NEWS RELEASE - ANGLOGOLD ANNUAL REPORT ANNOUNCEMENT

29 MARCH 1999

OPPENHEIMER AND GODSELL PREDICT A TOUGH YEAR FOR THE GOLD INDUSTRY

IN 1999, ANGLOGOLD WOULD CONCENTRATE ON CREATING VALUE AT CURRENT GOLD PRICES.
THIS WAS ONE OF THE POINTS MADE BY CHAIRMAN NICKY OPPENHEIMER AND CEO BOBBY
GODSELL IN THEIR JOINT COMMENTARY IN THE COMPANY'S 1998 ANNUAL REVIEW.
THEY CITED THE MARKET, AND ANGLOGOLD'S MARGINS AND GROWTH AS THE MAIN
CHALLENGES FACING THE COMPANY.

CONSIDERABLE CHANGES AND MAJOR ACCOMPLISHMENTS HAD BEEN THE HALLMARKS OF 1998.
THE MERGING OF THE GOLD INTERESTS OF ANGLO AMERICAN HAD CREATED THE WORLD'S
LARGEST GOLD PRODUCER AND HOLDER OF THE MOST EXTENSIVE RESERVES AND RESOURCES.
"NEVERTHELESS, WE KNEW THAT WE HAD SOME CONSIDERABLE WORK TO DO IN RESPECT OF
OTHER IMPORTANT, MEASURABLE CRITERIA BEFORE OUR STAKEHOLDERS COULD BE PERSUADED
THAT WE WERE ALSO THE BEST," THEY OBSERVED.

A KEY ISSUE WAS TO ESTABLISH A BOARD WHOSE MEMBERS HAD DEPTH AND VARIETY OF
EXPERIENCE.  "WE NOW HAVE SUCH A BOARD, COMPRISING 15 DIRECTORS WITH A WEALTH
OF VALUE-ADDING KNOWLEDGE IN FIELDS RANGING FROM TRADE UNIONISM TO MARKETING,"
THEY SAID.

FOR THE 1999 FINANCIAL YEAR, THE COMPANY WOULD REMAIN FOCUSED ON MARGINS AND ON
IMPROVED LEVELS OF PRODUCTIVITY.

 "WE HAVE EMBARKED UPON AMBITIOUS PROGRAMMES, EXTENDING OVER FIVE YEARS, TO
REDESIGN OUR WORKPLACES, RESKILL OUR EMPLOYEES AND MANAGERS, ADVANCE OUR
TECHNOLOGIES AND DRAMATICALLY IMPROVE OUR SAFETY PERFORMANCE," THEY REPORTED.
TOGETHER WITH OTHER PRODUCERS THROUGH COLLECTIVE MEMBERSHIP

OF THE WORLD GOLD COUNCIL, ANGLOGOLD WOULD CONTINUE TO PURSUE

THE DEREGULATION OF KEY GOLD MARKETS SUCH AS CHINA, AND TO SEEK MORE

UNDERSTANDING OF, AND INFORMATION AVAILABLE ABOUT, PAPER GOLD MARKETS.
ON GROWTH, THEY NOTED THAT ANGLOGOLD WAS COMMITTED TO ENSURING GROWTH THAT
ENHANCES THE PROFITABILITY OF EACH OUNCE PRODUCED, SECURES PROFITABLE

REPLACEMENT OUNCES AND DIVERSIFIES ALL ASPECTS OF RISK ATTACHED TO THESE OUNCES
"WE EXPECT A YEAR OF TOUGH CHALLENGES FOR EVERYONE INVOLVED IN THE GOLD
INDUSTRY AND EACH PRODUCTIVITY ACHIEVEMENT SIMPLY RAISES THE BAR A LITTLE
HIGHER," THEY SAID.
ENDS
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