ANGLOGOLD - QUARTERLY & YEAR-END RESULTS 31 DECEMBER 1998

ANGLOGOLD HAS ANNOUNCED ITS FINANCIAL RESULTS FOR THE QUARTER AND THE YEAR
ENDED 31 DECEMBER 1998.  KEY FEATURES OF THE QUARTER WERE:

- A STABLE RAND PRICE OF +-R/KG 61 296 ACHIEVED THROUGH HEDGING ACTIVITIES
(INTERNATIONAL ACCOUNTING STANDARDS: US$/OZ 332)

- CASH COSTS MARGINALLY DOWN AT R/KG 41 203 (IAS:US$/OZ 222)
- PRODUCTIVITY UP 5% TO 189G/TEC (IAS: 6.08OZ/TEC)

- OPERATING PROFIT UP 6% TO R952 MILLION (IAS:US$128 MILLION)

- AVAILABLE PROFIT, AFTER CAPEX, DOWN 16% TO 424 CENTS PER SHARE

- HEADLINE EARNINGS (IAS) UP 41% TO 521 CENTS PER SHARE
SIGNIFICANT ASPECTS OF THE YEAR-END RESULTS WERE:

- A 36% INCREASE IN OPERATING PROFIT TO R3 215 MILLION (IAS:US$434 MILLION)
- A 20% INCREASE IN AVAILABLE PROFIT TO 1 697 CENTS PER SHARE (IAS:

HEADLINE EARNINGS UP 119% TO 1 568 CENTS PER SHARE)

- A 2% DECREASE IN CASH COSTS TO R/KG 40 439 (IAS: 18% DECREASE
TO US$/OZ 229)
- A 7% INCREASE IN DIVIDEND TO 800 CENTS A SHARE
OPERATIONAL REVIEW

                               QUARTER TO      QUARTER TO       %

                               31 DEC 1998     30 SEPT 1998     CHANGE
TOTAL GOLD PRODUCED (KG)       52 698          53 164           -0,9

CASH COSTS ($/OUNCE PRODUCED)  222             210              +5,7
UNDERGROUND OPERATIONS

GOLD PRODUCED (KG)             46 599          47 240           -1,4

AREA MINED (000M2)             1 075           1 143            +5,9

TONS MILLED - REEF (000)       5 658           5 993            -5,6

REEF YIELD (G/T)               8,39            7,99             +5,0
SURFACE AND DUMP RECLAMATION

GOLD PRODUCED (KG)             4 166           4 156            +0,2

TONS TREATED (000)             14 305          14 945           -4,3

YIELD (G/T)                    0,29            0,28             -3,6
OPEN CUT OPERATIONS

GOLD PRODUCED (KG)             1 933           1 768            +9,3

TONS MINED (000)               2 207           1 848            +19,4

TONS TREATED (000)             763             703              +8,5

YIELD (G/T)                    2,53            2,51             +0,8

REVIEWING THE YEAR, CEO BOBBY GODSELL SAID THAT THE "RIGOROUS PURSUIT OF GLOBAL
COMPETITIVENESS" FOR ANGLOGOLD'S SOUTH AFRICAN OPERATIONS, INITIATED IN 1997,
HAD CONTINUED IN 1998.

SO HAD THE COMPANY'S DISPOSAL OF THOSE SHAFTS THAT DID NOT MEET ITS CRITERIA.
SEVENTEEN SHAFTS HAD BEEN SOLD DURING THE YEAR AND THE CONSEQUENCE WAS A DROP
IN PRODUCTION FROM 239 218 KILOGRAMS (7.7 MILLION OUNCES) IN 1997 TO 215 377
KILOGRAMS (6.9 MILLION OUNCES) IN 1998.

"THIS IS A REDUCTION OF ONLY 10% COMPARED TO THE PLANNED DROP OF 17% AND WAS
BROUGHT ABOUT BY INCREASED LABOUR PRODUCTIVITY AND BETTER MINERAL RESOURCE
MANAGEMENT," HE COMMENTED.

TOGETHER WITH ORGANISATIONAL RESTRUCTURING AND A REDUCTION IN OVERHEADS, THESE
DEVELOPMENTS HAD RESULTED IN A CASH COST DECREASE, YEAR ON YEAR, OF 2% IN RAND
TERMS TO R40 439 PER KILOGRAM AND IN DOLLAR TERMS FROM $279 PER OUNCE TO $229.
TURNING TO THE QUARTER, GODSELL SAID THE COMPANY HAD PRODUCED "A GOOD SET" OF
RESULTS.  HE HIGHLIGHTED:

- ANGLOGOLD'S HEDGING ACTIVITIES, WHICH HAD PRODUCED A STABLE RAND PRICE OF R61
296 PER KILOGRAM IN THE CONTEXT OF A WEAK DOLLAR PRICE AND STRENGTHENING RAND;
- CASH COSTS (R/KG) WHICH WERE MARGINALLY LOWER IN SPITE OF A PLANNED 1%
DECLINE IN GOLD PRODUCTION; AND
- A 5% IMPROVEMENT IN PRODUCTIVITY (G/TEC).
ENDS
WWW.ANGLOGOLD.CO.ZA
QUERIES:
JAMES DUNCAN
(+2711) 637 6147
(+27) 82 892 8052 (M)
SHELAGH BLACKMAN
(+2711) 637 6379 (W)
(+27) 83 308 2471 (M)

ANGLOGOLD IS LISTED ON THE JOHANNESBURG, NEW YORK, LONDON, PARIS AND BRUSSELS
STOCK EXCHANGES.

THE FULL ANGLOGOLD QUARTERLY RESULTS ARE AVAILABLE FROM THE JOHANNESBURG, NEW
YORK AND LONDON STOCK EXCHANGES.
WEDNESDAY, 3 FEBRUARY 1999