Anglogold Limited - Chairman's speech at General Meeting

ADDRESS BY BOBBY GODSELL, CHAIRMAN AND CEO, AT THE GENERAL MEETING HELD ON
19 NOVEMBER 2001

This meeting has been convened to consider two ordinary resolutions relating
to the approval of the acquisition by the company of up to 100% of the
issued shares in Normandy Mining Limited, and a special resolution

pertaining to an amendment to the Articles of Association regulating the
currency of declaration of dividends.

The text of and reasons for the resolutions are fully set out in the

circular and notice of meeting posted to members on 26 October 2001.

On the subject of the resolution dealing with Normandy, I would like to
summarise our motivation for having taken this step and to comment briefly
on some recent developments.

This transaction is consistent with AngloGold's strategy to grow and

diversify our assets in such a way that we maximise shareholder value. In my
letter to you in the circular posted on 26 October 2001, I said that this
transaction was about three things - synergies, consolidation and increasing
the market value of the AngloGold share relative to other shares.

AngloGold's and Normandy's operations represent a good fit which should
enable us to achieve substantial cost savings by rationalising management
and administrative infrastructure and by combining our exploration

activities around the world, particularly in Australia.

The merger of Normandy with AngloGold is also an important step in the
global consolidation of the gold industry, which both companies have

advocated for some time and will allow more coherent ownership and
management of key assets.

The merger should also make AngloGold a more attractive investment

proposition for global investors. We believe the combination of Normandy and
AngloGold should improve both companies' risk profile through country and
orebody diversification, which should also reduce our cost of capital.
Importantly, following completion of the merger, the free float of AngloGold
shares should almost double which should increase the accessibility and
attractiveness of our share in key markets in Australia, South Africa and
the United States.

The AngloGold bid for Normandy took an interesting turn on Thursday last
week when Newmont Mining, the large Denver-based gold mining company,
launched a counter bid for Normandy, in conjunction with an offer to acquire
the Toronto company, Franco Nevada.  It is our firm conviction that

Normandy's assets would fit with those of AngloGold in a fashion which will
ensure superior long term returns to the shareholders of both companies far
better than if they were to be combined with Newmont's mining assets.  For
this reason, it is not our intention at this time to withdraw from our
intended course of action.

Your Board and management will, however, be considering all of the options
available to them before responding to the counter bid.  Whilst this may
include amending the terms and structure of the offer which has already been
made to Normandy shareholders, in so doing,  we will not act in a way which
would diminish the value of your investment in AngloGold