NEWS RELEASE
CORPORATE AFFAIRS DEPARTMENT
JOHANNESBURG
TELEPHONE: (+27 11) 637-6385
FAX: (+27 11) 637-6399/6400
SKB/CAD/AGO286.02
3 January 2002
ANGLOGOLD REACTS TO NEWMONT'S REVISED OFFER
Newmont Mining Corporation today announced a revised takeover offer for
Normandy Mining by increasing the cash component of its offer by a further
10 cents per Normandy share.
AngloGold Chairman and CEO Bobby Godsell said: "It is too early to comment
on the value of Newmont's increased offer as the market will determine the
relative value of the AngloGold and Newmont offers. We have yet to see the
market's reaction to Newmont increasing its offer again without finding any
additional value.
"AngloGold's offer is full and fair and the company has no basis upon which
it could justify an increase in its offer. At the end of the day the market
must judge the offers on their merits, taking into account the relative
underlying value of the companies and their potential to re-rate, as well as
their track record of profitability and ability to generate cash to reinvest
and to pay dividends. AngloGold's offer provides value today and value in
the future."
AngloGold is offering 2.15 shares for every 100 Normandy shares, and 30
cents cash per Normandy share. This offer values the share at A$1.81.
AngloGold's offer provides certainty of value, as it is unconditional, with
payments to be made within five business days. Newmont's offer could take a
number of months to close.
By accepting the AngloGold offer immediately and holding AngloGold shares,
Normandy shareholders can qualify for AngloGold's 2001 final dividend (to be
declared at end of January 2002).
Normandy shareholders can buy up to an additional A$7,500 worth of AngloGold
shares at a 7.5% discount if they accept AngloGold's offer.
The AngloGold offer is scheduled to close on Friday, 11 January 2002.
www.anglogold.com
Queries:
In South Africa
Shelagh Blackman
+2711 637-6379 (tel)
+2711 637-6399 (fax)
+27 83 308 2471 (mobile)
sblackman@anglogold.com
Peta Baldiwn
+27 11 637 6647 (tel)
+27 11 637 6399 (fax)
+27 83 273 7858 (mobile)
pbaldwin@anglogold.com
In Australia
Andrea Maxey
+61 8 9425 4604 (tel)
+61 8 9625 4650 fax)
+61 438 001 393 (mobile)
amaxey@anglogold.com.au
Hamish Douglass
Deutsche Bank
+61 2 9258 2039 (tel)
+61 2 9258 2440 (fax)
+61 419 560 349 (mobile)
hamish.douglass@db.com
In Europe
Tomasz Nadrowski
+41 22 718 3312 (tel)
+41 22 718 3335 (fax)
+41 79 345 9774 (mobile)
tnadrowski@anglogold.com
In the USA
Charles Carter
800 417 9255 toll free
+1 212 750 7999 (tel)
+1 212 750 5626 (fax)
ccarter@anglogold.com
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