Anglogold Results For The Quarter Ended 31 March 2002

News Release
(Incorporated in the Republic of South Africa)
(Registration Number: 1944/017354/06)
ISIN Number:ZAE000014601
JSE Share Code: ANG
CORPORATE AFFAIRS DEPARTMENT

NYSE Ticker: AU   16th Floor, 11 Diagonal Street, Johannesburg 2001, South
Africa

Tel: (+27 11) 637-6385 or Fax: (+27 11) 637-6399/6400
AJB/CAD/AGO302.02
30 April 2002
For release 08:00 SA time, 30 April 2002

ANGLOGOLD RESULTS FOR THE QUARTER ENDED 31 MARCH 2002
Highlights

- Operating profit from current operations (excluding the Free State assets)
including realised non-hedge derivatives, increases by 7.3% to $147 million
or R1.7 billion.  This represents a cash operating profit of $197 million or
R2.3 billion

- Total cash costs for current operations down to $151/oz

- Record cash operating margin of 47% ($136/oz), up 13% from December
quarter

- Headline earnings - before unrealised non-hedge derivatives - up 1% to
$89 million

- Return on equity and capital employed of 23% and 16% respectively

- Average gold spot price for the quarter of $287/oz - the highest since
December 1999

- Hedge book reduced by further 1.7Moz (or 120% of this quarter's
production)

Commenting on the quarter's results, CEO Bobby Godsell said: "The

significant feature of the quarter for AngloGold was its record cash

operating margin of 47% or $136 per ounce, up 13% from the December quarter.
The operating profit from our current assets (that is, excluding the Free
State operations), including realised gains from non-hedge derivatives,
increased by 7.3% to $147 million (or R1.7 billion) and our cash costs for
these assets came down 2% to $151 per ounce.

"While compared with the last quarter of 2001, AngloGold's production
reduced by some 340,000 ounces (of which some 300,000 are attributable to
the sale of our high-cost, short-life assets in the Free State) to 1.4
million ounces, we are reporting headline earnings, before unrealised non-
hedge derivates, of $89 million - up 1% in dollar terms and 11% in rand
terms to R1.03 billion.  In comparison with the first quarter of 2001,
earnings have increased by 60% in dollar terms and 134% in local currency.
"The additional 3.2 million AngloGold ordinary shares in issue following our
Normandy bid, have the effect of reducing our headline earnings (before
unrealised non-hedge derivates) per share by a modest 1% down to 81 US cents
per share, and of raising $158 million worth of capital. Comparing this with
the first quarter of 2001, headline earnings before unrealised non-hedge
derivatives per share have improved by 56%."

In respect of the gold market and AngloGold hedging strategy, Godsell
observed: "In the context of the firmer price, we have continued to actively
manage our hedge book and increase exposure to the spot price. In this
quarter we have reduced the book by a further 1.7 million ounces (or 120% of
this quarter's production), and we have also eliminated the low-price rand
gold forward contracts in the book for the remainder of this year.  Whereas
at 31 December 2001 we had 60% of our forecast 2002 gold production sold
forward, today we have only 32% of the remainder of this year's anticipated
production sold forward.

"Our position at AngloGold continues to be informed by our resolve to manage
our revenue risk in order to ensure that we are not at the mercy of the gold
price, while at the same time ensuring that we are reasonably leveraged to a
rising price.  Over the past ten years, of which the last six have seen a
largely declining price, this company's carefully managed forward sales
programme has added some $1.2 billion to our bottom line.  In a changing
price environment, the structure of our book is being judiciously risk-
adjusted to reflect the new reality."

Turning to AngloGold's strategic objectives, he noted: "We will continue to
leverage off existing assets and drive the company down the cost curve.  All
five of our organic growth projects - a key component of our ongoing

strategy to grow the earnings stream of AngloGold - remain

on track and within budget.  Our brownfields and greenfields exploration has
yielded promising results, particularly at Geita, Sadiola, Sunrise Dam, Red
Lake in Canada and La Rescatada in Peru."

For a full copy of the quarterly results, please visit the AngloGold
website: www.anglogold.com
Queries:

In South       Tel:                Mobile:            E-mail:
Africa

Steve Lenahan  +27 11 637 6248     +27 83 308 2200    slenahan@anglogold.com
Shelagh        +27 11 637 6379     +27 83 308 2471    skblackman@anglogold.com
Blackman
In the UK /
Europe

Tomasz         +41 22 718 3312     +41 79 345 9774    tnadrowski@anglogold.com
Nadrowski

Alex Buck      +44 20 7664 8712    +44 7932 2740 452  abuck@anglogold.com
In the USA

Charles        (Toll free) 800                        ccarter@anglogold.com
Carter         417 9255
               +1 212 750 7999
In Australia

Andrea Maxey   +61 8 9425 4604     +61 438 001 393    amaxey@anglogold.com.au