Increased production and operating profit
with steady earnings

Group results for the quarter...

 •

Gold production up 2% while operating profit increases
 by 9%.

 •     Headline earnings increased by 1% to R430 million
       despite increased interest, exploration and operating
       costs.

 •      Net loss is R131.5 million, as a result of asset
        impairments.

...and for the year

 •       Gold production rises 5% to 7.24 million ounces.

 •       Operating profit increases by 6% to R3.27 billion.

 •       Headline earnings decrease by 11% to R1.77 billion.

 •       Final dividend of R6.50 per share declared, giving
 •       R14.00 for the year and a 6.4% yield.

Regional operating results for the quarter

SOUTH AFRICA

 •      Operating profit is up 3% despite a 4% decrease in
        gold production due to reduced shifts in December.

 •      There is strong production from most operations, led
         by Great Noligwa, Kopanang, Tau Lekoa and Savuka.

 •      Performances from Bambanani, Joel and Mponeng
         continue to disappoint.

 •      Rand cash costs are up 4% to R50,785 per kilogram,
         but dollar costs are down 4% to $208 per ounce.

     •      Completion of the sale of Elandsrand and Deelkraal to
           Harmony is expected soon.

AFRICA

•      Morila comes into production with 57,000 attributable
        ounces at $88 per ounce.

•      Production at Sadiola decreases as planned.

•      Navachab costs and production both improve.

•      The Yatela project is on target and the Geita
transaction completed.

NORTH AMERICA

•      Gold production increases by 23% with the introduction
       of Cortez ore at Jerritt Canyon.

•      Production costs are up owing to diesel fuel increases
       and the cost of Cortez ore.

•      Cripple Creek & Victor J.V. production is marginally
       down and fuel price increases push costs up by 2%.

SOUTH AMERICA

•      Gold production is 14% higher at 122,000 ounces.

•      Cash costs are up 11% due to wage increases, Serra
       Grande maintenance and increased tonnage at Cerro
        Vanguardia.

AUSTRALASIA

•      Production levels are maintained at 142,000 ounces.

•      Sunrise Dam production up 2% but cash costs
        increase by 2%.

•      Brocks Creek operation closes while Pine Creek
       production improves and costs reduced by 20%.

•      Boddington production is steady, but mining of
       marginal ore and stockpiles in the end-of-life ore-body
       increases costs.

•      Australasian office will move from Melbourne to Perth
       in March 2001.

Quarter 

ended 

Dec 

2000 

Quarter 

ended 

Sept
2000 

Year 

ended 

Dec 

2000 

Year 

ended 

Dec 

1999 

Quarter 

ended 

Dec 

2000 

Quarter 

ended 

Sept
2000 

Year 

ended 

Dec 

2000 

Year 

ended 

Dec 

1999 

Rand/Metric

Dollar/Imperial

Gold

Produced

- 

kg/oz 

000

57,906         56,924 

225,295 

 215,166            1,862        1,830         7,243            6,918 

Revenue

- 

R/kg/$/oz 

sold

70,819 

67,460 

67,158 

 61,830              289           300             308              315 

Total 

cash 

costs

- 

R/kg/$/oz 

produced

48,255 

46,914 

46,404 

41,979               197           209             213             213 

Total 

production 

costs

- 

R/kg/$/oz 

produced

55,454 

53,967 

53,334 

47,842               226           240              245             244 

Operating 

profit

- 

R/$ 

million

889             814 

3,272 

3,088              116            115              469             505 

Net capital expenditure

- R/$ million

938 

438 

2,009 

1,330 

138 

63 

297 

218 

Net (loss) /  profit

- R/$ million

(132)

394 

1,116 

2,654 

(18)

55 

166 

434 

Net (loss) / earnings

- cents per share

(123)

369 

1,043 

2,695 

(16)

52 

155 

441 

Headline earnings

- cents per share

402 

399 

1,658 

2,485 

52 

56 

237 

407 

Headline (loss) / earnings before

 deferred taxation rate change

- cents per share

402 

399 

1,658 

2,018 

52 

56 

237 

328 

Dividends

- cents per share

1,400          2,000 

196             328 

REPORT

FOR THE QUARTER AND YEAR
ENDED 31 DECEMBER 2000

ANGLOGOLD LIMITED
Registration No. 1944/017354/06
Incorporated in the Republic of South Africa

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.

Throughout this document, $ refers to US dollars, unless otherwise
stated.

Published by AngloGold's
Corporate Communications Department

PO Box 62117
Marshalltown
2107
South Africa

Telephone: +27 11 637 6147
Fax: +27 11 637 6399/6400
E-mail: investors@anglogold.com

Dear Shareholder

Overview

The year 2000 was a tough one for the gold
industry and AngloGold.  The gold price has
continued to be at its lowest in two decades and
AngloGold experienced disappointing operational
performance in its South African operations.  In
contrast, the year also saw a major expansion
launched in the company's key Australian mine,
Sunrise Dam; the launching of a new mine, Yatela,
in Mali; and the acquisition of substantial interests
in two other African mines: Morila, also in Mali, and
Geita in Tanzania.  Together these expansions
and acquisitions will contribute some 20 million
ounces of production, at an average cash cost of
$175 per ounce to this company over the next 15
years.

The quarter

Gold production increased by 2% and the received
price by 5%, while total costs were 3% higher than
in the September quarter.  Operating profit at
R889 million rose by 9% and headline earnings, at
R430 million, showed a 1% improvement.

After a poor start to the year in South Africa,

five problem operations were identified.  We
committed ourselves to overcoming their
shortcomings and posting improvements in their
performance during the year, or closing or
disposing of them.  As illustrated once more in this
quarter's results, Great Noligwa and TauTona are
now performing at or above expectations.  During
the quarter, we  announced the sale of Elandsrand
and Deelkraal to Harmony in December for R1
billion  this transaction should be concluded in
February 2001.  Bambanani is still
underperforming because of a lack of access to
higher-grade panels.  Similarly, at Joel, significant
increases in mining efficiency have not been
rewarded by increased gold production because of
disappointing recovered grade.  We will act
decisively, as we have with Elandsrand and
Deelkraal, if we are not able to improve the
performance of Bambanani and Joel.

A very pleasing feature of the operating

performance in South Africa has been the
continued improvement in safety.  Indeed, since
the intensive safety drive began two years ago,
fatal accidents decreased by 52%, the fatality rate
by 42%, and lost-time accidents by 33%.  This is a
tribute to the effort and commitment of all
employees and all managers.  Despite these

improvements, however, we remain committed to
eliminating accidents.

Elsewhere, the operations in South America,

Africa and Australasia continue to deliver
impressive results.  The Morila operation has been
especially rewarding, producing 57,000
attributable ounces in its first operating quarter at a
cash cost of $88 per ounce.  In North America,
increasing costs are a continuing concern.

This quarter, the regular review of assets in the

light of current realities (in particular our
conservative view of future gold price of $270 in
2001, rising to $310 in 2005) has resulted in the
impairment of several assets, the most significant
being Jerritt Canyon, Ergo and Elandsrand which
are now carried on our books at values which
realistically reflect their actual cash-generating
capacity at today's gold price.  These impairments,
amounting to some R700 million, or 6% of the
company's net asset value (or market
capitalisation), are reflected in the income
statement with a significant impact on our net profit
line.  The review reduced the company's reserve
ounces by 10%.

The year

Headline earnings for the year 2000 at R1.77
billion were 11% lower than in 1999.

In 2000, we produced 5% more gold, some 7.2

million ounces, and increased operating profit by
6% to R3.3 billion.  Given the operating problems
at some of our engine room assets, this is more
than a modest achievement.  However, we are
acutely aware that our earnings stream has
disappointed our shareholders and the share price
reflects this.

2001 and beyond

Looking forward to this year and beyond, there are
a number of challenges facing us.  The first is to
complete the improvement in operating
performance in South Africa.  As indicated above,
the major focus is on Bambanani and Joel.  The
second, given the conservative planning view
adopted by the company on the gold price, is to
drive down costs.

Management has set itself the target of

reducing overhead costs by at least 10% during
2001, and will report progress on this target on a
regular basis.

LETTER FROM THE CHAIRMAN AND
DEPUTY CHAIRMAN

We will also be seeking to reduce operating

costs.  In South Africa, our target is to hold costs
neutral in rand terms.  If the rand should continue
to devalue against the US dollar, the currency in
which this company's revenues are earned, the
financial impact will be one of increased margins.
Outside of South Africa, where mining is mainly
open-pit and there is a significant exposure to
costs of petroleum products, these operations
have had to contend with much higher fuel prices.
Nevertheless, management in all regions will seek
cost savings.

When AngloGold was established in early

1998, its key objective was to change the
character of the company from a series of South
African mines with finite lives, and no growth
opportunities, to a company with a broad portfolio
of geographic and geological gold mining assets.
In 2000, 25% of our production and 33% of our
earnings came from outside South Africa and from
open-pit or shallow underground mining.

In 2001, AngloGold will continue to invest

strongly in its future, both inside South Africa,
where the new mine, Moab Khotsong, and the
shaft-deepening project at Mponeng are well
advanced, and at Sunrise Dam, Yatela, Morila and
Geita.

Dividend

We are pleased to announce the final dividend for
2000 of R6.50 per share, giving an annual
dividend for the year of R14.00 per share, and a
yield of 6.4% at the current share price of R220.

Draft Mineral Development Bill

The South African government has published for
comment, draft legislation which aims to
fundamentally redraw mining law.  We see the
need to restructure the regulation of mining to free
the industry from its Apartheid legacy.  We accept
the right and duty of governments to regulate
mining in the public interest.  For the industry to
continue to thrive, however, it is imperative that:

•   regulations be based on clear and objective

criteria, spelt out in legislation;

•   present or future investors have a right of

appeal to the Courts; and

•  investors who believe that the new regulation

infringes on their property rights, should have
access to fair compensation as determined by
the Courts.

The draft legislation, as we read it, is seriously

deficient in this regard.  The Minister of Mineral
and Energy Affairs has repeatedly expressed her
desire not to disrupt existing mineral activities, and

we are therefore confident that the draft will be
corrected to accommodate these shared concerns.

Nicky Oppenheimer

In December last year, Nicky Oppenheimer
announced that he was stepping down as
chairman of AngloGold to allow him to focus his
attention on his other business responsibilities.
We record our gratitude to Nicky for his energetic
and dedicated leadership of the board during
AngloGold's formative and challenging years.  We
are pleased that he has agreed to continue to
serve on the board as a non-executive member.

RUSSELL EDEY
Deputy Chairman

30 January 2001

BOBBY GODSELL
Chairman and Chief
Executive Officer

OVERVIEW

Despite the reduction in the number of operating
shifts for the South African operations due to the
Christmas and election holidays, AngloGold's
operating profit for the quarter increased by 9% or
R75.0 million.  Headline earnings were marginally
higher at R430 million or 402 cents per share.
The increased operating profit for the quarter was
offset by the cost of the company's growth
strategy, and in particular the acquisition of Morila
and Geita, which led, as anticipated, to higher
interest payments.  There was also increased
spending on exploration during the quarter.

For planning purposes AngloGold continues

to apply conservative views of future gold prices
($270 in 2001; rising to $310 by 2005). To achieve
some degree of revenue certainty and to enable
the company to meet its return targets, the policy
of hedging part of our production will continue.  It
is a strategy, which for more than a decade, has
allowed AngloGold to achieve higher prices for its
gold than spot.  It is expected that this pattern will
continue into the future.

The application of these conservative

planning parameters has produced an impairment
in a number of the company's assets.  This has
resulted in an accounting loss for the quarter of
R131.5 million.

Gold production for the quarter was up 2% to

57,906 kilograms (1.86 million ounces). Although
the received price for gold, in rand terms, rose by
5% to R70,819 per kilogram, in dollar terms the
price decreased by 4% to $289 per ounce.

While dollar-denominated cash costs fell by

6% to $197 per ounce due to the declining
exchange rate, rand-denominated costs increased
by 3% to R48,255 per kilogram for the company as
a whole.  Increasing local currency costs are
driven by fixed costs which do not reduce in line
with fewer working shifts, as was the case during
this quarter.  However, management is committed
to achieving very significant cost savings during
the course of 2001, by significantly reducing
overheads, corporate and operating costs across
the group.

The quarterly return on capital employed is

11%, while return on shareholder equity is
unchanged at 11%.  These returns remain
competitive in relation to other senior gold
producers, but they are below management's
target for the company of 10% and 15%
respectively.

The sale of the Elandsrand and Deelkraal

operations to Harmony was announced during the
quarter and this transaction should be completed
during February.

For the year, gold production went up 5% to

225 tonnes (7.24 million ounces) while operating
profit rose by 6% to R3.27 billion.  As has been
stated on several recent occasions, AngloGold is
in a vigorous growth mode, and approximately
R2 billion was directed to growth projects in 2000
 the Morila and Yatela mines in Mali, Geita in
Tanzania, Sunrise Dam in Australia and Moab
Khotsong and Mponeng in South Africa.  This
reduced headline earnings by 11% to R1.77 billion
year-on-year.

SOUTH AFRICA

Overall performance

At the end of the first quarter, management
identified five South African mines as performing
poorly.  Of those, Great Noligwa and TauTona
now have performance levels at or above
management's expectations.  Elandsrand (along
with Deelkraal) is being sold.  Bambanani has
continued to produce unsatisfactory results
throughout 2000 and significant improvements are
expected in its performance.  Similarly, Joel's
grade problems must be resolved.  If the
performance of these two mines cannot be
corrected, decisive action will be taken as was the
case with Elandsrand and Deelkraal.

Overall, during the fourth quarter operating

profit increased by 3% to R525 million, despite a
4% reduction in gold production to 41,098
kilograms (1.32 million ounces).

Although dollar-denominated total cash costs

declined to $208 per ounce with the falling value of
the rand, total rand cash costs rose by 4% to
R50,785 per kilogram.  These rand costs are the
greatest challenge for the South African operations
in 2001.

It is with regret that the company reports the

death of ten employees in work-related accidents
during the quarter.

The year 2000 saw the South Africa operations

achieve their best safety performance ever.  In
every measure  fatal accidents, fatal frequency
rates, lost-time injury, and lost-time injury
frequency rates  the company produced the
lowest numbers in its history.  Matjhabeng and
Tshepong won prestigious Mine Health and Safety

OPERATING AND FINANCIAL REVIEW

Council awards for extended fatality-free
performances.

Indeed since the major drive on safety

commenced at the end of 1998, fatal accidents
have been reduced by 52%, the fatal frequency
rate by 42% and the lost-time injury frequency rate
by 21%.

Management realises that much remains to be

done, but is enormously encouraged by the
improvements achieved so far.

Mine performance for the quarter

While Great Noligwa was unable to sustain the
excellent results of the previous quarter, its results
showed improved performance over the first half of
the year.  Kopanang returned to the production
levels of previous quarters by focusing some
crews on higher-grade areas with a resultant
increase in recovered grade (16%) and gold
produced (10%).  At Tau Lekoa, excellent
performance was sustained on the production
front, but the exceptional productivity results of the
previous quarter were not repeated.

Lockup of gold resulted in a poor performance

at Bambanani, despite increased ore production
and improved grade.  Here, measures have been
put in place to improve mining efficiency and these
are already showing positive results.  At
Tshepong, the volume mined improved, but gold
production dropped by 17% following a fall in
recovered grade in October.  However, the mine
finished stronger in December and is expected to
maintain output at this level.  The scaling down of
operations at Matjhabeng, prior to shaft closure, is
reflected in its results.  Despite record mining
volumes achieved at Joel, a disappointing lower
grade resulted in gold production falling by 16%.
Plans are in place to improve Joel's profitability
through stopping extra overtime shifts and
reviewing the premium paid for continuous
operations, thus downscaling towards more
selective mining.

Gold production at TauTona was down by 4%

as a result of power failures in both the Lower and
Upper Carbon Leader sections.  At Mponeng,
suspension of mining operations in some areas
due to seismic risk, as well as lack of flexibility in
production following the loss of multi-blast
conditions in 1999, were the main contributors to
the drop in production of 17%.  Multi-blast
permission was restored in August, and reef
development in the fourth quarter has increased
45% above the third quarter, and will ensure
acceptable levels of flexibility during the second
half of 2001.  At Savuka, production continued to
improve with an increased focus on quality factors
and a reduction in stoping width.  The loss of face
length owing to production being stopped in some

panels for safety reasons, resulted in a 9% decline
in gold production at Deelkraal.  Gold output
remained at the lower level of the previous quarter
at Elandsrand, despite improved grade and an
increased focus on vamping.

Ergo maintained a steady performance with all

productivity parameters showing improvements
over the previous period.

AFRICA

Overall performance

The Africa region had an excellent quarter with the
Morila mine in Mali coming into production and
recording a creditable 57,000 attributable ounces
for the quarter.  Attributable gold production for the
quarter thus increased by 58% to 132,000 ounces
at a total cash cost of $105 per ounce, an
improvement of 18% on the previous quarter.

The region also had an outstanding year with

gold production of 366,000 attributable ounces, an
increase of 40% compared with 1999.  Total cash
costs for the region for the year of $124 per ounce
were 17% lower than for the previous year.

Mine performance for the quarter

At Sadiola (38% attributable), despite mill
throughput rising by 3%, attributable production for
the quarter decreased by 14% to 54,000 ounces
largely as a result of treating lower-grade ore as
expected and planned.  However, attributable
production for the year increased by 13%. High-
grade stockpile ore was treated during the third
quarter to circumvent the effects of the rainy
season.  As a result of the decrease in production,
total cash costs increased by 12% to $121 per
ounce.  The mine achieved a 5 Star NOSA rating
during the quarter.

Morila (40% attributable) had its first gold pour

on 18 October and the current quarter is its first
reportable production quarter.  The commissioning
of the mine exceeded expectations with the oxide
circuit producing 57,000 attributable ounces at a
total cash cost of $88 per ounce.  Commissioning
of the sulphide metallurgical plant began in
January 2001.

The Geita transaction, in which AngloGold

acquired a 50% interest in the Geita mine from
Ashanti, became unconditional on 30 November
and was completed on 15 December 2000.  Geita
results will be included with effect from the first
quarter of 2001.

Over this quarter, production at Navachab

rose by 5%

to 22,000 ounces at a cash cost of

$163 per ounce, an improvement of 8%.

 The mine

was declared a continuous operation by the
Namibian Minister of Labour, and agreements
were finalised with the Mineworkers' Union of
Namibia on payment for work on Sundays and
public holidays and on the election of a permanent
union representative.

Construction at the Yatela mine is on schedule

with the first gold pour planned for June 2001.
Mining in the pit began in December, while
construction of the heap leach plant and general
infrastructure is at an advanced stage.  The safety
performance target set for 2000 was achieved.  An
environmental audit confirmed that the mine had
satisfied the requirements of the Environmental
Impact Assessment for mine construction.

NORTH AMERICA

Overall performance

North American gold production increased by 23%
in the fourth quarter compared with the third
quarter, although operating profit decreased during
the same period due to higher cash production
costs.  These costs rose primarily as a result of
increases in the price of petroleum products and
the cost of purchasing ore from Cortez Gold Mines
for custom processing at the Jerritt Canyon
operation.  In accordance with contract terms, the
cost of the ore is reduced by a portion of the gold
recovered being allocated to Jerritt Canyon.

Mine performance for the quarter

At Jerritt Canyon (70% attributable), the fourth
quarter's production at 80,000 ounces, was 54%
up on the third quarter as a result of processing of
Cortez Gold Mines ore, at grades significantly
higher than stockpile ore grades.  Tonnage
processed in the fourth quarter was approximately
11% lower than the third quarter, but higher ore
grades resulted in increased gold production for
the quarter.  Total cash costs for the fourth quarter
were $243 per ounce, 8% higher than the third
quarter.

Production at Cripple Creek & Victor J.V.

(67% attributable, with a 100% interest in
production ounces, subject to contractual
obligations by the joint venture partners) was
64,000 ounces, 2% lower than the exceptional
third quarter levels.  Total cash costs were $186
per ounce, some 2% up on the third quarter as a
result of higher diesel fuel prices.

SOUTH AMERICA

Overall performance

Gold production at the South American operations
totalled 122,000 ounces, an increase of 14%,
compared with the previous quarter.  Total cash
costs for the quarter were 11% higher at $160 per
ounce.

For the year, gold production increased 3% to

439,000 ounces.  Total cash costs of $139 per
ounce were 5% higher than in the previous year,
as a result of higher labour costs at Morro Velho
and Serra Grande after a two-year wage freeze
deal, and unanticipated costs arising from
excessive rains.

Compared with 1999, there was an increase of

some $1.9 million in capital expenditure, which
was focused on mine development and
improvements to maintain capacity; and the raising
of quality and safety standards at the operations.

Mine performance for the quarter

Increased gold production in the region can be
explained by the higher volumes of ore and some
14,300 ounces of gold resulting from a clean-up at
the Nova Lima plant at Morro Velho.  Production
was stable at Cerro Vanguardia (46.25%
attributable), where higher volumes compensated
for a lower grade.  The improvement at Morro
Velho excluding the additional gold from clean-up,
made up for reduced production at Serra Grande
(50% attributable), which resulted from an
unexpected, temporary decline in grade at Mina III.

Increased costs for the region were mainly due

to higher labour costs at Serra Grande, following a
union agreement signed in November; to
corrective maintenance on the Serra Grande
tailings wall necessitated by heavier than usual
rain in December; and to the higher tonnage
treated at Cerro Vanguardia.

At Cerro Vanguardia, the improving safety

trend noted in previous quarters continues. The
mine has been awarded a 4 Star NOSA rating.
Serra Grande remains below the Ontario
benchmark, and Morro Velho statistics were
adversely affected by a fatality in November at the
Raposos mine, which is on care and maintenance.

The exploration programme in South America

continues, with encouraging results in Peru and in
Brazil where the Corrego do Sitio project
progresses with new resources being confirmed.

AUSTRALASIA

Overall performance

The December quarter consolidated the
improvements achieved in the previous quarter in
the region, by maintaining production at 142,000
ounces.

During the quarter actions were initiated to

realise significant corporate cost savings by the
rationalisation and relocation of the corporate
office.  This office will relocate from Melbourne to
Perth during the first quarter of 2001, so as to be
situated closer to the mining operations.

AngloGold Australasia staged a recovery in the

second half of 2000 after cyclonic rains in northern
and western Australia reduced production in the
first half of the year.  Total production for the year
was 524,000 ounces, due to an excellent
performance from the Sunrise Dam mine and the
unexpected six-month extension of treatment at
the Brocks Creek mine.  In April, the AngloGold
board approved a $63 million expansion of Sunrise
Dam.  Work on the pit cutback and the plant
upgrade began in the second half of the year.  The
expansion will take the life of the operation to 2007
and lift production from the mine to above 260,000
ounces per year.  A major feasibility study was
completed in December at Boddington, based on
expansion of the operation to a throughput
capacity of more than 25 million tonnes per
annum, with annual production of around 600,000
ounces.  A decision is expected later in 2001.

Mine performance for the quarter

Sunrise Dam has continued to perform strongly,
with production rising to 65,000 ounces for the
quarter, an increase of 2% on the previous
quarter.  Although cash costs increased to $152
(A$287) per ounce, up by 2% relative to the
previous period, the mine remains amongst the
lowest cost producers in Australia.  The major cut-
back of the pit is now well under way, resulting in a
27% increase in material moved at the mine from
4.1

million bank cubic metres (bcm) in the previous

quarter to 5.2 million bcm in the current period.
The expansion of the processing plant is
proceeding on schedule and within budget.

Production from the Pine Creek operations of

46,000 ounces was the same as that achieved in
the previous quarter, notwithstanding the closure
of the Brocks Creek mine during the period.  The
operations were successful in reducing cash costs
by 20% to $198 (A$374) per ounce.  At Union
Reefs, ore has been stockpiled to allow the
suspension of mining in the main Crosscourse pit
until the end of the current wet season.  Mill feed
will be sourced from stockpiles and smaller
satellite pits during this period.  Future activity at

Brocks Creek will be limited to the completion of
site rehabilitation.

Boddington (33.3% attributable) also matched

the performance of the previous quarter with gold
production of 19,000 ounces.  Despite the
marginal nature of the remnant ore and stockpiles
that are currently being processed at the mine,
cash costs decreased slightly to $208 (A$392) per
ounce.  The Final Feasibility Study for the
expansion project has now been completed.  The
project participants are currently appraising both
the final study documentation and the results.

Problems arising from the remote and difficult

operating environment at the Tanami mine again
depressed production in the fourth quarter.  At
12,000 ounces, production was down by 14%
compared with the previous period.  Weather
conditions were the primary cause of the
difficulties, with access to areas of higher-grade
ore severely restricted.  Although a slight reduction
in cash costs was achieved (down 10% from the
previous quarter), they remain unacceptably high
at $267 (A$504) per ounce.

With the onset of the wet season, exploration

activities started to wind down towards the end of
the quarter.  Encouraging results have been
received from the Sickle Prospect, north of the
Sunrise Dam mine.  A new high-grade zone has
been identified in the footwall of the Western
Shear zone at Sunrise Dam, providing potential to
further expand the reserves.

The spot gold price at the close of the fourth
quarter of 2000 was $272 per ounce, almost
unchanged from the price at the end of
September. However, the market was under
pressure for most of the quarter, and the average
price of $269 per ounce for the quarter was 2.5%
lower than the average of $276 recorded for the
third quarter of 2000.

Much of this weakness came from short-term
speculation against the gold price in the wake of
the short-lived official intervention on behalf of the
euro in late September/October.  The intervention
lifted the euro against the US dollar, and with it the
spot price of gold, but selling by funds and
speculators started immediately it became clear
that no intervention would be sustained.  For the
quarter, the gold price traded within a $10 range
between $275 and $265 per ounce.  Since the end
of the quarter, however, the New York Comex has
reported increased short selling of the metal, and
the price tested resistance below $265 per ounce,
before short covering pulled the price back within
the trading range for the quarter.

As has been the case for some time, the currency
markets remained more active than the gold
market.  The US dollar maintained its dominance
for much of the quarter, but began to show signs
of weakness in December.  This weakness has
continued into the new year, and is reflected in
comfortable gains by both the euro and the
Australian dollar.  However, whilst the rand
suffered from the strength of the US dollar, it has
not benefited particularly from the recent
weakness of the US currency.  The fourth quarter
saw the rand fall to a low of R7.85 against the
dollar, and trade at an average exchange rate of
R7.60 compared with R7.00 for the third quarter of
the year.  Since the end of 2000, there has been
active speculation against the rand that took the
local currency at one point to a new record low of
just over R8.00 to the US dollar.  It has since
stabilised in a range between R7.80 and R7.90.
Local gold producers benefited from this currency
move as it offered protection from the weaker
dollar price of gold.  The average rand price of
gold for the final quarter of 2000 was R65,759, up
by almost 6% from the average local price of
R62,176 per kilogram for the previous quarter.

Looking to the year ahead, most commentators
see the gold price in a stable state, with small
likelihood now of radical weakening.  Evolving
circumstances in the currency and interest rate
markets are likely to support the metal, but the
absence of investment interest in gold remains the
most important factor in the current price trend for
the metal.  With solid physical support underlying
the market, there should be opportunities for the
price to rally in response to favourable news from
other markets from time to time.

GOLD MARKET

NET DELTA OPEN HEDGE POSITION AS AT 31 DECEMBER 2000

As at 31 December 2000, the group 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 7.57
available on 31 December 2000.

Kilograms

Sold

Forward Price

rand per kg

Forward Price

$ per oz

Ounces

Sold

`000

12 Months ending

 31 December 2001

169,166

R74,574

$301

5,439

2002

102,949

R81,600

$313

3,310

2003

71,979

R87,732

$317

2,314

2004

51,614

R94,099

$319

1,659

2005

43,111

R109,164

$346

1,386

January 2006  December 2010

115,881

R121,742

$335

3,726

554,701

R91,944

$317

17,834

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

was R1,393 million ($184 million) as at 31 December 2000.  The value was based on a gold price of $272.80
per ounce, exchange rates of R/$7.57 and $/A$ 0.5582 and the prevailing market interest rates and
volatilities at the time.

As at 30 January 2001, the marked to market value of the hedge book was R2.3 billion ($292.9 million)

based on a gold price of $263.35 per ounce and exchange rates of R/$7.90 and $/A$0.5430 and the
prevailing market interest rates and volatilities at the time.

Note to AngloGold Hedge Position as at 31 December 2000
*The delta position indicated hereafter 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 December 2000. 

GOLD MARKET

Year

2001

2002

2003

2004

2005     2006-2010

Total

DOLLAR GOLD

Forward Contracts

Amount (kg)

87,901

41,427

37,263

28,854

23,437

77,970

296,852

$ per oz

$308

$317

$324

$324

$335

$350

$326

Put Options Purchased

Amount (kg)

10,109

3,110

4,977

1,866

20,062

$ per oz

$313

$407

$362

$433

$351

*Delta (kg)

5,858

3,020

3,799

1,643

14,320

Put Options Sold

Amount (kg)
$ per oz
*Delta (kg)

Call Options Purchased

Amount (kg)

2,658

741

667

572

4,638

$ per oz

$342

$340

$350

$360

$345

*Delta (kg)

139

142

181

186

648

Call Options Sold

Amount (kg)

24,503

11,885

10,463

3,303

1,704

2,233

54,092

$ per oz

$305

$373

$372

$342

$358

$338

$338

*Delta (kg)

8,590

1,432

2,211

1,391

723

1,331

15,678

RAND GOLD

Forward Contracts

Amount (kg)

41,382

41,474

16,706

13,311

12,700

18,433

144,006

Rand per kg

R73,962

R78,433

R83,670

R89,500      R115,704

R127,526

R88,350

Put Options Purchased

Amount (kg)

2,644

2,644

Rand per kg

R71,668

R71,668

*Delta (kg)

1,457

1,457

Put Options Sold

Amount (kg)
Rand per kg
*Delta (kg)

Call Options Purchased

Amount (kg)
Rand per kg
*Delta (kg)

Call Options Sold

Amount (kg)

18,214

14,357

4,519

1,875

3,119

1,875

43,958

Rand per kg

R78,116

R87,003

R93,766

R93,603       R125,774

R93,603

R87,330

*Delta (kg)

3,561

3,883

1,567

1,157

1,445

1,602

13,215

AUS DOLLAR (A$) GOLD

Forward Contracts

Amount (kg)

20,660

12,597

10,731

5,443

6,221

31,726

87,377

A$ per oz

A$518

A$612

A$554

A$529

A$622

A$568

A$562

Call Options Purchased

Amount (kg)

4,121

6,687

778

4,665

31,725

47,977

A$ per oz

A$717

A$728

A$703

A$704

A$684

A$695

*Delta (kg)

103

742

117

1,414

15,180

17,556

Call Options Sold

Amount (kg)
A$ per oz
*Delta (kg)

RAND DOLLAR (000)

Forward Contracts

Amount ($)

150,172

20,000

170,172

ZAR per $

R 7.32

R 6.48

R 7.22

Put Options Purchased

Amount ($)

190,000

190,000

ZAR per $

R 7.33

R 7.33

*Delta ($)

41,726

41,726

Put Options Sold

Amount ($)

90,000

90,000

ZAR per $

R 7.25

R 7.25

*Delta ($)

17,341

17,341

Call Options Purchased

Amount ($)

30,470

5,450

35,920

ZAR per $

R 7.30

R 6.48

R 7.17

*Delta ($)

20,127

5,170

25,297

Call Options Sold

Amount ($)

264,170

33,450

8,000

305,620

ZAR per $

R 7.82

R 7.06

R 6.94

R 7.71

*Delta ($)

141,676

27,644

7,297

176,617

AUS DOLLAR (000)

Forward Contracts

Amount ($)

39,161

43,748

29,428

112,336

$ per A$

A$.65

A$.58

A$.59

A$.61

ANGLOGOLD HEDGE POSITION
AS AT 31 DECEMBER 2000

1.  The results included herein for the quarter and twelve months ended 31 December 2000, which are

audited, have been prepared using accounting policies which are in accordance with the standards
issued by the International Accounting Standards Committee and the South African Institute of Chartered
Accountants. Where appropriate, comparative figures have been restated.

2.  During the quarter 3,600 ordinary shares were allotted in terms of the Share Incentive Scheme, thereby

increasing the number of ordinary shares in issue at 31 December 2000 to 107,021,087.

3.  It was previously reported that AngloGold had entered into a non-binding heads of agreement for the

acquisition of a 50% joint venture interest in the Geita project in Tanzania from Ashanti Goldfields
Company Limited (Ashanti).  On 26 June 2000 it was announced that the formal agreement had been
signed with Ashanti.  The transaction, which was subject to regulatory and governmental approvals as
well as Ashanti shareholders' and bank creditor ratification, was finalised on 15 December 2000.

4.  Orders placed and outstanding on capital contracts as at 31 December 2000 totalled R447.4

million

(30 September 2000: R746.5 million), equivalent to $59.1 million (30 September 2000: $103.2 million) at
the rate of exchange ruling on that date.

5.  On 27 November 2000, AngloGold issued a Cautionary Notice advising shareholders to exercise caution

when dealing in AngloGold shares. On 19 December 2000 it was announced that AngloGold had
entered into an agreement with Harmony Gold Mining Company Limited, whereby Harmony had agreed,
in principle, to purchase AngloGold's Elandsrand and Deelkraal mines, for the sum of R1 billion.  At the
same time, AngloGold issued a further Cautionary Notice, advising shareholders to continue to exercise
caution in dealing in AngloGold shares, as AngloGold is continuing discussions with various parties
regarding certain of its assets in the Free State.

6.  Further cautionary announcement

Further to the cautionary announcements dated 27 November and 19 December 2000, shareholders are
advised that AngloGold is continuing to consider its position regarding certain of its assets in the Free
State and discussions are continuing with various parties. Accordingly, shareholders are advised to
continue to exercise caution when dealing in AngloGold shares.

7.  Dividend

The directors have today declared Final Dividend No. 89 of 650 (1999:1,100) South African cents per
ordinary share for the twelve months ended 31 December 2000. Payment details are as follows:

To registered holders of ordinary shares

South African, United
Kingdom and Australian
Share Registers
2001

Ex-dividend date

Monday, 19 February

Last day to register for dividend and for change of address

Friday, 23 February *

Record date

Friday, 23 February

Registers closed

from
to (inclusive)

Saturday, 24 February *
Saturday, 3 March *

Currency conversion date for UK pounds and Australia dollars

Monday, 26 February

Dividend cheques posted

Thursday, 29 March

Payment date of dividend (includes Electronic Funds Transfers)

Friday, 30 March

*Not applicable for the Australian Share Register

NOTES

Registered members with addresses within the Rand Monetary Area who have not yet completed
mandate forms authorising the payment of dividends by Electronic Funds Transfer should contact
Computershare Services in Johannesburg.  Members are reminded to notify the Share Registrars of
changes of address or personal details.

To holders of American Depositary Shares
(Each American Depositary Share (ADS) represents one-half of an ordinary share. At 31 December
2000, 32,600,630 ADSs were in issue, representing 16,300,315 shares).

2001

Ex-dividend on New York Stock Exchange

Wednesday, 21 February

Record date

Friday, 23 February

Approximate date for currency conversion into US dollars

Friday, 30 March

Approximate payment date of dividend

Monday, 9 April

For illustrative purposes, the dividend payable on an ADS was equivalent to 41.28 US cents at the rate
of exchange ruling on Monday, 29 January 2001. This compares with the interim dividend of 51.06 US
cents per ADS paid on 11 October 2000.

By order of the Board

R M GODSELL

R P EDEY

Chairman and Chief Executive Officer

Deputy Chairman

30 January 2001

GROUP OPERATING RESULTS

Issued Capital:

107,021,087 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

Weighted average:

106,962,987 ordinary shares in issue

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

Quarter

Quarter

Year

Year

ended

ended

ended

ended

December

September

December

December

2000

2000

2000

1999

GOLD
UNDERGROUND OPERATIONS
Tonnes milled

- 000

- reef

5,123

5,531

21,126

21,055

- waste

35

8

167

649

- total

5,158

5,539

21,293

21,704

Yield

- g/t

- reef

 8.24

 7.79

 8.02

 8.31

- waste

 0.26

 0.50

 0.54

 0.81

- average

 8.18

 7.78

 7.96

 8.09

Gold produced

- kg

- reef

42,202

43,073

169,468

174,994

- waste

9

4

91

527

- total

42,211

43,077

169,559

175,521

PRODUCTIVITY
g/employee

- target

213

211

209

222

- actual

195

199

193

210

SURFACE AND  DUMP RECLAMATION
Tonnes treated

- 000

12,340

12,111

50,289

54,354

Yield

- g/t

 0.33

 0.31

 0.32

 0.30

Gold produced

- kg

4,122

3,747

15,870

16,165

OPEN-PIT OPERATIONS
Tonnes mined

- 000

14,165

10,589

49,121

47,880

Stripping ratio

- t(mined-treated)
 /t treated

 1.26

 0.81

 1.08

 2.51

Tonnes treated

- 000

6,269

5,839

23,601

13,630

Yield

- g/t

 1.85

 1.73

 1.69

 1.72

Gold produced

- kg

11,573

10,100

39,866

23,480

TOTAL
Gold produced

- kg

57,906

56,924

225,295

215,166

Revenue

- R/kg sold

70,819

67,460

67,158

61,830

Total cash costs

- R/kg produced

48,255

46,914

46,404

41,979

Total production costs

- R/kg produced

55,454

53,967

53,334

47,842

CAPITAL EXPENDITURE

 - mining direct

836.6

426.0

1,850.9

1,254.6

 - other

110.1

47.7

212.5

90.6

 - recoupments

(8.7)

(35.8)

(54.5)

(15.0)

Net capital expenditure

938.0

437.9

2,008.9

1,330.2

GROUP OPERATING RESULTS

Issued Capital:

107,021,087 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

Weighted average:

106,962,987 ordinary shares in issue

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

Quarter

Quarter

Year

Year

ended

ended

ended

ended

December

September

December

December

2000

2000

2000

1999

GOLD
UNDERGROUND OPERATIONS
Tons milled

- 000

- reef

5,647

6,097

23,287

23,209

- waste

39

9

184

715

- total

5,686

6,106

23,471

23,924

Yield

- oz/t

- reef

 0.240

 0.227

 0.234

 0.242

- waste

-

-

 0.016

 0.024

- average

 0.239

 0.227

 0.232

 0.236

Gold produced 

- oz 000 - reef

1,357

1,385

5,448

5,626

- waste

-

-

3

17

- total

1,357

1,385

5,451

5,643

PRODUCTIVITY
oz/employee

- target

 6.86

 6.79

 6.71

 7.14

- actual

 6.28

 6.41

 6.21

 6.75

SURFACE AND  DUMP RECLAMATION
Tons treated

- 000

13,603

13,350

55,436

59,915

Yield

- oz/t

 0.010

 0.009

 0.009

 0.009

Gold produced

- oz 000

133

120

510

520

OPEN-PIT OPERATIONS
Tons mined

- 000

15,614

11,672

54,146

52,779

Stripping ratio

- t(mined-treated)
 /t treated

 1.26

 0.81

 1.08

 2.51

Tons treated

- 000

6,910

6,437

26,016

15,024

Yield

- oz/t

 0.054

 0.050

 0.049

 0.050

Gold produced

- oz 000

372

325

1,282

755

TOTAL
Gold produced

- oz 000

1,862

1,830

7,243

6,918

Revenue

- $/oz sold

289

300

308

315

Total cash costs

- $/ounce produced

197

209

213

213

Total production costs

- $/ounce produced

226

240

245

244

Rand/US Dollar average exchange rate

 7.63

 6.99

 6.78

 6.11

CAPITAL EXPENDITURE

 - mining direct

123.3

60.9

273.1

205.4

 - other

16.2

6.8

31.3

14.8

 - recoupments

(1.3)

(5.1)

(7.9)

(2.4)

Net capital expenditure

138.2

62.6

296.5

217.8

GROUP INCOME STATEMENT

Quarter

Quarter

Year

Year

ended

ended

ended

ended

December

September

December

December

SA Rand million

2000

2000

2000

1999

Revenue

4,297.4

4,079.6

15,971.4

14,197.1

Gold sales

4,131.3

3,903.7

15,338.0

13,473.1

Cost of sales

3,242.4

3,089.8

12,065.7

10,385.6

Cash operating costs

2,790.7

2,654.2

10,420.9

9,027.4

Other cash costs

33.1

41.0

130.9

57.7

Total cash costs

2,823.8

2,695.2

10,551.8

9,085.1

Retrenchment costs

55.1

22.1

117.8

57.6

Rehabilitation and other non-cash costs

(20.4)

13.1

9.2

54.5

Production costs

2,858.5

2,730.4

10,678.8

9,197.2

Amortisation of mining assets

416.8

378.9

1,508.5

1,199.3

Total production costs

3,275.3

3,109.3

12,187.3

10,396.5

Inventory change

(32.9)

(19.5)

(121.6)

(10.9)

Operating profit

888.9

813.9

3,272.3

3,087.5

Corporate administration and other expenses

48.9

45.6

174.7

178.7

Market development costs

10.0

25.9

81.7

90.6

Research and development

20.2

12.4

53.6

42.7

Exploration costs

109.7

74.3

309.3

286.8

Profit from operations

700.1

655.7

2,653.0

2,488.7

Finance costs

154.2

121.1

480.5

321.3

Unwinding of decommissioning obligation

0.9

0.8

2.4

18.1

Exchange gain on transactions other than sales

18.3

1.3

23.7

17.3

Interest receivable

43.8

59.5

249.5

436.6

Growth in AngloGold Environmental Rehabilitation Trust

11.4

4.6

25.2

26.3

Income from associates before taxation

5.1

3.3

26.8

43.2

Dividends received from other investments

-

-

-

4.8

Profit on sale of assets

23.4

21.7

51.7

25.6

Profit before exceptional items

647.0

624.2

2,547.0

2,703.1

Profit on sale of associate

-

-

-

543.2

Impairment of mining assets

708.5

-

708.5

-

Amortisation of goodwill

39.0

32.4

135.3

335.8

Termination of retirement benefit plans

9.7

-

9.7

-

(Loss) / profit before taxation

(110.2)

591.8

1,693.5

2,910.5

Taxation

(25.3)

181.9

490.9

227.7

Normal taxation

106.2

123.4

534.2

649.8

Deferred taxation 

- current

64.3

58.5

152.5

37.8

- exceptional items

(195.8)

-

(195.8)

-

- rate change

-

-

-

(459.9)

(Loss) / profit after taxation (84.9)

409.9

1,202.6

2,682.8

Minority interest

46.6

16.0

87.0

28.9

Net (loss) / profit

(131.5)

393.9

1,115.6

2,653.9

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

(131.5)

393.9

1,115.6

2,653.9

Profit on sale of associate

-

-

-

(543.2)

Impairment of mining assets

708.5

-

708.5

-

Deferred taxation on impairment of mining assets

(195.8)

-

(195.8)

-

Amortisation of goodwill

39.0

32.4

135.3

335.8

Termination of retirement benefit plans

9.7

-

9.7

-

Headline earnings

429.9

426.3

1,773.3

2,446.5

Deferred taxation rate change

-

-

-

(459.9)

Headline earnings before deferred taxation rate change

429.9

426.3

1,773.3

1,986.6

Earnings per ordinary share - cents
    - Net (loss) / earnings

(123)

369

1,043

2,695

    - Headline

402

399

1,658

2,485

    - Headline before deferred taxation rate change

402

399

1,658

2,018

Dividends
    - Rm

1,498.2

2,058.9

    - cents per share

1,400

"The results have been prepared in accordance with International Accounting Standards."             

2,000

GROUP INCOME STATEMENT

Quarter

Quarter

Year

Year

ended

ended

ended

ended

December

September

December

December

US Dollar million

2000

2000

2000

1999

Revenue

564.6

582.1

2,299.3

2,323.6

Gold sales

542.8

557.1

2,208.1

2,205.2

Cost of sales

426.4

442.0

1,739.6

1,699.9

Cash operating costs

367.1

379.7

1,502.6

1,477.5

Other cash costs

4.3

5.9

18.8

9.4

Total cash costs

371.4

385.6

1,521.4

1,486.9

Retrenchment costs

7.2

3.2

16.5

9.4

Rehabilitation and other non-cash costs

(2.7)

1.9

1.8

9.1

Production costs

375.9

390.7

1,539.7

1,505.4

Amortisation of mining assets

54.8

54.2

217.2

196.3

Total production costs

430.7

444.9

1,756.9

1,701.7

Inventory change

(4.3)

(2.9)

(17.3)

(1.8)

Operating profit

116.4

115.1

468.5

505.3

Corporate administration and other expenses

6.4

6.5

25.3

29.3

Market development costs

1.4

3.7

12.0

14.8

Research and development costs

2.7

1.8

7.7

7.0

Exploration costs

14.4

10.6

44.0

46.9

Profit from operations

91.5

92.5

379.5

407.3

Finance costs

20.3

17.4

68.9

52.5

Unwinding of decommissioning obligation

0.1

0.1

0.4

3.0

Exchange gain on transactions other than sales

2.4

0.2

3.0

2.9

Interest receivable

5.8

8.5

36.8

71.4

Growth in AngloGold Environmental Rehabilitation Trust

1.5

0.7

3.6

4.4

Income from associates before taxation

0.7

0.5

4.0

7.1

Dividends received from other investments

-

-

-

0.7

Profit on sale of assets

3.1

3.1

7.1

4.2

Profit before exceptional items

84.6

88.0

364.7

442.5

Profit on sale of associate

-

-

-

88.7

Impairment of mining assets

92.9

-

92.9

-

Amortisation of goodwill

5.1

4.6

19.4

55.1

Termination of retirement benefit plans

1.3

-

1.3

-

(Loss) / profit before taxation

(14.7)

83.4

251.1

476.1

Taxation

(3.2)

25.9

73.2

37.2

Normal taxation

14.0

17.5

77.8

106.4

Deferred taxation 

- current

8.5

8.4

21.1

6.2

- exceptional items

(25.7)

-

(25.7)

-

- rate change

-

-

-

(75.4)

(Loss) / profit after taxation (11.5)

57.5

177.9

438.9

Minority interest

6.1

2.3

12.1

4.7

Net (loss) / profit

(17.6)

55.2

165.8

434.2

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

(17.6)

55.2

165.8

434.2

Profit on sale of associate

-

-

-

(88.7)

Impairment of mining assets

92.9

-

92.9

-

Deferred taxation on impairment of mining assets

(25.7)

-

(25.7)

-

Amortisation of goodwill

5.1

4.6

19.4

55.1

Termination of retirement benefit plans

1.3

-

1.3

-

Headline earnings

56.0

59.8

253.7

400.6

Deferred taxation rate change

-

-

-

(75.4)