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
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: X 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:
X
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:
X
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:
X
Enclosures:
Report for the quarter and year ended 31 December 2002
Report
for the quarter and year
ended 31 December 2002
Group results for the quarter ended 31 December 2002...
Solid set of results achieved despite expected lower mining grades at Morila and the
stronger rand
Gold production 2% down at 1.55Moz
Headline earnings down 11% to $90m or 41 US cents per share
Ordinary shares sub-divided at close of business on 24 December 2002 on a 2:1 basis
see note 1 on page 56
...and for the year
A very good year:
Total cash costs down 10% to $161/oz
Operating profit up 21% to $638m
Headline earnings up 29% to $368m
Gold production down 15% to 5.9Moz due to the sale of the Free State assets
Return on capital and return on equity 15% and 21% respectively
Reserves up by 22% to 72.3Moz and resources up by 2% to 287.6Moz
Final dividend declared at R6.75 or 78 US cents per share resulting in a total dividend for
2002 of R13.50 or 142 US cents per share
www.anglogold.com
Quarter
Quarter
Year
Year
Quarter
Quarter
Year
Year
ended
ended
ended
ended
ended
ended
ended
ended
Dec 02
Sept 02
Dec 02
Dec 01
Dec 02
Sept 02
Dec 02
Dec 01
Dollar/Imperial
Rand/Metric
Gold
Produced
- oz (000)/kg
1,549
1,587
5,939
6,983
48,168
49,358
184,711
217,203
*Price received
- $/oz /R/kg
314
305
303
287
96,911
102,267
101,817
79,523
Total cash costs
- $/oz /R/kg
173
158
161
178
53,457
52,751
54,037
48,828
Total production costs
- $/oz /R/kg
220
202
203
213
68,159
67,637
68,241
58,579
Operating profit
- $/R million
184
150
650
517
1,758
1,566
6,784
4,521
Operating profit excluding unrealised
nonhedge derivatives
- $/R million
155
174
638
527
1,478
1,822
6,683
4,647
Net profit
- $/R million
100
81
332
245
955
850
3,444
2,180
Headline earnings
- $/R million
107
88
376
281
1,021
925
3,920
2,476
Headline earnings before unrealised
nonhedge derivatives
- $/R million
90
101
368
286
858
1,062
3,854
2,536
Capital expenditure
- $/R million
89
64
271
298
880
665
2,842
2,567
Net earnings (basic)
- cents per share
45
37
150
114
430
383
1,552
1,017
Headline earnings
- cents per share
48
40
169
131
460
417
1,767
1,156
Headline earnings before unrealised
nonhedge derivatives
- cents per share
41
46
166
133
387
479
1,737
1,184
Dividends
- cents per share
142
87
1,350
900
* Price received includes realised non-hedge derivatives
$ represents US dollar, unless otherwise stated
Dear Shareholder
AngloGold`s results for the fourth quarter of 2002 reflect a sound operating performance. As
predicted, production and profit levels at Morila declined compared to the third quarter, though
they remain impressive. Compared to the third quarter, the South African rand strengthened
by almost 8% against the US dollar. These factors combined to reduce headline earnings by
11% to $90 million. Gold production decreased by only 2% from the very high level of the
September quarter and, while dollar-denominated unit cash costs increased by 9% with the
strengthened rand, the South African operations kept local currency costs steady.
Production levels at both Morila and Geita continue to be affected by substantial (though
anticipated) decreases in grade this quarter. We expect grades and production to return to a
steady state in the next two quarters. Similarly, at Sunrise Dam in Australia, as mining moved
through lower grade areas of the pit during the fourth quarter, production was below the high
levels of the September quarter, but still above target. Drilling results at the operation indicate
sound performances for the future. Production at the Cripple Creek & Victor operation in
Colorado improved by 33% over the quarter as our efforts to overcome the recovery problems
in the leach pad began to bear fruit.
AngloGold's results for the year 2002 are impressive, reflecting the longer-term benefits of the
company's growth and risk diversification strategy. Although gold production declined with the
sale of the Free State mines in South Africa, cash costs were down year-on-year by 10% to
$161 per ounce and headline earnings increased by 29% on the 2001 performance, to
$368 million.
Looking ahead, the increase in reserves has resulted in longer mine lives rather than increased
production and we anticipate gold production for 2003 to be unchanged at around 6 million
ounces, increasing to 6.5 million ounces in 2006. Part of the increased reserve is due to the
rise in the gold price, which has the effect of making lower-grade areas profitable. This leads to
a lower average grade overall and, consequently, increased unit costs which are also affected
by the stronger rand. Total cash costs for 2003 are estimated to be $190 per ounce and total
production costs $229 per ounce, with capital expenditure forecast at $330 million.
There are two other noteworthy developments. First, we publish our annual reserve and
resource statement today and report a 22% increase in the company's ore reserve, to
72.3 million ounces. Included in this is a 30% increase in the South African ore reserve to
47.5 million ounces.
The company has reduced its hedging contracts by some 133 tonnes during the past year. In
the light of the continued strength of the gold price and of the steady improvement in
AngloGold's operating performance over the past two years, and consequently the reduced
need for the company to manage revenue through forward pricing, the Board has encouraged
the continuing management and restructuring of the hedge book.
We also announce today that AngloGold proposes to pay a final dividend for the year of R6.75
per share, unchanged in rand terms from the interim dividend, but 22% higher in dollar terms
at 78 US cents per share. This gives a total dividend for the year of R13.50 (R9.00 in 2001) and
a yield of 4.4%, calculated on a share price of R305 per share. This level of dividend is
consistent with AngloGold's established practice of paying out a high proportion of its earnings
to shareholders, once we have provided for our organic growth objectives.
Russell Edey
Bobby Godsell
Chairman
Chief Executive Officer
30 January 2003
Bobby Godsell
Chief Executive Officer
Russell Edey
Chairman
Letter from
Chairman and CEO
2
Operating profit excluding
unrealised non-hedge
Production
Price received
Total cash costs
EBITDA
derivatives
oz %
oz % $/oz % $m
%
$m
%
(000)
Variance**
(000)
Variance**
Variance**
Variance**
Variance**
Morila*
130 (24)
316 2 78 59 34 (19)
25
(19)
Great Noligwa
204
(3)
307
4
152
12
33
-
30
(3)
TauTona
168 -
307 5
142 8
29 4
27
4
Cerro
Vanguardia*
66 29
336 5 108 5 17 31
11
57
Kopanang
138 7
309 5
185 4
15 -
13
-
Mponeng
127 (7)
304 4
186 9 15
(17)
7
(30)
Cripple Creek
& Victor*
76
33
330
(1)
178
(3)
12
-
5
(100)
Morro Velho
54
-
328
1
120
(2)
11
-
8
-
Tau Lekoa
86
12
311
6
202
-
10
43
7
40
Sunrise Dam
90
(14)
331
-
193
14
8
(53)
4
(67)
Jerritt Canyon*
63
11
327
(1)
221
(18)
6
100
1
(100)
Sadiola*
48 20
325 9
204 19 5 -
2
-
Serra Grande*
22
(8)
326
1
94
4
5
-
4
-
Geita*
61 (26)
289 (4)
216 29
4 (64)
1
(86)
Navachab
21 (9)
318 1
168 19 4 -
3
(25)
Yatela*
29 (3)
325 4
202 16 4 -
2
(33)
Ergo
66 6
307 4
204 4 3
(25)
3
(25)
Union
Reefs
28 (3)
318 (4)
244 19 -
(100)
-
(100)
Savuka
48 (16)
307 5 320 21 (1)
(150)
(2)
(300)
Other
24
-
(15)
-
4
(33)
Anglogold
Group
1,549
(2)
314
3
173
9
199
(10)
155
(11)
*Attributable
**Variance quarter-on-quarter
Operations at a glance
3
OVERVIEW OF THE QUARTER AND THE YEAR
For the December quarter, AngloGold again
produced a solid set of results in the face of
predicted declining mining grades, specifically at
Morila, Geita and Sunrise Dam, and a stronger
South African currency, resulting in higher dollar
costs. Of the $19m reduction in operating profit,
$29m was on account of the lower grade and $14m
due to the strengthened rand. More than half of this
was offset by a higher received gold price ($13m)
and increased volumes ($10m). Costs were well-
contained on the South African operations at
R55,229/kg and on a cost per square metre basis
were 2% down at R2,664/m2. Overall, total cash
costs increased by 9% to $173/oz. Headline
earnings were 11% lower at $90m or 41 US cents
per share.
Gold production for the quarter decreased by 2% to
1.55Moz, as a result of the anticipated return to
lower grades at Morila in southern Mali, and at
Sunrise Dam in Australia, while production at Geita
in Tanzania was down, as expected, owing to the
second pit cutback. In South Africa, the effect of the
lower grade at Great Noligwa was to a large extent
offset by the excellent performance of the other
operations which were able to increase their volume
mined.
AngloGold had a very good year in 2002. Total cash
costs decreased by 10% to $161/oz, operating profit
increased by 21% to $638m and headline earnings
went up by 29% to $368m. Gold production dropped
by some 15% to 5.94Moz as a result of the sale of
AngloGold's assets in the Free State in South Africa.
Returns on capital and equity for the year were 15%
and 21%, respectively.
AngloGold has declared a final dividend of R6.75 per
share for 2002 which, in dollar terms, is equal to
78 US cents per ADS, assuming an exchange rate of
R8.6/$1. This gives a total dividend for the year of
R13.50, representing a yield of 4.4% calculated on a
share price of R305 per share (or $35 per ADS), the
closing price on the JSE Securities Exchange on
30 January 2003.
OPERATING RESULTS FOR THE QUARTER
SOUTH AFRICA
At Great Noligwa, a 2% increase in volume mined
was offset by a 3% drop in grade to 10.4g/t. The
lower gold production, at 6,327kg (204,000oz), and
decreased income from by-products contributed to a
4% increase in total cash costs to R47,114/kg
($152/oz). Operating profit decreased by 11% to
R288m ($30m). Looking ahead to 2003, the grade is
expected to improve to around 11.5g/t, with
production exceeding the 27t (880,000oz) recorded
for 2002. After the tragic seismic-related fatal
accidents of the second quarter, the mine's safety
record substantially improved over the remainder of
the year to the extent that it achieved one million
fatality-free shifts in November.
At Kopanang, the increased volumes mined in
December, together with the higher grade
encountered, resulted in a 7% improvement in gold
production to 4,292kg (138,000oz). Total cash costs
decreased by 3% to R57,312/kg ($185/oz) while
operating profit fell by 14% to R120m ($13m),
mainly as a result of the lower rand gold price.
At Tau Lekoa, the year finished strongly with a 12%
improvement in gold production to 2,683kg
(86,000oz). Total cash costs were 7% lower at
R62,360/kg ($202/oz) while operating profit
increased by 7% to R60m ($7m).
Mponeng performed well, despite being unable to
match the exceptional results of the September
quarter. Volume mined increased by 2%, although
gold production declined by 7% to 3,936kg
(127,000oz) as a result of lower grade. Total cash
costs were held steady at R57,216/kg ($186/oz).
Operating profit at R66m ($7m) was down by 39%
due to the reduced gold production and lower rand
gold price.
An 11% decrease in volume mined at Savuka,
together with the drop in grade in the Carbon Leader
section, contributed to the 16% decline in gold
production to 1,500kg (48,000oz). Total cash costs
increased by 11% to R98,863/kg ($320/oz). The
operating loss of R16m ($2m) was directly
attributable to the reduced mining rates in the
interest of safety. Eleven employees lost their lives
in accidents during the year. The recent extension
FINANCIAL AND OPERATING REVIEW
4
of the mine's life has allowed for the mine to be
redesigned in such a way as to better manage
seismicity, which will positively impact on workplace
safety, and consequently, production.
TauTona performed well, with mining volume
increasing by 9% and gold production steady at
5,227kg (168,000oz). Total cash costs decreased
marginally to R43,842/kg ($142/oz) while operating
profit fell by 6% to R254m ($27m), partly because of
the lower rand price received. The mine's safety
practices continue to yield positive results. There
has not been a rock-related fatal accident since
September 2001 and in January 2003, the mine
achieved one million fatality-free shifts for the
second time in its 40-year history.
At Ergo, good operational performance contributed
to the 6% increase in tonnes treated and the
consequent increase in gold production to 2,054kg
(66,000oz). Total cash costs fell by 4% to
R62,856/kg ($204/oz), with operating profit declining
by 40% to R24m ($3m), following a lower price
received and a decision to accelerate the provision
for environmental rehabilitation.
Compared with 2001, the annual Lost Time Injury
Frequency Rate (LTIFR) for the South African region
improved by 14% to 9.99 -- the best rate ever
recorded for this region.
EAST AND WEST AFRICA
At Geita (50% attributable), gold production
decreased by 26% to 61,000oz, due to an
anticipated 24% decline in recovered grade to
3.03g/t. As a consequence of the lower production,
total cash costs increased by 29% to $216/oz.
Grade is expected to remain at this level for the first
quarter of 2003 before returning to an average of
approximately 4g/t for the rest of the year. The mine
had three fatal accidents during the year, all
transport related. This has led management to focus
particular attention on this aspect of mine safety and
to align contractors' safety standard with those of the
mine.
It was reported at the end of the September quarter
that the exceptionally high grades experienced
during that quarter at Morila (40% attributable) were
unlikely to be sustained beyond October 2002. As
was anticipated, recovered grade declined by 38% to
15.11g/t and production for the fourth quarter fell by
24% to 130,000oz. The decrease in production,
combined with higher costs due to a 22% increase in
tonnage throughput, resulted in total cash costs
rising by 59% to what remains a very creditable
$78/oz. Operating profit decreased by 19% to $25m,
largely as a result of the lower grades and
decreased production. The reduced grades will
probably continue to have an impact on the mine's
short-term performance, with grade likely to remain
lower than in the fourth quarter.
Navachab had another good quarter, with
production above target but 9% down on the
previous quarter at 21,000oz, mainly because of a
4% reduction in tonnage treated. Total cash costs
increased by 19% to $168/oz, as a result of
decreased production and the strengthening of the
Namibian dollar against the US dollar. Operating
profit declined by 25% to $3m.
Production at Sadiola (38% attributable) increased
by 20% to 48,000oz, largely as a result of the
treatment of a greater proportion of higher-grade
sulphide material over the lower-grade oxide
material. This change led to an increase in the
quantity of reagents used and, coupled with
increased mining volume, resulted in an 19% rise in
total cash costs to $204/oz. Operating profit was in
line with that of the previous quarter at $2m.
At Yatela (40% attributable), gold production
decreased by 3% to 29,000oz. Tonnes treated
increased by 20% quarter-on-quarter, but this was
largely offset by a larger-than-planned reduction in
recovered grade to 2.83g/t. Total cash costs
increased by 16% to $202/oz as a result of the
combination of the higher mining volume and lower
production levels.
NORTH AMERICA
Production at Cripple Creek & Victor (67%
ownership with 100% interest in production) was
33% higher quarter-on-quarter at 76,000oz due to
improved solution grades and larger leach solution
volumes processed. Total cash costs were 3% lower
than those of the third quarter at $178/oz. During
the quarter, both crusher tonnage and leach solution
volumes reached design capacity levels. Operating
profit improved to $5m. On the safety front, the mine
completed its expansion programme without injury.
Jerritt Canyon's (70% attributable) production was
11% higher for the fourth quarter at 63,000oz. The
increase in production was due to additional tons
processed and improved recoveries. Total cash
costs at $221/oz were 18% lower, owing to lower
5
dewatering costs and decreased underground
mining costs. Operating profit increased to $1m
from a deficit of $2m in the third quarter, as a result
of the higher gold production.
SOUTH AMERICA
At Cerro Vanguardia (92.5% attributable), gold
production was 29% higher at 66,000oz. The
production increase was largely owing to the greater
availability of the crusher plant and an enhanced
ore-mix treated, resulting from better management of
the higher clay content in the ore. Total cash costs
were 5% higher at $108/oz. Operating profit rose by
57% to $11m due to a 25% increase in the amount
of gold sold, the higher gold price received and lower
total production costs.
At Morro Velho, gold production was stable at
54,000oz. Total cash costs were 2% lower quarter-
on-quarter at $120/oz while operating profit
remained stable at $8m.
At Serra Grande (50% attributable) production
decreased by 8% to 22,000oz due to planned
reductions in both ore treated and recovered grade.
Total cash costs were 4% higher at $94/oz, while
operating profit was steady at $4m.
The South America region again had a good safety
performance this quarter, with its LTIFR below
AngloGold's Ontario Underground Metalliferous
Mines benchmark. Both the Serra Grande and
Cerro Vanguardia operations were audited by
NOSA. Serra Grande was awarded "5 star" rating
and Cerro Vanguardia maintained its "5 star" rating
and ISO14001 rating. Morro Velho is expected to be
audited by NOSA in February 2003.
AUSTRALIA
Although mill throughputs at Sunrise Dam increased
slightly, scheduled mining moved to lower-grade
areas of the open pit, resulting in decreased grades
and a 14% decline in production to 90,000oz. With
the lower production, total cash costs increased by
10% to A$341/oz ($193/oz). Operating profit for the
quarter fell to A$7m ($4m), mainly because of the
impact of lower gold sales. AngloGold acquired an
adjacent mining lease from Placer Dome late in
2002. The lease covers the complete Sunrise pit
and its purchase will enable full optimisation of the
Cleo MegaPit.
At Union Reefs, mining is now moving into its final
stages and has been directed towards the small,
dispersed resources that remain in the vicinity of the
plant. In addition, processing of low-grade stockpiles
has commenced. As a consequence, a fall in grade
resulted in slightly lower production (3%) of 28,000oz
and increased total cash costs (15%) of A$431/oz
($244/oz). Operating profit decreased to A$1m
($0.5m) from A$4m ($2m) in the previous quarter.
The mine recorded no lost time injuries during 2002.
EXPLORATION
At Sadiola in Mali, sulphide infill drilling continued.
Notable intersections at a 1g/t cut-off include 18m at
3.46g/t from 440m; 21m at 4.11g/t from 332m; 39m
at 2.99g/t from 430m; 43m at 7.95g/t from 436m;
15m at 4.09g/t from 365m; and 60m at 3.19g/t from
376m.
Satellite oxide exploration focused on the FE3 and
FE4 targets, some 7km south-east of the Sadiola pit.
Intersections include 34m at 2.67g/t from 46m; 48m
at 2.80g/t gold from 58m; and 46m at 2.99g/t from
58m.
At Yatela mineral resource modelling of the
Alamoutala deposit situated 13km south-east of the
pit, has increased the Mineral Resource by
170,000oz (69,000oz attributable). Pending the
current feasibility study, mining of the deposit is
scheduled to commence in July 2003.
Six diamond holes were completed in the Western
Fringe area of the Morila pit, and with the exception
of one of the holes, all intersected mineralisation
more than 200m west of the current ore envelope.
Results for five of the holes have been received,
yielding 52m at 2.06g/t from 243m; 63m at 2.11g/t
from 178m; 8m at 3.57g/t from 23m; 29m at 2.52g/t
from 275m; 15m at 1.08g/t from 47m; and 13m at
20.71g/t from 48m including 1m at 227.6g/t.
RAB (rotary airblast) drilling continued on three
greenfields prospects in southern Mali with assays
pending.
In Tanzania, infill drilling at Geita was completed at
the Star and Comet and Ridge 8 projects.
Significant intersections at Star and Comet include:
7m at 8.36g/t from 76m; 6m at 10.00g/t from 122m;
and 19m at 17.30g/t from 113m. Updating of the
mineral resource model generated an additional
2.48Mt at 2.97g/t for 240,000oz (120,000oz
attributable).
6
Notable values at Ridge 8 include: 10m at 4.70g/t
from 191m; 21m at 3.60g/t from 67m; and 30m at
3.40g/t from 188m.
Drilling was completed in the area between Geita Hill
and Lone Cone. Results include: 19m at 4.70g/t
from 106m; 22m at 5.20g/t from 105m and 18m at
3.50g/t from 133m.
At Navachab in Namibia, drilling of the MC second
shoot north of the pit was completed. Intersections
include: 40m at 4.77g/t from 10m; 34m at 5.77g/t
from surface; 38m at 4.61g/t from 4m; and 28m at
4.65g/t from 6m. An extensive drilling programme is
planned during 2003 as part of the expansion
project.
In North America extensive geophysical surveying
was completed at the Red Lake joint venture in
Canada during the quarter. Results are being
compiled from preliminary drilling for follow-up work
in 2003.
In Nevada, three Great Basin projects were drill-
tested with a further three targets to be drill-tested
during 2003.
Resource development drilling continued at both
Jerritt Canyon and Cripple Creek & Victor joint
ventures, in support of life of mine plans.
Mineralisation defined at Cripple Creek will require
further drilling in 2003.
In South America, high-grade gold intercepts in
both the oxide and sulphide mineralisation at
Corrego do Sitio in Brazil has extended
mineralisation in the open-pit zones. Best
intersections include 6.30m at 26.00g/t from 1m;
5.50m at 16.30g/t from 17m; 15.8m at 13.35g/t from
41m; 10.00m at 11.18g/t from 9m; and 4.15m at
32.68g/t from 91m. Ramp development to access
sulphide mineralisation at Corrego do Sitio is
progressing well. Drilling at the Lamego project has
extended mineralisation, which is considered to be
open along strike to the north-east.
At Cerro Vanguardia in Argentina, exploration
activities were focused on drilling extensions at the
Dany, Osvaldo Diez, Mangas and Jani veins.
In Peru three greenfields targets were drill-tested
with the La Rescatada project in southern Peru
warranting further drilling in 2003. Target generation
in Peru continues to provide numerous targets that
require follow up during 2003.
In Australia at Sunrise Dam, exploration during the
quarter concentrated on testing extensions of the
Dolly-Cosmo zone, yielding significant results from
Dolly including: 19m at 4.00g/t; 2m at 15.45g/t; and
24m at 5.58g/t. This drilling also intersected a new
lode to the east of Cosmo ("Hammerhead"), with
results including 11m at 36.58g/t and 8m at 5.30g/t.
A first-pass drilling programme testing extensions of
the Sunrise Shear zone intersected the structure up
to 300m north-west of the current underground
resource, with results including 4m at 8.49g/t and 7m
at 3.87g/t.
Step-out drilling continued west of Coyote, and
limited drilling was undertaken within the main
Coyote area for resource definition and confirmation
of geological interpretations. Best intercepts from
drilling within the main Coyote area included: 4m at
15.54g/t; 11m at 33.23g/t and 3m at 12.30g/t.
In South Africa, the Ventersdorp Contact Reef
(VCR) was intersected in two surface holes being
drilled to the west of the Tau Lekoa Mine. Assay
results are expected early in 2003. One surface
borehole is continuing to be drilled at Moab
extension to confirm predicted structure and grade.
The drilling has not yet reached its target.
Note:
All references to price received includes the realised non-hedge
derivative gains (losses).
All references to operating profits and headline earnings excludes
unrealised non-hedge derivative gains (losses).
Rounding of figures may result in computational discrepancies.
In the case of Joint Venture operations, all production and
financial results are attributable to AngloGold.
7
The price of gold finished the year strongly, touching a high of $354/oz in December.
The average spot price for the quarter of $323/oz is almost $10 higher than the price
for the previous quarter. Market volatility also increased with a price range of $45/oz
for the quarter. The US dollar moved in the other direction, downwards against other
currencies, including the rand. The local currency gained almost 20% against the
dollar during this quarter, finishing at an exchange rate of R8.55 to the dollar, off an
opening rate of R10.41. Both of these trends have been maintained into 2003.
The factors which drove the gold price during 2002 made a particularly strong impact
in the final quarter. These factors included US dollar weakness, international political
tension, equity market declines and a halt to the dismantling of producer hedging.
This last factor had the effect of both lowering gold producer selling in the spot
market, and introducing some buying in the market. During this past quarter, the
price was influenced most significantly by dollar weakness and escalating conflict
over Iraq. Over the past year, the spot price has responded almost perfectly to the
dollar's fall against the euro (see graph below), and this correlation was maintained in
the final quarter. The additional tension in the Middle East provided the lift to take
gold up further. All of the factors that have been positive for gold in 2002 remain
firmly in play, and there is good reason to expect higher gold prices in the year
ahead.
Under the favourable price performance of
gold, the physical market continued to show
weakness throughout 2002. There has been a
decline in physical demand for gold in both
the jewellery and the investment sectors,
with exceptions in only a few countries.
Compounding this lower demand, scrap sales
and gold recycling have increased sharply in
the face of higher gold prices. The negative
impact of these factors in the physical market
has been mitigated to a degree by slightly
lower new mine production, and by the
reduction in supply occasioned by the run-
down in gold producer hedging referred to
above. As is the case in all periods of rising
gold prices and gold price volatility, the
physical market should revive once the price
returns to a stable trading range for a period of time. However, with further gold price
volatility expected in 2003, a resurgence of physical demand should not be expected
immediately.
1.3
1.25
1.2
1.15
1.1
1.05
1
0.95
0.9
1.3
1.25
1.2
1.15
1.1
1.05
1
0.95
0.9
2 Jan 02
11 Jan 02
22 Jan 02
31 Jan 02
11 Feb 02
20 Feb 02
1 Mar 02
12 Mar 02
21 Mar 02
1 Apr 02
10 Apr 02
19 Apr 02
30 Apr 02
9 May 02
20 May 02
29 May 02
7 Jun 02
18 Jun 02
27 Jun 02
8 Jul 02
17 Jul 02
26 Jul 02
8 Aug 02
15 Aug 02
26 Aug 02
4 Sep 02
13 Sep 02
24 Sep 02
3 Oct 02
14 Oct 02
23 Oct 02
1 Nov 02
12 Nov 02
21 Nov 02
2 Dec 02
11 Dec 02
20 Dec 02
31 Dec 02
10 Jan 03
GOLD
EUR0
Kelvin Williams
Marketing Director
Review
of the gold market
$/Euro rate and $ gold price indexed 2002
8
A critical factor in the strength of the gold market in 2002 has been the return of investor
and speculator interest in the metal. This interest has not translated particularly into
demand for physical gold, but can most certainly be seen in the derivative markets, and
particularly in the futures and options positions on the New York Comex and, from time
to time, on the Tokyo Comex. There is no doubt also a considerable over-the-counter
derivative trade in gold, although this is not easily measured. The importance of this gold
buying in the derivatives markets for the gold price can be seen from the graph below,
showing gold trading positions on New York Comex from the beginning of 2000, and the
US dollar spot price of gold. Buying in the derivatives markets is directly influenced by
the factors referred to above, and is directly responsible for moving the price of gold.
Compared with the previous
quarter, the net delta hedge
position reflects a reduction of
some 120,000oz, or 4t. This small
reduction was achieved in the face
of a sharply higher dollar gold
price which has the effect of
increasing the net delta of open
option positions in the hedge.
Notwithstanding this, the overall
cover in the book continues to
decrease. As an illustration,
without changes to the hedge
book during the fourth quarter of
2002, the hedge book of 324t net
short as reported to shareholders
at 30 September 2002 valued at
the market rates for
31 December 2002 would have risen to 344t. Likewise, the negative marked-to-market
value at 30 September of ($441m) would have risen, unmanaged, to ($674m). Instead,
the actual delta of 319.7t (10.3Moz) gives some measure of the underlying reduction and
restructuring in the overall book. Noting the continued strength of the gold price and of
the reduced need for the company to manage revenue through forward pricing, the
Board, at its meeting on 30 January 2003, encouraged the continuing management of
the hedge book.
Kelvin Williams
Marketing Director
12
10
8
6
4
2
0
-2
-4
-6
-8
350
325
300
275
250
Moz
US$/oz
4 Jan 00
22 Feb 00
11 Apr 00
30 May 00
18 Jul 00
05 Sep 00
24 Oct 00
12 Dec 00
30 Jan 01
20 Mar 01
08 May 01
26 Jun 01
14 Aug 01
02 Oct 01
20 Nov 01
08 Jan 02
26 Feb 02
16 Apr 02
04 Jun 02
23 Jul 02
10 Sep 02
29 Oct 02
17 Dec 02
NY Comex: Futures and options Jan 2000 Jan 2003
$ gold price
Open contracts
9
As at 31 December 2002, the group had outstanding, the following forward-pricing commitments against future production. The
total net delta tonnage of the hedge on this date was 10.28Moz or 319.7t (at 30 September 2002: 10.40Moz or 323.6t).
The marked-to-market value of all hedge transactions making up the hedge positions was a negative R3.81bn (negative $446.6m)
as at 31 December 2002 (at 30 September 2002: negative R4.65bn negative $442.3m). These values were based on a gold
price of $345.50 per ounce, exchange rates of R/$8.53 and A$/$0.56 and the prevailing market interest rates and volatilities at the
time.
As at 29 January 2003, the marked-to-market value of the hedge book was a negative $591.3m (negative R5.085bn) based on a
gold price of $363/oz and exchange rates of R/$8.6 and A$/$0.588 and the prevailing market interest rates and volatilities at the
time.
These marked-to-market valuations are in no way predictive of the future value of the hedge position nor of future impact on the
revenue of the company. The mark-to market represents the current profit/loss value of the hedge book at market prices and rates
available at that time.
Year
2003
2004
2005
2006
2007 2008-2012
Total
DOLLAR GOLD
Forward Contracts
Amount (kg)
15,289
18,056
25,049
19,862
18,974
25,878
123,108
$ per oz
$307
$313
$325
$333
$337
$355
$331
Put Options Purchased
Amount (kg)
5,808
796
757
563
728
8,652
$ per oz
$352
$291
$291
$291
$292
$332
*Delta (kg)
2,353
119
129
99
126
2,826
Put Options Sold
Amount (kg)
12,752
7,465
20,217
$ per oz
$307
$317
$311
*Delta (kg)
1,837
2,034
3,871
Call Options Purchased
Amount (kg)
4,555
572
5,127
$ per oz
$351
$360
$352
*Delta (kg)
2,339
277
2,616
Call Options Sold
Amount (kg)
18,830
5,829
16,360
14,681
14,308
54,245
124,253
$ per oz
$332
$330
$322
$329
$336
$363
$344
*Delta (kg)
13,150
3,835
11,415
9,983
9,656
39,963
84,002
RAND GOLD
Forward Contracts
Amount (kg)
15,936
12,476
9,855
6,335
4,541
3,732
52,875
Rand per kg
R82,931
R98,532 R119,730 R108,426 R114,915
R119,580
R101,860
Put Options Purchased
Amount (kg)
1,875
1,875
1,875
1,875
7,500
Rand per kg
R93,602
R93,602
R93,602
R93,602
R93,602
*Delta (kg)
399
322
258
209
1,188
Put Options Sold
Amount (kg)
Rand per kg
*Delta (kg)
Call Options Purchased
Amount (kg)
Rand per kg
*Delta (kg)
Call Options Sold
Amount (kg)
6,553
4,688
4,687
4,688
2,986
11,944
35,546
Rand per kg
R100,140 R115,284 R131,944 R132,647 R173,119
R209,288
R153,424
*Delta (kg)
3,798
2,340
2,259
2,620
1,076
4,900
16,993
HEDGE POSITION AT 31 DECEMBER 2002
10
Year
2003
2004
2005
2006
2007 2008-2012
Total
AUS DOLLAR (A$) GOLD
Forward Contracts
Amount (kg)
16,392
5,443
6,221
9,331
8,398
13,343
59,128
A$ per oz
A$544
A$548
A$652
A$644
A$590
A$603
A$591
Put Options Purchased
Amount (kg)
A$ per oz
*Delta (kg)
Put Options Sold
Amount (kg)
A$ per oz
*Delta (kg)
Call Options Purchased
Amount (kg)
3,888
3,110
6,221
3,732
11,197
28,148
A$ per oz
A$701
A$724
A$673
A$668
A$702
A$693
*Delta (kg)
1,251
1,368
3,776
2,400
7,469
16,264
Call Options Sold
Amount (kg)
4,821
4,821
A$ per oz
A$662
A$662
*Delta (kg)
2,354
2,354
Total Net Gold:
Delta (kg)
64,243
40,279
53,818
44,663
40,371
76,348
319,723
Delta (oz)
2,065,462 1,295,012 1,730,288 1,435,961 1,297,969
2,454,640 10,279,332
RAND DOLLAR (000)
Forward Contracts
Amount ($)
Rand / $
Put Options Purchased
Amount ($)
Rand per $
*Delta ($)
Put Options Sold
Amount ($)
Rand per $
*Delta ($)
Call Options Purchased
Amount ($)
Rand per $
*Delta ($)
Call Options Sold
Amount ($)
10,000
10,000
Rand per $
R9.12
R9.12
*Delta ($)
1,550
1,550
AUS DOLLAR (000)
Forward Contracts
Amount ($)
29,428
29,275
10,847
69,550
$ per A$
A$0.59
A$0.59
A$0.51
A$0.58
*The delta position indicated 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 December 2002.
11
Overall, ore reserves have increased by 22% from 59.4Moz to 72.3Moz and mineral
resources by 2% from 281.7Moz to 287.6Moz during the 12 months ended
31 December 2002. (These figures exclude the Free State assets which were
declared effectively sold on 1 January 2002)
Mineral resources were calculated at $400/oz, at an exchange rate of R10.5=$1
Ore reserves were calculated at $325/oz, at an exchange rate of R10.5=$1
The ore reserve depletion for 2002 (that is, the reduction in the ore reserves due to
mining) was 6.5Moz. Reserve additions excluding depletion were 19.6Moz (excluding
the Free State), a 33% increase on the 2001 stated reserve.
These ore reserves are relatively insensitive to changes in gold price and exchange rates
of up to 10%, positive or negative.
Growing reserves
Some of the significant increases in ore reserves include:
Mponeng increase by 4.6Moz mainly due to the inclusion of the Mponeng CL and
VCR below 120 level
Moab Khotsong increase by 4.3Moz due to the inclusion of the Phase 2 project
which aims to exploit the Vaal reef below 101 level
TauTona increase by 0.8Moz due to the inclusion of the CL below 120 level, the
area East of the Bank Dyke on 116 level and the VCR area "A"
Savuka and Tau Lekoa increase by 1.2Moz and 0.7Moz respectively owing to
changes in mine design leading to additional life at both operations
Geita increase by 0.8Moz due to the redesign of the Nyankanga, Geita Hill and
Lone Cone pits as well as the inclusion of the Chipaka, Area 3W and Roberts pits
Cerro Vanguardia increase of 1.1Moz mainly as a result of AngloGold's increase in
ownership to 92.5%.
(The above figures are the year-on-year difference in reserve including the effect of depletion)
Reserves and Resources as at 31 December 2002
Continuing the
Growth story
12
MINERAL RESOURCE AND ORE RESERVE COMPARISON 2001 vs 2002
Gold Content (Attributable)
REGION
(Moz)
2001
2002 Difference
Difference %
SOUTH AFRICA
Resource
228.1
228.6
0.5
0
(excluding Free State)
Reserve
36.6
47.5
10.9
30
EAST AND WEST AFRICA
Resource
16.9
20.7
3.8
22
Reserve
7.8
8.7
0.9
12
AUSTRALIA
Resource
11.8
11.8
0.0
0
Reserve
6.2
6.3
0.1
2
NORTH AMERICA
Resource
10.1
10.1
0.0
0
Reserve
5.7
4.7
(1.0)
(18)
SOUTH AMERICA
Resource
14.8
16.3
1.5
10
Reserve
3.1
5.1
2.0
65
TOTAL ANGLOGOLD
Resource
281.7
287.6
5.9
2
(excluding Free State*)
Reserve
59.4
72.3
12.9
22
* The Free State assets were declared sold as at 1 January 2002. Reserves of 9.0Moz
and resources of 65.1Moz for the Free State operations were included in the AngloGold
reserves and resources statement as at 31 December 2001.
Competent persons
Competent persons, designated in terms of the JORC and SAMREC codes and taking
corporate responsibility for the reporting of AngloGold's Mineral Resources are:
VA Chamberlain, MSc (Mining Engineering), BSc (Hons) (Geology), MAusIMM,
17 years' experience
MF O'Brien, MSc (Engineering), BSc (Hons) (Geology), Pr.Sci.Nat., MAusIMM,
23 years' experience
Designated competent persons taking corporate responsibility for the reporting of Ore
Reserves are:
BW Guenther, BSc (Mining Engineering), MAusIMM, 22 years' experience
DL Worrall, ACSM, MAusIMM, 22 years' experience
J van Zyl Visser, BSc (Mineral Resource Management), PLATO, 16 years' experience
The competent persons are employed by AngloGold Limited and have consented to the
inclusion of the Mineral Resources and Ore Reserves information outlined above.
NOTES
Supplementary information containing a detailed breakdown of the Mineral Resources and Ore
Reserves, together with plans of the South African operations, will be provided in the annual report
section of the AngloGold website (www.anglogold.com) and will be available in March 2003.
Following the release of the annual report in March, the supplementary information will also be
available from the AngloGold offices at the addresses given on the back cover of this report.
13
METRIC
IMPERIAL
Tonnes
Grade
Contained gold
Tons
Grade Contained gold
million
g/t
tonnes
million
oz/t
million oz
East & West Africa*
Proved
21.5 3.50
75.1 23.7
0.102
2.4
Probable
52.3 3.73 195.3 57.7
0.109
6.3
Total
73.8 3.66 270.4 81.4
0.107
8.7
Australia*
Proved
49.0 1.42
69.7 54.0
0.042
2.2
Probable
100.4 1.26
126.4 110.7
0.037
4.1
Total
149.4 1.31
196.1 164.7
0.038
6.3
North America*
Proved
57.8 1.34
77.7 63.7
0.039
2.5
Probable
69.4 0.99
68.8 76.5
0.029
2.2
Total
127.3 1.15 146.5
140.3
0.034
4.7
South Africa
(2)
Proved
94.7 2.22 210.4 104.4
0.065
6.8
Probable
246.3 5.14 1,267.2 271.5
0.150
40.7
Total
341.0 4.33 1,477.5 375.9
0.126
47.5
South America*
Proved
15.3 6.22
95.5 16.9
0.181
3.1
Probable
12.7 4.92
62.4 14.0
0.143
2.0
Total
28.0 5.63 157.8 30.9
0.164
5.1
Totals*
Proved
238.3 2.22 528.3 262.7
0.065
17.0
Probable
481.2 3.57 1,720.0
530.4
0.104
55.3
Total
719.5 3.12 2,248.3 793.1
0.091
72.3
* Reserves attributable to AngloGold
(2)
Excludes the Free State Mines which were sold to Harmony effective from 1 January 2002
Ore reserves
(as at 31 December 2002)
14
METRIC
IMPERIAL
Tonnes
Grade
Contained gold
Tons
Grade Contained gold
million
g/t
tonnes
million
oz/t
million oz
East & West Africa**
Measured
37.5 2.68 100.7 41.3 0.078
3.2
Indicated
107.6 2.81 301.9 118.6
0.082
9.7
Inferred
144.4 1.68
242.2 159.2 0.049
7.8
Total
289.5 2.23
644.7 319.1 0.065
20.7
Australia**
Measured
61.2 1.41
86.4 67.5 0.041
2.8
Indicated
143.5 1.22
175.0 158.2 0.036
5.6
Inferred
89.7 1.18
106.3 98.9 0.035
3.4
Total
294.4 1.25
367.7 324.5 0.036
11.8
North America**
Measured
85.1 1.24
105.7 93.8 0.036
3.4
Indicated
107.3 1.12
120.1 118.3
0.033
3.9
Inferred
69.2 1.28
88.7 76.3 0.037
2.9
Total
261.6 1.20
314.6 288.4 0.035
10.1
South Africa
(2)
Measured
300.3 1.84
552.1 331.0 0.054
17.8
Indicated
647.7 4.42 2,865.1 714.0
0.129
92.1
Inferred
463.1 7.97 3,692.3 510.5 0.233 118.7
Total
1,411.0 5.04 7,109.5 1,555.4 0.147 228.6
South America**
Measured
32.4 4.41
143.1 35.7 0.129
4.6
Indicated
22.1 4.68
103.4 24.4 0.137
3.3
Inferred
42.2 6.20
261.8 46.5 0.181
8.4
Total
96.7 5.26
508.4 106.6 0.153
16.3
Totals**
Measured
516.5 1.91
988.0 569.3 0.056
31.8
Indicated
1,028.2 3.47 3,565.5
1,133.4 0.101
114.6
Inferred
808.6 5.43 4,391.3 891.3 0.158 141.2
Total
2,353.2 3.80 8,944.8
2,594.0 0.111
287.6
** Resources attributable to AngloGold
(1)
Inclusive of the Ore Reserve component
(2)
Excludes the Free State Mines which were sold to Harmony effective from 1 January 2002
NB:Rounding of figures may result in computational discrepancies
Mineral resources
(1)
(as at 31 December 2002)
15
GROUP OPERATING RESULTS
Issued Capital:
222,622,022 ordinary shares of 25 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:
221,883,567 ordinary shares in issue for the year
Statistics are shown in metric units and financial figures in South African rand.
Quarter
Quarter
Year
Year
ended
ended
ended
ended
December
September
December
December
2002
2002
2002
2001
GOLD
UNDERGROUND OPERATIONS
Tonnes milled
- 000
3,500
3,466
13,426
17,954
Yield
- g/t
8.04
8.17
8.27
8.20
Gold produced
- kg
28,148
28,311
111,017
147,250
PRODUCTIVITY
g/employee
- target
252
256
247
219
- actual
240
242
238
214
SURFACE AND DUMP RECLAMATION
Tonnes treated
- 000
9,743
9,410
38,366
50,355
Yield
- g/t
0.29
0.29
0.30
0.32
Gold produced
- kg
2,798
2,692
11,350
15,976
OPEN-PIT OPERATIONS
Tonnes mined
- 000
28,711
28,624
109,987
85,790
Stripping ratio *
2.73
3.00
3.05
2.17
Tonnes treated
- 000
7,705
7,162
27,186
27,042
Yield
- g/t
2.24
2.56
2.29
2.00
Gold produced
- kg
17,222
18,355
62,344
53,977
TOTAL
Gold produced
- kg
48,168
49,358
184,711
217,203
Gold sold
- kg
48,602
49,295
184,798
217,862
Price received
- R/kg sold **
96,911
102,267
101,817
79,523
Total cash costs
- R/kg produced
53,457
52,751
54,037
48,828
Total production costs
- R/kg produced
68,159
67,637
68,241
58,579
CAPITAL EXPENDITURE - Rm
880
665
2,842
2,567
* Stripping ratio = (tonnes mined - tonnes treated) / tonnes treated
** Price received includes realised non-hedge derivatives
16
GROUP OPERATING RESULTS
Issued Capital:
222,622,022 ordinary shares of 25 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:
221,883,567 ordinary shares in issue for the year
Statistics are shown in imperial units and financial figures in US dollars.
Quarter
Quarter
Year
Year
ended
ended
ended
ended
December
September
December
December
2002
2002
2002
2001
GOLD
UNDERGROUND OPERATIONS
Tons milled
- 000
3,858
3,821
14,800
19,792
Yield
- oz/t
0.235
0.238
0.241
0.239
Gold produced
- oz 000
905
910
3,569
4,734
PRODUCTIVITY
oz/employee
- target
8.11
8.22
7.95
7.05
- actual
7.71
7.76
7.66
6.87
SURFACE AND DUMP RECLAMATION
Tons treated
- 000
10,740
10,373
42,292
55,506
Yield
- oz/t
0.008
0.008
0.009
0.009
Gold produced
- oz 000
90
87
365
514
OPEN-PIT OPERATIONS
Tons mined
- 000
31,649
31,554
121,242
94,567
Stripping ratio *
2.73
3.00
3.05
2.17
Tons treated
- 000
8,493
7,894
29,966
29,808
Yield
- oz/t
0.065
0.075
0.067
0.058
Gold produced
- oz 000
554
590
2,005
1,735
TOTAL
Gold produced
- oz 000
1,549
1,587
5,939
6,983
Gold sold
- oz 000
1,562
1,585
5,941
7,004
Price received
- $/oz sold **
314
305
303
287
Total cash costs
- $/ounce produced
173
158
161
178
Total production costs
- $/ounce produced
220
202
203
213
Rand/US Dollar average exchange rate
9.62
10.42
10.48
8.62
CAPITAL EXPENDITURE - $m
89
64
271
298
* Stripping ratio = (tons mined - tons treated) / tons treated
** Price received includes realised non-hedge derivatives
17
GROUP INCOME STATEMENT
Quarter
Quarter
Year
Year
ended
ended
ended
ended
December
September
December
December
SA Rand million
2002
2002
2002
2001
Gold income
4,814
5,015
18,372
17,590
Cost of sales
(3,341)
(3,328)
(12,550)
(12,973)
Cash operating costs
2,506
2,569
9,812
10,454
Other cash costs
90
84
291
240
Total cash costs
2,596
2,653
10,103
10,694
Retrenchment costs
-
5
30
185
Rehabilitation and other non-cash costs
74
20
119
123
Production costs
2,670
2,678
10,252
11,002
Amortisation of mining assets
657
733
2,566
1,884
Total production costs
3,327
3,411
12,818
12,886
Inventory change
14
(83)
(268)
87
1,473
1,687
5,822
4,617
Non-hedge derivatives
285
(121)
962
(96)
Operating profit *
1,758
1,566
6,784
4,521
Corporate administration and other expenses
(73)
(72)
(258)
(194)
Market development costs
(45)
(46)
(179)
(133)
Exploration costs
(63)
(90)
(296)
(228)
Interest receivable
84
84
373
176
Other net (expense) income
(36)
(41)
(91)
1
Finance costs
(100)
(105)
(464)
(608)
Abnormal item - settlement of claim
-
-
(102)
-
Profit before exceptional items
1,525
1,296
5,767
3,535
Amortisation of goodwill
(67)
(73)
(293)
(259)
Debt written-off
-
-
-
(21)
Impairment of mining assets
-
-
-
(3)
Loss on disposal of assets
(6)
(2)
(145)
(32)
Impairment reversal of investments
-
-
-
67
Termination of retirement benefit plans
(1)
-
2
(54)
Profit on ordinary activities before taxation
1,451
1,221
5,331
3,233
Taxation
(447)
(328)
(1,730)
(983)
Normal taxation
(211)
(364)
(1,315)
(950)
Deferred taxation
(127)
(83)
(387)
(105)
Deferred tax on unrealised non-hedge derivatives
(117)
119
(35)
66
Taxation on abnormal item
-
-
47
-
Taxation on exceptional items
8
-
(40)
6
Profit on ordinary activities after taxation
1,004
893
3,601
2,250
Minority interest
(49)
(43)
(157)
(70)
Net profit
955
850
3,444
2,180
1,478
1,822
6,683
4,647
Headline earnings
The net profit has been adjusted by the following
to arrive at headline earnings:
Net profit
955
850
3,444
2,180
Amortisation of goodwill
67
73
293
259
Debt written-off
-
-
-
21
Impairment of mining assets
-
-
-
3
Loss on disposal of assets
6
2
145
32
Impairment reversal of investments
-
-
-
(67)
Termination of retirement benefit plans
1
-
(2)
54
Taxation on exceptional items
(8)
-
40
(6)
Headline earnings
1,021
925
3,920
2,476
Unrealised non-hedge derivatives
(280)
256
(101)
126
Deferred tax on unrealised non-hedge derivatives
117
(119)
35
(66)
858
1,062
3,854
2,536
Earnings per ordinary share - cents
- Basic
430
383
1,552
1,017
- Headline
460
417
1,767
1,156
- Headline before unrealised non-hedge derivatives
387
479
1,737
1,184
Dividends
- Rm
3,008
1,974
- cents per share
1,350
900
The results have been reviewed by the auditors and are prepared in accordance with International Accounting Standards.
* Operating profit excluding unrealised non-hedge derivatives
Headline earnings before unrealised non-hedge derivatives
18
GROUP INCOME STATEMENT
Quarter
Quarter
Year
Year
ended
ended
ended
ended
December
September
December
December
US Dollar million
2002
2002
2002
2001
Gold income
502
481
1,761
2,041
Cost of sales
(348)
(320)
(1,203)
(1,519)
Cash operating costs
261
247
939
1,226
Other cash costs
9
8
28
29
Total cash costs
270
255
967
1,255
Retrenchment costs
-
1
3
22
Rehabilitation and other non-cash costs
8
2
12
13
Production costs
278
258
982
1,290
Amortisation of mining assets
68
70
245
220
Total production costs
346
328
1,227
1,510
Inventory change
2
(8)
(24)
9
154
161
558
522
Non-hedge derivatives
30
(11)
92
(5)
Operating profit *
184
150
650
517
Corporate administration and other expenses
(8)
(7)
(25)
(22)
Market development costs
(5)
(4)
(17)
(16)
Exploration costs
(6)
(9)
(28)
(26)
Interest receivable
9
8
36
20
Other net (expense) income
(4)
(4)
(9)
(1)
Finance costs
(11)
(10)
(44)
(72)
Abnormal item - settlement of claim
-
-
(10)
-
Profit before exceptional items
159
124
553
400
Amortisation of goodwill
(7)
(7)
(28)
(29)
Debt written-off
-
-
-
(3)
Impairment of mining assets
-
-
-
(1)
Loss on disposal of assets
(1)
-
(13)
(4)
Impairment reversal of investments
-
-
-
6
Termination of retirement benefit plans
-
-
-
(5)
Profit on ordinary activities before taxation
151
117
512
364
Taxation
(46)
(32)
(165)
(111)
Normal taxation
(22)
(35)
(124)
(103)
Deferred taxation
(13)
(8)
(39)
(13)
Deferred tax on unrealised non-hedge derivatives
(12)
11
(4)
5
Taxation on abnormal item
-
-
5
-
Taxation on exceptional items
1
-
(3)
-
Profit on ordinary activities after taxation
105
85
347
253
Minority interest
(5)
(4)
(15)
(8)
Net profit
100
81
332
245
155
174
638
527
Headline earnings
The net profit has been adjusted by the following
to arrive at headline earnings:
Net profit
100
81
332
245
Amortisation of goodwill
7
7
28
29
Debt written-off
-
-
-
3
Impairment of mining assets
-
-
-
1
Loss on disposal of assets
1
-
13
4
Impairment reversal of investments
-
-
-
(6)
Termination of retirement benefit plans
-
-
-
5
Taxation on exceptional items
(1)
-
3
-
Headline earnings
107
88
376
281
Unrealised non-hedge derivatives
(29)
24
(12)
10
Deferred tax on unrealised non-hedge derivatives
12
(11)
4
(5)
90
101
368
286
Earnings per ordinary share - cents
- Basic
45
37
150
114
- Headline
48
40
169
131
- Headline before unrealised non-hedge derivatives
41
46
166
133
Dividends
- $m
317
190
- cents per share
142
87
The results have been reviewed by the auditors and are prepared in accordance with International Accounting Standards.
* Operating profit excluding unrealised non-hedge derivatives
Headline earnings before unrealised non-hedge derivatives
19
GROUP BALANCE SHEET
December
September
December
December
September
December
2002
2002
2001
2002
2002
2001
SA Rand million
US Dollar million
Non-current assets
19,555
21,845
24,606
Mining assets
2,280
2,071
2,057
3,210
4,012
4,652
Goodwill
374
380
389
165
154
151
Investments in associates
19
15
13
197
201
275
Other investments
23
19
23
275
238
460
AngloGold Environmental Rehabilitation Trust
32
23
38
549
867
1,372
Financial instruments
64
82
115
466
505
204
Other non-current assets
55
48
17
24,417
27,822
31,720
2,847
2,638
2,652
Current assets
1,996
1,561
1,534
Financial instruments
233
148
128
2,190
2,464
1,867
Trade and other receivables
255
234
156
1,848
2,200
1,948
Inventories
216
209
163
3
4
109
Current portion of other non-current assets
-
-
9
3,544
3,645
2,284
Cash and cash equivalents
413
346
191
9,581
9,874
7,742
1,117
937
647
33,998
37,696
39,462
Total assets
3,964
3,575
3,299
EQUITY AND LIABILITIES
12,375
12,804
13,357
Shareholders' equity
1,443
1,216
1,117
347
402
355
Minority interests
40
38
30
12,722
13,206
13,712
1,483
1,254
1,147
Non-current liabilities
7,219
9,106
4,192
Borrowings
842
863
350
2,008
2,118
2,573
Provisions
234
201
215
3,445
2,977
3,423
Deferred taxation
402
282
286
2,028
3,479
1,917
Financial instruments
236
330
160
14,700
17,680
12,105
1,714
1,676
1,011
Current liabilities
2,588
2,019
2,984
Financial instruments
302
191
250
2,145
2,470
2,464
Trade and other payables
250
234
206
719
990
7,619
Current portion of borrowings
84
94
637
1,124
1,331
578
Taxation
131
126
48
6,576
6,810
13,645
767
645
1,141
33,998
37,696
39,462
Total equity and liabilities
3,964
3,575
3,299
The results have been reviewed by the auditors and are prepared in accordance with International Accounting Standards.
20
GROUP CASH FLOW STATEMENT
Quarter
Year
Year
Quarter
Year
Year
ended
ended
ended
ended
ended
ended
December
December
December
December
December
December
2002
2002
2001
2002
2002
2001
SA Rand million
US Dollar million
Cash flows from operating activities
2,106
8,255
5,472
Cash generated from operations
189
758
673
73
331
176
Interest received
8
32
20
(64)
(169)
(85)
Environmental contributions and
expenditure
(6)
(16)
(10)
-
19
11
Dividends received from associates
-
2
1
(77)
(410)
(613)
Finance costs
(8)
(40)
(73)
(444)
(1,376)
(897)
Mining and normal taxation paid
(45)
(131)
(111)
1,594
6,650
4,064
Net cash inflow from operating
activities
138
605
500
Cash flows from investing activities
(880)
(2,842)
(2,567)
Capital expenditure
(89)
(271)
(298)
-
11
63
Proceeds from disposal of mining
assets
-
1
6
-
1,544
878
Net proceeds from disposal of mines
-
140
109
-
1,813
878
Proceeds
-
164
109
-
(269)
-
Contractual obligations
-
(24)
-
-
-
(11)
Associate acquired
-
-
(1)
-
(355)
(24)
Investments acquired
-
(34)
(3)
-
1,829
4
Proceeds from sale of investments
-
158
-
-
(979)
-
Acquisition of subsidiary
-
(97)
-
(2)
(51)
(37)
Loans advanced
-
(5)
(4)
24
175
367
Repayment of loans advanced
3
17
43
(858)
(668)
(1,327)
Net cash outflow from investing
activities
(86)
(91)
(148)
Cash flows from financing activities
67
156
85
Proceeds from issue of share capital
10
18
7
-
(116)
-
Share issue expenses
-
(11)
-
80
8,599
2,381
Proceeds from borrowings
9
798
276
(450)
(9,789)
(3,567)
Repayment of borrowings
(47)
(912)
(414)
(29)
(2,821)
(1,447)
Dividends paid
(3)
(260)
(167)
(332)
(3,971)
(2,548)
Net cash outflow from financing
activities
(31)
(367)
(298)
404
2,011
189
Net increase in cash and cash
equivalents
21
147
54
(505)
(751)
618
Translation
46
75
(58)
3,645
2,284
1,477
Opening cash and cash equivalents
346
191
195
3,544
3,544
2,284
Closing cash and cash equivalents
413
413
191
The results have been reviewed by the auditors and are prepared in accordance with International Accounting Standards.
21
NOTES TO THE CASH FLOW STATEMENT
Quarter
Year
Year
Quarter
Year
Year
ended
ended
ended
ended
ended
ended
December
December
December
December
December
December
2002
2002
2001
2002
2002
2001
Cash generated from operations
1,451
5,331
3,233
Profit on ordinary activities before taxation
151
512
364
Adjusted for:
(40)
(187)
324
Non-cash movements
(4)
(18)
31
657
2,566
1,884
Amortisation of mining assets
68
245
220
(84)
(373)
(176)
Interest receivable
(9)
(36)
(20)
7
(6)
(17)
Other net income (expense)
1
-
(1)
100
464
608
Finance costs
11
44
72
(311)
(132)
(53)
Movement on non-hedge derivatives
(33)
(16)
(12)
67
293
259
Amortisation of goodwill
7
28
29
-
-
21
Debt written off
-
-
3
-
-
3
Impairment of mining assets
-
-
1
-
-
(67)
Impairment reversal of investments
-
-
(6)
6
92
32
Loss on disposal of assets
1
8
4
1
(2)
54
Termination of retirement benefit plans
-
-
5
252
209
(633)
Movement in working capital
(4)
(9)
(17)
2,106
8,255
5,472
189
758
673
Movement in working capital:
248
488
(193)
(Increase) decrease in trade and other receivables
(7)
(5)
65
338
85
(551)
(Increase) decrease in inventories
(9)
(54)
22
(334)
(364)
111
Increase (decrease) in trade and other payables
12
50
(104)
252
209
(633)
(4)
(9)
(17)
STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY
Ordinary
Non -
Foreign
Other
Retained
Total
share
distributable
currency
comprehensive
earnings
capital and
reserves
translation
income
premium
US Dollar million
Balance at 31 December 2001
681
12
250
(88)
262
1,117
Movements on other comprehensive income
(50)
-
(50)
Net profit
332
332
Dividends paid
(251)
(251)
Ordinary shares issued
140
140
Transfer from non-distributable reserves
(1)
1
-
Translation
299
5
(207)
(47)
105
155
Balance at 31 December 2002
1,120
16
43
(185)
449
1,443
SA Rand million
Balance at 31 December 2001
8,140
143
2,999
(1,057)
3,132
13,357
Movements on other comprehensive income
(526)
(526)
Net profit
3,444
3,444
Dividends paid
(2,728)
(2,728)
Ordinary shares issued
1,467
1,467
Transfer from non-distributable reserves
(5)
5
-
Translation
(2,639)
-
(2,639)
Balance at 31 December 2002
9,607
138
360
(1,583)
3,853
12,375
The results have been reviewed by the auditors and are prepared in accordance with International Accounting Standards.
US Dollar million
SA Rand million
22
KEY OPERATING RESULTS
PER REGION
Quarter
Quarter
Year
Quarter
Quarter
Year
ended
ended
ended
ended
ended
ended
December
September
December
December
September
December
2002
2002
2002
2002
2002
2002
SA Rand / Metric
Capital expenditure - Rm
Capital expenditure - $m
SOUTH AFRICA REGION
430
250
1,109
42
23
106
VAAL RIVER
Great Noligwa Mine
84
20
121
8
1
11
Kopanang Mine
33
19
89
3
2
8
Moab Khotsong
83
97
376
9
9
36
Tau Lekoa Mine
8
3
16
-
1
1
WEST WITS
Mponeng Mine
129
77
332
13
7
33
Savuka Mine
30
13
60
3
1
6
TauTona Mine
63
21
115
6
2
11
EAST & WEST AFRICA REGION
83
73
287
9
8
27
Geita - Attributable 50%
27
16
92
3
2
9
Morila - Attributable 40%
27
31
70
3
3
7
Navachab
8
7
21
1
1
2
Sadiola - Attributable 38%
12
10
67
1
1
6
Yatela - Attributable 40%
9
9
37
1
1
3
NORTH AMERICA REGION
92
184
788
10
18
74
Cripple Creek & Victor J.V.
72
169
706
8
16
66
Jerritt Canyon J.V. - Attributable 70%
19
13
80
2
1
8
Exploration
1
2
2
-
1
-
SOUTH AMERICA REGION
53
75
283
6
7
27
Cerro Vanguardia - Attributable 92.50%
3
15
25
-
1
2
Morro Velho
37
46
173
4
5
17
Serra Grande - Attributable 50%
4
5
32
-
1
3
Minorities and exploration
9
9
53
2
-
5
AUSTRALIA REGION
165
82
311
17
8
31
Boddington - Attributable 33.33%
-
-
-
-
-
-
Sunrise Dam
147
65
258
16
6
26
Exploration
18
17
53
1
2
5
Other
57
1
64
5
-
6
ANGLOGOLD GROUP
880
665
2,842
89
64
271
23
KEY OPERATING RESULTS
PER REGION
Quarter
Quarter
Year
Quarter
Quarter
Year
ended
ended
ended
ended
ended
ended
December
September
December
December
September
December
2002
2002
2002
2002
2002
2002
SA Rand / Metric
Yield - g/t
Gold produced - kg
SOUTH AFRICA REGION *
8.15
8.34
8.40
26,764
26,884
106,106
VAAL RIVER
Great Noligwa Mine
10.40
10.72
11.02
6,327
6,528
27,380
Kopanang Mine
7.50
6.97
7.23
4,292
4,025
15,874
Tau Lekoa Mine
4.56
4.36
4.45
2,683
2,387
9,675
Surface Operations
0.58
0.52
0.56
745
722
3,081
ERGO
0.24
0.24
0.25
2,054
1,941
8,215
WEST WITS
Mponeng Mine
8.53
9.43
8.63
3,936
4,233
14,498
Savuka Mine
5.68
6.73
7.07
1,500
1,782
7,331
TauTona Mine
11.73
11.55
11.66
5,227
5,236
19,997
Surface Operations
-
15.23
9.26
-
30
55
EAST & WEST AFRICA REGION
4.41
5.50
4.22
8,995
10,755
33,754
Geita - Attributable 50%
3.03
4.00
3.62
1,909
2,561
9,005
Morila - Attributable 40%
15.11
24.39
11.96
4,043
5,325
13,083
Navachab
1.97
2.00
1.93
660
702
2,653
Sadiola - Attributable 38%
3.03
2.56
2.96
1,490
1,243
5,672
Yatela - Attributable 40%
2.83
3.51
2.95
893
924
3,341
NORTH AMERICA REGION
1.05
0.94
1.08
4,327
3,549
14,371
Cripple Creek & Victor J.V.
0.61
0.51
0.57
2,379
1,784
6,998
Jerritt Canyon J.V. - Attributable 70%
7.64
7.04
7.91
1,948
1,765
7,373
SOUTH AMERICA REGION
7.94
7.86
7.78
4,423
4,010
14,854
9.80
9.13
9.49
2,049
1,566
5,561
Morro Velho
6.51
6.96
6.71
1,681
1,693
6,380
Serra Grande - Attributable 50%
7.72
7.87
7.84
693
751
2,913
AUSTRALIA REGION
2.37
2.78
2.56
3,659
4,160
15,626
Boddington - Attributable 33.33%
-
-
-
-
12
54
Sunrise Dam
3.23
3.94
3.49
2,796
3,268
11,892
Union Reefs
1.28
1.32
1.36
863
880
3,680
ANGLOGOLD GROUP
48,168
49,358
184,711
* Yield excludes surface operations.
Cerro Vanguardia - Attributable 92.50%
24
KEY OPERATING RESULTS
PER REGION
Quarter
Quarter
Year
Quarter
Quarter
Year
ended
ended
ended
ended
ended
ended
December
September
December
December
September
December
2002
2002
2002
2002
2002
2002
SA Rand / Metric
Productivity per employee - g
Gold sold - kg
SOUTH AFRICA REGION
27,060
26,701
106,109
VAAL RIVER
Great Noligwa Mine
230
234
246
6,430
6,481
27,379
Kopanang Mine
183
176
173
4,348
4,000
15,873
Tau Lekoa Mine
192
172
174
2,716
2,371
9,674
Surface Operations
345
345
399
755
717
3,080
ERGO
643
581
610
2,064
1,930
8,216
WEST WITS
Mponeng Mine
229
245
212
3,968
4,201
14,500
Savuka Mine
98
117
124
1,512
1,771
7,332
TauTona Mine
307
307
292
5,267
5,200
20,000
Surface Operations
-
-
-
-
30
55
EAST & WEST AFRICA REGION
9,254
10,721
33,670
Geita - Attributable 50%
1,100
1,474
1,356
1,909
2,561
9,005
Morila - Attributable 40%
5,784
6,265
4,434
4,351
5,054
13,080
Navachab
597
658
626
660
702
2,653
Sadiola - Attributable 38%
2,764
2,333
2,664
1,450
1,412
5,633
Yatela - Attributable 40%
1,505
1,669
1,495
884
992
3,299
NORTH AMERICA REGION
4,334
3,534
14,363
Cripple Creek & Victor J.V.
2,553
1,888
1,856
2,379
1,784
6,998
Jerritt Canyon J.V. - Attributable 70%
2,202
2,003
2,110
1,955
1,750
7,365
SOUTH AMERICA REGION
4,433
4,148
15,028
1,753
1,385
1,640
2,044
1,648
5,675
Morro Velho
416
486
434
1,660
1,734
6,365
Serra Grande - Attributable 50%
891
959
932
729
766
2,988
AUSTRALIA REGION
3,521
4,191
15,628
Boddington - Attributable 33.33%
-
-
-
-
12
75
Sunrise Dam
2,907
3,489
3,136
2,684
3,285
11,887
Union Reefs
1,737
2,195
1,928
837
894
3,666
ANGLOGOLD GROUP
48,602
49,295
184,798
Cerro Vanguardia - Attributable 92.50%
25
KEY OPERATING RESULTS
PER REGION
Quarter
Quarter
Year
Quarter
Quarter
Year
ended
ended
ended
ended
ended
ended
December
September
December
December
September
December
2002
2002
2002
2002
2002
2002
SA Rand / Metric
Total cash costs - R/kg
Total production costs - R/kg
SOUTH AFRICA REGION
55,229
55,540
53,146
64,519
62,923
60,450
VAAL RIVER
Great Noligwa Mine
47,114
45,435
41,658
51,902
49,100
45,388
Kopanang Mine
57,312
59,380
55,001
64,297
65,098
61,158
Tau Lekoa Mine
62,360
67,254
64,234
74,167
79,109
75,954
Surface Operations
46,914
53,764
45,903
50,694
56,981
49,119
ERGO
62,856
65,617
61,810
83,604
77,326
73,051
WEST WITS
Mponeng Mine
57,216
57,085
59,504
76,655
74,269
76,922
Savuka Mine
98,863
88,841
82,111
106,072
93,475
86,729
TauTona Mine
43,842
43,997
44,465
48,419
47,287
48,125
Surface Operations
-
13,974
15,125
-
13,974
15,125
EAST & WEST AFRICA REGION
42,535
34,989
42,268
62,297
54,194
61,896
Geita - Attributable 50%
66,931
55,832
58,831
84,925
71,125
75,024
Morila - Attributable 40%
24,124
16,444
24,541
44,400
38,288
47,559
Navachab
52,215
47,366
49,265
59,968
51,208
54,138
Sadiola - Attributable 38%
62,873
57,468
54,603
87,725
87,743
80,873
Yatela - Attributable 40%
62,103
58,274
58,302
82,081
69,789
73,684
NORTH AMERICA REGION
61,975
77,052
74,710
90,333
118,756
111,396
Cripple Creek & Victor J.V.
55,408
61,682
62,509
83,211
110,683
103,042
Jerritt Canyon J.V. - Attributable 70%
68,463
90,843
84,466
97,500
125,172
117,503
SOUTH AMERICA REGION
41,317
38,148
41,975
64,161
65,775
67,531
33,309
34,339
34,384
61,538
72,955
67,362
Morro Velho
36,895
40,995
44,273
54,293
61,066
65,056
Serra Grande - Attributable 50%
28,890
30,104
33,967
47,274
49,600
53,584
AUSTRALIA REGION
65,411
60,745
65,056
81,268
77,790
82,926
Boddington - Attributable 33.33%
-
-
-
-
-
-
Sunrise Dam
59,660
56,895
59,451
75,322
73,503
76,271
Union Reefs
75,663
68,849
75,630
88,641
82,335
92,248
ANGLOGOLD GROUP
53,457
52,751
54,037
68,159
67,637
68,241
Cerro Vanguardia - Attributable 92.50%
26
KEY OPERATING RESULTS
PER REGION
Quarter
Quarter
Year
Quarter
Quarter
Year
ended
ended
ended
ended
ended
ended
December
September
December
December
September
December
2002
2002
2002
2002
2002
2002
SA Rand / Metric
EBITDA - Rm
SOUTH AFRICA REGION
VAAL RIVER
Great Noligwa Mine
316
343
1 573
288
323
1,487
Kopanang Mine
143
158
665
120
140
591
Tau Lekoa Mine
88
79
330
60
56
235
Surface Operations
33
30
155
33
30
155
ERGO
29
45
230
24
40
213
WEST WITS
Mponeng Mine
142
180
568
66
109
322
Savuka Mine
( 6)
19
126
(16)
12
97
TauTona Mine
276
285
1 092
254
270
1,031
Surface Operations
-
2
4
-
2
4
EAST & WEST AFRICA REGION
Geita - Attributable 50%
41
112
353
9
75
214
Morila - Attributable 40%
331
446
1 023
248
330
723
Navachab
30
41
141
25
38
129
Sadiola - Attributable 38%
53
60
269
17
23
124
Yatela - Attributable 40%
36
44
150
19
34
103
NORTH AMERICA REGION
Cripple Creek & Victor J.V.
114
125
447
46
1
61
Jerritt Canyon J.V. - Attributable 70%
59
40
197
6
(17)
(31)
SOUTH AMERICA REGION
155
133
448
99
75
271
Morro Velho
106
112
427
77
79
300
Serra Grande - Attributable 50%
52
58
232
39
44
176
AUSTRALIA REGION
Boddington - Attributable 33.33%
3
-
5
3
-
5
Sunrise Dam
79
177
544
37
125
351
Union Reefs
7
27
73
3
22
36
Other
( 176)
( 198)
( 720)
21
11
86
ANGLOGOLD GROUP
1,911
2,318
8,332
1,478
1,822
6,683
Operating profit excluding unrealised
non-hedge derivatives - Rm
Cerro Vanguardia - Attributable 92.50%
27
KEY OPERATING RESULTS
PER REGION
Quarter
Quarter
Year
Quarter
Quarter
Year
ended
ended
ended
ended
ended
ended
December
September
December
December
September
December
2002
2002
2002
2002
2002
2002
US Dollar / Imperial
Yield - oz/t
Gold produced - oz 000
SOUTH AFRICA REGION *
0.238
0.243
0.245
861
864
3,412
VAAL RIVER
Great Noligwa Mine
0.303
0.313
0.321
204
210
880
Kopanang Mine
0.219
0.203
0.211
138
129
511
Tau Lekoa Mine
0.133
0.127
0.130
86
77
311
Surface Operations
0.017
0.015
0.016
24
23
99
ERGO
0.007
0.007
0.007
66
62
264
WEST WITS
Mponeng Mine
0.249
0.275
0.252
127
137
466
Savuka Mine
0.166
0.196
0.206
48
57
236
TauTona Mine
0.342
0.337
0.340
168
168
643
Surface Operations
-
0.444
0.270
-
1
2
EAST & WEST AFRICA REGION
0.129
0.160
0.123
289
346
1 085
Geita - Attributable 50%
0.088
0.117
0.106
61
82
290
Morila - Attributable 40%
0.441
0.711
0.349
130
171
421
Navachab
0.057
0.058
0.056
21
23
85
Sadiola - Attributable 38%
0.088
0.075
0.086
48
40
182
Yatela - Attributable 40%
0.082
0.102
0.086
29
30
107
NORTH AMERICA REGION
0.031
0.028
0.032
139
114
462
Cripple Creek & Victor J.V.
0.018
0.015
0.016
76
57
225
Jerritt Canyon J.V. - Attributable 70%
0.223
0.205
0.231
63
57
237
SOUTH AMERICA REGION
0.232
0.229
0.227
142
129
478
0.286
0.266
0.277
66
51
179
Morro Velho
0.190
0.203
0.196
54
54
205
Serra Grande - Attributable 50%
0.225
0.230
0.229
22
24
94
AUSTRALIA REGION
0.069
0.081
0.075
118
134
502
Boddington - Attributable 33.33%
-
-
-
-
-
2
Sunrise Dam
0.094
0.115
0.102
90
105
382
Union Reefs
0.037
0.038
0.040
28
29
118
ANGLOGOLD GROUP
1,549
1,587
5,939
* Yield excludes surface operations.
Cerro Vanguardia - Attributable 92.50%
28
KEY OPERATING RESULTS
PER REGION
Quarter
Quarter
Year
Quarter
Quarter
Year
ended
ended
ended
ended
ended
ended
December
September
December
December
September
December
2002
2002
2002
2002
2002
2002
US Dollar / Imperial
Productivity per employee - oz
Gold sold - oz 000
SOUTH AFRICA REGION
870
859
3,411
VAAL RIVER
Great Noligwa Mine
7.39
7.53
7.91
207
208
880
Kopanang Mine
5.90
5.65
5.57
140
128
510
Tau Lekoa Mine
6.19
5.53
5.61
87
77
311
Surface Operations
11.11
11.08
12.83
24
23
99
ERGO
20.69
18.67
19.61
66
62
264
WEST WITS
Mponeng Mine
7.36
7.87
6.82
128
135
466
Savuka Mine
3.16
3.75
4.00
49
57
236
TauTona Mine
9.87
9.88
9.37
169
168
643
Surface Operations
-
-
-
-
1
2
EAST & WEST AFRICA REGION
297
345
1,083
Geita - Attributable 50%
35.37
47.37
43.61
61
82
290
Morila - Attributable 40%
185.97
201.41
142.54
140
163
421
Navachab
19.19
21.16
20.12
21
23
85
Sadiola - Attributable 38%
88.87
75.01
85.66
47
45
181
Yatela - Attributable 40%
48.40
53.66
48.07
28
32
106
NORTH AMERICA REGION
139
113
462
Cripple Creek & Victor J.V.
82.07
60.70
59.68
76
57
225
Jerritt Canyon J.V. - Attributable 70%
70.79
64.39
67.85
63
56
237
SOUTH AMERICA REGION
143
133
483
56.35
44.53
52.73
66
53
182
Morro Velho
13.36
15.63
13.94
53
55
205
Serra Grande - Attributable 50%
28.64
30.85
29.97
24
25
96
AUSTRALIA REGION
113
135
502
Boddington - Attributable 33.33%
-
-
-
-
-
2
Sunrise Dam
93.46
112.17
100.83
86
106
382
Union Reefs
55.85
70.58
61.98
27
29
118
ANGLOGOLD GROUP
1,562
1,585
5,941
Cerro Vanguardia - Attributable 92.50%
29
KEY OPERATING RESULTS
PER REGION
Quarter
Quarter
Year
Quarter
Quarter
Year
ended
ended
ended
ended
ended
ended
December
September
December
December
September
December
2002
2002
2002
2002
2002
2002
US Dollar / Imperial
Total cash costs - $/oz
Total production costs - $/oz
SOUTH AFRICA REGION
179
166
158
209
188
180
VAAL RIVER
Great Noligwa Mine
152
136
124
167
147
135
Kopanang Mine
185
178
165
208
195
183
Tau Lekoa Mine
202
201
192
240
236
227
Surface Operations
152
161
137
165
170
146
ERGO
204
196
184
271
231
218
WEST WITS
Mponeng Mine
186
170
178
249
221
230
Savuka Mine
320
265
245
343
279
258
TauTona Mine
142
131
132
157
141
143
Surface Operations
-
42
46
-
42
46
EAST & WEST AFRICA REGION
138
104
126
201
161
184
Geita - Attributable 50%
216
167
175
274
212
223
Morila - Attributable 40%
78
49
74
142
114
142
Navachab
168
141
147
194
153
162
Sadiola - Attributable 38%
204
172
163
284
262
241
Yatela - Attributable 40%
202
174
175
269
208
221
NORTH AMERICA REGION
199
230
222
289
355
330
Cripple Creek & Victor J.V.
178
184
187
264
331
306
Jerritt Canyon J.V. - Attributable 70%
221
271
249
315
373
348
SOUTH AMERICA REGION
135
114
126
209
196
202
108
103
104
198
218
203
Morro Velho
120
122
131
176
182
193
Serra Grande - Attributable 50%
94
90
100
153
148
158
AUSTRALIA REGION
211
181
193
262
232
246
Boddington - Attributable 33.33%
-
-
-
-
-
-
Sunrise Dam
193
170
177
243
220
227
Union Reefs
244
205
224
286
246
273
ANGLOGOLD GROUP
173
158
161
220
202
203
Cerro Vanguardia - Attributable 92.50%
30
KEY OPERATING RESULTS
PER REGION
Quarter
Quarter
Year
Quarter
Quarter
Year
ended
ended
ended
ended
ended
ended
December
September
December
December
September
December
2002
2002
2002
2002
2002
2002
US Dollar / Imperial
EBITDA - $m
Operating profit excluding unrealised
non-hedge derivatives - $m
SOUTH AFRICA REGION
VAAL RIVER
Great Noligwa Mine
33
33
149
30
31
141
Kopanang Mine
15
15
63
13
13
56
Tau Lekoa Mine
10
7
32
7
5
23
Surface Operations
3
3
15
3
3
15
ERGO
3
4
22
3
4
20
WEST WITS
Mponeng Mine
15
18
54
7
10
30
Savuka Mine
( 1)
2
12
(2)
1
9
TauTona Mine
29
28
104
27
26
98
Surface Operations
-
-
-
-
-
-
EAST & WEST AFRICA REGION
Geita - Attributable 50%
4
11
33
1
7
20
Morila - Attributable 40%
34
42
99
25
31
70
Navachab
4
4
13
3
4
12
Sadiola - Attributable 38%
5
5
25
2
2
12
Yatela - Attributable 40%
4
4
15
2
3
10
NORTH AMERICA REGION
Cripple Creek & Victor J.V.
12
12
43
5
-
6
Jerritt Canyon J.V. - Attributable 70%
6
3
19
1
(2)
(3)
SOUTH AMERICA REGION
17
13
44
11
7
27
Morro Velho
11
11
41
8
8
29
Serra Grande - Attributable 50%
5
5
22
4
4
17
AUSTRALIA REGION
Boddington - Attributable 33.33%
-
-
-
-
-
-
Sunrise Dam
8
17
51
4
12
33
Union Reefs
-
3
6
-
2
3
Other
(18)
(18)
(67)
1
3
10
ANGLOGOLD GROUP
199
222
795
155
174
638
Cerro Vanguardia - Attributable 92.50%
31
SHAFT SINKING
Quarter
Quarter
Year
ended
ended
ended
December
September
December
2002
2002
2002
Statistics are shown in metric units
metres
MOAB KHOTSONG MINE
Main shaft
Advance
-
-
69
Depth to date (below collar)
3,112
3,112
3,112
Rock / ventilation sub-vertical shaft
Depth to date
939
939
939
Station cutting
-
-
-
MPONENG MINE
Sub Shaft 1
Depth to date
1,209
1,209
1,209
Sub Shaft Vent Shaft Deepening
Advance
-
-
-
Depth to date
27
27
27
Statistics are shown in imperial units
feet
MOAB KHOTSONG MINE
Main shaft
Advance
-
-
227
Depth to date (below collar)
10,210
10,210
10,210
Rock / ventilation sub-vertical shaft
Depth to date
3,080
3,080
3,080
Station cutting
-
-
-
MPONENG MINE
Sub Shaft 1
Depth to date
3,965
3,965
3,965
Sub Shaft Vent Shaft Deepening
Advance
-
-
-
Depth to date
89
89
89
32
DEVELOPMENT
Development values represent actual results of sampling, no allowances having been made for adjustments necessary in estimating
ore reserves.
Quarter ended December 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
4,829
714
99.30
26.45
2,626
1.41
14.34
"C" reef
-
-
-
-
-
-
-
Kopanang Mine
Vaal reef
8,279
480
8.80
133.98
1,179
5.82
51.21
"C" reef
232
-
-
-
-
-
-
Tau Lekoa Mine
Ventersdorp Contact reef
3,685
558
107.90
6.70
723
0.11
12.06
Moab Khotsong Mine
Vaal reef
346
-
-
-
-
-
-
WEST WITS
TauTona Mine
Ventersdorp Contact reef
-
-
-
-
-
-
-
Carbon Leader reef
5,289
20
16.00
470.19
7,523
2.01
32.12
Savuka Mine
Ventersdorp Contact reef
644
-
-
-
-
-
-
Carbon Leader reef
1,263
2
112.00
10.10
1,131
-
-
Mponeng Mine
Ventersdorp Contact reef
6,068
496
41.10
25.89
1,064
-
-
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
15,843
2,343
39.09
0.77
2.51
2.82
9.19
"C" reef
-
-
-
-
-
-
-
Kopanang Mine
Vaal reef
27,163
1,575
3.46
3.91
1.13
11.64
3.36
"C" reef
760
-
-
-
-
-
-
Tau Lekoa Mine
Ventersdorp Contact reef
12,088
1,831
42.48
0.20
0.69
0.22
0.78
Moab Khotsong Mine
Vaal reef
1,135
-
-
-
-
-
-
WEST WITS
TauTona Mine
Ventersdorp Contact reef
-
-
-
-
-
-
-
Carbon Leader reef
17,352
66
6.30
13.71
7.20
4.02
2.11
Savuka Mine
Ventersdorp Contact reef
2,113
-
-
-
-
-
-
Carbon Leader reef
4,143
7
44.09
0.29
1.08
-
-
Mponeng Mine
Ventersdorp Contact reef
19,909
1,627
16.18
0.76
1.02
-
-
33
SOUTH AFRICA REGION
VAAL RIVER
Quarter
Quarter
Year
Quarter
Quarter
Year
ended
ended
ended
ended
ended
ended
December
September
December
December
September
December
2002
2002
2002
2002
2002
2002
GREAT NOLIGWA MINE
Rand / Metric
Dollar / Imperial
OPERATING RESULTS
GOLD
Area mined - 000
- m2
/ - ft2
112
110
430
1,200
1,179
4,632
Milled - 000
- tonnes
/ - tons
- reef
608
609
2,484
671
671
2,739
- waste
-
-
-
-
-
-
- surface and dump reclamation
-
-
-
-
-
-
- total
608
609
2,484
671
671
2,739
Yield
- g/t
/ - oz/t
- reef
10.40
10.72
11.02
0.303
0.313
0.321
- waste
-
-
-
-
-
-
- surface and dump reclamation
-
-
-
-
-
-
- average
10.40
10.72
11.02
0.303
0.313
0.321
Gold produced
- kg
/ - oz 000
- reef
6,327
6,528
27,380
204
210
880
- waste
-
-
-
-
-
-
- surface and dump reclamation
-
-
-
-
-
-
- total
6,327
6,528
27,380
204
210
880
Gold sold
- kg
/ - oz 000
- total
6,430
6,481
27,379
207
208
880
Price received
- R/kg
/ - $/oz
- sold
94,501
98,469
98,877
307
294
293
Total cash costs
- R
/ - $
- ton milled
490
487
459
46
42
40
- R/kg
/ - $/oz
- produced
47,114
45,435
41,658
152
136
124
Total production costs
- R/kg
/ - $/oz
- produced
51,902
49,100
45,388
167
147
135
PRODUCTIVITY
per employee
- g
/ - oz
- target
288
286
276
9.25
9.19
8.88
- actual
230
234
246
7.39
7.53
7.91
per employee
- m2
/ - ft2
- target
4.00
4.10
3.85
43.08
44.13
41.40
- actual
4.05
3.93
3.87
43.61
42.31
41.65
FINANCIAL RESULTS (MILLION)
Gold income
599
605
2,496
62
58
238
Cost of sales
321
315
1,221
33
30
116
Cash operating costs
298
294
1,131
31
28
108
Other cash costs
1
3
10
-
-
1
Total cash costs
299
297
1,141
31
28
109
Retrenchment costs
(1)
1
4
-
-
Rehabilitation and other non-cash costs
3
3
13
-
-
1
Production costs
301
301
1,158
31
28
110
Amortisation of mining assets
28
20
86
3
2
8
Inventory change
(8)
(6)
(23)
(1)
-
(2)
278
290
1,275
29
28
122
Realised non-hedge derivatives
10
33
212
1
3
19
Operating profit excluding unrealised non-hedge derivatives
288
323
1,487
30
31
141
Capital expenditure
84
20
121
8
1
11
34
SOUTH AFRICA REGION
VAAL RIVER
Quarter
Quarter
Year
Quarter
Quarter
Year
ended
ended
ended
ended
ended
ended
December
September
December
December
September
December
2002
2002
2002
2002
2002
2002
KOPANANG MINE
Rand / Metric
Dollar / Imperial
OPERATING RESULTS
GOLD
Area mined - 000
- m2
/ - ft2
120
118
457
1,291
1,274
4,919
Milled - 000
- tonnes
/ - tons
- reef
572
577
2,195
631
637
2,420
- waste
-
-
-
-
-
- surface and dump reclamation
-
-
-
-
-
- total
572
577
2,195
631
637
2,420
Yield
- g/t
/ - oz/t
- reef
7.50
6.97
7.23
0.219
0.203
0.211
- waste
-
-
-
-
-
- surface and dump reclamation
-
-
-
-
-
- average
7.50
6.97
7.23
0.219
0.203
0.211
Gold produced
- kg
/ - oz 000
- reef
4,292
4,025
15,874
138
129
511
- waste
-
-
-
-
-
- surface and dump reclamation
-
-
-
-
-
- total
4,292
4,025
15,874
138
129
511
Gold sold
- kg
/ - oz 000
- total
4,348
4,000
15,873
140
128
510
Price received
- R/kg
/ - $/oz
- sold
94,970
98,538
98,837
309
294
295
Total cash costs
- R
/ - $
- ton milled
430
414
398
41
36
35
- R/kg
/ - $/oz
- produced
57,312
59,380
55,001
185
178
165
Total production costs
- R/kg
/ - $/oz
- produced
64,297
65,098
61,158
208
195
183
PRODUCTIVITY
per employee
- g
/ - oz
- target
181
174
176
5.82
5.61
5.65
- actual
183
176
173
5.90
5.65
5.57
per employee
- m2
/ - ft2
- target
4.85
4.87
4.85
52.22
52.47
52.21
- actual
5.12
5.17
4.99
55.16
55.66
53.68
FINANCIAL RESULTS (MILLION)
Gold income
406
376
1,456
43
36
140
Cost of sales
293
254
978
31
24
95
Cash operating costs
246
237
866
26
23
83
Other cash costs
-
2
7
-
-
1
Total cash costs
246
239
873
26
23
84
Retrenchment costs
-
1
6
-
-
1
Rehabilitation and other non-cash costs
7
4
18
1
-
2
Production costs
253
244
897
27
23
87
Amortisation of mining assets
23
18
74
2
2
7
Inventory change
17
(8)
7
2
(1)
1
113
122
478
12
12
45
Realised non-hedge derivatives
7
18
113
1
1
11
Operating profit excluding unrealised non-hedge derivatives
120
140
591
13
13
56
Capital expenditure
33
19
89
3
2
8
35
SOUTH AFRICA REGION
VAAL RIVER
Quarter
Quarter
Year
Quarter
Quarter
Year
ended
ended
ended
ended
ended
ended
December
September
December
December
September
December
2002
2002
2002
2002
2002
2002
TAU LEKOA MINE
Rand / Metric
Dollar / Imperial
OPERATING RESULTS
GOLD
Area mined - 000
- m2
/ - ft2
105
108
410
1,134
1,161
4,415
Milled - 000
- tonnes
/ - tons
- reef
588
547
2,174
648
603
2,396
- waste
-
-
-
-
-
-
- surface and dump reclamation
-
-
-
-
-
-
- total
588
547
2,174
648
603
2,396
Yield
- g/t
/ - oz/t
- reef
4.56
4.36
4.45
0.133
0.127
0.130
- waste
-
-
-
-
-
-
- surface and dump reclamation
-
-
-
-
-
-
- average
4.56
4.36
4.45
0.133
0.127
0.130
Gold produced
- kg
/ - oz 000
- reef
2,683
2,387
9,675
86
77
311
- waste
-
-
-
-
-
-
- surface and dump reclamation
-
-
-
-
-
- total
2,683
2,387
9,675
86
77
311
Gold sold
- kg
/ - oz 000
- total
2,716
2,371
9,674
87
77
311
Price received
- R/kg
/ - $/oz
- sold
95,152
98,379
98,962
311
294
296
Total cash costs
- R
/ - $
- ton milled
285
293
286
27
26
25
- R/kg
/ - $/oz
- produced
62,360
67,254
64,234
202
201
192
Total production costs
- R/kg
/ - $/oz
- produced
74,167
79,109
75,954
240
236
227
PRODUCTIVITY
per employee
- g
/ - oz
- target
193
191
187
6.20
6.15
6.02
- actual
192
172
174
6.19
5.53
5.61
per employee
- m2
/ - ft2
- target
8.01
8.01
7.81
86.22
86.20
84.03
- actual
7.55
7.78
7.40
81.32
83.71
79.62
FINANCIAL RESULTS (MILLION)
Gold income
254
222
888
27
21
86
Cost of sales
198
177
722
20
16
69
Cash operating costs
167
159
617
17
15
59
Other cash costs
-
1
4
-
-
Total cash costs
167
160
621
17
15
59
Retrenchment costs
-
2
6
-
-
1
Rehabilitation and other non-cash costs
4
3
12
-
-
1
Production costs
171
165
639
17
15
61
Amortisation of mining assets
28
23
95
3
2
9
Inventory change
(1)
(11)
(12)
-
(1)
(1)
56
45
166
7
5
17
Realised non-hedge derivatives
4
11
69
-
-
6
Operating profit excluding unrealised non-hedge derivatives
60
56
235
7
5
23
Capital expenditure
8
3
16
-
1
1
36
SOUTH AFRICA REGION
VAAL RIVER
Quarter
Quarter
Year
Quarter
Quarter
Year
ended
ended
ended
ended
ended
ended
December
September
December
December
September
December
2002
2002
2002
2002
2002
2002
SURFACE OPERATIONS
Rand / Metric
Dollar / Imperial
OPERATING RESULTS
GOLD
Area mined - 000
- m2
/ - ft2
-
-
-
-
-
Milled - 000
- tonnes
/ - tons
- reclamation from rehabilitation
-
-
-
-
-
-
- waste
-
-
-
-
-
-
- surface and dump reclamation
1,283
1,402
5,536
1,414
1,545
6,102
- total
1,283
1,402
5,536
1,414
1,545
6,102
Yield
- g/t
/ - oz/t
- reclamation from rehabilitation
-
-
-
-
-
-
- waste
-
-
-
-
-
-
- surface and dump reclamation
0.58
0.52
0.56
0.017
0.015
0.016
- average
0.58
0.52
0.56
0.017
0.015
0.016
Gold produced
- kg
/ - oz 000
- reclamation from rehabilitation
-
-
-
-
-
-
- waste
-
-
-
-
-
-
- surface and dump reclamation
745
722
3,081
24
23
99
- total
745
722
3,081
24
23
99
Gold sold
- kg
/ - oz 000
- total
755
717
3,080
24
23
99
Price received
- R/kg
/ - $/oz
- sold
94,641
98,774
99,121
308
294
294
Total cash costs *
- R
/ - $
- ton milled
27
28
26
3
2
2
- R/kg
/ - $/oz
- produced
46,914
53,764
45,903
152
161
137
Total production costs
- R/kg
/ - $/oz
- produced
50,694
56,981
49,119
165
170
146
PRODUCTIVITY
per employee
- g
/ - oz
- target
388
423
410
12.46
13.61
13.19
- actual
345
345
399
11.11
11.08
12.83
per employee
- m2
/ - ft2
- target
-
-
-
-
-
-
- actual
-
-
-
-
-
-
FINANCIAL RESULTS (MILLION)
Gold income
70
67
282
7
6
27
Cost of sales
39
40
150
4
4
15
Cash operating costs
35
39
141
4
4
14
Other cash costs
-
-
-
-
-
-
Total cash costs
35
39
141
4
4
14
Retrenchment costs
-
-
-
-
-
-
Rehabilitation and other non-cash costs
3
2
10
-
-
1
Production costs
38
41
151
4
4
15
Amortisation of mining assets
-
-
-
-
-
-
Inventory change
1
(1)
(1)
-
-
-
31
27
132
3
2
12
Realised non-hedge derivatives
2
3
23
-
1
3
Operating profit excluding unrealised non-hedge derivatives
33
30
155
3
3
15
Capital expenditure
83
97
376
9
9
36
Moab Khotsong
37
SOUTH AFRICA REGION
ERGO
Quarter
Quarter
Year
Quarter
Quarter
Year
ended
ended
ended
ended
ended
ended
December
September
December
December
September
December
2002
2002
2002
2002
2002
2002
Rand / Metric
Dollar / Imperial
OPERATING RESULTS
GOLD
Material treated
- tonnes
/ - tons
- 000
8,460
8,003
32,824
9,326
8,822
36,182
Yield
- g/t
/ - oz/t
0.24
0.24
0.25
0.007
0.007
0.007
Gold produced
- kg
/ - oz 000
2,054
1,941
8,215
66
62
264
Gold sold
- kg
/ - oz 000
2,064
1,930
8,216
66
62
264
Price received
- R/kg
/ - $/oz
- sold
94,190
98,334
99,093
307
294
294
Total cash costs
- R
/ - $
- ton treated
15
16
15
1
1
1
- R/kg
/ - $/oz
- produced
62,856
65,617
61,810
204
196
184
Total production costs
- R/kg
/ - $/oz
- produced
83,604
77,326
73,051
271
231
218
PRODUCTIVITY
per employee
- g
/ - oz
- target
472
497
510
15.19
15.97
16.40
- actual
643
581
610
20.69
18.67
19.61
FINANCIAL RESULTS (MILLION)
Gold income
192
181
753
20
17
72
Cost of sales
171
150
601
17
14
57
Cash operating costs
128
126
504
13
12
48
Other cash costs
1
1
3
-
-
-
Total cash costs
129
127
507
13
12
48
Retrenchment costs
1
-
3
-
-
-
Rehabilitation and other non-cash costs
37
18
73
4
2
7
Production costs
167
145
583
17
14
55
Amortisation of mining assets
5
5
17
-
-
2
Inventory change
(1)
-
1
-
-
-
21
31
152
3
3
15
Realised non-hedge derivatives
3
9
61
-
1
5
Operating profit excluding unrealised non-hedge derivatives
24
40
213
3
4
20
Capital expenditure
2
-
2
-
-
-
38
SOUTH AFRICA REGION
WEST WITS
Quarter
Quarter
Year
Quarter
Quarter
Year
ended
ended
ended
ended
ended
ended
December
September
December
December
September
December
2002
2002
2002
2002
2002
2002
MPONENG MINE
Rand / Metric
Dollar / Imperial
OPERATING RESULTS
GOLD
Area mined - 000
- m2
/ - ft2
87
85
308
934
912
3,312
Milled - 000
- tonnes
/ - tons
- reef
462
449
1,679
509
495
1,851
- waste
-
-
-
-
-
-
- surface and dump reclamation
-
-
-
-
-
-
- total
462
449
1,679
509
495
1,851
Yield
- g/t
/ - oz/t
- reef
8.53
9.43
8.63
0.249
0.275
0.252
- waste
-
-
-
-
-
-
- surface and dump reclamation
-
-
-
-
-
-
- average
8.53
9.43
8.63
0.249
0.275
0.252
Gold produced
- kg
/ - oz 000
- reef
3,936
4,233
14,498
127
137
466
- waste
-
-
-
-
-
-
- surface and dump reclamation
-
-
-
-
-
-
- total
3,936
4,233
14,498
127
137
466
Gold sold
- kg
/ - oz 000
- total
3,968
4,201
14,500
128
135
466
Price received
- R/kg
/ - $/oz
- sold
94,408
98,456
98,599
304
294
294
Total cash costs
- R
/ - $
- ton milled
488
538
514
46
47
45
- R/kg
/ - $/oz
- produced
57,216
57,085
59,504
186
170
178
Total production costs
- R/kg
/ - $/oz
- produced
76,655
74,269
76,922
249
221
230
PRODUCTIVITY
per employee
- g
/ - oz
- target
194
202
193
6.24
6.49
6.22
- actual
229
245
212
7.36
7.87
6.82
per employee
- m2
/ - ft2
- target
4.46
4.43
4.40
48.05
47.72
47.37
- actual
5.05
4.90
4.50
54.31
52.79
48.47
FINANCIAL RESULTS (MILLION)
Gold income
369
392
1,330
38
38
128
Cost of sales
309
306
1,109
32
30
106
Cash operating costs
225
240
857
23
23
82
Other cash costs
-
2
6
-
-
1
Total cash costs
225
242
863
23
23
83
Retrenchment costs
-
1
3
-
-
-
Rehabilitation and other non-cash costs
1
1
4
-
-
-
Production costs
226
244
870
23
23
83
Amortisation of mining assets
76
71
246
8
8
24
Inventory change
7
(9)
(7)
1
(1)
(1)
60
86
221
6
8
22
Realised non-hedge derivatives
6
23
101
1
2
8
Operating profit excluding unrealised non-hedge derivatives
66
109
322
7
10
30
Capital expenditure
129
77
332
13
7
33
39
SOUTH AFRICA REGION
WEST WITS
Quarter
Quarter
Year
Quarter
Quarter
Year
ended
ended
ended
ended
ended
ended
December
September
December
December
September
December
2002
2002
2002
2002
2002
2002
SAVUKA MINE
Rand / Metric
Dollar / Imperial
OPERATING RESULTS
GOLD
Area mined - 000
- m2
/ - ft2
47
53
195
506
565
2,104
Milled - 000
- tonnes
/ - tons
- reef
264
265
1,037
291
292
1,143
- waste
-
-
-
-
-
-
- surface and dump reclamation
-
-
-
-
-
-
- total
264
265
1,037
291
292
1,143
Yield
- g/t
/ - oz/t
- reef
5.68
6.73
7.07
0.166
0.196
0.206
- waste
-
-
-
-
-
-
- surface and dump reclamation
-
-
-
-
-
-
- average
5.68
6.73
7.07
0.166
0.196
0.206
Gold produced
- kg
/ - oz 000
- reef
1,500
1,782
7,331
48
57
236
- waste
-
-
-
-
-
-
- surface and dump reclamation
-
-
-
-
-
-
- total
1,500
1,782
7,331
48
57
236
Gold sold
- kg
/ - oz 000
- total
1,512
1,771
7,332
49
57
236
Price received
- R/kg
/ - $/oz
- sold
94,777
98,543
99,306
307
294
294
Total cash costs
- R
/ - $
- ton milled
562
598
581
53
52
50
- R/kg
/ - $/oz
- produced
98,863
88,841
82,111
320
265
245
Total production costs
- R/kg
/ - $/oz
- produced
106,072
93,475
86,729
343
279
258
PRODUCTIVITY
per employee
- g
/ - oz
- target
134
147
135
4.32
4.72
4.34
- actual
98
117
124
3.16
3.75
4.00
per employee
- m2
/ - ft2
- target
4.63
4.78
4.38
49.79
51.50
47.17
- actual
3.08
3.44
3.32
33.12
36.98
35.71
FINANCIAL RESULTS (MILLION)
Gold income
141
167
671
15
16
64
Cost of sales
160
163
631
16
16
60
Cash operating costs
148
157
598
15
15
57
Other cash costs
-
2
4
-
-
-
Total cash costs
148
159
602
15
15
57
Retrenchment costs
-
-
2
-
-
-
Rehabilitation and other non-cash costs
1
1
3
-
-
-
Production costs
149
160
607
15
15
57
Amortisation of mining assets
10
7
29
1
1
3
Inventory change
1
(4)
(5)
-
-
-
(19)
4
40
(1)
-
4
Realised non-hedge derivatives
3
8
57
(1)
1
5
Operating profit excluding unrealised non-hedge derivatives
(16)
12
97
(2)
1
9
Capital expenditure
30
13
60
3
1
6
40
SOUTH AFRICA REGION
WEST WITS
Quarter
Quarter
Year
Quarter
Quarter
Year
ended
ended
ended
ended
ended
ended
December
September
December
December
September
December
2002
2002
2002
2002
2002
2002
TAUTONA MINE
Rand / Metric
Dollar / Imperial
OPERATING RESULTS
GOLD
Area mined - 000
- m2
/ - ft2
89
82
315
956
879
3,395
Milled - 000
- tonnes
/ - tons
- reef
446
453
1,716
491
500
1,891
- waste
-
-
-
-
-
-
- surface and dump reclamation
-
-
-
-
-
-
- total
446
453
1,716
491
500
1,891
Yield
- g/t
/ - oz/t
- reef
11.73
11.55
11.66
0.342
0.337
0.340
- waste
-
-
-
-
-
-
- surface and dump reclamation
-
-
-
-
-
-
- average
11.73
11.55
11.66
0.342
0.337
0.340
Gold produced
- kg
/ - oz 000
- reef
5,227
5,236
19,997
168
168
643
- waste
-
-
-
-
-
-
- surface and dump reclamation
-
-
-
-
-
-
- total
5,227
5,236
19,997
168
168
643
Gold sold
- kg
/ - oz 000
- total
5,267
5,200
20,000
169
168
643
Price received
- R/kg
/ - $/oz
- sold
94,630
98,706
98,972
307
294
294
Total cash costs
- R
/ - $
- ton milled
514
508
518
48
44
45
- R/kg
/ - $/oz
- produced
43,842
43,997
44,465
142
131
132
Total production costs
- R/kg
/ - $/oz
- produced
48,419
47,287
48,125
157
141
143
PRODUCTIVITY
per employee
- g
/ - oz
- target
301
294
287
9.68
9.47
9.24
- actual
307
307
292
9.87
9.88
9.37
per employee
- m2
/ - ft2
- target
4.74
4.59
4.49
51.03
49.40
48.29
- actual
5.22
4.79
4.60
56.14
51.60
49.49
FINANCIAL RESULTS (MILLION)
Gold income
491
487
1,837
51
47
176
Cost of sales
247
244
949
25
24
92
Cash operating costs
229
228
882
24
22
84
Other cash costs
1
2
7
-
-
1
Total cash costs
230
230
889
24
22
85
Retrenchment costs
1
1
7
-
-
1
Rehabilitation and other non-cash costs
2
1
6
-
-
1
Production costs
233
232
902
24
22
87
Amortisation of mining assets
22
15
61
2
2
6
Inventory change
(8)
(3)
(14)
(1)
-
(1)
244
243
888
26
23
84
Realised non-hedge derivatives
10
27
143
1
3
14
Operating profit excluding unrealised non-hedge derivatives
254
270
1,031
27
26
98
Capital expenditure
63
21
115
6
2
11
41
SOUTH AFRICA REGION
WEST WITS
Quarter
Quarter
Year
Quarter
Quarter
Year
ended
ended
ended
ended
ended
ended
December
September
December
December
September
December
2002
2002
2002
2002
2002
2002
SURFACE OPERATIONS
Rand / Metric
Dollar / Imperial
OPERATING RESULTS
GOLD
Area mined - 000
- m2
/ - ft2
-
-
-
-
-
-
Milled - 000
- tonnes
/ - tons
- reclamation from rehabilitation
-
-
-
-
-
-
- waste
-
-
-
-
-
-
- surface and dump reclamation
-
2
6
-
2
7
- total
-
2
6
-
2
7
Yield
- g/t
/ - oz/t
- reclamation from rehabilitation
-
-
-
-
-
-
- waste
-
-
-
-
-
-
- surface and dump reclamation
-
15.23
9.26
-
0.444
0.270
- average
-
15.23
9.26
-
0.444
0.270
Gold produced
- kg
/ - oz 000
- reclamation from rehabilitation
-
-
-
-
-
-
- waste
-
-
-
-
-
-
- surface and dump reclamation
-
30
55
-
1
2
- total
-
30
55
-
1
2
Gold sold
- kg
/ - oz 000
- total
-
30
55
-
1
2
Price received
- R/kg
/ - $/oz
- sold
-
96,684
97,227
-
295
297
Total cash costs*
- R
/ - $
- ton milled
-
213
140
-
18
12
- R/kg
/ - $/oz
- produced
-
13,974
15,125
-
42
46
Total production costs
- R/kg
/ - $/oz
- produced
-
13,974
15,125
-
42
46
PRODUCTIVITY
per employee
- g
/ - oz
- target
-
-
-
-
-
-
- actual
-
-
-
-
-
-
per employee
- m2
/ - ft2
- target
-
-
-
-
-
-
- actual
-
-
-
-
-
-
FINANCIAL RESULTS (MILLION)
Gold income
-
3
5
-
-
-
Cost of sales
-
1
1
-
-
-
Cash operating costs
-
1
1
-
-
-
Other cash costs
-
-
-
-
-
-
Total cash costs
-
1
1
-
-
-
Retrenchment costs
-
-
-
-
-
-
Rehabilitation and other non-cash costs
-
-
-
-
-
-
Production costs
-
1
1
-
-
-
Amortisation of mining assets
-
-
-
-
-
-
Inventory change
-
-
-
-
-
-
-
2
4
-
-
-
Realised non-hedge derivatives
-
-
-
-
-
-
Operating profit excluding unrealised non-hedge derivatives
-
2
4
-
-
-
Capital expenditure
4
-
5
-
-
-
* Excludes reclamation from rehabilitation
42
EAST & WEST AFRICA REGION
Quarter
Quarter
Year
Quarter
Quarter
Year
ended
ended
ended
ended
ended
ended
December
September
December
December
September
December
2002
2002
2002
2002
2002
2002
GEITA - Attributable 50%
Rand / Metric
Dollar / Imperial
OPERATING RESULTS
GOLD
Mined - 000
- tonnes
/ - tons
6,659
6,868
22,564
7,341
7,571
24,872
Volume mined - 000
- bcm
/ - bcy
2,451
2,669
8,916
3,207
3,491
11,663
Stripping ratio
- t (mined - treated) / t treated
9.56
9.73
8.06
9.56
9.73
8.06
Treated - 000
- tonnes
/ - tons
630
640
2,489
695
705
2,744
Yield
- g/t
/ - oz/t
3.03
4.00
3.62
0.088
0.117
0.106
Gold produced
- kg
/ - oz 000
1,909
2,561
9,005
61
82
290
Gold sold
- kg
/ - oz 000
1,909
2,561
9,005
61
82
290
Price received
- R/kg
/ - $/oz
- sold
89,388
100,774
98,785
289
301
292
Total cash costs
- R/kg
/ - $/oz
- produced
66,931
55,832
58,831
216
167
175
Total production costs
- R/kg
/ - $/oz
- produced
84,925
71,125
75,024
274
212
223
PRODUCTIVITY
per employee
- g
/ - oz
- target
1,303
1,750
1,560
41.88
56.26
50.15
- actual
1,100
1,474
1,356
35.37
47.37
43.61
FINANCIAL RESULTS (MILLION)
Gold income
168
256
879
17
25
84
Cost of sales
160
183
676
16
18
65
Cash operating costs
119
132
492
12
13
47
Other cash costs
8
11
38
1
1
4
Total cash costs
127
143
530
13
14
51
Rehabilitation and other non-cash costs
2
2
7
-
-
1
Production costs
129
145
537
13
14
52
Amortisation of mining assets
32
37
139
3
4
13
Inventory change
(1)
1
-
-
-
-
8
73
203
1
7
19
Realised non-hedge derivatives
1
2
11
-
-
1
Operating profit excluding unrealised non-hedge derivatives
9
75
214
1
7
20
Capital expenditure
27
16
92
3
2
9
43
EAST & WEST AFRICA REGION
Quarter
Quarter
Year
Quarter
Quarter
Year
ended
ended
ended
ended
ended
ended
December
September
December
December
September
December
2002
2002
2002
2002
2002
2002
MORILA - Attributable 40%
Rand / Metric
Dollar / Imperial
OPERATING RESULTS
GOLD
Mined - 000
- tonnes
/ - tons
2,417
2,219
10,497
2,664
2,446
11,571
Volume mined - 000
- bcm
/ - bcy
1,074
987
4,434
1,405
1,291
5,800
Stripping ratio
- t (mined - treated) / t treated
8.03
9.17
8.59
8.03
9.17
8.59
Treated - 000
- tonnes
/ - tons
268
218
1,094
295
241
1,206
Yield
- g/t
/ - oz/t
15.11
24.39
11.96
0.441
0.711
0.349
Gold produced
- kg
/ - oz 000
4,043
5,325
13,083
130
171
421
Gold sold
- kg
/ - oz 000
4,351
5,054
13,080
140
163
421
Price received
- R/kg
/ - $/oz
- sold
99,039
105,006
102,985
316
311
309
Total cash costs
- R/kg
/ - $/oz
- produced
24,124
16,444
24,541
78
49
74
Total production costs
- R/kg
/ - $/oz
- produced
44,400
38,288
47,559
142
114
142
PRODUCTIVITY
per employee
- g
/ - oz
- target
3,612
3,631
3,202
116.12
116.73
102.94
- actual
5,784
6,265
4,434
185.97
201.41
142.54
FINANCIAL RESULTS (MILLION)
Gold income
431
531
1,347
44
51
130
Cost of sales
183
201
624
19
19
60
Cash operating costs
67
50
226
7
5
22
Other cash costs
31
38
95
3
3
9
Total cash costs
98
88
321
10
8
31
Rehabilitation and other non-cash costs
(1)
1
1
-
-
-
Production costs
97
89
322
10
8
31
Amortisation of mining assets
83
116
300
9
11
29
Inventory change
3
(4)
2
-
-
-
248
330
723
25
32
70
Realised non-hedge derivatives
-
-
-
-
(1)
-
Operating profit excluding unrealised non-hedge derivatives
248
330
723
25
31
70
Capital expenditure
27
31
70
3
3
7
44
EAST & WEST AFRICA REGION
Quarter
Quarter
Year
Quarter
Quarter
Year
ended
ended
ended
ended
ended
ended
December
September
December
December
September
December
2002
2002
2002
2002
2002
2002
NAVACHAB
Rand / Metric
Dollar / Imperial
OPERATING RESULTS
GOLD
Mined - 000
- tonnes
/ - tons
956
1,037
3,715
1,053
1,143
4,095
Volume mined - 000
- bcm
/ - bcy
331
368
1,319
433
481
1,725
Stripping ratio
- t (mined - treated) / t treated
1.85
1.96
1.71
1.85
1.96
1.71
Treated - 000
- tonnes
/ - tons
335
351
1,372
370
387
1,512
Yield
- g/t
/ - oz/t
1.97
2.00
1.93
0.057
0.058
0.056
Gold produced
- kg
/ - oz 000
660
702
2,653
21
23
85
Gold sold
- kg
/ - oz 000
660
702
2,653
21
23
85
Price received
- R/kg
/ - $/oz
- sold
97,725
105,690
102,429
318
315
305
Total cash costs
- R/kg
/ - $/oz
- produced
52,215
47,366
49,265
168
141
147
Total production costs
- R/kg
/ - $/oz
- produced
59,968
51,208
54,138
194
153
162
PRODUCTIVITY
per employee
- g
/ - oz
- target
538
582
557
17.31
18.70
17.91
- actual
597
658
626
19.19
21.16
20.12
FINANCIAL RESULTS (MILLION)
Gold income
64
74
272
7
7
26
Cost of sales
39
36
142
4
3
14
Cash operating costs
34
33
129
3
3
13
Other cash costs
-
-
1
-
-
-
Total cash costs
34
33
130
3
3
13
Rehabilitation and other non-cash costs
-
-
1
-
-
-
Production costs
34
33
131
3
3
13
Amortisation of mining assets
5
3
12
1
-
1
Inventory change
-
-
(1)
-
-
-
25
38
130
3
4
12
Realised non-hedge derivatives
-
-
(1)
-
-
-
Operating profit excluding unrealised non-hedge derivatives
25
38
129
3
4
12
Capital expenditure
8
7
21
1
1
2
45
EAST & WEST AFRICA REGION
Quarter
Quarter
Year
Quarter
Quarter
Year
ended
ended
ended
ended
ended
ended
December
September
December
December
September
December
2002
2002
2002
2002
2002
2002
SADIOLA - Attributable 38%
Rand / Metric
Dollar / Imperial
OPERATING RESULTS
GOLD
Mined - 000
- tonnes
/ - tons
1,832
1,517
6,370
2,019
1,673
7,021
Volume mined - 000
- bcm
/ - bcy
981
818
3,405
1,283
1,070
4,454
Stripping ratio
- t (mined - treated) / t treated
2.72
2.13
2.33
2.72
2.13
2.33
Treated - 000
- tonnes
/ - tons
492
485
1,914
542
535
2,110
Yield
- g/t
/ - oz/t
3.03
2.56
2.96
0.088
0.075
0.086
Gold produced
- kg
/ - oz 000
1,490
1,243
5,672
48
40
182
Gold sold
- kg
/ - oz 000
1,450
1,412
5,633
47
45
181
Price received
- R/kg
/ - $/oz
- sold
99,101
99,310
102,455
325
298
305
Total cash costs
- R/kg
/ - $/oz
- produced
62,873
57,468
54,603
204
172
163
Total production costs
- R/kg
/ - $/oz
- produced
87,725
87,743
80,873
284
262
241
PRODUCTIVITY
per employee
- g
/ - oz
- target
2,478
2,306
2,403
79.68
74.15
77.26
- actual
2,764
2,333
2,664
88.87
75.01
85.66
FINANCIAL RESULTS (MILLION)
Gold income
144
149
587
15
14
56
Cost of sales
128
117
453
13
11
43
Cash operating costs
84
61
269
9
6
26
Other cash costs
10
10
40
1
1
4
Total cash costs
94
71
309
10
7
30
Rehabilitation and other non-cash costs
1
1
4
-
-
-
Production costs
95
72
313
10
7
30
Amortisation of mining assets
36
37
145
3
3
13
Inventory change
(3)
8
(5)
-
1
-
16
32
134
2
3
13
Realised non-hedge derivatives
1
(9)
(10)
-
(1)
(1)
Operating profit excluding unrealised non-hedge derivatives
17
23
124
2
2
12
Capital expenditure
12
10
67
1
1
6
46
EAST & WEST AFRICA REGION
Quarter
Quarter
Year
Quarter
Quarter
Year
ended
ended
ended
ended
ended
ended
December
September
December
December
September
December
2002
2002
2002
2002
2002
2002
YATELA - Attributable 40%
Rand / Metric
Dollar / Imperial
OPERATING RESULTS
GOLD
Mined - 000
- tonnes
/ - tons
2,476
1,824
7,517
2,729
2,010
8,286
Volume mined - 000
- bcm
/ - bcy
1,220
882
3,687
1,596
1,154
4,822
Stripping ratio
- t (mined - treated) / t treated
6.84
5.94
5.65
6.84
5.94
5.65
Treated - 000
- tonnes
/ - tons
316
263
1,131
348
290
1,247
Yield
- g/t
/ - oz/t
2.83
3.51
2.95
0.082
0.102
0.086
Gold produced
- kg
/ - oz 000
893
924
3,341
29
30
107
Gold sold
- kg
/ - oz 000
884
992
3,299
28
32
106
Price received
- R/kg
/ - $/oz
- sold
99,173
104,874
104,010
325
314
311
Total cash costs
- R/kg
/ - $/oz
- produced
62,103
58,274
58,302
202
174
175
Total production costs
- R/kg
/ - $/oz
- produced
82,081
69,789
73,684
269
208
221
PRODUCTIVITY
per employee
- g
/ - oz
- target
2,128
1,967
1,737
68.41
63.23
55.86
- actual
1,505
1,669
1,495
48.40
53.66
48.07
FINANCIAL RESULTS (MILLION)
Gold income
88
104
343
9
10
33
Cost of sales
68
70
240
7
7
23
Cash operating costs
49
46
170
5
4
16
Other cash costs
6
7
25
1
1
3
Total cash costs
55
53
195
6
5
19
Rehabilitation and other non-cash costs
1
1
4
-
-
-
Production costs
56
54
199
6
5
19
Amortisation of mining assets
17
10
47
2
1
5
Inventory change
(5)
6
(6)
(1)
1
(1)
20
34
103
2
3
10
Realised non-hedge derivatives
(1)
-
-
-
-
-
Operating profit excluding unrealised non-hedge derivatives
19
34
103
2
3
10
Capital expenditure
9
9
37
1
1
3
47
NORTH AMERICA REGION
Quarter
Quarter
Year
Quarter
Quarter
Year
ended
ended
ended
ended
ended
ended
December
September
December
December
September
December
2002
2002
2002
2002
2002
2002
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
9,570
11,038
43,675
10,549
12,167
48,144
Stripping ratio
- t (mined - treated) / t treated
1.47
2.14
2.53
1.47
2.14
2.53
Treated - 000
- tonnes
/ - tons
3,871
3,510
12,373
4,267
3,869
13,639
Gold in ore
- kg
/ - oz 000
2,264
5,880
17,192
73
189
553
Yield
- g/t
/ - oz/t
0.61
0.51
0.57
0.018
0.015
0.016
Gold produced
- kg
/ - oz 000
2,379
1,784
6,998
76
57
225
Total
Yield
- g/t
/ - oz/t
0.61
0.51
0.57
0.018
0.015
0.016
Gold produced
- kg
/ - oz 000
2,379
1,784
6,998
76
57
225
Gold sold
- kg
/ - oz 000
2,379
1,784
6,998
76
57
225
Price received
- R/kg
/ - $/oz
- sold
102,721
111,367
111,779
330
333
335
Total cash costs *
- R/kg
/ - $/oz
- produced
55,408
61,682
62,509
178
184
187
Total production costs
- R/kg
/ - $/oz
- produced
83,211
110,683
103,042
264
331
306
PRODUCTIVITY
per employee
- g
/ - oz
- target
3,920
2,689
2,593
126.05
86.46
83.38
- actual
2,553
1,888
1,856
82.07
60.70
59.68
FINANCIAL RESULTS (MILLION)
Gold income
243
197
770
25
19
74
Cost of sales
197
197
720
20
19
69
Cash operating costs
134
165
617
14
16
59
Other cash costs
21
-
21
2
-
2
Total cash costs
155
165
638
16
16
61
Rehabilitation and other non-cash costs
(2)
(37)
(103)
-
(4)
(10)
Production costs
153
128
535
16
12
51
Amortisation of mining assets
68
124
386
7
12
37
Inventory change
(24)
(55)
(201)
(3)
(5)
(19)
46
-
50
5
-
5
Realised non-hedge derivatives
-
1
11
-
-
1
Operating profit excluding unrealised non-hedge derivatives
46
1
61
5
-
6
Capital expenditure
72
169
706
8
16
66
Note: The gold produced from underground and open-pit
operations is allocated on gold in ore.
* Total cash cost calculation includes inventory change
48
NORTH AMERICA REGION
Quarter
Quarter
Year
Quarter
Quarter
Year
ended
ended
ended
ended
ended
ended
December
September
December
December
September
December
2002
2002
2002
2002
2002
2002
JERRITT CANYON J.V. - Attributable 70%
Rand / Metric
Dollar / Imperial
OPERATING RESULTS
GOLD
Underground Operations
Mined - 000
- tonnes
/ - tons
249
235
938
275
259
1,034
Treated - 000
- tonnes
/ - tons
255
251
932
281
277
1,027
Gold in ore
- kg
/ - oz 000
2,054
2,017
7,942
66
65
255
Yield
- g/t
/ - oz/t
7.64
7.04
7.91
0.223
0.205
0.231
Gold produced
- kg
/ - oz 000
1,948
1,765
7,373
63
57
237
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
7.64
7.04
7.91
0.223
0.205
0.231
Gold produced
- kg
/ - oz 000
1,948
1,765
7,373
63
57
237
Gold sold
- kg
/ - oz 000
1,955
1,750
7,365
63
56
237
Price received
- R/kg
/ - $/oz
- sold
101,056
110,226
112,248
327
329
334
Total cash costs
- R/kg
/ - $/oz
- produced
68,463
90,843
84,466
221
271
249
Total production costs
- R/kg
/ - $/oz
- produced
97,500
125,172
117,503
315
373
348
PRODUCTIVITY
per employee
- g
/ - oz
- target
2,235
2,479
2,369
71.85
79.71
76.16
- actual
2,202
2,003
2,110
70.79
64.39
67.85
FINANCIAL RESULTS (MILLION)
Gold income
197
191
812
20
18
78
Cost of sales
191
209
857
19
20
82
Cash operating costs
130
160
619
14
15
59
Other cash costs
3
-
3
-
-
-
Total cash costs
133
160
622
14
15
59
Rehabilitation and other non-cash costs
4
4
16
-
1
2
Production costs
137
164
638
14
16
61
Amortisation of mining assets
53
57
228
5
5
22
Inventory change
1
(12)
(9)
-
(1)
(1)
6
(18)
(45)
1
(2)
(4)
Realised non-hedge derivatives
-
1
14
-
-
1
Operating profit excluding unrealised non-hedge derivatives
6
(17)
(31)
1
(2)
(3)
Capital expenditure
19
13
80
2
1
8
Note: The gold produced from underground and open-pit
operations is allocated on gold in ore.
49
SOUTH AMERICA REGION
Quarter
Quarter
Year
Quarter
Quarter
Year
ended
ended
ended
ended
ended
ended
December
September
December
December
September
December
2002
2002
2002
2002
2002
2002
CERRO VANGUARDIA - Attributable 92.50% *
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
3,124
2,741
8,946
3,443
3,021
9,861
Stripping ratio
- t (mined - treated) / t treated
13.95
14.98
14.26
13.95
14.98
14.26
Treated - 000
- tonnes
/ - tons
209
172
586
230
189
646
Gold in ore
- kg
/ - oz 000
2,109
1,624
5,757
68
52
185
Yield
- g/t
/ - oz/t
9.80
9.13
9.49
0.286
0.266
0.277
Gold produced
- kg
/ - oz 000
2,049
1,566
5,561
66
51
179
Total
Yield
- g/t
/ - oz/t
9.80
9.13
9.49
0.286
0.266
0.277
Gold produced
- kg
/ - oz 000
2,049
1,566
5,561
66
51
179
Gold sold
- kg
/ - oz 000
2,044
1,648
5,675
66
53
182
Price received
- R/kg
/ - $/oz
- sold
102,497
106,765
106,816
336
319
323
Total cash costs
- R/kg
/ - $/oz
- produced
33,309
34,339
34,384
108
103
104
Total production costs
- R/kg
/ - $/oz
- produced
61,538
72,955
67,362
198
218
203
PRODUCTIVITY
per employee
- g
/ - oz
- target
2,696
1,739
1,984
86.66
55.91
63.80
- actual
1,753
1,385
1,640
56.35
44.53
52.73
FINANCIAL RESULTS (MILLION)
Gold income
223
177
639
23
17
62
Cost of sales
128
115
388
13
11
37
Cash operating costs
53
41
146
6
4
14
Other cash costs
15
13
45
1
1
4
Total cash costs
68
54
191
7
5
18
Rehabilitation and other non-cash costs
2
2
7
-
-
1
Production costs
70
56
198
7
5
19
Amortisation of mining assets
56
58
177
6
6
17
Inventory change
2
1
13
-
-
1
95
62
251
10
6
25
Realised non-hedge derivatives
4
13
20
1
1
2
Operating profit excluding unrealised non-hedge derivatives
99
75
271
11
7
27
Capital expenditure
3
15
25
-
1
2
Note: The gold produced from underground and open-pit
operations is allocated on gold in ore.
* Effective July 2002 (previously 46.25%)
50
SOUTH AMERICA REGION
Quarter
Quarter
Year
Quarter
Quarter
Year
ended
ended
ended
ended
ended
ended
December
September
December
December
September
December
2002
2002
2002
2002
2002
2002
MORRO VELHO
Rand / Metric
Dollar / Imperial
OPERATING RESULTS
GOLD
Underground Operations
Mined - 000
- tonnes
/ - tons
215
220
839
237
242
925
Treated - 000
- tonnes
/ - tons
216
219
838
238
242
925
Gold in ore
- kg
/ - oz 000
1,638
1,739
6,462
53
56
208
Yield
- g/t
/ - oz/t
7.14
7.31
7.12
0.208
0.213
0.208
Gold produced
- kg
/ - oz 000
1,542
1,604
5,975
50
52
192
Open-pit Operations
Mined - 000
- tonnes
/ - tons
583
243
1,644
643
268
1,812
Stripping ratio
- t (mined - treated) / t treated
12.81
9.19
13.67
12.81
9.19
13.67
Treated - 000
- tonnes
/ - tons
42
24
112
47
26
123
Gold in ore
- kg
/ - oz 000
112
94
406
4
3
13
Yield
- g/t
/ - oz/t
3.31
3.75
3.61
0.097
0.109
0.105
Gold produced
- kg
/ - oz 000
140
89
404
4
3
13
Total
Yield
- g/t
/ - oz/t
6.51
6.96
6.71
0.190
0.203
0.196
Gold produced
- kg
/ - oz 000
1,681
1,693
6,380
54
54
205
Gold sold
- kg
/ - oz 000
1,660
1,734
6,365
53
55
205
Price received
- R/kg
/ - $/oz
- sold
101,640
108,665
112,439
328
324
334
Total cash costs
- R/kg
/ - $/oz
- produced
36,895
40,995
44,273
120
122
131
Total production costs
- R/kg
/ - $/oz
- produced
54,293
61,066
65,056
176
182
193
PRODUCTIVITY
per employee
- g
/ - oz
- target
378
393
368
12.15
12.63
11.85
- actual
416
486
434
13.36
15.63
13.94
FINANCIAL RESULTS (MILLION)
Gold income
167
187
701
17
18
67
Cost of sales
92
110
415
9
10
39
Cash operating costs
60
67
276
6
6
26
Other cash costs
2
2
7
-
-
1
Total cash costs
62
69
283
6
6
27
Rehabilitation and other non-cash costs
1
1
5
-
-
-
Production costs
63
70
288
6
6
27
Amortisation of mining assets
29
33
127
3
3
12
Inventory change
-
7
-
-
1
-
75
77
286
8
8
28
Realised non-hedge derivatives
2
2
14
-
-
1
Operating profit excluding unrealised non-hedge derivatives
77
79
300
8
8
29
Capital expenditure
37
46
173
4
5
17
Note: The gold produced from underground and open-pit
operations is allocated on gold in ore.
51
SOUTH AMERICA REGION
Quarter
Quarter
Year
Quarter
Quarter
Year
ended
ended
ended
ended
ended
ended
December
September
December
December
September
December
2002
2002
2002
2002
2002
2002
SERRA GRANDE - Attributable 50%
Rand / Metric
Dollar / Imperial
OPERATING RESULTS
GOLD
Underground Operations
Mined - 000
- tonnes
/ - tons
92
95
369
101
105
407
Treated - 000
- tonnes
/ - tons
90
95
371
99
105
409
Gold in ore
- kg
/ - oz 000
727
787
3,036
23
25
98
Yield
- g/t
/ - oz/t
7.72
7.87
7.84
0.225
0.230
0.229
Gold produced
- kg
/ - oz 000
693
751
2,913
22
24
94
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
7.72
7.87
7.84
0.225
0.230
0.229
Gold produced
- kg
/ - oz 000
693
751
2,913
22
24
94
Gold sold
- kg
/ - oz 000
729
766
2,988
24
25
96
Price received
- R/kg
/ - $/oz
- sold
100,685
108,537
112,928
326
324
334
Total cash costs
- R/kg
/ - $/oz
- produced
28,890
30,104
33,967
94
90
100
Total production costs
- R/kg
/ - $/oz
- produced
47,274
49,600
53,584
153
148
158
PRODUCTIVITY
per employee
- g
/ - oz
- target
831
905
879
26.72
29.08
28.25
- actual
891
959
932
28.64
30.85
29.97
FINANCIAL RESULTS (MILLION)
Gold income
73
82
329
7
8
31
Cost of sales
34
39
161
3
3
15
Cash operating costs
19
22
94
2
2
9
Other cash costs
1
1
5
-
-
-
Total cash costs
20
23
99
2
2
9
Rehabilitation and other non-cash costs
-
-
1
-
-
-
Production costs
20
23
100
2
2
9
Amortisation of mining assets
13
14
56
1
1
5
Inventory change
1
2
5
-
-
1
39
43
168
4
5
16
Realised non-hedge derivatives
-
1
8
-
(1)
1
Operating profit excluding unrealised non-hedge derivatives
39
44
176
4
4
17
Capital expenditure
4
5
32
-
1
3
Note: The gold produced from underground and open-pit
operations is allocated on gold in ore.
52
AUSTRALIA REGION
Quarter
Quarter
Year
Quarter
Quarter
Year
ended
ended
ended
ended
ended
ended
December
September
December
December
September
December
2002
2002
2002
2002
2002
2002
BODDINGTON - Attributable 33.33%
Rand / Metric
Dollar / Imperial
OPERATING RESULTS
GOLD
Volume mined - 000
- bcm
/ - bcy
-
-
-
-
-
-
Treated - 000
- tonnes
/ - tons
-
-
-
-
-
-
Yield
- g/t
/ - oz/t
-
-
-
-
-
-
Gold produced
- kg
/ - oz 000
-
12
54
-
-
2
Gold sold
- kg
/ - oz 000
-
12
75
-
-
2
Price received
- R/kg
/ - $/oz
- sold
-
-
-
-
-
-
Total cash costs
- R/kg
/ - $/oz
- produced
-
-
-
-
-
-
Total production costs
- R/kg
/ - $/oz
- produced
-
-
-
-
-
-
PRODUCTIVITY
per employee
- g
/ - oz
- target
-
-
-
-
-
-
- actual
-
-
-
-
-
-
FINANCIAL RESULTS (MILLION)
Gold income
-
1
7
-
-
1
Cost of sales
(3)
1
3
-
-
-
Cash operating costs
(2)
-
1
-
-
-
Other cash costs
-
-
-
-
-
-
Total cash costs
(2)
-
1
-
-
-
Rehabilitation and other non-cash costs
(1)
-
-
-
-
-
Production costs
(3)
-
1
-
-
-
Amortisation of mining assets
-
-
-
-
-
-
Inventory change
-
1
2
-
-
-
3
-
4
-
-
1
Realised non-hedge derivative gains (losses)
-
-
1
-
-
(1)
Operating profit excluding unrealised non-hedge derivatives
3
-
5
-
-
-
Capital expenditure
-
-
-
-
-
-
53
AUSTRALIA REGION
Quarter
Quarter
Year
Quarter
Quarter
Year
ended
ended
ended
ended
ended
ended
December
September
December
December
September
December
2002
2002
2002
2002
2002
2002
SUNRISE DAM
Rand / Metric
Dollar / Imperial
OPERATING RESULTS
GOLD
Volume mined - 000
- bcm
/ - bcy
2,265
2,817
14,703
2,963
3,685
19,232
Treated - 000
- tonnes
/ - tons
866
830
3,407
954
915
3,756
Yield
- g/t
/ - oz/t
3.23
3.94
3.49
0.094
0.115
0.102
Gold produced
- kg
/ - oz 000
2,796
3,268
11,892
90
105
382
Gold sold
- kg
/ - oz 000
2,684
3,285
11,887
86
106
382
Price received
- R/kg
/ - $/oz
- sold
102,296
110,869
104,062
331
330
310
Total cash costs
- R/kg
/ - $/oz
- produced
59,660
56,895
59,451
193
170
177
Total production costs
- R/kg
/ - $/oz
- produced
75,322
73,503
76,271
243
220
227
PRODUCTIVITY
per employee
- g
/ - oz
- target
1,890
1,936
1,933
60.78
62.24
62.14
- actual
2,907
3,489
3,136
93.46
112.17
100.83
FINANCIAL RESULTS (MILLION)
Gold income
307
371
1,228
32
36
118
Cost of sales
238
239
886
25
24
86
Cash operating costs
160
177
676
17
17
65
Other cash costs
7
9
31
1
2
3
Total cash costs
167
186
707
18
19
68
Rehabilitation and other non-cash costs
2
2
7
-
-
1
Production costs
169
188
714
18
19
69
Amortisation of mining assets
42
52
193
4
5
18
Inventory change
27
(1)
(21)
3
-
(1)
69
132
342
7
12
32
Realised non-hedge derivative gains (losses)
(32)
(7)
9
(3)
-
1
Operating profit excluding unrealised non-hedge derivatives
37
125
351
4
12
33
Capital expenditure
147
65
258
16
6
26
54
AUSTRALIA REGION
Quarter
Quarter
Year
Quarter
Quarter
Year
ended
ended
ended
ended
ended
ended
December
September
December
December
September
December
2002
2002
2002
2002
2002
2002
UNION REEFS
Rand / Metric
Dollar / Imperial
OPERATING RESULTS
GOLD
Volume mined - 000
- bcm
/ - bcy
741
862
3,024
970
1,127
3,955
Treated - 000
- tonnes
/ - tons
676
669
2,707
745
737
2,984
Yield
- g/t
/ - oz/t
1.28
1.32
1.36
0.037
0.038
0.040
Gold produced
- kg
/ - oz 000
863
880
3,680
28
29
118
Gold sold
- kg
/ - oz 000
837
894
3,666
27
29
118
Price received
- R/kg
/ - $/oz
- sold
97,632
110,501
102,875
318
330
306
Total cash costs
- R/kg
/ - $/oz
- produced
75,663
68,849
75,630
244
205
224
Total production costs
- R/kg
/ - $/oz
- produced
88,641
82,335
92,248
286
246
273
PRODUCTIVITY
per employee
- g
/ - oz
- target
1,363
2,135
1,978
43.82
68.65
63.59
- actual
1,737
2,195
1,928
55.85
70.58
61.98
FINANCIAL RESULTS (MILLION)
Gold income
97
100
378
10
10
36
Cost of sales
78
77
341
8
8
33
Cash operating costs
65
61
279
7
6
27
Other cash costs
-
-
-
-
-
-
Total cash costs
65
61
279
7
6
27
Rehabilitation and other non-cash costs
7
6
24
1
1
3
Production costs
72
67
303
8
7
30
Amortisation of mining assets
4
5
37
-
1
3
Inventory change
2
5
1
-
-
-
19
23
37
2
2
3
Realised non-hedge derivative gains (losses)
(16)
(1)
(1)
(2)
-
-
Operating profit excluding unrealised non-hedge derivatives
3
22
36
-
2
3
Capital expenditure
-
-
1
-
-
-
55
The results included herein for the quarter and 12 months ended 31 December 2002, which have been
reviewed by the auditors, are 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.
1. With effect from close of business on 24 December 2002, AngloGold's ordinary shares were sub-
divided at a ratio of 2 for 1. All references to ordinary shares and all calculations relating
thereto, have been restated to take cognisance of the sub-division. Holdings of ADSs and CDIs
did not change.
2. During the quarter, 65,400 ordinary shares were allotted in terms of the AngloGold Share Incentive
Scheme and 278,196 ordinary shares were allotted in terms of the AngloGold Odd-lot Offer.
3. Orders placed and outstanding on capital contracts as at 31 December 2002 totalled R918m
(30 September 2002: R1,067m), equivalent to $107m (30 September 2002: $101m) 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. At the general meeting of shareholders held on 5 December 2002, all the ordinary and special
resolutions, as specified in the notice of meeting dated 11 November 2002, were passed by the requisite
majority of shareholders. The results of the Odd-lot Offer are as follows:
Number of
shareholders
Number of shares
Share Capital (R)
Holders electing to purchase ordinary
shares
4,643*
495,534
116,116,004.55
Holders electing/deemed to have elected
to sell shares and consequently removed
from register of members
11,213
217,338
53,608,591.08
Total ordinary shares allotted by
AngloGold
278,196
62,507,413.47
* Includes nominee companies and brokers acting on behalf of beneficial shareholders.
A total of 2,098 shareholders holding 50,794 ordinary shares elected to retain their odd-lot holdings.
6.
Dividend
To holders of ordinary shares and to holders of CHESS Depositary Interests (CDIs)
Each CDI represents one-fifth of an ordinary share.
The directors have today declared Final Dividend No. 93 of 675 (Final Dividend No. 91: 550) South African
cents per ordinary share for the 12 months ended 31 December 2002. In compliance with the requirements
of STRATE, the salient dates for the payment of the dividend are as follows:
2003
Currency conversion date for UK pounds and Australian dollars
Thursday 6 February
Last date to trade ordinary shares cum dividend
Friday 14 February
Last date to register transfers of certificated securities cum dividend
Friday 14 February
Ordinary shares trade ex dividend
Monday 17 February
Record date
Friday 21 February
Payment date
Friday 28 February
NOTES
56
On the payment date, dividends due to holders of certificated securities on the South African share register
will either be electronically transferred to shareholders' bank accounts or, in the absence of suitable
mandates, dividend cheques will be posted to such shareholders.
Dividends in respect of dematerialised shareholdings will be credited to shareholders' accounts with the
relevant CSDP or broker.
To comply with the further requirements of STRATE, between Monday, 17 February 2003 and Friday,
21 February 2003, both days inclusive, no transfers between the South African, United Kingdom and
Australian share registers will be permitted and no ordinary shares pertaining to the South African share
register may be dematerialised or rematerialised.
To holders of American Depositary Shares
Each American Depositary Share (ADS) represents one ordinary share.
2003
Ex dividend on New York Stock Exchange
Wednesday 19 February
Record date
Friday 21 February
Approximate date for currency conversion
Friday 28 February
Approximate payment date of dividend
Friday 14 March
Assuming an exchange rate of R8.607/$1, the dividend payable on an ADS is equivalent to 78.42 US cents.
This compares with the final dividend of 49.06 US cents per ADS paid on 14 March 2002. However, the
actual rate of payment will depend on the exchange rate on the date for currency conversion.
By order of the Board
R P EDEY
R M GODSELL
Chairman
Chief Executive Officer
30 January 2003
SHAREHOLDERS' DIARY
Financial year-end
31 December 2002
Annual financial statements
scheduled posting date
27 March 2003
Annual general meeting
11:00
30 April 2003
Quarterly Reports released
Quarter ended 31 March 2003
30 April 2003
Quarter and six months ended 30 June 2003
31 July 2003
Quarter and nine months ended 30 September 2003
31 October 2003
Quarter and year ended 31 December 2003
30 January 2004
Dividends
Dividend number
Declared
Last date to trade
ordinary shares cum
dividend
Payment date to
shareholders
Payment date to ADS
holders
Final No. 93
30 January 2003
14 February 2003
28 February 2003
14 March 2003*
Interim No. 94
30 July 2003*
15 August 2003*
29 August 2003*
12 September 2003*
Final No. 95
29 January 2004*
13 February 2004*
27 February 2004*
12 March 2004*
* Approximate dates
Visit AngloGold's website on www.anglogold.com for updated information.
5
7
AngloGold's marketing department has for some years been developing and
implementing strategies to better understand and expand the market for its product
around the world. As part of this programme, opportunities for local beneficiation or
adding value through processing, refining and marketing within the region or country in
which the gold has been mined have been explored.
South Africa's new minerals legislation has focused attention on the need for the South
African mining industry to develop initiatives which add value downstream from the
refinery, to enhance mineral products locally, to create job opportunities and to develop
skills. AngloGold is currently well-placed to meet the requirements of this legislation as a
result of its downstream activities to date.
Some of AngloGold's key projects are:
OroAfrica In July 2000, AngloGold acquired a 25% stake in OroAfrica, South Africa's
largest gold jewellery manufacturer providing an opportunity to promote and market
gold jewellery in the markets of the developed world. OroAfrica employs 170 people
and consumes about 4 tons of fine gold each year. AngloGold and OroAfrica have
collaborated on projects such as consumer research in the USA, the establishment
of a new product design centre in Cape Town and the initiation of an African gold
jewellery brand.
Riches of Africa Jewellery Design Competition Established by AngloGold in 1998,
the competition aims to encourage innovative gold jewellery design by South African
designers, to enhance technical skills and to support the local jewellery industry. This
annual event showcases South Africa's jewellery design talent and manufacturing
expertise. Training workshops are held for the benefit of competition entrants, with the
winning works exhibited and used in fashion shows throughout the world.
Project AuTEK This is a programme to research and develop the use of gold in
advanced industrial processes and devices as well as in consumer applications.
Launched in 2000 with Mintek (the national metallurgical research organisation), the
project is focused on the application of gold as a catalyst and, in particular, on its use in
air purification, automotive applications and in the chemical industry.
Atteridgeville Jewellery Project This project was established in January 2000 to open
the South African jewellery industry to previously disadvantaged people through training
and development and to encourage jewellery production innovation and design through
Adding value to gold
downstream
Ensuring a sustainable gold industry
A gold shirt made of a "fuzzy mesh"
combines assorted gold and olive
crystal beads
The Riches of Africa jewellery design
competition Showcasing South Africa's
jewellery design talent and manufacturing
expertise
5
8
training programmes. AngloGold's founding sponsorship has been followed by the
company's active participation in the programme. The founding project manager, Vukani
Ubuntu Community Development Projects, has now set up branches in three other
South African centres.
Gold of Africa Museum, Workshop and Educational Programmes Opened in
November 2001, the museum is built around a collection of more than 350 gold artefacts
from West Africa, the bulk of which was purchased by AngloGold from the Muse
Barbier-Mueller in Geneva. In addition to housing the Traditional African Goldsmith
Training Programme, the museum hosts seminars and design workshops, and offers
gold heritage tours to scholars to instil knowledge and pride in the history of gold which
has played an integral part in South African culture and history.
Traditional African Goldsmith Training Programmes In 1999, AngloGold established
the Traditional African Goldsmith Training Programme and through this exchange of skills
in both South Africa and Mali, in West Africa, traditional goldsmithing techniques are now
being taught as part of jewellery design and manufacturing courses throughout tertiary
institutions and design schools in South Africa.
GoldAvenue The partnership, established in 2000 between AngloGold, JP Morgan and
PAMP, is a commercial venture established to investigate commercial business and
consumer-related downstream opportunities on e-commerce. As part of this project,
GoldAvenue has launched a catalogue of gold jewellery for retail sale in the USA with
Vivre, a US-based luxury goods catalogue business.
Jewellery Designer Forum Brazil
The Designer Forum is a jewellery design competition the first of its kind in Brazil
and sponsored entirely by AngloGold. Targeted at Brazilian jewellery designers, more
than 400 designs were submitted for judging in several categories in 2002. The Forum
has significantly raised the profile of talented Brazilian jewellery designers and has also
contributed to the GoldAvenue project the next catalogue will feature 28 of the
winning Brazilian pieces from this competition. The Forum is planned to be a regular
event in South America.
AngloGold published a report on the company's beneficiation programme in
December 2002. The report may be obtained from the company's website
www.anglogold.com
The Bamako Jewellery School, Mali,
passes on its expertise and knowledge in
the age-old craft of goldsmithing
Traditional Africa bead-work, using gold
beads, is combined with traditional pearl-
knotting techniques
The Jewellery Designer Forum in Brazil
Hot Glamour, Young and Cool
jewellery designs
5
9
Administrative
information
Contacts
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
Europe/Asia
Tomasz Nadrowski
Telephone: (800) 417 9255 (toll free in
USA and Canada)
Fax: +1 212 750 5626
E-mail: tnadrowski@anglogold.com
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: cecarter@anglogold.com
Australia
Andrea Maxey
Telephone: + 61 8 9425 4604
Fax: + 61 8 9425 4662
E-mail: amaxey@anglogold.com.au
General E-mail enquiries
investors@anglogold.com
AngloGold 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 Department at 1-888-BNY-ADRS or
write to:
The Bank of New York
Church Street Station
PO Box 11258
New York, NY 10286-1258
United States of America
Directors
Executive
R M Godsell (Chief Executive Officer)
J G Best
D L Hodgson
K H Williams
Non-Executive
R P Edey* (Chairman)
Dr T J Motlatsi (Deputy Chairman)
F B Arisman
#
Mrs E le R Bradley
C B Brayshaw
Dr V K Fung
#
A W Lea (Alternate: P G Whitcutt)
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, 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 Investor Services Limited
Ground Floor, 70 Marshall Street
Johannesburg 2001
(PO Box 61051, Marshalltown 2107)
South Africa
Telephone: +27 11 370 5000
Fax: +27 11 688 7719
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 2, 45 St Georges Terrace
Perth, WA 6000
(GPO Box D182 Perth, WA 6840)
Australia
Telephone: +61 8 9323 2000
Telephone: 1300 55 70 10 (in Australia)
Fax: +61 8 9323 2033
ADR Depositary
The Bank of New York
101 Barclay Street
22nd Floor
New York, NY 10286
United States of America
Telephone: +1 888 269 2377
Fax: +1 212 571 3050/3052
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
AngloGold Limited
Registration No. 1944/017354/06
Incorporated in the Republic of South Africa
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.
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: 31 January 2003
By: /s/ C R BULL
Name: C R Bull
Title: Company Secretary