed and mined at a capital cost of
R842 million.  The Mponeng resource below
120 level is not sterilised by this change and
could be accessed in the future as a possible

LETTER FROM THE CHAIRMAN AND
DEPUTY CHAIRMAN

3

third stand-alone project.  The TauTona and
Mponeng projects have projected IRRs of
35% and 20% respectively and significantly
improve the NPV of both assets.  The
decision to make this additional combined
investment of R1.2 billion in the South African
operations is further evidence of AngloGold's
continued confidence in its South Africa
region and the country's gold economy.

The Board placed on hold the planned

R817 million Joel North project, pending some
additional drilling to confirm grade.  This
information should be available by December
of this year.

The major expansion at Australia's

Sunrise Dam, and the new Yatela mine in Mali
are both progressing well.

These projects will be undertaken

while maintaining a modest earnings growth
and a high dividend payout over the next two
years.  From 2003, earnings rise more sharply
and large amounts of cash are generated,
from which we will replay debt.  This, together
with a sharpened focus on cost control and
operational efficiencies in the existing
operations, should ensure that the company
remains both a significant and profitable
producer of gold into the future.

RUSSELL EDEY
Deputy Chairman

26 April 2001

BOBBY GODSELL
Chairman and Chief
Executive Officer

4

OVERVIEW

Headline earnings increased by 2% to R437
million or R4.08 cents per share.  In dollar terms,
earnings held steady at $56 million or $0.52 per
share. This was due to a solid operational
performance and a 5% rise in the received price of
gold. Operating profit in rand terms increased by
1% to R894 million but reduced in dollar terms by
2% to $114 million due to the devaluation of the
rand.

Returns on shareholder equity and capital

employed were both steady at 12% and 11%
respectively.

Gold produced by AngloGold's operations

during the quarter decreased by 6%  (113,000
ounces) to 1.7 million ounces.  Some 91,000
ounces of this reduction is explained by the sale of
Elandsrand and Deelkraal to Harmony Gold
Mining Company, with effect from 1 February
2001.

Despite the drop in gold production, total

cash costs decreased by 2% to $193 per ounce.
There will be an ongoing focus on cost reductions
this year.

In respect of price, production, earnings and

profit, AngloGold outperformed its own forecasts
for the first three months of the year  traditionally
the industry's weakest quarter.

The board of directors approved the

expansion of the Cripple Creek & Victor mine in
North America.  This expansion costing
$194 million will increase average annual gold
production by 40% with a life of mine cash cost of
$174 per ounce until at least 2012.  Construction
will be completed in May 2002 with full production
forecast for July 2002.

There was also agreement on a revision to the

Mponeng Shaft Deepening Project. The previous
strategy for the West Wits area (formerly known as
Western Deep Levels) was to mine all remaining
TauTona ore reserves after 2005 from Mponeng.
However, as a result of the acquisition of
additional reserves at TauTona by an exchange of
ground with Gold Fields' Driefontein mine and a
revision of the shaft pillar extraction plan, it has
been decided to extend the life of this mine to
2011. Secondly, this deepening of Mponeng is to
be stopped at the 123 level (3,461 metres below
surface) and the VCR reef on the 113, 116 and
120 levels will be developed and mined. The
mineral resource in the VCR and Carbon Leader
reef below the 120 level is not sterilised by this

decision.  Sinking of the shaft to access this
resource will be treated as a separate stand-alone
project. This change together with the TauTona
extension has resulted in a reduction in capital
expenditure from R2.6 billion to R1.3 billion and an
increase in the net present value of the project.
These revisions were factored into the reserve and
resource statement for Mponeng and TauTona,
reflected in the supplementary information
released in conjunction with the AngloGold Annual
Report for 2000 which was published in March.
However, the change in the scope of the project
and associated changes to the mineral inventory
will lead to a further reduction in the combined
Mponeng and TauTona reserve of 2.3 million
ounces.  The combined mineral resource will not
be affected by this change.

The sinking of the Joel North shaft has been

suspended pending the outcome of further drilling
results.

These changes were included in the

previously published capital expenditure forecast
of R2.4 billion ($311 million) for 2001.

SOUTH AFRICA

Overall performance

Headline earnings for the South African region at
R397 million reflected a 17% improvement (from
R339 million) on the previous quarter. The
received gold price increased by 5%, due to both a
falling exchange rate and AngloGold's hedging
programme.  As expected, gold production
decreased by 10% to 1.19 million ounces (37
tonnes).  This was as a result of the sale of
Elandsrand and Deelkraal and continuing
downsizing at Matjhabeng.  Total cash costs at
R50,715 per kilogram ($202 per ounce) improved
marginally over the previous quarter's R50,785 per
kilogram ($208 per ounce).

Mine performance

The performance of most of the South African
operations in the March quarter was excellent.
Gold production at Kopanang was 3% higher than
the previous quarter and operating profit for the
quarter, at R83 million ($11 million) was 38% up
on the previous quarter.  Unit cash costs were
slightly lower.  At Bambanani, gold production
remained at the lower levels of the previous
quarter, but in line with the planned build-up over
the year.  Significant savings were achieved on
costs to offset the reduced production.  This
resulted in an 8% improvement in total unit cash

OPERATING AND FINANCIAL REVIEW

5

costs and assisted in lifting operating profit to R21
million ($2.5 million) this quarter from a R7 million
($1 million) loss in the December quarter.  Gold
production at Tshepong rose by 19% on the
previous quarter as the identified problems were
overcome.  Total cash costs were reduced by 20%
to R50,301 per kilogram ($200 per ounce) with a
continued focus on cost control in all areas.  The
mine made a R49 million ($6 million) contribution
to operating profit, compared with a R4 million
($0.5 million) loss last quarter. Operating profit at
Great Noligwa increased by 2% for the quarter to
R270 million ($34 million), despite a reduction in
gold produced and higher cash operating costs,
arising from the replacement of major hoisting
equipment.  At Ergo, gold production rose 16% by
13,000 ounces and operating profit went up from
R6 million ($1 million) to R30 million ($4 million).
Higher head grades from increased clean-up
activities and improved metallurgical efficiencies
resulted in an 8% improvement in recovered
grade.  The higher gold production led to a
decrease in total cash costs of 9% to R52,415 per
kilogram ($208 per ounce), despite annual wage
increases, which came into effect this quarter.

Several other operations had solid

performances.  Seismicity had an impact on the
mining volumes at TauTona, where winder and
power problems in the lower Carbon Leader
sections also affected production.  Nevertheless, a
focus on releasing gold inventory from
underground resulted in a 7% improvement in
grade and the mine made a R113 million ($14
million) contribution to operating profit.  The
volume mined at Tau Lekoa was 8% below the
previous quarter's record-breaking performance.
Gold produced declined by 209 kilograms due to a
planned yield decrease and a lower volume.  Gold
production was down at Matjhabeng because of
the planned downscaling at Eland and Nyala
shafts and concentrated clean-up operations at
Sable shaft.  Production targets are in line with the
current life of mine plan.  As expected with a
project that is being downsized, costs were lower,
but the effects of this were partially offset by an
increase in expenditure arising from
retrenchments.

AngloGold continues to face problems at three

of the South African operations.  Savuka could not
maintain the high levels of production of the
previous quarters.  The mine had a slow start after
the ten-day December break due to orepass
problems and the need to address safety issues.
Two seismic events in the shaft pillar resulted in
crews being moved to areas with much lower
grades.  This impacted negatively on the average
grade, which was down by 9%.  Additionally, an
orepass blockage affected mining volume, which
decreased by 19%.  Lack of available face length
at Mponeng continues to have an impact on
mining volume.  The shortfall, together with the

lower than expected face values, has had an effect
on the recovered gold which remained at the low
levels of the previous quarter.  However, the
planned developments to improve face length
availability is on track and four additional raise
lines will come into production in the second half of
the year.  These measures will restore production
flexibility and result in increased gold production.

At Joel, mining values continued to drop with

the average grade declining by 9%.  This, together
with the lower mining volumes, impacted
negatively on gold production, which was down by
27%.  The mine has been scaled back to 20,000
square metres per month and full calendar
operations (FULCO) have been discontinued, with
a consequent reduction in the number of
employees by 1,200.  The impact of the resultant
cost savings will only be evident in the next
quarter.  The performance of this mine will be
closely monitored, and if the anticipated rise in
grade does not materialise, its future will be
reviewed at the end of next quarter.  In the light of
the grade variability at the South shaft and the low
gold price, sinking of the North shaft has been
suspended pending the results from four
boreholes which are to be drilled from surface to
verify the existing grade projections.

Tragically, 13 people lost their lives in ten

separate mine accidents in AngloGold's South
Africa region during this quarter.  This compares
with ten deaths in the previous quarter and 17
during the corresponding quarter last year.
Savuka experienced an increase in seismic
activity, and five people died in two seismically-
related accidents during the first three months of
2001.

In the South African region, 431 lost-time

injuries were recorded  a 23% improvement on
the previous quarter and the lowest number of
lost-time injuries occurring in any quarter on
record.  This represents a lost-time injury
frequency rate (LTIFR) of 11.23 injuries per million
hours worked.

AFRICA

Overall performance

The African region had an excellent start to the
year with the inclusion of the Geita mine for the
first time.  The impact is significant, with the Africa
region producing 194,000 attributable ounces for
the quarter, an increase of 47% on the previous
quarter.  Total cash costs, at $124 per ounce,
increased by 18% over the previous quarter,
largely as a result of the inclusion of Geita and
planned decreased ore production at Sadiola.
Safety showed a marked improvement in the

6

region, achieving a LTIFR of 0.8 with three
accidents recorded for the five operations.

Mine performance

At Sadiola (38% attributable) lower planned mill
throughput (5%), coupled with a decline in the
recovered grade of 3%, reduced attributable gold
production by 8% to 50,000 ounces for the quarter.
The decrease in production, together with
increased waste mining to obtain additional oxide
ore reserves, resulted in unit total cash costs rising
by 7% to $130 per ounce.  The mine was accident
free for the quarter.

 Although in the process of commissioning its

sulphide metallurgical plant circuit, Morila (40%
attributable) increased production by 13% to
64,000 attributable ounces.  Total cash costs, at
$90 per ounce, increased by 2% on the previous
quarter.  A marked turnaround in safety has been
recorded on the mine.

At Geita (50% attributable) expectations were

exceeded during the quarter, with 60,000
attributable ounces being produced, at a creditable
total cash cost of $141 per ounce.  Safety
performance has improved on the AngloGold
benchmarks.

Navachab had a steady quarter with

production of 21,000 ounces, 4% down on the
previous quarter.  Total cash costs were $174 per
ounce, a 7% increase on the previous quarter.
There was a slope failure on the eastern wall
which is not expected to affect production.  The
mine's outstanding safety record continues
resulting in the mine receiving the Namibian
Chamber of Mines award for safety.

 Construction and mining are progressing at

Yatela which is due to produce its first gold in
June 2001.  The ore treatment plant is in the
process of being commissioned with the first ore
having been stacked out on the leach pads and
treated.  Mining production is ahead of schedule
with full production output stockpiled during
February 2001.

NORTH AMERICA

Overall performance

Gold production in the North American region
decreased by 13% in this quarter compared with
the record levels for the fourth quarter of 2000.
This was due to lower production, primarily at
Cripple Creek & Victor (CC&V).  Operating profit
fell by 30% during the same period as a result of
decreased production and a lower realised gold
price.  Reduced volumes of ore purchased from

Cortez for custom processing at the Jerritt Canyon
operations and improved ounce placements at
CC&V led to a decrease in total cash costs.  Gold
production was below forecast levels primarily
because of fourth quarter ore placement issues at
CC&V which impacted on first quarter production
levels.  CC&V is expected to exceed budgeted
production levels by the end of the year.  Total
cash costs for the region were $211 per ounce.

Mine performance

At Jerritt Canyon (70% attributable), the first
quarter's production of 75,000 ounces was 6%
lower than the previous quarter as a result of the
batch milling of Cortez ore.  Total tonnage
processed was approximately 1% higher;
however, lower purchased ore grades resulted in
the decreased gold production.  Total cash costs
for the quarter were $232 per ounce, 5% down on
the previous quarter, due to the lower volumes
(12% less) of Cortez ore purchased.

Production at CC&V (66.7% attributable 

effectively 100% attributable  see Note 5 on page
12) was 51,000 ounces, 22% lower than the fourth
quarter of 2000.  Reduced crusher availability
during the previous quarter adversely affected
crushed ore placement and the effects on gold
production were felt in the current period.  Total
cash costs were $169 per ounce, some 3% lower
than the previous quarter due to a change in mine
plans. Significantly higher ounce placement will
enable a return to expected production levels by
mid-year.

SOUTH AMERICA

Overall performance

Gold production at the South American operations
was 13% lower than the previous quarter at
107,000 ounces.  This was due to a high recovery
from a plant clean-up in the last three months of
2000.  Total cash costs for the quarter were 8%
lower at $147 per ounce following cost cutting
initiatives at all operations and the devaluation of
the Real being greater than anticipated.

Mine performance

The 26% reduction in gold production at Morro
Velho was responsible for the quarter on quarter
decrease in production for the region.  This
decrease was partially offset by a higher gold
production (up by 6%) at Cerro Vanguardia
(46.25% attributable) owing to better grades and
an increase in production capacity.  Higher
recovered grade enabled Serra Grande (50%
attributable) to post a 2% improvement in
production.

7

The South American operations achieved a

LTIFR just over the Ontario benchmark for the first
quarter. Cerro Vanguardia recorded two accidents
in the first quarter compared with four for the
whole of last year.  Morro Velho recorded eight
accidents in the first two months.  The situation
had improved by the end of the quarter with only
one accident occurring in March.  It should be
noted that while the accident rates have increased,
the severity rate has decreased significantly.

AUSTRALASIA

Overall performance

Production for the quarter of 132,000 ounces was
6% below the level for the previous period.
However, with 56% of the total production now
coming from the low-cost Sunrise Dam operation,
total cash costs increased by only 1% to $201
(A$380) per ounce.

During the quarter, the corporate office was

restructured and relocated from Melbourne to
Perth.  The reduced staffing levels and greater
proximity to the mining operations will yield
savings of some A$4.3 million this year.  In
addition, a refocusing of the Australasian
exploration effort has resulted in further savings.

Heavy seasonal rains over the northern half of

the country have created problems for particular
mines and curtailed exploration field activities.

Mine performance

Sunrise Dam has continued its strong
performance with production increasing a further
13% over the level achieved in the previous
quarter, while total cash costs were reduced by
14%.  Production for the quarter increased from
65,000 ounces to 74,000 ounces at an average
total cash cost of $132 (A$248) per ounce.  These
results were achieved while work on the
processing plant expansion and the further
development of the open pit was in progress.  The
plant expansion is proceeding within budget and is
on schedule for commissioning during the next
quarter as planned.  Due to the shutdowns
associated with commissioning, production during
the second quarter will be lower than that achieved
during this quarter.  The cutback of the "MegaPit"
will continue through to the end of the year.

At Union Reefs, there was a scheduled

reduction in mining from the main Crosscourse pit
during the wet season.  Production fell by 17% to
31,000 ounces.  However, the operation
capitalised on the cost reductions recorded in the
previous quarter, to achieve an average total cash
cost of $193 (A$364) per ounce.  The figures for

the previous quarter were $229 (A$429) per
ounce.

Despite the difficulties associated with mining

of remnant ore blocks and the low ore grades,
Boddington's (33.3% attributable) performance
during the first quarter was almost identical to that
of the previous quarter.  Production was 19,000
ounces at a total cash cost of $206 (A$389) per
ounce.  An intensive study of the viability of mining
the remaining oxide reserves has been undertaken
and it now appears that the current oxide
operations will cease in the third quarter.
Agreement has been reached on the principles for
transferring the management of both the
Boddington mine and its expansion to the
Boddington Gold Mine Joint Venture partners.

 Tanami suffered badly from the heavy rains in

the region.  Access to a number of the pits has
been restricted and, towards the end of the
quarter, road access to the mine itself was cut off.
As a consequence, a critical diesel fuel shortage
has developed and it has been necessary to
suspend processing operations at the mine.  With
limited remaining reserves available for processing
by the joint venture, future options for the
operation are being reviewed.  Production for the
quarter was down to 8,000 ounces (34% below the
previous quarter) while total cash costs rose to an
unacceptable $423 (A$805) per ounce.

8

The first quarter of 2001 produced a
lower average spot gold price than in
the past four quarters, but more activity
with significant price volatility, and a
price range of over $20 between the
traded high and lows of the period.
The average spot price of $263 per
ounce was 2% lower than the price in
the final quarter of last year.  A similar
level of volatility was seen in the
currency market, where a stronger
dollar knocked currencies like the euro,
the rand and the Australian dollar
lower.  Opening at around R7.50 to the
US dollar, the local currency slipped to
a low of R8.05 against the dollar and
the average exchange rate of R7.83 for
the quarter was some 3% weaker than
the average for last quarter. The South
African price of gold touched a record
high above R68,000 per kilogram, and
averaged R66,280 for the quarter or
almost 8% better than in the final
quarter of 2000.  This dollar strength
has continued into April, cushioning
non-American gold producers from the

worst effects of the weak US dollar
spot price of gold.

The spot gold price during this

period was influenced particularly by a
sharp dislocation in short-term gold
lease rates in the latter part of the
quarter, and by the unexpected
strength of the US dollar in the face of
economic uncertainty and stock market
losses in the United States.

From the middle of the quarter,

short-term gold lease rates, and
particularly one month lending rates,
rose very sharply from around 0.5%
per annum at which they have traded
for the past year, to a spike just over
6% early in March, putting gold futures
into backwardation in this time period.
Since this early March peak, the short
term rates have retraced to trade
mostly between 2% and 3% per
annum.  During this period, gold
lending rates for one year and beyond
have remained relatively unchanged.

GOLD MARKET

GOLD LEASE RATES 2001

0.0

0.5

1.0

1.5

2.0

2.5

3.0

3.5

4.0

4.5

5.0

5.5

6.0

6.5

02/01/01      09/01/01      16/01/01       23/01/01       30/01/01       06/02/01     13/02/01      20/02/01      27/02/01      06/03/01       13/03/01       20/03/01      27/03/01      03/04/01      10/04/01

ONE MONTH

ONE YEAR

9

When short term lease rates

peaked, speculative shorts in the gold
market were squeezed by the
increased carrying costs of such
trades, and a certain amount of buying
back by speculators was seen in the
market.  This buying was sufficient to
lift the gold price from its low of $254
early in the quarter to a high of almost
$275 at the time of the highest lease
rates.  There was considerable
speculation during the quarter over the
reasons for this lease rate increase,
and for the tightness in short- and
medium- term gold lending.  Whatever
the exact trigger might have been for
this move in lending rates, we believe
that there is no doubt that this increase
signals the reality that there are finite
boundaries to gold lending liquidity.
Because of the lack of transparency in
the gold market  and particularly so in
the lending market  it is impossible to
quantify the ceiling to gold lending to
the last 100 or 500 tons; however, that
a ceiling exists is clear from this
experience.  We believe that this
ceiling will contribute in time to a
further beneficial tightening of our
market.

The other major influence on the

gold price during this quarter flowed
from the strong dollar, which provided
speculators with encouragement to sell
gold short.  This position is reflected in

the growing net short position on
COMEX, which reached a high point of
some 66,000 contracts just before the
rise in gold lease rates; this position is
equivalent to a net short position of
over 200 tons of gold.  This ongoing
strength in the US currency contradicts
the widespread forecasts at the
beginning of this year of a weaker US
dollar.  The majority of forecasters
today still anticipate dollar weakness
later in the year, as the US economy
continues to slow and US interest rates
fall, and a weaker dollar becomes
necessary to correct or at least
moderate the growing US trade deficits
of recent years.  Should these
forecasts prove correct, and the US
currency does weaken, this should
remove a source of downward
pressure on gold.   US dollar
weakness, however, will not
necessarily trigger the wholesale
reversal of the lower gold prices of
recent years.  To turn the tide on
current low spot gold prices in US
dollars would require a revival of
positive investor interest in gold, and
would require sustained long positions
in the metal by speculators in the
developed markets such as were seen
in the gold market between 1992 and
1994.  Gold producers should work to
promote such investment as economic
and market circumstances again
favour gold investment.

10

NET DELTA OPEN HEDGE POSITION AS AT 31 MARCH 2001

As at 31 March 2001, 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 8.04 available on
31 March 2001.

Kilograms

Sold

Forward Price

rand per kg

Forward Price

$ per oz

Ounces

Sold

`000

12 Months ending

 31 December 2001

118,333

R78,925

$299

3,804

2002

107,455

R82,353

$296

3,455

2003

79,306

R88,952

$300

2,550

2004

54,944

R96,449

$306

1,766

2005

46,738

R110,506

$330

1,503

January 2006 - December 2010

122,693

R128,689

$321

3,945

529,469

R97,261

$307

17,023

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

was R2,520 million ($313 million) as at 31 March 2001.  The value was based on a gold price of $257.85 per
ounce, exchange rates of R/$8.04 and $/A$ 0.4857 and the prevailing market interest rates and volatilities at
the time.

As at 26 April 2001, the marked to market value of the hedge book was R2.1 billion ($260.8 million) based

on a gold price of $262.40 per ounce and exchange rates of R/$8.095 and $/A$0.5067 and the prevailing
market interest rates and volatilities at the time.

Note to AngloGold Hedge Position as at 31 March 2001
*The delta position indicated hereafter reflects the nominal amount of the option multiplied by the
mathematical probability of the option being exercised. This is calculated using the Black and Scholes option
formula with the ruling market prices, interest rates and volatilities as at 31 March 2001.

GOLD MARKET

11

Year

2001

2002

2003

2004

2005    2006-2010

Total

DOLLAR GOLD

Forward Contracts

Amount (kg)

60,411

45,466

41,545

32,161

27,348

86,693

293,624

$ per oz

$315

$313

$318

$318

$325

$340

$324

Put Options Purchased

Amount (kg)

8.691

3,893

5,808

2,662

757

1,291

23,103

$ per oz

$321

$383

$352

$390

$291

$291

$345

*Delta (kg)

7,642

3,620

4,829

2,140

314

446

18,991

Put Options Sold

Amount (kg)

1,866

1,866

$ per oz

$268

$268

*Delta (kg)

1,822

1,822

Call Options Purchased

Amount (kg)

25,710

5,407

667

572

32,355

$ per oz

$293

$297

$350

$360

$296

*Delta (kg)

3,912

1,302

97

113

5,424

Call Options Sold

Amount (kg)

56,284

21,216

10,463

3,303

1,704

2,233

95,204

$ per oz

$311

$349

$372

$342

$358

$338

$329

*Delta (kg)

3,263

1,380

1,187

925

501

1,060

8,316

RAND GOLD

Forward Contracts

Amount (kg)

33,329

41,474

16,706

13,311

12,700

18,433

135,953

Rand per kg

R75,387        R78,371         R83,501       R89,193       R115,231

R126,943        R89,358

Put Options Purchased

Amount (kg)

2,333

2,333

Rand per kg

R71,150

R71,150

*Delta (kg)

1,333

1,333

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)

17,247

14,357

4,519

1,875

3,119

1,875

42,991

Rand per kg

R78,213         R87,003         R93,766        R93,603       R125,774

R93,603        R87,576

*Delta (kg)

2,269

3,472

1,466

1,077

1,353

1,483

11,120

AUS DOLLAR (A$) GOLD

Forward Contracts

Amount (kg)

14,792

12,597

13,841

5,443

6,221

31,726

84,620

A$ per oz

A$519

A$614

A$538

A$532

A$652

A$578

A$569

Call Options Purchased

Amount (kg)

4,121

6,687

778

4,665

31,725

47,977

A$ per oz

A$717

A$728

A$703

A$704

A$684

A$695

*Delta (kg)

217

1,153

172

1,698

17,148

20,388

Call Options Sold

Amount (kg)

1,866

3,732

5,599

A$ per oz

A$520

A$554

A$543

*Delta (kg)

1,245

1,901

3,146

RAND DOLLAR (000)

Forward Contracts

Amount ($)

77,412

20,000

97,412

ZAR per $

R 7.45

R 6.48

R 7.25

Put Options Purchased

Amount ($)

330,000

330,000

ZAR per $

R 7.55

R 7.55

*Delta ($)

49,362

49,362

Put Options Sold

Amount ($)

40,000

40,000

ZAR per $

R 7.65

R 7.65

*Delta ($)

6,676

6,676

Call Options Purchased

Amount ($)

47,900

5,450

53,350

ZAR per $

R 7.71

R 6.48

R 7.59

*Delta ($)

33,877

5,365

39,243

Call Options Sold

Amount ($)

406,670

33,450

8,000

448,120

ZAR per $

R 8.22

R 7.06

R 6.94

R 8.11

*Delta ($)

215,632

30,680

7,722

254,034

AUS DOLLAR (000)

Forward Contracts

Amount ($)

39,161

43,748

29,428

112,336

$ per A$

A$.65

A$.58

A$.59

A$.61

ANGLOGOLD HEDGE POSITION
AS AT 31 MARCH 2001

12

1.  The results included herein for the quarter ended 31 March 2001, which are unaudited, have been

prepared using the accounting policies which are consistent in all material respects with those applied in
the previous period, except for the adoption of IAS39.  These accounting policies conform with South
African Statements of Generally Accounting Practice and International Accounting Standards.

In accordance with IAS39, retrospective application is not permitted and as a result, the comparative
figures have not been restated.

The Group has adopted IAS39 (AC133) "Financial Instruments: Recognition and Measurements" with
effect from 1 January 2001 as follows:

IAS39 requires all contracts which meet the definition of a derivative to be recognised on the balance
sheet as either assets or liabilities and recorded at fair value.  Gains or losses arising from remeasuring
derivatives to fair value for each period, are to be accounted for either in the income statement or in
other comprehensive income, depending on the use of the derivative and whether it qualifies for hedge
accounting.

The key criterion, which must be met in order to qualify for hedge accounting, is that the derivative must
be highly effective in offsetting the change in the fair value or cash flows of the hedge item.

Normal purchases and normal sales commodity-based contracts that qualify for exemption would be
excluded from the scope of the statement provided that the contracts are settled by physical delivery.  As
a result the accounting for these contracts will not be impacted by the adoption of IAS39.

All other contracts not meeting the criterion for hedge accounting and the normal purchases and normal
sales exemption will be recorded at their fair market value, with changes in value at each reporting
period being recorded in income.

The implementation of IAS39 had a R2.3 million unfavourable effect on the current quarter's earnings.

2.  During the quarter, 21,700 ordinary shares were allotted in terms of the Share Incentive Scheme,

thereby increasing the number of ordinary shares in issue at 31 March 2001 to 107,042,787.

3.  Shareholders were previously advised that a formal agreement had been entered into with Harmony

Gold Mining Company Limited, whereby Harmony would purchase AngloGold's Elandsrand and
Deelkraal mines, with effect from 1 February 2001, for the sum of R1 billion, subject to the approval of
certain conditions precedent.  At a general meeting held on 23 March 2001, Harmony shareholders
approved the transaction and as of 9 April, 2001, all conditions precedent had been fulfilled and the
agreement became unconditional.

4.  Orders placed and outstanding on capital contracts as at 31 March 2001 totalled R966.4 million (at

31 December 2000: R447.4 million), equivalent to $120.6 million (31 December 2000: $59.1 million) at

the rate of exchange ruling on that date.

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

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

6.  Further cautionary announcement

Further to the cautionary announcements dated 27 November, 19 December 2000, 31 January and
14 March 2001, shareholders are advised that AngloGold is continuing to consider its position regarding
certain of its assets in the Free State and discussions are continuing with various parties. Accordingly,
shareholders are advised to continue to exercise caution when dealing in AngloGold shares.

NOTES

13

7.  Dividend

Final Dividend No. 89 of 650 South African cents per ordinary share was paid to registered shareholders
on 30 March 2001.  A dividend was paid to holders of American Depositary Receipts (ADR) on 9 April
2001 at a rate of 39.88 US cents per American Depositary Share (ADS).  Each ADS represents one-half
of an ordinary share.

8.  Results of annual general meeting

At the annual general meeting of shareholders held on Wednesday, 25 April 2001, all the ordinary
resolutions and the special resolution to amend certain of the company's articles of association, as
specified in the notice of meeting dated 13 March 2001, were passed by the requisite majority of
shareholders.  The special resolution is in the process of being registered with the Registrar of
Companies.

By order of the Board

R M GODSELL

R P EDEY

Chairman and Chief Executive Officer

Deputy Chairman

26 April 2001

GROUP OPERATING RESULTS

Issued Capital:

107,042,787 ordinary shares of 50 cents each
2,000,000 A redeemable preference shares
778,896 B redeemable preference shares
All the preference shares are held by a wholly owned subsidiary company

Weighted average:

107,022,224 ordinary shares in issue

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

Quarter

Quarter

Year

ended

ended

ended

March

December

December

2001

2000

2000

GOLD
UNDERGROUND OPERATIONS
Tonnes milled

- 000

- reef

4,629

5,123

21,126

- waste

2

35

167

- total

4,631

5,158

21,293

Yield

- g/t

- reef

 7.99

 8.24

 8.02

- waste

 1.00

 0.26

 0.54

- average

 7.98

 8.18

 7.96

Gold produced

- kg

- reef

36,974

42,202

169,468

- waste

2

9

91

- total

36,976

42,211

169,559

PRODUCTIVITY
g/employee

- target

204

213

209

- actual

197

195

193

SURFACE AND  DUMP RECLAMATION
Tonnes treated

- 000

13,483

12,340

50,289

Yield

- g/t

 0.34

 0.33

 0.32

Gold produced

- kg

4,539

4,122

15,870

OPEN-PIT OPERATIONS
Tonnes mined

- 000

18,383

14,165

49,121

Stripping ratio

- t(mined-treated)
 /t treated

 1.69

 1.26

 1.08

Tonnes treated

- 000

6,843

6,269

23,601

Yield

- g/t

 1.88

 1.85

 1.69

Gold produced

- kg

12,862

11,573

39,866

TOTAL
Gold produced

- kg

54,377

57,906

225,295

Revenue

- R/kg sold

74,133

70,819

67,158

Total cash costs

- R/kg produced

48,457

48,255

46,404

Total production costs

- R/kg produced

57,537

55,454

53,334

CAPITAL EXPENDITURE

 - mining direct

416.3

836.6

1,850.9

 - other

118.9

110.1

212.5

 - recoupments

(0.3)

(8.7)

(54.5)

Net capital expenditure

534.9

938.0

2,008.9

 16

GROUP OPERATING RESULTS

Issued Capital:

107,042,787 ordinary shares of 50 cents each
2,000,000 A redeemable preference shares
778,896 B redeemable preference shares
All the preference shares are held by a wholly owned subsidiary company

Weighted average:

107,022,224 ordinary shares in issue

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

Quarter

Quarter

Year

ended

ended

ended

March

December

December

2001

2000

2000

GOLD
UNDERGROUND OPERATIONS
Tons milled

- 000

- reef

5,103

5,647

23,287

- waste

2

39

184

- total

5,105

5,686

23,471

Yield

- oz/t

- reef

 0.233

 0.240

 0.234

- waste

-

-

 0.016

- average

 0.233

 0.239

 0.232

Gold produced 

- oz 000 - reef

1,189

1,357

5,448

- waste

-

-

3

- total

1,189

1,357

5,451

PRODUCTIVITY
oz/employee

- target

 6.57

 6.86

 6.71

- actual

 6.35

 6.28

 6.21

SURFACE AND  DUMP RECLAMATION
Tons treated

- 000

14,862

13,603

55,436

Yield

- oz/t

 0.010

 0.010

 0.009

Gold produced

- oz 000

146

133

510

OPEN-PIT OPERATIONS
Tons mined

- 000

20,263

15,614

54,146

Stripping ratio

- t(mined-treated)
 /t treated

 1.69

 1.26

 1.08

Tons treated

- 000

7,544

6,910

26,016

Yield

- oz/t

 0.055

 0.054

 0.049

Gold produced

- oz 000

414

372

1,282

TOTAL
Gold produced

- oz 000

1,749

1,862

7,243

Revenue

- $/oz sold

295

289

308

Total cash costs

- $/ounce produced

193

197

213

Total production costs

- $/ounce produced

229

226

245

Rand/US Dollar average exchange rate

 7.83

 7.63

 6.78

CAPITAL EXPENDITURE

 - mining direct

53.3

109.6

259.4

 - other

15.1

14.4

29.5

 - recoupments

-

(1.1)

(7.7)

Net capital expenditure

68.4

122.9

281.2

 17

GROUP INCOME STATEMENT

Quarter

Quarter

Year

ended

ended

ended

March

December

December

SA Rand million

2001

2000

2000

Revenue

4,104.1

4,297.4

15,971.4

Gold income

3,985.4

4,131.3

15,338.0

Gold sales

3,937.1

4,131.3

15,338.0

Realised gain on hedging instruments

50.6

-

-

Unrealised loss on hedging activities

(2.3)

-

-

Cost of sales

3,091.6

3,242.4

12,065.8

Cash operating costs

2,599.0

2,790.7

10,421.0

Other cash costs

51.9

33.1

130.9

Total cash costs

2,650.9

2,823.8

10,551.9

Retrenchment costs

50.0

55.1

117.8

Rehabilitation and other non-cash costs

12.1

(20.4)

9.2

Production costs

2,713.0

2,858.5

10,678.9

Amortisation of mining assets

446.5

416.8

1,508.5

Total production costs

3,159.5

3,275.3

12,187.4

Inventory change

(67.9)

(32.9)

(121.6)

Operating profit

893.8

888.9

3,272.2

Corporate administration and other expenses *

44.7

48.9

174.7

Market development costs

31.6

10.0

81.7

Research and development

5.7

20.2

53.6

Exploration costs

50.8

109.7

309.3

Profit from operations

761.0

700.1

2,652.9

Finance costs

181.6

154.2

480.5

Unwinding of decommissioning obligation

(0.2)

0.9

2.4

Exchange (loss) / gain on transactions other than sales

(2.5)

18.3

23.7

Interest receivable

40.7

43.8

249.5

Growth in AngloGold Environmental Rehabilitation Trust

8.7

11.4

25.2

Income from associates before taxation

0.2

5.1

26.8

Profit on sale of assets

0.2

23.4

51.7

Profit before exceptional items

626.9

647.0

2,546.9

Loss on sale of mining assets

45.5

-

-

Impairment of mining assets

-

708.5

708.5

Amortisation of goodwill

55.2

39.0

135.3

Termination of retirement benefit plans

-

9.7

9.7

Profit / (loss) before taxation

526.2

(110.2)

1,693.4

Taxation

177.2

(25.3)

490.9

Normal taxation

149.2

106.2

534.2

Deferred taxation 

- current

28.0

64.3

152.5

- exceptional items

-

(195.8)

(195.8)

Profit / (loss) after taxation

349.0

(84.9)

1,202.5

Minority interest

13.0

46.6

87.0

Net profit / (loss)

336.0

(131.5)

1,115.5

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

336.0

(131.5)

1,115.5

Loss on sale of mining assets

45.5

-

-

Impairment of mining assets

-

708.5

708.5

Deferred taxation on impairment of mining assets

-

(195.8)

(195.8)

Amortisation of goodwill

55.2

39.0

135.3

Termination of retirement benefit plans

-

9.7

9.7

Headline earnings

436.7

429.9

1,773.2

Earnings per ordinary share - cents
    - Basic

314

(123)

1,043

    - Headline

408

402

1,658

Dividends
    - Rm

1,498.2

    - cents per share

1,400

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

* Includes retrenchment costs of R4.1m

 18

GROUP INCOME STATEMENT

Quarter

Quarter

Year

ended

ended

ended

March

December

December

US Dollar million

2001

2000

2000

Revenue

524.3

564.6

2,299.3

Gold income

509.2

542.8

2,208.1

Gold sales

503.1

542.8

2,208.1

Realised gain on hedging instruments

6.4

-

-

Unrealised loss on hedging activities

(0.3)

-

-

Cost of sales

395.1

426.4

1,739.5

Cash operating costs

332.0

367.1

1,502.5

Other cash costs

6.6

4.3

18.8

Total cash costs

338.6

371.4

1,521.3

Retrenchment costs

6.4

7.2

16.5

Rehabilitation and other non-cash costs

1.6

(2.7)

1.8

Production costs

346.6

375.9

1,539.6

Amortisation of mining assets

57.1

54.8

217.2

Total production costs

403.7

430.7

1,756.8

Inventory change

(8.6)

(4.3)

(17.3)

Operating profit

114.1

116.4

468.6

Corporate administration and other expenses *

5.7

6.4

25.3

Market development costs

4.0

1.4

12.0

Research and development costs

0.7

2.7

7.7

Exploration costs

6.5

14.4

44.0

Profit from operations

97.2

91.5

379.6

Finance costs

23.2

20.3

68.9

Unwinding of decommissioning obligation

-

0.1

0.4

Exchange (loss) / gain on transactions other than sales

(0.3)

2.4

3.0

Interest receivable

5.2

5.8

36.8

Growth in AngloGold Environmental Rehabilitation Trust

1.1

1.5

3.6

Income from associates before taxation

-

0.7

4.0

Profit on sale of assets

-

3.1

7.1

Profit before exceptional items

80.0

84.6

364.8

Loss on sale of mining assets

5.8

-

-

Impairment of mining assets

-

92.9

92.9

Amortisation of goodwill

7.1

5.1

19.4

Termination of retirement benefit plans

-

1.3

1.3

Profit / (loss) before taxation

67.1

(14.7)

251.2

Taxation

22.7

(3.2)

73.2

Normal taxation

19.1

14.0

77.8

Deferred taxation 

- current

3.6

8.5

21.1

- exceptional items

-

(25.7)

(25.7)

Profit / (loss) after taxation

44.4

(11.5)

178.0

Minority interest

1.7

6.1

12.1

Net profit / (loss)

42.7

(17.6)

165.9

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

42.7

(17.6)

165.9

Loss on sale of mining assets

5.8

-

-

Impairment of mining assets

-

92.9

92.9

Deferred taxation on impairment of mining assets

-

(25.7)

(25.7)

Amortisation of goodwill

7.1

5.1

19.4

Termination of retirement benefit plans

-

1.3

1.3

Headline earnings

55.6

56.0

253.8

Earnings per ordinary share - cents
    - Basic

40

(16)

155

    - Headline

52

52

237

Dividends
    - $m

209.9

    - cents per share

196

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

* Includes retrenchment costs of $0.5m

 19

GROUP BALANCE SHEET

December

March

March

December

2000

2001

2001

2000

US Dollar million

SA Rand million

ASSETS
Non-current assets

2,661.3

2,404.7

Mining assets

19,267.8

20,159.2

403.4

369.4

Goodwill

2,959.9

3,055.7

19.5

17.8

Investments in associates

142.6

147.6

7.3

7.0

Other investments

56.0

55.3

47.3

45.8

AngloGold Environmental Rehabilitation Trust

366.9

358.2

49.8

50.3

Long-term loans

402.9

377.6

3,188.6

2,895.0

23,196.1

24,153.6

Current assets

191.8

187.4

Inventories

1,501.7

1,453.0

229.3

269.0

Trade and other receivables

2,155.5

1,736.6

-

175.1

Financial instruments

1,403.0

-

21.2

20.1

Current portion of long-term loans

161.3

160.7

194.9

167.3

Cash and cash equivalents

1,340.6

1,476.7

637.2

818.9

6,562.1

4,827.0

3,825.8

3,713.9

Total assets

29,758.2

28,980.6

EQUITY AND LIABILITIES
Share capital and reserves

1,049.6

992.9

Share capital and premium

7,955.8

7,951.1

62.7

47.2

Non-distributable reserves

379.4

474.2

-

108.6

Other comprehensive income

869.8

-

340.4

253.7

Retained earnings

2,032.9

2,578.5

1,452.7

1,402.4

Shareholders' equity

11,237.9

11,003.8

28.2

29.8

Minority interests

238.8

213.4

1,480.9

1,432.2

11,476.7

11,217.2

Non-current liabilities

710.3

865.0

Borrowings

6,930.7

5,380.8

15.8

14.9

Debentures

119.6

119.6

283.5

260.1

Provisions

2,084.0

2,147.7

552.8

518.8

Deferred taxation

4,156.7

4,187.3

1,562.4

1,658.8

13,291.0

11,835.4

Current liabilities

315.3

254.6

Trade and other payables

2,040.1

2,388.5

-

29.2

Financial instruments

233.8

-

430.4

283.1

Current portion of borrowings

2,268.2