NEWS RELEASE - ANGLOGOLD ANNUAL REPORT ANNOUNCEMENT

29 MARCH 1999
ANGLOGOLD POSTS IMPROVED EARNINGS IN 1998

IN 1998 ANGLOGOLD AIMED FOR AND ACHIEVED A SIGNIFICANT REFOCUS OF ITS GOLD
PRODUCTION ACTIVITIES. DESPITE A 10% DROP IN GOLD PRODUCTION WHICH RESULTED
FROM THE SALE OF 24 SHAFTS, REVENUE IMPROVED MARGINALLY TO R12 003 MILLION.
THIS WAS STATED IN THE COMPANY'S 1998 ANNUAL REVIEW AND REPORT TO SHAREHOLDERS
WHICH WAS PUBLISHED TODAY (MONDAY, 29 MARCH 1999).

IN THEIR JOINT COMMENTARY IN THE REVIEW, ANGLOGOLD CHAIRMAN NICKY OPPENHEIMER
AND CEO BOBBY GODSELL SAID THE COMPANY'S FINANCIAL PERFORMANCE, MEASURED ON THE
INTERNATIONAL ACCOUNTING STANDARDS BASIS, IMPROVED SIGNIFICANTLY OVER 1997.
HEADLINE EARNINGS WERE UP BY 99% TO R1 534 MILLION (OR IN DOLLAR TERMS BY 63%
TO $277 MILLION).

THE OPERATING MARGIN IMPROVED FROM 5% TO 20% AND THE RETURN ON CAPITAL EMPLOYED
ROSE TO 21% FROM 7%. THIS ENABLED THE COMPANY TO GENERATE CASH FLOW OF R2 786
MILLION FROM OPERATIONS

UNIT PRODUCTION COSTS - IN CASH COST TERMS - DECLINED BY 2% IN RAND TERMS TO
R40 439 PER KILOGRAM AND BY 18% IN DOLLAR TERMS TO $229 PER OUNCE.

ANGLOGOLD SAID IT BELIEVED THESE WERE SIGNIFICANT ACHIEVEMENTS IN AN INDUSTRY
WHERE THE PRODUCT PRICE WAS AT A 14-YEAR LOW IN NOMINAL TERMS AND EVEN IN LOW
REAL TERM.

IN 1999 THE COMPANY PLANS TO SPEND $53 MILLION ON EXPLORATION IN TEN COUNTRIES
WORLDWIDE. THIS IS A 43% INCREASE ON THE $37 MILLION SPENT ON EXPLORATION LAST
YEAR.

"WHILE CONTINUING TO EXPLOIT FULLY ITS PROVEN EXPERTISE IN DEEP-LEVEL GOLD
MINING," SAID OPPENHEIMER AND GODSELL, "WE ARE ALSO SEEKING TO DIVERSIFY
FURTHER INTO SHALLOW AND SURFACE MINING OPERATIONS AND TO INCREASE OUR
PRODUCTION FROM SUCH SOURCES."
ENDS
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