AN G L O   GO L D 

QU A R T E R L Y 

RE P O R T  

JU L Y

2 0 0 3     

W W W.A N G L O G O L D.C O M

Group results for the quarter ...

* Operating profit

1

down 4% to $140m and total cash costs up 6% to $223/oz, due to stronger currencies

against the US dollar in operating regions

* Operations steady, with higher volume mined offsetting lower grades  Production increased 2%
to 1.43Moz

* Received gold price

2

up 3% to $354/oz

* Further 7% reduction in hedge book to 8.73Moz

... and for the six months

* Headline earnings

3

down 20% to $140m or 63 US cents per share

* Lower grades and stronger currencies reduced operating profit to $286m and increased total cash costs
to $217/oz

* Gold production slightly higher at 2.84Moz

* Interim dividend declared at R3.75 or 51 US cents per share

Report 

for the quarter and six months ended 30 June 2003

Anderson Sergio
Da Fonseca
Martins (27) is a
Maintenance
Mechanic at
AngloGold's
Cuiab mine
in Brazil

Quarter

Quarter

6 Mnths

6 Mnths

Quarter

Quarter

6 Mnths 6 Mnths

ended

ended

ended

ended

ended

ended

ended

ended

Jun 03

Mar 03

Jun 03

Jun 02

Jun 03

Mar 03

Jun 03

Jun 02

Rand/Metric

Dollar/Imperial

Gold

Produced 

 kg / oz (000)

44,613

43,605

88,218

87,185

1,434

1,402

2,836

2,803

Price received

2

 R/kg / $/oz 

87,983

91,962

89,948        104,305

354

344

349

296

Total cash costs

 R/kg / $/oz 

55,502

56,100

55,797

55,085

223

210

217

156

Total production costs

 R/kg / $/oz 

65,654

66,520

66,082

68,629

264

248

256

195

Operating profit

 R / $ million

1,094

1,208

2,302

3,460

142

145

287

316

Operating profit excluding unrealised 

non-hedge derivatives

 R / $ million

1,082

1,216

2,298

3,383

140

146

286

309

Net profit

 R / $ million

444

547

991

1,638

57

66

123

150

Headline earnings

 R / $ million

513

605

1,118

1,973

66

73

139

180

Headline earnings before unrealised 

non-hedge derivatives

 R / $ million

516

614

1,130

1,932

66

74

140

176

Capital expenditure

 R / $ million

538

488

1,026

1,297

69

59

128

118

Earnings per ordinary share

Basic

 cents per share

199

246

445

740

26

30

55

68

Headline 

 cents per share

230

272

502

891

30

33

62

81

Headline before unrealised

non-hedge derivatives

 cents per share

232

276

507

872

30

33

63

79

Dividends

 cents per share

375

675

51

64

Note: 1 Operating profit excluding unrealised non-hedge derivatives

2 Price received including realised non-hedge derivatives

3 Headline earnings before unrealised non-hedge derivatives

$ represents US dollar, unless otherwise stated

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Dear Shareholder

AngloGold has, for a second successive quarter, produced results which are operationally sound, with gold production 2% higher, despite the expected lower grades at many of the operations. Again this quarter, as we anticipated in our report for the first three months of 2003, the company's results were adversely affected by local currency strength in seven of the eight countries in which we do business - total cash costs rose 6% to $223/oz and operating profit was 4% lower at $140m. Headline earnings were 11% down, to $66m for the quarter.

The effects of the lower grade and stronger currencies were moderated by a higher received price for gold, which was 3% higher, at $354/oz, despite the marginal decline in the average spot gold price for the quarter. Going forward, we expect the company's prudent management of its hedge book, which declined by a further 610,000 oz this quarter, to ensure that the price we receive for gold will continue to be close to the dollar spot price. The Board has decided to change the targeted level of hedging commitments from 50% to 30% of five years' production. It was also confirmed that management would continue to have the latitude to put new contracts in place where circumstances make this prudent.

We were disappointed with the company's safety performance during the quarter, as reflected in both our fatal accident and lost time injury frequencies. Workplace safety remains a priority and operating management has measures in place to improve our performance in this critical area.

Looking ahead to the operations for the rest of the year, we expect performance to improve as the grade at Geita

This year's biennial wage negotiations for our South African operations have now been completed. The agreement will have the effect of increasing employment costs at these operations by approximately 10% per annum, including the provisions for increased leave and employer contributions to retirement funding. It remains management's commitment, as in previous years to ensure that this increase does not lead to a material increase in unit labour costs on AngloGold's South African operations, through continuing productivity improvement programmes, which have seen individual employee productivity improve by 18% over the last five years.

We understand that Ashanti Goldfields has been advised by the Government of Ghana that it has appointed a consortium led by Socit Gnrale to act as advisors to the government as a shareholder, holder of the golden share in Ashanti and as a regulator of the mining industry in Ghana, and to assist the Government in arriving at a decision on the proposed merger of Ashanti and AngloGold.

Jim Komadina, who had the position of President, AngloGold North America, has left the company. We take this opportunity to thank Jim for his contribution to AngloGold and wish him well in the future.

AngloGold has declared an interim dividend of 375 South African cents per share, or 51 US cents per share¹(the interim dividend paid in 2002 was 675 South African cents per share, or 63.8 US cents per share). This level of dividend is consistent with AngloGold's established practice of paying out a significant proportion of its earnings to shareholders, after providing for its organic growth objectives.

2

Russell Edey

Bobby Godsell

Chairman

Chief Executive Officer

30 July 2003

Russell Edey

Chairman

Bobby Godsell

Chief Executive Officer

Letter from 

Chairman and CEO

Gold production increased by 32,000oz, or 2%, during the quarter, with higher production from the South African, East & West African and North American operations. Anticipated lower grades at some operations were more than offset by higher volumes. The gold price received increased by $10/oz despite a $6/oz reduction in the spot price. However, as was the case in the first quarter this year, the stronger currencies in South Africa where the rand firmed by 7% over the period South America, Australia and Mali, resulted in a 6% increase in total cash costs to $223/oz. This more than offset the higher production and gold price, reducing operating profit by $6m, or 4%, in comparison with the March quarter to $140m.

Although gold production for the first half of 2003 was marginally higher than for the corresponding period last year at 2.84Moz, it was at a lower grade, primarily at Geita, and at Great Noligwa. This together with stronger currencies, increased total cash costs by $61/oz to $217/oz. The $53/oz increase in the received price of gold to $349/oz was not sufficient to offset the increased costs and operating profit also decreased by 7% to $286m. Higher corporate and exploration costs and increased effective tax rates resulted in headline earnings for this period decreasing by 20% to $140m, or 63 US cents per share.

Operating results for the quarter

Financial 

and Operating Review

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At Geita (50% attributable), gold production decreased by 3% to 62,000oz and recovered grade was down 9% to 2.58g/t. Mill throughput was up 7% for the quarter while costs associated with the additional throughput coupled with the decreased production resulted in total cash costs increasing by 6% to $230/oz. As indicated in October 2002, grades are expected to improve in the next quarter. Operating profit decreased by 20% to $3m. There was one lost time injury recorded at Geita. The throughput increase that was contemplated (5.6Mtpa) with the completion of the plant expansion project at the end of 2002, is being achieved and exceeded. Production at Morila (40% attributable) is consistent with the previous quarter at 95,000oz. A 7% decrease in milled plant

Production at Cripple Creek & Victor (67% ownership with 100% interest in production until the initial loans are repaid) was up by 24% quarter-on-quarter at 78,000oz due to the improvements in leach solution chemistry, which had adversely affected gold production during the first quarter. Total cash costs were consistent with those of the first quarter at $188/oz. Operating profit increased to $3m, primarily due to higher gold sales. The mine recorded one lost time injury for

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At Cerro Vanguardia (92.5% attributable), gold production decreased by 18% to 49,000oz, in part due to lower recovered grades, down by 22% to 6.70g/t. The problem of excess water in the pits continues and this quarter restricted the amount of high-grade material delivered to the plant for processing. As a result, the plant was fed with lower-grade dry ore from a contingency stockpile, which also affected the production levels. It is anticipated that this will continue through the third quarter as a scrubber is planned for commissioning in late September. The scrubber will enable the treatment of wet, higher-grade material. Total cash costs were 27% higher than those of the previous quarter at $152/oz, chiefly due to the appreciation of the Peso and a decrease in gold production. Operating profit fell by 33% to $6m largely as a result of a 16% decrease in sales volume and higher total cash costs.

At Sunrise Dam, production decreased by 12% to 84,000oz, primarily due to an expected reduction in milled grade from 3.98g/t to 3.87g/t and a decline in recovery rates from 83% to 80%, due to a marginally higher proportion of the more refractory ore types. In line with the decreased production, total cash costs increased by 14% to A$380/oz ($244/oz) and operating profit was down 36% to A$9m ($6m). The number of lost time injuries continued to decline from four in the first quarter to one in the second quarter. The underground development scoping study was completed with underground development expected to commence in the fourth quarter of 2003. This development will allow additional exploration of the full potential of the Sunrise Dam orebody.

Note:

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6

AngloGold's exploration strategy is to replace existing production ounces through brownfields exploration  the identification of new ounces to sustain or grow existing operations  and greenfields exploration  the discovery of production ounces in new areas from new operations.

AngloGold's exploration activities are focused on finding long- life, low-cost orebodies at less than $150/production ounce, using multidisciplinary teams and state-of-the-art technology.

During the quarter

Overall, exploration work undertaken during the quarter showed some promising results. In particular, at Sadiola and Yatela potential to increase oxide resources has been shown and at Sunrise Dam, new geological information indicates that the underground resources could increase substantially.

1. Brownfields exploration at Sadiola in Mali continued to focus  on the satellite oxide targets within the existing lease areas. Promising results from drilling of the FE3 Southern Extension target included: 20m at 3.14g/t from 28m; and 6m at 6.31g/t from 16m.

Resource delineation drilling of the Western Lobe at FE4 continued with encouraging results intersected and mineralisation appears open-ended to the northwest and west of the current pit position. Results include: 36m at 2.21g/t from 32m; and 18m at 9.50g/t from 132m.

2. Extension drilling at Alamatoula, some 10km from the Yatela operation has yielded additional drill targets and promising intersections comprising: 20m at 4.15g/t from 8m; and 14m at 7.02 g/t from 36m.

3. Rotary Airblast (RAB) testing of geochemical anomalies was completed on the greenfields prospects Sinsin and Kola in southern Mali, adjacent to the Morila Mine. To date, results have been mixed with further testing planned for the third quarter. At Garalo, some 100km to the south-west of Morila, encouraging results were obtained from a first-pass RAB drilling campaign.

4. At Geita in Tanzania, brownfields exploration drilling continued at Nyankanga West and East and at Geita Hill. At Nyankanga, depth and strike extension drilling has encountered further mineralisation, including promising

intersections of 23m at 5.21g/t from 113m; and 5m at 34.39g/t from 179m.

Step out drilling to the north-east of the known Geita Hill orebody has identified additional mineralisation consisting of 3.5m at 11.42 g/t from 337m; and 8m at 9.7g/t from 204m.

Forty holes were completed during the quarter bringing the project to 60% completion. Noteworthy intersections included 75m at 4.2g/t from 70m; 38m at 8.2g/t from 182m; and 118m at 2.9g/t from 52m.

6. In North America, brownfields exploration was primarily concentrated at Cripple Creek where extensive drilling was conducted to expand and define new, potentially surface- mineable mineralisation at the Wild Horse extension project and commence testing for deep, high-grade mineralisation in the district. Encouraging results were obtained and additional drilling is scheduled for later in the year.

7. In Alaska exploration drilling was conducted on two greenfields projects within the Tintina Gold Belt, a region of intrusion-related gold deposits that extends from central Alaska to the Yukon Territory of Canada. Follow-up drilling and exploration on three additional targets in Alaska are planned for the third quarter.

8. In Canada at the Red Lake JV, exploration was devoted to the western end of the property, with further targets planned for drill testing during the third quarter.

9. In South America, drilling of the northern end of the Lamego deposit near Cuiab in Brazil continues, confirming a thickening of the ore zone below the 250m level. Test mining and further exploration drilling from the existing ramp will be initiated in 2004 to fast-track the project.

10. Drilling of the Cachorro Bravo orebody at Crrego do Stio has further extended mineralisation down-plunge with intersections grading between 4g/t and 13g/t over widths of 2 to 4m. The exploration ramp is expected to intersect the footwall-mineralised horizon in the third quarter.

Exploration

Continued...

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11. At Crixs, drilling intersected the upper Corpo V ore zonesouth of Mina III at 350m yielding 5.9m at 10.71g/t. The intersection is approximately 140m down-plunge of the previous deepest intersection with follow-up drilling underway to confirm the strike and continuity of the zone.

12 At Cerro Vanguardia in Argentina, drilling continued in order to define depth and strike extensions of the Loma del Muerto, Loma Sur and Mangas Sur veins for possible future open-pit and underground resources.

13. In Peru, regional greenfields exploration was focused on further reconnaissance and property-scale investigation in different parts of the Peruvian Andean region. At La Rescatada the present diamond drilling programme will be completed in the third quarter and all drill data will subsequently be evaluated.

14. At Sunrise Dam in Australia, diamond drilling focused on deep targets at Northern Deeps and beneath the recently discovered Carey Shear. Evidence to date suggests that the Carey Shear is a structure similar to the Sunrise Shear, providing positive indications for replication of mineralisation at depth.

Drill testing of the newly defined Hammerhead lode to the east of the current pit also continued, with significant results including 8m at 5.30g/t from 264m; and 11m at 36.60g/t from 274m.

Reverse circulation drilling at the Duckpond prospect to the west of the current pit intersected several encouraging results beneath the near-surface mineralisation. Results include 6m at 4.15g/t from 44m; and 12m at 3.01g/t from 99m.

A review of AngloGold's Tanami exploration tenements, including the Coyote project, has concluded that further exploration is unlikely to lead to an attractive investment opportunity for the company. Divestment options are being considered.

15. In South Africa, drilling at Weltevreden to the east of Tau Lekoa for a Ventersdorp Contact Reef (VCR) resource suitable for open-pit mining was completed but intersected uneconomic mining grades.

Two boreholes are currently in progress at Goedgenoeg to the west of Tau Lekoa and are expected to intersect the VCR in the next quarter.

Sunrise Dam Mine North-South Section

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Operations 

at a glance

for the quarter ended 30 June 2003

Price received

Production

Total cash costs

EBITDA

Operating profit

%

  %                               %                                   %

% 

$/oz

Variance

oz          Variance

$/oz

Variance

$m

Variance

$m

Variance

**

(000)

**

**

**

**

Great Noligwa

364 

6 

196 

8

214 

4 

29

7

27 

8

TauTona

357                      4

 161                   6

186                     2 

27 

17

25 

14

Morila*

337                     (1)

95                    _ 

94                   12 

23                  (4)

17                (6)

Mponeng

358                      5 

128                    5

233                     7 

16 

14

12 

20 

Cripple Creek & Victor*

344 

6

78 

24

188                     _ 

14 

56

3 

200

Cerro Vanguardia*

343 

3

49 

(18)

152 

27 

12 

(20)

6 

(33)

Morro Velho

357 

 (6) 

55 

4

143 

13 

12 

(14) 

9 

(18) 

Sunrise Dam

366 

 (2) 

84 

(12) 

244 

23 

12 

(8) 

6 

(25) 

Kopanang

364                     6 

115 

(8)

268 

12 

11 

(15)

9 

(25)

Tau Lekoa

363 

5 

82 

1

271 

10 

7                   _ 

6                _ 

Serra 

Grande*

357                    (5) 

24                    _   

104                   12

7                 17 

5                _  

Sadiola*

347 

 (3) 

39 

(3)

213                     3 

6                   _ 

3 

(25) 

Geita*

307                     _   

62 

(3) 

230                     6 

5                   _ 

3 

(20) 

Yatela*

346                    (3) 

30                  43

198                   (3) 

4                 33

2 

68 

Jerritt Canyon*

346 

7

56 

10

270                    _

3 

50

(2)

33

Union Reefs

362 

 (3) 

28 

47

233 

(40) 

3

400

3

400

Navachab

346                     _  

21 

17

220 

(8) 

3 

(25) 

2 

(50) 

Ergo

351                     5 

49 

(14)

351 

22 

(1) 

(200)

(1) 

(200)

Savuka

358                     4 

53 

10

384 

(4) 

(1)

67

(2)

(100)

Other

0                    0 

29 

(9) 

0                    0 

(24)

(100)

7 

(42) 

AngloGold Group

354 

3 

1,434 

2

223 

6 

168 

(1)

140 

(4)

* Attributable

**Variance June 2003 quarter on March 2003 quarter  Increase (decrease)

The closing spot price of gold of $345/oz for this quarter was $8 higher than the opening price; the average price for the quarter of $347/oz was slightly lower than the average for the previous quarter. These price markers conceal an active quarter, however, and the gold price within the quarter was again volatile, reaching a high of $374/oz, and covering a range of $56/oz. Currency markets showed similar volatility, with the US dollar reaching an all-time low against the Euro of $1.19, or almost 10% weaker than its opening rate of $1.09 to the Euro. The Australian dollar was similarly active, gaining 10% against the US dollar, whilst the rand exchange rate against the US dollar ranged by almost 20% between its strongest point of R7.02 and the weakest rate of R8.33 to the US currency.

The rand gold price covered a range of almost 30% between the high for the quarter of R97,240/kg and the low of R75,375/kg. The local price closed the quarter close to the lows at R82,770/kg.

Activity in the market reflected ongoing interest in gold in a period of widespread financial, economic and political uncertainty. With the exception of the spur to the spot price at

the time of the announcement of Newmont Mining's offer of settlement to the Yandal creditors, the gold price was driven mostly by movement of the US dollar against the Euro. The weakening dollar has been good for a range of commodities, including base metals and oil, but investor and speculator interest has been particularly focussed on gold as the most consistent beneficiary of the weaker dollar.

Expectations of the gold price for the next 12 to 24 months are tied closely to the fate of the US dollar and, more broadly, of the US economy. As the dollar weakens, so the gold price is expected to rise.

The overwhelming consensus of commentators on currency markets is for a continued weakening of the US currency, specifically against the Euro, with some major players looking for exchange rates as low as $1.40 against the Euro by the end of 2004. These forecasts seem to ignore some of the fundamental weaknesses in the European economies today (particularly as a stronger Euro will continue to squeeze growth in Europe), which would argue against further strengthening of the common European currency. However, the reality is that many of the Asian economies  Japan and

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02 Jan 03

09 Jan 03

16 Jan 03

23 Jan 03

30 Jan 03

06 Feb 03

13 Feb 03

20 Feb 03

27 Feb 03

06 Mar 03

13 Mar 03

20 Mar 03

27 Mar 03

03 Apr 03

10 Apr 03

17 Apr 03

24 Apr 03

01 May 03

08 May 03

15 May 03

22 May 03

29 May 03

05 Jun 03

12 Jun 03

19 Jun 03

26 Jun 03

03 Jul 03

120

115

110

105

100

95

90

85

80

Index

US $ Euro and US $ Gold Indexed: First Half 2003

US $ Euro
US $ Gold

Iraq war premium

Review of the

gold market

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China especially are resisting the re-valuation of their currencies against the dollar by actively buying US bonds, and as a result the Euro might well have to bear a disproportionate burden of the market's concerns over the US dollar. For that reason, the Euro could move to an overvalued exchange rate against the dollar.

Whilst the weakening of the US dollar has been the indicator for gold price movements, the vehicle for effecting those price movements has been the New York Comex. Speculators and investors who trade gold on the Comex have so far shown a consistent pattern in gold buying, with a core net long holding since 2001 of some 45Moz, and opportunistic trading up to aggregate net long positions of 1014Moz. It will be important for gold that Comex continue to support the price by sustained buying as the economic indicators continue to favour gold.

The physical market continues to react negatively to higher prices. Ongoing spot price volatility has also not helped the physical markets to adjust their buying thresholds to new price ranges. During May, Indian imports all but ceased, and offtake is unlikely to resume until post-monsoon seasonal buying in August. Italian offtake for the first quarter of 2003 declined by 27% year-on-year, and there are indications that consumer offtake of gold jewellery in the USA has been weak.

This fall in offtake has been offset by sustained de-hedging from producers. After a reduction of some 430t in net gold producer hedge positions during 2002, the first quarter of 2003 saw hedges fall by a further 143t. This has provided an important offset to weaker physical demand, as well as assisting to balance sharply higher flows of scrap gold onto the physical markets throughout 2002. This was particularly so in the first quarter of 2003, when scrap flows reached a rate equivalent to almost 1,000tpa. The current levels of scrap sales or recycling of gold exceed by a significant margin the previous record levels of selling seen during the Asian currency crises of late 1997  1998. With producer sales reduced by de-hedging, these scrap sales have been absorbed by the market, but some long-term equilibrium will

be required in the physical market in order for this level of selling not to weigh on the price of the metal.

The currency markets continue to be dominated by movements in the value of the US dollar. During May, the US currency reached an all time low of $1.19 to the Euro. Although it closed the quarter at $1.15 to the Euro, at its weakest it had lost over 40% in value against the European currency over the past 24 months. As observed above, expectations are that this devaluation will continue. The weakness of the US dollar translated to a strengthening of both the Australian dollar, which touched A$0.67 to the US currency late in the quarter, and to the rand, which might otherwise have been expected to weaken on the back of favourable corrections to South African consumer inflation rate measurement, and a rate cut of 150 basis points during the quarter. As it was, the South African currency ended the quarter at R7.55 to the dollar, compared with an intra-quarter low of R8.33. As a result, South African producers remain under pressure as the strong local currency continues to impact negatively on the competitiveness of local production costs.

As at 30 June 2003, the net delta hedge position of AngloGold was 8.73Moz, 0.61Moz or 18.9t lower than the hedge position at 31 March 2003. The marked-to-market valuation of this position as at 30 June 2003 was negative $179m. These figures reflect the ongoing reduction in forward price commitments of the company.

At a meeting of the AngloGold board on 30 July 2003, a decision was taken to review the current hedging upper limit of 50% of five years' gold production. In the light of the enduring strength of the dollar spot gold price and the stability of AngloGold's operations, it has been decided to change the targeted level of forward-price commitments to 30% of five years' production. In addition, it was confirmed that management would continue to have the latitude to put new forward-pricing contracts in place where the gold price and operating circumstances make this necessary or prudent.

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As at 30 June 2003, the group had outstanding, the following forward-pricing commitments against future production. The total net delta tonnage of the hedge on this date was 8.73Moz or 271.6t (at 31 March 2003: 9.34Moz or 290.5t).

The marked-to-market value of all hedge transactions making up the hedge positions was a negative $179.3m (negative R1.35bn) as at 30 June 2003 (as at 31 March 2003: negative $251.5m  negative R1.97bn). These values were based on a gold price of $346/oz, exchange rates of R/$7.55 and A$/$0.6761 and the prevailing market interest rates and volatilities at the time.

As at 30 July 2003, the marked-to-market value of the hedge book was a negative $354.6m (negative R2.61bn), based on a gold price of $358/oz and exchange rates of R/$7.37 and A$/$0.6569 and the prevailing market interest rates and volatilities at the time.

These marked-to-market valuations are in no way predictive of the future value of the hedge position nor of future impact on the revenue of the company. The valuation represents the cost of buying all hedge contracts at the time of valuation, at market prices and rates available at the time.

Year

2003

2004

2005

2006

2007

2008-2012

Total

DOLLAR GOLD

Forward contracts

Amount    (kg)

16,811

26,576

19,862

18,974

25,878

108,101

$ per  oz

$311

$324

$333

$337

$355

$333

Put options purchased Amount          (kg)

1,266

3,906

757

563

728

7,220

$ per  oz

$383

$376

$291

$291

$292

$354

*Delta  (kg)

890

2,302

110

90

119

3,511

Put options sold

Amount  (kg)

12,006

10,886

22,892

$ per oz

$328

$340

$334

*Delta  (kg)

3,307

4,065

7,372

Call options purchased Amount       (kg)

1,267

572

1,839

$ per oz

$339

$360

$345

*Delta  (kg)

795

256

1,051

Call options sold

Amount   (kg)

16,289

9,250

16,360

14,681

14,308

54,245

125,133

$ per oz

$349

$337

$322

$329

$336

$363

$347

*Delta (kg)

8,005

5,716

11,614

10,030

9,568

35,115

80,048

RAND GOLD

Forward contracts

Amount   (kg)

4,593

11,076

9,078

4,500

4,541

3,732

37,520

Rand per  kg

R60,137

R94,277

R116,891

R96,436

R114,915

R119,580

R100,843

Put options purchased Amount         (kg)

1,875

1,875

1,875

1,875

7,500

Rand per kg

R93,602

R93,602

R93,602

R93,602

R93,602

*Delta  (kg)

1,125

749

575

439

2,888

Put options sold

Amount  (kg)

Rand per kg

*Delta (kg)

Call options purchased Amount       (kg)

1,244

1,244

Rand per kg

R77,162

R77,162

*Delta (kg)

1,244

1,244

Call options sold

Amount (kg)

5,909

4,688

4,687

4,688

2,986

11,944

34,902

Rand per kg

R100,045

R115,284

R131,944

R132,647

R173,119

R209,288

R154,391

*Delta (kg)

1,176

1,273

1,448

1,744

379

2,615

8,635

Hedge position

12

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13

Year

2003

2004

2005

2006

2007

2008-2012

Total

A DOLLAR GOLD

Forward contracts

Amount   (kg)

6,853

5,443

6,221

9,331

8,398

13,343

49,589

A$ per oz

A$501

A$549

A$683

A$664

A$635

A$654

A$624

Put options purchased Amount        (kg)

A$ per oz

*Delta (kg)

Put options sold

Amount (kg)

933

933

A$ per oz

A$530

A$530

*Delta (kg)

705

705

Call options purchased Amount       (kg)

3,888

3,110

6,221

3,732

11,197

28,148

A$ per oz

A$701

A$724

A$673

A$668

A$702

A$693

*Delta (kg)

13

382

1,994

1,408

5,186

8,983

Call options sold

Amount (kg)

6,532

6,532

A$ per oz

A$634

A$634

*Delta (kg)

624

624

Total net gold:

Delta (kg)

17,202

39,050

55,239

44,002

40,571

75,498

271,562

Delta (oz)

553,058

1,255,473

1,775,977

1,414,706

1,304,399

2,427,312

8,730,925

The following table indicates the group's currency hedge position at 30 June 2003

Year

2003

2004

2005

2006

2007

2008-2012

Total

RAND DOLLAR (000)

Forward contracts

Amount ($)

Rand per $

Put options purchased

Amount ($)

Rand per $

*Delta ($)

Put options sold

Amount ($)

Rand per $

*Delta ($)

Call options purchased Amount         ($)

Rand per $

*Delta ($)

Call options sold

Amount (kg)

20,000

20,000

Rand per $

R7.97

R7.97

*Delta ($)

5,802

5,802

A DOLLAR (000)

Forward contracts

Amount ($)

29,428

29,275

10,847

69,550

$ per A$

A$0.59

A$0.59

A$0.51

A$0.58

*The Delta position indicated above reflects the nominal amount of the option multiplied by the mathematical probability of the option being

exercised. This is calculated using the Black-Scholes option formula with the ruling market prices, interest rates and volatilities as at 30 June 2003.

A

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C O M

The results included herein for the quarter and six months ended 30 June 2003, which are unaudited, are prepared using the accounting policies which are in accordance with International Financial Reporting Standards (IFRS) and South African Generally Accepted Accounting Practices (SA GAAP). 

1. During the quarter, 21,400 ordinary shares were allotted in terms of the AngloGold Share Incentive Scheme.

2. Orders placed and outstanding on capital contracts as at 30 June 2003 totalled R1,123m (31 March 2003: R927m), equivalent to $150m (31 March 2003: $117m) at the rate of exchange ruling on that date.

3. Although AngloGold holds a 66.7% interest in Cripple Creek & Victor Gold Mining Company Limited, it is currently entitled to receive 100% of the cash flow from the operation until the loan, extended to the joint venture by AngloGold North America Inc., is repaid.

4. During the quarter, AngloGold made the following announcements:

4.1 On 16 May 2003, AngloGold issued a cautionary announcement to shareholders in which it confirmed that the boards of Ashanti Goldfields Company Limited and AngloGold were in discussion regarding the proposed merger of the two companies at a ratio of 26 AngloGold shares for every 100 Ashanti ordinary shares and global depositary securities. These proposals may or may not lead to a proposal being made for the entire issued share capital of Ashanti. This announcement was followed by a further cautionary announcement on 13 June 2003 in which AngloGold advised that the Government of Ghana, a substantial shareholder and regulator of Ashanti, was taking appropriate professional advice in considering the proposed merger. 

4.2 On 23 May 2003, AngloGold announced that it had signed an agreement to sell its wholly-owned Amapari Project to Minerao Pedra Branca do Amapari, for the total consideration of $18.2m. The Amapari project is located in the State of Amap, North Brazil. Since acquiring the property from Minorco, the Company has

sought to prove up additional reserve ounces in order to get it to a size and life that would justify the management resources needed to run it effectively.

This was not achieved and AngloGold, on receiving a fair offer from a purchaser who could constructively turn this orebody to account, agreed to sell.

4.3 On 6 June 2003, AngloGold announced that it had finalised the sale of its 49% stake in the Gawler Craton Joint Venture, including the Tunkillia project located in South Australia to Helix Resources Limited. Consideration for the sale comprised cash of $500,000 (A$750,000), 1.25m fully-paid Helix shares issued at A$0.20 per share and 1.25m Helix options exercisable at A$0.25 per option before 30 November 2003 with an additional payment of $335,000 (A$500,000) deferred to the delineation of a mineable resource of 350,000 ounces. Helix's proposed acquisition of AngloGold's rights to the Tarcoola Project, 60km to the south, was excluded from the final agreement. This resulted in a restructure of the original agreement terms, as announced on 8 April 2003.

4.4 On 2 July 2003, AngloGold announced that it had concluded the sale of its interest in the Jerritt Canyon Joint Venture to Queenstake Resources USA Inc. effective 30 June 2003. This followed negotiations originally announced on 27 February 2003 Queenstake paid the Jerritt Canyon Joint Venture partners, AngloGold and Meridian Gold, $1.5m in cash and 32m shares issued by a subsidiary, Queenstake Resources Limited, with $6m in deferred payments and $4m in future royalty payments. Queenstake accepted full closure and reclamation liabilities. AngloGold's shareholding represents approximately 9.2% of Queenstake Resources Limited's issued share capital and, although it does not currently have any intention to acquire additional shares in Queenstake, depending on the market price of Queenstake shares, general economic and industry conditions and other factors, and subject to applicable securities laws, AngloGold may either sell its shares in Queenstake or acquire additional shares.

Notes

14

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15

5. Dividend: 

To holders of ordinary shares and to holders of CHESS Depositary Interests (CDIs) 
Each CDI represents one-fifth of an ordinary share.

2003

Currency conversion date for UK pounds and Australian dollars

Thursday 7 August

Last date to trade ordinary shares cum dividend

Friday 15 August

Last date to register transfers of certificated securities cum dividend 

Friday 15 August

Ordinary shares trade ex dividend

Monday 18 August

Record date 

Friday 22 August

Payment date

Friday 29 August

To holders of American Depositary Shares

Each American Depositary Share (ADS) represents one ordinary share.

2003

Ex dividend on New York Stock Exchange

Wednesday 20 August

Record date

Friday 22 August

Approximate date for currency conversion

Friday 29 August

Approximate payment date of dividend

Friday 12 September

By order of the board

R P EDEY

R M GODSELL

Chairman

Chief Executive Officer

30 July 2003

GROUP OPERATING RESULTS

Issued Capital:

222,785,154 ordinary shares of 25 cents each

2,000,000 A redeemable preference shares 

778,896 B redeemable preference shares 

All the preference shares are held by a wholly owned subsidiary company

Weighted average:

222,737,513 ordinary shares in issue for the year to date

Statistics are shown in metric units and financial figures in South African rand.

Quarter

Quarter

Six months

Six months

ended

ended

ended

ended

June

March

June

June

2003

2003

2003

2002

GOLD

UNDERGROUND OPERATIONS

Tonnes milled

- 000

3,429

3,299

6,728

6,460

Yield

- g/t

 7.84

 7.87

 7.85

 8.45

Gold produced

- kg

26,885

25,949

52,834

54,558

PRODUCTIVITY

g/employee

- target

247

230

238

241

- actual

231

223

227

236

SURFACE AND DUMP RECLAMATION

Tonnes treated

- 000

9,397

9,717

19,114

19,213

Yield

- g/t

 0.26

 0.28

 0.27

 0.30

Gold produced

- kg

2,440

2,757

5,197

5,860

OPEN-PIT OPERATIONS

Tonnes mined

- 000

46,697

38,074

84,771

76,557

Stripping ratio *

 4.82

 5.03

 4.91

 4.23

Tonnes treated

- 000

8,387

7,459

15,846

12,319

Yield

- g/t

 1.82

 2.00

 1.91

 2.17

Gold produced

- kg

15,288

14,899

30,187

26,767

TOTAL

Gold produced

- kg

44,613

43,605

88,218

87,185

Gold sold

- kg

44,600

43,526

88,126

86,901

Price received

- R/kg sold **

87,983

91,962

89,948

104,305

Total cash costs

- R/kg produced

55,502

56,100

55,797

55,085

Total production costs

- R/kg produced

65,654

66,520

66,082

68,629

CAPITAL EXPENDITURE

- Rm

538

488

1,026

1,297

* Stripping ratio = (tonnes mined total - tonnes mined ore) / tonnes mined ore

** Price received includes realised non-hedge derivatives 

A

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A N G L O G O L D

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C O M

16

GROUP OPERATING RESULTS

Issued Capital:

222,785,154 ordinary shares of 25 cents each

2,000,000 A redeemable preference shares 

778,896 B redeemable preference shares 

All the preference shares are held by a wholly owned subsidiary company

Weighted average:

222,737,513 ordinary shares in issue for the year to date

Statistics are shown in imperial units and financial figures in US dollars.

Quarter

Quarter

Six months

Six months

ended

ended

ended

ended

June

March

June

June

2003

2003

2003

2002

GOLD

UNDERGROUND OPERATIONS

Tons milled

- 000

3,780

3,636

7,416

7,121

Yield

- oz/t

 0.229

 0.229

 0.229

 0.246

Gold produced 

- oz 000

864

834

1,698

1,754

PRODUCTIVITY

oz/employee

- target

 8.60

 8.01

 8.31

 7.74

- actual

 8.15

 7.86

 8.00

 7.58

SURFACE AND DUMP RECLAMATION

Tons treated

- 000

10,359

10,711

21,070

21,179

Yield

- oz/t

 0.008

 0.008

 0.008

 0.009

Gold produced

- oz 000

78

89

167

188

OPEN-PIT OPERATIONS

Tons mined

- 000

51,474

41,970

93,444

84,390

Stripping ratio *

 4.82

 5.03

 4.91

 4.23

Tons treated

- 000

9,245

8,222

17,467

13,579

Yield

- oz/t

 0.053

 0.058

 0.056

 0.063

Gold produced

- oz 000

492

479

971

861

TOTAL

Gold produced

- oz 000

1,434

1,402

2,836

2,803

Gold sold

- oz 000

1,434

1,399

2,833

2,794

Price received

- $/oz sold **

354

344

349

296

Total cash costs

- $/oz produced

223

210

217

156

Total production costs

- $/oz produced

264

248

256

195

Rand/US Dollar average exchange rate

 7.73

 8.35

 8.03

 10.99

CAPITAL EXPENDITURE

- $m

69

59

128

118

* Stripping ratio = (tons mined total - tons mined ore) / tons mined ore

** Price received includes realised non-hedge derivatives 

A

N G L O

G

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Q

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A N G L O G O L D

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C O M

17

GROUP INCOME STATEMENT

Quarter

Quarter

Six months

Six months

ended

ended

ended

ended

June

March

June

June

SA Rand million

2003

2003

2003

2002

Gold income

3,907

3,938

7,845

8,543

Cost of sales

(2,932)

(2,885)

(5,817)

(5,880)

Cash operating costs

2,429

2,378

4,807

4,736

Other cash costs

63

70

133

117

Total cash costs

2,492

2,448

4,940

4,853

Retrenchment costs

2

3

5

25

Rehabilitation and other non-cash costs

25

24

49

26

Production costs

2,519

2,475

4,994

4,904

Amortisation of mining assets

444

449

893

1,175

Total production costs

2,963

2,924

5,887

6,079

Inventory change

(31)

(39)

(70)

(199)

975

1,053

2,028

2,663

Non-hedge derivatives

119

155

274

797

Operating profit *

1,094

1,208

2,302

3,460

Corporate administration and other expenses

(82)

(85)

(167)

(113)

Market development costs

(25)

(40)

(65)

(88)

Exploration costs

(72)

(75)

(147)

(143)

Interest receivable

63

71

134

204

Other net expense

(66)

(31)

(97)

(12)

Finance costs

(71)

(69)

(140)

(260)

Abnormal item - settlement of claim

-

-

-

(102)

Profit before exceptional items

841

979

1,820

2,946

Amortisation of goodwill

(56)

(58)

(114)

(153)

Impairment of mining assets

(95)

-

(95)

-

Profit (loss) on disposal of assets

56

-

56

(137)

Termination of retirement benefit plans

-

-

-

2

Profit on ordinary activities before taxation

746

921

1,667

2,658

Taxation

(266)

(338)

(604)

(955)

Normal taxation

(151)

(245)

(396)

(740)

Deferred taxation

(126)

(92)

(218)

(179)

Deferred tax on unrealised non-hedge derivatives

(15)

(1)

(16)

(36)

Taxation on abnormal item

-

-

-

47

Taxation on exceptional items

26

-

26

(47)

Profit on ordinary activities after taxation

480

583

1,063

1,703

Minority interest

(36)

(36)

(72)

(65)

Net profit

444

547

991

1,638

1,082

1,216

2,298

3,383

Headline earnings
The net profit has been adjusted by the following
to arrive at headline earnings:
Net profit

444

547

991

1,638

Amortisation of goodwill

56

58

114

153

Impairment of mining assets

95

-

95

-

(Profit) loss on disposal of assets

(56)

-

(56)

137

Termination of retirement benefit plans

-

-

-

(2)

Taxation on exceptional items

(26)

-

(26)

47

Headline earnings

513

605

1,118

1,973

Unrealised non-hedge derivatives 

(12)

8

(4)

(77)

Deferred tax on unrealised non-hedge derivatives

15

1

16

36

516

614

1,130

1,932

Earnings per ordinary share - cents
 - Basic

199

246

445

740

 - Headline

230

272

502

891

 - Headline before unrealised non-hedge derivatives

232

276

507

872

Dividends
 - Rm

835

1,506

 - cents per share

375

675

The results have been prepared in accordance with International Financial Reporting Standards (IFRS)

* Operating profit excluding unrealised non-hedge
derivatives

Headline earnings before unrealised non-hedge
derivatives

A

N G L O

G

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2 0 0 3     

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A N G L O G O L D

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C O M

18

GROUP INCOME STATEMENT

Quarter

Quarter

Six months

Six months

ended

ended

ended

ended

June

March

June

June

US Dollar million

2003

2003

2003

2002

Gold income

505

472

977

779

Cost of sales

(380)

(346)

(726)

(537)

Cash operating costs

314

286

600

432

Other cash costs

9

8

17

11

Total cash costs

323

294

617

443

Retrenchment costs

1

-

1

2

Rehabilitation and other non-cash costs

3

3

6

3

Production costs

327

297

624

448

Amortisation of mining assets

57

54

111

107

Total production costs

384

351

735

555

Inventory change

(4)

(5)

(9)

(18)

125

126

251

242

Non-hedge derivatives

17

19

36

74

Operating profit *

142

145

287

316

Corporate administration and other expenses

(11)

(10)

(21)

(11)

Market development costs

(3)

(5)

(8)

(8)

Exploration costs

(9)

(9)

(18)

(13)

Interest receivable

9

8

17

19

Other net expense

(11)

(3)

(14)

-

Finance costs

(9)

(8)

(17)

(24)

Abnormal item - settlement of claim

-

-

-

(10)

Profit before exceptional items

108

118

226

269

Amortisation of goodwill

(7)

(7)

(14)

(14)

Impairment of mining assets

(12)

-

(12)

-

Profit (loss) on disposal of assets

7

-

7

(12)

Termination of retirement benefit plans

-

-

-

-

Profit on ordinary activities before taxation

96

111

207

243

Taxation

(34)

(41)

(75)

(87)

Normal taxation

(20)

(29)

(49)

(72)

Deferred taxation

(15)

(12)

(27)

(13)

Deferred tax on unrealised non-hedge derivatives

(2)

-

(2)

(3)

Taxation on abnormal item

-

-

-

5

Taxation on exceptional items

3

-

3

(4)

Profit on ordinary activities after taxation

62

70

132