ANOTHER SOUND QUARTER WITH SIGNIFICANT HEDGE BOOK REDUCTIONS

Group results for the quarter ...

• 

Hedge book reduced by a further 2.4Moz (165% of
quarter's production) to 10.5Moz.

•  

Operating profit up 10% to $162m.

•  

Headline earnings marginally down to $87m.

•  

Net profit up $8m to $79m.

•  

Received gold price up $18/oz to $305/oz.

•  

Stengthening rand impacts on total cash costs  up by
7% or $10/oz to $161/oz.

•  

Gold production up 4% to 1.4Moz.

... and for the half year

•  

Operating profit up 31% to $309m compared with the
same period in 2001.

•  

Headline earnings up 44% to $176m.

•  

Total cash costs down 17% to $156/oz due to
weakened rand and changed asset mix.

•  

Gold production down to 2.8Moz mainly due to the sale
of the Free State assets.

•  

Interim dividend of R13.50/share ($0.66/ADS) declared
for first half of 2002, an increase of 93% compared to
the 2001 interim dividend.

Regional operating results for the quarter

SOUTH AFRICA

•  

Operating profit down 5% to R1.13bn ($108m).

•  

Total cash costs up 2% to R51,234/kg (up 12% to
$152/oz).

•  

Gold production up by 386kg (13,000oz) to 26,422kg
(850,000oz), despite effect of seismic events at Great
Noligwa.

•  

Seismicity contributes to 15 fatalities for the quarter.

EAST AND WEST AFRICA

•  

Mixed performance for the quarter with difficulties
experienced at Sadiola and Yatela.

•  

Operating profit down 8% to $22m.

•  

Total cash costs up 13% to $144/oz.

•  

Gold production down 2% to 233,000oz (attributable).

NORTH AMERICA

•  

Better weather conditions contribute to improved
performances.

•  

Operating profit up from loss-making position to break-
even.

•  

Gold production up 20% to 114,000oz.

•  

Total cash costs down to $213/oz.

SOUTH AMERICA

•  

Operating profit marginally lower at $14m.

•  

Total cash costs up marginally to $129/oz.

•  

Gold production up 2% to 104,000oz.

•  

Consistent, commendable safety performances.

AUSTRALIA

•  

Exceedingly strong performance from Sunrise Dam
with improvements at Union Reefs.

•  

Operating profit up 188% to A$23m ($12m).

•  

Total cash costs down 11% to A$337/oz ($186/oz).

•  

Gold production up 16% to 135,000oz.

•  

Boddington plant on "care and maintenance".

Quarter 

ended 

Jun 

2002 

Quarter 

ended 

Mar 

2002 

Six 

months 

ended 

Jun 

2002 

Six 

months 

ended 

Jun 

2001 

Quarter 

ended 

Jun 

2002 

Quarter 

ended 

Mar 

2002 

Six 

months 

ended 

Jun 

2002 

Six 

months 

ended 

Jun 

2001 

Dollar/Imperial

Rand/Metric

Gold
     Produced - 

- oz (000)/kg

1,426

1,377

2,803

3,482

44,369

42,816

87,185

108,292

     Price received* 

- $/oz /R/kg sold

305

287

296

290

102,498

106,181

104,305

73,915

     Total cash costs

- $/oz /R/kg produced

161

151

156

189

54,177

56,033

55,085

48,061

     Total production costs

- $/oz /R/kg produced

201

188

195

225

67,645

69,653

68,629

57,309

Operating profit

- $/R million

124

118

242

234

1,304

1,359

2,663

1,859

Operating profit including realised
non-hedge derivatives

- $/R million

162

147

309

236

1,687

1,696

3,383

1,878

Net profit

- $/R million

79

71

150

106

828

810

1,638

846

Headline earnings

- $/R million

87

93

180

127

903

1,070

1,973

1,013

Headline earnings before unrealised
non-hedging derivatives

- $/R million

87

89

176

122

905

1,027

1,932

975

Capital expenditure

- $/R million

67

51

118

142

709

588

1,297

1,124

Net earnings (basic)

- cents per share

71

64

135

99

748

734

1,479

790

Headline earnings

- cents per share

79

84

163

119

815

969

1,782

947

Headline earnings before unrealised
non-hedging derivatives

- cents per share

79

81

159

114

817

930

1,745

911

Dividends

- cents per share

132

85

1,350

700

* Price received includes realised non-hedge derivatives

REPORT

FOR THE QUARTER AND SIX MONTHS
ENDED 30 JUNE 2002

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.

Annual report on Form 20-F

On 28 June 2002, AngloGold filed its annual report on Form 20-F for the year ended 31 December 2001, in accordance with Securities and
Exchange Commission requirements, under Commission file number 0-29874.  A printed copy of the report is available on request from the
Contacts as listed on the inside back cover.

List of abbreviations

$

United States dollars

A$

Australian dollars

bn

billion

capex

capital expenditure

FIFR

Fatal Injury Frequency Rate per million hours worked

g

grams

g/t

grams per tonne

kg

kilograms

LOM

Life of Mine

LTIFR

Lost Time Injury Frequency Rate per million hours worked.  AngloGold utilises the strictest definition in reporting LTIFR

in that it includes all Disabling Injuries (where an individual is unable to return to his place of regular work the next
calendar day after the injury) and Restricted Work Cases (where the individual may be at work, but unable to perform
full or regular duties on the next calendar day after the injury) within this definition.

m

metre or million; depending on the context

m

2

square metres

Mt

million tonnes or tons

Mtpa

million tonnes/tons per annum

Moz

million ounces

oz

ounces (troy)

R / rand

South African rands

RIFR

Reportable Injury Frequency Rate per million hours worked

t

tons (short) or tonnes (metric)

tpa

tonnes per annum

tpm

tonnes per month

VCR

Ventersdorp Contact Reef

Published by AngloGold

PO Box 62117
Marshalltown
2107
South Africa

Telephone: +27 11 637 6000
Fax: +27 11 637 6399/6400
E-mail: investors@anglogold.com

1

Dear Shareholder,

AngloGold's second quarter has again
seen a significant reduction in the
company's hedge book, which came down
a further 2.4 million ounces, following the
1.7 million ounce reduction we reported in
the first quarter this year.  The quarter
also saw continued strong operational
performance, with operating profit up 10%
to $162 million, net profit up 11% to
$79 million and headline earnings

marginally lower at 79 US cents per
share.

The reduction in the hedge has produced
a received price which is $7 lower than
the average spot price for the quarter.
The hedge has been reduced in the light
of the more positive medium- and long-
term prospects for the gold price, as well
as the improved margins and lower cost
base of AngloGold's production.

During the quarter the South African
Parliament passed the new Minerals and
Petroleum Resources Development law.
In essence, mineral rights will now be
leased from the State rather than owned
outright and will require a commitment to
black economic empowerment and social
development.  Your company supports
both of these broad policy objectives
although they must be achieved in a
responsible way.  The recently published
Department of Minerals and Energy
(DME) document outlining its initial
position is unrealistic and unhelpful.  In a
joint statement issued today, the DME
confirmed that the document does not
represent official government policy.  We
are hopeful that dialogue between the
industry and government will soon yield a
mutually acceptable outcome and achieve
the level of certainty that is required to
ensure confidence and stability in the
market.

The strategy of AngloGold is to create
shareholder wealth through the mining
and marketing of gold.  Return on capital
for this quarter was 15%, and return on
equity 20%.  The company plans to grow
its earnings through the discovery,
development and acquisition of low cost,
high margin ounces.  Today we reported
the acquisition of an additional 130,000
ounces per annum by doubling our stake
in the Cerro Vanguardia mine in
Argentina, which reported total cash costs
for the first six months of 2002 at $101 per
ounce.  AngloGold brought this mine into
production and has operated it
successfully since 1999.  The mine has
continued to produce profits and
externalisable earnings despite
Argentina's current economic problems,
and we are confident it will continue to do
so throughout its planned life, which is
until at least 2012.

The Board has declared an interim
dividend of R13.50 per share ($0.66 per
ADS), which represents an increase of
93% on the interim dividend of 2001.

In the context of highly volatile world
markets we are convinced that AngloGold
will continue to generate solid earnings,
and earn competitive returns for its
shareholders.

RUSSELL EDEY
Chairman

BOBBY GODSELL
Chief Executive Officer

30 July 2002

LETTER FROM THE CHAIRMAN AND
CHIEF EXECUTIVE OFFICER

2

OVERVIEW

The quarter's results are characterised by a
significant reduction in the company's open hedge
book position, a gold price which has further
strengthened and the company's sound operating
and financial performance.  A 4% increase in gold
production to 1.4Moz, was particularly pleasing in
the light of the cumulative impact of a number of
seismic events at Great Noligwa, AngloGold's
largest South African producer.

AngloGold's good operational performance, its
positive view of the gold market and its willingness
to manage its hedge book to take account of
changing market circumstances have again resulted
in a significant reduction in its open hedge position.
At the end of the second quarter, the hedge book
had been reduced by a further 2.4Moz (165% of the
quarter's production) to 10.5Moz.  This substantial
reduction was achieved while containing the
decrease in the gold price received for the quarter to
some $7 below the average spot price.

AngloGold's results for the June quarter reflect a
solid financial and operating performance with
operating profit up 10% to $162m.  The received
gold price increased by $18/oz on last quarter to
$305/oz.  This was partially offset by a $10/oz or 7%
increase in total cash costs to $161/oz, due to the
strengthening of the rand.

Headline earnings decreased marginally to $87m,
primarily due to an abnormal item relating to the
$10m settlement of a legal claim and to higher
taxation.  The higher taxation resulted from the end
of the tax holiday at Sadiola and a one-off
adjustment in the previous quarter.

Net profit increased from $71m to $79m.  This large
increase is explained by the inclusion in the
previous quarter of an exceptional loss on the
disposal of the Free State assets in South Africa.

Operating profit for the first half of 2002 increased
by 31% to $309m compared with the first six months
of 2001.  Headline earnings went up by 44% to
$176m despite a 20% reduction in gold production
to 2.8Moz, mainly as a result of the sale of
AngloGold's Free State assets.  Total cash costs
decreased by 17% from $189/oz to $156/oz, as a
result of the rand weakening against the dollar and
the change in AngloGold's asset mix.

AngloGold has declared an interim dividend for the
first half of 2002 of R13.50/share ($0.66/ADS)

1

,

which represents an increase of 93% on the interim
dividend of 2001 and an annualised dividend yield of
6.6% based on AngloGold's closing share price on
the JSE of R408 on 29 July 2002.

SOUTH AFRICA

Overall performance

The operating profit from the South African mines at
R1.13bn ($108m), was 5% lower than that of the
previous quarter.

Total cash costs for the region rose by only 2% to
R51,234/kg (up 12% in dollar terms to $152/oz, due
to the revaluation of the South African currency over
the quarter) despite a 12% increase in volume
mined and relatively unchanged grades.  Gold
production increased by 386kg (13,000oz) quarter-
on-quarter.  The Kopanang and Tau Lekoa
operations at Vaal River this quarter reported
reduced revenue from uranium and acid by-
products, a trend that is likely to continue in the
future.

Productivity indices, expressed in grams of gold
produced per employee, remained at
222g/employee, while square metres mined per
employee improved by 10% to 4.58m2 / employee.

Two tragic seismic events, which caused multiple
fatalities at Great Noligwa, contributed to a total of
15 mine deaths during the quarter.  Three of these
were caused by falls of ground, nine through
seismicity, two as a result of trucks and tramming
and one was caused through the use of machinery.
The LTIFR for the year to date compared with the
same period last year, decreased from 12.26 to
10.41.

Mine performance

Operating profit at Great Noligwa decreased by 3%
to R433m ($42m).  Total cash costs increased by
3% over the previous quarter to R38,158/kg
($113/oz) due to increased expenditure on
improvements to shaft infrastructure.  Volume mined
rose by 5% on the previous quarter and, although
grades dropped by 3% to 11.29g/t, the mine
achieved a 35kg increase in gold production,
despite the cumulative effect of a number of
damaging seismic events during the quarter.

1

 See note 6 on page 11.

FINANCIAL AND OPERATING REVIEW

3

Although the effect of these events is likely to be felt
on the performance of Great Noligwa in the third
quarter, the necessary remedial action has been
taken to address the cause of the problems.

At Kopanang,  operating profit decreased by 5% to
R161m ($15m) while total cash costs rose by 5% to
R52,552/kg ($156/oz) due to lower by-product
contributions.  Volume mined was 17% higher,
following a slow start in the first quarter.  Gold
produced was 3% up at 3,842kg (124,000 oz), but
yield was slightly down at 7.11g/t.

Operating profit at Tau Lekoa fell by 11% to R56m
($6m) and total cash costs increased marginally to
R64,149/kg ($191/oz) as a result of lower by-
product contributions.  The 14% increase in volume
mined was partially offset by a lower head grade
(down 9%), with gold production 7% higher than that
of the previous quarter at 2,379kg (76,000oz).

At TauTona, operating profit fell by 14% to R234m
($22m) while total cash costs increased by 2% to
R45,499/kg ($135/oz).  Volume mined rose by 1%
but this was offset by a reduced yield (down 6%)
due to mining in lower grade areas.  Gold production
decreased by 8% to 4,574kg (148,000oz).

Operating profit at Savuka increased by 55% to
R62m ($5m).  Total cash costs were down by 10%
to R69,422/kg ($207/oz).  Volume mined increased
by 23% as a result of improvements in the rate of
face advance.  The higher grade in the Carbon
Leader Reef resulted in a 3% improvement in yield
and an increase of 21% in gold produced to 2,219kg
(71,000oz).

At  Mponeng, operating profit was stable at R74m
($7m).  Total cash costs were reduced by 2% to
R61,937/kg ($184/oz) despite increased expenditure
from the equipping of recently holed raise lines.
Volume mined increased by 13%, although grades
declined by 4%, and gold production rose by 8% to
3,290kg (105,000oz).

At Ergo, operating profit fell by 18% to R67m ($7m)
and gold production decreased by 10% to 1,997kg
(65,000oz) following a drop in grade.  Total cash
costs increased by 2% to R60,268/kg ($179/oz).

EAST AND WEST AFRICA

Overall performance

The East and West Africa region had a mixed
quarter with good performances at Geita and Morila
offset by difficulties experienced at Sadiola and
Yatela.

Operating profit for the region decreased by 8% to
$22m and total cash costs increased by 13% to
$144/oz.  Overall gold production was down 2% on

the previous quarter at 223,000 attributable ounces
but remained above target.

Regrettably, during the quarter two fatalities
occurred  one at Geita and one at Morila.  There
were ten lost time injuries during the quarter.

Mine performance

Operating profit at Sadiola  (38% attributable)
decreased by 24% on the last quarter and total cash
costs increased by 8% to $145/oz.  Although
tonnage throughput went up by 9%, the low
availability of high-grade material and continued
problems with the treatment of the sulphide ore
resulted in a 17% drop in the average recovered
grade for the quarter to 2.85g/t.  Consequently, gold
production, at 44,000 attributable ounces, was 10%
lower than that of the previous quarter.  The final
instalment on the project finance loans for the
development of Sadiola was paid this quarter; the
total repayments for the five-year period of the
facility amounted to $288m.

At  Yatela (40% attributable), operating profit
decreased by 24% to $2m.  Total cash costs
increased by 24% to $178/oz as a result of lower
production and higher maintenance costs arising
from work performed on the mineral sizer.  A 22%
decline in the average recovered grade resulted in
gold production of 22,000 attributable ounces being
14% down on an exceptional first quarter.  It is
expected that the operation will be on target for the
year.

At  Morila (40% attributable), operating profit
increased by 6% to $7m and total cash costs, at
$108/oz, rose by 8%.  Gold production improved by
1% to 60,000 attributable ounces for the quarter.
Going forward, the interception of higher grades of
ore earlier than anticipated indicates a favourable
trend in the reserves.

Operating profit at Geita (50% attributable) at $6m
decreased by 2%.  Total cash costs, at  $168/oz,
went up by 8% mainly due to increased mining
volumes from the Kukuluma pit, resulting in greater
haulage distances to the Geita plant during the
quarter.  A rise of 6% in the average recovered
grade of 3.83g/t for the quarter enabled the mine to
increase gold production by 10% to 77,000
attributable ounces.

At Navachab, operating profit decreased by 12% to
$3m.  Total cash costs increased by 41% to
$164/oz, mainly due to higher mining costs, the
strengthening of the Namibian dollar and reduced
gold production.  Gold production decreased by 8%
to 20,000oz for the quarter.  Due to the recent
improvement in the spot gold price, a feasibility
study was completed at Navachab for a pushback in
the eastern pit.  This study explored the possibility of
increasing production by some 375,000oz and

4

extending the mine life by five years to 2012.  The
project will be presented to the AngloGold Board of
directors during the second half of 2002.

NORTH AMERICA

Overall performance

The performance of the North America region
improved in the second quarter with better weather
conditions and productivity improvements at Jerritt
Canyon and higher solution grades at Cripple Creek
& Victor (CC&V).  Operating profit increased
quarter-on-quarter from a loss of $1m to break even
due to a 20% rise in gold production to 114,000oz
and cost-cutting efforts for the quarter resulting in
lower total cash costs of $213/oz.

The $195m CC&V expansion project is progressing
on schedule with a significant portion of the leach
pad addition being completed.  Expectations are
that the majority of the project's construction work
will be completed during the third quarter of this
year.  It is anticipated that average LOM cash costs
are expected to be reduced from $227/oz to
$176/oz.

Mine performance

Operating profit at Cripple Creek & Victor (67%
ownership with 100% interest in production)
decreased from $1m in the first quarter to break
even in the second quarter as a result of increased
non-cash costs arising from accelerated
depreciation of the existing crushing circuit.  Total
cash costs were 3% lower than those of the first
quarter at  $193/oz.  Construction continues on
schedule for the commissioning of the new crushing
facility early in the third quarter.  Production at this
facility was 12% higher for the quarter at 48,000oz
due to improved solution grades.

Jerritt Canyon's (70% attributable) operating profit
increased from a loss of $2m in the first quarter to
break even in the second quarter.  Total cash costs
at $223/oz were 24% lower than those of the first
quarter due to increased production and improved
productivity resulting from the reorganisation of
labour in the underground mines.  Production was
27% higher at 66,000 attributable ounces.  Improved
weather conditions in the second quarter, lead to an
increase in production which resulted in higher mill
throughput.

SOUTH AMERICA

Overall performance

The region's attributable operating profit was
marginally down at $14m.  Total cash costs for the
quarter were 3% up at $129/oz as a result of lower
silver by-product credits at both Morro Velho and

Cerro Vanguardia.  Gold production was 2% higher
than in the previous quarter at 104,000oz.

The South America region again had a good safety
performance this quarter, with its LTIFR below the
Ontario benchmark.  Cerro Vanguardia's operations
were audited by international NOSA and NQA
auditors and awarded a Five Star rating as well as
an environmental ISO 14001 certification, making it
the first NOSA-affiliated mine in the world to achieve
this status.  The Morro Velho and Serra Grande
operations both have safety indicators above the
Ontario benchmark.

Mine performance

At  Morro Velho, operating profit rose by 17% to
$7m.  Total cash costs were 5% lower at $139/oz.
Gold production was 11% higher than the previous
quarter at 51,000oz, due to higher tonnage and
grade as well as improved gold recovery from the
circuit used during the roaster and acid plant
shutdown in April.

At  Cerro Vanguardia (46.25% attributable),
operating profit decreased by 20% to $4m due to
the lower volume of gold sold (down 6%) and higher
total cash costs (up 17% to $109/oz).  The
devaluation of the peso further worsened the mine's
unit cost performance.  Gold production was 12%
lower than the previous quarter at 29,000
attributable ounces, mainly due to the impact of
adverse weather conditions.

At Serra Grande (50% attributable), operating profit
was maintained at $4m.  Total cash costs were
$108/oz.  Gold production was 4% higher than the
previous quarter at 24,000 attributable ounces as a
result of higher grade.

AUSTRALIA

Overall performance

Operating profit increased by 188% or A$15m ($8m)
to A$23m ($12m) as a result of higher sales and
stronger prices.  Overall, total cash costs decreased
by 11% to A$337/oz ($186/oz).

Production for the June quarter of 135,000oz was
16% higher than the March quarter with an
exceedingly strong performance at Sunrise Dam
and improvements at Union Reefs. There was a
small reduction in the amount of gold recovered
from the clean-up of the Boddington plant which
ceased operations in December 2001.

The region continued its good safety performance
with only two minor lost time injuries and two
restricted work cases during the quarter.

5

Mine performance

Operating profit at Sunrise Dam rose by 130% to
A$23m ($13m) from A$10m ($5m) in the previous
quarter.  Production increased by 20% to
102,000oz.  Plant throughput was maintained at an
annualised rate of close to 3.4Mtpa and recovered
grades improved to 3.75g/t as mining progressed
into high-grade areas.  As a consequence, total
cash costs fell by 12% to A$304/oz ($168/oz).

At Union Reefs, operating profit increased to A$2m
($1m) in the June quarter after a break-even result
in March.  Regaining access to the main
Crosscourse pit after the wet season allowed grades
to improve and lifted gold production for the June
quarter to 32,000oz, 7% higher than that of the
previous quarter.  Total cash costs fell by 8% to
A$401/oz ($222/oz) as a result of the higher
production.

Minor quantities of gold were recovered from the
Boddington plant as clean-up activities were
completed.  The plant is now on "care and
maintenance" pending a decision on the Expansion
Project.

Implementation of the mine rehabilitation plan at
Tanami is continuing.

EXPLORATION

In West Africa, exploration at Yatela and Sadiola in
Mali continued to define further oxide resources and
generate new targets.

In  East Africa at the Geita mine in Tanzania,
exploration drilling continues to upgrade the Mineral
Resource.  Exploration drilling during the first six
months of this year has resulted in an increase in
the Mineral Resource by 0.76Moz to a total of
15Moz comprising:

•  Measured 41.83Mt at 3.55g/t for 4.77Moz;

•  Indicated 54.56Mt at 4.37g/t for 7.67Moz; and

•  Inferred 19.33Mt at 4.11g/t for 2.56Moz

The increase comes primarily from the Nyankanga
pit area.

At Nyankanga, mineralisation remains open along
strike towards the east and west with drill
intersections including 26m at 4.06g/t and 14m at
14.90g/t.  At Geita Hill West, encouraging results
continue with intercepts of 16m at 19.2g/t and 43m
at 6.4g/t.  Based on the exploration success at Geita
to date, the programme has been expanded to
include further drilling at Nyankanga East and West,
Geita Hill and north-east extensions and Lone Cone
 Copcot.

In  North America, focus continued on Mineral
Resource definition at Cripple Creek & Victor and

Jerritt Canyon.  No further results were obtained
from Red Lake in Canada.

In  South America at Cerro Vanguardia, drilling
identified further open-pit mineralisation in new
veins and in strike extensions at several of the
existing pits.

In the Iron Quadrangle of Brazil, drilling at Crrego
do Stio has located a series of new high-grade
zones, with grades of 7 to 35g/t over widths of 1 to
18m, with potential to significantly increase the
Mineral Resource.  At the Lamego project near the
Cuiab mine, drilling continued to define extensions
to known mineralisation, confirming a sulphide
Mineral Resource estimate comprising:

•  Measured 0.42Mt at 6.8g/t for 0.09Moz;

•  Indicated  0.69Mt at 7.15g/t for 0.16Moz; and

•  Inferred 2.64Mt at 5.79g/t for 0.49Moz

At Mina Serra Grande, deep drilling has defined the
down dip mineralisation in the Mina III orebody as
well as extensions in the shallower Mina Nova
orebody.

Greenfield exploration in Peru saw second phase
drilling under way in southern Peru.

In Australia, drill testing of the Western Shear Zone
at Sunrise Dam  intersected continuous high-grade
mineralisation immediately outside the south-
western margin of the current design open-pit shell.
Intersections included 12m at 22.1g/t, 4m at 72.6g/t,
11m at 30.6g/t  and 24m at 12.7g/t.  Step-out drilling
of the Sunrise Shear underground zone to the north-
west of the Sunrise Dam open pit intersected 21m at
17.7g/t.

Infill diamond drilling at Coyote in the Tanami region
intersected encouraging mineralisation in the
Sylvestor lode in the north of the prospect area, with
one hole intersecting 8m at 4.2g/t and 9m at 4.7g/t.

_________________________________________

Note:

All reference to operating profit and price received
includes the realised non-hedge derivative gains
(losses).

All reference to headline earnings excludes
unrealised non-hedge derivative gains (losses).

Rounding of figures may result in computational
discrepancies.

6

The second quarter saw growing US dollar weakness, and growing gold strength.  The gold price reached $330/oz
during the quarter, and the average price of $312 was 7.5% better than the average for the previous quarter.  The gold
price rise mirrored the major correction under way in the dollar.  The US currency closed the quarter at $0.99 to the euro,
or 12% weaker than its opening exchange rate of $0.87; there is no doubt that the state of the dollar encouraged buying
in gold for most of the quarter, and renewed dollar weakness in July has again triggered a stronger gold price; this is
reflected in the graph below.

The 10% strengthening of the rand against the dollar during the quarter also reflected US currency weakness.  The
South African price of gold was helped by the improvement in the dollar gold price, but suffered from the stronger rand,
with the average price of R104,800/kg down by 2% on the average local price for the first quarter of 2002.

SPOT $/GOLD AND $/EUR INDEX 2002

0.95

1.00

1.05

1.10

1.15

1.20

01-Jan-02

10-Jan-02

19-Jan-02

28-Jan-02

08-Feb-02

17-Feb-02

27-Feb-02

09-Mar-02

18-Mar-02

28-Mar-02

06-Apr-02

16-Apr-02

25-Apr-02

06-May-02

15-May-02

26-May-02

06-Jun-02

17-Jun-02

26-Jun-02

05-Jul-02

15-Jul-02

0.95

1.00

1.05

1.10

1.15

1.20

GOLD

EURO

During the first quarter, a number of elements encouraged investor interest in gold, including economic uncertainty in
developed economies, equity market weakness, US monetary policy issues and US dollar weakness, and international
tension in the Middle East and the Indian sub-continent.  In the second quarter, however, gold benefited most from the
fall in the US dollar, with some encouragement from time to time from the problems of the equity markets (and
particularly from disclosures by major American companies of past misrepresentations of financial results, which have
damaged investor confidence in equity investment).

The gold price rose for most of the second quarter almost perfectly in response to the progressive slide of the US dollar
(particularly against the euro), and to successive items of bad news from leading equity markets.  Buying on the New
York Comex was the most important source of investor and speculator interest in the metal during this period, and net
long positions on that exchange increased steadily during April and May, to reach a peak net long position at the
beginning of June equal to just over 310t.  The graph below reflects the move in both the net open interest on the New
York Comex over the past 19 months, and the spot price of gold.

GOLD MARKET

7

COMEX COTR: Futures and Options as at 16 July 2002

Net Speculative Position

-8.00

-6.00

-4.00

-2.00

0.00

2.00

4.00

6.00

8.00

10.00

12.00

4-Jan-00

15-Feb-00

28-Mar-00

9-May-00

20-Jun-00

1-Aug-00

12-Sep-00

24-Oct-00

5-Dec-00

16-Jan-01

27-Feb-01

10-Apr-01

22-May-01

3-Jul-01

14-Aug-01

25-Sep-01

6-Nov-01

18-Dec-01

29-Jan-02

12-Mar-02

23-Apr-02

4-Jun-02

16-Jul-02

Oz's (mil)

250.00

260.00

270.00

280.00

290.00

300.00

310.00

320.00

330.00

US$/oz

The balance of interest in gold was again materially assisted by gold producers continuing to run down open hedge
positions.  This process has the effect of both delivering new production off the spot market and adding a certain amount
of producer buying to investor demand.  This has increased the positive impact on the price of incremental investor
buying.

During the last few weeks of the quarter, the gold price stalled and did not respond either to continued dollar weakness
or to recurrent bad news from equity markets.  There was a measure of profit-taking on Comex which saw open interest
on the exchange decline during June, and the spot price of gold fall to just above $310/oz.  There was a brief rally in the
price to $325/oz in July, but for the moment, the gold price has fallen further, and has moved clearly away from direct
linkage to the currency and equity markets.

Notwithstanding weaker prices in June and July, we believe that the favourable market circumstances for gold remain
firmly in place, and should continue to support the price of gold going forward.

The impact of the rising price of gold on physical offtake in major markets continues to be negative, and there are
indications that physical demand in India for the quarter will have fallen once again.  Offtake has also slipped in other
areas.  However, seasonal factors should assist physical gold demand during the third quarter and for the balance of the
year, and the performance of gold offtake for the balance of this year will be an important indicator of how the physical
market is dealing with higher and more volatile gold prices.

Currency market activity dominated the quarter.  From its strongest point this year of $0.8560 to the euro in February, the
US dollar had lost fully 19% in six months against the euro to trade at $1.02 in July.

However, after the 40% appreciation of the US dollar between 1995 and 2001, it seems likely that this correction is not
yet complete.  Whilst today's circumstances are different from those of 1985  1990, when the US dollar lost 50% in
value against major currencies, it is nevertheless likely that the dollar has to devalue further against other major
currencies before equilibrium is reached.

In this respect, the dollar will not be helped by circumstances in the US today.  With the US current account deficit
heading to record levels of close to $500bn for 2002, foreign demand for US dollar assets is falling.  After the investment
boom of the 1990s, foreign investors already own substantial parts of US investment markets, but the recent
performance of the equity markets, the numerous scandals affecting major US corporations and the secular downturn in
the dollar have all made foreign investors unlikely to invest in the USA and to finance the US deficit further for the
moment.

The open hedge position for AngloGold as at 30 June shows a further reduction in the hedge by some 73t or 2.37Moz.
Going forward, the company will continue to manage actively the remaining forward contracts in the hedge in order to
give the company increased exposure to the firmer spot price of gold.

8

NET DELTA OPEN HEDGE POSITION AS AT 30 JUNE 2002

As at 30 June 2002, 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 an average annual forward rand value based on spot rand/dollar rate of 10.25 available on 30 June 2002.

Rand Gold

kg's
sold

R per kg

Dollar Gold

kg's

sold

$ per oz

AUS Dollar

Gold

kg's sold

A$ per oz

Total

kg's sold

Total

oz's sold

12 months

ending

31 Dec

2002

562

67,727

7,353

276

2,757

739

10,672

343,102

2003

21,296

87,053

27,354

325

12,146

523

60,796

1,954,629

2004

15,774

102,113

24,629

315

5,443

537

45,846

1,473,994

2005

14,142

125,395

32,093

322

5,121

650

51,356

1,651,123

2006

9,620

124,987

25,908

327

5,851

606

41,379

1,330,381

Jan 2007 

Dec 2011

16,851

160,304

88,599

354

11,993

527

117,443

3,775,837

78,245

117,320

205,936

334

43,311

566

327,492

10,529,066

The marked-to-market value of all hedge transactions making up the hedge positions in the above table following
all restructuring was a negative R4.38bn (negative $422.81m) as at 30 June 2002.  The value was based on a gold
price of $312.25 per ounce, exchange rates of R/$10.25 and A$/$0.561 and the prevailing market interest rates
and volatilities at the time.

As at 29 July 2002, the marked-to-market value of the hedge book was a negative R3.109bn (negative $294.5m)
based on a gold price of $302.50/oz and exchange rates of R/$10.25 and A$/$0.534 and the prevailing market
interest rates and volatilities at the time.

Note to AngloGold Hedge Position as at 30 June 2002
*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 30 June 2002.

GOLD MARKET

9

Year

2002

2003

2004

2005

2006

2007-2011

Total

DOLLAR GOLD

Forward Contracts

Amount (kg)

5,466

22,016

23,663

22,147

16,792

43,831

133,915

$ per oz

$259

$315

$312

$321

$326

$349

$326

Put Options Purchased

Amount (kg)

686

5,808

796

757

563

728

9,338

$ per oz

$283

$352

$291

$291

$291

$292

$328

*Delta (kg)

62

3,974

194

167

113

133

4,643

Put Options Sold

Amount (kg)

14,930

12,752

6,221

33,903

$ per oz

$311

$307

$311

$310

*Delta (kg)

7,109

4,795

2,254

14,158

Call Options Purchased

Amount (kg)

4,258

4,555

572

9,385

$ per oz

$349

$351

$360

$350

*Delta (kg)

743

1,280

188

2,211

Call Options Sold

Amount (kg)

17,191

16,653

6,538

15,825

14,213

67,147

137,567

$ per oz

$317

$331

$334

$323

$329

$358

$342

*Delta (kg)

9,677

7,439

3,214

9,779

9,003

44,635

83,747

RAND GOLD

Forward Contracts

Amount (kg)

17,359

12,476

11,255

6,335

8,274

55,699

Rand per kg

R84,309

R98,762        R123,852        R121,174

R117,021        R104,589

Put Options Purchased

Amount (kg)

1,094

1,875

1,875

1,875

1,875

8,594

Rand per kg

R93,603

R93,603

R93,603

R93,603

R93,603

R93,603

*Delta (kg)

115

150

75

40

26

406

Put Options Sold

Amount (kg)

1,866

1,866

Rand per kg

R108,204

R108,204

*Delta (kg)

873

873

Call Options Purchased

Amount (kg)

4,732

4,732

Rand per kg

R83,652

R83,652

*Delta (kg)

4,707

4,707

Call Options Sold

Amount (kg)

6,176

4,687

4,688

4,687

4,688

14,930

39,856

Rand per kg

R85,534

R99,370         R115,285         R131,945       R132,648

R202,056      R145,309

*Delta (kg)

6,027

3,787

3,223

2,847

3,259

8,577

27,720

AUS DOLLAR (A$) GOLD

Forward Contracts

Amount (kg)

5,288

12,286

5,443

6,221

9,331

22,395

60,964

A$ per oz

A$670

A$525

A$537

A$663

A$631

A$604

A$598

Call Options Purchased

Amount (kg)

6,532

3,888

3,110

6,221

15,863

35,614

A$ per oz

A$722

A$701

A$724

A$673

A$692

A$698

*Delta (kg)

614

758

1,100

3,480

10,402

16,354

Call Options Sold

Amount (kg)

2,488

3,110

5,598

A$ per oz

A$590

A$700

A$651

*Delta (kg)

619

618

1,237

Put Options Sold

Amount (kg)

5,288

5,288

A$ per oz

A$564

A$564

*Delta (kg)

2,536

2,536

RAND DOLLAR (000)

Forward Contracts

Amount ($)
Rand / $

Put Options Purchased

Amount ($)

20,000

20,000

Rand per $

R 8.06

R 8.06

*Delta ($)

0

0

Put Options Sold

Amount ($)
Rand per $
*Delta ($)

Call Options Purchased

Amount ($)

4,000

8,000

12,000

Rand per $

R 6.60

R 6.94

R 6.83

*Delta ($)

4,000

7,992

11,992

Call Options Sold

Amount ($)

24,000

8,000

32,000

Rand per $

R 8.89

R 6.94

R 8.40

*Delta ($)

24,000

7,992

31,992

AUS DOLLAR (000)

Forward Contracts

Amount ($)

27,414

29,428

15,970

72,812

$ per A$

A$0.62

A$0.59

A$0.64

A$0.61

ANGLOGOLD HEDGE POSITION
AS AT 30 JUNE 2002

10

The results included herein for the quarter and six months ended 30 June 2002, which are unaudited, have
been prepared using the accounting policies which are in accordance with the standards issued by the
International Accounting Standards Board and the South African Institute of Chartered Accountants.  Where
appropriate, comparative figures have been restated.

1.     During the quarter, 60,100 ordinary shares were allotted in terms of the AngloGold Share Incentive

Scheme.

2.     Orders placed and outstanding on capital contracts as at 30 June 2002 totalled R990m (31 March 2002:

R1,072m), equivalent to $95m (31 March 2002: $94m) at the rate of exchange ruling on that date.

3.     Although AngloGold holds a 66.7% interest in Cripple Creek & Victor Gold Mining Company Limited, it is

currently entitled to receive 100% of the cash flow from the operation until a loan, extended to the joint
venture by AngloGold North America Inc., is repaid.

4.

Acquisition of Perez Companc's entire equity interests in Cerro Vanguardia S.A.

Agreement was reached with Perez Companc International ("Perez Companc") to acquire its entire
46.25% equity interests in Cerro Vanguardia S.A. ("CVSA"), for a cash consideration of $90m, which
was paid from AngloGold's existing but undrawn debt facilities.

Perez Companc and AngloGold each owned a 46.25% equity interest in CVSA.  CVSA owns the
exclusive right to exploit the Cerro Vanguardia Mine, which is located in Patagonia in the Santa Cruz
Province of Argentina.  AngloGold acquired its interest in CVSA from Minorco in 1999 and participated
in the competion of the development and the commissioning of the Cerro Vanguardia Mine, as well as
its operation since that time, and is confident of the existing and upside potential of this asset.  This
transaction, which is immediately accretive to AngloGold's earnings and cash flow, will reduce
AngloGold's cash and total operating costs per ounce and further diversify its production, reserve and
resource base, in geographical, operational and orebody terms.

Rationale for the transaction and overview of Cerro Vanguardia Mine:
For the year ended 31 December 2001, AngloGold's 46.25% interest in CVSA produced:

•  Attributable operating profit including realised non-hedge derivatives of $15m.
•  Attributable earnings before interest, tax, depreciation and amortisation ("EBITDA") of $24m.
•  Attributable gold production of 136,000oz of gold at a total cash cost of $133/oz.

At 31 December 2001

•  Total ore reserves of the mine were 2.4Moz.
•  Total ore resources were 3.6Moz.

For the six months ended 30 June 2002

•  Attributable operating profit including realised non-hedge derivatives was $9m.
•  Attributable EBITDA was $14m.
•  Attributable gold production was 62,000oz at a total cash cost of $101/oz.

Cerro Vanguardia's

•  Current plant throughput is 900,000tpa.  However, it is planned to increase this to 1m tpa from

 2004 at relatively minimal capital cost.

•  Existing reserve base is sufficient to support a life of mine to 2012.
•  Exploratory drilling has confirmed additional resources of 400,000oz of gold.

5.

At the annual general meeting of shareholders held on 30 April 2002, all the ordinary and special
resolutions, as specified in the notice of meeting dated 14 March 2002, were passed by the requisite
majority of shareholders.

NOTES

11

6.

Dividend

The directors have today declared Interim Dividend No. 92 of 1,350 (Interim Dividend No. 90: 700) South
African cents per ordinary share for the six months ended 30 June 2002.  In compliance with the
requirements of STRATE, the electronic settlement system and custody system used by the JSE Securities
Exchange South Africa, the company has determined the following salient dates for the payment of the
dividend:

To holders of ordinary shares and to holders of CHESS depositary interests (CDIs):  Each CDI
represents one-tenth of an ordinary share.

2002

Currency conversion date for UK pounds and Australian dollars

Thursday 8 August

Last date to trade ordinary shares cum dividend

Friday 16 August

Last date to register transfer of certificated securities cum dividend in
the United Kingdom and Australia

Friday 16 August

Ordinary shares trade ex dividend

Monday 19 August

Record date

Friday 23 August

Payment date

Friday 30 August

On the payment date, dividends due to holders of certificated securities on the South African share register
will either be electronically transferred to shareholders' bank accounts or, in the absence of suitable
mandates, dividend cheques will be posted to such shareholders.

Dividends in respect of dematerialised shareholdings will be credited to shareholders' bank accounts which
are linked to their safe custody accounts with the relevant CSDP or broker.

To comply with the further requirements of STRATE, between Friday, 16 August 2002 and Friday, 23 August
2002, both days inclusive, no transfers between the South African and United Kingdom share registers and
between the South African and Australian share registers will be permitted and no ordinary shares pertaining
to the South African share register may be dematerialised or rematerialised.

To holders of American Depositary Shares.  Each American Depositary Share (ADS) represents one-half
of an ordinary share.

2002

Ex dividend on New York Stock Exchange

Wednesday 21 August

Record date

Friday 23 August

Approximate date for currency conversion

Friday 30 August

Approximate payment date of dividend

Thursday 12 September

For illustrative purposes, the dividend payable on an ADS was equivalent to 66 US cents at the rate of
exchange ruling on Monday, 29 July 2002.  This compares with the interim dividend of 38.21 US cents per
ADS paid on 9 October 2001.

By order of the Board

R P EDEY

R M GODSELL

Chairman

Chief Executive Officer

30 July 2002 

GROUP OPERATING RESULTS

Issued Capital:

111,117,369 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:

110,739,209 ordinary shares in issue for the period

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

Quarter

Quarter

Six months

Six months

ended

ended

ended

ended

June

March

June

June

2002

2002

2002

2001

GOLD
UNDERGROUND OPERATIONS
Tonnes milled

- 000

- reef

3,372

3,088

6,460

9,091

- waste

-

-

-

2

- total

3,372

3,088

6,460

9,093

Yield

- g/t

- reef

 8.27

 8.64

 8.45

 8.14

- waste

-

-

-

 1.00

- average

 8.27

 8.64

 8.45

 8.14

Gold produced

- kg

- reef

27,871

26,687

54,558

73,982

- waste

-

-

-

2

- total

27,871

26,687

54,558

73,984

PRODUCTIVITY
g/employee

- target

245

237

241

211

- actual

239

232

236

206

SURFACE AND DUMP RECLAMATION
Tonnes treated

- 000

9,592

9,621

19,213

26,067

Yield

- g/t

 0.30

 0.31

 0.30

 0.32

Gold produced

- kg

2,839

3,021

5,860

8,441

OPEN-PIT OPERATIONS
Tonnes mined

- 000

27,824

24,828

52,652

38,807

Stripping ratio *

 3.33

 3.21

 3.27

 1.86

Tonnes treated

- 000

6,423

5,896

12,319

13,582

Yield

- g/t

 2.13

 2.22

 2.17

 1.90

Gold produced

- kg

13,659

13,108

26,767

25,867

TOTAL
Gold produced

- kg

44,369

42,816

87,185

108,292

Gold sold

- kg

44,271

42,630

86,901

108,004

Price received

- R/kg sold **

102,498

106,181

104,305

73,915

Total cash costs

- R/kg produced

54,177

56,033

55,085

48,061

Total production costs

- R/kg produced

67,645

69,653

68,629

57,309

CAPITAL EXPENDITURE

 - mining direct

 602

 514

1 116

 929

 - other

 107

 74

 181

 195

 709

 588

1 297

1 124

* Stripping ratio = (tonnes mined - tonnes treated) / tonnes treated
** Price received includes realised non-hedge derivative gains (losses)

 12

GROUP OPERATING RESULTS

Issued Capital:

111,117,369 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:

110,739,209 ordinary shares in issue for the period

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

Quarter

Quarter

Six months

Six months

ended

ended

ended

ended

June

March

June

June

2002

2002

2002

2001

GOLD
UNDERGROUND OPERATIONS
Tons milled

- 000

- reef

3,717

3,404

7,121

10,022

- waste

-

-

-

2

- total

3,717

3,404

7,121

10,024

Yield

- oz/t

- reef

 0.241

 0.252

 0.246

 0.237

- waste

-

-

-

-

- average

 0.241

 0.252

 0.246

 0.237

Gold produced 

- oz 000 - reef

896

858

1,754

2,379

- waste

-

-

-

-

- total

896

858

1,754

2,379

PRODUCTIVITY
oz/employee

- target

 7.87

 7.62

 7.74

 6.78

- actual

 7.68

 7.47

 7.58

 6.62

SURFACE AND DUMP RECLAMATION
Tons treated

- 000

10,573

10,606

21,179

28,733

Yield

- oz/t

 0.009

 0.009

 0.009

 0.009

Gold produced

- oz 000

91

97

188

271

OPEN-PIT OPERATIONS
Tons mined

- 000

30,671

27,368

58,039

42,777

Stripping ratio *

 3.33

 3.21

 3.27

 1.86

Tons treated

- 000

7,080

6,499

13,579

14,972

Yield

- oz/t

 0.062

 0.065

 0.063

 0.056

Gold produced

- oz 000

439

422

861

832

TOTAL
Gold produced

- oz 000

1,426

1,377

2,803

3,482

Gold sold

- oz 000

1,423

1,371

2,794

3,472

Price received

- $/oz sold **

305

287

296

290

Total cash costs

- $/ounce produced

161

151

156

189

Total production costs

- $/ounce produced

201

188

195

225

Rand/US Dollar average exchange rate

 10.46

 11.51

 10.99

 7.93

CAPITAL EXPENDITURE

 - mining direct

 57

 45

 102

 117

 - other

 10

 6

 16

 25

 67

 51

 118

 142

* Stripping ratio = (tons mined - tons treated) / tons treated
** Price received includes realised non-hedge derivative gains (losses)

 13

GROUP INCOME STATEMENT

Quarter

Quarter

Six months

Six months

ended

ended

ended

ended

June

March

June

June

SA Rand million

2002

2002

2002

2001

Gold income

4,252

4,291

8,543

8,091

Cost of sales

(2,948)

(2,932)

(5,880)

(6,232)

Cash operating costs

2,359

2,377

4,736

5,116

Other cash costs

60

57

117

119

Total cash costs

2,419

2,434

4,853

5,235

Retrenchment costs

11

14

25

127

Rehabilitation and other non-cash costs

11

15

26

22

Production costs

2,441

2,463

4,904

5,384

Amortisation of mining assets

598

577

1,175

884

Total production costs

3,039

3,040

6,079

6,268

Inventory change

(91)

(108)

(199)

(36)

Operating profit

1,304

1,359

2,663

1,859

Realised non-hedge derivative gains

383

337

720

19

Operating profit including realised non-hedge derivatives

1,687

1,696

3,383

1,878

Corporate administration and other expenses

(55)

(51)

(106)

(89)

Market development costs

(44)

(44)

(88)

(63)

Research and development costs

(4)

(3)

(7)

(10)

Exploration costs

(73)

(70)

(143)

(101)

Interest receivable

111

93

204

82

Other net income (expense)

2

(14)

(12)

(15)

Finance costs

(127)

(133)

(260)

(333)

Unrealised non-hedge derivative gains

5

72

77

62

Abnormal item - settlement of legal claim

(102)

-

(102)

-

Profit before exceptional items

1,400

1,546

2,946

1,411

Amortisation of goodwill

(72)

(81)

(153)

(111)

Debt written-off

-

-

-

(21)

Impairment of mining assets

-

-

-

(3)

Loss on disposal of assets

(5)

(132)

(137)

(38)

Termination of retirement benefit plans

2

-

2

-

Profit on ordinary activities before taxation

1,325

1,333

2,658

1,238

Taxation

(464)

(491)

(955)

(363)

Normal and deferred taxation

(504)

(415)

(919)

(345)

Deferred tax on unrealised non-hedge derivatives

(7)

(29)

(36)

(24)

Taxation on abnormal item

47

-

47

-

Taxation on exceptional items

-

(47)

(47)

6

Profit on ordinary activities after taxation

861

842

1,703

875

Minority interest

(33)

(32)

(65)

(29)

Net profit

828

810

1,638

846

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

828

810

1,638

846

Amortisation of goodwill

72

81

153

111

Debt written-off

-

-

-

21

Impairment of mining assets

-

-

-

3

Loss on disposal of assets

5

132

137

38

Termination of retirement benefit plans

(2)

-

(2)

-

Taxation on exceptional items

-

47

47

(6)

Headline earnings

903

1,070

1,973

1,013

Unrealised non-hedge derivative gains

(5)

(72)

(77)

(62)

Deferred tax on unrealised non-hedge derivatives

7

29

36

24

Headline earnings before unrealised non-hedge derivatives

905

1,027

1,932

975

Earnings per ordinary share - cents
    - Basic

748

734

1,479

790

    - Headline

815

969

1,782

947

    - Headline before unrealised non-hedge derivatives

817

930

1,745

911

Dividends declared
    - Rm

1,500

751

    - cents per share

1,350

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

700

 14

GROUP INCOME STATEMENT

Quarter

Quarter

Six months

Six months

ended

ended

ended

ended

June

March

June

June

US Dollar million

2002

2002

2002

2001

Gold income

 406

 373

 779

1 020

Cost of sales

( 282)

( 255)

( 537)

( 786)

Cash operating costs

 226

 206

 432

 646

Other cash costs

 6

 5

 11

 15

Total cash costs

 232

 211

 443

 661

Retrenchment costs

 1

 1

 2

 16

Rehabilitation and other non-cash costs

 1

 2

 3

 2

Production costs

 234

 214

 448

 679

Amortisation of mining assets

 57

 50

 107

 112

Total production costs

 291

 264

 555

 791

Inventory change

( 9)

( 9)

( 18)

( 5)

Operating profit

 124

 118

 242

 234

Realised non-hedge derivative gains

 38

 29

 67

 2

Operating profit including realised non-hedge derivatives

 162

 147

 309

 236

Corporate administration and other expenses

( 6)

( 4)

( 10)

( 11)

Market development costs

( 4)

( 4)

( 8)

( 8)

Research and development costs

( 1)

-

( 1)

( 1)

Exploration costs

( 7)

( 6)

( 13)

( 13)

Interest receivable

 11

 8

 19

 10

Other net income (expense) 

 1