Anglogold Limited - News Release

(Incorporated in the Republic of South Africa)
(Registration Number: 1944/017354/06)
ISIN Number: ZAE000014601
JSE Share Code: ANG
NEWS RELEASE
19 November 2001
AngloGold response to Normandy recommendation

Normandy Mining Limited today released its target statement in response to
AngloGold Limited's takeover offer. AngloGold is disappointed with

Normandy's response and believes it is potentially misleading for Normandy
shareholders, particularly in regard to the competing takeover offer from
Newmont Mining Corporation.

The Normandy response statement continually asserts that the Newmont
takeover offer is worth A$1.70 per share.

Since the announcement of Newmont's dual takeover offers for Normandy and
Franco Nevada, Newmont's share price has fallen substantially and the value
difference between AngloGold's offer and Newmont's offer is marginal.
Newmont's offer values Normandy at A$1.46 (which could increase by 5 cents
per share in the event of a 90% acceptance of the offer) based on Newmont's
closing share price on Friday, 16 November on the New York Stock Exchange.
This compares with the current value of the AngloGold offer for Normandy of
A$1.46 per share, also based on the closing share price on the NYSE on
Friday.

It is AngloGold's view that the Newmont offer is highly dilutive for

Normandy shareholders in terms of earnings, cashflow, dividends and net
present value per share. In contrast AngloGold believes that its offer
represents a compelling value proposition for Normandy shareholders. These
factors are not reflected in Normandy's target statement.
AngloGold response

The Newmont proposal is complex and highly conditional. Importantly, there
is no guarantee that the three-way merger will be consummated as the

Normandy takeover is not dependent on the Franco Nevada transaction being
completed.

Further, based on the timetable released by Newmont, shareholders will not
be able to receive their consideration from Newmont until late February or
early March 2002.

There is a real risk that the Newmont offer could be materially less than
AngloGold's offer in four months' time. Given the volatility in Newmont's
share price, this time factor presents significant risk for Normandy

shareholders. These risks in relation to the Newmont offer are not

highlighted by the Normandy Board in response to AngloGold's offer.

In contrast, AngloGold's offer is open and capable of immediate acceptance,
with a closing date of 14 December 2001.

The Normandy response states that AngloGold needs Normandy's production on
the basis that AngloGold is intending to sell its Free State assets in South
Africa. This is untrue and this shows a fundamental misunderstanding or
misinterpretation of AngloGold's strategy.

Bobby Godsell, AngloGold's Chief Executive Officer, said the company

believed that profit, not production ounces, generated wealth for

shareholders and AngloGold had no interest in being the largest gold
producer measured by annual production.

"AngloGold has a track record of closing or selling marginal or unprofitable
production and is pursuing a strategy to produce high margin, profitable
ounces," Mr Godsell said.

"The potential sale of the Free State assets is entirely consistent with
this strategy and AngloGold's commitment to increasing shareholder value."
Ends
www.anglogold.com
Queries :
In Australia:
Andrea Maxey
AngloGold Ltd
+61 8 9425 4604 (tel)
+61 438 001 393 (mobile)
amaxey@anglogold.com.au
Hamish Douglass
Deutsche Bank
+61 2 9258 2039
+61 419 560 349
In South Africa
Steve Lenahan
+2711 637 6248 (tel)
+27 83 308 2200 (mobile)
slenahan@anglogold.com
In the USA
Charles Carter
800 417 9255 toll free
+1 212 750 7999 (tel)
ccarter@anglogold.com
In Europe
Tomasz Nadrowski
+41 22 718 3312
+4179 345 9774 (mobile)
tnadrowski@anglogold.com