Mining Investment Forum 2001

1
Mining Investment Forum 2001
AngloGold - The road ahead
Kelvin Williams Marketing Director, AngloGold
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Introduction

• Key characteristics of AngloGold
• Highlights of proposed Normandy transaction
• Indicative timeline

Disclaimer Except for the historical information
contained herein, there are matters discussed in
this news release 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 on the Form 20-F for the
year ended December 31, 2000 which was filed with
the Securities and Exchange Commission on
April 23, 2001.
3
Risk and Revenue Diversification
AngloGold reports in IAS.
4
Earnings and Dividends
AngloGold reports in IAS.
5
International contribution6 months to June 2001
AngloGold reports in IAS.
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Cost Reduction
AngloGold reports in IAS.
7
Major Projects
8
Organic Growth for long-term returns
9
Returns on Equity and Capital
AngloGold reports in IAS.
10
Downstream investment
11
Downstream investment
12
Downstream BtoC
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The Transaction

• 2.15 AngloGold shares for 100 Normandy shares
• The offer values Normandy at A3.2 billion
  (US1.6 billion) or A1.42 per share
• This represents a premium of 29 to Normandys
  closing price on the ASX on September 4th, 2001

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The Benefits of Scale
Pro Forma Annual Gold Production to June 2001
Source Company Reports
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The Benefits of Scale
Major Gold Companies Reserves
Note Reserves as reported 31 December 2000,
except Normandy 30 June 2001 and Gold Fields 30
June 2000.
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Regional fit
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Pursuing Synergies
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Regional fit
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Diversification
South Africa49
Pro forma for the six months ended June, 2001.
AngloGold reports in IAS.
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Diversification
Pro forma for the six months ended June, 2001
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Diversification
Pro forma for the six months ended June, 2001
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Returns today
Dividend Payout Ratio 12 Months to 30 June 2001
Based on reported headline earnings. AngloGold
reports in IAS.
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Anticipated liquidity
Anticipated Effect of Acquisition on AngloGold
Free Float
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Comparative value
Major Gold Companies US Market Capitalisation
per Reserve ounce
All share prices as at close on 31 August 2001.
Post-merger market capitalisation calculated
using currentAngloGold US share price.
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Comparative value
Enterprise Value / EBITDA
16
14
12
10
8
Enterprise value / EBITDA (times)
6
4
2
0
Homestake
Newmont
Barrick
Placer
Gold Fields
New AngloGold
Enterprise Value as at close 31 August
2001. 1-year EBITDA to 30 June 2001. Merged
AngloGold EBITDA represents actual 2001 EBITDA of
both entities, before any acquisition adjustments.
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Timeline of events

• Offer document to Normandy shareholders
  distributed in late October and sent to U.S.
  registered shareholders once Form F4 is declared
  effective by SEC
• AngloGold Circular distributed in late October,
  with shareholder meeting in mid-November
• Seek to conclude transaction by year-end