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 SIX MONTHS ENDED 30 JUNE 2001,
PREVIOUSLY FILED WITH THE SEC IN HARD COPY -- REFILED TODAY, ON EDGAR
A good quarter by any measure
Group results for the quarter ...
Headline earnings up 19% to $0.62 and 22% to R5.01 per share.
Total cash costs down 4% to $185 per ounce.
Bambanani and Tshepong will remain in AngloGold's portfolio.
GoldAvenue Exchange goes live for gold trading.
... and for the half year
Gold production down due to Elandsrand and Deelkraal sale.
Total cash costs down 12% to $189 per ounce.
Headline earnings down 11% with increased finance costs arising from acquisition of Geita and Morila.
A dividend of R7.00 per share declared, giving a 5% annualised yield on a share price of R288.00 per share.
Regional operating results for the quarter
SOUTH AFRICA
Key operations exceeded production and cost targets.
Gold production up (excluding Elandsrand and Deelkraal sale).
Total cash costs down 1% to R50,120 per kilogram (4% to $194 per ounce).
Operating profit marginally lower on flat received price and increased retrenchment costs.
AFRICA
Another very good quarter.
Gold production up 9%.
Total cash costs 2% down to $121 per ounce.
Operating profit up 29% to $22 million.
ISO 14001 environmental accreditation for Geita.
NORTH AMERICA
Gold production up 4%.
Total cash costs down 4% to $202 per ounce.
Operating profit up 28% to $6 million.
SOUTH AMERICA
Gold production slightly down.
Total cash costs down 4% to $141 per ounce, following cost cuts and devaluation of Brazilian Real.
AUSTRALIA
Gold production down 11% partly due to Sunrise Dam plant commissioning.
Production drop matched by cost containment, leaving total cash costs down 3% at $195 per ounce, and steady in A$ terms.
Quarter
ended
Jun
2001
Quarter
ended
Mar
2001
Six
months
ended
Jun
2001
Six
months
ended
Jun
2000
Quarter
ended
Jun
2001
Quarter
ended
Mar
2001
Six
months
ended
Jun
2001
Six
months
ended
Jun
2000
Rand/Metric
Dollar/Imperial
Gold Produced -
- kg/oz 000
53,915
54,377
108,292
110,466
1,733
1,749
3,482
3,551
Revenue -
- R/kg/$/oz sold
73,578
74,133
73,850
65,096
285
295
290
308
Total cash costs
- R/kg/$/oz produced
47,663
48,457
48,061
45,165
185
193
189
214
Total production costs
- R/kg/$/oz produced
57,079
57,537
57,309
51,891
221
229
225
245
Operating profit
- R/$ million
965
894
1,859
1,570
120
114
234
237
Net capital expenditure
- R/$ million
576
535
1,111
633
72
68
140
96
Net profit
- R/$ million
509
337
846
854
63
43
106
128
Net earnings (basic)
- cents per share
475
315
790
799
59
40
99
120
Headline earnings
- cents per share
538
409
947
859
67
52
119
129
Headline earnings before unrealised hedging activities
- cents per share
501
410
911
859
62
52
114
129
Dividends
- cents per share
700
750
85
102
REPORT
FOR THE QUARTER AND SIX MONTHS ENDED 30 JUNE 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,
Overall performance
The results reported for the June quarter reflect a strong performance, with operating profit of $120 million, net profit of $63 million, and headline earnings of $66 million (excluding the unrealised gain on hedging activities) all improvements on the previous quarter. This commendable financial performance comes despite slightly reduced gold production and a lower received gold price. Decreased finance costs resulting from the competitive re-financing of existing debt and from lower interest charges contributed to the quarter-on-quarter earnings increase. Performance for the six months to June 2001 is equally pleasing.
The quarter saw a good operating performance across all five regions, with AngloGold producing 1.7 million ounces of gold at total cash costs of $185 per ounce, and total production costs of $221 per ounce. For the six months ended June 2001, the company produced 3.5 million ounces of gold at total cash costs of $189 per ounce and total production costs of $225 per ounce.
In South Africa, the key operations are producing at or above expectations, with particularly good performances at Great Noligwa, Tshepong, Savuka and TauTona and continuing improvements at Bambanani. While Mponeng continues to underperform, this is expected to improve incrementally during the second half of the year, as new raise lines become available. A decision has been taken to place Joel's South shaft in an orderly closure mode, while the drilling project at North shaft continues. However, should a value-adding offer to purchase Joel be received, this would be considered. Consequent on improved operational performance, and in the absence of offers that exceed AngloGold's valuation of certain of the Free State assets, the board has decided to withdraw the cautionary notice published in November last year in respect of the potential sale of some of its Free State operations.
The Africa region had another excellent quarter, improving on its performance in the first quarter. The region produced 211,000 attributable ounces, with total cash costs 2% lower at $121 per ounce, and operating profit 29% higher at $22 million. Yatela produced its first gold on 9 May 2001, one month ahead of schedule and $2 million below construction budget.
In North America, gold production increased by 4% to 130,000 ounces, operating earnings improved by 28%, while total cash costs decreased by 4% to $202 per ounce. Gold production at AngloGold's South American operations was 1% lower than the previous quarter at 106,000 ounces, while total cash costs were 4% down at $141 per ounce, as a result of continuing cost-cutting and currency devaluation. Australia saw production decline by 11% to 118,000 ounces, while total cash costs decreased by 3% to $195 per ounce, holding steady in local currency terms at A$379 per ounce.
AngloGold's strategy to reduce risk through geographic and orebody diversification continues to deliver benefits. For the quarter, production from outside South Africa, principally from low-cost, surface and shallow mines, grew to 33%, operating profits to 41%, EBITDA to 51% and cash earnings to 57%. The company's ongoing major capital projects, in South Africa at Mponeng and TauTona, in Australia at Sunrise Dam, and at the Cripple Creek & Victor joint venture in Colorado, are all progressing well and within budget.
An equally pleasing aspect of this quarter has been GoldAvenue's business-to-business website, GAExchange (www.gaexchange.com), which went live in June, offering bullion products directly to regional banks for jewellery fabrication industries in Italy. This will be extended to other countries through the remainder of 2001, with GoldAvenue's business-to- consumer gold jewellery venture targeting an initial product offering by year-end.
We are very satisfied with the wage agreement reached with the National Union of Mineworkers (NUM) last week. This deal locks in a two-year contract which is consistent with our goals of improving skills and productivity, especially for production crews. The net effect of this wage agreement on our bottom line is within the planning and performance parameters we have set for our South African business units.
Dividend
We are pleased to announce an interim dividend for the half year of R7.00, representing an annualised dividend yield of 5% on Friday, 27 July 2001 closing share price of R288.00.
Changes in the board of directors
Following his appointment as Chairman of South African Airways, Don Ncube has sadly resigned from the AngloGold board. His presence will be sorely missed. A replacement has not yet been appointed. Mike King and James Campbell have also resigned from the board, following their departures from Anglo American. They will be replaced by Bill Nairn and Tony Lea.
RUSSELL EDEY Deputy Chairman
30 July 2001
LETTER FROM THE CHAIRMAN AND DEPUTY CHAIRMAN
BOBBY GODSELL Chairman and Chief Executive Officer
2
OVERVIEW
AngloGold's operating profit for the quarter ended 30 June 2001 increased by 5% to $120 million. Headline earnings (excluding unrealised gains from hedging) rose by 19% to $66 million ($0.62 per share or $0.31 per ADR). Reduced finance costs resulting from the re- financing of existing debt and from lower interest charges contributed to the quarter-on-quarter earnings increase. The received gold price for the period declined by 3% to $285 per ounce. Gold production decreased by only 16,000 ounces (1%) to 1.73 million ounces, despite the loss of 33,000 ounces arising from the disposal of Deelkraal and Elandsrand between the March and June quarters. Total cash costs were down by 4% to $185 per ounce and total production costs decreased by 3% to $221 per ounce.
In the absence of an offer from a third party which exceeds AngloGold's valuation of the Bambanani and Tshepong operations in the Free State and, in light of the fact that both of these mines are performing according to plan, it has been decided to withdraw the cautionary notice published in November last year in respect of some of its Free State operations.
It has been decided to place Joel South shaft in an orderly closure mode and it will be closed by the end of 2001, unless a reasonable offer to purchase Joel is received. In the interim, drilling at Joel North shaft will continue. Similarly, Matjhabeng's Eland shaft will be closed by the end of this year.
For the six months ended June 2001, gold production decreased by 69,000 ounces, or 2%, to 3.5 million ounces compared to the first six months of 2000, as a result of the disposal of Elandsrand and Deelkraal, which together produced 277,000 ounces in the first half of 2000. This, however, was partially offset by production from Morila and Geita. Total cash and production costs decreased by 12% and 8% to $189 per ounce and $225 per ounce respectively. Operating profits were down by 1% to $234 million for the half-year. Headline earnings before unrealised gain from hedging decreased by 11% to $122 million due to the increase in interest paid during the first half of this year arising from the acquisition of Geita and Morila. Retrenchment costs increased from
$6 million in the first half of 2000 to $16 million in the first six months of 2001.
Agreement was reached last week with the National Union of Mineworkers (NUM) on wages and other conditions of employment for the next two years. The terms of the agreement provide for the salaries of the lowest-paid employees (Category 3) to be increased by 9% from 1 July 2001 and for the salaries of all other employees covered by the agreement to be increased by 8% from that date.
With effect from 1 July 2002, the minimum salary for Category 3 underground employees will be increased to R2,000 per month, while the salaries of Category 3 surface employees (the company's lowest-paid employees), will be increased by 10%. The salaries of all other employees covered by the agreement will be increased by 7.5%, with a further 0.5% increase to take effect from 1 January 2003.
The agreement provides for increases to annual leave and for the introduction of an ill-health retirement benefit through the Mineworkers' Provident Fund.
SOUTH AFRICA
Overall performance
The operating performance of the region continued to meet production and cost expectations for another quarter, with gold production, total cash costs, and operating profit all steady for the June 2001 quarter.
While the sale and final transfer of Elandsrand and Deelkraal reduced production by 1,037 kilograms, gold output for the remainder of the region actually increased by 386 kilograms to 36,341 kilograms (1.17 million ounces). The received gold price was unchanged at R72,355 per kilogram (though marginally lower in dollar terms, at $280 per ounce). Reflecting management's commitment to containing operating costs, total cash costs were down 1% to R50,120 per kilogram (and 4% in dollar terms to $194 per ounce). Operating profit decreased marginally by 2% as a result of higher retrenchment costs.
OPERATING AND FINANCIAL REVIEW
3
Mine performance
At Great Noligwa, despite a 2% improvement in total cash costs to R34,398 per kilogram a remarkable $133 per ounce higher productivity and a 7% increase in recovered grade, operating profit was down 3% to R262 million ($33 million) due to a movement in gold inventory. Following an exceptional first three months, gold production at Kopanang was 3% lower than the first quarter at 3,820 kilograms (123,000 ounces) due to reduced grade, as anticipated. Production was nevertheless well above target, as was operating profit, at R61 million ($8 million). Kopanang reached a very important safety milestone during the quarter when it achieved 1 million fatality-free shifts. It also reported a 38% reduction in its lost-time injury frequency (LTIF) rate. Gold production at Tau Lekoa was steady at 2,383 kilograms (76,000 ounces). Total cash costs, however, rose by some 6% in rand terms (4% in dollars) as a result of non- recurring infrastructure maintenance. This had the effect of reducing operating profit by 40% to R20 million ($3 million).
Gold production at TauTona increased 4% to 4,870 kilograms (157,000 ounces). Total cash costs were slightly higher at R42,229 per kilogram, largely due to winder maintenance. In dollar terms, total cash costs reduced slightly to $164 per ounce. Operating profit improved by 28% to R144 million ($18 million). Following a disappointing performance in the first three months of the year, Savuka had a good second quarter. Volume mined increased by 11% and gold produced by 14% to 2,016 kilograms (65,000 ounces) while total cash costs decreased by 5% to R63,636 per kilogram ($246 per ounce). Lack of mineable face length continues to impact production at Mponeng. This was compounded when blasting was held up during rescue operations following a fall of ground in May. These problems led to a 4% decrease in gold production for the quarter, to 2,453 kilograms (79,000 ounces), an 11% increase in total cash costs (or 8% in dollar terms) and an operating loss of R38 million ($5 million). As previously reported, the mine will move incrementally towards improved production during the second half of the year as the new raise lines referred to in the March quarter's report become available.
The performance of Bambanani continues to improve, despite the effect on production and costs of a transformer fire on 58 level during April. Production increased by 10% on the first quarter and total cash costs were 2% lower at
R60,185 per kilogram ($233 per ounce). Tshepong's performance continues to impress. Gold production increased 17% (following a similar quarter-on-quarter improvement in the first three months). Total cash costs were 11% down to R44,579 per kilogram ($173 per ounce) and operating profit was 13% higher than the previous quarter at R55 million ($7 million). At Matjhabeng, the planned closure of the Sable shaft and the early closure of the Nyala shaft during the quarter led to a 16% decline in gold production to 1,440 kilograms (46,000 ounces). Total cash costs decreased by 15% to R60,344 per kilogram ($234 per ounce) and the operating loss for the quarter was reduced from R30 million ($4 million) to R25 million ($3 million). The remaining Eland shaft will be sold or managed to closure by the end of the year. Despite a better quarter at Joel, with a reduced operating loss of R18 million ($2 million), from R32 million ($4 million) in the March quarter, the mine continues to be uneconomic.
At Ergo, gold production decreased by 17% to 2,368 kilograms (76,000 ounces) off an exceptional performance last quarter.
AFRICA
Overall performance
The region had another good quarter in all respects, improving on its performance in the first quarter. Production was 211,000 attributable ounces, an increase of 9% on the previous quarter, at a total cash cost of $121 per ounce. Operating profit was 29% higher at $22 million.
Despite three of the five operations in the region being less than one year old, accelerated safety focus at the new operations has resulted in the region recording a LTIF rate of 1.77.
Mine performance
A steady performance during the quarter at Sadiola (38% attributable) resulted in a 5% increase in gold production to 52,000 attributable ounces and a reduction in total cash costs of 4% to $125 per ounce. The mine has remained accident- free for the year to date.
Yatela (40% attributable) produced its first gold on 9 May 2001, a month ahead of schedule and $2 million below construction budget. Contractor demobilisation is complete, and the mine is in the process of a production build-up under the new management and a team of permanent employees. Total attributable gold production for the quarter was 8,000 ounces and has been credited to pre- production capital. Production and cost statistics
4
will be included in the operating results from the third quarter.
Morila (40% attributable) sustained its good production performance despite power interruptions during the quarter. Power generation problems have been overcome and production for the quarter increased by 3% to 65,000 attributable ounces. Total cash costs, at $100 per ounce, were up 11% on the previous quarter. This increase in the unit cost was due to a reduction in the proportion of high-grade soft oxide material treated to lower-grade sulphide material. Recovered grade was 18% down on the previous quarter. Safety results for the mine are commendable with a progressive LTIF rate of 1.36.
The mine is currently undergoing a 90-day completion review in terms of its project finance arrangements with positive results to date.
Geita (50% attributable) continues to perform exceptionally well. Increased plant throughput resulted in production of 72,000 attributable ounces for the quarter, an improvement of 19% on the previous quarter. Total cash costs of $133 per ounce were 6% lower than the previous quarter. Operating profit for the quarter rose by 53% to $7 million.
The mine has received ISO 14001 environmental accreditation, a significant achievement 12 months after first gold production. Safety on the mine remains impressive with no accidents recorded for the quarter.
Navachab maintained its trend of continued improvement. Production increased by 7% to 22,000 ounces and total cash costs for the quarter were $162 per ounce, a 7% decrease on the previous quarter. The mine had three lost time injuries for the quarter.
NORTH AMERICA
Overall performance
Gold production from these operations increased by 4% in the second quarter. Operating profit rose by 28% during the same period as a result of higher production despite lower realised gold price. Total cash costs for the period decreased by 4% to $202 per ounce.
Mine performance
At Jerritt Canyon (70% attributable), the second quarter's production of 73,000 ounces
was 3% less than the first quarter as a result of decreased Cortez tonnage. Total tonnage processed in the second quarter was approximately 3% down on the first quarter. Total cash costs for the second quarter were $217 per ounce, 6% lower than the first quarter, due to reduced volumes of purchased Cortez ore.
Production at Cripple Creek & Victor (CC&V) (67% attributable see Note 5 on Page 10) was 57,000 ounces, 13% higher than first quarter levels. Total cash costs were $177 per ounce in the second quarter, a rise of 5% on the first quarter due to increased tonnage mined in the second quarter.
SOUTH AMERICA
Overall performance
In this region, gold production was 1% lower than the previous quarter at 106,000 ounces. Total cash costs for the quarter were 4% down on the previous quarter at $141 per ounce, as a result of the continuing cost-cutting programme across the region and positive effects at Morro Velho and Serra Grande from the devaluation of the Brazilian Real.
Mine performance
The reduced gold production for the quarter was due to a 10% decrease in production at Cerro Vanguardia (46.25% attributable) as a result of lower than expected grade. This reduction was partially offset by a 3% increase in production at Morro Velho, due to an additional 1,900 ounces from the Nova Lima plant clean-up, as well as a 3% improvement in production from Serra Grande (50% attributable) due to increased tonnage treated.
At Cerro Vanguardia, the improving safety trend noted in previous quarters continues and Serra Grande remains below the Ontario benchmark. There was, however, an accident at Morro Velho's Mina Velha, which claimed the lives of two employees. A complete review of procedures, focusing on total risk management, is being carried out throughout the region.
AUSTRALIA
Overall performance
Production for the quarter of 118,000 ounces was 11% below output in the March quarter, in part due to commissioning of the expanded Sunrise Dam plant. The lower production was, however, matched by reductions in cash expenditure at the
5
mines, which allowed for a 3% decrease in total cash to $195 per ounce, holding steady in local currency terms at A$379 per ounce.
The high-value forward contracts, which matured last quarter, could not be replicated in the current quarter, resulting in a fall in the average realised price from A$594 per ounce to A$520 per ounce.
Mine performance
At Sunrise Dam the expansion of the plant to bring the throughput capacity to 2.5 million tonnes a year of fresh ore was completed one month ahead of schedule and within the approved budget of A$46 million. The plant's subsequent performance has indicated that throughput rates in excess of the design capacity will be possible with minimal additional capital expenditure. The major cutback of the open pit is continuing and will be completed during the fourth quarter. Although output of 68,000 ounces was higher than planned, it was, as anticipated, still 9% below the March quarter. The restricted plant throughputs and use of lower-grade ore during the commissioning phase resulted in a 12% increase in total cash costs relative to the previous quarter, but these remain extremely competitive at $148 per ounce (A$288 per ounce).
The performance of Union Reefs during the second quarter was disappointing. Poor mining rates caused by equipment unavailability, lack of access to the main Crosscourse pit and the failure of satellite orebodies to yield anticipated grades, all contributed to a 25% fall in production to 23,000 ounces. With these difficulties pushing total cash costs up to $269 per ounce (A$524 per ounce), a review of the mine's operations has been undertaken to ensure a more stable performance for the remainder of the year. Because of the limited future value of the mine, possible disposal options are being considered.
Although the current Boddington (33% attributable) oxide operation is nearing completion and mining is restricted to remnant ore blocks, production has improved marginally to 20,000 ounces (compared to 19,000 ounces in March). However, the mining costs associated with accessing the remaining small volume ore blocks has pushed total cash costs up by 4% to $215 per ounce (A$417 per ounce). It is now anticipated that the oxide operation will cease at the end of the third quarter and the plant will be placed on care and maintenance pending the commencement of the Boddington
Expansion Project. Progress is being made on the transfer of management of both the Boddington mine and its expansion, to the Boddington Gold Mine joint venture partners.
The unusually heavy rains experienced during the first quarter have resulted in restricted pit access and a major loss of reserves at the Tanami (40% attributable) mine. As a result, mining was terminated at the end of June and processing will cease during the third quarter when stockpiles will be exhausted. Production during the June quarter slipped a further 15% to 7,000 ounces, however with the restricted mining activity, total cash costs fell dramatically to $193 per ounce (A$370 per ounce) from $423 per ounce (A$805 per ounce) in the March quarter. AngloGold is examining its future options in respect of the Tanami district joint ventures.
6
The spot gold market was more active (and stronger) in the second quarter of 2001 than it had been in the first quarter of the year. The closing spot price of $271 per ounce was $15 above the opening price for the quarter, and the average price for the period was $5 per ounce higher. These average figures conceal substantial price volatility for much of the quarter, which saw a price range of over $40 per ounce, touching on a brief high around $298 per ounce in mid-May. The strength of the market was unfortunately not sustained evenly through the period and the quarter ended with the price softening below $270 per ounce to settle around its current level of $266 per ounce.
Foreign exchange markets continued to be active. The Australian dollar strengthened more than 11% against the US dollar during May from its oversold low of A$0.4777 against the US unit, but the US dollar rallied towards the end of the quarter and finished strongly, with both the euro and the rand at their lows for the quarter. Overall, the rand remained under pressure for most of the period, averaging R8.03 to the US dollar, or almost 3% weaker than the first quarter average exchange rate of R7.83. Since the end of the quarter, the dollar has rallied further, pushing the rand to a record low against the US currency of R8.35. These moves have translated again to local price support for South African gold producers, and the spot price of gold in South Africa averaged R69,160 per kilogram more than 4% better than the local average spot price for the first quarter of 2001.
The rally in the gold price this quarter was driven strongly by reaction to developments in the US economy, and the correction in the price since then is linked directly to a moderation of those views, and to a reassertion of the strength of the US dollar in the latter half of the quarter.
The gold price was well supported early in the quarter by the ongoing tightness in short term gold lease rates, which continued to squeeze speculators holding short positions. This tightness saw the gold price firm steadily through to mid-
May, as the net short position on the New York Comex reduced by half from the beginning of April. The announcement by the United States Federal Reserve on 15 May of their fifth cut this year of 0.5% in the Federal Fund Rate in as many months, triggered fears of a revival of inflation in the US economy, and some investors moved swiftly to buy gold futures, particularly on the New York Comex. These fears were encouraged by the reported pick-up in consumer inflation rate to 3.3% in April and by the continued strength of US consumer spending in the first quarter of the year, notwithstanding slowing in other critical areas of the US economy. This buying moved the open position on the Comex from net 160 tons short at the beginning of the quarter to a peak net long position equal to some 134 tons of gold at the end of May, and with it, the spot gold price to a high of $298 per ounce.
Since then, investors have become more sanguine about inflation in the USA and have steadily reduced their long positions in gold. The surge in the inflation rate earlier this year was driven materially by energy cost increases, and this influence appears to be both a singular event, and one that looks increasingly likely to retrace itself at least in part in the year ahead. Looking to the future, it would seem that deflationary pressures are more likely to prevail, with production and retail overcapacity hanging over the economy from the capital expenditure boom of the 1990s. This is not to say that there will not be price pressures in some sectors, but the overall equation will be settled by the absence of real price pressures or price leverage in consumer goods. This absence of price pressure will be compounded, sooner or later, by weaker consumer demand.
Notwithstanding receding fears of US inflation, and a stronger US dollar at the end of the quarter, gold has not given up all of its gains from the quarter. Investors and speculators on the New York Comex remain net long to the extent of some 1 million ounces, and the price seems well supported in the mid-$260s.
GOLD MARKET
7
Of concern for the immediate future is the fact that the market is about to enter a traditionally quiet period, particularly for physical demand. There is also some danger that gold demand for jewellery in the developed markets might well be softer during the second half of the year due to a generally slowing down in the economy. As we have noted before, physical demand also remains price sensitive increasingly so in some important markets. Spot price increases such as those, which occurred during the past quarter, translate very quickly into lower or no physical demand for gold.
This important element in the supply/ demand equation for the metal was reinforced during the price rally in May, where normal physical demand subsided, and there was significant flow back of selling in Hong Kong by the Chinese gold jewellery industry. However, news from the Indian market is encouraging, and there should be good reason to expect firm offtake from that important market once the monsoon season has passed.
8
NET DELTA OPEN HEDGE POSITION AS AT 30 JUNE 2001
As at 30 June 2001, the group 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 average annual forward rand values based on a spot rand/dollar rate of 8.05 available on 30 June 2001.
Kilograms
Sold
Forward Price
R per kg
Forward Price
$ per oz
Ounces
Sold
'000
12 Months ending
31 December 2001
98,008
R76,552
$292
3,151
2002
113,509
R81,618
$299
3,649
2003
83,706
R86,722
$303
2,691
2004
58,183
R92,690
$311
1,871
2005
46,016
R105,787
$340
1,479
January 2006 December 2010
106,582
R116,794
$333
3,427
506,004
R92,361
$310
16,268
The marked-to-market value of all hedge transactions making up the hedge positions in the above table was a positive R1,367 million ($170 million) as at 30 June 2001. The value was based on a gold price of $270.60 per ounce, exchange rates of R/$8.05 and $/A$ 0.5088 and the prevailing market interest rates and volatilities at the time.
As at 30 July 2001, the marked-to-market value of the hedge book was a positive R2,011 million ($245 million) based on a gold price of $266.70 per ounce and exchange rates of $/R8.21 and A$/$0.5059 and the prevailing market interest rates and volatilities at the time.
Note to AngloGold Hedge Position as at 30 June 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 30 June 2001.
GOLD MARKET
9
Year
2001
2002
2003
2004
2005 2006-2010
Total
DOLLAR GOLD
Forward Contracts
Amount (kg)
44,554
48,058
47,197
38,383
29,923
75,708
283,823
$ per oz
$301
$311
$313
$314
$323
$342
$319
Put Options Purchased
Amount (kg)
15,030
3,893
5,808
2,662
757
1,291
29,442
$ per oz
$292
$383
$352
$390
$291
$291
$325
*Delta (kg)
8,877
3,551
4,587
2,019
261
364
19,659
Put Options Sold
Amount (kg)
2,799
2,799
$ per oz
$268
$268
*Delta (kg)
890
890
Call Options Purchased
Amount (kg)
19,213
5,407
667
572
25,859
$ per oz
$296
$297
$350
$360
$299
*Delta (kg)
4,434
1,703
128
150
6,415
Call Options Sold
Amount (kg)
61,049
21,216
10,463
3,303
1,704
2,233
99,969
$ per oz
$304
$349
$372
$342
$358
$338
$324
*Delta (kg)
10,883
1,852
1,563
1,153
625
1,227
17,303
RAND GOLD
Forward Contracts
Amount (kg)
27,715
40,856
15,402
10,311
9,700
15,433
119,416
Rand per kg
R75,524 R78,253 R83,133 R89,067 R120,396
R130,557 R89,366
Put Options Purchased
Amount (kg)
2,022
2,022
Rand per kg
R70,473
R70,473
*Delta (kg)
750
750
Put Options Sold
Amount (kg) Rand per kg
*Delta (kg)
Call Options Purchased
Amount (kg) Rand per kg
*Delta (kg)
Call Options Sold
Amount (kg)
12,144
14,357
4,519
1,875
3,119
1,875
37,888
Rand per kg
R79,484 R87,003 R93,766 R93,603 R125,774
R93,603 R89,244
*Delta (kg)
2,295
3,722
1,439
1,024
1,276
1,399
11,155
AUS DOLLAR (A$) GOLD
Forward Contracts
Amount (kg)
7,103
16,485
13,841
5,443
6,221
31,726
80,818
A$ per oz
A$562
A$576
A$538
A$542
A$665
A$598
A$581
Call Options Purchased
Amount (kg)
3,966
6,687
778
4,665
31,725
47,821
A$ per oz
A$711
A$728
A$703
A$704
A$684
A$694
*Delta (kg)
159
1,148
195
1,989
19,275
22,766
Call Options Sold
Amount (kg)
1,866
3,732
5,599
A$ per oz
A$524
A$554
A$544
*Delta (kg)
1,315
1,836
3,151
RAND DOLLAR (000)
Forward Contracts
Amount ($)
92,260
20,000
112,260
ZAR per $
R 7.55
R 6.48
R 7.36
Put Options Purchased
Amount ($)
240,000
65,000
305,000
ZAR per $
R 7.56
R 8.10
R 7.67
*Delta ($)
17,875
20,061
37,936
Put Options Sold
Amount ($)
30,000
30,000
ZAR per $
R 7.66
R 7.66
*Delta ($)
1,901
1,901
Call Options Purchased
Amount ($)
45,300
5,450
50,750
ZAR per $
R 7.80
R 6.48
R 7.66
*Delta ($)
31,130
5,440
36,570
Call Options Sold
Amount ($)
280,670
98,450
8,000
387,120
ZAR per $
R 8.50
R 8.50
R 6.94
R 8.47
*Delta ($)
81,223
42,530
7,348
131,102
AUS DOLLAR (000)
Forward Contracts
Amount ($)
34,161
43,748
29,428
107,336
$ per A$
A$.68
A$.58
A$.59
A$.62
ANGLOGOLD HEDGE POSITION AS AT 30 JUNE 2001
10
1. The results included herein for the quarter and six months ended 30 June 2001, which are unaudited,
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, 125,050 ordinary shares were allotted in terms of the Share Incentive Scheme,
thereby increasing the number of ordinary shares in issue at 30 June 2001 to 107,167,837.
3. In terms of an agreement signed with African Rainbow Minerals (Proprietary) Limited (formerly African
Rainbow Minerals & Exploration (Proprietary) Limited) ("ARM") in January 1998, the No. 2 Shaft Vaal River Operations was tributed to ARM on the basis that 40% of all revenue, costs and capital expenditure would be attributable to ARM, with the balance to AngloGold. AngloGold has now entered into an agreement with ARM whereby ARM will take over the operations at No. 2 Shaft Vaal River Operations and mine entirely for its own account and acquire all the assets relating to that shaft, with effect from 1 July 2001, for the sum of R10 million.
4. Orders placed and outstanding on capital contracts as at 30 June 2001 totalled R1,111.7
million
(31 March 2001: R966.4 million), equivalent to $138.2 million (31 March 2001: $120.6 million) at the rate of exchange ruling on that date.
5. 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.
6. Withdrawal of cautionary announcement
In the absence of offers that exceed AngloGold's valuation of certain of its Free State assets, the board has decided to withdraw the cautionary announcement as published on 27 November, and renewed on 19 December 2000, 30 January, 14 March, 30 April and 11 June 2001. Accordingly, shareholders are advised that caution need no longer be exercised when dealing in AngloGold shares.
7. At the annual general meeting of shareholders held on 25 April 2001, shareholders approved the
amendments to the AngloGold Share Incentive Scheme. In terms of this authority, 428,600 debentures at an average issue price of R 243.14 per debenture were cancelled, in exchange for 428,600 options to acquire shares in the company being granted at an average strike price of R 243.14 per share.
8. STRATE
Shareholders were originally advised that Monday, 3 September 2001 was the date scheduled for the company to be officially transferred to the new STRATE (Share TRAnsactions Totally Electronic) system of electronic settlement on the JSE Securities Exchange South Africa (JSE).
Subsequently, the company has been informed that its shares will be dematerialised with effect from 15 October 2001, with electronic trading and settlement commencing on 5 November 2001 and 12 November 2001 respectively. Consequently, the company's share certificates will no longer be good for delivery in respect of transactions entered into on the JSE on or after Monday, 5 November 2001.
A letter containing further detailed information relating to STRATE and the dematerialisation process has been included with this quarterly report posted to shareholders with registered addresses recorded in the company's South African register of members, being the shareholders most likely to trade their shares on the JSE. Copies of the letter are also available from the offices of the company's share registrars, United Kingdom Secretaries and the investor relations contacts whose details, along with the website address, appear at the end of this report.
NOTES
11
9. Dividend
The directors have today declared Interim Dividend No. 90 of 700 (2000: 750) South African cents per ordinary share for the six months ended 30 June 2001. Payment details are as follows:
To registered holders of ordinary shares
South African, United Kingdom and Australian share registers
2001
Ex-dividend date
Monday, 20 August
Last day to register for dividend and for change of address or dividend instruction
Friday, 24 August
Record date
Friday, 24 August
Currency conversion date
Tuesday, 28 August
for UK pounds and Australian dollars
Dividend cheques posted
Thursday, 27 September
Payment date of dividend (includes Electronic Funds Transfers)
Friday, 28 September
To holders of American Depositary Shares
(Each American Depositary Share (ADS) represents one-half of an ordinary share)
2001
Ex-dividend on New York Stock Exchange
Wednesday, 22 August
Record date
Friday, 24 August
Approximate date for currency conversion into US dollars
Friday, 28 September
Approximate payment date of dividend
Tuesday, 9 October
For illustrative purposes, the dividend payable on an ADS was equivalent to 42.63 US cents at the rate of exchange ruling on Monday, 30 July 2001 (2000: 51.06 US cents per ADS).
By order of the board
R M GODSELL
R P EDEY
Chairman and Chief Executive Officer
Deputy Chairman
30 July 2001
GROUP OPERATING RESULTS
Issued Capital:
107,167,837 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:
107,041,537 ordinary shares in issue
Statistics are shown in metric units and financial figures in South African rand.
Quarter
Quarter
Six months
Six months
ended
ended
ended
ended
June
March
June
June
2001
2001
2001
2000
GOLD UNDERGROUND OPERATIONS Tonnes milled
- 000
- reef
4,462
4,629
9,091
10,472
- waste
-
2
2
124
- total
4,462
4,631
9,093
10,596
Yield
- g/t
- reef
8.29
7.99
8.14
8.04
- waste
-
1.00
1.00
0.63
- average
8.29
7.98
8.14
7.95
Gold produced
- kg
- reef
37,008
36,974
73,982
84,194
- waste
-
2
2
78
- total
37,008
36,976
73,984
84,272
PRODUCTIVITY g/employee
- target
218
204
211
206
- actual
215
197
206
189
SURFACE AND DUMP RECLAMATION Tonnes treated
- 000
12,584
13,483
26,067
25,839
Yield
- g/t
0.31
0.34
0.32
0.31
Gold produced
- kg
3,902
4,539
8,441
8,001
OPEN-PIT OPERATIONS Tonnes mined
- 000
20,424
18,383
38,807
24,367
Stripping ratio *
2.03
1.69
1.86
1.12
Tonnes treated
- 000
6,739
6,843
13,582
11,493
Yield
- g/t
1.93
1.88
1.90
1.58
Gold produced
- kg
13,005
12,862
25,867
18,193
TOTAL Gold produced
- kg
53,915
54,377
108,292
110,466
Gold sold
- kg
55,019
52,985
108,004
110,592
Revenue
- R/kg sold
73,578
74,133
73,850
65,096
Total cash costs
- R/kg produced
47,663
48,457
48,061
45,165
Total production costs
- R/kg produced
57,079
57,537
57,309
51,891
CAPITAL EXPENDITURE
- mining direct
512.9
416.3
929.2
588.3
- other
76.2
118.9
195.1
54.7
- recoupments
(13.3)
(0.3)
(13.6)
(10.0)
Net capital expenditure
575.8
534.9
1,110.7
633.0
* Stripping ratio = (tonnes mined - tonnes treated) / tonnes treated
12
GROUP OPERATING RESULTS
Issued Capital:
107,167,837 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:
107,041,537 ordinary shares in issue
Statistics are shown in imperial units and financial figures in US dollars.
Quarter
Quarter
Six months
Six months
ended
ended
ended
ended
June
March
June
June
2001
2001
2001
2000
GOLD UNDERGROUND OPERATIONS Tons milled
- 000
- reef
4,919
5,103
10,022
11,543
- waste
-
2
2
136
- total
4,919
5,105
10,024
11,679
Yield
- oz/t
- reef
0.242
0.233
0.237
0.235
- waste
-
-
-
0.015
- average
0.242
0.233
0.237
0.232
Gold produced
- oz 000 - reef
1,190
1,189
2,379
2,707
- waste
-
-
-
2
- total
1,190
1,189
2,379
2,709
PRODUCTIVITY oz/employee
- target
7.01
6.57
6.78
6.63
- actual
6.92
6.35
6.62
6.07
SURFACE AND DUMP RECLAMATION Tons treated
- 000
13,871
14,862
28,733
28,482
Yield
- oz/t
0.009
0.010
0.009
0.009
Gold produced
- oz 000
125
146
271
257
OPEN-PIT OPERATIONS Tons mined
- 000
22,514
20,263
42,777
26,860
Stripping ratio *
2.03
1.69
1.86
1.12
Tons treated
- 000
7,428
7,544
14,972
12,668
Yield
- oz/t
0.056
0.055
0.056
0.046
Gold produced
- oz 000
418
414
832
585
TOTAL Gold produced
- oz 000
1,733
1,749
3,482
3,551
Gold sold
- oz 000
1,769
1,703
3,472
3,556
Revenue
- $/oz sold
285
295
290
308
Total cash costs
- $/ounce produced
185
193
189
214
Total production costs
- $/ounce produced
221
229
225
245
Rand/US Dollar average exchange rate
8.03
7.83
7.93
6.58
CAPITAL EXPENDITURE
- mining direct
63.8
53.3
117.1
88.9
- other
9.5
15.1
24.6
8.3
- recoupments
(1.6)
-
(1.6)
(1.5)
Net capital expenditure
71.7
68.4
140.1
95.7
* Stripping ratio = (tons mined - tons treated) / tons treated
1
3
GROUP INCOME STATEMENT
Quarter
Quarter
Six months
Six months
ended
ended
ended
ended
June
March
June
June
SA Rand million
2001
2001
2001
2000
Gold income
4,105.9
3,985.4
8,091.3
7,303.0
Cost of sales
(3,140.4)
(3,091.6)
(6,232.0)
(5,733.5)
Cash operating costs
2,517.5
2,599.0
5,116.5
4,975.9
Other cash costs
67.4
51.9
119.3
56.9
Total cash costs
2,584.9
2,650.9
5,235.8
5,032.8
Retrenchment costs
77.3
50.0
127.3
40.6
Rehabilitation and other non-cash costs
8.5
12.1
20.6
16.5
Production costs
2,670.7
2,713.0
5,383.7
5,089.9
Amortisation of mining assets
437.4
446.5
883.9
712.8
Total production costs
3,108.1
3,159.5
6,267.6
5,802.7
Inventory change
32.3
(67.9)
(35.6)
(69.2)
Operating profit
965.5
893.8
1,859.3
1,569.5
Corporate administration and other expenses
(44.0)
(44.7)
(88.7)
(80.3)
Market development costs
(31.0)
(31.6)
(62.6)
(45.8)
Research and development costs
(4.4)
(5.7)
(10.1)
(21.0)
Exploration costs
(50.2)
(50.8)
(101.0)
(125.2)
Profit from operations
835.9
761.0
1,596.9
1,297.2
Finance costs
(151.4)
(181.6)
(333.0)
(205.2)
Unwinding of decommissioning obligation
(5.3)
0.2
(5.1)
(0.7)
Exchange gain (loss) on transactions other than sales
(4.3)
(2.5)
(6.8)
4.1
Realised gain (loss) on hedging instruments
15.4
3.5
18.9
-
Unrealised gain (loss) on hedging activities
64.0
(2.3)
61.7
-
Interest receivable
41.7
40.7
82.4
146.2
Growth in AngloGold Environmental Rehabilitation Trust
7.3
8.7
16.0
9.2
Income from associates before taxation
4.3
0.2
4.5
18.4
Profit (loss) on sale of assets
(24.0)
0.2
(23.8)
6.6
Profit before exceptional items
783.6
628.1
1,411.7
1,275.8
Profit (loss) on sale of mining assets
7.1
(45.5)
(38.4)
-
Impairment of mining assets
(3.3)
-
(3.3)
-
Amortisation of goodwill
(56.0)
(55.2)
(111.2)
(63.9)
Debt written-off
(21.0)
-
(21.0)
-
Profit before taxation
710.4
527.4
1,237.8
1,211.9
Taxation
(185.5)
(177.2)
(362.7)
(334.1)
Normal taxation
109.8
149.2
259.0
304.5
Deferred taxation
82.0
28.0
110.0
29.6
Taxation on exceptional items
(6.3)
-
(6.3)
-
Profit after taxation
524.9
350.2
875.1
877.8
Minority interest
(16.2)
(13.0)
(29.2)
(24.3)
Net profit
508.7
337.2
845.9
853.5
Headline earnings The net profit has been adjusted by the following to arrive at headline earnings: Net profit
508.7
337.2
845.9
853.5
(Profit) loss on sale of mining assets
(7.1)
45.5
38.4
-
Impairment of mining assets
3.3
-
3.3
-
Amortisation of goodwill
56.0
55.2
111.2
63.9
Debt written-off
21.0
-
21.0
-
Taxation on exceptional items
(6.3)
-
(6.3)
-
Headline earnings
575.6
437.9
1,013.5
917.4
Unrealised (gain) loss on hedging activities
(64.0)
2.3
(61.7)
-
Deferred tax on unrealised gain (loss) on hedging activities
24.3
(0.9)
23.4
-
Headline earnings before unrealised gain on hedging activities
535.9
439.3
975.2
917.4
Earnings per ordinary share - cents - Basic
475
315
790
799
- Headline
538
409
947
859
- Headline before unrealised gain on hedging activities
501
410
911
859
Dividends - Rm
750.2
802.6
- cents per share
700
"The results have been prepared in accordance with International Accounting Standards."
750
1
4
GROUP INCOME STATEMENT
Quarter
Quarter
Six months
Six months
ended
ended
ended
ended
June
March
June
June
US Dollar million
2001
2001
2001
2000
Gold income
511.0
509.2
1,020.2
1,108.2
Cost of sales
(391.0)
(395.1)
(786.1)
(871.2)
Cash operating costs
313.5
332.0
645.5
755.8
Other cash costs
8.4
6.6
15.0
8.6
Total cash costs
321.9
338.6
660.5
764.4
Retrenchment costs
9.6
6.4
16.0
6.1
Rehabilitation and other non-cash costs
1.1
1.6
2.7
2.6
Production costs
332.6
346.6
679.2
773.1
Amortisation of mining assets
54.5
57.1
111.6
108.2
Total production costs
387.1
403.7
790.8
881.3
Inventory change
3.9
(8.6)
(4.7)
(10.1)
Operating profit
120.0
114.1
234.1
237.0
Corporate administration and other expenses
(5.5)
(5.7)
(11.2)
(12.4)
Market development costs
(3.9)
(4.0)
(7.9)
(6.9)
Research and development costs
(0.5)
(0.7)
(1.2)
(3.2)
Exploration costs
(6.2)
(6.5)
(12.7)
(19.0)
Profit from operations
103.9
97.2
201.1
195.5
Finance costs
(18.9)
(23.2)
(42.1)
(31.1)
Unwinding of decommissioning obligation
(0.7)
-
(0.7)
(0.2)
Exchange gain (loss) on transactions other than sales
(0.5)
(0.3)
(0.8)
0.4
Realised gain (loss) on hedging instruments
1.9
0.4
2.3
-
Unrealised gain (loss) on hedging activities
7.9
(0.3)
7.6
-
Interest receivable
5.2
5.2
10.4
22.6
Growth in AngloGold Environmental Rehabilitation Trust
0.9
1.1
2.0
1.4
Income from associates before taxation
0.5
-
0.5
2.8
Profit (loss) on sale of assets
(3.0)
-
(3.0)
0.9
Profit before exceptional items
97.2
80.1
177.3
192.3
Profit (loss) on sale of mining assets
0.9
(5.8)
(4.9)
-
Impairment of mining assets
(0.4)
-
(0.4)
-
Amortisation of goodwill
(7.0)
(7.1)
(14.1)
(9.7)
Debt written-off
(2.6)
-
(2.6)
-
Profit before taxation
88.1
67.2
155.3
182.6
Taxation
(23.1)
(22.7)
(45.8)
(50.5)
Normal taxation
13.7
19.1
32.8
46.3
Deferred taxation
10.2
3.6
13.8
4.2
Taxation on exceptional items
(0.8)
-
(0.8)
-
Profit after taxation
65.0
44.5
109.5
132.1
Minority interest
(2.0)
(1.7)
(3.7)
(3.7)
Net profit
63.0
42.8
105.8
128.4
Headline earnings The net profit has been adjusted by the following to arrive at headline earnings: Net profit
63.0
42.8
105.8
128.4
(Profit) loss on sale of mining assets
(0.9)
5.8
4.9
-
Impairment of mining assets
0.4
-
0.4
-
Amortisation of goodwill
7.0
7.1
14.1
9.7
Debt written-off
2.6
-
2.6
-
Taxation on exceptional items
(0.8)
-
(0.8)
-
Headline earnings
71.3
55.7
127.0
138.1
Unrealised (gain) loss on hedging activities
(7.9)
0.3
(7.6)
-
Deferred tax on unrealised gain (loss) on hedging activities
3.0
(0.1)
2.9
-
Headline earnings before unrealised gain on hedging activities
66.4
55.9
122.3
138.1
Earnings per ordinary share - cents - Basic
59
40
99
120
- Headline
67
52
119
129
- Headline before unrealised gain on hedging activities
62
52
114
129
Dividends - $m
91.4
109.3
- cents per share
85
"The results have been prepared in accordance with International Accounting Standards."
102
1
5
GROUP BALANCE SHEET
June
March
June
June
March
June
2000
2001
2001
2001
2001
2000
US Dollar million
SA Rand million
ASSETS Non-current assets
2,562.1
2,404.7
2,428.6
Mining assets
19,538.2
19,267.8
17,409.7
276.6
369.4
373.3
Goodwill
3,003.1
2,959.9
1,879.7
12.4
17.8
18.1
Investments in associates
145.6
142.6
84.1
6.3
7.0
7.3
Other investments
58.5
56.0
42.8
41.6
45.8
43.4
AngloGold Environmental Rehabilitation Trust
348.9
366.9
282.9
46.9
50.3
27.1
Long-term loans
218.0
402.9
318.4
2,945.9
2,895.0
2,897.8
23,312.3
23,196.1
20,017.6
Current assets
196.1
187.4
197.1
Inventories
1,586.1
1,501.7
1,332.7
235.0
266.6
163.3
Trade and other receivables
1,313.9
2,136.1
1,596.5
-
217.6
141.3
Financial instruments
1,136.9
1,743.7
-
18.3
20.1
19.4
Current portion of long-term loans
156.2
161.3
124.0
310.6
167.3
149.4
Cash and cash equivalents
1,201.9
1,340.6
2,110.4
760.0
859.0
670.5
5,395.0
6,883.4
5,163.6
3,705.9
3,754.0
3,568.3
Total assets
28,707.3
30,079.5
25,181.2
EQUITY AND LIABILITIES Share capital and reserves
1,167.7
992.9
992.3
Share capital and premium
7,982.8
7,955.8
7,934.6
33.8
47.2
69.8
Non-distributable reserves
561.4
379.4
229.8
-
110.6
60.7
Other comprehensive income
488.0
885.9
-
461.3
252.3
314.9
Retained earnings
2,533.4
2,021.6
3,134.3
1,662.8
1,403.0
1,437.7
Shareholders' equity
11,565.6
11,242.7
11,298.7
27.2
29.8
29.8
Minority interests
239.9
238.8
184.6
1,690.0
1,432.8
1,467.5
11,805.5
11,481.5
11,483.3
Non-current liabilities
649.8
865.0
524.5
Borrowings
4,219.8
6,930.7
4,415.4
17.8
14.9
-
Debentures
-
119.6
120.7
309.4
260.1
266.6
Provisions
2,145.2
2,084.0
2,102.6
632.2
519.1
499.1
Deferred taxation
4,015.3
4,158.9
4,295.8
1,609.2
1,659.1
1,290.2
10,380.3
13,293.2
10,934.5
Current liabilities
262.1
254.6
258.6
Trade and other payables
2,080.7
2,040.1
1,780.9
-
68.4
37.6
Financial instruments
302.4
548.1
-
115.0
283.1
474.8
Current portion of borrowings
3,819.5
2,268.2
781.4
29.6
56.0
39.6
Taxation
318.9
448.4
201.1
406.7
662.1
810.6
6,521.5
5,304.8
2,763.4
3,705.9
3,754.0
3,568.3
Total equity and liabilities
28,707.3
"The results have been prepared in accordance with International Accounting Standards."
30,079.5
25,181.2
Refer to page 59 for statement of changes in shareholders' equity.
16
GROUP CASH FLOW STATEMENT
Six months
Six months
Quarter
Quarter
Six months
Six months
ended
ended
ended
ended
ended
ended
June
June
June
June
June
June
2000
2001
2001
2001
2001
2000
US Dollar million
SA Rand million
Cash flows from operating activities
234.5
281.5
116.7
Cash generated from operations
937.4
2,233.5
1,555.7
22.6
10.4
5.2
Interest receivable
41.7
82.4
146.2
1.1
0.5
-
Dividends received from associates
-
3.8
7.5
(31.1)
(42.1)
(18.9)
Finance costs
(151.4)
(333.0)
(205.2)
(74.4)
(55.1)
(29.0)
Mining and normal taxation paid
(233.2)
(437.1)
(489.3)
(191.4)
(91.8)
-
Dividends paid
-
(695.6)
(1,178.1)
(38.7)
103.4
74.0
Net cash inflow (outflow) from operating activities
594.5
854.0
(163.2)
Cash flows from investing activities
(97.2)
(141.7)
(73.3)
Capital expenditure
(589.1)
(1,124.3)
(643.0)
1.5
1.6
1.6
Proceeds from sale of mining assets
13.3
13.6
10.0
-
108.5
108.5
Proceeds from disposal of Elandsrand and Deelkraal
871.9
871.9
-
(0.2)
(0.2)
(0.2)
Other investments acquired
(1.7)
(1.7)
(1.2)
-
-
-
Proceeds from sale of investments
0.1
0.1
-
(3.8)
(11.0)
(10.3)
Loans advanced
(82.4)
(87.3)
(24.7)
18.6
27.6
27.2
Repayment of loans advanced
218.6
218.6
122.1
(81.1)
(15.2)
53.5
Net cash inflow (outflow) from investing activities
430.7
(109.1)
(536.8)
Cash flows from financing activities
1.5
4.0
3.3
Proceeds from issue of share capital
26.9
31.6
10.0
(2.7)
-
-
Share issue expenses
-
-
(17.9)
-
248.3
223.6
Proceeds from borrowings
1,795.9
1,969.1
-
(45.8)
(390.5)
(373.3)
Repayment of borrowings
(2,998.2)
(3,096.5)
(301.4)
(47.0)
(138.2)
(146.4)
Net cash inflow (outflow) from financing activities
(1,175.4)
(1,095.8)
(309.3)
(166.8)
(50.0)
(18.9)
Net decrease in cash and cash equivalents
(150.1)
(350.9)
(1,009.3)
(15.1)
4.5
1.0
Translation adjustment
11.4
76.1
88.7
492.5
194.9
167.3
Opening cash and cash equivalents
1,340.6
1,476.7
3,031.0
310.6
149.4
149.4
Closing cash and cash equivalents
1,201.9
1,201.9
2,110.4
Note to the Cash Flow Statement
Cash generated from operations
182.6
155.3
88.1
Profit before taxation
710.4
1,237.8
1,211.9
Adjusted for:
108.2
111.6
54.5
Amortisation of mining assets
437.4
883.9
712.8
2.6
2.6
1.1
Non-cash movements
8.5
20.6
16.5
31.1
42.1
18.9
Finance costs
151.4
333.0
205.2
0.2
0.7
0.7
Unwinding of decommissioning obligation
5.3
5.1
0.7
-
(7.6)
(7.9)
Unrealised gain on hedging activities
(64.0)
(61.7)
-
(22.6)
(10.4)
(5.2)
Interest receivable
(41.7)
(82.4)
(146.2)
(1.4)
(2.0)
(0.9)
Growth in AngloGold Environmental Rehabilitation Trust
(7.3)
(16.0)
(9.2)
(2.8)
(0.5)
(0.5)
Income from associates before taxation
(4.3)
(4.5)
(18.4)
(0.9)
3.0
3.0
Loss (profit) on sale of assets
24.0
23.8
(6.6)
-
4.9
(0.9)
(Profit) loss on sale of mining assets
(7.1)
38.4
-
-
0.4
0.4
Impairment of mining assets
3.3
3.3
-
-
2.6
2.6
Debt written-off
21.0
21.0
-
9.7
14.1
7.0
Amortisation of goodwill
56.0
111.2
63.9
(72.2)
(35.3)
(44.2)
Movement in working capital
(355.5)
(280.0)
(474.9)
234.5
281.5
116.7
937.4
2,233.5
1,555.7
The following analyses the movement in working capital:
(24.9)
(23.8)
(10.5)
Increase in inventories
(84.4)
(188.9)
(163.7)
(12.5)
22.8
(38.8)
(Increase) decrease in trade and other receivables
(311.7)
181.1
(82.1)
(34.8)
(34.3)
5.1
Increase (decrease) in trade and other payables
40.6
(272.2)
(229.1)
(72.2)
(35.3)
(44.2)
"The results have been prepared in accordance with International Accounting Standards."
(355.5)
(280.0)
(474.9)
1
7
KEY OPERATING RESULTS
PER REGION
Quarter
Quarter
Six months
Quarter
Quarter
Six months
ended
ended
ended
ended
ended
ended
June
March
June
June
March
June
2001
2001
2001
2001
2001
2001
SA Rand / Metric
Yield - g/t
Gold produced - kg
SOUTH AFRICAN REGION
*
8.27
7.96
8.11
36,341
36,992
73,333
VAAL RIVER
Great Noligwa Mine
12.34
11.54
11.93
7,790
7,563
15,353
Kopanang Mine
7.46
7.80
7.63
3,820
3,921
7,741
Tau Lekoa Mine
4.70
4.69
4.69
2,383
2,380
4,763
Surface Operations
0.53
0.61
0.56
811
810
1,621
ERGO
Ergo
0.23
0.26
0.24
2,368
2,848
5,216
FREE STATE
Bambanani Mine
7.82
7.78
7.80
3,418
3,116
6,534
Tshepong Mine
8.61
7.98
8.31
3,150
2,692
5,842
Matjhabeng Mine
6.95
6.92
6.93
1,440
1,707
3,147
Joel Mine
4.21
3.40
3.77
1,099
1,036
2,135
Surface Operations
0.83
0.87
0.85
722
838
1,560
WEST WITS
TauTona Mine
11.87
12.41
12.13
4,870
4,683
9,553
Savuka Mine
8.20
8.14
8.17
2,017
1,764
3,781
Mponeng Mine
7.09
6.91
7.00
2,453
2,553
5,006
Elandsrand Mine
-
6.13
6.13
-
620
620
Deelkraal Mine
-
7.55
7.55
-
417
417
Surface Operations
0.01
1.03
0.98
-
44
44
AFRICAN REGION #
3.68
4.12
3.88
6,579
6,046
12,625
Navachab
2.15
2.04
2.10
689
646
1,335
Sadiola - Attributable 38%
3.25
3.02
3.13
1,616
1,541
3,157
Morila - Attributable 40%
6.91
8.41
7.58
2,037
1,984
4,021
Geita - Attributable 50%
3.31
4.64
3.81
2,237
1,875
4,112
NORTH AMERICAN REGION
1.27
1.12
1.19
4,047
3,893
7,940
Cripple Creek & Victor J.V.
0.60
0.48
0.54
1,784
1,572
3,356
Jerritt Canyon J.V. - Attributable 70%
9.95
9.84
9.89
2,263
2,321
4,584
SOUTH AMERICAN REGION
7.81
7.52
7.67
3,291
3,325
6,616
Morro Velho
6.85
6.07
6.44
1,589
1,540
3,129
Serra Grande - Attributable 50%
8.15
8.18
8.16
763
741
1,504
Cerro Vanguardia - Attributable 46.25%
9.82
10.69
10.26
939
1,044
1,983
AUSTRALIAN REGION
1.94
2.05
2.00
3,657
4,121
7,778
Sunrise Dam
4.37
5.03
4.69
2,104
2,302
4,406
Boddington - Attributable 33.33%
0.88
0.83
0.86
615
600
1,215
Tanami - Attributable 40%
2.37
1.89
2.08
208
244
452
Union Reefs
1.18
1.39
1.29
730
975
1,705
ANGLOGOLD GROUP
53,915
54,377
108,292
* Yield excludes surface operations. # Attributable production at Yatela yielded 263 kilograms which will be capitalised against pre-production costs.
1
8
KEY OPERATING RESULTS
PER REGION
Quarter
Quarter
Six months
Quarter
Quarter
Six months
ended
ended
ended
ended
ended
ended
June
March
June
June
March
June
2001
2001
2001
2001
2001
2001
SA Rand / Metric
Productivity per employee - g
Gold sold - kg
SOUTH AFRICAN REGION
36,642
36,401
73,043
VAAL RIVER
Great Noligwa Mine
269
264
267
7,608
7,568
15,176
Kopanang Mine
165
168
166
3,738
3,924
7,662
Tau Lekoa Mine
182
186
184
2,325
2,385
4,710
Surface Operations
484
512
497
791
809
1,600
ERGO
Ergo
628
744
687
2,638
2,600
5,238
FREE STATE
Bambanani Mine
163
142
152
3,389
3,120
6,509
Tshepong Mine
227
190
208
3,119
2,693
5,812
Matjhabeng Mine
129
130
129
1,429
1,710
3,139
Joel Mine
110
84
96
1,180
1,025
2,205
Surface Operations
555
726
636
714
837
1,551
WEST WITS
TauTona Mine
265
245
255
5,080
4,481
9,561
Savuka Mine
157
137
147
2,090
1,694
3,784
Mponeng Mine
149
153
151
2,541
2,469
5,010
Elandsrand Mine
-
104
104
-
623
623
Deelkraal Mine
-
123
123
-
419
419
Surface Operations
-
-
-
-
44
44
AFRICAN REGION
6,474
5,989
12,463
Navachab
659
623
641
689
646
1,335
Sadiola - Attributable 38%
2,449
2,335
2,392
1,511
1,484
2,995
Morila - Attributable 40%
4,310
4,714
4,500
2,037
1,984
4,021
Geita - Attributable 50%
1,977
2,029
2,000
2,237
1,875
4,112
NORTH AMERICAN REGION
4,047
3,893
7,940
Cripple Creek & Victor J.V.
2,158
1,910
2,034
1,784
1,572
3,356
Jerritt Canyon J.V. - Attributable 70%
2,658
2,565
2,610
2,263
2,321
4,584
SOUTH AMERICAN REGION
3,432
3,475
6,907
Morro Velho
376
367
371
1,686
1,686
3,372
Serra Grande - Attributable 50%
967
946
956
759
791
1,550
Cerro Vanguardia - Attributable 46.25%
1,868
1,898
1,883
987
998
1,985
AUSTRALIAN REGION
4,424
3,227
7,651
Sunrise Dam
2,057
2,222
2,140
2,578
1,768
4,346
Boddington - Attributable 33.33%
1,694
1,694
1,694
669
509
1,178
Tanami - Attributable 40%
1,400
935
1,104
250
196
446
Union Reefs
1,299
1,685
1,495
927
754
1,681
ANGLOGOLD GROUP
55,019
52,985
108,004
1
9
KEY OPERATING RESULTS
PER REGION
Quarter
Quarter
Six months
Quarter
Quarter
Six months
ended
ended
ended
ended
ended
ended
June
March
June
June
March
June
2001
2001
2001
2001
2001
2001
SA Rand / Metric
Total cash costs - R/kg
Total production costs - R/kg
SOUTH AFRICAN REGION
50,120
50,715
50,420
56,460
56,441
56,451
VAAL RIVER
Great Noligwa Mine
34,398
35,178
34,782
36,430
36,956
36,689
Kopanang Mine
51,796
47,557
49,649
56,220
51,301
53,728
Tau Lekoa Mine
53,106
50,087
51,597
60,019
56,681
58,351
Surface Operations
43,165
36,300
39,684
43,173
36,302
39,688
ERGO
Ergo
64,414
52,415
57,863
67,663
57,072
61,881
FREE STATE
Bambanani Mine
60,185
61,559
60,840
65,840
67,201
66,489
Tshepong Mine
44,579
50,301
47,216
52,949
58,332
55,429
Matjhabeng Mine
60,344
71,032
66,140
85,853
93,137
89,803
Joel Mine
89,091
102,157
95,433
112,994
127,876
120,218
Surface Operations
42,584
37,834
40,102
42,738
38,046
40,286
WEST WITS
TauTona Mine
42,229
41,687
41,963
44,476
45,089
44,777
Savuka Mine
63,636
67,173
65,286
66,000
75,742
70,546
Mponeng Mine
70,461
63,654
66,989
90,441
71,397
80,729
Elandsrand Mine
-
90,300
90,300
-
90,373
90,373
Deelkraal Mine
-
82,790
82,790
-
83,180
83,180
Surface Operations
-
6,134
6,082
-
6,134
6,082
AFRICAN REGION
31,208
31,216
31,212
44,996
47,549
46,219
Navachab
41,765
43,863
42,780
44,627
47,412
45,975
Sadiola - Attributable 38%
32,361
32,591
32,473
48,409
49,327
48,857
Morila - Attributable 40%
25,814
22,535
24,196
44,620
42,248
43,450
Geita - Attributable 50%
34,275
35,392
34,784
45,107
52,152
48,319
NORTH AMERICAN REGION
52,131
53,149
52,630
71,763
72,966
72,353
Cripple Creek & Victor J.V.
45,677
42,519
44,198
68,040
64,827
66,535
Jerritt Canyon J.V. - Attributable 70%
56,059
58,437
57,263
73,539
76,561
75,069
SOUTH AMERICAN REGION
36,320
36,915
36,631
54,912
54,627
54,780
Morro Velho
35,708
32,907
34,330
50,728
47,484
49,132
Serra Grande - Attributable 50%
28,081
27,762
27,924
43,301
43,217
43,260
Cerro Vanguardia - Attributable 46.25%
37,387
36,359
36,846
63,418
59,093
61,140
AUSTRALIAN REGION
50,286
50,534
50,417
62,246
61,439
61,818
Sunrise Dam
38,221
33,158
35,576
51,832
44,893
48,207
Boddington - Attributable 33.33%
55,385
51,879
53,655
65,274
60,587
62,960
Tanami - Attributable 40%
49,741
106,707
80,463
57,093
114,240
87,912
Union Reefs
69,558
48,534
57,532
77,901
58,239
66,654
ANGLOGOLD GROUP
47,663
48,457
48,061
57,079
57,537
57,309
20
KEY OPERATING RESULTS
PER REGION
Quarter
Quarter
Six months
Quarter
Quarter
Six months
ended
ended
ended
ended
ended
ended
June
March
June
June
March
June
2001
2001
2001
2001
2001
2001
SA Rand / Metric
Operating profit - Rm
Capital expenditure - Rm
SOUTH AFRICAN REGION
202.6
160.7
363.3
VAAL RIVER
Great Noligwa Mine
261.8
270.3
532.1
1.5
2.0
3.5
Kopanang Mine
60.9
82.7
143.6
2.5
3.7
6.2
Tau Lekoa Mine
19.8
32.5
52.3
6.4
4.3
10.7
Surface Operations
25.9
30.2
56.1
-
-
-
Moab Khotsong
90.4
75.8
166.2
ERGO
Ergo
18.2
29.5
47.7
0.5
0.5
1.0
FREE STATE
Bambanani Mine
18.1
20.5
38.6
7.8
4.7
12.5
Tshepong Mine
54.9
48.7
103.6
-
-
-
Matjhabeng Mine
(25.3)
(29.9)
(55.2)
-
-
-
Joel Mine
(18.2)
(32.4)
(50.6)
13.7
6.4
20.1
Surface Operations
30.0
32.2
62.2
(0.2)
(2.9)
(3.1)
WEST WITS
TauTona Mine
143.9
112.6
256.5
17.1
7.9
25.0
Savuka Mine
6.7
(0.1)
6.6
-
-
-
Mponeng Mine
(37.8)
(10.9)
(48.7)
62.7
46.5
109.2
Elandsrand Mine
-
(14.0)
(14.0)
0.2
11.8
12.0
Deelkraal Mine
-
(6.4)
(6.4)
-
-
-
Surface Operations
-
2.8
2.8
-
-
-
AFRICAN REGION
64.7
89.7
154.4
Navachab
18.8
12.5
31.3
0.4
0.9
1.3
Sadiola - Attributable 38%
44.8
35.9
80.7
10.0
5.9
15.9
Morila - Attributable 40%
53.8
48.7
102.5
16.9
31.8
48.7
Geita - Attributable 50%
58.5
36.5
95.0
8.2
29.2
37.4
Yatela
29.2
21.9
51.1
NORTH AMERICAN REGION
178.7
108.3
287.0
Cripple Creek & Victor J.V.
25.2
26.2
51.4
156.2
83.9
240.1
Jerritt Canyon J.V. - Attributable 70%
22.7
10.9
33.6
22.5
23.7
46.2
Exploration
-
0.7
0.7
SOUTH AMERICAN REGION
42.7
50.2
92.9
Morro Velho
51.9
63.6
115.5
18.5
20.4
38.9
Serra Grande - Attributable 50%
29.3
30.8
60.1
5.8
3.4
9.2
Cerro Vanguardia - Attributable 46.25%
19.0
17.0
36.0
8.3
17.1
25.4
Minorities and exploration
10.1
9.3
19.4
AUSTRALIAN REGION
87.3
120.3
207.6
Sunrise Dam
57.8
60.0
117.8
79.9
110.7
190.6
Boddington - Attributable 33.33%
4.8
6.5
11.3
2.1
1.5
3.6
Tanami - Attributable 40%
7.6
(11.6)
(4.0)
0.2
1.7
1.9
Union Reefs
(9.5)
2.1
(7.4)
-
1.0
1.0
Brocks Creek
0.1
(0.2)
(0.1)
-
0.2
0.2
Exploration
5.1
5.2
10.3
Other non-mining subsidiaries
21.8
(13.4)
8.4
13.1
6.0
19.1
Recoupments
(13.3)
(0.3)
(13.6)
ANGLOGOLD GROUP TOTAL
965.5
893.8
1,859.3
575.8
534.9
1,110.7
21
KEY OPERATING RESULTS
PER REGION
Quarter
Quarter
Six months
Quarter
Quarter
Six months
ended
ended
ended
ended
ended
ended
June
March
June
June
March
June
2001
2001
2001
2001
2001
2001
US Dollar / Imperial
Yield - oz/t
Gold produced - oz 000
SOUTH AFRICAN REGION
*
0.241
0.232
0.237
1,168
1,190
2,358
VAAL RIVER
Great Noligwa Mine
0.360
0.337
0.348
251
243
494
Kopanang Mine
0.218
0.228
0.223
123
126
249
Tau Lekoa Mine
0.137
0.137
0.137
76
77
153
Surface Operations
0.015
0.018
0.016
26
26
52
ERGO
Ergo
0.007
0.007
0.007
76
92
168
FREE STATE
Bambanani Mine
0.228
0.227
0.227
110
100
210
Tshepong Mine
0.251
0.233
0.242
101
87
188
Matjhabeng Mine
0.203
0.202
0.202
46
55
101
Joel Mine
0.123
0.099
0.110
36
33
69
Surface Operations
0.024
0.025
0.025
23
27
50
WEST WITS
TauTona Mine
0.346
0.362
0.354
156
151
307
Savuka Mine
0.239
0.237
0.238
65
57
122
Mponeng Mine
0.207
0.202
0.204
79
82
161
Elandsrand Mine
-
0.179
0.179
-
20
20
Deelkraal Mine
-
0.220
0.220
-
13
13
Surface Operations
-
0.030
0.029
-
1
1
AFRICAN REGION #
0.107
0.120
0.113
211
195
406
Navachab
0.063
0.060
0.061
22
21
43
Sadiola - Attributable 38%
0.095
0.088
0.091
52
50
102
Morila - Attributable 40%
0.202
0.245
0.221
65
64
129
Geita - Attributable 50%
0.097
0.135
0.111
72
60
132
NORTH AMERICAN REGION
0.037
0.033
0.035
130
125
255
Cripple Creek & Victor J.V.
0.018
0.014
0.016
57
51
108
Jerritt Canyon J.V. - Attributable 70%
0.290
0.287
0.289
73
74
147
SOUTH AMERICAN REGION
0.228
0.219
0.224
106
107
213
Morro Velho
0.200
0.177
0.188
51
50
101
Serra Grande - Attributable 50%
0.238
0.239
0.238
25
23
48
Cerro Vanguardia - Attributable 46.25%
0.287
0.312
0.299
30
34
64
AUSTRALIAN REGION
0.057
0.060
0.058
118
132
250
Sunrise Dam
0.128
0.147
0.137
68
74
142
Boddington - Attributable 33.33%
0.026
0.024
0.025
20
19
39
Tanami - Attributable 40%
0.069
0.055
0.061
7
8
15
Union Reefs
0.034
0.040
0.038
23
31
54
ANGLOGOLD GROUP
1,733
1,749
3,482
* Yield excludes surface operations. # Attributable production at Yatela yielded 8,000 ounces which will be capitalised against pre-production costs.
22
KEY OPERATING RESULTS
PER REGION
Quarter
Quarter
Six months
Quarter
Quarter
Six months
ended
ended
ended
ended
ended
ended
June
March
June
June
March
June
2001
2001
2001
2001
2001
2001
US Dollar / Imperial
Productivity per employee - oz
Gold sold - oz
SOUTH AFRICAN REGION
1,178
1,170
2,348
VAAL RIVER
Great Noligwa Mine
8.65
8.49
8.57
245
243
488
Kopanang Mine
5.31
5.39
5.35
120
126
246
Tau Lekoa Mine
5.86
5.99
5.93
74
78
152
Surface Operations
15.56
16.45
15.99
26
26
52
ERGO
Ergo
20.18
23.94
22.07
85
83
168
FREE STATE
Bambanani Mine
5.23
4.57
4.89
109
100
209
Tshepong Mine
7.28
6.10
6.69
100
87
187
Matjhabeng Mine
4.13
4.17
4.15
46
55
101
Joel Mine
3.54
2.71
3.08
38
33
71
Surface Operations
17.85
23.35
20.44
23
27
50
WEST WITS
TauTona Mine
8.51
7.89
8.19
163
144
307
Savuka Mine
5.05
4.40
4.72
67
55
122
Mponeng Mine
4.79
4.93
4.86
82
79
161
Elandsrand Mine
-
3.34
3.34
-
20
20
Deelkraal Mine
-
3.97
3.97
-
13
13
Surface Operations
-
-
-
-
1
1
AFRICAN REGION
208
193
401
Navachab
21.19
20.03
20.61
22
21
43
Sadiola - Attributable 38%
78.72
75.08
76.90
49
48
97
Morila - Attributable 40%
138.55
151.55
144.67
65
64
129
Geita - Attributable 50%
63.55
65.23
64.31
72
60
132
NORTH AMERICAN REGION
130
126
256
Cripple Creek & Victor J.V.
69.37
61.40
65.40
57
51
108
Jerritt Canyon J.V. - Attributable 70%
85.47
82.47
83.92
73
75
148
SOUTH AMERICAN REGION
110
111
221
Morro Velho
12.08
11.79
11.93
54
54
108
Serra Grande - Attributable 50%
31.08
30.41
30.74
24
25
49
Cerro Vanguardia - Attributable 46.25%
60.04
61.01
60.55
32
32
64
AUSTRALIAN REGION
143
103
246
Sunrise Dam
66.13
71.44
68.80
83
57
140
Boddington - Attributable 33.33%
54.48
54.45
54.47
22
16
38
Tanami - Attributable 40%
45.00
30.06
35.49
8
6
14
Union Reefs
41.76
54.17
48.06
30
24
54
ANGLOGOLD GROUP
1,769
1,703
3,472
23
KEY OPERATING RESULTS
PER REGION
Quarter
Quarter
Six months
Quarter
Quarter
Six months
ended
ended
ended
ended
ended
ended
June
March
June
June
March
June
2001
2001
2001
2001
2001
2001
US Dollar / Imperial
Total cash costs - $/oz
Total production costs - $/oz
SOUTH AFRICAN REGION
194
202
198
219
224
222
VAAL RIVER
Great Noligwa Mine
133
140
136
141
147
144
Kopanang Mine
201
189
195
218
204
211
Tau Lekoa Mine
206
199
202
232
225
229
Surface Operations
167
144
155
167
144
155
ERGO
Ergo
249
208
227
262
227
243
FREE STATE
Bambanani Mine
233
245
239
255
267
261
Tshepong Mine
173
200
185
205
232
217
Matjhabeng Mine
234
282
260
332
370
353
Joel Mine
345
406
375
438
509
472
Surface Operations
165
150
157
166
151
158
WEST WITS
TauTona Mine
164
166
165
172
179
176
Savuka Mine
246
267
256
255
301
277
Mponeng Mine
273
253
263
350
284
316
Elandsrand Mine
-
362
362
-
363
363
Deelkraal Mine
-
331
331
-
333
333
Surface Operations
-
28
28
-
28
28
AFRICAN REGION
121
124
122
174
189
181
Navachab
162
174
168
173
188
180
Sadiola - Attributable 38%
125
130
127
187
196
192
Morila - Attributable 40%
100
90
95
173
168
170
Geita - Attributable 50%
133
141
136
175
207
190
NORTH AMERICAN REGION
202
211
206
278
290
284
Cripple Creek & Victor J.V.
177
169
173
263
257
261
Jerritt Canyon J.V. - Attributable 70%
217
232
225
285
304
295
SOUTH AMERICAN REGION
141
147
144
213
217
215
Morro Velho
138
131
135
196
189
193
Serra Grande - Attributable 50%
109
110
110
168
172
170
Cerro Vanguardia - Attributable 46.25%
145
144
145
246
235
240
AUSTRALIAN REGION
195
201
198
241
244
243
Sunrise Dam
148
132
140
201
178
189
Boddington - Attributable 33.33%
215
206
210
253
241
247
Tanami - Attributable 40%
193
423
317
221
453
347
Union Reefs
269
193
226
302
231
261
ANGLOGOLD GROUP
185
193
189
221
229
225
24
KEY OPERATING RESULTS
PER REGION
Quarter
Quarter
Six months
Quarter
Quarter
Six months
ended
ended
ended
ended
ended
ended
June
March
June
June
March
June
2001
2001
2001
2001
2001
2001
US Dollar / Imperial
Operating profit - $m
Capital expenditure - $m
SOUTH AFRICAN REGION
25.3
20.4
45.7
VAAL RIVER
Great Noligwa Mine
32.6
34.6
67.2
0.2
0.3
0.5
Kopanang Mine
7.5
10.6
18.1
0.4
0.4
0.8
Tau Lekoa Mine
2.6
4.2
6.8
0.9
0.5
1.4
Surface Operations
3.1
3.9
7.0
-
-
-
Moab Khotsong
11.2
9.7
20.9
ERGO
Ergo
2.4
3.8
6.2
-
0.1
0.1
FREE STATE
Bambanani Mine
2.4
2.5
4.9
1.0
0.6
1.6
Tshepong Mine
6.9
6.2
13.1
-
-
-
Matjhabeng Mine
(3.3)
(3.8)
(7.1)
-
-
-
Joel Mine
(2.2)
(4.1)
(6.3)
1.7
0.8
2.5
Surface Operations
3.8
4.1
7.9
-
(0.4)
(0.4)
WEST WITS
TauTona Mine
17.9
14.4
32.3
2.1
1.0
3.1
Savuka Mine
0.9
-
0.9
-
-
-
Mponeng Mine
(4.8)
(1.4)
(6.2)
7.8
5.9
13.7
Elandsrand Mine
-
(1.8)
(1.8)
-
1.5
1.5
Deelkraal Mine
-
(0.8)
(0.8)
-
-
-
Surface Operations
-
0.4
0.4
-
-
-
AFRICAN REGION
8.1
11.4
19.5
Navachab
2.3
1.6
3.9
0.1
0.1
0.2
Sadiola - Attributable 38%
5.6
4.6
10.2
1.2
0.8
2.0
Morila - Attributable 40%
6.5
6.3
12.8
2.1
4.1
6.2
Geita - Attributable 50%
7.3
4.7
12.0
1.0
3.7
4.7
Yatela
3.7
2.7
6.4
NORTH AMERICAN REGION
22.2
13.8
36.0
Cripple Creek & Victor J.V.
3.1
3.3
6.4
19.4
10.7
30.1
Jerritt Canyon J.V. - Attributable 70%
2.8
1.5
4.3
2.8
3.0
5.8
Exploration
-
0.1
0.1
SOUTH AMERICAN REGION
5.2
6.5
11.7
Morro Velho
6.6
8.0
14.6
2.3
2.6
4.9
Serra Grande - Attributable 50%
3.7
3.9
7.6
0.8
0.4
1.2
Cerro Vanguardia - Attributable 46.25%
2.4
2.2
4.6
1.0
2.2
3.2
Minorities and exploration
1.1
1.3
2.4
AUSTRALIAN REGION
10.9
15.4
26.3
Sunrise Dam
7.2
7.5
14.7
9.9
14.2
24.1
Boddington - Attributable 33.33%
0.4
0.9
1.3
0.3
0.2
0.5
Tanami - Attributable 40%
1.0
(1.5)
(0.5)
-
0.2
0.2
Union Reefs
(0.9)
0.1
(0.8)
-
0.1
0.1
Exploration
0.7
0.7
1.4
Other non-mining subsidiaries
9.9
5.2
15.1
1.6
0.9
2.5
Recoupments
(1.6)
-
(1.6)
ANGLOGOLD GROUP TOTAL
120.0
114.1
234.1
71.7
68.4
140.1
25
DEVELOPMENT
Development values represent actual results of sampling, no allowances having been made for adjustments necessary in estimating ore reserves.
Quarter ended June 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
6,236
796
96.60
35.62
3,441
1.43
138.07
Kopanang Mine
Vaal reef
6,852
876
11.00
167.82
1,846
6.14
67.51
Tau Lekoa Mine
Ventersdorp Contact reef
4,269
946
93.20
10.64
992
0.15
13.56
Moab Khotsong Mine
Vaal reef
1,846
-
-
-
-
-
-
FREE STATE Bambanani East Shaft
Basal reef
3,652
212
69.10
32.46
2,243
-
0.16
Tshepong North
Basal reef
5,794
792
18.50
82.32
1,523
1.82
33.76
"B" reef
28
8
135.00
1.50
203
0.02
2.95
Matjhabeng Mine
Basal reef
374
-
-
-
-
-
-
Taung South Shaft
Beatrix reef
736
249
87.80
6.46
567
-
-
Beatrix VS 5 Composite reef
23
15
185.40
6.07
1,125
-
-
WEST WITS TauTona Mine
Ventersdorp Contact reef
11
-
-
-
-
-
-
Carbon Leader reef
3,963
-
-
-
-
-
-
Savuka Mine
Ventersdorp Contact reef
608
56
43.40
9.29
403
0.01
0.33
Carbon Leader reef
358
-
-
-
-
-
-
Mponeng Mine
Ventersdorp Contact reef
5,959
750
112.20
16.35
1,835
-
-
26
DEVELOPMENT
Development values represent actual results of sampling, no allowances having been made for adjustments necessary in estimating ore reserves.
Quarter ended June 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
20,460
2,612
38.03
1.04
3.29
2.86
9.06
Kopanang Mine
Vaal reef
22,480
2,874
4.33
4.89
1.77
12.28
4.43
Tau Lekoa Mine
Ventersdorp Contact reef
14,007
3,104
36.69
0.31
0.95
0.30
0.92
Moab Khotsong Mine
Vaal reef
6,055
-
-
-
-
-
-
FREE STATE Bambanani East Shaft
Basal reef
11,982
696
27.20
0.95
2.15
-
-
Bambanani West Shaft
Basal reef
-
-
-
-
-
-
-
Tshepong North
Basal reef
19,010
2,598
7.28
2.40
1.46
3.64
2.21
"B" reef
92
26
53.15
0.04
0.19
0.04
0.18
Matjhabeng Mine
Basal reef
1,227
-
-
-
-
-
-
Taung South Shaft
Beatrix reef
2,416
817
34.57
0.19
0.54
-
-
Beatrix VS 5 Composite reef
77
49
72.99
0.18
1.08
-
-
WEST WITS TauTona Mine
Ventersdorp Contact reef
35
-
-
-
-
-
-
Carbon Leader reef
13,002
-
-
-
-
-
-
Savuka Mine
Ventersdorp Contact reef
1,995
184
17.09
0.27
0.39
0.02
0.03
Carbon Leader reef
1,176
-
-
-
-
-
-
Mponeng Mine
Ventersdorp Contact reef
19,550
2,461
44.17
0.48
1.76
-
-
27
SHAFT SINKING
Quarter
Quarter
Six months
ended
ended
ended
June
March
June
2001
2001
2001
Statistics are shown in metric units
metres
MOAB KHOTSONG MINE Main shaft Advance
183
84
266
Depth to date (below collar)
2,806
2,623
2,806
Rock / ventilation sub-vertical shaft Depth to date
939
939
939
Station cutting
-
7
7
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
23
Depth to date
27
27
27
28
SHAFT SINKING
Quarter
Quarter
Six months
ended
ended
ended
June
March
June
2001
2001
2001
Statistics are shown in imperial units
feet
MOAB KHOTSONG MINE Main shaft Advance
599
274
873
Depth to date (below collar)
9,206
8,607
9,206
Rock / ventilation sub-vertical shaft Depth to date
3,080
3,080
3,080
Station cutting
-
23
23
JOEL MINE Taung North Shaft Depth to date (bellow 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
76
Depth to date
89
89
89
29
SOUTH AFRICAN REGION
VAAL RIVER
Quarter
Quarter
Six months
Quarter
Quarter
Six months
ended
ended
ended
ended
ended
ended
June
March
June
June
March
June
2001
2001
2001
2001
2001
2001
GREAT NOLIGWA MINE
Rand / Metric
Dollar / Imperial
OPERATING RESULTS
GOLD
Area mined
- m2
/
- ft2
- 000
109
95
204
1,174
1,025
2,199
Milled - 000
- tonnes /
- tons
- reef
631
656
1,287
696
723
1,419
- waste
-
-
-
-
-
-
- surface and
dump reclamation
-
-
-
-
-
-
- total
631
656
1,287
696
723
1,419
Yield
- g/t
/
- oz/t
- reef
12.34
11.54
11.93
0.360
0.337
0.348
- waste
-
-
-
-
-
-
- surface and
dump reclamation
-
-
-
-
-
-
- average
12.34
11.54
11.93
0.360
0.337
0.348
Gold produced
- kg
/
- oz 000 - reef
7,790
7,563
15,353
251
243
494
- waste
-
-
-
-
-
-
- surface and
dump reclamation
-
-
-
-
-
-
- total
7,790
7,563
15,353
251
243
494
Gold sold
- kg
/
- oz 000 - total
7,608
7,568
15,176
245
243
488
Revenue
- R/kg
/
- $/oz
- sold
71,822
71,850
71,836
278
284
282
Total cash costs
- R
/
- $
- ton milled
424
406
415
48
47
47
- R/kg
/
- $/oz
- produced
34,398
35,178
34,782
133
140
136
PRODUCTIVITY
per employee
- g
/
- oz
- target
257
236
247
8.25
7.60
7.93
- actual
269
264
267
8.65
8.49
8.57
per employee
- m2
/
- ft2
- target
3.70
3.44
3.57
39.85
36.98
38.40
- actual
3.77
3.32
3.55
40.55
35.77
38.18
FINANCIAL RESULTS (MILLION)
Gold sales
546.5
543.7
1,090.2
68.1
69.4
137.5
Cost of sales
284.7
273.4
558.1
35.5
34.8
70.3
Cash operating costs
266.0
264.2
530.2
33.2
33.7
66.9
Other cash costs
1.9
1.9
3.8
0.3
0.2
0.5
Total cash costs
267.9
266.1
534.0
33.5
33.9
67.4
Retrenchment costs
2.6
0.7
3.3
0.3
0.1
0.4
Rehabilitation and other non-cash costs
0.3
-
0.3
-
-
-
Production costs
270.8
266.8
537.6
33.8
34.0
67.8
Amortisation of mining assets
13.0
12.7
25.7
1.6
1.6
3.2
Inventory change
0.9
(6.1)
(5.2)
0.1
(0.8)
(0.7)
Operating profit
261.8
270.3
532.1
32.6
34.6
67.2
Capital expenditure
1.5
2.0
3.5
0.2
0.3
0.5
30
SOUTH AFRICAN REGION
VAAL RIVER
Quarter
Quarter
Six months
Quarter
Quarter
Six months
ended
ended
ended
ended
ended
ended
June
March
June
June
March
June
2001
2001
2001
2001
2001
2001
KOPANANG MINE
Rand / Metric
Dollar / Imperial
OPERATING RESULTS
GOLD
Area mined
- m2
/
- ft2
- 000
99
99
198
1,069
1,061
2,130
Milled - 000
- tonnes /
- tons
- reef
512
503
1,015
565
554
1,119
- waste
-
-
-
-
-
-
- surface and
dump reclamation
-
-
-
-
-
-
- total
512
503
1,015
565
554
1,119
Yield
- g/t
/
- oz/t
- reef
7.46
7.80
7.63
0.218
0.228
0.223
- waste
-
-
-
-
-
-
- surface and
dump reclamation
-
-
-
-
-
-
- average
7.46
7.80
7.63
0.218
0.228
0.223
Gold produced
- kg
/
- oz 000 - reef
3,820
3,921
7,741
123
126
249
- waste
-
-
-
-
-
-
- surface and
dump reclamation
-
-
-
-
-
-
- total
3,820
3,921
7,741
123
126
249
Gold sold
- kg
/
- oz 000 - total
3,738
3,924
7,662
120
126
246
Revenue
- R/kg
/
- $/oz
- sold
71,818
71,629
71,721
278
285
281
Total cash costs
- R
/
- $
- ton milled
386
371
379
44
43
43
- R/kg
/
- $/oz
- produced
51,796
47,557
49,649
201
189
195
PRODUCTIVITY
per employee
- g
/
- oz
- target
162
159
160
5.20
5.11
5.15
- actual
165
168
166
5.31
5.39
5.35
per employee
- m2
/
- ft2
- target
4.72
4.80
4.76
50.82
51.65
51.24
- actual
4.30
4.21
4.25
46.26
45.34
45.80
FINANCIAL RESULTS (MILLION)
Gold sales
268.4
281.1
549.5
33.4
35.9
69.3
Cost of sales
207.5
198.4
405.9
25.9
25.3
51.2
Cash operating costs
196.4
185.0
381.4
24.5
23.6
48.1
Other cash costs
1.5
1.5
3.0
0.2
0.2
0.4
Total cash costs
197.9
186.5
384.4
24.7
23.8
48.5
Retrenchment costs
2.4
0.5
2.9
0.3
0.1
0.4
Rehabilitation and other non-cash costs
0.2
-
0.2
-
-
-
Production costs
200.5
187.0
387.5
25.0
23.9
48.9
Amortisation of mining assets
14.3
14.2
28.5
1.8
1.8
3.6
Inventory change
(7.3)
(2.8)
(10.1)
(0.9)
(0.4)
(1.3)
Operating profit
60.9
82.7
143.6
7.5
10.6
18.1
Capital expenditure
2.5
3.7
6.2
0.4
0.4
0.8
31
SOUTH AFRICAN REGION
VAAL RIVER
Quarter
Quarter
Six months
Quarter
Quarter
Six months
ended
ended
ended
ended
ended
ended
June
March
June
June
March
June
2001
2001
2001
2001
2001
2001
TAU LEKOA MINE
Rand / Metric
Dollar / Imperial
OPERATING RESULTS
GOLD
Area mined
- m2
/
- ft2
- 000
103
93
196
1,111
1,002
2,113
Milled - 000
- tonnes /
- tons
- reef
507
508
1,015
559
560
1,119
- waste
-
-
-
-
-
-
- surface and
dump reclamation
-
-
-
-
-
-
- total
507
508
1,015
559
560
1,119
Yield
- g/t
/
- oz/t
- reef
4.70
4.69
4.69
0.137
0.137
0.137
- waste
-
-
-
-
-
-
- surface and
dump reclamation
-
-
-
-
-
-
- average
4.70
4.69
4.69
0.137
0.137
0.137
Gold produced
- kg
/
- oz 000 - reef
2,383
2,380
4,763
76
77
153
- waste
-
-
-
-
-
-
- surface and
dump reclamation
-
-
-
-
-
-
- total
2,383
2,380
4,763
76
77
153
Gold sold
- kg
/
- oz 000 - total
2,325
2,385
4,710
74
78
152
Revenue
- R/kg
/
- $/oz
- sold
71,823
71,508
71,663
278
284
281
Total cash costs
- R
/
- $
- ton milled
250
235
242
28
27
28
- R/kg
/
- $/oz
- produced
53,106
50,087
51,597
206
199
202
PRODUCTIVITY
per employee
- g
/
- oz
- target
191
180
186
6.15
5.79
5.97
- actual
182
186
184
5.86
5.99
5.93
per employee
- m2
/
- ft2
- target
7.81
7.30
7.55
84.03
78.54
81.27
- actual
7.90
7.29
7.60
85.06
78.43
81.78
FINANCIAL RESULTS (MILLION)
Gold sales
167.0
170.5
337.5
20.8
21.8
42.6
Cost of sales
147.2
138.0
285.2
18.2
17.6
35.8
Cash operating costs
125.5
118.3
243.8
15.6
15.1
30.7
Other cash costs
1.0
1.0
2.0
0.1
0.1
0.2
Total cash costs
126.5
119.3
245.8
15.7
15.2
30.9
Retrenchment costs
1.3
0.4
1.7
0.1
0.1
0.2
Rehabilitation and other non-cash costs
0.2
-
0.2
-
-
-
Production costs
128.0
119.7
247.7
15.8
15.3
31.1
Amortisation of mining assets
15.0
15.3
30.3
1.9
1.9
3.8
Inventory change
4.2
3.0
7.2
0.5
0.4
0.9
Operating profit
19.8
32.5
52.3
2.6
4.2
6.8
Capital expenditure
6.4
4.3
10.7
0.9
0.5
1.4
32
SOUTH AFRICAN REGION
VAAL RIVER
Quarter
Quarter
Six months
Quarter
Quarter
Six months
ended
ended
ended
ended
ended
ended
June
March
June
June
March
June
2001
2001
2001
2001
2001
2001
SURFACE OPERATIONS
Rand / Metric
Dollar / Imperial
OPERATING RESULTS
GOLD
Area mined
- m2
/ - ft2
- 000
-
-
-
-
-
-
Milled - 000
- tonnes / - tons
- reclamation from rehabilitation
32
32
64
35
35
70
- waste
-
-
-
-
-
-
- surface and
dump reclamation
1,503
1,305
2,808
1,657
1,438
3,095
- total
1,535
1,337
2,872
1,692
1,473
3,165
Yield
- g/t
/ - oz/t
- reclamation from rehabilitation
2.26
1.55
1.90
0.066
0.045
0.056
- waste
-
-
-
-
-
-
- surface and
dump reclamation
0.49
0.58
0.53
0.014
0.017
0.016
- average
0.53
0.61
0.56
0.015
0.018
0.016
Gold produced
- kg
/ - oz 000 - reclamation from rehabilitation
72
50
122
2
2
4
- waste
-
-
-
-
-
-
- surface and
dump reclamation
739
760
1,499
24
24
48
- total
811
810
1,621
26
26
52
Gold sold
- kg
/ - oz 000 - total
791
809
1,600
26
26
52
Revenue
- R/kg
/ - $/oz
- sold
71,810
71,493
71,647
278
284
281
Total cash costs *
- R
/ - $
- ton milled
21
21
21
2
2
2
- R/kg
/ - $/oz
- produced
43,165
36,300
39,684
167
144
155
PRODUCTIVITY
per employee
- g
/ - oz
- target
316
321
318
10.14
10.33
10.24
- actual
484
512
497
15.56
16.45
15.99
per employee
- m2
/ - ft2
- target
-
-
-
-
-
-
- actual
-
-
-
-
-
-
FINANCIAL RESULTS (MILLION)
Gold sales
56.8
57.8
114.6
7.0
7.4
14.4
Cost of sales
30.9
27.6
58.5
3.9
3.5
7.4
Cash operating costs
31.8
27.5
59.3
4.0
3.5
7.5
Other cash costs
0.1
0.1
0.2
-
-
-
Total cash costs
31.9
27.6
59.5
4.0
3.5
7.5
Retrenchment costs
-
-
-
-
-
-
Rehabilitation and other non-cash costs
-
-
-
-
-
-
Production costs
31.9
27.6
59.5
4.0
3.5
7.5
Amortisation of mining assets
-
-
-
-
-
-
Inventory change
(1.0)
-
(1.0)
(0.1)
-
(0.1)
Operating profit
25.9
30.2
56.1
3.1
3.9
7.0
Moab Khotsong
Capital expenditure
90.4
75.8
166.2
11.2
9.7
20.9
* Excludes reclamation from rehabilitation
33
SOUTH AFRICAN REGION
ERGO
Quarter
Quarter
Six months
Quarter
Quarter
Six months
ended
ended
ended
ended
ended
ended
June
March
June
June
March
June
2001
2001
2001
2001
2001
2001
Rand / Metric
Dollar / Imperial
OPERATING RESULTS
GOLD
Material treated
- tonnes / - tons
- 000
10,176
11,142
21,318
11,217
12,282
23,499
Yield
- g/t
/ - oz/t
0.23
0.26
0.24
0.007
0.007
0.007
Gold produced
- kg
/ - oz 000
2,368
2,848
5,216
76
92
168
Gold sold
- kg
/ - oz 000
2,638
2,600
5,238
85
83
168
Revenue
- R/kg
/ - $/oz
- sold
71,810
71,462
71,637
278
285
281
Total cash costs
- R
/ - $
- ton treated
15
13
14
2
2
2
- R/kg
/ - $/oz
- produced
64,414
52,415
57,863
249
208
227
PRODUCTIVITY
per employee
- g
/
- oz
- target
621
614
618
19.97
19.76
19.86
- actual
628
744
687
20.18
23.94
22.07
FINANCIAL RESULTS (MILLION)
Gold sales
189.5
185.8
375.3
23.6
23.8
47.4
Cost of sales
171.3
156.3
327.6
21.2
20.0
41.2
Cash operating costs
152.0
148.7
300.7
18.9
19.0
37.9
Other cash costs
0.7
0.5
1.2
-
0.1
0.1
Total cash costs
152.7
149.2
301.9
18.9
19.1
38.0
Retrenchment costs
0.5
0.3
0.8
0.1
-
0.1
Rehabilitation and other non-cash costs
3.7
4.5
8.2
0.4
0.6
1.0
Production costs
156.9
154.0
310.9
19.4
19.7
39.1
Amortisation of mining assets
3.6
8.4
12.0
0.4
1.1
1.5
Inventory change
10.8
(6.1)
4.7
1.4
(0.8)
0.6
Operating profit
18.2
29.5
47.7
2.4
3.8
6.2
Capital expenditure
0.5
0.5
1.0
-
0.1
0.1
34
SOUTH AFRICAN REGION
FREE STATE
Quarter
Quarter
Six months
Quarter
Quarter
Six months
ended
ended
ended
ended
ended
ended
June
March
June
June
March
June
2001
2001
2001
2001
2001
2001
BAMBANANI MINE
Rand / Metric
Dollar / Imperial
OPERATING RESULTS GOLD
Area mined
- m2
/
- ft2
- 000
71
68
139
766
731
1,497
Milled - 000
- tonnes /
- tons
- reef
437
401
838
482
442
924
- waste
-
-
-
-
-
-
- surface and dump reclamation
-
-
-
-
-
-
- total
437
401
838
482
442
924
Yield
- g/t
/
- oz/t
- reef
7.82
7.78
7.80
0.228
0.227
0.227
- waste
-
-
-
-
-
-
- surface and dump reclamation
-
-
-
-
-
-
- average
7.82
7.78
7.80
0.228
0.227
0.227
Gold produced
- kg
/
- oz 000 - reef
3,418
3,116
6,534
110
100
210
- waste
-
-
-
-
-
-
- surface and dump reclamation
-
-
-
-
-
-
- total
3,418
3,116
6,534
110
100
210
Gold sold
- kg
/
- oz 000 - total
3,389
3,120
6,509
109
100
209
Revenue
- R/kg
/
- $/oz
- sold
71,828
71,854
71,840
278
284
281
Total cash costs
- R
/
- $
- ton milled
471
479
475
53
55
54
- R/kg
/
- $/oz
- produced
60,185
61,559
60,840
233
245
239
PRODUCTIVITY
per employee
- g
/
- oz
- target
183
151
167
5.89
4.87
5.37
- actual
163
142
152
5.23
4.57
4.89
per employee
- m2
/
- ft2
- target
3.92
3.37
3.64
42.20
36.31
39.22
- actual
3.38
3.10
3.24
36.41
33.33
34.84
FINANCIAL RESULTS (MILLION)
Gold sales
243.4
224.2
467.6
30.3
28.6
58.9
Cost of sales
225.3
203.7
429.0
27.9
26.1
54.0
Cash operating costs
204.4
190.5
394.9
25.5
24.3
49.8
Other cash costs
1.3
1.4
2.7
0.1
0.2
0.3
Total cash costs
205.7
191.9
397.6
25.6
24.5
50.1
Retrenchment costs
7.5
6.7
14.2
0.9
0.9
1.8
Rehabilitation and other non-cash costs
0.1
-
0.1
-
-
-
Production costs
213.3
198.6
411.9
26.5
25.4
51.9
Amortisation of mining assets
11.7
10.8
22.5
1.4
1.4
2.8
Inventory change
0.3
(5.7)
(5.4)
-
(0.7)
(0.7)
Operating profit
18.1
20.5
38.6
2.4
2.5
4.9
Capital expenditure
7.8
4.7
12.5
1.0
0.6
1.6
35
SOUTH AFRICAN REGION
FREE STATE
Quarter
Quarter
Six months
Quarter
Quarter
Six months
ended
ended
ended
ended
ended
ended
June
March
June
June
March
June
2001
2001
2001
2001
2001
2001
TSHEPONG MINE
Rand / Metric
Dollar / Imperial
OPERATING RESULTS GOLD
Area mined
- m2
/
- ft2
- 000
102
93
195
1,096
1,000
2,096
Milled - 000
- tonnes /
- tons
- reef
366
337
703
403
372
775
- waste
-
-
-
-
-
-
- surface and dump reclamation
-
-
-
-
-
-
- total
366
337
703
403
372
775
Yield
- g/t
/
- oz/t
- reef
8.61
7.98
8.31
0.251
0.233
0.242
- waste
-
-
-
-
-
-
- surface and dump reclamation
-
-
-
-
-
-
- average
8.61
7.98
8.31
0.251
0.233
0.242
Gold produced
- kg
/
- oz 000 - reef
3,150
2,692
5,842
101
87
188
- waste
-
-
-
-
-
-
- surface and dump reclamation
-
-
-
-
-
-
- total
3,150
2,692
5,842
101
87
188
Gold sold
- kg
/
- oz 000 - total
3,119
2,693
5,812
100
87
187
Revenue
- R/kg
/
- $/oz
- sold
71,830
71,623
71,734
278
284
281
Total cash costs
- R
/
- $
- ton milled
384
402
392
43
47
45
- R/kg
/
- $/oz
- produced
44,579
50,301
47,216
173
200
185
PRODUCTIVITY
per employee
- g
/
- oz
- target
171
172
172
5.50
5.54
5.52
- actual
227
190
208
7.28
6.10
6.69
per employee
- m2
/
- ft2
- target
6.50
6.44
6.47
70.00
69.33
69.67
- actual
7.32
6.55
6.93
78.75
70.54
74.61
FINANCIAL RESULTS (MILLION)
Gold sales
224.0
192.9
416.9
27.9
24.6
52.5
Cost of sales
169.1
144.2
313.3
21.0
18.4
39.4
Cash operating costs
139.7
134.6
274.3
17.4
17.2
34.6
Other cash costs
0.8
0.8
1.6
0.1
0.1
0.2
Total cash costs
140.5
135.4
275.9
17.5
17.3
34.8
Retrenchment costs
3.3
1.8
5.1
0.4
0.2
0.6
Rehabilitation and other non-cash costs
0.2
-
0.2
-
-
-
Production costs
144.0
137.2
281.2
17.9
17.5
35.4
Amortisation of mining assets
22.9
19.8
42.7
2.9
2.5
5.4
Inventory change
2.2
(12.8)
(10.6)
0.2
(1.6)
(1.4)
Operating profit
54.9
48.7
103.6
6.9
6.2
13.1
Capital expenditure
-
-
-
-
-
-
3
6
SOUTH AFRICAN REGION
FREE STATE
Quarter
Quarter
Six months
Quarter
Quarter
Six months
ended
ended
ended
ended
ended
ended
June
March
June
June
March
June
2001
2001
2001
2001
2001
2001
MATJHABENG MINE
Rand / Metric
Dollar / Imperial
OPERATING RESULTS GOLD
Area mined
- m2
/
- ft2
- 000
40
44
84
425
478
903
Milled - 000
- tonnes /
- tons
- reef
207
247
454
228
272
500
- waste
-
-
-
-
-
-
- surface and dump reclamation
-
-
-
-
-
-
- total
207
247
454
228
272
500
Yield
- g/t
/
- oz/t
- reef
6.95
6.92
6.93
0.203
0.202
0.202
- waste
-
-
-
-
-
-
- surface and dump reclamation
-
-
-
-
-
-
- average
6.95
6.92
6.93
0.203
0.202
0.202
Gold produced
- kg
/
- oz 000 - reef
1,440
1,707
3,147
46
55
101
- waste
-
-
-
-
-
-
- surface and dump reclamation
-
-
-
-
-
-
- total
1,440
1,707
3,147
46
55
101
Gold sold
- kg
/
- oz 000 - total
1,429
1,710
3,139
46
55
101
Revenue
- R/kg
/
- $/oz
- sold
71,826
71,784
71,803
278
284
282
Total cash costs
- R
/
- $
- ton milled
420
491
459
47
57
53
- R/kg
/
- $/oz
- produced
60,344
71,032
66,140
234
282
260
PRODUCTIVITY
per employee
- g
/
- oz
- target
146
143
145
4.70
4.60
4.65
- actual
129
130
129
4.13
4.17
4.15
per employee
- m2
/
- ft2
- target
3.63
3.70
3.67
39.10
39.83
39.47
- actual
3.52
3.37
3.44
37.94
36.29
37.05
FINANCIAL RESULTS (MILLION)
Gold sales
102.6
122.8
225.4
12.7
15.7
28.4
Cost of sales
127.9
152.7
280.6
16.0
19.5
35.5
Cash operating costs
85.9
120.1
206.0
10.7
15.4
26.1
Other cash costs
1.0
1.1
2.1
0.2
0.1
0.3
Total cash costs
86.9
121.2
208.1
10.9
15.5
26.4
Retrenchment costs
33.6
34.0
67.6
4.2
4.3
8.5
Rehabilitation and other non-cash costs
0.1
-
0.1
-
-
-
Production costs
120.6
155.2
275.8
15.1
19.8
34.9
Amortisation of mining assets
3.0
3.8
6.8
0.4
0.5
0.9
Inventory change
4.3
(6.3)
(2.0)
0.5
(0.8)
(0.3)
Operating profit
(25.3)
(29.9)
(55.2)
(3.3)
(3.8)
(7.1)
Capital expenditure
-
-
-
-
-
-
37
SOUTH AFRICAN REGION
FREE STATE
Quarter
Quarter
Six months
Quarter
Quarter
Six months
ended
ended
ended
ended
ended
ended
June
March
June
June
March
June
2001
2001
2001
2001
2001
2001
JOEL MINE
Rand / Metric
Dollar / Imperial
OPERATING RESULTS GOLD
Area mined
- m2
/
- ft2
- 000
58
62
120
621
672
1,293
Milled - 000
- tonnes /
- tons
- reef
261
305
566
288
336
624
- waste
-
-
-
-
-
-
- surface and dump reclamation
-
-
-
-
-
-
- total
261
305
566
288
336
624
Yield
- g/t
/
- oz/t
- reef
4.21
3.40
3.77
0.123
0.099
0.110
- waste
-
-
-
-
-
-
- surface and dump reclamation
-
-
-
-
-
-
- average
4.21
3.40
3.77
0.123
0.099
0.110
Gold produced
- kg
/
- oz 000 - reef
1,099
1,036
2,135
36
33
69
- waste
-
-
-
-
-
-
- surface and dump reclamation
-
-
-
-
-
-
- total
1,099
1,036
2,135
36
33
69
Gold sold
- kg
/
- oz 000 - total
1,180
1,025
2,205
38
33
71
Revenue
- R/kg
/
- $/oz
- sold
88,348
99,219
93,403
342
394
367
Total cash costs
- R
/
- $
- ton milled
375
347
360
42
40
41
- R/kg
/
- $/oz
- produced
89,091
102,157
95,433
345
406
375
PRODUCTIVITY
per employee
- g
/
- oz
- target
158
153
155
5.07
4.92
4.99
- actual
110
84
96
3.54
2.71
3.08
per employee
- m2
/
- ft2
- target
6.64
6.28
6.45
71.48
67.56
69.47
- actual
5.78
5.07
5.39
62.22
54.61
58.02
FINANCIAL RESULTS (MILLION)
Gold sales
104.3
101.7
206.0
13.0
13.0
26.0
Cost of sales
122.5
134.1
256.6
15.2
17.1
32.3
Cash operating costs
97.1
105.0
202.1
12.1
13.4
25.5
Other cash costs
0.8
0.8
1.6
0.1
0.1
0.2
Total cash costs
97.9
105.8
203.7
12.2
13.5
25.7
Retrenchment costs
16.8
1.9
18.7
2.1
0.2
2.3
Rehabilitation and other non-cash costs
0.1
-
0.1
-
-
-
Production costs
114.8
107.7
222.5
14.3
13.7
28.0
Amortisation of mining assets
9.4
24.7
34.1
1.1
3.2
4.3
Inventory change
(1.7)
1.7
-
(0.2)
0.2
-
Operating profit
(18.2)
(32.4)
(50.6)
(2.2)
(4.1)
(6.3)
Capital expenditure
13.7
6.4
20.1
1.7
0.8
2.5
38
SOUTH AFRICAN REGION
FREE STATE
Quarter
Quarter
Six months
Quarter
Quarter
Six months
ended
ended
ended
ended
ended
ended
June
March
June
June
March
June
2001
2001
2001
2001
2001
2001
SURFACE OPERATIONS
Rand / Metric
Dollar / Imperial
OPERATING RESULTS GOLD
Area mined
- m2
/
- ft2
- 000
-
-
-
-
-
-
Milled - 000
- tonnes /
- tons
- reclamation from rehabilitation
107
243
350
118
268
386
- waste
-
-
-
-
-
-
- surface and dump reclamation
764
718
1,482
842
791
1,634
- total
871
961
1,832
960
1,060
2,020
Yield
- g/t
/
- oz/t
- reclamation from rehabilitation
1.84
1.08
1.31
0.054
0.032
0.038
- waste
-
-
-
-
-
-
- surface and dump reclamation
0.69
0.80
0.74
0.020
0.023
0.022
- average
0.83
0.87
0.85
0.024
0.025
0.025
Gold produced
- kg
/
- oz 000 - reclamation from rehabilitation
197
263
461
6
9
15
- waste
-
-
-
-
-
-
- surface and dump reclamation
525
575
1,100
17
18
35
- total
722
838
1,560
23
27
50
Gold sold
- kg
/
- oz 000 - total
714
837
1,551
23
27
50
Revenue
- R/kg
/
- $/oz
- sold
71,822
71,342
71,568
278
284
281
Total cash costs *
- R
/
- $
- ton milled
29
30
30
3
4
3
- R/kg
/
- $/oz
- produced
42,584
37,834
40,102
165
150
157
PRODUCTIVITY
per employee
- g
/
- oz
- target
349
391
369
11.22
12.56
11.87
- actual
555
726
636
17.85
23.35
20.44
per employee
- m2
/
- ft2
- target
-
-
-
-
-
-
- actual
-
-
-
-
-
-
FINANCIAL RESULTS (MILLION)
Gold sales
51.3
59.8
111.1
6.4
7.6
14.0
Cost of sales
21.3
27.6
48.9
2.6
3.5
6.1
Cash operating costs
22.3
21.7
44.0
2.7
2.8
5.5
Other cash costs
-
0.1
0.1
-
-
-
Total cash costs
22.3
21.8
44.1
2.7
2.8
5.5
Retrenchment costs
0.1
0.1
0.2
-
-
-
Rehabilitation and other non-cash costs
-
-
-
-
-
-
Production costs
22.4
21.9
44.3
2.7
2.8
5.5
Amortisation of mining assets
-
-
-
-
-
-
Inventory change
(1.1)
5.7
4.6
(0.1)
0.7
0.6
Operating profit
30.0
32.2
62.2
3.8
4.1
7.9
Capital expenditure
(0.2)
(2.9)
(3.1)
-
(0.4)
(0.4)
* Excludes reclamation from rehabilitation
39
SOUTH AFRICAN REGION
WEST WITS
Quarter
Quarter
Six months
Quarter
Quarter
Six months
ended
ended
ended
ended
ended
ended
June
March
June
June
March
June
2001
2001
2001
2001
2001
2001
TAUTONA MINE
Rand / Metric
Dollar / Imperial
OPERATING RESULTS
GOLD
Area mined
- m2
/
- ft2
- 000
73
65
138
782
701
1,483
Milled - 000
- tonnes /
- tons
- reef
411
377
788
452
416
868
- waste
-
-
-
-
-
-
- surface and
dump reclamation
-
-
-
-
-
-
- total
411
377
788
452
416
868
Yield
- g/t
/
- oz/t
- reef
11.87
12.41
12.13
0.346
0.362
0.354
- waste
-
-
-
-
-
-
- surface and
dump reclamation
-
-
-
-
-
-
- average
11.87
12.41
12.13
0.346
0.362
0.354
Gold produced
- kg
/
- oz 000 - reef
4,870
4,683
9,553
156
151
307
- waste
-
-
-
-
-
-
- surface and
dump reclamation
-
-
-
-
-
-
- total
4,870
4,683
9,553
156
151
307
Gold sold
- kg
/
- oz 000 - total
5,080
4,481
9,561
163
144
307
Revenue
- R/kg
/
- $/oz
- sold
71,826
71,798
71,813
278
285
281
Total cash costs
- R
/
- $
- ton milled
501
517
509
57
60
58
- R/kg
/
- $/oz
- produced
42,229
41,687
41,963
164
166
165
PRODUCTIVITY
per employee
- g
/
- oz
- target
276
253
264
8.87
8.14
8.50
- actual
265
245
255
8.51
7.89
8.19
per employee
- m2
/
- ft2
- target
4.18
3.97
4.08
45.00
42.76
43.87
- actual
3.95
3.41
3.68
42.51
36.72
39.56
FINANCIAL RESULTS (MILLION)
Gold sales
364.9
321.7
686.6
45.4
41.1
86.5
Cost of sales
221.0
209.1
430.1
27.5
26.7
54.2
Cash operating costs
204.3
193.9
398.2
25.4
24.8
50.2
Other cash costs
1.3
1.4
2.7
0.1
0.2
0.3
Total cash costs
205.6
195.3
400.9
25.5
25.0
50.5
Retrenchment costs
3.0
1.2
4.2
0.4
0.1
0.5
Rehabilitation and other non-cash costs
0.1
-
0.1
-
-
-
Production costs
208.7
196.5
405.2
25.9
25.1
51.0
Amortisation of mining assets
7.8
14.8
22.6
1.0
1.9
2.9
Inventory change
4.5
(2.2)
2.3
0.6
(0.3)
0.3
Operating profit
143.9
112.6
256.5
17.9
14.4
32.3
Capital expenditure
17.1
7.9
25.0
2.1
1.0
3.1
40
SOUTH AFRICAN REGION
WEST WITS
Quarter
Quarter
Six months
Quarter
Quarter
Six months
ended
ended
ended
ended
ended
ended
June
March
June
June
March
June
2001
2001
2001
2001
2001
2001
SAVUKA MINE
Rand / Metric
Dollar / Imperial
OPERATING RESULTS
GOLD
Area mined
- m2
/
- ft2
- 000
50
46
96
547
491
1,038
Milled - 000
- tonnes /
- tons
- reef
246
217
463
271
239
510
- waste
-
-
-
-
-
-
- surface and
dump reclamation
-
-
-
-
-
-
- total
246
217
463
271
239
510
Yield
- g/t
/
- oz/t
- reef
8.20
8.14
8.17
0.239
0.237
0.238
- waste
-
-
-
-
-
-
- surface and
dump reclamation
-
-
-
-
-
-
- average
8.20
8.14
8.17
0.239
0.237
0.238
Gold produced
- kg
/
- oz 000 - reef
2,017
1,764
3,781
65
57
122
- waste
-
-
-
-
-
-
- surface and
dump reclamation
-
-
-
-
-
-
- total
2,017
1,764
3,781
65
57
122
Gold sold
- kg
/
- oz 000 - total
2,090
1,694
3,784
67
55
122
Revenue
- R/kg
/
- $/oz
- sold
71,824
71,705
71,771
278
286
281
Total cash costs
- R
/
- $
- ton milled
522
547
533
59
63
61
- R/kg
/
- $/oz
- produced
63,636
67,173
65,286
246
267
256
PRODUCTIVITY
per employee
- g
/
- oz
- target
163
169
166
5.23
5.44
5.33
- actual
157
137
147
5.05
4.40
4.72
per employee
- m2
/
- ft2
- target
4.40
4.52
4.46
47.39
48.69
48.04
- actual
3.95
3.54
3.75
42.51
38.15
40.33
FINANCIAL RESULTS (MILLION)
Gold sales
150.1
121.4
271.5
18.7
15.5
34.2
Cost of sales
143.4
121.5
264.9
17.8
15.5
33.3
Cash operating costs
127.4
117.5
244.9
15.9
15.0
30.9
Other cash costs
0.9
1.0
1.9
0.1
0.1
0.2
Total cash costs
128.3
118.5
246.8
16.0
15.1
31.1
Retrenchment costs
2.9
1.2
4.1
0.4
0.1
0.5
Rehabilitation and other non-cash costs
-
-
-
-
-
-
Production costs
131.2
119.7
250.9
16.4
15.2
31.6
Amortisation of mining assets
1.8
14.0
15.8
0.2
1.8
2.0
Inventory change
10.4
(12.2)
(1.8)
1.2
(1.5)
(0.3)
Operating profit
6.7
(0.1)
6.6
0.9
-
0.9
Capital expenditure
-
-
-
-
-
-
41
SOUTH AFRICAN REGION
WEST WITS
Quarter
Quarter
Six months
Quarter
Quarter
Six months
ended
ended
ended
ended
ended
ended
June
March
June
June
March
June
2001
2001
2001
2001
2001
2001
MPONENG MINE
Rand / Metric
Dollar / Imperial
OPERATING RESULTS
GOLD
Area mined
- m2
/
- ft2
- 000
56
63
119
596
680
1,276
Milled - 000
- tonnes /
- tons
- reef
346
369
715
382
407
789
- waste
-
-
-
-
-
-
- surface and
dump reclamation
-
-
-
-
-
-
- total
346
369
715
382
407
789
Yield
- g/t
/
- oz/t
- reef
7.09
6.91
7.00
0.207
0.202
0.204
- waste
-
-
-
-
-
-
- surface and
dump reclamation
-
-
-
-
-
-
- average
7.09
6.91
7.00
0.207
0.202
0.204
Gold produced
- kg
/
- oz 000 - reef
2,453
2,553
5,006
79
82
161
- waste
-
-
-
-
-
-
- surface and
dump reclamation
-
-
-
-
-
-
- total
2,453
2,553
5,006
79
82
161
Gold sold
- kg
/
- oz 000 - total
2,541
2,469
5,010
82
79
161
Revenue
- R/kg
/
- $/oz
- sold
71,826
71,521
71,676
278
289
281
Total cash costs
- R
/
- $
- ton milled
499
440
469
56
51
54
- R/kg
/
- $/oz
- produced
70,461
63,654
66,989
273
253
263
PRODUCTIVITY
per employee
- g
/
- oz
- target
182
188
185
5.85
6.06
5.95
- actual
149
153
151
4.79
4.93
4.86
per employee
- m2
/
- ft2
- target
4.54
4.42
4.48
48.83
47.62
48.22
- actual
3.36
3.80
3.58
36.17
40.90
38.54
FINANCIAL RESULTS (MILLION)
Gold sales
182.5
176.6
359.1
22.7
22.6
45.3
Cost of sales
220.3
187.5
407.8
27.5
24.0
51.5
Cash operating costs
171.5
161.2
332.7
21.4
20.6
42.0
Other cash costs
1.4
1.3
2.7
0.1
0.2
0.3
Total cash costs
172.9
162.5
335.4
21.5
20.8
42.3
Retrenchment costs
3.6
0.9
4.5
0.5
0.1
0.6
Rehabilitation and other non-cash costs
0.1
-
0.1
-
-
-
Production costs
176.6
163.4
340.0
22.0
20.9
42.9
Amortisation of mining assets
45.3
18.9
64.2
5.7
2.4
8.1
Inventory change
(1.6)
5.2
3.6
(0.2)
0.7
0.5
Operating profit
(37.8)
(10.9)
(48.7)
(4.8)
(1.4)
(6.2)
Capital expenditure
62.7
46.5
109.2
7.8
5.9
13.7
42
SOUTH AFRICAN REGION
WEST WITS
Quarter
Quarter
Six months
Quarter
Quarter
Six months
ended
ended
ended
ended
ended
ended
June
March
June
June
March
June
2001
2001
2001
2001
2001
2001
ELANDSRAND MINE
Rand / Metric
Dollar / Imperial
OPERATING RESULTS
GOLD
Area mined
- m2
/
- ft2
- 000
-
28
28
-
301
301
Milled - 000
- tonnes /
- tons
- reef
-
99
99
-
109
109
- waste
-
2
2
-
2
2
- surface and
dump reclamation
-
-
-
-
-
-
- total
-
101
101
-
111
111
Yield
- g/t
/
- oz/t
- reef
-
6.24
6.24
-
0.182
0.182
- waste
-
1.00
1.00
-
0.029
0.029
- surface and
dump reclamation
-
-
-
-
-
-
- average
-
6.13
6.13
-
0.179
0.179
Gold produced
- kg
/
- oz 000 - reef
-
618
618
-
20
20
- waste
-
2
2
-
-
-
- surface and
dump reclamation
-
-
-
-
-
-
- total
-
620
620
-
20
20
Gold sold
- kg
/
- oz 000 - total
-
623
623
-
20
20
Revenue
- R/kg
/
- $/oz
- sold
-
67,726
67,726
-
271
271
Total cash costs
- R
/
- $
- ton milled
-
554
554
-
65
65
- R/kg
/
- $/oz
- produced
-
90,300
90,300
-
362
362
PRODUCTIVITY
per employee
- g
/
- oz
- target
-
134
134
-
4.31
4.31
- actual
-
104
104
-
3.34
3.34
per employee
- m2
/
- ft2
- target
-
5.25
5.25
-
56.53
56.53
- actual
-
4.69
4.69
-
50.48
50.48
FINANCIAL RESULTS (MILLION)
Gold sales
-
42.2
42.2
-
5.4
5.4
Cost of sales
-
56.2
56.2
-
7.2
7.2
Cash operating costs
-
55.5
55.5
-
7.2
7.2
Other cash costs
-
0.4
0.4
-
0.1
0.1
Total cash costs
-
55.9
55.9
-
7.2
7.2
Retrenchment costs
-
-
-
-
-
-
Rehabilitation and other non-cash costs
-
-
-
-
-
-
Production costs
-
55.9
55.9
-
7.2
7.2
Amortisation of mining assets
-
-
-
-
-
-
Inventory change
-
0.3
0.3
-
-
-
Operating profit
-
(14.0)
(14.0)
-
(1.8)
(1.8)
Capital expenditure
0.2
11.8
12.0
-
1.5
1.5
43
SOUTH AFRICAN REGION
WEST WITS
Quarter
Quarter
Six months
Quarter
Quarter
Six months
ended
ended
ended
ended
ended
ended
June
March
June
June
March
June
2001
2001
2001
2001
2001
2001
DEELKRAAL MINE
Rand / Metric
Dollar / Imperial
OPERATING RESULTS
GOLD
Area mined
- m2
/
- ft2
- 000
-
9
9
-
93
93
Milled - 000
- tonnes /
- tons
- reef
-
55
55
-
61
61
- waste
-
-
-
-
-
-
- surface and
dump reclamation
-
-
-
-
-
-
- total
-
55
55
-
61
61
Yield
- g/t
/
- oz/t
- reef
-
7.55
7.55
-
0.220
0.220
- waste
-
-
-
-
-
-
- surface and
dump reclamation
-
-
-
-
-
-
- average
-
7.55
7.55
-
0.220
0.220
Gold produced
- kg
/
- oz 000 - reef
-
417
417
-
13
13
- waste
-
-
-
-
-
-
- surface and
dump reclamation
-
-
-
-
-
-
- total
-
417
417
-
13
13
Gold sold
- kg
/
- oz 000 - total
-
419
419
-
13
13
Revenue
- R/kg
/
- $/oz
- sold
-
67,726
67,726
-
271
271
Total cash costs
- R
/
- $
- ton milled
-
625
625
-
73
73
- R/kg
/
- $/oz
- produced
-
82,790
82,790
-
331
331
PRODUCTIVITY
per employee
- g
/
- oz
- target
-
140
140
-
4.50
4.50
- actual
-
123
123
-
3.97
3.97
per employee
- m2
/
- ft2
- target
-
3.37
3.37
-
36.28
36.28
- actual
-
2.55
2.55
-
27.45
27.45
FINANCIAL RESULTS (MILLION)
Gold sales
-
28.4
28.4
-
3.6
3.6
Cost of sales
-
34.8
34.8
-
4.4
4.4
Cash operating costs
-
34.3
34.3
-
4.4
4.4
Other cash costs
-
0.2
0.2
-
-
-
Total cash costs
-
34.5
34.5
-
4.4
4.4
Retrenchment costs
-
0.2
0.2
-
-
-
Rehabilitation and other non-cash costs
-
-
-
-
-
-
Production costs
-
34.7
34.7
-
4.4
4.4
Amortisation of mining assets
-
-
-
-
-
-
Inventory change
-
0.1
0.1
-
-
-
Operating profit
-
(6.4)
(6.4)
-
(0.8)
(0.8)
Capital expenditure
-
-
-
-
-
-
44
SOUTH AFRICAN REGION
WEST WITS
Quarter
Quarter
Six months
Quarter
Quarter
Six months
ended
ended
ended
ended
ended
ended
June
March
June
June
March
June
2001
2001
2001
2001
2001
2001
SURFACE OPERATIONS
Rand / Metric
Dollar / Imperial
OPERATING RESULTS
GOLD
Area mined
- m2
/
- ft2
- 000
-
-
-
-
-
-
Milled - 000
- tonnes /
- tons
- reclamation from rehabilitation
2
1
3
2
1
3
- waste
-
-
-
-
-
-
- surface and
dump reclamation
-
42
42
-
46
46
- total
2
43
45
2
47
49
Yield
- g/t
/
- oz/t
- reclamation from rehabilitation
0.01
14.56
5.68
-
0.425
0.166
- waste
-
-
-
-
-
-
- surface and
dump reclamation
-
0.60
0.60
-
0.018
0.018
- average
0.01
1.03
0.98
-
0.030
0.029
Gold produced
- kg
/
- oz 000 - reclamation from rehabilitation
-
19
19
-
1
1
- waste
-
-
-
-
-
-
- surface and
dump reclamation
-
25
25
-
1
1
- total
-
44
44
-
1
1
Gold sold
- kg
/
- oz 000 - total
-
44
44
-
1
1
Revenue
- R/kg
/
- $/oz
- sold
-
67,726
67,726
-
271
271
Total cash costs*
- R
/
- $
- ton milled
-
4
4
-
-
-
- R/kg
/
- $/oz
- produced
-
6,134
6,082
-
28
28
PRODUCTIVITY
per employee
- g
/
- oz
- target
-
-
-
-
-
-
- actual
-
-
-
-
-
-
per employee
- m2
/
- ft2
- target
-
-
-
-
-
-
- actual
-
-
-
-
-
-
FINANCIAL RESULTS (MILLION)
Gold sales
-
3.0
3.0
-
0.4
0.4
Cost of sales
-
0.2
0.2
-
-
-
Cash operating costs
-
0.2
0.2
-
-
-
Other cash costs
-
-
-
-
-
-
Total cash costs
-
0.2
0.2
-
-
-
Retrenchment costs
-
-
-
-
-
-
Rehabilitation and other non-cash costs
-
-
-
-
-
-
Production costs
-
0.2
0.2
-
-
-
Amortisation of mining assets
-
-
-
-
-
-
Inventory change
-
-
-
-
-
-
Operating profit
-
2.8
2.8
-
0.4
0.4
Capital expenditure
-
-
-
-
-
-
* Excludes reclamation from rehabilitation
45
AFRICAN REGION
Quarter
Quarter
Six months
Quarter
Quarter
Six months
ended
ended
ended
ended
ended
ended
June
March
June
June
March
June
2001
2001
2001
2001
2001
2001
NAVACHAB
Rand / Metric
Dollar / Imperial
OPERATING RESULTS GOLD
Mined
- tonnes /
- tons
- 000
1,395
923
2,318
1,538
1,017
2,555
Volume mined
- bcm
/
- bcy
- 000
441
270
711
577
353
930
Stripping ratio
- t(mined-treated) /t treated
3.36
1.92
2.64
3.36
1.92
2.64
Treated
- tonnes /
- tons
- 000
320
316
636
352
349
701
Yield
- g/t
/
- oz/t
2.15
2.04
2.10
0.063
0.060
0.061
Gold produced
- kg
/
- oz 000
689
646
1,335
22
21
43
Gold sold
- kg
/
- oz 000
689
646
1,335
22
21
43
Revenue
- R/kg
/
- $/oz
- sold
71,175
67,014
69,161
276
266
271
Total cash costs - R/kg
/
- $/oz
- produced
41,765
43,863
42,780
162
174
168
PRODUCTIVITY
per employee
- g
/
- oz
- target
584
611
597
18.77
19.63
19.20
- actual
659
623
641
21.19
20.03
20.61
FINANCIAL RESULTS (MILLION)
Gold sales
49.0
43.3
92.3
6.1
5.5
11.6
Cost of sales
30.2
30.8
61.0
3.8
3.9
7.7
Cash operating costs
28.5
28.1
56.6
3.5
3.6
7.1
Other cash costs
0.3
0.2
0.5
0.1
-
0.1
Total cash costs
28.8
28.3
57.1
3.6
3.6
7.2
Rehabilitation and other non-cash costs
(0.2)
0.2
-
-
-
-
Production costs
28.6
28.5
57.1
3.6
3.6
7.2
Amortisation of mining assets
2.2
2.1
4.3
0.2
0.3
0.5
Inventory change
(0.6)
0.2
(0.4)
-
-
-
Operating profit
18.8
12.5
31.3
2.3
1.6
3.9
Capital expenditure
0.4
0.9
1.3
0.1
0.1
0.2
46
AFRICAN REGION
Quarter
Quarter
Six months
Quarter
Quarter
Six months
ended
ended
ended
ended
ended
ended
June
March
June
June
March
June
2001
2001
2001
2001
2001
2001
SADIOLA - Attributable 38%
Rand / Metric
Dollar / Imperial
OPERATING RESULTS GOLD
Mined
- tonnes /
- tons
- 000
1,531
1,791
3,322
1,688
1,974
3,662
Volume mined
- bcm
/
- bcy
- 000
854
1,014
1,868
1,116
1,327
2,443
Stripping ratio
- t(mined-treated) /t treated
2.08
2.51
2.30
2.08
2.51
2.30
Treated
- tonnes /
- tons
- 000
498
510
1,008
549
562
1,111
Yield
- g/t
/
- oz/t
3.25
3.02
3.13
0.095
0.088
0.091
Gold produced
- kg
/
- oz 000
1,616
1,541
3,157
52
50
102
Gold sold
- kg
/
- oz 000
1,511
1,484
2,995
49
48
97
Revenue
- R/kg
/
- $/oz
- sold
78,417
73,523
75,993
304
292
298
Total cash costs - R/kg
/
- $/oz
- produced
32,361
32,591
32,473
125
130
127
PRODUCTIVITY
per employee
- g
/
- oz
- target
2 399
1 999
2 199
77.13
64.26
70.70
- actual
2 449
2 335
2 392
78.72
75.08
76.90
FINANCIAL RESULTS (MILLION)
Gold sales
118.6
109.1
227.7
14.8
13.9
28.7
Cost of sales
73.8
73.2
147.0
9.2
9.3
18.5
Cash operating costs
44.0
42.6
86.6
5.5
5.4
10.9
Other cash costs
8.3
7.6
15.9
1.0
1.0
2.0
Total cash costs
52.3
50.2
102.5
6.5
6.4
12.9
Rehabilitation and other non-cash costs
0.3
1.1
1.4
0.1
0.1
0.2
Production costs
52.6
51.3
103.9
6.6
6.5
13.1
Amortisation of mining assets
25.6
24.7
50.3
3.1
3.2
6.3
Inventory change
(4.4)
(2.8)
(7.2)
(0.5)
(0.4)
(0.9)
Operating profit
44.8
35.9
80.7
5.6
4.6
10.2
Capital expenditure
10.0
5.9
15.9
1.2
0.8
2.0
47
AFRICAN REGION
Quarter
Quarter
Six months
Quarter
Quarter
Six months
ended
ended
ended
ended
ended
ended
June
March
June
June
March
June
2001
2001
2001
2001
2001
2001
MORILA - Attributable 40%
Rand / Metric
Dollar / Imperial
OPERATING RESULTS GOLD
Mined
- tonnes /
- tons
- 000
2,390
1,657
4,047
2,635
1,826
4,461
Volume mined
- bcm
/
- bcy
- 000
1,164
815
1,979
1,523
1,066
2,589
Stripping ratio
- t(mined-treated) /t treated
7.11
6.03
6.63
7.11
6.03
6.63
Treated
- tonnes /
- tons
- 000
295
236
531
325
260
585
Yield
- g/t
/
- oz/t
6.91
8.41
7.58
0.202
0.245
0.221
Gold produced
- kg
/
- oz 000
2,037
1,984
4,021
65
64
129
Gold sold
- kg
/
- oz 000
2,037
1,984
4,021
65
64
129
Revenue
- R/kg
/
- $/oz
- sold
70,635
66,698
68,693
274
265
269
Total cash costs - R/kg
/
- $/oz
- produced
25,814
22,535
24,196
100
90
95
PRODUCTIVITY
per employee
- g
/
- oz
- target
4 375
4 467
4 421
140.67
143.61
142.12
- actual
4 310
4 714
4 500
138.55
151.55
144.67
FINANCIAL RESULTS (MILLION)
Gold sales
143.9
132.3
276.2
17.9
16.9
34.8
Cost of sales
90.1
83.6
173.7
11.4
10.6
22.0
Cash operating costs
42.7
35.6
78.3
5.4
4.5
9.9
Other cash costs
9.9
9.1
19.0
1.2
1.2
2.4
Total cash costs
52.6
44.7
97.3
6.6
5.7
12.3
Rehabilitation and other non-cash costs
0.4
0.4
0.8
0.1
-
0.1
Production costs
53.0
45.1
98.1
6.7
5.7
12.4
Amortisation of mining assets
37.9
38.7
76.6
4.8
4.9
9.7
Inventory change
(0.8)
(0.2)
(1.0)
(0.1)
-
(0.1)
Operating profit
53.8
48.7
102.5
6.5
6.3
12.8
Capital expenditure
16.9
31.8
48.7
2.1
4.1
6.2
48
AFRICAN REGION
Quarter
Quarter
Six months
Quarter
Quarter
Six months
ended
ended
ended
ended
ended
ended
June
March
June
June
March
June
2001
2001
2001
2001
2001
2001
GEITA - Attributable 50%
Rand / Metric
Dollar / Imperial
OPERATING RESULTS GOLD
Mined
- tonnes /
- tons
- 000
3,940
3,382
7,322
4,343
3,728
8,071
Volume mined
- bcm
/
- bcy
- 000
1,449
1,405
2,854
1,896
1,837
3,733
Stripping ratio
- t(mined-treated) /t treated
4.84
7.38
5.79
4.84
7.38
5.79
Treated
- tonnes /
- tons
- 000
675
404
1,079
744
445
1,189
Yield
- g/t
/
- oz/t
3.31
4.64
3.81
0.097
0.135
0.111
Gold produced
- kg
/
- oz 000
2,237
1,875
4,112
72
60
132
Gold sold
- kg
/
- oz 000
2,237
1,875
4,112
72
60
132
Revenue
- R/kg
/
- $/oz
- sold
74,537
74,189
74,378
289
295
291
Total cash costs - R/kg
/
- $/oz
- produced
34,275
35,392
34,784
133
141
136
PRODUCTIVITY
per employee
- g
/
- oz
- target
1 850
1 734
1 794
59.49
55.76
57.67
- actual
1 977
2 029
2 000
63.55
65.23
64.31
FINANCIAL RESULTS (MILLION)
Gold revenue
166.7
139.1
305.8
20.7
17.8
38.5
Cost of sales
108.2
102.6
210.8
13.4
13.1
26.5
Cash operating costs
70.3
61.5
131.8
8.7
7.9
16.6
Other cash costs
6.3
4.9
11.2
0.8
0.6
1.4
Total cash costs
76.6
66.4
143.0
9.5
8.5
18.0
Rehabilitation and other non-cash costs
(1.1)
1.1
-
(0.1)
0.1
-
Production costs
75.5
67.5
143.0
9.4
8.6
18.0
Amortisation of mining assets
25.4
30.3
55.7
3.1
3.9
7.0
Inventory change
7.3
4.8
12.1
0.9
0.6
1.5
Operating profit
58.5
36.5
95.0
7.3
4.7
12.0
Capital expenditure
8.2
29.2
37.4
1.0
3.7
4.7
49
NORTH AMERICAN REGION
Quarter
Quarter
Six months
Quarter
Quarter
Six months
ended
ended
ended
ended
ended
ended
June
March
June
June
March
June
2001
2001
2001
2001
2001
2001
CRIPPLE CREEK & VICTOR J.V.
Rand / Metric
Dollar / Imperial
OPERATING RESULTS GOLD Underground Operations
Mined
- tonnes /
- tons
- 000
-
-
-
-
-
-
Treated
- tonnes /
- tons
- 000
-
-
-
-
-
-
Gold in ore
- kg
/
- oz 000
-
-
-
-
-
-
Yield
- g/t
/
- oz/t
-
-
-
-
-
-
Gold produced
- kg
/
- oz 000
-
-
-
-
-
-
Open-pit Operations
Mined
- tonnes /
- tons
- 000
7,281
6,978
14,259
8,026
7,692
15,718
Stripping ratio
- t(mined-treated) /t treated
1.46
1.15
1.30
1.46
1.15
1.30
Treated
- tonnes /
- tons
- 000
2,959
3,241
6,200
3,261
3,573
6,834
Gold in ore
- kg
/
- oz 000
3,323
3,417
6,740
107
110
217
Yield
- g/t
/
- oz/t
0.60
0.48
0.54
0.018
0.014
0.016
Gold produced
- kg
/
- oz 000
1,784
1,572
3,356
57
51
108
Total
Yield
- g/t
/
- oz/t
0.60
0.48
0.54
0.018
0.014
0.016
Gold produced
- kg
/
- oz 000
1,784
1,572
3,356
57
51
108
Gold sold
- kg
/
- oz 000
1,784
1,572
3,356
57
51
108
Revenue
- R/kg
/
- $/oz
- sold
82,131
81,505
81,837
318
324
321
Total cash costs
- R/kg
/
- $/oz
- produced
*
45,677
42,519
44,198
177
169
173
PRODUCTIVITY
per employee
- g
/
- oz
- target
2,284
1,953
2,119
73.45
62.80
68.13
- actual
2,158
1,910
2,034
69.37
61.40
65.40
FINANCIAL RESULTS (MILLION)
Gold sales
146.6
128.1
274.7
18.3
16.3
34.6
Cost of sales
121.4
101.9
223.3
15.2
13.0
28.2
Cash operating costs
106.3
95.0
201.3
13.3
12.1
25.4
Other cash costs
-
-
-
-
-
-
Total cash costs
106.3
95.0
201.3
13.3
12.1
25.4
Rehabilitation and other non-cash costs
(5.5)
(5.7)
(11.2)
(0.7)
(0.7)
(1.4)
Production costs
100.8
89.3
190.1
12.6
11.4
24.0
Amortisation of mining assets
45.4
40.8
86.2
5.7
5.2
10.9
Inventory change
(24.8)
(28.2)
(53.0)
(3.1)
(3.6)
(6.7)
Operating profit
25.2
26.2
51.4
3.1
3.3
6.4
Capital expenditure
156.2
83.9
240.1
19.4
10.7
30.1
Note: The gold produced from underground and open-pit operations is allocated on gold in ore. * Total cash cost calculation includes inventory
50
NORTH AMERICAN REGION
Quarter
Quarter
Six months
Quarter
Quarter
Six months
ended
ended
ended
ended
ended
ended
June
March
June
June
March
June
2001
2001
2001
2001
2001
2001
JERRITT CANYON J.V. - Attributable 70%
Rand / Metric
Dollar / Imperial
OPERATING RESULTS GOLD Underground Operations
Mined
- tonnes /
- tons
- 000
302
314
616
334
346
680
Treated
- tonnes /
- tons
- 000
227
236
463
251
260
511
Gold in ore
- kg
/
- oz 000
1,510
1,677
3,187
48
54
102
Yield
- g/t
/
- oz/t
9.95
9.84
9.89
0.290
0.287
0.289
Gold produced
- kg
/
- oz 000
2,263
2,321
4,584
73
74
147
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
9.95
9.84
9.89
0.290
0.287
0.289
Gold produced
- kg
/
- oz 000
2,263
2,321
4,584
73
74
147
Gold sold
- kg
/
- oz 000
2,263
2,321
4,584
73
75
148
Revenue
- R/kg
/
- $/oz
- sold
82,084
81,382
81,729
318
324
321
Total cash costs
- R/kg
/
- $/oz
- produced
56,059
58,437
57,263
217
232
225
PRODUCTIVITY
per employee
- g
/
- oz
- target
2,493
2,585
2,539
80.15
83.12
81.62
- actual
2,658
2,565
2,610
85.47
82.47
83.92
FINANCIAL RESULTS (MILLION)
Gold sales
185.8
188.9
374.7
23.2
24.1
47.3
Cost of sales
163.1
178.0
341.1
20.4
22.6
43.0
Cash operating costs
126.8
135.7
262.5
15.8
17.3
33.1
Other cash costs
-
-
-
-
-
-
Total cash costs
126.8
135.7
262.5
15.8
17.3
33.1
Rehabilitation and other non-cash costs
2.6
2.6
5.2
0.4
0.3
0.7
Production costs
129.4
138.3
267.7
16.2
17.6
33.8
Amortisation of mining assets
36.9
39.5
76.4
4.6
5.0
9.6
Inventory change
(3.2)
0.2
(3.0)
(0.4)
-
(0.4)
Operating profit
22.7
10.9
33.6
2.8
1.5
4.3
Capital expenditure
22.5
23.7
46.2
2.8
3.0
5.8
Note: The gold produced from underground and open-pit operations is allocated on gold in ore.
51
SOUTH AMERICAN REGION
Quarter
Quarter
Six months
Quarter
Quarter
Six months
ended
ended
ended
ended
ended
ended
June
March
June
June
March
June
2001
2001
2001
2001
2001
2001
MORRO VELHO
Rand / Metric
Dollar / Imperial
OPERATING RESULTS
GOLD
Underground Operations
Mined
- tonnes /
- tons
- 000
218
229
447
239
253
492
Treated
- tonnes /
- tons
- 000
217
228
445
240
253
493
Gold in ore
- kg
/
- oz 000
1,647
1,563
3,210
53
50
103
Yield
- g/t
/
- oz/t
7.10
6.37
6.72
0.207
0.186
0.196
Gold produced
- kg
/
- oz 000
1,543
1,461
3,004
50
47
97
Open-pit Operations
Mined
- tonnes /
- tons
- 000
258
229
487
284
253
537
Stripping ratio
- t(mined-treated)
/t treated
16.74
8.49
11.59
16.74
8.49
11.59
Treated
- tonnes /
- tons
- 000
15
24
39
16
27
43
Gold in ore
- kg
/
- oz 000
50
84
134
1
3
4
Yield
- g/t
/
- oz/t
3.16
3.27
3.23
0.092
0.095
0.094
Gold produced
- kg
/
- oz 000
46
79
125
1
3
4
Total
Yield
- g/t
/
- oz/t
6.85
6.07
6.44
0.200
0.177
0.188
Gold produced
- kg
/
- oz 000
1,589
1,540
3,129
51
50
101
Gold sold
- kg
/
- oz 000
1,686
1,686
3,372
54
54
108
Revenue
- R/kg
/
- $/oz
- sold
82,116
81,549
81,832
318
323
321
Total cash costs
- R/kg
/
- $/oz
- produced
35,708
32,907
34,330
138
131
135
PRODUCTIVITY
per employee
- g
/
- oz
- target
374
373
373
12.03
11.98
12.01
- actual
376
367
371
12.08
11.79
11.93
FINANCIAL RESULTS (MILLION)
Gold sales
138.4
137.5
275.9
17.3
17.5
34.8
Cost of sales
86.5
73.9
160.4
10.7
9.5
20.2
Cash operating costs
55.7
49.7
105.4
6.9
6.4
13.3
Other cash costs
1.0
1.0
2.0
0.2
0.1
0.3
Total cash costs
56.7
50.7
107.4
7.1
6.5
13.6
Rehabilitation and other non-cash costs
1.6
1.6
3.2
0.2
0.2
0.4
Production costs
58.3
52.3
110.6
7.3
6.7
14.0
Amortisation of mining assets
22.2
20.9
43.1
2.7
2.7
5.4
Inventory change
6.0
0.7
6.7
0.7
0.1
0.8
Operating profit
51.9
63.6
115.5
6.6
8.0
14.6
Capital expenditure
18.5
20.4
38.9
2.3
2.6
4.9
Note: The gold produced from underground and
open-pit operations is allocated on gold in ore.
52
SOUTH AMERICAN REGION
Quarter
Quarter
Six months
Quarter
Quarter
Six months
ended
ended
ended
ended
ended
ended
June
March
June
June
March
June
2001
2001
2001
2001
2001
2001
SERRA GRANDE - Attributable 50%
Rand / Metric
Dollar / Imperial
OPERATING RESULTS
GOLD
Underground Operations
Mined
- tonnes /
- tons
- 000
88
91
179
96
101
197
Treated
- tonnes /
- tons
- 000
93
91
184
103
100
203
Gold in ore
- kg
/
- oz 000
802
777
1,579
26
25
51
Yield
- g/t
/
- oz/t
8.15
8.18
8.16
0.238
0.239
0.238
Gold produced
- kg
/
- oz 000
763
741
1,504
25
23
48
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
8.15
8.18
8.16
0.238
0.239
0.238
Gold produced
- kg
/
- oz 000
763
741
1,504
25
23
48
Gold sold
- kg
/
- oz 000
759
791
1,550
24
25
49
Revenue
- R/kg
/
- $/oz
- sold
82,112
81,487
81,793
318
323
321
Total cash costs
- R/kg
/
- $/oz
- produced
28,081
27,762
27,924
109
110
110
PRODUCTIVITY
per employee
- g
/
- oz
- target
945
933
939
30.39
29.99
30.19
- actual
967
946
956
31.08
30.41
30.74
FINANCIAL RESULTS (MILLION)
Gold sales
62.3
64.5
126.8
7.8
8.2
16.0
Cost of sales
33.0
33.7
66.7
4.1
4.3
8.4
Cash operating costs
20.5
19.7
40.2
2.6
2.5
5.1
Other cash costs
0.9
0.9
1.8
0.1
0.1
0.2
Total cash costs
21.4
20.6
42.0
2.7
2.6
5.3
Rehabilitation and other non-cash costs
0.5
0.6
1.1
-
0.1
0.1
Production costs
21.9
21.2
43.1
2.7
2.7
5.4
Amortisation of mining assets
11.0
10.9
21.9
1.4
1.4
2.8
Inventory change
0.1
1.6
1.7
-
0.2
0.2
Operating profit
29.3
30.8
60.1
3.7
3.9
7.6
Capital expenditure
5.8
3.4
9.2
0.8
0.4
1.2
Note: The gold produced from underground and
open-pit operations is allocated on gold in ore.
53
SOUTH AMERICAN REGION
Quarter
Quarter
Six months
Quarter
Quarter
Six months
ended
ended
ended
ended
ended
ended
June
March
June
June
March
June
2001
2001
2001
2001
2001
2001
CERRO VANGUARDIA - Attributable 46.25%
Rand / Metric
Dollar / Imperial
OPERATING RESULTS
GOLD
Underground Operations
Mined
- tonnes /
- tons
- 000
-
-
-
-
-
-
Treated
- tonnes /
- tons
- 000
-
-
-
-
-
-
Gold in ore
- kg
/
- oz 000
-
-
-
-
-
-
Yield
- g/t
/
- oz/t
-
-
-
-
-
-
Gold produced
- kg
/
- oz 000
-
-
-
-
-
-
Open-pit Operations
Mined
- tonnes /
- tons
- 000
1,430
1,227
2,657
1,577
1,352
2,929
Stripping ratio
- t(mined-treated)
/t treated
13.97
11.56
12.75
13.97
11.56
12.75
Treated
- tonnes /
- tons
- 000
95
98
193
105
108
213
Gold in ore
- kg
/
- oz 000
972
1,081
2,053
31
35
66
Yield
- g/t
/
- oz/t
9.82
10.69
10.26
0.287
0.312
0.299
Gold produced
- kg
/
- oz 000
939
1,044
1,983
30
34
64
Total
Yield
- g/t
/
- oz/t
9.82
10.69
10.26
0.287
0.312
0.299
Gold produced
- kg
/
- oz 000
939
1,044
1,983
30
34
64
Gold sold
- kg
/
- oz 000
987
998
1,985
32
32
64
Revenue
- R/kg
/
- $/oz
- sold
74,972
74,263
74,616
290
295
293
Total cash costs
- R/kg
/
- $/oz
- produced
37,387
36,359
36,846
145
144
145
PRODUCTIVITY
per employee
- g
/
- oz
- target
1,398
1,541
1,469
44.95
49.54
47.24
- actual
1,868
1,898
1,883
60.04
61.01
60.55
FINANCIAL RESULTS (MILLION)
Gold sales
79.0
78.7
157.7
9.9
10.0
19.9
Cost of sales
60.0
61.7
121.7
7.5
7.8
15.3
Cash operating costs
29.9
33.0
62.9
3.7
4.2
7.9
Other cash costs
5.2
5.0
10.2
0.7
0.6
1.3
Total cash costs
35.1
38.0
73.1
4.4
4.8
9.2
Rehabilitation and other non-cash costs
1.7
1.7
3.4
0.2
0.2
0.4
Production costs
36.8
39.7
76.5
4.6
5.0
9.6
Amortisation of mining assets
22.7
22.0
44.7
2.8
2.8
5.6
Inventory change
0.5
-
0.5
0.1
-
0.1
Operating profit
19.0
17.0
36.0
2.4
2.2
4.6
Capital expenditure
8.3
17.1
25.4
1.0
2.2
3.2
Note: The gold produced from underground and
open-pit operations is allocated on gold in ore.
54
AUSTRALIAN REGION
Quarter
Quarter
Six months
Quarter
Quarter
Six months
ended
ended
ended
ended
ended
ended
June
March
June
June
March
June
2001
2001
2001
2001
2001
2001
SUNRISE DAM
Rand / Metric
Dollar / Imperial
OPERATING RESULTS GOLD
Volume mined
- bcm
/
- bcy
- 000
4,903
4,989
9,892
6,413
6,526
12,939
Treated
- tonnes /
- tons
- 000
481
458
939
530
505
1,035
Yield
- g/t
/
- oz/t
4.37
5.03
4.69
0.128
0.147
0.137
Gold produced
- kg
/
- oz 000
2,104
2,302
4,406
68
74
142
Gold sold
- kg
/
- oz 000
2,578
1,768
4,346
83
57
140
Revenue
- R/kg
/
- $/oz
- sold
69,179
81,508
76,211
267
324
298
Total cash costs
- R/kg
/
- $/oz
- produced
38,221
33,158
35,576
148
132
140
PRODUCTIVITY
per employee
- g
/
- oz
- target
2,214
2,551
2,382
71.17
82.03
76.60
- actual
2,057
2,222
2,140
66.13
71.44
68.80
FINANCIAL RESULTS (MILLION)
Gold sales
178.4
152.8
331.2
22.2
19.5
41.7
Cost of sales
120.6
92.8
213.4
15.0
12.0
27.0
Cash operating costs
53.4
56.9
110.3
6.6
7.3
13.9
Other cash costs
27.0
19.5
46.5
3.4
2.5
5.9
Total cash costs
80.4
76.4
156.8
10.0
9.8
19.8
Rehabilitation and other non-cash costs
1.4
1.4
2.8
0.2
0.2
0.4
Production costs
81.8
77.8
159.6
10.2
10.0
20.2
Amortisation of mining assets
27.2
25.6
52.8
3.4
3.3
6.7
Inventory change
11.6
(10.6)
1.0
1.4
(1.3)
0.1
Operating profit
57.8
60.0
117.8
7.2
7.5
14.7
Capital expenditure
79.9
110.7
190.6
9.9
14.2
24.1
55
AUSTRALIAN REGION
Quarter
Quarter
Six months
Quarter
Quarter
Six months
ended
ended
ended
ended
ended
ended
June
March
June
June
March
June
2001
2001
2001
2001
2001
2001
BODDINGTON - Attributable 33.33%
Rand / Metric
Dollar / Imperial
OPERATING RESULTS GOLD
Volume mined
- bcm
/
- bcy
- 000
-
-
-
-
-
-
Treated
- tonnes /
- tons
- 000
696
723
1,419
767
797
1,564
Yield
- g/t
/
- oz/t
0.88
0.83
0.86
0.026
0.024
0.025
Gold produced
- kg
/
- oz 000
615
600
1,215
20
19
39
Gold sold
- kg
/
- oz 000
669
509
1,178
22
16
38
Revenue
- R/kg
/
- $/oz
- sold
69,027
77,586
74,869
267
309
293
Total cash costs
- R/kg
/
- $/oz
- produced
55,385
51,879
53,655
215
206
210
PRODUCTIVITY
per employee
- g
/
- oz
- target
1,838
1,818
1,828
59.10
58.46
58.78
- actual
1,694
1,694
1,694
54.48
54.45
54.47
FINANCIAL RESULTS (MILLION)
Gold sales
46.2
42.0
88.2
5.7
5.4
11.1
Cost of sales
41.4
35.5
76.9
5.3
4.5
9.8
Cash operating costs
33.0
30.1
63.1
4.2
3.8
8.0
Other cash costs
1.0
1.0
2.0
0.2
0.1
0.3
Total cash costs
34.0
31.1
65.1
4.4
3.9
8.3
Rehabilitation and other non-cash costs
-
-
-
-
-
-
Production costs
34.0
31.1
65.1
4.4
3.9
8.3
Amortisation of mining assets
6.1
5.2
11.3
0.7
0.7
1.4
Inventory change
1.3
(0.8)
0.5
0.2
(0.1)
0.1
Operating profit
4.8
6.5
11.3
0.4
0.9
1.3
Capital expenditure
2.1
1.5
3.6
0.3
0.2
0.5
5
6
AUSTRALIAN REGION
Quarter
Quarter
Six months
Quarter
Quarter
Six months
ended
ended
ended
ended
ended
ended
June
March
June
June
March
June
2001
2001
2001
2001
2001
2001
TANAMI - Attributable 40%
Rand / Metric
Dollar / Imperial
OPERATING RESULTS GOLD
Volume mined
- bcm
/
- bcy
- 000
299
436
735
391
570
961
Treated
- tonnes /
- tons
- 000
88
129
217
96
143
239
Yield
- g/t
/
- oz/t
2.37
1.89
2.08
0.069
0.055
0.061
Gold produced
- kg
/
- oz 000
208
244
452
7
8
15
Gold sold
- kg
/
- oz 000
250
196
446
8
6
14
Revenue
- R/kg
/
- $/oz
- sold
68,834
78,385
75,222
266
312
295
Total cash costs
- R/kg
/
- $/oz
- produced
49,741
106,707
80,463
193
423
317
PRODUCTIVITY
per employee
- g
/
- oz
- target
1,541
1,336
1,439
49.55
42.95
46.25
- actual
1,400
935
1,104
45.00
30.06
35.49
FINANCIAL RESULTS (MILLION)
Gold sales
17.2
16.4
33.6
2.1
2.1
4.2
Cost of sales
9.6
28.0
37.6
1.1
3.6
4.7
Cash operating costs
10.1
25.5
35.6
1.2
3.3
4.5
Other cash costs
0.3
0.5
0.8
-
0.1
0.1
Total cash costs
10.4
26.0
36.4
1.2
3.4
4.6
Rehabilitation and other non-cash costs
-
-
-
-
-
-
Production costs
10.4
26.0
36.4
1.2
3.4
4.6
Amortisation of mining assets
1.6
1.8
3.4
0.2
0.2
0.4
Inventory change
(2.4)
0.2
(2.2)
(0.3)
-
(0.3)
Operating profit
7.6
(11.6)
(4.0)
1.0
(1.5)
(0.5)
Capital expenditure
0.2
1.7
1.9
-
0.2
0.2
57
AUSTRALIAN REGION
Quarter
Quarter
Six months
Quarter
Quarter
Six months
ended
ended
ended
ended
ended
ended
June
March
June
June
March
June
2001
2001
2001
2001
2001
2001
UNION REEFS
Rand / Metric
Dollar / Imperial
OPERATING RESULTS GOLD
Volume mined
- bcm
/
- bcy
- 000
1,115
1,005
2,120
1,457
1,315
2,772
Treated
- tonnes /
- tons
- 000
618
704
1,322
682
776
1,458
Yield
- g/t
/
- oz/t
1.18
1.39
1.29
0.034
0.040
0.038
Gold produced
- kg
/
- oz 000
730
975
1,705
23
31
54
Gold sold
- kg
/
- oz 000
927
754
1,681
30
24
54
Revenue
- R/kg
/
- $/oz
- sold
69,201
77,906
75,332
267
310
295
Cash costs
- R/kg
/
- $/oz
- produced
69,558
48,534
57,532
269
193
226
PRODUCTIVITY
per employee
- g
/
- oz
- target
2,592
2,308
2,450
83.33
74.21
78.77
- actual
1,299
1,685
1,495
41.76
54.17
48.06
FINANCIAL RESULTS (MILLION)
Gold sales
64.1
62.5
126.6
8.0
8.0
16.0
Cost of sales
73.6
60.4
134.0
8.9
7.9
16.8
Cash operating costs
49.0
52.2
101.2
6.1
6.7
12.8
Other cash costs
1.7
(4.8)
(3.1)
0.2
(0.6)
(0.4)
Total cash costs
50.7
47.4
98.1
6.3
6.1
12.4
Rehabilitation costs
0.7
2.0
2.7
-
0.3
0.3
Production costs
51.4
49.4
100.8
6.3
6.4
12.7
Amortisation of mining assets
5.4
7.5
12.9
0.6
1.0
1.6
Inventory change
16.8
3.5
20.3
2.0
0.5
2.5
Operating profit
(9.5)
2.1
(7.4)
(0.9)
0.1
(0.8)
Capital expenditure
-
1.0
1.0
-
0.1
0.1
58
AUSTRALIAN REGION
Quarter
Quarter
Six months
Quarter
Quarter
Six months
ended
ended
ended
ended
ended
ended
June
March
June
June
March
June
2001
2001
2001
2001
2001
2001
BROCKS CREEK
Rand / Metric
Dollar / Imperial
OPERATING RESULTS GOLD
Volume mined
- bcm
/
- bcy
- 000
-
-
-
-
-
-
Treated
- tonnes /
- tons
- 000
-
-
-
-
-
-
Yield
- g/t
/
- oz/t
-
-
-
-
-
-
Gold produced
- kg
/
- oz 000
-
-
-
-
-
-
Gold sold
- kg
/
- oz 000
-
-
-
-
-
-
Revenue
- R/kg
/
- $/oz
- sold
-
-
-
-
-
-
Cash costs
- R/kg
/
- $/oz
- produced
-
-
-
-
-
-
PRODUCTIVITY
per employee
- g
/
- oz
- target
-
-
-
-
-
-
- actual
-
-
-
-
-
-
FINANCIAL RESULTS (MILLION)
Gold sales
-
-
-
-
-
-
Cost of sales
(0.1)
0.2
0.1
-
-
-
Cash operating costs
(0.1)
0.2
0.1
-
-
-
Other cash costs
-
-
-
-
-
-
Total cash costs
(0.1)
0.2
0.1
-
-
-
Rehabilitation costs
-
-
-
-
-
-
Production costs
(0.1)
0.2
0.1
-
-
-
Amortisation of mining assets
-
-
-
-
-
-
Inventory change
-
-
-
-
-
-
Operating profit
0.1
(0.2)
(0.1)
-
-
-
Capital expenditure
-
0.2
0.2
-
-
-
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
7,951.2
150.2
323.9
-
2,578.5
11,003.8
Effect of change in treatment of IAS 39
488.0
(197.1)
290.9
Net profit
845.9
845.9
Dividends paid
(695.6)
(695.6)
Ordinary shares issued
31.6
31.6
Transfer to non-distributable reserves
(1.7)
1.7
-
Translation adjustment
89.0
-
89.0
Balance at 30 June 2001
7,982.8
148.5
412.9
488.0
2,533.4
11,565.6
US Dollar million
Balance at 31 December 2000
1,049.6
19.8
42.9
-
340.4
1,452.7
Effect of change in treatment of IAS 39
60.7
(26.0)
34.7
Net profit
105.8
105.8
Dividends paid
(91.8)
(91.8)
Ordinary shares issued
4.0
4.0
Transfer to non-distributable reserves
(0.2)
0.2
-
Translation adjustment
(61.3)
(1.1)
8.4
(13.7)
(67.7)
Balance at 30 June 2001
992.3
18.5
51.3
60.7
314.9
1,437.7
59
60
DIRECTORS Executive R M Godsell (Chairman and Chief Executive
Officer)
J G Best 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* W A Nairn
(Alternate: A H Calver*)
T J Motlatsi N F Oppenheimer J Ogilvie Thompson 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 6108
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 Registry 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 101 Barclay Street New York, NY 10286 United States of America Telephone: +1 212 815 2711 Fax: +1 212 571 3050
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 44 St Georges Terrace Perth Western Australia 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
PRINTED BY INCE (PTY) LTD
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