Small Value Gap No Basis For Making Long-Term Investment Decision

AngloGold Limited
(Incorporated in the Republic of South Africa)
(Registration Number: 1944/017354/06)
ISIN Number: ZAE000014601
JSE Share Code: ANG
NEWS RELEASE
CORPORATE AFFAIRS DEPARTMENT
JOHANNESBURG
TELEPHONE: (+27 11) 637-6385
FAX: (+27 11) 637-6399/6400
AM/CAD/AGO287.02
8 January 2002
SMALL VALUE GAP NO BASIS FOR MAKING
LONG-TERM INVESTMENT DECISION

Based on the closing share prices on the New York Stock Exchange (NYSE) on
Monday, 7 January, AngloGold's and Newmont's offers for Normandy were just 5
cents (or 2.8%) apart.

Bobby Godsell, Chairman and CEO of AngloGold, said today:

"The gap between AngloGold's and Newmont's offers for Normandy of around 5
cents is immaterial and no basis for making a long-term investment
decision."

"Newmont is unable to pay investors for six to eight weeks at the earliest.
Newmont's share price has fallen by 15% since they announced their offer for
Normandy and investors should ask themselves if they are prepared to take
the risk that Newmont's share price will not fall further over the next six
to eight weeks.  In contrast AngloGold's share price has risen by 10%, our
offer is unconditional and we are able to pay investors immediately.

"Normandy shareholders must make a choice between what type of company they
want to invest in.  AngloGold's character is that of a value investment.  We
do not aim to be the world's largest gold producer but rather the most
profitable.

"In the last three years we generated cash from operations of US$1.7

billion, earned profits of US$918 million and paid dividends of US$845
million.  In contrast, Newmont reported net losses of US$388 million and
paid dividends of US$59 million over the last three years.

"AngloGold trades at significantly lower multiples than North American gold
companies and I honestly believe there is more upside potential from

accepting the AngloGold offer for Normandy than from accepting the Newmont
offer.

"We are committed to generating value for AngloGold shareholders and

therefore we will not overpay for acquisitions. This is an important

character of our company and one that will benefit shareholders in the
future."
Important matters for consideration

AngloGold considers that there are a number of important matters which
investors should consider in making this important decision.

- The timing difference between the two offers has so far been understated.
Newmont will not be able to pay accepting Normandy shareholders for six to
eight weeks at the earliest.  Newmont's share price is highly volatile and
there is a risk that its share price may fall in the next six to eight
weeks.

- There is a risk of an extended delay to Newmont's offer arising from US
Securities and Exchange Commission (SEC) requirements, which will further
delay receipt of payment from Newmont.  The SEC has not yet declared

Newmont's bid document effective.  The US regulators will also have to clear
a proxy statement regarding Newmont's complex restructuring, which will
accompany the acquisitions of Normandy and Franco-Nevada.  Following SEC
approval, Newmont is required to give 30 days' notice for its shareholders
meeting to approve the acquisition of Normandy.

- Newmont's offer for Normandy is not conditional upon the acquisition of
Franco Nevada and Newmont acknowledges in its Bidder's Statement that it may
be unable to complete the acquisition of Franco Nevada.  If Newmont cannot
complete the acquisition of Franco Nevada, it will be left with high levels
of debt which will significantly increase Newmont's risk profile.

- AngloGold pays healthy dividends and is offering Normandy shareholders the
opportunity to acquire up to $7,500 of additional AngloGold shares at a 7.5%
discount to market.  By accepting the AngloGold offer and holding AngloGold
shares, Normandy shareholders can qualify for AngloGold's final dividend for
2001.  Newmont pays minimal dividends and is not offering a similar top-up
facility.
Closing Date

AngloGold's offer is scheduled to close on Friday, 11 January 2002.

AngloGold has made no decision at this stage regarding an extension of the
offer, and would only determine whether to extend its offer immediately
prior to the scheduled closing date.  A decision on whether or not to extend
the offer would depend upon circumstances prevailing at the time.  Normandy
shareholders should not assume that AngloGold will extend the offer.
ends
www.anglogold.com
Queries:
In Australia
Andrea Maxey
+61 8 9425 4604 (tel)
+61 8 9625 4650 fax)
+61 438 001 393 (mobile)
amaxey@anglogold.com.au
Hamish Douglass
Deutsche Bank
+61 2 9258 2039 (tel)
+61 2 9258 2440 (fax)
+61 419 560 349 (mobile)
hamish.douglass@db.com
In South Africa
Steve Lenahan
+2711 637 6248 (tel)
+2711 637 6107 (fax)
+27 83 308 2200 (mobile)
slenahan@anglogold.com
Shelagh Blackman
+2711 637-6379 (tel)
+2711 637-6399 (fax)
+27 83 308 2471 (mobile)
sblackman@anglogold.com
In Europe
Tomasz Nadrowski
+41 22 718 3312 (tel)
+41 22 718 3335 (fax)
+41 79 345 9774 (mobile)
tnadrowski@anglogold.com
In the USA
Charles Carter
800 417 9255 toll free
+1 212 750 7999 (tel)
+1 212 750 5626 (fax)
ccarter@anglogold.com