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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
 

 
 
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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
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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
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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
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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
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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
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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,
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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.
background image
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
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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.
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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
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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
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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
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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
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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
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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
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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
background image
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
background image
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
background image
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
background image
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
background image
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
background image
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
background image
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
background image
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
background image
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
background image
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
background image
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
background image
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
background image
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
background image
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
background image
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
background image
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
background image
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
background image
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
background image
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
background image
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
background image
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
background image
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
background image
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
background image
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
background image
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
background image
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
background image
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
background image
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
background image
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
background image
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
background image
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
background image
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
background image
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
background image
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
background image
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
background image
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
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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
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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