ANGLOGOLD - ANNUAL REPORT ANNOUNCEMENT

29 MARCH 1999

ANGLOGOLD FORECASTS A PROMISING YEAR FOR THE PHYSICAL GOLD MARKET

FROM 1999, ANGLOGOLD WILL UNDERTAKE MARKET DEVELOPMENT ACTIVITIES IN THE NAME
OF THE COMPANY, AND IN PARTNERSHIP WITH THE WORLD GOLD COUNCIL (WGC) AND OTHER
AGENCIES WHERE THIS IS TO THE BEST ADVANTAGE OF GOLD.  THIS IS STATED IN THE
COMPANY'S 1998 ANNUAL REVIEW WHICH WAS RELEASED TODAY (MONDAY, 29 MARCH 1999).
ANGLOGOLD SAYS ITS MARKETING DEVELOPMENT INITIATIVE IS DRIVEN BY THE BELIEF
THAT THE SEPARATION OF GOLD MINING COMPANIES FROM THE FINAL CONSUMER MARKET FOR
GOLD METAL IS NOT IN THE INTEREST OF THE LONG-TERM HEALTH OF THE MARKET FOR THE
PRODUCT.

AS A LEADING GOLD COMPANY, ANGLOGOLD BELIEVES IT CAN PLAY A POSITIVE ROLE IN
IMPROVING THE POSITION OF GOLD IN WORLD MARKETS, AND HAS SET ASIDE $21 MILLION
ANNUALLY FOR MARKET DEVELOPMENT.

OF THIS AMOUNT, ABOUT $9 MILLION WILL GO TO MEMBERSHIP OF THE WGC AND THE
BALANCE WILL BE AVAILABLE FOR THE COMPANY'S MARKET DEVELOPMENT ACTIVITIES.
LOOKING BACK ON 1998, ANGLOGOLD SAYS THE PRIME DISAPPOINTMENT WAS THE FAILURE
OF GOLD TO REACT POSITIVELY TO MAJOR CURRENCY, FINANCIAL AND EQUITY CRISES.
THE STATE OF THE PHYSICAL GOLD MARKET, HOWEVER, OFFERS ENCOURAGEMENT FOR THE
FUTURE.  INDIA'S ESTIMATED OFF-TAKE OF 815 TONNES, AND GOLD OFF-TAKE OF 428
TONNES IN THE UNITED STATES IN 1998 BOTH REPRESENTED NEW ANNUAL HIGHS.
WITH SOUND PHYSICAL FUNDAMENTALS LOOKING LIKELY FOR 1999, THE CRITICAL AND
DETERMINING FACTOR IN THE HEALTH OF THE GOLD MARKET WILL BE THAT OF INVESTOR
SENTIMENT IN THE DEVELOPED COUNTRIES.

THE COMPANY REPORTED THAT ITS HEDGING ACTIVITIES FOR 1998 FOCUSED BOTH ON
DELIVERING PRICE PROTECTION TO ITS OPERATIONS DURING A YEAR OF VOLATILE LOCAL
PRICES, AND AT REBUILDING AND EXPANDING THE HEDGE TO MEET THE NEEDS OF ITS
GROWING PRODUCTION BASE.

OVER THE PAST YEAR, R1,3 BILLION OF VALUE WAS TRANSFERRED FROM THE HEDGE BOOK
TO MINING AND NON-MINING REVENUE, USING MUCH OF THE HEDGE COVER AVAILABLE FOR
THE YEAR. THE LOCAL OPERATION'S HEDGE COVER FOR THE LATTER PART OF THE YEAR WAS
REBUILT TO A TOTAL OF 255 TONNES SPREAD OVER TEN YEARS AT AN AVERAGE PRICE OF
R80 369 PER KILOGRAM, AND 59% PRICED IN RANDS.

FOLLOWING ANGLOGOLD'S SUCCESSFUL TENDER FOR THE GOLD ASSETS OF MINORCO, THE
COMPANY ENTERED INTO ADDITIONAL FORWARD SALES OF SOME 113 TONNES OF GOLD PRICED
IN DOLLARS TO GUARANTEE REVENUES FROM THESE NEW ACQUISITIONS AS PART OF THE
CONDITIONS OF LOAN FINANCING OBTAINED AGAINST THIS ACQUISITION.

IN 1999, ANGLOGOLD INTENDS TO MAINTAIN THIS LEVEL OF HEDGING, AND TO ACTIVELY
MANAGE FORWARD SALE CONTRACTS WHICH MATURE DURING THIS PERIOD.
ENDS
WWW.ANGLOGOLD.COM
QUERIES:
SOUTH AFRICA & EUROPE
JAMES DUNCAN
(+27 11) 637 6147 (W)
(+27 11) 849 4161 (H)
+2711 82 892 8052 (M)
NORTH AMERICA
STEVE LENAHAN
+91 212 317 3818 (W)
+91 732 740 1568 (M)
CHARLES CARTER
+91 303 843 9255 (W)
+91 303 888 7412 (M)