Anglogold Limited - News Release

Anglogold Limited -      News Release                                           
Anglogold Limited                                                               
(Incorporated in the Republic of South Africa)                                  
(Registration Number: 1944/017354/06)                                           
ISIN Number:        ZAE000043485                                                
JSE Share Code:     ANG  SJL/CAD/AGO349.03                                      
NYSE Ticker:        AU                                                          
CORPORATE AFFAIRS DEPARTMENT                                                    
16th Floor, 11 Diagonal Street,                                                 
Johannesburg 2001, South Africa                                                 
Tel: (+27 11) 637-6385 or Fax: (+27 11) 637-6399/6400                           
ANGLOGOLD SPEAKS ABOUT ITS ORGANIC GROWTH PROJECTS                              
AngloGold has targeted growing return on capital from 13% in 2001 to 16% in 2006
and US$ earnings per share by 5% over the same period on an annualised basis,   
under current assumptions, AngloGold`s Finance Director, Jonathan Best, said    
today. He was addressing the BMO Nesbitt Burns Metals and Mining Conference in  
Tampa, Florida.                                                                 
"These are commercial objectives, not production or ore reserve metrics," he    
commented. "However, as all producers have assets that will all eventually be   
depleted, objectives like these can only be met by replacing or growing         
producing assets." In the context of world gold production becoming ex growth,  
the focus would be on companies that could grow in such an environment. "The    
ultimate winners will be those companies that have low-cost, long-life assets," 
he said.                                                                        
Speaking at the same conference, Dave Hodgson, the company`s Chief Operating    
Officer, reviewed the company`s existing organic growth projects in South Africa
and the United States, which would add around 13 million ounces to AngloGold`s  
life-of-mine production profile.   In addition to these ventures, a further 11  
expansion projects at the company`s existing operations in South Africa, South  
America and Australia were expected to add a further 18 million ounces to       
AngloGold`s production over the life of these operations, subject to a formal,  
capital approval process, at a capital cost of some $740 million. He commented  
that AngloGold had revised downwards its forecast capital expenditure for 2003  
to an estimated $307 million.                                                   
The company had a number of organic growth initiatives which, he said, had      
"tangible potential". These had the capacity to bring an additional 14 million  
ounces to the production profile over the lives of the operations at a capital  
cost of some $600 million. Together, these new organic growth projects could add
32 million ounces to production over the life of the operations at a total      
estimated capital cost of $1.3 billion.                                         
This organic growth was expected to result in AngloGold`s annual production     
growing from its current level of 6 million ounces to 6.5 million ounces in     
2006. Target unit cash costs in 2006 are around $182 per ounce in 2006 money    
terms or $170 per ounce in real (2003) terms.                                   
The full presentation, which includes the assumptions used and risks involved in
forecasting future production and cost performance, is available on AngloGold`s 
website at www.anglogold.com. In addition, for a discussion of risks that could 
have an impact the company`s future performance, see AngloGold`s Annual Report  
on Form 20F for the year ended 31 December 2001, filed with the SEC on 28 June, 
2002.                                                                           
Queries:                                                                        
www.anglogold.com                                                               
South Africa        Tel:              Mobile:          E-mail:                  
Steve Lenahan       +27 11 637 6248   +27 83 308 2200  slenahan@anglogold.com   
Alan Fine           +27 11 637 6383   +27 83 250 0757  afine@anglogold.com      
Shelagh Blackman    +27 11 637 6379   +27 83 308 2471  skblackman@anglogold.com 
Europe & Asia                                                                   
Tomasz Nadrowski    +1 212 750 7999   +1 917 9124 641  tnadrowski@anglogold.com 
USA                                                                             
Charles Carter (Toll free) 800 417 9255                cecarter@anglogold.com   
                                      +1 212 750 7999                           
Australia                                                                       
Andrea Maxey        +61 8 9425 4604   +61 438 001 393  amaxey@anglogold.com.au  
Disclaimer                                                                      
Except for the historical information contained herein, there are matters       
discussed in this news release that are forward-looking statements. Such        
statements are only predictions and actual events or results may differ         
materially. For a discussion of important factors including, but not limited to 
development of the Company`s business, the economic outlook in the gold mining  
industry, expectations regarding gold prices and production, and other factors, 
which could cause actual results to differ materially from such forward-looking 
statements, refer to the Company`s annual report on the Form 20-F for the year  
ended 31 December 2001 which was filed with the Securities and Exchange         
Commission on 28 June 2002.                                                     
26 February 2003                                                                
Date: 26/02/2003 07:49:00 AM Supplied by www.sharenet.co.za                     
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