ANGLOGOLD LIMITED

(Registration number 1944/017354/06)

(Incorporated in the Republic of South Africa)

ISIN : ZAE000043485

JSE Share Code : ANG

("AngloGold")

This announcement does not constitute an offer to sell or the solicitation of
an offer to buy nor shall there be any sale or distribution of securities in
any jurisdiction in which such offer, sale or distribution is not permitted

PRINCIPAL TERMS OF COMMITMENTS WITH THE GOVERNMENT OF GHANA REGARDING
ANGLOGOLD'S PROPOSED MERGER WITH

ASHANTI GOLDFIELDS COMPANY LIMITED

AND FURTHER CAUTIONARY

On 28 October 2003, it was announced that the Government of Ghana had made a
statement supporting the merger (the "Merger") of AngloGold and Ashanti
Goldfields Company Limited ("Ashanti"). This statement followed the
announcement by Ashanti on 27 October 2003 that the Board of Ashanti continued
to recommend AngloGold's revised proposal for the Merger. As set out in the
detailed announcements of 4 August and 15 October 2003, the Merger is
conditional on the support of the Government of Ghana, both in its capacity as
regulator and shareholder of Ashanti. Further to its announcement on 29 October
2003, AngloGold is pleased to announce that the Government of Ghana has
confirmed the principal terms of the agreement that it will enter into as
regulator of, and shareholder in, Ashanti. These undertakings are subject to
the finalisation of a definitive agreement.

Agreement with the Government on a regulatory framework

A key aspect of the rationale for the Merger is expeditious and optimal
development of the Obuasi mine's deep level ore reserves ("Obuasi Deeps"). The
Government has confirmed its intent to enter into a stability agreement with
AngloGold that will provide the fiscal and regulatory framework necessary to
facilitate an accelerated development of this project. In return for the
regulatory undertakings required as part of this agreement, AngloGold will
undertake, after consummation of the Merger and receipt of the approval of the
Parliament of Ghana for these undertakings, to issue 2,658,000 AngloGold
ordinary shares to the Government of Ghana. An overview of the key terms, the
details of which will be finalised in the definitive documentation are set out
below:

  * The mining lease relating to the Obuasi mine is currently due to expire in
    2024. Although the capital expenditure necessary for the development of
    Obuasi Deeps will have been incurred by 2024, the mine will continue to
    produce gold well beyond that date. The Government will undertake to extend
    the mining lease for the Obuasi Mine until 2054.
   
  * The Government of Ghana will undertake that the level of royalty payments
    will be 3% of revenue for the next fifteen years for all of AngloGold
    Ashanti's mining operations in Ghana. Under current legislation, royalty
    rates vary between 3% and 12% of revenue depending on the level of
    profitability of the operation concerned. Under proposed new mining
    legislation the royalty rate would, absent the stability agreement,
    increase to between 4% and 6% of revenue depending on the level of
    profitability.
   
  * The corporate tax rate payable in Ghana, where the group will be listed,
    will be 30% for the next fifteen years although the rate of corporate tax
    applicable to private companies in Ghana is 32.5%.
   
  * The Government of Ghana will also undertake that none of AngloGold
    Ashanti's operations in Ghana will, for the next fifteen years, be
    adversely affected by any action by the Government of Ghana that has the
    effect of imposing additional obligations on those operations. In addition,
    none of AngloGold Ashanti's Ghanaian operations will be adversely affected
    by changes to the level of payments of any customs or other duties relating
    to mining operations, taxes, fees and other fiscal imports or laws relating
    to exchange control, transfer of capital and dividend remittance. This
    stability provision eliminates the risk of adverse changes in the fiscal
    environment in Ghana and consequently is of value to AngloGold as it
    increases the certainty of future cash flows.
   
  * The Government of Ghana has also confirmed its willingness to clarify that
    the rights attaching to the special rights voting preference share (the
    "Golden Share") will apply solely to the assets and operations of AngloGold
    Ashanti in Ghana. The Government of Ghana will continue to hold its Golden
    Share in Ashanti.
   
The package of regulatory undertakings set out above is subject to the
consummation of the Merger and the approval of the Parliament of Ghana, and is
to be settled by the issue of 2,658,000 AngloGold ordinary shares.

Support of the Government as a shareholder

The Government of Ghana, in its capacity as a 17% shareholder in Ashanti has
also endorsed the recommendation of Ashanti's board and confirmed that it will
agree to vote in favour of the Merger and against any other competing proposals
during the term of its agreement with AngloGold and for a period ending on the
earlier of six months following termination of the Transaction Agreement
entered into between AngloGold and Ashanti on 4 August 2003, as amended (the
"Transaction Agreement") and 31 July 2004, if the Transaction Agreement is
terminated by Ashanti following a withdrawal of the Ashanti board
recommendation.

Timing and further cautionary announcement

The Transaction Agreement would have terminated on 31 October 2003 had the
regulatory undertakings and support of the Government of Ghana, as referred to
above, not have been received. In order to afford the parties time to finalise
the formal agreements regarding such undertakings and support, AngloGold and
Ashanti have agreed to extend this date to 14 November 2003, or such later date
as may be agreed by AngloGold and Ashanti.

Following the Government's decision AngloGold intends to move towards
completion of the merger as soon as possible. Completion is still anticipated
in the first quarter 2004.

Shareholders are advised to continue to exercise caution when dealing in
AngloGold's securities until a further announcement is made.

Johannesburg

30 October 2003

AngloGold's JSE Sponsor: UBS

For further information contact:

AngloGold

Steve Lenahan                          +27 83 308 2200                       
                                                                             
Peta Baldwin                           +27 11 637 6647                       
                                                                             
Charles Carter                         +1 212 750 7999                       
                                                                             
Tomasz Nadrowski                       +44 7958 749555                       
                                                                             
                                       +1 917 912 4641                       
                                                                             
Andrea Maxey                           +61 8 9425 4604                       

UBS Investment Bank

James Hartop                           +44 20 7567 8000                      

First Africa

Kofi Adjepong-Boateng                  +27 11 327 3666                       

Citigate Sard Verbinnen

(US Media)

Paul Verbinnen                         +1 212 687 8080                       

Citigate Dewe Rogerson

(UK Media)

Patrick Donovan                        +44 20 7638 9571                      

Channel 2

(Ghanaian Media)

David Ampofo                           +233 21 666 643                       

CONFERENCE CALL DETAILS

Two conference calls will take place on 31 October 2003 to discuss this
announcement and third quarter results to be released tomorrow.

The first call will be at 09:00 Johannesburg time, 07:00 London and Accra time,
02:00 New York time and 15:00 Perth time.

Australia                              +61 800 555 616                      
                                                                            
South Africa                           +27 800 933 536                      
                                                                            
Singapore                              +65 800 616 2071                     
                                                                            
Hong Kong                              +852 800 908 216                     
                                                                            
Japan                                  +81 0053 179 0003                    
                                                                            
Other Countries                        +613 9221 4420                       
                                                                            

The second call will be at 16:00 Johannesburg time, 14:00 London and Accra
time, 09:00 New York time and 22:00 Perth time

The dial in numbers, by country, are:

North America       +1 800 267 9155     or     +1 706 634 0083,              
                                                                             
United Kingdom      +44 800 073 8967    or     +44 871 700 0142 (and Europe),
                                                                             
Australia           +61 800 766 788     or     +61 28 228 7000, and          
                                                                             
South Africa        +27 800 99 4050                                          
                                                                             
Ghana               +44 1452 562 716                                         

The conference ID number is 3398519

To access the replay, which will be available shortly after completion of the
call, dial one of the following numbers and reference the same conference ID:

North America       +1 800 642 1687     or     +1 706 645 9291,              
                                                                             
United Kingdom      +44 800 953 1533    or     +44 1452 55 0000 (and Europe),
                                                                             
Australia           +61 800 766 700     or     +61 28 274 0000, and          
                                                                             
South Africa        +44 1452 55 0000                                         
                                                                             
Ghana               +44 1452 55 0000                                         

CAUTIONARY STATEMENT CONCERNING FORWARD-LOOKING STATEMENTS

Certain statements in this announcement are forward-looking within the meaning
of Section 27A of the Securities Act of 1933, as amended, and Section 21E of
the Securities Exchange Act of 1934, as amended, including without limitation,
those statements concerning (i) timing, fulfillment of conditions, tax
treatment and completion of the Merger, (ii) the value of the transaction
consideration, (iii) expectations regarding production and cost savings at the
combined group's operations and its operating and financial performance and
(iv) synergies and other benefits anticipated from the Merger. Although
AngloGold and Ashanti believe 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.

For a discussion of important terms of the Merger and important factors and
risks involved in the companies' businesses, which could cause the combined
group's actual operating and financial results to differ materially from such
forward-looking statements, refer to AngloGold's and Ashanti's filings with the
US Securities and Exchange Commission (the "SEC"), including AngloGold's annual
report on Form 20-F for the year ended 31 December 2002, filed with the SEC on
7 April 2003 and Ashanti's annual report on Form 20-F for the year ended 31
December 2002, filed with the SEC on 17 June 2003 and any other documents in
respect of the Merger that are furnished to the SEC by AngloGold or Ashanti
under cover of Form 6-K.

Neither AngloGold, Ashanti nor the combined group undertakes any obligation to
update publicly or release any revisions to publicly update any forward-looking
statements discussed in this announcement, whether as a result of new
information, future events or otherwise.

ADDITIONAL INFORMATION

In connection with the Merger, AngloGold will file with, or otherwise furnish
to, the SEC a scheme document/prospectus. Investors and security holders are
urged to carefully read the scheme document/prospectus regarding the Merger
when it becomes available, because it will contain important information.
Investors and security holders may obtain a free copy of the scheme document/
prospectus (when it is available) and other documents containing information
about AngloGold and Ashanti, without charge, at the SEC's website at
www.sec.gov. Copies of the scheme document/prospectus together with any SEC
filings that may be incorporated by reference in the scheme document/prospectus
may also be obtained free of charge by directing a request to: AngloGold
Limited, 11 Diagonal Street, Johannesburg 2001, PO Box 62117, Marshalltown
2107, South Africa, Attention: Chris R. Bull, Company Secretary, telephone +27
11 637 6000, fax: +27 11 637 6624.

UBS Investment Bank and First Africa Group Holdings (Pty) Limited ("First
Africa") are acting for AngloGold and no one else in connection with the Merger
and will not be responsible to anyone other than AngloGold for providing the
protections afforded to clients of UBS Investment Bank or First Africa or for
providing advice in relation to the Merger.



END