ANGLOGOLD - RESULTS FOR SIX MONTHS TO 30 JUNE 1998

ANGLOGOLD
RESULTS FOR SIX MONTHS TO 30 JUNE 1998

THE NEW ANGLOGOLD, THE SOUTH-AFRICAN BASED GOLD COMPANY, TODAY ANNOUNCES
FINANCIAL RESULTS FOR THE SIX MONTHS ENDED 30 JUNE 1998.

- GOLD REVENUE PER KILOGRAM UP 6% TO R56 292 (INTERNATIONAL ACCOUNTING
STANDARDS: DOWN 3% TO $359 PER OUNCE)
- CASH COSTS DOWN 15% TO US$247/OUNCE PRODUCED

- OPERATING PROFIT UP 31% TO R1 353 MILLION (IAS: UP 61%  TO US$197.1 M)
- PROFIT ATTRIBUTABLE* UP 41,6% TO R621,5 MILLION (IAS: UP 24% TO US$98.2 M)
- INTERIM DIVIDEND OF R7.50 PER SHARE (US$1.28)
* EXCLUDING EXTRAORDINARY ITEMS.

INDIVIDUAL COMPANIES' FIRST QUARTER RESULTS, PREVIOUSLY ANNOUNCED IN INDIVIDUAL
FORM, HAVE BEEN RESTATED WHILE THE FIGURES FOR THE PREVIOUS SIX MONTHS HAVE
BEEN AGGREGATED FOR COMPARATIVE PURPOSES.

BOBBY GODSELL, ANGLOGOLD'S CHIEF EXECUTIVE OFFICER, SAID:

"THESE RESULTS, THE FIRST FOR THE NEW ANGLOGOLD, PROVIDE EVIDENCE THAT WE ARE
DOING WHAT WE HAVE PROMISED: TO BUILD NOT ONLY THE BIGGEST BUT ALSO THE BEST
GOLD COMPANY IN THE WORLD.  A COMPANY WHICH CAN PRODUCE HIGH VOLUMES OF
PROFITABLE GOLD OUNCES TODAY, ACCUMULATE PROFITABLE RESERVE OUNCES FOR TOMORROW
AND OFFER SHAREHOLDERS SIGNIFICANT REWARDS."

"IN OUR SOUTH AFRICAN OPERATIONS, WE HAVE NOW ACHIEVED A SCALE AND STRUCTURE
WHICH WE BELIEVE IS SUSTAINABLE WELL INTO THE NEXT CENTURY.  WE INTEND TO
CONTINUE TO PUBLICLY TARGET SPECIFIC PRODUCTIVITY INCREASES."

ANGLOGOLD'S NEW STRUCTURE COMPRISES ONE SINGLE COMPANY WITH 16 BUSINESSES, SOME
OF WHICH HAVE BEEN RENAMED. THESE BUSINESSES WILL REPORT ON A MINE BY MINE
BASIS AND WILL MANAGE ALL OPERATIONAL ACTIVITY.  INITIAL RESULTS HAVE ALREADY
PROVED THIS TO BE MORE COST EFFICIENT.
OPERATIONAL REVIEW

                                          SIX MONTHS TO 30            %
                                          JUNE

                                          1998         1997           CHANGE
TOTAL GOLD PRODUCED                       104 744      100 641        4,1
CASH COSTS ($/OUNCE PRODUCED)             247          292            -15,4
UNDERGROUND OPERATIONS

GOLD PRODUCED (KGS)                       93 051       92 547         0,5
AREA MINED (000M2)                        2 138        2 503          -14,56
TONS MILLED - REEF (000)                  11 220       13 364         -16,0
AVG. YIELD (G/T)                          7,73         6,42           20,4
SURFACE AND DUMP RECLAMATION

GOLD PRODUCED (KGS)                       8 113        8 094          0,2
TONS TREATED (000)                        27 564       28 773         4,2
AVG. YIELD (G/T)                          0,29         0,28           3,6
OPEN CUT OPERATIONS
GOLD PRODUCED (KGS)                       3 580
TONS MINED (000)                          3 472
TONS TREATED (000)                        1 397
AVG. YIELD (G/T)                          2,56
PROSPECTS

WITH THE FALL OF THE SOUTH AFRICAN RAND, GOLD PRICES IN RAND TERMS ARE LIKELY
TO BE HIGHER.  ANGLOGOLD WILL BENEFIT FROM THE GEARING EFFECT OF RAND

DENOMINATED COSTS AND DOLLAR DENOMINATED REVENUES.  HOWEVER, THE COMPANY IS
SEEKING TO BE A VALUE INVESTMENT IN REAL TERMS. THE MARKET WILL MEASURE
ANGLOGOLD'S PERFORMANCE IN BOTH DOLLAR AND RAND TERMS, AND NON-SOUTH AFRICAN
INVESTORS WILL EXPECT GOOD DOLLAR DIVIDENDS.  THESE CAN ONLY BE ACHIEVED BY
GOOD MARGINS THROUGH MINING EXCELLENCE.  ONE MEASURE OF SUCCESS OR FAILURE IS
COST PERFORMANCE EXPRESSED IN DOLLAR PER OUNCE TERMS.

THE COMPANY WILL CONTINUE TO SHARPEN THE FOCUS OF MINING THROUGH THE

PROGRESSIVE APPLICATION OF APPROPRIATE, AND IN MANY CASES, PROPRIETARY
TECHNOLOGIES.  THE GROUP IS WORKING HARD ON PROGRAMMES TO MINE SAFELY AND
PROFITABLY AT BELOW 4 000 METRES AND TO MANAGE ITS OTHER KEY ASSETS (AFTER ITS
PEOPLE) - THE ORE BODY.
MR GODSELL CONCLUDES:

"EXPLORATION ACTIVITIES ABOARD ARE WELL ESTABLISHED IN EAST, CENTRAL AND WEST
AFRICA.  WE WILL CONTINUE OUR SEARCH FOR BOTH PARTNERSHIPS AND POSSIBLE
ACQUISITIONS ON A GLOBAL BASIS.  WITH 140 MILLION OUNCES OF RESERVES AND 414
MILLION OUNCES OF RESOURCES, WE CAN AFFORD TO TAKE OUR TIME AND TO BE

ABSOLUTELY SURE THAT EVERY OUNCE OF NEW PRODUCTION ENHANCES THE PROFITABILITY
OF ANGLOGOLD."
NOTE TO EDITORS

IN THE ANGLOGOLD RESTRUCTURING, SOME MINES HAVE BEEN RENAMED.  THE FOLLOWING IS
A LIST OF ANGLOGOLD'S COMPONENT PARTS.
VAAL RIVER OPERATIONS

GREAT NOLIGWA                  (VAAL REEFS SHAFT 8)

KOPANANG                       (VAAL REEFS SHAFT 9)

TAU LEKOA                      (VAAL REEFS SHAFT 10)

MOAB KHOTSONG                  (VAAL REEFS SHAFT 11)
WEST WITS OPERATIONS
WESTERN DEEP LEVELS SOUTH MINE
WESTERN DEEP LEVELS EAST MINE
WESTERN DEEP LEVELS WEST MINE
ELANDSRAND - INCLUDING DEELKRAAL SECTION
FREE STATE OPERATIONS
JOEL                           (HJ JOEL)
BAMBANANI                      (FREEGOLD 1)
TSHEPONG                       (FREEGOLD 2)
MASIMONG                       (FREEGOLD 3)
MATJHABENG                     (WESTERN HOLDINGS)
ERGO OPERATIONS
AFRICA OPERATIONS
NAVACHAB - JOINT VENTURE IN NAMIBIA
SADIOLA - JOINT VENTURE IN MALI