Sound operating results and a positive gold market

Overview

• 

Operating profit, including realised gains from non-
hedge derivatives, from current operations (excluding
Free State assets) increases by 7.3% to $147m or
R1.7bn.  This represents a cash operating profit of
$197m or R2.3bn.

•  

Total cash costs for the current operations reduced by
2% to $151/oz.

•  

Record cash operating margin of 47% ($136/oz), up
13% from December quarter.

•  

Headline earnings, before unrealised non-hedge
derivatives, increases 1% to $89m with earnings
marginally down to 81 US cents per share.

•  

Return on equity increases to 23% and return on
capital employed to 16%.

•  

Increased exposure to rising gold prices through
deliveries into low-priced forward sales contracts.

•  

Hedge book restructured to eliminate all low-priced
rand gold forward sales for the remainder of this year.

•  

Open hedge position reduced by 1.7Moz (120% of the
quarter's production) to 12.9Moz.

Regional operating results for the quarter

SOUTH AFRICA

•  

Operating profit from current operations, (excluding the
Free State assets), including reaslied non-hedge
derivatives, up 23% to R1,192m ($103m).

•  

Total cash costs up 1% to R50,471/kg, down 12% in
dollar terms to $136/oz.

•  

Reduced production due to the substantial Christmas
shutdown.

EAST AND WEST AFRICA

•  

Gold production down 3%, as planned, to 227,000oz
and operating profit, including realised non-hedge
derivatives, $1m lower at $24m.

•  

Total cash costs 8% lower at $127/oz.

•  

Approval granted for the first phase of Geita expansion
project, taking plant throughput to 5.4Mtpa.

•  

Promising exploration results at Geita.

NORTH AMERICA

•  

Production down 10% to 95,000oz due to severe
winter weather at Jerritt Canyon and continuing
inventory build-up on the leach pad at CC&V.

•  

Jerritt Canyon set to improve during June quarter and
CC&V during second half of 2002.

•  

Operating loss of $1m and higher total cash costs of
$254/oz.

SOUTH AMERICA

•  

Operating profit, including realised non-hedge
derivatives, up 13% to $18m.

•  

Gold production down 12% to 102,000oz due to
anticipated reductions at Morro Velho and Cerro
Vanguardia.

•  

Total cash costs up 2% to $125/oz due to lower
production.

AUSTRALIA

•  

Operating profit, including realised non-hedge
derivatives, down 11% to A$8m ($4m).

•  

Production down 6% to 116,000oz due to Boddington
closure.

•  

Total cash costs increases 6% to A$379/oz ($196/oz).

• 

Very encouraging exploration results at Sunrise Dam
and in the Tanami region.

Quarter 

 ended 

Mar 2002 

Quarter 

 ended 

Dec 2001* 

Year 

 ended 

Dec 2001 

Quarter 

 ended 

Mar 2002 

Quarter 

 ended 

Dec 2001* 

Year 

 ended 

Dec 2001 

Dollar/Imperial

Rand/Metric

Gold
     Produced

- oz (000)/kg

1,377

1,719

6,983

42,816

53,471

217,203

     Price received**

- $/oz-R/kg sold

287

279

287

106,181

92,169

79,523

     Total cash costs

- $/oz-R/kg produced

151

159

178

56,033

51,710

48,828

     Total production costs

- $/oz-R/kg produced

188

193

213

69,653

62,995

58,579

Operating profit, including realised
  non-hedge derivatives

- $/R million

147

151

527

1,696

1,601

4,647

Net profit

- $/R million

71

86

245

810

895

2,180

Headline earnings

- $/R million

93

94

281

1,070

971

2,476

Headline earnings before unrealised
  non-hedge derivatives

- $/R million

89

88

286

1,027

924

2,536

Capital expenditure

- $/R million

51

82

298

588

815

2,567

Net earnings (basic)

- cents per share

64

80

229

734

835

2,035

Headline earnings

- cents per share

84

88

262

969

906

2,311

Headline earnings before unrealised
  non-hedge derivatives

- cents per share

81

82

267

930

862

2,367

Dividends

- cents per share

181

1,800

*  Includes the Free State operations

**  Price received includes realised non-hedge derivatives

REPORT

FOR THE QUARTER ENDED
31 MARCH 2002

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.

List of abbreviations

$

United States dollars

A$

Australian dollars

bn

billion

capex

capital expenditure

FIFR

Fatal Injury Frequency Rate per million hours worked

g

grams

kg

kilograms

LOM

Life of Mine

LTIFR

Lost Time Injury Frequency Rate per million hours worked.  AngloGold utilises the strictest

definition in reporting LTIFR in that it includes all Disabling Injuries (where an individual is
unable to return to his place of regular work the next calendar day after the injury) and
Restricted Work Cases (where the individual may be at work, but unable to perform full or
regular duties on the next calendar day after the injury) within this definition.

m

metre or million; depending on the context

m

2

square metres

Mt

million tonnes or tons

Mtpa

million tonnes/tons per annum

Moz

million ounces

oz

ounces (troy)

R / rand

South African rands

RIFR

Reportable Injury Frequency Rate per million hours worked

t

tons (short) or tonnes (metric)

tpm

tonnes per month

VCR

Ventersdorp Contact Reef

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

OVERVIEW

The principal features of the first quarter of 2002
were the company's sound operating performance,
the strong gold market and the improving gold price.

The average spot price of gold rose from $278/oz
last quarter to $290/oz this quarter.  Against this
background, AngloGold delivered its quarterly
production into its low-priced forward positions, thus
increasing the company's exposure to the rising
price in the future.  Simultaneously, AngloGold
actively managed the outstanding hedge book and
open forward positions to offset the loss against the
spot price caused by deliveries into these contracts.
Consequently the price received for the quarter,
including realised non-hedge derivative income, was
$287/oz, thereby meeting the company's objective
of achieving a received price close to the spot price
in a rising market.  In addition to delivering into
hedge positions, a partial restructuring of the hedge
book was undertaken over the quarter-end to
eliminate all rand gold forward contracts from the
book for the remainder of this year.  As a result of
these two actions the open hedge position was
reduced from 14.6Moz at the end of December to
12.9Moz  a reduction of 1.7Moz or 120% of the
quarter's production.

The operations performed well in what is historically
a weak quarter because of the slow start after the
Christmas shut-down in the South African
operations.

Operating profit for the quarter  including realised
non-hedge derivative gains  decreased by $4m
(3%) to $147m.  There was a reduction of $14m due
to the sale of the Free State assets and an increase
from current operations of $10m.  This increase
resulted from a rise of $8/oz in the received price of
gold at $287/oz and a decrease of $3/oz in total
cash costs for current operations to $151/oz.  This
was partially offset by a decrease of 52,000oz in
gold production to 1.377Moz, primarily as a result of
the Christmas break and a continued inventory
build-up at Cripple Creek & Victor (CC&V).

The decrease in operating profit was partially offset
by lower net interest paid and lower taxation.
Headline earnings, excluding unrealised non-hedge
derivatives, increased by $1m (1%) to $89m.
Headline earnings per share decreased by 1% from
82 US cents per share to 81 US cents per share
the decrease in cents per share arises from the
additional 3.2 million shares issued as a result of the
AngloGold bid for Normandy.  An after tax loss of
$15m arising from the disposal of the Free State

assets resulted in the reduction of the net profit from
$86m to $71m.

The company continues to achieve its targeted
return ratios.  Annualised returns on equity and
capital employed were 23% and 16% respectively,
in line with last quarter.

SOUTH AFRICA

Overall performance

The results of the South Africa region for the quarter
do not include the Free State assets: the operations
were under the management of the new owners
during this period and the sale was concluded
during April.

Total cash costs rose 1% from R49,757/kg to
R50,471/kg (down 12% in dollar terms to $136/oz).
If the December quarter is adjusted for the sale of
the Free State assets, however, total rand cash
costs per kilogram increased quarter-on-quarter by
10%, largely as a result of the Christmas shut-down.

Operating profit, including realised non-hedge
derivatives, increased by 7% to R1,192m ($103m),
despite a 303,000oz reduction in gold production, of
which some 290,000oz was attributable to the Free
State operations.

Productivity indices, expressed in grams of gold
produced per employee showed a 5% improvement
to 222g/employee, while square metres mined per
employee dropped by 8%, highlighting the impact of
the sale of the high-volume, low-grade Free State
assets.

Tragically, eight employees lost their lives in mine
accidents during the quarter.  Half of these were due
to seismically induced falls of ground.  As a result,
the FIFR deteriorated from 0.28 in 2001 to 0.29.
The South African operations recently launched 'fall
of ground' safety campaigns in an attempt to
increase awareness of the risks associated with
these events.

Mine performance

Volume mined at Great Noligwa fell by 5%
compared with the previous quarter and this,
together with a 3% drop in grade, accounted for a
293kg, or 4% decrease in gold production.  Total
cash costs increased by 19% to R37,007/kg
($100/oz).  The quarter-on-quarter difference arises

FINANCIAL AND OPERATING REVIEW

2

from both the impact of the Christmas break and the
inclusion of the higher income from uranium sales in
the last quarter of 2001.  Operating profit, including
realised non-hedge derivatives, at R444m ($39m)
was 8% higher than the previous quarter.

At Kopanang, volume mined was 4% lower than
the previous quarter.  However, higher mining
efficiency led to an 8% improvement in yield to
7.35g/t and 3% increase in gold produced to
3,715kg.  Total cash costs rose 9% to R50,121/kg
($135/oz) quarter-on-quarter, again owing to by-
product sales in the fourth quarter.  Operating profit,
including realised non-hedge derivatives, increased
by 33% to R170m ($15m).

Tau Lekoa experienced a 6% drop in volume
mined which was partially offset by a 2%
improvement in head grade, with gold production
4% lower than the previous quarter at 2,226kg.
The impact of the R14m increase in acid by-product
contribution in the previous quarter and lower gold
production in this quarter caused a 14% rise in total
cash costs to R63,346/kg ($171/oz).  Operating
profit, including realised non-hedge derivatives,
rose 14% to R63m ($5m).

At TauTona, volume mined fell by 6%, but this was
offset by increased production in higher-grade areas
resulting in a 7% improvement in yield and a 4% rise
in gold production to 4,960kg.  Total cash costs
went up by 2% to R44,662/kg ($121/oz).  Operating
profit, including realised non-hedge derivatives, rose
43% to R274m ($24m).

Increased seismicity in the VCR at Savuka resulted
in an 9% drop in volume mined.  However, the
higher grade in the Carbon Leader Reef resulted in
a 4% improvement in yield and only a marginal drop
in gold produced.  Total cash costs increased by 5%
to R77,211/kg ($209/oz).  Operating profit, including
realised non-hedge derivatives, increased by 127%
to R40m ($4m).

At Mponeng, volumes mined were 6% down on the
previous quarter due to poor face advance which
saw a subsequent 6% drop in gold production to
3,039kg despite a constant yield.  Total cash costs
increased by 12% to R63,200/kg ($171/oz).
Operating profit, including realised non-hedge
derivatives, rose 32% to R73m ($6m).

At Ergo, gold production fell by 13% to 2,223kg
following the closure of Daggafontein in December,
production disruptions from power failures and
excessive rainfall.  This was partially offset by
improved head grades and higher metallurgical
efficiency as well as increased gold recovered from
the toll treatment of loaded carbon material.  Despite
the drop in production, total cash costs improved by
2% to R58,904/kg ($159/oz).  Operating profit,
including realised non-hedge derivatives, rose by
34% to R82m ($7m).

EAST AND WEST AFRICA

Overall performance

The East and West Africa region (formerly the Africa
region) had a strong quarter, exceeding production
and profit targets, but was unable to sustain the
record performance levels achieved in the
December quarter.  Gold production was down 3%
to 227,000 attributable ounces and operating profit,
including realised non-hedge derivatives, of $24m
was 4% lower than the December quarter.  Despite
the decreased production, total cash costs were 8%
lower at $127/oz.

The first phase of the Geita gold plant expansion
was approved during the quarter.  This decision
follows encouraging results from recent exploration
drilling in the Nyankanga pit, which identified 30m
additional tonnes of ore.  To realise the full benefit of
this increased reserve, anticipated by AngloGold at
the time that it acquired its share in this operation,
the plant throughput will be raised from 4.5Mtpa to
6Mtpa in two phases over the next two years and,
ultimately, to the planned level of 7Mtpa.

Phase one will see the installation of secondary
crushers and modification to the existing ball mill to
cater for the increased throughput.  This will raise
the treatment rate to 5.4Mtpa at a capital cost of
$3m and will take eight months to complete.
Following an assessment of this first stage, phase
two will see the installation of additional ball milling
capacity and extension to the wet plant section, at
an estimated capital cost of $11m.

Regrettably, safety performance was below
standard with ten lost-time injuries recorded for the
quarter against only four in the previous quarter.
The main contributing factors have been identified
and action plans will be implemented to address the
deficiencies.

Mine performance

Tonnage throughput at Sadiola (38% attributable)
was adversely affected by mineral sizer downtime
and problems with the treatment of sulphide ore at
the start of the quarter.  Gold production of 50,000oz
was 9% lower than the previous quarter.  Total cash
costs increased by 2% to $134/oz due to the lower
production.  Operating profit, including realised non-
hedge derivatives, fell by 37% to $4m.

The plant conversion project to improve gold
recovery from the treatment of sulphide ore was
completed on schedule by the end of February.

Yatela (40% attributable) continued to exceed
targets, but was unable to match the performance of
the previous quarter.  Gold production of 27,000oz
was 4% lower than the previous quarter due to a

3

planned decline in recovered grade.  Despite the
lower production, total cash costs decreased by 5%
to $143/oz.  Operating profit, including realised non-
hedge derivatives, rose by 50% to $3m.

Gold production at Morila (40% attributable)
increased by 2% to 59,000oz, largely due to
improved recovered grade.  Total cash costs for the
quarter decreased by 15% to $100/oz as a result of
increased grade and production.  Operating profit,
including realised non-hedge derivatives, rose by
23% to $7m.

Geita (50% attributable) experienced another good
quarter and production was maintained at the
previous level of 69,000oz.  Total cash costs
decreased by 4% to $156/oz for the quarter.
However, operating profit, including realised non-
hedge derivatives, fell by 16% to $6m.

Navachab was unable to match the record-breaking
performance of the previous quarter, but still
exceeded production targets.  Gold production was
4% lower at 22,000oz, mainly due to a planned
decline in tonnage throughput.  This decline was
partially offset by improved recovered grades.
Despite the decrease in production, total cash costs
at $116/oz were 18% down on the previous quarter.
The reduced cash costs are largely owing to the
improved recovered grade, and lower mining and
processing costs.  Operating profit, including
realised non-hedge derivatives, was maintained at
$3m.  Due to recent improvements in the gold price,
a conceptual study has commenced to evaluate the
economic viability of proceeding with a mine
expansion project.  If the conceptual study yields
positive results, a pre-feasibility and feasibility study
will follow.

Exploration

At Sadiola, resource delineation drilling returned
higher than expected gold values with intercepts of
up to 64m at 3.55g/t.  This oxide potential has been
drilled out over a strike length of 400m.  Drilling of
the sulphide resource yielded notable intercepts of
110m at 3.23g/t, 50m at 4.91g/t and 22m at 3.87g/t.
At the nearby Yatela mine, metallurgical tests on the
Alamoutala satellite deposit returned 90%
recoveries; this implies that further drilling to
upgrade the 200,000oz resource is justified.

At Geita, drilling between the Geita Hill Main and
West pits intersected substantial mineralisation in
previously unexplored territory.  Significant
intercepts were 42m at 5.47g/t and 9m at 9.62g/t
down to 200m in depth.  Drilling at Nyankanga
Deeps continued to return good results with 26m at
7.17g/t and 15m at 5.23g/t.

NORTH AMERICA

Overall performance

The North American operations had a challenging
quarter due to the continuation of severe winter
weather at Jerritt Canyon and ongoing technical
problems associated with the leach pad at CC&V.

Operating profit, including realised non-hedge
derivatives, decreased quarter-on-quarter from a
profit of $1m to a loss of $1m due to an 10% decline
in gold production.  Decreased gold production of
95,000oz for the quarter also contributed to higher
unit cash costs of $254/oz.

Approval for the $195m CC&V expansion plan was
given during the first quarter of 2001.  The project
will increase the average annual gold production by
40% and extend the LOM from 2008 to at least
2013, yielding 2.8m additional ounces.  Based on
the latest economics for the project, average LOM
cash costs are expected to be reduced from
$227/oz to $176/oz and the project has an expected
internal rate of return of 23%.  Construction will be
completed in the third quarter of 2002 with higher
gold production forecast for the following quarter.

The region reported sound safety performance for
the quarter with no lost-time injuries and six minor
medical treatment incidents.

Mine performance

Production at Cripple Creek & Victor (67%
attributable  effectively 100%  see note 4 on page
12) was 4% lower for the quarter at 43,000oz due to
ongoing technical problems associated with gold
transportation times through the leach pad.  Despite
reduced production, total cash costs at $199/oz
were 6% lower than in the previous quarter as a
result of continued cost-cutting efforts.  Construction
is continuing on schedule for the commissioning of
the new crushing facility in the third quarter of 2002.
Operating profit, including realised non-hedge
derivatives, decreased to $1m.

Jerritt Canyon's (70% attributable) production was
15% lower at 52,000oz.  The drop in production was
as a result of a reorganisation of labour in the
underground mines, which reduced productivities in
the short term, and adverse winter weather
conditions reducing mill throughput.  Total cash
costs were 19% higher quarter-on-quarter at
$294/oz due to the lower production ounces.  Jerritt
Canyon's operating loss, including realised non-
hedge derivatives, increased to $2m.

Exploration

Exploration was focused on reserve development
goals to meet the 2002 business plan.  At Jerritt
Canyon, exploration concentrated on targets near

4

the current mine workings.  Results from
underground drilling on targets on the SSX mine
property are encouraging and include 6m at 10.51g/t
in the West Mahala area.  Drilling on the eastern
side of the MCE mine confirmed the continuation of
known mineralisation with a best intercept of 10m at
35.26g/t.  At Cripple Creek, reserve development
drilling commenced in the latter part of the quarter
on the East Cresson deposit.

At Red Lake in Canada, drilling commenced in
February on the Dorion-McCuaig and Humlin target
areas.  A total of 17 holes (6,200m) were drilled of
which eight returned gold values in excess of 1g/t.
Visible gold was encountered in two holes in the
Dorion-McCuaig area.  The most promising
intercepts were between 9g/t and 10g/t over narrow
(less than 1m) intervals.

SOUTH AMERICA

Overall performance

Gold production was 12% lower than the previous
quarter but better than planned at 102,000oz.  Total
cash costs for the quarter were 2% up on the
previous quarter at $125/oz as a result of decreased
production.

The reduced gold production for the quarter was
due to an anticipated decline in production at Morro
Velho and Cerro Vanguardia.  This was partially
offset by increased production at Serra Grande.
Despite the lower production and higher costs,
operating profit, including realised non-hedge
derivatives, rose by 13% to $18m, due to the higher
gold price received.

Mine performance

At Morro Velho, a reduced volume of ore treated at
a planned lower grade, partially affected by rock
mechanics problems at Cuiab Mine, resulted in an
18% decline in production for the quarter to
46,000oz.  These problems have now been
resolved.  Operating profit, including realised non-
hedge derivatives, rose by 20% to $7m.

At Cerro Vanguardia (46.25% attributable) gold
production was 13% lower at 33,000oz. due to
planned reduced volumes and grade.  Production in
the December quarter had been increased to
compensate for reduced output in July 2001 due to
poor weather.  Operating profit, including realised
non-hedge derivatives, was maintained at $5m.

At Serra Grande (50% attributable) production
increased by 5% to 23,000oz as a result of
improved grade.  Operating profit, including realised
non-hedge derivatives, was maintained at $4m.

The South America region had a good safety
performance this quarter, with its LTIFR below the

Ontario benchmark.  Cerro Vanguardia continues to
maintain its enhanced safety conditions with no lost
time injuries in the quarter.  Morro Velho and Serra
Grande both had improved performances and were
audited and awarded with 3 and 4 NOSA Stars
respectively during the quarter.

Exploration

At Cerro Vanguardia in Argentina, significant down
dip extensions to mineralisation were established
below or adjacent to existing pits.  The best
intercept was 9.15m at 75.8g/t at a drilled depth of
187m.  This, with the delineation of further surface
mineralisation, will add considerably to the existing
resource base during 2002.

In the Iron Quadrangle of Brazil, drilling at the
Corrego do Sitio project intersected further oxide
mineralisation below the Mutuca pit.  Intercepts
included 2.4m at 38.0g/t and 21.7m at 5.49g/t.

Greenfield exploration in Peru continued at the
La Rescatada project, where positive drill results
have led to planning for a second phase of the
drilling due to start in May 2002.

AUSTRALIA

Overall performance

Production for the March quarter of 116,000oz was
6% below the output of the previous quarter.
Although production at  Sunrise Dam  increased,
this was not sufficient to offset the losses resulting
from the closure of the Boddington mine which
contributed 17,000oz to the December quarter
results.

Overall total cash costs increased by 6% to
A$379/oz ($196/oz)  A$357/oz ($183/oz) in the
December quarter.  The December quarter
benefited from the inclusion of a volume of low-cost
production generated from the `clean-out' of the
Boddington plant.  Operating profit, including
realised non-hedge derivatives, fell by 11% to A$8m
($4m).

The region had a pleasing safety performance
during the quarter, with two minor lost-time injuries
and six restricted work cases.

Mine performance

Production at Sunrise Dam increased strongly by
12% to 85,000oz.  Plant throughput was up by 13%
to an annualised rate of 3.4Mtpa as operations were
optimised following the capital expansion
undertaken last year.  Grades fell during the quarter
as mining moved through some depletion zones in
the upper areas of the recently completed open-pit
cutback.  As a consequence, total cash costs rose
by 9% to A$344/oz ($179/oz).  Operating profit,

5

including realised non-hedge derivatives, rose to
A$10m ($5m) compared to A$8m ($4m) for the
previous quarter.

Despite disruptions to mining in the main
Crosscourse pit due to the wet season, gold
production at Union Reefs of 30,000oz was only
marginally below that of the previous quarter.  Total
cash costs fell by 6% to A$435/oz ($225/oz) as
stockpiles built up during the previous quarter were
drawn down.  Including realised non-hedge
derivatives, there was no operating profit compared
to A$3m ($1m) in the previous quarter.

Operations at Boddington (33.33% attributable)
ceased during the December 2001 quarter and the
plant has been placed on care and maintenance
pending the commencement of the Boddington
Expansion Project.  The only production recorded
during the quarter was from residual plant clean-out
and, as a consequence, production fell to 1,000
attributable ounces compared with 17,000
attributable ounces in the previous quarter.

Operations at the Tanami (40% attributable) mine
have ceased and no production was recorded in this
quarter.   Implementation of the mine rehabilitation
plan is continuing.

Exploration

At Sunrise Dam, exploration was again successful in
improving the quality of the orebodies.  Infill drilling
of the Mako lode returned intercepts including 5m at
66.1g/t and 5m at 73.2g/t.  In addition, step-out
drilling on the underground Dolly target intersected
17m at 7.0g/t, confirming mineralisation 70m updip
from previous drillholes.

At the advanced Coyote exploration project in the
Tanami region, initial drilling indicates that the
Buggsy-Gonzalez structure continues at depth.  Drill
intersections at 237m and 268m returned values of
2m at 19.7g/t and 1m at 117.5g/t respectively.  The
mineralised structure is open at depth.

6

The gold market continues to
strengthen, and the trading range for
gold has improved steadily over the
past six months.  After opening the
quarter in a range around $285/oz,
the spot market moved strongly up
above $300/oz.  The price has held
in a new range around $300/oz since
late January, yielding an average
price for the quarter of over $290/oz,
$12 higher than the average price for
the final quarter of 2001.  By
contrast, the rand currency market
was quieter and more stable for the
quarter, and the local price of gold
averaged R107,000/kg, unchanged
from the opening local price for the
quarter.

The incremental firming in the spot
price of gold has renewed interest in
the metal as an investment.  Unlike
other price rallies in recent years,
where the gold price has tended to
rise on the back of a single issue or
incident, the current price
improvement has been built on a
number of favourable circumstances
for gold.

Continuing uncertainty about
developed economies, and about
equity markets in those economies
an uncertainty reinforced by the
collapse of Enron  has provided a
positive context for investors to
reconsider the potential of gold.
Other circumstances have also
opened opportunities for gold.  In
Japan, the withdrawal of savings
deposit guarantees by the
government, and consumer concern
over the health of the Japanese
banking sector saw significant retail
buying of gold investment products
during this past quarter, as Japanese
investors switched cash deposits into
gold.  Investment offtake in Japan
increased more than threefold over

the first quarter of 2001 to 45t in the
first quarter 2002.  Although buying
peaked in February, it is likely that
uncertainty in the Japanese market
could continue to generate a demand
for investment metal for some time.

In the political arena, the escalation
of conflict in the Middle East has
helped gold in one of its traditional
roles as a safe haven.  The rise in
spot oil prices that has accompanied
the conflict has also encouraged
interest in gold.

With the cumulative cuts in
US interest rates over the past
twelve months, circumstances in the
futures markets are also favourable
to gold.  Lower US rates have
reduced the motivation by gold
producers, investors and
speculators, and central banks to sell
the metal.  In particular, many gold
producers  AngloGold included
who have previously sold gold
forward, are delivering into hedge
contracts without renewing these
contracts.  This has an effect
equivalent to withdrawing the same
amount of production from the spot
market with a beneficial tightening of
that market as a result.  Reflective of
both the change in forward pricing of
gold and of improved sentiment
towards the gold price, the net non-
commercial trading position in gold
on the New York Comex has
remained long gold for almost four
months (by comparison between
1997 and 1999 traders' net positions
on the Comex were short gold for
90% of a 156 week period).

As is often the case in times of a
rising gold price, the physical
markets for gold have come under
pressure.  The second half of 2001

GOLD MARKET

7

saw a significant setback in the
largest gold market, India (down year
on year by 17% in the third quarter,
and 20% in the final quarter of 2001).
During the quarter under review, the
fall in gold imports to India was
probably greater than the increase in
gold offtake in Japan for this period,
underlining the importance of
maintaining physical demand in
existing markets, which provides the
basic underpinning for the price of
the metal.  In this regard, the
unwinding of producer hedge
positions will provide some offset for
slippage in physical demand.

New investor buying of gold,
particularly in the forward or futures
markets such as the New York
Comex, will be critical to further
improvement in the spot price of the
metal.

Currency markets attracted less
attention during the quarter.  The
rand market was relatively steady by
comparison with the previous
quarter, moving sideways against the
US dollar for most of the period.
However, in a broader context, the
Australian dollar, the Euro and the
rand all ended the period stronger
against the US dollar than they had
been at the beginning of the quarter.
This is of particular interest to the
gold market, as the enduring
strength of the US currency over
recent years has been viewed as a
significant contributor to the
downward pressure on the spot price
of gold.  Since the end of the quarter,
the US dollar has weakened further
against major currencies.

The report for this quarter on the
open hedge position for AngloGold
as at 31 March 2002, shows a further
reduction in the hedge by some 52t
or 1.67Moz.  Consistent with the

company's stated intentions, this
position has been reduced by a
further 20t or 643,000oz as at the
end of April.  Following the rapid
devaluation of the rand late last year,
the company has been particularly
concerned to address the open
positions priced in rands.  To this
end, the net open rand gold forward
sale position for 2002 of 20,316kg of
gold priced at R56,208/kg as
reported in the detailed report of
AngloGold's hedge position as at
31 December 2001, has been taken
back in full during the first quarter of
2002.

Going forward, the company will
continue to deliver against or
otherwise close maturing forward
pricing contracts and to address
particular attention to those parts of
the open hedge book which have
been overtaken by moves in the
underlying market  specifically rand-
denominated hedges.  In managing
the hedge AngloGold have put in
place new option positions which
have been priced at the forward line
off today's higher spot price; these
new positions are still subject to the
overall objective of progressively
reducing the net total tonnage sold
forward by the company.

8

NET DELTA OPEN HEDGE POSITION AS AT 31 MARCH 2002

As at 31 March 2002, the group had outstanding, the following net forward-pricing commitments against future
production.  These net commitments include all restructuring of forward positions in progress at 31 March 2002 and
completed thereafter.  A portion of these sales consists of US dollar-priced contracts which have been converted to
rand prices at an average annual forward rand value based on spot rand/dollar rate of 11.351 available on
31 March 2002.

Rand Gold

kg's
sold

R per kg

Dollar Gold

Kg

sold

$ per oz

AUS Dollar

Gold

kg's sold

A$ per oz

Total

kg's sold

Total

oz's sold

12 months

ending

31 Dec

2002

2,621

90,085

27,009

306

14,378

573

44,008

1,414,891

2003

24,070

89,939

34,016

325

13,636

533

71,722

2,305,929

2004

24,226

111,273

26,920

317

5,443

555

56,589

1,819,386

2005

23,000

132,155

35,542

325

4,921

674

63,463

2,040,387

2006

14,543

135,944

29,505

332

5,630

654

49,678

1,597,200

Jan 2007 

Dec 2011

18,437

163,895

88,380

354

8,879

555

115,696

3,719,685

106,897

122,875

241,372

333

52,887

576

401,156

12,897,478

The marked-to-market value of all hedge transactions making up the hedge positions in the above table following
all restructuring was a negative R5,623m ($495m) as at 31 March 2002.  The value was based on a gold price of
$301.40 per ounce, exchange rates of R/$11.351 and $/A$ 0.5202 and the prevailing market interest rates and
volatilities at the time.

As at 29 April 2002, the marked-to-market value of the hedge book was a negative R5,280m ($496.7m) based on a
gold price of $310.90/oz and exchange rates of $/R10.63 and A$/$0.5428 and the prevailing market interest rates
and volatilities at the time.

Note to AngloGold Hedge Position as at 31 March 2002
*The delta position indicated hereafter reflects the nominal amount of the option multiplied by the mathematical
probability of the option being exercised. This is calculated using the Black and Scholes option formula with the
ruling market prices, interest rates and volatilities as at 31 March 2002.

GOLD MARKET

9

Year

2002

2003

2004

2005

2006      2007-2011

Total

DOLLAR GOLD

Forward Contracts

Amount (kg)

17,431

25,900

26,836

25,879

20,524

43,831

160,401

$ per oz

$301

$317

$316

$326

$334

$349

$327

Put Options Purchased

Amount (kg)

2,663

5,808

796

757

563

728

11,315

$ per oz

$278

$352

$291

$291

$291

$292

$319

*Delta (kg)

303

4,196

193

189

125

145

5,151

Put Options Sold

Amount (kg)

11,819

6,221

6,221

24,261

$ per oz

$289

$301

$311

$298

*Delta (kg)

1,724

2,436

2,495

6,655

Call Options Purchased

Amount (kg)

4,288

1,756

572

6,616

$ per oz

$359

$377

$360

$364

*Delta (kg)

351

244

185

780

Call Options Sold

Amount (kg)

26,655

16,653

5,294

15,825

14,213

67,147

145,787

$ per oz

$313

$331

$332

$323

$329

$358

$339

*Delta (kg)

11,350

6,600

2,571

9,474

8,856

44,404

83,255

RAND GOLD

Forward Contracts

Amount (kg)

19,567

20,264

19,342

10,581

8,274

78,028

Rand per kg

R87,879      R110,801       R132,688      R138,137

  R117,021      R114,845

Put Options Purchased

Amount (kg)

1,094

1,875

1,875

1,875

1,875

8,594

Rand per kg

R93,542       R93,603         R93,603        R93,603        R93,603

R93,595

*Delta (kg)

80

100

47

21

13

261

Put Options Sold

Amount (kg)

Rand per kg

*Delta (kg)

Call Options Purchased

Amount (kg)

5,232

5,232

Rand per kg

R83,471

R83,471

*Delta (kg)

5,224

5,224

Call Options Sold

Amount (kg)

7,090

4,999

5,000

4,999

5,000

14,930

42,018

Rand per kg

R85,599        R99,009       R113,930      R129,548      R130,208

  R202,056      R142,483

*Delta (kg)

7,765

4,403

3,915

3,637

3,949

10,163

33,832

AUS DOLLAR (A$) GOLD

Forward Contracts

Amount (kg)

14,152

13,841

5,443

6,221

9,331

22,395

71,383

A$ per oz

A$586

A$535

A$555

A$684

A$662

A$637

A$608

Call Options Purchased

Amount (kg)

6,532

3,888

3,110

6,221

20,062

39,813

A$ per oz

A$722

A$701

A$724

A$673

A$691

A$697

*Delta (kg)

1,071

1,078

1,300

3,701

13,516

20,666

Call Options Sold

Amount (kg)

1,866

3,110

4,976

A$ per oz

A$558

A$700

A$647

*Delta (kg)

1,297

873

2,170

RAND DOLLAR (000)

Forward Contracts

Amount ($)

49,008

25,751

74,759

Rand / $

R13.14

R12.62

R12.96

Put Options Purchased

Amount ($)

55,000

55,000

Rand per $

R 8.18

R 8.18

*Delta ($)

8

8

Put Options Sold

Amount ($)

Rand per $

*Delta ($)

Call Options Purchased

Amount ($)

53,240

8,000

61,240

Rand per $

R 8.00

R 6.94

R 7.86

*Delta ($)

53,239

7,987

61,226

Call Options Sold

Amount ($)

93,240

8,000

101,240

Rand per $

R 8.55

R 6.94

R 8.42

*Delta ($)

92,737

7,987

100,724

AUS DOLLAR (000)

Forward Contracts

Amount ($)

43,748

29,413

15,970

89,131

$ per A$

A$0.58

A$0.59

A$0.64

A$0.60

ANGLOGOLD HEDGE POSITION
AS AT 31 MARCH 2002

10

1.       The results for the quarter ended 31 March 2002, 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, 3,423,211 ordinary shares were allotted as follow:

•  in terms of the AngloGold Share Incentive Scheme

    125,960

•  in terms of the Acacia Employee Option Plan

      32,074

•  in terms of the Normandy offer

 3,201,599

•  in terms of the Normandy top up facility

      63,578

 Subject to shares being allotted to address rounding adjustments (if any), all shares in terms of the
 Normandy offer have been issued.

3.        Orders placed and outstanding on capital contracts as at 31 March 2002 totalled R1,072m

(31 December 2001: R877m), equivalent to $94m (31 December 2001: $73m) 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 11 April 2002 AngloGold announced that all the remaining conditions precedent for the sale of its

Free State assets to African Rainbow Minerals Gold Limited and Harmony Gold Mining Company
Limited, through a jointly-owned company ("Freegold"), had been fulfilled.  The sale was effective from
1 January 2002.  In terms of the sale agreement, the consideration payable to AngloGold is R2.2bn plus
an amount equal to any liability for tax payable by AngloGold pursuant to the sale of the Free State
assets ("the additional amount").  The additional amount will be payable by Freegold to AngloGold, five
days prior to any tax liability becoming due.

On 23 April 2002, AngloGold received a cash payment from Freegold of R1.8bn, together with interest
calculated from 1 January 2002 to 22 April 2002 amounting to R55m.  The balance of R400m will be
payable in cash on 1 January 2005.

6.

Dividend:  Final Dividend No. 91 of 1,100 South African cents per ordinary share was paid to registered
shareholders on 4 March 2002.  A dividend was payable to holders of American Depositary Receipts
(ADRs) on 15 March at a rate of 49.06 US cents per American Depositary Share (ADS).  Each ADS
represents one-half of an ordinary share.

7.

Directorate: On 29 April 2002, the Board of AngloGold approved the appointment of Mr David D
Barber, Financial Director of Anglo American Corporation of South Africa Limited as Mr Julian Ogilvie
Thompson's alternate.

By order of the Board

R M GODSELL

R P EDEY

Chairman and Chief Executive Officer

Deputy Chairman

29 April 2002 

NOTES

GROUP OPERATING RESULTS

Issued Capital:

111,057,269 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:

110,385,264 ordinary shares in issue for the period

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

Quarter

Quarter

Year

ended

ended

ended

March

December

December

2002

2001

2001

GOLD
UNDERGROUND OPERATIONS
Tonnes milled

- 000

- reef

3,088

4,393

17,929

- waste

-

23

25

- total

3,088

4,416

17,954

Yield

- g/t

- reef

 8.64

 8.20

 8.21

- waste

-

-

 0.08

- average

 8.64

 8.15

 8.20

Gold produced

- kg

- reef

26,687

36,012

147,248

- waste

-

-

2

- total

26,687

36,012

147,250

PRODUCTIVITY
g/employee

- target

237

228

219

- actual

232

220

214

SURFACE AND DUMP RECLAMATION
Tonnes treated

- 000

9,621

11,668

50,355

Yield

- g/t

 0.31

 0.32

 0.32

Gold produced

- kg

3,021

3,692

15,976

OPEN-PIT OPERATIONS
Tonnes mined

- 000

24,828

24,485

85,790

Stripping ratio *

 3.21

 2.80

 2.17

Tonnes treated

- 000

5,896

6,446

27,042

Yield

- g/t

 2.22

 2.14

 2.00

Gold produced

- kg

13,108

13,767

53,977

TOTAL
Gold produced

- kg

42,816

53,471

217,203

Gold sold

- kg

42,630

53,777

217,862

Price received

- R/kg sold **

106,181

92,169

79,523

Total cash costs

- R/kg produced

56,033

51,710

48,828

Total production costs

- R/kg produced

69,653

62,995

58,579

CAPITAL EXPENDITURE

 - mining direct

 514

 721

2 175

 - other

 74

 94

 392

 588

 815

2 567

* Stripping ratio = (tonnes mined - tonnes treated) / tonnes treated
** Price received incudes realised non-hedge derivative gains (losses)

 12

GROUP OPERATING RESULTS

Issued Capital:

111,057,269 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:

110,385,264 ordinary shares in issue for the period

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

Quarter

Quarter

Year

ended

ended

ended

March

December

December

2002

2001

2001

GOLD
UNDERGROUND OPERATIONS
Tons milled

- 000

- reef

3,404

4,842

19,764

- waste

-

26

28

- total

3,404

4,868

19,792

Yield

- oz/t

- reef

 0.252

 0.239

 0.240

- waste

-

-

-

- average

 0.252

 0.238

 0.239

Gold produced 

- oz 000 - reef

858

1,158

4,734

- waste

-

-

-

- total

858

1,158

4,734

PRODUCTIVITY
oz/employee

- target

 7.62

 7.32

 7.05

- actual

 7.47

 7.09

 6.87

SURFACE AND DUMP RECLAMATION
Tons treated

- 000

10,606

12,862

55,506

Yield

- oz/t

 0.009

 0.009

 0.009

Gold produced

- oz 000

97

119

514

OPEN-PIT OPERATIONS
Tons mined

- 000

27,368

26,990

94,567

Stripping ratio *

 3.21

 2.80

 2.17

Tons treated

- 000

6,499

7,105

29,808

Yield

- oz/t

 0.065

 0.062

 0.058

Gold produced

- oz 000

422

442

1,735

TOTAL
Gold produced

- oz 000

1,377

1,719

6,983

Gold sold

- oz 000

1,371

1,729

7,004

Price received

- $/oz sold **

287

279

287

Total cash costs

- $/ounce produced

151

159

178

Total production costs

- $/ounce produced

188

193

213

Rand/US Dollar average exchange rate

 11.51

 10.18

 8.62

CAPITAL EXPENDITURE

 - mining direct

 45

 73

 252

 - other

 6

 9

 46

 51

 82

 298

* Stripping ratio = (tons mined - tons treated) / tons treated
** Price received incudes realised non-hedge derivative gains (losses)

 13

GROUP INCOME STATEMENT

Quarter

Quarter

Year

ended

ended

ended

March

December

December

SA Rand million

2002

2001

2001

Gold income

4,291

5,069

17,590

Cost of sales

(2,932)

(3,448)

(12,973)

Cash operating costs

2,378

2,732

10,454

Other cash costs

56

59

240

Total cash costs

2,434

2,791

10,694

Retrenchment costs

14

32

185

Rehabilitation and other non-cash costs

15

55

123

Production costs

2,463

2,878

11,002

Amortisation of mining assets

577

538

1,884

Total production costs

3,040

3,416

12,886

Inventory change

(108)

32

87

Operating profit

1,359

1,621

4,617

Realised non-hedge derivative gains (losses)

337

(20)

30

Operating profit including realised non-hedge derivatives

1,696

1,601

4,647

Corporate administration and other expenses

(51)

(42)

(174)

Market development costs

(44)

(39)

(133)

Research and development costs

(3)

(5)

(20)

Exploration costs

(70)

(76)

(228)

Interest receivable

93

62

176

Other net (expense) income 

(14)

(3)

1

Finance costs

(133)

(143)

(608)

Unrealised non-hedge derivative gains (losses)

72

47

(126)

Profit before exceptional items

1,546

1,402

3,535

Amortisation of goodwill

(81)

(89)

(259)

Debt written-off

-

-

(21)

Impairment of mining assets

-

-

(3)

Loss on disposal of assets

(132)

-

(32)

Impairment reversal of investments

-

67

67

Termination of retirement benefit plans

-

(54)

(54)

Profit on ordinary activities before taxation

1,333

1,326

3,233

Taxation

(491)

(410)

(983)

Normal and deferred taxation

(415)

(410)

(1,055)

Deferred tax on unrealised non-hedge derivatives

(29)

-

66

Taxation on exceptional items

(47)

-

6

Profit on ordinary activities after taxation

842

916

2,250

Minority interest

(32)

(21)

(70)

Net profit

810

895

2,180

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

810

895

2,180

Amortisation of goodwill

81

89

259

Debt written-off

-

-

21

Impairment of mining assets

-

-

3

Loss on disposal of assets

132

-

32

Impairment reversal of investments

-

(67)

(67)

Termination of retirement benefit plans

-

54

54

Taxation on exceptional items

47

-

(6)

Headline earnings

1,070

971

2,476

Unrealised non-hedge derivative (gains) losses

(72)

(47)

126

Deferred tax on unrealised non-hedge derivatives

29

-

(66)

Headline earnings before unrealised non-hedge derivatives

1,027

924

2,536

Earnings per ordinary share - cents
    - Basic

734

835

2,035

    - Headline

969

906

2,311

    - Headline before unrealised non-hedge derivatives

930

862

2,367

Dividends declared
    - Rm

1,974

    - cents per share

1,800

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

 14

GROUP INCOME STATEMENT

Quarter

Quarter

Year

ended

ended

ended

March

December

December

US Dollar million

2002

2001

2001

Gold income

 373

 493

2 041

Cost of sales

( 255)

( 340)

(1 519)

Cash operating costs

 206

 270

1 226

Other cash costs

 5

 6

 29

Total cash costs

 211

 276

1 255

Retrenchment costs

 1

 3

 22

Rehabilitation and other non-cash costs

 2

 5

 13

Production costs

 214

 284

1 290

Amortisation of mining assets

 50

 53

 220

Total production costs

 264

 337

1 510

Inventory change

( 9)

 3

 9

Operating profit

 118

 153

 522

Realised non-hedge derivative gains (losses)

 29

( 2)

 5

Operating profit including realised non-hedge derivatives

 147

 151

 527

Corporate administration and other expenses

( 4)

( 4)

( 20)

Market development costs

( 4)

( 4)

( 16)

Research and development costs

-

-

( 2)

Exploration costs

( 6)

( 7)

( 26)

Interest receivable

 8

 6

 20

Other net (expense) income 

( 1)

-

( 1)

Finance costs

( 12)

( 14)

( 72)

Unrealised non-hedge derivative gains (losses)

 6

 8

( 10)

Profit before exceptional items

 134

 136

 400

Amortisation of goodwill

( 7)

( 9)

( 29)

Debt written-off

-

-

( 3)

Impairment of mining assets

-

-

( 1)

Loss on disposal of assets

( 11)

-

( 4)

Impairment reversal of investments

-

 6

 6

Termination of retirement benefit plans

-

( 5)

( 5)

Profit on ordinary activities before taxation

 116

 128

 364

Taxation

( 43)

( 40)

( 111)

Normal and deferred taxation

( 37)

( 38)

( 116)

Deferred tax on unrealised non-hedge derivatives

( 2)

( 2)

 5

Taxation on exceptional items

( 4)

-

-

Profit on ordinary activities after taxation

 73

 88

 253

Minority interest

( 2)

( 2)

( 8)

Net profit

 71

 86

 245

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

 71

 86

 245

Amortisation of goodwill

 7

 9

 29

Debt written-off

-

-

 3

Impairment of mining assets

-

-

 1

Loss on disposal of assets

 11

-

 4

Impairment reversal of investments

-

( 6)

( 6)

Termination of retirement benefit plans

-

 5

 5

Taxation on exceptional items

 4

-

-

Headline earnings

 93

 94

 281

Unrealised non-hedge derivative (gains) losses

( 6)

( 8)

 10

Deferred tax on unrealised non-hedge derivatives

 2

 2

( 5)

Headline earnings before unrealised non-hedge derivatives

 89

 88

 286

Earnings per ordinary share - cents
    - Basic

64

80

229

    - Headline

84

88

262

    - Headline before unrealised non-hedge derivatives

81

82

267

Dividends declared
    - $m

198

    - cents per share

181

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

 15

GROUP BALANCE SHEET

March

December

March

December

2002

2001

2002

2001

SA Rand million

US Dollar million

ASSETS
Non-current assets

21,315

24,606

Mining assets

1,878

2,057

4,438

4,652

Goodwill

391

389

154

151

Investments in associates

13

13

141

275

Other investments

12

23

228

460

AngloGold Environmental Rehabilitation Trust

20

38

507

204

Other non-current assets

45

17

26,783

30,348

2,359

2,537

Current assets

3,794

2,284

Cash and cash equivalents

334

191

2,717

2,906

Financial derivatives

239

243

4,502

1,867

Trade and other receivables *

397

156

1,924

1,948

Inventories

170

163

106

109

Current portion of other non-current assets

9

9

13,043

9,114

1,149

762

39,826

39,462

Total assets

3,508

3,299

EQUITY AND LIABILITIES

12,820

13,357

Shareholders' equity **

1,130

1,117

335

355

Minority interests

29

30

13,155

13,712

1,159

1,147

Non-current liabilities

8,388

4,192

Borrowings

739

350

2,163

2,573

Provisions

191

215

2,571

3,423

Deferred taxation

226

286

13,122

10,188

1,156

851

Current liabilities

6,176

4,901

Financial derivatives

544

410

2,995

2,464

Trade and other payables

264

206

2,863

7,619

Current portion of borrowings

252

637

1,515

578

Taxation

133

48

13,549

15,562

1,193

1,301

39,826

39,462

Total equity and liabilities

3,508

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

3,299

* Includes accrual of proceeds from the disposal of Free State assets

** Shareholders' equity is analysed in the Statement of Changes in Shareholders' Equity on page 18.

 16

GROUP CASH FLOW STATEMENT

Quarter

Quarter

Year

Quarter

Quarter

Year

ended

ended

ended

ended

ended

ended

March

December

December

March

December

December

2002

2001

2001

2002

2001

2001

SA Rand million

US Dollar million

 Cash flows from operating activities 

2,020

1,675

5,473

 Cash generated from operations 

174

186

673

93

62

176

 Interest receivable 

8

6

20

 Contribution to AngloGold Environmental 

-

(85)

(85)

 Rehabilitation Trust 

-

(10)

(10)

-

3

11

 Dividends received from associates 

-

-

1

(116)

(143)

(613)

 Finance costs 

(10)

(14)

(73)

(68)

(410)

(897)

 Mining and normal taxation paid 

(6)

(40)

(111)

(1,223)

(3)

(1,447)

 Dividends paid 

(109)

-

(167)

706

1,099

2,618

 Net cash inflow from operating activities 

57

128

333

 Cash flows from investing activities 

(588)

(815)

(2,567)

 Capital expenditure 

(51)

(82)

(298)

1

56

63

 Proceeds from disposal of mining assets 

-

5

6

 Proceeds from sale of investments through 

-

-

878

 disposal of mines 

-

-

109

(268)