SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 or 15d-16 OF
THE SECURITIES EXCHANGE ACT OF 1934
Report on Form 6-K dated
11 JULY 2003
AngloGold Limited
_
(Name of Registrant)
11 Diagonal Street
Johannesburg, 2001
(P O Box 62117)
Marshalltown, 2107
South Africa____
(Address of Principal Executive Offices)
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F:
Form 20-F: Form 40-F:
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1):
Yes:
No:
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7):
Yes:
No:
Indicate by check mark whether the registrant by furnishing the information contained in this form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.
Yes:
No:
Enclosures:
ANGLOGOLD REPORT FOR THE QUARTER AND YEAR MONTHS ENDED 31 DECEMBER 2001,
PREVIOUSLY FILED WITH THE SEC IN HARD COPY -- REFILED TODAY, ON EDGAR
Another solid quarter, completes a good year
Group results for the quarter
Headline earnings (before unrealised hedging activities) up 16% to $88 million or in rand terms up by 45% to R924 million
Total cash costs down from $176/oz to $159/oz
Operating profit up 13% to $153 million (or 43% to R1,621 million)
Bid for Normandy Mining Limited unsuccessful but value-adding growth strategy continues
... and for the year
Headline earnings (before unrealised hedging activities) increased 13% to $286 million (or 43% to R2,536 million) despite gold production reducing 4%, largely due to sale of Elandsrand and Deelkraal
Total cash costs down 16% to $178/oz
Operating profit up 12% to $522 million (or 41% to R4,617 million)
Africa region increased production by 137%
Final dividend of R11.00 per share ($0.48 per ADS), giving an annualised yield of 4.7% at R468 per share ($20.36 per ADS)
Regional operating results for the quarter
SOUTH AFRICA
Operating profit up 50% to R1,074 million ($101 million)
Total cash costs steady in local currency terms at R49,757 and down 16% in dollars to $154/oz
Disappointing safety performance
Announcement of the sale of Free State assets to Harmony and ARM joint venture
AFRICA
Record 233,000 attributable ounces production up 2% on previous quarter
Operating profit up 14% to $25 million
Total cash costs up 5% to $138/oz
NORTH AMERICA
Operating difficulties experienced during the quarter
Operating profit down to $1 million
Gold production down 21% to 106,000 ounces
Total cash costs up 18% to $235/oz
SOUTH AMERICA
Gold production up 4% to 116,000 ounces
Operating profit up 13% to $18 million
Total cash costs down 4% to $123/oz
AUSTRALIA
Production down 7% on previous quarter due to mine closures
Total cash costs down 7% to $183/oz (A$357/oz)
Operating profit up 14% to $8 million (A$16 million)
Boddington ceased production during the quarter
Sunrise Dam expansion complete with first additional ounces mined during the quarter
Quarter
ended
Dec
2001
Quarter
ended
Sept 2001
Year
ended
Dec
2001
Year
ended
Dec
2000
Quarter
ended
Dec
2001
Quarter
ended
Sept 2001
Year
ended
Dec
2001
Year
ended
Dec
2000
Rand/Metric
Dollar/Imperial
Gold Produced
- kg/oz 000
53,471
55,440
217,203
225,295
1,719
1,782
6,983
7,243
Revenue
- R/kg/$/oz sold
92,544
77,635
79,384
67,158
280
288
286
308
Total cash costs
- R/kg/$/oz produced
51,710
47,687
48,828
46,404
159
176
178
213
Total production costs
- R/kg/$/oz produced
62,995
57,046
58,579
53,334
193
211
213
245
Operating profit
- R/$ million
1,621
1,136
4,617
3,273
153
135
522
468
Net profit
- R/$ million
895
439
2,180
1,116
86
53
245
166
Headline earnings
- R/$ million
971
491
2,476
1,773
94
59
281
254
Headline earnings before unrealised hedging activities
- R/$ million
924
637
2,536
1,773
88
76
286
254
Capital expenditure
- R/$ million
815
631
2,567
2,063
82
75
298
304
Net earnings (basic)
- cents per share
835
410
2,035
1,043
80
50
229
155
Headline earnings
- cents per share
906
459
2,311
1,658
88
55
262
237
Headline earnings before unrealised hedging activities
- cents per share
862
595
2,367
1,658
82
71
267
237
Dividends
- cents per share
1,800
1,400
181
190
REPORT
FOR THE QUARTER AND YEAR ENDED 31 DECEMBER 2001
ANGLOGOLD LIMITED Registration No. 1944/017354/06 Incorporated in the Republic of South Africa
Certain forward-looking statements
Certain statements contained in this document, including, without limitation, those concerning the economic outlook for the gold mining industry, expectations regarding gold prices and production, the completion and commencement of commercial operations of certain of AngloGold's exploration and production projects, and its liquidity and capital resources and expenditure, contain certain forward-looking statements regarding AngloGold's operations, economic performance and financial condition. Although AngloGold believes that the expectations reflected in such forward-looking statements are reasonable, no assurance can be given that such expectations will prove to have been correct. Accordingly, results could differ materially from those set out in the forward-looking statements as a result of, among other factors, changes in economic and market conditions, success of business and operating initiatives, changes in the regulatory environment and other government actions, fluctuations in gold prices and exchange rates, and business and operational risk management.
Throughout this document, $ refers to US dollars, unless otherwise stated.
Published by AngloGold
PO Box 62117 Marshalltown 2107 South Africa
Telephone: +27 11 637 6000 Fax: +27 11 637 6399/6400 E-mail: investors@anglogold.com
1
Dear Shareholder,
The December quarter was notable for continued sound performances from most of AngloGold's operations, the sudden and significant devaluation of the rand, and the bid for Normandy.
The fourth quarter of 2001
In operating terms, AngloGold's fourth quarter for 2001 was pleasing overall. While production fell 4% to 1.72 million ounces, largely as a result of a disappointing performance from the North American operations and lower grades and mining volumes from two of the South African region's largest producers, costs were well contained in local currency terms. However, with the 20% devaluation of the rand over the quarter, dollar- denominated total cash costs were dramatically reduced by $17 per ounce to $159 per ounce.
In financial terms, the combination of rigorous cost controls and the lower rand value contributed to a 13% improvement in operating profit to $153 million and a 16% increase in headline earnings, before unrealised hedging activities, to $88 million. This good performance has yielded returns on net capital employed and shareholders' equity for the quarter of 16% and 20% respectively, putting the company well on track to meet its own ambitious returns and targets.
AngloGold has sold forward part of its South African production in rand denominated contracts for many years now. The company certainly did not anticipate the very sharp drop in the rand value against the dollar, and other hard currencies, which occurred during this quarter. Clearly the extent of these rand-priced contracts has limited the extent of the benefit derived by AngloGold from the significantly lower rand/dollar exchange rate. The dislocation of the rand during this quarter required active management of the portion of the hedge book priced in rands, delivering into contracts and restructuring the hedge. This has left the book substantially less exposed to further declines in the local currency and, going forward, management intends to continue to reduce the rand component of its forward contracts. Additionally, we have also continued to reduce our overall hedge position during this quarter; the cumulative reduction over the past 12 months has been some 3.5 million ounces.
The year ended 31 December 2001
Turning to AngloGold's performance during the year ended 31 December 2001, gold production declined by 4% as a result of the sale of the Elandsrand and Deelkraal mines. Improvements in cost control and productivity and the devaluation of the rand led to a 16% improvement in total cash costs from $213 per ounce to $178 per ounce, lifting operating profit by 12% to $522 million.
AngloGold is declaring a final dividend for the half-year of R11.00 per share, which, in dollar terms, is equal to 48 US cents per ADS, using an illustrative exchange rate of R11.495 to the dollar -- the rate on 30 January 2002, and represents an annualised dividend yield of 4.7% calculated on a share price of R468 per share (or $20.36 per ADS), the closing JSE price on 30 January
2002. This announcement is consistent with AngloGold's established practice of paying most of the company's earnings back to shareholders, after allowing for organic growth.
Normandy
We were, of course, disappointed to have lost in our bid for Normandy but we are confident that, given the level of the offer price, the decision to withdraw from the transaction was made on sound business logic. On 21 January we sold our 7.1% interest in Normandy for $159 million and intend to use the proceeds to repay debt, thereby strengthening our balance sheet. The company's value-adding growth strategy remains a core focus going forward and we will continue to look for additional opportunities to grow our business, through organic growth, focused exploration and a disciplined approach to opportunistic asset purchases as well as through value-driven corporate mergers and acquisitions.
Sale of the Free State assets South Africa
The announcement of the sale of the Free State assets during the quarter was driven by the need to consolidate the central Free State gold mines under common ownership and management, which has now been largely achieved. This common ownership and management allows these assets optimal future life, to the benefit of all Free State gold stakeholders. For AngloGold it creates a South African asset base which is low cost, high margin and long life. Indeed, our remaining South African assets, with the exception of the end of life operations Savuka and Ergo are now all world-class.
Outlook for 2002
Following the disposal of its operations in the South African Free State and the closure of end-of-life assets, AngloGold expects annual gold production for 2002 to reduce to 5.8 million ounces, at a cash cost of $154 per ounce. Capital expenditure for the year 2002 is expected to be $268 million.
RUSSELL EDEY Deputy Chairman
30 January 2002
LETTER FROM THE CHAIRMAN AND DEPUTY CHAIRMAN
BOBBY GODSELL Chairman and Chief Executive Officer
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OVERVIEW
The quarter
AngloGold reports the fourth satisfactory quarter in succession, with headline earnings (before unrealised hedging activities) increasing by 16% to $88 million (or 45% to R924 million). This quarter saw stable production and lower unit costs, further assisted by the devaluation of the rand. Gold production, although 4% down on the previous quarter at 1.72 million ounces, was better than planned and total cash costs were well controlled, falling 10% from $176 per ounce to $159 per ounce.
In South Africa, Great Noligwa and Kopanang had production levels below an exceptional third quarter due to lower mining volumes and grades. The North American mines continue to have operating difficulties and in Australia, the Boddington and Tanami operations closed earlier than anticipated.
In South Africa, costs were held steady in local currency terms, quarter-on-quarter, despite a reduction in gold produced. Operating profit increased by 13% ($18 million) to $153 million (or 43% to R1,621 million). Return on net capital employed and return on shareholders' equity increased accordingly, to 16% and 20% respectively.
The year
For the year ended 31
December 2001, gold
production declined by 4% as a result of the sale of the Elandsrand and Deelkraal mines. This was partially offset by a 137% increase in production from the Africa region, with the full inclusion of Geita and Morila. Improvements in cost control and productivity assisted by the devaluation of the rand, resulted in total cash costs improving by 16%, from $213 per ounce to $178 per ounce, lifting operating profit by 12% to $522 million (or 41% to R4,617 million). Headline earnings (before unrealised hedging activities) increased by 13% to R286 million (or 43% to R2,536 million).
SOUTH AFRICA
Overall performance
This was another good quarter for South Africa with production and productivity only showing a marginal decline compared with the previous excellent quarter.
The impact of the 16% increase in the price received is reflected in the 50% or R359 million ($16 million) improvement in operating profit to R1,074 million ($101 million).
Management's commitment to containing operating costs is once again evident in the total cash costs, which were held steady at R49,757 per kilogram. (down 16% in dollar terms to $154 per ounce).
Productivity indices, expressed in grams per employee as well as square metres per employee, both showed slight deteriorations of 1% and 3% respectively over the previous quarter despite the 2% reduction in the number of employees.
Tragically, during the month of December, ten employees lost their lives in six mine accidents, taking the total number of fatalities for the quarter to 14. The number of fatal incidents recorded for the year decreased from 49 in 2000 to 43 in 2001.
The effects of seismicity remain a major threat facing the region in respect of safety. A research and development project entitled Hazmap has been initiated, which will use a multi-dimensional modelling approach to improve the ability to forecast where underground teams may be exposed to undue risk. ISS International, an AngloGold subsidiary, has been contracted to manage the monitoring of seismicity.
On a positive note, Moab Khotsong recorded 1 million fatality-free shifts on 9 November. Its lost- time injury frequency (LTIF) rate of 4.65 for the year, improving on the rate of 5.44 for 2000, is well below the Ontario benchmark of 6.5. Kopanang achieved 2 million fatality-free shifts on 15 November, while TauTona was awarded the Mine Health and Safety Council Flag award for deep-level mines for the second consecutive year. Safety will continue to be a high priority during 2002.
The year 2001 began with the sale of the Elandsrand and Deelkraal operations. Despite these activities, the South African region recorded a 39% increase in operating profit to R2,947 million ($331 million). Area mined fell by 22% (5% excluding closure and sold operations) and gold produced was reduced by 748,000 ounces (14%) to 4,670,000 ounces, which is mainly attributable to the closure or selling of operations. Total cash costs for the year were up 3%, from R48,395 per kilogram to
R50,065 per kilogram, but decreased in dollar terms from $217 per ounce to $184 per ounce, compared to a 6.5% inflation rate for the period and wage
OPERATING AND FINANCIAL REVIEW
3
increases in the order of 8%. Productivity indices, expressed in grams per employee and square metres per employee, showed a 10% improvement and a 1% reduction respectively.
In November, AngloGold announced that it would sell its Free State assets to ARM and Harmony for R2.2 billion. On fulfilment of the conditions of sale, AngloGold will be paid R1.8 billion, with the balance of R400 million payable in three years' time. In 2001, the Free State operations produced 17% of AngloGold's worldwide production but only 9% of its EBITDA. Taken over the 12 months to December 2001, the sale would have the effect of lowering AngloGold's total cash costs for its remaining worldwide assets by 4% -- from $178 per ounce to $170 per ounce.
Mine performance for the quarter
Great Noligwa was unable to maintain its remarkable performance of the previous quarter because of lower volumes mined (4%) and lower reef values (11%). Year-on-year, grades were constant at 12.3 grams per tonne. However, the total cash costs were reduced by 2% to R31,027 per kilogram, which at the current exchange rate is equivalent to $97 per ounce. Operating profit was R403 million ($39 million), up 20% on the previous quarter.
At Kopanang, the quarter was highlighted by the outstanding achievement of 2 million fatality-free shifts -- the first time that an AngloGold operation has achieved this significant milestone. Area mined fell by 12% from the previous excellent quarter, which together with the 11% drop in yield from mining lower values than planned, resulted in a reduction of 11% in gold produced. Despite this, operating profit increased by 31%, with total cash costs at R46,062 per kilogram ($144 per ounce) reflecting a 2% improvement.
Following a poor third quarter performance, Tau Lekoa focused attention on mining values and metallurgical processes and tabled a 4% improvement in volume mined, a 23% improvement in yield and a 27% increase in gold production. Total cash costs were reduced by 16% to R55,573 per kilogram ($173 per ounce), which helped to effect a turnaround from an operating loss of R15 million ($2 million) in September to an operating profit of R52 million ($5 million) for the quarter.
Gold production at TauTona decreased by 5% to 4,781 kilograms (154,000 ounces) following a lower Mine Call Factor and a drop in grade experienced in the Upper Carbon Leader. Total cash costs increased by 6% to R43,917 per kilogram ($135 per ounce). Operating profit showed a 24% improvement.
Savuka's production fell short of planned levels and was down on the previous quarter. Both yield and gold production fell by 5% and 1% respectively, following increased damage from seismicity. Total cash costs per kilogram increased to R73,341 per kilogram ($225 per ounce) following increased expenditure on development and the maintenance of major equipment in anticipation of an extended life of mine. The operation achieved a R16 million ($1 million) operating profit.
As anticipated, Mponeng showed further improvements over the previous quarter with mined volumes up 1%, yield up 1% and gold production up 3%. This was mainly because of the availability of new panels in the recently holed raise lines. Total cash costs fell by 1% to R56,391 per kilogram ($173 per ounce) and operating profit improved by R41 million ($3 million) to R52 million ($5 million).
At Bambanani, production volumes were affected by two fires and a major seismic event on 21 November, which resulted in the deaths of three employees. Mined volume decreased by 7% but was offset to a significant degree by an increased yield (4%) to reach the gold production level of the previous quarter. Total cash costs increased to R67,205 per kilogram ($206 per ounce), with
operating profit rising to R33 million ($3 million).
Tshepong had another excellent quarter, with production on a par with the previous quarter. Although still above target, there was a drop in recovered grade (down by 3%). Total cash costs increased marginally to R50,940 per kilogram ($156 per ounce) with operating profit up 63% to R73 million ($7 million).
Matjhabeng and Joel both posted improved operating results.
At Ergo, gold production fell only marginally despite the closure of Daggafontein and production disruptions from power failures and excessive rainfall. This was achieved through improved head grade, higher metallurgical efficiency and the gold recovered from the toll treatment of loaded carbon material. Operating profit increased by 84% to R58 million ($5 million).
AFRICA
The Africa region includes all operations on the continent outside of South Africa.
Overall performance
The Africa region returned to the performance levels of earlier in 2001 by producing a record 233,000 attributable ounces and an operating profit of $25 million -- increases of 2% and 14% respectively on the September quarter. Total cash costs were
4
5% higher at $138 per ounce. The region continued its good safety performance with only four lost-time injuries recorded for the quarter.
For the year, the region performed very well with a total of 868,000 attributable ounces, including production from Geita and Yatela for the first time and Morila for its first full year. Total cash costs for the year were $129 per ounce.
Operating profit for the year improved by 93% or $42 million to $87 million.
Mine performance for the quarter
An improved performance at Sadiola (38% attributable) led to a 17% increase in production to 55,000 ounces, largely as a result of improved grades. Total cash costs improved by 4% to $131 per ounce. Sadiola had an outstanding year in terms of safety, with no lost-time injuries recorded for 2001. A project is under way to convert the process plant to treat sulphide ore from the first quarter of 2002, which will enable the mine to sustain gold production volume. Exploration in the oxide ore continues to prove successful and exploration drilling in the hard sulphide is in the process of evaluation for economic extraction.
Since first production in mid-2001, Yatela (40% attributable) has exceeded expectations in production, costs and safety and is currently in the process of an internal post-project performance testing. Production in the fourth quarter increased to 28,000 attributable ounces, 12% up on the previous quarter. Total cash costs increased by 3% to $151
per ounce. Yatela has continued its
excellent safety performance having recorded only one lost-time injury since commissioning in June 2001.
A 3% increase in plant throughput was achieved at Morila (40% attributable) during the quarter, however a 14% planned reduction in grade to 5.8 grams per tonne resulted in an 11% drop in gold production to 58,000 ounces (attributable). Grades are expected to remain at this level for the first half of 2002 prior to the mining of higher grades from the second pit, resulting in an expected overall improvement in annual production levels for 2002. Total cash costs for the quarter increased by 13% to $117 per ounce largely as a result of the decrease in production in the fourth quarter.
Gold production at Geita (50% attributable) decreased by 4% to 69,000 attributable ounces. Increased plant throughput of 12%, at 596,000
tonnes, was largely offset by a 14%
reduction in recovered grade to 3.6 grams per tonne, caused by planned mining of lower grade ore in the Nyankanga Pit. Gold production levels achieved in 2001 are expected to be repeated in 2002. Total cash costs increased by 9% to
$163 per ounce for the quarter due to the decreased production and contract payment adjustments during the quarter.
An all-time record quarter was achieved by Navachab with a 15% improvement in production to 23,000 ounces and total cash costs of $142 per ounce, 22% lower than in the third quarter. This record production was mainly as a result of higher than expected grades. An exploration programme has been designed to assess upside potential during 2002.
NORTH AMERICA
Overall performance
The North America operations had a difficult quarter due to severe winter weather, a fire in the roaster at Jerritt Canyon and ongoing technical problems associated with the leach pad at Cripple Creek & Victor (CC&V). Operating profit decreased to $1 million due to a significant decline in gold production. Reduced gold production of 106,000 ounces for the quarter also contributed to higher total cash costs of $235 per ounce.
During 2001, approval for the $195 million CC&V expansion plan was granted. The project is described in the "Value-Adding Growth" section of this report.
Operating profit for the year of $16 million is 16% lower than in 2000 with total cash costs increasing by 6% to $211 per ounce.
Mine performance for the quarter
Production at Cripple Creek & Victor (67% attributable -- effectively 100% -- see Note 4 on page 12 was 26% lower for the quarter at 45,000 ounces due to ongoing technical problems with the leach pad. As a result of the decreased production, total cash costs were 10% higher than in the third quarter at $212 per ounce. During 2001, the Colorado Mining Association and the Colorado Division of Minerals and Geology recognised the CC&V mine as the safest surface mine in the State of Colorado.
Jerritt Canyon's (70% attributable) production was 18% lower quarter-on-quarter at 61,000 attributable ounces. Fire caused a roaster shutdown and adverse weather conditions, including significantly higher than normal snowfall, caused a reduction in mill throughput. Total cash costs were 24% higher quarter-on-quarter at $248 per ounce because of the decrease in production, repair of the roaster fire damage and higher wet ore handling costs. SSX mine received the Mine Safety and Health Administration's Sentinels of Safety award as the
5
safest underground metal group mine in the United States.
SOUTH AMERICA
Overall performance
During the quarter, gold production in the South America region increased by 4% to 116,000 ounces with operating profit improving by 13% to $18 million. Total cash costs were reduced by 4% to $123 per ounce, mainly as a result of increased production.
Despite good performances by all three operations in South America during 2001, operating profit for the year was 9% down on 2000 at $63 million. Higher ounces sold offset a lower realised price, while total cash costs were 7% lower at $134 per ounce. Gold production for 2001 was the same as 2000 at 441,000 ounces with silver production 35% higher at Cerro Vanguardia.
Mine performance for the quarter
Operating profit was 8% higher ($7 million) at Morro Velho, largely as a result of increased gold sales and higher received price. Production increased by 6% to 56,000
ounces with average grade at
6.9 grams per tonne (1% higher). Safety has improved to a LTIF rate of 9.06, although this is still above the Ontario benchmark of 6.5.
Serra Grande's (50% attributable) operating profit declined by 3% as a result of a 12% decrease in the gold sold. This was partially offset by a higher received price. A planned decrease in production, due to mining a lower grade ore zone, saw Serra Grande's ounces fall by 12% to 22,000 attributable ounces. Good safety performances saw the LTIF rate at just outside of the Ontario benchmark of 6.5.
At Cerro Vanguardia (46.25% attributable), production increased during the quarter by 12% to 38,000 attributable ounces as a result of higher tonnage treated with grades running 2% below those of last quarter. Operating profits were 35% higher as a result of increased gold sold and higher received prices. LTIF rate is currently running at 7.54 compared to the Ontario benchmark of 6.5.
AUSTRALIA
Overall performance
Production for the quarter of 124,000 ounces was 7% below output in the September quarter, with the loss of production attributable to the closure of the Tanami and Boddington oxide mines during the quarter. Despite lower gold production for the quarter, total cash costs fell by 7% to A$357
($183) per ounce. Operating profit for the quarter improved by 14% to A$16 million ($8 million).
Production during 2001 was 508,000 ounces, 3% lower than in 2000. Record production from Sunrise Dam could not fully offset the losses resulting from the closure of the Brocks Creek mine in 2000 and the Tanami mine during 2001. In addition, Boddington ceased operations during the fourth quarter. The operating profit for the year of A$48 million ($25 million) was 19% below that recorded for 2000.
The LTIF rate in the December quarter improved to 9.3, down 38% compared to the previous quarter.
Mine performance for the quarter
Production at Sunrise Dam fell marginally (by 1%) to 76,000 ounces. Plant throughput increased to around 3 million tonnes per annum following the expansion completed earlier in the year. Operating profit increased by 33% to A$12 million ($6 million), with total cash costs at the operation down by 5% to A$317 ($162) per ounce during the quarter. With continued outstanding exploration results adding to the resource, further cutbacks to the open pit are being planned to access ore in the Watu and Mako lodes.
Despite the onset of the wet season, gold production for the fourth quarter at Union Reefs increased by 1% to 31,000 ounces. Increased mining activity led to a 2% increase in total cash costs to A$463 ($237) per ounce. Operating profit of A$3 million ($1 million) is 25% lower than in the third quarter.
Operations at Boddington (33.33% attributable) ceased at the end of November and the plant has been placed on care and maintenance pending the commencement of the Boddington Expansion Project. As a result of the closure, production for the quarter fell 23% to 17,000 attributable ounces. With the inclusion of gold recovered from the plant clean- out, total cash costs were reduced by 8% to A$316 ($161) per ounce. The mine returned an operating profit of A$4 million ($2 million) -- the same as in the previous quarter.
Operations at Tanami (40% attributable) ceased early in the December quarter, resulting in production of less than 1,000 attributable ounces. Implementation of the mine rehabilitation plan is continuing with the plant now leased to Normandy North Flinders. The mine recorded an operating loss of A$1 million for the quarter.
VALUE-ADDING GROWTH
AngloGold continues to enhance the value of the company through organic growth. The company
6
currently has five major capital projects in development which will be coming into production over the next three years, and which will produce around 18 million ounces of gold in total over the life of the projects at an average cash cost of approximately $150 per ounce. AngloGold will also seek value growth through its substantial and focused exploration programme, in addition to the acquisition of both individual orebodies and corporate entities where these acquisitions add value to AngloGold.
CAPITAL PROJECTS
Sunrise Dam Cleo pit and treatment plant expansion
This project was based on a significant increase in the Cleo resource which had expanded to 4.5 million ounces by the end of 2001. The expansion will increase production by approximately 2.1 million ounces and the life of mine by four years to 2008. The expansion is effectively complete, at a capital cost of A$97 million. Beyond this initial Megapit expansion project, drilling results indicate significant upside potential which could result in a doubling of the current resource base and a further extension to the life of Sunrise Dam. Production from the Megapit commenced during the fourth quarter of 2001 at an average cash cost of $170 per ounce.
Mponeng deepening to 120 level
This project will extend the life of mine by five years to 2012. The total capital expenditure for the deepening is R1.3 billion, with half of this already spent. The project is expected to add 3 million ounces to production over the life of the mine, resulting in an average cash cost for the mine of $156 per ounce.
TauTona
The project will extend TauTona's life by at least another four years to 2011. The project has two main areas of focus accessing and mining part of the shaft pillar and accessing and mining an area east of the Bank Dyke, previously part of the mine plan of the adjacent Mponeng mine. The project will require capital expenditure of R462 million, R60 million of which has already been spent to date. The project will add 2.3 million ounces of gold production over the life of the operation resulting in an average cash cost for the mine of $133 per ounce. The project is advancing on schedule.
Cripple Creek & Victor expansion
The CC&V expansion will extend the life of mine by four years to 2013 and will produce 2.8 million ounces of additional gold resulting in an average cash cost for the mine of $174 per ounce.
Progress on project construction is on plan. The mining fleet is now in place and leach pad performance is being monitored. Life of mine capital expenditures is expected to total $195 million, of which approximately $119 million has been spent to date.
The installation of process equipment is on schedule with the crusher to be commissioned early in the third quarter of 2002.
Moab Khotsong
This project and new mine is due to commence operating in October 2003, reaching full production in 2006. With capital expenditure of R3.8 billion, R2.4 billion of which has been spent to date, the mine which extends to 101 level, is expected to produce 4.5 million ounces of gold through to 2015 at an average cash cost of $97 per ounce. To date, development is on schedule and within budget. Drilling below 101 level will continue in 2002 to assess upside potential.
ADVANCED DEVELOPMENT PROJECTS
Cuiab expansion Brazil
The planned Cuiab expansion project is expected to effectively increase production from approximately 2,300 to 4,000 tonnes per day and will increase the amount of gold produced by some 150,000 ounces per year. The ore reserve between 11-level and 21 level (approximately 1,400 metres below surface at 21 level) is 9 million tonnes at 7.7 grams per tonne, or approximately 2.2 million
ounces. The project is likely to require capital expenditure of $140 million. Should the project be approved, it is expected that the pre-feasibility study would commence late in 2002 or early in 2003, and production in 2005 or 2006.
Boddington expansion Western Australia
AngloGold (33.33% attributable) is a partner in Boddington with Normandy (44.44% attributable) and Newcrest (22.22% attributable). Boddington's oxide mining operation came to an end during the December quarter, pending a decision on the expansion project. In late 2000, a feasibility study was completed for the expansion of the operation, which has a reserve of 390 million tonnes at
0.87 grams per tonne, containing 10.9 million ounces of gold. A decision on the project is expected during the year.
7
EXPLORATION
AngloGold's exploration strategy is to extend the life of existing operations and to find new, cost-effective ounces through in-house exploration or joint ventures and the acquisition of late-stage exploration projects. The company's significant and focused exploration programme has shown encouraging results, some of which are outlined below.
Brownfields exploration
At Sadiola in Mali, exploration activity delineated 0.6 million attributable ounces of oxide resources from satellite deposits. The hard sulphide potential below and adjacent to the pit is being assessed by drilling and structural reinterpretation.
At Sunrise Dam in Western Australia, drilling results from the Western Shear and Watu structures at the southern end of the pit have been encouraging and indicate that further pit cut-backs may be justified. Significant intercepts from the Western Shear included 13 metres at 19.42 grams per tonne.
Results from Watu included 9 metres at
26.77 grams per tonne.
On the northern side of the pit, intersections of new structures at Mako lode included 4
metres at
150.79 grams per tonne which is promising for future work. The operation will continue to expand as exploration continues.
At the advanced exploration project at Coyote in the Tanami region of Australia, the main high-grade Buggsy-Gonzalez structure has been defined over a strike length of 800 metres and to a depth of 250 metres. Significant intercepts include 2 metres at 27.40
grams per tonne and 7 metres at
132.00 grams per tonne. This structure is open- ended and provisional resource estimation is in progress.
At Morila in Mali, exploration comprised drilling in the Donba corridor as well as an electromagnetic (EM) airborne programme. Drilling results at Donba include 33 metres at 3.30 grams per tonne. Target generation from the exploration programmes have produced a number of new targets that will be drill- tested in 2002.
At Serra Grande, geophysics has identified several new targets in the Crixas greenstone belt. These will be followed up in 2002. Deep drilling has confirmed the down-plunge mineralisation at Mina Nova and Mina III.
Within the Iron Quadrangle at Corrego do Sitio in Brazil, drilling will be conducted from a ramp to assess the underground sulphide potential. Oxide drilling results at Corrego do Sitio include 12.2 metres at 15.04 grams per tonne.
In the Geita region, exploration drilling has produced encouraging results at Geita Hill and the focus for 2002 will be extensions to the Nyankanga orebody. Testing of the down-dip extension at Geita Hill intersected 21 metres at 2.55 grams per tonne with the best results to date 39 metres at 7.08 grams per tonne. Exploration results for satellite deposits include 5 metres at 13.31 grams per tonne at Samena, 5 metres at 16.00 grams per tonne at Prospect 30 and 51 metres at 2.40 grams per tonne at Chipaka.
At Cripple Creek & Victor in Colorado, exploration for new resources will remain focused on the definition of high-grade underground targets and surface potential in operational areas. Encouraging drill results were obtained from the latter.
Underground drilling at the Smith mine at Jerritt Canyon in Nevada yielded several high-grade intersections including 15 metres at 30.63 grams per tonne. Diamond drilling at the SSX mine included intersections of 18 metres at 10.92 grams per tonne.
Greenfields exploration
In Southern Mali, AngloGold conducted a high- resolution airborne electromagnetic survey and has identified a number of new targets. Several new joint ventures and permits were negotiated and granted with drilling planned to commence during 2002.
At Red Lake in Canada, diamond drilling intersected encouraging values during the year and follow-up drilling on other targets will continue during 2002.
In Peru, four target areas are being explored and drilling has proceeded in three of these. Encouraging results were intersected and a drilling programme is planned for 2002.
8
After an eventful and volatile year in the gold market, the gold price remained well supported during the final quarter of 2001, with firm prices for the metal into the new year. The spot price again traded above $290 per ounce during this period, this time on the back of the terrorist attacks on the United States of America. The average price of $278 for the quarter was the highest quarterly average spot price in the past 18 months.
Activity in the gold market was completely overshadowed, however, by the unprecedented weakness of the South African currency during this quarter. At its weakest point just before Christmas, the
rand fell to R13.81 against the US dollar and R20.00 against the pound. At this point, the currency had fallen by some 50% in value from its opening exchange rate of slightly less than R9.00 to the dollar at the beginning of the year. The average exchange rate against the US dollar for the quarter of R10.17 was over 20% weaker than the average for the previous quarter. The local currency has since steadied, closing the year at around R12.00 to the dollar, and trading in the new year at around R11.50 to the dollar. This produced record high local spot gold prices of just under R123,000 per kilogram on 21 December 2001. Spot gold prices have since fallen with the firmer rand to around R105,000 per kilogram.
This fall in the value of the rand has seen the currency break out of all long-term exchange rate relationships with the currencies of South Africa's major trading partners. The currency's average depreciation of some 15% against the US dollar since the early 1990's was broken in September when the rand moved above R8.50 to the dollar, and current exchange rates bear no relationship to any economic fundamentals such as purchasing power parities, cumulative interest rate differentials or inflation rate differentials. This leaves the currency and the associated local gold spot
price in a no man's land where forecasts of future movement are impossible. Whilst previous experience of exchange rate dislocation from time to time would suggest that the rand should stabilise and trade sideways at around current levels, there remains a danger that speculation against the currency might recur. A government commission of enquiry into the exceptional movement in exchange rates during last quarter has brought some sense of reassurance to this nervous market.
RAND GOLD PRICE: 2000 - TODAY
40,000
60,000
80,000
100,000
120,000
140,000
Jan-00
Apr-00
Jul-00
Oct-00
Jan-01
Apr-01
Jul-01
Oct-01
Jan-02
R/Kg
GOLD MARKET
9
R/$ EXCHANGE RATE : 1994 2002
Turning to the gold market, the past year has been one of change and transition in a number of important areas of physical supply and demand, and the final quarter of the year was no different. The most important determinant of this change has been the slow-down in the global economy, and in particular in the developed economies. This has been negative for gold demand. However, lower US interest rates and other circumstances in the market have led to a material fall in hedging activities and a reversal in gold disinvestment seen in recent years, leaving the physical market for gold overall in an unchanged state of balance. A fall in physical demand was seen in both gold jewellery and industrial offtake in the developed economies in particular, with some slippage also in gold offtake in certain important developing markets due to specific regional causes. Early estimates of fabrication demand for the year show a slippage of some 7% or 270 tons, from 3,750 tons in 2000 to 3,480 in 2001. On the supply side, mining production has stalled at unchanged levels year on year, whilst net producer hedging and implied disinvestment saw reduced supplies to the market of around the same level as the fall in demand.
Secular changes in the valuation of currencies or metal prices obviously have a material impact on price hedges in place in such markets. This is certainly true of the fall in the rand value. AngloGold has consistently hedged a portion of its forward pricing in rands, and at the end of the previous quarter, 153 tons or 30% of the total hedge of 506 tons was priced in rands.
Following deliveries against contracts in the final quarter of the year, and a measure of restructuring of the hedge during December, the outstanding rand priced hedges amount to 125 tons or 27% of the total hedge. By maintaining forward price cover, AngloGold has managed its hedge actively over the years, and it is our intention to further reduce the level of rand priced cover by restructuring the hedge as particular market circumstances provide the opportunity to do so from time to time. During the quarter under review, the company reduced its hedge position by some 53 tons or 1.7 million ounces; the progressive reduction in net hedge commitments over the past year has been just on 105 tons or 3.4 million ounces. In current market circumstances, the company will continue to deliver into maturing hedge contracts in the year ahead.
RA N D D O LLA R EX C H A N G E RA TE
Jan95
Jan96
Jan97
Jan98
Jan99
Jan00
Jan01
Jan02
R/U S$
2
3
4
5
6
7
8
9
10
11
12
13
A nnualised depreciation from Feb. '96 to Sep. '01 : 15.3%
3 Sept. '01, R8.42
28 Sept. '01, R9.00
10
NET DELTA OPEN HEDGE POSITION AS AT 31 DECEMBER 2001
As at 31 December 2001, the group had outstanding the following net forward-pricing commitments against future production.
Rand Gold
kg's sold
R per kg
Dollar Gold
Kg
sold
$ per oz
AUS Dollar
Gold
kg's sold
A$ per oz
Total
kg's sold
Total
oz sold
`000
12 months
ending
31 Dec
2002
22,920
60,332
66,375
301
18,919
563
108,214
3,479
2003
24,706
90,914
39,226
320
13,686
524
77,618
2,495
2004
22,438
109,137
35,404
322
5,443
534
63,285
2,035
2005
22,509
132,592
32,287
325
5,163
646
59,959
1,928
2006
14,007
135,287
26,901
332
6,146
615
47,055
1,513
Jan 2007
Dec 2011
10,140
135,367
76,525
352
10,397
535
97,061
3,121
116,720
105,636
276,718
327
59,754
559
453,192
14,571
The marked-to-market value of all hedge transactions making up the hedge positions in the above table was a negative R2,850 million (negative $238 million) as at 31 December 2001. The value was based on a gold price of $278 per ounce, exchange rates of R/$12.0 and $/A$ 0.5111 and the prevailing market interest rates and volatilities at the time.
As at 29 January 2002, the marked-to-market value of the hedge book was a negative R2,173 million ($189 million) based on a gold price of $279 per ounce and exchange rates of $/R11.47 and A$/$0.515 and the prevailing market interest rates and volatilities at the time.
Note to AngloGold Hedge Position as at 31 December 2001 *The delta position indicated hereafter reflects the nominal amount of the option multiplied by the mathematical probability of the option being exercised. This is calculated using the Black and Scholes option formula with the ruling market prices, interest rates and volatilities as at 31 December 2001.
GOLD MARKET
11
Year
2002
2003
2004
2005
2006 2007-2011
Total
DOLLAR GOLD
Forward Contracts
Amount (kg)
61,727
33,465
32,435
25,879
20,524
43,831
217,861
$ per oz
$299
$315
$317
$326
$334
$349
$321
Put Options Purchased
Amount (kg)
10,238
5,808
2,662
757
563
728
20,756
$ per oz
$312
$352
$390
$291
$291
$292
$331
*Delta (kg)
5,110
4,898
2,118
283
183
210
12,802
Put Options Sold
Amount (kg)
3,732
3,732
$ per oz
$273
$273
*Delta (kg)
1,270
1,270
Call Options Purchased
Amount (kg)
24,535
4,710
572
29,817
$ per oz
$338
$394
$360
$347
*Delta (kg)
1,049
176
115
1,340
Call Options Sold
Amount (kg)
24,584
10,463
3,303
12,902
12,222
57,194
120,668
$ per oz
$340
$372
$342
$321
$329
$357
$348
*Delta (kg)
1,857
1,039
966
6,125
6,194
32,484
48,665
RAND GOLD
Forward Contracts
Amount (kg)
20,316
21,067
20,264
19,964
11,825
10,140
103,576
Rand per kg
R56208 R90,427 R110,801 R133,897 R142,973
R135,367 R106,479
Put Options Purchased
Amount (kg)
1,875
1,875
1,875
1,875
1,875
9,375
Rand per kg
R93,603 R93,603 R93,603 R93,603 R93,603
R93,603
*Delta (kg)
144
103
79
44
31
401
Put Options Sold
Amount (kg) Rand per kg
*Delta (kg)
Call Options Purchased
Amount (kg)
12,031
1,058
13,089
Rand per kg
R86,039 R93,881
R86,673
*Delta (kg)
11,746
980
12,726
Call Options Sold
Amount (kg)
14,669
4,831
2,187
3,432
2,187
27,306
Rand per kg
R87,148 R93,767 R93,630 R122,862 R93,630
R93,846
*Delta (kg)
14,206
4,516
2,095
2,501
2,151
25,469
AUS DOLLAR (A$) GOLD
Forward Contracts
Amount (kg)
18,040
13,841
5,443
6,221
9,331
22,395
75,271
A$ per oz
A$572
A$526
A$534
A$659
A$635
A$618
A$590
Call Options Purchased
Amount (kg)
6,687
3,888
3,110
6,221
20,062
39,968
A$ per oz
A$728
A$701
A$724
A$673
A$691
A$698
*Delta (kg)
847
817
1,058
3,185
11,998
17,905
Call Options Sold
Amount (kg)
3,732
3,110
6,842
A$ per oz
A$554
A$700
A$620
*Delta (kg)
1,726
662
2,388
RAND DOLLAR (000)
Forward Contracts
Amount ($)
25,574
25,574
Rand / $
R 6.31
R 6.31
Put Options Purchased
Amount ($)
105,000
105,000
Rand per $
R 8.18
R 8.18
*Delta ($)
1,233
1,233
Put Options Sold
Amount ($)
Rand per $ *Delta ($)
Call Options Purchased
Amount ($)
78,450
8,000
86,450
Rand per $
R 8.33
R 6.94
R 8.20
*Delta ($)
75,910
7,985
83,895
Call Options Sold
Amount ($)
153,450
8,000
161,450
Rand per $
R 8.76
R 6.94
R 8.67
*Delta ($)
147,294
7,985
155,279
AUS DOLLAR (000)
Forward Contracts
Amount ($)
43,748
29,428
15,970
89,146
$ per A$
$0.58
$0.59
$0.64
$0.60
ANGLOGOLD HEDGE POSITION AS AT 31 DECEMBER 2001
12
1. The results included herein for the quarter and twelve months ended 31 December 2001, which are
audited, have been prepared using the accounting policies which are in accordance with the standards issued by the International Accounting Standards Board and the South African Institute of Chartered Accountants. Where appropriate, comparative figures have been restated.
2. During the quarter, 210,400 ordinary shares were allotted in terms of the AngloGold Share Incentive
Scheme and 1,001 ordinary shares were allotted in terms of the Acacia Employee Option Plan.
3. Orders placed and outstanding on capital contracts as at 31 December 2001 totalled R877 million
(30 September 2001: R943 million), equivalent to $73 million (30 September 2001: $104 million) at the rate of exchange ruling on that date.
4. Although AngloGold holds a 66.7% interest in Cripple Creek & Victor Gold Mining Company Limited, it is
currently entitled to receive 100% of the cash flow from the operation until a loan, extended to the joint venture by AngloGold North America Inc., is repaid.
5. On 5 September 2001, AngloGold announced that it was to make an offer to acquire the entire issued
share capital of Normandy Mining Limited, Australia's largest and leading gold company. The offer was to be settled in AngloGold shares in the ratio of 2.15 AngloGold shares for every 100 Normandy shares. Shareholders approved the acquisition in general meeting on 19 November 2001. In the light of a competing offer for Normandy by Newmont Mining Corporation, on 28 November 2001 AngloGold announced a revised offer to include a cash consideration of A$20 for every 100 Normandy shares in addition to the 2.15 AngloGold shares. AngloGold shareholders approved the revised offer in general meeting on 19 December 2001. Following the revision of Newmont's offer, AngloGold once again revised its offer by increasing the cash consideration by a further A$10 for every 100 Normandy shares. As the increase in the offer was not material, shareholder approval was not required. The final offer to Normandy shareholders comprised 2.15 AngloGold shares plus a cash consideration of A$30 for every 100 Normandy shares.
At the close of the offer on 18 January 2002, AngloGold had received acceptances totalling 159,690,842 Normandy shares (7.1295% of the issued Normandy share capital). Arising out of the offer, a total of 3,435,950 AngloGold shares have been issued (31 December 2001: 233,183 AngloGold shares). The Normandy shares acquired were sold on 21 January 2002, realising $159 million.
6. On 28 November 2001, AngloGold implemented a 10-for-1 split of the AngloGold CHESS Depositary
Interests (CDIs), which trade on the Australian Stock Exchange.
7. On 21 November 2001, AngloGold announced that agreement had been reached with African Rainbow
Minerals (Proprietary) Limited and Harmony Gold Mining Company Limited for the sale, effective on 1 January 2002, by AngloGold of its entire interest in the gold mining operations comprising Bambanani, Joel, Matjhabeng and Tshepong mines and the Ernest Oppenheimer Hospital in the Free State, as well as their related infrastructure, assets and associated liabilities, subject to the fulfilment of suspensive conditions. The cash consideration of R2,200 million is payable in two tranches: R1,800 million on fulfilment of the suspensive conditions and R400 million on 1 January 2005.
8.
STRATE
AngloGold commenced trading under STRATE, the JSE Securities Exchange South Africa's (JSE) electronic settlement system, on 5 November 2001. Shareholders are reminded that in order to trade AngloGold shares on the JSE, AngloGold shares must have been dematerialised. Shareholders holding share certificates who wish to trade their shares, should contact their stockbroker, banker or agent in this regard.
9.
Dividend
The directors have today declared Final Dividend No. 91 of 1,100 (Final Dividend No. 89: 650) South African cents per ordinary share for the 12 months ended 31 December 2001. In compliance with the requirements of STRATE, the salient dates for this final dividend are as follows:
NOTES
13
To holders of ordinary shares
South African, United Kingdom and Australian share registers
2002
Currency conversion date for UK pounds and Australian dollars
Friday 8 February
Last date to trade ordinary shares cum dividend
Friday 15 February
Last date to register transfer of certificated securities cum dividend Friday 15 February
Ordinary shares trade ex dividend
Monday 18 February
Record date
Friday 22 February
Payment date
Monday 4 March
On the payment date, dividends due to holders of certificated securities on the South African register will either be electronically transferred to shareholders' bank accounts or, in the absence of suitable mandates, dividend cheques will be posted to such shareholders.
Dividends in respect of dematerialised shareholdings will be credited to shareholders' safe custody accounts with their CSDPs or brokers.
Shareholders may not dematerialise or rematerialise their holdings of ordinary shares between Monday, 11 February 2002 and Friday, 22 February 2002, both dates inclusive.
To holders of American Depositary Shares
(Each American Depositary Share (ADS) represents one-half of an ordinary share)
2002
Ex dividend on New York Stock Exchange
Wednesday 20 February
Record date
Friday 22 February
Approximate date for currency conversion
Monday 4 March
Approximate payment date of dividend
Friday 15 March
For illustrative purposes, the dividend payable on an ADS was equivalent to 48 US cents at the rate of exchange ruling on Wednesday, 30 January 2002. This compares with the final dividend of 39.88 US cents per ADS paid on 9 April 2001.
By order of the Board
R M GODSELL
R P EDEY
Chairman and Chief Executive Officer
Deputy Chairman
30 January 2002
GROUP OPERATING RESULTS
Issued Capital:
107,634,058 ordinary shares of 50 cents each 2,000,000 A redeemable preference shares 778,896 B redeemable preference shares All the preference shares are held by a wholly owned subsidiary company
Weighted average:
107,139,446 ordinary shares in issue for the year
Statistics are shown in metric units and financial figures in South African rand.
Quarter
Quarter
Year
Year
ended
ended
ended
ended
December
September
December
December
2001
2001
2001
2000
GOLD UNDERGROUND OPERATIONS Tonnes milled
- 000
- reef
4,393
4,445
17,929
21,126
- waste
23
-
25
167
- total
4,416
4,445
17,954
21,293
Yield
- g/t
- reef
8.20
8.38
8.21
8.02
- waste
-
-
0.08
0.54
- average
8.15
8.38
8.20
7.96
Gold produced
- kg
- reef
36,012
37,254
147,248
169,468
- waste
-
-
2
91
- total
36,012
37,254
147,250
169,559
PRODUCTIVITY g/employee
- target
228
229
219
209
- actual
220
224
214
193
SURFACE AND DUMP RECLAMATION Tonnes treated
- 000
11,668
12,620
50,355
50,289
Yield
- g/t
0.32
0.30
0.32
0.32
Gold produced
- kg
3,692
3,843
15,976
15,870
OPEN-PIT OPERATIONS Tonnes mined
- 000
24,485
22,498
85,790
49,121
Stripping ratio *
2.80
2.25
2.17
1.08
Tonnes treated
- 000
6,446
6,932
27,042
23,601
Yield
- g/t
2.14
2.07
2.00
1.69
Gold produced
- kg
13,767
14,343
53,977
39,866
TOTAL Gold produced
- kg
53,471
55,440
217,203
225,295
Gold sold
- kg
53,777
56,081
217,862
225,235
Revenue
- R/kg sold
92,544
77,635
79,384
67,158
Total cash costs
- R/kg produced
51,710
47,687
48,828
46,404
Total production costs
- R/kg produced
62,995
57,046
58,579
53,334
CAPITAL EXPENDITURE
- mining direct
721
529
2 175
1 851
- other
94
102
392
212
815
631
2 567
2 063
* Stripping ratio = (tonnes mined - tonnes treated) / tonnes treated
15
GROUP OPERATING RESULTS
Issued Capital:
107,634,058 ordinary shares of 50 cents each 2,000,000 A redeemable preference shares 778,896 B redeemable preference shares All the preference shares are held by a wholly owned subsidiary company
Weighted average:
107,139,446 ordinary shares in issue for the year
Statistics are shown in imperial units and financial figures in US dollars.
Quarter
Quarter
Year
Year
ended
ended
ended
ended
December
September
December
December
2001
2001
2001
2000
GOLD UNDERGROUND OPERATIONS Tons milled
- 000
- reef
4,842
4,900
19,764
23,287
- waste
26
-
28
184
- total
4,868
4,900
19,792
23,471
Yield
- oz/t
- reef
0.239
0.244
0.240
0.234
- waste
-
-
-
0.016
- average
0.238
0.244
0.239
0.232
Gold produced
- oz 000 - reef
1,158
1,197
4,734
5,448
- waste
-
-
-
3
- total
1,158
1,197
4,734
5,451
PRODUCTIVITY oz/employee
- target
7.32
7.36
7.05
6.71
- actual
7.09
7.20
6.87
6.21
SURFACE AND DUMP RECLAMATION Tons treated
- 000
12,862
13,911
55,506
55,436
Yield
- oz/t
0.009
0.009
0.009
0.009
Gold produced
- oz 000
119
124
514
510
OPEN-PIT OPERATIONS Tons mined
- 000
26,990
24,800
94,567
54,146
Stripping ratio *
2.80
2.25
2.17
1.08
Tons treated
- 000
7,105
7,641
29,808
26,016
Yield
- oz/t
0.062
0.060
0.058
0.049
Gold produced
- oz 000
442
461
1,735
1,282
TOTAL Gold produced
- oz 000
1,719
1,782
6,983
7,243
Gold sold
- oz 000
1,729
1,803
7,004
7,241
Revenue
- $/oz sold
280
288
286
308
Total cash costs
- $/ounce produced
159
176
178
213
Total production costs
- $/ounce produced
193
211
213
245
Rand/US Dollar average exchange rate
10.18
8.39
8.62
6.78
CAPITAL EXPENDITURE
- mining direct
73
63
252
273
- other
9
12
46
31
82
75
298
304
* Stripping ratio = (tons mined - tons treated) / tons treated
16
GROUP INCOME STATEMENT
Quarter
Quarter
Year
Year
ended
ended
ended
ended
December
September
December
December
SA Rand million
2001
2001
2001
2000
Gold income
5,069
4,429
17,590
15,338
Cost of sales
(3,448)
(3,293)
(12,973)
(12,065)
Cash operating costs
2,732
2,606
10,454
10,421
Other cash costs
59
62
240
131
Total cash costs
2,791
2,668
10,694
10,552
Retrenchment costs
32
25
185
118
Rehabilitation and other non-cash costs
55
48
123
9
Production costs
2,878
2,741
11,002
10,679
Amortisation of mining assets
538
462
1,884
1,508
Total production costs
3,416
3,203
12,886
12,187
Inventory change
32
90
87
(122)
Operating profit
1,621
1,136
4,617
3,273
Corporate administration and other expenses
(42)
(44)
(174)
(175)
Market development costs
(39)
(31)
(133)
(82)
Research and development costs
(5)
(5)
(20)
(54)
Exploration costs
(76)
(51)
(228)
(309)
Profit from operations
1,459
1,005
4,062
2,653
Interest receivable
62
31
176
250
Other net income (expense)
(3)
21
1
124
Finance costs
(143)
(132)
(608)
(481)
Realised (loss) gain on hedging instruments
(20)
31
30
-
Unrealised gain (loss) on hedging activities
47
(235)
(126)
-
Profit before exceptional items
1,402
721
3,535
2,546
Amortisation of goodwill
(89)
(59)
(259)
(135)
Debt written-off
-
-
(21)
-
Impairment of mining assets
-
-
(3)
(708)
Investment properties value restatement
67
-
67
-
Profit (loss) on sale of mining assets
-
7
(32)
-
Termination of retirement benefit plans
(54)
-
(54)
(10)
Profit before taxation
1,326
669
3,233
1,693
Taxation
(410)
(211)
(983)
(490)
Normal taxation
(411)
(280)
(950)
(533)
Deferred taxation
1
(20)
(105)
(153)
Deferred tax on unrealised hedging activities
-
89
66
-
Taxation on exceptional items
-
-
6
196
Profit after taxation
916
458
2,250
1,203
Minority interest
(21)
(19)
(70)
(87)
Net profit
895
439
2,180
1,116
Headline earnings The net profit has been adjusted by the following to arrive at headline earnings: Net profit
895
439
2,180
1,116
Amortisation of goodwill
89
59
259
135
Debt written-off
-
-
21
-
Impairment of mining assets
-
-
3
708
Investment properties value restatement
(67)
-
(67)
-
(Profit) loss on sale of mining assets
-
(7)
32
-
Termination of retirement benefit plans
54
-
54
10
Taxation on exceptional items
-
-
(6)
(196)
Headline earnings
971
491
2,476
1,773
Unrealised loss (gain) on hedging activities
(47)
235
126
-
Deferred tax on unrealised hedging activities
-
(89)
(66)
-
Headline earnings before unrealised hedging activities
Earnings per ordinary share - cents - Basic
835
410
2,035
1,043
- Headline
906
459
2,311
1,658
- Headline before unrealised hedging activities
862
595
2,367
1,658
Dividends declared - Rm
1,971
1,498
- cents per share
1,800
"The results have been prepared in accordance with International Accounting Standards."
1,400
637
2,536
1,773
924
17
GROUP INCOME STATEMENT
Quarter
Quarter
Year
Year
ended
ended
ended
ended
December
September
December
December
US Dollar million
2001
2001
2001
2000
Gold income
493
528
2 041
2 208
Cost of sales
( 340)
( 393)
(1 519)
(1 740)
Cash operating costs
270
311
1 226
1 502
Other cash costs
6
7
29
19
Total cash costs
276
318
1 255
1 521
Retrenchment costs
3
3
22
17
Rehabilitation and other non-cash costs
5
6
13
2
Production costs
284
327
1 290
1 540
Amortisation of mining assets
53
55
220
217
Total production costs
337
382
1 510
1 757
Inventory change
3
11
9
( 17)
Operating profit
153
135
522
468
Corporate administration and other expenses
( 4)
( 5)
( 20)
( 25)
Market development costs
( 4)
( 4)
( 16)
( 12)
Research and development costs
-
( 1)
( 2)
( 8)
Exploration costs
( 7)
( 6)
( 26)
( 44)
Profit from operations
138
119
458
379
Interest receivable
6
4
20
37
Other net income (expense)
-
3
( 1)
18
Finance costs
( 14)
( 16)
( 72)
( 69)
Realised (loss) gain on hedging instruments
( 2)
4
5
-
Unrealised gain (loss) on hedging activities
8
( 27)
( 10)
-
Profit before exceptional items
136
87
400
365
Amortisation of goodwill
( 8)
( 7)
( 29)
( 20)
Debt written-off
-
-
( 3)
-
Impairment of mining assets
( 1)
-
( 1)
( 93)
Investment properties value restatement
6
-
6
Profit (loss) on sale of mining assets
-
1
( 4)
-
Termination of retirement benefit plans
( 5)
-
( 5)
( 1)
Profit before taxation
128
81
364
251
Taxation
( 40)
( 25)
( 111)
( 73)
Normal taxation
( 37)
( 33)
( 103)
( 78)
Deferred taxation
( 1)
( 2)
( 13)
( 21)
Deferred tax on unrealised hedging activities
( 2)
10
5
-
Taxation on exceptional items
-
-
-
26
Profit after taxation
88
56
253
178
Minority interest
( 2)
( 3)
( 8)
( 12)
Net profit
86
53
245
166
Headline earnings The net profit has been adjusted by the following to arrive at headline earnings: Net profit
86
53
245
166
Amortisation of goodwill
8
7
29
20
Debt written-off
-
-
3
-
Impairment of mining assets
1
-
1
93
Investment properties value restatement
( 6)
-
( 6)
-
(Profit) loss on sale of mining assets
-
( 1)
4
-
Termination of retirement benefit plans
5
-
5
1
Taxation on exceptional items
-
-
-
( 26)
Headline earnings
94
59
281
254
Unrealised loss (gain) on hedging activities
( 8)
27
10
-
Deferred tax on unrealised hedging activities
2
( 10)
( 5)
-
Headline earnings before unrealised hedging activities
Earnings per ordinary share - cents - Basic
80
50
229
155
- Headline
88
55
262
237
- Headline before unrealised hedging activities
82
71
267
237
Dividends declared - $m
197
210
- cents per share
181
"The results have been prepared in accordance with International Accounting Standards."
190
76
286
254
88
18
GROUP BALANCE SHEET
December
September
December
December
September
December
2001
2001
2000
2001
2001
2000
US Dollar million
SA Rand million
ASSETS Non-current assets
2 057
2 297
2 661
Mining assets
24 606
20 737
20 159
389
359
403
Goodwill
4 652
3 244
3 056
13
16
20
Investments in associates
151
149
148
23
7
7
Other investments
275
65
55
38
40
47
AngloGold Environmental Rehabilitation Trust
460
365
358
17
22
50
Long-term loans
204
195
378
2 537
2 741
3 188
30 348
24 755
24 154
Current assets
191
170
195
Cash and cash equivalents
2 284
1 537
1 477
243
249
-
Financial instruments
2 906
2 249
-
156
160
229
Trade and other receivables
1 867
1 447
1 737
163
183
192
Inventories
1 948
1 648
1 453
9
19
21
Current portion of long-term loans
109
169
161
762
781
637
9 114
7 050
4 828
3 299
3 522
3 825
Total assets
39 462
31 805
28 982
EQUITY AND LIABILITIES
1 117
1 178
1 453
Shareholders' equity
13 357
10 649
11 004
30
29
28
Minority interests
355
263
213
1 147
1 207
1 481
13 712
10 912
11 217
Non-current liabilities
350
378
710
Borrowings
4 192
3 416
5 381
-
-
16
Debentures
-
-
120
215
243
283
Provisions
2 573
2 190
2 148
286
380
553
Deferred taxation
3 423
3 431
4 187
851
1 001
1 562
10 188
9 037
11 836
Current liabilities
410
363
-
Financial instruments
4 901
3 278
-
206
261
315
Trade and other payables
2 464
2 352
2 389
637
627
430
Current portion of borrowings
7 619
5 660
3 261
48
63
37
Taxation
578
566
279
1 301
1 314
782
15 562
11 856
5 929
3 299
3 522
3 825
Total equity and liabilities
39 462
"The results have been prepared in accordance with International Accounting Standards."
31 805
28 982
Refer to page 29 for statement of changes in shareholders' equity. The group is currently finalising a new three year US$500 million borrowing facility that will be used to refinance near term maturing debt.
19
GROUP CASH FLOW STATEMENT
Quarter
Year
Year
Quarter
Year
Year
ended
ended
ended
ended
ended
ended
December
December
December
December
December
December
2001
2001
2000
2001
2001
2000
US Dollar million
SA Rand million
Cash flows from operating activities
156
617
557
Cash generated from operations
1 674
5 472
3 897
6
20
37
Interest receivable
62
176
250
-
1
2
Dividends received from associates
3
11
12
( 10)
( 10)
( 9)
Contribution to Environmental Trust Fund
( 85)
( 85)
( 59)
( 14)
( 72)
( 69)
Finance costs
( 143)
( 612)
( 481)
( 40)
( 104)
( 95)
Mining and normal taxation paid
( 410)
( 897)
( 641)
-
( 167)
( 310)
Dividends paid
( 3)
(1 447)
(1 981)
98
285
113
Net cash inflow from operating activities
1 098
2 618
997
Cash flows from investing activities
( 82)
( 298)
( 304)
Capital expenditure
( 815)
(2 567)
(2 063)
5
6
8
Proceeds from sale of mining assets
56
69
55
Proceeds from disposal of Elandsrand
-
109
-
and Deelkraal
-
872
-
( 3)
( 4)
( 353)
Subsidiaries and other investments acquired
( 27)
( 35)
(2 594)
-
-
5
Proceeds from sale of investments
4
4
31
-
( 4)
( 8)
Loans advanced
-
( 37)
( 52)
14
43
19
Repayment of loans advanced
137
367
130
( 66)
( 148)
( 633)
Net cash outflow from investing activities
( 645)
(1 327)
(4 493)
Cash flows from financing activities
5
7
2
Proceeds from issue of share capital
51
85
12
-
-
( 3)
Share issue expenses
-
-
( 18)
19
276
373
Proceeds from borrowings
192
2 381
2 530
( 35)
( 414)
( 112)
Repayment of borrowings
( 354)
(3 567)
( 759)
( 11)
( 131)
260
Net cash (outflow) inflow from financing activities
( 111)
(1 101)
1 765
21
6
( 260)
Net increase (decrease) in cash and cash equivalents
342
190
(1 731)
-
( 10)
( 38)
Translation adjustment
405
617
177
170
195
493
Opening cash and cash equivalents
1 537
1 477
3 031
191
191
195
Closing cash and cash equivalents
2 284
"The results have been prepared in accordance with International Accounting Standards."
2 284
1 477
Refer to page 29 for notes to the cash flow statement.
20
KEY OPERATING RESULTS
PER REGION
Quarter
Quarter
Year
Quarter
Quarter
Year
ended
ended
ended
ended
ended
ended
December
September
December
December
September
December
2001
2001
2001
2001
2001
2001
SA Rand / Metric
Yield - g/t
Gold produced - kg
SOUTH AFRICAN REGION *
8.18
8.41
8.20
35,448
36,466
145,247
VAAL RIVER
Great Noligwa Mine
12.02
13.51
12.34
7,538
8,333
31,224
Kopanang Mine
6.78
7.58
7.40
3,608
4,033
15,381
Tau Lekoa Mine
4.56
3.72
4.42
2,317
1,819
8,899
Surface Operations
0.53
0.46
0.53
562
660
2,842
ERGO
0.26
0.25
0.25
2,547
2,551
10,314
FREE STATE
Bambanani Mine
8.06
7.78
7.86
3,140
3,141
12,816
Tshepong Mine
7.97
8.24
8.20
3,021
3,034
11,898
Matjhabeng Mine
9.49
8.52
7.75
1,366
1,328
5,841
Joel Mine
3.66
3.07
3.56
915
910
3,959
Surface Operations
0.64
0.67
0.75
582
622
2,765
WEST WITS
TauTona Mine
11.23
12.30
11.94
4,781
5,021
19,355
Savuka Mine
7.57
7.98
7.97
1,835
1,860
7,476
Mponeng Mine
8.43
8.35
7.71
3,236
3,144
11,386
Elandsrand Mine
-
-
6.13
-
-
620
Deelkraal Mine
-
-
7.55
-
-
417
Surface Operations
-
0.76
0.94
-
10
54
AFRICAN REGION
3.58
3.74
3.71
7,254
7,113
26,992
Navachab
2.02
1.95
2.04
723
636
2,694
Sadiola - Attributable 38%
3.45
2.81
3.13
1,724
1,455
6,336
Morila - Attributable 40%
5.79
6.74
6.87
1,796
2,031
7,848
Geita - Attributable 50%
3.60
4.17
3.70
2,148
2,225
8,485
Yatela - Attributable 40%
3.28
3.38
3.33
863
766
1,629
NORTH AMERICAN REGION
1.25
1.45
1.27
3,307
4,189
15,436
Cripple Creek & Victor J.V.
0.58
0.72
0.59
1,401
1,899
6,656
Jerritt Canyon J.V. - Attributable 70%
8.86
8.99
9.41
1,906
2,290
8,780
SOUTH AMERICAN REGION
7.89
8.07
7.82
3,599
3,494
13,709
Morro Velho
6.85
6.78
6.63
1,740
1,642
6,511
Serra Grande - Attributable 50%
7.53
8.46
8.08
704
784
2,991
10.62
10.89
10.51
1,155
1,068
4,207
AUSTRALIAN REGION
2.09
1.84
1.97
3,863
4,178
15,819
Sunrise Dam
3.13
3.36
3.81
2,378
2,393
9,177
Boddington - Attributable 33.33%
1.09
0.92
0.92
531
679
2,425
Tanami - Attributable 40%
-
1.25
1.81
26
191
669
Union Reefs
1.53
1.36
1.36
928
915
3,548
ANGLOGOLD GROUP
53,471
55,440
217,203
* Yield excludes surface operations.
Cerro Vanguardia - Attributable 46.25%
21
KEY OPERATING RESULTS
PER REGION
Quarter
Quarter
Year
Quarter
Quarter
Year
ended
ended
ended
ended
ended
ended
December
September
December
December
September
December
2001
2001
2001
2001
2001
2001
SA Rand / Metric
Productivity per employee - g
Gold sold - kg
SOUTH AFRICAN REGION
35,541
37,027
145,611
VAAL RIVER
Great Noligwa Mine
266
293
273
7,535
8,622
31,334
Kopanang Mine
158
176
167
3,606
4,164
15,432
Tau Lekoa Mine
171
136
169
2,316
1,907
8,933
Surface Operations
391
369
438
562
680
2,842
ERGO
708
689
692
2,546
2,552
10,336
FREE STATE
Bambanani Mine
162
153
155
3,140
3,184
12,832
Tshepong Mine
221
222
215
3,021
3,076
11,909
Matjhabeng Mine
171
150
142
1,366
1,345
5,850
Joel Mine
124
109
104
1,020
831
4,056
Surface Operations
310
407
471
583
631
2,765
WEST WITS
TauTona Mine
271
279
265
4,778
5,021
19,360
Savuka Mine
140
144
144
1,834
1,860
7,478
Mponeng Mine
197
194
173
3,234
3,144
11,388
Elandsrand Mine
-
-
104
-
-
623
Deelkraal Mine
-
-
123
-
-
419
Surface Operations
-
-
-
-
10
54
AFRICAN REGION
7,303
7,360
27,126
Navachab
688
621
648
723
636
2,694
Sadiola - Attributable 38%
2,576
2,203
2,391
1,744
1,510
6,249
Morila - Attributable 40%
2,786
3,125
3,586
1,796
2,031
7,848
Geita - Attributable 50%
1,889
1,800
1,916
2,148
2,225
8,485
Yatela - Attributable 40%
1,905
1,698
1,802
892
958
1,850
NORTH AMERICAN REGION
3,307
4,189
15,436
Cripple Creek & Victor J.V.
1,666
2,255
1,997
1,401
1,899
6,656
Jerritt Canyon J.V. - Attributable 70%
2,223
2,712
2,539
1,906
2,290
8,780
SOUTH AMERICAN REGION
3,669
3,524
14,101
Morro Velho
396
381
380
1,798
1,722
6,892
Serra Grande - Attributable 50%
895
1,003
953
710
784
3,044
2,128
1,893
1,947
1,161
1,018
4,165
AUSTRALIAN REGION
3,957
3,981
15,588
Sunrise Dam
2,624
2,698
2,591
2,345
2,222
8,912
Boddington - Attributable 33.33%
2,025
1,691
1,553
614
673
2,465
Tanami - Attributable 40%
1,257
1,396
1,055
25
188
659
Union Reefs
1,883
1,824
1,795
973
898
3,552
ANGLOGOLD GROUP
53,777
56,081
217,862
Cerro Vanguardia - Attributable 46.25%
22
KEY OPERATING RESULTS
PER REGION
Quarter
Quarter
Year
Quarter
Quarter
Year
ended
ended
ended
ended
ended
ended
December
September
December
December
September
December
2001
2001
2001
2001
2001
2001
SA Rand / Metric
Total cash costs - R/kg
Total production costs - R/kg
SOUTH AFRICAN REGION
49,757
49,648
50,065
56,039
55,536
56,121
VAAL RIVER
Great Noligwa Mine
31,027
31,758
33,068
33,922
34,561
35,453
Kopanang Mine
46,062
47,030
48,121
52,001
51,902
52,844
Tau Lekoa Mine
55,573
65,845
55,545
64,162
74,990
63,265
Surface Operations
50,320
43,428
42,632
50,330
43,431
42,637
ERGO
60,243
59,616
58,884
63,775
62,607
62,528
FREE STATE
Bambanani Mine
67,205
63,913
63,153
74,830
71,675
69,804
Tshepong Mine
50,940
50,260
48,938
60,483
60,363
57,971
Matjhabeng Mine
54,842
66,335
63,542
62,481
74,994
80,046
Joel Mine
89,352
92,976
93,463
106,807
110,614
114,912
Surface Operations
53,467
52,022
45,938
53,467
52,568
46,163
WEST WITS
TauTona Mine
43,917
41,583
42,347
47,569
44,836
45,482
Savuka Mine
73,341
69,087
68,209
75,105
70,795
71,727
Mponeng Mine
56,391
57,009
61,221
72,043
71,345
75,669
Elandsrand Mine
-
-
90,300
-
-
90,373
Deelkraal Mine
-
-
82,790
-
-
83,180
Surface Operations
-
-
2,817
-
-
2,817
AFRICAN REGION
45,298
35,330
36,083
61,199
51,755
51,704
Navachab
46,068
48,868
45,101
50,139
52,652
48,670
Sadiola - Attributable 38%
42,920
37,009
36,356
63,430
55,702
54,393
Morila - Attributable 40%
38,573
28,236
28,533
63,085
48,304
49,201
Geita - Attributable 50%
53,944
40,461
41,123
60,099
56,429
53,428
Yatela - Attributable 40%
50,163
39,359
45,083
72,468
53,102
63,362
NORTH AMERICAN REGION
77,058
53,915
58,213
108,322
73,563
80,388
Cripple Creek & Victor J.V.
69,780
52,099
51,837
102,678
76,005
76,845
Jerritt Canyon J.V. - Attributable 70%
80,818
54,108
61,555
110,878
70,222
81,580
SOUTH AMERICAN REGION
40,627
34,543
37,135
69,407
52,026
57,905
Morro Velho
39,884
32,493
35,351
73,664
48,891
55,628
Serra Grande - Attributable 50%
36,621
27,005
29,729
55,620
41,784
45,781
41,366
31,775
36,799
66,739
51,759
60,295
AUSTRALIAN REGION
59,481
53,263
53,382
74,612
63,434
65,369
Sunrise Dam
53,367
46,048
42,916
68,677
58,494
56,193
Boddington - Attributable 33.33%
49,985
47,472
51,119
56,176
48,678
57,475
Tanami - Attributable 40%
-
64,301
70,894
67,499
84,277
86,105
Union Reefs
78,059
62,595
64,208
93,185
69,870
74,426
ANGLOGOLD GROUP
51,710
47,687
48,828
62,995
57,046
58,579
Cerro Vanguardia - Attributable 46.25%
23
KEY OPERATING RESULTS
PER REGION
Quarter
Quarter
Year
Quarter
Quarter
Year
ended
ended
ended
ended
ended
ended
December
September
December
December
September
December
2001
2001
2001
2001
2001
2001
SA Rand / Metric
Operating profit - Rm
Capital expenditure - Rm
SOUTH AFRICAN REGION
277.4
190.9
834.7
VAAL RIVER
Great Noligwa Mine
402.6
335.7
1,270.4
5.5
1.3
10.3
Kopanang Mine
123.9
94.3
361.9
14.2
5.6
26.0
Tau Lekoa Mine
52.4
(15.1)
89.4
7.5
2.2
20.4
Surface Operations
22.9
21.9
100.9
-
-
-
Moab Khotsong
100.7
102.5
369.4
ERGO
57.9
31.4
137.0
(0.2)
-
0.8
FREE STATE
Bambanani Mine
32.8
10.9
82.2
14.6
1.8
28.9
Tshepong Mine
72.9
44.8
221.5
0.6
-
0.6
Matjhabeng Mine
17.1
0.3
(37.7)
-
-
-
Joel Mine
(0.5)
(10.9)
(62.0)
8.2
9.1
37.4
Surface Operations
21.0
22.0
105.3
-
-
-
WEST WITS
TauTona Mine
185.7
150.3
592.5
21.9
16.8
63.7
Savuka Mine
15.5
7.6
29.8
4.1
-
4.1
Mponeng Mine
51.5
11.0
13.9
100.3
51.6
261.1
Elandsrand Mine
-
-
(14.0)
-
-
12.0
Deelkraal Mine
-
-
(6.4)
-
-
-
Surface Operations
-
0.8
3.6
-
-
-
AFRICAN REGION
64.6
69.0
287.2
Navachab
30.3
14.9
76.4
3.9
0.2
5.4
Sadiola - Attributable 38%
70.4
37.4
188.4
29.5
9.5
54.9
Morila - Attributable 40%
53.9
53.4
209.6
28.7
22.5
99.9
Geita - Attributable 50%
82.5
46.7
224.1
(10.9)
35.8
62.3
Yatela
18.2
22.8
41.0
13.4
1.0
64.7
NORTH AMERICAN REGION
357.1
191.4
835.5
Cripple Creek & Victor J.V.
17.9
18.7
87.9
339.0
166.4
745.5
Jerritt Canyon J.V. - Attributable 70%
(4.9)
30.0
58.8
18.9
25.0
90.1
Exploration
(0.8)
-
(0.1)
SOUTH AMERICAN REGION
52.4
54.9
200.2
Morro Velho
65.6
49.3
230.3
20.5
25.0
84.4
Serra Grande - Attributable 50%
39.0
34.0
132.9
6.8
9.3
25.3
Cerro Vanguardia - Attributable 46.25%
57.2
33.7
126.9
5.4
7.6
38.4
Minorities and exploration
19.7
13.0
52.1
AUSTRALIAN REGION
45.3
99.0
351.9
Sunrise Dam
67.6
39.4
224.8
28.1
91.8
310.5
Boddington - Attributable 33.33%
21.7
19.5
52.2
2.0
-
5.6
Tanami - Attributable 40%
(6.1)
(1.9)
(12.0)
1.5
-
3.4
Union Reefs
14.9
15.5
22.9
-
1.7
1.8
Brocks Creek
0.1
(0.5)
(0.5)
-
-
0.2
Exploration
13.7
5.5
30.4
Other
37.0
18.1
65.0
18.2
25.8
57.5
ANGLOGOLD GROUP TOTAL
1,621
1,136
4,617
815
631
2,567
24
KEY OPERATING RESULTS
PER REGION
Quarter
Quarter
Year
Quarter
Quarter
Year
ended
ended
ended
ended
ended
ended
December
September
December
December
September
December
2001
2001
2001
2001
2001
2001
US Dollar / Imperial
Yield - oz/t
Gold produced - oz 000
SOUTH AFRICAN REGION *
0.239
0.245
0.239
1,140
1,172
4,670
VAAL RIVER
Great Noligwa Mine
0.351
0.394
0.360
242
268
1 004
Kopanang Mine
0.198
0.221
0.216
116
130
494
Tau Lekoa Mine
0.133
0.109
0.129
74
58
286
Surface Operations
0.016
0.013
0.015
18
21
91
ERGO
0.008
0.007
0.007
82
82
332
FREE STATE
Bambanani Mine
0.235
0.227
0.229
101
101
412
Tshepong Mine
0.233
0.240
0.239
97
98
383
Matjhabeng Mine
0.277
0.248
0.226
44
43
188
Joel Mine
0.107
0.090
0.104
29
29
127
Surface Operations
0.019
0.020
0.022
19
21
89
WEST WITS
TauTona Mine
0.328
0.359
0.348
154
161
622
Savuka Mine
0.221
0.233
0.232
59
60
240
Mponeng Mine
0.246
0.244
0.225
104
101
366
Elandsrand Mine
-
-
0.179
-
-
20
Deelkraal Mine
-
-
0.220
-
-
13
Surface Operations
-
0.022
0.027
-
-
2
AFRICAN REGION
0.104
0.109
0.108
233
229
868
Navachab
0.059
0.057
0.060
23
20
87
Sadiola - Attributable 38%
0.101
0.082
0.091
55
47
204
Morila - Attributable 40%
0.169
0.197
0.200
58
65
252
Geita - Attributable 50%
0.105
0.122
0.108
69
72
273
Yatela - Attributable 40%
0.096
0.099
0.097
28
25
52
NORTH AMERICAN REGION
0.036
0.042
0.037
106
135
496
Cripple Creek & Victor J.V.
0.017
0.021
0.017
45
61
214
Jerritt Canyon J.V. - Attributable 70%
0.259
0.262
0.274
61
74
282
SOUTH AMERICAN REGION
0.230
0.235
0.228
116
112
441
Morro Velho
0.200
0.198
0.193
56
53
209
Serra Grande - Attributable 50%
0.220
0.247
0.236
22
25
96
0.310
0.318
0.307
38
34
136
AUSTRALIAN REGION
0.061
0.053
0.057
124
134
508
Sunrise Dam
0.091
0.098
0.111
76
77
295
Boddington - Attributable 33.33%
0.032
0.027
0.027
17
22
78
Tanami - Attributable 40%
-
0.036
0.053
-
6
21
Union Reefs
0.046
0.038
0.040
31
29
114
ANGLOGOLD GROUP
1,719
1,782
6,983
* Yield excludes surface operations.
Cerro Vanguardia - Attributable 46.25%
25
KEY OPERATING RESULTS
PER REGION
Quarter
Quarter
Year
Quarter
Quarter
Year
ended
ended
ended
ended
ended
ended
December
September
December
December
September
December
2001
2001
2001
2001
2001
2001
US Dollar / Imperial
Productivity per employee - oz
Gold sold - oz 000
SOUTH AFRICAN REGION
1,143
1,191
4,682
VAAL RIVER
Great Noligwa Mine
8.55
9.40
8.77
242
277
1,007
Kopanang Mine
5.09
5.66
5.36
116
134
496
Tau Lekoa Mine
5.48
4.39
5.42
74
61
287
Surface Operations
12.58
11.85
14.09
18
21
91
ERGO
22.77
22.16
22.26
82
82
332
FREE STATE
Bambanani Mine
5.21
4.92
4.97
101
103
413
Tshepong Mine
7.11
7.14
6.90
97
99
383
Matjhabeng Mine
5.51
4.83
4.56
44
43
188
Joel Mine
3.99
3.50
3.35
33
27
131
Surface Operations
9.95
13.09
15.16
19
20
89
WEST WITS
TauTona Mine
8.70
8.98
8.51
154
162
623
Savuka Mine
4.50
4.63
4.64
59
60
241
Mponeng Mine
6.34
6.23
5.57
104
101
366
Elandsrand Mine
-
-
3.34
-
-
20
Deelkraal Mine
-
-
3.97
-
-
13
Surface Operations
-
-
-
-
1
2
AFRICAN REGION
235
236
872
Navachab
22.11
19.95
20.83
23
20
87
Sadiola - Attributable 38%
82.83
70.82
76.88
56
48
201
Morila - Attributable 40%
89.56
100.48
115.30
58
65
252
Geita - Attributable 50%
60.72
57.87
61.59
69
72
273
Yatela - Attributable 40%
61.26
54.61
57.94
29
31
59
NORTH AMERICAN REGION
106
134
496
Cripple Creek & Victor J.V.
53.57
72.51
64.21
45
61
214
Jerritt Canyon J.V. - Attributable 70%
71.47
87.18
81.63
61
73
282
SOUTH AMERICAN REGION
118
114
453
Morro Velho
12.72
12.25
12.21
57
56
221
Serra Grande - Attributable 50%
28.78
32.26
30.63
23
26
98
68.41
60.88
62.61
38
32
134
AUSTRALIAN REGION
127
128
501
Sunrise Dam
84.37
86.75
83.30
75
71
287
Boddington - Attributable 33.33%
65.09
54.37
49.94
20
22
79
Tanami - Attributable 40%
40.40
44.89
33.91
1
6
21
Union Reefs
60.56
58.65
57.70
31
29
114
ANGLOGOLD GROUP
1,729
1,803
7,004
Cerro Vanguardia - Attributable 46.25%
26
KEY OPERATING RESULTS
PER REGION
Quarter
Quarter
Year
Quarter
Quarter
Year
ended
ended
ended
ended
ended
ended
December
September
December
December
September
December
2001
2001
2001
2001
2001
2001
US Dollar / Imperial
Total cash costs - $/oz
Total production costs - $/oz
SOUTH AFRICAN REGION
154
184
184
173
206
206
VAAL RIVER
Great Noligwa Mine
97
118
122
105
128
130
Kopanang Mine
144
175
178
162
193
195
Tau Lekoa Mine
173
245
203
199
279
231
Surface Operations
155
161
157
155
161
157
ERGO
185
221
215
196
233
229
FREE STATE
Bambanani Mine
206
238
230
230
267
255
Tshepong Mine
156
187
178
185
224
211
Matjhabeng Mine
170
246
236
194
279
299
Joel Mine
275
345
345
329
411
425
Surface Operations
165
193
167
165
195
168
WEST WITS
TauTona Mine
135
154
154
146
166
166
Savuka Mine
225
256
248
230
263
262
Mponeng Mine
173
211
223
221
265
275
Elandsrand Mine
-
-
362
-
-
363
Deelkraal Mine
-
-
331
-
-
333
Surface Operations
-
-
13
-
-
13
AFRICAN REGION
138
131
129
187
192
186
Navachab
142
181
164
155
195
177
Sadiola - Attributable 38%
131
137
131
193
206
196
Morila - Attributable 40%
117
104
103
192
179
177
Geita - Attributable 50%
163
150
147
186
209
194
Yatela - Attributable 40%
151
146
149
216
197
207
NORTH AMERICAN REGION
235
199
211
331
272
291
Cripple Creek & Victor J.V.
212
193
187
312
281
277
Jerritt Canyon J.V. - Attributable 70%
248
200
223
341
260
296
SOUTH AMERICAN REGION
123
128
134
208
193
208
Morro Velho
121
121
127
218
181
197
Serra Grande - Attributable 50%
111
100
107
169
155
166
126
118
133
204
192
218
AUSTRALIAN REGION
183
197
194
228
235
237
Sunrise Dam
162
170
153
209
216
201
Boddington - Attributable 33.33%
161
176
190
179
181
213
Tanami - Attributable 40%
-
239
278
214
314
332
Union Reefs
237
232
230
283
259
267
ANGLOGOLD GROUP
159
176
178
193
211
213
Cerro Vanguardia - Attributable 46.25%
27
KEY OPERATING RESULTS
PER REGION
Quarter
Quarter
Year
Quarter
Quarter
Year
ended
ended
ended
ended
ended
ended
December
September
December
December
September
December
2001
2001
2001
2001
2001
2001
US Dollar / Imperial
Operating profit - $m
Capital expenditure - $m
SOUTH AFRICAN REGION
26.9
22.6
95.6
VAAL RIVER
Great Noligwa Mine
38.5
40.0
145.5
0.6
0.1
1.2
Kopanang Mine
11.6
11.2
40.8
1.4
0.6
2.8
Tau Lekoa Mine
4.5
(1.7)
9.4
0.6
0.2
2.2
Surface Operations
2.2
2.6
11.9
-
-
-
Moab Khotsong
10.1
12.2
43.2
ERGO
5.3
3.7
15.1
-
-
0.1
FREE STATE
Bambanani Mine
2.8
1.1
8.8
1.2
0.2
3.0
Tshepong Mine
6.7
5.3
24.9
0.1
-
0.1
Matjhabeng Mine
1.7
(0.1)
(5.3)
-
-
-
Joel Mine
(0.2)
(1.3)
(7.8)
0.9
1.1
4.5
Surface Operations
2.1
2.7
12.4
-
-
-
WEST WITS
TauTona Mine
17.8
17.9
67.8
2.1
2.0
7.2
Savuka Mine
1.4
0.9
3.1
0.4
-
0.4
Mponeng Mine
4.6
1.4
(0.2)
9.5
6.2
29.4
Elandsrand Mine
-
-
(1.8)
-
-
1.5
Deelkraal Mine
-
-
(0.8)
-
-
-
Surface Operations
-
0.1
0.5
-
-
-
AFRICAN REGION
5.5
8.3
33.1
Navachab
3.0
1.8
8.7
0.3
-
0.5
Sadiola - Attributable 38%
7.0
4.5
21.6
2.9
1.1
6.0
Morila - Attributable 40%
5.3
6.4
24.4
2.6
2.8
11.4
Geita - Attributable 50%
7.6
5.6
25.0
(1.1)
4.3
7.9
Yatela
1.8
2.8
4.6
0.8
0.1
7.3
NORTH AMERICAN REGION
34.0
22.8
92.8
Cripple Creek & Victor J.V.
1.7
2.3
10.4
32.3
19.8
82.2
Jerritt Canyon J.V. - Attributable 70%
(0.5)
3.7
7.6
1.8
3.0
10.6
Exploration
(0.1)
-
-
SOUTH AMERICAN REGION
5.0
6.6
23.3
Morro Velho
6.5
6.0
27.2
2.0
3.0
9.9
Serra Grande - Attributable 50%
3.9
4.0
15.5
0.7
1.1
2.9
Cerro Vanguardia - Attributable 46.25%
5.4
4.0
14.1
0.5
0.9
4.6
Minorities and exploration
1.8
1.6
5.9
AUSTRALIAN REGION
4.6
11.7
42.6
Sunrise Dam
5.9
4.5
25.4
2.8
11.0
37.9
Boddington - Attributable 33.33%
2.1
2.3
5.7
0.1
-
0.6
Tanami - Attributable 40%
(0.7)
(0.2)
(1.2)
0.2
-
0.4
Union Reefs
1.4
1.8
2.3
-
0.2
0.3
Brocks Creek
-
(0.1)
(0.1)
-
-
-
Exploration
1.5
0.5
3.4
Other
3.6
1.8
6.5
6.0
3.0
10.6
ANGLOGOLD GROUP TOTAL
153
135
522
82
75
298
28
NOTES TO THE CASH FLOW STATEMENT
Quarter
Year
Year
Quarter
Year
Year
ended
ended
ended
ended
ended
ended
December
December
December
December
December
December
2001
2001
2000
2001
2001
2000
US Dollar million
SA Rand million
Cash generated from operations
128
364
251
Profit before taxation
1 326
3 233
1 693
Adjusted for:
22
31
1
Non-cash movements
256
324
6
53
220
217
Amortisation of mining assets
538
1 884
1 508
( 6)
( 20)
( 37)
Interest receivable
( 62)
( 176)
( 250)
Growth in AngloGold Environmental
( 1)
( 5)
( 4)
Rehabilitation Trust
( 10)
( 42)
( 25)
-
( 1)
( 4)
Income from associates
5
( 7)
( 26)
( 1)
2
( 7)
(Profit) loss on sale of assets
( 13)
10
( 51)
1
3
-
Unwinding of decommissioning obligation
9
22
2
14
72
69
Finance costs
143
608
481
( 5)
( 12)
-
Movement on hedging activities
( 7)
( 53)
-
8
29
20
Amortisation of goodwill
89
259
135
-
3
-
Debt written-off
-
21
-
1
1
93
Impairment of mining assets
-
3
708
( 6)
( 6)
-
Investment properties value restatement
( 67)
( 67)
-
-
4
-
(Profit) loss on sale of mining assets
-
32
-
5
5
1
Termination of retirement benefit plans
54
54
10
( 57)
( 73)
( 43)
Movement in working capital
( 587)
( 633)
( 294)
156
617
557
1 674
5 472
3 897
The following analyses the movement in working capital:
( 39)
( 22)
( 43)
( 399)
( 193)
( 292)
( 29)
( 64)
( 35)
Increase in inventories
( 300)
( 551)
( 241)
11
13
35
Increase in trade and other payables
112
111
239
( 57)
( 73)
( 43)
( 587)
( 633)
( 294)
STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY
Ordinary
Non -
Foreign
Other
Retained
Total
share
distributable
currency
compre-
earnings
capital and
reserves
translation
hensive
premium
income
SA Rand million
Balance at 31 December 2000
7 951
149
325
-
2 579
11 004
Effect of adoption of IAS 39
(1 057)
( 186)
(1 243)
Net profit
2 180
2 180
Dividends paid
(1 447)
(1 447)
Ordinary shares issued
189
189
Transfer from non-distributable reserves
( 6)
6
-
Translation adjustment
2 674
-
2 674
Balance at 31 December 2001
8 140
143
2 999
(1 057)
3 132
13 357
US Dollar million
Balance at 31 December 2000
1 050
20
43
-
340
1 453
Effect of adoption of IAS 39
( 88)
( 25)
( 113)
Net profit
245
245
Dividends paid
( 167)
( 167)
Ordinary shares issued
22
22
Transfer from non-distributable reserves
( 1)
1
-
Translation adjustment
( 391)
( 7)
207
( 132)
( 323)
Balance at 31 December 2001
681
12
250
( 88)
262
1 117
Increase in trade and other receivables
29
SHAFT SINKING
Quarter
Quarter
Year
ended
ended
ended
December
September
December
2001
2001
2001
Statistics are shown in metric units
metres
MOAB KHOTSONG MINE Main shaft
Advance
120
117
503
Depth to date (below collar)
3,043
2,923
3,043
Rock / ventilation sub-vertical shaft
Depth to date
939
939
939
Station cutting
3
-
10
JOEL MINE Taung North Shaft
Depth to date (below collar)
1,453
1,453
1,453
MPONENG MINE Sub Shaft 1
Depth to date
1,209
1,209
1,209
Sub Shaft Vent Shaft Deepening
Advance
-
-
23
Depth to date
27
27
27
Statistics are shown in imperial units
feet
MOAB KHOTSONG MINE Main shaft
Advance
392
385
1,651
Depth to date (below collar)
9,984
9,591
9,984
Rock / ventilation sub-vertical shaft
Depth to date
3,080
3,080
3,080
Station cutting
10
-
33
JOEL MINE Taung North Shaft
Depth to date (below collar)
4,766
4,766
4,766
MPONENG MINE Sub Shaft 1 Depth to date
3,965
3,965
3,965
Sub Shaft Vent Shaft Deepening Advance
-
-
76
Depth to date
89
89
89
30
DEVELOPMENT
Development values represent actual results of sampling, no allowances having been made for adjustments necessary in estimating ore reserves.
Quarter ended December 2001
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
5,732
756
96.90
39.75
3,852
1.99
193.05
Kopanang Mine
Vaal reef
7,726
80
16.00
456.81
7,309
7.33
117.35
"C" reef
39
-
-
-
-
-
-
Tau Lekoa Mine
Ventersdorp Contact reef
3,990
614
102.70
9.21
946
0.15
15.18
Moab Khotsong Mine
Vaal reef
1,451
-
-
-
-
-
-
FREE STATE Bambanani East Shaft
Basal reef
3,355
216
97.10
17.50
1,699
0.01
0.80
Tshepong North
Basal reef
6,219
826
20.20
97.72
1,974
2.44
49.30
"B" reef
-
-
-
-
-
-
-
Matjhabeng Mine
Basal reef
193
-
-
-
-
-
-
Taung South Shaft
Beatrix reef
55
-
-
-
-
-
-
Beatrix VS 5 Composite reef
-
-
-
-
-
-
-
WEST WITS TauTona Mine
Ventersdorp Contact reef
83
-
-
-
-
-
-
Carbon Leader reef
4,635
114
24.50
94.00
2,303
0.73
17.98
Savuka Mine
Ventersdorp Contact reef
328
-
-
-
-
-
-
Carbon Leader reef
658
52
19.60
215.56
4,225
0.07
1.28
Mponeng Mine
Ventersdorp Contact reef
6,038
618
73.30
20.23
1,483
-
-
31
DEVELOPMENT
Development values represent actual results of sampling, no allowances having been made for adjustments necessary in estimating ore reserves.
Quarter ended December 2001
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
18,806
2,480
38.15
1.16
3.69
3.98
12.65
Kopanang Mine
Vaal reef
25,349
262
6.30
13.32
6.99
14.66
7.70
"C" reef
128
-
-
-
-
-
-
Tau Lekoa Mine
Ventersdorp Contact reef
13,089
2,014
40.43
0.27
0.91
0.30
1.01
Moab Khotsong Mine
Vaal reef
4,760
-
-
-
-
-
-
FREE STATE Bambanani East Shaft
Basal reef
11,007
709
38.23
0.51
1.63
0.02
0.06
Bambanani West Shaft
Basal reef
-
-
-
-
-
-
-
Tshepong North
Basal reef
20,403
2,710
7.95
2.85
1.89
4.88
3.23
"B" reef
-
-
-
-
-
-
-
Matjhabeng Mine
Basal reef
634
-
-
-
-
-
-
Taung South Shaft
Beatrix reef
179
-
-
-
-
-
-
Beatrix VS 5 Composite reef
-
-
-
-
-
-
-
WEST WITS TauTona Mine
Ventersdorp Contact reef
272
-
-
-
-
-
-
Carbon Leader reef
15,206
374
9.65
2.74
2.20
1.46
1.17
Savuka Mine
Ventersdorp Contact reef
1,075
-
-
-
-
-
-
Carbon Leader reef
2,159
171
7.72
6.29
4.04
0.14
0.09
Mponeng Mine
Ventersdorp Contact reef
19,810
2,028
28.86
0.59
1.42
-
-
32
SOUTH AFRICAN REGION
VAAL RIVER
Quarter
Quarter
Year
Quarter
Quarter
Year
ended
ended
ended
ended
ended
ended
December
September
December
December
September
December
2001
2001
2001
2001
2001
2001
GREAT NOLIGWA MINE
Rand / Metric
Dollar / Imperial
OPERATING RESULTS GOLD
Area mined - 000
- m2
/ - ft2
107
112
424
1,156
1,209
4,564
Milled - 000
- tonnes / - tons - reef
627
617
2,531
691
680
2,790
- waste
-
-
-
-
-
-
- surface and dump reclamation
-
-
-
-
-
-
- total
627
617
2,531
691
680
2,790
Yield
- g/t
/ - oz/t
- reef
12.02
13.51
12.34
0.351
0.394
0.360
- waste
-
-
-
-
-
-
- surface and dump reclamation
-
-
-
-
-
-
- average
12.02
13.51
12.34
0.351
0.394
0.360
Gold produced
- kg
/ - oz 000
- reef
7,538
8,333
31,224
242
268
1,004
- waste
-
-
-
-
-
-
- surface and dump reclamation
-
-
-
-
-
-
- total
7,538
8,333
31,224
242
268
1,004
Gold sold
- kg
/ - oz 000 - total
7,535
8,622
31,334
242
277
1,007
Revenue
- R/kg
/ - $/oz
- sold
86,113
74,667
76,048
261
277
275
Total cash costs
- R
/ - $
- ton milled
373
429
408
34
46
44
- R/kg
/ - $/oz
- produced
31,027
31,758
33,068
97
118
122
Total production costs - R/kg
/ - $/oz
- produced
33,922
34,561
35,453
105
128
130
PRODUCTIVITY
per employee
- g
/ - oz
- target
254
272
255
8.17
8.75
8.19
- actual
266
293
273
8.55
9.40
8.77
per employee
- m2
/ - ft2
- target
3.76
3.89
3.69
40.45
41.86
39.76
- actual
3.79
3.94
3.71
40.78
42.45
39.88
FINANCIAL RESULTS (MILLION)
Gold income
648.9
643.8
2,382.9
63.2
76.7
277.4
Cost of sales
246.3
308.1
1,112.5
24.7
36.7
131.9
Cash operating costs
232.0
262.8
1,025.0
23.2
31.3
121.4
Other cash costs
1.9
1.9
7.6
0.2
0.2
0.9
Total cash costs
233.9
264.7
1,032.6
23.4
31.5
122.3
Retrenchment costs
3.7
2.6
9.6
0.3
0.3
1.1
Rehabilitation and other non-cash costs
3.2
3.4
6.9
0.3
0.4
0.8
Production costs
240.8
270.7
1,049.1
24.0
32.2
124.2
Amortisation of mining assets
14.9
17.3
57.9
1.5
2.1
6.8
Inventory change
(9.4)
20.1
5.5
(0.8)
2.4
0.9
Operating profit
402.6
335.7
1,270.4
38.5
40.0
145.5
Capital expenditure
5.5
1.3
10.3
0.6
0.1
1.2
33
SOUTH AFRICAN REGION
VAAL RIVER
Quarter
Quarter
Year
Quarter
Quarter
Year
ended
ended
ended
ended
ended
ended
December
September
December
December
September
December
2001
2001
2001
2001
2001
2001
KOPANANG MINE
Rand / Metric
Dollar / Imperial
OPERATING RESULTS GOLD
Area mined - 000
- m2
/ - ft2
105
119
421
1,128
1,278
4,536
Milled - 000
- tonnes / - tons - reef
532
532
2,079
586
586
2,291
- waste
-
-
-
-
-
-
- surface and dump reclamation
-
-
-
-
-
-
- total
532
532
2,079
586
586
2,291
Yield
- g/t
/ - oz/t
- reef
6.78
7.58
7.40
0.198
0.221
0.216
- waste
-
-
-
-
-
-
- surface and dump reclamation
-
-
-
-
-
-
- average
6.78
7.58
7.40
0.198
0.221
0.216
Gold produced
- kg
/ - oz 000
- reef
3,608
4,033
15,381
116
130
494
- waste
-
-
-
-
-
-
- surface and dump reclamation
-
-
-
-
-
-
- total
3,608
4,033
15,381
116
130
494
Gold sold
- kg
/ - oz 000 - total
3,606
4,164
15,432
116
134
496
Revenue
- R/kg
/ - $/oz
- sold
86,214
74,717
75,916
261
277
275
Total cash costs
- R
/ - $
- ton milled
312
356
356
28
39
38
- R/kg
/ - $/oz
- produced
46,062
47,030
48,121
144
175
178
Total production costs - R/kg
/ - $/oz
- produced
52,001
51,902
52,844
162
193
195
PRODUCTIVITY
per employee
- g
/ - oz
- target
166
173
165
5.35
5.58
5.31
- actual
158
176
167
5.09
5.66
5.36
per employee
- m2
/ - ft2
- target
4.74
4.89
4.79
51.01
52.59
51.52
- actual
4.60
5.19
4.57
49.46
55.82
49.19
FINANCIAL RESULTS (MILLION)
Gold income
310.9
311.1
1,171.5
30.3
37.1
136.7
Cost of sales
187.0
216.8
809.6
18.7
25.9
95.9
Cash operating costs
164.7
188.2
734.3
16.6
22.5
87.1
Other cash costs
1.4
1.4
5.8
0.1
0.2
0.7
Total cash costs
166.1
189.6
740.1
16.7
22.7
87.8
Retrenchment costs
4.2
1.9
8.9
0.4
0.2
1.0
Rehabilitation and other non-cash costs
2.4
2.5
5.1
0.2
0.3
0.6
Production costs
172.7
194.0
754.1
17.3
23.2
89.4
Amortisation of mining assets
14.9
15.3
58.7
1.5
1.8
6.9
Inventory change
(0.6)
7.5
(3.2)
(0.1)
0.9
(0.4)
Operating profit
123.9
94.3
361.9
11.6
11.2
40.8
Capital expenditure
14.2
5.6
26.0
1.4
0.6
2.8
34
SOUTH AFRICAN REGION
VAAL RIVER
Quarter
Quarter
Year
Quarter
Quarter
Year
ended
ended
ended
ended
ended
ended
December
September
December
December
September
December
2001
2001
2001
2001
2001
2001
TAU LEKOA MINE
Rand / Metric
Dollar / Imperial
OPERATING RESULTS GOLD
Area mined - 000
- m2
/ - ft2
98
94
388
1,056
1,007
4,176
Milled - 000
- tonnes / - tons - reef
508
489
2,012
560
539
2,218
- waste
-
-
-
-
-
-
- surface and dump reclamation
-
-
-
-
-
-
- total
508
489
2,012
560
539
2,218
Yield
- g/t
/ - oz/t
- reef
4.56
3.72
4.42
0.133
0.109
0.129
- waste
-
-
-
-
-
-
- surface and dump reclamation
-
-
-
-
-
-
- average
4.56
3.72
4.42
0.133
0.109
0.129
Gold produced
- kg
/ - oz 000
- reef
2,317
1,819
8,899
74
58
286
- waste
-
-
-
-
-
-
- surface and dump reclamation
-
-
-
-
-
-
- total
2,317
1,819
8,899
74
58
286
Gold sold
- kg
/ - oz 000 - total
2,316
1,907
8,933
74
61
287
Revenue
- R/kg
/ - $/oz
- sold
86,647
74,730
76,203
261
277
275
Total cash costs
- R
/ - $
- ton milled
253
245
246
23
27
26
- R/kg
/ - $/oz
- produced
55,573
65,845
55,545
173
245
203
Total production costs - R/kg
/ - $/oz
- produced
64,162
74,990
63,265
199
279
231
PRODUCTIVITY
per employee
- g
/ - oz
- target
196
192
190
6.31
6.16
6.10
- actual
171
136
169
5.48
4.39
5.42
per employee
- m2
/ - ft2
- target
7.87
8.13
7.77
84.68
87.47
83.64
- actual
7.22
7.02
7.35
77.72
75.56
79.16
FINANCIAL RESULTS (MILLION)
Gold income
200.7
142.6
680.7
19.4
17.0
79.0
Cost of sales
148.3
157.7
591.3
14.9
18.7
69.6
Cash operating costs
127.8
118.8
490.5
12.8
14.2
57.7
Other cash costs
0.9
0.9
3.8
0.1
0.1
0.5
Total cash costs
128.7
119.7
494.3
12.9
14.3
58.2
Retrenchment costs
3.4
2.0
7.1
0.3
0.2
0.8
Rehabilitation and other non-cash costs
1.6
1.7
3.4
0.2
0.2
0.4
Production costs
133.7
123.4
504.8
13.4
14.7
59.4
Amortisation of mining assets
14.9
12.9
58.2
1.5
1.5
6.8
Inventory change
(0.3)
21.4
28.3
-
2.5
3.4
Operating profit
52.4
(15.1)
89.4
4.5
(1.7)
9.4
Capital expenditure
7.5
2.2
20.4
0.6
0.2
2.2
35
SOUTH AFRICAN REGION
VAAL RIVER
Quarter
Quarter
Year
Quarter
Quarter
Year
ended
ended
ended
ended
ended
ended
December
September
December
December
September
December
2001
2001
2001
2001
2001
2001
SURFACE OPERATIONS
Rand / Metric
Dollar / Imperial
OPERATING RESULTS GOLD
Area mined - 000
- m2
/ - ft2
-
-
-
-
-
-
Milled - 000
- tonnes / - tons - reclamation from rehabilitation
44
32
141
49
36
155
- waste
-
-
-
-
-
-
- surface and dump reclamation
1,009
1,394
5,211
1,113
1,536
5,744
- total
1,053
1,426
5,352
1,162
1,572
5,899
Yield
- g/t
/ - oz/t
- reclamation from rehabilitation
1.20
0.77
1.42
0.035
0.022
0.041
- waste
-
-
-
-
-
-
- surface and dump reclamation
0.50
0.46
0.51
0.015
0.013
0.015
- average
0.53
0.46
0.53
0.016
0.013
0.015
Gold produced
- kg
/ - oz 000
- reclamation from rehabilitation
53
25
200
2
1
6
- waste
-
-
-
-
-
-
- surface and dump reclamation
509
635
2,642
16
20
85
- total
562
660
2,842
18
21
91
Gold sold
- kg
/ - oz 000 - total
562
680
2,842
18
21
91
Revenue
- R/kg
/ - $/oz
- sold
86,544
74,399
75,200
262
276
276
Total cash costs *
- R
/ - $
- ton milled
25
20
22
2
2
2
- R/kg
/ - $/oz
- produced
50,320
43,428
42,632
155
161
157
Total production costs - R/kg
/ - $/oz
- produced
50,330
43,431
42,637
155
161
157
PRODUCTIVITY
per employee
- g
/ - oz
- target
315
292
311
10.11
9.39
10.00
- actual
391
369
438
12.58
11.85
14.09
per employee
- m2
/ - ft2
- target
-
-
-
-
-
-
- actual
-
-
-
-
-
-
FINANCIAL RESULTS (MILLION)
Gold income
48.9
50.6
214.1
4.7
6.0
25.2
Cost of sales
26.0
28.7
113.2
2.5
3.4
13.3
Cash operating costs
25.5
27.5
112.3
2.5
3.3
13.3
Other cash costs
0.1
0.1
0.4
-
-
-
Total cash costs
25.6
27.6
112.7
2.5
3.3
13.3
Retrenchment costs
-
-
-
-
-
-
Rehabilitation and other non-cash costs
-
-
-
-
-
-
Production costs
25.6
27.6
112.7
2.5
3.3
13.3
Amortisation of mining assets
-
-
-
-
-
-
Inventory change
0.4
1.1
0.5
-
0.1
-
Operating profit
22.9
21.9
100.9
2.2
2.6
11.9
Moab Khotsong
Capital expenditure
100.7
102.5
369.4
10.1
12.2
43.2
* Excludes reclamation from rehabilitation
36
SOUTH AFRICAN REGION
ERGO
Quarter
Quarter
Year
Quarter
Quarter
Year
ended
ended
ended
ended
ended
ended
December
September
December
December
September
December
2001
2001
2001
2001
2001
2001
Rand / Metric
Dollar / Imperial
OPERATING RESULTS GOLD
Material treated
- tonnes / - tons
- 000
9,700
10,255
41,273
10,692
11,304
45,496
Yield
- g/t
/ - oz/t
0.26
0.25
0.25
0.008
0.007
0.007
Gold produced
- kg
/ - oz 000
2,547
2,551
10,314
82
82
332
Gold sold
- kg
/ - oz 000
2,546
2,552
10,336
82
82
332
Revenue
- R/kg
/ - $/oz
- sold
87,218
74,702
76,232
261
277
275
Total cash costs
- R
/ - $
- ton treated
16
15
15
1
2
2
- R/kg
/ - $/oz
- produced
60,243
59,616
58,884
185
221
215
Total production costs - R/kg
/ - $/oz
- produced
63,775
62,607
62,528
196
233
229
PRODUCTIVITY
per employee
- g
/ - oz
- target
582
603
605
18.71
19.40
19.46
- actual
708
689
692
22.77
22.16
22.26
FINANCIAL RESULTS (MILLION)
Gold income
222.1
190.6
787.9
21.4
22.7
91.4
Cost of sales
164.2
159.2
650.9
16.1
19.0
76.3
Cash operating costs
152.8
151.5
605.0
15.1
18.1
71.1
Other cash costs
0.6
0.6
2.4
0.1
0.1
0.3
Total cash costs
153.4
152.1
607.4
15.2
18.2
71.4
Retrenchment costs
1.2
0.3
2.3
0.1
-
0.2
Rehabilitation and other non-cash costs
3.7
3.3
15.1
0.4
0.4
1.8
Production costs
158.3
155.7
624.8
15.7
18.6
73.4
Amortisation of mining assets
4.1
4.1
20.2
0.4
0.5
2.4
Inventory change
1.8
(0.6)
5.9
-
(0.1)
0.5
Operating profit
57.9
31.4
137.0
5.3
3.7
15.1
Capital expenditure
(0.2)
-
0.8
-
-
0.1
37
SOUTH AFRICAN REGION
FREE STATE
Quarter
Quarter
Year
Quarter
Quarter
Year
ended
ended
ended
ended
ended
ended
December
September
December
December
September
December
2001
2001
2001
2001
2001
2001
BAMBANANI MINE
Rand / Metric
Dollar / Imperial
OPERATING RESULTS GOLD
Area mined - 000
- m2
/ - ft2
67
72
278
721
777
2,995
Milled - 000
- tonnes / - tons - reef
389
404
1,631
429
445
1,798
- waste
-
-
-
-
-
-
- surface and dump reclamation
-
-
-
-
-
-
- total
389
404
1,631
429
445
1,798
Yield
- g/t
/ - oz/t
- reef
8.06
7.78
7.86
0.235
0.227
0.229
- waste
-
-
-
-
-
-
- surface and dump reclamation
-
-
-
-
-
-
- average
8.06
7.78
7.86
0.235
0.227
0.229
Gold produced
- kg
/ - oz 000
- reef
3,140
3,141
12,816
101
101
412
- waste
-
-
-
-
-
-
- surface and dump reclamation
-
-
-
-
-
-
- total
3,140
3,141
12,816
101
101
412
Gold sold
- kg
/ - oz 000 - total
3,140
3,184
12,832
101
103
413
Revenue
- R/kg
/ - $/oz
- sold
86,621
74,844
76,202
261
277
275
Total cash costs
- R
/ - $
- ton milled
542
497
496
49
54
53
- R/kg
/ - $/oz
- produced
67,205
63,913
63,153
206
238
230
Total production costs - R/kg
/ - $/oz
- produced
74,830
71,675
69,804
230
267
255
PRODUCTIVITY
per employee
- g
/ - oz
- target
220
193
187
7.07
6.22
6.00
- actual
162
153
155
5.21
4.92
4.97
per employee
- m2
/ - ft2
- target
4.22
4.17
3.91
45.40
44.84
42.12
- actual
3.45
3.52
3.36
37.18
37.88
36.14
FINANCIAL RESULTS (MILLION)
Gold income
272.0
238.3
977.9
26.4
28.4
113.6
Cost of sales
239.2
227.4
895.7
23.6
27.3
104.8
Cash operating costs
209.7
199.4
804.0
20.7
23.8
94.3
Other cash costs
1.3
1.3
5.4
0.1
0.2
0.6
Total cash costs
211.0
200.7
809.4
20.8
24.0
94.9
Retrenchment costs
5.7
5.5
25.4
0.5
0.7
3.0
Rehabilitation and other non-cash costs
6.4
8.3
14.8
0.7
1.0
1.7
Production costs
223.1
214.5
849.6
22.0
25.7
99.6
Amortisation of mining assets
11.9
10.6
45.0
1.2
1.3
5.3
Inventory change
4.2
2.3
1.1
0.4
0.3
(0.1)
Operating profit
32.8
10.9
82.2
2.8
1.1
8.8
Capital expenditure
14.6
1.8
28.9
1.2
0.2
3.0
38
SOUTH AFRICAN REGION
FREE STATE
Quarter
Quarter
Year
Quarter
Quarter
Year
ended
ended
ended
ended
ended
ended
December
September
December
December
September
December
2001
2001
2001
2001
2001
2001
TSHEPONG MINE
Rand / Metric
Dollar / Imperial
OPERATING RESULTS GOLD
Area mined - 000
- m2
/ - ft2
106
103
403
1,140
1,107
4,342
Milled - 000
- tonnes / - tons - reef
379
368
1,450
418
406
1,599
- waste
-
-
-
-
-
-
- surface and dump reclamation
-
-
-
-
-
-
- total
379
368
1,450
418
406
1,599
Yield
- g/t
/ - oz/t
- reef
7.97
8.24
8.20
0.233
0.240
0.239
- waste
-
-
-
-
-
-
- surface and dump reclamation
-
-
-
-
-
-
- average
7.97
8.24
8.20
0.233
0.240
0.239
Gold produced
- kg
/ - oz 000
- reef
3,021
3,034
11,898
97
98
383
- waste
-
-
-
-
-
-
- surface and dump reclamation
-
-
-
-
-
-
- total
3,021
3,034
11,898
97
98
383
Gold sold
- kg
/ - oz 000 - total
3,021
3,076
11,909
97
99
383
Revenue
- R/kg
/ - $/oz
- sold
87,656
74,810
76,568
262
277
275
Total cash costs
- R
/ - $
- ton milled
406
414
401
36
45
43
- R/kg
/ - $/oz
- produced
50,940
50,260
48,938
156
187
178
Total production costs - R/kg
/ - $/oz
- produced
60,483
60,363
57,971
185
224
211
PRODUCTIVITY
per employee
- g
/ - oz
- target
178
179
175
5.71
5.75
5.63
- actual
221
222
215
7.11
7.14
6.90
per employee
- m2
/ - ft2
- target
6.34
6.40
6.42
68.28
68.85
69.12
- actual
7.75
7.53
7.28
83.37
81.04
78.36
FINANCIAL RESULTS (MILLION)
Gold income
264.8
230.1
911.8
25.4
27.4
105.3
Cost of sales
191.9
185.3
690.3
18.7
22.1
80.4
Cash operating costs
153.2
151.7
579.2
15.0
18.1
67.7
Other cash costs
0.7
0.8
3.1
0.1
0.1
0.4
Total cash costs
153.9
152.5
582.3
15.1
18.2
68.1
Retrenchment costs
2.1
2.2
9.3
0.2
0.3
1.1
Rehabilitation and other non-cash costs
4.8
6.4
11.3
0.5
0.8
1.3
Production costs
160.8
161.1
602.9
15.8
19.3
70.5
Amortisation of mining assets
22.0
22.1
86.8
2.1
2.6
10.2
Inventory change
9.1
2.1
0.6
0.8
0.2
(0.3)
Operating profit
72.9
44.8
221.5
6.7
5.3
24.9
Capital expenditure
0.6
-
0.6
0.1
-
0.1
39
SOUTH AFRICAN REGION
FREE STATE
Quarter
Quarter
Year
Quarter
Quarter
Year
ended
ended
ended
ended
ended
ended
December
September
December
December
September
December
2001
2001
2001
2001
2001
2001
MATJHABENG MINE
Rand / Metric
Dollar / Imperial
OPERATING RESULTS GOLD
Area mined - 000
- m2
/ - ft2
27
29
140
289
317
1,508
Milled - 000
- tonnes / - tons - reef
144
156
754
159
172
831
- waste
-
-
-
-
-
-
- surface and dump reclamation
-
-
-
-
-
-
- total
144
156
754
159
172
831
Yield
- g/t
/ - oz/t
- reef
9.49
8.52
7.75
0.277
0.248
0.226
- waste
-
-
-
-
-
-
- surface and dump reclamation
-
-
-
-
-
-
- average
9.49
8.52
7.75
0.277
0.248
0.226
Gold produced
- kg
/ - oz 000
- reef
1,366
1,328
5,841
44
43
188
- waste
-
-
-
-
-
-
- surface and dump reclamation
-
-
-
-
-
-
- total
1,366
1,328
5,841
44
43
188
Gold sold
- kg
/ - oz 000 - total
1,366
1,345
5,850
44
43
188
Revenue
- R/kg
/ - $/oz
- sold
85,857
74,723
75,756
260
277
276
Total cash costs
- R
/ - $
- ton milled
521
565
492
47
61
53
- R/kg
/ - $/oz
- produced
54,842
66,335
63,542
170
246
236
Total production costs - R/kg
/ - $/oz
- produced
62,481
74,994
80,046
194
279
299
PRODUCTIVITY
per employee
- g
/ - oz
- target
138
138
142
4.44
4.43
4.56
- actual
171
150
142
5.51
4.83
4.56
per employee
- m2
/ - ft2
- target
3.01
3.02
3.39
32.45
32.55
36.46
- actual
3.36
3.33
3.40
36.19
35.86
36.63
FINANCIAL RESULTS (MILLION)
Gold income
117.3
100.5
443.2
11.4
12.0
51.9
Cost of sales
100.2
100.2
480.9
9.7
12.1
57.2
Cash operating costs
73.8
87.0
366.8
7.3
10.4
43.8
Other cash costs
1.1
1.1
4.3
0.1
0.1
0.5
Total cash costs
74.9
88.1
371.2
7.4
10.5
44.3
Retrenchment costs
4.8
3.8
76.2
0.5
0.5
9.5
Rehabilitation and other non-cash costs
2.3
3.0
5.4
0.2
0.4
0.6
Production costs
82.0
94.9
452.8
8.1
11.4
54.4
Amortisation of mining assets
3.4
4.7
14.8
0.3
0.6
1.7
Inventory change
14.8
0.6
13.3
1.3
0.1
1.1
Operating profit
17.1
0.3
(37.7)
1.7
(0.1)
(5.3)
Capital expenditure
-
-
-
-
-
-
40
SOUTH AFRICAN REGION
FREE STATE
Quarter
Quarter
Year
Quarter
Quarter
Year
ended
ended
ended
ended
ended
ended
December
September
December
December
September
December
2001
2001
2001
2001
2001
2001
JOEL MINE
Rand / Metric
Dollar / Imperial
OPERATING RESULTS GOLD
Area mined - 000
- m2
/ - ft2
40
49
210
431
532
2,255
Milled - 000
- tonnes / - tons - reef
227
296
1,089
250
326
1,200
- waste
23
-
23
26
-
26
- surface and dump reclamation
-
-
-
-
-
-
- total
250
296
1,112
276
326
1,226
Yield
- g/t
/ - oz/t
- reef
4.03
3.07
3.64
0.118
0.090
0.106
- waste
-
-
-
-
-
-
- surface and dump reclamation
-
-
-
-
-
-
- average
3.66
3.07
3.56
0.107
0.090
0.104
Gold produced
- kg
/ - oz 000
- reef
915
910
3,959
29
29
127
- waste
-
-
-
-
-
-
- surface and dump reclamation
-
-
-
-
-
-
- total
915
910
3,959
29
29
127
Gold sold
- kg
/ - oz 000 - total
1,020
831
4,056
33
27
131
Revenue
- R/kg
/ - $/oz
- sold
101,957
99,117
96,724
315
368
354
Total cash costs
- R
/ - $
- ton milled
327
286
333
29
31
36
- R/kg
/ - $/oz
- produced
89,352
92,976
93,463
275
345
345
Total production costs - R/kg
/ - $/oz
- produced
106,807
110,614
114,912
329
411
425
PRODUCTIVITY
per employee
- g
/ - oz
- target
165
157
158
5.31
5.05
5.08
- actual
124
109
104
3.99
3.50
3.35
per employee
- m2
/ - ft2
- target
6.78
6.71
6.60
72.95
72.26
71.01
- actual
5.42
5.92
5.51
58.32
63.75
59.34
FINANCIAL RESULTS (MILLION)
Gold income
104.0
82.4
392.3
10.3
9.8
46.1
Cost of sales
104.5
93.3
454.3
10.5
11.1
53.9
Cash operating costs
81.0
83.8
366.9
8.0
10.0
43.5
Other cash costs
0.8
0.8
3.2
0.1
0.1
0.4
Total cash costs
81.8
84.6
370.1
8.1
10.1
43.9
Retrenchment costs
1.2
1.5
21.4
0.1
0.2
2.6
Rehabilitation and other non-cash costs
0.1
0.1
0.2
-
-
-
Production costs
83.1
86.2
391.7
8.2
10.3
46.5
Amortisation of mining assets
14.7
14.5
63.3
1.5
1.7
7.5
Inventory change
6.7
(7.4)
(0.7)
0.8
(0.9)
(0.1)
Operating profit
(0.5)
(10.9)
(62.0)
(0.2)
(1.3)
(7.8)
Capital expenditure
8.2
9.1
37.4
0.9
1.1
4.5
41
SOUTH AFRICAN REGION
FREE STATE
Quarter
Quarter
Year
Quarter
Quarter
Year
ended
ended
ended
ended
ended
ended
December
September
December
December
September
December
2001
2001
2001
2001
2001
2001
SURFACE OPERATIONS
Rand / Metric
Dollar / Imperial
OPERATING RESULTS GOLD
Area mined - 000
- m2
/ - ft2
-
-
-
-
-
-
Milled - 000
- tonnes / - tons - reclamation from rehabilitation
134
141
625
147
156
689
- waste
-
-
-
-
-
-
- surface and dump reclamation
781
785
3,048
861
865
3,360
- total
914
926
3,673
1,008
1,021
4,049
Yield
- g/t
/ - oz/t
- reclamation from rehabilitation
0.83
1.08
1.16
0.024
0.031
0.034
- waste
-
-
-
-
-
-
- surface and dump reclamation
0.61
0.60
0.67
0.018
0.017
0.020
- average
0.64
0.67
0.75
0.019
0.020
0.022
Gold produced
- kg
/ - oz 000
- reclamation from rehabilitation
110
152
723
4
6
23
- waste
-
-
-
-
-
-
- surface and dump reclamation
472
470
2,041
15
15
66
- total
582
622
2,765
19
21
89
Gold sold
- kg
/ - oz 000 - total
583
631
2,765
19
20
89
Revenue
- R/kg
/ - $/oz
- sold
86,383
74,793
75,766
261
277
276
Total cash costs *
- R
/ - $
- ton milled
32
31
31
3
3
3
- R/kg
/ - $/oz
- produced
53,467
52,022
45,938
165
193
167
Total production costs - R/kg
/ - $/oz
- produced
53,467
52,568
46,163
165
195
168
PRODUCTIVITY
per employee
- g
/ - oz
- target
303
309
336
9.74
9.95
10.81
- actual
310
407
471
9.95
13.09
15.16
per employee
- m2
/ - ft2
- target
-
-
-
-
-
-
- actual
-
-
-
-
-
-
FINANCIAL RESULTS (MILLION)
Gold income
50.3
47.1
208.5
4.9
5.6
24.5
Cost of sales
29.3
25.1
103.2
2.8
2.9
12.1
Cash operating costs
25.3
24.4
93.7
2.5
2.9
11.0
Other cash costs
-
-
0.1
-
-
-
Total cash costs
25.3
24.4
93.8
2.5
2.9
11.0
Retrenchment costs
-
0.3
0.5
-
-
0.1
Rehabilitation and other non-cash costs
-
-
-
-
-
-
Production costs
25.3
24.7
94.3
2.5
2.9
11.1
Amortisation of mining assets
-
-
-
-
-
-
Inventory change
4.0
0.4
8.9
0.3
-
1.0
Operating profit
21.0
22.0
105.3
2.1
2.7
12.4
Capital expenditure
(0.5)
-
(0.5)
-
-
-
* Excludes reclamation from rehabilitation
42
SOUTH AFRICAN REGION
WEST WITS
Quarter
Quarter
Year
Quarter
Quarter
Year
ended
ended
ended
ended
ended
ended
December
September
December
December
September
December
2001
2001
2001
2001
2001
2001
TAUTONA MINE
Rand / Metric
Dollar / Imperial
OPERATING RESULTS GOLD
Area mined - 000
- m2
/ - ft2
77
77
292
824
832
3,139
Milled - 000
- tonnes / - tons - reef
426
408
1,621
469
450
1,787
- waste
-
-
-
-
-
-
- surface and dump reclamation
-
-
-
-
-
-
- total
426
408
1,621
469
450
1,787
Yield
- g/t
/ - oz/t
- reef
11.23
12.30
11.94
0.328
0.359
0.348
- waste
-
-
-
-
-
-
- surface and dump reclamation
-
-
-
-
-
-
- average
11.23
12.30
11.94
0.328
0.359
0.348
Gold produced
- kg
/ - oz 000
- reef
4,781
5,021
19,355
154
161
622
- waste
-
-
-
-
-
-
- surface and dump reclamation
-
-
-
-
-
-
- total
4,781
5,021
19,355
154
161
622
Gold sold
- kg
/ - oz 000 - total
4,778
5,021
19,360
154
162
623
Revenue
- R/kg
/ - $/oz
- sold
86,609
74,743
76,224
261
277
275
Total cash costs
- R
/ - $
- ton milled
493
511
505
44
55
54
- R/kg
/ - $/oz
- produced
43,917
41,583
42,347
135
154
154
Total production costs - R/kg
/ - $/oz
- produced
47,569
44,836
45,482
146
166
166
PRODUCTIVITY
per employee
- g
/ - oz
- target
279
279
272
8.97
8.98
8.73
- actual
271
279
265
8.70
8.98
8.51
per employee
- m2
/ - ft2
- target
4.43
4.30
4.22
47.66
46.27
45.37
- actual
4.33
4.30
3.99
46.63
46.30
42.92
FINANCIAL RESULTS (MILLION)
Gold income
413.8
375.3
1,475.7
40.1
44.7
171.3
Cost of sales
228.1
225.0
883.2
22.3
26.8
103.5
Cash operating costs
208.7
207.5
814.4
20.6
24.7
95.5
Other cash costs
1.2
1.2
5.2
0.1
0.1
0.6
Total cash costs
209.9
208.7
819.6
20.7
24.8
96.1
Retrenchment costs
2.5
2.1
8.7
0.2
0.3
1.0
Rehabilitation and other non-cash costs
0.5
1.0
1.6
-
0.1
0.2
Production costs
212.9
211.8
829.9
20.9
25.2
97.3
Amortisation of mining assets
14.5
13.2
50.3
1.4
1.6
5.9
Inventory change
0.7
-
3.0
-
-
0.3
Operating profit
185.7
150.3
592.5
17.8
17.9
67.8
Capital expenditure
21.9
16.8
63.7
2.1
2.0
7.2
43
SOUTH AFRICAN REGION
WEST WITS
Quarter
Quarter
Year
Quarter
Quarter
Year
ended
ended
ended
ended
ended
ended
December
September
December
December
September
December
2001
2001
2001
2001
2001
2001
SAVUKA MINE
Rand / Metric
Dollar / Imperial
OPERATING RESULTS GOLD
Area mined - 000
- m2
/ - ft2
47
53
196
504
571
2,113
Milled - 000
- tonnes / - tons - reef
242
233
938
267
257
1,034
- waste
-
-
-
-
-
-
- surface and dump reclamation
-
-
-
-
-
-
- total
242
233
938
267
257
1,034
Yield
- g/t
/ - oz/t
- reef
7.57
7.98
7.97
0.221
0.233
0.232
- waste
-
-
-
-
-
-
- surface and dump reclamation
-
-
-
-
-
-
- average
7.57
7.98
7.97
0.221
0.233
0.232
Gold produced
- kg
/ - oz 000
- reef
1,835
1,860
7,476
59
60
240
- waste
-
-
-
-
-
-
- surface and dump reclamation
-
-
-
-
-
-
- total
1,835
1,860
7,476
59
60
240
Gold sold
- kg
/ - oz 000 - total
1,834
1,860
7,478
59
60
241
Revenue
- R/kg
/ - $/oz
- sold
86,271
74,891
76,104
261
277
275
Total cash costs
- R
/ - $
- ton milled
555
551
544
50
60
58
- R/kg
/ - $/oz
- produced
73,341
69,087
68,209
225
256
248
Total production costs - R/kg
/ - $/oz
- produced
75,105
70,795
71,727
230
263
262
PRODUCTIVITY
per employee
- g
/ - oz
- target
164
168
166
5.28
5.40
5.34
- actual
140
144
144
4.50
4.63
4.64
per employee
- m2
/ - ft2
- target
4.54
4.52
4.50
48.92
48.65
48.41
- actual
3.58
4.11
3.79
38.48
44.23
40.83
FINANCIAL RESULTS (MILLION)
Gold income
158.3
139.3
569.1
15.4
16.6
66.2
Cost of sales
142.8
131.7
539.3
14.0
15.7
63.1
Cash operating costs
133.7
127.6
506.3
13.2
15.2
59.3
Other cash costs
0.9
0.9
3.6
0.1
0.1
0.4
Total cash costs
134.6
128.5
509.9
13.3
15.3
59.7
Retrenchment costs
1.8
1.4
7.3
0.2
0.2
0.9
Rehabilitation and other non-cash costs
0.3
0.6
0.9
-
0.1
0.1
Production costs
136.7
130.5
518.1
13.5
15.6
60.7
Amortisation of mining assets
1.2
1.2
18.1
0.1
0.1
2.3
Inventory change
4.9
-
3.1
0.4
-
0.1
Operating profit
15.5
7.6
29.8
1.4
0.9
3.1
Capital expenditure
4.1
-
4.1
0.4
-
0.4
44
SOUTH AFRICAN REGION
WEST WITS
Quarter
Quarter
Year
Quarter
Quarter
Year
ended
ended
ended
ended
ended
ended
December
September
December
December
September
December
2001
2001
2001
2001
2001
2001
MPONENG MINE
Rand / Metric
Dollar / Imperial
OPERATING RESULTS GOLD
Area mined - 000
- m2
/ - ft2
68
67
254
733
725
2,734
Milled - 000
- tonnes / - tons - reef
384
376
1,476
423
415
1,627
- waste
-
-
-
-
-
-
- surface and dump reclamation
-
-
-
-
-
-
- total
384
376
1,476
423
415
1,627
Yield
- g/t
/ - oz/t
- reef
8.43
8.35
7.71
0.246
0.244
0.225
- waste
-
-
-
-
-
-
- surface and dump reclamation
-
-
-
-
-
-
- average
8.43
8.35
7.71
0.246
0.244
0.225
Gold produced
- kg
/ - oz 000
- reef
3,236
3,144
11,386
104
101
366
- waste
-
-
-
-
-
-
- surface and dump reclamation
-
-
-
-
-
-
- total
3,236
3,144
11,386
104
101
366
Gold sold
- kg
/ - oz 000 - total
3,234
3,144
11,388
104
101
366
Revenue
- R/kg
/ - $/oz
- sold
86,396
74,847
76,732
261
277
274
Total cash costs
- R
/ - $
- ton milled
475
476
472
42
52
50
- R/kg
/ - $/oz
- produced
56,391
57,009
61,221
173
211
223
Total production costs - R/kg
/ - $/oz
- produced
72,043
71,345
75,669
221
265
275
PRODUCTIVITY
per employee
- g
/ - oz
- target
183
192
186
5.87
6.17
5.99
- actual
197
194
173
6.34
6.23
5.57
per employee
- m2
/ - ft2
- target
4.53
4.52
4.50
48.72
48.64
48.45
- actual
4.15
4.15
3.86
44.68
44.68
41.59
FINANCIAL RESULTS (MILLION)
Gold income
279.4
235.3
873.8
27.1
28.0
100.4
Cost of sales
227.9
224.3
859.9
22.5
26.6
100.6
Cash operating costs
181.3
178.0
692.0
17.9
21.2
81.0
Other cash costs
1.2
1.2
5.1
0.1
0.1
0.6
Total cash costs
182.5
179.2
697.1
18.0
21.3
81.6
Retrenchment costs
1.9
1.9
8.2
0.2
0.2
1.0
Rehabilitation and other non-cash costs
0.5
0.9
1.5
-
0.1
0.2
Production costs
184.9
182.0
706.8
18.2
21.6
82.8
Amortisation of mining assets
48.3
42.3
154.8
4.8
5.0
17.9
Inventory change
(5.3)
-
(1.7)
(0.5)
-
(0.1)
Operating profit
51.5
11.0
13.9
4.6
1.4
(0.2)
Capital expenditure
100.3
51.6
261.1
9.5
6.2
29.4
45
SOUTH AFRICAN REGION
WEST WITS
Quarter
Quarter
Year
Quarter
Quarter
Year
ended
ended
ended
ended
ended
ended
December
September
December
December
September
December
2001
2001
2001
2001
2001
2001
ELANDSRAND MINE
Rand / Metric
Dollar / Imperial
OPERATING RESULTS GOLD
Area mined - 000
- m2
/ - ft2
-
-
28
-
-
301
Milled - 000
- tonnes / - tons - reef
-
-
99
-
-
109
- waste
-
-
2
-
-
2
- surface and dump reclamation
-
-
-
-
-
-
- total
-
-
101
-
-
111
Yield
- g/t
/ - oz/t
- reef
-
-
6.24
-
-
0.182
- waste
-
-
1.00
-
-
0.029
- surface and dump reclamation
-
-
-
-
-
-
- average
-
-
6.13
-
-
0.179
Gold produced
- kg
/ - oz 000
- reef
-
-
618
-
-
20
- waste
-
-
2
-
-
-
- surface and dump reclamation
-
-
-
-
-
-
- total
-
-
620
-
-
20
Gold sold
- kg
/ - oz 000 - total
-
-
623
-
-
20
Revenue
- R/kg
/ - $/oz
- sold
-
-
67,726
-
-
271
Total cash costs
- R
/ - $
- ton milled
-
-
554
-
-
65
- R/kg
/ - $/oz
- produced
-
-
90,300
-
-
362
Total production costs - R/kg
/ - $/oz
- produced
-
-
90,373
-
-
363
PRODUCTIVITY
per employee
- g
/ - oz
- target
-
-
134
-
-
4.31
- actual
-
-
104
-
-
3.34
per employee
- m2
/ - ft2
- target
-
-
5.25
-
-
56.53
- actual
-
-
4.69
-
-
50.48
FINANCIAL RESULTS (MILLION)
Gold income
-
-
42.2
-
-
5.4
Cost of sales
-
-
56.2
-
-
7.2
Cash operating costs
-
-
55.5
-
-
7.2
Other cash costs
-
-
0.4
-
-
0.1
Total cash costs
-
-
55.9
-
-
7.2
Retrenchment costs
-
-
-
-
-
-
Rehabilitation and other non-cash costs
-
-
-
-
-
-
Production costs
-
-
55.9
-
-
7.2
Amortisation of mining assets
-
-
-
-
-
-
Inventory change
-
-
0.3
-
-
-
Operating profit
-
-
(14.0)
-
-
(1.8)
Capital expenditure
-
-
12.0
-
-
1.5
46
SOUTH AFRICAN REGION
WEST WITS
Quarter
Quarter
Year
Quarter
Quarter
Year
ended
ended
ended
ended
ended
ended
December
September
December
December
September
December
2001
2001
2001
2001
2001
2001
DEELKRAAL MINE
Rand / Metric
Dollar / Imperial
OPERATING RESULTS GOLD
Area mined - 000
- m2
/ - ft2
-
-
9
-
-
93
Milled - 000
- tonnes / - tons - reef
-
-
55
-
-
61
- waste
-
-
-
-
-
-
- surface and dump reclamation
-
-
-
-
-
-
- total
-
-
55
-
-
61
Yield
- g/t
/ - oz/t
- reef
-
-
7.55
-
-
0.220
- waste
-
-
-
-
-
-
- surface and dump reclamation
-
-
-
-
-
-
- average
-
-
7.55
-
-
0.220
Gold produced
- kg
/ - oz 000
- reef
-
-
417
-
-
13
- waste
-
-
-
-
-
-
- surface and dump reclamation
-
-
-
-
-
-
- total
-
-
417
-
-
13
Gold sold
- kg
/ - oz 000 - total
-
-
419
-
-
13
Revenue
- R/kg
/ - $/oz
- sold
-
-
67,726
-
-
271
Total cash costs
- R
/ - $
- ton milled
-
-
625
-
-
73
- R/kg
/ - $/oz
- produced
-
-
82,790
-
-
331
Total production costs - R/kg
/ - $/oz
- produced
-
-
83,180
-
-
333
PRODUCTIVITY
per employee
- g
/ - oz
- target
-
-
140
-
-
4.50
- actual
-
-
123
-
-
3.97
per employee
- m2
/ - ft2
- target
-
-
3.37
-
-
36.28
- actual
-
-
2.55
-
-
27.45
FINANCIAL RESULTS (MILLION)
Gold income
-
-
28.4
-
-
3.6
Cost of sales
-
-
34.8
-
-
4.4
Cash operating costs
-
-
34.3
-
-
4.4
Other cash costs
-
-
0.2
-
-
-
Total cash costs
-
-
34.5
-
-
4.4
Retrenchment costs
-
-
0.2
-
-
-
Rehabilitation and other non-cash costs
-
-
-
-
-
-
Production costs
-
-
34.7
-
-
4.4
Amortisation of mining assets
-
-
-
-
-
-
Inventory change
-
-
0.1
-
-
-
Operating profit
-
-
(6.4)
-
-
(0.8)
Capital expenditure
-
-
-
-
-
-
47
SOUTH AFRICAN REGION
WEST WITS
Quarter
Quarter
Year
Quarter
Quarter
Year
ended
ended
ended
ended
ended
ended
December
September
December
December
September
December
2001
2001
2001
2001
2001
2001
SURFACE OPERATIONS
Rand / Metric
Dollar / Imperial
OPERATING RESULTS GOLD
Area mined - 000
- m2
/ - ft2
-
-
-
-
-
-
Milled - 000
- tonnes / - tons - reclamation from rehabilitation
-
13
16
-
14
18
- waste
-
-
-
-
-
-
- surface and dump reclamation
-
-
42
-
-
46
- total
-
13
58
-
14
64
Yield
- g/t
/ - oz/t
- reclamation from rehabilitation
-
0.76
1.78
-
0.022
0.052
- waste
-
-
-
-
-
-
- surface and dump reclamation
-
-
0.60
-
-
0.018
- average
-
0.76
0.94
-
0.022
0.027
Gold produced
- kg
/ - oz 000
- reclamation from rehabilitation
0
10
29
0
0
1
- waste
-
-
-
-
-
-
- surface and dump reclamation
-
-
25
-
-
1
- total
0
10
54
0
0
2
Gold sold
- kg
/ - oz 000 - total
0
10
54
0
1
2
Revenue
- R/kg
/ - $/oz
- sold
-
-
67,726
-
-
271
Total cash costs*
- R
/ - $
- ton milled
-
-
4
-
-
-
- R/kg
/ - $/oz
- produced
-
-
2,817
-
-
13
Total production costs - R/kg
/ - $/oz
- produced
-
-
2,817
-
-
13
PRODUCTIVITY
per employee
- g
/ - oz
- target
-
-
-
-
-
-
- actual
-
-
-
-
-
-
per employee
- m2
/ - ft2
- target
-
-
-
-
-
-
- actual
-
-
-
-
-
-
FINANCIAL RESULTS (MILLION)
Gold income
-
0.8
3.8
-
0.1
0.5
Cost of sales
-
-
0.2
-
-
-
Cash operating costs
-
-
0.2
-
-
-
Other cash costs
-
-
-
-
-
-
Total cash costs
-
-
0.2
-
-
-
Retrenchment costs
-
-
-
-
-
-
Rehabilitation and other non-cash costs
-
-
-
-
-
-
Production costs
-
-
0.2
-
-
-
Amortisation of mining assets
-
-
-
-
-
-
Inventory change
-
-
-
-
-
-
Operating profit
-
0.8
3.6
-
0.1
0.5
Capital expenditure
-
-
-
-
-
-
* Excludes reclamation from rehabilitation
48
AFRICAN REGION
Quarter
Quarter
Year
Quarter
Quarter
Year
ended
ended
ended
ended
ended
ended
December
September
December
December
September
December
2001
2001
2001
2001
2001
2001
NAVACHAB
Rand / Metric
Dollar / Imperial
OPERATING RESULTS GOLD
Mined - 000
- tonnes / - tons
1,292
1,383
4,992
1,424
1,524
5,503
Volume mined - 000
- bcm
/ - bcy
403
425
1,539
527
556
2,012
Stripping ratio
- t (mined - treated) / t treated
2.60
3.25
2.78
2.60
3.25
2.78
Treated - 000
- tonnes / - tons
358
326
1,320
395
359
1,455
Yield
- g/t
/ - oz/t
2.02
1.95
2.04
0.059
0.057
0.060
Gold produced
- kg
/ - oz 000
723
636
2,694
23
20
87
Gold sold
- kg
/ - oz 000
723
636
2,694
23
20
87
Revenue
- R/kg
/ - $/oz
- sold
92,632
75,846
77,038
285
281
277
Total cash costs
- R/kg
/ - $/oz
- produced
46,068
48,868
45,101
142
181
164
Total production costs - R/kg
/ - $/oz
- produced
50,139
52,652
48,670
155
195
177
PRODUCTIVITY
per employee
- g
/ - oz
- target
575
600
592
18.50
19.28
19.04
- actual
688
621
648
22.11
19.95
20.83
FINANCIAL RESULTS (MILLION)
Gold income
67.0
48.3
207.6
6.6
5.8
24.0
Cost of sales
36.7
33.4
131.2
3.6
4.0
15.3
Cash operating costs
33.0
30.9
120.5
3.3
3.7
14.1
Other cash costs
0.3
0.2
1.1
-
-
0.1
Total cash costs
33.3
31.1
121.6
3.3
3.7
14.2
Rehabilitation and other non-cash costs
0.2
0.2
0.4
-
-
-
Production costs
33.5
31.3
122.0
3.3
3.7
14.2
Amortisation of mining assets
2.7
2.2
9.2
0.3
0.3
1.1
Inventory change
0.5
(0.1)
-
-
-
-
Operating profit
30.3
14.9
76.4
3.0
1.8
8.7
Capital expenditure
3.9
0.2
5.4
0.3
-
0.5
49
AFRICAN REGION
Quarter
Quarter
Year
Quarter
Quarter
Year
ended
ended
ended
ended
ended
ended
December
September
December
December
September
December
2001
2001
2001
2001
2001
2001
SADIOLA - Attributable 38%
Rand / Metric
Dollar / Imperial
OPERATING RESULTS GOLD
Mined - 000
- tonnes / - tons
1,725
1,292
6,339
1,902
1,424
6,987
Volume mined - 000
- bcm
/ - bcy
922
713
3,504
1,207
933
4,583
Stripping ratio
- t (mined - treated) / t treated
2.46
1.50
2.13
2.46
1.50
2.13
Treated - 000
- tonnes / - tons
499
518
2,025
550
571
2,232
Yield
- g/t
/ - oz/t
3.45
2.81
3.13
0.101
0.082
0.091
Gold produced
- kg
/ - oz 000
1,724
1,455
6,336
55
47
204
Gold sold
- kg
/ - oz 000
1,744
1,510
6,249
56
48
201
Revenue
- R/kg
/ - $/oz
- sold
103,309
80,391
84,679
317
298
303
Total cash costs
- R/kg
/ - $/oz
- produced
42,920
37,009
36,356
131
137
131
Total production costs - R/kg
/ - $/oz
- produced
63,430
55,702
54,393
193
206
196
PRODUCTIVITY
per employee
- g
/ - oz
- target
2 756
2 069
2 306
88.60
66.51
74.15
- actual
2 576
2 203
2 391
82.83
70.82
76.88
FINANCIAL RESULTS (MILLION)
Gold income
180.2
121.3
529.2
17.8
14.5
61.0
Cost of sales
109.8
83.9
340.8
10.8
10.0
39.4
Cash operating costs
62.1
45.4
194.1
6.1
5.4
22.5
Other cash costs
11.8
8.5
36.2
1.2
1.0
4.2
Total cash costs
73.9
53.9
230.3
7.3
6.4
26.7
Rehabilitation and other non-cash costs
2.3
0.4
4.1
0.2
-
0.4
Production costs
76.2
54.3
234.4
7.5
6.4
27.1
Amortisation of mining assets
33.0
26.8
110.2
3.2
3.2
12.8
Inventory change
0.6
2.8
(3.8)
0.1
0.4
(0.5)
Operating profit
70.4
37.4
188.4
7.0
4.5
21.6
Capital expenditure
29.5
9.5
54.9
2.9
1.1
6.0
50
AFRICAN REGION
Quarter
Quarter
Year
Quarter
Quarter
Year
ended
ended
ended
ended
ended
ended
December
September
December
December
September
December
2001
2001
2001
2001
2001
2001
MORILA - Attributable 40%
Rand / Metric
Dollar / Imperial
OPERATING RESULTS GOLD
Mined - 000
- tonnes / - tons
3,071
2,109
9,227
3,385
2,325
10,171
Volume mined - 000
- bcm
/ - bcy
1,428
976
4,383
1,868
1,277
5,733
Stripping ratio
- t (mined - treated) / t treated
8.90
6.00
7.08
8.90
6.00
7.08
Treated - 000
- tonnes / - tons
310
301
1,142
342
332
1,259
Yield
- g/t
/ - oz/t
5.79
6.74
6.87
0.169
0.197
0.200
Gold produced
- kg
/ - oz 000
1,796
2,031
7,848
58
65
252
Gold sold
- kg
/ - oz 000
1,796
2,031
7,848
58
65
252
Revenue
- R/kg
/ - $/oz
- sold
91,532
75,163
75,596
277
278
273
Total cash costs
- R/kg
/ - $/oz
- produced
38,573
28,236
28,533
117
104
103
Total production costs - R/kg
/ - $/oz
- produced
63,085
48,304
49,201
192
179
177
PRODUCTIVITY
per employee
- g
/ - oz
- target
3 833
4 397
4 266
123.24
141.38
137.16
- actual
2 786
3 125
3 586
89.56
100.48
115.30
FINANCIAL RESULTS (MILLION)
Gold income
164.5
152.7
593.3
16.0
18.2
69.0
Cost of sales
110.6
99.3
383.7
10.7
11.8
44.6
Cash operating costs
58.0
46.8
183.1
5.7
5.6
21.1
Other cash costs
11.4
10.5
40.9
1.1
1.3
4.8
Total cash costs
69.4
57.3
224.0
6.8
6.9
25.9
Rehabilitation and other non-cash costs
0.5
0.4
1.7
-
-
0.2
Production costs
69.9
57.7
225.7
6.8
6.9
26.1
Amortisation of mining assets
43.6
40.4
160.6
4.2
4.8
18.7
Inventory change
(2.9)
1.2
(2.6)
(0.3)
0.1
(0.2)
Operating profit
53.9
53.4
209.6
5.3
6.4
24.4
Capital expenditure
28.7
22.5
99.9
2.6
2.8
11.4
51
AFRICAN REGION
Quarter
Quarter
Year
Quarter
Quarter
Year
ended
ended
ended
ended
ended
ended
December
September
December
December
September
December
2001
2001
2001
2001
2001
2001
GEITA - Attributable 50%
Rand / Metric
Dollar / Imperial
OPERATING RESULTS GOLD
Mined - 000
- tonnes / - tons
4,296
4,242
15,860
4,736
4,676
17,482
Volume mined - 000
- bcm
/ - bcy
1,665
1,644
6,162
2,177
2,150
8,061
Stripping ratio
- t (mined - treated) / t treated
6.20
6.95
5.92
6.20
6.95
5.92
Treated - 000
- tonnes / - tons
596
534
2,291
657
588
2,525
Yield
- g/t
/ - oz/t
3.60
4.17
3.70
0.105
0.122
0.108
Gold produced
- kg
/ - oz 000
2,148
2,225
8,485
69
72
273
Gold sold
- kg
/ - oz 000
2,148
2,225
8,485
69
72
273
Revenue
- R/kg
/ - $/oz
- sold
97,915
77,675
81,200
294
287
291
Total cash costs
- R/kg
/ - $/oz
- produced
53,944
40,461
41,123
163
150
147
Total production costs - R/kg
/ - $/oz
- produced
60,099
56,429
53,428
186
209
194
PRODUCTIVITY
per employee
- g
/ - oz
- target
2 395
1 986
1 989
77.00
63.85
63.94
- actual
1 889
1 800
1 916
60.72
57.87
61.59
FINANCIAL RESULTS (MILLION)
Gold income
210.3
172.9
688.9
20.3
20.6
79.4
Cost of sales
127.8
126.2
464.8
12.7
15.0
54.4
Cash operating costs
107.3
83.3
322.5
10.5
9.9
37.0
Other cash costs
8.5
6.8
26.5
0.8
0.8
3.0
Total cash costs
115.8
90.1
349.0
11.3
10.7
40.0
Rehabilitation and other non-cash costs
1.5
3.6
5.0
0.1
0.4
0.6
Production costs
117.3
93.7
354.0
11.4
11.1
40.6
Amortisation of mining assets
11.7
32.0
99.4
1.4
3.8
12.3
Inventory change
(1.2)
0.5
11.4
(0.1)
0.1
1.5
Operating profit
82.5
46.7
224.1
7.6
5.6
25.0
Capital expenditure
(10.9)
35.8
62.3
(1.1)
4.3
7.9
52
AFRICAN REGION
Quarter
Quarter
Year
Quarter
Quarter
Year
ended
ended
ended
ended
ended
ended
December
September
December
December
September
December
2001
2001
2001
2001
2001
2001
YATELA - Attributable 40%
Rand / Metric
Dollar / Imperial
OPERATING RESULTS GOLD
Mined - 000
- tonnes / - tons
1,558
1,352
2,911
1,718
1,491
3,209
Volume mined - 000
- bcm
/ - bcy
741
666
1,407
969
872
1,841
Stripping ratio
- t (mined - treated) / t treated
4.92
4.97
4.95
4.92
4.97
4.95
Treated - 000
- tonnes / - tons
263
226
490
290
250
540
Yield
- g/t
/ - oz/t
3.28
3.38
3.33
0.096
0.099
0.097
Gold produced
- kg
/ - oz 000
863
766
1,629
28
25
52
Gold sold
- kg
/ - oz 000
892
958
1,850
29
31
59
Revenue
- R/kg
/ - $/oz
- sold
91,564
73,511
82,216
278
274
276
Total cash costs
- R/kg
/ - $/oz
- produced
50,163
39,359
45,083
151
146
149
Total production costs - R/kg
/ - $/oz
- produced
72,468
53,102
63,362
216
197
207
PRODUCTIVITY
per employee
- g
/ - oz
- target
2 709
1 819
1 992
87.10
58.49
64.05
- actual
1 905
1 698
1 802
61.26
54.61
57.94
FINANCIAL RESULTS (MILLION)
Gold income
81.7
70.4
152.1
8.0
8.4
16.4
Cost of sales
63.5
47.6
111.1
6.2
5.6
11.8
Cash operating costs
37.3
25.2
62.5
3.6
3.0
6.6
Other cash costs
6.0
5.0
10.9
0.6
0.6
1.2
Total cash costs
43.3
30.2
73.4
4.2
3.6
7.8
Rehabilitation and other non-cash costs
2.9
0.2
3.2
0.3
-
0.3
Production costs
46.2
30.4
76.6
4.5
3.6
8.1
Amortisation of mining assets
16.3
10.3
26.6
1.6
1.2
2.8
Inventory change
1.0
6.9
7.9
0.1
0.8
0.9
Operating profit
18.2
22.8
41.0
1.8
2.8
4.6
Capital expenditure
13.4
1.0
64.7
0.8
0.1
7.3
53
NORTH AMERICAN REGION
Quarter
Quarter
Year
Quarter
Quarter
Year
ended
ended
ended
ended
ended
ended
December
September
December
December
September
December
2001
2001
2001
2001
2001
2001
CRIPPLE CREEK & VICTOR J.V.
Rand / Metric
Dollar / Imperial
OPERATING RESULTS GOLD Underground Operations
Mined - 000
- tonnes / - tons
-
-
-
-
-
-
Treated - 000
- tonnes / - tons
-
-
-
-
-
-
Gold in ore
- kg
/ - oz 000
-
-
-
-
-
-
Yield
- g/t
/ - oz/t
-
-
-
-
-
-
Gold produced
- kg
/ - oz 000
-
-
-
-
-
-
Open-pit Operations
Mined - 000
- tonnes / - tons
8,963
7,990
31,212
9,880
8,807
34,405
Stripping ratio
- t (mined - treated) / t treated
2.69
2.04
1.77
2.69
2.04
1.77
Treated - 000
- tonnes / - tons
2,429
2,630
11,259
2,678
2,899
12,411
Gold in ore
- kg
/ - oz 000
2,937
3,232
12,909
94
104
415
Yield
- g/t
/ - oz/t
0.58
0.72
0.59
0.017
0.021
0.017
Gold produced
- kg
/ - oz 000
1,401
1,899
6,656
45
61
214
Total
Yield
- g/t
/ - oz/t
0.58
0.72
0.59
0.017
0.021
0.017
Gold produced
- kg
/ - oz 000
1,401
1,899
6,656
45
61
214
Gold sold
- kg
/ - oz 000
1,401
1,899
6,656
45
61
214
Revenue
- R/kg
/ - $/oz
- sold
115,374
85,872
90,048
348
318
326
Total cash costs
- R/kg
/ - $/oz
- produced
69,780
52,099
51,837
212
193
187
Total production costs - R/kg
/ - $/oz
- produced
102,678
76,005
76,845
312
281
277
PRODUCTIVITY
per employee
- g
/ - oz
- target
2,393
2,412
2,261
76.95
77.56
72.69
- actual
1,666
2,255
1,997
53.57
72.51
64.21
FINANCIAL RESULTS (MILLION)
Gold income
161.7
163.1
599.4
15.7
19.4
69.7
Cost of sales
143.8
144.4
511.5
14.0
17.1
59.3
Cash operating costs
139.4
112.1
452.8
13.6
13.3
52.3
Other cash costs
-
-
-
-
-
-
Total cash costs
139.4
112.1
452.8
13.6
13.3
52.3
Rehabilitation and other non-cash costs
(10.9)
(0.7)
(22.8)
(1.0)
(0.1)
(2.6)
Production costs
128.5
111.4
430.0
12.6
13.2
49.7
Amortisation of mining assets
57.0
46.1
189.3
5.5
5.5
21.9
Inventory change
(41.7)
(13.1)
(107.8)
(4.1)
(1.6)
(12.3)
Operating profit
17.9
18.7
87.9
1.7
2.3
10.4
Capital expenditure
339.0
166.4
745.5
32.3
19.8
82.2
Note: The gold produced from underground and open-pit operations is allocated on gold in ore. * Total cash cost calculation includes inventory
54
NORTH AMERICAN REGION
Quarter
Quarter
Year
Quarter
Quarter
Year
ended
ended
ended
ended
ended
ended
December
September
December
December
September
December
2001
2001
2001
2001
2001
2001
JERRITT CANYON J.V. - Attributable 70%
Rand / Metric
Dollar / Imperial
OPERATING RESULTS GOLD Underground Operations
Mined - 000
- tonnes / - tons
257
311
1,185
283
343
1,306
Treated - 000
- tonnes / - tons
215
255
933
237
281
1,028
Gold in ore
- kg
/ - oz 000
2,490
1,738
7,414
80
56
238
Yield
- g/t
/ - oz/t
8.86
8.99
9.41
0.259
0.262
0.274
Gold produced
- kg
/ - oz 000
1,906
2,289
8,780
61
74
282
Open-pit Operations
Mined
- tonnes / - tons
- 000
-
-
-
-
-
-
Stripping ratio
- t (mined - treated) / t treated
-
-
-
-
-
-
Treated
- tonnes / - tons
- 000
-
-
-
-
-
-
Gold in ore
- kg
/ - oz 000
-
-
-
-
-
-
Yield
- g/t
/ - oz/t
-
-
-
-
-
-
Gold produced
- kg
/ - oz 000
-
-
-
-
-
-
Total
Yield
- g/t
/ - oz/t
8.86
8.99
9.41
0.259
0.262
0.274
Gold produced
- kg
/ - oz 000
1,906
2,290
8,780
61
74
282
Gold sold
- kg
/ - oz 000
1,906
2,290
8,780
61
73
282
Revenue
- R/kg
/ - $/oz
- sold
108,630
85,683
88,548
335
318
323
Total cash costs
- R/kg
/ - $/oz
- produced
80,818
54,108
61,555
248
200
223
Total production costs - R/kg
/ - $/oz
- produced
110,878
70,222
81,580
341
260
296
PRODUCTIVITY
per employee
- g
/ - oz
- target
2,751
2,714
2,637
88.46
87.26
84.79
- actual
2,223
2,712
2,539
71.47
87.18
81.63
FINANCIAL RESULTS (MILLION)
Gold income
206.1
196.1
776.9
20.5
23.4
91.2
Cost of sales
211.0
166.1
718.1
21.0
19.7
83.6
Cash operating costs
154.1
123.9
540.4
15.2
14.7
63.0
Other cash costs
-
-
-
-
-
-
Total cash costs
154.1
123.9
540.4
15.2
14.7
63.0
Rehabilitation and other non-cash costs
4.7
3.0
12.9
0.5
0.4
1.5
Production costs
158.8
126.9
553.3
15.7
15.1
64.5
Amortisation of mining assets
52.6
33.9
162.9
5.3
4.0
18.9
Inventory change
(0.4)
5.3
1.9
-
0.6
0.2
Operating profit
(4.9)
30.0
58.8
(0.5)
3.7
7.6
Capital expenditure
18.9
25.0
90.1
1.8
3.0
10.6
Note: The gold produced from underground and open-pit operations is allocated on gold in ore.
55
SOUTH AMERICAN REGION
Quarter
Quarter
Year
Quarter
Quarter
Year
ended
ended
ended
ended
ended
ended
December
September
December
December
September
December
2001
2001
2001
2001
2001
2001
MORRO VELHO
Rand / Metric
Dollar / Imperial
OPERATING RESULTS GOLD Underground Operations
Mined - 000
- tonnes / - tons
221
221
888
243
244
979
Treated - 000
- tonnes / - tons
225
218
890
248
241
982
Gold in ore
- kg
/ - oz 000
1,780
1,670
6,660
57
54
214
Yield
- g/t
/ - oz/t
7.30
7.14
6.97
0.213
0.208
0.203
Gold produced
- kg
/ - oz 000
1,645
1,558
6,208
53
50
200
Open-pit Operations
Mined - 000
- tonnes / - tons
218
238
944
241
263
1,040
Stripping ratio
- t (mined - treated) / t treated
6.63
8.97
9.34
6.63
8.97
9.34
Treated - 000
- tonnes / - tons
29
24
91
32
26
101
Gold in ore
- kg
/ - oz 000
100
89
323
3
3
10
Yield
- g/t
/ - oz/t
3.31
3.49
3.32
0.097
0.102
0.097
Gold produced
- kg
/ - oz 000
95
83
303
3
3
10
Total
Yield
- g/t
/ - oz/t
6.85
6.78
6.63
0.200
0.198
0.193
Gold produced
- kg
/ - oz 000
1,740
1,642
6,511
56
53
209
Gold sold
- kg
/ - oz 000
1,798
1,722
6,892
57
56
221
Revenue
- R/kg
/ - $/oz
- sold
109,488
85,590
89,987
333
318
323
Total cash costs
- R/kg
/ - $/oz
- produced
39,884
32,493
35,351
121
121
127
Total production costs - R/kg
/ - $/oz
- produced
73,664
48,891
55,628
218
181
197
PRODUCTIVITY
per employee
- g
/ - oz
- target
391
418
389
12.59
13.44
12.51
- actual
396
381
380
12.72
12.25
12.21
FINANCIAL RESULTS (MILLION)
Gold income
196.9
147.4
620.2
19.2
17.6
71.6
Cost of sales
131.3
98.1
389.9
12.7
11.6
44.4
Cash operating costs
67.8
52.1
225.4
6.6
6.2
26.1
Other cash costs
1.6
1.2
4.8
0.2
0.1
0.5
Total cash costs
69.4
53.3
230.2
6.8
6.3
26.6
Rehabilitation and other non-cash costs
27.1
1.8
32.1
2.4
0.2
3.0
Production costs
96.5
55.1
262.3
9.2
6.5
29.6
Amortisation of mining assets
31.7
25.1
99.9
3.1
3.0
11.5
Inventory change
3.1
17.9
27.7
0.4
2.1
3.3
Operating profit
65.6
49.3
230.3
6.5
6.0
27.2
Capital expenditure
20.5
25.0
84.4
2.0
3.0
9.9
Note: The gold produced from underground and open-pit operations is allocated on gold in ore.
56
SOUTH AMERICAN REGION
Quarter
Quarter
Year
Quarter
Quarter
Year
ended
ended
ended
ended
ended
ended
December
September
December
December
September
December
2001
2001
2001
2001
2001
2001
SERRA GRANDE - Attributable 50%
Rand / Metric
Dollar / Imperial
OPERATING RESULTS GOLD Underground Operations
Mined - 000
- tonnes / - tons
93
91
363
102
100
400
Treated - 000
- tonnes / - tons
93
93
370
103
102
408
Gold in ore
- kg
/ - oz 000
745
824
3,148
24
26
101
Yield
- g/t
/ - oz/t
7.53
8.46
8.08
0.220
0.247
0.236
Gold produced
- kg
/ - oz 000
704
784
2,991
22
25
96
Open-pit Operations
Mined - 000
- tonnes / - tons
-
-
-
-
-
-
Stripping ratio
- t (mined - treated) / t treated
-
-
-
-
-
-
Treated - 000
- tonnes / - tons
-
-
-
-
-
-
Gold in ore
- kg
/ - oz 000
-
-
-
-
-
-
Yield
- g/t
/ - oz/t
-
-
-
-
-
-
Gold produced
- kg
/ - oz 000
-
-
-
-
-
-
Total
Yield
- g/t
/ - oz/t
7.53
8.46
8.08
0.220
0.247
0.236
Gold produced
- kg
/ - oz 000
704
784
2,991
22
25
96
Gold sold
- kg
/ - oz 000
710
784
3,044
23
26
98
Revenue
- R/kg
/ - $/oz
- sold
108,352
85,495
88,939
331
318
323
Total cash costs
- R/kg
/ - $/oz
- produced
36,621
27,005
29,729
111
100
107
Total production costs - R/kg
/ - $/oz
- produced
55,620
41,784
45,781
169
155
166
PRODUCTIVITY
per employee
- g
/ - oz
- target
879
958
929
28.27
30.79
29.86
- actual
895
1,003
953
28.78
32.26
30.63
FINANCIAL RESULTS (MILLION)
Gold income
76.9
67.1
270.8
7.6
8.0
31.6
Cost of sales
37.9
33.1
137.9
3.7
4.0
16.1
Cash operating costs
24.7
20.2
85.1
2.4
2.4
9.9
Other cash costs
1.0
1.0
3.8
0.1
0.1
0.4
Total cash costs
25.7
21.2
88.9
2.5
2.5
10.3
Rehabilitation and other non-cash costs
(1.0)
0.5
0.7
(0.1)
0.1
0.1
Production costs
24.7
21.7
89.6
2.4
2.6
10.4
Amortisation of mining assets
14.3
11.0
47.3
1.4
1.3
5.5
Inventory change
(1.1)
0.4
1.0
(0.1)
0.1
0.2
Operating profit
39.0
34.0
132.9
3.9
4.0
15.5
Capital expenditure
6.8
9.3
25.3
0.7
1.1
2.9
Note: The gold produced from underground and open-pit operations is allocated on gold in ore.
57
SOUTH AMERICAN REGION
Quarter
Quarter
Year
Quarter
Quarter
Year
ended
ended
ended
ended
ended
ended
December
September
December
December
September
December
2001
2001
2001
2001
2001
2001
CERRO VANGUARDIA - Attributable 46.25%
Rand / Metric
Dollar / Imperial
OPERATING RESULTS GOLD Underground Operations
Mined - 000
- tonnes / - tons
-
-
-
-
-
-
Treated - 000
- tonnes / - tons
-
-
-
-
-
-
Gold in ore
- kg
/ - oz 000
-
-
-
-
-
-
Yield
- g/t
/ - oz/t
-
-
-
-
-
-
Gold produced
- kg
/ - oz 000
-
-
-
-
-
-
Open-pit Operations
Mined - 000
- tonnes / - tons
1,455
1,431
5,543
1,604
1,577
6,110
Stripping ratio
- t (mined - treated) / t treated
12.37
13.58
12.85
12.37
13.58
12.85
Treated - 000
- tonnes / - tons
109
98
400
120
108
441
Gold in ore
- kg
/ - oz 000
1,200
1,115
4,369
39
36
140
Yield
- g/t
/ - oz/t
10.62
10.89
10.51
0.310
0.318
0.307
Gold produced
- kg
/ - oz 000
1,155
1,068
4,207
38
34
136
Total
Yield
- g/t
/ - oz/t
10.62
10.89
10.51
0.310
0.318
0.307
Gold produced
- kg
/ - oz 000
1,155
1,068
4,207
38
34
136
Gold sold
- kg
/ - oz 000
1,161
1,018
4,165
38
32
134
Revenue
- R/kg
/ - $/oz
- sold
99,783
78,556
82,597
301
290
295
Total cash costs
- R/kg
/ - $/oz
- produced
41,366
31,775
36,799
126
118
133
Total production costs - R/kg
/ - $/oz
- produced
66,739
51,759
60,295
204
192
218
PRODUCTIVITY
per employee
- g
/ - oz
- target
1,709
1,692
1,585
54.95
54.41
50.96
- actual
2,128
1,893
1,947
68.41
60.88
62.61
FINANCIAL RESULTS (MILLION)
Gold income
133.0
90.4
381.1
12.9
10.7
43.6
Cost of sales
75.8
56.7
254.2
7.5
6.7
29.5
Cash operating costs
39.5
27.9
130.3
3.9
3.3
15.1
Other cash costs
8.3
6.0
24.5
0.8
0.7
2.8
Total cash costs
47.8
33.9
154.8
4.7
4.0
17.9
Rehabilitation and other non-cash costs
(4.8)
2.1
0.7
(0.4)
0.2
0.3
Production costs
43.0
36.0
155.5
4.3
4.2
18.2
Amortisation of mining assets
34.2
19.3
98.2
3.3
2.3
11.2
Inventory change
(1.4)
1.4
0.5
(0.1)
0.2
0.1
Operating profit
57.2
33.7
126.9
5.4
4.0
14.1
Capital expenditure
5.4
7.6
38.4
0.5
0.9
4.6
Note: The gold produced from underground and open-pit operations is allocated on gold in ore.
58
AUSTRALIAN REGION
Quarter
Quarter
Year
Quarter
Quarter
Year
ended
ended
ended
ended
ended
ended
December
September
December
December
September
December
2001
2001
2001
2001
2001
2001
SUNRISE DAM
Rand / Metric
Dollar / Imperial
OPERATING RESULTS GOLD
Volume mined - 000
- bcm
/ - bcy
4,466
5,827
20,185
5,842
7,623
26,403
Treated - 000
- tonnes / - tons
761
712
2,412
838
785
2,658
Yield
- g/t
/ - oz/t
3.13
3.36
3.81
0.091
0.098
0.111
Gold produced
- kg
/ - oz 000
2,378
2,393
9,177
76
77
295
Gold sold
- kg
/ - oz 000
2,345
2,222
8,912
75
71
287
Revenue
- R/kg
/ - $/oz
- sold
108,987
87,144
87,560
324
321
311
Total cash costs
- R/kg
/ - $/oz
- produced
53,367
46,048
42,916
162
170
153
Total production costs - R/kg
/ - $/oz
- produced
68,677
58,494
56,193
209
216
201
PRODUCTIVITY
per employee
- g
/ - oz
- target
2,945
2,545
2,451
94.69
81.82
78.82
- actual
2,624
2,698
2,591
84.37
86.75
83.30
FINANCIAL RESULTS (MILLION)
Gold income
255.5
193.7
780.4
24.4
22.9
89.1
Cost of sales
187.9
154.3
555.6
18.5
18.4
63.7
Cash operating costs
121.7
92.3
324.2
11.9
11.0
36.8
Other cash costs
5.2
17.9
69.6
0.5
2.1
8.5
Total cash costs
126.9
110.2
393.8
12.4
13.1
45.3
Rehabilitation and other non-cash costs
1.9
1.6
6.2
0.2
0.2
0.7
Production costs
128.8
111.8
400.0
12.6
13.3
46.0
Amortisation of mining assets
34.5
28.2
115.6
3.4
3.4
13.4
Inventory change
24.6
14.3
40.0
2.5
1.7
4.3
Operating profit
67.6
39.4
224.8
5.9
4.5
25.4
Capital expenditure
28.1
91.8
310.5
2.8
11.0
37.9
59
AUSTRALIAN REGION
Quarter
Quarter
Year
Quarter
Quarter
Year
ended
ended
ended
ended
ended
ended
December
September
December
December
September
December
2001
2001
2001
2001
2001
2001
BODDINGTON - Attributable 33.33%
Rand / Metric
Dollar / Imperial
OPERATING RESULTS GOLD
Volume mined - 000
- bcm
/ - bcy
-
-
-
-
-
-
Treated - 000
- tonnes / - tons
486
735
2,640
536
811
2,911
Yield
- g/t
/ - oz/t
1.09
0.92
0.92
0.032
0.027
0.027
Gold produced
- kg
/ - oz 000
531
679
2,425
17
22
78
Gold sold
- kg
/ - oz 000
614
673
2,465
20
22
79
Revenue
- R/kg
/ - $/oz
- sold
102,352
86,472
84,880
312
319
305
Total cash costs
- R/kg
/ - $/oz
- produced
49,985
47,472
51,119
161
176
190
Total production costs - R/kg
/ - $/oz
- produced
56,176
48,678
57,475
179
181
213
PRODUCTIVITY
per employee
- g
/ - oz
- target
1,176
1,465
1,574
37.80
47.11
50.62
- actual
2,025
1,691
1,553
65.09
54.37
49.94
FINANCIAL RESULTS (MILLION)
Gold income
62.8
58.2
209.2
6.1
6.9
24.2
Cost of sales
41.1
38.7
157.0
4.0
4.6
18.5
Cash operating costs
25.3
31.0
119.5
2.6
3.7
14.3
Other cash costs
1.2
1.2
4.5
0.1
0.1
0.5
Total cash costs
26.5
32.2
124.0
2.7
3.8
14.8
Rehabilitation and other non-cash costs
1.8
-
1.8
0.2
-
0.2
Production costs
28.3
32.2
125.8
2.9
3.8
15.0
Amortisation of mining assets
1.4
0.8
13.6
0.1
0.1
1.7
Inventory change
11.4
5.7
17.6
1.0
0.7
1.8
Operating profit
21.7
19.5
52.2
2.1
2.3
5.7
Capital expenditure
2.0
-
5.6
0.1
-
0.6
60
AUSTRALIAN REGION
Quarter
Quarter
Year
Quarter
Quarter
Year
ended
ended
ended
ended
ended
ended
December
September
December
December
September
December
2001
2001
2001
2001
2001
2001
TANAMI - Attributable 40%
Rand / Metric
Dollar / Imperial
OPERATING RESULTS GOLD
Volume mined - 000
- bcm
/ - bcy
-
25
760
-
33
994
Treated - 000
- tonnes / - tons
-
153
370
-
169
408
Yield
- g/t
/ - oz/t
-
1.25
1.81
-
0.036
0.053
Gold produced
- kg
/ - oz 000
26
191
669
-
6
21
Gold sold
- kg
/ - oz 000
25
188
659
1
6
21
Revenue
- R/kg
/ - $/oz
- sold
84,377
85,137
78,390
283
315
300
Total cash costs
- R/kg
/ - $/oz
- produced
-
64,301
70,894
-
239
278
Total production costs - R/kg
/ - $/oz
- produced
67,499
84,277
86,105
214
314
332
PRODUCTIVITY
per employee
- g
/ - oz
- target
1,314
1,583
1,443
42.23
50.90
46.41
- actual
1,257
1,396
1,055
40.40
44.89
33.91
FINANCIAL RESULTS (MILLION)
Gold income
2.1
16.0
51.6
0.2
1.9
6.4
Cost of sales
8.2
17.9
63.6
0.9
2.1
7.6
Cash operating costs
(1.2)
11.9
46.3
(0.1)
1.4
5.8
Other cash costs
(0.1)
0.4
1.1
-
-
0.1
Total cash costs
(1.3)
12.3
47.4
(0.1)
1.4
5.9
Rehabilitation and other non-cash costs
1.7
2.4
4.1
0.2
0.3
0.4
Production costs
0.4
14.7
51.5
0.1
1.7
6.3
Amortisation of mining assets
1.3
1.5
6.1
0.1
0.2
0.7
Inventory change
6.5
1.7
6.0
0.7
0.2
0.6
Operating profit
(6.1)
(1.9)
(12.0)
(0.7)
(0.2)
(1.2)
Capital expenditure
1.5
-
3.4
0.2
-
0.4
61
AUSTRALIAN REGION
Quarter
Quarter
Year
Quarter
Quarter
Year
ended
ended
ended
ended
ended
ended
December
September
December
December
September
December
2001
2001
2001
2001
2001
2001
UNION REEFS
Rand / Metric
Dollar / Imperial
OPERATING RESULTS GOLD
Volume mined - 000
- bcm
/ - bcy
1,128
1,317
4,565
1,475
1,723
5,971
Treated - 000
- tonnes / - tons
606
674
2,602
668
743
2,869
Yield
- g/t
/ - oz/t
1.53
1.36
1.36
0.046
0.038
0.040
Gold produced
- kg
/ - oz 000
928
915
3,548
31
29
114
Gold sold
- kg
/ - oz 000
973
898
3,552
31
29
114
Revenue
- R/kg
/ - $/oz
- sold
107,072
85,446
86,584
320
316
307
Total cash costs
- R/kg
/ - $/oz
- produced
78,059
62,595
64,208
237
232
230
Total production costs - R/kg
/ - $/oz
- produced
93,185
69,870
74,426
283
259
267
PRODUCTIVITY
per employee
- g
/ - oz
- target
2,866
2,585
2,313
92.13
83.12
74.37
- actual
1,883
1,824
1,795
60.56
58.65
57.70
FINANCIAL RESULTS (MILLION)
Gold income
104.2
76.8
307.6
10.0
9.1
35.1
Cost of sales
89.3
61.3
284.7
8.6
7.3
32.8
Cash operating costs
72.5
55.4
229.0
7.1
6.6
26.4
Other cash costs
-
1.8
(1.2)
-
0.2
(0.2)
Total cash costs
72.5
57.2
227.8
7.1
6.8
26.2
Rehabilitation costs
1.5
0.8
5.0
0.1
0.1
0.6
Production costs
74.0
58.0
232.8
7.2
6.9
26.8
Amortisation of mining assets
12.5
5.9
31.3
1.2
0.7
3.6
Inventory change
2.8
(2.6)
20.6
0.2
(0.3)
2.4
Operating profit
14.9
15.5
22.9
1.4
1.8
2.3
Capital expenditure
-
1.7
1.8
-
0.2
0.3
62
AUSTRALIAN REGION
Quarter
Quarter
Year
Quarter
Quarter
Year
ended
ended
ended
ended
ended
ended
December
September
December
December
September
December
2001
2001
2001
2001
2001
2001
BROCKS CREEK
Rand / Metric
Dollar / Imperial
OPERATING RESULTS GOLD
Volume mined - 000
- bcm
/ - bcy
-
-
-
-
-
-
Treated - 000
- tonnes / - tons
-
-
-
-
-
-
Yield
- g/t
/ - oz/t
-
-
-
-
-
-
Gold produced
- kg
/ - oz 000
-
-
-
-
-
-
Gold sold
- kg
/ - oz 000
-
-
-
-
-
-
Revenue
- R/kg
/ - $/oz
- sold
-
-
-
-
-
-
Total cash costs
- R/kg
/ - $/oz
- produced
-
-
-
-
-
-
Total production costs - R/kg
/ - $/oz
- produced
-
-
-
-
-
-
PRODUCTIVITY
per employee
- g
/ - oz
- target
-
-
-
-
-
-
- actual
-
-
-
-
-
-
FINANCIAL RESULTS (MILLION)
Gold income
-
-
-
-
-
-
Cost of sales
(0.1)
0.5
0.5
-
0.1
0.1
Cash operating costs
(0.1)
0.5
0.5
-
0.1
0.1
Other cash costs
-
-
-
-
-
-
Total cash costs
(0.1)
0.5
0.5
-
0.1
0.1
Rehabilitation costs
-
-
-
-
-
-
Production costs
(0.1)
0.5
0.5
-
0.1
0.1
Amortisation of mining assets
-
-
-
-
-
-
Inventory change
-
-
-
-
-
-
Operating profit
0.1
(0.5)
(0.5)
-
(0.1)
(0.1)
Capital expenditure
-
-
0.2
-
-
-
63
64
DIRECTORS Executive R M Godsell (Chairman and Chief Executive
Officer)
J G Best D L Hodgson K H Williams
Non-Executive R P Edey* (Deputy Chairman) F B Arisman
#
Mrs E le R Bradley C B Brayshaw Dr V K Fung
#
A W Lea
(Alternate: P G Whitcutt)
T J Motlatsi W A Nairn
(Alternate: A H Calver*)
J Ogilvie Thompson N F Oppenheimer A J Trahar
* British
#
American
OFFICES Registered and Corporate Managing Secretary Ms Y Z Simelane Company Secretary C R Bull
11 Diagonal Street Johannesburg 2001 (PO Box 62117, Marshalltown 2107) South Africa Telephone: +27 11 637 6000 Fax: +27 11 637 6624
Australia Level 13 & 14 St Martins Tower 44 St Georges Terrace Perth, WA 6000 (PO Box Z5046, Perth WA 6831) Australia Telephone: +61 8 9425 4604 Fax: +61 8 9425 4662
UNITED KINGDOM SECRETARIES St James's Corporate Services Limited 6 St James's Place London SW1A 1NP England Telephone: +44 20 7499 3916 Fax: +44 20 7491 1989
SHARE REGISTRARS South Africa Computershare Services Limited 2nd Floor, Edura, 41 Fox Street Johannesburg 2001 (PO Box 61051, Marshalltown 2107) South Africa Telephone: +27 11 370 7700 Fax: +27 11 836 0792
United Kingdom Computershare Services PLC PO Box 82 The Pavilions, Bridgwater Road Bristol BS99 7NH England Telephone: +44 870 702 0001 Fax: +44 870 703 6119
Australia Computershare Investor Services Pty Limited Level 12, 565 Bourke Street Melbourne, Victoria 3000 (GPO Box 2975EE Melbourne, Victoria 3001) Australia Telephone: +61 3 9611 5711 Fax: +61 3 9611 5710
ADR DEPOSITARY The Bank of New York 620 Avenue of the Americas 6th Floor New York, NY 10011 United States of America Telephone: +1 646 885 3294 Fax: +1 646 885 3043
AUTHORISED REPRESENTATIVE United States of America Puglisi & Associates 850 Library Avenue, Suite 204 PO Box 885 Newark, Delaware 19715 United States of America Telephone: +1 302 738 6680 Fax: +1 302 738 7210
DIRECTORATE AND ADMINISTRATION
South Africa Steve Lenahan Telephone: +27 11 637 6248 Fax: +27 11 637 6107 E-mail: slenahan@anglogold.com
Peta Baldwin Telephone: +27 11 637 6647 Fax: +27 11 637 6107 E-mail: pbaldwin@anglogold.com
11 Diagonal Street Johannesburg 2001 (PO Box 62117, Marshalltown 2107) South Africa
Europe Tomasz Nadrowski Telephone: +41 22 718 3312 Fax: +41 22 718 3334 E-mail: tnadrowski@anglogold.com
67, rue du Rhone 4
th
Floor
1207 Geneva Switzerland
Alex Buck Telephone: +44 20 7664 8712/3 Fax: +44 20 7664 8711 E-mail: abuck@anglogold.com
4
th
Floor, The Linen Hall
162-168 Regent Street London W1B 5TE England
United States of America Charles Carter Telephone: (800) 417 9255 (toll free in USA and Canada) or +1 212 750 7999 Fax: +1 212 750 5626 E-mail: ccarter@anglogold.com
509 Madison Avenue Suite 1914 New York, NY 10022 United States of America
Australia Andrea Maxey Telephone: + 61 8 9425 4604 Fax: + 61 8 9425 4662 E-mail: amaxey@anglogold.com.au
Level 13 & 14 St Martins Tower 44 St Georges Terrace Perth WA 6000 (PO Box Z5046, Perth WA6831) Australia
General E-mail enquiries investors@anglogold.com
AngloGold website http://www.anglogold.com
Global BuyDIRECT
SM
The Bank of New York maintains a direct share purchase and dividend reinvestment plan for AngloGold.
For additional information, please visit The Bank of New York's website at www.globalbuydirect.com or call Shareholder Relations at 1-888-BNY-ADRS or write to: The Bank of New York Shareholder Relations Department Global BuyDIRECT
SM
Church Street Station PO Box 11258 New York, NY 10286-1258 United States of America
CONTACTS
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has
duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
AngloGold Limited
Date: 11 JULY 2003
By: /s/ C R BULL
_
Name: C R Bull Title: Company Secretary