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 ENDED 31 DECEMBER 1999,
PREVIOUSLY FILED WITH THE SEC IN HARD COPY -- REFILED TODAY, ON EDGAR
REPORT FOR THE YEAR AND QUARTER
E N D E D 3 1 D E C E M B E R 1 9 9 9
H I G H L I G H T S
For the year:
• Headline earnings up 30%
• Cash and total costs down 6%
• Dividends up 29%
• 12% return on capital employed
• 15% return on shareholders' equity
For the quarter:
• Headline earnings down 6%
• Cash and total costs up 7%
Quarter
ended
Dec.
1999
Quarter
ended
Sept.
1999
Year
ended
Dec.
1999
Year
ended
Dec.
1998
Rand/Metric
Prepared in accordance with International Accounting Standards
Gold
Produced
Revenue Cash costs Total production costs - Operating profit
Net capital expenditure
Attributable profit
Attributable earnings
Headline earnings
Headline earnings before deferred lax adjustment
Dividends - cents per share
kg/oz (OOO) R/kg/$/oz sold R/kg/$/oz produced R/kg/$/oz produced R million/$ million
R million/$ million
R million/$ million
cents per share
cents per share
cents per share
52
679
62
735
43
874
50
201
698
366
532
540
494
494
55
337
61
754
40
823
46
714
824
327
493
504
528
528
215 166
61
830
41
712
47
842
3
088
1
254
2
654
2
695
2
485
2018
2
000
205 349
58
830
39
944
46
060
2
608
556
1
711
1
748
1
568
1
568
1
550
Quarter
ended
Dec.
1999
1
693
319 223 255
114
60
87
88
81
81
Quarter Year
ended ended
Sept. Dec.
1999 1999
Dollar/Imperial
1
779
316 209 239
135
54
81
83
87
37
6
918
315
212 244 505
205
434
441
407
330
328
Year
ended
Dec.
1998
6
602
333 225 259 470
101
318
324
283
283
264
anglo
ANGLOGOLD LIMITED Registration No. 05/17354/06
Incorporated in the Republic of South A f r i c a
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 the company's exploration and production projects, and the company's liquidity and capital resources and expenditure, contain certain forward-looking statements regarding the company's operations, economic performance and financial condition. Although the company 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.
Published by the AngloGold Corporate Communications Department
Postal address:
Telephone:
Facsimile: E-mail:
PO Box 62117 Marshalltown 2107 South Africa
(11) 637 6147
(11) 637 6399/6400 investors@anglogold. com
LETTER FROM THE CHAIRMAN
AND THE CHIEF EXECUTIVE OFFICER
Dear Shareholder
ANGLOGOLD FOURTH QUARTER AND 1999 ANNUAL RESULTS
AngloGold today reports a good set of annual results, but a disappointing fourth quarter.
For the 1999 financial and calendar year, headline earnings (adjusted for a change in the tax rate) have risen by 30% to R1. 9 billion, gold production has increased by 5%, while both cash costs and total costs have come down by 6%, Return on capital employed at 12% and on shareholders' equity at 15% demonstrate that this company can earn good returns for its shareholders even in the weakest of gold markets. The company is pleased to announce a final dividend of R11, for a total dividend of R20 for 1999, 29% up on 1998.
In this fourth quarter, headline earnings (before the deferred tax rate adjustment) declined by 6% to R486 million ($79. 5 million), gold produced by 5%, with cash costs increasing to $223 (7% up), and total costs to $255 (7% up) on a received gold price of $319, 1% higher than the previous quarter.
The reduced production was anticipated in the operations in the Americas, and in Mali. The South African production decline of 4% quarter on quarter is disappointing and is the focus of management attention at both the South Africa division and corporate level. More detailed reasons for this decline are set out elsewhere in this report.
Looking forward, with the acquisition of Acacia, AngloGold now produces some 1. 5 million ounces from surface and shallow mining (approximately 20% of total production). This represents a significant change in the company's operational risk profile and signals a positive development for all of AngloGold's stakeholders - investors, employees, communities and governments. The company will be energetically exploring further opportunities to diversify the geographical and mining mix in 2000.
The past year saw an increase in capital expenditure, mainly in the South African operations. Here, four major
projects, all of which have recently been subjected to rigorous technical and financial reviews, are expected to produce 25 million ounces of gold, at a projected average cash cost of $180 per ounce using upgraded infrastructure and modern technology.
The Washington Agreement on the selling, lending and leasing of gold has seen the price rise sharply and stabilise around $290. The company continues to believe that physical market fundamentals are positive, and that favourable
market conditions will lead to renewed investor interest in the metal. In 2000 the company will continue to look for innovative ways to expand and deepen these physical markets for our product.
During 1999, the company has intensified its efforts to achieve much safer working conditions at all operations, and in particular at the South African operations. The Board and Management realise that much remains to be done. It is encouraging to report a 25% reduction in fatalities and an 11% reduction in lost time accidents, with rates reducing respectively by 17% and 5% in each case. The Board has high expectations of continued improvement in these safety measures at hopefully even faster rates.
NICKY OPPENHEIMER BOBBY GODSELL
Chairman Chief Executive Officer
9 February 2000
SOUTH AFRICA
Overall performance
Gold production decreased by 10% in 1999 to 178. 7 tonnes (57 million ounces) against a planned reduction of 6%, notwithstanding marginal improvements in both value and volume efficiencies. Rand cash costs increased to R44 161 per kilogram but decreased by 1% to $225 per ounce as a result of the devaluation of the rand.
For the year. Kopanang, Tau Lekoa, Tshepong and Mponeng posted improved performances over both planned levels and the previous year's results. Ergo maintained a steady performance despite a mid-year problem with a fire in the
elution building. Great Noligwa intersected the Jersey fault earlier than planned, experiencing a drop in grade and gold
produced. Despite this, it exceeded targeted gold production and operating profit levels.
Events at a number of operations hampered production and operating performance, year on year: Matjhabeng's
earthquake (2. 3 tonnes), fires at Bambanani (0. 7 tonnes), the Klippan washout at Joel (0. 5 tonnes) and the tertiary shaft failure at Savuka (1. 2 tonnes ). TauTona and Deelkraal tabled disappointing results, following increased seismicity and infrastructural problems.
After a slow start to 1999, operations improved from mid-year through to the third quarter. In the fourth quarter gold
production fell by 4% to 43 363 kilograms. This was due to the adverse impact on production of infrastructural delays
at TauTona, slower than anticipated start-up at the Matjhabeng's Eland shaft, the impact of the fires at Bambanani and the seismic events at West Wits operations. On the cost side, there was unplanned expenditure on shaft infrastructure and to counter equipment failure at both Bambanani and TauTona.
Unit cash costs increased by 7% to R46 665 per kilogram and by 6% to $237 per ounce. Operating profit fell by 27% in the fourth quarter to R463. 8 million. Productivity measured in square metres per employee improved by 2% to
4. 28, but the adverse gold production resulted in grams per employee falling to 174.
Capital projects
The shaft sinking at Joe! has reached 129 level (1 293 metres below surface) and station development is in progress.
The Mponeng deepening project is progressing well. Sinking operations are complete to 123 level (3 642 metres below surface) and equipping of the SS1 shaft have begun. Development of the top cut in the 81 level man winder
chamber has also started.
The Moab Khotsong project continues to progress well. The work in the rock/ventilation and main shafts continued at
acceptable rates with no problems envisaged.
The carbon technology project at West Wits is functionally complete with minor work still to be done on the
residue thickener.
The sub shaft deepening at Elandsrand has been completed. The major remaining components are access development on 102, 105, 109 and 113 levels (3 000, 3 200, 3 400 and 3 800 metres, respectively) and in-circle development. A total of 6 014 metres is planned for the 2000 financial year.
OTHER AFRICAN OPERATIONS
AngloGold has a 38% interest in the Sadiola mine in Mali and a 100% interest in the Navachab mine in Namibia.
For the year, Sadiola increased production by 7% over 1998 to 206 000 attributable ounces. This, together with a 2% decrease in cash costs to $102 per ounce, resulted in a 2% increase in operating profit for the year to $25. 7 million.
As reported previously grades at Sadiola for the fourth quarter were unlikely to be as high as those achieved during
the record third quarter. Though throughput increased by 3% to 560 tonnes, a lower average recovered grade of
3. 7 grams per tonne for the quarter, together with lower metallurgical recoveries, resulted in attributable gold production decreasing by 15% to 51 000 ounces. Cash costs increased by 23% to $108 per ounce largely because of
the fall in gold production.
The feasibility study for Yatela has been completed and the AngloGold Board has approved capital expenditure of
$76 million for the development of this mine. The Board's approval is subject to the successful conclusion of negotiations with the Mali Government and the completion of financing for the project. Situated 25 kilometres to the
north of Sadiola, Yatela will be an open-pit operation with an ore treatment rate of 2. 5 million tonnes a year and will produce 1 2 million ounces of gold over a five-year period at a cash cost of $175 per ounce. Construction is expected to begin in May 2000 with the first gold production during May 2001. AngloGold will hold a 40% share in the joint
venture with IAMGOLD holding 40% and the Mali Government 20%. AngloGold will manage the operation via the
Mali-registered company AngloGold Services Mali SA (ANSER).
In 1999, production at Navachab increased by 8% over 1998 to 65 000 ounces. Cash costs decreased by 11% to $240 per ounce, although much of this improvement was attributable to the devaluation of the Namibian dollar.
Navachab had a good quarter with production increasing by 19% to 19 000 ounces, resulting in unit cash costs decreasing by 10% to $217 per ounce.
While the problems reported during the previous quarter may still limit further investment at Navachab, approval has
been granted for a western extension to the pit that will extend the life of Navachab to the year 2005. A decision on an eastern extension has been delayed until 2001.
NORTH AMERICA
These operations comprise AngloGold's 70% interest in the Jerritt Canyon joint venture and the 67% interest
(100% interest in production ounces, subject to contract obligations by the joint venture partners) in the Cripple Creek & Victor joint venture. In their first year as part of AngloGold, these operations have performed beyond expectations by producing 485 000 ounces at a cash cost of $173 per ounce.
In aggregate, the North American operations had a difficult production quarter. Gold production decreased by 5% to 129 000 attributable ounces, despite an excellent performance at Jerritt Canyon. A creditable cost performance,
though, ensured that unit cash costs were well maintained at $162 per ounce, 8% lower than the previous quarter.
As a result of higher head grades and plant throughput, Jerritt Canyon enjoyed a much improved fourth quarter, both
in terms of gold production and cash costs per ounce. In November 41 300 ounces were produced, a record monthly
production for this operation. Cash costs per ounce were $30 lower than in the previous quarter, a reflection of the
improved production as well as the benefit of cost containment measures.
The long history of surface mining at Jerritt Canyon came to a close with the depletion of reserves at the DASH open
pit. Mining is now concentrated at the two underground mines, SSX and Murray, with two new underground mines,
MCE and Smith, under development.
This quarter saw Jerritt Canyon suffer its single minor lost time injury for the year Employee productivity continued to
improve, aided by the new underground truck fleet introduced earlier in the year.
At Cripple Creek & Victor, contrary to process model predictions, a substantial dip in process solution grades was
experienced during the latter half of the quarter. This resulted in the gold production being less than the record
achieved in the previous quarter.
On the positive side, there were no lost time accidents reported during the fourth quarter and the year ended with the
single minor lost time accident reported in July. Despite an ongoing cost containment programme, employee productivity measures declined owing to the relatively low metal production.
Good progress was made with the East Cresson Pit capital project and the synthetic liner was placed on the Valley
Heap Leach Facility Phase 2A extension. Earthworks associated with Phase 3 were completed and, following liner
installation in mid-2000, first production is expected in the latter months of 2000.
SOUTH AMERICA
These operations comprise AngloGold's 100% interest in the Morro Velho mines and the 50% interest in Serra Grande
mines, both in Brazil, as well as the 46. 25% interest in Cerro Vanguardia mine in southern Argentina. These operations, also in their first year as part of AngloGold, exceeded expectations by producing 425 000 ounces at a creditable $128 per ounce.
Production at each of the three operations decreased from the previous quarter. In aggregate, the gold production declined by 11%. Cash costs, though, were maintained at levels similar to the previous quarter at $123 per ounce.
During December, modifications to the milling circuit at Serra Grande plant were completed, which will increase
throughput by 17% to 700 000 tonnes per annum.
At Cerro Vanguardia, with the exception of the throughput constraints associated with the primary crushing section, the other operational problems associated with the plant as previously reported have been overcome. This resulted in a record monthly tonnage treated of 66 297 tonnes for December. Work on the primary crusher section is continuing.
The Completion Certificates of the Senior Lender Technical Completion Tests as submitted to the lenders were accepted.
Safety performance at the three operations continues to be monitored with five lost time accidents being reported, compared with seven in the previous quarter.
In addition to the two previously reported exploration joint venture agreements, an agreement has been concluded with Conquistador Mines to pursue exploration prospects in Colombia. During November, an exploration office was opened in Lima. Peru, to take advantage of this region's high gold prospectivity. Other exploration work in South America continues to be centred on the existing mine exploitation areas and in Brazil and Argentina.
The gold price rallied in reaction to the announcement on 26 September 1999 by members of the European Central Bank, supported by Great Britain and Switzerland, of a ceiling of 2 000 tonnes of gold sales by that group over the next five years, and no increases to current levels of gold lending by the group. The rally carried the price up to a recorded high of $338 per ounce during the final quarter of 1999, This peak was over $80 or 30% above the price at which the metal traded in mid-September. Inevitably, the market has corrected for this sharp rise, and closed the
quarter trading at around $290 per ounce. A brief rally above $300 early in February emphasises the fact that there
is underlying investor interest in the metal since the change in sentiment during the final quarter of 1999. The average spot price of S295 per ounce for the final quarter of the year compares favourably with the average of $259 per ounce for the previous quarter, and $278 for the year as a whole.
The announcement by the European Central Bank members, coming on the heels of arrangements entered into by
the International Monetary Fund to avoid the sale of a portion of its holdings into the open market, has provided the gold market with a most important reassurance of the concern felt by the official sector over negative speculation in
the gold market over official sales, and of the official sector's desire to eliminate that distortion from the market. To a considerable degree, this reassurance has been effective in eliminating the kind of scaremongering which so
affected this market in recent years. New sales of gold by the Dutch Central Bank announced late in 1999 have been accepted by the market and absorbed without negative effect as being part of the announced ceiling on sales
from that sector.
The sharp rise in the spot price of the metal had an unavoidably negative effect on physical demand for gold in the
major developing markets for the metal, particularly in India and the Middle East, where demand is most price sensitive. As the spot price returned to $300 per ounce, so sales of bullion scrap from the Middle East declined, and buying interest returned; overall, we expect that final demand figures for gold for 1999 will show a continued
encouraging trend.
The volatility in the gold price during the final quarter was increased by uncertainty in the market as to the credit
positions of certain gold mining companies with large gold price hedges in proportion to their actual production of gold, and by a degree of disorder in the gold lending market. While the gold lending market has returned to stability,
there remains concern about those gold mining companies with credit difficulties brought about by the nature or size of their hedge positions. The nature of these difficulties has provided important lessons for participants in the
gold forward markets, and have caused many gold mining companies to consider the nature and appropriateness of
their gold price hedge positions.
The AngloGold net open hedge position as at the end of 1999 shown below reflects a lower level of hedging than that reported at the end of the third quarter of 1999. The additional table of all open positions as at
31 December 1999 provides for the first time the details of both forward and option contracts in AngloGold, compared
with the net delta of all open positions previously reported by the company. The hedge position for Acacia has been included. All gold lease rates in this open position were fixed over the year-end. Going forward, approximately half of
the forward positions have gold lease rates fixed through to maturity; the gold lease rate is fixed in all open option
positions.
Net Delta Open Hedge Position as at 31 December 1999
As at 31 December 1999, the company had outstanding the following net forward pricing commitments against future
production. A portion of these sales consists of US dollar-priced contracts which have been converted to rand prices at an average annual forward rand values based on a spot rand/dollar rate of 6. 14 available on 31 December 1999.
12 Months ending
AngloGold 31 December 2000
2001 2002 2003 2004
January 2005 - December 2009
Total
Kilograms
sold
111 117
84 895 69 156 39 433 25 838 87 603
418 042
Forward Price
Rand per kg
64 862 72 636 78 307 83 183 88 490
110 975
81 517
Forward Price
US$ per
oz
325 342 347 346 344 364
343
Ounces
sold (000)
3 572 2 729 2 223
1 268
831
2 817
13 440
% Positions
in US$
45 59 56 77 80 80
62
12 Months ending
Acacia 31 December 2000
2001 2002 2003 2004
January 2005 - December 2010
Total
Kilograms
sold
37 384
7 103
11 922
8 877 3 110
20 583
88 980
Forward Price
AU$ per
oz
465 620 625 575
550 623
549
Forward Price
US$ per
oz
302 403 406 374 358 405
357
Ounces
sold (000)
1 202
228 383 285
100
662
2 861
The marked to market value of all hedge transactions making up the hedge positions in the above table was
R1 288 million ($210 million) as at 31 December 1999. The value was based on a gold price of $288. 5 per ounce. exchange rates of R/US$6. 14 and US$/AU$0. 65 and the prevailing market interest rates and volatilities at the time.
As at 9 February 2000, the marked to market value of the hedge book was R298 million($47 million) based on a gold
price of $296 per ounce and exchange rates of R/$6. 31 and US$/AU$0. 63 and the prevailing market interest rates
and volatilities at the time.
AngloGold Hedge Position as at 31 December 1999
Year
Dollar Gold
Forward Contracts
Amount (kg) US$ per
oz
Put Options Purchased
2000 2001
81 423
$313
51 747
$327
Amount (kg) 12 519 3110
U S $ per oz
$294 $396
-Delta (kg)
Put Options Sold
Amount (kg) US$ per
oz
Delta (kg)
Call Options Purchased
Amount (kg) US$ per
oz
*Delta (kg)
Call Options Sold
Amount (kg) US$ per
oz
Delta (kg)
Rand Gold
Forward Contracts
Amount (kg) Rand per kg
Put Options Purchased
Amount (kg) Rand per kg Delta (kg)
Call Options Purchased
Amount (kg) Rand per kg Delta (kg)
Call Options Sold
Amount (kg) Rand per kg Delta (kg)
AU Dollar Gold
Forward Contracts
Amount (kg) AU$ per
oz
Call Options Purchased
Amount (kg) AU$ per
oz
Delta (kg)
Rand Dollar (000)
Forward Contracts
Amount (US$) ZAR per US$
Put Options Purchased
Amount (US$) ZAR per US$ Delta (kg)
Put Options Sold
Amount (US$) ZAR per US$ *Delta (kg)
Call Options Sold
Amount (US$) ZAR per US$
*Delta (kg)
4 073
13 997
$261
2 192
45 955
$326
8 033
41 055
$306
17 246
21 834
R71 340
2 177
R68 435
1 986
14 777
R58 952
8 689
20 837
R68 336
3 469
38 413
AU$466
10 575
AU$591
1 029
215 210
R6.
67
95 000
R6.
39
61 371
90 000
R6.
18
158 000
R6.
56
50 800
2 703
1 555
$350
497
7 487
$362
1 935
24 036
R79 038
1 244
R75 554
930
18 214
R78 116
4 041
2002
38 933
$330
3 110
$407
2 577
11 885
$372
3 720
20 086
R84 198
14 357
R87 002
3 840
7 285
AU$621
4 121
AU$717
181
12 255
R6.
14
30 670
R6.
57
15 587
12 597
AU$625
6 687
AU$728
674
16 284
R6.
48
2003 2004 2005-2009
26 255
17 649
$337 $339
1 866
$416
1 459
10 463
$371
3 994
6 289
R89 116
4 519
R93 765
1 436
9 953
AU$588
6 998
AU$700
1 075
1 366
$433
1 436
3 303
$338
1 884
3 925
R92 969
1 875
R93 602
1 044
3 110
AU$550
Total
66 765
$351
5 182
$349
3 321
14 630
R137
310
4 994
R113
695
2 887
36 391
AU$650
36 391
AU$686
15 799
33 450 8 000
R7.
06
16 414
R6.
94
5 452
282 772
$331
22 472
$345
12 248
13 997
$261
2 192
47 511
$326
8 530
79 375
$334
32 100
90 800
R89 017
3 421
R71 024
2 916
14 777
R58 952
8 689
64 795
R81 237
16717
107 750 AU$571
64 773
AU$679
18 758
243 749
R6.
63
95 000
R6.
39
61 371
90 000
R6.
18
230 120
R6.
65
88 254
*The delta position indicated above reflects the nominal amount of the option multiplied by the mathematical probability of the option being exercised.
This is calculated using the Black and Scholes option formula with the ruling market prices, interest rates and volatilities as at 31 December 1999.
1. The audited financial results have been prepared in accordance with International
Accounting Standards. Certain items for the previous quarter have been restated for
comparative purposes. The attributable profit previously reported for the September quarter
remains unchanged.
2. With effect from 7 February 2000, AngloGold acquired 100% of the issued share capital of
Acacia Resources Limited (Acacia), a gold company operating in Australia. This followed the
close of the offer on 24 December 1999 and the subsequent compulsory acquisition of the
shares held by those shareholders who had not accepted the offer.
The results of Acacia to 31 December 1999 have not been consolidated. However, the Group
Balance Sheet as at December 1999 includes the assets and liabilities of Acacia.
3. During the quarter, 8 659 379 ordinary shares were allotted to Acacia shareholders at a price
of R2.98 per share and 32 050 ordinary shares were allotted in terms of the Share Incentive
Scheme, thereby increasing the number of ordinary shares in issue at 31 December 1999 to
106 614 678.
Since the end of the quarter there were allotments of 351 009 ordinary shares at a price
of R2.98 per share to complete the acquisition of Acacia and 2 200 ordinary shares in
terms of the Share Intensive Scheme. The number of ordinary shares in issue at the
date of this report totalled 106 967 887, which includes 9 010 388 shares issued for
the acquisition of Acacia and in respect of which application has been made for a
listing on the Johannesburg Stock Exchange.
4. Earnings per share have been calculated using the weighted average number of shares in
issue.
5. Orders placed and outstanding on capital contracts as at 31 December 1999 totalled
R381.8 million, equivalent to US$62.0 million at the rate of exchange ruling on that date.
6. Year 2000
All operations of the company reported a smooth transition into the year 2000. Costs
incurred to end December 1999 to achieve this status, exclusive of expenditure on planned
upgrades, internal manpower and certain outsourcing charges, amounted to R15 million.
7. Dividend
The directors have today declared Final Dividend No. 87 of 1 100 (1998; 800) South African cents per ordinary share for the year ended 31 December 1999 Payment details are as follows:
To registered holders of ordinary shares
Ex-dividend date
Last day to register for dividend and for change of address or dividend instruction
Record date
Registers closed from
to (inclusive)
Currency conversion date
Dividend warrants posted
Payment date of dividend
South African and United Kingdom share registers
2000
Monday, 28 February
Friday, 25 February
Friday, 25 February
Saturday. 26 February Saturday, 4 March
Monday, 28 February for UK pounds
Thursday 30 March
Friday 31 March
Australian share register
2000
Monday, 21 February
Not applicable
Friday, 25 February
Not applicable Not applicable
Monday, 28 February for Australian dollars
Thursday, 30 March
Friday, 31 March
To holders of American Depositary Shares
(Each American Depositary Share represents one-half of an ordinary share)
2000
Ex-dividend on New York Stock Exchange
Record date
Wednesday, 23 February
Friday. 25 February
Approximate date for currency conversion into US dollars
Friday, 31 March
Approximate payment date of dividend
Monday, 10 April
For illustrative purposes, the dividend payable on an American Depositary Share was equivalent to 87.08 (1998: 63. 85) US cents at the rate of exchange ruling on Tuesday, 8 February 2000.
8. Additional information, which is not material, is to be disclosed to the Australian Stock Exchange (ASX) in terms of
the ASX's listing rules. This information will be available on the Internet and in printed format from the investor
relations contacts, whose details, along with the company's website address, appear at the end of this document.
By order of the Board
N F OPPENHEIMER
Chairman
RM GODSELL Chief Executive Officer
9 February 2000
GROUP BALANCE SHEET
Prepared in accordance with International Accounting Standards
December 1998
September 1999
December 1999
December 1999
September 1999 December 1998
US Dollar million
SA Rand million
ASSETS
Non-current assets
1 974.0
2 457.3
2 890.9
Mining assets
17 792.3
14 762.0
11 609.4
( 14.4)
138.0
217.6
Goodwill
1 339.2
829.0
( 84.7)
129.0
10.9
8.9
Investments
54.7
65.6
758.6
37.2
43.3
44.5
AngloGold Environmental Trust
273.7
260.0
218.8
69.9
59.4
53.9
Long-term loans - unsecured
331.7
357.0
411.1
2 195.7
2 708.9
3 215.8
19 791.6
16 273.6
12 913.2
Current assets
120.2
167.3
188.6
Inventories
1 160.9
1 005.1
707.2
148.0
191.2
228.7
Trade and other receivables
1 407.3
1 148.9
870.3
22.0
21.2
21.3
Current portion of loans advanced
131.0
127.1
129.3
254.6
470.8
494.1
Cash and cash equivalents
3 041.1
2 828.3
1 497.2
544.8
850.5
932.7
5 740.3
5 109.4
3 204.0
2 740.5
3 559.4
4 148.5
Total assets
25 531.9
21 383.0
16 117.2
EQUITY AND LIABILITIES
Capital and reserves
895.7
878.9
1 271.7
Share capital and premium
7 827.0
5 279.8
5 267.5
29.4
26.0
29.5
Non-distributable reserve
181.6
156.3
172.7
238.7
486.2
356.5
Retained earnings
2 194.0
2 921.1
1 404.2
1 163.8
1 391.1
1 657.7
Shareholders' equity
10 202.6
8 357.2
6 844.4
0.1
26.3
26.5
Minority interests
163.1
158.0
0.9
1 163.9
1 417.4
1 684.2
10 365.7
8 515.2
6 845.3
Non-current liabilities
126.7
704.5
672.5
Borrowings
4 138.8
4 232.6
745.1
15.7
15.8
18.7
Debentures
114.9
95.1
92.2
229.9
296.3
338.4
Other long-term liabilities
2 082.9
1 779.7
1 352.0
733.1
667.6
710.9
Deferred taxation
4 375.4
4 010.5
4 311.6
1 105.4
1 684.2
1 740.5
10 712.0
10 117.9
6 500.9
Current liabilities
236.0
281.0
332.6
Trade and other payables
2 046.5
1 687.8
1 387.8
41.5
107.9
137.1
Current portion of borrowings
843.7
648.0
244.0
60.6
68.9
62.7
Taxation
385.9
414.1
356.4
133.1
-
191.4
Dividends
1 178.1
-
782.8
471.2
457.8
723.8
4 454.2
2 749.9
2 771.0
2 740.5
3 559.4
4 148.5
Total equity and liabilities
25 531.9
"The results have been prepared in accordance with Internationa Accounting Standards."
21 383.0
16 117.2
GROUP CASH FLOW STATEMENT
Year
Year
Quarter
Prepared in accordance with International Accounting Standards
Quarter
Year
Year
ended
ended
ended
ended
ended
ended
December
December
December
December
December
December
1998
1999
1999
1999
1999
1998
US Dollar million
SA Rand million
Cash flows from operating activities
571.2
581.2
216.3
Cash generated from operations
1 324.3
3 550.5
3 178.4
4.4
4.4
0.9
Growth in Environmental Trust
5.5
26.3
27.3
44.6
71.4
24.8
Interest received
151.8
436.6
246.4
( 17.1)
( 55.5)
( 18.0)
Interest paid
( 110.0)
( 339.4)
( 94.4)
7.2
6.2
0.4
Dividends received
2.5
37.7
39.7
( 255.9)
( 272.3)
-
Dividends paid
-
(1 663.6)
(1 414.3)
( 111.2)
( 100.1)
( 17.3)
Mining and normal taxation paid
( 106.2)
( 611.3)
( 614.7)
243.2
235.3
207.1
Net cash inflow from operating activities
1 267.9
1 436.8
1 368.4
Cash flows from investing activities
( 173.5)
( 206.1)
( 61.1)
Purchase of mining assets
( 374.1)
(1 259.0)
( 958.8)
72.9
2.5
2.5
Proceeds from sale of mining assets
15.1
15.1
402.8
( 4.4)
( 2.1)
( 0.8)
Investments acquired
( 4.8)
( 12.7)
( 24.6)
-
( 464.4)
5.4
Net acquisition of subsidiaries
32.9
(2 837.6)
-
6.7
219.1
3.6
Proceeds from sale of investments
21.9
1 338.4
36.8
( 98.3)
( 451.0)
( 50.4)
Net cash outflow from investing activities
( 309.0)
(2 755.8)
( 543.8)
Cash flows from financing activities
0.5
6.1
3.7
Proceeds from issue of share capital
22.5
37.1
2.9
( 20.5)
( 3.4)
( 3.0)
Formation and share issue expenses
( 18.3)
( 20.8)
( 113.5)
1.6
511.6
3.1
Proceeds from borrowings
18.7
3 125.8
8.8
( 33.4)
( 37.8)
( 8.2)
Repayment of borrowings
( 50.4)
( 230.7)
( 184.4)
4.7
15.9
0.4
Repayment on loans advanced
2.6
97.2
25.9
( 47.1)
492.4
( 4.0)
Net cash inflow / (outflow) from financing activities
( 24.9)
3 008.6
( 260.3)
97.8
276.7
152.7
Net increase in cash and cash equivalents
934.0
1 689.6
564.3
( 82.3)
( 37.2)
( 129.4)
Translation adjustment
( 721.2)
( 145.7)
( 231.6)
239.1
254.6
470.8
Opening cash and cash equivalents
2 828.3
1 497.2
1 164.5
254.6
494.1
494.1
Closing cash and cash equivalents
3 041.1
3 041.1
1 497.2
Note to the Cash Flow Statement
Cash generated from operations
444.2
442.5
97.1
Profit on ordinary activities before taxation
594.5
2 703.1
2 404.0
Adjusted for:
148.1
196.3
49.9
Amortisation of mining assets
305.6
1 199.3
814.6
16.2
( 48.1)
70.7
Non-cash movements
433.2
( 294.1)
98.7
9.1
( 4.2)
( 4.2)
(Profit) / loss on sale of mining assets
( 25.6)
( 25.6)
107.3
( 50.8)
( 7.1)
-
Income from associates
-
( 43.2)
( 267.5)
( 4.4)
( 4.4)
( 0.9)
Growth in Environmental Trust
( 5.5)
( 26.3)
( 27.3)
( 44.6)
( 71.4)
( 24.8)
Interest received
( 151.8)
( 436.6)
( 246.4)
( 2.4)
( 0.7)
( 0.4)
Dividends received
( 2.5)
( 4.8)
( 13.4)
17.1
55.5
18.0
Interest paid
110.0
339.4
94.4
38.7
22.8
10.9
Movement in working capital
66.4
139.3
214.0
571.2
581.2
216.3
1 324.3
3 550.5
3 178.4
The following analyses the movement in working capital:
45.6
4.4
( 5.8)
(Increase) / decrease in inventories
( 35.7)
26.7
252.0
1.3
( 7.5)
( 2.9)
(Increase) / decrease in trade and other receivables
( 17.7)
( 45.9)
7.1
( 8.2)
25.9
19.6
Increase / (decrease) in trade and other payables
119.8
158.5
( 45.1)
38.7
22.8
10.9
66.4
"The results have been prepared in accordance with Internationa Accounting Standards."
139.3
214.0
GROUP OPERATING RESULTS
Prepared in accordance with International Accounting Standards Statistics are shown in metric units and financial figures in South African rand.
Issued Capital:
106 614 678 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
Quarter
Quarter
Year
Year
ended
ended
ended
ended
December
September
December
December
1999
1999
1999
1998
GOLD
UNDERGROUND OPERATIONS
Tonnes milled
- 000
- reef
5 111
5 247
21 055
22 155
- waste
182
155
649
241
- total
5 293
5 402
21 704
22 396
Yield
- g/t
- reef
8.29
8.46
8.31
8.16
- waste
0.65
0.83
0.81
0.88
- average
8.03
8.24
8.09
8.08
Gold produced
- kg
- reef
42 370
44 371
174 994
180 831
- waste
119
128
527
212
- total
42 489
44 499
175 521
181 043
PRODUCTIVITY
g/employee
- target
224
225
222
174
- actual
207
220
210
184
SURFACE AND DUMP RECLAMATION
Tonnes treated
- 000
13 151
13 451
54 354
57 511
Yield
- g/t
0.31
0.31
0.30
0.30
Gold produced
- kg
4 119
4 113
16 165
17 025
OPEN-PIT OPERATIONS
Tonnes mined
- 000
11 198
12 399
47 880
7 527
Stripping ratio
- t(mined-treated) /t treated
2.55
2.30
2.51
1.63
Tonnes treated
- 000
3 151
3 756
13 630
2 863
Yield
- g/t
1.93
1.79
1.72
2.54
Gold produced
- kg
6 071
6 725
23 480
7 281
TOTAL
Gold produced
- kg
52 679
55 337
215 166
205 349
Revenue - R/kg sold
- (excluding accelerated hedge)
62 305
61 589
61 577
57 168
- (including accelerated hedge)
62 735
61 754
61 830
58 830
Cash costs
- R/kg produced
43 874
40 823
41 712
39 944
Total production costs
- R/kg produced
50 201
46 714
47 842
46 060
GROUP OPERATING RESULTS
Prepared in accordance with International Accounting Standards Statistics are shown in imperial units and financial figures in US dollars.
Issued Capital:
106 614 678 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
Quarter
Quarter
Year
Year
ended
ended
ended
ended
December
September
December
December
1999
1999
1999
1998
GOLD
UNDERGROUND OPERATIONS
Tons milled
- 000
- reef
5 634
5 784
23 209
24 422
- waste
201
171
715
265
- total
5 835
5 955
23 924
24 687
Yield
- oz/t
- reef
0.242
0.247
0.242
0.238
- waste
0.019
0.024
0.024
0.026
- average
0.234
0.240
0.236
0.236
Gold produced
- oz 000
- reef
1 362
1 426
5 626
5 814
- waste
4
4
17
7
- total
1 366
1 430
5 643
5 821
PRODUCTIVITY
oz/employee
- target
7.20
7.24
7.14
5.59
- actual
6.66
7.07
6.75
5.92
SURFACE AND DUMP RECLAMATION
Tons treated
- 000
14 497
14 828
59 915
63 395
Yield
- oz/t
0.009
0.009
0.009
0.009
Gold produced
- oz 000
132
133
520
547
OPEN-PIT OPERATIONS
Tons mined
- 000
12 344
13 667
52 779
8 297
Stripping ratio
- t(mined-treated) /t treated
2.55
2.30
2.51
1.63
Tons treated
- 000
3 474
4 140
15 024
3 156
Yield
- oz/t
0.056
0.052
0.050
0.074
Gold produced
- oz 000
195
216
755
234
TOTAL
Gold produced
- oz 000
1 693
1 779
6 918
6 602
Revenue - $/oz sold
- (excluding accelerated hedge)
316
315
313
323
- (including accelerated hedge)
319
316
315
333
Cash costs
- $/ounce produced
223
209
212
225
Total production costs
- $/ounce produced
255
239
244
259
Rand/US Dollar average exchange rate
6.13
6.09
6.11
5.53
GROUP FINANCIAL RESULTS
Prepared in accordance with International Accounting Standards
SA Rand million
Quarter
Quarter
Year
Year
ended
ended
ended
ended
December
September
December
December
1999
1999
1999
1998
Turnover
3 381.3
3 558.0
13 755.5
12 615.8
Gold revenue
3 341.6
3 460.1
13 473.1
12 312.0
Normal
3 319.0
3 450.9
13 418.8
11 964.0
Accelerated hedge
22.6
9.2
54.3
348.0
Cost of sales
2 643.2
2 636.3
10 385.6
9 703.3
Cash costs
2 314.3
2 282.9
9 027.4
8 202.4
Retrenchment costs
25.9
9.1
57.7
348.0
Rehabilitation and other non cash costs
23.5
42.0
112.1
107.0
Production costs
2 363.7
2 334.0
9 197.2
8 657.4
Amortisation of mining assets
305.6
301.1
1 199.3
814.6
Total production costs
2 669.3
2 635.1
10 396.5
9 472.0
Inventory change
( 26.1)
1.2
( 10.9)
231.3
-
-
Operating profit
698.4
823.8
3 087.5
2 608.7
Corporate administration and other expenses
33.5
43.1
161.4
271.8
Market development costs
22.8
22.6
90.6
55.2
Research and development
12.9
11.3
42.7
27.1
Exploration costs
110.1
62.2
286.8
203.5
Profit from operations
519.1
684.6
2 506.0
2 051.1
Interest paid
110.0
98.6
339.4
94.4
Interest receivable
151.8
97.6
436.6
246.4
Income from associates
-
-
43.2
267.5
Growth in Environmental Trust
5.5
11.0
26.3
27.3
Dividends received
2.5
0.4
4.8
13.4
Profit (loss) on sale of mining assets
25.6
-
25.6
( 107.3)
Profit on ordinary activities before taxation
594.5
695.0
2 703.1
2 404.0
Taxation
96.6
172.7
227.7
693.5
Normal taxation
89.9
173.8
649.8
885.5
Deferred taxation
- current
6.7
( 1.1)
37.8
( 192.0)
- rate change
-
-
( 459.9)
-
Profit on ordinary activities after taxation
497.9
522.3
2 475.4
1 710.5
Profit on sale of associate
-
-
543.2
-
Goodwill written off
( 45.2)
23.5
335.8
-
Minority interest
11.3
5.5
28.9
-
Profit attributable to ordinary shareholders
531.8
493.3
2 653.9
1 710.5
Attributable earnings
- cents per share
540
504
2 695
1 748
Headline earnings *
- Rm
486.6
516.8
2 446.5
1 533.8
- cents per share
494
528
2 485
1 568
Headline earnings before deferred tax
rate adjustment
- Rm
486.6
516.8
1 986.6
1 533.8
- cents per share
494
528
2 018
1 568
Dividends
- Rm
2 058.9
1 515.3
- cents per share
2 000
1 550
Capital expenditure
- mining direct
361.9
303.1
1 162.9
894.2
- other
3.7
23.4
90.6
64.6
- recoupments
-
-
-
( 402.8)
Net capital expenditure
365.6
326.5
1 253.5
556.0
* Headline earnings is based on earnings before the profit realised on sale of associate and goodwill written off. The prior year has been adjusted for the exceptional earnings in associate and disposal of mining shafts.
GROUP FINANCIAL RESULTS
Prepared in accordance with International Accounting Standards
US Dollar million
Quarter
Quarter
Year
Year
ended
ended
ended
ended
December
September
December
December
1999
1999
1999
1998
Turnover
551.9
584.7
2 251.5
2 295.9
Gold revenue
545.5
568.6
2 205.2
2 240.6
Normal
541.8
563.4
2 196.3
2 172.4
Accelerated hedge
3.7
5.2
8.9
68.2
Cost of sales
431.4
433.2
1 699.9
1 771.0
Cash costs
377.8
375.1
1 477.5
1 495.0
Retrenchment costs
4.2
1.5
9.4
68.2
Rehabilitation and other non cash costs
3.8
6.9
18.5
17.1
Production costs
385.8
383.5
1 505.4
1 580.3
Amortisation of mining assets
49.9
49.5
196.3
148.1
Total production costs
435.7
433.0
1 701.7
1 728.4
Inventory change
( 4.3)
0.2
( 1.8)
42.6
-
-
-
Operating profit
114.1
135.4
505.3
469.6
Corporate administration and other expenses
5.5
7.1
26.4
49.9
Market development costs
3.7
3.7
14.8
10.0
Research and development
2.1
1.9
7.0
4.7
Exploration costs
18.0
10.2
46.9
36.8
Profit from operations
84.8
112.5
410.2
368.2
Interest paid
18.0
16.2
55.5
17.1
Interest receivable
24.8
16.0
71.4
44.6
Income from associates
-
-
7.1
50.8
Grwoth in Environmental Trust
0.9
1.8
4.4
4.4
Dividends received
0.4
0.1
0.7
2.4
Profit (loss) on sale of mining assets
4.2
-
4.2
( 9.1)
Profit on ordinary activities before taxation
97.1
114.2
442.5
444.2
Taxation
15.8
28.4
37.2
126.7
Normal taxation
14.7
28.6
106.4
159.0
Deferred taxation
- current
1.1
( 0.2)
6.2
( 32.3)
- rate change
-
-
( 75.4)
-
Profit on ordinary activities after taxation
81.3
85.8
405.3
317.5
Profit on sale of associate
-
-
88.7
-
Goodwill written off
( 7.4)
3.9
55.1
-
Minority interest
1.8
0.9
4.7
-
Profit attributable to ordinary shareholders
86.9
81.0
434.2
317.5
Attributable earnings
- cents per share
88
83
441
324
Headline earnings *
- $m
79.5
84.9
400.6
276.9
- cents per share
81
87
407
283
Headline earnings before deferred tax
rate adjustment
- $m
79.5
84.9
325.2
276.9
- cents per share
81
87
330
283
Dividends
- $m
337.4
257.7
- cents per share
328
264
Capital expenditure
- mining direct
59.1
49.9
190.4
162.4
- other
1.1
3.8
14.8
11.5
- recoupments
-
-
-
( 73.2)
Net capital expenditure
60.2
53.7
205.2
100.7
* Headline earnings is based on earnings before the profit realised on sale of associate and goodwill written off. The prior year has been adjusted for the exceptional earnings in associate and disposal of mining shafts.
SOUTH AFRICAN OPERATIONS
VAAL RIVER
Great Noligwa Mine
Prepared in accordance with International
Quarter
Quarter
Year
Quarter
Quarter
Year
Accounting Standards.
ended
ended
ended
ended
ended
ended
December
September
December
December
September
December
1999
1999
1999
1999
1999
1999
Rand / Metric
Dollar / Imperial
OPERATING RESULTS
GOLD
Area mined
- m2
/
- ft2
- 000
112
116
435
1 210
1 249
4 681
Milled - 000
- tonnes
/
- tons
- reef
614
627
2 441
677
691
2 691
- waste
-
-
-
-
-
-
- surface and
dump reclamation
-
-
-
-
-
-
- total
614
627
2 441
677
691
2 691
Yield
- g/t
/
- oz/t
- reef
11.34
12.59
12.75
0.331
0.367
0.372
- waste
-
-
-
-
-
-
- surface and
dump reclamation
-
-
-
-
-
-
- average
11.34
12.59
12.75
0.331
0.367
0.372
Gold produced
- kg
/
- oz 000
- reef
6 963
7 893
31 137
224
254
1 001
- waste
-
-
-
-
-
-
- surface and
dump reclamation
-
-
-
-
-
-
- total
6 963
7 893
31 137
224
254
1 001
Revenue
- R/kg
/
- $/oz
- sold
62 289
61 739
61 662
316
316
314
Cash costs
- R
/
- $
- ton milled
418
383
383
62
57
57
- R/kg
/
- $/oz
- produced
36 827
30 413
30 019
187
155
153
PRODUCTIVITY
per employee
- g
/
- oz
- target
244
253
255
7.86
8.13
8.21
- actual
224
254
248
7.19
8.17
7.97
per employee
- m2
/
- ft2
- target
3.65
3.75
3.61
39.29
40.36
38.89
- actual
3.61
3.74
3.46
38.86
40.26
37.28
FINANCIAL RESULTS ( MILLION)
Gold normal revenue
432.9
486.1
1915.9
70.7
79.9
313.7
Accelerated hedge revenue
0.9
1.2
4.0
0.1
0.2
0.6
Total gold revenue
433.8
487.3
1919.9
70.8
80.1
314.3
Cost of sales
293.2
276.0
1076.3
47.8
45.4
176.1
Cash costs
256.4
240.1
934.7
41.9
39.4
153.0
Retrenchment costs
0.9
1.3
4.0
0.1
0.2
0.6
Rehabilitation costs
1.4
1.3
4.4
0.2
0.2
0.7
Other non-cash costs
1.6
1.0
4.8
0.3
0.3
1.0
Production costs
260.3
243.7
947.9
42.5
40.1
155.3
Amortisation costs
35.1
32.3
129.7
5.7
5.3
21.1
Inventory change
( 2.2)
-
( 1.3)
( 0.4)
-
( 0.3)
Profit from operations
140.6
211.3
843.6
23.0
34.7
138.2
Capital expenditure
- mining direct
5.3
8.1
21.9
0.9
1.3
3.7
- other
0.6
( 0.1)
0.7
0.1
-
0.1
- recoupments
-
-
-
-
-
-
Net capital expenditure
5.9
8.0
22.6
1.0
1.3
3.8
Kopanang Mine
Tau Lekoa Mine
Quarter
Quarter
Year
Quarter
Quarter
Year
Quarter
Quarter
Year
Quarter
Quarter
Year
ended
ended
ended
ended
ended
ended
ended
ended
ended
ended
ended
ended
December
September
December
December
September
December
December
September
December
December
September
December
1999
1999
1999
1999
1999
1999
1999
1999
1999
1999
1999
1999
Rand / Metric
Dollar / Imperial
Rand / Metric
Dollar / Imperial
119
115
443
1 277
1 238
4 772
96
98
366
1 030
1 055
3 947
508
533
2 102
560
587
2 317
452
482
1 913
498
532
2 110
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
508
533
2 102
560
587
2 317
452
482
1 913
498
532
2 110
7.93
7.75
7.74
0.231
0.226
0.226
4.98
5.05
4.96
0.145
0.147
0.145
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
7.93
7.75
7.74
0.231
0.226
0.226
4.98
5.05
4.96
0.145
0.147
0.145
4 026
4 132
16 272
129
133
523
2 250
2 436
9 493
72
78
305
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
4 026
4 132
16 272
129
133
523
2 250
2 436
9 493
72
78
305
62 280
61 907
61 743
316
316
314
62 300
61 771
61 760
316
316
314
326
323
331
48
48
49
261
226
239
39
34
35
41 069
41 625
42 731
209
213
218
52 443
44 651
48 135
266
228
245
162
160
158
5.21
5.14
5.08
159
174
165
5.11
5.59
5.31
163
172
169
5.23
5.53
5.43
174
184
180
5.58
5.92
5.78
4.53
4.48
4.37
48.71
48.22
47.05
6.58
7.12
6.81
70.83
76.64
73.31
4.79
4.80
4.60
51.60
51.67
49.56
7.38
7.35
6.94
79.46
79.11
74.68
249.8
254.4
1001.1
40.8
41.8
163.9
139.7
150.0
584.1
22.8
24.6
95.6
0.9
1.4
3.6
0.1
0.2
0.5
0.4
0.5
2.0
0.1
0.1
0.4
250.7
255.8
1 004.7
40.9
42.0
164.4
140.1
150.5
586.1
22.9
24.7
96.0
180.4
185.8
749.0
29.4
30.5
122.5
141.0
133.1
549.5
23.1
21.9
90.1
165.3
172.0
695.4
27.0
28.2
113.8
118.0
108.7
456.9
19.3
17.9
74.8
0.9
1.4
3.6
0.1
0.2
0.5
0.4
0.5
2.0
0.1
0.1
0.4
1.3
1.9
4.3
0.2
0.3
0.7
1.2
2.1
4.1
0.2
0.4
0.7
1.2
0.7
3.4
0.2
0.2
0.6
1.0
0.7
2.7
0.2
-
0.4
168.7
176.0
706.7
27.5
28.9
115.6
120.6
112.0
465.7
19.8
18.4
76.3
12.8
9.8
43.0
2.1
1.6
7.0
21.1
21.1
84.0
3.4
3.5
13.8
( 1.1)
-
( 0.7)
( 0.2)
-
( 0.1)
( 0.7)
-
( 0.2)
( 0.1)
-
-
70.3
70.0
255.7
11.5
11.5
41.9
( 0.9)
17.4
36.6
( 0.2)
2.8
5.9
22.1
-
22.1
3.6
-
3.6
0.1
0.1
-
-
-
-
0.1
( 0.3)
( 0.1)
-
-
-
-
( 0.1)
( 0.1)
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
22.2
( 0.3)
22.0
3.6
-
3.6
0.1
-
( 0.1)
-
-
-
VAAL RIVER
Surface Operations
Prepared in accordance with International
Quarter
Quarter
Year
Quarter
Quarter
Year
Accounting Standards.
ended
ended
ended
ended
ended
ended
December
September
December
December
September
December
1999
1999
1999
1999
1999
1999
Rand / Metric
Dollar / Imperial
OPERATING RESULTS
GOLD
Area mined
- m2
/
- ft2
- 000
-
-
-
-
-
-
Milled - 000
- tonnes
/
- tons
- reef
-
-
-
-
-
-
- waste
-
-
-
-
-
-
- surface and
dump reclamation
1 181
1 402
5 058
1 302
1 546
5 576
- total
1 181
1 402
5 058
1 302
1 546
5 576
Yield
- g/t
/
- oz/t
- reef
-
-
-
-
-
-
- waste
-
-
-
-
-
-
- surface and
dump reclamation
0.54
0.47
0.50
0.016
0.014
0.015
- average
0.54
0.47
0.50
0.016
0.014
0.015
Gold produced
- kg
/
- oz 000
- reef
-
-
-
-
-
-
- waste
-
-
-
-
-
-
- surface and
dump reclamation
641
660
2 523
21
22
82
- total
641
660
2 523
21
22
82
Revenue
- R/kg
/
- $/oz
- sold
62 080
61 583
61 568
315
315
313
Cash costs
- R
/
- $
- ton milled
19
18
18
3
3
3
- R/kg
/
- $/oz
- produced
35 782
37 600
36 416
182
192
185
PRODUCTIVITY
per employee
- g
/
- oz
- target
356
332
352
11.44
10.67
11.33
- actual
376
342
338
12.07
11.00
10.85
per employee
- m2
/
- ft2
- target
-
-
-
-
-
-
- actual
-
-
-
-
-
-
FINANCIAL RESULTS ( MILLION)
Gold normal revenue
39.8
40.6
155.3
6.5
6.6
25.4
Accelerated hedge revenue
-
-
0.1
-
-
-
Total gold revenue
39.8
40.6
155.4
6.5
6.6
25.4
Cost of sales
22.8
24.9
92.1
3.7
4.0
15.0
Cash costs
22.9
24.8
91.9
3.7
4.0
15.0
Retrenchment costs
-
-
0.1
-
-
-
Rehabilitation costs
-
-
-
-
-
-
Other non-cash costs
0.1
0.1
0.3
-
-
-
Production costs
23.0
24.9
92.3
3.7
4.0
15.0
Amortisation costs
-
-
-
-
-
-
Inventory change
( 0.2)
-
( 0.2)
-
-
-
Profit from operations
17.0
15.7
63.3
2.8
2.6
10.4
Capital expenditure
- mining direct
91.0
78.1
321.4
14.9
12.8
52.6
- other
-
-
-
-
-
-
- recoupments
-
-
-
-
-
-
Net capital expenditure
91.0
78.1
321.4
14.9
12.8
52.6
Moab Khotsong
ERGO
Ergo
Prepared in accordance with International
Quarter
Quarter
Year
Quarter
Quarter
Year
Accounting Standards.
ended
ended
ended
ended
ended
ended
December
September
December
December
September
December
1999
1999
1999
1999
1999
1999
Rand / Metric
Dollar / Imperial
OPERATING RESULTS GOLD
Material treated
- tonnes
/
- tons
- 000
11 088
11 039
45 905
12 222
12 168
50 601
Yield
- g/t
/
- oz/t
0.25
0.23
0.23
0.007
0.007
0.007
Gold produced
- kg
/
- oz 000
2 824
2 489
10 584
91
80
340
Revenue
- R/kg
/
- $/oz
- sold
62 235
61 661
61 656
316
315
314
Cash costs
- R
/
- $
- ton treated
9
11
11
1
2
2
- R/kg
/
- $/oz
- produced
35 547
49 581
45 958
180
253
234
FINANCIAL RESULTS (MILLION)
Gold normal revenue
175.7
153.3
651.8
28.7
25.2
106.7
Accelerated hedge revenue
0.1
0.2
0.8
-
-
-
Total gold revenue
175.8
153.5
652.6
28.7
25.2
106.7
Cost of sales
115.6
140.5
561.6
18.9
23.0
91.9
Cash costs
100.4
123.4
486.4
16.4
20.2
79.6
Retrenchment costs
0.1
0.2
0.8
-
-
-
Rehabilitation costs
( 0.4)
( 0.8)
( 0.2)
( 0.1)
( 0.1)
-
Other non-cash costs
1.7
0.8
4.9
0.3
0.1
0.9
Production costs
101.8
123.6
491.9
16.6
20.2
80.5
Amortisation costs
16.3
16.9
70.7
2.7
2.8
11.6
Inventory change
( 2.5)
-
( 1.0)
( 0.4)
-
( 0.2)
Profit from operations
60.2
13.0
91.0
9.8
2.2
14.8
Capital expenditure
-
( 0.2)
3.2
-
-
0.6
FREE STATE
Bambanani Mine
Prepared in accordance with International
Quarter
Quarter
Year
Quarter
Quarter
Year
Accounting Standards.
ended
ended
ended
ended
ended
ended
December
September
December
December
September
December
1999
1999
1999
1999
1999
1999
Rand / Metric
Dollar / Imperial
OPERATING RESULTS GOLD
Area mined
- m2
/
- ft2
- 000
84
75
329
899
809
3 545
Milled - 000
- tonnes
/
- tons
- reef
493
461
2 012
544
508
2 217
- waste
-
-
-
-
-
-
- surface and dump reclamation
-
-
-
-
-
-
- total
493
461
2 012
544
508
2 217
Yield
- g/t
/
- oz/t
- reef
7.36
8.06
7.61
0.215
0.235
0.222
- waste
-
-
-
-
-
-
- surface and dump reclamation
-
-
-
-
-
-
- average
7.36
8.06
7.61
0.215
0.235
0.222
Gold produced
- kg
/
- oz 000
- reef
3 630
3 717
15 311
117
120
493
- waste
-
-
-
-
-
-
- surface and dump reclamation
-
-
-
-
-
-
- total
3 630
3 717
15 311
117
120
493
Revenue
- R/kg
/
- $/oz
- sold
63 126
61 815
61 977
320
316
316
Cash costs
- R
/
- $
- ton milled
430
407
379
64
61
56
- R/kg
/
- $/oz
- produced
58 457
50 428
49 848
297
258
254
PRODUCTIVITY
per employee
- g
/
- oz
- target
183
184
180
5.88
5.92
5.79
- actual
158
166
168
5.09
5.34
5.41
per employee
- m2
/
- ft2
- target
4.02
4.02
3.96
43.30
43.27
42.59
- actual
3.65
3.37
3.62
39.24
36.27
38.98
FINANCIAL RESULTS (MILLION)
Gold normal revenue
225.9
228.9
942.6
36.9
37.6
154.3
Accelerated hedge revenue
3.3
0.9
6.3
0.5
0.1
1.0
Total gold revenue
229.2
229.8
948.9
37.4
37.7
155.3
Cost of sales
222.9
203.7
820.5
36.3
33.5
134.3
Cash costs
212.2
187.4
763.2
34.6
30.8
124.9
Retrenchment costs
3.3
0.9
6.3
0.5
0.1
1.0
Rehabilitation costs
1.8
4.3
6.1
0.3
0.8
1.0
Other non-cash costs
3.0
1.1
6.6
0.5
0.1
1.1
Production costs
220.3
193.7
782.2
35.9
31.8
128.0
Amortisation costs
8.6
10.0
38.6
1.4
1.7
6.4
Inventory change
( 6.0)
-
( 0.3)
( 1.0)
-
( 0.1)
Profit from operations
6.3
26.1
128.4
1.1
4.2
21.0
Capital expenditure
- mining direct
12.2
8.8
34.3
2.0
1.4
5.6
- other
-
-
-
-
-
-
- recoupments
-
-
-
-
-
-
Net capital expenditure
12.2
8.8
34.3
2.0
1.4
5.6
Tshepong Mine
Matjhabeng Mine
Quarter
Quarter
Year
Quarter
Quarter
Year
Quarter
Quarter
Year
Quarter
Quarter
Year
ended
ended
ended
ended
ended
ended
ended
ended
ended
ended
ended
ended
December
September
December
December
September
December
December
September
December
December
September
December
1999
1999
1999
1999
1999
1999
1999
1999
1999
1999
1999
1999
Rand / Metric
Dollar / Imperial
Rand / Metric
Dollar / Imperial
92
96
368
994
1 033
3 963
82
69
332
886
743
3 577
325
331
1 284
358
365
1 416
388
347
1 554
428
382
1 713
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
325
331
1 284
358
365
1 416
388
347
1 554
428
382
1 713
7.28
8.00
7.94
0.212
0.233
0.231
7.85
6.54
7.21
0.229
0.191
0.210
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
7.28
8.00
7.94
0.212
0.233
0.231
7.85
6.54
7.21
0.229
0.191
0.210
2 363
2 647
10 190
76
85
328
3 049
2 270
11 201
98
73
360
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
2 363
2 647
10 190
76
85
328
3 049
2 270
11 201
98
73
360
63 244
61 680
62 177
321
315
317
63 231
62 482
62 447
321
319
318
397
370
376
59
55
56
477
494
461
71
74
68
54 575
46 260
47 425
277
236
241
60 838
75 473
63 882
309
386
325
146
150
150
4.71
4.82
4.83
156
151
147
5.03
4.85
4.74
158
175
167
5.09
5.63
5.36
116
87
105
3.74
2.80
3.37
5.72
5.80
5.72
61.54
62.43
61.53
4.18
4.05
4.02
44.96
43.59
43.28
6.19
6.35
6.03
66.64
68.35
64.88
3.14
2.63
3.11
33.75
28.31
33.46
147.0
163.0
627.4
24.0
26.8
102.7
189.7
139.8
689.6
31.0
23.0
112.9
2.4
0.2
6.1
0.4
-
1.0
3.1
2.1
9.9
0.5
0.3
1.6
149.4
163.2
633.5
24.4
26.8
103.7
192.8
141.9
699.5
31.5
23.3
114.5
146.7
144.8
567.9
23.9
23.8
92.9
192.8
178.9
748.0
31.4
29.5
122.4
129.0
122.5
483.3
21.1
20.1
79.1
185.5
171.4
715.5
30.3
28.1
117.1
2.4
0.3
6.1
0.4
-
1.0
3.1
2.0
9.9
0.5
0.3
1.6
1.2
2.9
4.1
0.2
0.5
0.7
1.6
2.3
3.7
0.3
0.4
0.6
2.1
0.7
4.6
0.3
0.2
0.7
2.7
1.0
5.7
0.4
0.4
1.0
134.7
126.4
498.1
22.0
20.8
81.5
192.9
176.7
734.8
31.5
29.2
120.3
16.2
18.4
70.4
2.6
3.0
11.5
3.3
2.2
11.5
0.5
0.3
1.9
( 4.2)
-
( 0.6)
( 0.7)
-
( 0.1)
( 3.4)
-
1.7
( 0.6)
-
0.2
2.7
18.4
65.6
0.5
3.0
10.8
-
( 37.0)
( 48.5)
0.1
( 6.2)
( 7.9)
-
-
-
-
-
-
2.3
10.4
17.6
0.4
1.7
2.9
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
2.3
10.4
17.6
0.4
1.7
2.9
FREE STATE
Surface Operations
Prepared in accordance with International
Quarter
Quarter
Year
Quarter
Quarter
Year
Accounting Standards.
ended
ended
ended
ended
ended
ended
December
September
December
December
September
December
1999
1999
1999
1999
1999
1999
Rand / Metric
Dollar / Imperial
OPERATING RESULTS GOLD
Area mined
- m2
/
- ft2
- 000
-
-
-
-
-
-
Milled - 000
- tonnes
/
- tons
- reef
-
-
-
-
-
-
- waste
-
-
-
-
-
-
- surface and dump reclamation
882
1 010
3 391
972
1 114
3 738
- total
882
1 010
3 391
972
1 114
3 738
Yield
- g/t
/
- oz/t
- reef
-
-
-
-
-
-
- waste
-
-
-
-
-
-
- surface and dump reclamation
0.74
0.95
0.90
0.022
0.028
0.026
- average
0.74
0.95
0.90
0.022
0.028
0.026
Gold produced
- kg
/
- oz 000
- reef
-
-
-
-
-
-
- waste
-
-
-
-
-
-
- surface and dump reclamation
654
964
3 058
21
31
98
- total
654
964
3 058
21
31
98
Revenue
- R/kg
/
- $/oz
- sold
62 107
61 581
61 542
315
315
313
Cash costs
- R
/
- $
- ton milled
41
43
44
6
6
6
- R/kg
/
- $/oz
- produced
55 761
44 902
48 383
283
230
246
PRODUCTIVITY
per employee
- g
/
- oz
- target
208
221
197
6.69
7.11
6.32
- actual
256
373
294
8.25
11.99
9.46
per employee
- m2
/
- ft2
- target
-
-
-
-
-
-
- actual
-
-
-
-
-
-
FINANCIAL RESULTS (MILLION)
Gold normal revenue
40.6
59.4
188.2
6.6
9.8
30.8
Accelerated hedge revenue
-
-
-
-
-
-
Total gold revenue
40.6
59.4
188.2
6.6
9.8
30.8
Cost of sales
35.6
45.6
151.5
5.8
7.5
24.7
Cash costs
36.5
43.3
148.0
6.0
7.2
24.3
Retrenchment costs
-
-
-
-
-
-
Rehabilitation costs
0.4
1.4
2.1
0.1
0.2
0.2
Other non-cash costs
-
0.3
0.5
-
-
0.2
Production costs
36.9
45.0
150.6
6.1
7.4
24.7
Amortisation costs
0.3
0.6
1.7
-
0.1
0.2
Inventory change
( 1.6)
-
( 0.8)
( 0.3)
-
( 0.2)
Profit from operations
5.0
13.8
36.7
0.8
2.3
6.1
Capital expenditure
- mining direct
( 1.1)
-
( 0.9)
( 0.2)
-
( 0.2)
- other
-
-
-
-
-
-
- recoupments
-
-
-
-
-
-
Net capital expenditure
( 1.1)
-
( 0.9)
( 0.2)
-
( 0.2)
Joel Mine
Quarter
Quarter
Year
Quarter
Quarter
Year
ended
ended
ended
ended
ended
ended
December
September
December
December
September
December
1999
1999
1999
1999
1999
1999
Rand / Metric
Dollar / Imperial
71
73
276
765
788
2 974
287
348
1 270
316
384
1 400
43
18
124
47
20
136
-
-
-
-
-
-
330
366
1 394
363
404
1 536
6.77
5.85
6.08
0.197
0.171
0.177
0.77
0.79
0.71
0.022
0.023
0.021
-
-
-
-
-
-
5.98
5.61
5.61
0.175
0.164
0.164
1 942
2 037
7 728
62
65
248
33
14
88
1
1
3
-
-
-
-
-
-
1 975
2 051
7 816
63
66
251
62 269
61 688
61 727
316
315
314
315
260
272
47
39
40
52 588
46 426
48 582
267
237
247
163
164
159
5.22
5.27
5.10
139
140
134
4.47
4.50
4.32
5.68
5.62
5.52
61.15
60.49
59.44
5.00
4.99
4.75
53.86
53.71
51.08
122.8
126.3
481.2
20.0
20.7
78.7
0.3
0.2
1.3
0.1
0.1
0.3
123.1
126.5
482.5
20.1
20.8
79.0
109.2
102.7
421.8
17.7
17.0
69.0
103.9
95.3
379.7
17.0
15.7
62.2
0.3
0.2
1.3
0.1
0.1
0.3
( 0.4)
( 1.8)
( 1.8)
( 0.2)
( 0.3)
( 0.3)
3.3
0.2
3.2
0.5
-
0.4
107.1
93.9
382.4
17.4
15.5
62.6
( 1.0)
8.8
34.8
( 0.2)
1.5
5.6
3.1
-
4.6
0.5
-
0.8
13.9
23.8
60.7
2.4
3.8
10.0
46.2
33.1
135.1
7.5
5.4
22.1
-
-
-
-
-
-
-
-
-
-
-
-
46.2
33.1
135.1
7.5
5.4
22.1
WEST WITS
TauTona Mine (East Mine)
Prepared in accordance with International
Quarter
Quarter
Year
Quarter
Quarter
Year
Accounting Standards.
ended
ended
ended
ended
ended
ended
December
September
December
December
September
December
1999
1999
1999
1999
1999
1999
Rand / Metric
Dollar / Imperial
OPERATING RESULTS
GOLD
Area mined
- m2
/
- ft2
- 000
81
75
293
872
807
3 154
Milled - 000
- tonnes /
- tons
- reef
442
450
1 745
487
496
1 923
- waste
-
-
-
-
-
-
- total
442
450
1 745
487
496
1 923
Yield
- g/t
/
- oz/t
- reef
11.05
11.38
11.37
0.322
0.332
0.332
- waste
-
-
-
-
-
-
- average
11.05
11.38
11.37
0.322
0.332
0.332
Gold produced
- kg
/
- oz 000
- reef
4 883
5 122
19 843
157
165
638
- waste
-
-
-
-
-
-
- total
4 883
5 122
19 843
157
165
638
Revenue
- R/kg
/
- $/oz
- sold
62 185
61 607
61 617
316
315
314
Cash costs
- R
/
- $
- ton milled
419
370
382
62
55
57
- R/kg
/
- $/oz
- produced
37 926
32 498
33 614
193
166
171
PRODUCTIVITY
per employee
- g
/
- oz
- target
302
290
285
9.72
9.32
9.17
- actual
248
268
255
7.99
8.62
8.20
per employee
- m2
/
- ft2
- target
4.45
4.18
4.15
47.85
44.99
44.64
- actual
4.12
3.92
3.77
44.36
42.19
40.54
FINANCIAL RESULTS (MILLION)
Gold normal revenue
303.4
315.4
1 221.5
49.5
51.8
199.8
Accelerated hedge revenue
0.2
0.1
1.1
-
0.1
0.3
Total gold revenue
303.6
315.5
1 222.6
49.5
51.9
200.1
Cost of sales
203.2
170.0
705.7
33.0
28.0
115.6
Cash costs
185.2
166.4
667.0
30.2
27.3
109.1
Retrenchment costs
0.2
0.1
1.1
-
0.1
0.3
Rehabilitation costs
1.5
1.6
4.2
0.2
0.3
0.7
Other non-cash costs
3.3
1.2
6.5
0.5
0.2
1.1
Production costs
190.2
169.3
678.8
30.9
27.9
111.2
Amortisation costs
3.7
0.7
26.8
0.6
0.1
4.4
Inventory change
9.3
-
0.1
1.5
-
-
Profit from operations
100.4
145.5
516.9
16.5
23.9
84.5
Capital expenditure
- mining direct
6.5
5.2
21.6
1.1
0.9
3.6
- other
1.7
1.4
4.8
0.3
0.2
0.8
- recoupments
-
-
-
-
-
-
Net capital expenditure
8.2
6.6
26.4
1.4
1.1
4.4
Savuka Mine (West Mine)
Mponeng Mine (South Mine)
Quarter
Quarter
Year
Quarter
Quarter
Year
Quarter
Quarter
Year
Quarter
Quarter
Year
ended
ended
ended
ended
ended
ended
ended
ended
ended
ended
ended
ended
December
September
December
December
September
December
December
September
December
December
September
December
1999
1999
1999
1999
1999
1999
1999
1999
1999
1999
1999
1999
Rand / Metric
Dollar / Imperial
Rand / Metric
Dollar / Imperial
55
55
215
592
592
2 314
65
65
258
700
699
2 777
242
267
1 107
267
294
1 220
375
377
1 574
413
416
1 735
-
-
-
-
-
-
-
-
-
-
-
-
242
267
1 107
267
294
1 220
375
377
1 574
413
416
1 735
8.07
7.48
7.16
0.235
0.218
0.209
9.39
10.05
8.71
0.274
0.293
0.254
-
-
-
-
-
-
-
-
-
-
-
-
8.07
7.48
7.16
0.235
0.218
0.209
9.39
10.05
8.71
0.274
0.293
0.254
1 953
1 996
7 921
63
64
255
3 522
3 789
13 702
113
122
440
-
-
-
-
-
-
-
-
-
-
-
-
1 953
1 996
7 921
63
64
255
3 522
3 789
13 702
113
122
440
66 599
61 970
62 826
338
317
320
62 305
61 701
61 741
316
315
314
475
412
410
70
62
61
452
426
409
67
63
61
58 809
55 178
57 325
299
282
292
48 081
42 345
47 007
244
216
239
175
167
168
5.63
5.37
5.41
187
195
193
6.02
6.27
6.19
139
136
132
4.47
4.37
4.25
204
224
199
6.57
7.20
6.40
4.60
4.38
4.46
49.55
47.15
48.00
4.37
4.30
4.21
47.07
46.28
45.31
3.91
3.76
3.59
42.14
40.47
38.62
3.77
3.84
3.75
40.61
41.33
40.33
121.3
122.9
487.5
19.8
20.2
79.8
219.2
233.3
844.4
35.8
38.3
138.1
8.8
0.8
10.1
1.4
0.1
1.6
0.2
0.4
1.6
-
-
0.3
130.1
123.7
497.6
21.2
20.3
81.4
219.4
233.7
846.0
35.8
38.3
138.4
133.7
113.9
479.9
21.8
18.7
78.7
193.0
174.2
696.4
31.4
28.6
114.0
114.9
110.1
454.1
18.8
18.1
74.4
169.3
160.4
644.1
27.6
26.4
105.4
8.8
0.8
10.1
1.4
0.1
1.6
0.2
0.4
1.6
-
-
0.3
0.2
0.7
1.1
-
0.1
0.3
1.1
1.5
3.7
0.2
0.2
0.6
2.2
0.6
3.6
0.4
0.1
0.6
2.6
0.7
4.5
0.4
0.2
0.7
126.1
112.2
468.9
20.6
18.4
76.9
173.2
163.0
653.9
28.2
26.8
107.0
3.8
1.7
10.9
0.6
0.3
1.8
13.0
11.2
41.4
2.1
1.8
6.8
3.8
-
0.1
0.6
-
-
6.8
-
1.1
1.1
-
0.2
( 3.6)
9.8
17.7
( 0.6)
1.6
2.7
26.4
59.5
149.6
4.4
9.7
24.4
4.3
2.9
11.0
0.7
0.5
1.8
55.6
34.8
157.9
9.1
5.7
25.8
1.1
0.8
2.9
0.2
0.1
0.5
16.1
9.6
39.3
2.6
1.6
6.4
-
-
-
-
-
-
-
-
-
-
-
-
5.4
3.7
13.9
0.9
0.6
2.3
71.7
44.4
197.2
11.7
7.3
32.2
WEST WITS
Elandsrand Mine
Prepared in accordance with International
Quarter
Quarter
Year
Quarter
Quarter
Year
Accounting Standards.
ended
ended
ended
ended
ended
ended
December
September
December
December
September
December
1999
1999
1999
1999
1999
1999
Rand / Metric
Dollar / Imperial
OPERATING RESULTS
GOLD
Area mined
- m2
/
- ft2
- 000
101
102
417
1 087
1 098
4 488
Milled - 000
- tonnes /
- tons
- reef
428
436
1 794
472
481
1 978
- waste
6
6
26
7
7
29
- total
434
442
1 820
479
488
2 007
Yield
- g/t
/
- oz/t
- reef
7.50
7.94
7.60
0.219
0.232
0.222
- waste
0.50
0.33
0.38
0.015
0.010
0.011
- average
7.41
7.84
7.50
0.216
0.229
0.219
Gold produced
- kg
/
- oz 000
- reef
3 211
3 462
13 643
103
111
438
- waste
3
2
10
-
-
-
- total
3 214
3 464
13 653
103
111
438
Revenue
- R/kg
/
- $/oz
- sold
62 672
61 581
61 931
318
315
315
Cash costs
- R
/
- $
- ton milled
411
363
364
61
54
54
- R/kg
/
- $/oz
- produced
55 531
46 336
48 566
282
237
247
PRODUCTIVITY
per employee
- g
/
- oz
- target
198
202
207
6.36
6.49
6.64
- actual
169
180
178
5.44
5.79
5.73
per employee
- m2
/
- ft2
- target
6.40
6.40
6.40
68.90
68.89
68.92
- actual
5.31
5.29
5.45
57.21
56.94
58.61
FINANCIAL RESULTS (MILLION)
Gold normal revenue
200.1
213.4
840.8
32.7
35.0
137.6
Accelerated hedge revenue
1.4
-
4.7
0.2
-
0.8
Total gold revenue
201.5
213.4
845.5
32.9
35.0
138.4
Cost of sales
199.7
171.3
721.1
32.5
28.1
118.0
Cash costs
178.5
160.5
663.1
29.1
26.4
108.5
Retrenchment costs
1.4
-
4.7
0.2
-
0.8
Rehabilitation costs
( 1.8)
( 1.0)
( 2.4)
( 0.3)
( 0.2)
( 0.4)
Other non-cash costs
2.0
0.4
3.3
0.3
-
0.5
Production costs
180.1
159.9
668.7
29.3
26.2
109.4
Amortisation costs
13.9
11.4
47.0
2.3
1.9
7.7
Inventory change
5.7
-
5.4
0.9
-
0.9
Profit from operations
1.8
42.1
124.4
0.4
6.9
20.4
Capital expenditure
- mining direct
21.3
23.1
100.4
3.5
3.8
16.4
- other
2.2
4.3
18.0
0.4
0.7
3.0
- recoupments
-
-
-
-
-
-
Net capital expenditure
23.5
27.4
118.4
3.9
4.5
19.4
Deelkraal Mine
Quarter
Quarter
Year
Quarter
Quarter
Year
ended
ended
ended
ended
ended
ended
December
September
December
December
September
December
1999
1999
1999
1999
1999
1999
Rand / Metric
Dollar / Imperial
39
39
146
420
420
1 572
202
207
790
223
228
871
133
131
499
147
144
550
335
338
1 289
370
372
1 421
6.60
7.52
7.05
0.192
0.219
0.206
0.62
0.85
0.86
0.018
0.025
0.025
4.23
4.94
4.65
0.123
0.144
0.136
1 333
1 557
5 571
43
50
179
83
112
429
3
3
14
1 416
1 669
6 000
46
53
193
62 654
62 240
61 992
318
318
316
291
268
279
43
40
41
68 735
54 290
60 043
349
277
306
152
159
166
4.87
5.11
5.34
125
143
129
4.01
4.60
4.15
4.32
4.37
4.33
46.46
47.04
46.60
3.43
3.35
3.14
36.97
36.06
33.78
88.0
102.7
369.3
14.4
16.9
60.5
0.7
1.1
2.6
0.1
0.2
0.4
88.7
103.8
371.9
14.5
17.1
60.9
113.6
104.4
415.7
18.6
17.1
68.1
97.3
90.6
360.3
15.9
14.9
59.0
0.7
1.1
2.6
0.1
0.2
0.4
( 1.1)
( 1.7)
( 2.2)
( 0.2)
( 0.4)
( 0.4)
1.1
0.7
2.9
0.2
0.2
0.5
98.0
90.7
363.6
16.0
14.9
59.5
12.8
13.7
49.5
2.1
2.2
8.1
2.8
-
2.6
0.5
-
0.5
( 24.9)
( 0.6)
( 43.8)
( 4.1)
( 0.0)
( 7.2)
1.9
2.4
11.9
0.3
0.3
1.9
-
-
-
-
-
-
-
-
-
-
-
-
1.9
2.4
11.9
0.3
0.3
1.9
OTHER AFRICAN OPERATIONS
Navachab
Prepared in accordance with International
Quarter
Quarter
Year
Quarter
Quarter
Year
Accounting Standards.
ended
ended
ended
ended
ended
ended
December
September
December
December
September
December
1999
1999
1999
1999
1999
1999
Rand / Metric
Dollar / Imperial
OPERATING RESULTS GOLD
Mined
- tonnes
/
- tons
- 000
1 548
1 617
5 176
1 707
1 782
5 705
Volume mined
- bcm
/
- bcy
- 000
582
604
1 934
761
790
2 530
Stripping ratio
- t(mined-treated) /t treated
3.18
3.58
3.36
3.18
3.58
3.36
Treated
- tonnes
/
- tons
- 000
370
353
1 186
408
389
1 307
Mill head grade
- g/t
/
- oz/t
1.71
1.54
1.71
0.050
0.045
0.050
Metallurgical recovery
- %
90.51
89.62
92.02
90.51
89.62
92.02
Gold produced
- kg
/
- oz 000
590
487
1 729
19
16
56
Revenue
- R/kg
/
- $/oz
- sold
60 341
59 622
59 672
306
305
304
Cash costs
- R/kg
/
- $/oz
- produced
42 691
47 343
47 209
217
242
240
PRODUCTIVITY per employee
- g
/
- oz
- target
529
496
467
17.00
15.96
15.00
- actual
568
464
480
18.27
14.92
15.44
FINANCIAL RESULTS ( MILLION)
Gold revenue
38.9
26.2
104.6
6.3
4.3
17.1
Cost of sales
35.0
23.2
84.0
5.6
3.9
13.8
Cash costs
25.2
23.0
81.6
4.1
3.7
13.4
Rehabilitation costs
6.8
( 0.5)
( 3.4)
1.1
( 0.1)
( 0.5)
Other non-cash costs
0.3
0.3
0.9
-
0.2
0.1
Production costs
32.3
22.8
79.1
5.2
3.8
13.0
Amortisation costs
2.7
1.2
5.4
0.4
0.2
0.9
Inventory change
-
( 0.8)
( 0.5)
-
( 0.1)
( 0.1)
Profit from operations
3.9
3.0
20.6
0.7
0.4
3.3
Capital expenditure
0.2
0.1
1.0
-
-
0.2
Sadiola - Attributable 38%
Quarter
Quarter
Year
Quarter
Quarter
Year
ended
ended
ended
ended
ended
ended
December
September
December
December
September
December
1999
1999
1999
1999
1999
1999
Rand / Metric
Dollar / Imperial
1 443
1 067
5 513
1 591
1 176
6 077
818
597
3 045
1 070
781
3 983
1.84
1.16
1.81
1.84
1.16
1.81
508
493
1 961
560
543
2 162
3.7
3.88
3.43
0.108
0.113
0.100
96.98
97.16
96.95
96.98
97.16
96.95
1 572
1 858
6 417
51
60
206
59 295
58 129
60 475
301
297
306
21 357
17 153
19 916
108
88
102
2 488
2 974
2 146
80.00
95.62
69.00
1 821
2 254
1 929
58.55
72.48
62.03
90.0
120.1
387.6
14.7
19.8
63.5
56.5
65.0
229.9
9.2
10.7
37.6
33.6
31.9
128.9
5.5
5.2
21.1
( 0.4)
( 0.4)
( 1.2)
( 0.1)
( 0.1)
( 0.2)
6.0
8.5
26.8
1.0
1.5
4.4
39.2
40.0
154.5
6.4
6.6
25.3
19.0
18.8
74.6
3.1
3.1
12.2
( 1.7)
6.2
0.8
( 0.3)
1.0
0.1
33.5
55.1
157.7
5.5
9.1
25.9
( 6.6)
2.1
3.6
( 1.1)
0.4
0.6
NORTH AMERICAN OPERATIONS
Cripple Creek & Victor J.V.
Prepared in accordance with International
Quarter
Quarter
Year
Quarter
Quarter
Year
Accounting Standards.
ended
ended
ended
ended
ended
ended
December
September
December
December
September
December
1999
1999
1999
1999
1999
1999
Rand / Metric
Dollar / Imperial
OPERATING RESULTS
GOLD
Underground Operations
Mined
- tonnes
/
- tons
- 000
-
-
-
-
-
-
Treated
- tonnes
/
- tons
- 000
-
-
-
-
-
-
Mill head grade
- g/t
/
- oz/t
-
-
-
-
-
-
Gold in ore
- kg
/
- oz 000
-
-
-
-
-
-
Yield
- g/t
/
- oz/t
-
-
-
-
-
-
Gold produced
- kg
/
- oz 000
-
-
-
-
-
-
Open-pit Operations
Mined
- tonnes
/
- tons
- 000
6 581
7 015
27 048
7 255
7 733
29 816
Stripping ratio
- t(mined-treated)
/t treated
2.29
1.62
1.82
2.29
1.62
1.82
Treated
- tonnes
/
- tons
- 000
1 999
2 675
9 586
2 203
2 949
10 566
Mill head grade
- g/t
/
- oz/t
0.69
0.88
0.69
0.020
0.026
0.020
Gold in ore
- kg
/
- oz 000
1 741
2 358
7 191
56
76
231
Yield
- g/t
/
- oz/t
0.87
0.88
0.75
0.025
0.026
0.022
Gold produced
- kg
/
- oz 000
1 741
2 358
7 191
56
76
231
Total
Yield
- g/t
/
- oz/t
0.87
0.88
0.75
0.025
0.026
0.022
Gold produced
- kg
/
- oz 000
1 741
2 358
7 191
56
76
231
Revenue
- R/kg
/
- $/oz
- sold
62 950
62 465
61 311
320
319
312
Cash costs
- R/kg
/
- $/oz
- produced
33 052
32 655
32 737
168
167
167
PRODUCTIVITY
per employee
- g
/
- oz
- target
2 146
2 146
2 084
69
69
67
- actual
2 092
2 613
2 008
67
84
65
FINANCIAL RESULTS (MILLION)
Gold revenue
109.6
147.3
440.9
17.9
24.2
72.2
Cost of sales
102.9
123.0
397.1
16.8
20.2
65.0
Cash costs
80.5
77.0
258.4
13.1
12.7
42.3
Rehabilitation costs
3.0
3.3
12.5
0.5
0.5
2.0
Other non-cash costs
-
-
-
-
-
-
Production costs
83.5
80.3
270.9
13.6
13.2
44.3
Amortisation costs
42.3
42.7
149.1
6.9
7.0
24.4
Inventory change
( 22.9)
-
( 22.9)
( 3.7)
-
( 3.7)
Profit from operations
6.7
24.3
43.8
1.1
4.0
7.2
Capital expenditure
46.3
49.5
144.5
7.6
8.1
23.6
Note: The gold produced for underground and open-pit operations is allocated on gold in ore.
Jerritt Canyon J.V. - Attributable 70%
Quarter
Quarter
Year
Quarter
Quarter
Year
ended
ended
ended
ended
ended
ended
December
September
December
December
September
December
1999
1999
1999
1999
1999
1999
Rand / Metric
Dollar / Imperial
148
164
610
163
181
672
101
109
418
111
120
460
13.85
12.87
13.13
0.404
0.375
0.383
1 402
1 403
5 483
45
45
176
13.11
11.51
12.33
0.382
0.333
0.359
1 323
1 255
5 147
43
40
165
570
1 545
5 701
628
1 703
6 285
2.80
12.52
11.69
2.80
12.52
11.69
150
114
449
165
126
495
10.63
5.95
8.23
0.310
0.175
0.240
1 599
678
3 642
51
22
117
6.38
5.32
6.14
0.186
0.159
0.179
957
607
2 759
31
20
89
9.09
8.35
9.12
0.265
0.244
0.266
2 280
1 862
7 906
73
60
254
63 307
63 091
61 422
321
322
313
30 913
36 574
35 163
157
187
179
2 271
2 208
2 022
73
71
65
2 718
2 084
2 182
87
67
70
144.4
117.5
485.6
23.6
19.3
79.5
101.9
99.3
398.4
16.6
16.3
65.2
74.4
68.1
281.9
12.1
11.2
46.1
4.4
2.6
12.5
0.7
0.4
2.0
-
-
-
-
-
-
78.8
70.7
294.4
12.8
11.6
48.1
27.0
28.6
107.9
4.4
4.7
17.7
( 3.9)
-
( 3.9)
( 0.6)
-
( 0.6)
42.5
18.2
87.2
7.0
3.0
14.3
24.9
26.2
90.8
4.1
4.3
14.9
SOUTH AMERICAN OPERATIONS
Morro Velho
Prepared in accordance with International
Quarter
Quarter
Year
Quarter
Quarter
Year
Accounting Standards.
ended
ended
ended
ended
ended
ended
December
September
December
December
September
December
1999
1999
1999
1999
1999
1999
Rand / Metric
Dollar / Imperial
OPERATING RESULTS
GOLD
Underground Operations
Mined
- tonnes
/
- tons
- 000
178
188
740
196
207
816
Treated
- tonnes
/
- tons
- 000
180
188
742
199
207
818
Mill head grade
- g/t
/
- oz/t
7.85
6.88
7.58
0.229
0.203
0.221
Gold in ore
- kg
/
- oz 000
1 410
1 294
5 606
45
42
180
Yield
- g/t
/
- oz/t
7.32
7.43
7.3
0.213
0.217
0.213
Gold produced
- kg
/
- oz 000
1 317
1 396
5 417
42
45
174
Open-pit Operations
Mined
- tonnes
/
- tons
- 000
231
276
1 146
254
304
1 263
Stripping ratio
- t(mined-treated)
/t treated
5.24
6.26
7.55
5.24
6.24
7.55
Treated
- tonnes
/
- tons
- 000
37
38
134
41
42
148
Mill head grade
- g/t
/
- oz/t
5.14
4.95
5.49
0.150
0.143
0.160
Gold in ore
- kg
/
- oz 000
186
188
748
6
6
24
Yield
- g/t
/
- oz/t
4.94
5.55
5.41
0.144
0.167
0.158
Gold produced
- kg
/
- oz 000
183
211
725
6
7
23
Total
Yield
- g/t
/
- oz/t
6.91
7.11
7.01
0.202
0.209
0.205
Gold produced
- kg
/
- oz 000
1 500
1 607
6 142
48
52
197
Revenue
- R/kg
/
- $/oz
- sold
64 580
62 611
61 721
328
320
314
Cash costs
- R/kg
/
- $/oz
- produced
23 124
22 589
24 293
117
115
124
PRODUCTIVITY
per employee
- g
/
- oz
- target
373
435
404
12
14
13
- actual
416
435
431
13
14
14
FINANCIAL RESULTS (MILLION)
Gold revenue
97.3
100.0
390.0
15.9
16.4
63.8
Cost of sales
48.6
55.4
225.3
8.0
9.2
36.8
Cash costs
34.7
36.3
149.2
5.7
6.0
24.4
Rehabilitation costs
0.3
0.6
1.1
0.1
0.1
0.2
Other non-cash costs
3.1
-
3.1
0.5
-
0.5
Production costs
38.1
36.9
153.4
6.3
6.1
25.1
Amortisation costs
12.7
15.7
58.8
2.1
2.6
9.6
Inventory change
( 2.2)
2.8
13.1
( 0.4)
0.5
2.1
Profit from operations
48.7
44.6
164.7
7.9
7.2
27.0
Capital expenditure
18.3
12.1
51.3
3.0
2.0
8.4
Note: The gold produced for underground and open-pit operations is allocated on gold in ore.
Serra Grande - Attributable 50%
Cerro Vanguardia - Attributable 46.25%
Quarter
Quarter
Year
Quarter
Quarter
Year
Quarter
Quarter
Year
Quarter
Quarter
Year
ended
ended
ended
ended
ended
ended
ended
ended
ended
ended
ended
ended
December
September
December
December
September
December
December
September
December
December
September
December
1999
1999
1999
1999
1999
1999
1999
1999
1999
1999
1999
1999
Rand / Metric
Dollar / Imperial
Rand / Metric
Dollar / Imperial
79
84
317
87
92
349
-
-
-
-
-
-
74
84
310
82
93
342
-
-
-
-
-
-
8.26
7.40
7.89
0.241
0.215
0.230
-
-
-
-
-
-
661
622
2 496
21
20
80
-
-
-
-
-
-
8.12
7.88
7.8
0.237
0.226
0.227
-
-
-
-
-
-
604
662
2 418
19
21
78
-
-
-
-
-
-
-
-
-
-
-
-
825
879
3 295
909
969
3 633
-
-
-
-
-
-
8.47
9.59
9.67
8.47
9.65
9.67
-
-
-
-
-
-
87
83
314
96
91
346
-
-
-
-
-
-
10.29
15.77
15.09
0.30
0.46
0.44
-
-
-
-
-
-
1 136
1 309
4 801
37
42
155
-
-
-
-
-
-
11.81
14.52
14.85
0.344
0.429
0.433
-
-
-
-
-
-
1 029
1 205
4 659
33
39
150
8.12
7.88
7.80
0.237
0.226
0.227
11.81
14.52
14.85
0.344
0.429
0.433
604
662
2 418
19
21
78
1 029
1 205
4 659
33
39
150
65 849
62 618
61 744
334
320
314
55 046
62 619
59 009
302
320
303
23 124
21 148
22 950
117
110
117
26 449
27 469
26 146
134
138
133
809
933
840
26
30
27
1 742
2 488
2 177
56
80
70
820
902
851
26
29
27
1 724
3 048
2 278
55
60
73
39.4
37.0
149.5
6.4
6.1
24.5
63.6
77.6
302.6
10.4
12.7
49.5
20.3
21.9
86.8
3.4
3.7
14.3
42.1
47.7
179.7
6.9
7.8
29.5
14.0
14.0
55.5
2.3
2.3
9.1
26.4
32.2
118.4
4.3
5.3
19.4
-
0.9
1.2
-
0.2
0.2
0.4
0.8
1.0
0.1
0.1
0.2
-
-
-
-
-
-
1.9
4.1
9.4
0.3
0.7
1.5
14.0
14.9
56.7
2.3
2.5
9.3
28.7
37.1
128.8
4.7
6.1
21.1
7.1
8.2
30.3
1.2
1.4
5.0
16.4
14.8
57.9
2.7
2.4
9.5
( 0.8)
( 1.2)
( 0.2)
( 0.1)
( 0.2)
-
( 3.0)
( 4.2)
( 7.0)
( 0.5)
( 0.7)
( 1.1)
19.1
15.1
62.7
3.0
2.4
10.2
21.5
29.9
122.9
3.5
4.9
20.0
3.0
2.4
11.5
0.5
0.4
1.9
0.3
2.7
10.1
0.1
0.4
1.7
SHAFT SINKING
SHAFT SINKING (metres)
Quarter ended
Quarter ended
Year ended
December 1999
September 1999
December 1999
MOAB KHOTSONG MINE
Main shaft
Advance
-
-
28
Depth to date (below collar)
2 412
2 412
2 412
Rock / ventilation sub-vertical shaft
Advance
29
30
133
Depth to date
939
910
939
Station cutting
-
34
90
JOEL MINE
Taung North Shaft
Advance
80
26
289
Depth to date (below collar)
1 293
1 213
1 293
MPONENG MINE
Sub Shaft 1
Advance
12
47
190
Depth to date
1 208
1 196
1 208
SHAFT SINKING
SHAFT SINKING (feet)
Quarter ended
Quarter ended
Year ended
December 1999
September 1999
December 1999
MOAB KHOTSONG MINE
Main shaft
Advance
-
-
91
Depth to date (below collar)
7 913
7 913
7 913
Rock / ventilation sub-vertical shaft
Advance
95
98
436
Depth to date
3 081
2 985
3 081
Station cutting
-
112
296
JOEL MINE
Taung North Shaft
Advance
262
85
948
Depth to date (bellow collar)
4 242
3 980
4 242
MPONENG MINE
Sub Shaft 1
Advance
39
154
620
Depth to date
3 964
3 925
3 964
DEVELOPMENT
Development values represent actual results of sampling, no allowances having been made for adjustments necessary in estimating ore reserves.
Quarter ended December 1999
METRIC
Advance
Sampled
metres
metres
channel
gold
uranium
width
g/t
cm.g/t
kg/t
cm.kg/t
cm
VAAL RIVER Great Noligwa Mine Vaal reef
4 824
416
105.90
35.76
3 787
1.44
152.40
"C" reef
155
44
7.00
74.15
526
3.60
25.19
Kopanang Mine Vaal reef
9 518
424
16.30
164.36
2 679
4.97
80.93
"C" reef
113
28
38.00
39.21
1 490
1.27
48.10
Tau Lekoa Mine Ventersdorp Contact reef
5 222
922
93.70
9.71
930
0.12
11.68
Moab Khotsong Mine Vaal reef
1 313
-
-
-
-
-
-
FREE STATE Bambanani Mine Basal reef
2 667
240
104.00
17.32
1 801
0.12
11.99
Tshepong Mine Basal reef
5 181
632
19.00
107.00
2 033
1.88
35.72
"B" reef
272
-
-
-
-
-
-
Matjhabeng Mine Basal reef
1 645
140
21.10
67.62
1 425
0.67
14.17
"A" reef
97
36
87.60
7.98
699
0.42
36.90
Taung South Shaft (previously Joel No. 3 shaft) Beatrix VS 5 Composite reef
1 858
600
92.50
7.83
724
0.01
0.74
WEST WITS TauTona Mine (East Mine) Ventersdorp Contact reef
-
-
-
-
-
-
-
Carbon Leader reef
3 652
144
15.70
188.47
2 959
1.27
19.91
Savuka Mine (West Mine) Ventersdorp Contact reef
337
65
64.50
14.73
950
0.27
17.49
Mponeng Mine (South Mine) Ventersdorp Contact reef
6 000
848
76.20
18.41
1 403
-
-
Elandsrand Ventersdorp Contact reef
4 759
770
30.90
20.00
618
-
-
Deelkraal Ventersdorp Contact reef
1 053
230
192.60
4.06
781
-
-
(plus footwall bands)
DEVELOPMENT
Development values represent actual results of sampling, no allowances having been made for adjustments necessary in estimating ore reserves.
Quarter ended December 1999
IMPERIAL
Advance
Sampled
feet
feet
channel
gold
uranium
width
oz/t
ft.oz/t
lb/t
ft.lb/t
inches
VAAL RIVER Great Noligwa Mine Vaal reef
15 826
1 365
41.69
1.04
3.62
2.88
10.01
"C" reef
510
144
2.76
2.16
0.50
7.20
1.65
Kopanang Mine Vaal reef
31 227
1 391
6.42
4.79
2.56
9.94
5.32
"C" reef
370
92
14.96
1.14
1.43
2.54
3.17
Tau Lekoa Mine Ventersdorp Contact reef
17 133
3 025
36.89
0.28
0.87
0.24
0.74
Moab Khotsong Mine Vaal reef
4 308
-
-
-
-
-
-
FREE STATE Bambanani Mine Basal reef
8 750
787
40.94
0.51
1.72
0.24
0.82
Tshepong Mine Basal reef
16 999
2 073
7.48
3.12
1.95
3.76
2.34
"B" reef
894
-
-
-
-
-
-
Matjhabeng Mine Basal reef
5 396
459
8.31
1.97
1.37
1.34
0.93
"A" reef
318
118
34.49
0.23
0.67
0.84
2.41
Taung South Shaft (Previously Joel No. 3 shaft) Beatrix VS 5 Composite reef
6 096
1 969
36.42
0.23
0.69
0.02
0.06
WEST WITS TauTona Mine (East Mine) Ventersdorp Contact reef
-
-
-
-
-
-
-
Carbon Leader reef
11 982
472
6.18
5.50
2.83
2.54
1.31
Savuka Mine (West Mine) Ventersdorp Contact reef
1 106
213
25.39
0.43
0.91
0.54
1.14
Mponeng Mine (South Mine) Ventersdorp Contact reef
19 684
2 782
30.00
0.54
1.34
-
-
Elandsrand Ventersdorp Contact reef
15 613
2 526
12.17
0.58
0.59
-
-
Deelkraal Ventersdorp Contact reef
3 454
755
75.83
0.12
0.75
-
-
(plus footwall bands)
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
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Name: C R Bull Title: Company Secretary