Microsoft Word - 6-Filing cover.doc 3
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