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.
Report
for the quarter ended 31 March 2003
Group results for the quarter ...
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
Letter from
Chairman and CEO
Russell Edey Bobby Godsell
29 April 2003
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
Financial
and Operating Review
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).
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.
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.
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
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
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
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.
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
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.
Review of the
gold market
The rand benefited both from the weaker dollar and from positive sentiment towards the local currency, and the
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).
As far as the impact of the conflict in Iraq is concerned, it would seem that this has now passed through the 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.
Hedge
position
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$661
*Delta (kg) 840
840
Delta
(kg)
38,242 38,073 54,157 44,674 40,114 75,264 290,525
Total net gold:
Delta
(oz)
1,229,518 1,224,062 1,741,189 1,436,314 1,289,706 2,419,789 9,340,579
The following table indicates the group's currency hedge position at 31 March 2003
Year 2003 2004 2005 2006 2007 2008-2012 Total
RAND DOLLAR (000)
Forward
contracts
Amount
($)
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
*
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
Notes
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
AngloGold Fund supports
Ginsberg
Primary School
A school providing exemplary
education in a depressed area of the Eastern Cape
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
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.
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
SIGNATURES
AngloGold Limited
Date: 30 APRIL 2003
By: /s/ C R BULL
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Name: C R Bull Title: Company Secretary