AngloGold Limited

1

• AngloGold Limited
• Barrie Parker - Operating General Manager
  Australia

Presentation to Diggers Dealers Forum
Kalgoorlie, 7 August, 2002
2
Disclaimer

• Except for the historical information contained
  herein, there are matters discussed in this
  presentation that are forward-looking statements.
  Such statements are only predictions and actual
  events or results may differ materially. For a
  discussion of important factors including, but
  not limited to, development of the Companys
  business, the economic outlook in the gold mining
  industry, expectations regarding gold prices and
  production, and other factors, which could cause
  actual results to differ materially from such
  forward-looking statements, refer to the
  Companys annual report for the year ended
  31 December 2001, which was filed with the
  Securities and Exchange Commission on 18
  March 2002.

3
Sound operating and financial performance

• Performance in June 2002 half year
• Operating profit up 31 to US309m
• Headline earnings (before unrealised non-hedge
  derivatives) up 44 to US176m
• Total cash costs down 17 to US156/oz
• Total production costs down 13 to US195/oz
• Hedgebook reduced by 4.1Moz during half
• Interim dividend of R13.50/share (A2.40/share
  or A0.24/CDI) representing a yield of 6.6

4

and well positioned going forward

• AngloGolds financial character - a strong
  balance sheet
• Strong cash position after Free State sale,
  Normandy transaction and debt restructuring
• Net debt at June 30 is US507 million after
  adjusting for the Cerro Vanguardia acquisition
• Net debt to total capital employed 19 at June 30
• US600 million facility achieved at 70 basis
  points above LIBOR

5
Structuring for value and growth risk
diversification
0.87Moz
0.49Moz
EBITDA
EBITDA
133m
57m
U.S.A.
0.51Moz
Mali
EBITDA
45m
Tanzania
Brazil
0.44Moz
Namibia
Australia
EBITDA
South
97m
Africa
Argentina

4.67Moz
EBITDA
341m
Production and EBITDA figures for the year ended
December 31, 2001.
6
AngloGold going forward ...core objectives

• 1. Leveraging existing assets
• driving the company down the cost curve
• 2. Growth
• value adding organic growth
• brownfields exploration
• greenfields exploration
• disciplined acquisition strategy
• 3. Downstream investment

7
Objective 1 Leveraging existing assets down
the cost curve
250
ANG
LHG
PDG
200
ABX
HAR
GFI
AUR
ANG
150
US/oz cash costs (2Q02)
NCM
100
50
0
6,000
2,000
4,000
8,000
0
Estimated 2002 production (Moz)
Source UBS Warburg, company earnings releases,
Datastream
HAR costs for 1Q 2002
8
Objective 1 Leveraging existing assets down
the cost curve
AngloGold Australia quarterly cash costs since
acquisition
250
230
210
Cash Cost US/oz
190
170
150
00 Q1
00 Q2
00 Q3
00 Q4
01 Q1
01 Q2
01 Q3
01 Q4
02 Q1
02 Q2
Quarter
9
Objective 2 Organic growthCapital projects
Capex Total
IRR (real)
Life of Mine
Cash Cost
Incremental ounces
Remaining
A97m
30
4 years to 2008
US170/oz
Nil
2.1Moz
Sunrise Dam Australia
R1.3b
25
5 years to 2012
US156/oz
R700m
3.0Moz
Mponeng South Africa
R462m
45
4 years to 2011
US133/oz
R400m
2.3Moz
TauTona South Africa
US195m
23
4 years to 2013
US176/oz
US125m
2.8Moz
CCV North America
Moab Khotsong South Africa
R3.8b
15
2015
US97/oz
R1.4b
4.5Moz
10
Objective 2 Organic growthSunrise Dam
production outlook
Resource 4.5Mozs Future prod
2.9Mozs Depletion 1.2Mozs
Resource 4.3Mozs Future prodn
2.3Mozs Depletion 0.6 Mozs
Resource 1.0Mozs Future prod
0.8Mozs Depletion 0.0 Mozs
2002 Plan (Base case)
2000 Expansion Proposal
1996 Plan
11
(No Transcript)
12
Objective 2 Organic growth Potential
development projects

• Cuiaba Expansion - Brazil (100)
• Adds 150,000 oz per annum to production
• Projected capex of US140 million
• Ore reserve of 2.2 million ounces
• Boddington Expansion - Western Australia (33.3)
• Ore reserve of 10.9 million ounces
• Decision on project expected in 2002
• Projected production of A440 million (100)

13
Objective 2 Growth through exploration
Canada
USA
Jerritt Canyon
CCV
Mali
Sadiola Yatela
Tanzania
Geita
Morila
Brazil
Brownfields exploration Greenfields exploration
Peru
Navachab
Australia
Namibia
SA Operations
Morro Velho Serra Grande
Boddington
South Africa
Argentina
Sunrise Dam
Cerro Vanguardia
14
Objective 2 Growth through exploration Coyote
COYOTE Composite Long Section June 02
15
Objective 2 Growth through disciplined
acquisition

• Going forward
• Double-digit discount rate valuations
• No value, no deal
• Strategic fit with AngloGolds asset base
• Recognise opportunities to acquire assets as well
  as companies
• Preference for full ownership or, at least,
  management control

16
Structuring for value and growth quality assets

• Cerro Vanguardia acquisition
• Boosts AngloGold interest to 92.5
• Reserves of 2.4 Moz
• Resources of 3.6 Moz
• Annual production 294,000 oz at US133/oz in 2001
• Mine life to at least 2012 with good potential to
  extend

17
Structuring for value and growth quality assets
a
C
u
n
c
u
n
E
x
t
Gabriela Down plunge 1.7m_at_4.2g/t at 200m
a
n
u
c
n
u
C
Paula New high grade intersections 1.00m_at_
17.11g/t 0.45m_at_65.12g/t 1.50m_at_31.53g/t
Osvaldo Diez North Open pitable 4.5m_at_12.74g/t Down
plunge 2.2m_at_23.6g/t at 150m
N
a
t
a
l
i
a
D
a
n
y
Dany Open pit target Grade increases to
south 2.0m_at_13.80g/t 5.0m_at_5.84g/t
Mangas South Central shoot extended
south 3.0m_at_9.03g/t
t
i
l
a
Atila Narrow vein variable grades 1.2m_at_3.97g/t 1.0
m_at_29.12g/t
18
AngloGold strong earnings flow and consistent
returns
EBITDA margins (2002E)
Return on equity (2002E)
60
35
30
50
25
40
EBITDA margin ()
Return on equity ()
20
30
15
20
10
10
5
0
0
Lihir
Lihir
Aurion
Barrick
Aurion
Barrick
Harmony
Newmont
Harmony
Newcrest
Newmont
Newcrest
AngloGold
AngloGold
Gold Fields
Gold Fields
Placer Dome
Placer Dome
Buenaventura
Buenaventura
Source UBS Warburg, July, 2002
19
and value, cheaply
EV/EBITDA (2002)
EV/OpFcF (2002)
14
25
12
20
10
15
EV/EBITDA (x)
EV/OpFcF (x)
8
6
10
4
5
2
0
0
Lihir
Lihir
Aurion
Aurion
Barrick
Barrick
Harmony
Newmont
Harmony
Newmont
Newcrest
AngloGold
AngloGold
Gold Fields
Gold Fields
Placer Dome
Placer Dome
Buenaventura
Source UBS Warburg, July, 2002