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SECURITIES AND EXCHANGE COMMISSION 
Washington, D.C. 20549 
FORM 6-K 
REPORT OF FOREIGN PRIVATE ISSUER 
PURSUANT TO RULE 13a-16 or 15d-16 OF 
THE SECURITIES EXCHANGE ACT OF 1934 
Report on Form 6-K dated 
 
 
 
30 APRIL 2003 
 
  
  
AngloGold Limited
_ 
(Name of Registrant)  
 
11 Diagonal Street 
Johannesburg, 2001 
(P O Box 62117) 
Marshalltown, 2107 
    South Africa____ 
(Address of Principal Executive Offices) 
 
                    


 
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F: 
Form 20-F:        Form 40-F:   
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule
101(b)(1): 
Yes: 
      No:    

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule
101(b)(7): 
Yes: 
      No:    
Indicate by check mark whether the registrant by furnishing the information contained in this form is also thereby
furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.
 
Yes: 
      No:    
Enclosures:
   REPORT FOR THE QUARTER ENDED 31 MARCH 2003. 
  THE RESULTS HAVE BEEN PREPARED IN ACCORDANCE WITH INTERNATIONAL ACCOUNTING STANDARDS.
 

 
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Report 
for the quarter ended 31 March 2003 
 
 
Group results for the quarter ... 
 
•  Operating results on target but lower than previous two quarters
•  Operating profit down 6% to $146m, largely due to anticipated reduced grades and to stronger currencies
, other than
   US$,
in operating regions
•  Higher exploration expenditure and a higher effective tax rate reduce headline earnings to $74m
•  Production down 9% to 1.4Moz with lower grades
•  Received gold price up 10% to $344/oz
•  Total cash costs up 21% to $210/oz - largely due to the stronger currencies, other than US$, and lower grade
•  Further 9% reduction to the hedge book
 
 
 Quarter 
ended 
March
2003 
 Quarter 
ended 
Dec 
2002 
Year 
ended 
Dec 
2002 
 Quarter  
ended  
March
2003  
 Quarter 
ended 
Dec 
2002 
Year 
ended 
Dec 
2002 
Rand / Metric 
Dollar / Imperial 
Gold 
 
 
 
 
 
 
     Produced 
- kg / oz (000) 
43,605
48,168
184,711
1,402 
1,549
5,939
     Price received  
- R/kg / $/oz
91,962
96,911
101,817
344 
314
303
     Total cash costs 
- R/kg / $/oz
56,100
53,457
54,037
210 
173
161
     Total production costs 
- R/kg / $/oz
66,520
68,159
68,241
248 
220
203
 
 
Operating profit 
- R / $ million 
1,208
1,758
6,784
145 
184
650
Operating profit excluding 
unrealised non-hedge derivatives
- R / $ million
1,216
1,478
6,683
146 
155
638
 
 
Net profit 
- R / $ million
547
955
3,444
66 
100
332
 
 
Headline earnings 
- R / $ million
605
1,021
3,920
73 
107
376
Headline earnings before 
unrealised non-hedge derivatives
- R / $ million
614
858
3,854
74 
90
368
 
 
Capital expenditure 
- R / $ million
489
880
2,842
59 
89
271
 
 
Net earnings (basic) 
- cents per share 
246
430
1,552
30 
45
150
Headline earnings 
- cents per share 
272
460
1,767
33 
48
169
Headline earnings before unrealised 
non-hedge derivatives
- cents per share 
276
387
1,737
33 
41
166
Dividends 
- cents per share 
1,350
 
146
 
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).
$ represents US dollar, unless otherwise stated 
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Letter from 
Chairman and CEO 
 
 
 
Dear Shareholder
 
The first quarter of 2003 was notable for operating results which were on target but lower than the two previous quarters. Lower production reflects a return to more normal grades at Morila and lower grades at the Great Noligwa mine. The stronger local currencies in seven of the eight countries in which we operate, in relation to the US dollar, the currency in which we sell our product, has had a significant negative impact on costs, margins and earnings. These effects were at least partially offset by a 10% increase in the received dollar gold price, which left operating profit 6% lower at $146 million and headline earnings down to $74 million, or 18% on the last quarter of 2002.
 
Looking ahead to the rest of this year, we anticipate that the currencies in which our costs are predominantly denominated, particularly the South African rand will maintain their strength in relation to the US dollar for the remainder of the year and have revised our planning assumptions accordingly. We expect AngloGold's earnings for the June quarter to remain under pressure as a result of the exchange rate together with lower grades and mining volume. We do, however, anticipate a gradual recovery by the fourth quarter.
 
We continued to reduce the company's net hedge position this quarter, as the gold price maintained its strength. The hedge book was reduced to 9.34Moz, a 9% reduction over the quarter and 28% lower than the
net delta hedge position on 31 March 2002. This reflects AngloGold's stated policy in respect of hedging: this is a risk management tool which the company has successfully used to underpin its revenue stream and which will be employed and, where necessary, moderated as the market and our operating circumstances require. Under present circumstances, we will continue to deliver into maturing sales contracts, further reducing the company's forward sales position.
Following the publication by the South African Government of the Money Bill in March, AngloGold is preparing its representation to the Government. While we accept the general proposition of a charge for the extraction of the country's non-renewable mineral resources, we believe that this should be done in a way that does not cause the already high mining tax burden in South Africa to make mining here internationally uncompetitive. In particular, we favour a profit-based system of calculating royalties, rather than the currently proposed revenue-based approach and we will also be advocating a review of the overall tax burden borne by the gold mining industry, including the proposed royalties, to ensure the continued competitiveness of the sector. We will be pursuing these and other concerns in the open debate that will take place shortly.

 

Russell Edey                                           Bobby Godsell

29 April 2003
 

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Operations 
at a glance 
for the quarter ended 31 March 2003 
 
Price received 
Production 
Total cash costs
EBITDA 
Operating profit 
 
$/oz 
% 
Variance
** 
oz (000)
% 
Variance
** 
$/oz 
% 
Variance
** 
$m 
% 
Variance
** 
$m 
% 
Variance
** 
 
 
 
 
 
Great Noligwa 
 345  
 12  
 182 
 (11)
 205 
 35 
 27  
 (18) 
 25 
 (17)
 Morila* 
 339  
 7  
 95 
 (27)
 84 
 8 
 24  
 (29) 
 18 
 (28)
 TauTona 
 342  
 11  
 152 
 (10)
 183 
 29 
 23  
 (21) 
 22 
 (19)
 Cerro Vanguardia* 
 333  
 (1) 
 60 
 (9)
 120 
 11 
 15  
 (12) 
 9 
 (18)
 Mponeng 
 340  
 12  
 122 
 (4)
 217 
 17 
 14  
 (7) 
 10 
 43 
 Morro Velho 
 380  
 16  
 53 
 (2)
 127 
 6 
 14  
 27  
 11 
 38 
 Kopanang 
 345  
 12  
 125 
 (9)
 239 
 29 
 13  
 (13) 
 12 
 (8)
 Sunrise Dam 
 374  
 13  
 95 
 6 
 198 
 3 
 13  
 63  
 8 
 100 
 Cripple Creek & Victor* 
 324  
 (2) 
 63 
 (17)
 188 
 6 
 9  
 (25) 
 1 
 (80)
 Tau Lekoa 
 345  
 11  
 81 
 (6)
 247 
 - 
 7  
 (30) 
 6 
 (14)
 Sadiola* 
 356  
 9  
 40 
 (17)
 207 
 1 
 6  
 20  
 4 
 100 
 Serra Grande* 
 377  
 16  
 24 
 9 
 93 
 (1)
 6  
 20  
 5 
 25 
 Geita* 
 308  
 7  
 64 
 5 
 217 
 -
 5  
 25  
 3 
 200 
 Navachab 
 347  
 9  
 18 
 (14)
 238 
 42 
 4  
 -  
 4 
 33 
 Yatela* 
 355  
 9  
 21 
 (28)
 204 
 1 
 3  
 (25) 
 2 
 - 
 Jerritt Canyon* 
 324  
 (1) 
 51 
 (19)
 270 
 22 
 2  
 (67) 
 (3)
 (400)
 Ergo 
 334  
 9  
 57 
 (14)
 287 
 41 
 1  
 (67) 
 1 
 (67)
 Union Reefs 
 372  
 17  
 19 
 (32)
 389 
 59 
 (1) 
 (100) 
 (1)
 (100)
 Savuka 
 343  
 12  
 48 
 - 
 399 
 25 
 (3) 
 (100) 
 (3)
 (100)
 Other 
 -  
 -  
 32 
 33 
 - 
 - 
 (12) 
 (100) 
 12 
 200 
 AngloGold Group 
 344  
 10  
 1,402 
 (9)
 210 
 21 
 170  
 (15) 
 146 
 (6)
 
 *  Attributable 
** Variance March 2003 quarter on December 2002 quarter
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Financial
 and Operating Review 
 
OVERVIEW OF THE QUARTER

AngloGold produced operating results for the first quarter of the year, which were in line with the company's expectations. Stronger currencies in the operating regions resulted in higher dollar denominated costs, offsetting the benefits of a higher gold price. Operating profit for the group was 6% lower than in the previous quarter, at $146m. This was primarily caused by the anticipated mining of lower grades and decreased mining volumes in South Africa, the result of fewer mining shifts owing to the number of holidays during this quarter. Both of these effects were partially counteracted by a higher gold price. The received gold price increased by 10% to $344/oz, while gold production was in line with expectations at 1.4Moz, 9% down on the previous quarter. The quarter-on-quarter production decrease was largely due to lower grades, particularly at Morila and Geita, where the reduction was expected and at some of the other operations.

The South African operations performed well with continuing lower grades at Great Noligwa being offset by good performances at other operations.

Total cash costs increased by 21% or $37/oz. This was due to exchange rate movements ($18/oz), reduced grade ($14/oz) and marginally lower volume ($5/oz).

 
The combined effect of the lower operating profit increased expenditure on exploration ($3m) and a higher effective tax rate resulted in headline earnings being 18% down at $74m.

Returns on capital and equity for the March quarter were 10.9% and 14.1% respectively.

At the end of the quarter, AngloGold had a net hedge position (or the amount of gold production sold forward) of 9.34Moz, some 9% less than its position reported at the end of December 2002. This reflects the continuing reduction in the company's forward sales position, in line with its confidence in the firmer gold price and the strong overall performance of its diverse range of assets.

OPERATING RESULTS

SOUTH AFRICA

At Great Noligwa, volume mined decreased according to plan by 11% to 99,000m2, although due to seismicity and consequently the lack of availability of high-grade mining panels, the grade did not improve as expected, but rather stayed at last quarter's level of 10.4g/t. The reduced gold production, at 5,676kg (182,000oz), contributed to a 17% rise in total cash costs to R54,937/kg ($205/oz) and a 27% decrease in operating profit quarter-on-quarter to R209m ($25m). Going forward management now anticipates that production for the year at Great Noligwa will be at approximately the same level as in 2002. The mine had two fatal accidents this quarter, both caused by falls of ground. Prior to these accidents, Great Noligwa attained a life of mine record by achieving 1,401,264 fatality-free shifts.

At Kopanang, a drop in grade, together with increased inventory underground, contributed to a 10% reduction in gold production this quarter to 3,874kg (125,000oz). Total cash costs rose 12% to R64,069/kg ($239/oz), while operating profit fell by 18% to R99m ($12m), primarily as a result of the reduced yields and the lower rand gold price. Kopanang had one transport-related fatal accident this quarter.

Last quarter's high volumes at Tau Lekoa were not sustained and gold production returned to planned levels of 2,530kg (81,000oz). Total cash costs consequently increased by 6% to R66,208/kg ($247/oz) and operating profit fell 17% to R50m ($6m).

Although gold production at Mponeng was 4% lower than that of the previous quarter at 3,789kg (122,000oz) due to a 9% drop in volume mined, the release of locked-up higher-grade material contributed to a 7% increase in grade to 9.10g/t. Total cash costs were marginally higher at R58,029/kg ($217/oz). Operating profit increased by 29% to R85m ($10m), due to reduced amortisation charges following a review of the life of mine plans. Two Mponeng employees died this quarter as a result of falls of ground.

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At Savuka, safety-related concerns continued to require the replanning of areas available for mining, which led to a 13% decrease in volume mined. Grade was held constant, however, at 5.72g/t and gold production of 1,492kg (48,000oz) also showed no significant variation from the previous quarter. Total cash costs increased to R106,918/kg ($399/oz), mainly due to an 8% increase in development, while operating loss increased to R24m ($3m) as a result of the higher costs and a lower rand gold price. The mine recorded two fatal accidents this quarter, both due to falls of ground.

At TauTona, the high volumes mined in the previous quarter returned to planned levels and lower face values during the quarter resulted in a 5% drop in yield to 11.10g/t. Gold production fell by 10% to 4,724kg (152,000oz) with total cash costs increasing to R49,103/kg ($183/oz). Operating profit fell to R184m ($22m) due to reduced production and the lower rand gold price. This quarter, the mine recorded one fatal accident as a result of a fall of ground which was caused by a seismic event. Two other mine employees died; one through heat illness and the other through a transport-related accident. Prior to these tragedies, TauTona had achieved one million fatality-free shifts on 20 January.

At Ergo, significant rainfall over the quarter as well as a planned drop in grade contributed to a 3% decrease in tonnes treated and a consequent decline in gold production to 1,777kg (57,000oz). Due to an increased loss on acid by-products and the impact of the lower production as the operation enters its final years, total cash costs increased over the quarter to R76,814/kg ($287/oz). Decreased rehabilitation costs minimised the reduction in operating profit to R7m ($1m).

EAST AND WEST AFRICA

Production at Geita (50% attributable) increased by 5% to 64,000oz in the quarter. Grade was 7% down on the previous quarter at 2.83g/t, although total cash costs were maintained at the previous quarter's level of $217/oz. Increased production, coupled with an improved received gold price, resulted in an operating profit increase of $2m to $3m. Ore grades are expected to recover during the June quarter and leach capacity is being increased to maximise recovery from these grades. In January, Geita recorded one million hours without a lost time injury and had no lost time injuries for the rest of the quarter.

As anticipated in the report on the previous quarter, grades at Morila (40% attributable) were lower than in the previous two quarters, but still at a creditable 8.93g/t. As a result, gold production for the quarter, though higher than expected, decreased by 27% to 95,000oz. With the drop in production, total cash costs increased

by 8% to $84/oz. Operating profit for the quarter, in line with the decreased production, fell by 28% to $18m.

At Navachab, an 8% decline in tonnage throughput, together with an 8% decrease in recovered grade, resulted in a drop in production of 14% to 18,000oz. Total cash costs increased by 42% to $238/oz as a result of the lower production and a higher stripping LOM ratio after commencement of the Eastern Pushback project. Operating profit increased by 33% to $4m owing mainly to a reduced amortisation charge. The lower amortisation is as a result of a longer LOM due to the inclusion of the Eastern Pushback project.

Production at Sadiola (38% attributable), though on target, fell by 17% to 40,000oz, largely as a result of a 10% decline in recovered grade and an 8% decrease in tonnage throughput. In spite of lower production this quarter, total cash costs increased by 1% to $207/oz. Due to effective cost management and a higher gold price for the quarter, operating profit increased by 100% to $4m. The mine had one fatal accident on 4 March and no lost time injuries during the quarter.

At Yatela (40% attributable), gold production decreased by 28% to 21,000oz due to a throughput decrease of 6% and a 20% decline in grade to 2.25g/t for the quarter. Total cash costs increased by 1% to $204/oz, whilst operating profit remained constant at $2m despite lower production. We expect, with the installation of new crushers replacing the mineral sizers during the June quarter, throughput will return to previous levels. Two lost time injuries were recorded during the quarter.

NORTH AMERICA

Production at Cripple Creek & Victor (67% ownership with 100% interest in production) was 17% down quarter-on-quarter at 63,000oz, due to leach solution chemistry issues and lower irrigation flows, caused by drought. As a result of lower production volumes and higher reagent costs, total cash costs were 6% higher than those of the fourth quarter of 2002 at $188/oz. Operating profit declined to $1m, primarily due to increased depreciation charges on new crusher assets, higher amortisation charges from a rise in the contained ounces mined and lower gold sales. The new processing facilities are operating nearer to design capacity and, despite lower haulage fleet availability, mining costs were below target.

Jerritt Canyon's (70% attributable) production declined by 19% to 51,000oz this quarter. This decrease was due to lower grades milled in the first quarter despite favourable weather conditions that allowed above-target mill throughput. The fall in production resulted in total cash costs of $270/oz, 22% higher than those of the

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previous quarter. This contributed to a decrease in operating profit from $1m in the fourth quarter of 2002 to a loss of $3m in the first quarter. On 7 April, Jerritt Canyon joint venture partners AngloGold and Meridian Gold terminated an agreement by which Queenstake Resources would have purchased the assets of the Jerritt Canyon Mine, after Queenstake failed to meet its obligations under the agreement prior to the scheduled closing. Going forward, the Joint Venture will continue to operate the mine according to previously approved plans.

SOUTH AMERICA

At Cerro Vanguardia (92.5% attributable), gold production decreased by 9% to 60,000oz, as planned. Total cash costs, at $120/oz, were 11% higher than the previous quarter, chiefly due to higher Peso appreciation and lower by-product credits. Operating profit decreased by 18% to $9m.

At Morro Velho, gold production decreased by 2% to 53,000oz, due to a planned reduction in ore treated (2%). Total cash costs were 6% higher at $127/oz primarily because of Real appreciation and increased total cash costs due to heavy rainfall at the Corrego do Sitio heap leach mine. Operating profit rose by 38% to $11m largely as a result of a 2% increase in sales volume and a 16% improvement in the received price. Cuiaba mine engaged a fourth team of workers this quarter, changing to seven-hour shifts to improve efficiency.

At Serra Grande (50% attributable), gold production rose by 9% to 24,000oz due to an increase in the volume of ore treated and a higher recovery grade. Total cash costs were slightly lower than those for the previous quarter at $93/oz, while operating profit rose by 25% to $5m.

The South America region again had a good safety performance this quarter at its underground operations, with its LTIFR running at 5.46, below the Ontario Underground Metalliferous Mines benchmark of 6.5. Performance has improved since then. As expected, Morro Velho was audited by NOSA and NQA in February. The operation was awarded a "4 Star" rating.

AUSTRALIA

Sunrise Dam performed well this quarter, with a 6% increase in gold production to 95,000oz and a 2% reduction in total cash costs to A$333/oz ($198/oz). Operating profit for the quarter rose to A$14m ($8m). After the reported decrease in sales volume last quarter, volumes increased this quarter by 5% to 90,000oz. The

received price went up by 8% to A$630/oz ($374/oz). It is expected that a scoping study to be completed shortly will lead to the commencement of underground development at the end of this year.
At Union Reefs, mining is now into its final stages and has been focused on the small, dispersed resources that remain. In addition, processing of low-grade stockpiles has continued, resulting in a 32% decrease in gold production to 19,000oz. Total cash costs increased 52% to A$655/oz ($389/oz), primarily due to expensing the pre-stripping of the last remnant open pit. Operating profit declined to a loss of A$1m ($1m). The mine again recorded no lost time injuries for the quarter.

Negotiations with AngloGold's partners in respect of the Boddington Expansion project are continuing.

EXPLORATION

At Sadiola in Mali, nine drillholes were completed as part of the sulphide drilling programme and these returned encouraging results. Notable intersections include 45m at 3.03g/t from 167m and 69m at 3.37g/t from 213m. Resource estimation and conceptual optimisation studies of the deep sulphides project are planned to commence in the upcoming quarter.

Exploration for satellite oxide deposits at Sadiola focused on the FE4 target, situated some 7km southeast of the main pit. Resource delineation drilling extended mineralisation 250m north of the current FE4 pit, with further mineralisation intersected immediately west and north-west of the current pit.

Satellite oxide delineation drilling in the Yatela area focused on the Alamatoula project, located 13km south- east of the pit. Further resource modelling is in progress at Alamatoula and mining is planned to commence in June 2003, one month earlier than previously reported.

In southern Mali, reverse circulation drill testing of geochemical anomalies at Sin Sin, situated to the east of the Morila lease,commenced during the quarter.

At Geita in Tanzania, drilling continued at Nyankanga West and East, Star and Comet, and at Geita Hill. At Nyankanga, step-out drilling testing strike and depth extensions encountered encouraging mineralisation with an intersection of 20m at 15.30g/t from 190m.

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At Navachab in Namibia, expansion project drilling has concentrated on footwall extensions to the open pit. Noteworthy intersections included 41m at 2.60g/t from 54m and 45m at 2.13g/t from 82m.

In North America, exploration drilling continued at the Red Lake project in Canada. Drilling was conducted on several targets and will carry on into the second quarter. Planning for the 2003 exploration and drilling programme in Nevada and Alaska was completed.

Brownfields exploration in North America focused on organic growth targets at Cripple Creek & Victor. Drilling in the first quarter of 2003 expanded on the 2002 results and will continue in the second quarter in support of the business plan and 2003 target.

In South America, drilling at Lamego near Cuiaba in Brazil intersected mineralisation averaging approximately 10m in thickness at mean grades of 5-10g/t at 250m to 350m below surface. The mineralisation appears to be open ended to the south. Ramp development to access sulphide mineralisation at Corrego do Sitio is progressing well and drilling ahead of the ramp has yielded intersections including 6m at 38.90g/t.

At Cerro Vanguardia in Argentina, exploration continued to focus on the definition of depth and strike extensions of the Osvaldo Diez and Mangas Sur veins. Significant intercepts at Osvaldo Diez included 5m at 30.58g/t from 80m and at Mangas Sur 6m at 11.53g/t from 110m.

Greenfields exploration in Peru concentrated on multidisciplinary targeting efforts and ground inspection in several parts of the country. At the La Rescatada project, parts of the infrastructure were upgraded to facilitate drilling activities that are planned to recommence early in the second quarter.

In Australia, exploration at Sunrise Dam focused on drilling the Sunrise Shear within the recently purchased Sunrise Lease. Notable intercepts from the Sunrise Shear included 7m at 7.74g/t from 178m and 4m at 4.38g/t from 198m. New results from the Dolly-Cosmo structures include 24m at 5.14g/t from 374m and 21m at 4.45g/t from 429m.

In South Africa, the two boreholes drilled to the west of Tau Lekoa Mine, which were reported on in the last quarter, intersected negligible gold values in the Ventersdorp Contact Reef. One further hole is in progress. The borehole drilling at the Moab extension

intersected the Vaal Reef and confirmed the predicted structure and grade.

EXPLORATION WORKSHOP

To coincide with the Investing in African Mining Indaba in February, AngloGold held an exploration workshop in Cape Town to update the market in detail on its global exploration strategy. To access the workshop presentations, which outline AngloGold's exploration activities by region, please visit the company website at www.anglogold.com.

 

 

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.

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Review of the 
gold market 
 
The year-end surge in the gold price carried through into the first quarter of 2003 and the spot price reached a high of $389/oz during February. This price was 10% or $35 higher than the high seen at the end of 2002, and is the highest spot price the gold market has seen since August 1996. The average spot price for the quarter of $352 was also nearly $30 above the average price for the previous quarter. However, the price corrected sharply in the final weeks of the quarter, finishing at $335/oz and has since the end of the quarter traded lower to below $320/oz. The US dollar fell against the euro by a further 7% quarter on quarter, to trade at an average of $1.07 for the quarter against the European currency.

The rand benefited both from the weaker dollar and from positive sentiment towards  the local  currency,  and  the

average exchange rate for the quarter of R8.35 against the US dollar was some 15% stronger than the average rate for the final quarter of 2002. The rand currently trades at around R7.30 - R7.50 to the US dollar. The stronger rand has had negative implications for the local spot price of gold, which has consolidated to around R80,000/kg, or some 12% lower than the local price at the beginning of this quarter.

During the quarter under review, the gold price was influenced most directly by the evolving international conflict over Iraq, and to a lesser degree, by movements from time to time in the value of the US dollar. The correlation between trading activity in gold futures on the New York Comex and the spot price of gold became even more direct. (see Comex Commitment Of Traders Report (COTR) graph below).

Speculators continued to increase their long positions in gold during the first weeks of the quarter as international conflict over Iraq continued to escalate. As a result, Comex open positions reached a peak net
long position in gold in early February, equivalent to just over 14Moz, or some 440t. The removal of uncertainty about US intentions in Iraq saw that long position reverse steadily from early February, starting from the
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occasion of US Secretary of State Colin Powell's address to the United Nations General Assembly on 5 February, which saw the spot gold price fall by some $20/oz in the following week. The net long position on Comex had fallen to some 5.2Moz or 161t in early April, taking the gold price down with it to a low of $318/oz. This level of net long positions is close to what has been a core net long position on that exchange for the past 18 months. If this core position does not change, we should expect the market to settle around these levels, with likely price recovery on the upside.

As far as the impact of the conflict in Iraq is concerned, it would seem that this has now passed through the gold

market, and that the market is back to a more or less neutral state in regard to Iraq. In the medium term, however, important economic factors will continue to favour gold. Most important of these are the health of the US dollar and the state of major equity markets. The US economy remains vulnerable, and the US dollar is likely to continue to lose value in the medium term; only the weak condition of the European and Japanese economies seems to have delayed this correction. Aside from the price spike in February induced by heightened international tension over Iraq, the gold price has continued to move in line with the weakening of the US dollar and should encourage investor interest in gold.
The physical market for the metal remains weak, and 2002 was a disappointing year for gold demand in a number of sectors. Indian imports of gold were down by over 20% for 2002 by comparison with 2001. Although gold demand in India was strong in late 2002, this strength has not carried through to 2003. However, there is reason to expect an improvement in Indian demand as 2003 progresses, as the current lower spot gold prices will encourage buying, and the balance of this year contains a high proportion of propitious dates for marriage in the Hindu calendar. Physical gold offtake in the Middle East remains fragile due to the conflict in Iraq, and unfavourable economic circumstances in the developed economies generally have not helped gold offtake during the past year. All in all, this has not been an encouraging period for physical
demand, and underlines the need to support and promote the metal in the important markets for gold.

At 31 March 2003, the net hedge position of AngloGold was 9.34Moz, almost 1Moz or 29t lower than the hedge position at 31 December 2002. The marked-to-market valuation of this position at 31 March was negative $251.5m. These figures reflect an ongoing reduction in overall forward price commitments of the company. For the balance of 2003, the company has outright forward price commitments in respect of 1.05Moz or some 23% of the forecast production of the company for the balance of this year.

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Hedge 
position 
 
 
As at 31 March 2003, the group had outstanding, the following forward-pricing commitments against future production. The total net delta tonnage of the hedge on this date was 9.34Moz or 290.5t (at 31 December 2002: 10.28Moz or 319.7t).

The marked-to-market value of all hedge transactions making up the hedge positions was a negative $251.5m (negative R1.97bn) as at 31 March 2003 (as at 31 December 2002: negative $446.6m negative R3.81bn). These values were based on a gold price of $336.75/oz, exchange rates of R/$7.85 and A$/$0.602 and the prevailing market interest rates and volatilities at the time.

As at 29 April 2003, the marked-to-market value of the hedge book was a negative $154.9m (negative R1.124bn), based on a gold price of $332.75/oz and exchange rates of R/$7.2550 and A$/$0.6183 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 valuation represents the cost of buying all hedge contracts at the time of valuation, at market prices and rates available at the time.

 
 
    Year              2003               2004               2005               2006               2007               2008-2012               Total 
DOLLAR GOLD 
 
 
 
 
 
 
 
 
Forward contracts 
Amount (kg) 
7,899            16,811           26,576             19,862           18,974                      25,878 
116,000 
 
$ 
per 
oz 
   $302              $311              $324                $333              $337                          $355               $331 
Put options purchased 
Amount (kg) 
1,515 
3,906 
757 
563 
728 
 
7,469 
 
$ 
per 
oz 
$368                 $376               $291               $291               $292                                                 $351 
 
*Delta 
(kg) 
893 
2,387                 147                 108                 134 
 
3,669 
Put options sold 
Amount (kg) 
18,849 
10,264 
 
 
 
 
29,113 
 
$ per oz 
$324 
$339 
 
 
 
 
$330 
 
*Delta 
(kg) 
6,556 
4,313     
10,869 
Call options purchased 
Amount (kg) 
3,455 
572 
 
 
 
 
4,027 
 
$ per oz 
$355 
$360 
 
 
 
 
$356 
 
*Delta 
(kg) 
1,291 
237     
1,528 
Call options sold 
Amount (kg) 
23,962 
8,006 
16,360 
14,681 
14,308 
54,245 
131,562 
 
$ 
per 
oz 
$350                 $334                 $322                 $329                 $336                 $363                 $347 
 
*Delta 
(kg) 
9,638                4,696              10,811                9,562                9,327              35,319              79,353 
RAND GOLD
 
 
 
 
 
 
 
 
 
Forward contracts 
Amount (kg) 
12,596 
11,076 
9,078 
6,335 
4,541 
3,732 
47,358 
 
Rand 
per 
oz 
R79,777            R94,277           R116,89           R108,426         R114,915          R119,580          R100,621 
Put 
options 
purchased 
Amount 
(kg)                   1,875                 1,875                1,875                 1,875 
 
                7,500 
 
Rand 
per 
oz  R93,602             R93,602           R93,602             R93,602 
 
 R93,602 
 
*Delta 
(kg) 
893                    606                   460                     356 
 
 
2,315 
Put 
options 
sold 
Amount 
(kg)         
 
Rand 
per 
oz         
 
*Delta 
(kg) 
       
Call 
options 
purchased 
Amount 
(kg) 
       
 
Rand 
per 
oz         
 
*Delta 
(kg) 
       
Call options sold 
Amount (kg) 
10,912 
4,688 
4,687 
4,688 
2,986 
11,944 
39,905 
 
Rand 
per 
oz             R100,545           R115,284         R131,944         R132,647          R173,119          R209,288          R147,714 
 
*Delta 
(kg) 
2,285                 1,604                1,747               2,110                    721                3,625              12,092 
A DOLLAR GOLD
 
 
 
 
 
 
 
 
 
Forward contracts 
Amount (kg) 
12,224                 5,443                6,221               9,331                 8,398 
13,343               54,960 
 
A$ 
per 
oz 
A$523               A$544              A$674             A$652                A$623              A$639               A$607 
Put options purchased 
Amount (kg) 
 
 
 
 
 
 
 
 
A$ 
per 
oz 
       
 
*Delta 
(kg) 
       
Put options sold 
Amount (kg) 
1,866 
 
 
 
 
 
1,866 
 
A$ 
per 
oz 
A$556      
A$556 
 
*Delta 
(kg)                           796      
796 
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) 
382 
 
883 
2,990 
1,981 
6,633 
12,869 
Call options sold 
Amount (kg) 
5,599 
 
 
 
 
 
5,599 
 
A$ 
per 
oz 
A$661      
A$661 
 
*Delta (kg)                          840      
840 
Delta 
(kg) 
38,242              38,073               54,157              44,674              40,114              75,264            290,525 
Total net gold: 
Delta 
(oz) 
1,229,518         1,224,062          1,741,189         1,436,314          1,289,706        2,419,789         9,340,579 
 
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The following table indicates the group's currency hedge position at 31 March 2003
                                                                    Year              2003                2004               2005               2006               2007               2008-2012                Total 
RAND DOLLAR (000)
 
 
 
 
 
 
 
 
 
Forward 
contracts 
Amount 
($) 
       
 
Rand 
per 
$ 
       
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 (kg) 
20,000 
 
 
 
 
 
20,000 
 
Rand 
per 
$ 
R8.36      
R8.36 
 
*Delta 
($)                        2,568      
2,568 
A 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 above reflects the nominal amount of the option multiplied by the mathematical probability of the option being exercised. This is calculated using the Black-Scholes option formula with the ruling market prices, interest rates and volatilities as at 31 March 2003.
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GROUP OPERATING RESULTS
Issued Capital:
222,763,754 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:
222,700,331 ordinary shares in issue for the year to date
Statistics are shown in metric units and financial figures in South African rand.
Quarter
Quarter
Year
ended
ended
ended
March
December
December
2003
2002
2002
GOLD
UNDERGROUND OPERATIONS
Tonnes milled
- 000
3,299
                  
3,500
                  
13,426
                
Yield
- g/t
 7.87
                   
 8.04
                   
 8.27
                   
Gold produced
- kg
25,949
                
28,148
                
111,017
              
PRODUCTIVITY
g/employee
- target
230
                     
252
                     
247
                     
- actual
223
                     
240
                     
238
                     
SURFACE AND DUMP RECLAMATION
Tonnes treated
- 000
9,717
                  
9,743
                  
38,366
                
Yield
- g/t
 0.28
                   
 0.29
                   
 0.30
                   
Gold produced
- kg
2,757
                  
2,798
                  
11,350
                
OPEN-PIT OPERATIONS
Tonnes mined
- 000
37,337
                
35,176
                
148,222
              
Stripping ratio *
 4.91
                   
 6.01
                   
 4.37
                   
Tonnes treated
- 000
7,459
                  
7,705
                  
27,186
                
Yield
- g/t
 2.00
                   
 2.24
                   
 2.29
                   
Gold produced
- kg
14,899
                
17,222
                
62,344
                
TOTAL
Gold produced
- kg
43,605
                
48,168
                
184,711
              
Gold sold
- kg
43,526
                
48,602
                
184,798
              
Price received
- R/kg sold **
91,962
                
96,911
                
101,817
              
Total cash costs
- R/kg produced
56,100
                
53,457
                
54,037
                
Total production costs
- R/kg produced
66,520
                
68,159
                
68,241
                
CAPITAL EXPENDITURE
- Rm
489
                     
880
                     
2,842
                  
*  Stripping ratio = (tonnes mined total - tonnes mined ore) / tonnes mined ore
** Price received includes realised non-hedge derivatives 
12
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GROUP OPERATING RESULTS
Issued Capital:
222,763,754 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:
222,700,331 ordinary shares in issue for the year to date
Statistics are shown in imperial units and financial figures in US dollars.
 Quarter
 Quarter
Year
ended
ended
ended
March
  December
  December
2003
2002
2002
GOLD
UNDERGROUND OPERATIONS
Tons milled
- 000
3,636
                  
3,858
                  
14,800
                
Yield
- oz/t
 0.229
                 
 0.235
                 
 0.241
                 
Gold produced 
- oz 000
834
                     
905
                     
3,569
                  
PRODUCTIVITY
oz/employee
- target
 8.01
                   
 8.11
                   
 7.95
                   
- actual
 7.86
                   
 7.71
                   
 7.66
                   
SURFACE AND DUMP RECLAMATION
Tons treated
- 000
10,711
                
10,740
                
42,292
                
Yield
- oz/t
 0.008
                 
 0.008
                 
 0.009
                 
Gold produced
- oz 000
89
                       
90
                       
365
                     
OPEN-PIT OPERATIONS
Tons mined
- 000
41,157
                
38,775
                
163,387
              
Stripping ratio *
 4.91
                   
 6.01
                   
 4.37
                   
Tons treated
- 000
8,222
                  
8,493
                  
29,966
                
Yield
- oz/t
 0.058
                 
 0.065
                 
 0.067
                 
Gold produced
- oz 000
479
                     
554
                     
2,005
                  
TOTAL
Gold produced
- oz 000
1,402
                  
1,549
                  
5,939
                  
Gold sold
- oz 000
1,399
                  
1,562
                  
5,941
                  
Price received
- $/oz sold **
344
                     
314
                     
303
                     
Total cash costs
- $/ounce produced
210
                     
173
                     
161
                     
Total production costs
- $/ounce produced
248
                     
220
                     
203
                     
Rand/US Dollar average exchange rate
 8.35
                   
 9.62
                   
 10.48
                 
CAPITAL EXPENDITURE
- $m
59
                       
89
                       
271
                     
*  Stripping ratio = (tons mined total - tons mined ore) / tons mined ore
** Price received includes realised non-hedge derivatives 
13
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GROUP INCOME STATEMENT
Quarter
Quarter
Year
ended
ended
ended
March
December
December
SA Rand million
2003
2002
2002
Gold income
3,938
                  
4,814
                  
18,372
                
Cost of sales
(2,885)
                 
(3,341)
                 
(12,550)
               
Cash operating costs
2,378
                  
2,506
                  
9,812
                  
Other cash costs
70
                       
90
                       
291
                     
Total cash costs
2,448
                  
2,596
                  
10,103
                
Retrenchment costs
3
                         
-
                          
30
                       
Rehabilitation and other non-cash costs
24
                       
74
                       
119
                     
Production costs
2,475
                  
2,670
                  
10,252
                
Amortisation of mining assets
449
                     
657
                     
2,566
                  
Total production costs
2,924
                  
3,327
                  
12,818
                
Inventory change
(39)
                      
14
                       
(268)
                    
1,053
                  
1,473
                  
5,822
                  
Non-hedge derivatives
155
                     
285
                     
962
                     
Operating profit *
1,208
                  
1,758
                  
6,784
                  
Corporate administration and other expenses
(85)
                      
(73)
                      
(258)
                    
Market development costs
(40)
                      
(45)
                      
(179)
                    
Exploration costs
(75)
                      
(63)
                      
(296)
                    
Interest receivable
71
                       
84
                       
373
                     
Other net expense
(31)
                      
(36)
                      
(91)
                      
Finance costs
(69)
                      
(100)
                    
(464)
                    
Abnormal item - settlement of claim
-
                          
-
                          
(102)
                    
Profit before exceptional items
979
                     
1,525
                  
5,767
                  
Amortisation of goodwill
(58)
                      
(67)
                      
(293)
                    
Loss on disposal of assets
-
                          
(6)
                        
(145)
                    
Termination of retirement benefit plans
-
                          
(1)
                        
2
                         
Profit on ordinary activities before taxation
921
                     
1,451
                  
5,331
                  
Taxation
(338)
                    
(447)
                    
(1,730)
                 
Normal taxation
(245)
                    
(211)
                    
(1,315)
                 
Deferred taxation
(92)
                      
(127)
                    
(387)
                    
Deferred tax on unrealised non-hedge derivatives
(1)
                        
(117)
                    
(35)
                      
Taxation on abnormal item
-
                          
-
                          
47
                       
Taxation on exceptional items
-
                          
8
                         
(40)
                      
Profit on ordinary activities after taxation
583
                     
1,004
                  
3,601
                  
Minority interest
(36)
                      
(49)
                      
(157)
                    
Net profit
547
                     
955
                     
3,444
                  
1,216
         
1,478
                  
6,683
                  
Headline earnings
The net profit has been adjusted by the following
to arrive at headline earnings:
Net profit
547
                     
955
                     
3,444
                  
Amortisation of goodwill
58
                       
67
                       
293
                     
Loss on disposal of assets
-
                          
6
                         
145
                     
Termination of retirement benefit plans
-
                          
1
                         
(2)
                        
Taxation on exceptional items
-
                          
(8)
                        
40
                       
Headline earnings
605
                     
1,021
                  
3,920
                  
Unrealised non-hedge derivatives 
8
                         
(280)
                    
(101)
                    
Deferred tax on unrealised non-hedge derivatives
1
                         
117
                     
35
                       
614
                     
858
                     
3,854
                  
Earnings per ordinary share - cents
- Basic
246
                     
430
                     
1,552
                  
 - Headline
272
                     
460
                     
1,767
                  
 - Headline before unrealised non-hedge derivatives
276
                     
387
                     
1,737
                  
Dividends
-
Rm
3,009
                  
 - cents per share
1,350
                  
The results have been prepared in accordance with International Accounting Standards.
* Operating profit excluding unrealised non-hedge derivatives
Headline earnings before unrealised non-hedge derivatives
14
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GROUP INCOME STATEMENT
Quarter
Quarter
Year
ended
ended
ended
March
December
December
US Dollar million
2003
2002
2002
Gold income
472
                     
502
                     
1,761
                  
Cost of sales
(346)
                    
(348)
                    
(1,203)
                 
Cash operating costs
286
                     
261
                     
939
                     
Other cash costs
8
                         
9
                         
28
                       
Total cash costs
294
                     
270
                     
967
                     
Retrenchment costs
-
                          
-
                          
3
                         
Rehabilitation and other non-cash costs
3
                         
8
                         
12
                       
Production costs
297
                     
278
                     
982
                     
Amortisation of mining assets
54
                       
68
                       
245
                     
Total production costs
351
                     
346
                     
1,227
                  
Inventory change
(5)
                        
2
                         
(24)
                      
126
                     
154
                     
558
                     
Non-hedge derivatives
19
                       
30
                       
92
                       
Operating profit *
145
                     
184
                     
650
                     
Corporate administration and other expenses
(10)
                      
(8)
                        
(25)
                      
Market development costs
(5)
                        
(5)
                        
(17)
                      
Exploration costs
(9)
                        
(6)
                        
(28)
                      
Interest receivable
8
                         
9
                         
36
                       
Other net expense
(3)
                        
(4)
                        
(9)
                        
Finance costs
(8)
                        
(11)
                      
(44)
                      
Abnormal item - settlement of claim
-
                          
-
                          
(10)
                      
Profit before exceptional items
118
                     
159
                     
553
                     
Amortisation of goodwill
(7)
                        
(7)
                        
(28)
                      
Loss on disposal of assets
-
                          
(1)
                        
(13)
                      
Termination of retirement benefit plans
-
                          
-
                          
-
                          
Profit on ordinary activities before taxation
111
                     
151
                     
512
                     
Taxation
(41)
                      
(46)
                      
(165)
                    
Normal taxation
(29)
                      
(22)
                      
(124)
                    
Deferred taxation
(12)
                      
(13)
                      
(39)
                      
Deferred tax on unrealised non-hedge derivatives
-
                          
(12)
                      
(4)
                        
Taxation on abnormal item
-
                          
-
                          
5
                         
Taxation on exceptional items
-
                          
1
                         
(3)
                        
Profit on ordinary activities after taxation
70
                       
105
                     
347
                     
Minority interest
(4)
                        
(5)
                        
(15)
                      
Net profit
66
                       
100
                     
332
                     
146
                     
155
                     
638
                     
Headline earnings
The net profit has been adjusted by the following
to arrive at headline earnings:
Net profit
66
                       
100
                     
332
                     
Amortisation of goodwill
7
                         
7
                         
28
                       
Loss on disposal of assets
-
                          
1
                         
13
                       
Termination of retirement benefit plans
-
                          
-
                          
-
                          
Taxation on exceptional items
-
                          
(1)
                        
3
                         
Headline earnings
73
                       
107
                     
376
                     
Unrealised non-hedge derivatives 
1
                         
(29)
                      
(12)
                      
Deferred tax on unrealised non-hedge derivatives
-
                          
12
                       
4
                         
74
                       
90
                       
368
                     
Earnings per ordinary share - cents
- Basic
30
                       
45
                       
150
                     
 - Headline
33
                       
48
                       
169
                     
 - Headline before unrealised non-hedge derivatives
33
                       
41
                       
166
                     
Dividends
- $m
325
                     
 - cents per share
146
                     
The results have been prepared in accordance with International Accounting Standards.
* Operating profit excluding unrealised non-hedge derivatives
Headline earnings before unrealised non-hedge derivatives
15
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GROUP BALANCE SHEET
March
December
March
December
2003
2002
2003
2002
SA Rand million
US Dollar million
Non-current assets
18,902
         
19,555
         
Mining assets
2,394
           
2,280
           
3,023
           
3,210
           
Goodwill
383
              
374
              
156
              
165
              
Investments in associates
20
                
19
                
182
              
197
              
Other investments
23
                
23
                
286
              
275
              
AngloGold Environmental Rehabilitation Trust
36
                
32
                
596
              
549
              
Derivatives
75
                
64
                
469
              
466
              
Other non-current assets
59
                
55
                
23,614
         
24,417
         
2,990
           
2,847
           
Current assets
2,162
           
1,996
           
Derivatives
274
              
233
              
2,107
           
2,190
           
Trade and other receivables
267
              
255
              
1,818
           
1,848
           
Inventories
230
              
216
              
3
                  
3
                  
Current portion of other non-current assets
-
                   
-
                   
2,686
           
3,544
           
Cash and cash equivalents
340
              
413
              
8,776
           
9,581
           
1,111
           
1,117
           
32,390
         
33,998
         
Total assets
4,101
           
3,964
           
EQUITY AND LIABILITIES
11,717
         
12,375
         
Shareholders' equity
1,484
           
1,443
           
325
              
347
              
Minority interests
41
                
40
                
12,042
         
12,722
         
1,525
           
1,483
           
Non-current liabilities
6,643
           
7,219
           
Borrowings
841
              
842
              
1,977
           
2,008
           
Provisions
250
              
234
              
3,767
           
3,445
           
Deferred taxation
477
              
402
              
1,398
           
2,028
           
Derivatives
177
              
236
              
13,785
         
14,700
         
1,745
           
1,714
           
Current liabilities
2,472
           
2,588
           
Derivatives
313
              
302
              
2,205
           
2,145
           
Trade and other payables
279
              
250
              
616
              
719
              
Current portion of borrowings
78
                
84
                
1,270
           
1,124
           
Taxation
161
              
131
              
6,563
           
6,576
           
831
              
767
              
32,390
         
33,998
         
Total equity and liabilities
4,101
           
3,964
           
The results have been prepared in accordance with International Accounting Standards.
16
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GROUP CASH FLOW STATEMENT
Quarter
Quarter
Year
Quarter
Quarter
Year
ended
ended
ended
ended
ended
ended
March
December
December
March
December
December
2003
2002
2002
2003
2002
2002
SA Rand million
US Dollar million
Cash flows from operating 
activities
1,477
                
2,106
                
8,255
                
Cash generated from operations
181
                   
189
                   
758
                   
62
                     
73
                     
331
                   
Interest received
7
                       
8
                       
32
                     
(50)
                    
(64)
                    
(169)
                  
Environmental contributions and 
expenditure
(6)
                      
(6)
                      
(16)
                    
9
                       
-
                       
19
                     
Dividends received from associates
1
                       
-
                       
2
                       
(86)
                    
(77)
                    
(410)
                  
Finance costs
(10)
                    
(8)
                      
(40)
                    
(81)
                    
(444)
                  
(1,376)
               
Taxation paid
(10)
                    
(45)
                    
(131)
                  
1,331
                
1,594
                
6,650
                
Net cash inflow from operating 
activities
163
                   
138
                   
605
                   
Cash flows from investing 
activities
(488)
                  
(880)
                  
(2,842)
               
Capital expenditure
(59)
                    
(89)
                    
(271)
                  
-
                       
-
                       
11
                     
Proceeds from disposal of mining 
assets
-
                       
-
                       
1
                       
-
                       
-
                       
1,544
                
Net proceeds from disposal of mines
-
                       
-
                       
140
                   
-
                       
-
                       
1,813
                
Proceeds 
-
                       
-
                       
164
                   
-
                       
-
                       
(269)
                  
Contractual obligations
-
                       
-
                       
(24)
                    
-
                       
-
                       
(355)
                  
Investments acquired
-
                       
-
                       
(34)
                    
-
                       
-
                       
1,829
                
Proceeds from sale of investments
-
                       
-
                       
158
                   
-
                       
-
                       
(979)
                  
Acquisition of subsidiary
-
                       
-
                       
(97)
                    
(2)
                      
(2)
                      
(51)
                    
Loans advanced
-
                       
-
                       
(5)
                      
-
                       
24
                     
175
                   
Repayment of loans advanced
-
                       
3
                       
17
                     
(490)
                  
(858)
                  
(668)
                  
Net cash outflow from investing 
activities
(59)
                    
(86)
                    
(91)
                    
Cash flows from financing 
activities
17
                     
67
                     
156
                   
Proceeds from issue of share capital
2
                       
10
                     
18
                     
(1)
                      
-
                       
(116)
                  
Share issue expenses
-
                       
-
                       
(11)
                    
73
                     
80
                     
8,599
                
Proceeds from borrowings
9
                       
9
                       
798
                   
(108)
                  
(450)
                  
(9,789)
               
Repayment of borrowings
(13)
                    
(47)
                    
(912)
                  
(1,522)
               
(29)
                    
(2,821)
               
Dividends paid
(185)
                  
(3)
                      
(260)
                  
(1,541)
               
(332)
                  
(3,971)
               
Net cash outflow from financing 
activities
(187)
                  
(31)
                    
(367)
                  
(700)
                  
404
                   
2,011
                
Net (decrease) increase in cash and 
cash equivalents
(83)
                    
21
                     
147
                   
(158)
                  
(505)
                  
(751)
                  
Translation
10
                     
46
                     
75
                     
3,544
                
3,645
                
2,284
                
Opening cash and cash equivalents
413
                   
346
                   
191
                   
2,686
                
3,544
                
3,544
                
Closing cash and cash equivalents
340
                   
413
                   
413
                   
The results have been prepared in accordance with International Accounting Standards.
17
background image
NOTES TO THE CASH FLOW STATEMENT
Quarter
Quarter
Year
Quarter
Quarter
Year
ended
ended
ended
ended
ended
ended
March
December
December
March
December
December
2003
2002
2002
2003
2002
2002
Cash generated from operations
921
              
1,451
           
5,331
           
Profit on ordinary activities before taxation
111
              
151
              
512
              
Adjusted for:
(58)
               
(40)
               
(187)
             
Non-cash movements
(7)
                 
(4)
                 
(18)
               
449
              
657
              
2,566
           
Amortisation of mining assets
54
                
68
                
245
              
(71)
               
(84)
               
(373)
             
Interest receivable
(8)
                 
(9)
                 
(36)
               
44
                
7
                  
(6)
                 
Other net income (expense)
5
                  
1
                  
-
                   
69
                
100
              
464
              
Finance costs
8
                  
11
                
44
                
11
                
(311)
             
(132)
             
Movement on non-hedge derivatives
1
                  
(33)
               
(16)
               
58
                
67
                
293
              
Amortisation of goodwill
7
                  
7
                  
28
                
-
                   
6
                  
92
                
Loss on disposal of assets
-
                   
1
                  
8
                  
-
                   
1
                  
(2)
                 
Termination of retirement benefit plans
-
                   
-
                   
-
                   
54
                
252
              
209
              
Movement in working capital
10
                
(4)
                 
(9)
                 
1,477
           
2,106
           
8,255
           
181
              
189
              
758
              
Movement in working capital:
84
                
248
              
488
              
 (Increase) decrease in trade and other receivables
(11)
               
(7)
                 
(5)
                 
30
                
338
              
85
                
 (Increase) decrease in inventories
(15)
               
(9)
                 
(54)
               
(60)
               
(334)
             
(364)
             
Increase (decrease) in trade and other payables
36
                
12
                
50
                
54
                
252
              
209
              
10
                
(4)
                 
(9)
                 
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 2002
1,120
           
16
                
43
                
(185)
             
449
              
1,443
           
Movements on other comprehensive income
83
                
-
                   
83
                
Net profit
66
                
66
                
Dividends paid
(183)
             
(183)
             
Ordinary shares issued
2
                  
2
                  
Translation
97
                
1
                  
(52)
               
(8)
                 
35
                
73
                
Balance at 31 March 2003
1,219
           
17
                
(9)
                 
(110)
             
367
              
1,484
           
SA Rand million
Balance at 31 December 2002
9,607
           
138
              
360
              
(1,583)
          
3,853
           
12,375
         
Movements on other comprehensive income
629
              
629
              
Net profit
547
              
547
              
Dividends paid
(1,500)
          
(1,500)
          
Ordinary shares issued
16
                
16
                
Translation
(435)
             
84
                
1
                  
(350)
             
Balance at 31 March 2003
9,623
           
138
              
(75)
               
(870)
             
2,901
           
11,717
         
The results have been prepared in accordance with International Accounting Standards.
 US Dollar million 
 SA Rand million 
18
background image
KEY OPERATING RESULTS
PER REGION
Quarter
Quarter
Year
Quarter
Quarter
Year
ended
ended
ended
ended
ended
ended
March
December
December
March
December
December
2003
2002
2002
2003
2002
2002
SA Rand / Metric
Capital expenditure - Rm
Capital expenditure - $m
SOUTH AFRICA REGION
297
                 
432
                 
1,111
              
36
                   
42
                   
106
                 
VAAL RIVER
Great Noligwa Mine
25
                   
84
                   
121
                 
3
                     
8
                     
11
                   
Kopanang Mine
23
                   
33
                   
89
                   
3
                     
3
                     
8
                     
Moab Khotsong
114
                 
83
                   
376
                 
14
                   
9
                     
36
                   
Tau Lekoa Mine
10
                   
8
                     
16
                   
1
                     
-
                      
1
                     
ERGO
-
                      
2
                     
2
                     
-
                      
-
                      
-
                      
WEST WITS
Mponeng Mine
80
                   
129
                 
332
                 
10
                   
13
                   
33
                   
Savuka Mine
17
                   
30
                   
60
                   
2
                     
3
                     
6
                     
TauTona Mine
28
                   
63
                   
115
                 
3
                     
6
                     
11
                   
EAST & WEST AFRICA REGION
48
                   
83
                   
287
                 
6
                     
9
                     
27
                   
Geita - Attributable 50%
15
                   
27
                   
92
                   
2
                     
3
                     
9
                     
Morila - Attributable 40%
10
                   
27
                   
70
                   
1
                     
3
                     
7
                     
Navachab
4
                     
8
                     
21
                   
1
                     
1
                     
2
                     
Sadiola - Attributable 38%
8
                     
12
                   
67
                   
1
                     
1
                     
6
                     
Yatela - Attributable 40%
11
                   
9
                     
37
                   
1
                     
1
                     
3
                     
NORTH AMERICA REGION
55
                   
92
                   
788
                 
7
                     
10
                   
74
                   
Cripple Creek & Victor J.V.
47
                   
72
                   
706
                 
6
                     
8
                     
66
                   
Jerritt Canyon J.V. - Attributable 70%
8
                     
19
                   
80
                   
1
                     
2
                     
8
                     
Exploration
-
                      
1
                     
2
                     
-
                      
-
                      
-
                      
SOUTH AMERICA REGION
55
                   
53
                   
283
                 
7
                     
6
                     
27
                   
Cerro Vanguardia - Attributable 92.50%
7
                     
3
                     
25
                   
1
                     
-
                      
2
                     
Morro Velho
39
                   
37
                   
173
                 
5
                     
4
                     
17
                   
Serra Grande - Attributable 50%
3
                     
4
                     
32
                   
-
                      
-
                      
3
                     
Minorities and exploration
6
                     
9
                     
53
                   
1
                     
2
                     
5
                     
AUSTRALIA REGION
29
                   
165
                 
311
                 
4
                     
17
                   
31
                   
Sunrise Dam
25
                   
147
                 
258
                 
3
                     
16
                   
26
                   
Exploration
4
                     
18
                   
53
                   
1
                     
1
                     
5
                     
Other
5
                     
55
                   
62
                   
(1)
                    
5
                     
6
                     
ANGLOGOLD GROUP
489
                 
880
                 
2,842
              
59
                   
89
                   
271
                 
19
background image
KEY OPERATING RESULTS
PER REGION
Quarter
Quarter
Year
Quarter
Quarter
Year
ended
ended
ended
ended
ended
ended
March
December
December
March
December
December
2003
2002
2002
2003
2002
2002
SA Rand / Metric
Yield - g/t
Gold produced - kg
SOUTH AFRICA REGION *
8.01
                
8.15
                
8.40
                
24,842
            
26,764
            
106,106
          
VAAL RIVER
Great Noligwa Mine
10.41
              
10.40
              
11.02
              
5,676
              
6,327
              
27,380
            
Kopanang Mine
6.79
                
7.50
                
7.23
                
3,874
              
4,292
              
15,874
            
Tau Lekoa Mine
4.70
                
4.56
                
4.45
                
2,530
              
2,683
              
9,675
              
Surface Operations
0.65
                
0.58
                
0.56
                
980
                 
745
                 
3,081
              
ERGO
0.22
                
0.24
                
0.25
                
1,777
              
2,054
              
8,215
              
WEST WITS
Mponeng Mine
9.10
                
8.53
                
8.63
                
3,789
              
3,936
              
14,498
            
Savuka Mine
5.72
                
5.68
                
7.07
                
1,492
              
1,500
              
7,331
              
TauTona Mine
11.10
              
11.73
              
11.66
              
4,724
              
5,227
              
19,997
            
Surface Operations
-
                      
-
                      
9.26
                
-
                      
-
                      
55
                   
EAST & WEST AFRICA REGION
3.54
                
4.41
                
4.22
                
7,397
              
8,995
              
33,754
            
Geita - Attributable 50%
2.83
                
3.03
                
3.62
                
1,976
              
1,909
              
9,005
              
Morila - Attributable 40%
8.93
                
15.11
              
11.96
              
2,966
              
4,043
              
13,083
            
Navachab
1.82
                
1.97
                
1.93
                
564
                 
660
                 
2,653
              
Sadiola - Attributable 38%
2.72
                
3.03
                
2.96
                
1,226
              
1,490
              
5,672
              
Yatela - Attributable 40%
2.25
                
2.83
                
2.95
                
665
                 
893
                 
3,341
              
NORTH AMERICA REGION
0.92
                
1.05
                
1.08
                
3,550
              
4,327
              
14,371
            
Cripple Creek & Victor J.V.
0.54
                
0.61
                
0.57
                
1,957
              
2,379
              
6,998
              
Jerritt Canyon J.V. - Attributable 70%
6.89
                
7.64
                
7.91
                
1,593
              
1,948
              
7,373
              
SOUTH AMERICA REGION
7.61
                
7.94
                
7.78
                
4,258
              
4,423
              
14,854
            
8.56
                
9.80
                
9.49
                
1,873
              
2,049
              
5,561
              
Morro Velho
6.50
                
6.51
                
6.71
                
1,649
              
1,681
              
6,380
              
Serra Grande - Attributable 50%
7.90
                
7.72
                
7.84
                
736
                 
693
                 
2,913
              
AUSTRALIA REGION
2.39
                
2.37
                
2.56
                
3,558
              
3,659
              
15,626
            
Boddington - Attributable 33.33%
-
                      
-
                      
-
                      
-
                      
-
                      
54
                   
Sunrise Dam
3.52
                
3.23
                
3.49
                
2,968
              
2,796
              
11,892
            
Union Reefs
0.91
                
1.28
                
1.36
                
590
                 
863
                 
3,680
              
ANGLOGOLD GROUP
43,605
            
48,168
            
184,711
          
Underground Operations
7.87
                
8.04
                
8.27
                
Open-pit Operations
2.00
                
2.24
                
2.29
                
* Yield excludes surface operations.
Cerro Vanguardia - Attributable 92.50%
20
background image
KEY OPERATING RESULTS
PER REGION
Quarter
Quarter
Year
Quarter
Quarter
Year
ended
ended
ended
ended
ended
ended
March
December
December
March
December
December
2003
2002
2002
2003
2002
2002
SA Rand / Metric
Productivity per employee - g
Gold sold - kg
SOUTH AFRICA REGION
24,848
            
27,060
            
106,109
          
VAAL RIVER
Great Noligwa Mine
203
                 
230
                 
246
                 
5,679
              
6,430
              
27,379
            
Kopanang Mine
170
                 
183
                 
173
                 
3,876
              
4,348
              
15,873
            
Tau Lekoa Mine
177
                 
192
                 
174
                 
2,531
              
2,716
              
9,674
              
Surface Operations
669
                 
345
                 
399
                 
980
                 
755
                 
3,080
              
ERGO
299
                 
337
                 
331
                 
1,777
              
2,064
              
8,216
              
WEST WITS
Mponeng Mine
234
                 
229
                 
212
                 
3,789
              
3,968
              
14,500
            
Savuka Mine
99
                   
98
                   
124
                 
1,492
              
1,512
              
7,332
              
TauTona Mine
278
                 
307
                 
292
                 
4,724
              
5,267
              
20,000
            
Surface Operations
-
                      
-
                      
-
                      
-
                      
-
                      
55
                   
EAST & WEST AFRICA REGION
7,453
              
9,254
              
33,670
            
Geita - Attributable 50%
1,076
              
1,100
              
1,356
              
1,976
              
1,909
              
9,005
              
Morila - Attributable 40%
4,337
              
5,784
              
4,434
              
2,903
              
4,351
              
13,080
            
Navachab
502
                 
597
                 
626
                 
564
                 
660
                 
2,653
              
Sadiola - Attributable 38%
1,808
              
2,764
              
2,664
              
1,337
              
1,450
              
5,633
              
Yatela - Attributable 40%
1,112
              
1,505
              
1,495
              
673
                 
884
                 
3,299
              
NORTH AMERICA REGION
3,549
              
4,334
              
14,363
            
Cripple Creek & Victor J.V.
2,054
              
2,553
              
1,856
              
1,957
              
2,379
              
6,998
              
Jerritt Canyon J.V. - Attributable 70%
1,810
              
2,202
              
2,110
              
1,592
              
1,955
              
7,365
              
SOUTH AMERICA REGION
4,286
              
4,433
              
15,028
            
1,269
              
1,753
              
1,640
              
1,894
              
2,044
              
5,675
              
Morro Velho
413
                 
416
                 
434
                 
1,689
              
1,660
              
6,365
              
Serra Grande - Attributable 50%
947
                 
891
                 
932
                 
703
                 
729
                 
2,988
              
AUSTRALIA REGION
3,390
              
3,521
              
15,628
            
Boddington - Attributable 33.33%
-
                      
-
                      
-
                      
-
                      
-
                      
75
                   
Sunrise Dam
3,185
              
2,907
              
3,136
              
2,785
              
2,684
              
11,887
            
Union Reefs
1,145
              
1,737
              
1,928
              
605
                 
837
                 
3,666
              
ANGLOGOLD GROUP
43,526
            
48,602
            
184,798
          
Cerro Vanguardia - Attributable 92.50%
21
background image
KEY OPERATING RESULTS
PER REGION
Quarter
Quarter
Year
Quarter
Quarter
Year
ended
ended
ended
ended
ended
ended
March
December
December
March
December
December
2003
2002
2002
2003
2002
2002
SA Rand / Metric
Total cash costs - R/kg
Total production costs - R/kg
SOUTH AFRICA REGION
61,085
            
55,229
            
53,146
            
65,220
            
64,519
            
60,450
            
VAAL RIVER
Great Noligwa Mine
54,937
            
47,114
            
41,658
            
58,120
            
51,902
            
45,388
            
Kopanang Mine
64,069
            
57,312
            
55,001
            
67,796
            
64,297
            
61,158
            
Tau Lekoa Mine
66,208
            
62,360
            
64,234
            
70,426
            
74,167
            
75,954
            
Surface Operations
42,950
            
46,914
            
45,903
            
42,950
            
50,694
            
49,119
            
ERGO
76,814
            
62,856
            
61,810
            
84,257
            
83,604
            
73,051
            
WEST WITS
Mponeng Mine
58,029
            
57,216
            
59,504
            
66,147
            
76,655
            
76,922
            
Savuka Mine
106,918
          
98,863
            
82,111
            
109,309
          
106,072
          
86,729
            
TauTona Mine
49,103
            
43,842
            
44,465
            
51,642
            
48,419
            
48,125
            
Surface Operations
-
                      
-
                      
15,125
            
-
                      
-
                      
15,125
            
EAST & WEST AFRICA REGION
42,146
            
42,535
            
42,268
            
56,356
            
62,297
            
61,896
            
Geita - Attributable 50%
58,063
            
66,931
            
58,831
            
68,758
            
84,925
            
75,024
            
Morila - Attributable 40%
22,415
            
24,124
            
24,541
            
39,170
            
44,400
            
47,559
            
Navachab
63,763
            
52,215
            
49,265
            
66,278
            
59,968
            
54,138
            
Sadiola - Attributable 38%
55,431
            
62,873
            
54,603
            
72,075
            
87,725
            
80,873
            
Yatela - Attributable 40%
54,197
            
62,103
            
58,302
            
72,761
            
82,081
            
73,684
            
NORTH AMERICA REGION
61,264
            
61,975
            
74,710
            
89,908
            
90,333
            
111,396
          
Cripple Creek & Victor J.V.
50,739
            
55,408
            
62,509
            
80,711
            
83,211
            
103,042
          
Jerritt Canyon J.V. - Attributable 70%
72,414
            
68,463
            
84,466
            
99,426
            
97,500
            
117,503
          
SOUTH AMERICA REGION
33,312
            
41,317
            
41,975
            
53,743
            
64,161
            
67,531
            
32,131
            
33,309
            
34,384
            
58,057
            
61,538
            
67,362
            
Morro Velho
33,977
            
36,895
            
44,273
            
49,924
            
54,293
            
65,056
            
Serra Grande - Attributable 50%
24,914
            
28,890
            
33,967
            
40,426
            
47,274
            
53,584
            
AUSTRALIA REGION
63,260
            
65,411
            
65,056
            
78,651
            
81,268
            
82,926
            
Boddington - Attributable 33.33%
-
                      
-
                      
-
                      
-
                      
-
                      
-
                      
Sunrise Dam
52,923
            
59,660
            
59,451
            
68,223
            
75,322
            
76,271
            
Union Reefs
104,091
          
75,663
            
75,630
            
114,398
          
88,641
            
92,248
            
ANGLOGOLD GROUP
56,100
            
53,457
            
54,037
            
66,520
            
68,159
            
68,241
            
Cerro Vanguardia - Attributable 92.50%
22
background image
KEY OPERATING RESULTS
PER REGION
Quarter
Quarter
Year
Quarter
Quarter
Year
ended
ended
ended
ended
ended
ended
March
December
December
March
December
December
2003
2002
2002
2003
2002
2002
SA Rand / Metric
EBITDA - Rm
SOUTH AFRICA REGION
VAAL RIVER
Great Noligwa Mine
 224
                
 316
                
1 573
              
209
                 
288
                 
1,487
              
Kopanang Mine
 112
                
 143
                
 665
                
99
                   
120
                 
591
                 
Tau Lekoa Mine
 59
                  
 88
                  
 330
                
50
                   
60
                   
235
                 
Surface Operations
 47
                  
 33
                  
 155
                
47
                   
33
                   
155
                 
ERGO
 10
                  
 29
                  
 230
                
7
                     
24
                   
213
                 
WEST WITS
Mponeng Mine
 115
                
 142
                
 568
                
85
                   
66
                   
322
                 
Savuka Mine
( 21)
                 
( 6)
                   
 126
                
(24)
                  
(16)
                  
97
                   
TauTona Mine
 194
                
 276
                
1 092
              
184
                 
254
                 
1,031
              
Surface Operations
-
                      
-
                      
 4
                    
-
                      
-
                      
4
                     
EAST & WEST AFRICA REGION
Geita - Attributable 50%
 47
                  
 41
                  
 353
                
28
                   
9
                     
214
                 
Morila - Attributable 40%
 195
                
 331
                
1 023
              
146
                 
248
                 
723
                 
Navachab
 33
                  
 30
                  
 141
                
32
                   
25
                   
129
                 
Sadiola - Attributable 38%
 52
                  
 53
                  
 269
                
33
                   
17
                   
124
                 
Yatela - Attributable 40%
 24
                  
 36
                  
 150
                
13
                   
19
                   
103
                 
NORTH AMERICA REGION
Cripple Creek & Victor J.V.
 82
                  
 114
                
 447
                
13
                   
46
                   
61
                   
Jerritt Canyon J.V. - Attributable 70%
 18
                  
 59
                  
 197
                
(22)
                  
6
                     
(31)
                  
SOUTH AMERICA REGION
 126
                
 155
                
 448
                
78
                   
99
                   
271
                 
Morro Velho
 112
                
 106
                
 427
                
87
                   
77
                   
300
                 
Serra Grande - Attributable 50%
 53
                  
 52
                  
 232
                
42
                   
39
                   
176
                 
AUSTRALIA REGION
Boddington - Attributable 33.33%
-
                      
 3
                    
 5
                    
-
                      
3
                     
5
                     
Sunrise Dam
 114
                
 79
                  
 544
                
70
                   
37
                   
351
                 
Union Reefs
( 4)
                   
 7
                    
 73
                  
(6)
                    
3
                     
36
                   
Other
( 175)
               
( 176)
               
( 720)
               
45
                   
21
                   
86
                   
ANGLOGOLD GROUP
1,417
              
1,911
              
8,332
              
1,216
              
1,478
              
6,683
              
Operating profit excluding unrealised        
non-hedge derivatives - Rm
Cerro Vanguardia - Attributable 92.50%
23
background image
KEY OPERATING RESULTS
PER REGION
Quarter
Quarter
Year
Quarter
Quarter
Year
ended
ended
ended
ended
ended
ended
March
December
December
March
December
December
2003
2002
2002
2003
2002
2002
US Dollar / Imperial
Yield - oz/t
Gold produced - oz 000
SOUTH AFRICA REGION *
 0.234
             
 0.238
             
 0.245
             
799
                 
861
                 
3,412
              
VAAL RIVER
Great Noligwa Mine
 0.304
             
 0.303
             
 0.321
             
 182
                
 204
                
 880
                
Kopanang Mine
 0.198
             
 0.219
             
 0.211
             
 125
                
 138
                
 511
                
Tau Lekoa Mine
 0.137
             
 0.133
             
 0.130
             
 81
                  
 86
                  
 311
                
Surface Operations
 0.019
             
 0.017
             
 0.016
             
 32
                  
 24
                  
 99
                  
ERGO
 0.006
             
 0.007
             
 0.007
             
 57
                  
 66
                  
 264
                
WEST WITS
Mponeng Mine
 0.265
             
 0.249
             
 0.252
             
 122
                
 127
                
 466
                
Savuka Mine
 0.167
             
 0.166
             
 0.206
             
 48
                  
 48
                  
 236
                
TauTona Mine
 0.324
             
 0.342
             
 0.340
             
 152
                
 168
                
 643
                
Surface Operations
-
                      
-
                      
 0.270
             
-
                      
-
                      
 2
                    
EAST & WEST AFRICA REGION
 0.103
             
 0.129
             
 0.123
             
 238
                
 289
                
1 085
              
Geita - Attributable 50%
 0.083
             
 0.088
             
 0.106
             
 64
                  
 61
                  
 290
                
Morila - Attributable 40%
 0.260
             
 0.441
             
 0.349
             
 95
                  
 130
                
 421
                
Navachab
 0.053
             
 0.057
             
 0.056
             
 18
                  
 21
                  
 85
                  
Sadiola - Attributable 38%
 0.079
             
 0.088
             
 0.086
             
 40
                  
 48
                  
 182
                
Yatela - Attributable 40%
 0.066
             
 0.082
             
 0.086
             
 21
                  
 29
                  
 107
                
NORTH AMERICA REGION
 0.027
             
 0.031
             
 0.032
             
 114
                
 139
                
 462
                
Cripple Creek & Victor J.V.
 0.016
             
 0.018
             
 0.016
             
 63
                  
 76
                  
 225
                
Jerritt Canyon J.V. - Attributable 70%
 0.201
             
 0.223
             
 0.231
             
 51
                  
 63
                  
 237
                
SOUTH AMERICA REGION
 0.222
             
 0.232
             
 0.227
             
 137
                
 142
                
 478
                
 0.250
             
 0.286
             
 0.277
             
 60
                  
 66
                  
 179
                
Morro Velho
 0.190
             
 0.190
             
 0.196
             
 53
                  
 54
                  
 205
                
Serra Grande - Attributable 50%
 0.230
             
 0.225
             
 0.229
             
 24
                  
 22
                  
 94
                  
AUSTRALIA REGION
 0.070
             
 0.069
             
 0.075
             
 114
                
 118
                
 502
                
Boddington - Attributable 33.33%
-
                      
-
                      
-
                      
-
                      
-
                      
 2
                    
Sunrise Dam
 0.103
             
 0.094
             
 0.102
             
 95
                  
 90
                  
 382
                
Union Reefs
 0.027
             
 0.037
             
 0.040
             
 19
                  
 28
                  
 118
                
ANGLOGOLD GROUP
1,402
              
1,549
              
5,939
              
Underground Operations
 0.229
             
 0.235
             
 0.241
             
Open-pit Operations
 0.058
             
 0.065
             
 0.067
             
* Yield excludes surface operations.
Cerro Vanguardia - Attributable 92.50%
24
background image
KEY OPERATING RESULTS
PER REGION
Quarter
Quarter
Year
Quarter
Quarter
Year
ended
ended
ended
ended
ended
ended
March
December
December
March
December
December
2003
2002
2002
2003
2002
2002
US Dollar / Imperial
Productivity per employee - oz
Gold sold - oz 000
SOUTH AFRICA REGION
799
                 
870
                 
3,411
              
VAAL RIVER
Great Noligwa Mine
6.52
                
7.39
                
7.91
                
183
                 
207
                 
880
                 
Kopanang Mine
5.46
                
5.90
                
5.57
                
125
                 
140
                 
510
                 
Tau Lekoa Mine
5.68
                
6.19
                
5.61
                
81
                   
87
                   
311
                 
Surface Operations
21.51
              
11.11
              
12.83
              
31
                   
24
                   
99
                   
ERGO
9.61
                
10.83
              
10.65
              
57
                   
66
                   
264
                 
WEST WITS
Mponeng Mine
7.54
                
7.36
                
6.82
                
122
                 
128
                 
466
                 
Savuka Mine
3.17
                
3.16
                
4.00
                
48
                   
49
                   
236
                 
TauTona Mine
8.95
                
9.87
                
9.37
                
152
                 
169
                 
643
                 
Surface Operations
-
                      
-
                      
-
                      
-
                      
-
                      
2
                     
EAST & WEST AFRICA REGION
239
                 
297
                 
1,083
              
Geita - Attributable 50%
34.61
              
35.37
              
43.61
              
64
                   
61
                   
290
                 
Morila - Attributable 40%
139.43
            
185.97
            
142.54
            
93
                   
140
                 
421
                 
Navachab
16.13
              
19.19
              
20.12
              
18
                   
21
                   
85
                   
Sadiola - Attributable 38%
58.14
              
88.87
              
85.66
              
42
                   
47
                   
181
                 
Yatela - Attributable 40%
35.75
              
48.40
              
48.07
              
22
                   
28
                   
106
                 
NORTH AMERICA REGION
114
                 
139
                 
462
                 
Cripple Creek & Victor J.V.
66.04
              
82.07
              
59.68
              
63
                   
76
                   
225
                 
Jerritt Canyon J.V. - Attributable 70%
58.19
              
70.79
              
67.85
              
51
                   
63
                   
237
                 
SOUTH AMERICA REGION
138
                 
143
                 
483
                 
40.80
              
56.35
              
52.73
              
61
                   
66
                   
182
                 
Morro Velho
13.29
              
13.36
              
13.94
              
54
                   
53
                   
205
                 
Serra Grande - Attributable 50%
30.46
              
28.64
              
29.97
              
23
                   
24
                   
96
                   
AUSTRALIA REGION
109
                 
113
                 
502
                 
Boddington - Attributable 33.33%
-
                      
-
                      
-
                      
-
                      
-
                      
2
                     
Sunrise Dam
102.40
            
93.46
              
100.83
            
90
                   
86
                   
382
                 
Union Reefs
36.82
              
55.85
              
61.98
              
19
                   
27
                   
118
                 
ANGLOGOLD GROUP
1,399
              
1,562
              
5,941
              
Cerro Vanguardia - Attributable 92.50%
25
background image
KEY OPERATING RESULTS
PER REGION
Quarter
Quarter
Year
Quarter
Quarter
Year
ended
ended
ended
ended
ended
ended
March
December
December
March
December
December
2003
2002
2002
2003
2002
2002
US Dollar / Imperial
Total cash costs - $/oz
Total production costs - $/oz
SOUTH AFRICA REGION
 228
                
 179
                
 158
                
 243
                
 209
                
 180
                
VAAL RIVER
Great Noligwa Mine
 205
                
 152
                
 124
                
 217
                
 167
                
 135
                
Kopanang Mine
 239
                
 185
                
 165
                
 253
                
 208
                
 183
                
Tau Lekoa Mine
 247
                
 202
                
 192
                
 263
                
 240
                
 227
                
Surface Operations
 159
                
 152
                
 137
                
 159
                
 165
                
 146
                
ERGO
 287
                
 204
                
 184
                
 315
                
 271
                
 218
                
WEST WITS
Mponeng Mine
 217
                
 186
                
 178
                
 247
                
 249
                
 230
                
Savuka Mine
 399
                
 320
                
 245
                
 408
                
 343
                
 258
                
TauTona Mine
 183
                
 142
                
 132
                
 193
                
 157
                
 143
                
Surface Operations
-
                      
-
                      
 46
                  
-
                      
-
                      
 46
                  
EAST & WEST AFRICA REGION
 158
                
 138
                
 126
                
 211
                
 201
                
 184
                
Geita - Attributable 50%
 217
                
 216
                
 175
                
 257
                
 274
                
 223
                
Morila - Attributable 40%
 84
                  
 78
                  
 74
                  
 147
                
 142
                
 142
                
Navachab
 238
                
 168
                
 147
                
 248
                
 194
                
 162
                
Sadiola - Attributable 38%
 207
                
 204
                
 163
                
 269
                
 284
                
 241
                
Yatela - Attributable 40%
 204
                
 202
                
 175
                
 273
                
 269
                
 221
                
NORTH AMERICA REGION
228
                 
199
                 
222
                 
334
                 
289
                 
330
                 
Cripple Creek & Victor J.V.
 188
                
 178
                
 187
                
 299
                
 264
                
 306
                
Jerritt Canyon J.V. - Attributable 70%
 270
                
 221
                
 249
                
 370
                
 315
                
 348
                
SOUTH AMERICA REGION
124
                 
135
                 
126
                 
201
                 
209
                 
202
                 
 120
                
 108
                
 104
                
 216
                
 198
                
 203
                
Morro Velho
 127
                
 120
                
 131
                
 186
                
 176
                
 193
                
Serra Grande - Attributable 50%
 93
                  
 94
                  
 100
                
 151
                
 153
                
 158
                
AUSTRALIA REGION
236
                 
211
                 
193
                 
294
                 
262
                 
246
                 
Boddington - Attributable 33.33%
-
                      
-
                      
-
                      
-
                      
-
                      
-
                      
Sunrise Dam
 198
                
 193
                
 177
                
 255
                
 243
                
 227
                
Union Reefs
 389
                
 244
                
 224
                
 426
                
 286
                
 273
                
ANGLOGOLD GROUP
210
                 
173
                 
161
                 
248
                 
220
                 
203
                 
Cerro Vanguardia - Attributable 92.50%
26
background image
KEY OPERATING RESULTS
PER REGION
Quarter
Quarter
Year
Quarter
Quarter
Year
ended
ended
ended
ended
ended
ended
March
December
December
March
December
December
2003
2002
2002
2003
2002
2002
US Dollar / Imperial
EBITDA - $m
Operating profit excluding unrealised        
non-hedge derivatives - $m
SOUTH AFRICA REGION
VAAL RIVER
Great Noligwa Mine
 27
                  
 33
                  
 149
                
25
                   
30
                   
141
                 
Kopanang Mine
 13
                  
 15
                  
 63
                  
12
                   
13
                   
56
                   
Tau Lekoa Mine
 7
                    
 10
                  
 32
                  
6
                     
7
                     
23
                   
Surface Operations
 6
                    
 3
                    
 15
                  
6
                     
3
                     
15
                   
ERGO
 1
                    
 3
                    
 22
                  
1
                     
3
                     
20
                   
WEST WITS
Mponeng Mine
 14
                  
 15
                  
 54
                  
10
                   
7
                     
30
                   
Savuka Mine
( 3)
                   
( 1)
                   
 12
                  
(3)
                    
(2)
                    
9
                     
TauTona Mine
 23
                  
 29
                  
 104
                
22
                   
27
                   
98
                   
Surface Operations
-
                      
-
                      
-
                      
-
                      
-
                      
-
                      
EAST & WEST AFRICA REGION
Geita - Attributable 50%
 5
                    
 4
                    
 33
                  
3
                     
1
                     
20
                   
Morila - Attributable 40%
 24
                  
 34
                  
 99
                  
18
                   
25
                   
70
                   
Navachab
 4
                    
 4
                    
 13
                  
4
                     
3
                     
12
                   
Sadiola - Attributable 38%
 6
                    
 5
                    
 25
                  
4
                     
2
                     
12
                   
Yatela - Attributable 40%
 3
                    
 4
                    
 15
                  
2
                     
2
                     
10
                   
NORTH AMERICA REGION
Cripple Creek & Victor J.V.
 9
                    
 12
                  
 43
                  
1
                     
5
                     
6
                     
Jerritt Canyon J.V. - Attributable 70%
 2
                    
 6
                    
 19
                  
(3)
                    
1
                     
(3)
                    
SOUTH AMERICA REGION
 15
                  
 17
                  
 44
                  
9
                     
11
                   
27
                   
Morro Velho
 14
                  
 11
                  
 41
                  
11
                   
8
                     
29
                   
Serra Grande - Attributable 50%
 6
                    
 5
                    
 22
                  
5
                     
4
                     
17
                   
AUSTRALIA REGION
Boddington - Attributable 33.33%
-
                      
-
                      
-
                      
-
                      
-
                      
-
                      
Sunrise Dam
 13
                  
 8
                    
 51
                  
8
                     
4
                     
33
                   
Union Reefs
( 1)
                   
-
                      
 6
                    
(1)
                    
-
                      
3
                     
Other
(18)
                  
(18)
                  
(67)
                  
6
                     
1
                     
10
                   
ANGLOGOLD GROUP
  170
               
  199
               
  795
               
146
                 
155
                 
638
                 
Cerro Vanguardia - Attributable 92.50%
27
background image
SHAFT SINKING
Quarter
Quarter
Year
ended
ended
ended
March
December
December
2003
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
                
28
background image
DEVELOPMENT
Development values represent actual results of sampling, no allowances having been made for adjustments necessary in estimating
ore reserves.
Quarter ended March 2003
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
4,258
         
618
            
106.5
         
26.46
         
2,818
         
1.19
           
126.37
       
"C" reef
-
             
-
                 
-
                 
-
                 
-
             
-
                 
-
                 
Kopanang Mine
Vaal reef
7,934
         
1,154
         
12.1
           
116.45
       
1,409
         
4.69
           
56.80
         
"C" reef
237
            
-
                 
-
                 
-
                 
-
             
-
                 
-
                 
Tau Lekoa Mine
Ventersdorp Contact reef
3,783
         
330
            
104.6
         
7.64
           
799
            
0.12
           
13.04
         
Moab Khotsong Mine
Vaal reef
225
            
34
              
44.2
           
35.20
         
1,556
         
1.86
           
82.35
         
WEST WITS
TauTona Mine
Ventersdorp Contact reef
-
             
-
                 
-
                 
-
                 
-
             
-
                 
-
                 
Carbon Leader reef
4,199
         
-
                 
-
                 
-
                 
-
             
-
                 
-
                 
Savuka Mine
Ventersdorp Contact reef
501
            
-
                 
-
                 
-
                 
-
             
-
                 
-
                 
Carbon Leader reef
1,556
         
-
                 
-
                 
-
                 
-
             
-
                 
-
                 
Mponeng Mine
Ventersdorp Contact reef
5,105
         
288
            
81.5
           
23.71
         
1,932
         
-
                 
-
                 
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
13,970
       
2,028
         
41.93
         
0.77
           
2.70
           
2.38
           
8.32
           
"C" reef
-
                
-
                
-
                
-
                
-
                
-
                 
-
                
Kopanang Mine
Vaal reef
26,029
       
3,786
         
4.76
           
3.40
           
1.35
           
9.38
           
3.72
           
"C" reef
777
            
-
                
-
                
-
                
-
                
-
                 
-
                
Tau Lekoa Mine
Ventersdorp Contact reef
12,411
       
1,083
         
41.18
         
0.22
           
0.76
           
0.24
           
0.82
           
Moab Khotsong Mine
Vaal reef
739
            
112
            
17.40
         
1.03
           
1.49
           
3.72
           
5.39
           
WEST WITS
TauTona Mine

Ventersdorp Contact reef
-
                
-
                
-
                
-
                
-
                
-
                 
-
                
Carbon Leader reef
13,776
       
-
                
-
                
-
                
-
                
-
                 
-
                
Savuka Mine
Ventersdorp Contact reef
1,643
         
-
                
-
                
-
                
-
                
-
                 
-
                
Carbon Leader reef
5,105
         
-
                
-
                
-
                
-
                
-
                 
-
                
Mponeng Mine
Ventersdorp Contact reef
16,747
       
945
            
32.09
         
0.69
           
1.85
           
-
                 
-
                
29
background image
SOUTH AFRICA REGION
VAAL RIVER 
Quarter
Quarter
Year
Quarter
Quarter
Year
ended
ended
ended
ended
ended
ended
March
December
December
March
December
December
2003
2002
2002
2003
2002
2002
GREAT NOLIGWA MINE
Rand / Metric
Dollar / Imperial
OPERATING RESULTS
UNDERGROUND OPERATION
Area mined - 000
- m2 
/ - ft2
99
                   
112
                 
430
                 
1,071
              
1,200
              
4,632
              
Milled - 000
- tonnes
/ - tons
- reef
545
                 
608
                 
2,484
              
601
                 
671
                 
2,739
              
- waste
-
                      
-
                      
-
                      
-
                      
-
                      
-
                      
- surface and dump reclamation
-
                      
-
                      
-
                      
-
                      
-
                      
-
                      
 - total
545
                 
608
                 
2,484
              
601
                 
671
                 
2,739
              
Yield
- g/t
/ - oz/t
- reef
10.41
              
10.40
              
11.02
              
0.304
              
0.303
              
0.321
              
- waste
-
                      
-
                      
-
                      
-
                      
-
                      
-
                      
- surface and dump reclamation
-
                      
-
                      
-
                      
-
                      
-
                      
-
                      
 - average
10.41
              
10.40
              
11.02
              
0.304
              
0.303
              
0.321
              
Gold produced
- kg
/ - oz 000
- reef
5,676
              
6,327
              
27,380
            
182
                 
204
                 
880
                 
- waste
-
                      
-
                      
-
                      
-
                      
-
                      
-
                      
- surface and dump reclamation
-
                      
-
                      
-
                      
-
                      
-
                      
-
                      
 - total
5,676
              
6,327
              
27,380
            
182
                 
204
                 
880
                 
Gold sold
- kg
/ - oz 000
 - total
5,679
              
6,430
              
27,379
            
183
                 
207
                 
880
                 
Price received
- R/kg
/ - $/oz
- sold
92,158
            
94,501
            
98,877
            
345
                 
307
                 
293
                 
Total cash costs
- R
/ - $
- ton milled
572
                 
490
                 
459
                 
62
                   
46
                   
40
                   
- R/kg
/ - $/oz
- produced
54,937
            
47,114
            
41,658
            
205
                 
152
                 
124
                 
Total production costs
- R/kg
/ - $/oz
- produced
58,120
            
51,902
            
45,388
            
217
                 
167
                 
135
                 
PRODUCTIVITY
per employee
- g
/ - oz
- target
 249
                
 288
                
 276
                
8.00
                
9.25
                
8.88
                
- actual
 203
                
 230
                
 246
                
6.52
                
7.39
                
7.91
                
per employee
- m2 
/ - ft2
- target
3.58
                
4.00
                
3.85
                
38.58
              
43.08
              
41.40
              
- actual
3.55
                
4.05
                
3.87
                
38.24
              
43.61
              
41.65
              
FINANCIAL RESULTS (MILLION)
Gold income
489
                 
599
                 
2,496
              
59
                   
62
                   
238
                 
Cost of sales
314
                 
321
                 
1,221
              
37
                   
33
                   
116
                 
Cash operating costs
309
                 
298
                 
1,131
              
37
                   
31
                   
108
                 
Other cash costs
3
                     
1
                     
10
                   
-
                      
-
                      
1
                     
Total cash costs
312
                 
299
                 
1,141
              
37
                   
31
                   
109
                 
Retrenchment costs
-
                      
(1)
                    
4
                     
-
                      
-
                      
-
                      
Rehabilitation and other non-cash costs
3
                     
3
                     
13
                   
-
                      
-
                      
1
                     
Production costs
315
                 
301
                 
1,158
              
37
                   
31
                   
110
                 
Amortisation of mining assets
15
                   
28
                   
86
                   
2
                     
3
                     
8
                     
Inventory change
(16)
                  
(8)
                    
(23)
                  
(2)
                    
(1)
                    
(2)
                    
175
                 
278
                 
1,275
              
22
                   
29
                   
122
                 
Realised non-hedge derivatives 
34
                   
10
                   
212
                 
3
                     
1
                     
19
                   
Operating profit excluding unrealised non-hedge derivatives
209
                 
288
                 
1,487
              
25
                   
30
                   
141
                 
Capital expenditure
25
                   
84
                   
121
                 
3
                     
8
                     
11
                   
30
background image
SOUTH AFRICA REGION
VAAL RIVER 
Quarter
Quarter
Year
Quarter
Quarter
Year
ended
ended
ended
ended
ended
ended
March
December
December
March
December
December
2003
2002
2002
2003
2002
2002
KOPANANG MINE
Rand / Metric
Dollar / Imperial
OPERATING RESULTS
UNDERGROUND OPERATION
Area mined - 000
- m2 
/ - ft2
119
                 
120
                 
457
                 
1,277
              
1,291
              
4,919
              
Milled - 000
- tonnes
/ - tons
- reef
571
                 
572
                 
2,195
              
629
                 
631
                 
2,420
              
- waste
-
                      
-
                      
-
                      
-
                      
-
                      
-
                      
- surface and dump reclamation
-
                      
-
                      
-
                      
-
                      
-
                      
-
                      
 - total
571
                 
572
                 
2,195
              
629
                 
631
                 
2,420
              
Yield
- g/t
/ - oz/t
- reef
6.79
                
7.50
                
7.23
                
0.198
              
0.219
              
0.211
              
- waste
-
                      
-
                      
-
                      
-
                      
-
                      
-
                      
- surface and dump reclamation
-
                      
-
                      
-
                      
-
                      
-
                      
-
                      
 - average
6.79
                
7.50
                
7.23
                
0.198
              
0.219
              
0.211
              
Gold produced
- kg
/ - oz 000
- reef
3,874
              
4,292
              
15,874
            
125
                 
138
                 
511
                 
- waste
-
                      
-
                      
-
                      
-
                      
-
                      
-
                      
- surface and dump reclamation
-
                      
-
                      
-
                      
-
                      
-
                      
-
                      
 - total
3,874
              
4,292
              
15,874
            
125
                 
138
                 
511
                 
Gold sold
- kg
/ - oz 000
 - total
3,876
              
4,348
              
15,873
            
125
                 
140
                 
510
                 
Price received
- R/kg
/ - $/oz
- sold
92,204
            
94,970
            
98,837
            
345
                 
309
                 
295
                 
Total cash costs
- R
/ - $
- ton milled
435
                 
430
                 
398
                 
47
                   
41
                   
35
                   
- R/kg
/ - $/oz
- produced
64,069
            
57,312
            
55,001
            
239
                 
185
                 
165
                 
Total production costs
- R/kg
/ - $/oz
- produced
67,796
            
64,297
            
61,158
            
253
                 
208
                 
183
                 
PRODUCTIVITY
per employee
- g
/ - oz
- target
 168
                
 181
                
 176
                
5.41
                
5.82
                
5.65
                
- actual
 170
                
 183
                
 173
                
5.46
                
5.90
                
5.57
                
per employee
- m2 
/ - ft2
- target
5.04
                
4.85
                
4.85
                
54.24
              
52.22
              
52.21
              
- actual
5.20
                
5.12
                
4.99
                
55.97
              
55.16
              
53.68
              
FINANCIAL RESULTS (MILLION)
Gold income
336
                 
406
                 
1,456
              
40
                   
43
                   
140
                 
Cost of sales
258
                 
293
                 
978
                 
30
                   
31
                   
95
                   
Cash operating costs
246
                 
246
                 
866
                 
30
                   
26
                   
83
                   
Other cash costs
2
                     
-
                      
7
                     
-
                      
-
                      
1
                     
Total cash costs
248
                 
246
                 
873
                 
30
                   
26
                   
84
                   
Retrenchment costs
-
                      
-
                      
6
                     
-
                      
-
                      
1
                     
Rehabilitation and other non-cash costs
2
                     
7
                     
18
                   
-
                      
1
                     
2
                     
Production costs
250
                 
253
                 
897
                 
30
                   
27
                   
87
                   
Amortisation of mining assets
13
                   
23
                   
74
                   
1
                     
2
                     
7
                     
Inventory change
(5)
                    
17
                   
7
                     
(1)
                    
2
                     
1
                     
78
                   
113
                 
478
                 
10
                   
12
                   
45
                   
Realised non-hedge derivatives 
21
                   
7
                     
113
                 
2
                     
1
                     
11
                   
Operating profit excluding unrealised non-hedge derivatives
99
                   
120
                 
591
                 
12
                   
13
                   
56
                   
Capital expenditure
23
                   
33
                   
89
                   
3
                     
3
                     
8
                     
31
background image
SOUTH AFRICA REGION
VAAL RIVER 
Quarter
Quarter
Year
Quarter
Quarter
Year
ended
ended
ended
ended
ended
ended
March
December
December
March
December
December
2003
2002
2002
2003
2002
2002
TAU LEKOA MINE
Rand / Metric
Dollar / Imperial
OPERATING RESULTS
UNDERGROUND OPERATION
Area mined - 000
- m2 
/ - ft2
100
                 
105
                 
410
                 
1,073
              
1,134
              
4,415
              
Milled - 000
- tonnes
/ - tons
- reef
538
                 
588
                 
2,174
              
594
                 
648
                 
2,396
              
- waste
-
                      
-
                      
-
                      
-
                      
-
                      
-
                      
- surface and dump reclamation
-
                      
-
                      
-
                      
-
                      
-
                      
-
                      
 - total
538
                 
588
                 
2,174
              
594
                 
648
                 
2,396
              
Yield
- g/t
/ - oz/t
- reef
4.70
                
4.56
                
4.45
                
0.137
              
0.133
              
0.130
              
- waste
-
                      
-
                      
-
                      
-
                      
-
                      
-
                      
- surface and dump reclamation
-
                      
-
                      
-
                      
-
                      
-
                      
-
                      
 - average
4.70
                
4.56
                
4.45
                
0.137
              
0.133
              
0.130
              
Gold produced
- kg
/ - oz 000
- reef
2,530
              
2,683
              
9,675
              
81
                   
86
                   
311
                 
- waste
-
                      
-
                      
-
                      
-
                      
-
                      
-
                      
- surface and dump reclamation
-
                      
-
                      
-
                      
-
                      
-
                      
-
                      
 - total
2,530
              
2,683
              
9,675
              
81
                   
86
                   
311
                 
Gold sold
- kg
/ - oz 000
 - total
2,531
              
2,716
              
9,674
              
81
                   
87
                   
311
                 
Price received
- R/kg
/ - $/oz
- sold
92,201
            
95,152
            
98,962
            
345
                 
311
                 
296
                 
Total cash costs
- R
/ - $
- ton milled
311
                 
285
                 
286
                 
34
                   
27
                   
25
                   
- R/kg
/ - $/oz
- produced
66,208
            
62,360
            
64,234
            
247
                 
202
                 
192
                 
Total production costs
- R/kg
/ - $/oz
- produced
70,426
            
74,167
            
75,954
            
263
                 
240
                 
227
                 
PRODUCTIVITY
per employee
- g
/ - oz
- target
 167
                
 193
                
 187
                
5.38
                
6.20
                
6.02
                
- actual
 177
                
 192
                
 174
                
5.68
                
6.19
                
5.61
                
per employee
- m2 
/ - ft2
- target
7.10
                
8.01
                
7.81
                
76.40
              
86.22
              
84.03
              
- actual
6.96
                
7.55
                
7.40
                
74.96
              
81.32
              
79.62
              
FINANCIAL RESULTS (MILLION)
Gold income
220
                 
254
                 
888
                 
26
                   
27
                   
86
                   
Cost of sales
183
                 
198
                 
722
                 
22
                   
20
                   
69
                   
Cash operating costs
166
                 
167
                 
617
                 
20
                   
17
                   
59
                   
Other cash costs
1
                     
-
                      
4
                     
-
                      
-
                      
-
                      
Total cash costs
167
                 
167
                 
621
                 
20
                   
17
                   
59
                   
Retrenchment costs
1
                     
-
                      
6
                     
-
                      
-
                      
1
                     
Rehabilitation and other non-cash costs
1
                     
4
                     
12
                   
-
                      
-
                      
1
                     
Production costs
169
                 
171
                 
639
                 
20
                   
17
                   
61
                   
Amortisation of mining assets
9
                     
28
                   
95
                   
1
                     
3
                     
9
                     
Inventory change
5
                     
(1)
                    
(12)
                  
1
                     
-
                      
(1)
                    
37
                   
56
                   
166
                 
4
                     
7
                     
17
                   
Realised non-hedge derivatives 
13
                   
4
                     
69
                   
2
                     
-
                      
6
                     
Operating profit excluding unrealised non-hedge derivatives
50
                   
60
                   
235
                 
6
                     
7
                     
23
                   
Capital expenditure
10
                   
8
                     
16
                   
1
                     
-
                      
1
                     
32
background image
SOUTH AFRICA REGION
VAAL RIVER 
Quarter
Quarter
Year
Quarter
Quarter
Year
ended
ended
ended
ended
ended
ended
March
December
December
March
December
December
2003
2002
2002
2003
2002
2002
SURFACE OPERATIONS
Rand / Metric
Dollar / Imperial
OPERATING RESULTS
UNDERGROUND OPERATION
Area mined - 000
- m2 
/ - ft2
-
                      
-
                      
-
                      
-
                      
-
                      
-
                      
Milled - 000
- tonnes
/ - tons
- reclamation from rehabilitation
-
                      
-
                      
-
                      
-
                      
-
                      
-
                      
- waste
-
                      
-
                      
-
                      
-
                      
-
                      
-
                      
- surface and dump reclamation
1,508
              
1,283
              
5,536
              
1,663
              
1,414
              
6,102
              
 - total
1,508
              
1,283
              
5,536
              
1,663
              
1,414
              
6,102
              
Yield
- g/t
/ - oz/t
- reclamation from rehabilitation
-
                      
-
                      
-
                      
-
                      
-
                      
-
                      
- waste
-
                      
-
                      
-
                      
-
                      
-
                      
-
                      
- surface and dump reclamation
0.65
                
0.58
                
0.56
                
0.019
              
0.017
              
0.016
              
 - average
0.65
                
0.58
                
0.56
                
0.019
              
0.017
              
0.016
              
Gold produced
- kg
/ - oz 000
- reclamation from rehabilitation
-
                      
-
                      
-
                      
-
                      
-
                      
-
                      
- waste
-
                      
-
                      
-
                      
-
                      
-
                      
-
                      
- surface and dump reclamation
980
                 
745
                 
3,081
              
32
                   
24
                   
99
                   
 - total
980
                 
745
                 
3,081
              
32
                   
24
                   
99
                   
Gold sold
- kg
/ - oz 000
 - total
980
                 
755
                 
3,080
              
31
                   
24
                   
99
                   
Price received
- R/kg
/ - $/oz
- sold
91,955
            
94,641
            
99,121
            
342
                 
308
                 
294
                 
Total cash costs *
- R
/ - $
- ton milled
28
                   
27
                   
26
                   
3
                     
3
                     
2
                     
- R/kg
/ - $/oz
- produced
42,950
            
46,914
            
45,903
            
159
                 
152
                 
137
                 
Total production costs
- R/kg
/ - $/oz
- produced
42,950
            
50,694
            
49,119
            
159
                 
165
                 
146
                 
PRODUCTIVITY
per employee
- g
/ - oz
- target
 329
                
 388
                
 410
                
10.57
              
12.46
              
13.19
              
- actual
 669
                
 345
                
 399
                
21.51
              
11.11
              
12.83
              
per employee
- m2 
/ - ft2
- target
-
                      
-
                      
-
                      
-
                      
-
                      
-
                      
- actual
-
                      
-
                      
-
                      
-
                      
-
                      
-
                      
FINANCIAL RESULTS (MILLION)
Gold income
86
                   
70
                   
282
                 
10
                   
7
                     
27
                   
Cost of sales
43
                   
39
                   
150
                 
5
                     
4
                     
15
                   
Cash operating costs
42
                   
35
                   
141
                 
5
                     
4
                     
14
                   
Other cash costs
-
                      
-
                      
-
                      
-
                      
-
                      
-
                      
Total cash costs
42
                   
35
                   
141
                 
5
                     
4
                     
14
                   
Retrenchment costs
-
                      
-
                      
-
                      
-
                      
-
                      
-
                      
Rehabilitation and other non-cash costs
-
                      
3
                     
10
                   
-
                      
-
                      
1
                     
Production costs
42
                   
38
                   
151
                 
5
                     
4
                     
15
                   
Amortisation of mining assets
-
                      
-
                      
-
                      
-
                      
-
                      
-
                      
Inventory change
1
                     
1
                     
(1)
                    
-
                      
-
                      
-
                      
43
                   
31
                   
132
                 
5
                     
3
                     
12
                   
Realised non-hedge derivatives 
4
                     
2
                     
23
                   
1
                     
-
                      
3
                     
Operating profit excluding unrealised non-hedge derivatives
47
                   
33
                   
155
                 
6
                     
3
                     
15
                   
Capital expenditure
114
                 
83
                   
376
                 
14
                   
9
                     
36
                   
Moab Khotsong
33
background image
SOUTH AFRICA REGION
ERGO
Quarter
Quarter
Year
Quarter
Quarter
Year
ended
ended
ended
ended
ended
ended
March
December
December
March
December
December
2003
2002
2002
2003
2002
2002
Rand / Metric
Dollar / Imperial
OPERATING RESULTS
SURFACE AND DUMP RECLAMATION
Material treated 
- tonnes
/ - tons
- 000
8,209
              
8,460
              
32,824
            
9,049
              
9,326
              
36,182
            
Yield
- g/t
/ - oz/t
0.22
                
0.24
                
0.25
                
0.006
              
0.007
              
0.007
              
Gold produced
- kg
/ - oz 000
1,777
              
2,054
              
8,215
              
57
                   
66
                   
264
                 
Gold sold
- kg
/ - oz 000
1,777
              
2,064
              
8,216
              
57
                   
66
                   
264
                 
Price received
- R/kg
/ - $/oz
- sold
89,413
            
94,190
            
99,093
            
334
                 
307
                 
294
                 
Total cash costs
- R
/ - $
- ton treated
17
                   
15
                   
15
                   
2
                     
1
                     
1
                     
- R/kg
/ - $/oz
- produced
76,814
            
62,856
            
61,810
            
287
                 
204
                 
184
                 
Total production costs
- R/kg
/ - $/oz
- produced
84,257
            
83,604
            
73,051
            
315
                 
271
                 
218
                 
PRODUCTIVITY
per employee
- g
/ - oz
- target
 292
                
 472
                
 510
                
9.37
                
15.19
              
16.40
              
- actual
 299
                
 337
                
 331
                
9.61
                
10.83
              
10.65
              
FINANCIAL RESULTS (MILLION)
Gold income
154
                 
192
                 
753
                 
18
                   
20
                   
72
                   
Cost of sales
152
                 
171
                 
601
                 
17
                   
17
                   
57
                   
Cash operating costs
136
                 
128
                 
504
                 
16
                   
13
                   
48
                   
Other cash costs
1
                     
1
                     
3
                     
-
                      
-
                      
-
                      
Total cash costs
137
                 
129
                 
507
                 
16
                   
13
                   
48
                   
Retrenchment costs
1
                     
1
                     
3
                     
-
                      
-
                      
-
                      
Rehabilitation and other non-cash costs
9
                     
37
                   
73
                   
1
                     
4
                     
7
                     
Production costs
147
                 
167
                 
583
                 
17
                   
17
                   
55
                   
Amortisation of mining assets
3
                     
5
                     
17
                   
-
                      
-
                      
2
                     
Inventory change
2
                     
(1)
                    
1
                     
-
                      
-
                      
-
                      
2
                     
21
                   
152
                 
1
                     
3
                     
15
                   
Realised non-hedge derivatives 
5
                     
3
                     
61
                   
-
                      
-
                      
5
                     
Operating profit excluding unrealised non-hedge derivatives
7
                     
24
                   
213
                 
1
                     
3
                     
20
                   
Capital expenditure
-
                      
2
                     
2
                     
-
                      
-
                      
-
                      
34
background image
SOUTH AFRICA REGION
WEST WITS
Quarter
Quarter
Year
Quarter
Quarter
Year
ended
ended
ended
ended
ended
ended
March
December
December
March
December
December
2003
2002
2002
2003
2002
2002
MPONENG MINE
Rand / Metric
Dollar / Imperial
OPERATING RESULTS
UNDERGROUND
Area mined - 000
- m2 
/ - ft2
79
                   
87
                   
308
                 
855
                 
934
                 
3,312
              
Milled - 000
- tonnes
/ - tons
- reef
417
                 
462
                 
1,679
              
459
                 
509
                 
1,851
              
- waste
-
                      
-
                      
-
                      
-
                      
-
                      
-
                      
- surface and dump reclamation
-
                      
-
                      
-
                      
-
                      
-
                      
-
                      
 - total
417
                 
462
                 
1,679
              
459
                 
509
                 
1,851
              
Yield
- g/t
/ - oz/t
- reef
9.10
                
8.53
                
8.63
                
0.265
              
0.249
              
0.252
              
- waste
-
                      
-
                      
-
                      
-
                      
-
                      
-
                      
- surface and dump reclamation
-
                      
-
                      
-
                      
-
                      
-
                      
-
                      
 - average
9.10
                
8.53
                
8.63
                
0.265
              
0.249
              
0.252
              
Gold produced
- kg
/ - oz 000
- reef
3,789
              
3,936
              
14,498
            
122
                 
127
                 
466
                 
- waste
-
                      
-
                      
-
                      
-
                      
-
                      
-
                      
- surface and dump reclamation
-
                      
-
                      
-
                      
-
                      
-
                      
-
                      
 - total
3,789
              
3,936
              
14,498
            
122
                 
127
                 
466
                 
Gold sold
- kg
/ - oz 000
- total
3,789
              
3,968
              
14,500
            
122
                 
128
                 
466
                 
Price received
- R/kg
/ - $/oz
- sold
91,328
            
94,408
            
98,599
            
340
                 
304
                 
294
                 
Total cash costs
- R
/ - $
- ton milled
528
                 
488
                 
514
                 
58
                   
46
                   
45
                   
- R/kg
/ - $/oz
- produced
58,029
            
57,216
            
59,504
            
217
                 
186
                 
178
                 
Total production costs
- R/kg
/ - $/oz
- produced
66,147
            
76,655
            
76,922
            
247
                 
249
                 
230
                 
PRODUCTIVITY
per employee
- g
/ - oz
- target
 177
                
 194
                
 193
                
5.68
                
6.24
                
6.22
                
- actual
 234
                
 229
                
 212
                
7.54
                
7.36
                
6.82
                
per employee
- m2 
/ - ft2
- target
4.34
                
4.46
                
4.40
                
46.68
              
48.05
              
47.37
              
- actual
4.92
                
5.05
                
4.50
                
52.92
              
54.31
              
48.47
              
FINANCIAL RESULTS (MILLION)
Gold income
332
                 
369
                 
1,330
              
40
                   
38
                   
128
                 
Cost of sales
262
                 
309
                 
1,109
              
31
                   
32
                   
106
                 
Cash operating costs
218
                 
225
                 
857
                 
26
                   
23
                   
82
                   
Other cash costs
2
                     
-
                      
6
                     
-
                      
-
                      
1
                     
Total cash costs
220
                 
225
                 
863
                 
26
                   
23
                   
83
                   
Retrenchment costs
-
                      
-
                      
3
                     
-
                      
-
                      
-
                      
Rehabilitation and other non-cash costs
1
                     
1
                     
4
                     
-
                      
-
                      
-
                      
Production costs
221
                 
226
                 
870
                 
26
                   
23
                   
83
                   
Amortisation of mining assets
30
                   
76
                   
246
                 
4
                     
8
                     
24
                   
Inventory change
11
                   
7
                     
(7)
                    
1
                     
1
                     
(1)
                    
70
                   
60
                   
221
                 
9
                     
6
                     
22
                   
Realised non-hedge derivatives 
15
                   
6
                     
101
                 
1
                     
1
                     
8
                     
Operating profit excluding unrealised non-hedge derivatives
85
                   
66
                   
322
                 
10
                   
7
                     
30
                   
Capital expenditure
80
                   
129
                 
332
                 
10
                   
13
                   
33
                   
35
background image
SOUTH AFRICA REGION
WEST WITS
Quarter
Quarter
Year
Quarter
Quarter
Year
ended
ended
ended
ended
ended
ended
March
December
December
March
December
December
2003
2002
2002
2003
2002
2002
SAVUKA MINE
Rand / Metric
Dollar / Imperial
OPERATING RESULTS
UNDERGROUND
Area mined - 000
- m2 
/ - ft2
41
                   
47
                   
195
                 
439
                 
506
                 
2,104
              
Milled - 000
- tonnes
/ - tons
- reef
261
                 
264
                 
1,037
              
287
                 
291
                 
1,143
              
- waste
-
                      
-
                      
-
                      
-
                      
-
                      
-
                      
- surface and dump reclamation
-
                      
-
                      
-
                      
-
                      
-
                      
-
                      
 - total
261
                 
264
                 
1,037
              
287
                 
291
                 
1,143
              
Yield
- g/t
/ - oz/t
- reef
5.72
                
5.68
                
7.07
                
0.167
              
0.166
              
0.206
              
- waste
-
                      
-
                      
-
                      
-
                      
-
                      
-
                      
- surface and dump reclamation
-
                      
-
                      
-
                      
-
                      
-
                      
-
                      
 - average
5.72
                
5.68
                
7.07
                
0.167
              
0.166
              
0.206
              
Gold produced
- kg
/ - oz 000
- reef
1,492
              
1,500
              
7,331
              
48
                   
48
                   
236
                 
- waste
-
                      
-
                      
-
                      
-
                      
-
                      
-
                      
- surface and dump reclamation
-
                      
-
                      
-
                      
-
                      
-
                      
-
                      
 - total
1,492
              
1,500
              
7,331
              
48
                   
48
                   
236
                 
Gold sold
- kg
/ - oz 000
- total
1,492
              
1,512
              
7,332
              
48
                   
49
                   
236
                 
Price received
- R/kg
/ - $/oz
- sold
91,546
            
94,777
            
99,306
            
343
                 
307
                 
294
                 
Total cash costs
- R
/ - $
- ton milled
612
                 
562
                 
581
                 
67
                   
53
                   
50
                   
- R/kg
/ - $/oz
- produced
106,918
          
98,863
            
82,111
            
399
                 
320
                 
245
                 
Total production costs
- R/kg
/ - $/oz
- produced
109,309
          
106,072
          
86,729
            
408
                 
343
                 
258
                 
PRODUCTIVITY
per employee
- g
/ - oz
- target
 120
                
 134
                
 135
                
3.86
                
4.32
                
4.34
                
- actual
 99
                  
 98
                  
 124
                
3.17
                
3.16
                
4.00
                
per employee
- m2 
/ - ft2
- target
3.75
                
4.63
                
4.38
                
40.40
              
49.79
              
47.17
              
- actual
2.69
                
3.08
                
3.32
                
28.98
              
33.12
              
35.71
              
FINANCIAL RESULTS (MILLION)
Gold income
129
                 
141
                 
671
                 
15
                   
15
                   
64
                   
Cost of sales
160
                 
160
                 
631
                 
19
                   
16
                   
60
                   
Cash operating costs
158
                 
148
                 
598
                 
19
                   
15
                   
57
                   
Other cash costs
1
                     
-
                      
4
                     
-
                      
-
                      
-
                      
Total cash costs
159
                 
148
                 
602
                 
19
                   
15
                   
57
                   
Retrenchment costs
-
                      
-
                      
2
                     
-
                      
-
                      
-
                      
Rehabilitation and other non-cash costs
-
                      
1
                     
3
                     
-
                      
-
                      
-
                      
Production costs
159
                 
149
                 
607
                 
19
                   
15
                   
57
                   
Amortisation of mining assets
3
                     
10
                   
29
                   
-
                      
1
                     
3
                     
Inventory change
(2)
                    
1
                     
(5)
                    
-
                      
-
                      
-
                      
(31)
                  
(19)
                  
40
                   
(4)
                    
(1)
                    
4
                     
Realised non-hedge derivatives 
7
                     
3
                     
57
                   
1
                     
(1)
                    
5
                     
Operating profit excluding unrealised non-hedge derivatives
(24)
                  
(16)
                  
97
                   
(3)
                    
(2)
                    
9
                     
Capital expenditure
17
                   
30
                   
60
                   
2
                     
3
                     
6
                     
36
background image
SOUTH AFRICA REGION
WEST WITS
Quarter
Quarter
Year
Quarter
Quarter
Year
ended
ended
ended
ended
ended
ended
March
December
December
March
December
December
2003
2002
2002
2003
2002
2002
TAUTONA MINE
Rand / Metric
Dollar / Imperial
OPERATING RESULTS
UNDERGROUND
Area mined - 000
- m2 
/ - ft2
78
                   
89
                   
315
                 
835
                 
956
                 
3,395
              
Milled - 000
- tonnes
/ - tons
- reef
426
                 
446
                 
1,716
              
469
                 
491
                 
1,891
              
- waste
-
                      
-
                      
-
                      
-
                      
-
                      
-
                      
- surface and dump reclamation
-
                      
-
                      
-
                      
-
                      
-
                      
-
                      
 - total
426
                 
446
                 
1,716
              
469
                 
491
                 
1,891
              
Yield
- g/t
/ - oz/t
- reef
11.10
              
11.73
              
11.66
              
0.324
              
0.342
              
0.340
              
- waste
-
                      
-
                      
-
                      
-
                      
-
                      
-
                      
- surface and dump reclamation
-
                      
-
                      
-
                      
-
                      
-
                      
-
                      
 - average
11.10
              
11.73
              
11.66
              
0.324
              
0.342
              
0.340
              
Gold produced
- kg
/ - oz 000
- reef
4,724
              
5,227
              
19,997
            
152
                 
168
                 
643
                 
- waste
-
                      
-
                      
-
                      
-
                      
-
                      
-
                      
- surface and dump reclamation
-
                      
-
                      
-
                      
-
                      
-
                      
-
                      
 - total
4,724
              
5,227
              
19,997
            
152
                 
168
                 
643
                 
Gold sold
- kg
/ - oz 000
- total
4,724
              
5,267
              
20,000
            
152
                 
169
                 
643
                 
Price received
- R/kg
/ - $/oz
- sold
91,453
            
94,630
            
98,972
            
342
                 
307
                 
294
                 
Total cash costs
- R
/ - $
- ton milled
545
                 
514
                 
518
                 
59
                   
48
                   
45
                   
- R/kg
/ - $/oz
- produced
49,103
            
43,842
            
44,465
            
183
                 
142
                 
132
                 
Total production costs
- R/kg
/ - $/oz
- produced
51,642
            
48,419
            
48,125
            
193
                 
157
                 
143
                 
PRODUCTIVITY
per employee
- g
/ - oz
- target
 293
                
 301
                
 287
                
9.41
                
9.68
                
9.24
                
- actual
 278
                
 307
                
 292
                
8.95
                
9.87
                
9.37
                
per employee
- m2 
/ - ft2
- target
4.50
                
4.74
                
4.49
                
48.39
              
51.03
              
48.29
              
- actual
4.57
                
5.22
                
4.60
                
49.21
              
56.14
              
49.49
              
FINANCIAL RESULTS (MILLION)
Gold income
411
                 
491
                 
1,837
              
49
                   
51
                   
176
                 
Cost of sales
247
                 
247
                 
949
                 
29
                   
25
                   
92
                   
Cash operating costs
230
                 
229
                 
882
                 
28
                   
24
                   
84
                   
Other cash costs
2
                     
1
                     
7
                     
-
                      
-
                      
1
                     
Total cash costs
232
                 
230
                 
889
                 
28
                   
24
                   
85
                   
Retrenchment costs
-
                      
1
                     
7
                     
-
                      
-
                      
1
                     
Rehabilitation and other non-cash costs
1
                     
2
                     
6
                     
-
                      
-
                      
1
                     
Production costs
233
                 
233
                 
902
                 
28
                   
24
                   
87
                   
Amortisation of mining assets
10
                   
22
                   
61
                   
1
                     
2
                     
6
                     
Inventory change
4
                     
(8)
                    
(14)
                  
-
                      
(1)
                    
(1)
                    
164
                 
244
                 
888
                 
20
                   
26
                   
84
                   
Realised non-hedge derivatives 
20
                   
10
                   
143
                 
2
                     
1
                     
14
                   
Operating profit excluding unrealised non-hedge derivatives
184
                 
254
                 
1,031
              
22
                   
27
                   
98
                   
Capital expenditure
28
                   
63
                   
115
                 
3
                     
6
                     
11
                   
37
background image
EAST & WEST AFRICA REGION
Quarter
Quarter
Year
Quarter
Quarter
Year
ended
ended
ended
ended
ended
ended
March
December
December
March
December
December
2003
2002
2002
2003
2002
2002
GEITA - Attributable 50%
Rand / Metric
Dollar / Imperial
OPERATING RESULTS
OPEN-PIT OPERATION
Mined - 000
- tonnes
/ - tons
6,208
              
6,659
              
22,564
            
6,844
              
7,341
              
24,872
            
Volume mined - 000
- bcm
/ - bcy
2,309
              
2,451
              
8,916
              
3,020
              
3,207
              
11,663
            
Stripping ratio
- t(mined total-mined ore)/t mined ore
10.98
              
11.19
              
7.36
                
10.98
              
11.19
              
7.36
                
Treated - 000
- tonnes
/ - tons
698
                 
630
                 
2,489
              
770
                 
695
                 
2,744
              
Yield
- g/t
/ - oz/t
2.83
                
3.03
                
3.62
                
0.083
              
0.088
              
0.106
              
Gold produced
- kg
/ - oz 000
1,976
              
1,909
              
9,005
              
64
                   
61
                   
290
                 
Gold sold
- kg
/ - oz 000
1,976
              
1,909
              
9,005
              
64
                   
61
                   
290
                 
Price received
- R/kg
/ - $/oz
- sold
82,334
            
89,388
            
98,785
            
308
                 
289
                 
292
                 
Total cash costs
- R/kg
/ - $/oz
- produced
58,063
            
66,931
            
58,831
            
217
                 
216
                 
175
                 
Total production costs
- R/kg
/ - $/oz
- produced
68,758
            
84,925
            
75,024
            
257
                 
274
                 
223
                 
PRODUCTIVITY
per employee
- g
/ - oz
- target
1,360
              
1,303
              
1,560
              
43.73
              
41.88
              
50.15
              
- actual
1,076
              
1,100
              
1,356
              
34.61
              
35.37
              
43.61
              
FINANCIAL RESULTS (MILLION)
Gold income
160
                 
168
                 
879
                 
19
                   
17
                   
84
                   
Cost of sales
135
                 
160
                 
676
                 
16
                   
16
                   
65
                   
Cash operating costs
108
                 
119
                 
492
                 
13
                   
12
                   
47
                   
Other cash costs
7
                     
8
                     
38
                   
1
                     
1
                     
4
                     
Total cash costs
115
                 
127
                 
530
                 
14
                   
13
                   
51
                   
Rehabilitation and other non-cash costs
2
                     
2
                     
7
                     
-
                      
-
                      
1
                     
Production costs
117
                 
129
                 
537
                 
14
                   
13
                   
52
                   
Amortisation of mining assets
19
                   
32
                   
139
                 
2
                     
3
                     
13
                   
Inventory change
(1)
                    
(1)
                    
-
                      
-
                      
-
                      
-
                      
25
                   
8
                     
203
                 
3
                     
1
                     
19
                   
Realised non-hedge derivatives 
3
                     
1
                     
11
                   
-
                      
-
                      
1
                     
Operating profit excluding unrealised non-hedge derivatives
28
                   
9
                     
214
                 
3
                     
1
                     
20
                   
Capital expenditure
15
                   
27
                   
92
                   
2
                     
3
                     
9
                     
38
background image
EAST & WEST AFRICA REGION
Quarter
Quarter
Year
Quarter
Quarter
Year
ended
ended
ended
ended
ended
ended
March
December
December
March
December
December
2003
2002
2002
2003
2002
2002
MORILA - Attributable 40%
Rand / Metric
Dollar / Imperial
OPERATING RESULTS
OPEN-PIT OPERATION
Mined - 000
- tonnes
/ - tons
2,383
              
2,417
              
10,497
            
2,626
              
2,664
              
11,571
            
Volume mined - 000
- bcm
/ - bcy
951
                 
1,074
              
4,434
              
1,243
              
1,405
              
5,800
              
Stripping ratio
- t(mined total-mined ore)/t mined ore
3.87
                
10.15
              
7.12
                
3.87
                
10.15
              
7.12
                
Treated - 000
- tonnes
/ - tons
332
                 
268
                 
1,094
              
366
                 
295
                 
1,206
              
Yield
- g/t
/ - oz/t
8.93
                
15.11
              
11.96
              
0.260
              
0.441
              
0.349
              
Gold produced
- kg
/ - oz 000
2,966
              
4,043
              
13,083
            
95
                   
130
                 
421
                 
Gold sold
- kg
/ - oz 000
2,903
              
4,351
              
13,080
            
93
                   
140
                 
421
                 
Price received
- R/kg
/ - $/oz
- sold
90,035
            
99,039
            
102,985
          
339
                 
316
                 
309
                 
Total cash costs
- R/kg
/ - $/oz
- produced
22,415
            
24,124
            
24,541
            
84
                   
78
                   
74
                   
Total production costs
- R/kg
/ - $/oz
- produced
39,170
            
44,400
            
47,559
            
147
                 
142
                 
142
                 
PRODUCTIVITY
per employee
- g
/ - oz
- target
3,502
              
3,612
              
3,202
              
112.60
            
116.12
            
102.94
            
- actual
4,337
              
5,784
              
4,434
              
139.43
            
185.97
            
142.54
            
FINANCIAL RESULTS (MILLION)
Gold income
261
                 
431
                 
1,347
              
32
                   
44
                   
130
                 
Cost of sales
116
                 
183
                 
624
                 
14
                   
19
                   
60
                   
Cash operating costs
48
                   
67
                   
226
                 
6
                     
7
                     
22
                   
Other cash costs
18
                   
31
                   
95
                   
2
                     
3
                     
9
                     
Total cash costs
66
                   
98
                   
321
                 
8
                     
10
                   
31
                   
Rehabilitation and other non-cash costs
1
                     
(1)
                    
1
                     
-
                      
-
                      
-
                      
Production costs
67
                   
97
                   
322
                 
8
                     
10
                   
31
                   
Amortisation of mining assets
49
                   
83
                   
300
                 
6
                     
9
                     
29
                   
Inventory change
-
                      
3
                     
2
                     
-
                      
-
                      
-
                      
145
                 
248
                 
723
                 
18
                   
25
                   
70
                   
Realised non-hedge derivatives 
1
                     
-
                      
-
                      
-
                      
-
                      
-
                      
Operating profit excluding unrealised non-hedge derivatives
146
                 
248
                 
723
                 
18
                   
25
                   
70
                   
Capital expenditure
10
                   
27
                   
70
                   
1
                     
3
                     
7
                     
39
background image
EAST & WEST AFRICA REGION
Quarter
Quarter
Year
Quarter
Quarter
Year
ended
ended
ended
ended
ended
ended
March
December
December
March
December
December
2003
2002
2002
2003
2002
2002
NAVACHAB
Rand / Metric
Dollar / Imperial
OPERATING RESULTS
OPEN-PIT OPERATION
Mined - 000
- tonnes
/ - tons
972
                 
956
                 
3,663
              
1,071
              
1,053
              
4,037
              
Volume mined - 000
- bcm
/ - bcy
364
                 
331
                 
1,319
              
476
                 
433
                 
1,725
              
Stripping ratio
- t(mined total-mined ore)/t mined ore
1.82
                
1.95
                
1.77
                
1.82
                
1.95
                
1.77
                
Treated - 000
- tonnes
/ - tons
310
                 
335
                 
1,372
              
341
                 
370
                 
1,512
              
Yield
- g/t
/ - oz/t
1.82
                
1.97
                
1.93
                
0.053
              
0.057
              
0.056
              
Gold produced
- kg
/ - oz 000
564
                 
660
                 
2,653
              
18
                   
21
                   
85
                   
Gold sold
- kg
/ - oz 000
564
                 
660
                 
2,653
              
18
                   
21
                   
85
                   
Price received
- R/kg
/ - $/oz
- sold
93,283
            
97,725
            
102,429
          
347
                 
318
                 
305
                 
Total cash costs
- R/kg
/ - $/oz
- produced
63,763
            
52,215
            
49,265
            
238
                 
168
                 
147
                 
Total production costs
- R/kg
/ - $/oz
- produced
66,278
            
59,968
            
54,138
            
248
                 
194
                 
162
                 
PRODUCTIVITY
per employee
- g
/ - oz
- target
604
                 
538
                 
557
                 
19.41
              
17.31
              
17.91
              
- actual
502
                 
597
                 
626
                 
16.13
              
19.19
              
20.12
              
FINANCIAL RESULTS (MILLION)
Gold income
53
                   
64
                   
272
                 
6
                     
7
                     
26
                   
Cost of sales
21
                   
39
                   
143
                 
2
                     
4
                     
14
                   
Cash operating costs
20
                   
34
                   
129
                 
2
                     
3
                     
13
                   
Other cash costs
-
                      
-
                      
1
                     
-
                      
-
                      
-
                      
Total cash costs
20
                   
34
                   
130
                 
2
                     
3
                     
13
                   
Rehabilitation and other non-cash costs
-
                      
-
                      
1
                     
-
                      
-
                      
-
                      
Production costs
20
                   
34
                   
131
                 
2
                     
3
                     
13
                   
Amortisation of mining assets
1
                     
5
                     
12
                   
-
                      
1
                     
1
                     
Inventory change
-
                      
-
                      
-
                      
-
                      
-
                      
-
                      
32
                   
25
                   
129
                 
4
                     
3
                     
12
                   
Realised non-hedge derivatives 
-
                      
-
                      
-
                      
-
                      
-
                      
-
                      
Operating profit excluding unrealised non-hedge derivatives
32
                   
25
                   
129
                 
4
                     
3
                     
12
                   
Capital expenditure
4
                     
8
                     
21
                   
1
                     
1
                     
2
                     
40
background image
EAST & WEST AFRICA REGION
Quarter
Quarter
Year
Quarter
Quarter
Year
ended
ended
ended
ended
ended
ended
March
December
December
March
December
December
2003
2002
2002
2003
2002
2002
SADIOLA - Attributable 38%
Rand / Metric
Dollar / Imperial
OPERATING RESULTS
OPEN-PIT OPERATION
Mined - 000
- tonnes
/ - tons
1,710
              
1,832
              
6,370
              
1,885
              
2,019
              
7,021
              
Volume mined - 000
- bcm
/ - bcy
921
                 
981
                 
3,405
              
1,205
              
1,283
              
4,454
              
Stripping ratio
- t(mined total-mined ore)/t mined ore
2.88
                
1.99
                
1.63
                
2.88
                
1.99
                
1.63
                
Treated - 000
- tonnes
/ - tons
451
                 
492
                 
1,914
              
497
                 
542
                 
2,110
              
Yield
- g/t
/ - oz/t
2.72
                
3.03
                
2.96
                
0.079
              
0.088
              
0.086
              
Gold produced
- kg
/ - oz 000
1,226
              
1,490
              
5,672
              
40
                   
48
                   
182
                 
Gold sold
- kg
/ - oz 000
1,337
              
1,450
              
5,633
              
42
                   
47
                   
181
                 
Price received
- R/kg
/ - $/oz
- sold
94,949
            
99,101
            
102,455
          
356
                 
325
                 
305
                 
Total cash costs
- R/kg
/ - $/oz
- produced
55,431
            
62,873
            
54,603
            
207
                 
204
                 
163
                 
Total production costs
- R/kg
/ - $/oz
- produced
72,075
            
87,725
            
80,873
            
269
                 
284
                 
241
                 
PRODUCTIVITY
per employee
- g
/ - oz
- target
2,073
              
2,478
              
2,403
              
66.64
              
79.68
              
77.26
              
- actual
1,808
              
2,764
              
2,664
              
58.14
              
88.87
              
85.66
              
FINANCIAL RESULTS (MILLION)
Gold income
127
                 
144
                 
587
                 
15
                   
15
                   
56
                   
Cost of sales
94
                   
128
                 
453
                 
11
                   
13
                   
43
                   
Cash operating costs
59
                   
84
                   
269
                 
7
                     
9
                     
26
                   
Other cash costs
9
                     
10
                   
40
                   
1
                     
1
                     
4
                     
Total cash costs
68
                   
94
                   
309
                 
8
                     
10
                   
30
                   
Rehabilitation and other non-cash costs
1
                     
1
                     
4
                     
-
                      
-
                      
-
                      
Production costs
69
                   
95
                   
313
                 
8
                     
10
                   
30
                   
Amortisation of mining assets
19
                   
36
                   
145
                 
2
                     
3
                     
13
                   
Inventory change
6
                     
(3)
                    
(5)
                    
1
                     
-
                      
-
                      
33
                   
16
                   
134
                 
4
                     
2
                     
13
                   
Realised non-hedge derivatives 
-
                      
1
                     
(10)
                  
-
                      
-
                      
(1)
                    
Operating profit excluding unrealised non-hedge derivatives
33
                   
17
                   
124
                 
4
                     
2
                     
12
                   
Capital expenditure
8
                     
12
                   
67
                   
1
                     
1
                     
6
                     
41
background image
EAST & WEST AFRICA REGION
Quarter
Quarter
Year
Quarter
Quarter
Year
ended
ended
ended
ended
ended
ended
March
December
December
March
December
December
2003
2002
2002
2003
2002
2002
YATELA - Attributable 40%
Rand / Metric
Dollar / Imperial
OPERATING RESULTS
OPEN-PIT OPERATION
Mined - 000
- tonnes
/ - tons
1,744
              
2,476
              
7,517
              
1,922
              
2,729
              
8,286
              
Volume mined - 000
- bcm
/ - bcy
858
                 
1,220
              
3,687
              
1,122
              
1,596
              
4,822
              
Stripping ratio
- t(mined total-mined ore)/t mined ore
6.59
                
7.04
                
7.25
                
6.59
                
7.04
                
7.25
                
Treated - 000
- tonnes
/ - tons
296
                 
316
                 
1,131
              
326
                 
348
                 
1,247
              
Yield
- g/t
/ - oz/t
2.25
                
2.83
                
2.95
                
0.066
              
0.082
              
0.086
              
Gold produced
- kg
/ - oz 000
665
                 
893
                 
3,341
              
21
                   
29
                   
107
                 
Gold sold
- kg
/ - oz 000
673
                 
884
                 
3,299
              
22
                   
28
                   
106
                 
Price received
- R/kg
/ - $/oz
- sold
94,261
            
99,173
            
104,010
          
355
                 
325
                 
311
                 
Total cash costs
- R/kg
/ - $/oz
- produced
54,197
            
62,103
            
58,302
            
204
                 
202
                 
175
                 
Total production costs
- R/kg
/ - $/oz
- produced
72,761
            
82,081
            
73,684
            
273
                 
269
                 
221
                 
PRODUCTIVITY
per employee
- g
/ - oz
- target
1,221
              
2,128
              
1,737
              
39.27
              
68.41
              
55.86
              
- actual
1,112
              
1,505
              
1,495
              
35.75
              
48.40
              
48.07
              
FINANCIAL RESULTS (MILLION)
Gold income
63
                   
88
                   
343
                 
8
                     
9
                     
33
                   
Cost of sales
50
                   
69
                   
240
                 
6
                     
7
                     
23
                   
Cash operating costs
31
                   
49
                   
170
                 
4
                     
5
                     
16
                   
Other cash costs
5
                     
6
                     
25
                   
1
                     
1
                     
3
                     
Total cash costs
36
                   
55
                   
195
                 
5
                     
6
                     
19
                   
Rehabilitation and other non-cash costs
1
                     
1
                     
4
                     
-
                      
-
                      
-
                      
Production costs
37
                   
56
                   
199
                 
5
                     
6
                     
19
                   
Amortisation of mining assets
11
                   
17
                   
47
                   
1
                     
2
                     
5
                     
Inventory change
2
                     
(4)
                    
(6)
                    
-
                      
(1)
                    
(1)
                    
13
                   
19
                   
103
                 
2
                     
2
                     
10
                   
Realised non-hedge derivatives 
-
                      
-
                      
-
                      
-
                      
-
                      
-
                      
Operating profit excluding unrealised non-hedge derivatives
13
                   
19
                   
103
                 
2
                     
2
                     
10
                   
Capital expenditure
11
                   
9
                     
37
                   
1
                     
1
                     
3
                     
42
background image
NORTH AMERICA REGION
Quarter
Quarter
Year
Quarter
Quarter
Year
ended
ended
ended
ended
ended
ended
March
December
December
March
December
December
2003
2002
2002
2003
2002
2002
CRIPPLE CREEK & VICTOR J.V.
Rand / Metric
Dollar / Imperial
OPERATING RESULTS
UNDERGROUND OPERATION
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 OPERATION
Mined - 000
- tonnes
/ - tons
10,839
            
9,570
              
43,675
            
11,947
            
10,549
            
48,144
            
Stripping ratio
- t(mined total-mined ore)/t mined ore
2.37
                
4.73
                
2.31
                
2.37
                
4.73
                
2.31
                
Treated - 000
- tonnes
/ - tons
3,626
              
3,871
              
12,373
            
3,997
              
4,267
              
13,639
            
Gold in ore
- kg
/ - oz 000
3,881
              
2,264
              
17,192
            
125
                 
73
                   
553
                 
Yield
- g/t
/ - oz/t
0.54
                
0.61
                
0.57
                
0.016
              
0.018
              
0.016
              
Gold produced
- kg
/ - oz 000
1,957
              
2,379
              
6,998
              
63
                   
76
                   
225
                 
TOTAL
Yield
- g/t
/ - oz/t
0.54
                
0.61
                
0.57
                
0.016
              
0.018
              
0.016
              
Gold produced
- kg
/ - oz 000
1,957
              
2,379
              
6,998
              
63
                   
76
                   
225
                 
Gold sold
- kg
/ - oz 000
1,957
              
2,379
              
6,998
              
63
                   
76
                   
225
                 
Price received
- R/kg
/ - $/oz
- sold
87,521
            
102,721
          
111,779
          
324
                 
330
                 
335
                 
Total cash costs *
- R/kg
/ - $/oz
- produced
50,739
            
55,408
            
62,509
            
188
                 
178
                 
187
                 
Total production costs
- R/kg
/ - $/oz
- produced
80,711
            
83,211
            
103,042
          
299
                 
264
                 
306
                 
PRODUCTIVITY
per employee
- g
/ - oz
- target
2,150
              
3,920
              
2,593
              
69.13
              
126.05
            
83.38
              
- actual
2,054
              
2,553
              
1,856
              
66.04
              
82.07
              
59.68
              
FINANCIAL RESULTS (MILLION)
Gold income
171
                 
243
                 
770
                 
20
                   
25
                   
74
                   
Cost of sales
158
                 
197
                 
720
                 
19
                   
20
                   
69
                   
Cash operating costs
140
                 
134
                 
617
                 
17
                   
14
                   
59
                   
Other cash costs
6
                     
21
                   
21
                   
1
                     
2
                     
2
                     
Total cash costs
146
                 
155
                 
638
                 
18
                   
16
                   
61
                   
Rehabilitation and other non-cash costs
(10)
                  
(2)
                    
(103)
                
(1)
                    
-
                      
(10)
                  
Production costs
136
                 
153
                 
535
                 
17
                   
16
                   
51
                   
Amortisation of mining assets
69
                   
68
                   
386
                 
8
                     
7
                     
37
                   
Inventory change
(47)
                  
(24)
                  
(201)
                
(6)
                    
(3)
                    
(19)
                  
13
                   
46
                   
50
                   
1
                     
5
                     
5
                     
Realised non-hedge derivatives 
-
                      
-
                      
11
                   
-
                      
-
                      
1
                     
Operating profit excluding unrealised non-hedge derivatives
13
                   
46
                   
61
                   
1
                     
5
                     
6
                     
Capital expenditure
47
                   
72
                   
706
                 
6
                     
8
                     
66
                   
Note: The gold produced from underground and open-pit
operations is allocated on gold in ore.
* Total cash cost calculation includes inventory change
43
background image
NORTH AMERICA REGION
Quarter
Quarter
Year
Quarter
Quarter
Year
ended
ended
ended
ended
ended
ended
March
December
December
March
December
December
2003
2002
2002
2003
2002
2002
JERRITT CANYON J.V. - Attributable 70%
Rand / Metric
Dollar / Imperial
OPERATING RESULTS
UNDERGROUND OPERATION
Mined - 000
- tonnes
/ - tons
239
                 
249
                 
938
                 
263
                 
275
                 
1,034
              
Treated - 000
- tonnes
/ - tons
231
                 
255
                 
932
                 
255
                 
281
                 
1,027
              
Gold in ore
- kg
/ - oz 000
1,695
              
2,054
              
7,942
              
55
                   
66
                   
255
                 
Yield
- g/t
/ - oz/t
6.89
                
7.64
                
7.91
                
0.201
              
0.223
              
0.231
              
Gold produced
- kg
/ - oz 000
1,593
              
1,948
              
7,373
              
51
                   
63
                   
237
                 
OPEN-PIT OPERATION
Mined
- tonnes
/ - tons
- 000
-
                      
-
                      
-
                      
-
                      
-
                      
-
                      
Stripping ratio
- t(mined total-mined ore)/t mined ore
-
                      
-
                      
-
                      
-
                      
-
                      
-
                      
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
6.89
                
7.64
                
7.91
                
0.201
              
0.223
              
0.231
              
Gold produced
- kg
/ - oz 000
1,593
              
1,948
              
7,373
              
51
                   
63
                   
237
                 
Gold sold
- kg
/ - oz 000
1,592
              
1,955
              
7,365
              
51
                   
63
                   
237
                 
Price received
- R/kg
/ - $/oz
- sold
87,050
            
101,056
          
112,248
          
324
                 
327
                 
334
                 
Total cash costs
- R/kg
/ - $/oz
- produced
72,414
            
68,463
            
84,466
            
270
                 
221
                 
249
                 
Total production costs
- R/kg
/ - $/oz
- produced
99,426
            
97,500
            
117,503
          
370
                 
315
                 
348
                 
PRODUCTIVITY
per employee
- g
/ - oz
- target
1,878
              
2,235
              
2,369
              
60.37
              
71.85
              
76.16
              
- actual
1,810
              
2,202
              
2,110
              
58.19
              
70.79
              
67.85
              
FINANCIAL RESULTS (MILLION)
Gold income
139
                 
197
                 
812
                 
17
                   
20
                   
78
                   
Cost of sales
161
                 
191
                 
857
                 
19
                   
19
                   
82
                   
Cash operating costs
114
                 
130
                 
619
                 
14
                   
14
                   
59
                   
Other cash costs
1
                     
3
                     
3
                     
-
                      
-
                      
-
                      
Total cash costs
115
                 
133
                 
622
                 
14
                   
14
                   
59
                   
Rehabilitation and other non-cash costs
3
                     
4
                     
16
                   
-
                      
-
                      
2
                     
Production costs
118
                 
137
                 
638
                 
14
                   
14
                   
61
                   
Amortisation of mining assets
40
                   
53
                   
228
                 
5
                     
5
                     
22
                   
Inventory change
3
                     
1
                     
(9)
                    
-
                      
-
                      
(1)
                    
(22)
                  
6
                     
(45)
                  
(2)
                    
1
                     
(4)
                    
Realised non-hedge derivatives 
-
                      
-
                      
14
                   
(1)
                    
-
                      
1
                     
Operating profit excluding unrealised non-hedge derivatives
(22)
                  
6
                     
(31)
                  
(3)
                    
1
                     
(3)
                    
Capital expenditure
8
                     
19
                   
80
                   
1
                     
2
                     
8
                     
Note: The gold produced from underground and open-pit
operations is allocated on gold in ore.
44
background image
SOUTH AMERICA REGION
Quarter
Quarter
Year
Quarter
Quarter
Year
ended
ended
ended
ended
ended
ended
March
December
December
March
December
December
2003
2002
2002
2003
2002
2002
CERRO VANGUARDIA - Attributable 92.50% *
Rand / Metric
Dollar / Imperial
OPERATING RESULTS
UNDERGROUND OPERATION
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 OPERATION
Mined - 000
- tonnes
/ - tons
3,206
              
3,124
              
8,946
              
3,534
              
3,443
              
9,861
              
Stripping ratio
- t(mined total-mined ore)/t mined ore
16.02
              
13.65
              
13.87
              
16.02
              
13.65
              
13.87
              
Treated - 000
- tonnes
/ - tons
219
                 
209
                 
586
                 
241
                 
230
                 
646
                 
Gold in ore
- kg
/ - oz 000
1,934
              
2,109
              
5,757
              
62
                   
68
                   
185
                 
Yield
- g/t
/ - oz/t
8.56
                
9.80
                
9.49
                
0.250
              
0.286
              
0.277
              
Gold produced
- kg
/ - oz 000
1,873
              
2,049
              
5,561
              
60
                   
66
                   
179
                 
TOTAL
Yield
- g/t
/ - oz/t
8.56
                
9.80
                
9.49
                
0.250
              
0.286
              
0.277
              
Gold produced
- kg
/ - oz 000
1,873
              
2,049
              
5,561
              
60
                   
66
                   
179
                 
Gold sold
- kg
/ - oz 000
1,894
              
2,044
              
5,675
              
61
                   
66
                   
182
                 
Price received
- R/kg
/ - $/oz
- sold
89,513
            
102,497
          
106,816
          
333
                 
336
                 
323
                 
Total cash costs
- R/kg
/ - $/oz
- produced
32,131
            
33,309
            
34,384
            
120
                 
108
                 
104
                 
Total production costs
- R/kg
/ - $/oz
- produced
58,057
            
61,538
            
67,362
            
216
                 
198
                 
203
                 
PRODUCTIVITY
per employee
- g
/ - oz
- target
1,656
              
2,696
              
1,984
              
53.26
              
86.66
              
63.80
              
- actual
1,269
              
1,753
              
1,640
              
40.80
              
56.35
              
52.73
              
FINANCIAL RESULTS (MILLION)
Gold income
178
                 
223
                 
639
                 
21
                   
23
                   
62
                   
Cost of sales
106
                 
128
                 
388
                 
13
                   
13
                   
37
                   
Cash operating costs
47
                   
53
                   
146
                 
5
                     
6
                     
14
                   
Other cash costs
13
                   
15
                   
45
                   
2
                     
1
                     
4
                     
Total cash costs
60
                   
68
                   
191
                 
7
                     
7
                     
18
                   
Rehabilitation and other non-cash costs
1
                     
2
                     
7
                     
-
                      
-
                      
1
                     
Production costs
61
                   
70
                   
198
                 
7
                     
7
                     
19
                   
Amortisation of mining assets
48
                   
56
                   
177
                 
6
                     
6
                     
17
                   
Inventory change
(3)
                    
2
                     
13
                   
-
                      
-
                      
1
                     
72
                   
95
                   
251
                 
8
                     
10
                   
25
                   
Realised non-hedge derivatives 
6
                     
4
                     
20
                   
1
                     
1
                     
2
                     
Operating profit excluding unrealised non-hedge derivatives
78
                   
99
                   
271
                 
9
                     
11
                   
27
                   
Capital expenditure
7
                     
3
                     
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%)
45
background image
SOUTH AMERICA REGION
Quarter
Quarter
Year
Quarter
Quarter
Year
ended
ended
ended
ended
ended
ended
March
December
December
March
December
December
2003
2002
2002
2003
2002
2002
MORRO VELHO
Rand / Metric
Dollar / Imperial
OPERATING RESULTS
UNDERGROUND OPERATION
Mined - 000
- tonnes
/ - tons
223
                 
215
                 
839
                 
245
                 
237
                 
925
                 
Treated - 000
- tonnes
/ - tons
216
                 
216
                 
838
                 
240
                 
238
                 
925
                 
Gold in ore
- kg
/ - oz 000
1,665
              
1,638
              
6,462
              
54
                   
53
                   
208
                 
Yield
- g/t
/ - oz/t
7.07
                
7.14
                
7.12
                
0.206
              
0.208
              
0.208
              
Gold produced
- kg
/ - oz 000
1,537
              
1,542
              
5,975
              
49
                   
50
                   
192
                 
OPEN-PIT OPERATION
Mined - 000
- tonnes
/ - tons
485
                 
583
                 
1,644
              
535
                 
643
                 
1,812
              
Stripping ratio
- t(mined total-mined ore)/t mined ore
16.88
              
16.50
              
14.87
              
16.88
              
16.50
              
14.87
              
Treated - 000
- tonnes
/ - tons
36
                   
42
                   
112
                 
40
                   
47
                   
123
                 
Gold in ore
- kg
/ - oz 000
123
                 
112
                 
406
                 
4
                     
4
                     
13
                   
Yield
- g/t
/ - oz/t
3.10
                
3.31
                
3.61
                
0.090
              
0.097
              
0.105
              
Gold produced
- kg
/ - oz 000
112
                 
140
                 
404
                 
4
                     
4
                     
13
                   
TOTAL
Yield
- g/t
/ - oz/t
6.50
                
6.51
                
6.71
                
0.190
              
0.190
              
0.196
              
Gold produced
- kg
/ - oz 000
1,649
              
1,681
              
6,380
              
53
                   
54
                   
205
                 
Gold sold
- kg
/ - oz 000
1,689
              
1,660
              
6,365
              
54
                   
53
                   
205
                 
Price received
- R/kg
/ - $/oz
- sold
101,409
          
101,640
          
112,439
          
380
                 
328
                 
334
                 
Total cash costs
- R/kg
/ - $/oz
- produced
33,977
            
36,895
            
44,273
            
127
                 
120
                 
131
                 
Total production costs
- R/kg
/ - $/oz
- produced
49,924
            
54,293
            
65,056
            
186
                 
176
                 
193
                 
PRODUCTIVITY
per employee
- g
/ - oz
- target
406
                 
378
                 
368
                 
13.04
              
12.15
              
11.85
              
- actual
413
                 
416
                 
434
                 
13.29
              
13.36
              
13.94
              
FINANCIAL RESULTS (MILLION)
Gold income
157
                 
167
                 
701
                 
19
                   
17
                   
67
                   
Cost of sales
83
                   
92
                   
415
                 
10
                   
9
                     
39
                   
Cash operating costs
54
                   
60
                   
276
                 
7
                     
6
                     
26
                   
Other cash costs
2
                     
2
                     
7
                     
-
                      
-
                      
1
                     
Total cash costs
56
                   
62
                   
283
                 
7
                     
6
                     
27
                   
Rehabilitation and other non-cash costs
1
                     
1
                     
5
                     
-
                      
-
                      
-
                      
Production costs
57
                   
63
                   
288
                 
7
                     
6
                     
27
                   
Amortisation of mining assets
25
                   
29
                   
127
                 
3
                     
3
                     
12
                   
Inventory change
1
                     
-
                      
-
                      
-
                      
-
                      
-
                      
74
                   
75
                   
286
                 
9
                     
8
                     
28
                   
Realised non-hedge derivatives 
13
                   
2
                     
14
                   
2
                     
-
                      
1
                     
Operating profit excluding unrealised non-hedge derivatives
87
                   
77
                   
300
                 
11
                   
8
                     
29
                   
Capital expenditure
39
                   
37
                   
173
                 
5
                     
4
                     
17
                   
Note: The gold produced from underground and open-pit
operations is allocated on gold in ore.
46
background image
SOUTH AMERICA REGION
Quarter
Quarter
Year
Quarter
Quarter
Year
ended
ended
ended
ended
ended
ended
March
December
December
March
December
December
2003
2002
2002
2003
2002
2002
SERRA GRANDE - Attributable 50%
Rand / Metric
Dollar / Imperial
OPERATING RESULTS
UNDERGROUND OPERATION
Mined - 000
- tonnes
/ - tons
94
                   
92
                   
369
                 
103
                 
101
                 
407
                 
Treated - 000
- tonnes
/ - tons
93
                   
90
                   
371
                 
103
                 
99
                   
409
                 
Gold in ore
- kg
/ - oz 000
770
                 
727
                 
3,036
              
25
                   
23
                   
98
                   
Yield
- g/t
/ - oz/t
7.90
                
7.72
                
7.84
                
0.230
              
0.225
              
0.229
              
Gold produced
- kg
/ - oz 000
736
                 
693
                 
2,913
              
24
                   
22
                   
94
                   
OPEN-PIT OPERATION
Mined - 000
- tonnes
/ - tons
-
                      
-
                      
-
                      
-
                      
-
                      
-
                      
Stripping ratio
- t(mined total-mined ore)/t mined ore
-
                      
-
                      
-
                      
-
                      
-
                      
-
                      
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
7.90
                
7.72
                
7.84
                
0.230
              
0.225
              
0.229
              
Gold produced
- kg
/ - oz 000
736
                 
693
                 
2,913
              
24
                   
22
                   
94
                   
Gold sold
- kg
/ - oz 000
703
                 
729
                 
2,988
              
23
                   
24
                   
96
                   
Price received
- R/kg
/ - $/oz
- sold
100,981
          
100,685
          
112,928
          
377
                 
326
                 
334
                 
Total cash costs
- R/kg
/ - $/oz
- produced
24,914
            
28,890
            
33,967
            
93
                   
94
                   
100
                 
Total production costs
- R/kg
/ - $/oz
- produced
40,426
            
47,274
            
53,584
            
151
                 
153
                 
158
                 
PRODUCTIVITY
per employee
- g
/ - oz
- target
880
                 
831
                 
879
                 
28.29
              
26.72
              
28.25
              
- actual
947
                 
891
                 
932
                 
30.46
              
28.64
              
29.97
              
FINANCIAL RESULTS (MILLION)
Gold income
66
                   
73
                   
329
                 
8
                     
7
                     
31
                   
Cost of sales
29
                   
34
                   
161
                 
3
                     
3
                     
15
                   
Cash operating costs
18
                   
19
                   
94
                   
2
                     
2
                     
9
                     
Other cash costs
1
                     
1
                     
5
                     
-
                      
-
                      
-
                      
Total cash costs
19
                   
20
                   
99
                   
2
                     
2
                     
9
                     
Rehabilitation and other non-cash costs
-
                      
-
                      
1
                     
-
                      
-
                      
-
                      
Production costs
19
                   
20
                   
100
                 
2
                     
2
                     
9
                     
Amortisation of mining assets
11
                   
13
                   
56
                   
1
                     
1
                     
5
                     
Inventory change
(1)
                    
1
                     
5
                     
-
                      
-
                      
1
                     
37
                   
39
                   
168
                 
5
                     
4
                     
16
                   
Realised non-hedge derivatives 
5
                     
-
                      
8
                     
-
                      
-
                      
1
                     
Operating profit excluding unrealised non-hedge derivatives
42
                   
39
                   
176
                 
5
                     
4
                     
17
                   
Capital expenditure
3
                     
4
                     
32
                   
-
                      
-
                      
3
                     
Note: The gold produced from underground and open-pit
operations is allocated on gold in ore.
47
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AUSTRALIA REGION
Quarter
Quarter
Year
Quarter
Quarter
Year
ended
ended
ended
ended
ended
ended
March
December
December
March
December
December
2003
2002
2002
2003
2002
2002
SUNRISE DAM
Rand / Metric
Dollar / Imperial
OPERATING RESULTS
OPEN-PIT OPERATION
Volume mined - 000
- bcm
/ - bcy
3,704
              
2,265
              
14,703
            
4,845
              
2,963
              
19,232
            
Stripping ratio
- t(mined total-mined ore)/t mined ore
10.56
              
6.52
                
10.22
              
10.56
              
6.52
                
10.22
              
Treated - 000
- tonnes
/ - tons
844
                 
866
                 
3,407
              
930
                 
954
                 
3,756
              
Yield
- g/t
/ - oz/t
3.52
                
3.23
                
3.49
                
0.103
              
0.094
              
0.102
              
Gold produced
- kg
/ - oz 000
2,968
              
2,796
              
11,892
            
95
                   
90
                   
382
                 
Gold sold
- kg
/ - oz 000
2,785
              
2,684
              
11,887
            
90
                   
86
                   
382
                 
Price received
- R/kg
/ - $/oz
- sold
99,986
            
102,296
          
104,062
          
374
                 
331
                 
310
                 
Total cash costs
- R/kg
/ - $/oz
- produced
52,923
            
59,660
            
59,451
            
198
                 
193
                 
177
                 
Total production costs
- R/kg
/ - $/oz
- produced
68,223
            
75,322
            
76,271
            
255
                 
243
                 
227
                 
PRODUCTIVITY
per employee
- g
/ - oz
- target
3,070
              
1,890
              
1,933
              
98.71
              
60.78
              
62.14
              
- actual
3,185
              
2,907
              
3,136
              
102.40
            
93.46
              
100.83
            
FINANCIAL RESULTS (MILLION)
Gold income
266
                 
307
                 
1,228
              
32
                   
32
                   
118
                 
Cost of sales
209
                 
238
                 
886
                 
25
                   
25
                   
86
                   
Cash operating costs
151
                 
160
                 
676
                 
18
                   
17
                   
65
                   
Other cash costs
6
                     
7
                     
31
                   
1
                     
1
                     
3
                     
Total cash costs
157
                 
167
                 
707
                 
19
                   
18
                   
68
                   
Rehabilitation and other non-cash costs
2
                     
2
                     
7
                     
-
                      
-
                      
1
                     
Production costs
159
                 
169
                 
714
                 
19
                   
18
                   
69
                   
Amortisation of mining assets
44
                   
42
                   
193
                 
5
                     
4
                     
18
                   
Inventory change
6
                     
27
                   
(21)
                  
1
                     
3
                     
(1)
                    
57
                   
69
                   
342
                 
7
                     
7
                     
32
                   
Realised non-hedge derivative gains (losses)
13
                   
(32)
                  
9
                     
1
                     
(3)
                    
1
                     
Operating profit excluding unrealised non-hedge derivatives
70
                   
37
                   
351
                 
8
                     
4
                     
33
                   
Capital expenditure
25
                   
147
                 
258
                 
3
                     
16
                   
26
                   
48
background image
AUSTRALIA REGION
Quarter
Quarter
Year
Quarter
Quarter
Year
ended
ended
ended
ended
ended
ended
March
December
December
March
December
December
2003
2002
2002
2003
2002
2002
UNION REEFS
Rand / Metric
Dollar / Imperial
OPERATING RESULTS
OPEN-PIT OPERATION
Volume mined - 000
- bcm
/ - bcy
832
                 
741
                 
3,024
              
1,089
              
970
                 
3,955
              
Stripping ratio
- t(mined total-mined ore)/t mined ore
9.21
                
4.51
                
3.24
                
9.21
                
4.51
                
3.24
                
Treated - 000
- tonnes
/ - tons
647
                 
676
                 
2,707
              
713
                 
745
                 
2,984
              
Yield
- g/t
/ - oz/t
0.91
                
1.28
                
1.36
                
0.027
              
0.037
              
0.040
              
Gold produced
- kg
/ - oz 000
590
                 
863
                 
3,680
              
19
                   
28
                   
118
                 
Gold sold
- kg
/ - oz 000
605
                 
837
                 
3,666
              
19
                   
27
                   
118
                 
Price received
- R/kg
/ - $/oz
- sold
99,922
            
97,632
            
102,875
          
372
                 
318
                 
306
                 
Total cash costs
- R/kg
/ - $/oz
- produced
104,091
          
75,663
            
75,630
            
389
                 
244
                 
224
                 
Total production costs
- R/kg
/ - $/oz
- produced
114,398
          
88,641
            
92,248
            
426
                 
286
                 
273
                 
PRODUCTIVITY
per employee
- g
/ - oz
- target
3,130
              
1,363
              
1,978
              
100.64
            
43.82
              
63.59
              
- actual
1,145
              
1,737
              
1,928
              
36.82
              
55.85
              
61.98
              
FINANCIAL RESULTS (MILLION)
Gold income
58
                   
97
                   
378
                 
7
                     
10
                   
36
                   
Cost of sales
66
                   
78
                   
341
                 
8
                     
8
                     
33
                   
Cash operating costs
61
                   
65
                   
279
                 
7
                     
7
                     
27
                   
Other cash costs
-
                      
-
                      
-
                      
-
                      
-
                      
-
                      
Total cash costs
61
                   
65
                   
279
                 
7
                     
7
                     
27
                   
Rehabilitation and other non-cash costs
4
                     
7
                     
24
                   
1
                     
1
                     
3
                     
Production costs
65
                   
72
                   
303
                 
8
                     
8
                     
30
                   
Amortisation of mining assets
2
                     
4
                     
37
                   
-
                      
-
                      
3
                     
Inventory change
(1)
                    
2
                     
1
                     
-
                      
-
                      
-
                      
(8)
                    
19
                   
37
                   
(1)
                    
2
                     
3
                     
Realised non-hedge derivative gains (losses)
2
                     
(16)
                  
(1)
                    
-
                      
(2)
                    
-
                      
Operating profit excluding unrealised non-hedge derivatives
(6)
                    
3
                     
36
                   
(1)
                    
-
                      
3
                     
Capital expenditure
-
                      
-
                      
1
                     
-
                      
-
                      
-
                      
49
background image
Notes 
 
The results included herein for the quarter ended 31 March 2003, which are unaudited, 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.

1. During the quarter, 139,632 ordinary shares were allotted in terms of the AngloGold Share Incentive Scheme and 2,100 ordinary shares were allotted in terms of the Acacia Employee Option Plan.

2.  Orders placed and outstanding on capital contracts as at 31 March 2003 totalled R927m (31 December 2002: R918m), equivalent to $117m (31 December 2002: $107m) at the rate of exchange ruling on that date. 

3. 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 the loan, extended to the joint venture by AngloGold North America Inc., is repaid.

4. During   the   quarter,   AngloGold   made   the    following   announcements:

4.1  On 13 March 2003, AngloGold announced that its wholly-owned subsidiary, AngloGold Australia Limited had signed a new joint venture agreement with Striker Resources NL and De Beers Australia Exploration Limited, to undertake further exploration work covering an area in excess of 17,000 square kilometres in the east Kimberley region of Western Australia. An expenditure of $4.61m (A$7.75m) entitles AngloGold to a 51% return on income.

4.2 On 7 April 2003, the Jerritt Canyon Joint Venture partners, AngloGold and Meridian Gold, gave notice of the termination of agreement, following a release on 27 February 2003, in which AngloGold announced that it had entered into a purchase and sale agreement with Queenstake Resources USA Inc. for its interest in the Jerritt Canyon Joint Venture. Queenstake failed to meet its obligations under the agreement prior to the scheduled closing on 31 March 2003.

 

4.3  On 8 April 2003, AngloGold announced that it had reached agreement with Helix Resources Limited, for the sale of its interests in the Gawler Craton and Tarcoola Joint Ventures in South Australia.  Under the terms of the agreement, consideration will comprise a $0.9m (A$1.5m) cash payment, 2.5m fully-paid Helix shares issued at A$0.20 per share, and 2.5m Helix options of A$0.25 per option, exercisable on or before 30 November 2003. The offer is subject to various conditions being met.

5. Dividend: Final dividend No. 93 of 675 South African cents per ordinary share was paid to registered shareholders on 28 February 2003, while a dividend of 27 Australian cents per CHESS Depositary Interest (CDI) was paid on the same day. Each CDI represents one-fifth of an ordinary share. A dividend was paid to holders of American Depositary Receipts (ADRs) on 10 March 2003 at a rate of 82.12 US cents per American Depositary Share (ADS). Each ADS represents one ordinary share.

 







By order of the board




R P EDEY
R M GODSELL 
Chairman 
Chief Executive Officer 
 

29 April 2003
background image
AngloGold Fund supports
 
Ginsberg 
Primary School
  
A school providing exemplary 
education in a depressed area of the Eastern Cape 
 
AngloGold's social investment vehicle in South Africa is The AngloGold Fund which makes grants to the value of some R16 million each year. In evaluating the hundreds of proposals that come its way, the Fund looks for community-initiated projects, believing that development works best where people are empowered to work towards their own advancement, and for projects that contribute to the longer-term benefit of the region in which they are situated. Ginsberg Primary School meets these criteria admirably.

An independent school situated in Ginsberg, King William's Town, Ginsberg Primary is a remarkable institution. In the midst of an impoverished community, it is providing superior education and the reputation of the school is such that each year many applicants have to be turned away. The principal, Henry Kachoka, explains the Ginsberg philosophy: "We want our learners to be given a holistic training that attends to their physical, mental and spiritual development and that will enable them to lead useful lives in society."

While pupils are given a sound grounding in their school subjects by a staff of well-qualified and dedicated teachers, they can also sign on for a range of extra- mural activities music, needlework, art, technology and gardening.

What makes the achievements of Ginsberg Primary so noteworthy is that the school embarked on its enrichment  programme under  the most  difficult  of

circumstances. For instance, when needlework was introduced in 2000, there were just two sewing machines with teachers having to manage in crowded classrooms. Music was started in 2001 with one violin and one piano in the principal's office.

But all of that has changed for Ginsberg Primary now boasts a new double-storey classroom block, built with a grant of R1.2 million from The AngloGold Fund. The block comprises four regular classrooms and four "special" classrooms a science laboratory, a computer room, a music room and a needlework room, all fully equipped.

Mr Kachoka commented: "The new building is a beacon of hope to those of us involved in teaching here. Our learners are being given the privilege of an education that they wouldn't otherwise get in this part of the world."

And it is not only the pupils of the school who will benefit from the additional facilities. For a modest fee, members of the community will be able to access these in the afternoons when staff members will be on hand to assist.

The township of Ginsberg is the birthplace and final resting place of Black Consciousness leader Steve Biko. It is certain that he would have been proud of the achievements of the principal and staff of Ginsberg Primary, and of the community in which a school of this calibre has flourished.

background image
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: +1 212 750 7999
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 George's 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 7700
Fax: +27 11 688 7719
 
United Kingdom 
Computershare Investor Services PLC
P O 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 George's Terrace
Perth, WA 6000
(GPO Box D182 Perth, WA 6840)
Australia
Telephone: +61 8 9323 2000
Telephone: 1300 55 7010 (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
ISIN: ZAE000043485
JSE Share code: ANG
 
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 intiatives, changes in the regulatory environment and other government actions, fluctuations in gold prices and exchange rates, and business and operational risk management. For a discussion on such risk factors, refer to the annual report on Form 20-F for the year ended 31 December 2002, which was filed with the Securities and Exchange Commission on 7 April 2003.
background image
 
 
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:    30 APRIL 2003 
By:    /s/ C R BULL
_ 
 
Name:  C R Bull
Title:     Company Secretary