Anglogold limited - Anglogold Comments On Newmont's Revised Offer

Anglogold  limited
(Incorporated in the Republic of South Africa)
(Registration Number: 1944/017354/06)
ISIN Number: ZAE000014601
JSE Share Code: ANG
NEWS RELEASE
www.anglogold.com
10 December 2001
ANGLOGOLD COMMENTS ON NEWMONT'S
REVISED OFFER

Newmont Mining Corporation today announced a revised takeover offer for
Normandy Mining.  AngloGold continues to believe that the revised Newmont
proposal is complex, highly conditional and a high-risk proposition for
Normandy shareholders.

AngloGold considers that it is not meaningful at this stage to compare the
relative values of the AngloGold and Newmont offers. The relative values can
only be properly assessed once the Newmont share price has responded to the
revised offer.

AngloGold notes that since the announcement of Newmont's dual takeover
offers for Franco Nevada and Normandy on 14 November Newmont's share price
has fallen by more than 10%.  It is probable that the Newmont share price
will again fall in response to the revised offer for Normandy. In contrast,
AngloGold's share price has risen since the announcement of its offer on 4
September 2001.
AngloGold notes the following:
1. Dangerous level of financial leverage

It is important for Normandy shareholders to appreciate that under Newmont's
proposal there is no guarantee that the acquisition of Franco Nevada will be
completed.  In the absence of completion of the acquisition of Franco
Nevada, Newmont will have a dangerous level of financial leverage

particularly in the event of a fall in the gold price. Newmont is

particularly exposed to a fall in the gold price given its stance on gold
hedging.
2. Newmont's proposal remains highly conditional

Newmont's offer remains subject to a large number of conditions including: a
50.1% minimum acceptance condition; Foreign Investment Review Board
approval; the approval of Newmont

shareholders; no material adverse change of Normandy; various governmental
and regulatory approvals; and various modifications from the Australian
Securities and Investments Commission. This compares with AngloGold's offer,
which is now free from defeating conditions.
3. Timing for payment

AngloGold also notes that Normandy shareholders will not be able to receive
their consideration from Newmont until mid-February at the earliest, whereas
AngloGold's offer is open and capable of immediate acceptance. Therefore,
Normandy shareholders will remain exposed to further downward movements in
the Newmont share price for at least the next two months. In contrast,
payments under the AngloGold offer will be made from 20 December.
4. Australian Takeovers Panel Challenge

Normandy shareholders should also be aware that the Australian Takeovers
Panel is seeking further advice in relation to AngloGold's application
regarding the special benefits that are to be given to Franco Nevada, its
associates and shareholders that are not being offered to Normandy

shareholders. The outcome of this application could have a material bearing
on Newmont's offer for Normandy.

AngloGold is also reviewing the legality of these arrangements in other
jurisdictions, including Canada, and whether it will also commence legal
proceedings in those jurisdictions.

AngloGold remains of the view that the combination of AngloGold and Normandy
offers a compelling strategic fit of assets, a sustainable high dividend and
the real possibility of significant share price growth.
Ends
Aysha Ruhsmann
Communications Assistant
Corporate Affairs Department
AngloGold SA Region
Tel       +27 11 637-6385
Mobile    +27 83 302 4919
Fax       +27 11 637-6399/6400
E-mail    abruhsmann@anglogold.com
In South Africa
Steve Lenahan
+2711 637 6248 (tel)
+2711 637 6107 (fax)
+27 83 308 2200 (mobile)
slenahan@anglogold.com
Shelagh Blackman
+2711 637-6379 (tel)
+2711 637-6399 (fax)
+27 83 308 2471 (mobile)
sblackman@anglogold.com
In Australia
Andrea Maxey
+61 8 9425 4604 (tel)
+61 8 9625 4650 fax)
+61 438 001 393 (mobile)
amaxey@anglogold.com.au
Hamish Douglass
Deutsche Bank
+61 2 9258 2039 (tel)
+61 2 9258 2440 (fax)
+61 419 560 349 (mobile)
hamish.douglass@db.com
In Europe
Tomasz Nadrowski
+41 22 718 3312 (tel)
+41 22 718 3335 (fax)
+41 79 345 9774 (mobile)
tnadrowski@anglogold.com
Alex Buck
+44 20 7664 8712 (tel)
+44 20 7664 8711 (fax)
+44 7932 2740 452 (mobile)
abuck@anglogold.com
In the USA
Charles Carter
800 417 9255 toll free
+1 212 750 7999 (tel)
+1 212 750 5626 (fax)
ccarter@anglogold.com