CONTRACT OF EMPLOYMENT

EXHIBIT 19.4.3

CONTRACT OF EMPLOYMENT

entered into between :

ANGLOGOLD LIMITED

and

XXXXXXXX XXXXXXX BEST

This agreement is made on 8 April 2003 between

(1)

AngloGold Limited, a company registered in South Africa according to the

company laws of South Africa, and whose registered office is at 00

XXXXXXXX XXXXXX, XXXXXXXXXXXX 0000 ("hereinafter referred to as

"the Company"); and

(2)

XXXXXXXX XXXXXXX BEST of 00 XXXXXXXX XXXXXX, XXXXXXXXX

0000 (hereinafter referred to as "the Executive")

This agreement records the terms on which the Executive is employed by the

Company.

INTERPRETATION

1.1

In this agreement (and any schedules to it):

1.1.1 "Board" means the board of directors of the Company from

time to time or any person or committee nominated by the

board of directors as its representative for the purposes of this

agreement;

1.1.2 "Change of Control" shall have occurred if:

1.1.2.1

the Company becomes a subsidiary of another

company; or

1.1.2.2

all or substantially all of the business, assets and

undertakings of the Company become owned by any

person, firm or company.

1.1.3 "Employment" means the employment governed by this

agreement;

1.1.4

"Termination Date" means the date on which the Employment

is terminated.

1.2

References to any statutory provisions include any modifications or re-

enactment of those provisions.

TERMS OF EMPLOYMENT

2.1

Notwithstanding the date of signature hereof, employment under this

agreement commenced on 1 JANUARY 2003.

2.2

Subject to clause 10 (Termination and Suspension) the employment

will continue until terminated by either party giving not less than 6

calendar months' notice, in writing, to the other.

2.3

Notwithstanding the other provisions of this agreement, the

employment will automatically terminate on the last day of the

calendar year in which the Executive reaches the age of sixty (60).

DUTIES OF THE EXECUTIVE

3.1

The Executive will serve as Executive Director: Finance and in any

other executive capacity as the Board and the Executive may agree

from time to time.

3.2

The Executive will work such hours as are reasonably necessary to

perform his duties under this contract to the satisfaction of the Board.

3.3

The Executive will -

3.3.1

devote sufficient time, attention and skill to the employment to

perform his duties;

3.3.2

properly perform his duties and exercise his powers;

3.3.3

accept any offices or directorships as reasonably required by

the Board after consultation with the Executive;

3.3.4

comply with all rules and regulations issued by the Company;

3.3.5

obey the directions of the Board; and

3.3.6

use his best endeavors to promote the interests and reputation

of the Company.

3.4

The Executive accepts that -

3.4.1

he will be required to perform duties for AngloGold Limited.

The Company will remain responsible for the payments and

benefits he is entitled to receive under this agreement;

3.4.2

the Company may appoint any other person to act jointly with

him.

3.5

The Executive will keep the Board fully informed of his conduct of the

business, finances or affairs of the Company or business for which he

is responsible, in a prompt and timely manner. He will provide

information to the Board in writing if requested.

3.6

During the employment, the Executive will be required annually at the

Company's expense to undergo medical examinations.

3.6.1

The timing of such examinations will be determined by

notification from the Company's senior medical executive, as

there are specific requirements to be met by both the

Executive and the specialists who undertake the medical

examination.

3.6.2

The Executive will receive due notice of when his medical

should be undertaken and is asked to read the instructions

carefully at that time, as the Company will not bear the costs of

any examination not covered by the instruction that will be set

out in the notification.

3.6.3

The results of the examination will only be disclosed to the

Company's senior medical executive, with the Executive's

express permission, and the Executive will make his wishes in

this regard very clear to the physician.

INTERESTS OF THE EXECUTIVE

4.1

The Executive will disclose promptly in writing to the Board, in

accordance with Company policy, all his material interests (for

example, shareholdings of 1% or more of the issued share capital of

any company listed on a stock exchange or directorships) and those

of a commercial or business nature where any conflict could arise in

relation to the Company, except his interests in any Company which

he takes on or holds at the request of the Board. The Executive will

not accept any directorships or offices without the prior written consent

of the Board.

4.2

During the employment, the Executive will not be directly or indirectly

engaged or concerned in the conduct of any activity which is similar to

or competes with any activity carried on by any Company (except as a

representative of the Company or with the written consent of the

Board).

4.3

The Executive will (and will procure that his wife and dependent

children) comply with any applicable legislation and regulations issued

by the Johannesburg Securities Exchange relating to securities

transactions by directors of listed companies, and any rules or policies

issued by the Company from time to time in relation to the holding or

trading of securities.

4.4

The Executive acknowledges that because of the services to be

provided under this Agreement, he is likely to come into possession of

unpublished price-sensitive information in relation to a listed company.

The Executive agrees, for the duration of this Agreement, not to deal

in the shares of the Company (including dealings in warrants and

exercising options over shares) during closed periods. These periods

are published by the Company Secretary's office in writing and

coincide with the imminent publication of the quarterly and year end

financial results of the Company, representing a thirty day period

immediately preceding the date of publication of the financial results.

4.5

The Executive also agrees to comply with the provisions of the Xxxxxxx

Xxxxxxx Act, 135 of 1998, and to refrain from dealing in shares of the

Company at any time that he might be in possession (whether directly

or indirectly) of any information pertinent to the affairs of the Company

or any company within AngloGold Limited, that is likely to have a

material effect on the price or value of AngloGold's shares.

5 MOBILITY

The Company has operations in various parts of South Africa and

abroad. The Executive may be required and the Company reserves

the right, after consultation with the Executive, to relocate the

Executive from his current place of employment to these operations.

During the employment the Executive will be required to relocate if

requested to do so, unless he has reasonable grounds for refusing the

request.

BASIC EMPLOYMENT COST ("BEC")

6.1

The Executive's BEC is TWO MILLION, FOUR HUNDRED

THOUSAND RAND (R2 400 000) per annum. The Executive's BEC is

inclusive of director's fees and any remuneration or benefits received

from any AngloGold Company. The Executive's salary will be paid

monthly in arrears by bank transfer during the last working week of

each month. A review will usually take place at the year end and any

revised BEC will take effect from 1 January of the next year.

6.2

Pension

The Executive will continue to be a member of the AngloGold Pension

Fund, subject to the Fund's rules from time to time.

6.3

Medical Aid

6.3.1

The Executive will remain a member of the AngloGold Medical

Scheme, and receive benefits subject to the rules of the

scheme and the contribution levels applicable from time to

time.

6.3.2

The onus is on the Executive to notify the Company of any

change in status relevant to the Executive's medical aid

membership.

6.4

Leave

6.4.1

The Executive will be entitled to vacation leave and his

entitlement will be thirty (30) working days per annum.

6.4.2

Vacation and sick leave are governed by the Company's leave

regulations, as amended from time to time.

6.4.3

Without prejudice to the Company's right to terminate the

employment at any time in accordance with clause 2 or

clause

10, salary payable and benefits provided to the

Executive under this agreement may cease if the Board so

decides after twenty-six (26) consecutive weeks of absence

from work by the Executive in any period of twelve (12) months

due to illness or injury.

6.4.4

If the Executive is absent from work due to sickness or injury

which is caused by the fault of another person and, as a

consequence, recovers from that person or another person

any sum representing compensation for loss of salary under

this agreement, the Executive will repay to the Company any

money it has paid to him as salary in respect of the same

period of absence, but such repayment shall not exceed the

amount he has recovered. The provision of any other benefits

will be in accordance with Company policy as amended from

time to time.

6.5

Deductions

The Company will deduct from any payment due to the Executive

those statutory deductions required by law, such as PAYE. In

addition, employee specific deductions will be made for Pension Fund

and other conditions of service such as Medical Aid and the like, as

these apply.

6.6

Death and Accident Insurance

The Executive will have the benefit of the Company's insurance

policies providing employees (but not their dependants) with twenty-

four (24) hour cover against permanent disability and death arising

from accidents, whether or not these are sustained in the course of

employment. Benefits payable upon death by natural causes will be

governed by the rules of AngloGold Pension Fund.

6.7

Security Card

The Executive has been issued with a security card that, in the

interests of effective security control, should be produced on request

and may not be loaned to any other individual. Upon termination of

the employment, the security card must be returned to the Payroll

Section.

6.8

Rules and Regulations

6.8.1

The Executive will be subject to the Company's rules and

procedures now in existence, and those that may be

introduced in the future and to all common law and any

statutory provisions that may be applicable.

6.8.2

The Company's rules, policies and procedures on employment

related matters, will change from time to time to address new

circumstances. The Executive will be expected to comply with

all rules, policies and procedures and to all common law and

any statutory provisions that are in force.

EXPENSES

The Company will procure the refund to the Executive of all reasonable

expenses properly incurred by him in performing his duties under this

agreement. This will include expenses relating to entertainment, subsistence

and travelling. The Company will require the Executive to produce official

receipts or other available documents as proof that he has incurred any

expenses he claims.

CONFIDENTIALITY

8.1

Without prejudice to the common law duties which he owes to the

Company, the Executive agrees that he will not, except in the proper

performance of his duties, use or disclose to any person any of the

Company's trade secrets or confidential information. This restriction

will continue to apply after the termination of the employment without

limit in time.

8.2

In the course of the employment, the Executive may obtain trade

secrets and confidential information belonging or relating to other

companies and other persons, including joint ventures in which the

Company has an interest. He will treat such information as if it falls

within the terms of clause 8.1, and clause 8.1 will apply with any

necessary amendments to such information. If requested to do so by

the Company, the Executive will enter into an agreement with other

companies and any other persons, including joint ventures, in the

same terms as clause 8.1 with any amendments necessary to give

effect to this provision.

8.3

The Executive shall not at any time during the continuance of his

employment with the Company make any copy, record, notes or

memoranda (whether or not recorded in writing or on computer disk or

tape) relating to any matter within the scope of the Company's

business, dealings or affairs otherwise than for the benefit of the

Company.

8.4

The obligations contained in clause 8.1 shall cease to apply to any

information or knowledge which:

8.4.1

may subsequently come into the public domain after the

termination of the employment other than by way of

unauthorised disclosure; or

8.4.2

the Executive is entitled to disclose under the Protected

Xxxxxxxxxxx Xxx, 00 of 2000, provided the Executive has first

fully complied with the Company's applicable procedures

relating to such external disclosures.

8.5

The Executive shall not make or communicate any statement (whether

written or oral) to any representative of the press, television, radio, or

other media and shall not write any article for the press or otherwise

for publication on any matter connected with or relating to the

business of the Company other than in the proper performance of his

duties.

8.6

The Company may at any time during the employment require the

Executive to deliver to it immediately all documents (including all

records, notes, original documents, extracts and summaries thereof),

disks and other information storing medium relating to the business or

affairs of the Company which he obtained or made whilst an employee

of the Company. This obligation shall include all copies and

reproductions of the same, however made.

COMPUTER SAFETY, COPYRIGHT, INVENTIONS AND PATENTS

9.1

The Executive will not make copies of any computer files belonging to

the Company or their service providers and will not introduce any of

his own computer files into any computer used by the Company in

breach of any Company policy, unless he has obtained the consent of

the Board.

9.2

The Executive acknowledges that the Company will become the

owner of the intellectual property rights in any work which is eligible for

intellectual property rights and which is created by him in the course

and scope of providing services in terms of his employment.

9.3

Insofar as it may be necessary, the Executive will cede and assign to

the Company concerned all intellectual property rights in any work

created or executed by him in the course and scope of his

employment.

9.4

The Executive undertakes not to exercise any residuary rights in

respect of any work created or executed by him in the course and

scope of his employment.

9.5

All work created or executed by the Executive in any fields in which he

performs services will, unless he establishes to the contrary, be

deemed to have been created or executed by him in the course and

scope of his employment.

9.6

The Executive undertakes to assist to the best of his ability with any

application which the Company may see fit to make for any form of

intellectual property protection, whether in the form of a foreign or

South African patent or design right or otherwise, in respect of any

concept, idea, process, method or technique which may be discovered

by the Executive in the course of performing services in terms of his

employment.

9.7

For the purposes of this agreement, the term "intellectual property

rights" shall include, but shall not be limited to, copyright and patent

and design rights.

TERMINATION AND SUSPENSION

10.1

Written notice given by either party, for any reason, to terminate the

Executive's employment under this agreement will also be deemed to

be notice given to terminate the Executive's employment under any

other contract of service or contract of employment concluded with

any company at the Company's request.

10.2

The Company may terminate the employment immediately by written

notice if the Executive does not perform the duties of the employment

for a period of twenty-six (26) weeks (whether or not consecutive) in

any period of twelve (12) months because of sickness, injury or other

incapacity. This notice can be given whilst the Executive continues

not to perform his duties or on expiry of the twenty-six (26) week

period.

10.3

The Company may terminate the employment immediately by written

notice if the Executive commits any serious or persistent breach of his

obligations under this agreement; or is guilty of any gross misconduct

or conducts himself (whether in connection with the employment or

not) in a way which is harmful to the Company or any other company

in which it has an interest, including any joint venture; or is guilty of

dishonesty or is convicted of an offence (other than a motoring offence

which does not result in imprisonment) whether in connection with the

employment or not; or becomes of unsound mind, is bankrupted or

has a receiving order made against him or makes any general

composition with his creditors or takes advantage of any statute

affording relief for insolvent debtors; or becomes disqualified from

being a director of a company.

10.4

The Company may suspend the Executive from the employment on

full salary at any time, for a reasonable period, to investigate any

matter in which the Executive is implicated or involved, whether

directly or indirectly.

10.5

During all or any part of a period of notice whether given by the

Company or the Executive or during any period of suspension, the

Company may, in its absolute discretion, require the Executive either

not to attend his place of work, and/or not undertake any work. During

such period, the following conditions shall apply:

(a)

the Executive shall continue to be entitled to receive his

contractual remuneration and other benefits;

(b)

the Executive's duties of fidelity, mutual trust and

confidence, confidentiality and obligations under this

agreement shall continue to apply;

(c)

the Executive shall not undertake any other work or

other business activities, except with the prior consent

of the Company;

(d)

the Executive shall remain available or be contactable

during normal business hours to provide such

assistance to the Company as it shall reasonably

require from time to time.

10.6

When the employment terminates, the Company may deduct from any

monies due to the Executive (including remuneration) any amount that

he owes to the Company.

CHANGE OF CONTROL

11.1

Subject to clause 11.4 below, if there is a Change of Control and the

Executive's employment is terminated by the Company within twelve

(12) months of that Change of Control (other than pursuant to clause

10.3) or the Executive resigns in circumstances contemplated by

section 186(1)(e) or (f) of the Labour Relations Act, 66 of 1995, the

Company shall within one (1) month of the termination or resignation,

pay the Executive a sum equal to -

(i) payment of salary and benefits in lieu of his notice period;

(ii)

12 months' gross salary (less such tax and national insurance

contributions as the Company is obliged to deduct from such

sum); and

(iii)

the value of any pension contributions that would have been

made to the Executive by the Company in the six (6) months

following the Termination Date.

11.2

Upon a Change of Control the Executive's entitlements under the

Executive Share Option Scheme, Deferred Bonus Plan or any similar

plan or scheme shall be as detailed in the Rules of the relevant plan or

scheme.

11.3

The expressions "the Executive's employment is terminated by the

Company" and "the Executive resigns in circumstances contemplated

by section 186(1)(e) or (f) of the Labour Relations Act, 66 of 1995" do

not include termination by operation of law (including frustration) or by

mutual consent.

11.4

The Executive's entitlement to any benefit or payment under this

clause 11 is conditional upon the Executive entering into such

agreement or agreements under seal as the Company may

reasonably require (including a compromise agreement) whereby the

Executive -

11.4.1

accepts such benefit and/or payment in full and final settlement

of all claims the Executive would have against the Company

arising out of the termination of this Agreement including unfair

dismissal, statutory redundancy payment and non-payment of

bonus and validly waives all such claims against the Company;

and

11.4.2

undertakes to remain bound by the provisions contained in

clauses 11 and 13 notwithstanding the termination of this

agreement; and

11.4.3

resigns with immediate effect and without claim for

compensation from all employments, secretaryships,

trusteeships, directorships or other offices held by him at the

instance of the Company.

12 RESTRICTIONS AFTER TERMINATION OF EMPLOYMENT

12.1

The Executive agrees with the Company that during the period of six

(6) months commencing on the Termination Date he will not (either on

his own behalf or for or with any other person, whether directly or

indirectly) entice or try to entice away from the Company any person

who was a senior employee, director or officer of such a company at

any time during his last twelve (12) months of service with the

Company and with whom he had worked closely at any time during

that period.

12.2

Following the Termination Date, the Executive will not represent

himself as being in any way connected with the businesses of the

Company (except to the extent agreed).

12.3

Any benefit given or deemed to be given by the Executive to any

company under the terms of clause 12.1 is received and held in trust

by the Company. The Executive will enter into similar restrictive

covenants directly if asked to do so by the Company.

12.4

The Executive acknowledges and agrees that he shall be obliged to

draw the provisions of this agreement to the attention of any third

party who may at any time before or after the termination of the

employment offer to engage the Executive in any capacity and for

whom or with whom the Executive intends to work during the relevant

period.

RETURN OF COMPANY PROPERTY

13.1

At any time during the employment (at the request of the Company) or

when the employment terminates, the Executive will immediately

return to the Company:

13.1.1

all documents and other materials (whether originals or copies)

made or compiled by or delivered to the Executive during the

employment and concerning the Company and all other

companies, including joint ventures. The Executive will not

retain any copies of any materials or other information; and

13.1.2

all other property belonging or relating to the Company or any

other company, including joint ventures, which is in the

possession or under the control of the Executive.

DIRECTORSHIPS

14.1

The Executive's office as a director of the Company or any other

company, including joint ventures, is subject to the Articles of

Association of the relevant company (as amended from time to time).

If the provisions of this agreement conflict with the provisions of the

Articles of Association of the relevant company, the Articles of

Association will prevail.

14.2

The Executive must resign from any office held in any company,

including a joint venture, if he is asked to do so by the Company.

14.3

If the Executive does not resign as an officer, having been requested

to do so in accordance with clause 14.2, the Company will be

appointed as his attorney to effect his resignation. By entering into

this agreement the Executive irrevocably appoints the Company as his

attorney to act on his behalf to execute any document or do anything

in his name necessary to effect his resignation in accordance with

clause 14.2. If there is any doubt as to whether such a document (or

other thing) has been carried out within the authority conferred by this

clause 14.3, a certificate in writing (signed by any director or the

secretary of the Company) will be sufficient to prove that the act or

thing falls within that authority.

14.4

The termination of any directorship or other office held by the

Executive will not terminate the Executive's employment or amount to

a breach of terms of this agreement by the Company.

14.5

During the employment the Executive will not do anything which could

cause him to be disqualified from continuing to act as a director of any

company.

14.6

The Executive must not resign his office as a director of any company

without the agreement of the Board, whose agreement shall not be

unreasonably withheld.

OFFERS ON LIQUIDATION

15.1

The Executive will have no claim against the Company if the

employment is terminated by reason of liquidation in order to

reconstruct or amalgamate the Company or by reason of any

reorganisation of the Company; and

15.1.1

the Executive is offered employment with the company

succeeding to the Company upon such liquidation or

reorganisation; and

15.1.2

the new terms of employment offered to the Executive are no

less favourable to him than the terms of this agreement.

NOTICES

16.1

Any notices given under this agreement must be given by letter or fax.

Notice to the Company must be addressed to its registered office at

the time the notice is given. Notice to the Executive must be given to

him personally or sent to his last known address.

16.2

Except for notices given by hand, notices will be deemed to have been

given at the time at which the letter or fax would be delivered in the

ordinary course of post or transmission.

STATUTORY PARTICULARS

This agreement and the attached schedule contain the written particulars of

employment which the Executive is entitled to receive under the provisions of

section 29 of the Basic Conditions of Employment Act, 75 of 1997.

MISCELLANEOUS

18.1

This agreement may only be modified by the written agreement of the

parties.

18.2

The Executive cannot assign this agreement to anyone else.

18.3

References in this agreement to rules, regulations, policies,

handbooks or other similar documents which supplement it, are

referred to in it or describe any pensions or other benefits

arrangement, are references to the versions or forms of the relevant

documents as amended or updated from time to time.

18.4

This agreement supersedes any previous written or oral agreement

between the parties in relation to the matters dealt within it. It contains

the whole agreement between the parties relating to the employment

at the date the agreement was entered into (except for those terms

implied by law which cannot be excluded by the agreement of the

parties). The Executive acknowledges that he has not been induced

to enter into this agreement by any representation, warranty or

undertaking not expressly incorporated into it.

18.5

Neither party's rights or powers under this agreement will be affected

if:

18.5.1

one party delays in enforcing any provisions of this agreement;

18.5.2

one party grants time to the other party.

18.6

If either party agrees to waive his rights under a provision of this

agreement, that waiver will only be effective if it is in writing and it is

signed by him. A party's agreement to waive any breach of any term

or condition of this agreement will not be regarded as a waiver of any

subsequent breach of the same term or condition or a different term or

condition.

18.7

The various provisions and sub-provisions of this agreement are

severable and if any provision or sub-provision is held to be

unenforceable by any court or competent jurisdiction then such

unenforceability shall not affect the enforceability of the remaining

provisions or sub-provisions in this agreement.

18.8

This agreement is governed by and will be interpreted in accordance

with the laws of South Africa. Each of the parties submit to the

exclusive jurisdiction of the South African Courts as regards any claim

or matter arising under this agreement.

SIGNED at LONDON on this the 08 day of APRIL 2003

in the presence of the undersigned witnesses :

AS WITNESSES:

/s/

XXXXXXX

XXXX

For

and

behalf

the

COMPANY

/s/ N W UNWIN

/s/Xx X X XXXXXXX

SIGNED at JOHANNESBURG on this the 02 day of JULY 2003

in the presence of the undersigned witnesses :

AS WITNESSES:

/s/

XXXXXXXX

BEST

[EXECUTIVE]

/s/Ms X X XXXXXX

/s/Xx X X XXXXXXX

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