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ANGLOGOLD RESULTS FOR THE QUARTER ENDED 31 MARCH 2003 Incorporated in the Republic of South Africa (Registration number 1944/017354/06) ISIN Number:ZAE000043485 Tel: (+27 11) 637-6261 or Fax: (+27 11) 637-6399/6400 JSE Share Code: ANG SKB/CAD/AGO359.03 NYSE Ticker: AU 30 April 2003 For release 08:00 SA time, 30 April 2003 ANGLOGOLD RESULTS FOR THE QUARTER ENDED 31 MARCH 2003 Key features Operating results on target but lower than those for previous two quarters Operating profit down 6% to $146m, largely because of anticipated reduced grades and stronger currencies (other than US$) in operating regions Higher exploration expenditure and higher effective tax rate reduce headline earnings to $74m Production down 9% to 1.4Moz with lower grades Received gold price up 10% to $344/oz Total cash costs up 21% to $210/oz - largely because of stronger currencies (other than US$) and lower grades Further 9% reduction to the hedge book AngloGold CEO Bobby Godsell said the first quarter of 2003 was notable for operating results which were on target, but lower that those for the two previous quarters. This reflected a return to more normal grades at Morila and lower grades at Great Noligwa. The stronger local currencies (in relation to the US dollar) in seven of the eight countries in which the company operates had a significant negative impact on costs, margins and earnings. These effects were at least partially offset by a 10% increase in the received dollar gold price, which left operating profit 6% lower at $146 million and headline earnings down by 18% to $74 million. Looking ahead, Godsell commented that AngloGold anticipated that the currencies in which its costs were predominantly denominated, the South African rand in particular, would maintain their strength in relation to the US dollar for the remainder of the year and the company had revised its planning assumptions accordingly. "We expect AngloGold"s earnings for the June quarter to remain under pressure as a result of the exchange rate together with lower grades and mining volume. We do, however, anticipate a gradual recovery by the fourth quarter," he said. The hedge book was reduced by 9% during the quarter to 9.34 million ounces - 28% lower than the net delta hedge position on 31 March 2002. Godsell noted that this reduction was in line with AngloGold"s stated policy in respect of hedging: "This is a risk management tool which the company has successfully used to underpin its revenue stream and which will be employed and, where necessary, moderated as the market and our operating circumstances require. "Under present circumstances, we will continue to deliver into maturing sales contracts, further reducing the company"s forward sales position," he said. Godsell said the company was preparing its representation to the South African Government following the publication of the Money Bill in March. "While we accept the general proposition of a charge for the extraction of the country"s non-renewable mineral resources, we believe that this should be done in a way that does not cause the already high mining tax burden in South Africa to make mining companies here internationally uncompetitive." AngloGold favoured a profit-based system of calculating royalties, rather than the currently proposed revenue-based approach. The company would also be advocating a review of the overall tax burden borne by the gold mining industry, including the proposed royalties, to ensure the continued competitiveness of the sector. ends For the Report on the company"s Quarterly Results, please visit the AngloGold website at www.anglogold.com - to open the Report (PDF format) go to http://www.anglogold.co.za/InformationForInvestors/2003Q1_PDF/Mar2003PDF.pdf (78 0 KB) - to download a zipped version of the Report (PDF format) go to http://www.anglogold.co.za/InformationForInvestors/2003Q1_PDF/Mar2003PDF.zip (60 9 KB) Please contact skblackman@anglogold.com should you prefer to receive the Report in PDF format via e-mail. Queries South Africa Tel: Mobile: E-mail: Steve Lenahan +27 11 637 +27 83 308 slenahan@anglogold.c 6248 2200 om Alan Fine +27 11 637 +27 83 250 afine@anglogold.com 6383 0757
Shelagh +27 11 637 +27 83 308 sblackman@anglogold. Blackman 6379 2471 com Europe & Asia Tomasz + 1 212 750 +1 917 912 tnadrowski@anglogold Nadrowski 7999 4641 .com USA Charles Carter Toll Free 800 cecarter@anglogold.c 417 9255 om
+1 212 750 7999 Australia Andrea Maxey +61 8 9425 +61 438 001 amaxey@anglogold.com 4604 393 .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 2002 which was filed with the Securities and Exchange Commission on 7 April 2003.
