Edgar Filing: ANGLOGOLD LTD

Page 1

Report

for the quarter and nine months ended 30 September 2003

Group results for the quarter ...

• Adjusted headline earnings¹increase by 2% to $67m

• Adjusted operating profit²down by 3% to $136m

• Total cash costs increase by 6% to $237/oz impacted by strong local currencies and wage increases

in South Africa

• Gold production (on a comparable basis³) increases marginally to 1.39Moz

• Good performances at Great Noligwa, Kopanang and Geita

• Problems persist at Cerro Vanguardia and at CC&V, which are being addressed

• Received gold price⁴up by 3% to $364/oz

• Ashanti board unanimously recommends revised AngloGold offer and Government of Ghana indicates

support for the AngloGold/Ashanti merger

ANGLOGOLD QUARTERLY REPORT SEPTEMBER 2003 . WWW.ANGLOGOLD.COM

Pokwana Buleni

is a surface

backfill plant

operator

in South Africa.

Quarter ended

9 Months ended

Quarter ended

9 Months ended

Sept

June

Sept

June

Sept

2003

2002

2003

2002

Rand/Metric

Dollar/Imperial

Gold

Produced

- kg / oz (000)

43,240

44,613 131,457

136,543

1,390

1,434

4,226

4,390

Price received⁴

- R/kg / $/oz

86,619

87,983

88,852

103,567

364

354

299

Total cash costs

- R/kg / $/oz

56,311

55,502

55,966

54,242

237

223

157

Total production costs

- R/kg / $/oz

65,502

65,654

65,891

68,270

275

264

263

197

Operating profit

- R / $ million

1,304

1,094

3,607

5,026

176

142

463

466

Adjusted operating profit

- R / $ million

1,004

1,082

3,303

5,205

136

140

422

483

Net profit

- R / $ million

729

444

1,721

2,489

219

231

Headline earnings

- R / $ million

674

513

1,794

2,899

228

268

Adjusted headline earnings

- R / $ million

497

516

1,628

2,996

207

277

Capital expenditure

- R / $ million

661

538

1,687

1,962

216

182

Earnings per ordinary share

Basic

- cents/share

327

199

773

1,123

104

Diluted

- cents/share

326

199

769

1,116

104

Headline

- cents/share

303

230

805

1,307

102

121

Adjusted headline earnings

- cents/share

223

232

731

1,351

125

Dividends

- cents/share

375

675

Note: 1. Headline earnings before unrealised non-hedge derivatives and marked-to-market of debt financial instruments

2. Operating profit excluding unrealised non-hedge derivatives
3. Prior quarter production includes 56,000oz from Jerritt Canyon, which was sold with effect from 30 June 2003. Reported production is
not comparable
4. Price received includes realised non-hedge derivatives $ represents US dollar, unless otherwise stated

ANGLOGOLD QUARTERLY REPORT SEPTEMBER 2003 . WWW.ANGLOGOLD.COM

Dear Shareholder

The decision this week by the Government of Ghana to support AngloGold's proposed merger with Ashanti Goldfields is a significant step towards completion of this transaction.AngloGold has now secured the support of the Ashanti board and its two largest shareholders, the Government of Ghana
and Lonmin. Although a further period of three to six months will be required for the completion of the merger, AngloGold's management has already been planning the successful integration of the companies. In this regard, the fiscal and regulatory undertakings that the Government of Ghana has confirmed that it would give, will allow us to lay the foundations for the Obuasi Deep Project, lengthening the life of mine by more than 20 years at current production rates or higher. Obuasi represents possibly the longest life gold orebody in the world.

The merger creates a combination of some of the best gold assets and mining talent on the African continent, with a spread of long-life, low-cost operations and reserves around the world. AngloGold's management will be greatly strengthened by the talented Ashanti management team. When the transaction is complete, AngloGold Ashanti will be ready to show how a thoroughly African company can be a world leader in its sector. This is very good news for AngloGold and Ashanti shareholders, the governments and people of both Ghana and South Africa, the employees of both companies and their communities.

AngloGold has produced a solid set of financial results for the September quarter which are similar to those for the second

quarter this year, despite the 4% strengthening of the rand and higher wage costs in South Africa. Cash operating costs on the South African mines only increased by 2% in local currency terms. Operating profit, adjusted to exclude unrealised gains on non-hedge derivatives, decreased marginally to $136 million. Despite this reduction, headline earnings, similarly adjusted, increased slightly to $67 million, mainly as a result of lower corporate administration costs.

The quarter saw good operating performances from Geita, Sadiola, Kopanang and Great Noligwa, all of which reported higher gold production and lower unit total cash costs. Grades on the South African operations and the underground operations as a whole increased by some 4%, while those on the open-pit mines decreased by some 4%, largely as a consequence of the anticipated and significant grade decline at Morila

We expect that the operating problems at Cerro Vanguardia in Argentina, which resulted in a 16% decline in production over the quarter, will be overcome with the commissioning there this month of a material scrubber. At Cripple Creek & Victor, difficulties with the haul truck fleet and the crusher have been resolved and those associated with the heap leach continue to receive management attention.

Although total cash costs were well controlled in local currency terms, the continued strength of these currencies against the dollar led to a 6% increase in dollar-denominated costs, to $237 per ounce. A $10 per ounce increase in the received gold price, which was again this quarter higher than the gold spot price, ameliorated the effect of reduced production and stronger operating currencies.

We will continue to give shareholders a clear picture of the value creation they can expect from both AngloGold's existing operations and from our merger with Ashanti in the months that lie ahead.

Russell Edey

Bobby Godsell

Chairman

Chief Executive Officer

30 October 2003

Russell Edey

Chairman

Bobby Godsell

Chief Executive Officer

Letter from

Chairman and CEO

ANGLOGOLD QUARTERLY REPORT SEPTEMBER 2003 . WWW.ANGLOGOLD.COM

Overview of the quarter
This quarter saw a recovery by Great Noligwa, Kopanang and Geita while problems persisted at Cripple Creek & Victor and Cerro Vanguardia. In the case of the latter, a scrubber to prepare wet ground for treatment was installed at the end of September and production is expected to improve in the December quarter. Gold production for the quarter (after adjusting for the sale of Jerritt Canyon²⁾was marginally up by 12,000oz to 1.39Moz.

The South Africa region performed well, with gold production increasing by 31,000oz (4%). By contrast, production in South America declined by 3% and in Australia by 4%, while North America was 12,000oz (15%) lower (on a comparable basis² )
as a result of ongoing problems at CC&V. East and West Africa
produced substantially the same amount as last quarter, however, as predicted at the end of last quarter, production at Geita was 42% higher and Morila down 16%, with Yatela being 33% lower.

Total cash costs per ounce were well controlled in local currency terms, notably in South Africa where total unit costs increased by only 2% despite a 10% wage increase.

Again, strong currencies in the operating regions had an impact on dollar per ounce costs. These increased from $223/oz to $237/oz with half of the increase being directly exchange rate-related, which indirectly affected costs in local currencies.

As a result, adjusted operating profit¹decreased marginally by
3% to $136m. Taking into account a $38m increase in unrealised profit from non-hedge derivatives, operating profit increased from $142m to $176m. It is AngloGold's practice to judge the performance of the company on the adjusted operating profit¹as there can be no certainty that the unrealised profit will eventually be brought to account.

At a corporate level, corporate administration costs decreased
by $5m and other costs by $7m. Consequently adjusted
headline earnings 1 increased by 2% to $67m.

During the quarter, the profit on disposal of investments in East African Gold Mines and Randgold Resources Limited was $38m. Savuka was impaired by $35m as a result of the lower rand gold price. These, together with the unrealised gain on non-hedge derivatives resulted in a net profit of $97m, 70% up on the previous quarter.

Operating results for the quarter

South Africa Great Noligwa's gold production improved by 11% or 687kg (21,000oz) due to higher volume mined and a 6% rise in yield to 10.62g/t. Total cash costs at R52,183/kg ($219/oz) were 2% lower than those of the previous quarter, despite the inclusion of wage increases which were effective from July and higher treatment costs associated with the increased volumes mined. Adjusted operating profit ¹improved by 25% to R258m ($35m) largely as a result of the higher gold production and lower total cash costs. Two employees tragically lost their lives in a fall of ground incident, whilst the lost time injury frequency rate
(LTIFR) improved by 35% over the previous quarter.

At Kopanang the positive impact of team training is evident in the 7% increase in volumes mined during the quarter. Yield improved by 11% to 7.4g/t, with gold production up by 15% to 4,119kg (132,000oz). The impact of the wage increases in July was contained and total cash costs improved by 6% to R62,189/kg ($261/oz). Adjusted operating profit ¹was up by 54% to R105m ($14m) because of the higher gold production
at lower total cash costs. A gassing incident on 20 August
resulted in the death of one employee.

The volume mined at Tau Lekoa decreased by 2% and gold production fell to 2,449kg (79,000oz) as a result of this and reduced yield. Total cash costs, impacted by wage increases, seasonal power increases and lower gold output, rose by 12% to R75,407/kg ($317/oz). Adjusted operating profit ¹reduced by R14m (30%) to R32m ($4m) mainly due to production
problems and higher total cash costs.

Improved face length and face advance at Savuka resulted in an 11% increase in volume mined. However, grade was reduced to 5.49g/t (12%) with gold produced falling by 17% to 1,376kg (44,000oz). The lower gold production and the effect of wage increases caused total cash costs to go up by 21% to R115,931/kg ($487/oz). During the quarter, some 170 people were retrenched as part of planned reductions in the labour force. The continued operating difficulties at Savuka have been reviewed and AngloGold management has decided to declare an impairment of the Savuka assets and have, as a result, charged profits with an amount of R138m ($19m) in respect of this impairment, net of tax. No fatalities were
recorded during the quarter.

Financial

and Operating Review

ANGLOGOLD QUARTERLY REPORT SEPTEMBER 2003 . WWW.ANGLOGOLD.COM

Mponeng's gold production at 4,055kg (130,000oz) benefited from greater face length availability resulting in increased volumes mined (5%). However, this was partially offset by a slightly lower yield of 8.81g/t. Total cash costs increased by 2% to R59,039/kg ($248/oz) following the impact of the wage increases in July. Adjusted operating profit¹is down by 20% to R73m ($10m) mainly due to the higher total cash costs, increased amortisation charges (R4m) ($1m) and the impact of inventory movements (R6m) ($1m). Two employees lost their lives in two separate falls of ground incidents.

At TauTona gold production at 5,272kg (170,000oz) was 5% higher than the previous quarter mainly due to a higher yield (13.19g/t) as a result of the exclusion of lower grade tonnes from the area affected by the underground fire during August.
The volume mined was held at previous levels despite the impact of the fire. Total cash costs rose by 2% to R47,096/kg ($198/oz) as a result of the wage increases, costs associated with the fire and increased seasonal power cost increases. Adjusted operating profit¹was down by 7% to R182m ($25m). Two employees lost their lives during the quarter. The first incident was due to a seismic-induced fall of ground whilst the second related to a scraper winch accident.

At Ergo gold production of 1,407kg (45,000oz) was down by 8% following lower tonnages treated, which were partially offset by a higher head grade. Tonnage throughput decreased following repeated water monitor pipeline failures. Ergo showed an increase in operating loss of R14m ($2m) to R22m
($3m) predominantly from the lower gold output, higher unit costs and lower received price. The operation is scheduled to close by the end of 2004. In the meantime, discussions are being held with prospective buyers.

East and West Africa
At Geita (50% attributable), gold production increased by 42% to 88,000oz, largely due to an anticipated 48% improvement in recovered grade to 3.83g/t. As has been reported in previous quarterly reports, further improvements are expected going forward. Total cash costs decreased by 18% to $188/oz due to the higher production whilst adjusted operating profit¹rose by $6m to $9m.

Production at Morila (40% attributable) was down by 16% to 80,000oz. A 7% increase in milled plant throughput was offset by a 21% decrease in recovered grade to 7.55g/t. A further decline in grade is expected in the fourth quarter and going forward into 2004. Total cash costs increased by 16% to $109/oz, whilst adjusted operating profit¹for the quarter decreased by 24% to $14m. Commissioning of the plant expansion project is on schedule for the fourth quarter. There were four lost time injuries recorded this quarter and regrettably one fatal accident occurred on 24 September 2003.

At Navachab, a 2% decrease in milled tonnage throughput, coupled with a 13% decline in recovered grade, resulted in a 14% drop in gold production to 18,000oz. Tonnage throughput for the quarter was adversely affected by plant down time caused by a transformer failure and damage to mill girth gear. Total cash costs increased by 38% to $303/oz while adjusted operating profit¹for the quarter fell by $2m due to the lower production and the additional cost incurred as a result of the plant down time. There were no lost time injuries recorded at Navachab this quarter. With effect from 1 January 2004,
Navachab will make the transition to owner mining.

Production at Sadiola (38% attributable) went up by 8% to 42,000oz due to an 11% increase in recovered grade to 2.79g/t. Total cash costs decreased by 8% to $195/oz, whilst adjusted operating profit¹increased by 72% to $5m as a result of the higher production and a 7% improvement in price. There were no lost time injuries recorded during the quarter.

At Yatela (40% attributable), gold production decreased by 33% to 20,000oz mainly as a result of a 32% decrease in tons treated. Tonnage throughput for the quarter was adversely affected by problems experienced with the commissioning of the new crusher circuit. Commissioning problems have subsequently been resolved and the plant is operating at design capacity. In addition, recovered grade decreased by 5% to 3.18g/t. Total cash costs increased by 26% to $250/oz and adjusted operating profits¹decreased to $1m as a result of the lower production. Mining commenced at Alamoutala during the quarter and exceeded original targets with hauling of higher grade Alamoutala ore proceeding to plan. Yatela recorded one lost time injury during the quarter.

North America
At Cripple Creek & Victor (67% ownership with 100% interest in production until the initial loans are repaid) production was down by 15% quarter-on-quarter at 66,000oz due to mining of lower grade areas and failure to realise sustainable improvements in leach solution chemistry during the quarter. Total cash costs were 15% higher than those of the second quarter at $217/oz as chemical consumption increased in an effort to resolve the leach solution chemistry issues. Despite increased costs, adjusted operating profit¹remained consistent with the second quarter at $3m due to favourable gold prices and inventory movements. There were no lost time injuries for the quarter and one lost time injury year to date.
The new processing facilities exceeded design capacity in August and September, and haulage fleet production

ANGLOGOLD QUARTERLY REPORT SEPTEMBER 2003 . WWW.ANGLOGOLD.COM

improved to budgeted levels. Phase 4B of the leach pad construction continues and is ahead of schedule. While stacking has commenced, this area of the leach pad is not yet under irrigation due to continuing construction activities. As these activities are completed during the fourth quarter, increased production should be realised.

As announced in the June quarter, AngloGold sold its interests in the Jerritt Canyon joint venture to Queenstake Resources. The transaction took effect on 30 June 2003.

South America At Cerro Vanguardia (92.5% attributable) gold production decreased by 16% to 41,000oz partly due to lower recovered grades, down by 10% to 6.05g/t. During the quarter, the plant was fed with lower grade, dry ore from a contingency stockpile as the recurring problem of excess water in the pits continued to prevent the mine from delivering higher grade material. As planned, a full range material scrubber was successfully commissioned in late September, which will enable the treatment of wet, higher grade material. Total cash costs were 14% higher than those of the previous quarter at $173/oz, chiefly because of a decrease in the gold produced and increased operational and maintenance costs, due to the abnormal operational conditions. Adjusted operating profit¹decreased by 67% to $2m, largely as a result of the decreased sales volumes at a lower received price and the higher total cash costs.

At Morro Velho, gold production was up by 7% at 59,000oz, due to higher recovered grade at 6.48g/t and an increase in ore treated. Total cash costs rose by 2% to $146/oz due to higher labour costs as the result of the annual union agreement negotiations in August. Adjusted operating profit¹was largely unchanged from the previous quarter. There was one fatal accident recorded at Cuiab during the quarter.

At Serra Grande (50% attributable) production remained at a similar level to the previous quarter at 24,000oz. Total cash costs increased by 5% to $109/oz due to higher maintenance costs and a slightly lower recovered grade of 7.89g/t. Adjusted operating profit¹ decreased by 8% to $4m largely because of a decrease in gold sold and the higher total cash costs.

The LTIFR for the region year to date is 4.55. This compares favourably with the Ontario underground metalliferous mines benchmark of 6.5.

Australia At Sunrise Dam, production increased marginally to 85,000oz despite mining continuing in the lower grade areas of the

orebody, with milled grade at 3.62g/t in the quarter compared to 3.85g/t in the previous quarter and recovery rates constant at around 80%. Mining will progressively move to the higher grade areas during the fourth quarter. Total cash costs decreased by 3% to A$368/oz ($242/oz), however adjusted operating profit¹was down by 44% to A$5m ($3m), due to a lower received price and a reduction in the volumes sold.
Development work associated with the underground feasibility study has begun, with the award of the underground contract and the mobilisation of the contractor to site. There were two lost time injuries recorded during the quarter.

At Union Reefs, mining was completed at the end of July. Processing of low-grade stockpiles continued during the quarter, the throughput rate decreased progressively from mid- September until the final mill shutdown on 3 October 2003. Clean-up work and the preparation of the plant for care and maintenance and possible sale commenced during September. This final mining and decommissioning activity has reduced production to 23,000oz compared to 28,000oz for the previous quarter, while total cash costs were maintained at A$364/oz ($240/oz). Progressive rehabilitation of the site means that only minor works, which have been provided for, are required now that operations have ceased. The adjusted operating profit¹decreased by A$1m ($1m) to A$3m ($2m). There were again no lost time injuries recorded for the quarter. Union Reefs has now operated for two years without a lost
time injury.

The Boddington Joint Venture partners have committed to an update of the November 2000 Expansion Project Feasibility Study. It is anticipated that this work will be completed in the second quarter of 2004.

Note:

All references to price received includes the realised non-hedge derivative gains (losses).

Rounding of figures may result in computational discrepancies.

In the case of Joint Venture operations, all production and financial results are attributable to AngloGold.

Adjusted to exclude unrealised gains/losses on non-hedge derivatives.

Prior quarter production includes 56,000oz from Jerritt Canyon, which was sold with effect from 30 June 2003.
Reported production is not comparable.

AngloGold's exploration activities are focused on discovering long-life, low-cost orebodies, utilising multi-disciplinary teams and appropriate state-of-the-art exploration techniques and technology. During the quarter Exploration continued to yield encouraging results from several projects the satellite oxide exploration programme at Sadiola and deeper mineralisation extensions at Sunrise Dam in particular.

Regional exploration overview

In Mali drilling for satellite oxide resources at Sadiola continued to yield positive results. Reverse Circulation (RC) results at the FE3 Southern Extension included: 22m at 8.90g/t from 68m in AFE3S-115 and 44m at 3.71g/t from 36m in AFE3S-114. Resource delineation drilling of the Western Lobe at FE4 continued during the quarter and the deposit still appears to be open-ended to the south-west and west of the current pit position. RC results included: 32m at 2.58g/t from 142m in AFE4-387 and 10m at 2.04g/t from 38m in AFE4-383.

Phase VI of the hard sulphides diamond drilling programme at Sadiola is 73% complete.

Encouraging results continue to be received from a first pass Rotary Airblast (RAB) drilling campaign at the Garalo greenfields prospect, some 100km south-west of Morila. These will be followed by an RC drilling programme after the rainy season in the fourth quarter.

At Geita in Tanzania, exploration drilling was completed at Nyankanga West and East and restarted at Geita Hill. Follow-up diamond drilling of a high-grade zone at Nyankanga West intersected further high-grade mineralisation in drillhole NYDD0147. Results included 4m at 190.20g/t from 189m and 13m at 66.20g/t from 184m. Results of infill down-dip drilling of the north-eastern side of the Geita Hill pit included: 7m at 7.00g/t from 316m in GHDD-127 and 6m at 6.31g/t from 316m in GHDD-129.

Drilling at the Navachab expansion project in Namibia was completed. The pre-feasibility study is scheduled for completion in the fourth quarter and, if the results are positive, a feasibility study will take place in 2004.

In North America, exploration continued at Cripple Creek, where over 21,500m of drilling was completed to define new mineralisation at the Wild Horse Extension (WHEX) project and to test targets proximal to the current reserve areas. In addition, drill testing for deep, high-grade mineralisation in the district continued. Encouraging results were obtained and additional drilling has been scheduled for the fourth quarter.

In Alaska exploration continued on greenfields projects within the Tintina Gold Belt where geophysical surveying, geochemical sampling and approximately 2,000m of drilling was completed on three projects. Encouraging results were obtained and will be the focus of follow-up exploration.

In Canada, exploration at the Red Lake Joint Venture was devoted to the Rivard area where geochemical sampling and over 1,600m of drilling was conducted in the quarter. Results of three years of exploration suggest that the western portion of the Red Lake Greenstone Belt is more prospective. Accordingly, AngloGold has arranged with its partner Rubicon, to dissolve the Joint Venture and rationalise the tenement portfolio to leave AngloGold holding 100% of the western area at Rivard.

In South America ongoing diamond drilling of the Cachorro Bravo orebody at Crrego do Stio in Brazil has confirmed flat, north-plunging, sulphide mineralisation over a down-plunge length of 800m, to a vertical depth of 350m. Intersections ranged in grade between 4.00g/t and 13.00g/t over widths of 2m to 4m. The exploration ramp has intersected the 4m thick, well-developed, main ore zone at its anticipated position and assay results are pending. All intersection lengths closely approximate to true widths.

At the Crixs Mine in Brazil, diamond drilling of the upper Forquilha Sul ore zone has confirmed continuity of mineralisation over a strike length of approximately 200m and a down-plunge length of 300m at an approximate vertical depth of 350m. This ore zone, which overlies the principal Mina III orebody, has been intercepted in 8 diamond holes, spaced approximately 50m both along strike and downdip, yielded grades varying between 3.00g/t and 7.50g/t over widths of 3 to 10m. The

Exploration

ANGLOGOLD QUARTERLY REPORT SEPTEMBER 2003 . WWW.ANGLOGOLD.COM

mineralisation has been closed off up-plunge but is still open down-plunge. All intersection lengths are closely approximate to true widths.

10.

At Cerro Vanguardia in Argentina, drilling continued to define depth and strike extensions of the Loma del Muerto, Loma Sur, Paula and Mangas Sur veins for possible future open-pit and underground resources.

11.

In Peru, regional greenfields exploration was focused on further reconnaissance and property-scale investigation in different areas of the Peruvian Andean region. At La Rescatada the present diamond drilling programme has been extended to year-end to drill test three oxide targets and conduct metallurgical test work in order to reach a
decision point by year-end.

12.

Australia drilling at Sunrise Dam has largely focused on deep drilling within and beneath the Sunrise Shear. The Sunrise Shear mineralisation was extended approximately 200m to the northwest on the down-dip extension of the underground resource. The Dolly Lode was intersected at a drilled depth of 1,071m (6m at 5.92g/t in CD827W2), approximately 400m beneath previous drill intercepts, indicating extensions of the structure at depth. Additional

narrow, high-grade mineralisation was intersected in the Dolly Hanging Wall Lodes, including 3m at 19.43g/t from 704m (CD827). Shallow mineralisation was again intersected immediately west of the pit in the previously defined Mako and Duckpond areas and could indicate potential for a small high-grade pod of saprolite mineralisation. Furthermore, a new zone of mineralisation has been identified immediately to the west of the current pit design with an intersection of 6m at 5.15g/t from 153m (CRC101) and 2m at 41.31g/t from 61m (CRC104). Further drilling is required to understand the geometry and extent of this zone.

13.

In South Africa two diamond drill holes G49 and G51 are in progress at Goedgenoeg to the west of Tau Lekoa. Diamond drill hole G50 was completed during the quarter and intersected the Ventersdorp Contact Reef at a depth of 2,227m, yielding a mean borehole value of 22.08g/t over 18.52cm for 409cmg/t. The five deflection values varied between 83.60g/t over 16.91cm for 1,414cmg/t to 0.26 g/t over 11.88cm for 3cmg/t (corrected width).

Note:

Unless otherwise stated, all intercepts are at drilled widths and drilled depths.

Joint venture tenements
now 100% Rubicon

Rubicon/Redstar JV

Joint venture tenements
now 100% AngloGold

TENEMENT RATIONALISATION - RUBICON JV

Red Lake

Cochenour

Campbell

10 km

West End Block

Rivard

ANGLOGOLD QUARTERLY REPORT SEPTEMBER 2003 . WWW.ANGLOGOLD.COM

The gold market saw yet another volatile and active quarter with a price range of over $50/oz and a closing price of $385/oz almost $40/oz higher than for the opening price for the quarter. The average price of $363/oz was $16/oz higher than the average for the previous quarter. Currency markets also remained volatile, with the US dollar gaining strongly against the Euro for much of the quarter only to end the period close to its lows of $1.19 to the Euro, and fully 10% weaker against the yen. The rand also benefited from the weaker dollar, touching R6.85 to the dollar during the quarter.

Gold price drivers

The gold price rallied again during the quarter in spite of the strong recovery in the US dollar against the Euro during July and August, and in spite of rallies in important equity markets. Also, physical demand for gold remained depressed and provided no help for the price.

The driver behind the price was overwhelmingly new and growing investor interest in gold, reflected in buying on the New York Commodity Exchange (Comex). The quarter saw repeatedly higher levels of net long open positions on the Comex, reaching a twenty year high of some 17.1Moz or 532t net long in early September, pushing the gold price to its high of $393/oz for the quarter.

The new levels of interest were driven by a number of factors, including concerns about global economic recovery, and scepticism about US recovery in particular. Most analysts also see the US dollar as still overvalued, and the US currency weakened sharply again during the last month of the quarter. Many investors in gold now justify their interest in the metal as appropriate to a range of economic circumstances, good both in the case of a weaker dollar (stronger US growth and exports, some danger of inflation, and strong gold and commodity prices) and of a stronger dollar (dampener on US recovery, threat of deflation, weaker equity markets and gold holding valuable as a defensive measure).

This investor interest could be sustained over a number of economic circumstances, and several analysts have recently published higher spot gold price forecasts for next year.

Investment
The appearance of new investors in gold has been the critical incremental factor in this market, and the rising gold price over the past eighteen months has been driven by investment and speculative demand for gold. Although volatile, this demand essentially fills the gap caused by falling jewellery demand in the face of higher spot gold prices. The net long positions of investors on the Comex have been primary drivers of the gold price over the past two years.

The past year has also seen the emergence of new gold investment products in the form of exchange traded gold funds. The first of these has been the Australian instrument launched by Gold Bullion Limited, but further such investment products are under consideration elsewhere. These products provide both institutional and private investors with the opportunity to invest in a traded instrument whose sole underlying asset is physical gold. These products, if successful could add a new category of demand for gold, and would help to sustain a healthier price environment.

Physical
The physical market for gold continues to reflect the negative impact of higher spot prices. Supply is up, and demand is down.

On the supply side, gold mine production for the first half of 2003 increased by 2% against 2002, whilst scrap gold for sale increased sharply by 26% year on year, at 513t in the first half of 2003. Net mine supply onto the market, however, was reduced by over 300t of gold producer hedge reductions. Net central bank sales were slightly higher than in 2002 at 290t for

ANGLOGOLD QUARTERLY REPORT SEPTEMBER 2003 . WWW.ANGLOGOLD.COM

US$/oz

Moz

COTR for Gold: Futures & Options

2002 Today

Review of the

gold market

ANGLOGOLD QUARTERLY REPORT SEPTEMBER 2003 . WWW.ANGLOGOLD.COM

the first six months of 2003. By contrast, global gold demand for jewellery was down in most areas, with a fall overall of some 4% in gold offtake for jewellery worldwide.

Central bank The September meetings of the IMF saw the first public comment about a renewal of the 1999 Washington Agreement on official gold sales and lending. The subject will be considered by the central banks concerned early in 2004, and comments seem to imply that renewal is a matter of detail, not of principle. In any extended agreement, the Swiss National Bank would wish to sell a further 130t to complete its original sales target of 1,300t (or approximately half of its reserves in 1999 when the decision to sell was taken). The Bundesbank has also expressed an interest in selling 400 to 600t of its current holdings of 3.440t (second only in the world to the US holdings of 8.135t). It seems likely that the form and extent of the renewal will be orderly and will not negatively impact the gold market.

Set against any gold sales programme of a renewed Washington Agreement, the quarter saw news of official sector interest in increasing gold holdings as well.

Liberalisation of the gold market in China has opened up a measure of debate on gold's possible role in that economy. The quarter saw comment by the Bank of China indicating that it was reasonable that gold should make up a larger percentage of the State's foreign exchange reserves. In addition, a survey indicated Chinese consumer willingness to consider gold in the arena of private savings. Support was also voiced during the quarter by the Russian central bank for a level of gold reserves higher than their current official gold holdings.

In the current global economic environment, with American trade and budget deficits likely to endure for some time, and most analysts and commentators forecasting further US dollar weakness against both the Euro and major Asian currencies, the comments from China and Russia seem to reflect a diffidence about further growth in official US dollar reserves, and a willingness to reconsider gold as an important reserve asset.

Currency
Although the US dollar recovered steadily against the Euro from early June, reaching its strongest point of $1.075 to the Euro in August, the recovery was not sustained. During September, the US currency fell back again close to its

weakest point of $1.19 to the Euro. An important element in the weakening of the dollar was Japan's retreat from the strategy of the past year of buying dollars to keep the Japanese currency relatively weak against the dollar. During this third quarter, the yen was allowed to strengthen by fully 10% against the dollar, from an opening exchange rate of y120/$ to its current level of y108/$. The return of US dollar weakness to the market was given some official context at the meeting of the G7 Finance Ministers in Dubai in late September, where members of the G7 stated their position that exchange rates should reflect economic fundamentals, and that greater flexibility in exchange rates is desirable for major countries as a means of promoting effective adjustments reflecting market realities in the international financial system. This public position by the G7 was viewed as a recognition of the need for further US dollar weakness.

The rand remains strong, disproportionately so by comparison with the weakening of the US dollar against the Euro. The most important single factor here is almost certainly the large interest rate spread in favour of the rand against all major currencies, and the resultant carry trade in rand-denominated instruments. This trade is likely to endure until South African interest rates reduce sufficiently to discourage such funds, or until some other circumstance changes to the disadvantage of the local currency. Until this does, local gold producers along with many other sectors of the South African economy will suffer from lower income derived from US dollar-denominated product, and from higher production costs expressed in US dollars.

Euro/US$ & US$/Yen Indexed

2003 YTD

ANGLOGOLD QUARTERLY REPORT SEPTEMBER 2003 . WWW.ANGLOGOLD.COM

As at 30 September 2003, the group had outstanding, the following forward-pricing commitments against future production. The total net delta tonnage of the hedge on this date was 8.66Moz or 269.5t (at 30 June 2003: 8.73Moz or 271.5t).

The marked-to-market value of all hedge transactions making up the hedge positions was a negative $447m (negative R3.1bn) as at 30 September 2003 (as at 30 June 2003: negative $179.3m negative R1.35bn). These values were based on a gold price of $383.50/oz, exchange rates of R/$6.95 and A$/$0.6850 and the prevailing market interest rates and volatilities at the time.

As at 30 October 2003, the marked-to-market value of the hedge book was a negative $423.2m (negative R2.9bn), based on a gold price of $386.40/oz and exchange rates of R/$6.86 and A$/$0.7053 and the prevailing market interest rates and volatilities at the time.

These marked-to-market valuations are in no way predictive of the future value of the hedge position or of future impact on the revenue of the company. The valuation represents the cost of buying all hedge contracts at the time of valuation, at market prices and rates available at the time.

Year

2003

2004

2005

2006

2007

2008-2012

Total

DOLLAR GOLD

Forward contracts

Amount (kg)

18,374

26,576

19,862

18,974

25,878

109,664

$ per oz

$315

$324

$333

$337

$355

$334

Put options purchased Amount (kg)

1,016

5,772

2,624

4,918

728

15,058

$ per oz

$405

$382

$363

$292

$369

*Delta (kg)

737

2,555

920

1,587

5,879

Put options sold

Amount (kg)

6,532

13,997

2,799

4,354

27,682

$ per oz

$351

$341

$345

$339

$343

*Delta (kg)

440

3,136

715

1,036

5,327

Call options purchased Amount (kg)

7,268

2,189

9,457

$ per oz

$343

$328

$340

*Delta (kg)

6,996

1,863

8,859

Call options sold

Amount (kg)

10,939

12,361

18,227

16,547

14,308

54,245

126,627

$ per oz

$378

$363

$338

$346

$336

$363

$356

*Delta (kg)

5,820

8,367

13,966

12,245

11,122

41,435

92,955

RAND GOLD

Forward contracts

Amount (kg)

1,450

8,426

9,078

4,500

4,541

3,732

31,728

Rand per kg

R43,860

R87,523

R116,891

R96,436

R114,915

R119,580

R102,886

Put options purchased Amount (kg)

1,875

5,625

Rand per kg

R93,602

*Delta (kg)

1,329

590

459

2,378

Put options sold

Amount (kg)

1,866

Rand per kg

R89,266

*Delta (kg)

1,692

Call options purchased Amount (kg)

632

Rand per kg

R75,428

*Delta (kg)

632

Call options sold

Amount (kg)

8,091

2,813

4,687

4,688

2,986

11,944

35,209

Rand per kg

R93,689

R129,715

R131,944

R132,647

R173,119

R209,288

R152,798

*Delta (kg)

825

1,457

1,794

493

2,733

7,396

Hedge position

ANGLOGOLD QUARTERLY REPORT SEPTEMBER 2003 . WWW.ANGLOGOLD.COM

Year

2003

2004

2005

2006

2007

2008-2012

Total

A DOLLAR GOLD

Forward contracts

Amount (kg)

6,771

5,443

6,221

9,331

8,398

13,343

49,507

A$ per oz

A$503

A$531

A$685

A$655

A$623

A$635

A$614

Put options purchased Amount (kg)

A$ per oz

*Delta (kg)

Put options sold

Amount (kg)

A$ per oz

*Delta (kg)

Call options purchased Amount (kg)

5,443

3,110

6,221

3,732

11,197

29,703

A$ per oz

A$637

A$724

A$673

A$668

A$702

A$682

*Delta (kg)

1,623

877

2,988

1,964

6,365

13,817

Call options sold

Amount (kg)

4,666

A$ per oz

A$675

*Delta (kg)

299

Total net gold:

Delta (kg)

5,848

38,260

57,216

45,754

41,644

80,756

269,478

Delta (oz)

188,004

1,230,090

1,839,506

1,471,034

1,338,896

2,596,393

8,663,924

The following table indicates the group's currency hedge position at 30 September 2003

Year

2003

2004

2005

2006

2007

2008-2012

Total

RAND DOLLAR (000)

Forward contracts

Amount ($)

Rand per $

Put options purchased

Amount ($)

Rand per $

*Delta ($)

Put options sold

Amount ($)

Rand per $

*Delta ($)

Call options purchased Amount ($)

Rand per $

*Delta ($)

Call options sold

Amount (kg)

10,000

Rand per $

R7.55

*Delta ($)

A DOLLAR (000)

Forward contracts

Amount ($)

29,428

29,275

10,847

69,550

A$er $

A$0.59

A$0.51

A$0.58

Put options purchased

Amount ($)

10,000

A$er $

A$0.63

*Delta ($)

6,175

Put options sold

Amount ($)

10,000

A$er $

A$0.68

*Delta ($)

4,114

Call options purchased Amount ($)

A$er $

*Delta ($)

Call options sold

Amount (kg)

20,000

A$er $

A$0.60

*Delta ($)

5,676

*The Delta position indicated above reflects the nominal amount of the option multiplied by the mathematical probability of the option being

exercised. This is calculated using the Black-Scholes option formula with the ruling market prices, interest rates and volatilities as at

30 September 2003.

ANGLOGOLD QUARTERLY REPORT SEPTEMBER 2003 . WWW.ANGLOGOLD.COM

Operations at a glance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .15

Group Operating Results . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .16

Group Income Statement . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .18

Group Balance Sheet . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .20

Group Cash Flow Statement . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .22

Statement of Changes to Shareholders' Equity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .24

Notes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .25

Key Operating Results per Region . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .28

Development . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .37

Shaft Sinking . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .38

Reports from Operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .39

Index

ANGLOGOLD QUARTERLY REPORT SEPTEMBER 2003 . WWW.ANGLOGOLD.COM

Operations

at a glance

for the quarter ended 30 September 2003

$/oz

Variance

oz Variance

$/oz

Variance

(000)

Great Noligwa

384

217

219

TauTona

358

170

198

Morila*

350

(16)

109

(17)

(18)

Kopanang

385

132

261

(3)

Mponeng

358

130

248

(6)

(17)

Geita*

334

188

(18)

140

243

Cripple Creek & Victor

363

(15)

217

(14)

Morro Velho

355

(1)

146

Sadiola*

373

195

(8)

Sunrise Dam

357

(2)

242

(1)

(33)

(50)

Cerro Vanguardia*

320

(7)

(16)

173

(42)

(67)

Tau Lekoa

385

(4)

317

(29)

(33)

Serra Grande*

354

(1)

109

(29)

(8)

Yatela*

358

(33)

250

(25)

(90)

Union Reefs

360

(1)

(18)

240

(33)

Navachab

360

(14)

303

(100)

Ergo

361

(8)

408

(3)

200

(3)

200

Savuka

358

(17)

487

(8)

700

(8)

300

Other

(68)

(9)

(57)

AngloGold Group

364

1,390

(3)

237

168

136

(3)

1. Price received includes realised non-hedge derivatives

2. Operating profit excluding unrealised non-hedge derivatives

* Attributable

**Variance September 2003 quarter on June 2003 quarter Increase (decrease)

Adjusted

operating profit

Price received

Production

Total cash costs

EBITDA

GROUP OPERATING RESULTS

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

Quarter ended

Nine months ended

September

June

September

2003

2002

GOLD

UNDERGROUND OPERATIONS

Tonnes milled

- 000

3,223

3,429

9,951

9,926

Yield

- g/t

8.18

7.84

7.96

8.35

Gold produced

- kg

26,380

26,885

79,214

82,869

PRODUCTIVITY

g/employee

- target

238

247

238

245

- actual

232

231

229

238

SURFACE AND DUMP RECLAMATION

Tonnes treated

- 000

8,665

9,397

27,779

28,623

Yield

- g/t

0.26

0.27

0.30

Gold produced

- kg

2,287

2,440

7,484

8,552

OPEN-PIT OPERATIONS

Tonnes mined

- 000

52,260

46,697

137,030

113,046

Stripping ratio *

6.17

4.82

5.33

4.00

Tonnes treated

- 000

10,606

10,694

31,562

26,711

Yield

- g/t

1.37

1.43

1.42

1.69

Gold produced

- kg

14,573

15,288

44,759

45,122

TOTAL

Gold produced

- kg

43,240

44,613

131,457

136,543

Gold sold

- kg

43,259

44,600

131,385

136,196

Price received **

- R/kg sold

86,619

87,983

88,852

103,567

Total cash costs

- R/kg produced

56,311

55,502

55,966

54,242

Total production costs

- R/kg produced

65,502

65,654

65,891

68,270

CAPITAL EXPENDITURE

- Rm

661

538

1,687

1,962

* Stripping ratio = (tonnes mined total - tonnes mined ore) / tonnes mined ore

** Price received includes realised non-hedge derivatives

ANGLOGOLD QUARTERLY REPORT SEPTEMBER 2003 . WWW.ANGLOGOLD.COM

GROUP OPERATING RESULTS

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

Quarter ended

Nine months ended

September

June

September

2003

2002

GOLD

UNDERGROUND OPERATIONS

Tons milled

- 000

3,552

3,780

10,968

10,942

Yield

- oz/t

0.239

0.229

0.232

0.243

Gold produced

- oz (000)

848

864

2,547

2,664

PRODUCTIVITY

oz/employee

- target

8.30

8.60

8.30

7.90

- actual

8.12

8.15

8.04

7.64

SURFACE AND DUMP RECLAMATION

Tons treated

- 000

9,551

10,359

30,621

31,552

Yield

- oz/t

0.008

0.009

Gold produced

- oz (000)

240

275

OPEN-PIT OPERATIONS

Tons mined

- 000

57,606

51,474

151,050

124,612

Stripping ratio *

6.17

4.82

5.33

4.00

Tons treated

- 000

11,691

11,788

34,791

29,443

Yield

- oz/t

0.040

0.042

0.041

0.049

Gold produced

- oz (000)

469

492

1,439

1,451

TOTAL

Gold produced

- oz 000

1,390

1,434

4,226

4,390

Gold sold

- oz 000

1,391

1,434

4,224

4,379

Price received **

- $/oz sold

364

354

299

Total cash costs

- $/oz produced

237

223

157

Total production costs

- $/oz produced

275

264

263

197

CAPITAL EXPENDITURE

- $m

216

182

* Stripping ratio = (tonnes mined total - tonnes mined ore) / tonnes mined ore

** Price received includes realised non-hedge derivatives

ANGLOGOLD QUARTERLY REPORT SEPTEMBER 2003 . WWW.ANGLOGOLD.COM

GROUP INCOME STATEMENT

Quarter ended

Nine months ended

September

June

September

2003

2002

SA Rand million

Notes

Unaudited

Gold income

3,735

3,907

11,580

13,558

Cost of sales

(2,821)

(2,932)

(8,638)

(9,208)

914

975

2,942

4,350

Non-hedge derivatives

390

119

665

676

Operating profit (1)

1,304

1,094

3,607

5,026

Corporate administration and other expenses

(46)

(82)

(213)

(185)

Market development costs

(29)

(25)

(94)

(134)

Exploration costs

(68)

(72)

(215)

(233)

Interest receivable

191

288

Other net expense

(31)

(66)

(130)

(54)

Finance costs

(77)

(71)

(217)

(364)

Marked-to-market of debt financial instruments

Abnormal item - settlement of claim

(102)

Profit before exceptional items

1,116

841

2,936

4,242

Amortisation of goodwill

(54)

(56)

(168)

(226)

Impairment of mining assets

(252)

(95)

(347)

Profit (loss) on disposal of assets

(139)

Profit on disposal of investments

280

Termination of retirement benefit plans

Profit on ordinary activities before taxation

1,090

746

2,757

3,879

Taxation

(334)

(266)

(938)

(1,284)

Profit on ordinary activities after taxation

756

480

1,819

2,595

Minority interests

(27)

(36)

(98)

(106)

Net profit

729

444

1,721

2,489

Operating profit

1,304

1,094

3,607

5,026

300

304

(179)

Adjusted operating profit

1,004

1,082

3,303

5,205

Headline earnings

Net profit

729

444

1,721

2,489

Amortisation of goodwill

168

226

Impairment of mining assets

252

347

(Profit) loss on disposal of assets

(56)

139

Profit on disposal of investments

(280)

Termination of retirement benefit plans

(2)

Taxation on exceptional items

(81)

(26)

(106)

Headline earnings

674

513

1,794

2,899

(307)

(12)

(311)

179

Deferred tax on unrealised non-hedge derivatives

130

145

(82)

497

516

1,628

2,996

Earnings per ordinary share (cents)
- Basic

327

199

773

1,123

- Diluted

326

199

769

1,116

- Headline

303

230

805

1,307

- Adjusted headline

223

232

731

1,351

Interim dividends
- Rm

837

1,506

- cents per share

375

675

The results have been prepared in accordance with International Financial Reporting Standards (IFRS)

(1) Adjusted operating profit

Adjusted headline earnings

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

The operating profit has been adjusted by the following
to arrive at adjusted operating profit:

Unrealised non-hedge derivatives

Unrealised non-hedge derivatives and marked-to-
market of debt financial instruments

ANGLOGOLD QUARTERLY REPORT SEPTEMBER 2003 . WWW.ANGLOGOLD.COM

GROUP INCOME STATEMENT

Quarter ended

Nine months ended

September

June

September

2003

2002

US Dollar million

Notes

Unaudited

Gold income

505

1,482

1,260

Cost of sales

(381)

(380)

(1,107)

(856)

124

125

375

404

Non-hedge derivatives

Operating profit (1)

176

142

463

466

Corporate administration and other expenses

(6)

(11)

(27)

(17)

Market development costs

(4)

(3)

(12)

Exploration costs

(9)

(28)

(22)

Interest receivable

Other net expense

(4)

(11)

(17)

(5)

Finance costs

(11)

(9)

(28)

(34)

Marked-to-market of debt financial instruments

Abnormal item - settlement of claim

(10)

Profit before exceptional items

151

108

376

393

Amortisation of goodwill

(7)

(21)

Impairment of mining assets

(35)

(12)

(47)

Profit (loss) on disposal of assets

(12)

Profit on disposal of investments

Termination of retirement benefit plans

Profit on ordinary activities before taxation

147

353

360

Taxation

(46)

(34)

(122)

(119)

Profit on ordinary activities after taxation

101

231

241

Minority interests

(4)

(5)

(12)

(10)

Net profit

219

231

Operating profit

176

142

463

466

(17)

Adjusted operating profit

136

140

422

483

Headline earnings

Net profit

219

231

Amortisation of goodwill

Impairment of mining assets

(Profit) loss on disposal of assets

(7)

Profit on disposal of investments

(38)

Termination of retirement benefit plans

Taxation on exceptional items

(11)

(3)

(14)

Headline earnings

228

268

(41)

(2)

(42)

Deferred tax on unrealised non-hedge derivatives

(8)

207

277

Earnings per ordinary share (cents)
- Basic

104

- Diluted

104

- Headline

102

121

- Adjusted headline

125

Interim dividends

(2)

- $m

113

142

- cents per share

(2)

Dividends are translated at actual rates on date of payment

The results have been prepared in accordance with International Financial Reporting Standards (IFRS)

(1) Adjusted operating profit

Adjusted headline earnings

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

The operating profit has been adjusted by the following
to arrive at adjusted operating profit:

Unrealised non-hedge derivatives

Unrealised non-hedge derivatives and marked-to-
market of debt financial instruments

ANGLOGOLD QUARTERLY REPORT SEPTEMBER 2003 . WWW.ANGLOGOLD.COM

GROUP BALANCE SHEET

As at

September

June

December

September

2003

2002

SA Rand million

Unaudited

Audited

Unaudited

ASSETS

Non-current assets
Mining assets

17,711

18,283

19,555

21,845

Goodwill

2,735

2,980

3,210

4,012

Investments in associates

151

155

165

154

Other investments

174

219

197

201

AngloGold Environmental Rehabilitation Trust

297

292

275

238

Other non-current assets

551

565

466

505

Derivatives

563

592

549

867

22,182

23,086

24,417

27,822

Current assets
Inventories

1,781

1,778

1,848

2,200

Trade and other receivables

1,316

1,523

2,190

2,464

Cash and cash equivalents

3,765

2,330

3,544

3,645

Current portion of other non-current assets

Derivatives

2,762

1,954

1,996

1,561

9,686

7,652

9,581

9,874

TOTAL ASSETS

31,868

30,738

33,998

37,696

EQUITY AND LIABILITIES

Equity
Shareholders' equity

10,784

12,146

12,375

12,804

Minority interests

257

304

347

402

11,041

12,450

12,722

13,206

Non-current liabilities
Borrowings

5,758

4,122

7,219

9,106

Provisions

1,744

1,798

2,008

2,118

Deferred taxation

4,011

3,953

3,445

2,977

Derivatives

1,647

1,200

2,028

3,479

13,160

11,073

14,700

17,680

Current liabilities
Current portion of borrowings

2,264

2,547

719

990

Trade and other payables

2,049

2,181

2,145

2,470

Taxation

267

193

1,124

1,331

Derivatives

3,087

2,294

2,588

2,019

7,667

7,215

6,576

6,810

TOTAL EQUITY AND LIABILITIES

31,868

30,738

33,998

37,696

The results have been prepared in accordance with International Financial Reporting Standards (IFRS)

ANGLOGOLD QUARTERLY REPORT SEPTEMBER 2003 . WWW.ANGLOGOLD.COM

GROUP BALANCE SHEET

As at

September

June

December

September

2003

2002

US Dollar million

Unaudited

Audited

Unaudited

ASSETS

Non-current assets
Mining assets

2,552

2,443

2,280

2,071

Goodwill

394

398

374

380

Investments in associates

Other investments

AngloGold Environmental Rehabilitation Trust

Other non-current assets

Derivatives

3,196

3,084

2,847

2,638

Current assets
Inventories

257

238

216

209

Trade and other receivables

190

203

255

234

Cash and cash equivalents

542

311

413

346

Current portion of other non-current assets

Derivatives

398

261

233

148

1,396

1,022

1,117

937

TOTAL ASSETS

4,592

4,106

3,964

3,575

EQUITY AND LIABILITIES

Equity
Shareholders' equity

1,555

1,622

1,443

1,216

Minority interests

1,592

1,663

1,483

1,254

Non-current liabilities
Borrowings

830

551

842

863

Provisions

251

240

234

201

Deferred taxation

578

528

402

282

Derivatives

237

160

236

330

1,896

1,479

1,714

1,676

Current liabilities
Current portion of borrowings

326

340

Trade and other payables

295

291

250

234

Taxation

131

126

Derivatives

445

307

302

191

1,104

964

767

645

TOTAL EQUITY AND LIABILITIES

4,592

4,106

3,964

3,575

The results have been prepared in accordance with International Financial Reporting Standards (IFRS)

ANGLOGOLD QUARTERLY REPORT SEPTEMBER 2003 . WWW.ANGLOGOLD.COM

GROUP CASH FLOW STATEMENT

Quarter ended

Nine months ended

September

June

September

2003

2002

SA Rand million

Unaudited

Cash flows from operating activities
Cash generated from operations

1,043

1,106

3,626

6,150

Interest received

161

258

Environmental and other expenditure

(41)

(33)

(125)

(105)

Dividends received from associates

Finance costs

(67)

(58)

(211)

(333)

Recoupment tax received: Free State assets

681

Recoupment tax paid: Free State assets

(681)

Taxation paid

(51)

(547)

(677)

(932)

Net cash inflow from operating activities

930

521

2,783

5,057

Cash flows from investing activities
Capital expenditure

(661)

(538)

(1,687)

(1,962)

Proceeds from disposal of mining assets

Net proceeds from disposal of mines

1,554

Proceeds

1,819

Contractual obligations

(265)

Investments acquired

(3)

(356)

Proceeds from disposal of investments

351

1,834

Acquisition of subsidiary

(979)

Disposal of subsidiary

Loans advanced

(2)

(6)

(10)

(49)

Repayment of loans advanced

151

Net cash (outflow) inflow from investing activities

(293)

(518)

(1,301)

193

Cash flows from financing activities
Proceeds from issue of share capital

Share issue expenses

(1)

(2)

(116)

Proceeds from borrowings

2,182

2,330

8,520

Repayment of borrowings

(366)

(305)

(780)

(9,339)

Dividends paid

(882)

(38)

(2,442)

(2,792)

Net cash inflow (outflow) from financing activities

954

(266)

(853)

(3,638)

Net increase (decrease) in cash and cash equivalents

1,591

(263)

629

1,612

Translation

(156)

(93)

(408)

(251)

Opening cash and cash equivalents

2,330

2,686

3,544

2,284

Closing cash and cash equivalents

3,765

2,330

3,765

3,645

Cash generated from operations
Profit on ordinary activities before taxation

1,090

746

2,757

3,879

Adjusted for:
Non-cash movements

(97)

(15)

(189)

(147)

Amortisation of mining assets

391

444

1,284

1,908

Interest receivable

(56)

(63)

(191)

(288)

Other net income

(3)

(12)

Finance costs

217

364

Movement on non-hedge derivatives

(337)

(26)

(351)

179

Amortisation of goodwill

168

226

Impairment of mining assets

252

347

(Profit) loss on disposal of assets

(56)

Termination of retirement benefit plans

(2)

Profit on disposal of investments

(280)

Movement in working capital

(48)

(172)

(167)

(43)

1,043

1,106

3,626

6,150

Movement in working capital:
Decrease (increase) in trade and other receivables

207

(99)

192

240

(Increase) decrease in inventories

(1)

(253)

Decrease in trade and other payables

(254)

(99)

(413)

(30)

(48)

(172)

(167)

(43)

The results have been prepared in accordance with International Financial Reporting Standards (IFRS)

ANGLOGOLD QUARTERLY REPORT SEPTEMBER 2003 . WWW.ANGLOGOLD.COM

GROUP CASH FLOW STATEMENT

Quarter ended

Nine months ended

September

June

September

2003

2002

US Dollar million

Unaudited

Cash flows from operating activities
Cash generated from operations

145

130

457

570

Interest received

Environmental and other expenditure

(5)

(4)

(15)

(10)

Dividends received from associates

Finance costs

(9)

(8)

(27)

(31)

Recoupment tax received: Free State assets

Recoupment tax paid: Free State assets

(91)

Taxation paid

(11)

(62)

(83)

(86)

Net cash inflow from operating activities

126

353

469

Cash flows from investing activities
Capital expenditure

(88)

(69)

(216)

(182)

Proceeds from disposal of mining assets

Net proceeds from disposal of mines

141

Proceeds

164

Contractual obligations

(23)

Investments acquired

(33)

Proceeds from disposal of investments

159

Acquisition of subsidiary

(97)

Disposal of subsidiary

Loans advanced

(1)

(5)

Repayment of loans advanced

Net cash (outflow) inflow from investing activities

(41)

(66)

(166)

(3)

Cash flows from financing activities
Proceeds from issue of share capital

Share issue expenses

(11)

Proceeds from borrowings

296

314

789

Repayment of borrowings

(48)

(38)

(100)

(865)

Dividends paid

(119)

(5)

(309)

(257)

Net cash inflow (outflow) from financing activities

132

(34)

(89)

(336)

Net increase (decrease) in cash and cash equivalents

217

(37)

130

Translation

Opening cash and cash equivalents

311

340

413

191

Closing cash and cash equivalents

542

311

542

346

Cash generated from operations
Profit on ordinary activities before taxation

147

353

360

Adjusted for:
Non-cash movements

(13)

(2)

(25)

(14)

Amortisation of mining assets

164

178

Interest receivable

(8)

(9)

(24)

(27)

Other net income

(2)

(1)

Finance costs

Movement on non-hedge derivatives

(45)

(3)

(47)

Amortisation of goodwill

Impairment of mining assets

(Profit) loss on disposal of assets

(7)

Termination of retirement benefit plans

Profit on disposal of investments

(38)

Movement in working capital

(2)

(34)

(26)

(6)

145

130

457

570

Movement in working capital:
Decrease (increase) in trade and other receivables

(28)

(25)

(Increase) decrease in inventories

(19)

(9)

(43)

(46)

Decrease in trade and other payables

(2)

(34)

(26)

(6)

The results have been prepared in accordance with International Financial Reporting Standards (IFRS)

ANGLOGOLD QUARTERLY REPORT SEPTEMBER 2003 . WWW.ANGLOGOLD.COM

STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY

Ordinary

share

Non -

Foreign

Other

capital and

distributable

currency comprehensive

Retained

premium

reserves

translation

income

earnings

Total

SA Rand million

Balance at 31 December 2001

8,140

143

2,999

(1,057)

3,132

13,357

Movements on other comprehensive income

(829)

Net profit

2,489

Dividends paid

(2,728)

Ordinary shares issued

1,397

Transfer from non-distributable reserves

(6)

Translation

(870)

(12)

(882)

Balance at 30 September 2002

9,537

137

2,129

(1,898)

2,899

12,804

Balance at 31 December 2002

9,607

138

360

(1,583)

3,853

12,375

Movements on other comprehensive income

(69)

Net profit

1,721

Dividends paid

(2,337)

Ordinary shares issued

Transfer from non-distributable reserves

Translation

(1,138)

193

(945)

Balance at 30 September 2003

9,646

138

(778)

(1,459)

3,237

10,784

US Dollar million

Balance at 31 December 2001

681

250

(88)

262

1,117

Movements on other comprehensive income

(69)

Net profit

231

Dividends paid

(251)

Ordinary shares issued

129

Transfer from non-distributable reserves

(1)

Translation

(46)

(23)

Balance at 30 September 2002

904

204

(180)

275

1,216

Balance at 31 December 2002

1,120

(185)

449

1,443

Movements on other comprehensive income

(2)

Net profit

219

Dividends paid

(296)

Ordinary shares issued

Transfer from non-distributable reserves

Translation

265

(155)

(23)

186

Balance at 30 September 2003

1,390

(112)

(210)

466

1,555

The results have been prepared in accordance with International Financial Reporting Standards (IFRS)

ANGLOGOLD QUARTERLY REPORT SEPTEMBER 2003 . WWW.ANGLOGOLD.COM

1. Basis of preparation

The financial statements have been prepared in accordance with the historic cost convention, except for certain financial instruments, which have been stated at fair value. The group's accounting policies used in the preparation of the interim financial statements are consistent with those used in the annual financial statements for the year ended 31 December 2002.

The summarised group financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS) and South African Generally Accepted Accounting Practices (SA GAAP), in compliance with the Listings Requirements of the JSE Securities Exchange South Africa (JSE) and in the manner required by the South African Companies Act, 1973 for the preparation of interim financial information. Accordingly, the financial statements do not include all the information and disclosures required by IFRS, SA GAAP and in the manner required by the South African Companies Act, 1973 for annual consolidated financial statements.

2. Cost of sales

Rm (unaudited)

$m (unaudited)

Quarter ended

Nine months ended

Quarter ended

Nine months ended

Sept June Sept Sept Sept June Sept Sept

2003

2002 2003

2003

2002

Cash operating costs

2,395

2,429

7,202

7,305

324

314

923

679

Other cash costs

193

201

Total cash costs

2,455

2,492

7,395

7,506

332

323

948

697

Retrenchment

costs

7 2

30 1 1 2 3

Rehabilitiation and other non-

cash

costs

46 2 3 8 4

Production

costs

2,479

2,519

7,473

7,582 335 327 958 704

Amortisation of mining assets

391

444

1,284

1,908

164

178

Total production costs

2,870

2,963

8,757

9,490

388

384

1,122

882

Inventory change

(49)

(31)

(119)

(282)

(7)

(4)

(15)

(26)

2,821

2,932

8,638

9,208 381 380

1,107 856

3. Taxation

Rm (unaudited)

$m (unaudited)

Quarter ended

Nine months ended

Quarter ended

Nine months ended

Sept June Sept Sept Sept June Sept Sept

2003

2002 2003

2003

2002

Normal

taxation

151

489

1,104 13 20 61

107

Deferred

taxation

192

126

410

262 26 15 54 21

Deferred tax on unrealised

non-hedge derivatives

130

145

(82)

(8)

Taxation on abnormal item

(47)

(5)

Taxation on exceptional items

(81)

(26)

(106)

(11)

(3)

(14)

334

266

938

1,284 46 34

122

119

Notes

ANGLOGOLD QUARTERLY REPORT SEPTEMBER 2003 . WWW.ANGLOGOLD.COM

4. Shares

30 Sept 2003

30 June 2003

30 Sept 2002

Shares in issue:

Ordinary shares

222,946,842

222,785,154

222,278,426

A redeemable preference shares

2,000,000

B redeemable preference shares

778,896

Weighted average number of ordinary shares for the year:

Basic

222,772,159

222,737,513

221,736,404

Diluted

223,817,500

223,437,590

223,024,350

During the quarter, 161,688 ordinary shares were allotted in terms of the AngloGold Share Incentive Scheme. All the preference shares are held by a wholly-owned subsidiary company.

5. Capital commitments:

Orders placed and outstanding on capital contracts at the prevailing rate of exchange on that date:

30 Sept

30 June

31 Dec

30 Sept

30 June

31 Dec

30 Sept

2003

2002

2003

2002

864

1,123

918

1,067

118

150

107

101

6. Exchange rates

30 Sept

30 June

31 Dec

30 Sept

2003

2002

Rand/US dollar average year to date

7.82

8.03

10.48

10.79

Rand/US dollar average quarterly

7.40

7.73

9.62

10.42

Rand/US dollar closing

6.94

7.48

8.58

10.55

7. Interest

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 the loan, extended to the joint venture by AngloGold North America Inc., is repaid.

8. Bond

AngloGold launched a senior unsecured, five year, R2 billion bond on 21 August 2003 at a spread of 118 basis points to the South African R194 government bond at a fixed semi-annual coupon of 10.5%. The Bond was listed on the Bond Exchange of South Africa under the code "AG01" on 28 August 2003 and has a maturity date of 28 August 2008. Coupons are payable on 28 August and 28 February. This debut bond issue was placed with a wide spread of domestic institutional investors.

9. Announcements: Since 1 July 2003, AngloGold made the following announcements:

9.1

Further to the announcements made by AngloGold on 16 May 2003 and 13 June 2003, AngloGold and Ashanti Goldfields Company Limited issued a joint announcement on 4 August 2003, which detailed the proposed merger of the two companies. The Transaction Agreement which was signed by both parties outlined the terms and structure of the merger. In essence, the merger, which would be effected by means of a scheme of arrangement between Ashanti and its shareholders, proposed that AngloGold offer to Ashanti shareholders, 26 AngloGold shares for every 100 Ashanti ordinary shares and global depositary securities. This announcement was followed by further cautionary

ANGLOGOLD QUARTERLY REPORT SEPTEMBER 2003 . WWW.ANGLOGOLD.COM

announcements on 22 September 2003, in which AngloGold advised that it was awaiting a response from the Government of Ghana, a substantial shareholder and regulator of Ashanti, on whether it would support the merger, and on 23 September 2003 in which AngloGold advised that it had reached agreement with Ashanti to extend the Transaction Agreement to 31 October 2003, or such later date as may be agreed by Ashanti and AngloGold. On 15 October 2003 it was announced that AngloGold had increased its offer to 29 AngloGold ordinary shares for every 100 Ashanti ordinary shares and global depositary securities and that the board of Ashanti had resolved to recommend the proposed merger to its shareholders. Lonmin Plc, which holds 27.6% of Ashanti's issued share capital, has undertaken to vote its shares in favour of the merger. The merger is conditional on the support of the Government of Ghana as shareholder and regulator of Ashanti, the approval of the scheme of arrangement and its confirmation by the High Court of Ghana and certain other regulatory approvals and third party consents, as detailed in the 4 August 2003 announcement. On 29 October 2003, it was announced that the Government of Ghana supported AngloGold's proposed merger with Ashanti. On 30 October 2003, AngloGold announced the principal terms of commitments with the Government of Ghana.

9.2

On 18 September 2003 AngloGold and Gold Fields Limited jointly announced that agreement had been reached on the sale by Gold Fields of a portion of the Driefontein mining area to AngloGold for a cash consideration of R315 million.

Copies of the detailed announcements may be accessed from the AngloGold website on www.anglogold.com.

10.

Dividends: Interim dividend No. 94 of 375 South African cents or 31.964 UK pence per share was paid to registered shareholders on 29 August 2003, while a dividend of 15.7425 Australian cents per CHESS Depositary Interest (CDI) was paid on the same day. Each CDI represents one-fifth of an ordinary share. A dividend was paid to holders of American Depositary Receipts (ADRs) on 9 September 2003 at a rate of 50.73 US cents per American Depositary Share (ADS). Each ADS represents one ordinary share.

11.

The group financial statements for the quarter and nine months ended 30 September 2003 were authorised for issue in accordance with a resolution of the directors passed on 30 October 2003. AngloGold is a limited liability company incorporated in the Republic of South Africa.

By order of the board

Russell Edey

Bobby Godsell

Chairman

Chief Executive Officer

30 October 2003

KEY OPERATING RESULTS

PER REGION

Quarter ended

Nine months ended

Quarter ended

Nine months ended

September

June

September

June

September

2003

2002

2003

2002

SA Rand / Metric

Capital expenditure - Rm

Capital expenditure - $m

SOUTH AFRICA REGION

404

308

1,010

677

129

VAAL RIVER

Great Noligwa Mine

105

Kopanang Mine

Tau Lekoa Mine

Moab Khotsong

139

109

361

293

WEST WITS

Mponeng Mine

121

296

203

Savuka Mine

TauTona Mine

EAST & WEST AFRICA REGION

157

200

Geita - Attributable 50%

Morila - Attributable 40%

Navachab

Sadiola - Attributable 38%

Yatela - Attributable 40%

NORTH AMERICA REGION

187

696

Cripple Creek & Victor J.V.

167

633

Jerritt Canyon J.V. - Attributable 70%

Exploration

SOUTH AMERICA REGION

101

231

228

Cerro Vanguardia - Attributable 92.50%

Morro Velho

135

136

Serra Grande - Attributable 50%

Minorities

AUSTRALIA REGION

152

Sunrise Dam

111

Exploration

Other

ANGLOGOLD GROUP

661

538

1,687

1,962

216

182

ANGLOGOLD QUARTERLY REPORT SEPTEMBER 2003 . WWW.ANGLOGOLD.COM

KEY OPERATING RESULTS

PER REGION

Quarter ended

Nine months ended

Quarter ended

Nine months ended

September

June

September

June

September

2003

2002

2003

2002

SA Rand / Metric

Yield - g/t

Gold produced - kg

SOUTH AFRICA REGION *

8.27

7.97

8.08

8.48

26,265

25,286

76,393

79,342

VAAL RIVER

Great Noligwa Mine

10.62

10.06

10.37

11.22

6,752

6,065

18,493

21,053

Kopanang Mine

7.40

6.69

6.96

7.14

4,119

3,589

11,582

Tau Lekoa Mine

4.06

4.20

4.31

4.41

2,449

2,539

7,518

6,992

Surface Operations

0.60

0.58

0.61

0.55

835

889

2,704

2,336

ERGO

0.19

0.20

0.25

1,407

1,532

4,716

6,161

WEST WITS

Mponeng Mine

8.81

9.07

8.99

8.68

4,055

3,976

11,820

10,562

Savuka Mine

5.49

6.27

5.83

7.55

1,376

1,653

4,521

5,831

TauTona Mine

13.19

11.93

12.05

11.63

5,272

5,024

15,020

14,770

Surface Operations

0.88

9.26

EAST & WEST AFRICA REGION

3.77

3.55

3.62

4.15

7,699

7,692

22,789

24,760

Geita - Attributable 50%

3.83

2.58

3.07

3.82

2,745

1,925

6,646

7,096

Morila - Attributable 40%

7.55

9.54

8.66

10.94

2,483

2,942

8,391

9,040

Navachab

1.65

1.90

1.79

1.92

559

657

1,780

1,993

Sadiola - Attributable 38%

2.79

2.52

2.67

2.94

1,311

1,237

3,774

4,182

Yatela - Attributable 40%

3.18

3.35

2.88

3.00

601

931

2,198

2,449

NORTH AMERICA REGION

0.31

0.60

0.48

0.61

2,065

4,152

9,767

10,044

Cripple Creek & Victor J.V.

0.31

0.36

0.33

0.29

2,065

2,433

6,456

4,619

Jerritt Canyon J.V. - Attributable 70%

7.41

7.15

8.02

1,719

3,311

5,425

SOUTH AMERICA REGION

6.55

6.65

6.90

7.72

3,866

3,995

12,118

10,431

6.05

6.70

7.11

9.31

1,291

1,524

4,687

3,512

Morro Velho

6.48

6.16

6.38

6.78

1,822

1,722

5,192

4,698

Serra Grande - Attributable 50%

7.89

7.94

7.91

7.88

753

749

2,239

2,221

AUSTRALIA REGION

2.13

2.21

2.24

2.62

3,345

3,488

10,390

11,966

Boddington - Attributable 33.33%

Sunrise Dam

2.98

2.97

3.15

3.58

2,652

2,613

8,233

9,095

Union Reefs

1.02

1.25

1.06

1.39

693

875

2,157

2,817

ANGLOGOLD GROUP

43,240

44,613

131,457

136,543

Underground Operations

8.18

7.84

7.96

8.35

Open-pit Operations

1.37

1.43

1.42

1.69

* Yield excludes surface operations.

Cerro Vanguardia - Attributable 92.50%

ANGLOGOLD QUARTERLY REPORT SEPTEMBER 2003 . WWW.ANGLOGOLD.COM

KEY OPERATING RESULTS

PER REGION

Quarter ended

Nine months ended

Quarter ended

Nine months ended

September

June

September

June

September

2003

2002

2003

2002

SA Rand / Metric

Productivity per employee - g

Gold sold - kg

SOUTH AFRICA REGION

26,536

24,984

76,368

79,048

VAAL RIVER

Great Noligwa Mine

240

213

219

252

6,821

5,991

18,491

20,949

Kopanang Mine

188

159

172

170

4,162

3,544

11,582

11,525

Tau Lekoa Mine

168

174

173

168

2,475

2,510

7,516

6,958

Surface Operations

640

658

656

420

844

879

2,703

2,325

ERGO

243

260

267

330

1,407

1,532

4,716

6,152

WEST WITS

Mponeng Mine

248

245

242

207

4,099

3,926

11,814

10,531

Savuka Mine

102

116

105

134

1,391

1,629

4,511

5,820

TauTona Mine

312

298

296

286

5,337

4,955

15,016

14,733

Surface Operations

EAST & WEST AFRICA REGION

7,544

7,658

22,654

24,417

Geita - Attributable 50%

1,345

934

1,119

1,447

2,745

1,925

6,646

7,096

Morila - Attributable 40%

3,374

4,282

3,983

4,014

2,440

3,005

8,348

8,730

Navachab

424

634

512

636

464

657

1,685

1,993

Sadiola - Attributable 38%

1,925

1,808

1,847

2,630

1,242

1,193

3,772

4,183

Yatela - Attributable 40%

760

1,383

1,065

1,491

653

878

2,203

2,415

NORTH AMERICA REGION

2,065

4,152

9,767

10,029

Cripple Creek & Victor J.V.

2,080

2,447

2,196

1,627

2,065

2,433

6,456

4,619

Jerritt Canyon J.V. - Attributable 70%

1,991

1,899

2,080

1,719

3,311

5,410

SOUTH AMERICA REGION

3,766

4,146

12,197

10,595

853

1,052

1,057

1,581

1,292

1,605

4,791

3,631

Morro Velho

469

443

442

440

1,777

1,763

5,229

4,705

Serra Grande - Attributable 50%

939

957

948

946

697

778

2,177

2,259

AUSTRALIA REGION

3,348

3,660

10,399

12,107

Boddington - Attributable 33.33%

Sunrise Dam

2,889

2,782

2,952

3,214

2,640

2,797

8,222

9,203

Union Reefs

2,151

1,874

1,654

1,995

708

863

2,177

2,829

ANGLOGOLD GROUP

43,259

44,600

131,385

136,196

Cerro Vanguardia - Attributable 92.50%

ANGLOGOLD QUARTERLY REPORT SEPTEMBER 2003 . WWW.ANGLOGOLD.COM

KEY OPERATING RESULTS

PER REGION

Quarter ended

Nine months ended

Quarter ended

Nine months ended

September

June

September

June

September

2003

2002

2003

2002

SA Rand / Metric

Total cash costs - R/kg

Total production costs - R/kg

SOUTH AFRICA REGION

61,657

60,499

61,088

52,443

66,285

64,666

65,403

59,078

VAAL RIVER

Great Noligwa Mine

52,183

53,096

53,328

40,018

55,371

56,424

56,560

43,431

Kopanang Mine

62,189

66,409

64,125

54,145

65,960

70,212

67,892

59,994

Tau Lekoa Mine

75,407

67,347

69,589

64,953

79,712

71,311

73,750

76,639

Surface Operations

50,454

50,220

47,657

45,580

50,489

50,220

47,669

48,618

ERGO

97,163

87,137

86,239

61,461

104,856

92,996

93,242

69,533

WEST WITS

Mponeng Mine

59,039

57,851

58,316

60,356

68,562

66,382

67,054

77,022

Savuka Mine

115,931

95,444

105,465

77,801

122,651

98,424

109,389

81,752

TauTona Mine

47,096

46,091

47,391

44,686

49,989

48,806

50,113

48,021

EAST & WEST AFRICA REGION

41,282

41,524

41,644

42,171

55,161

53,877

55,115

61,750

Geita - Attributable 50%

44,735

57,231

52,318

56,652

54,405

66,274

62,111

72,360

Morila - Attributable 40%

25,875

23,387

23,779

24,727

42,139

38,758

39,904

48,972

Navachab

71,907

54,756

63,000

48,288

75,214

57,533

65,861

52,209

Sadiola - Attributable 38%

46,315

52,990

51,464

51,656

61,346

68,618

67,215

78,432

Yatela - Attributable 40%

59,628

49,406

53,651

56,916

89,982

61,318

72,618

70,623

NORTH AMERICA REGION

54,189

55,826

57,456

80,196

76,546

83,594

84,398

120,471

Cripple Creek & Victor J.V.

51,696

46,736

49,537

66,167

75,156

77,817

77,843

113,257

Jerritt Canyon J.V. - Attributable 70%

67,158

69,686

90,212

90,237

94,657

124,686

SOUTH AMERICA REGION

36,787

36,126

35,348

42,254

56,179

56,976

55,586

68,960

41,121

37,753

36,433

35,011

72,220

67,966

65,177

70,760

Morro Velho

34,827

35,631

34,824

46,914

48,029

50,421

49,424

68,908

Serra Grande - Attributable 50%

26,026

25,756

25,570

35,550

38,624

39,655

39,561

55,551

AUSTRALIA REGION

59,010

61,836

61,414

64,948

72,127

76,290

75,758

83,433

Sunrise Dam

57,704

60,712

56,934

59,387

73,029

78,480

73,026

76,563

Union Reefs

57,143

57,966

70,313

75,620

57,172

58,782

73,471

93,354

ANGLOGOLD GROUP

56,311

55,502

55,966

54,242

65,502

65,654

65,891

68,270

Cerro Vanguardia - Attributable 92.50%

ANGLOGOLD QUARTERLY REPORT SEPTEMBER 2003 . WWW.ANGLOGOLD.COM

KEY OPERATING RESULTS

PER REGION

Quarter ended

Nine months ended

Quarter ended

Nine months ended

September

June

September

June

September

2003

2002

2003

2002

SA Rand / Metric

EBITDA - Rm

SOUTH AFRICA REGION

701

702

2,142

3,726

607

619

1,881

3,308

VAAL RIVER

Great Noligwa Mine

276

222

722

1,258

258

206

673

1,200

Kopanang Mine

118

309

522

105

272

471

Tau Lekoa Mine

154

241

128

174

Surface Operations

118

122

118

122

ERGO

(22)

(9)

(20)

202

(22)

(8)

(23)

189

WEST WITS

Mponeng Mine

110

124

348

426

248

256

Savuka Mine

(53)

(12)

(86)

133

(56)

(16)

(96)

114

TauTona Mine

196

207

597

817

182

195

561

777

Surface Operations

EAST & WEST AFRICA REGION

305

310

964

1,444

205

217

673

975

Geita - Attributable 50%

176

311

116

205

Morila - Attributable 40%

138

183

515

692

100

138

383

475

Navachab

111

104

Sadiola - Attributable 38%

144

216

107

Yatela - Attributable 40%

114

NORTH AMERICA REGION

124

311

471

(22)

Cripple Creek & Victor J.V.

101

270

333

Jerritt Canyon J.V. - Attributable 70%

138

(14)

(36)

(37)

SOUTH AMERICA REGION

183

230

706

796

113

151

473

532

268

293

136

172

Morro Velho

294

322

223

Serra Grande - Attributable 50%

144

181

114

137

AUSTRALIA REGION

111

300

533

171

345

Boddington - Attributable 33.33%

Sunrise Dam

267

464

140

314

Union Reefs

Tanami - Attributable 40%

(4)

Other

(114)

(174)

(462)

(520)

ANGLOGOLD GROUP

1,241

1,303

3,961

6,450

1,004

1,082

3,303

5,205

Adjusted operating profit - Rm

Cerro Vanguardia - Attributable 92.50%

ANGLOGOLD QUARTERLY REPORT SEPTEMBER 2003 . WWW.ANGLOGOLD.COM

KEY OPERATING RESULTS

PER REGION

Quarter ended

Nine months ended

Quarter ended

Nine months ended

September

June

September

June

September

2003

2002

2003

2002

US Dollar / Imperial

Yield - oz/t

Gold produced - oz 000

SOUTH AFRICA REGION *

0.241

0.232

0.236

0.247

844

813

2,455

2,551

VAAL RIVER

Great Noligwa

0.310

0.293

0.302

0.327

217

196

594

677

Kopanang Mine

0.216

0.195

0.203

0.208

132

115

372

Tau Lekoa Mine

0.119

0.122

0.126

0.129

242

225

Surface Operations

0.017

0.018

0.016

ERGO

0.006

0.007

152

198

WEST WITS

Mponeng Mine

0.257

0.265

0.262

0.253

130

128

380

340

Savuka Mine

0.160

0.183

0.170

0.220

145

187

TauTona Mine

0.385

0.348

0.351

0.339

170

161

483

475

Surface Operations

0.026

0.270

EAST & WEST AFRICA REGION

0.110

0.103

0.106

0.121

248

247

733

796

Geita - Attributable 50%

0.112

0.075

0.090

0.111

214

228

Morila - Attributable 40%

0.220

0.278

0.252

0.319

270

291

Navachab

0.048

0.056

0.052

0.056

Sadiola - Attributable 38%

0.081

0.074

0.078

0.086

121

134

Yatela - Attributable 40%

0.093

0.098

0.084

0.088

NORTH AMERICA REGION

0.009

0.018

0.014

0.018

134

314

323

Cripple Creek & Victor J.V.

0.009

0.011

0.009

207

149

Jerritt Canyon J.V. - Attributable 70%

0.216

0.209

0.234

107

174

SOUTH AMERICA REGION

0.191

0.194

0.201

0.225

124

128

390

335

0.176

0.196

0.207

0.272

151

113

Morro Velho

0.189

0.180

0.187

0.197

167

151

Serra Grande - Attributable 50%

0.230

0.232

0.231

0.230

AUSTRALIA REGION

0.062

0.064

0.076

108

112

334

385

Boddington - Attributable 33.33%

Sunrise Dam

0.087

0.092

0.104

265

292

Union Reefs

0.030

0.036

0.031

0.040

ANGLOGOLD GROUP

1,390

1,434

4,226

4,390

Underground Operations

0.239

0.229

0.232

0.243

Open-pit Operations

0.040

0.042

0.041

0.049

* Yield excludes surface operations.

Cerro Vanguardia - Attributable 92.50%

ANGLOGOLD QUARTERLY REPORT SEPTEMBER 2003 . WWW.ANGLOGOLD.COM

KEY OPERATING RESULTS

PER REGION

Quarter ended

Nine months ended

Quarter ended

Nine months ended

September

June

September

June

September

2003

2002

2003

2002

US Dollar / Imperial

Productivity per employee - oz

Gold sold - oz 000

SOUTH AFRICA REGION

854

803

2,456

2,542

VAAL RIVER

Great Noligwa Mine

7.71

6.86

7.03

8.09

219

192

594

673

Kopanang Mine

6.04

5.10

5.53

5.46

134

114

372

370

Tau Lekoa Mine

5.40

5.61

5.56

5.42

242

224

Surface Operations

20.59

21.17

21.11

13.50

ERGO

7.81

8.35

8.60

10.60

152

198

WEST WITS

Mponeng Mine

7.98

7.87

7.79

6.64

132

126

380

339

Savuka Mine

3.27

3.73

3.39

4.29

145

187

TauTona Mine

10.03

9.59

9.52

9.21

172

159

483

474

Surface Operations

EAST & WEST AFRICA REGION

242

247

728

785

Geita - Attributable 50%

43.26

30.03

35.99

46.52

214

228

Morila - Attributable 40%

108.47

137.67

128.04

129.06

268

281

Navachab

13.65

20.40

16.46

20.45

Sadiola - Attributable 38%

61.89

58.12

59.39

84.57

121

134

Yatela - Attributable 40%

24.43

44.46

34.25

47.95

NORTH AMERICA REGION

133

314

322

Cripple Creek & Victor J.V.

66.87

78.68

70.59

52.32

208

148

Jerritt Canyon J.V. - Attributable 70%

64.00

61.07

66.86

106

174

SOUTH AMERICA REGION

121

133

392

341

27.44

33.83

33.97

50.83

154

117

Morro Velho

15.09

14.24

14.20

14.16

168

151

Serra Grande - Attributable 50%

30.19

30.78

30.48

30.41

AUSTRALIA REGION

108

118

334

389

Boddington - Attributable 33.33%

Sunrise Dam

92.90

89.44

94.91

103.33

264

296

Union Reefs

69.15

60.24

53.19

64.14

ANGLOGOLD GROUP

1,391

1,434

4,224

4,379

Cerro Vanguardia - Attributable 92.50%

ANGLOGOLD QUARTERLY REPORT SEPTEMBER 2003 . WWW.ANGLOGOLD.COM

KEY OPERATING RESULTS

PER REGION

Quarter ended

Nine months ended

Quarter ended

Nine months ended

September

June

September

June

September

2003

2002

2003

2002

US Dollar / Imperial

Total cash costs - $/oz

Total production costs - $/oz

SOUTH AFRICA REGION

259

244

152

279

260

261

171

VAAL RIVER

Great Noligwa Mine

219

214

213

116

233

227

226

126

Kopanang Mine

261

268

256

157

277

283

271

174

Tau Lekoa Mine

317

271

278

188

335

287

295

222

Surface Operations

212

202

190

132

212

202

190

141

ERGO

408

351

344

177

441

374

372

201

WEST WITS

Mponeng Mine

248

233

175

288

267

268

223

Savuka Mine

487

384

421

225

515

396

436

237

TauTona Mine

198

186

189

129

210

196

200

139

EAST & WEST AFRICA REGION

174

167

166

122

232

217

220

178

Geita - Attributable 50%

188

230

209

164

229

267

248

209

Morila - Attributable 40%

109

177

156

159

142

Navachab

303

220

252

140

317

231

263

151

Sadiola - Attributable 38%

195

213

205

149

258

276

267

226

Yatela - Attributable 40%

250

198

214

165

378

246

290

204

NORTH AMERICA REGION

227

225

226

231

320

336

332

348

Cripple Creek & Victor J.V.

217

188

197

191

315

313

310

328

Jerritt Canyon J.V. - Attributable 70%

270

260

363

366

359

SOUTH AMERICA REGION

155

145

141

122

236

229

221

199

173

152

145

102

303

274

259

206

Morro Velho

146

143

139

135

202

203

197

199

Serra Grande - Attributable 50%

109

104

102

162

160

158

160

AUSTRALIA REGION

248

249

244

188

303

307

301

241

Sunrise Dam

242

244

227

172

307

315

291

222

Union Reefs

240

233

278

218

240

237

290

268

ANGLOGOLD GROUP

237

223

157

275

264

263

197

Cerro Vanguardia - Attributable 92.50%

ANGLOGOLD QUARTERLY REPORT SEPTEMBER 2003 . WWW.ANGLOGOLD.COM

KEY OPERATING RESULTS

PER REGION

Quarter ended

Nine months ended

Quarter ended

Nine months ended

September

June

September

June

September

2003

2002

2003

2002

US Dollar / Imperial

EBITDA - $m

SOUTH AFRICA REGION

274

345

241

306

VAAL RIVER

Great Noligwa Mine

116

111

Kopanang Mine

Tau Lekoa Mine

Surface Operations

ERGO

(3)

(1)

(3)

(1)

(3)

WEST WITS

Mponeng Mine

Savuka Mine

(8)

(1)

(12)

(8)

(2)

(13)

TauTona Mine

Surface Operations

EAST & WEST AFRICA REGION

124

136

Geita - Attributable 50%

Morila - Attributable 40%

Navachab

Sadiola - Attributable 38%

Yatela - Attributable 40%

NORTH AMERICA REGION

(2)

Cripple Creek & Victor J.V.

Jerritt Canyon J.V. - Attributable 70%

(2)

(5)

(3)

SOUTH AMERICA REGION

Morro Velho

Serra Grande - Attributable 50%

AUSTRALIA REGION

Boddington - Attributable 33.33%

Sunrise Dam

Union Reefs

Tanami - Attributable 40%

OTHER

(14)

(28)

(58)

(48)

ANGLOGOLD GROUP

168

506

599

136

140

422

483

Adjusted operating profit - $m

Cerro Vanguardia - Attributable 92.50%

ANGLOGOLD QUARTERLY REPORT SEPTEMBER 2003 . WWW.ANGLOGOLD.COM

DEVELOPMENT

Development values represent actual results of sampling, no allowances having been made for adjustments
necessary in estimating ore reserves.

Quarter ended September 2003

Statistics are shown in metric units

Advance

Sampled

metres

channel

gold

uranium

width

g/t

cm.g/t

kg/t

cm.kg/t

VAAL RIVER
Great Noligwa Mine
Vaal reef

3,726

464

99.7

19.11

1,905

0.87

87.18

Kopanang Mine
Vaal reef

6,916

976

14.6

128.08

1,870

6.54

95.52

"C" reef

262

Tau Lekoa Mine
Denny's Reef

59.0

0.78

0.04

2.40

Ventersdorp Contact reef

4,376

566

81.7

11.47

937

0.13

10.31

Moab Khotsong Mine
Vaal reef

1,965

WEST WITS
TauTona Mine
Ventersdorp Contact reef

Carbon Leader reef

4,132

17.5

155.71

2,725

2.70

47.28

Savuka Mine
Ventersdorp Contact reef

715

Carbon Leader reef

1,392

154

103.0

21.41

2,205

0.01

0.62

Mponeng Mine
Ventersdorp Contact reef

5,847

462

75.2

21.29

1,601

Statistics are shown in imperial units

Advance

Sampled

feet

channel

gold

uranium

width

oz/t

ft.oz/t

lb/t

ft.lb/t

inches

VAAL RIVER
Great Noligwa Mine
Vaal reef

12,226

1,522

39.25

0.56

1.82

1.74

5.69

Kopanang Mine
Vaal reef

22,691

3,202

5.75

3.74

1.79

13.08

6.27

"C" reef

860

Tau Lekoa Mine
Denny's Reef

23.23

0.02

0.04

0.08

0.15

Ventersdorp Contact reef

14,357

1,857

32.17

0.33

0.88

0.26

0.70

Moab Khotsong Mine
Vaal reef

6,446

WEST WITS
TauTona Mine
Ventersdorp Contact reef

112

Carbon Leader reef

13,556

171

6.89

4.54

2.61

5.40

3.10

Savuka Mine
Ventersdorp Contact reef

2,347

Carbon Leader reef

4,566

505

40.55

0.62

2.11

0.02

0.07

Mponeng Mine
Ventersdorp Contact reef

19,184

1,516

29.61

0.62

1.53

ANGLOGOLD QUARTERLY REPORT SEPTEMBER 2003 . WWW.ANGLOGOLD.COM

SHAFT SINKING

Quarter ended

Nine months ended

September

June

September

2003

2002

Statistics are shown in metric units

metres

MOAB KHOTSONG MINE
Main shaft
Advance

Depth to date (below collar)

3,112

Rock / ventilation sub-vertical shaft
Depth to date

939

Station cutting

MPONENG MINE
Sub Shaft 1
Depth to date

1,209

Sub Shaft Vent Shaft Deepening
Advance

Depth to date

Statistics are shown in imperial units

feet

MOAB KHOTSONG MINE
Main shaft
Advance

227

Depth to date (below collar)

10,210

Rock / ventilation sub-vertical shaft
Depth to date

3,080

Station cutting

MPONENG MINE
Sub Shaft 1
Depth to date

3,965

Sub Shaft Vent Shaft Deepening
Advance

Depth to date

ANGLOGOLD QUARTERLY REPORT SEPTEMBER 2003 . WWW.ANGLOGOLD.COM

SOUTH AFRICA REGION

VAAL RIVER

Quarter ended

Nine months ended

Quarter ended

Nine months ended

September

June

September

June

September

2003

2002

2003

2002

Rand / Metric

Dollar / Imperial

GREAT NOLIGWA MINE
OPERATING RESULTS
UNDERGROUND OPERATION
Area mined

- 000 m2

/ - 000 ft2

109

104

312

319

1,168

1,118

3,357

3,432

Milled -

000 tonnes / - 000 tons

636

603

1,784

1,876

701

664

1,966

2,068

Yield

- g / t

/ - oz / t

10.62

10.06

10.37

11.22

0.310

0.293

0.302

0.327

Gold produced

- kg

/ - oz (000)

6,752

6,065

18,493

21,053

217

196

594

677

Gold sold

- kg

/ - oz (000)

6,821

5,991

18,491

20,949

219

192

594

673

Price received

- R / kg

/ - $ / oz

- sold

91,365

90,534

91,339

100,220

384

364

366

289

Total cash costs

- R

/ - $

- ton milled

554

534

553

449

- R / kg

/ - $ / oz

- produced

52,183

53,096

53,328

40,018

219

214

213

116

Total production costs - R / kg

/ - $ / oz

- produced

55,371

56,424

56,560

43,431

233

227

226

126

PRODUCTIVITY PER EMPLOYEE
Target

- g

/ - oz

291

281

273

9.35

9.04

8.79

8.76

Actual

- g

/ - oz

240

213

219

252

7.71

6.86

7.03

8.09

Target

- m2

/ - ft2

4.33

4.16

4.02

3.80

46.56

44.81

43.29

40.85

Actual

- m2

/ - ft2

3.85

3.65

3.69

3.81

41.47

39.32

39.68

41.00

FINANCIAL RESULTS (MILLION)
Gold income

590

518

1,597

1,897

205

176

Cost of sales

365

337

1,015

899

130

Cash operating costs

350

319

978

833

126

Other cash costs

Total cash costs

353

322

986

842

127

Retrenchment costs

Rehabilitation and other non-cash costs

Production costs

356

326

996

856

128

Amortisation of mining assets

Inventory change

(9)

(5)

(30)

(15)

(1)

(4)

(1)

225

181

582

998

Realised non-hedge derivatives

202

Adjusted operating profit

258

206

673

1,200

111

Capital expenditure

105

ANGLOGOLD QUARTERLY REPORT SEPTEMBER 2003 . WWW.ANGLOGOLD.COM

SOUTH AFRICA REGION

VAAL RIVER

Quarter ended

Nine months ended

Quarter ended

Nine months ended

September

June

September

June

September

2003

2002

2003

2002

Rand / Metric

Dollar / Imperial

KOPANANG MINE
OPERATING RESULTS
UNDERGROUND OPERATION
Area mined

- 000 m2

/ - 000 ft2

125

117

361

337

1,347

1,261

3,885

3,629

Milled -

000 tonnes / - 000 tons

556

536

1,664

1,623

613

592

1,834

1,789

Yield

- g / t

/ - oz / t

7.40

6.69

6.96

7.14

0.216

0.195

0.203

0.208

Gold produced

- kg

/ - oz (000)

4,119

3,589

11,582

132

115

372

Gold sold

- kg

/ - oz (000)

4,162

3,544

11,582

11,525

134

114

372

370

Price received

- R / kg

/ - $ / oz

- sold

91,511

90,635

91,475

100,296

385

364

365

290

Total cash costs

- R

/ - $

- ton milled

460

444

446

386

- R / kg

/ - $ / oz

- produced

62,189

66,409

64,125

54,145

261

268

256

157

Total production costs - R / kg

/ - $ / oz

- produced

65,960

70,212

67,892

59,994

277

283

271

174

PRODUCTIVITY PER EMPLOYEE
Target

- g

/ - oz

184

179

177

174

5.90

5.75

5.69

5.59

Actual

- g

/ - oz

188

159

172

170

6.04

5.10

5.53

5.46

Target

- m2

/ - ft2

5.53

5.47

5.35

4.85

59.53

58.87

57.54

52.20

Actual

- m2

/ - ft2

5.71

5.17

5.36

4.94

61.44

55.68

57.65

53.17

FINANCIAL RESULTS (MILLION)
Gold income

360

307

1,004

1,050

129

Cost of sales

276

255

787

685

101

Cash operating costs

254

236

736

620

Other cash costs

Total cash costs

256

239

743

627

Retrenchment costs

Rehabilitation and other non-cash costs

Production costs

258

242

749

644

Amortisation of mining assets

Inventory change

(10)

(1)

217

365

Realised non-hedge derivatives

106

Adjusted operating profit

105

272

471

Capital expenditure

ANGLOGOLD QUARTERLY REPORT SEPTEMBER 2003 . WWW.ANGLOGOLD.COM

SOUTH AFRICA REGION

VAAL RIVER

Quarter ended

Nine months ended

Quarter ended

Nine months ended

September

June

September

June

September

2003

2002

2003

2002

Rand / Metric

Dollar / Imperial

TAU LEKOA MINE
OPERATING RESULTS
UNDERGROUND OPERATION
Area mined

- 000 m2

/ - 000 ft2

105

107

312

305

1,128

1,159

3,361

3,282

Milled -

000 tonnes / - 000 tons

602

606

1,746

1,586

664

667

1,925

1,748

Yield

- g / t

/ - oz / t

4.06

4.20

4.31

4.41

0.119

0.122

0.126

0.129

Gold produced

- kg

/ - oz (000)

2,449

2,539

7,518

6,992

242

225

Gold sold

- kg

/ - oz (000)

2,475

2,510

7,516

6,958

242

224

Price received

- R / kg

/ - $ / oz

- sold

91,566

90,353

91,375

100,450

385

363

364

290

Total cash costs

- R

/ - $

- ton milled

307

283

300

286

- R / kg

/ - $ / oz

- produced

75,407

67,347

69,589

64,953

317

271

278

188

Total production costs - R / kg

/ - $ / oz

- produced

79,712

71,311

73,750

76,639

335

287

295

222

PRODUCTIVITY PER EMPLOYEE
Target

- g

/ - oz

181

176

185

5.81

5.67

5.96

Actual

- g

/ - oz

168

174

173

168

5.40

5.61

5.56

5.42

Target

- m2

/ - ft2

7.63

7.56

7.43

7.74

82.15

81.42

80.00

83.30

Actual

- m2

/ - ft2

7.19

7.40

7.19

7.34

77.41

79.63

77.34

79.05

FINANCIAL RESULTS (MILLION)
Gold income

214

216

650

634

Cost of sales

194

181

558

524

Cash operating costs

183

170

519

450

Other cash costs

Total cash costs

184

172

523

454

Retrenchment costs

Rehabilitation and other non-cash costs

Production costs

186

173

528

468

Amortisation of mining assets

Inventory change

(1)

(11)

(1)

110

Realised non-hedge derivatives

Adjusted operating profit

128

174

Capital expenditure

ANGLOGOLD QUARTERLY REPORT SEPTEMBER 2003 . WWW.ANGLOGOLD.COM

SOUTH AFRICA REGION

VAAL RIVER

Quarter ended

Nine months ended

Quarter ended

Nine months ended

September

June

September

June

September

2003

2002

2003

2002

Rand / Metric

Dollar / Imperial

SURFACE OPERATIONS
OPERATING RESULTS
Milled -

000 tonnes / - 000 tons

1,392

1,527

4,427

4,253

1,534

1,683

4,880

4,688

Yield

- g / t

/ - oz / t

0.60

0.58

0.61

0.55

0.017

0.018

0.016

Gold produced

- kg

/ - oz (000)

835

889

2,704

2,336

Gold sold

- kg

/ - oz (000)

844

879

2,703

2,325

Price received

- R / kg

/ - $ / oz

- sold

91,637

90,599

91,415

100,576

384

364

363

290

Total cash costs

- R

/ - $

- ton milled

Total cash costs

- R / kg

/ - $ / oz

- produced

50,454

50,220

47,657

45,580

212

202

190

132

Total production costs - R / kg

/ - $ / oz

- produced

50,489

50,220

47,669

48,618

212

202

190

141

PRODUCTIVITY PER EMPLOYEE
Target

- g

/ - oz

323

313

322

418

10.38

10.07

10.34

13.43

Actual

- g

/ - oz

640

658

656

420

20.59

21.17

21.11

13.50

FINANCIAL RESULTS (MILLION)
Gold income

235

212

Cost of sales

129

111

Cash operating costs

129

106

Other cash costs

Total cash costs

129

106

Retrenchment costs

Rehabilitation and other non-cash costs

Production costs

129

113

Amortisation of mining assets

Inventory change

(1)

(2)

106

101

Realised non-hedge derivatives

Adjusted operating profit

118

122

Moab Khotsong

Capital expenditure

139

109

361

293

ANGLOGOLD QUARTERLY REPORT SEPTEMBER 2003 . WWW.ANGLOGOLD.COM

SOUTH AFRICA REGION

ERGO

Quarter ended

Nine months ended

Quarter ended

Nine months ended

September

June

September

June

September

2003

2002

2003

2002

Rand / Metric

Dollar / Imperial

OPERATING RESULTS
SURFACE AND DUMP RECLAMATION
Material treated

- 000 tonnes / - 000 tons

7,249

7,849

23,307

24,364

7,990

8,652

25,691

26,857

Yield

- g / t

/ - oz / t

0.19

0.20

0.25

0.006

0.007

Gold produced

- kg

/ - oz (000)

1,407

1,532

4,716

6,161

152

198

Gold sold

- kg

/ - oz (000)

1,407

1,532

4,716

6,152

152

198

Price received

- R / kg

/ - $ / oz

- sold

85,801

87,223

87,624

100,739

361

351

347

290

Total cash costs

- R

/ - $

- ton treated

- R / kg

/ - $ / oz

- produced

97,163

87,137

86,239

61,461

408

351

344

177

Total production costs - R / kg

/ - $ / oz

- produced

104,856

92,996

93,242

69,533

441

374

372

201

PRODUCTIVITY PER EMPLOYEE
Target

- g

/ - oz

278

256

275

298

8.95

8.24

8.85

9.57

Actual

- g

/ - oz

243

260

267

330

7.81

8.35

8.60

10.60

FINANCIAL RESULTS (MILLION)
Gold income

122

132

408

562

Cost of sales

142

141

436

431

Cash operating costs

136

133

405

376

Other cash costs

Total cash costs

137

133

407

378

Retrenchment costs

Rehabilitation and other non-cash costs

Production costs

147

143

437

415

Amortisation of mining assets

(1)

Inventory change

(5)

(1)

(4)

(1)

(20)

(9)

(28)

131

(1)

(2)

(3)

Realised non-hedge derivatives

(2)

Adjusted operating profit

(22)

(8)

(23)

189

(3)

(1)

(3)

Capital expenditure

ANGLOGOLD QUARTERLY REPORT SEPTEMBER 2003 . WWW.ANGLOGOLD.COM

SOUTH AFRICA REGION

WEST WITS

Quarter ended

Nine months ended

Quarter ended

Nine months ended

September

June

September

June

September

2003

2002

2003

2002

Rand / Metric

Dollar / Imperial

MPONENG MINE

OPERATING RESULTS
UNDERGROUND
Area mined

- 000 m2

/ - 000 ft2

253

221

955

909

2,719

2,378

Milled -

000 tonnes / - 000 tons

460

438

1,315

1,217

507

483

1,449

1,342

Yield

- g / t

/ - oz / t

8.81

9.07

8.99

8.68

0.257

0.265

0.262

0.253

Gold produced

- kg

/ - oz (000)

4,055

3,976

11,820

10,562

130

128

380

340

Gold sold

- kg

/ - oz (000)

4,099

3,926

11,814

10,531

132

126

380

339

Price received

- R / kg

/ - $ / oz

- sold

85,261

88,793

88,380

100,178

358

352

290

Total cash costs

- R

/ - $

- ton milled

520

525

524

- R / kg

/ - $ / oz

- produced

59,039

57,851

58,316

60,356

248

233

175

Total production costs - R / kg

/ - $ / oz

- produced

68,562

66,382

67,054

77,022

288

267

268

223

PRODUCTIVITY PER EMPLOYEE
Target

- g

/ - oz

203

189

190

193

6.53

6.08

6.10

6.21

Actual

- g

/ - oz

248

245

242

207

7.98

7.87

7.79

6.64

Target

- m2

/ - ft2

4.63

4.67

4.55

4.38

49.88

50.31

48.96

47.14

Actual

- m2

/ - ft2

5.43

5.19

5.18

4.32

58.44

55.91

55.77

46.51

FINANCIAL RESULTS (MILLION)
Gold income

354

337

1,023

960

131

Cost of sales

277

257

796

800

102

Cash operating costs

237

228

683

632

Other cash costs

Total cash costs

239

230

689

638

Retrenchment costs

Rehabilitation and other non-cash costs

Production costs

241

231

693

645

Amortisation of mining assets

100

170

Inventory change

(1)

(7)

(15)

(1)

227

160

Realised non-hedge derivatives

(4)

(1)

Adjusted operating profit

248

256

Capital expenditure

121

296

203

ANGLOGOLD QUARTERLY REPORT SEPTEMBER 2003 . WWW.ANGLOGOLD.COM

SOUTH AFRICA REGION

WEST WITS

Quarter ended

Nine months ended

Quarter ended

Nine months ended

September

June

September

June

September

2003

2002

2003

2002

Rand / Metric

Dollar / Imperial

SAVUKA MINE

OPERATING RESULTS
UNDERGROUND
Area mined

- 000 m2

/ - 000 ft2

121

149

455

410

1,304

1,599

Milled -

000 tonnes / - 000 tons

251

263

775

773

276

291

854

852

Yield

- g / t

/ - oz / t

5.49

6.27

5.83

7.55

0.160

0.183

0.170

0.220

Gold produced

- kg

/ - oz (000)

1,376

1,653

4,521

5,831

145

187

Gold sold

- kg

/ - oz (000)

1,391

1,629

4,511

5,820

145

187

Price received

- R / kg

/ - $ / oz

- sold

85,207

89,146

88,726

100,482

358

353

290

Total cash costs

- R

/ - $

- ton milled

636

599

615

587

- R / kg

/ - $ / oz

- produced

115,931

95,444

105,465

77,801

487

384

421

225

Total production costs - R / kg

/ - $ / oz

- produced

122,651

98,424

109,389

81,752

515

396

436

237

PRODUCTIVITY PER EMPLOYEE
Target

- g

/ - oz

127

125

124

135

4.08

4.01

3.98

4.34

Actual

- g

/ - oz

102

116

105

134

3.27

3.73

3.39

4.29

Target

- m

/ - ft2

4.34

4.18

4.09

4.30

46.71

44.94

44.03

46.30

Actual

- m

/ - ft2

3.12

2.68

2.82

3.40

33.62

28.81

30.39

36.62

FINANCIAL RESULTS (MILLION)
Gold income

120

140

389

530

Cost of sales

174

163

497

470

Cash operating costs

158

156

472

449

Other cash costs

Total cash costs

159

158

476

453

Retrenchment costs

Rehabilitation and other non-cash costs

Production costs

166

160

485

457

Amortisation of mining assets

Inventory change

(1)

(6)

(1)

(54)

(23)

(108)

(7)

(2)

(14)

Realised non-hedge derivatives

(2)

(1)

Adjusted operating profit

(56)

(16)

(96)

114

(8)

(2)

(13)

Capital expenditure

ANGLOGOLD QUARTERLY REPORT SEPTEMBER 2003 . WWW.ANGLOGOLD.COM

SOUTH AFRICA REGION

WEST WITS

Quarter ended

Nine months ended

Quarter ended

Nine months ended

September

June

September

June

September

2003

2002

2003

2002

Rand / Metric

Dollar / Imperial

TAUTONA MINE

OPERATING RESULTS
UNDERGROUND
Area mined

- 000 m

/ - 000 ft2

224

227

783

792

2,410

2,438

Milled -

000 tonnes / - 000 tons

400

421

1,246

1,270

441

464

1,374

1,400

Yield

- g / t

/ - oz / t

13.19

11.93

12.05

11.63

0.385

0.348

0.351

0.339

Gold produced

- kg

/ - oz (000)

5,272

5,024

15,020

14,770

170

161

483

475

Gold sold

- kg

/ - oz (000)

5,337

4,955

15,016

14,733

172

159

483

474

Price received

- R / kg

/ - $ / oz

- sold

85,164

88,664

88,297

100,525

358

357

352

290

Total cash costs

- R

/ - $

- ton milled

621

550

571

520

- R / kg

/ - $ / oz

- produced

47,096

46,091

47,391

44,686

198

186

189

129

Total production costs - R / kg

/ - $ / oz

- produced

49,989

48,806

50,113

48,021

210

196

200

139

PRODUCTIVITY PER EMPLOYEE
Target

- g

/ - oz

301

298

297

283

9.68

9.59

9.56

9.10

Actual

- g

/ - oz

312

298

296

286

10.03

9.59

9.52

9.21

Target

- m2

/ - ft2

4.55

4.53

4.41

48.93

49.03

48.78

47.42

Actual

- m2

/ - ft2

4.30

4.37

4.41

4.39

46.32

47.02

47.52

47.30

FINANCIAL RESULTS (MILLION)
Gold income

460

423

1,295

1,346

166

125

Cost of sales

272

244

765

705

Cash operating costs

246

229

705

654

Other cash costs

Total cash costs

248

231

712

660

Retrenchment costs

Rehabilitation and other non-cash costs

Production costs

249

233

717

670

Amortisation of mining assets

Inventory change

(1)

(5)

188

179

530

641

Realised non-hedge derivatives

(6)

136

(1)

Adjusted operating profit

182

195

561

777

Capital expenditure

ANGLOGOLD QUARTERLY REPORT SEPTEMBER 2003 . WWW.ANGLOGOLD.COM

EAST & WEST AFRICA REGION

Quarter ended

Nine months ended

Quarter ended

Nine months ended

September

June

September

June

September

2003

2002

2003

2002

Rand / Metric

Dollar / Imperial

GEITA - Attributable 50%

OPERATING RESULTS
OPEN-PIT OPERATION
Volume mined

- 000 bcm

/ - 000 bcy

3,077

2,957

8,343

6,465

4,025

3,868

10,913

8,457

Mined

- 000 tonnes / - 000 tons

8,121

7,849

22,178

15,904

8,952

8,651

24,447

17,532

Treated

- 000 tonnes / - 000 tons

716

747

2,161

1,859

789

823

2,382

2,049

Stripping ratio

- t (mined total - mined ore) / t mined ore

8.54

10.93

9.94

6.39

8.54

10.93

9.94

6.39

Yield

- g / t

/ - oz / t

3.83

2.58

3.07

3.82

0.112

0.075

0.090

0.111

Gold produced

- kg

/ - oz (000)

2,745

1,925

6,646

7,096

214

228

Gold sold

- kg

/ - oz (000)

2,745

1,925

6,646

7,096

214

228

Price received

- R / kg

/ - $ / oz

- sold

79,129

76,380

79,286

101,313

334

307

318

293

Total cash costs

- R / kg

/ - $ / oz

- produced

44,735

57,231

52,318

56,652

188

230

209

164

Total production costs - R / kg

/ - $ / oz

- produced

54,405

66,274

62,111

72,360

229

267

248

209

PRODUCTIVITY PER EMPLOYEE
Target

- g

/ - oz

1,575

1,342

1,426

1,645

50.65

43.13

45.84

52.90

Actual

- g

/ - oz

1,345

934

1,119

1,447

43.26

30.03

35.99

46.52

FINANCIAL RESULTS (MILLION)
Gold income

216

145

521

711

Cost of sales

150

126

411

514

Cash operating costs

113

103

324

373

Other cash costs

Total cash costs

123

110

348

402

Rehabilitation and other non-cash costs

Production costs

124

111

353

407

Amortisation of mining assets

106

Inventory change

(1)

(2)

110

197

Realised non-hedge derivatives

Adjusted operating profit

116

205

Capital expenditure

ANGLOGOLD QUARTERLY REPORT SEPTEMBER 2003 . WWW.ANGLOGOLD.COM

EAST & WEST AFRICA REGION

Quarter ended

Nine months ended

Quarter ended

Nine months ended

September

June

September

June

September

2003

2002

2003

2002

Rand / Metric

Dollar / Imperial

MORILA - Attributable 40%

OPERATING RESULTS
OPEN-PIT OPERATION
Volume mined

- 000 bcm

/ - 000 bcy

942

827

2,720

3,359

1,232

1,083

3,558

4,394

Mined

- 000 tonnes / - 000 tons

2,468

2,131

6,982

8,080

2,720

2,350

7,697

8,907

Treated

- 000 tonnes / - 000 tons

329

308

969

826

363

340

1,069

911

Stripping ratio

- t (mined total - mined ore) / t mined ore

9.25

3.19

4.63

6.51

9.25

3.19

4.63

6.51

Yield

- g / t

/ - oz / t

7.55

9.54

8.66

10.94

0.220

0.278

0.252

0.319

Gold produced

- kg

/ - oz (000)

2,483

2,942

8,391

9,040

270

291

Gold sold

- kg

/ - oz (000)

2,440

3,005

8,348

8,730

268

281

Price received

- R / kg

/ - $ / oz

- sold

83,026

84,164

85,873

104,952

350

337

341

305

Total cash costs

- R / kg

/ - $ / oz

- produced

25,875

23,387

23,779

24,727

109

Total production costs - R / kg

/ - $ / oz

- produced

42,139

38,758

39,904

48,972

177

156

159

142

PRODUCTIVITY PER EMPLOYEE
Target

- g

/ - oz

3,591

3,863

3,652

3,065

115.46

124.18

117.41

98.54

Actual

- g

/ - oz

3,374

4,282

3,983

4,014

108.47

137.67

128.04

129.06

FINANCIAL RESULTS (MILLION)
Gold income

202

253

716

916

Cost of sales

103

115

335

442

Cash operating costs

150

159

Other cash costs

Total cash costs

200

224

Rehabilitation and other non-cash costs

Production costs

204

226

Amortisation of mining assets

132

217

Inventory change

(2)

(1)

138

381

474

Realised non-hedge derivatives

Adjusted operating profit

100

138

383

475

Capital expenditure

ANGLOGOLD QUARTERLY REPORT SEPTEMBER 2003 . WWW.ANGLOGOLD.COM

EAST & WEST AFRICA REGION

Quarter ended

Nine months ended

Quarter ended

Nine months ended

September

June

September

June

September

2003

2002

2003

2002

Rand / Metric

Dollar / Imperial

NAVACHAB

OPERATING RESULTS
OPEN-PIT OPERATION
Volume mined

- 000 bcm

/ - 000 bcy

299

360

1,023

988

392

471

1,338

1,293

Mined

- 000 tonnes / - 000 tons

873

974

2,820

2,760

963

1,074

3,108

3,042

Treated

- 000 tonnes / - 000 tons

338

344

993

1,037

373

380

1,094

1,143

Stripping ratio

- t (mined total - mined ore) / t mined ore

1.12

0.69

1.11

1.71

1.12

0.69

1.11

1.71

Yield

- g / t

/ - oz / t

1.65

1.90

1.79

1.92

0.048

0.056

0.052

0.056

Gold produced

- kg

/ - oz (000)

559

657

1,780

1,993

Gold sold

- kg

/ - oz (000)

464

657

1,685

1,993

Price received

- R / kg

/ - $ / oz

- sold

85,673

85,900

88,310

103,985

360

346

350

301

Total cash costs

- R / kg

/ - $ / oz

- produced

71,907

54,756

63,000

48,288

303

220

252

140

Total production costs - R / kg

/ - $ / oz

- produced

75,214

57,533

65,861

52,209

317

231

263

151

PRODUCTIVITY PER EMPLOYEE
Target

- g

/ - oz

601

626

610

563

19.32

20.12

19.62

18.11

Actual

- g

/ - oz

424

634

512

636

13.65

20.40

16.46

20.45

FINANCIAL RESULTS (MILLION)
Gold income

149

207

Cost of sales

100

103

Cash operating costs

Other cash costs

Total cash costs

Rehabilitation and other non-cash costs

Production costs

Amortisation of mining assets

Inventory change

(3)

(1)

104

Realised non-hedge derivatives

Adjusted operating profit

104

Capital expenditure

ANGLOGOLD QUARTERLY REPORT SEPTEMBER 2003 . WWW.ANGLOGOLD.COM

EAST & WEST AFRICA REGION

Quarter ended

Nine months ended

Quarter ended

Nine months ended

September

June

September

June

September

2003

2002

2003

2002

Rand / Metric

Dollar / Imperial

SADIOLA - Attributable 38%

OPERATING RESULTS
OPEN-PIT OPERATION
Volume mined

- 000 bcm

/ - 000 bcy

832

966

2,719

2,425

1,089

1,263

3,557

3,171

Mined

- 000 tonnes / - 000 tons

1,500

1,840

5,050

4,538

1,653

2,028

5,566

5,002

Treated

- 000 tonnes / - 000 tons

470

491

1,412

1,422

518

541

1,556

1,568

Stripping ratio

- t (mined total - mined ore) / t mined ore

4.25

1.70

2.59

1.50

4.25

1.70

2.59

1.50

Yield

- g / t

/ - oz / t

2.79

2.52

2.67

2.94

0.081

0.074

0.078

0.086

Gold produced

- kg

/ - oz (000)

1,311

1,237

3,774

4,182

121

134

Gold sold

- kg

/ - oz (000)

1,242

1,193

3,772

4,183

121

134

Price received

- R / kg

/ - $ / oz

- sold

88,791

86,457

90,233

103,618

373

347

359

298

Total cash costs

- R / kg

/ - $ / oz

- produced

46,315

52,990

51,464

51,656

195

213

205

149

Total production costs - R / kg

/ - $ / oz

- produced

61,346

68,618

67,215

78,432

258

276

267

226

PRODUCTIVITY PER EMPLOYEE
Target

- g

/ - oz

2,321

2,115

2,170

2,378

74.61

68.01

69.75

76.45

Actual

- g

/ - oz

1,925

1,808

1,847

2,630

61.89

58.12

59.39

84.57

FINANCIAL RESULTS (MILLION)
Gold income

107

103

337

443

Cost of sales

252

326

Cash operating costs

171

186

Other cash costs

Total cash costs

194

216

Rehabilitation and other non-cash costs

Production costs

197

219

Amortisation of mining assets

109

Inventory change

(5)

(3)

(1)

(2)

(1)

117

Realised non-hedge derivatives

(10)

(1)

Adjusted operating profit

107

Capital expenditure

ANGLOGOLD QUARTERLY REPORT SEPTEMBER 2003 . WWW.ANGLOGOLD.COM

EAST & WEST AFRICA REGION

Quarter ended

Nine months ended

Quarter ended

Nine months ended

September

June

September

June

September

2003

2002

2003

2002

Rand / Metric

Dollar / Imperial

YATELA - Attributable 40%

OPERATING RESULTS
OPEN-PIT OPERATION
Volume mined

- 000 bcm

/ - 000 bcy

816

915

2,589

2,466

1,067

1,197

3,386

3,226

Mined

- 000 tonnes / - 000 tons

1,637

1,782

5,163

5,041

1,805

1,965

5,692

5,557

Treated

- 000 tonnes / - 000 tons

189

278

763

815

208

307

841

899

Stripping ratio

- t (mined total - mined ore) / t mined ore

10.64

7.18

7.78

7.36

10.64

7.18

7.78

7.36

Yield

- g / t

/ - oz / t

3.18

3.35

2.88

3.00

0.093

0.098

0.084

0.088

Gold produced

- kg

/ - oz (000)

601

931

2,198

2,449

Gold sold

- kg

/ - oz (000)

653

878

2,203

2,415

Price received

- R / kg

/ - $ / oz

- sold

85,574

86,232

88,491

105,780

358

346

352

306

Total cash costs

- R / kg

/ - $ / oz

- produced

59,628

49,406

53,651

56,916

250

198

214

165

Total production costs - R / kg

/ - $ / oz

- produced

89,982

61,318

72,618

70,623

378

246

290

204

PRODUCTIVITY PER EMPLOYEE
Target

- g

/ - oz

1,089

1,667

1,326

1,607

35.02

53.60

42.64

51.68

Actual

- g

/ - oz

760

1,383

1,065

1,491

24.43

44.46

34.25

47.95

FINANCIAL RESULTS (MILLION)
Gold income

195

255

Cost of sales

158

171

Cash operating costs

104

121

Other cash costs

Total cash costs

118

140

Rehabilitation and other non-cash costs

Production costs

122

143

Amortisation of mining assets

Inventory change

(3)

(2)

Realised non-hedge derivatives

Adjusted operating profit

Capital expenditure

ANGLOGOLD QUARTERLY REPORT SEPTEMBER 2003 . WWW.ANGLOGOLD.COM

NORTH AMERICA REGION

Quarter ended

Nine months ended

Quarter ended

Nine months ended

September

June

September

June

September

2003

2002

2003

2002

Rand / Metric

Dollar / Imperial

CRIPPLE CREEK & VICTOR J.V.
OPERATING RESULTS
OPEN-PIT OPERATION
Mined

- 000 tonnes / - 000 tons

12,760

10,189

33,788

34,105

14,066

11,232

37,245

37,595

Treated

- 000 tonnes / - 000 tons

6,745

6,670

19,846

15,732

7,435

7,354

21,876

17,342

Stripping ratio

- t (mined total - mined ore) / t mined ore

2.12

1.54

1.99

1.96

2.12

1.54

1.99

1.96

Yield

- g / t

/ - oz / t

0.31

0.36

0.33

0.29

0.009

0.011

0.009

Gold in ore

- kg

/ - oz (000)

3,821

4,646

12,347

14,928

123

149

397

480

Gold produced

- kg

/ - oz (000)

2,065

2,433

6,456

4,619

207

149

Gold sold

- kg

/ - oz (000)

2,065

2,433

6,456

4,619

208

148

Price received

- R / kg

/ - $ / oz

- sold

86,295

85,559

86,389

116,445

363

344

337

Total cash costs *

- R / kg

/ - $ / oz

- produced

51,696

46,736

49,537

66,167

217

188

197

191

Total production costs - R / kg

/ - $ / oz

- produced

75,156

77,817

77,843

113,257

315

313

310

328

PRODUCTIVITY PER EMPLOYEE
Target

- g

/ - oz

3,281

2,488

2,641

2,164

105.49

80.00

84.93

69.59

Actual

- g

/ - oz

2,080

2,447

2,196

1,627

66.87

78.68

70.59

52.32

FINANCIAL RESULTS (MILLION)
Gold income

163

205

539

526

Cost of sales

156

189

502

524

Cash operating costs

148

142

430

483

Other cash costs

Total cash costs

152

147

445

483

Rehabilitation and other non-cash costs

(16)

(6)

(32)

(100)

(2)

(4)

(9)

Production costs

136

141

413

383

Amortisation of mining assets

215

318

Inventory change

(45)

(34)

(126)

(177)

(6)

(4)

(16)

(1)

Realised non-hedge derivatives

Adjusted operating profit

Capital expenditure

167

633

* Total cash cost calculation includes Inventory change

ANGLOGOLD QUARTERLY REPORT SEPTEMBER 2003 . WWW.ANGLOGOLD.COM

NORTH AMERICA REGION

Quarter ended

Nine months ended

Quarter ended

Nine months ended

September

June

September

June

September

2003

2002

2003

2002

Rand / Metric

Dollar / Imperial

JERRITT CANYON J.V. - Attributable 70%
OPERATING RESULTS
UNDERGROUND OPERATION
Mined

- 000 tonnes / - 000 tons

240

479

688

265

528

759

Treated

- 000 tonnes / - 000 tons

232

463

677

256

511

746

Yield

- g / t

/ - oz / t

7.41

7.15

8.02

0.216

0.209

0.234

Gold in ore

- kg

/ - oz (000)

1,727

3,422

5,888

110

190

Gold produced

- kg

/ - oz (000)

1,719

3,311

5,425

107

174

Gold sold

- kg

/ - oz (000)

1,719

3,311

5,410

106

174

Price received

- R / kg

/ - $ / oz

- sold

86,232

86,625

116,292

346

336

337

Total cash costs

- R / kg

/ - $ / oz

- produced

67,158

69,686

90,212

270

260

Total production costs - R / kg

/ - $ / oz

- produced

90,237

94,657

124,686

363

366

359

PRODUCTIVITY PER EMPLOYEE
Target

- g

/ - oz

2,154

2,015

2,414

69.27

64.78

77.62

Actual

- g

/ - oz

1,991

1,899

2,080

64.00

61.07

66.86

FINANCIAL RESULTS (MILLION)
Gold income

145

284

615

Cost of sales

161

322

665

Cash operating costs

115

229

489

Other cash costs

Total cash costs

116

231

489

Rehabilitation and other non-cash costs

Production costs

118

236

501

Amortisation of mining assets

175

Inventory change

(11)

(1)

(16)

(38)

(50)

(3)

(5)

(4)

Realised non-hedge derivatives

Adjusted operating profit

(14)

(36)

(37)

(2)

(5)

(3)

Capital expenditure

ANGLOGOLD QUARTERLY REPORT SEPTEMBER 2003 . WWW.ANGLOGOLD.COM

SOUTH AMERICA REGION

Quarter ended

Nine months ended

Quarter ended

Nine months ended

September

June

September

June

September

2003

2002

2003

2002

Rand / Metric

Dollar / Imperial

CERRO VANGUARDIA - Attributable 92.50% *
OPERATING RESULTS
OPEN-PIT OPERATION
Mined

- 000 tonnes / - 000 tons

4,199

4,153

11,557

5,822

4,628

4,577

12,740

6,418

Treated

- 000 tonnes / - 000 tons

213

227

659

377

235

251

727

416

Stripping ratio

- t (mined total - mined ore) / t mined ore

19.69

19.23

18.37

14.44

19.69

19.23

18.37

14.44

Yield

- g / t

/ - oz / t

6.05

6.70

7.11

9.31

0.176

0.196

0.207

0.272

Gold in ore

- kg

/ - oz (000)

1,353

1,593

4,880

3,647

157

117

Gold produced

- kg

/ - oz (000)

1,291

1,524

4,687

3,512

151

113

Gold sold

- kg

/ - oz (000)

1,292

1,605

4,791

3,631

154

117

Price received

- R / kg

/ - $ / oz

- sold

76,188

85,207

84,477

109,205

320

343

333

316

Total cash costs

- R / kg

/ - $ / oz

- produced

41,121

37,753

36,433

35,011

173

152

145

102

Total production costs - R / kg

/ - $ / oz

- produced

72,220

67,966

65,177

70,760

303

274

259

206

PRODUCTIVITY PER EMPLOYEE
Target

- g

/ - oz

1,664

1,613

1,644

1,651

53.51

51.85

52.87

53.07

Actual

- g

/ - oz

853

1,052

1,057

1,581

27.44

33.83

33.97

50.83

FINANCIAL RESULTS (MILLION)
Gold income

103

143

425

416

Cost of sales

104

302

259

Cash operating costs

137

Other cash costs

Total cash costs

171

123

Rehabilitation and other non-cash costs

Production costs

173

128

Amortisation of mining assets

132

121

Inventory change

(1)

(3)

123

157

Realised non-hedge derivatives

Adjusted operating profit

136

172

Capital expenditure

* Effective July 2002 (previously 46.25%)

ANGLOGOLD QUARTERLY REPORT SEPTEMBER 2003 . WWW.ANGLOGOLD.COM

SOUTH AMERICA REGION

Quarter ended

Nine months ended

Quarter ended

Nine months ended

September

June

September

June

September

2003

2002

2003

2002

Rand / Metric

Dollar / Imperial

MORRO VELHO
OPERATING RESULTS
UNDERGROUND OPERATION
Mined

- 000 tonnes / - 000 tons

222

231

676

624

245

255

745

688

Treated

- 000 tonnes / - 000 tons

222

235

673

622

245

258

743

687

Yield

- g / t

/ - oz / t

7.22

6.69

6.99

7.12

0.210

0.195

0.204

0.208

Gold in ore

- kg

/ - oz (000)

1,723

1,686

5,074

4,823

163

155

Gold produced

- kg

/ - oz (000)

1,604

1,569

4,710

4,434

152

142

SURFACE AND DUMP RECLAMATION
Treated

- 000 tonnes / - 000 tons

Yield

- g / t

/ - oz / t

1.90

0.055

Gold produced

- kg

/ - oz (000)

OPEN-PIT OPERATION
Mined

- 000 tonnes / - 000 tons

1,305

1,405

3,194

1,061

1,438

1,548

3,521

1,169

Treated

- 000 tonnes / - 000 tons

116

128

Stripping ratio

- t (mined total - mined ore) / t mined ore

32.34

26.92

26.40

14.20

32.34

26.92

26.40

14.20

Yield

- g / t

/ - oz / t

4.92

3.39

3.76

3.79

0.143

0.099

0.110

0.111

Gold in ore

- kg

/ - oz (000)

198

169

490

294

Gold produced

- kg

/ - oz (000)

173

153

437

264

TOTAL
Yield

- g / t

/ - oz / t

6.48

6.16

6.38

6.78

0.189

0.180

0.187

0.197

Gold produced

- kg

/ - oz (000)

1,822

1,722

5,192

4,698

167

151

Gold sold

- kg

/ - oz (000)

1,777

1,763

5,229

4,705

168

151

Price received

- R / kg

/ - $ / oz

- sold

84,812

88,835

91,527

116,248

355

357

364

336

Total cash costs

- R / kg

/ - $ / oz

- produced

34,827

35,631

34,824

46,914

146

143

139

135

Total production costs - R / kg

/ - $ / oz

- produced

48,029

50,421

49,424

68,908

202

203

197

199

PRODUCTIVITY PER EMPLOYEE
Target

- g

/ - oz

469

427

433

365

15.09

13.74

13.92

11.75

Actual

- g

/ - oz

469

443

442

440

15.09

14.24

14.20

14.16

FINANCIAL RESULTS (MILLION)
Gold income

149

152

458

534

Cost of sales

256

324

Cash operating costs

176

215

Other cash costs

Total cash costs

181

220

Rehabilitation and other non-cash costs

Production costs

186

225

Amortisation of mining assets

Inventory change

(3)

(1)

202

210

Realised non-hedge derivatives

Adjusted operating profit

223

Capital expenditure

135

136

ANGLOGOLD QUARTERLY REPORT SEPTEMBER 2003 . WWW.ANGLOGOLD.COM

SOUTH AMERICA REGION

Quarter ended

Nine months ended

Quarter ended

Nine months ended

September

June

September

June

September

2003

2002

2003

2002

Rand / Metric

Dollar / Imperial

SERRA GRANDE - Attributable 50%
OPERATING RESULTS
UNDERGROUND OPERATION
Mined

- 000 tonnes / - 000 tons

280

277

104

102

309

305

Treated

- 000 tonnes / - 000 tons

283

282

105

104

312

311

Yield

- g / t

/ - oz / t

7.89

7.94

7.91

7.88

0.230

0.232

0.231

0.230

Gold in ore

- kg

/ - oz (000)

765

775

2,310

Gold produced

- kg

/ - oz (000)

753

749

2,239

2,221

Gold sold

- kg

/ - oz (000)

697

778

2,177

2,259

Price received

- R / kg

/ - $ / oz

- sold

84,284

88,972

91,350

116,880

354

357

363

337

Total cash costs

- R / kg

/ - $ / oz

- produced

26,026

25,756

25,570

35,550

109

104

102

Total production costs - R / kg

/ - $ / oz

- produced

38,624

39,655

39,561

55,551

162

160

158

160

PRODUCTIVITY PER EMPLOYEE
Target

- g

/ - oz

900

889

890

895

28.92

28.60

28.76

Actual

- g

/ - oz

939

957

948

946

30.19

30.78

30.48

30.41

FINANCIAL RESULTS (MILLION)
Gold income

191

256

Cost of sales

128

Cash operating costs

Other cash costs

Total cash costs

Rehabilitation and other non-cash costs

Production costs

Amortisation of mining assets

Inventory change

(3)

106

128

Realised non-hedge derivatives

Adjusted operating profit

114

137

Capital expenditure

ANGLOGOLD QUARTERLY REPORT SEPTEMBER 2003 . WWW.ANGLOGOLD.COM

AUSTRALIA REGION

Quarter ended

Nine months ended

Quarter ended

Nine months ended

September

June

September

June

September

2003

2002

2003

2002

Rand / Metric

Dollar / Imperial

SUNRISE DAM
OPERATING RESULTS
OPEN-PIT OPERATION
Volume mined

- 000 bcm

/ - 000 bcy

6,186

5,583

15,474

12,438

8,092

7,303

20,240

16,269

Treated

- 000 tonnes / - 000 tons

889

879

2,612

2,542

980

969

2,880

2,802

Stripping ratio

- t (mined total - mined ore) / t mined ore

18.81

17.24

16.27

11.39

18.81

17.24

16.27

11.39

Yield

- g / t

/ - oz / t

2.98

2.97

3.15

3.58

0.087

0.092

0.104

Gold produced

- kg

/ - oz (000)

2,652

2,613

8,233

9,095

265

292

Gold sold

- kg

/ - oz (000)

2,640

2,797

8,222

9,203

264

296

Price received

- R / kg

/ - $ / oz

- sold

84,662

91,104

92,045

104,577

357

366

304

Total cash costs

- R / kg

/ - $ / oz

- produced

57,704

60,712

56,934

59,387

242

244

227

172

Total production costs - R / kg

/ - $ / oz

- produced

73,029

78,480

73,026

76,563

307

315

291

222

PRODUCTIVITY PER EMPLOYEE
Target

- g

/ - oz

3,271

3,056

3,132

1,947

105.16

98.24

100.70

62.60

Actual

- g

/ - oz

2,889

2,782

2,952

3,214

92.90

89.44

94.91

103.33

FINANCIAL RESULTS (MILLION)
Gold income

220

255

741

921

Cost of sales

201

207

618

648

Cash operating costs

147

152

451

516

Other cash costs

Total cash costs

153

158

469

540

Rehabilitation and other non-cash costs

Production costs

155

160

475

546

Amortisation of mining assets

127

150

Inventory change

(48)

(4)

123

273

Realised non-hedge derivatives

(1)

Adjusted operating profit

140

314

Capital expenditure

111

ANGLOGOLD QUARTERLY REPORT SEPTEMBER 2003 . WWW.ANGLOGOLD.COM

AUSTRALIA REGION

Quarter ended

Nine months ended

Quarter ended

Nine months ended

September

June

September

June

September

2003

2002

2003

2002

Rand / Metric

Dollar / Imperial

UNION REEFS
OPERATING RESULTS
OPEN-PIT OPERATION
Volume mined

- 000 bcm

/ - 000 bcy

496

1,387

2,283

648

1,814

2,986

Treated

- 000 tonnes / - 000 tons

680

702

2,030

2,031

750

774

2,237

2,239

Stripping ratio

- t (mined total - mined ore) / t mined ore

1.99

3.65

5.27

2.97

1.99

3.65

5.27

2.97

Yield

- g / t

/ - oz / t

1.02

1.25

1.06

1.39

0.030

0.036

0.031

0.040

Gold produced

- kg

/ - oz (000)

693

875

2,157

2,817

Gold sold

- kg

/ - oz (000)

708

863

2,177

2,829

Price received

- R / kg

/ - $ / oz

- sold

85,601

90,052

91,346

104,426

360

362

364

302

Total cash costs

- R / kg

/ - $ / oz

- produced

57,143

57,966

70,313

75,620

240

233

278

218

Total production costs - R / kg

/ - $ / oz

- produced

57,172

58,782

73,471

93,354

240

237

290

268

PRODUCTIVITY PER EMPLOYEE
Target

- g

/ - oz

2,809

2,706

2,882

2,183

90.30

87.00

92.65

70.18

Actual

- g

/ - oz

2,151

1,874

1,654

1,995

69.15

60.24

53.19

64.14

FINANCIAL RESULTS (MILLION)
Gold income

195

280

Cost of sales

169

262

Cash operating costs

152

213

Other cash costs

Total cash costs

152

213

Rehabilitation and other non-cash costs

Production costs

157

230

Amortisation of mining assets

Inventory change

(1)

Realised non-hedge derivatives

Adjusted operating profit

Capital expenditure

ANGLOGOLD QUARTERLY REPORT SEPTEMBER 2003 . WWW.ANGLOGOLD.COM

Administrative

information

AngloGold Limited
Registration No. 1944/017354/06
Incorporated in the Republic of South Africa
ISIN: ZAE000043485
Share codes:

JSE: ANG
LSE: 79 LK
NYSE: AU
ASX: AGG
Euronext Paris: VA FP
Euronext Brussels: ANG BB

JSE Sponsor: UBS

Auditors: Ernst & Young

Contacts
South Africa
Steve Lenahan
Telephone: +27 11 637 6248
Fax: +27 11 637 6400
E-mail: slenahan@anglogold.com

Peta Baldwin
Telephone: +27 11 637 6647
Fax: +27 11 637 6399
E-mail: pbaldwin@anglogold.com

Europe/Asia
Tomasz Nadrowski
Telephone: +1 212 750 7999
Fax: +1 212 750 5626
E-mail: tnadrowski@anglogold.com

United States of America
Charles Carter
Telephone: (800) 417 9255 (toll free in USA
and Canada) or +1 212 750 7999
Fax: +1 212 750 5626
E-mail: cecarter@anglogold.com

Australia
Andrea Maxey
Telephone: + 61 8 9425 4604
Fax: + 61 8 9425 4662
E-mail: amaxey@anglogold.com.au

General E-mail enquiries
investors@anglogold.com

AngloGold website
http://www.anglogold.com

Directors
Executive
R M Godsell (Chief Executive Officer)
J G Best
D L Hodgson
K H Williams

Non-Executive
R P Edey* (Chairman)
Dr T J Motlatsi (Deputy Chairman)
F B Arisman#

Mrs E le R Bradley
C B Brayshaw
A W Lea (Alternate: P G Whitcutt)
W A Nairn (Alternate: A H Calver*)
J Ogilvie Thompson (Alternate: D D Barber)
N F Oppenheimer
A J Trahar

* British

#American

Offices
Registered and Corporate
Managing Secretary
Ms Y Z Simelane

Company Secretary
C R Bull

11 Diagonal Street
Johannesburg 2001
(PO Box 62117, Marshalltown 2107)
South Africa
Telephone: +27 11 637 6000
Fax: +27 11 637 6624

Australia
Level 13, St Martins Tower
44 St George's Terrace
Perth, WA 6000
(PO Box Z5046, Perth WA 6831)
Australia
Telephone: +61 8 9425 4604
Fax: +61 8 9425 4662

United Kingdom Secretaries
St James's Corporate Services Limited
6 St James's Place
London SW1A 1NP
England
Telephone: +44 20 7499 3916
Fax: +44 20 7491 1989

Share Registrars
South Africa
Computershare Limited
Ground Floor, 70 Marshall Street
Johannesburg 2001
(PO Box 61051, Marshalltown 2107)
South Africa
Telephone: +27 11 370 7700
Fax: +27 11 688 7722

United Kingdom
Computershare Investor Services PLC
PO Box 82
The Pavilions
Bridgwater Road
Bristol BS99 7NH
England
Telephone: +44 870 702 0001
Fax: +44 870 703 6119

Australia
Computershare Investor Services Pty Limited
Level 2, 45 St George's Terrace
Perth, WA 6000
(GPO Box D182 Perth, WA 6840)
Australia
Telephone: +61 8 9323 2000
Telephone: 1300 55 7010 (in Australia)
Fax: +61 8 9323 2033

ADR Depositary
The Bank of New York
101 Barclay Street
22nd Floor
New York, NY 10286
United States of America
Telephone: +1 888 269 2377
Fax: +1 212 571 3050/3052

Global BuyDIRECT

The Bank of New York maintains a direct
share purchase and dividend reinvestment
plan for AngloGold. For additional
information, please visit The Bank of New
York's website at www.globalbuydirect.com
or call Shareholder Relations Department at
1-888-BNY-ADRS or write to:
The Bank of New York
Church Street Station
PO Box 11258
New York, NY 10286-1258
United States of America
Fax: +1 302 738 7210

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 action, fluctuations in gold prices and exchange rates, and business and operational risk management. For a discussion of such factors, refer to the annual report on Form 20-F for the year ended 31 December 2002, which was filed with the Securities and Exchange Commission on 7 April 2003.