ANGLOGOLD LIMITED

Registration No. 05/17354/06
Incorporated in the Republic of  South Africa

Quarter                 Quarter

Year

Quarter

Quarter

Year

ended                   ended

ended

ended

ended

ended 

March              December

December

March               December

 December 

2000                      1999                        1999

2000                       1999

1999

Rand/Metric

Dollar/Imperial

Prepared in accordance with International
Accounting Standards

Gold

Produced

 kg/oz 000

54 509 

52 679 

215 166 

1 753 

1 693 

6 918 

Revenue

 R/kg/$/oz sold

63 986 

62 735 

61 830 

315 

319 

315 

Total cash costs

 R/kg/$/oz produced

44 607 

43 954 

41 973 

220 

223 

213 

Total production costs

 R/kg/$/oz produced

51 615 

50 201 

47 842 

254 

255 

244 

Operating profit

 R/$ million

727 

699 

3 088 

114 

114 

505 

Net capital expenditure

 R/$ million

274 

366 

1 330 

43 

60 

218 

Attributable profit

 R/$ million

415 

532 

2 654 

65 

87 

434 

Attributable earnings

 cents per share

389 

540 

2 695 

61 

88 

441 

Headline earnings

 cents per share

420 

494 

2 485 

66 

81 

407 

Headline earnings before
deferred taxation rate change  cents per share

421 

494 

2 018 

66 

81 

330 

Dividends

 cents per share

2 000 

328

REPORT TO SHAREHOLDERS

F O R   T H E   Q U A R T E R   E N D E D   3 1   M A R C H   2 0 0 0

K E Y   F E AT U R E S

• Very good operating results in South America, Mali and Namibia 

•  Five mines in South Africa perform poorly

•  Heavy rains reduce production in North America and Australia 

•  Financial results

 • headline earnings down 8% to R449 million

 • total cash costs improve from $223/oz to $220/oz

 • total production costs stable at $254/oz ($255/oz last quarter)

•  Growth

 • AngloGold's share of Morila will add 168 000 attributable ounces annually at a cash cost of $137/oz

 • Geita will add 250 000 attributable ounces annually at a cash cost of less than $180/oz

 • Sunrise Dam expansion will add 1.45 million ounces of production at a cash cost of $186/oz

 • GoldAvenue  the gold e-commerce partnership  is announced

Comments and questions about AngloGold

are welcome and should be directed to:

In South Africa:

Steve Lenahan (Investor Relations)

James Duncan (Media)

11 Diagonal Street

11 Diagonal Street

Johannesburg 2001

Johannesburg 2001

(PO Box 62117, Marshalltown 2107)

(PO Box 62117, Marshalltown 2107)

South Africa

South Africa

Telephone: +27 11 637 6248

Telephone: +27 11 637 6147

Fax: +27 11 637 6107

Fax: +27 11 637 6399/6400

E-mail: slenahan@anglogold.com

E-mail: jduncan@anglogold.com

In the United Kingdom:

Alex Buck

4th Floor

12 St James's Square

London SW1Y 4RB

England

Telephone: +44 20 7849 5630

Fax: +44 20 7849 6137

E-mail: abuck@anglogold.com

In the United States of America:

Charles Carter

509 Madison Avenue

Suite 1914

New York, NY 10022

United States of America

Telephone: (800) 417 9255 (toll-free in the USA)

Telephone: +1 212 750 7999

Fax: +1 212 750 5626

E-mail: ccarter@anglogold.com

In Australia:

Andrea Maxey

Level 11,

60 City Road

Southbank

Victoria 3006

Australia

Telephone: +61 3 9684 4920

Fax: +61 3 9684 4951

E-mail: amaxey@anglogold.com

General E-mail enquiries should be directed to:

investors@anglogold.com

Information on AngloGold can also be accessed at:

http://www.anglogold.com

Global BuyDIRECT

SM

The Bank of New York maintains a Global BuyDIRECT

SM

Plan for AngloGold.

For additional information, please visit The Bank of New York's website at www.globalbuydirect.com or

call Shareholder Relations at 1-888-BNY-ADRS or write to:

The Bank of New York

Shareholder Relations Department  Global BuyDIRECT

SM

Church Street Station

PO Box 11258

New York, NY 10286-1258

United States of America

Published by the AngloGold Corporate Communications Department

Postal address:

PO Box 62117
Marshalltown
2107
South Africa

Telephone:

+27 11 637 6147

Fax:

+27 11 637 6399/6400

E-mail:

investors@anglogold.com

CERTAIN FORWARD-LOOKING STATEMENTS

Certain statements contained in this document, including without limitation, those concerning the
economic outlook for the gold mining industry, expectations regarding gold prices and production,
the completion and commencement of commercial operations of certain of AngloGold's
exploration and production projects, and its liquidity and capital resources and expenditure,
contain certain forward-looking statements regarding AngloGold's operations, economic
performance and financial condition. Although AngloGold believes that the expectations reflected
in such forward-looking statements are reasonable, no assurance can be given that such
expectations will prove to have been correct. Accordingly, results could differ materially from those
set out in the forward-looking statements as a result of, among other factors, changes in economic
and market conditions, success of business and operating initiatives, changes in the regulatory
environment and other government actions, fluctuations in gold prices and exchange rates, and
business and operational risk management.

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Dear Shareholder

AngloGold's operating results for this quarter are mixed. While our mines in South America, Mali and Namibia

produced very good results, the mining operations in both North America and Australia experienced extreme weather

conditions which severely reduced production. Both of these domains are now back to projected levels of production,

and expect to recover the production shortfall of the first quarter by year-end. Five of our 13 South African mines

performed poorly, resulting in a second disappointing quarter by the South African domain. Management has

presented to the Board plans to address the problems experienced. These include, as set out more fully in a website

document, improving mine infrastructure, extending operating flexibility through increased development and renewing

the focus on labour productivity. The Board looks forward to their full implementation.

With the gold price received by the company marginally down quarter on quarter from $319 to $315, headline

earnings before the deferred tax rate change declined by 8% to R449 million. Earnings per share were down 15% to

421 cents per share. Cash costs per ounce improved slightly from $223 last quarter to $220, and total costs per ounce

were stable at $254 ($255 last quarter).

The quarter has seen promising new business developments. The company acquired stakes in two of Africa's best

gold prospects: 40% of Morila in Mali and 50% of Geita in Tanzania. When in full production next year these mines 

together with Sadiola Hill and Navachab  will produce some 800 000 ounces of cost-effective production annually.

With the 500 000 ounces from Australia, 490 000 from North America and 420 000 from South America, this

represents a considerable broadening of the mining mix of this company.

The e-commerce partnership, GoldAvenue, was also announced during this quarter. Together with our partners,

J P Morgan and PAMP, we now have a vehicle to meaningfully reposition gold products in key developed markets.

Finally, the Board today approved a capital vote to expand AngloGold's Australian operation, Sunrise Dam. This

project, at a total cost of some $63 million, is expected to add 1.45 million ounces of production to the mine,

extending its life by three and a half years and achieving an average cash cost for its remaining life of $186 per

ounce. The project will be entirely financed by internally generated funds. This is the second organic expansion project

to be undertaken by AngloGold this year; the first was Yatela, in Mali, announced in February.

NICKY OPPENHEIMER

BOBBY GODSELL

Chairman

Chief Executive Officer

26 April 2000

2

SOUTH AFRICA

Overall performance

Headline earnings for the quarter were marginally better than the previous quarter. Gold production decreased by 3%
to 41 873 kilograms but this was offset by a 5% reduction in production costs.

Unit cash costs of R46 491 for the quarter were 2% lower than the previous quarter. Productivity, expressed in grams
per employee, was held to the previous quarter's levels while the lower production volumes resulted in square metres
per employee falling to 4 from 4.28 in the previous quarter.

While production levels improved at Great Noligwa in the latter part of the quarter, the mine continued to disappoint
with gold production reflecting a 7% decline, quarter on quarter. Kopanang produced at targeted levels although these
were lower than in the previous quarter. Tau Lekoa, despite a 6% reduction in the grade recovered, managed to limit
the reduction in gold output to 2% below the previous quarter. In addition, total cash costs were 7% lower than in the
previous quarter.

Gold output remained at the level of the previous quarter at Bambanani, despite a drop in grade mix and poor face
advance. At Tshepong, production was marginally down compared to the previous quarter while at Matjhabeng,
production improved by 4%. At Joel, the quarter was severely impacted by a two-day power outage and inefficiency
arising from the current shift arrangements. Consequently, gold production was down by 10% against the previous
quarter.

Production at TauTona was hampered by poor face advance and problems associated with the ageing infrastructure.
Gold production was down by 15% against the previous quarter. Despite seismicity in the shaft pillar area, Savuka
increased gold production against the previous quarter.

Mponeng had an excellent first quarter, with gold production increasing by 11%. Gold production at Elandsrand was
6% lower than the previous quarter, mainly as a result of lost raiselines which affected grade mix and area mined. At
Deelkraal, gold production was marginally higher than the previous quarter.

Ergo continued to perform to planned efficiencies despite production delays caused by high rainfall.

Tragically, 17 employees lost their lives in separate mine accidents during the quarter, compared to 10 in the previous
quarter. Lost time injuries increased by 14.4% to 777 against the previous quarter, which was the best on record in the
South African operations. When compared to the same period last year, however, it is encouraging to note that lost
time injuries improved by 14%. Management is concerned at these increases and continues to intensify efforts to
achieve safer working conditions.

Capital projects

At Moab Khotsong, overall progress on the project continues to be satisfactory.

Progress on the Mponeng deepening project has been good. The equipping programme is slightly ahead of schedule
with commissioning planned for 8 August 2000.

The Joel Taung North shaft project was delayed by four weeks, mainly due to a water intersection above 137 level.

Infrastructure development on levels 109 and 103 at the Elandsrand sub-shaft deepening project started one month
ahead of schedule. The project is progressing satisfactorily.

OTHER AFRICAN OPERATIONS

AngloGold has a 38% interest in the Sadiola mine in Mali and owns the Navachab mine in Namibia.

Sadiola had another good quarter, with gold production up 4% to 53 000 ounces, largely as a result of increased
recovery grades. Total cash costs (including royalty payments) were maintained at levels similar to the previous
quarter due to the increased production. There were no lost time injuries for the quarter.

Progress has been made in discussions with the Government of Mali on the Yatela project, with the Ministry of Mines
indicating that the key proposals submitted to them were acceptable. Partial loan financing through the Credit
Guarantee Insurance Corporation (CGIC) has been arranged, subject to South African Reserve Bank approval, with
the balance to be funded by shareholders' loans.

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3

Although production at Navachab decreased by 8% to 17 000 ounces, an improved average revenue price and
improved cost measures resulted in profit increasing to US$1.1 million. Unit cash costs decreased to $216 per ounce.
In terms of safety, Navachab also performed very well. The mine received three safety awards in the quarter: the
5 star NOSA rating, a Chamber of Mines (Namibia) safety award, and a `Safety Practitioner of the Year'
acknowledgement, awarded to one of the mine's safety officers.

New acquisitions

AngloGold and Ashanti announced on 5 April that they had signed heads of agreement on the sale by Ashanti of an
effective 50% of the Geita project in northern Tanzania to AngloGold. AngloGold will pay Ashanti $205 million for the
50% share and will procure or provide project financing for Geita totalling $130 million.

This acquisition, particularly when viewed with the agreement between AngloGold and Randgold Resources on the
Morila project, is clear evidence of this company's commitment to changing its mining risk profile, by adding shallow
and surface reserves to its existing deep level, hard rock assets. We are also confident that the acquisition will add to
the company's shareholder value.

Geita has published reserves of 5.5 million ounces and resources of 12 million ounces, and is expected to have an
average annual production of approximately 500 000 ounces at a cash cost of less than $180 per ounce. Our own
investigation of the mineralised deposits in the Geita licence area indicates that the potential for the discovery of
further resources at Geita, and their conversion to reserves, is good. These resources would be accessible either
through the five envisaged open pits or from adjacent ground.

The whole Geita area is highly mineralised. As a result, we expect to recover a further 9 million ounces of gold over
the life of the project. At the adjacent Nyamulilima Hill prospect, which AngloGold is adding to the project, the current
resource base is 2.1 million ounces, of which approximately one million ounces are likely to be converted to reserves.
The total potential recoverable gold from the project is thus some 15.5 million ounces. This excludes Ashanti's interest
in the Spinifex properties and any additional blue sky. These reserves will be treated at the Geita metallurgical facility,
avoiding the need for an additional recovery plant.

The Geita recovery plant currently has a planned capacity of 4 million tonnes per annum (mtpa). This capability has
the potential to be increased to 7 mtpa, at an estimated cost of $38 million, thus significantly improving the project's
net present value. This expansion will require a detailed feasibility study which is currently planned for 2004. The
project is likely to produce its first gold in July this year.

AngloGold also announced in April that it had reached an agreement with Randgold Resources on the sale to
AngloGold of 50% of Randgold Resources' stake in the Morila project in Mali. AngloGold will pay $132 million for the
share, which should yield approximately 168 000 attributable ounces of gold annually at an average cash cost over
the life of the project of $137 per ounce.

AngloGold is certain that this project, like Geita, will add value for our shareholders, at a double-digit discount rate.
The property has reserves of some 5.8 million ounces, with an average grade of approximately 4.35 grams per tonne
over its 14-year life. This has been verified by the results of 53 boreholes, drilled since December 1999 data on the
project was made available. The project is made particularly attractive by the fact that higher grade ore will be
available for treatment at the early stages of mining, which could improve the operation's NPV. The mine should
produce its first gold in October 2000.

In the second quarter of 2000 construction will begin at Yatela and the Morila and Geita agreements will be finalised.

NORTH AMERICA

These operations comprise AngloGold's 70% interest in the Jerritt Canyon joint venture and the 67% interest (100%
interest in production ounces, subject to contract obligations by the joint venture partners) in the Cripple Creek &
Victor joint venture.

Production at these operations declined by 12% over the previous quarter to 114 000 ounces, largely as a result of
severe wet weather conditions at Jerritt Canyon, which led to a 16% reduction in tonnage processed. Unit cash costs
increased by 21% to $190 per ounce at Jerritt Canyon; the low costs in the fourth quarter arose from exceptional
grades realised during that period.

Capital expenditure for the first quarter was $3.1 million or $1.0 million less than fourth quarter levels as a result of
lower spending on Murray development and completion of the installation of a cooling tower in the mill during the
fourth quarter.

4

Production at Cripple Creek & Victor of 55 000 ounces was 2% lower than the previous quarter. Despite this slight
decrease, unit cash costs remained steady at $179 per ounce. Capital expenditure of $4.4 million was considerably
lower than in the previous quarter, as construction was slowed by weather. East Cresson mine development continued
during the first quarter and Amendment No. 8 was filed in late March. Approval of Amendment No. 8 is expected by
late October 2000.

The safety record at both operations remained very good with no fatalities or disabling injuries in the quarter.

SOUTH AMERICA

These operations comprise AngloGold's 100% interest in the Morro Velho mines and the 50% interest in the Serra
Grande mines in Brazil, as well as the 46.25% interest in Cerro Vanguardia in southern Argentina.

Gold production at these operations totalled 105 000 ounces, 5% higher than the previous quarter, reflecting a net
3.3% increase in tonnage at all operations, except for Morro Velho where lower tonnage was compensated for by
higher recovered grades.

Cash costs improved by 10% at Serra Grande, following the increase in production, and by 3% at Cerro Vanguardia.
Cash costs were marginally higher at Morro Velho at $129 per ounce. Besides increased production, cash costs were
positively impacted by higher by-product credits and a reduction in operating costs.

The number of minor lost time injuries in the first quarter was disappointing but confirmed the correctness of the
decision to implement NOSA throughout the operations. Task forces have been formed for each of the three mines
with the result that the negative trend at Cerro Vanguardia has already been reversed. At Morro Velho and Serra
Grande the inclusion of contractors in these statistics from the second quarter may, initially, adversely affect this
performance.

AUSTRALIA

AngloGold's newly acquired operations comprise the wholly owned Sunrise Dam in Western Australia and Pine Creek
operations, made up of Union Reefs and Brocks Creek, in the Northern Territory; and joint venture interests in
Boddington (33.3%) in Western Australia and Tanami (40%) in the Northern Territory. These operations are expected
to add more than 500 000 ounces to AngloGold's annual production.

Cyclonic rains in the northern and western areas of the continent negatively impacted production in the first quarter.
The rain restricted access to ore in many of the open-pit mining areas and wet ore, in some instances, caused
reductions in the throughput rates at the plants. As a consequence, aggregate production was limited to 118 000
ounces.

Although the heavy rain at Sunrise Dam significantly reduced the amount of ore recovered from the mine, the
availability of ore stockpiles ensured that mill feed tonnages and head grades could be reasonably well maintained.
The installation of additional crushing plant capacity during the quarter has removed a potential bottleneck and
allowed the plant to achieve a throughput rate of around 2 million tonnes a year on the current ore blend. Improved
recoveries resulted in production of 47 000 ounces being slightly better than expected. The availability of higher grade
ore in the previous quarter resulted in exceptionally high production, which comprised one third of Sunrise Dam's
production for 1999. With the ore grade scheduled for the current period slightly below the resource average, there
has been a 29% fall in the quarter on quarter production. Although total cash costs for the quarter of $184 per ounce
were 51% higher than in the previous quarter, the performance continues to reflect the inherent low cost structure of
the mine.

A record wet season at Pine Creek curtailed mining at Union Reefs in the first quarter. With mining forced into lower
grade areas, both the volume and grade of ore being processed through the Union Reefs mill were negatively
impacted. Although rain disruption at Brocks Creek was not as great, the increasing hardness of the ore being
processed reduced plant throughputs. Union Reefs' production for the quarter was 26 000 ounces, 24% down on the
previous quarter. Total cash costs increased to $304 per ounce, an increase of 20% over the previous quarter. At
Brocks Creek, production for the quarter was 15 000 ounces, 12% lower than the previous quarter. Cash costs were
unchanged at $255 per ounce. With weather conditions expected to improve and the plant throughput rate at Brocks
Creek improving following the relining of the semi-autogenous grinding mill, performance at Pine Creek is expected to
improve over coming months. Mining at Brocks Creek is scheduled to cease in May but the plant will continue to
operate on stockpiles until at least August, some two months longer than expected.

At Boddington, production increased by 5% over the previous quarter to 20 000 ounces and cash costs increased by
2% to $219 per ounce. At Tanami, wet weather severely affected the operations and production decreased by 25%
over the previous quarter to 10 000 ounces. As a result, cash costs increased by 23% to $320.

Field exploration activities were effectively suspended during the wet season. Drilling programmes will resume during
the second quarter.

Two lost time injuries were reported during the quarter.

Sunrise Dam expansion

The initial development of the Sunrise Dam operation was approved by the then Acacia Resources Board in May
1996. The development was based on what was, at that stage, a relatively small, data constrained resource.
Subsequent exploration has significantly increased the size of the resource which, at the end of 1999, was estimated
to contain 4.35 million ounces of gold. Plant capacity was subsequently upgraded to 2 million tonnes a year on a mix
of oxide and fresh ore.

The completion of an intensive drilling programme during the first half of 1999 effectively defined the limits to the
resources that are potentially recoverable by open-pit mining techniques. This, together with an improved
understanding of the metallurgy of the resource and operating characteristics of the plant gained from three years'
operating experience, allowed the start of a major feasibility study during 1999 to determine the optimal mine/plant
configuration for the operation.

Following this study, the AngloGold Board has approved the development of the Sunrise Dam MegaPit. The plan
essentially involves a major expansion of the open pit, coupled with an increase in the plant capacity to 2.5 million
tonnes per annum of fresh ore. This is expected to extend the mine's life by three years to 2007, during which a total
of approximately 2.3 million ounces of gold should be produced.

Significantly, this expansion will be funded entirely from the mine's cash flow.

5

6

The average spot price of gold for the first quarter of 2000 was just under $290 per ounce, compared with an average

of $295 for the final quarter of 1999. Once again, this average price concealed considerable volatility in the market

during this period. During the quarter, the spot price traded between a low of $274 and a high of $319 per ounce.

Much of the impetus behind the rally up to the highs for the quarter seems to have come from anticipation among

short-term speculators in the gold market about announcements to be made regarding the price hedging policies of

major gold mining companies. This speculation generated a cycle of buying during February, but the market has since

returned to trade in a tighter but stable range at around $280 per ounce.

For South African producers, the first quarter of 2000 saw a significant move in the value of the rand against the 

US dollar. From an exchange rate of R6.04 to the US$ early in January, the local currency weakened to R6.52 at the

end of the quarter, and is currently trading in a range around R6.60 to the dollar. This move in the currency has

benefits for cash cost levels at South African gold producers. The weaker currency has also given important support to

the local spot price of gold, which averaged R58 750 per kilogram for the three month period, compared with an

average price of R58 123 per kilogram for the final quarter of 1999.

The first quarter has seen a better understanding develop on the workings of the gold sales agreement announced in

September 1999 between European central bank members and other leading official gold holders. While sales of gold

by the Swiss National Bank are likely to start in the near future, it is clear that these will be constrained by the ceiling

on official sales agreed in September 1999. In addition, Swiss authorities have indicated that they are likely to effect

such sales through conventional market channels rather than the exceptional method of lump sum auctions followed

by United Kingdom authorities. In this regard, representatives of the Swiss National Bank have stressed their desire to

avoid negative impact on the gold market through their sales of reserves. This has been a sentiment echoed also by

Dutch Central Bank authorities, and sales of gold by Holland during the first quarter of 2000 were conducted in an

efficient and non-disruptive manner.

The market appears to have found a level of support at around $280 per ounce in both the physical and traded

markets for the metal. Physical demand for gold during the first quarter has been healthy, and sell-offs in the equity

markets have seen a measure of investor interest in gold.

The AngloGold open hedge position as at the end of March 2000 is shown below. The net exposure in the hedge is

lower than that at the end of 1999, reflecting both deliveries into hedge contracts during the first quarter of the year,

and the offset of open positions during the quarter.

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Net Delta Open Hedge Position as at 31 March 2000

As at 31 March 2000, the company had outstanding the following net forward pricing commitments against future

production. A portion of these sales consists of US dollar-priced contracts which have been converted to rand prices

at average annual forward rand values based on a spot rand/dollar rate of 6.53 available on 31 March 2000.

Kilograms       Forward Price           Forward Price

Ounces

% Position

sold

Rand per kg

   US$ per oz

sold (000)

in US$

12 Months ending

31 December 2000

98 871

64 956

304

3 179

28

2001

97 867

73 261

336

3 146

65

2002

83 640

80 724

350

2 689

64

2003

53 837

85 539

347

1 731

80

2004

28 480

91 991

348

916

80

January 2005 - December 2009

107 300

118 406

362

3 450

81

Total

469 995

85 690

340

15 111

63

The marked to market value of all hedge transactions making up the hedge positions in the above table was R720 million

($110 million) as at 31 March 2000. The value was based on a gold price of $279 per ounce, exchange rates of

R/US$ 6.53 and US$/AU$ 0.61 and the prevailing market interest rates and volatilities at the time.

As at 26 April 2000, the marked to market value of the hedge book was R916 million ($136 million) based on a gold

price of $278 per ounce and exchange rates of R/$ 6.74 and US$/AU$ 0.59 and the prevailing market interest rates and

volatilities at the time.

8

As at 30 September 1999, the company had outstanding the following net forward pricing commitments against future
production. A portion of these sales consists of US dollar-priced contracts which have been converted to rand prices
at average annual forward rand values based on a spot rand/dollar exchange rate of R6.00 available on 30 September
1999. The percentage of the sales priced in US dollars is shown below:

Forward

Forward

Kilograms

price per

Ounces

price per

Percentage of

sold

kilogram sold

sold

ounce sold

positions

R

000

$

priced in US$

3 months ending
31 December 1999

49 589

61 516

1 594

317

22

12 months ending
31 December

2000

93 808

66 425

3 016

331

59

2001

80 978

73 365

2 604

343

58

2002

67 177

79 850

2 160

345

52

2003

37 910

85 613

1 219

342

74

2004

24 627

91 598

792

337

81

January 2005  June 2009

74 536

120 967

2 396

359

76

The aggregate of US dollars-priced contracts over the full duration of the hedge is 59%.

The net present value of all hedge transactions making up the hedge positions in the above table was R624 million ($104
million) as at 30 September 1999. The value was based on a gold price of $301 per ounce, an exchange rate of R/$6.00
and the prevailing market interest rates and volatilities at the time.

As at 27 October 1999, the net present value of the hedge book was R840 million ($140 million), based on a gold price
of $292.1 per ounce, an exchange rate of R/$6.15 and the prevailing market interest rates and volatilities at the time.

AngloGold Hedge Position as at 31 March 2000

Year

2000

2001

2002

2003

2004

2005-2009

Total

Dollar Gold

Forward Contracts

Amount (kg)

55 751

52 214

39 926

27 316

18 399

68 485

262 091

US$ per oz

$309

$326

$330

$336

$338

$351

$331

Put Options Purchased

Amount (kg)

10 575

3 110

3 110

4 977

1 866

23 638

US$ per oz

$295

$396

$407

$362

$433

$348

*Delta (kg)

5 039

2 876

2 690

2 979

1 409

14 993

Put Options Sold

Amount (kg)

14 214

14 214

US$ per oz

$291

$291

*Delta (kg)

8 483

8 483

Call Options Purchased

Amount (kg)

41 057

1 555

42 612

US$ per oz

$324

$350

$325

*Delta (kg)

2 327

379

2 706

Call Options Sold

Amount (kg)

45 398

8 731

11 885

10 463

3 303

3 938

83 718

US$ per oz

$305

$357

$373

$372

$342

$347

$332

*Delta (kg)

13 213

1 990

3 293

3 887

1 896

2 605

26 884

Rand Gold

Forward Contracts

Amount (kg)

27 444

25 903

21 953

8 155

3 925

14 630

102 010

Rand per kg

R66 738

R78 247

R83 171

R86 166

R92 959

R137 304

R85 880

Put Options Purchased

Amount (kg)

933

1 244

2 177

Rand per kg

R69 124

R75 554

R72 798

*Delta (kg)

810

942

1 752

Put Options Sold

Amount (kg)

775

775

Rand per kg

R58 604

R58 604

*Delta (kg)

323

323

Call Options Purchased

Amount (kg)

16 326

16 326

Rand per kg

R58 887

R58 887

*Delta (kg)

10 160

10 160

Call Options Sold

Amount (kg)

14 274

18 214

14 357

4 519

1 875

4 994

58 233

Rand per kg

R65 357

R78 116

R87 002

R93 765

R93 602

R113 695

R81 944

*Delta (kg)

1 942

3 873

4 137

1 696

1 200

3 183

16 031

AU Dollar Gold

Forward Contracts

Amount (kg)

16 857

10 707

12 597

9 953

3 110

36 391

89 615

AU$ per oz

AU$492

AU$549

AU$626

AU$588

AU$574

AU$640

AU$591

Call Options Purchased

Amount (kg)

7 776

4 121

6 687

778

4 666

36 391

60 419

AU$ per oz

AU$595

AU$717

AU$728

AU$703

AU$704

AU$686

AU$683

*Delta (kg)

892

259

955

149

1 459

17 995

21 709

Rand Dollar (000)

Forward Contracts

Amount (US$)

415 413

20 000

20 000

455 413

ZAR per US$ 

R6.37

R6.14

R6.48

R6.36

Put Options Purchased

Amount (US$)

81 250

81 250

ZAR per US$

R6.41

R6.41

*Delta (kg)

19 946

19 946

Put Options Sold

Amount (US$)

90 000

90 000

ZAR per US$ 

R6.33

R6.33

*Delta (kg)

17 833

17 833

Call Options Purchased

Amount (US$)

7 500

10 470

5 450

23 420

ZAR per US$ 

R5.81

R6.15

R6.48

R5.81

*Delta (kg)

7 321

9 061

4 369

20 751

Call Options Sold

Amount (US$)

155 500

30 670

33 450

8 000

227 620

ZAR per US$

R6.56

R6.57

R7.06

R6.94

R6.65

*Delta (kg)

96 534

20 500

20 435

6 340

143 809

*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 and Scholes option formula with the ruling market prices, interest rates and volatilities as at 31 March 2000.

9

1.

The financial results for the quarter ended 31 March 2000 are unaudited. Certain items relative to the previous
quarter have been restated for comparative purposes.

2.

With effect from 7 February 2000, AngloGold acquired 100% of the issued share capital of Acacia Resources
Limited (subsequently renamed AngloGold Australasia Limited), a gold company operating in Australia. This
followed the close of the offer on 24 December 1999 and the subsequent compulsory acquisition of the shares
held by those shareholders who had not accepted the offer.

The results of AngloGold Australasia for the quarter ended 31 March 2000 have been consolidated.

3.

During the quarter 351 009 ordinary shares were allotted at a price of R298 per share to complete the acquisition
of AngloGold Australasia and 30 600 ordinary shares were allotted in terms of the Share Incentive Scheme,
thereby increasing the number of ordinary shares in issue at 31 March 2000 to 106 996 287.

4.

The following announcements were made on 5 April 2000:

4.1

that AngloGold had entered into a non-binding heads of agreement to purchase from Ashanti Goldfields
Company Limited an effective 50% joint venture interest in the Geita project in Tanzania for a cash
consideration of US$205 million. In addition, AngloGold will procure or provide further financing, totalling
US$130 million, for the project.

4.2

that AngloGold had purchased a 50% share of Randgold Resources Limited's (Randgold Resources) stake
in the Morila gold mining project in Mali for US$132 million in cash.

This will result in AngloGold and Randgold Resources each having a 40% indirect interest in the project, with
the balance being held by the Mali Government.

5.

On 11 April 2000 it was announced that AngloGold, J.P. Morgan & Co. Incorporated and PAMP (Produits
Artistiques de Mtaux Prcieux), had formed GoldAvenue as an independent company that would be the first to
offer a comprehensive range of products and services for businesses, investors and consumers in the gold market
primarily through the use of the Internet. GoldAvenue is scheduled to begin rolling out its products and services
via the launch of a comprehensive gold website at www.goldavenue.com in the second half of 2000.

6.

Earnings per share have been calculated using the weighted average number of ordinary shares in issue.

7.

Orders placed and outstanding on capital contracts as at 31 March 2000 totalled R677.2 million, equivalent to
US$103.8 million at the rate of exchange ruling on that date.

8.

Final dividend No. 87 of 1 100 South African cents per share was paid to registered shareholders on 31 March
2000. The dividend was paid to holders of American Depositary Shares (ADS) on 10 April 2000 at a rate of
83.43 US cents per ADS. Each ADS represents one-half of an ordinary share.

9.

The 56th annual general meeting of AngloGold will take place at a function to be held at The Johannesburg
Country Club, Napier Road, Auckland Park, Johannesburg, on Thursday, 25 May 2000 commencing at 12:00
(SA time). Registered shareholders are reminded to submit proxy forms timeously should they wish to do so.

10. This report contains a summary of the results of AngloGold's operations. Detailed information relating to the

operations will be available on the Internet and in printed format from the investor relations contacts, whose
details, along with the website address, appear at the end of this document.

By order of the Board

N F OPPENHEIMER

R M GODSELL

Chairman

Chief Executive Officer

26 April 2000

N

N

N

N

O

O

O

O

T

T

T

T

E

E

E

E

S

S

S

S

December 1999

GROUP BALANCE SHEET

Prepared in accordance with International Accounting Standards

December 1999

March 2000

US Dollar million

March 2000

SA Rand million

ASSETS

Non-current assets

Mining assets

2 901.4

2 719.7

17 745.9

17 857.1

Goodwill

221.7

236.3

1 541.9

1 364.6

Investments in associates

12.9

12.4

81.2

79.4

Other investments

7.5

7.3

47.4

45.9

AngloGold Environmental Rehabilitation Trust

44.5

42.7

278.3

273.7

Long-term loans - unsecured

55.9

53.8

351.1

343.9

3 243.9

3 072.2

20 045.8

19 964.6

Current assets

Inventories

189.9

182.7

1 191.9

1 169.0

Trade and other receivables

222.9

201.0

1 311.5

1 372.3

Current portion of loans advanced

21.3

23.2

151.6

131.0

Cash and cash equivalents

492.5

351.0

2 290.6

3 031.0

926.6

757.9

4 945.6

5 703.3

Total assets

4 170.5

3 830.1

24 991.4

25 667.9

EQUITY AND LIABILITIES

Capital and reserves

Share capital and premium

1 275.8

1 220.5

7 963.5

7 852.4

Non-distributable reserve

29.5

28.6

186.6

181.6

Retained earnings

367.9

414.2

2 702.6

2 264.6

Shareholders' equity

1 673.2

1 663.3

10 852.7

10 298.6

Minority interests

26.5

27.5

179.2

163.1

1 699.7

1 690.8

11 031.9

10 461.7

Non-current liabilities

Borrowings

679.3

670.2

4 373.0

4 180.7

Debentures

18.7

18.5

120.7

114.9

Provisions

318.5

305.1

1 990.6

1 959.9

Deferred taxation

710.9

666.9

4 351.7

4 375.5

1 727.4

1 660.7

10 836.0

10 631.0

Current liabilities

Trade and other payables

359.0

282.8

1 846.0

2 209.4

Current portion of borrowings

130.3

121.7

794.0

801.8

Taxation

62.7

74.1

483.5

385.9

Dividends

191.4

-

-

1 178.1

743.4

478.6

3 123.5

4 575.2

Total equity and liabilities

4 170.5

3 830.1

24 991.4

25 667.9

10

SA Rand million

ended

Quater

GROUP CASH FLOW STATEMENT

Prepared in accordance with International Accounting Standards

US Dollar million

Year

ended

Quater

ended

ended

December

 1999

March

2000

March

2000

`Year

December

 1999

Cash flows from operating activities

Cash generated from operations

596.5

117.7

747.9

3 644.2

Interest paid

( 52.5)

( 18.5)

( 117.3)

( 321.3)

Interest received

71.4

17.1

108.2

436.6

Growth in AngloGold Environmental Rehabilitation Trust

4.4

0.7

4.6

26.3

Dividends received from associates

5.4

0.5

3.2

32.9

Dividends received

0.7

-

-

4.8

Dividends paid

( 272.3)

( 186.5)

(1 178.1)

(1 663.6)

Mining and normal taxation paid

( 100.9)

( 8.2)

( 52.0)

( 616.4)

Net cash (outflow) / inflow from operating activities

252.7

( 77.2)

( 483.5)

1 543.5

Cash flows from investing activities

Purchase of mining assets

( 217.6)

( 44.3)

( 280.0)

(1 329.0)

Proceeds from sale of mining assets

2.5

1.0

6.4

15.0

Investments acquired

( 2.0)

-

-

( 12.7)

Acquisition of subsidiaries

( 468.3)

-

-

(2 883.1)

Proceeds from sale of investments

220.5

-

-

1 347.0

Net cash outflow from investing activities

( 464.9)

( 43.3)

( 273.6)

(2 862.8)

Cash flows from financing activities

Proceeds from issue of share capital

3.5

1.0

6.6

21.3

Share issue expenses

( 6.9)

-

( 0.1)

( 42.3)

Proceeds from borrowings

517.9

-

-

3 164.0

Repayment of borrowings

( 42.7)

( 2.5)

( 16.0)

( 260.6)

Loans advanced

( 8.2)

( 0.6)

( 3.6)

( 50.0)

Repayment of loans advanced

23.4

0.9

5.9

142.9

Net cash inflow from financing activities

487.0

( 1.2)

( 7.2)

2 975.3

Net (decrease) increase in cash and cash equivalents

274.8

( 121.7)

( 764.3)

1 656.0

Translation adjustment

( 35.9)

( 19.8)

23.9

( 116.8)

Opening cash and cash equivalents

253.6

492.5

3 031.0

1 491.8

Closing cash and cash equivalents

492.5

351.0

2 290.6

3 031.0

Note to the Cash Flow Statement

Cash generated from operations

Profit on ordinary activities before taxation

442.6

92.9

591.8

2 703.1

Adjusted for:

Non-cash movements

5.0

2.1

13.1

30.6

Amortisation of mining assets

196.3

58.0

365.7

1 199.3

Interest paid

52.5

18.5

117.3

321.3

Interest receivable

( 71.4)

( 17.1)

( 108.2)

( 436.6)

Growth in AngloGold Environmental Rehabilitation Trust

( 4.4)

( 0.7)

( 4.6)

( 26.3)

Income from associates

( 7.1)

( 1.2)

( 7.7)

( 43.2)

Dividends received

( 0.7)

-

-

( 4.8)

Loss (profit) on sale of mining assets

( 4.2)

0.2

1.4

( 25.6)

Movement in working capital

( 12.1)

( 35.0)

( 220.9)

( 73.6)

596.5

117.7

747.9

3 644.2

The following analyses the movement in working capital:

(Increase) decrease in inventories

4.1

( 3.6)

( 22.9)

25.2

Decrease (increase) in trade and other receivables

( 4.5)

9.6

60.8

( 27.5)

Decrease in trade and other payables

( 11.7)

( 41.0)

( 258.8)

( 71.3)

( 12.1)

( 35.0)

( 220.9)

( 73.6)

11

GROUP OPERATING RESULTS

Prepared in accordance with International Accounting Standards

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

Issued Capital:

106 996 287 ordinary shares of 50 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

Quarter

Quarter

Year

ended

ended

ended

March

December

December

2000

1999

1999

GOLD
UNDERGROUND OPERATIONS

Tonnes milled

- 000

- reef

5 117

5 111

21 055

- waste

76

182

649

- total

5 193

5 293

21 704

Yield

- g/t

- reef

8.17

8.29

8.31

- waste

0.69

0.65

0.81

- average

8.06

8.03

8.09

Gold produced

- kg

- reef

41 799

42 370

174 994

- waste

52

119

527

- total

41 851

42 489

175 521

PRODUCTIVITY

g/employee

- target

205

224

222

- actual

185

207

210

SURFACE AND  DUMP RECLAMATION

Tonnes treated

- 000

12 356

13 151

54 354

Yield

- g/t

0.32

0.31

0.30

Gold produced

- kg

3 933

4 119

16 165

OPEN-PIT OPERATIONS

Tonnes mined

- 000

11 703

11 198

47 880

Stripping ratio

- t(mined-treated)

/t treated

1.09

2.55

2.51

Tonnes treated

- 000

5 589

3 151

13 630

Yield

- g/t

1.56

1.93

1.72

Gold produced

- kg

8 725

6 071

23 480

TOTAL

Gold produced

- kg

54 509

52 679

215 166

Revenue - R/kg sold

- (excluding accelerated hedge)

63 704

62 305

61 577

- (including accelerated hedge)

63 986

62 735

61 830

Total cash costs

- R/kg produced

44 607

43 954

41 973

Total production costs - R/kg produced

51 615

50 201

47 842

CAPITAL EXPENDITURE

- mining direct

254.7

361.9

1 254.6

- other

25.3

3.7

90.6

- recoupments

( 6.4)

-

( 15.0)

Net capital expenditure

273.6

365.6

1 330.2

12

GROUP OPERATING RESULTS

Prepared in accordance with International Accounting Standards

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

Issued Capital:

106 996 287 ordinary shares of 50 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

Quarter

Quarter

Year

ended

ended

ended

March

December

December

2000

1999

1999

GOLD
UNDERGROUND OPERATIONS

Tons milled

- 000

- reef

5 641

5 634

23 209

- waste

83

201

715

- total

5 724

5 835

23 924

Yield

- oz/t

- reef

0.238

0.242

0.242

- waste

0.024

0.019

0.024

- average

0.235

0.234

0.236

Gold produced

- oz 000 - reef

1 344

1 362

5 626

- waste

2

4

17

- total

1 346

1 366

5 643

PRODUCTIVITY

oz/employee

- target

6.60

7.20

7.14

- actual

5.94

6.66

6.75

SURFACE AND  DUMP RECLAMATION

Tons treated

- 000

13 621

14 497

59 915

Yield

- oz/t

0.009

0.009

0.009

Gold produced

- oz 000

126

132

520

OPEN-PIT OPERATIONS

Tons mined

- 000

12 900

12 344

52 779

Stripping ratio

- t(mined-treated)

/t treated

1.09

2.55

2.51

Tons treated

- 000

6 161

3 474

15 024

Yield

- oz/t

0.05

0.056

0.050

Gold produced

- oz 000

281

195

755

TOTAL

Gold produced

- oz 000

1 753

1 693

6 918

Revenue - $/oz  sold

- (excluding accelerated hedge)

314

316

313

- (including accelerated hedge)

315

319

315

Total cash costs

- $/ounce produced

220

223

213

Total production costs - $/ounce produced

254

255

244

Rand/US Dollar average exchange rate

6.32

6.13

6.11

CAPITAL EXPENDITURE

- mining direct

40.3

59.1

205.4

- other

4.0

1.1

14.8

- recoupments

( 1.0)

-

( 2.4)

Net capital expenditure

43.3

60.2

217.8

13

GROUP FINANCIAL RESULTS

Prepared in accordance with International Accounting Standards

SA Rand million

Quarter

Quarter

Year

ended

ended

ended

March

December

December

2000

1999

1999

Turnover

3 646.0

3 381.3

13 755.5

Gold revenue

3 568.5

3 341.6

13 473.1

Normal

3 553.0

3 319.0

13 418.8

Accelerated hedge

15.5

22.6

54.3

Cost of sales

2 842.0

2 643.1

10 385.6

Cash operating costs

2 418.4

2 314.3

9 027.4

Other cash costs

31.4

4.2

56.4

Total cash costs

2 449.8

2 318.5

9 083.8

Retrenchment costs

15.5

25.9

57.7

Rehabilitation and other non cash-costs

13.1

19.2

55.7

Production costs

2 478.4

2 363.6

9 197.2

Amortisation of mining assets

365.7

305.6

1 199.3

Total production costs

2 844.1

2 669.2

10 396.5

Inventory change

( 2.1)

( 26.1)

( 10.9)

Operating profit

726.5

698.5

3 087.5

Corporate administration and other expenses

30.9

33.5

161.4

Marketing development costs

20.3

22.8

90.6

Research and development

9.3

12.9

42.7

Exploration costs

71.2

110.1

286.8

Profit from operations

594.8

519.2

2 506.0

Interest paid

117.3

105.5

321.3

Unwinding of decommissioning obligation

4.8

4.5

18.1

Interest receivable

108.2

151.8

436.6

Growth in AngloGold Environmental Rehabilitation Trust

4.6

5.5

26.3

Income from associates

7.7

-

43.2

Dividends received

-

2.5

4.8

(Loss) profit on sale of mining assets

( 1.4)

25.6

25.6

Profit on ordinary activities before taxation

591.8

594.6

2 703.1

Taxation

128.0

96.6

227.7

Normal taxation

149.6

89.9

649.8

Deferred taxation

- current

( 22.6)

6.7

37.8

- rate change

1.0

-

( 459.9)

Profit on ordinary activities after taxation

463.8

498.0

2 475.4

Profit on sale of associate

-

-

543.2

Amortisation of goodwill

32.5

( 45.2)

335.8

Minority interest

16.0

11.3

28.9

Profit attributable to ordinary shareholders

415.3

531.9

2 653.9

Headline earnings

The basic earnings have been adjusted by the following

to arrive at headline earnings:

Basic earnings

415.3

531.9

2 653.9

Less: Profit on sale of associate

-

-

543.2

Add: Amortisation of goodwill

32.5

( 45.2)

335.8

Headline earnings

447.8

486.7

2 446.5

Add: Deferred taxation rate change

1.0

-

( 459.9)

Headline earnings before deferred taxation rate change

448.8

486.7

1 986.6

Earnings per ordinary share - cents

- Basic

389

540

2 695

- Headline

420

494

2 485

- Headline before deferred taxation rate change

421

494

2 018

Dividends

- Rm

2 058.9

- cents per share

2 000

14

*GROUP FINANCIAL RESULTS

Prepared in accordance with International Accounting Standards

US Dollar million

Quarter

Quarter

Year

ended

ended

ended

March

December

December

2000

1999

1999

Turnover

576.4

551.9

2 251.5

Gold revenue

564.3

545.5

2 205.2

Normal

561.9

541.8

2 196.3

Accelerated hedge

2.4

3.7

8.9

Cost of sales

450.0

431.5

1 699.8

Cash operating costs

383.1

377.8

1 477.5

Other cash costs

4.9

0.8

9.2

Total cash costs

388.0

378.6

1 486.7

Retrenchment costs

2.4

4.2

9.4

Rehabilitation and other non-cash costs

2.1

3.1

9.2

Production costs

392.5

385.9

1 505.3

Amortisation of mining assets

58.0

49.9

196.3

Total production costs

450.5

435.8

1 701.6

Inventory change

( 0.5)

( 4.3)

( 1.8)

Operating profit

114.3

114.0

505.4

Corporate administration and other expenses

5.1

5.5

26.4

Marketing development costs

3.2

3.7

14.8

Research and development

1.5

2.1

7.0

Exploration costs

11.1

18.0

46.9

Profit from operations

93.4

84.7

410.3

Interest paid

18.5

17.2

52.5

Unwinding of decommissioning obligation

0.8

0.8

3.0

Interest receivable

17.1

24.8

71.4

Growth in AngloGold Environmental Rehabilitation Trust

0.7

0.9

4.4

Income from associates

1.2

-

7.1

Dividends received

-

0.4

0.7

(Loss) profit on sale of mining assets

( 0.2)

4.2

4.2

Profit on ordinary activities before taxation

92.9

97.0

442.6

Taxation

20.4

15.8

37.2

Normal taxation

23.7

14.7

106.4

Deferred taxation

- current

( 3.5)

1.1

6.2

- rate change

0.2

-

( 75.4)

Profit on ordinary activities after taxation

72.5

81.2

405.4

Profit on sale of associate

-

-

88.7

Amortisation of goodwill

5.1

( 7.4)

55.1

Minority interest

2.5

1.8

4.7

Profit attributable to ordinary shareholders

64.9

86.8

434.3

Headline earnings

The basic earnings have been adjusted by the following

to arrive at headline earnings:

Basic earnings

64.9

86.8

434.3

Less: Profit on sale of associate

-

-

88.7

Add: Amortisation of goodwill

5.1

( 7.4)

55.1

Headline earnings

70.0

79.4

400.7

Add: Deferred taxation rate change

0.2

-

( 75.4)

Headline earnings before deferred taxation rate change

70.2

79.4

325.3

Earnings per ordinary share - cents

- Basic

61

88

441

- Headline

66

81

407

- Headline before deferred taxation rate change

66

81

330

Dividends

- $m

337.4

- cents per share

328

15

KEY OPERATING RESULTS

PER OPERATION 

Prepared in accordance with International
Accounting Standards.

Quarter

ended
March

2000

Quarter

ended

December

1999

Yield - g/t

Gold produced - kg

Total cash costs - R/kg

Quarter

ended
March

2000

Quarter

ended

December

1999

Quarter

ended
March

2000

Quarter

ended

December

1999

Rand / Metric

SOUTH AFRICAN OPERATIONS

VAAL RIVER

11.20

11.34

6 449

Great Noligwa Mine

6 963

35 185

37 063

7.22

7.93

3 820

Kopanang Mine

4 026

45 526

41 363

4.69

4.98

2 215

Tau Lekoa Mine

2 250

49 163

52 888

0.60

0.54

675

Surface Operations

641

39 133

35 933

ERGO

0.24

0.25

2 506

Ergo

2 824

49 403

36 161

FREE STATE

6.84

7.36

3 639

Bambanani Mine

3 630

54 511

59 291

7.19

7.28

2 344

Tshepong Mine

2 363

49 736

55 468

7.44

7.85

3 166

Matjhabeng Mine

3 049

57 552

61 733

1.08

0.74

649

Surface Operations

654

42 208

55 779

5.50

5.98

1 776

Joel Mine

1 975

56 793

54 252

WEST WITS

10.84

11.05

4 136

TauTona Mine (East Mine)

4 883

40 691

38 607

8.21

8.07

2 021

Savuka Mine (West Mine)

1 953

55 164

59 919

10.48

9.39

3 921

Mponeng Mine (South Mine)

3 522

41 355

48 813

7.18

7.41

3 022

Elandsrand Mine

3 214

53 882

56 154

7.38

4.23

1 432

Deelkraal Mine

1 416

62 790

69 544

OTHER AFRICAN OPERATIONS

1.61

1.60

544

Navachab

590

43 840

43 124

3.52

3.09

1 648

Sadiola - Attributable 38%

1 572

26 109

25 153

NORTH AMERICAN OPERATIONS

0.65

0.87

1 695

Cripple Creek & Victor J.V.

1 741

36 540

33 052

15.15

9.09

1 839

Jerritt Canyon J.V. - Attributable 70%

2 280

38 570

30 913

SOUTH AMERICAN OPERATIONS

6.89

6.91

1 451

Morro Velho

1 500

26 317

25 182

8.26

8.12

747

Serra Grande - Attributable 50%

604

21 269

23 124

11.52

11.81

1 051

Cerro Vanguardia - Attributable 46.25%

1 029

27 724

26 449

AUSTRALIAN OPERATIONS

3.47

4.85

1 453

Sunrise Dam

2 051

37 270

24 032

0.83

0.77

628

Boddington - Attributable 33.33%

590

44 480

42 212

2.60

2.53

309

Tanami - Attributable 40%

410

64 824

50 846

1.20

1.51

810

Union Reefs

1 067

61 601

49 919

1.63

1.56

459