AngloGold Limited - News Release

AngloGold Limited - News Release                                                
AngloGold Limited                                                               
(Incorporated in the Republic of South Africa)    CORPORATE AFFAIRS DEPARTMENT  
(Registration Number: 1944/017354/06)   11 Diagonal Street, Johannesburg 2001,  
South Africa                                                                    
ISIN Number:ZAE000014601 Tel: (+27 11) 637-6261 or Fax: (+27 11) 637-6399/6400  
JSE Share Code: ANG AB/CAD/AGO330.02                                            
31 October 2002                                                                 
AngloGold Results for the Quarter Ended 30 September 2002                       
    Highlights                                                                  
    Headline earnings up 16% ($14 million) to $101 million or                   
91 US cents per share                                                       
    Operating profit increases by 7% to $174 million                            
    Net profit up by $2 million to $81 million                                  
    Return on equity and capital employed of 23% and 17%                        
respectively                                                                
    Total cash costs down 2% to $158 per ounce, despite                         
    increased labour costs in South Africa                                      
    Gold production 11% higher quarter-on-quarter at 1.6                        
million ounces                                                              
    Geita reserve increases by 24% to 4.8 million ounces                        
    (attributable), following  successful drilling programme                    
    Further, though modest, reduction in the hedge book - rate                  
of decline slows as expected                                                
Commenting on the quarter`s results, CEO Bobby Godsell said: "This quarter      
AngloGold has produced a good set of results.  The wide diversity of AngloGold`s
operations has enabled the impact of inflation and reduced grades to be offset, 
allowing the company to deliver an 11% increase in gold production, a 16%       
improvement in headline earnings and a 2% decrease in total cash costs.  We     
continue to target high returns for shareholders: returns on equity and capital 
remain strong at 23% and 17% respectively."                                     
Turning to the company`s growth strategy, he said: "Two of AngloGold`s five     
capital projects (Sunrise Dam in Australia and Cripple Creek & Victor in the    
USA) are now complete with the other three (Mponeng, TauTona and Moab Khotsong, 
all in South Africa) on track for completion on time and within budget.         
Together, these five projects will yield some 15 million additional ounces of   
gold production over their lives.                                               
"The company is also studying the feasibility of a two other ventures: the      
expansion of Boddington in Western Australia and the deepening of the existing  
Cuiab  mine in Brazil. These have the capacity to add a further 5.5 million     
ounces of gold to AngloGold`s production base.  In South Africa, the            
dramatically higher rand gold price, which has contributed a further 11 million 
ounces of gold to reserves, has resulted in the company considering the possible
development of six deep-level mining projects.                                  
"On the exploration front, we continue to have positive results, particularly at
Geita in Tanzania, where a successful drilling programme has increased reserves 
by 24% to 4.8 million ounces (attributable), confirming AngloGold`s confidence  
in the prospectivity of the Geita deposit."                                     
Addressing the South African Government`s Socio-Economic Empowerment Charter for
the mining industry, which was unveiled earlier this month, Godsell noted:      
"AngloGold believes this charter succeeds in establishing the right balance     
between the country`s political imperatives and the need for a growing and      
profitable mining industry to capitalise on South Africa`s wealth potential.    
"We believe the 15% or R100 billion (US$10 billion) five-year and the ten-year  
26% empowerment target can be realistically met.  The company awaits with       
interest the finalisation of the charter`s adjunct `scorecard`.                 
"AngloGold is well placed to implement the charter.  On the ownership question, 
the company has completed a number of asset sales in the past four years which  
have shown how it is possible to craft viable transactions which expand         
empowerment with no significant loss of value.  The company is also             
energetically pursuing enquiries into forms of broad-based equity ownership."   
ends                                                                            
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      +27 83 308     slenahan@anglogold.c              
               6248            2200           om                                
Shelagh        +27 11 637      +27 83 308     sblackman@anglogold.              
Blackman       6379            2471           com                               
In the UK /                                                                     
Europe                                                                          
Tomasz         +41 22 718      +41 79 345     tnadrowski@anglogold              
Nadrowski      3312            9774           .com                              
Alex Buck      +44 20 7664     +44 7932 2740  abuck@anglogold.com               
               8712            452                                              
In the USA                                                                      
Charles Carter Toll Free 800                  cecarter@anglogold.c              
417 9255                       om                                

               +1 212 750                                                       
               7999                                                             
In Australia                                                                    
Andrea Maxey   +61 8 9425      +61 438 001    amaxey@anglogold.com              
               4604            393            .au                               
Date: 31/10/2002 08:09:27 AM Supplied by www.sharenet.co.za                     
Produced by the JSE SENS Department