ANGLOGOLD AUSTRALIA Barrie Parker: Operating General Manager

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ANGLOGOLD AUSTRALIABarrie Parker Operating
General Manager
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AngloGold going forward six objectives

• 1. To drive the company down the cost curve
  through workplace restructuring, literacy
  training and productivity improvements.
• 2. To add value through organic growth via the
  completion of five major capital projects in SA,
  Australia and the US and, if feasible, two
  additional projects in Brazil and Western
  Australia.
• 3. To continue to increase ore reserves through
  brownfields exploration programs around existing
  operations.
• 4. To find up to 13 million new production ounces
  by 2015 through greenfields exploration.
• 5. To continue AngloGolds disciplined
  acquisition strategy, which has so far delivered
  2.3 million low-cost ounces.
• 6. To continue the companys program of
  downstream investment and the promotion of our
  product.

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AUSTRALIAN OPERATIONS
Darwin
N.T.
N.T.
QLD
QLD
W.A.
W.A.
Brisbane
S.A.
S.A.
N.S.W.
N.S.W.
Perth
Sydney
Adelaide
VIC.
VIC.
Melbourne
TAS.
TAS.
Hobart
Hobart
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AUSTRALIAN OPERATIONS
Darwin
Union Reefs
Tanami
N.T.
N.T.
QLD
QLD
W.A.
W.A.
Brisbane
S.A.
S.A.
Sunrise Dam
N.S.W.
N.S.W.
Perth
Boddington
Corporate Office
Sydney
Adelaide
VIC.
VIC.
Melbourne
TAS.
TAS.
Hobart
Hobart
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SUNRISE DAM
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RESOURCE GROWTH
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PRODUCTION OUTLOOK
Resource 1.0Mozs Future Prodn
0.8Mozs Depletion 0.0 Mozs CAPEX US38M
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PRODUCTION OUTLOOK
Resource 4.3Mozs Future Prodn
2.3Mozs Depletion 0.6 Mozs CAPEX US53M
CAPEX US32M
Resource 1.0Mozs Future prodn
0.8Mozs Depletion 0.0 Mozs CAPEX US38M
1996 Plan
2000 Expansion Proposal
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PRODUCTION OUTLOOK
Resource 4.5Mozs Future prodn
2.9Mozs Depletion 1.2Mozs
Resource 4.3Mozs Future prodn
2.3Mozs Depletion 0.6 Mozs
Resource 1.0Mozs Future prodn
0.8Mozs Depletion 0.0 Mozs
1996 Plan
2000 Expansion Proposal
2002 Plan (Base case)
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OUTLOOK (Base Case)
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COMPONENTS OF POTENTIALFUTURE PRODUCTION
600,000
500,000
400,000
Ounces
300,000
200,000
100,000
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
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BODDINGTON
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BODDINGTON OVERVIEW

• AngloGold share 33
• Production from oxide resource commenced 1987
• Initial throughput 3Mtpa, lifted to 4.5Mtpa
  within 12 months
• Plant capacity increased to 6Mtpa in 1989
• Subsequent incremental improvements to 8.5Mtpa
• 250Mtpa float/leach plant commissioned 1991
• Processing of oxide ore completed 2001
• Plant placed on care and maintenance
• LOM ave prod. 306Kozs/pa _at_ cash costs of
  US145/oz
• Most gold recovered within 80m of surface
• Huge basement resource still to be exploited
• Feasibility study completed late 2000
• Development options being considered

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LOCALITY PLAN BODDINGTON GOLD MINE
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Boddington Expansion Project Wandoo Mineral
Resource
Gold grade (g/t)
Copper grade ()
Contained gold (moz)
Tonnes (million)
Measured Indicated Inferred Total
129 0.93 0.11 3.8
368 0.83 0.12 9.8
228 0.8 0.09 5.9
726 0.84 0.11 19.6
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Boddington Expansion Project Wandoo Ore Reserve
Gold grade (g/t)
Copper grade ()
Contained gold (moz)
Tonnes (million)
Proved Probable Total
124 0.94 0.12 3.8
265 0.84 0.13 7.2
390 0.87 0.12 10.9
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Wandoo ProjectSchematic Long Section
Original Land Surface
Wandoo Resource
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10000N
10500N
11000N
11500N
12000N
12500N
Wandoo South
400RL
200RL
00RL
August 1999
Wandoo Resource
-200RL
Limit
-400RL
Aug. 1999
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Indicative Plant Layout
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JOINT VENTURE

• Current Structure
• Newmont 44, AngloGold 33, Newcrest 22
• Management being transferred from Worsley
  Alumina
• New JV Management company established
• All participants active gold miners
• No natural manager
• Need for unanimity on all major decisions
• Decisions reflect committee structure
• Differences between individual company project
  goals

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FEASIBILITY STUDY - ECONOMIC CRITERIA
Gold price A475/oz Copper price
US0.85/lb Exchange rate A1.00
US0.68 Payback lt 4 years from start of
production Average cash operating cost lt
A300/oz (after Cu credit) No tax, inflation,
financing
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FEASIBILITY STUDY - TECHNICAL CRITERIA
Plant throughput 25Mtpa Leased mining
equipment Power at the fence at A0.05/kWhr
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FEASIBILITY STUDY - TECHNICAL RESULTS
Life of mine 16.4 years Average annual gold
production 611,000ozs Average annual copper
production 22,500t Average gold head
grade/recovery 0.91g/t 85.1 Average copper
head grade/recovery 0.12 75.7 Ore mined
406Mt Strip ratio 1.07
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FEASIBILITY STUDY - COSTS
CAPEX Process Plant A408.6M Other
Pre-production A 75.4M TOTAL A484.0M Post-pr
oduction A214.7M A45.1M rehab
OPEX (after Cu credits Au royalty) Average
cash operating cost A296/oz A7.32/t
milled
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UNION REEFS
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UNION REEFS GOLD MINE

• 1873 - Gold was discovered in the region
• 1989 - Shell Billiton commenced exploration in
  the area
• 1993 - Billiton commenced construction of the
  gold mine
• 1994 - Acacia Resources was formed first gold
  bar was produced
• 1997 - Process Plant was upgraded to 2.9 Mtpa
  from original 1.25 Mtpa
• 2000 - AngloGold acquired Acacia Resources
• 2001 - Brocks Creek Mine sold
• 2003 - Union Reefs Gold Mine to close after
  producing 900,000 ounces

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TANAMI
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TANAMI JOINT VENTURE

• AngloGold share 40
• Production commenced 1996
• Initial throughput 1Mtpa, improved to 1.5Mtpa
• Mining from dispersed small pits
• Operations ceased 2001
• Plant leased to NNF
• Region highly prospective for exploration
• AngloGold has substantial ground holdings
• Success already achieved at Coyote
• Produced 690,000 ounces during 5 years of
  operation