Certain forward-looking statements

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

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

Published by AngloGold

PO Box 62117
Marshalltown
2107
South Africa

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

1

Dear Shareholder,

The market

In both economic and geopolitical terms this third
quarter stands in the shadow of the events in New York
and Washington of 11 September.  It remains too early
to confidently describe, let alone predict, the medium- to
long-term effects of these events for markets, including
the gold market.  In the short term, the gold price went
up into the low $290s, rising less and for a shorter time
than many commentaries predicted.  It has now returned
to its pre-11 September trading range.  On the demand
side, the likelihood is that jewellery demand will be down
for the third quarter, reflecting the economic downturn
already in progress; an unusually long period in India
that was regarded as astrologically inauspicious and
affected gold sales; and reduced Asian gold demand
after the terror attacks in the United States.

Operating performance

The company has achieved sound operating results,
with operating profit up 13% on the previous quarter,
headline earnings before unrealised hedging activities
up 15% and total cash and total production costs both
down 5% to $176 per ounce and $211 per ounce
respectively.  In the context of a received gold price
which rose by 1% this is a solid performance, with all
regions doing well.

The South African operations reduced their costs in rand
terms by 1% to R49,648 per kilogram, despite the effect
of annual wage increases this quarter, and operating
profit  rose by 25% to R715 million.  With the impact of
the rand/dollar devaluation, cash costs measured in
dollar per ounce terms decreased by $10 an ounce to
$184, reflecting a 5% improvement.  Leading the
enhanced performance in South Africa this quarter and
clearly showing that deep-level gold mines and high unit
costs are not synonymous, was AngloGold's largest and
most profitable mine, Great Noligwa, which produced
268,000 ounces during the quarter at a cash cost of
$118, contributing $40 million to the quarterly operating
profits of the company.

The African region benefited from the inclusion of
Yatela, with gold production rising by 9% to 229,000
attributable ounces. Prospects for increasing the rate of
mining and extending the reserves of the Geita mine are
good.

Our operations in both North and South America
achieved higher gold production while recording lower
cash operating costs.  In Australia, production increased
by 14% and cash costs held steady.

As always, there are operational challenges.
Matjhabeng and Joel in South Africa, and Union Reefs
in Australia are all in close-down mode.  Tau Lekoa's
grade problems are receiving our attention and we will
be looking for a slow but steady improvement in
performance there.

Against the background of very significant success in
South Africa, we are delighted to confirm that Dave
Hodgson will be taking up the role of AngloGold's Chief
Operating Officer.  We are confident that he will bring
coherence and wisdom to the co-ordination and
leadership of the global operations as he has done in
the South African region.

Possible sale of Free State assets in South Africa

We have received offers for all of AngloGold's Free
State mines and are in the process of finalising the
transaction.  The primary concern here must, of course,
be the received price.  We are, however, aware of the
need  to be mindful of the character of the new entity
after the sale.  Here, considerations are the imperative
to consolidate ownership and management in the
region, the capacity and record of the purchaser in
ventures of this kind and a concern to promote
sustainable and viable black economic empowerment in
the mining sector.

Normandy

The Normandy offer is progressing according to plan,
although the regulatory burden involved in a multi-
jurisdictional transaction such as this has delayed the
filing process by some two weeks.  Nevertheless, we still
anticipate the closing date of the offer period to be
14 December.  The management of Normandy is
currently reviewing the Bidder's Statement and the
board will make its recommendation within two weeks of
the posting of the document which is scheduled for this
week.  We remain confident that the bid will succeed.

RUSSELL EDEY
Deputy Chairman

30 October 2001

LETTER FROM THE CHAIRMAN AND
DEPUTY CHAIRMAN

BOBBY GODSELL
Chairman and Chief
Executive Officer

2

OVERVIEW

Strong, broadly-based and sustainable operational
performances from all of AngloGold's regions have
resulted in operating profit for the quarter ended
30 September 2001 increasing by 13% to
$135 million.  Headline earnings (excluding
unrealised losses on hedging activities) improved by
15% to $76 million ($0.71 per share or $0.36 per
ADR).

The price received for gold for the quarter was 1%
higher at $288 per ounce.  Gold production
increased by 3% to 1.78 million ounces.  Total cash
costs and total production costs both decreased by
5% to $176 per ounce and $211 per ounce
respectively, as a result of improved production and
lower operating costs.  AngloGold's return on capital
for the quarter was 13.6%.

Management continues to focus attention on
improving workplace safety and health in all of its
operating regions and reports steady overall
progress.  There have also been some notable
safety achievements during the quarter at Jerritt
Canyon, Sadiola and in South Africa.

The company has received unsolicited offers from
interested parties for its Free State assets,
accounting in this quarter for 16% of AngloGold's
production and 6% of its operating profit.
Shareholders will be advised of the outcome of
these discussions in due course.

SOUTH AFRICA

Overall performance

This was another good quarter for the South African
region, with production, total cash costs and
operating profit all showing improvements over the
previous quarter.  Total cash costs were 1% lower at
R49,648 per kilogram (5% lower in dollar terms to
$184 per ounce).  Operating profit increased by 25%
because of an enhanced operating performance and
lower retrenchment costs.  Productivity indices,
expressed in grams per employee as well as square
metres per employee, both showed improvements of
3% and 7% respectively, over the previous quarter.

Regrettably, seven employees lost their lives during
the quarter as a result of mine accidents.  This
performance represents the best on record for the
company in respect of the number of occupational
deaths occurring in any quarter.  This performance
was underpinned by a Lost-Time Injury Frequency
Rate (LTIFR) of 11.59 which is a 7% improvement
on the same period last year.  The ongoing process
of risk identification and management continues to

yield safety benefits.  The Lower Carbon Leader
section at TauTona, the world's deepest working
level in a gold mine, has been free of fatal accidents
now for two years, whilst Kopanang has achieved
more than 1.5 million fatal accident free shifts.

Mine performance

In the Vaal River region, Great Noligwa, accounting
for 23% of AngloGold's South African production
this quarter, performed strongly with improved
productivity, a higher recovered grade (up 9%) and
total cash costs lower at R31,758 per kilogram
($118 per ounce).  Operating profit at R336 million
(up 28%) mirrored these impressive operating
performances.  At Kopanang, an improvement in
grade and area mined resulted in gold production of
4,033 kilograms (130,000 ounces), which exceeded
the exceptional achievement of the first quarter.
Total cash costs at R47,030 per kilogram reflect a
9% improvement with operating profit of R94 million
exceeding target.

Tau Lekoa, after a good first half-year, produced
disappointing results.  Gold production decreased
by 24% to 1,819 kilograms (58,000 ounces) and
total cash costs increased to R65,845 per kilogram
due to a combination of unexpectedly lower grade,
poor environmental conditions and safety concerns.
Management has focused attention on grade
improvement and anticipates a slow but steady
return to normal performance levels.

In the West Wits region, gold production at TauTona
increased by 3% to 5,021 kilograms (161,000
ounces).  Total cash costs decreased slightly (2%)
to R41,583 per kilogram ($154 per ounce).  Savuka
was unable to sustain its gold output (down 8%)
despite an increase in volume mined.  Recovered
grade fell by 3% as a result of lower mining volumes
in the shaft pillar.  Total cash costs increased by 9%
to R69,087 per kilogram ($256 per ounce).  The
significant but expected improvement at Mponeng
was mainly owing to the availability of new panels in
the recently holed raise lines.  Gold production at
3,144 kilograms (101,000 ounces) increased by
28% and total cash costs fell by 19% to R57,009 per
kilogram ($211 per ounce).  The operating profit
moved from a loss of R38 million to a profit of
R11 million.

In the Free State, the level of gold production at
Bambanani was not sustained owing to a slightly
lower grade and a reduction in tonnes milled.
Bambanani experienced a fire in the pillar area and
this resulted in some lost production and the
unavailability of certain working areas.  Total cash

OPERATING AND FINANCIAL REVIEW

3

costs were lower in absolute terms but unit costs
increased to R63,913 per kilogram ($238 per
ounce).  Tshepong experienced a drop in recovered
grade (down 4%) although still above target.  Total
cash costs rose because a greater area was mined
and there was increased development.  Matjhabeng
and Joel, whilst both operating in closure mode,
have posted improved operating results.

At Ergo, gold production increased by 8% through
improved head grade and higher metallurgical
efficiency as well as through the gold recovered
from the clean-up of the now closed gold elution
circuit of the Daggafontein plant.  Operating profit
rose by 73% to R31 million.

AFRICA

Overall performance

The Africa region had a good production quarter
with the inclusion of Yatela mine for the first time.
This enabled the region to produce 229,000
attributable ounces, an increase of 9% on the
previous quarter, at a total cash cost of $131 per
ounce.  Operating profit was maintained at
$22 million for the quarter.  The region had an
excellent safety quarter, recording one lost-time
injury and thereby improving its year-to-date LTIF
rate by 25% to 1.32.

Mine performance

Production at Sadiola (38% attributable) decreased
by 10% to 47,000 attributable ounces, mainly due to
treating lower grade material as planned.  The lower
production increased unit total cash costs by 10% to
$137 per ounce.  The mine has been accident-free
for the year.  Yatela (40% attributable) had an
excellent start by producing 25,000 attributable
ounces. This was above expectation, and at a
creditable total cash cost of $146 per ounce.  The
mine is now fully commissioned and operating at its
designed capacity of 400 tons per hour.

Morila (40% attributable) continued its good
performance by producing 65,000 attributable
ounces for the quarter -- a level similar to the
previous quarter -- at a total cash cost of $104 per
ounce, an increase of 4%.  Morila successfully
completed its 90-day continuous production and
economic completion testing, making the project
loan non-recourse to AngloGold.

Production at Geita (50% attributable) was
maintained at levels similar to those of the previous
quarter at 72,000 attributable ounces and at a total
cash cost of $150 per ounce, an increase of 13% on
the previous quarter.  The increased cost is mainly
due to higher power costs as a result of the
hardness of the ore being treated.  The mine
recorded no accidents for the quarter.

Production at Navachab decreased by 8% for the
quarter to 20,000 ounces at a total cash cost of
$181 per ounce, an increase of 12% on the previous
quarter.  The lower production was largely due to
recovery problems which have since been resolved.

NORTH AMERICA

Overall performance

Gold production in North America increased by 4%
compared to the previous quarter due to the
realisation of production from second quarter
crushed ore placement at Cripple Creek &Victor
(CC&V). Total cash costs per ounce decreased by
$3 per ounce to $199 as a result of improved ounce
placement at CC&V and the benefits realised from
ongoing cost-cutting efforts.

Mine performance

At Jerritt Canyon (70% attributable), production of
74,000 ounces was 1% higher than the second
quarter, as a result of increased processing of
Cortez ore tons.  Total tonnage processed this
quarter was approximately 12% higher than the
second quarter, with a 20% increase in the
processing of Cortez ore.  Total cash costs were
$200 per ounce, a decrease of 8% on the previous
quarter, as significant savings from cost-cutting
initiatives were realised.  Jerritt Canyon's SSX mine
was selected for the Mine Safety and Health
Administration's highest award  Sentinels of
Safety  as the safest underground metal group
mine in the United States for year 2000.

Production at CC&V (67% attributable  effectively
100%  see Note 4 on page 8) was 61,000 ounces,
6% higher than levels for the previous quarter.
Crushed ore tons placed for leaching were
approximately 2% higher.  Reduced run-of-mine ore
tonnage mined during the period resulted in total ore
placement being 11% lower than the second
quarter.  Production continued to benefit from prior
period ounce placement.  Total cash costs were
$193 per ounce, an increase of 9% on the second
quarter due partly to higher mobile maintenance
expenditures, increased costs and consumption of
commodities.

SOUTH AMERICA

Overall performance

Gold production in the South American region was
6% higher at 112,000 ounces.  Total cash costs
were down by 9% ($128 per ounce) as a result of
improved production, the continuing cost-cutting
programme, adjustments to the optimised stripping
ratio, increased by-products at Cerro Vanguardia
and currency impacts in Brazil.

4

Mine performance

Gold production for the quarter was up at all
operations: by 14% at Cerro Vanguardia (46.25%
attributable) as a result of increased ore treated and
better grades (11%), by 3% at Morro Velho due to a
higher volume of ore treated, and by 3% at Serra
Grande (50% attributable) due to improved
production from quartz veins ore with higher grades.

With respect to safety, Cerro Vanguardia was
affected by four lost-time injuries, while Serra
Grande remains below the Ontario benchmark, with
Morro Velho showing improvements following the
implementation of a new safety action plan.

AUSTRALIA

Overall performance

Production for the quarter of 134,000 ounces was
14% above the previous quarter, with strong
increases at all mines except Tanami, which has
been processing remnant stockpile ore prior to its
closure in early October.  At A$384 ($197) per
ounce, total cash costs have been maintained at
close to the level achieved in the previous quarter.

Mine performance

At Sunrise Dam, the benefits from the expansion of
the plant have been quickly realised.  Throughputs
have exceeded design targets and gold production
during the quarter increased by 14% to 77,000
ounces.  Cash expenditure rose because of an
increase in activity levels across the operation as
processing rates were lifted.  As anticipated, head
grade fell by 13% and recovery declined from 89%
to 83% as full processing of hard ore commenced.
As a consequence, there was an increase in total
cash costs of 15% to A$332 ($170) per ounce.

The performance of Union Reefs improved
significantly from the previous quarter.  The
implementation of a revised mine plan resulted in an
increase in production to 29,000 ounces, an
improvement of 25% on the June quarter.  The
strong improvement in production flowed through to
total cash costs, which fell by 14% to A$452 ($232)
per ounce from A$524 ($269) per ounce in the
previous quarter.  No offers were received for Union
Reefs' mine assets, so AngloGold will continue to
manage the operation through to closure in late
2002 or early 2003.  Negotiations are proceeding on
the disposal of the Brocks Creek assets.

At the Boddington oxide operation an improvement
in production of 10% to 22,000 ounces was
achieved.  Total cash costs were also reduced

significantly as mining activity wound down, falling to
A$343 ($176) per ounce from A$417 ($215) per
ounce in the previous quarter.  The current
operations at Boddington are scheduled to cease at
the end of November and the plant will be placed on
care and maintenance pending the commencement
of the Boddington Expansion Project.

At Tanami, processing of remnant stockpiled ore
continued.  Production for the September quarter
was down 8% compared to the previous quarter.
Although all operational mining has ceased, hauling
and mining activities associated with site
rehabilitation have contributed to the higher total
cash costs of A$471 ($239) per ounce compared
with A$370 ($193) per ounce in the previous
quarter.

EXPLORATION OVERVIEW

Drilling at Sunrise Dam resulted in numerous high-
grade intercepts during the quarter.  In the northern
area, the Mako and Sunrise Shear zones returned
19 metres at 12.9 g/t and 3 metres at 36.3 g/t
respectively.  To the south, significant results from
the Western Shear and the Watu structure included
20 metres at 8.1 g/t and 6 metres at 27.1 g/t.
Preliminary evaluation of the southern area
indicates that a pit cutback to access at least
250,000 ounces is economically attractive.

At Coyote, located in the Western Tanami, drilling at
Buggsy-Gonzalez and Speedy-Sylvester increased
the mineralised strike length to 800 metres.  Drilling
is in progress to realise the resource potential on
strike and at depth prior to infill drilling.  Significant
intercepts were 8 metres at 20.5 g/t at Buggsy-
Gonzalez and 5 metres at 10.0 g/t at Speedy-
Sylvester.

At Geita Hill, drilling for down plunge mineralisation
intersected 39 metres at 7.1 g/t.  At Chipaka,
300,000 ounces of indicated resource has been
defined.  Reconnaissance drilling at Prospect 30
and Samena returned 5 metres at 16.1 g/t and
5 metres at 13.3 g/t respectively.

5

For the third quarter in succession, the gold market
has been moved by unforeseen and extraordinary
events.  During the first quarter and again in the
second quarter, the gold price rose sharply: on the
first occasion on the back of unexpected tightness in
the short-term gold lending market, on the second
occasion on fears of a resurgence of inflation in the
United States following a further cut in US interest
rates.  In both cases, the price corrected promptly to
the comfort zone of $265-$275 per ounce.  The third
quarter was different, with the gold price affected by
the terrorist attacks on the USA, a political event
quite outside the gold market.  This event saw gold
almost immediately priced up by $20 per ounce to a
spot price of over $290.  Unlike the rallies of the first
two quarters of this year when the gold price
retraced promptly, on this occasion the gold price
traded through to the end of the third quarter at
around $290 per ounce.  Only since the end of the
quarter have we seen the price retrace to its earlier
trading range in the $270s.  The quarter was
unusual too in seeing the South African currency
weaken sharply at the beginning of September out
of its long-term trading trend to a low of R9.03 to the
US dollar, a low since eclipsed by further post-
quarter-end weakness which saw the currency trade
at R9.54 to the dollar on 22 October 2001.

The impact of these trading circumstances on gold
revenues has been material.  Whilst the average US
dollar gold price for the quarter was up 2% on the
previous quarter, at its peak the dollar gold spot
price was over 9% higher than the opening price for
the quarter.  Similarly, whilst the average value of
the rand against the US dollar for the quarter lost
only 4% on the previous quarter's average, at its
weakest point it had lost 13% of its opening value,
and the currency has lost a further 6% since the end
of the quarter.  These circumstances produced a
new high rand gold price of some R85,300 per
kilogram in late September which has since been
eclipsed by the highest rand gold price ever of
R88,391 per kilogram on 8 October 2001.  The
average rand per kilogram for the quarter was
R73,916 per kilogram, up by 7% on the average for
the previous quarter.  At its high point, the rand per
kilogram price was over 23% higher than the
opening price.

The events of 11 September that triggered the gold
price increase were in all respects a classic
extraneous influence eliciting the traditional
response of a move to gold as a safe haven asset.
Much has been written since that event regarding
gold's role in uncertain times, and the argument has
been made that the emerging realities of global
economic circumstances provide further support for
a new cycle of investment in gold.  The supportive
circumstances are several, including expectations of
a weaker US dollar on the back of the certainty of
recession in the United States, the dangers of
renewed inflation that arise from lower interest rates
and loosening of monetary policy, and the dangers
of banking crises in a global economic decline.

Whilst many of these circumstances would be
supportive of gold in model circumstances, we are
still in a developing environment where not all of
these elements are guaranteed to occur in a
conventional fashion, or perhaps at all.  Analysts
and market commentators have forecast the decline

of the US dollar for almost two years now, but the
global nature of current economic problems may
leave the dollar at current levels with no material
weakening in the near to medium term.  Equally,
there are strong arguments that the nature of the
economic problems facing the US economy today
will tend to be deflationary, irrespective of Federal
monetary policy, and that inflation is not likely to be
a factor.  These elements together leave gold still in
a zone of uncertainty, although it has benefited from
the renewed interest of commentators and analysts.
A re-rating of the gold price, and a change of market
balance in favour of gold in any event would be
unlikely to occur in a matter of weeks, and we
should watch the evolving balances of interest in
this market in the months to come.

Predictably, the sharp price rise saw an equally
sharp decline in physical demand in our largest
market, India.  Encouragingly, the higher price did
not deter other physical markets, and there has
been good buying for investment purposes in
Turkey, Thailand and Indonesia.  In the early stages
of the price rally, investor and speculator buying
was able to sustain the price rise.  Unfortunately,
after the initial price movement, there was little new
investment buying, and volume on the futures
market in gold has been very thin for a number of
weeks.  The beginning of the rally saw the New
York Comex long position increase to a little over
120 tons net, but position-squaring in October has
seen this long position fall back to around 75 tons.
These levels of interest are within the sort of
parameters of trading that we have seen on the
market for some time, and in this respect the rally
does not appear to have lifted investor interest to
new levels.

Regarding currency markets, there has been no
material change to the strength of the dollar in
international markets during the period under
review, and the US currency has continued to
dominate global markets.  The quarter saw a severe
dislocation in our own currency market, as the rand
broke out of an eight-to-nine year trading channel
against the US dollar to reach new lows against the
US currency.  Since the end of the quarter, an all-
time low of R9.54 to the US dollar has been seen.
There are a number of aspects of the market in our
currency which have contributed to weakness and
to its vulnerability, and there is little doubt that the
market has seen the rand as a one-way bet against
the dollar.  For some time now, this structural bias
has been made worse by a lack of liquidity in the
market, leading to a situation in which the currency
can be moved by very small volumes of business.
The current value of the rand is clearly reflective
neither of purchasing power realities in the economy
nor of the quality of economic policy and leadership
in the country.  Whilst it is difficult to imagine what
steps might be taken to stabilise or correct the
position in the market, there is little doubt that this
will be a matter of concern for both market makers
and those responsible for monetary policy for the
foreseeable future.

GOLD MARKET

6

NET DELTA OPEN HEDGE POSITION AS AT 30 SEPTEMBER 2001

As at 30 September 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 9.0152 available on
30 September 2001.

Kilograms

Sold

Forward Price

R per kg

Forward Price

$ per oz

      Ounces

      Sold

      '000

12 months ending

 31 December 2001

41,134

R83,813

$288

1,322

2002

150,550

R84,416

$281

4,840

2003

90,457

R93,778

$292

2,908

2004

67,321

R100,940

$298

2,164

2005

47,864

R116,087

$326

1,539

January 2006  December 2010

108,831

R134,481

$325

3,499

506,156

R101,997

$300

16,273

The marked-to-market value of all hedge transactions making up the hedge positions in the above table was
a negative R1,517 million (negative $168 million) as at 30 September 2001.  The value was based on a gold
price of $291.65 per ounce, exchange rates of R/$9.0152 and $/A$ 0.4918 and the prevailing market interest
rates and volatilities at the time.

As at 29 October 2001, the marked-to-market value of the hedge book was a positive R322 million
($34.4 million) based on a gold price of $277.50 per ounce and exchange rates of $/R9.38 and A$/$0.5024
and the prevailing market interest rates and volatilities at the time.

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

GOLD MARKET

7

Year

2001

2002

2003

2004

2005 2006-2010

Total

DOLLAR GOLD

Forward Contracts

Amount (kg)

16,064

74,773

51,652

47,066

30,825

75,708

296,087

$ per oz

$303

$299

$311

$310

$323

$342

$316

Put Options Purchased

Amount (kg)

1,747

10,238

5,808

2,662

757

1,291

22,504

$ per oz

$385

$312

$352

$390

$291

$291

$336

*Delta (kg)

1,652

4,500

4,187

1,970

252

370

12,931

Put Options Sold

Amount (kg)

4,665

4,665

$ per oz

$283

$283

*Delta (kg)

1,437

1,437

Call Options Purchased

Amount (kg)

14,272

5,407

667

572

20,918

$ per oz

$297

$297

$350

$360

$301

*Delta (kg)

6,993

2,766

168

166

10,093

Call Options Sold

Amount (kg)

41,778

21,962

10,463

3,303

1,704

2,233

81,444

$ per oz

$310

$348

$372

$342

$358

$338

$331

*Delta (kg)

14,219

3,911

2,045

1,261

644

1,210

23,290

RAND GOLD

Forward Contracts

Amount (kg)

11,068

42,167

16,401

10,311

9,700

15,433

105,080

Rand per kg

R80,071       R78,261         R82,939        R89,067       R120,396

R130,557        R91,812

Put Options Purchased

Amount (kg)

311

311

Rand per kg

R75,555

R75,555

*Delta (kg)

25

25

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)

5,361

14,357

4,519

1,875

3,119

1,875

31,105

Rand per kg

R84,469        R87,003         R93,766        R93,603       R125,774

R93,603        R92,232

*Delta (kg)

3,209

9,153

2,783

1,436

1,651

1,652

19,884

AUS DOLLAR (A$) GOLD

Forward Contracts

Amount (kg)

3,694

18,040

13,841

5,443

6,221

31,726

78,965

A$ per oz

A$519

A$567

A$521

A$531

A$654

A$617

A$581

Call Options Purchased

Amount (kg)

2,099

6,687

778

3,110

26,282

38,957

A$ per oz

A$732

A$728

A$703

A$724

A$687

A$699

*Delta (kg)

367

2,007

285

1,428

17,268

21,355

Call Options Sold

Amount (kg)

3,732

3,732

A$ per oz

A$554

A$554

*Delta (kg)

2,779

2,779

RAND DOLLAR (000)

Forward Contracts

Amount ($)

19,839

30,000

49,839

Rand / $

R 4.67

R 7.17

R 6.18

Put Options Purchased

Amount ($)

105,000

105,000

210,000

Rand per $

R 7.64

R 8.18

R 7.91

*Delta ($)

19

4,872

4,891

Put Options Sold

Amount ($)

10,000

10,000

Rand per $

R 7.60

R 7.60

*Delta ($)

1,901

1,901

Call Options Purchased

Amount ($)

32,670

5,450

38,120

Rand per $

R 7.85

R 6.48

R 7.66

*Delta ($)

32,670

5,450

38,120

Call Options Sold

Amount ($)

165,670

153,450

8,000

327,120

Rand per $

R 8.59

R 8.76

R 6.94

R 8.63

*Delta ($)

138,594

101,273

7,942

247,809

AUS DOLLAR (000)

Forward Contracts

Amount ($)

(133)

43,748

29,428

15,970

89,012

$ per A$

$0.49

$0.58

$0.59

$0.64

$0.60

ANGLOGOLD HEDGE POSITION
AS AT 30 SEPTEMBER 2001

8

1.        The results included herein for the quarter and nine months ended 30 September 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, 13,400 ordinary shares were allotted in terms of the Share Incentive Scheme,

thereby increasing the number of ordinary shares in issue at 30 September 2001 to 107,181,237.

3.       Orders placed and outstanding on capital contracts as at 30 September 2001 totalled R943 million

(30 June 2001: R1,112 million), equivalent to $105 million (30 June 2001: $138 million) at the rate of
exchange ruling on that date.

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

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

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

share capital of Normandy Mining Limited, Australia's largest and leading gold company.  The offer is to
be settled in AngloGold shares in the ratio of 2.15 AngloGold shares for every 100 Normandy shares.
The acquisition is subject to the fulfilment of certain conditions, including approval by AngloGold
shareholders in general meeting.  For this purpose a notice calling a general meeting of members, to
be held at 11:00 on Monday, 19 November 2001 at The Johannesburg Country Club, Napier Road,
Auckland Park, Johannesburg, South Africa is contained in the circular to members which was posted
on Friday, 26 October 2001.

6.       On 11 October 2001, AngloGold announced its intention to implement a 10-for-1 split of the AngloGold

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

7.       On 10 October 2001, AngloGold published a cautionary announcement in which shareholders were

advised that an offer had been received for the purchase of its assets in the Free State. Subsequent
offers were received and the sale of the assets is being finalised.

8.

STRATE

Relevant information concerning the conversion of certificated ordinary shares of AngloGold into
uncertificated shares (dematerialisation) in terms of the STRATE system was contained in a letter dated
30 July 2001 posted to shareholders on the South African register, together with the June 2001
quarterly report.  The dematerialisation process commenced on 15 October 2001.  Trading for electronic
settlement begins on 5 November 2001 with the first electronic settlement taking place on 12 November
2001.

9.

Dividend

Interim dividend No. 90 of 700 South African cents per ordinary share was paid to registered
shareholders on 28 September 2001.  A dividend was paid to holders of American Depositary Receipts
(ADRs) on 9 October 2001 at a rate of 38.21 US cents per American Depositary Share (ADS).  Each
ADS represents one-half of an ordinary share.

By order of the Board

R M GODSELL

R P EDEY

Chairman and Chief Executive Officer

Deputy Chairman

30 October 2001

NOTES

9

Group operating results .............................................................................................................................. 10

Group income statement............................................................................................................................. 12

Group balance sheet................................................................................................................................... 14

Group cash flow statement ......................................................................................................................... 15

Key operating results per region ................................................................................................................. 16

Notes to the cash flow statement ................................................................................................................ 24

Statement of changes in shareholders' equity............................................................................................. 24

Shaft sinking .............................................................................................................................................. 25

Development.............................................................................................................................................. 26

Detailed operating results - per region...................................................................................................... 28

FINANCIAL RESULTS : CONTENTS

GROUP OPERATING RESULTS

Issued Capital:

107,181,237 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:

107,080,120 ordinary shares in issue for the year to date

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

Quarter

Quarter

Nine months

Nine months

ended

ended

ended

ended

September

June

September

September

2001

2001

2001

2000

GOLD
UNDERGROUND OPERATIONS
Tonnes milled

- 000

- reef

4,445

4,462

13,536

16,003

- waste

-

-

2

132

- total

4,445

4,462

13,538

16,135

Yield

- g/t

- reef

 8.38

 8.29

 8.22

 7.95

- waste

-

-

 1.00

 0.62

- average

 8.38

 8.29

 8.22

 7.89

Gold produced

- kg

- reef

37,254

37,008

111,236

127,266

- waste

-

-

2

82

- total

37,254

37,008

111,238

127,348

PRODUCTIVITY
g/employee

- target

229

218

217

208

- actual

224

215

212

192

SURFACE AND DUMP RECLAMATION
Tonnes treated

- 000

12,620

12,584

38,687

37,949

Yield

- g/t

 0.30

 0.31

 0.32

 0.31

Gold produced

- kg

3,843

3,902

12,284

11,748

OPEN-PIT OPERATIONS
Tonnes mined

- 000

22,498

20,424

61,305

34,956

Stripping ratio *

 2.27

 2.03

 2.00

 1.02

Tonnes treated

- 000

6,881

6,739

20,463

17,332

Yield

- g/t

 2.08

 1.93

 1.97

 1.63

Gold produced

- kg

14,343

13,005

40,210

28,293

TOTAL
Gold produced

- kg

55,440

53,915

163,732

167,389

Gold sold

- kg

56,081

55,019

164,085

167,660

Revenue

- R/kg sold

77,635

73,578

75,071

65,901

Total cash costs

- R/kg produced

47,687

47,663

47,887

45,763

Total production costs

- R/kg produced

57,046

57,079

57,164

52,601

CAPITAL EXPENDITURE

 - mining direct

 529

 513

1 458

1 014

 - other

 102

 76

 297

 103

 - recoupments

( 2)

( 13)

( 15)

( 46)

Net capital expenditure

 629

 576

1 740

1 071

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

 10

GROUP OPERATING RESULTS

Issued Capital:

107,181,237 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:

107,080,120 ordinary shares in issue for the year to date

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

Quarter

Quarter

Nine months

Nine months

ended

ended

ended

ended

September

June

September

September

2001

2001

2001

2000

GOLD
UNDERGROUND OPERATIONS
Tons milled

- 000

- reef

4,900

4,919

14,922

17,640

- waste

-

-

2

145

- total

4,900

4,919

14,924

17,785

Yield

- oz/t

- reef

 0.244

 0.242

 0.240

 0.232

- waste

-

-

-

 0.021

- average

 0.244

 0.242

 0.240

 0.230

Gold produced 

- oz 000      - reef

1,197

1,190

3,576

4,092

- waste

-

-

-

3

- total

1,197

1,190

3,576

4,095

PRODUCTIVITY
oz/employee

- target

 7.36

 7.01

 6.97

 6.70

- actual

 7.20

 6.92

 6.80

 6.18

SURFACE AND DUMP RECLAMATION
Tons treated

- 000

13,911

13,871

42,644

41,833

Yield

- oz/t

 0.009

 0.009

 0.009

 0.009

Gold produced

- oz 000

124

125

395

377

OPEN-PIT OPERATIONS
Tons mined

- 000

24,800

22,514

67,577

38,532

Stripping ratio *

 2.27

 2.03

 2.00

 1.02

Tons treated

- 000

7,585

7,428

22,557

19,106

Yield

- oz/t

 0.061

 0.056

 0.057

 0.048

Gold produced

- oz 000

461

418

1,293

910

TOTAL
Gold produced

- oz 000

1,782

1,733

5,264

5,382

Gold sold

- oz 000

1,803

1,769

5,275

5,390

Revenue

- $/oz sold

288

285

289

305

Total cash costs

- $/ounce produced

176

185

184

212

Total production costs

- $/ounce produced

211

221

220

244

Rand/US Dollar average exchange rate

 8.39

 8.03

 8.08

 6.71

CAPITAL EXPENDITURE

 - mining direct

 63

 64

 180

 150

 - other

 12

 9

 37

 15

 - recoupments

-

( 2)

( 2)

( 7)

Net capital expenditure

 75

 71

 215

 158

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

 11

GROUP INCOME STATEMENT

Quarter

Quarter

Nine months

Nine months

ended

ended

ended

ended

September

June

September

September

SA Rand million

2001

2001

2001

2000

Gold income

4,429

4,106

12,521

11,207

Cost of sales

(3,293)

(3,140)

(9,526)

(8,823)

Cash operating costs

2,606

2,518

7,722

7,630

Other cash costs

62

67

181

98

Total cash costs

2,668

2,585

7,903

7,728

Retrenchment costs

25

77

153

63

Rehabilitation and other non-cash costs

48

9

69

28

Production costs

2,741

2,671

8,125

7,819

Amortisation of mining assets

462

437

1,346

1,092

Total production costs

3,203

3,108

9,471

8,911

Inventory change

90

32

55

(88)

Operating profit

1,136

966

2,995

2,384

Corporate administration and other expenses

(44)

(44)

(132)

(126)

Market development costs

(31)

(31)

(94)

(72)

Research and development costs

(5)

(4)

(15)

(33)

Exploration costs

(51)

(50)

(152)

(200)

Profit from operations

1,005

837

2,602

1,953

Finance costs

(132)

(151)

(465)

(326)

Realised gain (loss) on hedging instruments

31

15

50

-

Unrealised (loss) gain on hedging activities

(235)

64

(173)

-

Interest receivable

31

42

114

206

Other net income (expense)

21

(23)

4

67

Profit before exceptional items

721

784

2,132

1,900

Profit (loss) on sale of mining assets

7

7

(31)

-

Impairment of mining assets

-

(3)

(3)

-

Amortisation of goodwill

(59)

(56)

(170)

(96)

Debt written-off

-

(21)

(21)

-

Profit before taxation

669

711

1,907

1,804

Taxation

(211)

(186)

(573)

(516)

Normal taxation

280

110

539

428

Deferred taxation 

(69)

82

40

88

Taxation on exceptional items

-

(6)

(6)

-

Profit after taxation

458

525

1,334

1,288

Minority interest

(19)

(16)

(49)

(41)

Net profit

439

509

1,285

1,247

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

439

509

1,285

1,247

(Profit) loss on sale of mining assets

(7)

(7)

31

-

Impairment of mining assets

-

3

3

-

Amortisation of goodwill

59

56

170

96

Debt written-off

-

21

21

-

Taxation on exceptional items

-

(6)

(6)

-

Headline earnings

491

576

1,504

1,343

Unrealised loss (gain) on hedging activities

235

(64)

173

-

Deferred tax on unrealised (loss) gain on hedging activities

(89)

24

(66)

-

Headline earnings before unrealised (loss) gain
on hedging activities

Earnings per ordinary share - cents
    - Basic

410

475

1,200

1,166

    - Headline

459

538

1,405

1,256

    - Headline before unrealised gain on hedging activities

595

501

1,504

1,256

Dividends
    - Rm

750

803

    - cents per share

700

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

750

536

1,611

1,343

637

 12

GROUP INCOME STATEMENT

Quarter

Quarter

Nine months

Nine months

ended

ended

ended

ended

September

June

September

September

US Dollar million

2001

2001

2001

2000

Gold income

 528

 511

1 548

1 665

Cost of sales

( 393)

( 391)

(1 179)

(1 313)

Cash operating costs

 311

 314

 956

1 135

Other cash costs

 7

 8

 23

 15

Total cash costs

 318

 322

 979

1 150

Retrenchment costs

 3

 10

 19

 9

Rehabilitation and other non-cash costs

 6

 1

 8

 5

Production costs

 327

 333

1 006

1 164

Amortisation of mining assets

 55

 54

 167

 162

Total production costs

 382

 387

1 173

1 326

Inventory change

 11

 4

 6

( 13)

Operating profit

 135

 120

 369

 352

Corporate administration and other expenses

( 5)

( 5)

( 16)

( 19)

Market development costs

( 4)

( 4)

( 12)

( 10)

Research and development costs

( 1)

( 1)

( 2)

( 5)

Exploration costs

( 6)

( 6)

( 19)

( 30)

Profit from operations

 119

 104

 320

 288

Finance costs

( 16)

( 19)

( 58)

( 49)

Realised gain (loss) on hedging instruments

 4

 2

 7

-

Unrealised (loss) gain on hedging activities

( 27)

 8

( 19)

-

Interest receivable

 4

 5

 14

 31

Other net income (expense)

 3

( 3)

-

 10

Profit before exceptional items

 87

 97

 264

 280

Profit (loss) on sale of mining assets

 1

 1

( 4)

-

Impairment of mining assets

-

-

-

-

Amortisation of goodwill

( 7)

( 7)

( 21)

( 14)

Debt written-off

-

( 3)

( 3)

-

Profit before taxation

 81

 88

 236

 266

Taxation

( 25)

( 23)

( 71)

( 76)

Normal taxation

 33

 14

 66

 64

Deferred taxation 

( 8)

 10

 6

 12

Taxation on exceptional items

-

( 1)

( 1)

-

Profit after taxation

 56

 65

 165

 190

Minority interest

( 3)

( 2)

( 6)

( 6)

Net profit

 53

 63

 159

 184

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

 53

 63

 159

 184

(Profit) loss on sale of mining assets

( 1)

( 1)

 4

-

Impairment of mining assets

-

-

-

-

Amortisation of goodwill

 7

 7

 21

 14

Debt written-off

-

 3

 3

-

Taxation on exceptional items

-

( 1)

( 1)

-

Headline earnings

 59

 71

 186

 198

Unrealised loss (gain) on hedging activities

 27

( 8)

 19

-

Deferred tax on unrealised (loss) gain on hedging activities

( 10)

 3

( 7)

-

Headline earnings before unrealised (loss) gain
on hedging activities

Earnings per ordinary share - cents
    - Basic

50

59

149

171

    - Headline

55

67

174

185

    - Headline before unrealised gain on hedging activities

71

62

185

185

Dividends
    - $m

91

118

    - cents per share

85

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

110

 66

 198

 198

 76

 13

GROUP BALANCE SHEET

September

June

September

September

June

September

2001

2001

2000

2001

2001

2000

US Dollar million

SA Rand million

ASSETS
Non-current assets

2 297

2 429

2 607

Mining assets

20 737

19 538

18 862

 359

 373

 275

Goodwill

3 244

3 003

1 988

 16

 18

 19

Investments in associates

 149

 146

 140

 7

 7

 6

Other investments

 65

 59

 44

 40

 43

 40

AngloGold Environmental Rehabilitation Trust

 365

 349

 287

 22

 27

 49

Long-term loans

 195

 218

 354

2 741

2 897

2 996

24 755

23 313

21 675

Current assets

 183

 197

 189

Inventories

1 648

1 586

1 370

 160

 163

 224

Trade and other receivables

1 447

1 314

1 623

 66

 141

-

Financial instruments

 597

1 137

-

 19

 19

 19

Current portion of long-term loans

 169

 156

 138

 170

 149

 160

Cash and cash equivalents

1 537

1 202

1 154

 598

 669

 592

5 398

5 395

4 285

3 339

3 566

3 588

Total assets

30 153

28 708

25 960

EQUITY AND LIABILITIES
Share capital and reserves

 885

 992