These IAS financial statements are the responsibility of the company's directors. Our responsibility is to express an opinion on the IAS financial statements based on our audit.

Scope
We conducted our audit in accordance with statements of South African Auditing Standards. Those standards require that we plan and perform the audit to obtain reasonable assurance that the financial statements are free of material misstatement. An audit includes:

examining, on a test basis, evidence supporting the amounts and
disclosures in the financial statements;

assessing the accounting principles used and significant estimates
made by management; and

evaluating the overall financial statement presentation.

We believe that our audit provides a reasonable basis for our opinion.

Audit opinion
In our opinion the IAS annual financial statements and group financial statements fairly present, in all material respects, the financial position of the company and the group at 31 December 1998, and the results of their operations and cash flows for the year then ended in accordance with International Accounting Standards and in the manner required by the South African Companies Act.

We have also reported separately on the statutory annual financial statements and group financial statements of AngloGold Limited for the same period, prepared in accordance with accounting principles generally accepted in South Africa.

Ernst & Young
Registered Accountants and Auditors
Chartered Accountants (SA)

Johannesburg
12 March 1999