SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 or 15d-16 OF
THE SECURITIES EXCHANGE ACT OF 1934
Report on Form 6-K dated
11 JULY 2003
AngloGold Limited
_
(Name of Registrant)
11 Diagonal Street
Johannesburg, 2001
(P O Box 62117)
Marshalltown, 2107
South Africa____
(Address of Principal Executive Offices)
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F:
Form 20-F: Form 40-F:
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1):
Yes:
No:
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7):
Yes:
No:
Indicate by check mark whether the registrant by furnishing the information contained in this form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.
Yes:
No:
Enclosures:
ANGLOGOLD REPORT FOR THE QUARTER ENDED 31 MARCH 2002,
PREVIOUSLY FILED WITH THE SEC IN HARD COPY -- REFILED TODAY, ON EDGAR
Sound operating results and a positive gold market
Overview
Operating profit, including realised gains from non- hedge derivatives, from current operations (excluding Free State assets) increases by 7.3% to $147m or R1.7bn. This represents a cash operating profit of $197m or R2.3bn.
Total cash costs for the current operations reduced by 2% to $151/oz.
Record cash operating margin of 47% ($136/oz), up 13% from December quarter.
Headline earnings, before unrealised non-hedge derivatives, increases 1% to $89m with earnings marginally down to 81 US cents per share.
Return on equity increases to 23% and return on capital employed to 16%.
Increased exposure to rising gold prices through deliveries into low-priced forward sales contracts.
Hedge book restructured to eliminate all low-priced rand gold forward sales for the remainder of this year.
Open hedge position reduced by 1.7Moz (120% of the quarter's production) to 12.9Moz.
Regional operating results for the quarter
SOUTH AFRICA
Operating profit from current operations, (excluding the Free State assets), including reaslied non-hedge derivatives, up 23% to R1,192m ($103m).
Total cash costs up 1% to R50,471/kg, down 12% in dollar terms to $136/oz.
Reduced production due to the substantial Christmas shutdown.
EAST AND WEST AFRICA
Gold production down 3%, as planned, to 227,000oz and operating profit, including realised non-hedge derivatives, $1m lower at $24m.
Total cash costs 8% lower at $127/oz.
Approval granted for the first phase of Geita expansion project, taking plant throughput to 5.4Mtpa.
Promising exploration results at Geita.
NORTH AMERICA
Production down 10% to 95,000oz due to severe winter weather at Jerritt Canyon and continuing inventory build-up on the leach pad at CC&V.
Jerritt Canyon set to improve during June quarter and CC&V during second half of 2002.
Operating loss of $1m and higher total cash costs of $254/oz.
SOUTH AMERICA
Operating profit, including realised non-hedge derivatives, up 13% to $18m.
Gold production down 12% to 102,000oz due to anticipated reductions at Morro Velho and Cerro Vanguardia.
Total cash costs up 2% to $125/oz due to lower production.
AUSTRALIA
Operating profit, including realised non-hedge derivatives, down 11% to A$8m ($4m).
Production down 6% to 116,000oz due to Boddington closure.
Total cash costs increases 6% to A$379/oz ($196/oz).
Very encouraging exploration results at Sunrise Dam and in the Tanami region.
Quarter
ended
Mar 2002
Quarter
ended
Dec 2001*
Year
ended
Dec 2001
Quarter
ended
Mar 2002
Quarter
ended
Dec 2001*
Year
ended
Dec 2001
Dollar/Imperial
Rand/Metric
Gold Produced
- oz (000)/kg
1,377
1,719
6,983
42,816
53,471
217,203
Price received**
- $/oz-R/kg sold
287
279
287
106,181
92,169
79,523
Total cash costs
- $/oz-R/kg produced
151
159
178
56,033
51,710
48,828
Total production costs
- $/oz-R/kg produced
188
193
213
69,653
62,995
58,579
Operating profit, including realised non-hedge derivatives
- $/R million
147
151
527
1,696
1,601
4,647
Net profit
- $/R million
71
86
245
810
895
2,180
Headline earnings
- $/R million
93
94
281
1,070
971
2,476
Headline earnings before unrealised non-hedge derivatives
- $/R million
89
88
286
1,027
924
2,536
Capital expenditure
- $/R million
51
82
298
588
815
2,567
Net earnings (basic)
- cents per share
64
80
229
734
835
2,035
Headline earnings
- cents per share
84
88
262
969
906
2,311
Headline earnings before unrealised non-hedge derivatives
- cents per share
81
82
267
930
862
2,367
Dividends
- cents per share
181
1,800
* Includes the Free State operations
** Price received includes realised non-hedge derivatives
REPORT
FOR THE QUARTER ENDED 31 MARCH 2002
ANGLOGOLD LIMITED Registration No. 1944/017354/06 Incorporated in the Republic of South Africa
Certain forward-looking statements
Certain statements contained in this document, including, without limitation, those concerning the economic outlook for the gold mining industry, expectations regarding gold prices and production, the completion and commencement of commercial operations of certain of AngloGold's exploration and production projects, and its liquidity and capital resources and expenditure, contain certain forward-looking statements regarding AngloGold's operations, economic performance and financial condition. Although AngloGold believes 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. Accordingly, results could differ materially from those set out in the forward-looking statements as a result of, among other factors, changes in economic and market conditions, success of business and operating initiatives, changes in the regulatory environment and other government actions, fluctuations in gold prices and exchange rates, and business and operational risk management.
List of abbreviations
$
United States dollars
A$
Australian dollars
bn
billion
capex
capital expenditure
FIFR
Fatal Injury Frequency Rate per million hours worked
g
grams
kg
kilograms
LOM
Life of Mine
LTIFR
Lost Time Injury Frequency Rate per million hours worked. AngloGold utilises the strictest
definition in reporting LTIFR in that it includes all Disabling Injuries (where an individual is unable to return to his place of regular work the next calendar day after the injury) and Restricted Work Cases (where the individual may be at work, but unable to perform full or regular duties on the next calendar day after the injury) within this definition.
m
metre or million; depending on the context
m
2
square metres
Mt
million tonnes or tons
Mtpa
million tonnes/tons per annum
Moz
million ounces
oz
ounces (troy)
R / rand
South African rands
RIFR
Reportable Injury Frequency Rate per million hours worked
t
tons (short) or tonnes (metric)
tpm
tonnes per month
VCR
Ventersdorp Contact Reef
Published by AngloGold
PO Box 62117 Marshalltown 2107 South Africa
Telephone: +27 11 637 6000 Fax: +27 11 637 6399/6400 E-mail: investors@anglogold.com
1
OVERVIEW
The principal features of the first quarter of 2002 were the company's sound operating performance, the strong gold market and the improving gold price.
The average spot price of gold rose from $278/oz last quarter to $290/oz this quarter. Against this background, AngloGold delivered its quarterly production into its low-priced forward positions, thus increasing the company's exposure to the rising price in the future. Simultaneously, AngloGold actively managed the outstanding hedge book and open forward positions to offset the loss against the spot price caused by deliveries into these contracts. Consequently the price received for the quarter, including realised non-hedge derivative income, was $287/oz, thereby meeting the company's objective of achieving a received price close to the spot price in a rising market. In addition to delivering into hedge positions, a partial restructuring of the hedge book was undertaken over the quarter-end to eliminate all rand gold forward contracts from the book for the remainder of this year. As a result of these two actions the open hedge position was reduced from 14.6Moz at the end of December to 12.9Moz a reduction of 1.7Moz or 120% of the quarter's production.
The operations performed well in what is historically a weak quarter because of the slow start after the Christmas shut-down in the South African operations.
Operating profit for the quarter including realised non-hedge derivative gains decreased by $4m (3%) to $147m. There was a reduction of $14m due to the sale of the Free State assets and an increase from current operations of $10m. This increase resulted from a rise of $8/oz in the received price of gold at $287/oz and a decrease of $3/oz in total cash costs for current operations to $151/oz. This was partially offset by a decrease of 52,000oz in gold production to 1.377Moz, primarily as a result of the Christmas break and a continued inventory build-up at Cripple Creek & Victor (CC&V).
The decrease in operating profit was partially offset by lower net interest paid and lower taxation. Headline earnings, excluding unrealised non-hedge derivatives, increased by $1m (1%) to $89m. Headline earnings per share decreased by 1% from 82 US cents per share to 81 US cents per share the decrease in cents per share arises from the additional 3.2 million shares issued as a result of the AngloGold bid for Normandy. An after tax loss of $15m arising from the disposal of the Free State
assets resulted in the reduction of the net profit from $86m to $71m.
The company continues to achieve its targeted return ratios. Annualised returns on equity and capital employed were 23% and 16% respectively, in line with last quarter.
SOUTH AFRICA
Overall performance
The results of the South Africa region for the quarter do not include the Free State assets: the operations were under the management of the new owners during this period and the sale was concluded during April.
Total cash costs rose 1% from R49,757/kg to R50,471/kg (down 12% in dollar terms to $136/oz). If the December quarter is adjusted for the sale of the Free State assets, however, total rand cash costs per kilogram increased quarter-on-quarter by 10%, largely as a result of the Christmas shut-down.
Operating profit, including realised non-hedge derivatives, increased by 7% to R1,192m ($103m), despite a 303,000oz reduction in gold production, of which some 290,000oz was attributable to the Free State operations.
Productivity indices, expressed in grams of gold produced per employee showed a 5% improvement to 222g/employee, while square metres mined per employee dropped by 8%, highlighting the impact of the sale of the high-volume, low-grade Free State assets.
Tragically, eight employees lost their lives in mine accidents during the quarter. Half of these were due to seismically induced falls of ground. As a result, the FIFR deteriorated from 0.28 in 2001 to 0.29. The South African operations recently launched 'fall of ground' safety campaigns in an attempt to increase awareness of the risks associated with these events.
Mine performance
Volume mined at Great Noligwa fell by 5% compared with the previous quarter and this, together with a 3% drop in grade, accounted for a 293kg, or 4% decrease in gold production. Total cash costs increased by 19% to R37,007/kg ($100/oz). The quarter-on-quarter difference arises
FINANCIAL AND OPERATING REVIEW
2
from both the impact of the Christmas break and the inclusion of the higher income from uranium sales in the last quarter of 2001. Operating profit, including realised non-hedge derivatives, at R444m ($39m) was 8% higher than the previous quarter.
At Kopanang, volume mined was 4% lower than the previous quarter. However, higher mining efficiency led to an 8% improvement in yield to 7.35g/t and 3% increase in gold produced to 3,715kg. Total cash costs rose 9% to R50,121/kg ($135/oz) quarter-on-quarter, again owing to by- product sales in the fourth quarter. Operating profit, including realised non-hedge derivatives, increased by 33% to R170m ($15m).
Tau Lekoa experienced a 6% drop in volume mined which was partially offset by a 2% improvement in head grade, with gold production 4% lower than the previous quarter at 2,226kg. The impact of the R14m increase in acid by-product contribution in the previous quarter and lower gold production in this quarter caused a 14% rise in total cash costs to R63,346/kg ($171/oz). Operating profit, including realised non-hedge derivatives, rose 14% to R63m ($5m).
At TauTona, volume mined fell by 6%, but this was offset by increased production in higher-grade areas resulting in a 7% improvement in yield and a 4% rise in gold production to 4,960kg. Total cash costs went up by 2% to R44,662/kg ($121/oz). Operating profit, including realised non-hedge derivatives, rose 43% to R274m ($24m).
Increased seismicity in the VCR at Savuka resulted in an 9% drop in volume mined. However, the higher grade in the Carbon Leader Reef resulted in a 4% improvement in yield and only a marginal drop in gold produced. Total cash costs increased by 5% to R77,211/kg ($209/oz). Operating profit, including realised non-hedge derivatives, increased by 127% to R40m ($4m).
At Mponeng, volumes mined were 6% down on the previous quarter due to poor face advance which saw a subsequent 6% drop in gold production to 3,039kg despite a constant yield. Total cash costs increased by 12% to R63,200/kg ($171/oz). Operating profit, including realised non-hedge derivatives, rose 32% to R73m ($6m).
At Ergo, gold production fell by 13% to 2,223kg following the closure of Daggafontein in December, production disruptions from power failures and excessive rainfall. This was partially offset by improved head grades and higher metallurgical efficiency as well as increased gold recovered from the toll treatment of loaded carbon material. Despite the drop in production, total cash costs improved by 2% to R58,904/kg ($159/oz). Operating profit, including realised non-hedge derivatives, rose by 34% to R82m ($7m).
EAST AND WEST AFRICA
Overall performance
The East and West Africa region (formerly the Africa region) had a strong quarter, exceeding production and profit targets, but was unable to sustain the record performance levels achieved in the December quarter. Gold production was down 3% to 227,000 attributable ounces and operating profit, including realised non-hedge derivatives, of $24m was 4% lower than the December quarter. Despite the decreased production, total cash costs were 8% lower at $127/oz.
The first phase of the Geita gold plant expansion was approved during the quarter. This decision follows encouraging results from recent exploration drilling in the Nyankanga pit, which identified 30m additional tonnes of ore. To realise the full benefit of this increased reserve, anticipated by AngloGold at the time that it acquired its share in this operation, the plant throughput will be raised from 4.5Mtpa to 6Mtpa in two phases over the next two years and, ultimately, to the planned level of 7Mtpa.
Phase one will see the installation of secondary crushers and modification to the existing ball mill to cater for the increased throughput. This will raise the treatment rate to 5.4Mtpa at a capital cost of $3m and will take eight months to complete. Following an assessment of this first stage, phase two will see the installation of additional ball milling capacity and extension to the wet plant section, at an estimated capital cost of $11m.
Regrettably, safety performance was below standard with ten lost-time injuries recorded for the quarter against only four in the previous quarter. The main contributing factors have been identified and action plans will be implemented to address the deficiencies.
Mine performance
Tonnage throughput at Sadiola (38% attributable) was adversely affected by mineral sizer downtime and problems with the treatment of sulphide ore at the start of the quarter. Gold production of 50,000oz was 9% lower than the previous quarter. Total cash costs increased by 2% to $134/oz due to the lower production. Operating profit, including realised non- hedge derivatives, fell by 37% to $4m.
The plant conversion project to improve gold recovery from the treatment of sulphide ore was completed on schedule by the end of February.
Yatela (40% attributable) continued to exceed targets, but was unable to match the performance of the previous quarter. Gold production of 27,000oz was 4% lower than the previous quarter due to a
3
planned decline in recovered grade. Despite the lower production, total cash costs decreased by 5% to $143/oz. Operating profit, including realised non- hedge derivatives, rose by 50% to $3m.
Gold production at Morila (40% attributable) increased by 2% to 59,000oz, largely due to improved recovered grade. Total cash costs for the quarter decreased by 15% to $100/oz as a result of increased grade and production. Operating profit, including realised non-hedge derivatives, rose by 23% to $7m.
Geita (50% attributable) experienced another good quarter and production was maintained at the previous level of 69,000oz. Total cash costs decreased by 4% to $156/oz for the quarter. However, operating profit, including realised non- hedge derivatives, fell by 16% to $6m.
Navachab was unable to match the record-breaking performance of the previous quarter, but still exceeded production targets. Gold production was 4% lower at 22,000oz, mainly due to a planned decline in tonnage throughput. This decline was partially offset by improved recovered grades. Despite the decrease in production, total cash costs at $116/oz were 18% down on the previous quarter. The reduced cash costs are largely owing to the improved recovered grade, and lower mining and processing costs. Operating profit, including realised non-hedge derivatives, was maintained at $3m. Due to recent improvements in the gold price, a conceptual study has commenced to evaluate the economic viability of proceeding with a mine expansion project. If the conceptual study yields positive results, a pre-feasibility and feasibility study will follow.
Exploration
At Sadiola, resource delineation drilling returned higher than expected gold values with intercepts of up to 64m at 3.55g/t. This oxide potential has been drilled out over a strike length of 400m. Drilling of the sulphide resource yielded notable intercepts of 110m at 3.23g/t, 50m at 4.91g/t and 22m at 3.87g/t. At the nearby Yatela mine, metallurgical tests on the Alamoutala satellite deposit returned 90% recoveries; this implies that further drilling to upgrade the 200,000oz resource is justified.
At Geita, drilling between the Geita Hill Main and West pits intersected substantial mineralisation in previously unexplored territory. Significant intercepts were 42m at 5.47g/t and 9m at 9.62g/t down to 200m in depth. Drilling at Nyankanga Deeps continued to return good results with 26m at 7.17g/t and 15m at 5.23g/t.
NORTH AMERICA
Overall performance
The North American operations had a challenging quarter due to the continuation of severe winter weather at Jerritt Canyon and ongoing technical problems associated with the leach pad at CC&V.
Operating profit, including realised non-hedge derivatives, decreased quarter-on-quarter from a profit of $1m to a loss of $1m due to an 10% decline in gold production. Decreased gold production of 95,000oz for the quarter also contributed to higher unit cash costs of $254/oz.
Approval for the $195m CC&V expansion plan was given during the first quarter of 2001. The project will increase the average annual gold production by 40% and extend the LOM from 2008 to at least 2013, yielding 2.8m additional ounces. Based on the latest economics for the project, average LOM cash costs are expected to be reduced from $227/oz to $176/oz and the project has an expected internal rate of return of 23%. Construction will be completed in the third quarter of 2002 with higher gold production forecast for the following quarter.
The region reported sound safety performance for the quarter with no lost-time injuries and six minor medical treatment incidents.
Mine performance
Production at Cripple Creek & Victor (67% attributable effectively 100% see note 4 on page 12) was 4% lower for the quarter at 43,000oz due to ongoing technical problems associated with gold transportation times through the leach pad. Despite reduced production, total cash costs at $199/oz were 6% lower than in the previous quarter as a result of continued cost-cutting efforts. Construction is continuing on schedule for the commissioning of the new crushing facility in the third quarter of 2002. Operating profit, including realised non-hedge derivatives, decreased to $1m.
Jerritt Canyon's (70% attributable) production was 15% lower at 52,000oz. The drop in production was as a result of a reorganisation of labour in the underground mines, which reduced productivities in the short term, and adverse winter weather conditions reducing mill throughput. Total cash costs were 19% higher quarter-on-quarter at $294/oz due to the lower production ounces. Jerritt Canyon's operating loss, including realised non- hedge derivatives, increased to $2m.
Exploration
Exploration was focused on reserve development goals to meet the 2002 business plan. At Jerritt Canyon, exploration concentrated on targets near
4
the current mine workings. Results from underground drilling on targets on the SSX mine property are encouraging and include 6m at 10.51g/t in the West Mahala area. Drilling on the eastern side of the MCE mine confirmed the continuation of known mineralisation with a best intercept of 10m at 35.26g/t. At Cripple Creek, reserve development drilling commenced in the latter part of the quarter on the East Cresson deposit.
At Red Lake in Canada, drilling commenced in February on the Dorion-McCuaig and Humlin target areas. A total of 17 holes (6,200m) were drilled of which eight returned gold values in excess of 1g/t. Visible gold was encountered in two holes in the Dorion-McCuaig area. The most promising intercepts were between 9g/t and 10g/t over narrow (less than 1m) intervals.
SOUTH AMERICA
Overall performance
Gold production was 12% lower than the previous quarter but better than planned at 102,000oz. Total cash costs for the quarter were 2% up on the previous quarter at $125/oz as a result of decreased production.
The reduced gold production for the quarter was due to an anticipated decline in production at Morro Velho and Cerro Vanguardia. This was partially offset by increased production at Serra Grande. Despite the lower production and higher costs, operating profit, including realised non-hedge derivatives, rose by 13% to $18m, due to the higher gold price received.
Mine performance
At Morro Velho, a reduced volume of ore treated at a planned lower grade, partially affected by rock mechanics problems at Cuiab Mine, resulted in an 18% decline in production for the quarter to 46,000oz. These problems have now been resolved. Operating profit, including realised non- hedge derivatives, rose by 20% to $7m.
At Cerro Vanguardia (46.25% attributable) gold production was 13% lower at 33,000oz. due to planned reduced volumes and grade. Production in the December quarter had been increased to compensate for reduced output in July 2001 due to poor weather. Operating profit, including realised non-hedge derivatives, was maintained at $5m.
At Serra Grande (50% attributable) production increased by 5% to 23,000oz as a result of improved grade. Operating profit, including realised non-hedge derivatives, was maintained at $4m.
The South America region had a good safety performance this quarter, with its LTIFR below the
Ontario benchmark. Cerro Vanguardia continues to maintain its enhanced safety conditions with no lost time injuries in the quarter. Morro Velho and Serra Grande both had improved performances and were audited and awarded with 3 and 4 NOSA Stars respectively during the quarter.
Exploration
At Cerro Vanguardia in Argentina, significant down dip extensions to mineralisation were established below or adjacent to existing pits. The best intercept was 9.15m at 75.8g/t at a drilled depth of 187m. This, with the delineation of further surface mineralisation, will add considerably to the existing resource base during 2002.
In the Iron Quadrangle of Brazil, drilling at the Corrego do Sitio project intersected further oxide mineralisation below the Mutuca pit. Intercepts included 2.4m at 38.0g/t and 21.7m at 5.49g/t.
Greenfield exploration in Peru continued at the La Rescatada project, where positive drill results have led to planning for a second phase of the drilling due to start in May 2002.
AUSTRALIA
Overall performance
Production for the March quarter of 116,000oz was 6% below the output of the previous quarter. Although production at Sunrise Dam increased, this was not sufficient to offset the losses resulting from the closure of the Boddington mine which contributed 17,000oz to the December quarter results.
Overall total cash costs increased by 6% to A$379/oz ($196/oz) A$357/oz ($183/oz) in the December quarter. The December quarter benefited from the inclusion of a volume of low-cost production generated from the `clean-out' of the Boddington plant. Operating profit, including realised non-hedge derivatives, fell by 11% to A$8m ($4m).
The region had a pleasing safety performance during the quarter, with two minor lost-time injuries and six restricted work cases.
Mine performance
Production at Sunrise Dam increased strongly by 12% to 85,000oz. Plant throughput was up by 13% to an annualised rate of 3.4Mtpa as operations were optimised following the capital expansion undertaken last year. Grades fell during the quarter as mining moved through some depletion zones in the upper areas of the recently completed open-pit cutback. As a consequence, total cash costs rose by 9% to A$344/oz ($179/oz). Operating profit,
5
including realised non-hedge derivatives, rose to A$10m ($5m) compared to A$8m ($4m) for the previous quarter.
Despite disruptions to mining in the main Crosscourse pit due to the wet season, gold production at Union Reefs of 30,000oz was only marginally below that of the previous quarter. Total cash costs fell by 6% to A$435/oz ($225/oz) as stockpiles built up during the previous quarter were drawn down. Including realised non-hedge derivatives, there was no operating profit compared to A$3m ($1m) in the previous quarter.
Operations at Boddington (33.33% attributable) ceased during the December 2001 quarter and the plant has been placed on care and maintenance pending the commencement of the Boddington Expansion Project. The only production recorded during the quarter was from residual plant clean-out and, as a consequence, production fell to 1,000 attributable ounces compared with 17,000 attributable ounces in the previous quarter.
Operations at the Tanami (40% attributable) mine have ceased and no production was recorded in this quarter. Implementation of the mine rehabilitation plan is continuing.
Exploration
At Sunrise Dam, exploration was again successful in improving the quality of the orebodies. Infill drilling of the Mako lode returned intercepts including 5m at 66.1g/t and 5m at 73.2g/t. In addition, step-out drilling on the underground Dolly target intersected 17m at 7.0g/t, confirming mineralisation 70m updip from previous drillholes.
At the advanced Coyote exploration project in the Tanami region, initial drilling indicates that the Buggsy-Gonzalez structure continues at depth. Drill intersections at 237m and 268m returned values of 2m at 19.7g/t and 1m at 117.5g/t respectively. The mineralised structure is open at depth.
6
The gold market continues to strengthen, and the trading range for gold has improved steadily over the past six months. After opening the quarter in a range around $285/oz, the spot market moved strongly up above $300/oz. The price has held in a new range around $300/oz since late January, yielding an average price for the quarter of over $290/oz, $12 higher than the average price for the final quarter of 2001. By contrast, the rand currency market was quieter and more stable for the quarter, and the local price of gold averaged R107,000/kg, unchanged from the opening local price for the quarter.
The incremental firming in the spot price of gold has renewed interest in the metal as an investment. Unlike other price rallies in recent years, where the gold price has tended to rise on the back of a single issue or incident, the current price improvement has been built on a number of favourable circumstances for gold.
Continuing uncertainty about developed economies, and about equity markets in those economies an uncertainty reinforced by the collapse of Enron has provided a positive context for investors to reconsider the potential of gold. Other circumstances have also opened opportunities for gold. In Japan, the withdrawal of savings deposit guarantees by the government, and consumer concern over the health of the Japanese banking sector saw significant retail buying of gold investment products during this past quarter, as Japanese investors switched cash deposits into gold. Investment offtake in Japan increased more than threefold over
the first quarter of 2001 to 45t in the first quarter 2002. Although buying peaked in February, it is likely that uncertainty in the Japanese market could continue to generate a demand for investment metal for some time.
In the political arena, the escalation of conflict in the Middle East has helped gold in one of its traditional roles as a safe haven. The rise in spot oil prices that has accompanied the conflict has also encouraged interest in gold.
With the cumulative cuts in US interest rates over the past twelve months, circumstances in the futures markets are also favourable to gold. Lower US rates have reduced the motivation by gold producers, investors and speculators, and central banks to sell the metal. In particular, many gold producers AngloGold included who have previously sold gold forward, are delivering into hedge contracts without renewing these contracts. This has an effect equivalent to withdrawing the same amount of production from the spot market with a beneficial tightening of that market as a result. Reflective of both the change in forward pricing of gold and of improved sentiment towards the gold price, the net non- commercial trading position in gold on the New York Comex has remained long gold for almost four months (by comparison between 1997 and 1999 traders' net positions on the Comex were short gold for 90% of a 156 week period).
As is often the case in times of a rising gold price, the physical markets for gold have come under pressure. The second half of 2001
GOLD MARKET
7
saw a significant setback in the largest gold market, India (down year on year by 17% in the third quarter, and 20% in the final quarter of 2001). During the quarter under review, the fall in gold imports to India was probably greater than the increase in gold offtake in Japan for this period, underlining the importance of maintaining physical demand in existing markets, which provides the basic underpinning for the price of the metal. In this regard, the unwinding of producer hedge positions will provide some offset for slippage in physical demand.
New investor buying of gold, particularly in the forward or futures markets such as the New York Comex, will be critical to further improvement in the spot price of the metal.
Currency markets attracted less attention during the quarter. The rand market was relatively steady by comparison with the previous quarter, moving sideways against the US dollar for most of the period. However, in a broader context, the Australian dollar, the Euro and the rand all ended the period stronger against the US dollar than they had been at the beginning of the quarter. This is of particular interest to the gold market, as the enduring strength of the US currency over recent years has been viewed as a significant contributor to the downward pressure on the spot price of gold. Since the end of the quarter, the US dollar has weakened further against major currencies.
The report for this quarter on the open hedge position for AngloGold as at 31 March 2002, shows a further reduction in the hedge by some 52t or 1.67Moz. Consistent with the
company's stated intentions, this position has been reduced by a further 20t or 643,000oz as at the end of April. Following the rapid devaluation of the rand late last year, the company has been particularly concerned to address the open positions priced in rands. To this end, the net open rand gold forward sale position for 2002 of 20,316kg of gold priced at R56,208/kg as reported in the detailed report of AngloGold's hedge position as at 31 December 2001, has been taken back in full during the first quarter of 2002.
Going forward, the company will continue to deliver against or otherwise close maturing forward pricing contracts and to address particular attention to those parts of the open hedge book which have been overtaken by moves in the underlying market specifically rand- denominated hedges. In managing the hedge AngloGold have put in place new option positions which have been priced at the forward line off today's higher spot price; these new positions are still subject to the overall objective of progressively reducing the net total tonnage sold forward by the company.
8
NET DELTA OPEN HEDGE POSITION AS AT 31 MARCH 2002
As at 31 March 2002, the group had outstanding, the following net forward-pricing commitments against future production. These net commitments include all restructuring of forward positions in progress at 31 March 2002 and completed thereafter. A portion of these sales consists of US dollar-priced contracts which have been converted to rand prices at an average annual forward rand value based on spot rand/dollar rate of 11.351 available on 31 March 2002.
Rand Gold
kg's sold
R per kg
Dollar Gold
Kg
sold
$ per oz
AUS Dollar
Gold
kg's sold
A$ per oz
Total
kg's sold
Total
oz's sold
12 months
ending
31 Dec
2002
2,621
90,085
27,009
306
14,378
573
44,008
1,414,891
2003
24,070
89,939
34,016
325
13,636
533
71,722
2,305,929
2004
24,226
111,273
26,920
317
5,443
555
56,589
1,819,386
2005
23,000
132,155
35,542
325
4,921
674
63,463
2,040,387
2006
14,543
135,944
29,505
332
5,630
654
49,678
1,597,200
Jan 2007
Dec 2011
18,437
163,895
88,380
354
8,879
555
115,696
3,719,685
106,897
122,875
241,372
333
52,887
576
401,156
12,897,478
The marked-to-market value of all hedge transactions making up the hedge positions in the above table following all restructuring was a negative R5,623m ($495m) as at 31 March 2002. The value was based on a gold price of $301.40 per ounce, exchange rates of R/$11.351 and $/A$ 0.5202 and the prevailing market interest rates and volatilities at the time.
As at 29 April 2002, the marked-to-market value of the hedge book was a negative R5,280m ($496.7m) based on a gold price of $310.90/oz and exchange rates of $/R10.63 and A$/$0.5428 and the prevailing market interest rates and volatilities at the time.
Note to AngloGold Hedge Position as at 31 March 2002 *The delta position indicated hereafter 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 March 2002.
GOLD MARKET
9
Year
2002
2003
2004
2005
2006 2007-2011
Total
DOLLAR GOLD
Forward Contracts
Amount (kg)
17,431
25,900
26,836
25,879
20,524
43,831
160,401
$ per oz
$301
$317
$316
$326
$334
$349
$327
Put Options Purchased
Amount (kg)
2,663
5,808
796
757
563
728
11,315
$ per oz
$278
$352
$291
$291
$291
$292
$319
*Delta (kg)
303
4,196
193
189
125
145
5,151
Put Options Sold
Amount (kg)
11,819
6,221
6,221
24,261
$ per oz
$289
$301
$311
$298
*Delta (kg)
1,724
2,436
2,495
6,655
Call Options Purchased
Amount (kg)
4,288
1,756
572
6,616
$ per oz
$359
$377
$360
$364
*Delta (kg)
351
244
185
780
Call Options Sold
Amount (kg)
26,655
16,653
5,294
15,825
14,213
67,147
145,787
$ per oz
$313
$331
$332
$323
$329
$358
$339
*Delta (kg)
11,350
6,600
2,571
9,474
8,856
44,404
83,255
RAND GOLD
Forward Contracts
Amount (kg)
19,567
20,264
19,342
10,581
8,274
78,028
Rand per kg
R87,879 R110,801 R132,688 R138,137
R117,021 R114,845
Put Options Purchased
Amount (kg)
1,094
1,875
1,875
1,875
1,875
8,594
Rand per kg
R93,542 R93,603 R93,603 R93,603 R93,603
R93,595
*Delta (kg)
80
100
47
21
13
261
Put Options Sold
Amount (kg)
Rand per kg
*Delta (kg)
Call Options Purchased
Amount (kg)
5,232
5,232
Rand per kg
R83,471
R83,471
*Delta (kg)
5,224
5,224
Call Options Sold
Amount (kg)
7,090
4,999
5,000
4,999
5,000
14,930
42,018
Rand per kg
R85,599 R99,009 R113,930 R129,548 R130,208
R202,056 R142,483
*Delta (kg)
7,765
4,403
3,915
3,637
3,949
10,163
33,832
AUS DOLLAR (A$) GOLD
Forward Contracts
Amount (kg)
14,152
13,841
5,443
6,221
9,331
22,395
71,383
A$ per oz
A$586
A$535
A$555
A$684
A$662
A$637
A$608
Call Options Purchased
Amount (kg)
6,532
3,888
3,110
6,221
20,062
39,813
A$ per oz
A$722
A$701
A$724
A$673
A$691
A$697
*Delta (kg)
1,071
1,078
1,300
3,701
13,516
20,666
Call Options Sold
Amount (kg)
1,866
3,110
4,976
A$ per oz
A$558
A$700
A$647
*Delta (kg)
1,297
873
2,170
RAND DOLLAR (000)
Forward Contracts
Amount ($)
49,008
25,751
74,759
Rand / $
R13.14
R12.62
R12.96
Put Options Purchased
Amount ($)
55,000
55,000
Rand per $
R 8.18
R 8.18
*Delta ($)
8
8
Put Options Sold
Amount ($)
Rand per $
*Delta ($)
Call Options Purchased
Amount ($)
53,240
8,000
61,240
Rand per $
R 8.00
R 6.94
R 7.86
*Delta ($)
53,239
7,987
61,226
Call Options Sold
Amount ($)
93,240
8,000
101,240
Rand per $
R 8.55
R 6.94
R 8.42
*Delta ($)
92,737
7,987
100,724
AUS DOLLAR (000)
Forward Contracts
Amount ($)
43,748
29,413
15,970
89,131
$ per A$
A$0.58
A$0.59
A$0.64
A$0.60
ANGLOGOLD HEDGE POSITION AS AT 31 MARCH 2002
10
1. The results for the quarter ended 31 March 2002, which are unaudited, have been prepared using the
accounting policies which are in accordance with the standards issued by the International Accounting Standards Board and the South African Institute of Chartered Accountants. Where appropriate, comparative figures have been restated.
2. During the quarter, 3,423,211 ordinary shares were allotted as follow:
in terms of the AngloGold Share Incentive Scheme
125,960
in terms of the Acacia Employee Option Plan
32,074
in terms of the Normandy offer
3,201,599
in terms of the Normandy top up facility
63,578
Subject to shares being allotted to address rounding adjustments (if any), all shares in terms of the Normandy offer have been issued.
3. Orders placed and outstanding on capital contracts as at 31 March 2002 totalled R1,072m
(31 December 2001: R877m), equivalent to $94m (31 December 2001: $73m) at the rate of exchange ruling on that date.
4. Although AngloGold holds a 66.7% interest in Cripple Creek & Victor Gold Mining Company Limited, it is
currently entitled to receive 100% of the cash flow from the operation until a loan, extended to the joint venture by AngloGold North America Inc., is repaid.
5. On 11 April 2002 AngloGold announced that all the remaining conditions precedent for the sale of its
Free State assets to African Rainbow Minerals Gold Limited and Harmony Gold Mining Company Limited, through a jointly-owned company ("Freegold"), had been fulfilled. The sale was effective from 1 January 2002. In terms of the sale agreement, the consideration payable to AngloGold is R2.2bn plus an amount equal to any liability for tax payable by AngloGold pursuant to the sale of the Free State assets ("the additional amount"). The additional amount will be payable by Freegold to AngloGold, five days prior to any tax liability becoming due.
On 23 April 2002, AngloGold received a cash payment from Freegold of R1.8bn, together with interest calculated from 1 January 2002 to 22 April 2002 amounting to R55m. The balance of R400m will be payable in cash on 1 January 2005.
6.
Dividend: Final Dividend No. 91 of 1,100 South African cents per ordinary share was paid to registered shareholders on 4 March 2002. A dividend was payable to holders of American Depositary Receipts (ADRs) on 15 March at a rate of 49.06 US cents per American Depositary Share (ADS). Each ADS represents one-half of an ordinary share.
7.
Directorate: On 29 April 2002, the Board of AngloGold approved the appointment of Mr David D Barber, Financial Director of Anglo American Corporation of South Africa Limited as Mr Julian Ogilvie Thompson's alternate.
By order of the Board
R M GODSELL
R P EDEY
Chairman and Chief Executive Officer
Deputy Chairman
29 April 2002
NOTES
GROUP OPERATING RESULTS
Issued Capital:
111,057,269 ordinary shares of 50 cents each 2,000,000 A redeemable preference shares 778,896 B redeemable preference shares All the preference shares are held by a wholly owned subsidiary company
Weighted average:
110,385,264 ordinary shares in issue for the period
Statistics are shown in metric units and financial figures in South African rand.
Quarter
Quarter
Year
ended
ended
ended
March
December
December
2002
2001
2001
GOLD UNDERGROUND OPERATIONS Tonnes milled
- 000
- reef
3,088
4,393
17,929
- waste
-
23
25
- total
3,088
4,416
17,954
Yield
- g/t
- reef
8.64
8.20
8.21
- waste
-
-
0.08
- average
8.64
8.15
8.20
Gold produced
- kg
- reef
26,687
36,012
147,248
- waste
-
-
2
- total
26,687
36,012
147,250
PRODUCTIVITY g/employee
- target
237
228
219
- actual
232
220
214
SURFACE AND DUMP RECLAMATION Tonnes treated
- 000
9,621
11,668
50,355
Yield
- g/t
0.31
0.32
0.32
Gold produced
- kg
3,021
3,692
15,976
OPEN-PIT OPERATIONS Tonnes mined
- 000
24,828
24,485
85,790
Stripping ratio *
3.21
2.80
2.17
Tonnes treated
- 000
5,896
6,446
27,042
Yield
- g/t
2.22
2.14
2.00
Gold produced
- kg
13,108
13,767
53,977
TOTAL Gold produced
- kg
42,816
53,471
217,203
Gold sold
- kg
42,630
53,777
217,862
Price received
- R/kg sold **
106,181
92,169
79,523
Total cash costs
- R/kg produced
56,033
51,710
48,828
Total production costs
- R/kg produced
69,653
62,995
58,579
CAPITAL EXPENDITURE
- mining direct
514
721
2 175
- other
74
94
392
588
815
2 567
* Stripping ratio = (tonnes mined - tonnes treated) / tonnes treated ** Price received incudes realised non-hedge derivative gains (losses)
12
GROUP OPERATING RESULTS
Issued Capital:
111,057,269 ordinary shares of 50 cents each 2,000,000 A redeemable preference shares 778,896 B redeemable preference shares All the preference shares are held by a wholly owned subsidiary company
Weighted average:
110,385,264 ordinary shares in issue for the period
Statistics are shown in imperial units and financial figures in US dollars.
Quarter
Quarter
Year
ended
ended
ended
March
December
December
2002
2001
2001
GOLD UNDERGROUND OPERATIONS Tons milled
- 000
- reef
3,404
4,842
19,764
- waste
-
26
28
- total
3,404
4,868
19,792
Yield
- oz/t
- reef
0.252
0.239
0.240
- waste
-
-
-
- average
0.252
0.238
0.239
Gold produced
- oz 000 - reef
858
1,158
4,734
- waste
-
-
-
- total
858
1,158
4,734
PRODUCTIVITY oz/employee
- target
7.62
7.32
7.05
- actual
7.47
7.09
6.87
SURFACE AND DUMP RECLAMATION Tons treated
- 000
10,606
12,862
55,506
Yield
- oz/t
0.009
0.009
0.009
Gold produced
- oz 000
97
119
514
OPEN-PIT OPERATIONS Tons mined
- 000
27,368
26,990
94,567
Stripping ratio *
3.21
2.80
2.17
Tons treated
- 000
6,499
7,105
29,808
Yield
- oz/t
0.065
0.062
0.058
Gold produced
- oz 000
422
442
1,735
TOTAL Gold produced
- oz 000
1,377
1,719
6,983
Gold sold
- oz 000
1,371
1,729
7,004
Price received
- $/oz sold **
287
279
287
Total cash costs
- $/ounce produced
151
159
178
Total production costs
- $/ounce produced
188
193
213
Rand/US Dollar average exchange rate
11.51
10.18
8.62
CAPITAL EXPENDITURE
- mining direct
45
73
252
- other
6
9
46
51
82
298
* Stripping ratio = (tons mined - tons treated) / tons treated ** Price received incudes realised non-hedge derivative gains (losses)
13
GROUP INCOME STATEMENT
Quarter
Quarter
Year
ended
ended
ended
March
December
December
SA Rand million
2002
2001
2001
Gold income
4,291
5,069
17,590
Cost of sales
(2,932)
(3,448)
(12,973)
Cash operating costs
2,378
2,732
10,454
Other cash costs
56
59
240
Total cash costs
2,434
2,791
10,694
Retrenchment costs
14
32
185
Rehabilitation and other non-cash costs
15
55
123
Production costs
2,463
2,878
11,002
Amortisation of mining assets
577
538
1,884
Total production costs
3,040
3,416
12,886
Inventory change
(108)
32
87
Operating profit
1,359
1,621
4,617
Realised non-hedge derivative gains (losses)
337
(20)
30
Operating profit including realised non-hedge derivatives
1,696
1,601
4,647
Corporate administration and other expenses
(51)
(42)
(174)
Market development costs
(44)
(39)
(133)
Research and development costs
(3)
(5)
(20)
Exploration costs
(70)
(76)
(228)
Interest receivable
93
62
176
Other net (expense) income
(14)
(3)
1
Finance costs
(133)
(143)
(608)
Unrealised non-hedge derivative gains (losses)
72
47
(126)
Profit before exceptional items
1,546
1,402
3,535
Amortisation of goodwill
(81)
(89)
(259)
Debt written-off
-
-
(21)
Impairment of mining assets
-
-
(3)
Loss on disposal of assets
(132)
-
(32)
Impairment reversal of investments
-
67
67
Termination of retirement benefit plans
-
(54)
(54)
Profit on ordinary activities before taxation
1,333
1,326
3,233
Taxation
(491)
(410)
(983)
Normal and deferred taxation
(415)
(410)
(1,055)
Deferred tax on unrealised non-hedge derivatives
(29)
-
66
Taxation on exceptional items
(47)
-
6
Profit on ordinary activities after taxation
842
916
2,250
Minority interest
(32)
(21)
(70)
Net profit
810
895
2,180
Headline earnings The net profit has been adjusted by the following to arrive at headline earnings: Net profit
810
895
2,180
Amortisation of goodwill
81
89
259
Debt written-off
-
-
21
Impairment of mining assets
-
-
3
Loss on disposal of assets
132
-
32
Impairment reversal of investments
-
(67)
(67)
Termination of retirement benefit plans
-
54
54
Taxation on exceptional items
47
-
(6)
Headline earnings
1,070
971
2,476
Unrealised non-hedge derivative (gains) losses
(72)
(47)
126
Deferred tax on unrealised non-hedge derivatives
29
-
(66)
Headline earnings before unrealised non-hedge derivatives
1,027
924
2,536
Earnings per ordinary share - cents - Basic
734
835
2,035
- Headline
969
906
2,311
- Headline before unrealised non-hedge derivatives
930
862
2,367
Dividends declared - Rm
1,974
- cents per share
1,800
"The results have been prepared in accordance with International Accounting Standards."
14
GROUP INCOME STATEMENT
Quarter
Quarter
Year
ended
ended
ended
March
December
December
US Dollar million
2002
2001
2001
Gold income
373
493
2 041
Cost of sales
( 255)
( 340)
(1 519)
Cash operating costs
206
270
1 226
Other cash costs
5
6
29
Total cash costs
211
276
1 255
Retrenchment costs
1
3
22
Rehabilitation and other non-cash costs
2
5
13
Production costs
214
284
1 290
Amortisation of mining assets
50
53
220
Total production costs
264
337
1 510
Inventory change
( 9)
3
9
Operating profit
118
153
522
Realised non-hedge derivative gains (losses)
29
( 2)
5
Operating profit including realised non-hedge derivatives
147
151
527
Corporate administration and other expenses
( 4)
( 4)
( 20)
Market development costs
( 4)
( 4)
( 16)
Research and development costs
-
-
( 2)
Exploration costs
( 6)
( 7)
( 26)
Interest receivable
8
6
20
Other net (expense) income
( 1)
-
( 1)
Finance costs
( 12)
( 14)
( 72)
Unrealised non-hedge derivative gains (losses)
6
8
( 10)
Profit before exceptional items
134
136
400
Amortisation of goodwill
( 7)
( 9)
( 29)
Debt written-off
-
-
( 3)
Impairment of mining assets
-
-
( 1)
Loss on disposal of assets
( 11)
-
( 4)
Impairment reversal of investments
-
6
6
Termination of retirement benefit plans
-
( 5)
( 5)
Profit on ordinary activities before taxation
116
128
364
Taxation
( 43)
( 40)
( 111)
Normal and deferred taxation
( 37)
( 38)
( 116)
Deferred tax on unrealised non-hedge derivatives
( 2)
( 2)
5
Taxation on exceptional items
( 4)
-
-
Profit on ordinary activities after taxation
73
88
253
Minority interest
( 2)
( 2)
( 8)
Net profit
71
86
245
Headline earnings The net profit has been adjusted by the following to arrive at headline earnings: Net profit
71
86
245
Amortisation of goodwill
7
9
29
Debt written-off
-
-
3
Impairment of mining assets
-
-
1
Loss on disposal of assets
11
-
4
Impairment reversal of investments
-
( 6)
( 6)
Termination of retirement benefit plans
-
5
5
Taxation on exceptional items
4
-
-
Headline earnings
93
94
281
Unrealised non-hedge derivative (gains) losses
( 6)
( 8)
10
Deferred tax on unrealised non-hedge derivatives
2
2
( 5)
Headline earnings before unrealised non-hedge derivatives
89
88
286
Earnings per ordinary share - cents - Basic
64
80
229
- Headline
84
88
262
- Headline before unrealised non-hedge derivatives
81
82
267
Dividends declared - $m
198
- cents per share
181
"The results have been prepared in accordance with International Accounting Standards."
15
GROUP BALANCE SHEET
March
December
March
December
2002
2001
2002
2001
SA Rand million
US Dollar million
ASSETS Non-current assets
21,315
24,606
Mining assets
1,878
2,057
4,438
4,652
Goodwill
391
389
154
151
Investments in associates
13
13
141
275
Other investments
12
23
228
460
AngloGold Environmental Rehabilitation Trust
20
38
507
204
Other non-current assets
45
17
26,783
30,348
2,359
2,537
Current assets
3,794
2,284
Cash and cash equivalents
334
191
2,717
2,906
Financial derivatives
239
243
4,502
1,867
Trade and other receivables *
397
156
1,924
1,948
Inventories
170
163
106
109
Current portion of other non-current assets
9
9
13,043
9,114
1,149
762
39,826
39,462
Total assets
3,508
3,299
EQUITY AND LIABILITIES
12,820
13,357
Shareholders' equity **
1,130
1,117
335
355
Minority interests
29
30
13,155
13,712
1,159
1,147
Non-current liabilities
8,388
4,192
Borrowings
739
350
2,163
2,573
Provisions
191
215
2,571
3,423
Deferred taxation
226
286
13,122
10,188
1,156
851
Current liabilities
6,176
4,901
Financial derivatives
544
410
2,995
2,464
Trade and other payables
264
206
2,863
7,619
Current portion of borrowings
252
637
1,515
578
Taxation
133
48
13,549
15,562
1,193
1,301
39,826
39,462
Total equity and liabilities
3,508
"The results have been prepared in accordance with International Accounting Standards."
3,299
* Includes accrual of proceeds from the disposal of Free State assets
** Shareholders' equity is analysed in the Statement of Changes in Shareholders' Equity on page 18.
16
GROUP CASH FLOW STATEMENT
Quarter
Quarter
Year
Quarter
Quarter
Year
ended
ended
ended
ended
ended
ended
March
December
December
March
December
December
2002
2001
2001
2002
2001
2001
SA Rand million
US Dollar million
Cash flows from operating activities
2,020
1,675
5,473
Cash generated from operations
174
186
673
93
62
176
Interest receivable
8
6
20
Contribution to AngloGold Environmental
-
(85)
(85)
Rehabilitation Trust
-
(10)
(10)
-
3
11
Dividends received from associates
-
-
1
(116)
(143)
(613)
Finance costs
(10)
(14)
(73)
(68)
(410)
(897)
Mining and normal taxation paid
(6)
(40)
(111)
(1,223)
(3)
(1,447)
Dividends paid
(109)
-
(167)
706
1,099
2,618
Net cash inflow from operating activities
57
128
333
Cash flows from investing activities
(588)
(815)
(2,567)
Capital expenditure
(51)
(82)
(298)
1
56
63
Proceeds from disposal of mining assets
-
5
6
Proceeds from sale of investments through
-
-
878
disposal of mines
-
-
109
(268)
(27)
(35)
Investments acquired
(23)
(3)
(4)
1,825
4
4
Proceeds from sale of investments
158
-
-
(43)
-
(37)
Loans advanced
(4)
-
(4)
21
137
367
Repayment of loans advanced
2
14
43
948
(645)
(1,327)
Net cash inflow (outflow) from investing
activities 82
(66)
(148)
Cash flows from financing activities
68
51
85
Proceeds from issue of share capital
6
5
7
(110)
-
-
Share issue expenses
(10)
-
-
4,461
192
2,381
Proceeds from borrowings
387
19
276
(4,475)
(354)
(3,567)
Repayment of borrowings
(389)
(35)
(414)
(56)
(111)
(1,101)
Net cash outflow from financing
activities (6)
(11)
(131)
1,598
343
190
Net increase in cash and cash equivalents
133
51
54
(88)
404
617
Translation
10
(30)
(58)
2,284
1,537
1,477
Opening cash and cash equivalents
191
170
195
3,794
2,284
2,284
Closing cash and cash equivalents
334
"The results have been prepared in accordance with International Accounting Standards."
191
191
Refer to page 18 for notes to the cash flow statement.
17
NOTES TO THE CASH FLOW STATEMENT
Quarter
Quarter
Year
Quarter
Quarter
Year
ended
ended
ended
ended
ended
ended
March
December
December
March
December
December
2002
2001
2001
2002
2001
2001
Cash generated from operations
1,333
1,326
3,233
Profit on ordinary activities before taxation
116
128
364
Adjusted for:
(56)
256
324
Non-cash movements
(5)
22
31
577
538
1,884
Amortisation of mining assets
50
53
220
(93)
(62)
(176)
Interest receivable
(8)
(6)
(20)
(3)
(8)
(16)
Other net (income) expense
-
(1)
(1)
133
143
608
Finance costs
12
14
72
(98)
(7)
(53)
Movement on non-hedge derivatives
(9)
(5)
(12)
81
89
259
Amortisation of goodwill
7
9
29
-
-
21
Debt written off
-
-
3
-
-
3
Impairment of mining assets
-
-
1
-
(67)
(67)
Impairment reversal of investments
-
(6)
(6)
132
-
32
Loss on disposal of assets
11
-
4
-
54
54
Termination of retirement benefit plans
-
5
5
14
(587)
(633)
Movement in working capital
-
(27)
(17)
2,020
1,675
5,473
174
186
673
Movement in working capital:
(402)
(399)
(193)
(Increase) decrease in trade and other receivables
(53)
8
65
(78)
(300)
(551)
(Increase) decrease in inventories
(16)
21
22
494
112
111
Increase (decrease) in trade and other payables
69
(56)
(104)
14
(587)
(633)
-
(27)
(17)
STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY
Ordinary
Non -
Foreign
Other
Retained
Total
share
distributable
currency
compre-
earnings
capital and
reserves
translation
hensive
premium
income
US Dollar million
Balance at 31 December 2001
681
12
250
(88)
262
1,117
Movement on other comprehensive income
(116)
-
(116)
Net profit
71
71
Dividends paid
(107)
(107)
Ordinary shares issued
120
120
Transfer from non-distributable reserves
-
-
-
Translation
38
-
(7)
14
45
Balance at 31 March 2002
839
12
243
(204)
240
1,130
SA Rand million
Balance at 31 December 2001
8,140
143
2,999
(1,057)
3,132
13,357
Movement on other comprehensive income
(1,259)
(1,259)
Net profit
810
810
Dividends paid
(1,223)
(1,223)
Ordinary shares issued
1,384
1,384
Transfer from non-distributable reserves
(3)
3
-
Translation
(249)
-
(249)
Balance at 31 March 2002
9,524
140
2,750
"The results have been prepared in accordance with International Accounting Standards."
(2,316)
2,722
12,820
US Dollar million
SA Rand million
18
KEY OPERATING RESULTS
PER REGION
Quarter
Quarter
Year
Quarter
Quarter
Year
ended
ended
ended
ended
ended
ended
March
December
December
March
December
December
2002
2001
2001
2002
2001
2001
SA Rand / Metric
Capital expenditure - Rm
Capital expenditure - $m
SOUTH AFRICAN REGION
183.5
277.4
834.7
16.0
26.9
95.6
VAAL RIVER
Great Noligwa Mine
4.6
5.5
10.3
0.4
0.6
1.2
Kopanang Mine
12.8
14.2
26.0
1.1
1.4
2.8
Tau Lekoa Mine
0.9
7.5
20.4
0.1
0.6
2.2
Moab Khotsong
93.8
100.7
369.4
8.2
10.1
43.2
ERGO
-
(0.2)
0.8
-
-
0.1
FREE STATE
Bambanani Mine
-
14.6
28.9
-
1.2
3.0
Tshepong Mine
-
0.6
0.6
-
0.1
0.1
Matjhabeng Mine
-
-
-
-
-
-
Joel Mine
-
8.2
37.4
-
0.9
4.5
WEST WITS
TauTona Mine
10.5
21.9
63.7
0.9
2.1
7.2
Savuka Mine
5.0
4.1
4.1
0.4
0.4
0.4
Mponeng Mine
55.9
100.3
261.1
4.9
9.5
29.4
Elandsrand Mine
-
-
12.0
-
-
1.5
WEST & EAST AFRICA
63.0
64.6
287.2
5.4
5.5
33.1
& NAMIBIA REGION
Navachab
4.1
3.9
5.4
0.4
0.3
0.5
Sadiola - Attributable 38%
29.3
29.5
54.9
2.5
2.9
6.0
Morila - Attributable 40%
2.7
28.7
99.9
0.2
2.6
11.4
Geita - Attributable 50%
16.1
(10.9)
62.3
1.4
(1.1)
7.9
Yatela
10.8
13.4
64.7
0.9
0.8
7.3
NORTH AMERICAN REGION
255.2
357.1
835.5
22.1
34.0
92.8
Cripple Creek & Victor J.V.
225.5
339.0
745.5
19.5
32.3
82.2
Jerritt Canyon J.V. - Attributable 70%
29.7
18.9
90.1
2.6
1.8
10.6
Exploration
-
(0.8)
(0.1)
-
(0.1)
-
SOUTH AMERICAN REGION
57.4
52.4
200.2
5.0
5.0
23.3
Morro Velho
33.8
20.5
84.4
2.9
2.0
9.9
Serra Grande - Attributable 50%
9.7
6.8
25.3
0.9
0.7
2.9
Cerro Vanguardia - Attributable 46.25%
1.0
5.4
38.4
0.1
0.5
4.6
Minorities and exploration
12.9
19.7
52.1
1.1
1.8
5.9
AUSTRALIAN REGION
28.3
45.3
351.9
2.5
4.6
42.6
Sunrise Dam
18.6
28.1
310.5
1.6
2.8
37.9
Boddington - Attributable 33.33%
1.4
2.0
5.6
0.1
0.1
0.6
Tanami - Attributable 40%
0.3
1.5
3.4
-
0.2
0.4
Union Reefs
-
-
1.8
-
-
0.3
Brocks Creek
-
-
0.2
-
-
-
Exploration
8.0
13.7
30.4
0.8
1.5
3.4
Other
0.6
18.2
57.5
-
6.0
10.6
ANGLOGOLD GROUP TOTAL
588
815
2,567
51
82
298
19
KEY OPERATING RESULTS
PER REGION
Quarter
Quarter
Year
Quarter
Quarter
Year
ended
ended
ended
ended
ended
ended
March
December
December
March
December
December
2002
2001
2001
2002
2001
2001
SA Rand / Metric
Yield - g/t
Gold produced - kg
SOUTH AFRICAN REGION *
8.80
8.18
8.20
26,036
35,448
145,247
VAAL RIVER
Great Noligwa Mine
11.65
12.02
12.34
7,245
7,538
31,224
Kopanang Mine
7.35
6.78
7.40
3,715
3,608
15,381
Tau Lekoa Mine
4.65
4.56
4.42
2,226
2,317
8,899
Surface Operations
0.56
0.53
0.53
798
562
2,842
ERGO
0.27
0.26
0.25
2,223
2,547
10,314
FREE STATE
Bambanani Mine
-
8.06
7.86
-
3,140
12,816
Tshepong Mine
-
7.97
8.20
-
3,021
11,898
Matjhabeng Mine
-
9.49
7.75
-
1,366
5,841
Joel Mine
-
3.66
3.56
-
915
3,959
Surface Operations
-
0.64
0.75
-
583
2,765
WEST WITS
TauTona Mine
12.03
11.23
11.94
4,960
4,781
19,355
Savuka Mine
7.84
7.57
7.97
1,830
1,835
7,476
Mponeng Mine
8.40
8.43
7.71
3,039
3,236
11,386
Elandsrand Mine
-
-
6.13
-
-
620
Deelkraal Mine
-
-
7.55
-
-
417
Surface Operations
-
-
0.94
-
-
54
EAST & WEST AFRICA REGION
3.66
3.58
3.71
7,044
7,254
26,992
Navachab
2.08
2.02
2.04
671
723
2,694
Sadiola - Attributable 38%
3.45
3.45
3.13
1,546
1,724
6,336
Morila - Attributable 40%
6.31
5.79
6.87
1,850
1,796
7,848
Geita - Attributable 50%
3.60
3.60
3.70
2,159
2,148
8,485
Yatela - Attributable 40%
3.11
3.28
3.33
818
863
1,629
NORTH AMERICAN REGION
1.18
1.25
1.27
2,942
3,307
15,436
Cripple Creek & Victor J.V.
0.58
0.58
0.59
1,331
1,401
6,656
Jerritt Canyon J.V. - Attributable 70%
8.57
8.86
9.41
1,611
1,906
8,780
SOUTH AMERICAN REGION
7.68
7.89
7.82
3,179
3,599
13,709
Morro Velho
6.48
6.85
6.63
1,435
1,740
6,511
Serra Grande - Attributable 50%
7.74
7.53
8.08
727
704
2,991
10.33
10.62
10.51
1,017
1,155
4,207
AUSTRALIAN REGION
2.35
2.09
1.97
3,615
3,863
15,819
Sunrise Dam
3.07
3.13
3.81
2,638
2,378
9,177
Boddington - Attributable 33.33%
-
1.09
0.92
43
531
2,425
Tanami - Attributable 40%
-
-
1.81
-
26
669
Union Reefs
1.38
1.53
1.36
934
928
3,548
ANGLOGOLD GROUP
42,816
53,471
217,203
* Yield excludes surface operations.
Cerro Vanguardia - Attributable 46.25%
20
KEY OPERATING RESULTS
PER REGION
Quarter
Quarter
Year
Quarter
Quarter
Year
ended
ended
ended
ended
ended
ended
March
December
December
March
December
December
2002
2001
2001
2002
2001
2001
SA Rand / Metric
Productivity per employee - g
Gold sold - kg
SOUTH AFRICAN REGION
26,005
35,541
145,611
VAAL RIVER
Great Noligwa Mine
262
266
273
7,240
7,535
31,334
Kopanang Mine
164
158
167
3,712
3,606
15,432
Tau Lekoa Mine
162
171
169
2,225
2,316
8,933
Surface Operations
488
391
438
798
562
2,842
ERGO
636
708
692
2,223
2,546
10,336
FREE STATE
Bambanani Mine
-
162
155
-
3,140
12,832
Tshepong Mine
-
221
215
-
3,021
11,909
Matjhabeng Mine
-
171
142
-
1,366
5,850
Joel Mine
-
124
104
-
1,020
4,056
Surface Operations
-
310
471
-
583
2,765
WEST WITS
TauTona Mine
284
271
265
4,949
4,778
19,360
Savuka Mine
131
140
144
1,826
1,834
7,478
Mponeng Mine
184
197
173
3,032
3,234
11,388
Elandsrand Mine
-
-
104
-
-
623
Deelkraal Mine
-
-
123
-
-
419
Surface Operations
-
-
-
-
-
54
EAST & WEST AFRICA REGION
6,917
7,303
27,126
Navachab
653
688
648
671
723
2,694
Sadiola - Attributable 38%
2,812
2,576
2,391
1,454
1,744
6,249
Morila - Attributable 40%
2,842
2,786
3,586
1,850
1,796
7,848
Geita - Attributable 50%
1,437
1,889
1,916
2,159
2,148
8,485
Yatela - Attributable 40%
1,608
1,905
1,802
783
892
1,850
NORTH AMERICAN REGION
2,942
3,307
15,436
Cripple Creek & Victor J.V.
1,421
1,666
1,997
1,331
1,401
6,656
Jerritt Canyon J.V. - Attributable 70%
1,875
2,223
2,539
1,611
1,906
8,780
SOUTH AMERICAN REGION
3,158
3,669
14,101
Morro Velho
382
396
380
1,395
1,798
6,892
Serra Grande - Attributable 50%
929
895
953
728
710
3,044
1,905
2,128
1,947
1,035
1,161
4,165
AUSTRALIAN REGION
3,608
3,957
15,588
Sunrise Dam
2,748
2,624
2,591
2,620
2,345
8,912
Boddington - Attributable 33.33%
403
2,025
1,553
53
614
2,465
Tanami - Attributable 40%
-
1,257
1,055
-
25
659
Union Reefs
1,763
1,883
1,795
935
973
3,552
ANGLOGOLD GROUP
42,630
53,777
217,862
Cerro Vanguardia - Attributable 46.25%
21
KEY OPERATING RESULTS
PER REGION
Quarter
Quarter
Year
Quarter
Quarter
Year
ended
ended
ended
ended
ended
ended
March
December
December
March
December
December
2002
2001
2001
2002
2001
2001
SA Rand / Metric
Total cash costs - R/kg
Total production costs - R/kg
SOUTH AFRICAN REGION
50,471
49,757
50,065
56,640
56,039
56,121
VAAL RIVER
Great Noligwa Mine
37,007
31,027
33,068
40,474
33,922
35,453
Kopanang Mine
50,121
46,062
48,121
56,387
52,001
52,844
Tau Lekoa Mine
63,346
55,573
55,545
75,136
64,162
63,265
Surface Operations
41,114
50,320
42,632
44,031
50,330
42,637
ERGO
58,904
60,243
58,884
64,963
63,775
62,528
FREE STATE
Bambanani Mine
-
67,205
63,153
-
74,830
69,804
Tshepong Mine
-
50,940
48,938
-
60,483
57,971
Matjhabeng Mine
-
54,842
63,542
-
62,481
80,046
Joel Mine
-
89,352
93,463
-
106,807
114,912
Surface Operations
-
53,467
45,938
-
53,467
46,163
WEST WITS
TauTona Mine
44,662
43,917
42,347
47,863
47,569
45,482
Savuka Mine
77,211
73,341
68,209
80,699
75,105
71,727
Mponeng Mine
63,200
56,391
61,221
78,968
72,043
75,669
Elandsrand Mine
-
-
90,300
-
-
90,373
Deelkraal Mine
-
-
82,790
-
-
83,180
Surface Operations
-
-
2,817
-
-
2,817
EAST & WEST AFRICA REGION
47,001
45,298
36,083
67,806
61,199
51,704
Navachab
42,934
46,068
45,101
46,727
50,139
48,670
Sadiola - Attributable 38%
49,523
42,920
36,356
74,601
63,430
54,393
Morila - Attributable 40%
36,992
38,573
28,533
66,345
63,085
49,201
Geita - Attributable 50%
57,593
53,944
41,123
74,433
60,099
53,428
Yatela - Attributable 40%
52,986
50,163
45,083
70,309
72,468
63,362
NORTH AMERICAN REGION
94,122
77,058
58,213
133,867
108,322
80,388
Cripple Creek & Victor J.V.
73,681
69,780
51,837
117,112
102,678
76,845
Jerritt Canyon J.V. - Attributable 70%
108,780
80,818
61,555
145,478
110,878
81,580
SOUTH AMERICAN REGION
46,313
40,627
37,135
73,383
69,407
57,905
Morro Velho
53,887
39,884
35,351
78,812
73,664
55,628
Serra Grande - Attributable 50%
40,248
36,621
29,729
61,904
55,620
45,781
34,557
41,366
36,799
66,730
66,739
60,295
AUSTRALIAN REGION
72,674
59,481
53,382
92,875
74,612
65,369
Sunrise Dam
66,094
53,367
42,916
84,073
68,677
56,193
Boddington - Attributable 33.33%
52,041
49,985
51,119
93,763
56,176
57,475
Tanami - Attributable 40%
-
-
70,894
-
67,499
86,105
Union Reefs
83,441
78,059
64,208
105,235
93,185
74,426
ANGLOGOLD GROUP
56,033
51,710
48,828
69,653
62,995
58,579
Cerro Vanguardia - Attributable 46.25%
22
KEY OPERATING RESULTS
PER REGION
Quarter
Quarter
Year
Quarter
Quarter
Year
ended
ended
ended
ended
ended
ended
March
December
December
March
December
December
2002
2001
2001
2002
2001
2001
SA Rand / Metric
Operating profit - Rm
Operating profit non-hedge - Rm *
SOUTH AFRICAN REGION VAAL RIVER
Great Noligwa Mine
359.0
402.6
1,270.4
444.0
411.7
1,288.2
Kopanang Mine
126.4
123.9
361.9
170.0
128.3
370.6
Tau Lekoa Mine
36.9
52.4
89.4
63.0
55.2
94.5
Surface Operations
36.5
22.9
100.9
45.9
23.6
102.5
ERGO
55.9
57.9
137.0
82.0
61.0
142.9
FREE STATE
Bambanani Mine
-
32.8
82.2
-
36.6
89.5
Tshepong Mine
-
72.9
221.5
-
76.6
228.2
Matjhabeng Mine
-
17.1
(37.7)
-
18.8
(34.4)
Joel Mine
-
(0.5)
(62.0)
-
0.7
(59.7)
Surface Operations
-
21.0
105.3
-
21.7
106.9
WEST WITS
TauTona Mine
215.5
185.7
592.5
273.6
191.5
603.5
Savuka Mine
18.8
15.5
29.8
40.2
17.7
34.0
Mponeng Mine
37.8
51.5
13.9
73.4
55.4
20.4
Elandsrand Mine
-
-
(14.0)
-
-
(13.6)
Deelkraal Mine
-
-
(6.4)
-
-
(6.2)
Surface Operations
-
-
3.6
-
-
3.6
EAST & WEST AFRICA REGION
Navachab
36.8
30.3
76.4
36.8
30.3
76.4
Sadiola - Attributable 38%
48.0
70.4
188.4
50.0
68.8
186.7
Morila - Attributable 40%
74.3
53.9
209.6
74.3
53.9
209.6
Geita - Attributable 50%
66.7
82.5
224.1
69.6
80.5
221.8
Yatela
29.9
18.2
41.0
29.9
18.2
41.0
NORTH AMERICAN REGION
Cripple Creek & Victor J.V.
10.9
17.9
87.9
10.9
17.9
87.9
Jerritt Canyon J.V. - Attributable 70%
(24.9)
(4.9)
58.8
(24.9)
(4.9)
58.8
SOUTH AMERICAN REGION Morro Velho
68.5
65.6
230.3
73.7
56.7
240.9
Serra Grande - Attributable 50%
45.7
39.0
132.9
48.4
35.5
137.6
Cerro Vanguardia - Attributable 46.25%
55.3
57.2
126.9
59.2
51.5
133.3
AUSTRALIAN REGION Sunrise Dam
47.6
67.6
224.8
58.3
43.1
184.7
Boddington - Attributable 33.33%
-
21.7
52.2
0.2
15.3
41.1
Tanami - Attributable 40%
(2.3)
(6.1)
(12.0)
(2.3)
(6.4)
(15.0)
Union Reefs
(2.9)
14.9
22.9
0.9
4.7
6.9
Brocks Creek
-
0.1
(0.5)
-
0.1
(0.5)
Other
18.6
37.0
65.0
18.6
37.0
65.0
ANGLOGOLD GROUP TOTAL
1,359
1,621
4,617
1,696
1,601
4,647
* Operating profit including realised non-hedge derivative gains (losses)
23
KEY OPERATING RESULTS
PER REGION
Quarter
Quarter
Year
Quarter
Quarter
Year
ended
ended
ended
ended
ended
ended
March
December
December
March
December
December
2002
2001
2001
2002
2001
2001
US Dollar / Imperial
Yield - oz/t
Gold produced - oz 000
SOUTH AFRICAN REGION *
0.257
0.239
0.239
837
1,140
4,670
VAAL RIVER
Great Noligwa Mine
0.340
0.351
0.360
233
242
1 004
Kopanang Mine
0.214
0.198
0.216
119
116
494
Tau Lekoa Mine
0.136
0.133
0.129
72
74
286
Surface Operations
0.016
0.016
0.015
26
18
91
ERGO
0.008
0.008
0.007
71
82
332
FREE STATE
Bambanani Mine
-
0.235
0.229
-
101
412
Tshepong Mine
-
0.233
0.239
-
97
383
Matjhabeng Mine
-
0.277
0.226
-
44
188
Joel Mine
-
0.107
0.104
-
29
127
Surface Operations
-
0.019
0.022
-
19
89
WEST WITS
TauTona Mine
0.351
0.328
0.348
159
154
622
Savuka Mine
0.229
0.221
0.232
59
59
240
Mponeng Mine
0.245
0.246
0.225
98
104
366
Elandsrand Mine
-
-
0.179
-
-
20
Deelkraal Mine
-
-
0.220
-
-
13
Surface Operations
-
-
0.027
-
-
2
EAST & WEST AFRICA REGION
0.107
0.104
0.108
227
233
868
Navachab
0.061
0.059
0.060
22
23
87
Sadiola - Attributable 38%
0.101
0.101
0.091
50
55
204
Morila - Attributable 40%
0.184
0.169
0.200
59
58
252
Geita - Attributable 50%
0.105
0.105
0.108
69
69
273
Yatela - Attributable 40%
0.091
0.096
0.097
27
28
52
NORTH AMERICAN REGION
0.034
0.036
0.037
95
106
496
Cripple Creek & Victor J.V.
0.017
0.017
0.017
43
45
214
Jerritt Canyon J.V. - Attributable 70%
0.250
0.259
0.274
52
61
282
SOUTH AMERICAN REGION
0.224
0.230
0.228
102
116
441
Morro Velho
0.189
0.200
0.193
46
56
209
Serra Grande - Attributable 50%
0.226
0.220
0.236
23
22
96
0.301
0.310
0.307
33
38
136
AUSTRALIAN REGION
0.069
0.061
0.057
116
124
508
Sunrise Dam
0.089
0.091
0.111
85
76
295
Boddington - Attributable 33.33%
-
0.032
0.027
1
17
78
Tanami - Attributable 40%
-
-
0.053
-
-
21
Union Reefs
0.040
0.046
0.040
30
31
114
ANGLOGOLD GROUP
1,377
1,719
6,983
* Yield excludes surface operations.
Cerro Vanguardia - Attributable 46.25%
24
KEY OPERATING RESULTS
PER REGION
Quarter
Quarter
Year
Quarter
Quarter
Year
ended
ended
ended
ended
ended
ended
March
December
December
March
December
December
2002
2001
2001
2002
2001
2001
US Dollar / Imperial
Productivity per employee - oz
Gold sold - oz 000
SOUTH AFRICAN REGION
836
1,143
4,682
VAAL RIVER
Great Noligwa Mine
8.42
8.55
8.77
233
242
1,007
Kopanang Mine
5.28
5.09
5.36
119
116
496
Tau Lekoa Mine
5.22
5.48
5.42
72
74
287
Surface Operations
15.69
12.58
14.09
26
18
91
ERGO
20.46
22.77
22.26
71
82
332
FREE STATE
Bambanani Mine
-
5.21
4.97
-
101
413
Tshepong Mine
-
7.11
6.90
-
97
383
Matjhabeng Mine
-
5.51
4.56
-
44
188
Joel Mine
-
3.99
3.35
-
33
131
Surface Operations
-
9.95
15.16
-
19
89
WEST WITS
TauTona Mine
9.12
8.70
8.51
159
154
623
Savuka Mine
4.22
4.50
4.64
59
59
241
Mponeng Mine
5.91
6.34
5.57
97
104
366
Elandsrand Mine
-
-
3.34
-
-
20
Deelkraal Mine
-
-
3.97
-
-
13
Surface Operations
-
-
-
-
-
2
EAST & WEST AFRICA REGION
222
235
872
Navachab
20.98
22.11
20.83
22
23
87
Sadiola - Attributable 38%
90.40
82.83
76.88
47
56
201
Morila - Attributable 40%
91.36
89.56
115.30
59
58
252
Geita - Attributable 50%
46.21
60.72
61.59
69
69
273
Yatela - Attributable 40%
51.69
61.26
57.94
25
29
59
NORTH AMERICAN REGION
95
106
496
Cripple Creek & Victor J.V.
45.69
53.57
64.21
43
45
214
Jerritt Canyon J.V. - Attributable 70%
60.29
71.47
81.63
52
61
282
SOUTH AMERICAN REGION
102
118
453
Morro Velho
12.27
12.72
12.21
45
57
221
Serra Grande - Attributable 50%
29.87
28.78
30.63
24
23
98
61.24
68.41
62.61
33
38
134
AUSTRALIAN REGION
116
127
501
Sunrise Dam
88.35
84.37
83.30
84
75
287
Boddington - Attributable 33.33%
12.94
65.09
49.94
2
20
79
Tanami - Attributable 40%
-
40.40
33.91
-
1
21
Union Reefs
56.63
60.56
57.70
30
31
114
ANGLOGOLD GROUP
1,371
1,729
7,004
Cerro Vanguardia - Attributable 46.25%
25
KEY OPERATING RESULTS
PER REGION
Quarter
Quarter
Year
Quarter
Quarter
Year
ended
ended
ended
ended
ended
ended
March
December
December
March
December
December
2002
2001
2001
2002
2001
2001
US Dollar / Imperial
Total cash costs - $/oz
Total production costs - $/oz
SOUTH AFRICAN REGION
136
154
184
153
173
206
VAAL RIVER
Great Noligwa Mine
100
97
122
109
105
130
Kopanang Mine
135
144
178
152
162
195
Tau Lekoa Mine
171
173
203
203
199
231
Surface Operations
111
155
157
119
155
157
ERGO
159
185
215
175
196
229
FREE STATE
Bambanani Mine
-
206
230
-
230
255
Tshepong Mine
-
156
178
-
185
211
Matjhabeng Mine
-
170
236
-
194
299
Joel Mine
-
275
345
-
329
425
Surface Operations
-
165
167
-
165
168
WEST WITS
TauTona Mine
121
135
154
129
146
166
Savuka Mine
209
225
248
218
230
262
Mponeng Mine
171
173
223
213
221
275
Elandsrand Mine
-
-
362
-
-
363
Deelkraal Mine
-
-
331
-
-
333
Surface Operations
-
-
13
-
-
13
EAST & WEST AFRICA REGION
127
138
129
183
187
186
Navachab
116
142
164
126
155
177
Sadiola - Attributable 38%
134
131
131
202
193
196
Morila - Attributable 40%
100
117
103
179
192
177
Geita - Attributable 50%
156
163
147
201
186
194
Yatela - Attributable 40%
143
151
149
190
216
207
NORTH AMERICAN REGION
254
235
211
362
331
291
Cripple Creek & Victor J.V.
199
212
187
317
312
277
Jerritt Canyon J.V. - Attributable 70%
294
248
223
393
341
296
SOUTH AMERICAN REGION
125
123
134
198
208
208
Morro Velho
146
121
127
213
218
197
Serra Grande - Attributable 50%
109
111
107
167
169
166
93
126
133
180
204
218
AUSTRALIAN REGION
196
183
194
251
228
237
Sunrise Dam
179
162
153
227
209
201
Boddington - Attributable 33.33%
140
161
190
252
179
213
Tanami - Attributable 40%
-
-
278
-
214
332
Union Reefs
225
237
230
284
283
267
ANGLOGOLD GROUP
151
159
178
188
193
213
Cerro Vanguardia - Attributable 46.25%
26
KEY OPERATING RESULTS
PER REGION
Quarter
Quarter
Year
Quarter
Quarter
Year
ended
ended
ended
ended
ended
ended
March
December
December
March
December
December
2002
2001
2001
2002
2001
2001
US Dollar / Imperial
Operating profit - $m
Operating profit non-hedge - $m *
SOUTH AFRICAN REGION VAAL RIVER
Great Noligwa Mine
31.2
38.5
145.5
38.6
39.3
147.5
Kopanang Mine
11.0
11.6
40.8
14.8
12.0
41.8
Tau Lekoa Mine
3.1
4.5
9.4
5.4
4.8
10.0
Surface Operations
3.3
2.2
11.9
4.1
2.3
12.1
ERGO
4.8
5.3
15.1
7.1
5.6
15.8
FREE STATE
Bambanani Mine
-
2.8
8.8
-
3.2
9.6
Tshepong Mine
-
6.7
24.9
-
7.0
25.7
Matjhabeng Mine
-
1.7
(5.3)
-
1.9
(4.9)
Joel Mine
-
(0.2)
(7.8)
-
(0.1)
(7.5)
Surface Operations
-
2.1
12.4
-
2.2
12.6
WEST WITS
TauTona Mine
18.8
17.8
67.8
23.9
18.3
69.0
Savuka Mine
1.6
1.4
3.1
3.5
1.6
3.6
Mponeng Mine
3.3
4.6
(0.2)
6.4
5.0
0.5
Elandsrand Mine
-
-
(1.8)
-
-
(1.8)
Deelkraal Mine
-
-
(0.8)
-
-
(0.8)
Surface Operations
-
-
0.5
-
-
0.5
EAST & WEST AFRICA REGION
Navachab
3.2
3.0
8.7
3.2
3.0
8.7
Sadiola - Attributable 38%
4.1
7.0
21.6
4.3
6.8
21.5
Morila - Attributable 40%
6.5
5.3
24.4
6.5
5.3
24.4
Geita - Attributable 50%
5.9
7.6
25.0
6.2
7.4
24.8
Yatela
2.7
1.8
4.6
2.7
1.8
4.6
NORTH AMERICAN REGION
Cripple Creek & Victor J.V.
1.0
1.7
10.4
1.0
1.7
10.4
Jerritt Canyon J.V. - Attributable 70%
(2.0)
(0.5)
7.6
(2.0)
(0.5)
7.6
SOUTH AMERICAN REGION Morro Velho
6.0
6.5
27.2
6.5
5.4
28.6
Serra Grande - Attributable 50%
4.0
3.9
15.5
4.2
3.5
16.1
Cerro Vanguardia - Attributable 46.25%
4.8
5.4
14.1
5.1
4.7
14.9
AUSTRALIAN REGION Sunrise Dam
4.0
5.9
25.4
4.9
3.9
21.4
Boddington - Attributable 33.33%
(0.1)
2.1
5.7
(0.1)
1.6
4.6
Tanami - Attributable 40%
(0.3)
(0.7)
(1.2)
(0.3)
(0.7)
(1.5)
Union Reefs
(0.3)
1.4
2.3
0.0
0.6
0.7
Brocks Creek
-
-
(0.1)
-
-
(0.1)
Other
1.4
3.6
6.5
1.4
3.6
6.5
ANGLOGOLD GROUP TOTAL
118
153
522
147
151
527
* Operating profit including realised non-hedge derivative gains (losses)
27
SHAFT SINKING
Quarter
Quarter
Year
ended
ended
ended
March
December
December
2002
2001
2001
Statistics are shown in metric units
metres
MOAB KHOTSONG MINE Main shaft
Advance
48
120
503
Depth to date (below collar)
3,091
3,043
3,043
Rock / ventilation sub-vertical shaft
Depth to date
939
939
939
Station cutting
-
3
10
MPONENG MINE Sub Shaft 1
Depth to date
1,209
1,209
1,209
Sub Shaft Vent Shaft Deepening
Advance
-
-
23
Depth to date
27
27
27
Statistics are shown in imperial units
feet
MOAB KHOTSONG MINE Main shaft
Advance
159
392
1,651
Depth to date (below collar)
10,142
9,984
9,984
Rock / ventilation sub-vertical shaft
Depth to date
3,080
3,080
3,080
Station cutting
-
10
33
MPONENG MINE Sub Shaft 1 Depth to date
3,965
3,965
3,965
Sub Shaft Vent Shaft Deepening Advance
-
-
76
Depth to date
89
89
89
28
DEVELOPMENT
Development values represent actual results of sampling, no allowances having been made for adjustments necessary in estimating ore reserves.
Quarter ended March 2002
Statistics are shown in metric units
Advance
Sampled
metres metres channel
gold
uranium
width g/t
cm.g/t
kg/t
cm.kg/t
cm
VAAL RIVER Great Noligwa Mine
Vaal reef
4,984
600
102.30
33.28
3,405
1.44
146.89
"C" reef
19
-
-
-
-
-
-
Kopanang Mine
Vaal reef
6,869
456
14.00
88.43
1,238
4.23
59.17
Tau Lekoa Mine
Ventersdorp Contact reef
3,254
720
100.40
9.81
985
0.12
11.73
Moab Khotsong Mine
Vaal reef
1,430
-
-
-
-
-
-
WEST WITS TauTona Mine
Ventersdorp Contact reef
86
-
-
-
-
-
-
Carbon Leader reef
4,175
70
22.50
171.07
3,849
1.98
44.52
Savuka Mine
Ventersdorp Contact reef
521
-
-
-
-
-
-
Carbon Leader reef
815
-
-
-
-
-
-
Mponeng Mine
Ventersdorp Contact reef
5,889
720
61.40
15.86
974
-
-
Statistics are shown in imperial units
Advance
Sampled
feet feet
channel
gold
uranium
width oz/t
ft.oz/t lb/t
ft.lb/t
inches
VAAL RIVER Great Noligwa Mine
Vaal reef
16,351
1,969
40.28
0.97
3.26
2.88
9.67
"C" reef
62
-
-
-
-
-
-
Kopanang Mine
Vaal reef
22,537
1,496
5.51
2.58
1.18
8.46
3.89
"C" reef
-
-
-
-
-
-
-
Tau Lekoa Mine
Ventersdorp Contact reef
10,677
2,362
39.53
0.29
0.94
0.24
0.79
Moab Khotsong Mine
Vaal reef
4,692
-
-
-
-
-
-
WEST WITS TauTona Mine
Ventersdorp Contact reef
281
-
-
-
-
-
-
Carbon Leader reef
13,697
230
8.86
4.99
3.68
3.96
2.92
Savuka Mine
Ventersdorp Contact reef
1,710
-
-
-
-
-
-
Carbon Leader reef
2,674
-
-
-
-
-
-
Mponeng Mine
Ventersdorp Contact reef
19,321
2,362
24.17
0.46
0.93
-
-
29
SOUTH AFRICAN REGION
VAAL RIVER
Quarter
Quarter
Year
Quarter
Quarter
Year
ended
ended
ended
ended
ended
ended
March
December
December
March
December
December
2002
2001
2001
2002
2001
2001
GREAT NOLIGWA MINE
Rand / Metric
Dollar / Imperial
OPERATING RESULTS GOLD
Area mined - 000
- m2
/ - ft2
102
107
424
1,098
1,156
4,564
Milled - 000
- tonnes / - tons - reef
622
627
2,531
686
691
2,790
- waste
-
-
-
-
-
-
- surface and dump reclamation
-
-
-
-
-
-
- total
622
627
2,531
686
691
2,790
Yield
- g/t
/ - oz/t
- reef
11.65
12.02
12.34
0.340
0.351
0.360
- waste
-
-
-
-
-
-
- surface and dump reclamation
-
-
-
-
-
-
- average
11.65
12.02
12.34
0.340
0.351
0.360
Gold produced
- kg
/ - oz 000
- reef
7,245
7,538
31,224
233
242
1,004
- waste
-
-
-
-
-
-
- surface and dump reclamation
-
-
-
-
-
-
- total
7,245
7,538
31,224
233
242
1,004
Gold sold
- kg
/ - oz 000 - total
7,240
7,535
31,334
233
242
1,007
Price received
- R/kg
/ - $/oz
- sold
101,410
87,321
76,615
274
264
277
Total cash costs
- R
/ - $
- ton milled
431
373
408
34
34
44
- R/kg
/ - $/oz
- produced
37,007
31,027
33,068
100
97
122
Total production costs - R/kg
/ - $/oz
- produced
40,474
33,922
35,453
109
105
130
PRODUCTIVITY
per employee
- g
/ - oz
- target
254
254
255
8.16
8.17
8.19
- actual
262
266
273
8.42
8.55
8.77
per employee
- m2
/ - ft2
- target
3.44
3.76
3.69
37.04
40.45
39.76
- actual
3.69
3.79
3.71
39.72
40.78
39.88
FINANCIAL RESULTS (MILLION)
Gold income
649.2
648.9
2,382.9
56.4
63.2
277.4
Cost of sales
290.2
246.3
1,112.5
25.2
24.7
131.9
Cash operating costs
265.6
232.0
1,025.0
23.1
23.2
121.4
Other cash costs
2.5
1.9
7.6
0.2
0.2
0.9
Total cash costs
268.1
233.9
1,032.6
23.3
23.4
122.3
Retrenchment costs
1.9
3.7
9.6
0.2
0.3
1.1
Rehabilitation and other non-cash costs
2.1
3.2
6.9
0.2
0.3
0.8
Production costs
272.1
240.8
1,049.1
23.7
24.0
124.2
Amortisation of mining assets
21.1
14.9
57.9
1.8
1.5
6.8
Inventory change
(3.0)
(9.4)
5.5
(0.3)
(0.8)
0.9
Operating profit
359.0
402.6
1,270.4
31.2
38.5
145.5
Realised non-hedge derivative gains (losses)
85.0
9.1
17.8
7.4
0.8
2.0
Operating profit including realised non-hedge derivatives
444.0
411.7
1,288.2
38.6
39.3
147.5
Capital expenditure
4.6
5.5
10.3
0.4
0.6
1.2
30
SOUTH AFRICAN REGION
VAAL RIVER
Quarter
Quarter
Year
Quarter
Quarter
Year
ended
ended
ended
ended
ended
ended
March
December
December
March
December
December
2002
2001
2001
2002
2001
2001
KOPANANG MINE
Rand / Metric
Dollar / Imperial
OPERATING RESULTS GOLD
Area mined - 000
- m2
/ - ft2
101
105
421
1,084
1,128
4,536
Milled - 000
- tonnes / - tons - reef
506
532
2,079
557
586
2,291
- waste
-
-
-
-
-
-
- surface and dump reclamation
-
-
-
-
-
-
- total
506
532
2,079
557
586
2,291
Yield
- g/t
/ - oz/t
- reef
7.35
6.78
7.40
0.214
0.198
0.216
- waste
-
-
-
-
-
-
- surface and dump reclamation
-
-
-
-
-
-
- average
7.35
6.78
7.40
0.214
0.198
0.216
Gold produced
- kg
/ - oz 000
- reef
3,715
3,608
15,381
119
116
494
- waste
-
-
-
-
-
-
- surface and dump reclamation
-
-
-
-
-
-
- total
3,715
3,608
15,381
119
116
494
Gold sold
- kg
/ - oz 000 - total
3,712
3,606
15,432
119
116
496
Price received
- R/kg
/ - $/oz
- sold
101,896
87,423
76,483
276
265
277
Total cash costs
- R
/ - $
- ton milled
368
312
356
29
28
38
- R/kg
/ - $/oz
- produced
50,121
46,062
48,121
135
144
178
Total production costs - R/kg
/ - $/oz
- produced
56,387
52,001
52,844
152
162
195
PRODUCTIVITY
per employee
- g
/ - oz
- target
173
166
165
5.57
5.35
5.31
- actual
164
158
167
5.28
5.09
5.36
per employee
- m2
/ - ft2
- target
4.85
4.74
4.79
52.21
51.01
51.52
- actual
4.45
4.60
4.57
47.93
49.46
49.19
FINANCIAL RESULTS (MILLION)
Gold income
334.7
310.9
1,171.5
29.1
30.3
136.7
Cost of sales
208.3
187.0
809.6
18.1
18.7
95.9
Cash operating costs
184.3
164.7
734.3
16.0
16.6
87.1
Other cash costs
1.8
1.4
5.8
0.2
0.1
0.7
Total cash costs
186.1
166.1
740.1
16.2
16.7
87.8
Retrenchment costs
3.0
4.2
8.9
0.3
0.4
1.0
Rehabilitation and other non-cash costs
2.8
2.4
5.1
0.2
0.2
0.6
Production costs
191.9
172.7
754.1
16.7
17.3
89.4
Amortisation of mining assets
17.5
14.9
58.7
1.5
1.5
6.9
Inventory change
(1.1)
(0.6)
(3.2)
(0.1)
(0.1)
(0.4)
Operating profit
126.4
123.9
361.9
11.0
11.6
40.8
Realised non-hedge derivative gains (losses)
43.6
4.4
8.7
3.8
0.4
1.0
Operating profit including realised non-hedge derivatives
170.0
128.3
370.6
14.8
12.0
41.8
Capital expenditure
12.8
14.2
26.0
1.1
1.4
2.8
31
SOUTH AFRICAN REGION
VAAL RIVER
Quarter
Quarter
Year
Quarter
Quarter
Year
ended
ended
ended
ended
ended
ended
March
December
December
March
December
December
2002
2001
2001
2002
2001
2001
TAU LEKOA MINE
Rand / Metric
Dollar / Imperial
OPERATING RESULTS GOLD
Area mined - 000
- m2
/ - ft2
92
98
388
987
1,056
4,176
Milled - 000
- tonnes / - tons - reef
479
508
2,012
528
560
2,218
- waste
-
-
-
-
-
-
- surface and dump reclamation
-
-
-
-
-
-
- total
479
508
2,012
528
560
2,218
Yield
- g/t
/ - oz/t
- reef
4.65
4.56
4.42
0.136
0.133
0.129
- waste
-
-
-
-
-
-
- surface and dump reclamation
-
-
-
-
-
-
- average
4.65
4.56
4.42
0.136
0.133
0.129
Gold produced
- kg
/ - oz 000
- reef
2,226
2,317
8,899
72
74
286
- waste
-
-
-
-
-
-
- surface and dump reclamation
-
-
-
-
-
-
- total
2,226
2,317
8,899
72
74
286
Gold sold
- kg
/ - oz 000 - total
2,225
2,316
8,933
72
74
287
Price received
- R/kg
/ - $/oz
- sold
102,474
87,856
76,769
277
264
277
Total cash costs
- R
/ - $
- ton milled
295
253
246
23
23
26
- R/kg
/ - $/oz
- produced
63,346
55,573
55,545
171
173
203
Total production costs - R/kg
/ - $/oz
- produced
75,136
64,162
63,265
203
199
231
PRODUCTIVITY
per employee
- g
/ - oz
- target
175
196
190
5.63
6.31
6.10
- actual
162
171
169
5.22
5.48
5.42
per employee
- m2
/ - ft2
- target
7.25
7.87
7.77
77.99
84.68
83.64
- actual
6.69
7.22
7.35
71.96
77.72
79.16
FINANCIAL RESULTS (MILLION)
Gold income
201.9
200.7
680.7
17.5
19.4
79.0
Cost of sales
165.0
148.3
591.3
14.4
14.9
69.6
Cash operating costs
139.9
127.8
490.5
12.2
12.8
57.7
Other cash costs
1.1
0.9
3.8
0.1
0.1
0.5
Total cash costs
141.0
128.7
494.3
12.3
12.9
58.2
Retrenchment costs
2.1
3.4
7.1
0.2
0.3
0.8
Rehabilitation and other non-cash costs
2.0
1.6
3.4
0.2
0.2
0.4
Production costs
145.1
133.7
504.8
12.7
13.4
59.4
Amortisation of mining assets
22.1
14.9
58.2
1.9
1.5
6.8
Inventory change
(2.2)
(0.3)
28.3
(0.2)
-
3.4
Operating profit
36.9
52.4
89.4
3.1
4.5
9.4
Realised non-hedge derivative gains (losses)
26.1
2.8
5.1
2.3
0.3
0.6
Operating profit including realised non-hedge derivatives
63.0
55.2
94.5
5.4
4.8
10.0
Capital expenditure
0.9
7.5
20.4
0.1
0.6
2.2
32
SOUTH AFRICAN REGION
VAAL RIVER
Quarter
Quarter
Year
Quarter
Quarter
Year
ended
ended
ended
ended
ended
ended
March
December
December
March
December
December
2002
2001
2001
2002
2001
2001
SURFACE OPERATIONS
Rand / Metric
Dollar / Imperial
OPERATING RESULTS GOLD
Area mined - 000
- m2
/ - ft2
-
-
-
-
-
-
Milled - 000
- tonnes / - tons - reclamation from rehabilitation
-
44
141
-
49
155
- waste
-
-
-
-
-
-
- surface and dump reclamation
1,416
1,009
5,211
1,561
1,113
5,744
- total
1,416
1,053
5,352
1,561
1,162
5,899
Yield
- g/t
/ - oz/t
- reclamation from rehabilitation
-
1.20
1.42
-
0.035
0.041
- waste
-
-
-
-
-
-
- surface and dump reclamation
0.56
0.50
0.51
0.016
0.015
0.015
- average
0.56
0.53
0.53
0.016
0.016
0.015
Gold produced
- kg
/ - oz 000
- reclamation from rehabilitation
-
53
200
-
2
6
- waste
-
-
-
-
-
-
- surface and dump reclamation
798
509
2,642
26
16
85
- total
798
562
2,842
26
18
91
Gold sold
- kg
/ - oz 000 - total
798
562
2,842
26
18
91
Price received
- R/kg
/ - $/oz
- sold
102,096
87,752
75,766
275
266
278
Total cash costs *
- R
/ - $
- ton milled
23
25
22
2
2
2
- R/kg
/ - $/oz
- produced
41,114
50,320
42,632
111
155
157
Total production costs - R/kg
/ - $/oz
- produced
44,031
50,330
42,637
119
155
157
PRODUCTIVITY
per employee
- g
/ - oz
- target
412
315
311
13.25
10.11
10.00
- actual
488
391
438
15.69
12.58
14.09
per employee
- m2
/ - ft2
- target
-
-
-
-
-
-
- actual
-
-
-
-
-
-
FINANCIAL RESULTS (MILLION)
Gold income
72.1
48.9
214.1
6.3
4.7
25.2
Cost of sales
35.6
26.0
113.2
3.0
2.5
13.3
Cash operating costs
32.8
25.5
112.3
2.8
2.5
13.3
Other cash costs
0.1
0.1
0.4
-
-
-
Total cash costs
32.9
25.6
112.7
2.8
2.5
13.3
Retrenchment costs
-
-
-
-
-
-
Rehabilitation and other non-cash costs
2.3
-
-
0.2
-
-
Production costs
35.2
25.6
112.7
3.0
2.5
13.3
Amortisation of mining assets
-
-
-
-
-
-
Inventory change
0.4
0.4
0.5
-
-
-
Operating profit
36.5
22.9
100.9
3.3
2.2
11.9
Realised non-hedge derivative gains (losses)
9.4
0.7
1.6
0.8
0.1
0.2
Operating profit including realised non-hedge derivatives
45.9
23.6
102.5
4.1
2.3
12.1
Moab Khotsong
Capital expenditure
93.8
100.7
369.4
8.2
10.1
43.2
* Excludes reclamation from rehabilitation
33
SOUTH AFRICAN REGION
ERGO
Quarter
Quarter
Year
Quarter
Quarter
Year
ended
ended
ended
ended
ended
ended
March
December
December
March
December
December
2002
2001
2001
2002
2001
2001
Rand / Metric
Dollar / Imperial
OPERATING RESULTS GOLD
Material treated
- tonnes / - tons
- 000
8,205
9,700
41,273
9,044
10,692
45,496
Yield
- g/t
/ - oz/t
0.27
0.26
0.25
0.008
0.008
0.007
Gold produced
- kg
/ - oz 000
2,223
2,547
10,314
71
82
332
Gold sold
- kg
/ - oz 000
2,223
2,546
10,336
71
82
332
Price received
- R/kg
/ - $/oz
- sold
102,912
88,427
76,798
278
265
277
Total cash costs
- R
/ - $
- ton treated
16
16
15
1
1
2
- R/kg
/ - $/oz
- produced
58,904
60,243
58,884
159
185
215
Total production costs
- R/kg
/ - $/oz
- produced
64,963
63,775
62,528
175
196
229
PRODUCTIVITY
per employee
- g
/ - oz
- target
535
582
605
17.21
18.71
19.46
- actual
636
708
692
20.46
22.77
22.26
FINANCIAL RESULTS (MILLION)
Gold income
202.7
222.1
787.9
17.6
21.4
91.4
Cost of sales
146.8
164.2
650.9
12.8
16.1
76.3
Cash operating costs
130.0
152.8
605.0
11.3
15.1
71.1
Other cash costs
1.0
0.6
2.4
0.1
0.1
0.3
Total cash costs
131.0
153.4
607.4
11.4
15.2
71.4
Retrenchment costs
0.9
1.2
2.3
0.1
0.1
0.2
Rehabilitation and other non-cash costs
8.6
3.7
15.1
0.7
0.4
1.8
Production costs
140.5
158.3
624.8
12.2
15.7
73.4
Amortisation of mining assets
4.0
4.1
20.2
0.4
0.4
2.4
Inventory change
2.3
1.8
5.9
0.2
-
0.5
Operating profit
55.9
57.9
137.0
4.8
5.3
15.1
Realised non-hedge derivative gains (losses)
26.1
3.1
5.9
2.3
0.3
0.7
Operating profit including realised non-hedge derivatives
82.0
61.0
142.9
7.1
5.6
15.8
Capital expenditure
-
(0.2)
0.8
-
-
0.1
34
SOUTH AFRICAN REGION
WEST WITS
Quarter
Quarter
Year
Quarter
Quarter
Year
ended
ended
ended
ended
ended
ended
March
December
December
March
December
December
2002
2001
2001
2002
2001
2001
TAUTONA MINE
Rand / Metric
Dollar / Imperial
OPERATING RESULTS GOLD
Area mined - 000
- m2
/ - ft2
72
77
292
773
824
3,139
Milled - 000
- tonnes / - tons - reef
412
426
1,621
455
469
1,787
- waste
-
-
-
-
-
-
- surface and dump reclamation
-
-
-
-
-
-
- total
412
426
1,621
455
469
1,787
Yield
- g/t
/ - oz/t
- reef
12.03
11.23
11.94
0.351
0.328
0.348
- waste
-
-
-
-
-
-
- surface and dump reclamation
-
-
-
-
-
-
- average
12.03
11.23
11.94
0.351
0.328
0.348
Gold produced
- kg
/ - oz 000
- reef
4,960
4,781
19,355
159
154
622
- waste
-
-
-
-
-
-
- surface and dump reclamation
-
-
-
-
-
-
- total
4,960
4,781
19,355
159
154
622
Gold sold
- kg
/ - oz 000 - total
4,949
4,778
19,360
159
154
623
Price received
- R/kg
/ - $/oz
- sold
102,207
87,818
76,791
276
265
277
Total cash costs
- R
/ - $
- ton milled
537
493
505
42
44
54
- R/kg
/ - $/oz
- produced
44,662
43,917
42,347
121
135
154
Total production costs - R/kg
/ - $/oz
- produced
47,863
47,569
45,482
129
146
166
PRODUCTIVITY
per employee
- g
/ - oz
- target
272
279
272
8.76
8.97
8.73
- actual
284
271
265
9.12
8.70
8.51
per employee
- m2
/ - ft2
- target
4.23
4.43
4.22
45.57
47.66
45.37
- actual
4.11
4.33
3.99
44.21
46.63
42.92
FINANCIAL RESULTS (MILLION)
Gold income
447.8
413.8
1,475.7
38.9
40.1
171.3
Cost of sales
232.3
228.1
883.2
20.1
22.3
103.5
Cash operating costs
219.8
208.7
814.4
19.1
20.6
95.5
Other cash costs
1.8
1.2
5.2
0.2
0.1
0.6
Total cash costs
221.6
209.9
819.6
19.3
20.7
96.1
Retrenchment costs
3.6
2.5
8.7
0.3
0.2
1.0
Rehabilitation and other non-cash costs
0.5
0.5
1.6
-
-
0.2
Production costs
225.7
212.9
829.9
19.6
20.9
97.3
Amortisation of mining assets
11.8
14.5
50.3
1.0
1.4
5.9
Inventory change
(5.2)
0.7
3.0
(0.5)
-
0.3
Operating profit
215.5
185.7
592.5
18.8
17.8
67.8
Realised non-hedge derivative gains (losses)
58.1
5.8
11.0
5.1
0.5
1.2
Operating profit including realised non-hedge derivatives
273.6
191.5
603.5
23.9
18.3
69.0
Capital expenditure
10.5
21.9
63.7
0.9
2.1
7.2
35
SOUTH AFRICAN REGION
WEST WITS
Quarter
Quarter
Year
Quarter
Quarter
Year
ended
ended
ended
ended
ended
ended
March
December
December
March
December
December
2002
2001
2001
2002
2001
2001
SAVUKA MINE
Rand / Metric
Dollar / Imperial
OPERATING RESULTS GOLD
Area mined - 000
- m2
/ - ft2
43
47
196
465
504
2,113
Milled - 000
- tonnes / - tons - reef
233
242
938
257
267
1,034
- waste
-
-
-
-
-
-
- surface and dump reclamation
-
-
-
-
-
-
- total
233
242
938
257
267
1,034
Yield
- g/t
/ - oz/t
- reef
7.84
7.57
7.97
0.229
0.221
0.232
- waste
-
-
-
-
-
-
- surface and dump reclamation
-
-
-
-
-
-
- average
7.84
7.57
7.97
0.229
0.221
0.232
Gold produced
- kg
/ - oz 000
- reef
1,830
1,835
7,476
59
59
240
- waste
-
-
-
-
-
-
- surface and dump reclamation
-
-
-
-
-
-
- total
1,830
1,835
7,476
59
59
240
Gold sold
- kg
/ - oz 000 - total
1,826
1,834
7,478
59
59
241
Price received
- R/kg
/ - $/oz
- sold
102,196
87,479
76,670
276
264
277
Total cash costs
- R
/ - $
- ton milled
605
555
544
48
50
58
- R/kg
/ - $/oz
- produced
77,211
73,341
68,209
209
225
248
Total production costs - R/kg
/ - $/oz
- produced
80,699
75,105
71,727
218
230
262
PRODUCTIVITY
per employee
- g
/ - oz
- target
119
164
166
3.84
5.28
5.34
- actual
131
140
144
4.22
4.50
4.64
per employee
- m2
/ - ft2
- target
3.74
4.54
4.50
40.23
48.92
48.41
- actual
3.10
3.58
3.79
33.35
38.48
40.83
FINANCIAL RESULTS (MILLION)
Gold income
165.1
158.3
569.1
14.3
15.4
66.2
Cost of sales
146.3
142.8
539.3
12.7
14.0
63.1
Cash operating costs
140.1
133.7
506.3
12.2
13.2
59.3
Other cash costs
1.1
0.9
3.6
0.1
0.1
0.4
Total cash costs
141.2
134.6
509.9
12.3
13.3
59.7
Retrenchment costs
1.0
1.8
7.3
0.1
0.2
0.9
Rehabilitation and other non-cash costs
0.5
0.3
0.9
-
-
0.1
Production costs
142.7
136.7
518.1
12.4
13.5
60.7
Amortisation of mining assets
5.0
1.2
18.1
0.4
0.1
2.3
Inventory change
(1.4)
4.9
3.1
(0.1)
0.4
0.1
Operating profit
18.8
15.5
29.8
1.6
1.4
3.1
Realised non-hedge derivative gains (losses)
21.4
2.2
4.2
1.9
0.2
0.5
Operating profit including realised non-hedge derivatives
40.2
17.7
34.0
3.5
1.6
3.6
Capital expenditure
5.0
4.1
4.1
0.4
0.4
0.4
36
SOUTH AFRICAN REGION
WEST WITS
Quarter
Quarter
Year
Quarter
Quarter
Year
ended
ended
ended
ended
ended
ended
March
December
December
March
December
December
2002
2001
2001
2002
2001
2001
MPONENG MINE
Rand / Metric
Dollar / Imperial
OPERATING RESULTS GOLD
Area mined - 000
- m2
/ - ft2
64
68
254
684
733
2,734
Milled - 000
- tonnes / - tons - reef
362
384
1,476
399
423
1,627
- waste
-
-
-
-
-
-
- surface and dump reclamation
-
-
-
-
-
-
- total
362
384
1,476
399
423
1,627
Yield
- g/t
/ - oz/t
- reef
8.40
8.43
7.71
0.245
0.246
0.225
- waste
-
-
-
-
-
-
- surface and dump reclamation
-
-
-
-
-
-
- average
8.40
8.43
7.71
0.245
0.246
0.225
Gold produced
- kg
/ - oz 000
- reef
3,039
3,236
11,386
98
104
366
- waste
-
-
-
-
-
-
- surface and dump reclamation
-
-
-
-
-
-
- total
3,039
3,236
11,386
98
104
366
Gold sold
- kg
/ - oz 000 - total
3,032
3,234
11,388
97
104
366
Price received
- R/kg
/ - $/oz
- sold
102,049
87,605
77,298
276
264
276
Total cash costs
- R
/ - $
- ton milled
531
475
472
42
42
50
- R/kg
/ - $/oz
- produced
63,200
56,391
61,221
171
173
223
Total production costs - R/kg
/ - $/oz
- produced
78,968
72,043
75,669
213
221
275
PRODUCTIVITY
per employee
- g
/ - oz
- target
199
183
186
6.39
5.87
5.99
- actual
184
197
173
5.91
6.34
5.57
per employee
- m2
/ - ft2
- target
4.32
4.53
4.50
46.48
48.72
48.45
- actual
3.85
4.15
3.86
41.42
44.68
41.59
FINANCIAL RESULTS (MILLION)
Gold income
273.8
279.4
873.8
23.8
27.1
100.4
Cost of sales
236.0
227.9
859.9
20.5
22.5
100.6
Cash operating costs
190.6
181.3
692.0
16.6
17.9
81.0
Other cash costs
1.5
1.2
5.1
0.1
0.1
0.6
Total cash costs
192.1
182.5
697.1
16.7
18.0
81.6
Retrenchment costs
1.3
1.9
8.2
0.1
0.2
1.0
Rehabilitation and other non-cash costs
0.4
0.5
1.5
-
-
0.2
Production costs
193.8
184.9
706.8
16.8
18.2
82.8
Amortisation of mining assets
46.2
48.3
154.8
4.0
4.8
17.9
Inventory change
(4.0)
(5.3)
(1.7)
(0.3)
(0.5)
(0.1)
Operating profit
37.8
51.5
13.9
3.3
4.6
(0.2)
Realised non-hedge derivative gains (losses)
35.6
3.9
6.5
3.1
0.4
0.7
Operating profit including realised non-hedge derivatives
73.4
55.4
20.4
6.4
5.0
0.5
Capital expenditure
55.9
100.3
261.1
4.9
9.5
29.4
37
EAST & WEST AFRICA REGION
Quarter
Quarter
Year
Quarter
Quarter
Year
ended
ended
ended
ended
ended
ended
March
December
December
March
December
December
2002
2001
2001
2002
2001
2001
NAVACHAB
Rand / Metric
Dollar / Imperial
OPERATING RESULTS GOLD
Mined - 000
- tonnes / - tons
697
1,292
4,992
768
1,424
5,503
Volume mined - 000
- bcm
/ - bcy
253
403
1,539
332
527
2,012
Stripping ratio
- t (mined - treated) / t treated
1.16
2.60
2.78
1.16
2.60
2.78
Treated - 000
- tonnes / - tons
323
358
1,320
356
395
1,455
Yield
- g/t
/ - oz/t
2.08
2.02
2.04
0.061
0.059
0.060
Gold produced
- kg
/ - oz 000
671
723
2,694
22
23
87
Gold sold
- kg
/ - oz 000
671
723
2,694
22
23
87
Price received
- R/kg
/ - $/oz
- sold
103,753
92,632
77,038
280
285
277
Total cash costs
- R/kg
/ - $/oz
- produced
42,934
46,068
45,101
116
142
164
Total production costs - R/kg
/ - $/oz
- produced
46,727
50,139
48,670
126
155
177
PRODUCTIVITY
per employee
- g
/ - oz
- target
539
575
592
17.32
18.50
19.04
- actual
653
688
648
20.98
22.11
20.83
FINANCIAL RESULTS (MILLION)
Gold income
69.6
67.0
207.6
6.0
6.6
24.0
Cost of sales
32.8
36.7
131.2
2.8
3.6
15.3
Cash operating costs
28.5
33.0
120.5
2.5
3.3
14.1
Other cash costs
0.3
0.3
1.1
-
-
0.1
Total cash costs
28.8
33.3
121.6
2.5
3.3
14.2
Rehabilitation and other non-cash costs
0.2
0.2
0.4
-
-
-
Production costs
29.0
33.5
122.0
2.5
3.3
14.2
Amortisation of mining assets
2.3
2.7
9.2
0.2
0.3
1.1
Inventory change
1.5
0.5
-
0.1
-
-
Operating profit
36.8
30.3
76.4
3.2
3.0
8.7
Realised non-hedge derivative gains (losses)
-
-
-
-
-
-
Operating profit including realised non-hedge derivatives
36.8
30.3
76.4
3.2
3.0
8.7
Capital expenditure
4.1
3.9
5.4
0.4
0.3
0.5
38
EAST & WEST AFRICA REGION
Quarter
Quarter
Year
Quarter
Quarter
Year
ended
ended
ended
ended
ended
ended
March
December
December
March
December
December
2002
2001
2001
2002
2001
2001
SADIOLA - Attributable 38%
Rand / Metric
Dollar / Imperial
OPERATING RESULTS GOLD
Mined - 000
- tonnes / - tons
1,477
1,725
6,339
1,628
1,902
6,987
Volume mined - 000
- bcm
/ - bcy
791
922
3,504
1,034
1,207
4,583
Stripping ratio
- t (mined - treated) / t treated
2.29
2.46
2.13
2.29
2.46
2.13
Treated - 000
- tonnes / - tons
448
499
2,025
494
550
2,232
Yield
- g/t
/ - oz/t
3.45
3.45
3.13
0.101
0.101
0.091
Gold produced
- kg
/ - oz 000
1,546
1,724
6,336
50
55
204
Gold sold
- kg
/ - oz 000
1,454
1,744
6,249
47
56
201
Price received
- R/kg
/ - $/oz
- sold
109,968
102,371
84,412
297
314
303
Total cash costs
- R/kg
/ - $/oz
- produced
49,523
42,920
36,356
134
131
131
Total production costs - R/kg
/ - $/oz
- produced
74,601
63,430
54,393
202
193
196
PRODUCTIVITY
per employee
- g
/ - oz
- target
2 548
2 756
2 306
81.93
88.60
74.15
- actual
2 812
2 576
2 391
90.40
82.83
76.88
FINANCIAL RESULTS (MILLION)
Gold income
158.0
180.2
529.2
13.7
17.8
61.0
Cost of sales
110.0
109.8
340.8
9.6
10.8
39.4
Cash operating costs
65.5
62.1
194.1
5.7
6.1
22.5
Other cash costs
11.0
11.8
36.2
1.0
1.2
4.2
Total cash costs
76.5
73.9
230.3
6.7
7.3
26.7
Rehabilitation and other non-cash costs
1.1
2.3
4.1
0.1
0.2
0.4
Production costs
77.6
76.2
234.4
6.8
7.5
27.1
Amortisation of mining assets
37.7
33.0
110.2
3.3
3.2
12.8
Inventory change
(5.3)
0.6
(3.8)
(0.5)
0.1
(0.5)
Operating profit
48.0
70.4
188.4
4.1
7.0
21.6
Realised non-hedge derivative gains (losses)
2.0
(1.6)
(1.7)
0.2
(0.2)
(0.1)
Operating profit including realised non-hedge derivatives
50.0
68.8
186.7
4.3
6.8
21.5
Capital expenditure
29.3
29.5
54.9
2.5
2.9
6.0
39
EAST & WEST AFRICA REGION
Quarter
Quarter
Year
Quarter
Quarter
Year
ended
ended
ended
ended
ended
ended
March
December
December
March
December
December
2002
2001
2001
2002
2001
2001
MORILA - Attributable 40%
Rand / Metric
Dollar / Imperial
OPERATING RESULTS GOLD
Mined - 000
- tonnes / - tons
3,262
3,071
9,227
3,595
3,385
10,171
Volume mined - 000
- bcm
/ - bcy
1,305
1,428
4,383
1,707
1,868
5,733
Stripping ratio
- t (mined - treated) / t treated
10.13
8.90
7.08
10.13
8.90
7.08
Treated - 000
- tonnes / - tons
293
310
1,142
323
342
1,259
Yield
- g/t
/ - oz/t
6.31
5.79
6.87
0.184
0.169
0.200
Gold produced
- kg
/ - oz 000
1,850
1,796
7,848
59
58
252
Gold sold
- kg
/ - oz 000
1,850
1,796
7,848
59
58
252
Price received
- R/kg
/ - $/oz
- sold
108,056
91,532
75,596
292
277
273
Total cash costs
- R/kg
/ - $/oz
- produced
36,992
38,573
28,533
100
117
103
Total production costs - R/kg
/ - $/oz
- produced
66,345
63,085
49,201
179
192
177
PRODUCTIVITY
per employee
- g
/ - oz
- target
2 725
3 833
4 266
87.62
123.24
137.16
- actual
2 842
2 786
3 586
91.36
89.56
115.30
FINANCIAL RESULTS (MILLION)
Gold income
199.9
164.5
593.3
17.4
16.0
69.0
Cost of sales
125.6
110.6
383.7
10.9
10.7
44.6
Cash operating costs
54.5
58.0
183.1
4.7
5.7
21.1
Other cash costs
13.9
11.4
40.9
1.2
1.1
4.8
Total cash costs
68.4
69.4
224.0
5.9
6.8
25.9
Rehabilitation and other non-cash costs
0.8
0.5
1.7
0.1
-
0.2
Production costs
69.2
69.9
225.7
6.0
6.8
26.1
Amortisation of mining assets
53.5
43.6
160.6
4.6
4.2
18.7
Inventory change
2.9
(2.9)
(2.6)
0.3
(0.3)
(0.2)
Operating profit
74.3
53.9
209.6
6.5
5.3
24.4
Realised non-hedge derivative gains (losses)
-
-
-
-
-
-
Operating profit including realised non-hedge derivatives
74.3
53.9
209.6
6.5
5.3
24.4
Capital expenditure
2.7
28.7
99.9
0.2
2.6
11.4
40
EAST & WEST AFRICA REGION
Quarter
Quarter
Year
Quarter
Quarter
Year
ended
ended
ended
ended
ended
ended
March
December
December
March
December
December
2002
2001
2001
2002
2001
2001
GEITA - Attributable 50%
Rand / Metric
Dollar / Imperial
OPERATING RESULTS GOLD
Mined - 000
- tonnes / - tons
3,371
4,296
15,860
3,716
4,736
17,482
Volume mined - 000
- bcm
/ - bcy
1,440
1,665
6,162
1,884
2,177
8,061
Stripping ratio
- t (mined - treated) / t treated
4.63
6.20
5.92
4.63
6.20
5.92
Treated - 000
- tonnes / - tons
599
596
2,291
660
657
2,525
Yield
- g/t
/ - oz/t
3.60
3.60
3.70
0.105
0.105
0.108
Gold produced
- kg
/ - oz 000
2,159
2,148
8,485
69
69
273
Gold sold
- kg
/ - oz 000
2,159
2,148
8,485
69
69
273
Price received
- R/kg
/ - $/oz
- sold
106,753
96,977
80,933
288
291
290
Total cash costs
- R/kg
/ - $/oz
- produced
57,593
53,944
41,123
156
163
147
Total production costs - R/kg
/ - $/oz
- produced
74,433
60,099
53,428
201
186
194
PRODUCTIVITY
per employee
- g
/ - oz
- target
1 530
2 395
1 989
49.18
77.00
63.94
- actual
1 437
1 889
1 916
46.21
60.72
61.59
FINANCIAL RESULTS (MILLION)
Gold income
227.5
210.3
688.9
19.8
20.3
79.4
Cost of sales
160.8
127.8
464.8
13.9
12.7
54.4
Cash operating costs
115.6
107.3
322.5
10.0
10.5
37.0
Other cash costs
8.8
8.5
26.5
0.8
0.8
3.0
Total cash costs
124.4
115.8
349.0
10.8
11.3
40.0
Rehabilitation and other non-cash costs
1.7
1.5
5.0
0.1
0.1
0.6
Production costs
126.1
117.3
354.0
10.9
11.4
40.6
Amortisation of mining assets
34.7
11.7
99.4
3.0
1.4
12.3
Inventory change
-
(1.2)
11.4
-
(0.1)
1.5
Operating profit
66.7
82.5
224.1
5.9
7.6
25.0
Realised non-hedge derivative gains (losses)
2.9
(2.0)
(2.3)
0.3
(0.2)
(0.2)
Operating profit including realised non-hedge derivatives
69.6
80.5
221.8
6.2
7.4
24.8
Capital expenditure
16.1
(10.9)
62.3
1.4
(1.1)
7.9
41
EAST & WEST AFRICA REGION
Quarter
Quarter
Year
Quarter
Quarter
Year
ended
ended
ended
ended
ended
ended
March
December
December
March
December
December
2002
2001
2001
2002
2001
2001
YATELA - Attributable 40%
Rand / Metric
Dollar / Imperial
OPERATING RESULTS GOLD
Mined - 000
- tonnes / - tons
1,655
1,558
2,911
1,824
1,718
3,209
Volume mined - 000
- bcm
/ - bcy
814
741
1,407
1,064
969
1,841
Stripping ratio
- t (mined - treated) / t treated
5.30
4.92
4.95
5.30
4.92
4.95
Treated - 000
- tonnes / - tons
263
263
490
290
290
540
Yield
- g/t
/ - oz/t
3.11
3.28
3.33
0.091
0.096
0.097
Gold produced
- kg
/ - oz 000
818
863
1,629
27
28
52
Gold sold
- kg
/ - oz 000
783
892
1,850
25
29
59
Price received
- R/kg
/ - $/oz
- sold
107,075
91,564
82,216
290
278
276
Total cash costs
- R/kg
/ - $/oz
- produced
52,986
50,163
45,083
143
151
149
Total production costs - R/kg
/ - $/oz
- produced
70,309
72,468
63,362
190
216
207
PRODUCTIVITY
per employee
- g
/ - oz
- target
1 344
2 709
1 992
43.21
87.10
64.05
- actual
1 608
1 905
1 802
51.69
61.26
57.94
FINANCIAL RESULTS (MILLION)
Gold income
83.9
81.7
152.1
7.3
8.0
16.4
Cost of sales
54.0
63.5
111.1
4.6
6.2
11.8
Cash operating costs
37.2
37.3
62.5
3.2
3.6
6.6
Other cash costs
6.1
6.0
10.9
0.5
0.6
1.2
Total cash costs
43.3
43.3
73.4
3.7
4.2
7.8
Rehabilitation and other non-cash costs
1.3
2.9
3.2
0.1
0.3
0.3
Production costs
44.6
46.2
76.6
3.8
4.5
8.1
Amortisation of mining assets
12.9
16.3
26.6
1.1
1.6
2.8
Inventory change
(3.5)
1.0
7.9
(0.3)
0.1
0.9
Operating profit
29.9
18.2
41.0
2.7
1.8
4.6
Realised non-hedge derivative gains (losses)
-
-
-
-
-
-
Operating profit including realised non-hedge derivatives
29.9
18.2
41.0
2.7
1.8
4.6
Capital expenditure
10.8
13.4
64.7
0.9
0.8
7.3
42
NORTH AMERICAN REGION
Quarter
Quarter
Year
Quarter
Quarter
Year
ended
ended
ended
ended
ended
ended
March
December
December
March
December
December
2002
2001
2001
2002
2001
2001
CRIPPLE CREEK & VICTOR J.V.
Rand / Metric
Dollar / Imperial
OPERATING RESULTS GOLD Underground Operations
Mined - 000
- tonnes / - tons
-
-
-
-
-
-
Treated - 000
- tonnes / - tons
-
-
-
-
-
-
Gold in ore
- kg
/ - oz 000
-
-
-
-
-
-
Yield
- g/t
/ - oz/t
-
-
-
-
-
-
Gold produced
- kg
/ - oz 000
-
-
-
-
-
-
Open-pit Operations
Mined - 000
- tonnes / - tons
10,840
8,963
31,212
11,949
9,880
34,405
Stripping ratio
- t (mined - treated) / t treated
3.70
2.69
1.77
3.70
2.69
1.77
Treated - 000
- tonnes / - tons
2,307
2,429
11,259
2,543
2,678
12,411
Gold in ore
- kg
/ - oz 000
3,714
2,937
12,909
119
94
415
Yield
- g/t
/ - oz/t
0.58
0.58
0.59
0.017
0.017
0.017
Gold produced
- kg
/ - oz 000
1,331
1,401
6,656
43
45
214
Total
Yield
- g/t
/ - oz/t
0.58
0.58
0.59
0.017
0.017
0.017
Gold produced
- kg
/ - oz 000
1,331
1,401
6,656
43
45
214
Gold sold
- kg
/ - oz 000
1,331
1,401
6,656
43
45
214
Price received
- R/kg
/ - $/oz
- sold
125,304
115,374
90,048
339
348
326
Total cash costs
- R/kg
/ - $/oz
- produced
73,681
69,780
51,837
199
212
187
Total production costs - R/kg
/ - $/oz
- produced
117,112
102,678
76,845
317
312
277
PRODUCTIVITY
per employee
- g
/ - oz
- target
1,786
2,393
2,261
57.42
76.95
72.69
- actual
1,421
1,666
1,997
45.69
53.57
64.21
FINANCIAL RESULTS (MILLION)
Gold income
166.8
161.7
599.4
14.5
15.7
69.7
Cost of sales
155.9
143.8
511.5
13.5
14.0
59.3
Cash operating costs
165.0
139.4
452.8
14.3
13.6
52.3
Other cash costs
-
-
-
-
-
-
Total cash costs
165.0
139.4
452.8
14.3
13.6
52.3
Rehabilitation and other non-cash costs
(26.3)
(10.9)
(22.8)
(2.3)
(1.0)
(2.6)
Production costs
138.7
128.5
430.0
12.0
12.6
49.7
Amortisation of mining assets
84.1
57.0
189.3
7.3
5.5
21.9
Inventory change
(66.9)
(41.7)
(107.8)
(5.8)
(4.1)
(12.3)
Operating profit
10.9
17.9
87.9
1.0
1.7
10.4
Realised non-hedge derivative gains (losses)
-
-
-
-
-
-
Operating profit including realised non-hedge derivatives
10.9
17.9
87.9
1.0
1.7
10.4
Capital expenditure
225.5
339.0
745.5
19.5
32.3
82.2
Note: The gold produced from underground and open-pit operations is allocated on gold in ore. * Total cash cost calculation includes inventory
43
NORTH AMERICAN REGION
Quarter
Quarter
Year
Quarter
Quarter
Year
ended
ended
ended
ended
ended
ended
March
December
December
March
December
December
2002
2001
2001
2002
2001
2001
JERRITT CANYON J.V. - Attributable 70%
Rand / Metric
Dollar / Imperial
OPERATING RESULTS GOLD Underground Operations
Mined - 000
- tonnes / - tons
213
257
1,185
235
283
1,306
Treated - 000
- tonnes / - tons
188
215
933
207
237
1,028
Gold in ore
- kg
/ - oz 000
1,734
2,490
7,414
56
80
238
Yield
- g/t
/ - oz/t
8.57
8.86
9.41
0.250
0.259
0.274
Gold produced
- kg
/ - oz 000
1,611
1,906
8,780
52
61
282
Open-pit Operations
Mined
- tonnes / - tons
- 000
-
-
-
-
-
-
Stripping ratio
- t (mined - treated) / t treated
-
-
-
-
-
-
Treated
- tonnes / - tons
- 000
-
-
-
-
-
-
Gold in ore
- kg
/ - oz 000
-
-
-
-
-
-
Yield
- g/t
/ - oz/t
-
-
-
-
-
-
Gold produced
- kg
/ - oz 000
-
-
-
-
-
-
Total
Yield
- g/t
/ - oz/t
8.57
8.86
9.41
0.250
0.259
0.274
Gold produced
- kg
/ - oz 000
1,611
1,906
8,780
52
61
282
Gold sold
- kg
/ - oz 000
1,611
1,906
8,780
52
61
282
Price received
- R/kg
/ - $/oz
- sold
125,612
108,630
88,548
339
335
323
Total cash costs
- R/kg
/ - $/oz
- produced
108,780
80,818
61,555
294
248
223
Total production costs - R/kg
/ - $/oz
- produced
145,478
110,878
81,580
393
341
296
PRODUCTIVITY
per employee
- g
/ - oz
- target
2,468
2,751
2,637
79.33
88.46
84.79
- actual
1,875
2,223
2,539
60.29
71.47
81.63
FINANCIAL RESULTS (MILLION)
Gold income
201.7
206.1
776.9
17.6
20.5
91.2
Cost of sales
226.6
211.0
718.1
19.6
21.0
83.6
Cash operating costs
175.2
154.1
540.4
15.2
15.2
63.0
Other cash costs
-
-
-
-
-
-
Total cash costs
175.2
154.1
540.4
15.2
15.2
63.0
Rehabilitation and other non-cash costs
3.9
4.7
12.9
0.3
0.5
1.5
Production costs
179.1
158.8
553.3
15.5
15.7
64.5
Amortisation of mining assets
55.3
52.6
162.9
4.8
5.3
18.9
Inventory change
(7.8)
(0.4)
1.9
(0.7)
-
0.2
Operating profit
(24.9)
(4.9)
58.8
(2.0)
(0.5)
7.6
Realised non-hedge derivative gains (losses)
-
-
-
-
-
-
Operating profit including realised non-hedge derivatives
(24.9)
(4.9)
58.8
(2.0)
(0.5)
7.6
Capital expenditure
29.7
18.9
90.1
2.6
1.8
10.6
Note: The gold produced from underground and open-pit operations is allocated on gold in ore.
44
SOUTH AMERICAN REGION
Quarter
Quarter
Year
Quarter
Quarter
Year
ended
ended
ended
ended
ended
ended
March
December
December
March
December
December
2002
2001
2001
2002
2001
2001
MORRO VELHO
Rand / Metric
Dollar / Imperial
OPERATING RESULTS GOLD Underground Operations
Mined - 000
- tonnes / - tons
193
221
888
212
243
979
Treated - 000
- tonnes / - tons
191
225
890
212
248
982
Gold in ore
- kg
/ - oz 000
1,432
1,780
6,660
46
57
214
Yield
- g/t
/ - oz/t
6.94
7.30
6.97
0.202
0.213
0.203
Gold produced
- kg
/ - oz 000
1,334
1,645
6,208
43
53
200
Open-pit Operations
Mined - 000
- tonnes / - tons
549
218
944
605
241
1,040
Stripping ratio
- t (mined - treated) / t treated
17.86
6.63
9.34
17.86
6.63
9.34
Treated - 000
- tonnes / - tons
29
29
91
32
32
101
Gold in ore
- kg
/ - oz 000
107
100
323
3
3
10
Yield
- g/t
/ - oz/t
3.48
3.31
3.32
0.101
0.097
0.097
Gold produced
- kg
/ - oz 000
101
95
303
3
3
10
Total
Yield
- g/t
/ - oz/t
6.48
6.85
6.63
0.189
0.200
0.193
Gold produced
- kg
/ - oz 000
1,435
1,740
6,511
46
56
209
Gold sold
- kg
/ - oz 000
1,395
1,798
6,892
45
57
221
Price received
- R/kg
/ - $/oz
- sold
129,283
104,540
91,522
349
314
329
Total cash costs
- R/kg
/ - $/oz
- produced
53,887
39,884
35,351
146
121
127
Total production costs - R/kg
/ - $/oz
- produced
78,812
73,664
55,628
213
218
197
PRODUCTIVITY
per employee
- g
/ - oz
- target
345
391
389
11.10
12.59
12.51
- actual
382
396
380
12.27
12.72
12.21
FINANCIAL RESULTS (MILLION)
Gold income
175.2
196.9
620.2
15.2
19.2
71.6
Cost of sales
106.7
131.3
389.9
9.2
12.7
44.4
Cash operating costs
75.8
67.8
225.4
6.6
6.6
26.1
Other cash costs
1.5
1.6
4.8
0.1
0.2
0.5
Total cash costs
77.3
69.4
230.2
6.7
6.8
26.6
Rehabilitation and other non-cash costs
1.7
27.1
32.1
0.1
2.4
3.0
Production costs
79.0
96.5
262.3
6.8
9.2
29.6
Amortisation of mining assets
34.1
31.7
99.9
3.0
3.1
11.5
Inventory change
(6.4)
3.1
27.7
(0.6)
0.4
3.3
Operating profit
68.5
65.6
230.3
6.0
6.5
27.2
Realised non-hedge derivative gains (losses)
5.2
(8.9)
10.6
0.5
(1.1)
1.4
Operating profit including realised non-hedge derivatives
73.7
56.7
240.9
6.5
5.4
28.6
Capital expenditure
33.8
20.5
84.4
2.9
2.0
9.9
Note: The gold produced from underground and open-pit operations is allocated on gold in ore.
45
SOUTH AMERICAN REGION
Quarter
Quarter
Year
Quarter
Quarter
Year
ended
ended
ended
ended
ended
ended
March
December
December
March
December
December
2002
2001
2001
2002
2001
2001
SERRA GRANDE - Attributable 50%
Rand / Metric
Dollar / Imperial
OPERATING RESULTS GOLD Underground Operations
Mined - 000
- tonnes / - tons
91
93
363
100
102
400
Treated - 000
- tonnes / - tons
94
93
370
103
103
408
Gold in ore
- kg
/ - oz 000
764
745
3,148
25
24
101
Yield
- g/t
/ - oz/t
7.74
7.53
8.08
0.226
0.220
0.236
Gold produced
- kg
/ - oz 000
727
704
2,991
23
22
96
Open-pit Operations
Mined - 000
- tonnes / - tons
-
-
-
-
-
-
Stripping ratio
- t (mined - treated) / t treated
-
-
-
-
-
-
Treated - 000
- tonnes / - tons
-
-
-
-
-
-
Gold in ore
- kg
/ - oz 000
-
-
-
-
-
-
Yield
- g/t
/ - oz/t
-
-
-
-
-
-
Gold produced
- kg
/ - oz 000
-
-
-
-
-
-
Total
Yield
- g/t
/ - oz/t
7.74
7.53
8.08
0.226
0.220
0.236
Gold produced
- kg
/ - oz 000
727
704
2,991
23
22
96
Gold sold
- kg
/ - oz 000
728
710
3,044
24
23
98
Price received
- R/kg
/ - $/oz
- sold
129,238
103,403
90,473
349
313
329
Total cash costs
- R/kg
/ - $/oz
- produced
40,248
36,621
29,729
109
111
107
Total production costs - R/kg
/ - $/oz
- produced
61,904
55,620
45,781
167
169
166
PRODUCTIVITY
per employee
- g
/ - oz
- target
885
879
929
28.44
28.27
29.86
- actual
929
895
953
29.87
28.78
30.63
FINANCIAL RESULTS (MILLION)
Gold income
91.4
76.9
270.8
7.9
7.6
31.6
Cost of sales
45.7
37.9
137.9
3.9
3.7
16.1
Cash operating costs
27.8
24.7
85.1
2.4
2.4
9.9
Other cash costs
1.5
1.0
3.8
0.1
0.1
0.4
Total cash costs
29.3
25.7
88.9
2.5
2.5
10.3
Rehabilitation and other non-cash costs
0.3
(1.0)
0.7
-
(0.1)
0.1
Production costs
29.6
24.7
89.6
2.5
2.4
10.4
Amortisation of mining assets
15.4
14.3
47.3
1.3
1.4
5.5
Inventory change
0.7
(1.1)
1.0
0.1
(0.1)
0.2
Operating profit
45.7
39.0
132.9
4.0
3.9
15.5
Realised non-hedge derivative gains (losses)
2.7
(3.5)
4.7
0.2
(0.4)
0.6
Operating profit including realised non-hedge derivatives
48.4
35.5
137.6
4.2
3.5
16.1
Capital expenditure
9.7
6.8
25.3
0.9
0.7
2.9
Note: The gold produced from underground and open-pit operations is allocated on gold in ore.
46
SOUTH AMERICAN REGION
Quarter
Quarter
Year
Quarter
Quarter
Year
ended
ended
ended
ended
ended
ended
March
December
December
March
December
December
2002
2001
2001
2002
2001
2001
CERRO VANGUARDIA - Attributable 46.25%
Rand / Metric
Dollar / Imperial
OPERATING RESULTS GOLD Underground Operations
Mined - 000
- tonnes / - tons
-
-
-
-
-
-
Treated - 000
- tonnes / - tons
-
-
-
-
-
-
Gold in ore
- kg
/ - oz 000
-
-
-
-
-
-
Yield
- g/t
/ - oz/t
-
-
-
-
-
-
Gold produced
- kg
/ - oz 000
-
-
-
-
-
-
Open-pit Operations
Mined - 000
- tonnes / - tons
1,551
1,455
5,543
1,709
1,604
6,110
Stripping ratio
- t (mined - treated) / t treated
14.77
12.37
12.85
14.77
12.37
12.85
Treated - 000
- tonnes / - tons
98
109
400
108
120
441
Gold in ore
- kg
/ - oz 000
1,055
1,200
4,369
34
39
140
Yield
- g/t
/ - oz/t
10.33
10.62
10.51
0.301
0.310
0.307
Gold produced
- kg
/ - oz 000
1,017
1,155
4,207
33
38
136
Total
Yield
- g/t
/ - oz/t
10.33
10.62
10.51
0.301
0.310
0.307
Gold produced
- kg
/ - oz 000
1,017
1,155
4,207
33
38
136
Gold sold
- kg
/ - oz 000
1,035
1,161
4,165
33
38
134
Price received
- R/kg
/ - $/oz
- sold
117,426
94,836
84,132
317
283
301
Total cash costs
- R/kg
/ - $/oz
- produced
34,557
41,366
36,799
93
126
133
Total production costs - R/kg
/ - $/oz
- produced
66,730
66,739
60,295
180
204
218
PRODUCTIVITY
per employee
- g
/ - oz
- target
1,561
1,709
1,585
50.20
54.95
50.96
- actual
1,905
2,128
1,947
61.24
68.41
62.61
FINANCIAL RESULTS (MILLION)
Gold income
129.9
133.0
381.1
11.3
12.9
43.6
Cost of sales
74.6
75.8
254.2
6.5
7.5
29.5
Cash operating costs
26.4
39.5
130.3
2.3
3.9
15.1
Other cash costs
8.7
8.3
24.5
0.8
0.8
2.8
Total cash costs
35.1
47.8
154.8
3.1
4.7
17.9
Rehabilitation and other non-cash costs
1.5
(4.8)
0.7
0.1
(0.4)
0.3
Production costs
36.6
43.0
155.5
3.2
4.3
18.2
Amortisation of mining assets
31.2
34.2
98.2
2.7
3.3
11.2
Inventory change
6.8
(1.4)
0.5
0.6
(0.1)
0.1
Operating profit
55.3
57.2
126.9
4.8
5.4
14.1
Realised non-hedge derivative gains (losses)
3.9
(5.7)
6.4
0.3
(0.7)
0.8
Operating profit including realised non-hedge derivatives
59.2
51.5
133.3
5.1
4.7
14.9
Capital expenditure
1.0
5.4
38.4
0.1
0.5
4.6
Note: The gold produced from underground and open-pit operations is allocated on gold in ore.
47
AUSTRALIAN REGION
Quarter
Quarter
Year
Quarter
Quarter
Year
ended
ended
ended
ended
ended
ended
March
December
December
March
December
December
2002
2001
2001
2002
2001
2001
SUNRISE DAM
Rand / Metric
Dollar / Imperial
OPERATING RESULTS GOLD
Volume mined - 000
- bcm
/ - bcy
4,899
4,466
20,185
6,409
5,842
26,403
Treated - 000
- tonnes / - tons
860
761
2,412
948
838
2,658
Yield
- g/t
/ - oz/t
3.07
3.13
3.81
0.089
0.091
0.111
Gold produced
- kg
/ - oz 000
2,638
2,378
9,177
85
76
295
Gold sold
- kg
/ - oz 000
2,620
2,345
8,912
84
75
287
Price received
- R/kg
/ - $/oz
- sold
101,407
98,539
83,062
274
298
297
Total cash costs
- R/kg
/ - $/oz
- produced
66,094
53,367
42,916
179
162
153
Total production costs - R/kg
/ - $/oz
- produced
84,073
68,677
56,193
227
209
201
PRODUCTIVITY
per employee
- g
/ - oz
- target
1,861
2,945
2,451
59.83
94.69
78.82
- actual
2,748
2,624
2,591
88.35
84.37
83.30
FINANCIAL RESULTS (MILLION)
Gold income
255.1
255.5
780.4
22.2
24.4
89.1
Cost of sales
207.5
187.9
555.6
18.2
18.5
63.7
Cash operating costs
167.8
121.7
324.2
14.6
11.9
36.8
Other cash costs
6.5
5.2
69.6
0.6
0.5
8.5
Total cash costs
174.3
126.9
393.8
15.2
12.4
45.3
Rehabilitation and other non-cash costs
1.8
1.9
6.2
0.2
0.2
0.7
Production costs
176.1
128.8
400.0
15.4
12.6
46.0
Amortisation of mining assets
45.7
34.5
115.6
4.0
3.4
13.4
Inventory change
(14.3)
24.6
40.0
(1.2)
2.5
4.3
Operating profit
47.6
67.6
224.8
4.0
5.9
25.4
Realised non-hedge derivative gains (losses)
10.7
(24.5)
(40.1)
0.9
(2.0)
(4.0)
Operating profit including realised non-hedge derivatives
58.3
43.1
184.7
4.9
3.9
21.4
Capital expenditure
18.6
28.1
310.5
1.6
2.8
37.9
48
AUSTRALIAN REGION
Quarter
Quarter
Year
Quarter
Quarter
Year
ended
ended
ended
ended
ended
ended
March
December
December
March
December
December
2002
2001
2001
2002
2001
2001
BODDINGTON - Attributable 33.33%
Rand / Metric
Dollar / Imperial
OPERATING RESULTS GOLD
Volume mined - 000
- bcm
/ - bcy
-
-
-
-
-
-
Treated - 000
- tonnes / - tons
-
486
2,640
-
536
2,911
Yield
- g/t
/ - oz/t
-
1.09
0.92
-
0.032
0.027
Gold produced
- kg
/ - oz 000
43
531
2,425
1
17
78
Gold sold
- kg
/ - oz 000
53
614
2,465
2
20
79
Price received
- R/kg
/ - $/oz
- sold
100,160
91,901
80,382
270
285
291
Total cash costs
- R/kg
/ - $/oz
- produced
52,041
49,985
51,119
140
161
190
Total production costs - R/kg
/ - $/oz
- produced
93,763
56,176
57,475
252
179
213
PRODUCTIVITY
per employee
- g
/ - oz
- target
-
1,176
1,574
-
37.80
50.62
- actual
403
2,025
1,553
12.94
65.09
49.94
FINANCIAL RESULTS (MILLION)
Gold income
5.1
62.8
209.2
0.4
6.1
24.2
Cost of sales
5.1
41.1
157.0
0.5
4.0
18.5
Cash operating costs
2.2
25.3
119.5
0.2
2.6
14.3
Other cash costs
-
1.2
4.5
-
0.1
0.5
Total cash costs
2.2
26.5
124.0
0.2
2.7
14.8
Rehabilitation and other non-cash costs
1.7
1.8
1.8
0.2
0.2
0.2
Production costs
3.9
28.3
125.8
0.4
2.9
15.0
Amortisation of mining assets
-
1.4
13.6
-
0.1
1.7
Inventory change
1.2
11.4
17.6
0.1
1.0
1.8
Operating profit
-
21.7
52.2
(0.1)
2.1
5.7
Realised non-hedge derivative gains (losses)
0.2
(6.4)
(11.1)
0.0
(0.5)
(1.1)
Operating profit including realised non-hedge derivatives
0.2
15.3
41.1
(0.1)
1.6
4.6
Capital expenditure
1.4
2.0
5.6
0.1
0.1
0.6
49
AUSTRALIAN REGION
Quarter
Quarter
Year
Quarter
Quarter
Year
ended
ended
ended
ended
ended
ended
March
December
December
March
December
December
2002
2001
2001
2002
2001
2001
UNION REEFS
Rand / Metric
Dollar / Imperial
OPERATING RESULTS GOLD
Volume mined - 000
- bcm
/ - bcy
785
1,128
4,565
1,027
1,475
5,971
Treated - 000
- tonnes / - tons
676
606
2,602
745
668
2,869
Yield
- g/t
/ - oz/t
1.38
1.53
1.36
0.040
0.046
0.040
Gold produced
- kg
/ - oz 000
934
928
3,548
30
31
114
Gold sold
- kg
/ - oz 000
935
973
3,552
30
31
114
Price received
- R/kg
/ - $/oz
- sold
101,327
96,622
82,086
274
294
293
Total cash costs
- R/kg
/ - $/oz
- produced
83,441
78,059
64,208
225
237
230
Total production costs - R/kg
/ - $/oz
- produced
105,235
93,185
74,426
284
283
267
PRODUCTIVITY
per employee
- g
/ - oz
- target
2,108
2,866
2,313
67.77
92.13
74.37
- actual
1,763
1,883
1,795
56.63
60.56
57.70
FINANCIAL RESULTS (MILLION)
Gold income
90.9
104.2
307.6
7.9
10.0
35.1
Cost of sales
93.8
89.3
284.7
8.2
8.6
32.8
Cash operating costs
77.9
72.5
229.0
6.8
7.1
26.4
Other cash costs
-
-
(1.2)
-
-
(0.2)
Total cash costs
77.9
72.5
227.8
6.8
7.1
26.2
Rehabilitation costs
6.6
1.5
5.0
0.6
0.1
0.6
Production costs
84.5
74.0
232.8
7.4
7.2
26.8
Amortisation of mining assets
13.8
12.5
31.3
1.2
1.2
3.6
Inventory change
(4.5)
2.8
20.6
(0.4)
0.2
2.4
Operating profit
(2.9)
14.9
22.9
(0.3)
1.4
2.3
Realised non-hedge derivative gains (losses)
3.8
(10.2)
(16.0)
0.3
(0.8)
(1.6)
Operating profit including realised non-hedge derivatives
0.9
4.7
6.9
0.0
0.6
0.7
Capital expenditure
-
-
1.8
-
-
0.3
50
51
DIRECTORS Executive R M Godsell (Chairman and Chief Executive
Officer)
J G Best D L Hodgson K H Williams
Non-Executive R P Edey* (Deputy Chairman) F B Arisman
#
Mrs E le R Bradley C B Brayshaw Dr V K Fung
#
A W Lea
(Alternate: P G Whitcutt)
T J Motlatsi W A Nairn
(Alternate: A H Calver*)
J Ogilvie Thompson
(Alternate: D D Barber*)
N F Oppenheimer A J Trahar
* British
#
American
OFFICES Registered and Corporate Managing Secretary Ms Y Z Simelane Company Secretary C R Bull
11 Diagonal Street Johannesburg 2001 (PO Box 62117, Marshalltown 2107) South Africa Telephone: +27 11 637 6000 Fax: +27 11 637 6624
Australia Level 13 & 14 St Martins Tower 44 St Georges Terrace Perth, WA 6000 (PO Box Z5046, Perth WA 6831) Australia Telephone: +61 8 9425 4604 Fax: +61 8 9425 4662
UNITED KINGDOM SECRETARIES St James's Corporate Services Limited 6 St James's Place London SW1A 1NP England Telephone: +44 20 7499 3916 Fax: +44 20 7491 1989
SHARE REGISTRARS South Africa Computershare Services Limited 2nd Floor, Edura, 41 Fox Street Johannesburg 2001 (PO Box 61051, Marshalltown 2107) South Africa Telephone: +27 11 370 7700 Fax: +27 11 836 0792
United Kingdom Computershare Investor Services PLC PO Box 82 The Pavilions, Bridgwater Road Bristol BS99 7NH England Telephone: +44 870 702 0001 Fax: +44 870 703 6119
Australia Computershare Investor Services Pty Limited Level 12, 565 Bourke Street Melbourne, Victoria 3000 (GPO Box 2975EE Melbourne, Victoria 3001) Australia Telephone: +61 3 9611 5711 Fax: +61 3 9611 5710
ADR DEPOSITARY The Bank of New York 620 Avenue of the Americas 6th Floor New York, NY 10011 United States of America Telephone: +1 646 885 3294 Fax: +1 646 885 3043
AUTHORISED REPRESENTATIVE United States of America Puglisi & Associates 850 Library Avenue, Suite 204 PO Box 885 Newark, Delaware 19715 United States of America Telephone: +1 302 738 6680 Fax: +1 302 738 7210
DIRECTORATE AND ADMINISTRATION
52
South Africa Steve Lenahan Telephone: +27 11 637 6248 Fax: +27 11 637 6247 E-mail: slenahan@anglogold.com
Peta Baldwin Telephone: +27 11 637 6647 Fax: +27 11 637 6399 E-mail: pbaldwin@anglogold.com
11 Diagonal Street Johannesburg 2001 (PO Box 62117, Marshalltown 2107) South Africa
Europe Tomasz Nadrowski Telephone: +41 22 718 3312 Fax: +41 22 718 3334 E-mail: tnadrowski@anglogold.com
67, rue du Rhone 4
th
Floor
1207 Geneva Switzerland
Alex Buck Telephone: +44 20 7664 8712/3 Fax: +44 20 7664 8711 E-mail: abuck@anglogold.com
4
th
Floor, The Linen Hall
162-168 Regent Street London W1B 5TE England
United States of America Charles Carter Telephone: (800) 417 9255 (toll free in USA and Canada) or +1 212 750 7999 Fax: +1 212 750 5626 E-mail: ccarter@anglogold.com
509 Madison Avenue Suite 1914 New York, NY 10022 United States of America
Australia Andrea Maxey Telephone: + 61 8 9425 4604 Fax: + 61 8 9425 4662 E-mail: amaxey@anglogold.com.au
Level 13 & 14 St Martins Tower 44 St Georges Terrace Perth WA 6000 (PO Box Z5046, Perth WA6831) Australia
General E-mail enquiries investors@anglogold.com
AngloGold website http://www.anglogold.com
Share Transactions Totally Electronic ("STRATE") Dealings and settlements on the JSE Securities Exchange South Africa ("JSE") are now exclusively in electronic form through the STRATE system such that share certificates are no longer good for delivery on that exchange. Shareholders resident in South Africa who currently retain their share certificates and who may wish to deal on the JSE are advised to dematerialise their shares. AngloGold operates an issuer-sponsored nominee programme, administered by Computershare Custodial Services Limited, which will hold and administer the shares at no cost to the shareholder.
A document entitled STRATE, which explains more fully the background and objectives of STRATE, the implications of holding dematerialised shares and the procedure to dematerialise shares may be accessed from our website http://www.anglogold.com
Global BuyDIRECT
SM
The Bank of New York maintains a direct share purchase and dividend reinvestment plan for AngloGold.
For additional information, please visit The Bank of New York's website at www.globalbuydirect.com or call Shareholder Relations at 1-888-BNY-ADRS or write to: The Bank of New York Shareholder Relations Department Global BuyDIRECT
SM
Church Street Station PO Box 11258 New York, NY 10286-1258 United States of America
CONTACTS
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has
duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
AngloGold Limited
Date: 11 JULY 2003
By: /s/ C R BULL
_
Name: C R Bull Title: Company Secretary