Figures in million	2001	2000
		SA Rands
22	Deferred taxation
	Deferred taxation relating to temporary differences is made up as follows:
	Deferred taxation liabilities
	Mining assets	3,919	4,294
	Inventories	97	142
	Other	2	4
		4,018	4,440
	Deferred taxation assets
	Provisions	501	573
	Financial instruments	960	-
	Net deferred taxation	2,557	3,867
	The movement on the deferred tax balance is as follows:
	Balance at beginning of year	3,867	3,915
	Income statement charge (note 8)	149	148
	Taxation on impairment (note 8)	-	(196)
	Taxation on unrealised hedging activities (note 8)	(87)	-
	Disposal of subsidiary	(500)	-
	Financial derivatives	(872)	-
	Balance at end of year	2,557	3,867
23	Trade and other payables
	Trade creditors	312	437
	Accruals	302	326
	Other creditors	452	546
		1,066	1,309
24	Retirement benefits
	Defined benefit pension fund
	Fair value of fund assets	842	687
	Present value of fund obligation	836	669
	Funded benefit plan asset	6	18
	Market value of plan assets	842	687
	The assumptions used in calculating the above amounts
	as at 31 December are:	%	%
	Discount rate	10.5	12.0
	Pension increase	6.5	8.0
	Rate of compensation increase	7.5	9.0
	Rate of return on assets	10.5	12.0
	At the last statutory valuation of the defined benefit pension fund as at 31 December 1999, the Pension Fund was certified by the reporting actuaries as being in a sound financial position, subject to the continuation of the current contribution rates. In arriving at their conclusions, the actuaries took into account reasonable long-term estimates of inflation, increases in wages, salaries and pension as well as returns on investments. Separate calculations for the Pension Fund are carried out on an annual basis and the results of these calculations as at 31 December 2001 are reflected above. Any deficits in the defined benefit scheme advised by the actuaries are funded either immediately or through increased contributions to ensure the ongoing soundness of the scheme. Contributions to the various defined contribution retirement schemes are fully expensed during the year in which they are funded and the cost of providing retirement benefits for the year amounted to R263m (2000: R303m). All funds are governed by the Pension Funds Act of 1956 as amended.

	Figures in million	2001	2000
		SA Rands
25	Cash generated from operations
	Profit on ordinary activities before taxation	1,830	1,114
	Adjusted for:
	Amortisation of mining assets (note 10)	628	704
	Non-cash movements	(38)	(48)
	Interest receivable (note 3)	(47)	(138)
	Profit from associates after taxation (note 3)	(7)	(26)
	Unwinding of decommissioning obligation (note 4)	19	-
	Finance costs (note 5)	189	106
	Movement in hedging activities	255	-
	Amortisation of goodwill	4	-
	Debt written off	21	-
	Impairment of mining assets (note 10)	-	470
	Loss (profit) on sale of mining assets	32	(7)
	Movements in working capital	(661)	(141)
		2,225	2,034
	Movements in working capital:
	(Increase)/decrease in trade and other receivables	(17)	116
	Decrease/(increase) in inventories	109	(45)
	Decrease in trade and other payables	(207)	(64)
	Decrease in current portion of inter-group balances	(546)	(148)
		(661)	(141)

26	Related parties
	Related party transactions are concluded on an arm's length basis. Details of material transactions with those related parties not dealt with elsewhere in the financial statements are summarised below:
		2001			2000
		Purchases		Amounts	Purchases		Amounts
		from		owed to	from		owed to
		related		related	related		related
		parties		parties	parties		parties
	With fellow subsidiaries of the Anglo American plc group
	Boart Longyear Limited - mining services	97		8	52		9
	Haggie Limited - mining equipment	61		3	32		3
	Mondi Limited - timber	132		8	153		-
	Scaw Metals Limited - steel and engineering	54		10	55		-
	Shaft Sinkers (Pty) Ltd - mining services	107		12	93		-
	With associates
	Rand Refinery Limited - gold refinery	26		-	27		-

	Figures in million	2001	2000
		SA Rands
27	Commitments and contingencies
	Acquisition of mining assets
	Contracted for	441	356
	Not contracted for	1,948	4,638
	Authorised by the directors	2,389	4,994
	Allocated for:
	Expansion of capacity
	- within one year	778	327
	- thereafter	1,572	3,998
		2,350	4,325
	Maintenance of capacity
	- within one year	27	29
	- thereafter	12	640
		39	669
	This expenditure will be financed from existing cash resources, proceeds on the disposal of the Free State assets and future borrowings. There is a potential claim against the South Africa region in respect of contamination of the water supply amounting to R11m (2000: R9m).
28	Risk management activities
	In the normal course of its operations, the company is exposed to gold price, currency, interest rate, liquidity and credit risks. In order to manage these risks, the company may enter into transactions which make use of both on- and off-balance sheet financial instruments. The company does not acquire, hold or issue derivative instruments for trading purposes. The company has developed a comprehensive risk management process to facilitate, control and to monitor these risks. The board has approved and monitors this risk management process, inclusive of documented treasury policies, counterpart limits, controlling and reporting structures. Controlling risk in the company The Executive Committee and the Treasury Committee are responsible for risk management activities within the company. The Treasury Committee, chaired by an independent member of the AngloGold Audit Committee, comprising executive members and treasury executives, reviews and recommends to the Executive Committee all treasury counterparts, limits, instruments and hedge strategies. The treasurer is responsible for managing investment, gold price, currency and liquidity risk. Within the treasury function, there is an independent risk function, which monitors adherence to treasury risk management policy, counterpart and dealer limits and provides regular and detailed management reports. Gold price and currency risk Gold price risk arises from the risk of an adverse effect on current or future earnings resulting from fluctuations in the price of gold. The gold market is predominately priced in US dollars which exposes the company to the risk that fluctuations in the SA rand/US dollar exchange rate may also have an adverse effect on current or future earnings. A number of products, including derivative instruments are used to manage well-defined gold price and foreign exchange risks, that arise out of the company's core business activities. Forward-sales contracts and call and put options are used by the company to protect itself from downward fluctuations in the gold price. These instruments may establish a minimum price for a portion of future production while maintaining the ability to benefit from increases in the gold price for the majority of future gold production. Net delta open hedge position as at 31 December 2001 The company had the following net forward-pricing commitments outstanding against future production. Table A: Summary: Net delta open hedge position as at 31 December 2001

		Rand		Dollar
	12 Months ending	Gold	Price in	Gold	Price in	Kilograms
	31 December	kg sold	R/kg	kg sold	US$/oz	sold
	2002	22,828	60,258	28,526	294	51,354
	2003	24,706	90,914	11,027	342	35,733
	2004	22,438	109,137	8,211	368	30,649
	2005	22,509	132,592	10,429	336	32,938
	2006	14,007	135,287	8,775	342	22,782
	January 2007 -
	December 2011	10,140	135,367	44,086	360	54,226
	Total	116,628	105,657	111,054	338	227,682

	Table B: Summary: All open contracts in the company's gold hedge position at 31 December 2001
		Year 2002	2003	2004	2005	2006	2007 - 2011	Total
	Dollar/Gold
	Forward contracts
	Amount (kg)	25,664	5,992	5,941	4,510	2,799	12,441	57,347
	$/oz	$290	$322	$348	$356	$369	$365	$325
	Put options purchased
	Amount (kg)	8,709	4,977	1,866				15,552
	$/oz	$318	$364	$439				$347
	*Delta (kg)	4,162	4,421	1,757				10,340
	Put options sold
	Amount (kg)	2,799						2,799
	$/oz	$274						$274
	*Delta (kg)	944						944
	Call options purchased
	Amount (kg)	23,794	4,043					27,837
	$/oz	$338	$402					$347
	*Delta (kg)	1,156	96					1,252
	Call options sold
	Amount (kg)	20,995	8,864	1,866	12,441	11,819	55,986	111,971
	$/oz	$346	$379	$347	$321	$329	$358	$350
	*Delta (kg)	800	710	513	5,919	5,976	31,645	45,563
	Rand/Gold
	Forward contracts
	Amount (kg)	20,222	21,067	20,264	19,964	11,825	10,140	103,482
	R/kg	R55,104	R90,427	R110,801	R133,897	R142,973	R135,367	R106,504
	Put options purchased
	Amount (kg)	1,875	1,875	1,875	1,875	1,875		9,375
	R/kg	R93,603	R93,603	R93,603	R93,603	R93,603		R93,603
	*Delta (kg)	138	102	78	45	32		395

		Year 2002	2003	2004	2005	2006	2007 - 2011	Total
	Call options purchased
	Amount (kg)	12,031	1,058					13,089
	R/kg	R86,039	R93,881					R86,673
	*Delta (kg)	11,756	981					12,737
	Call options sold
	Amount (kg)	14,669	4,831	2,187	3,432	2,187		27,306
	R/kg	R87,148	R93,767	R93,630	R122,862	R93,630		R93,846
	*Delta (kg)	14,224	4,521	2,096	2,500	2,150		25,491
	Rand/Dollar (000)
	Forward contracts
	Amount ($)	25,574						25,574
	ZAR per $	R6.31						R6.31
	Put options purchased
	Amount ($)	105,000						105,000
	ZAR per $	R8.18						R8.18
	*Delta ($)	1,260						1,260
	Call options purchased
	Amount ($)	78,450	8,000					86,450
	ZAR per $	R8.33	R6.94					R8.20
	*Delta ($)	75,860	7,984					83,844
	Call options sold
	Amount ($)	153,450	8,000					161,450
	ZAR per $	R8.76	R6.94					R8.67
	*Delta ($)	147,186	7,984					155,170
*	The delta position indicated above 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 31 December 2001. The mix of hedging instruments, the volume of production hedged and the tenor of the hedging book is continually reviewed in the light of changes in operational forecasts, market conditions and the company's hedging policy. Forward sales contracts require the future delivery of gold at a specified price. A put option gives the put buyer the right, but not the obligation, to sell gold to the put seller at a predetermined price on a predetermined date. A call option gives the call buyer the right, but not the obligation, to buy gold from the call seller at a predetermined price on a predetermined date. Net cash receipts received under the option hedging strategies for the year were R215m (2000: R262m). Interest rate and liquidity risk Fluctuations in interest rates impact on the value of short-term cash investments and financing activities, giving rise to interest rate risk. In the ordinary course of business, the company receives cash from the proceeds of its gold sales and is required to fund working capital requirements. This cash is managed to ensure surplus funds are invested in a manner to achieve market related returns while minimising risks. The company is able to actively source financing at competitive rates. The company has sufficient undrawn borrowing facilities available to fund working capital requirements.

	Investment maturity profile
			Fixed rate			Floating rate
			investment/		Effective	investment/	Effective
		Currency	(borrowings)		rate	(borrowings)	rate
	Maturity date	millions	amount		%	amount	%
	Less than one year	$				14	1
		ZAR	380		9	138	8
	Borrowings maturity profile
			Within one year			Between two and five years
			Fixed rate		Effective	Fixed rate	Effective
		Currency	borrowings		rate	borrowings	rate
		millions	amount		%	amount	%
		$	122		2.7	216	2.7
		ZAR	200		11.5
		A$	10		4.8
	Interest rate risk
						Fixed rate
						investment/	Effective
					Currency	(borrowings)	rate
	Maturity date				millions	amount	%
	Less than one year				$	122	2.7
					ZAR	200	11.5
					A$	10	4.7
	Credit risk Credit risk arises from the risk that a counterpart may default or not meet its obligations timeously. The company minimises credit risk by ensuring that credit risk is spread over a number of counterparts. These counterparts are financial and banking institutions of the highest quality. Where possible, management tries to ensure that netting agreements are in place. No provision for doubtful debts was made as the principal debtors continue to be in a sound financial position. The company does not generally obtain collateral or other security to support financial instruments subject to credit risk, but monitors the credit standing of counterparts. The company believes that no concentration of credit exists. Fair value The estimated fair values of financial instruments are determined at discrete points in time based on relevant market information. These estimates involve uncertainties and cannot be determined with precision. The estimated fair values of the company's financial instruments as at 31 December are as follows:

	Type of instrument
		2001		2000
		Carrying amount	Fair value	Carrying amount	Fair value
	SA Rands
	Trade and other receivables	690	690	694	694
	Cash and cash equivalents	686	686	234	234
	- Cash and deposits on call	686	686	76	76
	- Money market instruments	-	-	158	158
	Borrowings	4,303	4,303	2 569	2 569
	Trade and other payables	1,066	1,066	1 309	1 309
	Forward sale contracts	(1,874)	(1,976)	-	666
	Option contracts	(219)	(1,112)	-	197
	Foreign exchange contracts	(149)	(148)	-	(83))
	Foreign exchange option contracts	(229)	(268)	-	(91)
	The fair value amounts above include off balance sheet designated hedges. The following methods and assumptions were used to estimate the fair value of each class of financial instrument: Trade and other receivables, cash and cash equivalents and trade and other payables The carrying amounts approximate fair value because of the short-term duration of these instruments. Borrowings The existing debt re-prices on a short-term floating rate basis, and accordingly the carrying amount is considered to approximate fair value. Derivative instruments The fair values of forward sales contracts and derivative instruments are estimated based on the ruling market prices, volatilities and interest rates at 31 December 2001.