A good quarter by any measure

Group results for the quarter ...

• 

Headline earnings up 19% to $0.62 and 22% to R5.01
per share.

• 

Total cash costs down 4% to $185 per ounce.

• 

Bambanani and Tshepong will remain in AngloGold's
portfolio.

• 

GoldAvenue Exchange goes live for gold trading.

... and for the half year

• 

Gold production down due to Elandsrand and
Deelkraal sale.

• 

Total cash costs down 12% to $189 per ounce.

• 

Headline earnings down 11% with increased finance
costs arising from acquisition of Geita and Morila.

• 

A dividend of R7.00 per share declared, giving a 5%
annualised yield on a share price of R288.00 per
share.

Regional operating results for the quarter

SOUTH AFRICA

• 

Key operations exceeded production and cost targets.

• 

Gold production up (excluding Elandsrand and
Deelkraal sale).

• 

Total cash costs down 1% to R50,120 per kilogram
(4% to $194 per ounce).

• 

Operating profit marginally lower on flat received price
and increased retrenchment costs.

AFRICA

• 

Another very good quarter.

• 

Gold production up 9%.

• 

Total cash costs 2% down to $121 per ounce.

• 

Operating profit up 29% to $22 million.

• 

ISO 14001 environmental accreditation for Geita.

NORTH AMERICA

• 

Gold production up 4%.

• 

Total cash costs down 4% to $202 per ounce.

• 

Operating profit up 28% to $6 million.

SOUTH AMERICA

• 

Gold production slightly down.

• 

Total cash costs down 4% to $141 per ounce, following
cost cuts and devaluation of Brazilian Real.

AUSTRALIA

• 

Gold production down 11% partly due to Sunrise Dam
plant commissioning.

• 

Production drop matched by cost containment, leaving
total cash costs down 3% at $195 per ounce, and
steady in A$ terms.

Quarter 

ended 

Jun 

2001 

Quarter 

ended 

Mar 

2001 

Six

months 

ended 

Jun 

2001 

Six

months 

ended 

Jun 

2000 

Quarter 

ended 

Jun 

2001 

Quarter 

ended 

Mar 

2001 

Six

months 

ended 

Jun 

2001 

Six

months 

ended 

Jun 

2000 

Rand/Metric

Dollar/Imperial

Gold
     Produced - 

- kg/oz 000

53,915

54,377

108,292

110,466

1,733

1,749

3,482

3,551

     Revenue - 

- R/kg/$/oz sold

73,578

74,133

73,850

65,096

285

295

290

308

     Total cash costs

- R/kg/$/oz produced

47,663

48,457

48,061

45,165

185

193

189

214

     Total production costs

- R/kg/$/oz produced

57,079

57,537

57,309

51,891

221

229

225

245

     Operating profit

- R/$ million

965

894

1,859

1,570

120

114

234

237

Net capital expenditure

- R/$ million

576

535

1,111

633

72

68

140

96

Net profit

- R/$ million

509

337

846

854

63

43

106

128

Net earnings (basic)

- cents per share

475

315

790

799

59

40

99

120

Headline earnings

- cents per share

538

409

947

859

67

52

119

129

Headline earnings before unrealised
hedging activities

- cents per share

501

410

911

859

62

52

114

129

Dividends

- cents per share

700

750

85

102

REPORT

FOR THE QUARTER AND SIX MONTHS
ENDED 30 JUNE 2001

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

Certain forward-looking statements

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

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

Published by AngloGold

PO Box 62117
Marshalltown
2107
South Africa

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

1

Dear Shareholder,

Overall performance

The results reported for the June quarter reflect a strong
performance, with operating profit of $120 million, net
profit of $63 million, and headline earnings of $66 million
(excluding the unrealised gain on hedging activities)  all
improvements on the previous quarter.  This
commendable financial performance comes despite
slightly reduced gold production and a lower received
gold price.  Decreased finance costs resulting from the
competitive re-financing of existing debt and from lower
interest charges contributed to the quarter-on-quarter
earnings increase.  Performance for the six months to
June 2001 is equally pleasing.

The quarter saw a good operating performance across
all five regions, with AngloGold producing 1.7 million
ounces of gold at total cash costs of $185 per ounce,
and total production costs of $221 per ounce.  For the
six months ended June 2001, the company produced
3.5 million ounces of gold at total cash costs of $189 per
ounce and total production costs of $225 per ounce.

In South Africa, the key operations are producing at or
above expectations, with particularly good performances
at Great Noligwa, Tshepong, Savuka and TauTona and
continuing improvements at Bambanani.  While
Mponeng continues to underperform, this is expected to
improve incrementally during the second half of the
year, as new raise lines become available.  A decision
has been taken to place Joel's South shaft in an orderly
closure mode, while the drilling project at North shaft
continues.  However, should a value-adding offer to
purchase Joel be received, this would be considered.
Consequent on improved operational performance, and
in the absence of offers that exceed AngloGold's
valuation of certain of the Free State assets, the board
has decided to withdraw the cautionary notice published
in November last year in respect of the potential sale of
some of its Free State operations.

The Africa region had another excellent quarter,
improving on its performance in the first quarter.  The
region produced 211,000 attributable ounces, with total
cash costs 2% lower at $121 per ounce, and operating
profit 29% higher at $22 million.  Yatela produced its first
gold on 9 May 2001, one month ahead of schedule and
$2 million below construction budget.

In North America, gold production increased by 4% to
130,000 ounces, operating earnings improved by 28%,
while total cash costs decreased by 4% to $202 per
ounce.  Gold production at AngloGold's South American
operations was 1% lower than the previous quarter at
106,000 ounces, while total cash costs were 4% down at
$141 per ounce, as a result of continuing cost-cutting
and currency devaluation.  Australia saw production
decline by 11% to 118,000 ounces, while total cash
costs decreased by 3% to $195 per ounce, holding
steady in local currency terms at A$379 per ounce.

AngloGold's strategy to reduce risk through geographic
and orebody diversification continues to deliver benefits.
For the quarter, production from outside South Africa,
principally from low-cost, surface and shallow mines,
grew to 33%, operating profits to 41%, EBITDA to 51%
and cash earnings to 57%.  The company's ongoing
major capital projects, in South Africa at Mponeng and
TauTona, in Australia at Sunrise Dam, and at the
Cripple Creek & Victor joint venture in Colorado, are all
progressing well and within budget.

An equally pleasing aspect of this quarter has been
GoldAvenue's business-to-business website,
GAExchange (www.gaexchange.com), which went live
in June, offering bullion products directly to regional
banks for jewellery fabrication industries in Italy.  This
will be extended to other countries through the
remainder of 2001, with GoldAvenue's business-to-
consumer gold jewellery venture targeting an initial
product offering by year-end.

We are very satisfied with the wage agreement reached
with the National Union of Mineworkers (NUM) last
week.  This deal locks in a two-year contract which is
consistent with our goals of improving skills and
productivity, especially for production crews.  The net
effect of this wage agreement on our bottom line is
within the planning and performance parameters we
have set for our South African business units.

Dividend

We are pleased to announce an interim dividend for the
half year of R7.00, representing an annualised dividend
yield of 5% on Friday, 27 July 2001 closing share price
of R288.00.

Changes in the board of directors

Following his appointment as Chairman of South African
Airways, Don Ncube has sadly resigned from the
AngloGold board.  His presence will be sorely missed.
A replacement has not yet been appointed.  Mike King
and James Campbell have also resigned from the
board, following their departures from Anglo American.
They will be replaced by Bill Nairn and Tony Lea.

RUSSELL EDEY
Deputy Chairman

30 July 2001

LETTER FROM THE CHAIRMAN AND
DEPUTY CHAIRMAN

BOBBY GODSELL
Chairman and Chief
Executive Officer

2

OVERVIEW

AngloGold's operating profit for the quarter
ended 30 June 2001 increased by 5% to
$120 million.  Headline earnings (excluding
unrealised gains from hedging) rose by 19% to
$66 million ($0.62 per share or $0.31 per ADR).
Reduced finance costs resulting from the re-
financing of existing debt and from lower interest
charges contributed to the quarter-on-quarter
earnings increase.  The received gold price for
the period declined by 3% to $285 per ounce.
Gold production decreased by only
16,000 ounces (1%) to 1.73 million ounces,
despite the loss of 33,000 ounces arising from
the disposal of Deelkraal and Elandsrand
between the March and June quarters.  Total
cash costs were down by 4% to $185 per ounce
and total production costs decreased by 3% to
$221 per ounce.

In the absence of an offer from a third party
which exceeds AngloGold's valuation of the
Bambanani and Tshepong operations in the
Free State and, in light of the fact that both of
these mines are performing according to plan, it
has been decided to withdraw the cautionary
notice published in November last year in
respect of some of its Free State operations.

It has been decided to place Joel South shaft in
an orderly closure mode and it will be closed by
the end of 2001, unless a reasonable offer to
purchase Joel is received.  In the interim, drilling
at Joel North shaft will continue.  Similarly,
Matjhabeng's Eland shaft will be closed by the
end of this year.

For the six months ended June 2001, gold
production decreased by 69,000 ounces, or 2%,
to 3.5 million ounces compared to the first six
months of 2000, as a result of the disposal of
Elandsrand and Deelkraal, which together
produced 277,000 ounces in the first half of
2000.  This, however, was partially offset by
production from Morila and Geita.  Total cash
and production costs decreased by 12% and 8%
to $189 per ounce and $225 per ounce
respectively.  Operating profits were down by
1% to $234 million for the half-year.  Headline
earnings before unrealised gain from hedging
decreased by 11% to $122 million due to the
increase in interest paid during the first half of
this year arising from the acquisition of Geita
and Morila.  Retrenchment costs increased from

$6 million in the first half of 2000 to $16 million in
the first six months of 2001.

Agreement was reached last week with the
National Union of Mineworkers (NUM) on wages
and other conditions of employment for the next
two years.  The terms of the agreement provide for
the salaries of the lowest-paid employees
(Category 3) to be increased by 9% from
1 July 2001 and for the salaries of all other
employees covered by the agreement to be
increased by 8% from that date.

With effect from 1 July 2002, the minimum salary
for Category 3 underground employees will be
increased to R2,000 per month, while the salaries
of Category 3 surface employees (the company's
lowest-paid employees), will be increased by 10%.
The salaries of all other employees covered by the
agreement will be increased by 7.5%, with a further
0.5% increase to take effect from 1 January 2003.

The agreement provides for increases to annual
leave and for the introduction of an ill-health
retirement benefit through the Mineworkers'
Provident Fund.

SOUTH AFRICA

Overall performance

The operating performance of the region continued
to meet production and cost expectations for
another quarter, with gold production, total cash
costs, and operating profit all steady for the June
2001 quarter.

While the sale and final transfer of Elandsrand and
Deelkraal reduced production by 1,037 kilograms,
gold output for the remainder of the region actually
increased by 386 kilograms to 36,341 kilograms
(1.17 million ounces).  The received gold price was
unchanged at R72,355 per kilogram (though
marginally lower in dollar terms, at $280 per
ounce).  Reflecting management's commitment to
containing operating costs, total cash costs were
down 1% to R50,120 per kilogram (and 4% in
dollar terms to $194 per ounce).  Operating profit
decreased marginally by 2% as a result of higher
retrenchment costs.

OPERATING AND FINANCIAL REVIEW

3

Mine performance

At Great Noligwa, despite a 2% improvement in
total cash costs to R34,398 per kilogram  a
remarkable $133 per ounce   higher
productivity and a 7% increase in recovered
grade, operating profit was down 3% to
R262 million ($33 million) due to a movement in
gold inventory.  Following an exceptional first
three months, gold production at Kopanang
was 3% lower than the first quarter at
3,820 kilograms (123,000 ounces) due to
reduced grade, as anticipated.  Production was
nevertheless well above target, as was
operating profit, at R61 million ($8 million).
Kopanang reached a very important safety
milestone during the quarter when it achieved
1 million fatality-free shifts.  It also reported a
38% reduction in its lost-time injury frequency
(LTIF) rate.  Gold production at Tau Lekoa was
steady at 2,383 kilograms (76,000  ounces).
Total cash costs, however, rose by some 6% in
rand terms (4% in dollars) as a result of non-
recurring infrastructure maintenance.  This had
the effect of reducing operating profit by 40% to
R20 million ($3 million).

Gold production at TauTona increased 4% to
4,870  kilograms (157,000  ounces).  Total cash
costs were slightly higher at R42,229 per
kilogram, largely due to winder maintenance.  In
dollar terms, total cash costs reduced slightly to
$164  per ounce.  Operating profit improved by
28% to R144  million ($18 million).  Following a
disappointing performance in the first three
months of the year, Savuka had a good second
quarter.  Volume mined increased by 11% and
gold produced by 14% to 2,016  kilograms
(65,000 ounces) while total cash costs
decreased by 5% to R63,636  per kilogram
($246  per ounce).  Lack of mineable face length
continues to impact production at Mponeng.
This was compounded when blasting was held
up during rescue operations following a fall of
ground in May.  These problems led to a 4%
decrease in gold production for the quarter, to
2,453  kilograms (79,000  ounces), an 11%
increase in total cash costs (or 8% in dollar
terms) and an operating loss of R38 million
($5 million).  As previously reported, the mine
will move incrementally towards improved
production during the second half of the year as
the new raise lines referred to in the March
quarter's report become available.

The performance of Bambanani continues to
improve, despite the effect on production and
costs of a transformer fire on 58 level during
April.  Production increased by 10% on the first
quarter and total cash costs were 2% lower at

R60,185 per kilogram ($233 per ounce).
Tshepong's performance continues to impress.
Gold production increased 17% (following a similar
quarter-on-quarter improvement in the first three
months).  Total cash costs were 11% down to
R44,579 per kilogram ($173 per ounce) and
operating profit was 13% higher than the previous
quarter at R55 million ($7 million).  At Matjhabeng,
the planned closure of the Sable shaft and the
early closure of the Nyala shaft during the quarter
led to a 16% decline in gold production to
1,440 kilograms (46,000 ounces).  Total cash costs
decreased by 15% to R60,344 per kilogram
($234 per ounce) and the operating loss for the
quarter was reduced from R30 million ($4 million)
to R25 million ($3 million).  The remaining Eland
shaft will be sold or managed to closure by the end
of the year.  Despite a better quarter at Joel, with a
reduced operating loss of R18 million ($2 million),
from R32 million ($4 million) in the March quarter,
the mine continues to be uneconomic.

At Ergo, gold production decreased by 17% to
2,368 kilograms (76,000 ounces) off an exceptional
performance last quarter.

AFRICA

Overall performance

The region had another good quarter in all
respects, improving on its performance in the first
quarter.  Production was 211,000 attributable
ounces, an increase of 9% on the previous quarter,
at a total cash cost of $121 per ounce.  Operating
profit was 29% higher at $22 million.

Despite three of the five operations in the region
being less than one year old, accelerated safety
focus at the new operations has resulted in the
region recording a LTIF rate of 1.77.

Mine performance

A steady performance during the quarter at
Sadiola (38% attributable) resulted in a 5%
increase in gold production to 52,000 attributable
ounces and a reduction in total cash costs of 4% to
$125 per ounce.  The mine has remained accident-
free for the year to date.

Yatela (40% attributable) produced its first gold on
9 May 2001, a month ahead of schedule and
$2 million below construction budget.  Contractor
demobilisation is complete, and the mine is in the
process of a production build-up under the new
management and a team of permanent employees.
Total attributable gold production for the quarter
was 8,000 ounces and has been credited to pre-
production capital.  Production and cost statistics

4

will be included in the operating results from the
third quarter.

Morila (40% attributable) sustained its good
production performance despite power
interruptions during the quarter.  Power
generation problems have been overcome and
production for the quarter increased by 3% to
65,000 attributable ounces.  Total cash costs, at
$100 per ounce, were up 11% on the previous
quarter.  This increase in the unit cost was due
to a reduction in the proportion of high-grade
soft oxide material treated to lower-grade
sulphide material.  Recovered grade was 18%
down on the previous quarter.  Safety results for
the mine are commendable with a progressive
LTIF rate of 1.36.

The mine is currently undergoing a 90-day
completion review in terms of its project finance
arrangements with positive results to date.

Geita (50% attributable) continues to perform
exceptionally well.  Increased plant throughput
resulted in production of 72,000 attributable
ounces for the quarter, an improvement of 19%
on the previous quarter.  Total cash costs of
$133 per ounce were 6% lower than the
previous quarter.  Operating profit for the
quarter rose by 53% to $7 million.

The mine has received ISO 14001
environmental accreditation, a significant
achievement 12 months after first gold
production.  Safety on the mine remains
impressive with no accidents recorded for the
quarter.

Navachab maintained its trend of continued
improvement.  Production increased by 7% to
22,000 ounces and total cash costs for the
quarter were $162 per ounce, a 7% decrease on
the previous quarter.  The mine had three lost
time injuries for the quarter.

NORTH AMERICA

Overall performance

Gold production from these operations
increased by 4% in the second quarter.
Operating profit rose by 28% during the same
period as a result of higher production despite
lower realised gold price.  Total cash costs for
the period decreased by 4% to $202 per ounce.

Mine performance

At Jerritt Canyon (70% attributable), the
second quarter's production of 73,000 ounces

was 3% less than the first quarter as a result of
decreased Cortez tonnage.  Total tonnage
processed in the second quarter was
approximately 3% down on the first quarter.  Total
cash costs for the second quarter were $217  per
ounce, 6% lower than the first quarter, due to
reduced volumes of purchased Cortez ore.

Production at Cripple Creek & Victor (CC&V)
(67% attributable  see Note 5 on Page 10) was
57,000  ounces, 13% higher than first quarter
levels.  Total cash costs were $177  per ounce in
the second quarter, a rise of 5% on the first quarter
due to increased tonnage mined in the second
quarter.

SOUTH AMERICA

Overall performance

In this region, gold production was 1% lower than
the previous quarter at 106,000  ounces.   Total
cash costs for the quarter were 4% down on the
previous quarter at $141 per ounce, as a result of
the continuing cost-cutting programme across the
region and positive effects at Morro Velho and
Serra Grande from the devaluation of the Brazilian
Real.

Mine performance

The reduced gold production for the quarter was
due to a 10% decrease in production at Cerro
Vanguardia (46.25% attributable) as a result of
lower than expected grade.  This reduction was
partially offset by a 3% increase in production at
Morro Velho, due to an additional 1,900 ounces
from the Nova Lima plant clean-up, as well as a 3%
improvement in production from Serra Grande
(50% attributable) due to increased tonnage
treated.

At Cerro Vanguardia, the improving safety trend
noted in previous quarters continues and Serra
Grande remains below the Ontario benchmark.
There was, however, an accident at Morro Velho's
Mina Velha, which claimed the lives of two
employees.  A complete review of procedures,
focusing on total risk management, is being carried
out throughout the region.

AUSTRALIA

Overall performance

Production for the quarter of 118,000 ounces was
11% below output in the March quarter, in part due
to commissioning of the expanded Sunrise Dam
plant.  The lower production was, however,
matched by reductions in cash expenditure at the

5

mines, which allowed for a 3% decrease in total
cash to $195 per ounce, holding steady in local
currency terms at A$379 per ounce.

The high-value forward contracts, which
matured last quarter, could not be replicated in
the current quarter, resulting in a fall in the
average realised price from A$594 per ounce to
A$520 per ounce.

Mine performance

At Sunrise Dam the expansion of the plant to
bring the throughput capacity to 2.5 million
tonnes a year of fresh ore was completed one
month ahead of schedule and within the
approved budget of A$46 million.  The plant's
subsequent performance has indicated that
throughput rates in excess of the design
capacity will be possible with minimal additional
capital expenditure.  The major cutback of the
open pit is continuing and will be completed
during the fourth quarter.  Although output of
68,000 ounces was higher than planned, it was,
as anticipated, still 9% below the March quarter.
The restricted plant throughputs and use of
lower-grade ore during the commissioning
phase resulted in a 12% increase in total cash
costs relative to the previous quarter, but these
remain extremely competitive at $148 per ounce
(A$288 per ounce).

The performance of Union Reefs during the
second quarter was disappointing.  Poor mining
rates caused by equipment unavailability, lack of
access to the main Crosscourse pit and the
failure of satellite orebodies to yield anticipated
grades, all contributed to a 25% fall in
production to 23,000 ounces.  With these
difficulties pushing total cash costs up to
$269 per ounce (A$524 per ounce), a review of
the mine's operations has been undertaken to
ensure a more stable performance for the
remainder of the year.  Because of the limited
future value of the mine, possible disposal
options are being considered.

Although the current Boddington (33%
attributable) oxide operation is nearing
completion and mining is restricted to remnant
ore blocks, production has improved marginally
to 20,000 ounces (compared to 19,000 ounces
in March).  However, the mining costs
associated with accessing the remaining small
volume ore blocks has pushed total cash costs
up by 4% to $215 per ounce (A$417 per ounce).
It is now anticipated that the oxide operation will
cease at the end of the third quarter and the
plant will be placed on care and maintenance
pending the commencement of the Boddington

Expansion Project.  Progress is being made on the
transfer of management of both the Boddington
mine and its expansion, to the Boddington Gold
Mine joint venture partners.

The unusually heavy rains experienced during the
first quarter have resulted in restricted pit access
and a major loss of reserves at the Tanami (40%
attributable) mine.  As a result, mining was
terminated at the end of June and processing will
cease during the third quarter when stockpiles will
be exhausted.  Production during the June quarter
slipped a further 15% to 7,000 ounces, however
with the restricted mining activity, total cash costs
fell dramatically to $193 per ounce (A$370 per
ounce) from $423 per ounce (A$805 per ounce) in
the March quarter.  AngloGold is examining its
future options in respect of the Tanami district joint
ventures.

6

The spot gold market was more active
(and stronger) in the second quarter of
2001 than it had been in the first quarter of
the year.  The closing spot price of
$271 per ounce was $15 above the
opening price for the quarter, and the
average price for the period was $5 per
ounce higher.  These average figures
conceal substantial price volatility for much
of the quarter, which saw a price range of
over $40 per ounce, touching on a brief
high around $298 per ounce in mid-May.
The strength of the market was
unfortunately not sustained evenly through
the period and the quarter ended with the
price softening below $270 per ounce to
settle around its current level of $266 per
ounce.

Foreign exchange markets continued to be
active.  The Australian dollar strengthened
more than 11% against the US dollar
during May from its oversold low of
A$0.4777 against the US unit, but the US
dollar rallied towards the end of the
quarter and finished strongly, with both the
euro and the rand at their lows for the
quarter.  Overall, the rand remained under
pressure for most of the period, averaging
R8.03 to the US dollar, or almost 3%
weaker than the first quarter average
exchange rate of R7.83.  Since the end of
the quarter, the dollar has rallied further,
pushing the rand to a record low against
the US currency of R8.35.  These moves
have translated again to local price
support for South African gold producers,
and the spot price of gold in South Africa
averaged R69,160 per kilogram  more
than 4% better than the local average spot
price for the first quarter of 2001.

The rally in the gold price this quarter was
driven strongly by reaction to
developments in the US economy, and the
correction in the price since then is linked
directly to a moderation of those views,
and to a reassertion of the strength of the
US dollar in the latter half of the quarter.

The gold price was well supported early in
the quarter by the ongoing tightness in
short term gold lease rates, which
continued to squeeze speculators holding
short positions.  This tightness saw the
gold price firm steadily through to mid-

May, as the net short position on the New
York Comex reduced by half from the
beginning of April.  The announcement by
the United States Federal Reserve on
15 May of their fifth cut this year of 0.5% in
the Federal Fund Rate in as many months,
triggered fears of a revival of inflation in
the US economy, and some investors
moved swiftly to buy gold futures,
particularly on the New York Comex.
These fears were encouraged by the
reported pick-up in consumer inflation rate
to 3.3% in April and by the continued
strength of US consumer spending in the
first quarter of the year, notwithstanding
slowing in other critical areas of the US
economy.  This buying moved the open
position on the Comex from net 160 tons
short at the beginning of the quarter to a
peak net long position equal to some
134 tons of gold at the end of May, and
with it, the spot gold price to a high of
$298 per ounce.

Since then, investors have become more
sanguine about inflation in the USA and
have steadily reduced their long positions
in gold.  The surge in the inflation rate
earlier this year was driven materially by
energy cost increases, and this influence
appears to be both a singular event, and
one that looks increasingly likely to retrace
itself at least in part in the year ahead.
Looking to the future, it would seem that
deflationary pressures are more likely to
prevail, with production and retail
overcapacity hanging over the economy
from the capital expenditure boom of the
1990s.  This is not to say that there will not
be price pressures in some sectors, but
the overall equation will be settled by the
absence of real price pressures or price
leverage in consumer goods.  This
absence of price pressure will be
compounded, sooner or later, by weaker
consumer demand.

Notwithstanding receding fears of US
inflation, and a stronger US dollar at the
end of the quarter, gold has not given up
all of its gains from the quarter.  Investors
and speculators on the New York Comex
remain net long to the extent of some
1 million ounces, and the price seems well
supported in the mid-$260s.

GOLD MARKET

7

Of concern for the immediate future is the
fact that the market is about to enter a
traditionally quiet period, particularly for
physical demand.  There is also some
danger that gold demand for jewellery in
the developed markets might well be
softer during the second half of the year
due to a generally slowing down in the
economy.  As we have noted before,
physical demand also remains price
sensitive  increasingly so in some
important markets.  Spot price increases
such as those, which occurred during the
past quarter, translate very quickly into
lower or no physical demand for gold.

This important element in the supply/
demand equation for the metal was
reinforced during the price rally in May,
where normal physical demand subsided,
and there was significant flow back of
selling in Hong Kong by the Chinese gold
jewellery industry.  However, news from
the Indian market is encouraging, and
there should be good reason to expect
firm offtake from that important market
once the monsoon season has passed.

8

NET DELTA OPEN HEDGE POSITION AS AT 30 JUNE 2001

As at 30 June 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 8.05 available on
30 June 2001.

Kilograms

Sold

Forward Price

R per kg

Forward Price

$ per oz

      Ounces

      Sold

      '000

12 Months ending

 31 December 2001

98,008

R76,552

$292

3,151

2002

113,509

R81,618

$299

3,649

2003

83,706

R86,722

$303

2,691

2004

58,183

R92,690

$311

1,871

2005

46,016

R105,787

$340

1,479

January 2006  December 2010

106,582

R116,794

$333

3,427

506,004

R92,361

$310

16,268

The marked-to-market value of all hedge transactions making up the hedge positions in the above table was
a positive R1,367 million ($170 million) as at 30 June 2001.  The value was based on a gold price of
$270.60 per ounce, exchange rates of R/$8.05 and $/A$ 0.5088 and the prevailing market interest rates and
volatilities at the time.

As at 30 July 2001, the marked-to-market value of the hedge book was a positive R2,011 million
($245 million) based on a gold price of $266.70 per ounce and exchange rates of $/R8.21 and A$/$0.5059
and the prevailing market interest rates and volatilities at the time.

Note to AngloGold Hedge Position as at 30 June 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 30 June 2001.

GOLD MARKET

9

Year

2001

2002

2003

2004

2005      2006-2010

Total

DOLLAR GOLD

Forward Contracts

Amount (kg)

44,554

48,058

47,197

38,383

29,923

75,708

283,823

$ per oz

$301

$311

$313

$314

$323

$342

$319

Put Options Purchased

Amount (kg)

15,030

3,893

5,808

2,662

757

1,291

29,442

$ per oz

$292

$383

$352

$390

$291

$291

$325

*Delta (kg)

8,877

3,551

4,587

2,019

261

364

19,659

Put Options Sold

Amount (kg)

2,799

2,799

$ per oz

$268

$268

*Delta (kg)

890

890

Call Options Purchased

Amount (kg)

19,213

5,407

667

572

25,859

$ per oz

$296

$297

$350

$360

$299

*Delta (kg)

4,434

1,703

128

150

6,415

Call Options Sold

Amount (kg)

61,049

21,216

10,463

3,303

1,704

2,233

99,969

$ per oz

$304

$349

$372

$342

$358

$338

$324

*Delta (kg)

10,883

1,852

1,563

1,153

625

1,227

17,303

RAND GOLD

Forward Contracts

Amount (kg)

27,715

40,856

15,402

10,311

9,700

15,433

119,416

Rand per kg

R75,524        R78,253         R83,133        R89,067       R120,396

 R130,557        R89,366

Put Options Purchased

Amount (kg)

2,022

2,022

Rand per kg

R70,473

R70,473

*Delta (kg)

750

750

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)

12,144

14,357

4,519

1,875

3,119

1,875

37,888

Rand per kg

R79,484        R87,003          R93,766        R93,603      R125,774

  R93,603       R89,244

*Delta (kg)

2,295

3,722

1,439

1,024

1,276

1,399

11,155

AUS DOLLAR (A$) GOLD

Forward Contracts

Amount (kg)

7,103

16,485

13,841

5,443

6,221

31,726

80,818

A$ per oz

A$562

A$576

A$538

A$542

A$665

A$598

A$581

Call Options Purchased

Amount (kg)

3,966

6,687

778

4,665

31,725

47,821

A$ per oz

A$711

A$728

A$703

A$704

A$684

A$694

*Delta (kg)

159

1,148

195

1,989

19,275

22,766

Call Options Sold

Amount (kg)

1,866

3,732

5,599

A$ per oz

A$524

A$554

A$544

*Delta (kg)

1,315

1,836

3,151

RAND DOLLAR (000)

Forward Contracts

Amount ($)

92,260

20,000

112,260

ZAR per $

R 7.55

R 6.48

R 7.36

Put Options Purchased

Amount ($)

240,000

65,000

305,000

ZAR per $

R 7.56

R 8.10

R 7.67

*Delta ($)

17,875

20,061

37,936

Put Options Sold

Amount ($)

30,000

30,000

ZAR per $

R 7.66

R 7.66

*Delta ($)

1,901

1,901

Call Options Purchased

Amount ($)

45,300

5,450

50,750

ZAR per $

R 7.80

R 6.48

R 7.66

*Delta ($)

31,130

5,440

36,570

Call Options Sold

Amount ($)

280,670

98,450

8,000

387,120

ZAR per $

R 8.50

R 8.50

R 6.94

R 8.47

*Delta ($)

81,223

42,530

7,348

131,102

AUS DOLLAR (000)

Forward Contracts

Amount ($)

34,161

43,748

29,428

107,336

$ per A$

A$.68

A$.58

A$.59

A$.62

ANGLOGOLD HEDGE POSITION
AS AT 30 JUNE 2001

10

1.  The results included herein for the quarter and six months ended 30 June 2001, which are unaudited,

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

2.  During the quarter, 125,050 ordinary shares were allotted in terms of the Share Incentive Scheme,

thereby increasing the number of ordinary shares in issue at 30 June 2001 to 107,167,837.

3.  In terms of an agreement signed with African Rainbow Minerals (Proprietary) Limited (formerly African

Rainbow Minerals & Exploration (Proprietary) Limited) ("ARM") in January 1998, the No. 2 Shaft Vaal
River Operations was tributed to ARM on the basis that 40% of all revenue, costs and capital
expenditure would be attributable to ARM, with the balance to AngloGold.  AngloGold has now entered
into an agreement with ARM whereby ARM will take over the operations at No. 2 Shaft Vaal River
Operations and mine entirely for its own account and acquire all the assets relating to that shaft, with
effect from 1 July 2001, for the sum of R10 million.

4.  Orders placed and outstanding on capital contracts as at 30 June 2001 totalled R1,111.7

million

(31 March 2001: R966.4 million), equivalent to $138.2 million (31 March 2001: $120.6 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.  Withdrawal of cautionary announcement

In the absence of offers that exceed AngloGold's valuation of certain of its Free State assets, the board
has decided to withdraw the cautionary announcement as published on 27 November, and renewed on
19 December 2000, 30 January, 14 March, 30 April and 11 June 2001.  Accordingly, shareholders are
advised that caution need no longer be exercised when dealing in AngloGold shares.

7.  At the annual general meeting of shareholders held on 25 April 2001, shareholders approved the

amendments to the AngloGold Share Incentive Scheme.  In terms of this authority, 428,600 debentures
at an average issue price of R 243.14 per debenture were cancelled, in exchange for 428,600 options to
acquire shares in the company being granted at an average strike price of R 243.14 per share.

8.  STRATE

Shareholders were originally advised that Monday, 3 September 2001 was the date scheduled for the
company to be officially transferred to the new STRATE (Share TRAnsactions Totally Electronic) system
of electronic settlement on the JSE Securities Exchange South Africa (JSE).

Subsequently, the company has been informed that its shares will be dematerialised with effect from
15 October 2001, with electronic trading and settlement commencing on 5 November 2001 and
12 November 2001 respectively.  Consequently, the company's share certificates will no longer be good
for delivery in respect of transactions entered into on the JSE on or after Monday, 5 November 2001.

A letter containing further detailed information relating to STRATE and the dematerialisation process has
been included with this quarterly report posted to shareholders with registered addresses recorded in the
company's South African register of members, being the shareholders most likely to trade their shares
on the JSE.  Copies of the letter are also available from the offices of the company's share registrars,
United Kingdom Secretaries and the investor relations contacts whose details, along with the website
address, appear at the end of this report.

NOTES

11

9.  Dividend

The directors have today declared Interim Dividend No. 90 of 700 (2000: 750) South African cents per
ordinary share for the six months ended 30 June 2001. Payment details are as follows:

To registered holders of ordinary shares

South African, United Kingdom
and Australian share registers

2001

Ex-dividend date

Monday, 20 August

Last day to register for dividend and for change
of address or dividend instruction

Friday, 24 August

Record date

Friday, 24 August

Currency conversion date

Tuesday, 28 August

for UK pounds and Australian dollars

Dividend cheques posted

Thursday, 27 September

Payment date of dividend (includes Electronic Funds Transfers)

Friday, 28 September

To holders of American Depositary Shares

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

2001

Ex-dividend on New York Stock Exchange

Wednesday, 22 August

Record date

Friday, 24 August

Approximate date for currency conversion into US dollars

Friday, 28 September

Approximate payment date of dividend

Tuesday, 9 October

For illustrative purposes, the dividend payable on an ADS was equivalent to 42.63 US cents at the rate
of exchange ruling on Monday, 30 July 2001 (2000: 51.06 US cents per ADS).

By order of the board

R M GODSELL

R P EDEY

Chairman and Chief Executive Officer

Deputy Chairman

30 July 2001

GROUP OPERATING RESULTS

Issued Capital:

107,167,837 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:

107,041,537 ordinary shares in issue

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

Quarter

Quarter

Six months

Six months

ended

ended

ended

ended

June

March

June

June

2001

2001

2001

2000

GOLD
UNDERGROUND OPERATIONS
Tonnes milled

- 000

- reef

4,462

4,629

9,091

10,472

- waste

-

2

2

124

- total

4,462

4,631

9,093

10,596

Yield

- g/t

- reef

 8.29

 7.99

 8.14

 8.04

- waste

-

 1.00

 1.00

 0.63

- average

 8.29

 7.98

 8.14

 7.95

Gold produced

- kg

- reef

37,008

36,974

73,982

84,194

- waste

-

2

2

78

- total

37,008

36,976

73,984

84,272

PRODUCTIVITY
g/employee

- target

218

204

211

206

- actual

215

197

206

189

SURFACE AND DUMP RECLAMATION
Tonnes treated

- 000

12,584

13,483

26,067

25,839

Yield

- g/t

 0.31

 0.34

 0.32

 0.31

Gold produced

- kg

3,902

4,539

8,441

8,001

OPEN-PIT OPERATIONS
Tonnes mined

- 000

20,424

18,383

38,807

24,367

Stripping ratio *

 2.03

 1.69

 1.86

 1.12

Tonnes treated

- 000

6,739

6,843

13,582

11,493

Yield

- g/t

 1.93

 1.88

 1.90

 1.58

Gold produced

- kg

13,005

12,862

25,867

18,193

TOTAL
Gold produced

- kg

53,915

54,377

108,292

110,466

Gold sold

- kg

55,019

52,985

108,004

110,592

Revenue

- R/kg sold

73,578

74,133

73,850

65,096

Total cash costs

- R/kg produced

47,663

48,457

48,061

45,165

Total production costs

- R/kg produced

57,079

57,537

57,309

51,891

CAPITAL EXPENDITURE

 - mining direct

512.9

416.3

929.2

588.3

 - other

76.2

118.9

195.1

54.7

 - recoupments

(13.3)

(0.3)

(13.6)

(10.0)

Net capital expenditure

575.8

534.9

1,110.7

633.0

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

 12

GROUP OPERATING RESULTS

Issued Capital:

107,167,837 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:

107,041,537 ordinary shares in issue

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

Quarter

Quarter

Six months

Six months

ended

ended

ended

ended

June

March

June

June

2001

2001

2001

2000

GOLD
UNDERGROUND OPERATIONS
Tons milled

- 000

- reef

4,919

5,103

10,022

11,543

- waste

-

2

2

136

- total

4,919

5,105

10,024

11,679

Yield

- oz/t

- reef

 0.242

 0.233

 0.237

 0.235

- waste

-

-

-

 0.015

- average

 0.242

 0.233

 0.237

 0.232

Gold produced 

- oz 000      - reef

1,190

1,189

2,379

2,707

- waste

-

-

-

2

- total

1,190

1,189

2,379

2,709

PRODUCTIVITY
oz/employee

- target

 7.01

 6.57

 6.78

 6.63

- actual

 6.92

 6.35

 6.62

 6.07

SURFACE AND DUMP RECLAMATION
Tons treated

- 000

13,871

14,862

28,733

28,482

Yield

- oz/t

 0.009

 0.010

 0.009

 0.009

Gold produced

- oz 000

125

146

271

257

OPEN-PIT OPERATIONS
Tons mined

- 000

22,514

20,263

42,777

26,860

Stripping ratio *

 2.03

 1.69

 1.86

 1.12

Tons treated

- 000

7,428

7,544

14,972

12,668

Yield

- oz/t

 0.056

 0.055

 0.056

 0.046

Gold produced

- oz 000

418

414

832

585

TOTAL
Gold produced

- oz 000

1,733

1,749

3,482

3,551

Gold sold

- oz 000

1,769

1,703

3,472

3,556

Revenue

- $/oz sold

285

295

290

308

Total cash costs

- $/ounce produced

185

193

189

214

Total production costs

- $/ounce produced

221

229

225

245

Rand/US Dollar average exchange rate

 8.03

 7.83

 7.93

 6.58

CAPITAL EXPENDITURE

 - mining direct

63.8

53.3

117.1

88.9

 - other

9.5

15.1

24.6

8.3

 - recoupments

(1.6)

-

(1.6)

(1.5)

Net capital expenditure

71.7

68.4

140.1

95.7

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

 1

3

GROUP INCOME STATEMENT

Quarter

Quarter

Six months

Six months

ended

ended

ended

ended

June

March

June

June

SA Rand million

2001

2001

2001

2000

Gold income

4,105.9

3,985.4

8,091.3

7,303.0

Cost of sales

(3,140.4)

(3,091.6)

(6,232.0)

(5,733.5)

Cash operating costs

2,517.5

2,599.0

5,116.5

4,975.9

Other cash costs

67.4

51.9

119.3

56.9

Total cash costs

2,584.9

2,650.9

5,235.8

5,032.8

Retrenchment costs

77.3

50.0

127.3

40.6

Rehabilitation and other non-cash costs

8.5

12.1

20.6

16.5

Production costs

2,670.7

2,713.0

5,383.7

5,089.9

Amortisation of mining assets

437.4

446.5

883.9

712.8

Total production costs

3,108.1

3,159.5

6,267.6

5,802.7

Inventory change

32.3

(67.9)

(35.6)

(69.2)

Operating profit

965.5

893.8

1,859.3

1,569.5

Corporate administration and other expenses

(44.0)

(44.7)

(88.7)

(80.3)

Market development costs

(31.0)

(31.6)

(62.6)

(45.8)

Research and development costs

(4.4)

(5.7)

(10.1)

(21.0)

Exploration costs

(50.2)

(50.8)

(101.0)

(125.2)

Profit from operations

835.9

761.0

1,596.9

1,297.2

Finance costs

(151.4)

(181.6)

(333.0)

(205.2)

Unwinding of decommissioning obligation

(5.3)

0.2

(5.1)

(0.7)

Exchange gain (loss) on transactions other than sales

(4.3)

(2.5)

(6.8)

4.1

Realised gain (loss) on hedging instruments

15.4

3.5

18.9

-

Unrealised gain (loss) on hedging activities

64.0

(2.3)

61.7

-

Interest receivable

41.7

40.7

82.4

146.2

Growth in AngloGold Environmental Rehabilitation Trust

7.3

8.7

16.0

9.2

Income from associates before taxation

4.3

0.2

4.5

18.4

Profit (loss) on sale of assets

(24.0)

0.2

(23.8)

6.6

Profit before exceptional items

783.6

628.1

1,411.7

1,275.8

Profit (loss) on sale of mining assets

7.1

(45.5)

(38.4)

-

Impairment of mining assets

(3.3)

-

(3.3)

-

Amortisation of goodwill

(56.0)

(55.2)

(111.2)

(63.9)

Debt written-off

(21.0)

-

(21.0)

-

Profit before taxation

710.4

527.4

1,237.8

1,211.9

Taxation

(185.5)

(177.2)

(362.7)

(334.1)

Normal taxation

109.8

149.2

259.0

304.5

Deferred taxation 

82.0

28.0

110.0

29.6

Taxation on exceptional items

(6.3)

-

(6.3)

-

Profit after taxation

524.9

350.2

875.1

877.8

Minority interest

(16.2)

(13.0)

(29.2)

(24.3)

Net profit

508.7

337.2

845.9

853.5

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

508.7

337.2

845.9

853.5

(Profit) loss on sale of mining assets

(7.1)

45.5

38.4

-

Impairment of mining assets

3.3

-

3.3

-

Amortisation of goodwill

56.0

55.2

111.2

63.9

Debt written-off

21.0

-

21.0

-

Taxation on exceptional items

(6.3)

-

(6.3)

-

Headline earnings

575.6

437.9

1,013.5

917.4

Unrealised (gain) loss on hedging activities

(64.0)

2.3

(61.7)

-

Deferred tax on unrealised gain (loss) on hedging activities

24.3

(0.9)

23.4

-

Headline earnings before unrealised gain on hedging activities

535.9

439.3

975.2

917.4

Earnings per ordinary share - cents
    - Basic

475

315

790

799

    - Headline

538

409

947

859

    - Headline before unrealised gain on hedging activities

501

410

911

859

Dividends
    - Rm

750.2

802.6

    - cents per share

700

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

750

 1

4

GROUP INCOME STATEMENT

Quarter

Quarter

Six months

Six months

ended

ended

ended

ended

June

March

June

June

US Dollar million

2001

2001

2001

2000

Gold income

511.0

509.2

1,020.2

1,108.2

Cost of sales

(391.0)

(395.1)

(786.1)

(871.2)

Cash operating costs

313.5

332.0

645.5

755.8

Other cash costs

8.4

6.6

15.0

8.6

Total cash costs

321.9

338.6

660.5

764.4

Retrenchment costs

9.6

6.4

16.0

6.1

Rehabilitation and other non-cash costs

1.1

1.6

2.7

2.6

Production costs

332.6

346.6

679.2

773.1

Amortisation of mining assets

54.5

57.1

111.6

108.2

Total production costs

387.1

403.7

790.8

881.3

Inventory change

3.9

(8.6)

(4.7)

(10.1)

Operating profit

120.0

114.1

234.1

237.0

Corporate administration and other expenses

(5.5)

(5.7)

(11.2)

(12.4)

Market development costs

(3.9)

(4.0)

(7.9)

(6.9)

Research and development costs

(0.5)

(0.7)

(1.2)

(3.2)

Exploration costs

(6.2)

(6.5)

(12.7)

(19.0)

Profit from operations

103.9

97.2

201.1

195.5

Finance costs

(18.9)

(23.2)

(42.1)

(31.1)

Unwinding of decommissioning obligation

(0.7)

-

(0.7)

(0.2)

Exchange gain (loss) on transactions other than sales

(0.5)

(0.3)

(0.8)

0.4

Realised gain (loss) on hedging instruments

1.9

0.4

2.3

-

Unrealised gain (loss) on hedging activities

7.9

(0.3)

7.6

-

Interest receivable

5.2

5.2

10.4

22.6

Growth in AngloGold Environmental Rehabilitation Trust

0.9

1.1

2.0

1.4

Income from associates before taxation

0.5

-

0.5

2.8

Profit (loss) on sale of assets

(3.0)

-

(3.0)

0.9

Profit before exceptional items

97.2

80.1

177.3

192.3

Profit (loss) on sale of mining assets

0.9

(5.8)

(4.9)

-

Impairment of mining assets

(0.4)

-

(0.4)

-

Amortisation of goodwill

(7.0)

(7.1)

(14.1)

(9.7)

Debt written-off

(2.6)

-

(2.6)

-

Profit before taxation

88.1

67.2

155.3

182.6

Taxation

(23.1)

(22.7)

(45.8)

(50.5)

Normal taxation

13.7

19.1

32.8

46.3

Deferred taxation 

10.2

3.6

13.8

4.2

Taxation on exceptional items

(0.8)

-

(0.8)

-

Profit after taxation

65.0

44.5

109.5

132.1

Minority interest

(2.0)

(1.7)

(3.7)

(3.7)

Net profit

63.0

42.8

105.8

128.4

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

63.0

42.8

105.8

128.4

(Profit) loss on sale of mining assets

(0.9)

5.8

4.9

-