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CODE for more details on the companyANGLOGOLD LIMITED - REPORT TO SHAREHOLDERS FOR THE QUARTER AND SIX MONTHS ENDED
30 JUNE 2002
ANGLOGOLD LIMITED
Registration No. 1944/017354/06
Incorporated in the Republic of South Africa
Code: ANG
ISIN: ZAE0014601
REPORT TO SHAREHOLDERS
FOR THE QUARTER AND SIX MONTHS ENDED 30 JUNE 2002
ANOTHER SOUND QUARTER WITH SIGNIFICANT HEDGE BOOK REDUCTIONS
Group results for the quarter...
* Hedge book reduced by a further 2.4Moz (165% of quarter`s production)
to 10.5Moz.
* Operating profit up 10% to $162m.
* Headline earnings marginally down to $87m.
* Net profit up $8m to $79m.
* Received gold price up $18/oz to $305/oz.
* Stengthening rand impacts on total cash costs - up by 7% or $10/oz
to $161/oz.
* Gold production up 4% to 1.4Moz.
...and for the half year
* Operating profit up 31% to $309m compared with the same period in 2001.
* Headline earnings up 44% to $176m.
* Total cash costs down 17% to $156/oz due to weakened rand and changed
asset mix.
* Gold production down to 2.8Moz mainly due to the sale of the Free State
assets.
* Interim dividend of R13.50/share ($0.66/ADS) declared for first half
of 2002, an increase of 93% compared to the 2001 interim dividend.
Regional operating results for the quarter
SOUTH AFRICA
* Operating profit down 5% to R1.13bn ($108m).
* Total cash costs up 2% to R51,234/kg (up 12% to $152/oz).
* Gold production up by 386kg (13,000oz) to 26,422kg (850,000oz),
despite effect of seismic events at Great Noligwa.
* Seismicity contributes to 15 fatalities for the quarter.
EAST AND WEST AFRICA
* Mixed performance for the quarter with difficulties experienced at
Sadiolaand Yatela.
* Operating profit down 8% to $22m.
* Total cash costs up 13% to $144/oz.
* Gold production down 2% to 233,000oz (attributable).
NORTH AMERICA
* Better weather conditions contribute to improved performances.
* Operating profit up from loss-making position to break-even.
* Gold production up 20% to 114,000oz.
* Total cash costs down to $213/oz.
SOUTH AMERICA
* Operating profit marginally lower at $14m.
* Total cash costs up marginally to $129/oz.
* Gold production up 2% to 104,000oz.
* Consistent, commendable safety performances.
AUSTRALIA
* Exceedingly strong performance from Sunrise Dam with improvements at
Union Reefs.
* Operating profit up 188% to A$23m ($12m).
* Total cash costs down 11% to A$337/oz ($186/oz).
* Gold production up 16% to 135,000oz.
* Boddington plant on "care and maintenance".
Six Six
Quarter Quarter months months
ended ended ended ended
Jun Mar Jun Jun
2002 2002 2002 2001
Dollar/Imperial
Gold
Produced - - oz (000)/kg 1,426 1,377 2,803 3,482
Price received* - $/oz/R/kg sold 305 287 296 290
Total cash costs- $/oz/R/kg produced 161 151 156 189
Total production costs
- $/oz/R/kg produced 201 188 195 225
Operating profit - $/R million 124 118 242 234
Operating profit including realised
non-hedge derivatives - $/R million 162 147 309 236
Net profit - $/R million 79 71 150 106
Headline earning - $/R million 87 93 180 127
Headline earnings before unrealised
non-hedging derivatives - $/R million 87 89 176 122
Capital expenditure - $/R million 67 51 118 142
Net earnings (basic) - cents per share 71 64 135 99
Headline earnings - cents per share 79 84 163 119
Headline earnings before unrealised
non-hedging derivatives-cents per share 79 81 159 114
Dividends -cents per share 132 85
* Price received includes realised non-hedge derivatives
Six Six
Quarter Quarter months months
ended ended ended ended
Jun Mar Jun Jun
2002 2002 2002 2001
Rand/Metric
Gold
Produced - - oz (000)/kg 44,369 42,816 87,185 108,292
Price received* - $/oz/R/kg sold 102,498 106,181 104,305 73,915
Total cash costs
- $/oz/R/kg prod 54,177 56,033 55,085 48,061
Total production costs
- $/oz/R/kg prod 67,645 69,653 68,629 57,309
Operating profit - $/R million 1,304 1,359 2,663 1,859
Operating profit including realised
non-hedge derivatives - $/R million 1,687 1,696 3,383 1,878
Net profit - $/R million 828 810 1,638 846
Headline earnings - $/R million 903 1,070 1,973 1,013
Headline earnings before unrealised
non-hedging derivatives - $/R million 905 1,027 1,932 975
Capital expenditure - $/R million 709 588 1,297 1,124
Net earnings (basic) - cents per share 748 734 1,479 790
Headline earnings - cents per share 815 969 1,782 947
Headline earnings before unrealised
non-hedging derivatives
- cents per share 817 930 1,745 911
Dividends - cents per share 1,350 700
* Price received includes realised non-hedge derivatives
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.
Annual report on Form 20-F
On 28 June 2002, AngloGold filed its annual report on Form 20-F for the year
ended 31 December 2001, in accordance with Securities and Exchange Commission
requirements, under Commission file number 0-29874. A printed copy of the
report is available on request from the Contacts as listed on the inside back
cover.
List of abbreviations
$ United States dollars
A$ Australian dollars
bn billion
capex capital expenditure
FIFR Fatal Injury Frequency Rate per million hours worked
g grams
g/t grams per tonne
kg kilograms
LOM Life of Mine
LTIFR Lost Time Injury Frequency Rate per million hours worked. AngloGold
utilises the strictest definition in reporting LTIFR in that it includes all
Disabling Injuries (where an individual is unable to return to his place of
regular work the next calendar day after the injury) and Restricted Work Cases
(where the individual may be at work, but unable to perform full or regular
duties on the next calendar day after the injury) within this definition.
m metre or million; depending on the context
m2 square metres
Mt million tonnes or tons
Mtpa million tonnes/tons per annum
Moz million ounces
oz ounces (troy)
R / rand South African rands
RIFR Reportable Injury Frequency Rate per million hours worked
t tons (short) or tonnes (metric)
tpa tonnes per annum
tpm tonnes per month
VCR Ventersdorp Contact Reef
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
GROUP OPERATING RESULTS
Issued Capital: 111,117,369 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: 110,739,209 ordinary shares in issue for the period
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
2002 2002 2002 2001
GOLD
UNDERGROUND OPERATIONS
Tonnes milled - 000 - reef 3,372 3,088 6,460 9,091
- waste - - - 2
- total 3,372 3,088 6,460 9,093
Yield - g/t - reef 8.27 8.64 8.45 8.14
- waste - - - 1.00
- average 8.27 8.64 8.45 8.14
Gold produced - kg - reef 27,871 26,687 54,558 73,982
- waste - - - 2
- total 27,871 26,687 54,558 73,984
PRODUCTIVITY
g/employee - target 245 237 241 211
- actual 239 232 236 206
SURFACE AND DUMP RECLAMATION
Tonnes treated - 000 9,592 9,621 19,213 26,067
Yield - g/t 0.30 0.31 0.30 0.32
Gold produced - kg 2,839 3,021 5,860 8,441
OPEN-PIT OPERATIONS
Tonnes mined - 000 27,824 24,828 52,652 38,807
Stripping ratio * 3.33 3.21 3.27 1.86
Tonnes treated - 000 6,423 5,896 12,319 13,582
Yield - g/t 2.13 2.22 2.17 1.90
Gold produced - kg 13,659 13,108 26,767 25,867
TOTAL
Gold produced - kg 44,369 42,816 87,185 108,292
Gold sold - kg 44,271 42,630 86,901 108,004
Price received - R/kg sold** 102,498 106,181 104,305 73,915
Total cash costs
- R/kg produced 54,177 56,033 55,085 48,061
Total production
costs - R/kg produced 67,645 69,653 68,629 57,309
CAPITAL EXPENDITURE
- mining direct 602 514 1 116 929
- other 107 74 181 195
709 588 1 297 1 124
* Stripping ratio = (tonnes mined - tonnes treated) / tonnes treated
** Price received includes realised non-hedge derivative gains (losses)
GROUP OPERATING RESULTS
Issued Capital: 111,117,369 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: 110,739,209 ordinary shares in issue for the period
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
2002 2002 2002 2001
GOLD
UNDERGROUND OPERATIONS
Tons milled - 000 - reef 3,717 3,404 7,121 10,022
- waste - - - 2
- total 3,717 3,404 7,121 10,024
Yield - oz/t - reef 0.241 0.252 0.246 0.237
- waste - - - -
- average 0.241 0.252 0.246 0.237
Gold produced - oz 000 - reef 896 858 1,754 2,379
- waste - - - -
- total 896 858 1,754 2,379
PRODUCTIVITY
oz/employee - target 7.87 7.62 7.74 6.78
- actual 7.68 7.47 7.58 6.62
SURFACE AND DUMP RECLAMATION
Tons treated - 000 10,573 10,606 21,179 28,733
Yield - oz/t 0.009 0.009 0.009 0.009
Gold produced - oz 000 91 97 188 271
OPEN-PIT OPERATIONS
Tons mined - 000 30,671 27,368 58,039 42,777
Stripping ratio * 3.33 3.21 3.27 1.86
Tons treated - 000 7,080 6,499 13,579 14,972
Yield - oz/t 0.062 0.065 0.063 0.056
Gold produced - oz 000 439 422 861 832
TOTAL
Gold produced - oz 000 1,426 1,377 2,803 3,482
Gold sold - oz 000 1,423 1,371 2,794 3,472
Price received - $/oz sold ** 305 287 296 290
Total cash costs
- $/ounce produced 161 151 156 189
Total production costs
- $/ounce produced 201 188 195 225
Rand/US Dollar average
exchange rate 10.46 11.51 10.99 7.93
CAPITAL EXPENDITURE
- mining direct 57 45 102 117
- other 10 6 16 25
67 51 118 142
* Stripping ratio = (tons mined - tons treated) / tons treated
** Price received includes realised non-hedge derivative gains (losses)
GROUP INCOME STATEMENT
Quarter Quarter Six months Six months
ended ended ended ended
June March June June
SA Rand Million 2002 2002 2002 2001
Gold income 4,252 4,291 8,543 8,091
Cost of sales (2,948) (2,932) (5,880) (6,232)
Cash operating costs 2,359 2,377 4,736 5,116
Other cash costs 60 57 117 119
Total cash costs 2,419 2,434 4,853 5,235
Retrenchment costs 11 14 25 127
Rehabilitation and other
non-cash costs 11 15 26 22
Production costs 2,441 2,463 4,904 5,384
Amortisation of mining assets 598 577 1,175 884
Total production costs 3,039 3,040 6,079 6,268
Inventory change (91) (108) (199) (36)
Operating profit 1,304 1,359 2,663 1,859
Realised non-hedge
derivative gains 383 337 720 19
Operating profit including
realised non-hedge derivatives 1,687 1,696 3,383 1,878
Corporate administration
and other expenses (55) (51) (106) (89)
Market development costs (44) (44) (88) (63)
Research and development costs (4) (3) (7) (10)
Exploration costs (73) (70) (143) (101)
Interest receivable 111 93 204 82
Other net income (expense) 2 (14) (12) (15)
Finance costs (127) (133) (260) (333)
Unrealised non-hedge
derivative gains 5 72 77 62
Abnormal item - settlement
of legal claim (102) - (102) -
Profit before exceptional items 1,400 1,546 2,946 1,411
Amortisation of goodwill (72) (81) (153) (111)
Debt written-off - - - (21)
Impairment of mining assets - - - (3)
Loss on disposal of assets (5) (132) (137) (38)
Termination of retirement
benefit plans 2 - 2 -
Profit on ordinary activities
before taxation 1,325 1,333 2,658 1,238
Taxation (464) (491) (955) (363)
Normal and deferred taxation (504) (415) (919) (345)
Deferred tax on unrealised
non-hedge derivatives (7) (29) (36) (24)
Taxation on abnormal item 47 - 47 -
Taxation on exceptional items - (47) (47) 6
Profit on ordinary activities
after taxation 861 842 1,703 875
Minority interest (33) (32) (65) (29)
Net profit 828 810 1,638 846
Headline earnings
The net profit has been adjusted
by the following to arrive at
headline earnings:
Net profit 828 810 1,638 846
Amortisation of goodwill 72 81 153 111
Debt written-off - - - 21
Impairment of mining assets - - - 3
Loss on disposal of assets 5 132 137 38
Termination of retirement
benefit plans (2) - (2) -
Taxation on exceptional items - 47 47 (6)
Headline earnings 903 1,070 1,973 1,013
Unrealised non-hedge
derivative gains (5) (72) (77) (62)
Deferred tax on unrealised
non-hedge derivatives 7 29 36 24
Headline earnings before
unrealised non-hedge derivatives 905 1,027 1,932 975
Earnings per ordinary share - cents
- Basic 748 734 1,479 790
- Headline 815 969 1,782 947
- Headline before unrealised
non-hedge derivatives 817 930 1,745 911
Dividends declared
- Rm 1,500 751
- cents per share 1,350 700
GROUP INCOME STATEMENT
Quarter Quarter Six months Six months
ended ended ended ended
June March June June
US Dollar million 2002 2002 2002 2001
Gold income 406 373 779 1 020
Cost of sales ( 282) ( 255) ( 537) ( 786)
Cash operating costs 226 206 432 646
Other cash costs 6 5 11 15
Total cash costs 232 211 443 661
Retrenchment costs 1 1 2 16
Rehabilitation and
other non-cash costs 1 2 3 2
Production costs 234 214 448 679
Amortisation of mining assets 57 50 107 112
Total production costs 291 264 555 791
Inventory change ( 9) ( 9) ( 18) ( 5)
Operating profit 124 118 242 234
Realised non-hedge
derivative gains 38 29 67 2
Operating profit including
realised non-hedge derivatives 162 147 309 236
Corporate administration
and other expenses ( 6) ( 4) ( 10) ( 11)
Market development costs ( 4) ( 4) ( 8) ( 8)
Research and development costs ( 1) - ( 1) ( 1)
Exploration costs ( 7) ( 6) ( 13) ( 13)
Interest receivable 11 8 19 10
Other net income (expense) 1 ( 1) - ( 1)
Finance costs ( 12) ( 12) ( 24) ( 42)
Unrealised non-hedge
derivative gains 1 6 7 8
Abnormal item - settlement
of legal claim ( 10) - ( 10) -
Profit before exceptional items 135 134 269 178
Amortisation of goodwill ( 7) ( 7) ( 14) ( 14)
Debt written-off - - - ( 3)
Impairment of mining assets - - - -
Loss on disposal of assets ( 1) ( 11) ( 12) ( 5)
Termination of retirement
benefit plans - - - -
Profit on ordinary
activities before taxation 127 116 243 156
Taxation ( 44) ( 43) ( 87) ( 46)
Normal and deferred taxation ( 48) ( 37) ( 85) ( 44)
Deferred tax on unrealised
non-hedge derivatives ( 1) ( 2) ( 3) ( 3)
Taxation on abnormal item 5 - 5 -
Taxation on exceptional items - ( 4) ( 4) 1
Profit on ordinary activities
after taxation 83 73 156 110
Minority interest ( 4) ( 2) ( 6) ( 4)
Net profit 79 71 150 106
Headline earnings
The net profit has been adjusted
by the followingto arrive at
headline earnings:
Net profit 79 71 150 106
Amortisation of goodwill 7 7 14 14
Debt written-off - - - 3
Impairment of mining assets - - - -
Loss on disposal of assets 1 11 12 5
Termination of retirement
benefit plans - - - -
Taxation on exceptional items - 4 4 ( 1)
Headline earnings 87 93 180 127
Unrealised non-hedge
derivative gains ( 1) ( 6) ( 7) ( 8)
Deferred tax on unrealised
non-hedge derivatives 1 2 3 3
Headline earnings before
unrealised non-hedge derivatives 87 89 176 122
Earnings per ordinary share - cents
- Basic 71 64 135 99
- Headline 79 84 163 119
- Headline before unrealised
non-hedge derivatives 79 81 159 114
Dividends declared
- $m 146 91
- cents per share 132 85
GROUP BALANCE SHEET
June March June June March June
2002 2002 2001 2002 2002 2001
SA Rand million US Dollar million
ASSETS
Non-current assets
20,382 21,315 19,538 Mining assets 1,965 1,878 2,429
4,093 4,438 3,003 Goodwill 395 391 373
171 154 146 Investments in associates 17 13 18
178 141 59 Other investments 17 12 7
227 228 349 AngloGold Environmental 22 20 43
Rehabilitation Trust
492 507 218 Other non-current assets 47 45 27
25,543 26,783 23,313 2,463 2,359 2,897
Current assets
3,508 3,794 1,202 Cash and cash equivalents 338 334 149
2,801 2,717 1,137 Financial derivatives 270 239 141
2,575 4,502 1,314 Trade and other receivables* 248 397 163
1,975 1,924 1,586 Inventories 190 170 197
4 106 156 Current portion of - 9 19
other non-current assets
10,863 13,043 5,395 1,046 1,149 669
36,406 39,826 28,708 Total assets 3,509 3,508 3,566
EQUITY AND LIABILITIES
13,498 12,820 11,567 Shareholders` equity ** 1,300 1,130 1,433
317 335 240 Minority interests 31 29 30
13,815 13,155 11,807 1,331 1,159 1,463
Non-current liabilities
7,595 8,388 4,220 Borrowings 732 739 525
2,053 2,163 2,145 Provisions 198 191 267
2,919 2,571 4,015 Deferred taxation 282 226 499
12,567 13,122 10,380 1,212 1,156 1,291
Current liabilities
5,489 6,176 302 Financial derivatives 529 544 38
2,339 2,995 2,081 Trade and other payables 225 264 259
1,174 2,863 3,819 Current portion 113 252 475
of borrowings
1,022 1,515 319 Taxation 99 133 40
10,024 13,549 6,521 966 1,193 812
36,406 39,826 28,708 Total equity 3,509 3,508 3,566
and liabilities
* March quarter includes proceeds from the disposal of Free State assets
** Shareholders` equity is analysed in the Statement of Changes in
Shareholders` Equity on page 18.
GROUP CASH FLOW STATEMENT
Six Six
Quarter Quarter months Quarter Quarter months
ended ended ended ended ended ended
June March June June March June
2002 2002 2002 2002 2002 2002
SA Rand million US Dollar million
Cash flows from
operating activities
1,399 2,087 3,486 Cash generated 129 175 304
from operations
95 89 184 Interest receivable 9 8 17
(35) (43) (78) Environmental contributions (3) (4) (7)
and expenditure
(109) (116) (225) Finance costs (11) (10) (21)
(815) (68) (883) Mining and normal (74) (6) (80)
taxation paid
- (1,223) (1,223) Dividends paid - (109) (109)
535 726 1,261 Net cash inflow from 50 54 104
operating activities
Cash flows from
investing activities
(709) (588) (1,297) Capital expenditure (67) (51) (118)
- 1 1 Proceeds from disposal - - -
of mining assets
1,554 - 1,554 Net proceeds from 141 - 141
disposal of mines
1,819 - 1,819 Proceeds 164 - 164
(265) - (265) Contractual obligations (23) - (23)
(88) (268) (356) Investments acquired (9) (23) (32)
2 1,825 1,827 Proceeds from sale - 158 158
of investments
(4) (43) (47) Loans advanced - (4) (4)
131 21 152 Repayment of loans advanced 12 2 14
886 948 1,834 Net cash inflow from 77 82 159
investing activities
Cash flows from
financing activities
16 68 84 Proceeds from issue 2 6 8
of share capital
(3) (110) (113) Share issue expenses (1) (10) (11)
1,522 4,461 5,983 Proceeds from borrowings 158 387 545
(3,109) (4,475) (7,584) Repayment of borrowings (301) (389) (690)
(1,574) (56) (1,630) Net cash outflow (142) (6) (148)
from financing activities
(153) 1,618 1,465 Net (decrease) increase in (15) 130 115
cash and cash equivalents
(133) (108) (241) Translation 19 13 32
3,794 2,284 2,284 Opening cash and 334 191 191
cash equivalents
3,508 3,794 3,508 Closing cash and 338 334 338
cash equivalents
Refer to page 18 for notes to the cash flow statement.
NOTES TO THE CASH FLOW STATEMENT
Six Six
Quarter Quarter months Quarter Quarter months
ended ended ended ended ended ended
June March June June March June
2002 2002 2002 2002 2002 2002
SA Rand million US Dollar million
Cash generated
from operations
1,325 1,333 2,658 Profit on ordinary 127 116 243
activities before taxation
Adjusted for:
(104) (55) (159) Non-cash movements (10) (5) (15)
102 - 102 Abnormal item 10 - 10
598 577 1,175 Amortisation of mining assets 57 50 107
(111) (93) (204) Interest receivable (11) (8) (19)
(9) (3) (12) Other net (income) expense (1) - (1)
127 133 260 Finance costs 12 12 24
(108) (98) (206) Movement on non-hedge (11) (9) (20)
derivatives
72 81 153 Amortisation of goodwill 7 7 14
5 79 84 Loss on disposal of assets 1 7 8
(2) - (2) Termination of retirement - - -
benefit plans
(496) 133 (363) Movement in working capital (52) 5 (47)
1,399 2,087 3,486 129 175 304
Movement in working capital:
313 (343) (30) (Increase) decrease in trade 12 (39) (27)
and other receivables
(51) (48) (99) (Increase) decrease (21) (13) (34)
in inventories
(758) 524 (234) Increase (decrease) (43) 57 14
in trade and other payables
(496) 133 (363) (52) 5 (47)
STATEMENT OF CHANGES IN SHAREHOLDERS` EQUITY
Ordinary Non- Foreign Other Retained Total
share distri- currency compre- earnings
capital and butable trans- hensive
premium reserves lation income
US Dollar million
Balance at
31 Dec 2001 681 12 250 (88) 262 1,117
Movement on
other
comprehensive
income (100) - (100)
Net profit 150 150
Dividends paid (107) (107)
Ordinary
shares issued 127 127
Transfer
from
non-
distributable
reserves - - -
Translation 111 - (36) 38 113
Balance at
30 June 2002 919 12 214 (188) 343 1,300
SA Rand million
Balance at
31 Dec 2001 8,140 143 2,999 (1,057) 3,132 13,357
Movement on
other
comprehensive
income (890) (890)
Net profit 1,638 1,638
Dividends paid (1,223) (1,223)
Ordinary
shares issued 1,394 1,394
Transfer
from
non-
distributable
reserves (8) 8 -
Translation (778) - (778)
Balance at
30 June 2002 9,534 135 2,221 (1,947) 3,555 13,498
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
2002 2002 2002 2002 2002 2002
SA Rand / Metric Capital expenditure - Rm Capital expenditure - $m
SOUTH AFRICAN REGION 242 185 427 25 15 40
VAAL RIVER
Great Noligwa Mine 11 5 16 2 - 2
Kopanang Mine 24 13 37 2 1 3
Tau Lekoa Mine 3 1 4 - - -
Moab Khotsong 102 94 196 10 8 18
ERGO - - - - - -
WEST WITS
TauTona Mine 20 11 31 2 1 3
Savuka Mine 12 5 17 2 - 2
Mponeng Mine 70 56 126 7 5 12
EAST & WEST AFRICA REGION 64 63 127 6 5 11
Navachab 1 4 5 - - -
Sadiola -Attributable 38% 16 29 45 1 3 4
Morila - Attributable 40% 9 3 12 1 - 1
Geita - Attributable 50% 30 16 46 3 1 4
Yatela -Attributable 40% 8 11 19 1 1 2
NORTH AMERICAN REGION 257 255 512 25 22 47
Cripple
Creek & Victor J.V. 238 226 464 23 20 43
Jerritt Canyon J.V.
- Attributable 70% 18 30 48 1 3 4
Exploration 1 (1) - 1 (1) -
SOUTH AMERICAN REGION 96 57 153 9 5 14
Morro Velho 56 34 90 5 3 8
Serra Grande
- Attributable 50% 13 10 23 1 1 2
Cerro Vanguardia
- Attributable 46.25% 5 1 6 1 - 1
Minorities
and exploration 22 12 34 2 1 3
AUSTRALIAN REGION 42 28 70 3 3 6
Sunrise Dam 27 19 46 2 2 4
Boddington
- Attributable 33.33% (1) 1 - - - -
Tanami - Attributable 40% - - - - - -
Union Reefs - - - - - -
Brocks Creek - - - - - -
Exploration 16 8 24 1 1 2
Other 8 - 8 (1) 1 -
ANGLOGOLD GROUP TOTAL 709 588 1,297 67 51 118
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
2002 2002 2002 2002 2002 2002
SA Rand / Metric Yield - g/t Gold produced - kg
SOUTH AFRICA REGION * 8.33 8.80 8.56 26,422 26,036 52,458
VAAL RIVER
Great Noligwa Mine 11.29 11.65 11.46 7,280 7,245 14,525
Kopanang Mine 7.11 7.35 7.23 3,842 3,715 7,557
Tau Lekoa Mine 4.25 4.65 4.43 2,379 2,226 4,605
Surface Operations 0.57 0.56 0.57 816 798 1,614
ERGO 0.24 0.27 0.26 1,997 2,223 4,220
WEST WITS
TauTona Mine 11.32 12.03 11.68 4,574 4,960 9,534
Savuka Mine 8.09 7.84 7.98 2,219 1,830 4,049
Mponeng Mine 8.10 8.40 8.24 3,290 3,039 6,329
Surface Operations - - - 25 - 25
EAST & WEST
AFRICA REGION 3.35 3.66 3.50 6,961 7,044 14,005
Navachab 1.71 2.08 1.88 620 671 1,291
Sadiola
- Attributable 38% 2.85 3.45 3.14 1,393 1,546 2,939
Morila
- Attributable 40% 5.92 6.31 6.11 1,865 1,850 3,715
Geita
- Attributable 50% 3.83 3.60 3.72 2,376 2,159 4,535
Yatela
- Attributable 40% 2.44 3.11 2.76 707 818 1,525
NORTH AMERICA REGION 1.22 1.18 1.20 3,553 2,942 6,495
Cripple
Creek & Victor J.V. 0.56 0.58 0.57 1,504 1,331 2,835
Jerritt Canyon J.V.
- Attributable 70% 8.61 8.57 8.59 2,049 1,611 3,660
SOUTH AMERICA REGION 7.58 7.68 7.63 3,242 3,179 6,421
Morro Velho 6.88 6.48 6.68 1,570 1,435 3,005
Serra Grande
- Attributable 50% 8.03 7.74 7.89 743 727 1,470
Cerro Vanguardia
- Attributable 46.25% 8.67 10.33 9.47 929 1,017 1,946
AUSTRALIA REGION 2.73 2.35 2.54 4,191 3,615 7,806
Sunrise Dam 3.75 3.07 3.40 3,189 2,638 5,827
Boddington
- Attributable 33.33% - - - (1) 43 42
Tanami
- Attributable 40% - - - - - -
Union Reefs 1.46 1.38 1.42 1,003 934 1,937
ANGLOGOLD GROUP 44,369 42,816 87,185
* Yield excludes surface operations.
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
2002 2002 2002 2002 2002 2002
SA Rand / Metric Productivity per employee - g Gold sold - kg
SOUTH AFRICA REGION 26,342 26,005 52,347
VAAL RIVER
Great Noligwa Mine 258 262 260 7,228 7,240 14,468
Kopanang Mine 169 164 167 3,814 3,712 7,526
Tau Lekoa Mine 171 162 167 2,361 2,225 4,586
Surface Operations 445 488 465 810 798 1,608
ERGO 581 636 609 1,998 2,223 4,221
WEST WITS
TauTona Mine 268 284 276 4,584 4,949 9,533
Savuka Mine 154 131 143 2,224 1,826 4,050
Mponeng Mine 190 184 187 3,298 3,032 6,330
Surface Operations - - - 25 - 25
EAST & WEST
AFRICA REGION 6,779 6,917 13,696
Navachab 597 653 625 620 671 1,291
Sadiola
- Attributable 38% 2,746 2,812 2,780 1,317 1,454 2,771
Morila
- Attributable 40% 2,484 2,842 2,650 1,826 1,850 3,676
Geita
- Attributable 50% 1,428 1,437 1,433 2,376 2,159 4,535
Yatela
- Attributable 40% 1,220 1,608 1,401 640 783 1,423
NORTH AMERICA REGION 3,553 2,942 6,495
Cripple
Creek & Victor J.V. 1,572 1,421 1,497 1,504 1,331 2,835
Jerritt Canyon J.V.
- Attributable 70% 2,359 1,875 2,119 2,049 1,611 3,660
SOUTH AMERICA REGION 3,289 3,158 6,447
Morro Velho 458 382 418 1,576 1,395 2,971
Serra Grande
- Attributable 50% 949 929 939 765 728 1,493
Cerro Vanguardia
-Attributable 46.25% 1,668 1,905 1,784 948 1,035 1,983
AUSTRALIA REGION 4,308 3,608 7,916
Sunrise Dam 3,417 2,748 3,078 3,298 2,620 5,918
Boddington
- Attributable 33.33% - 403 214 10 53 63
Tanami
- Attributable 40% - - - - - -
Union Reefs 2,085 1,761 1,915 1,000 935 1,935
ANGLOGOLD GROUP 44,271 42,630 86,901
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
2002 2002 2002 2002 2002 2002
SA Rand / Metric Total cash costs- R/kg Total production costs- R/kg
SOUTH AFRICA REGION 51,234 50,471 50,855 57,567 56,640 57,107
VAAL RIVER
Great Noligwa Mine 38,158 37,007 37,584 41,291 40,474 40,883
Kopanang Mine 52,552 50,121 51,357 58,135 56,387 57,276
Tau Lekoa Mine 64,149 63,346 63,761 75,568 75,136 75,359
Surface Operations 42,706 41,114 41,919 45,704 44,031 44,877
ERGO 60,268 58,904 59,550 67,045 64,963 65,948
WEST WITS
TauTona Mine 45,499 44,662 45,064 49,032 47,863 48,424
Savuka Mine 69,422 77,211 72,942 73,208 80,699 76,593
Mponeng Mine 61,937 63,200 62,543 78,767 78,968 78,863
Surface Operations 6,231 - 7,057 6,231 - 7,057
EAST & WEST
AFRICA REGION 48,413 47,001 47,687 67,328 67,806 67,553
Navachab 55,127 42,934 48,790 59,276 46,727 52,753
Sadiola
- Attributable 38% 48,836 49,523 49,197 74,372 74,601 74,493
Morila
- Attributable 40% 36,209 36,992 36,599 62,239 66,345 64,284
Geita
- Attributable 50% 56,681 57,593 57,115 71,809 74,433 73,058
Yatela
- Attributable 40% 59,690 52,986 56,094 72,073 70,309 71,127
NORTH AMERICA REGION 71,804 94,122 81,914 111,091 133,867 121,408
Cripple
Creek & Victor J.V. 64,835 73,681 68,990 112,898 117,112 114,877
Jerritt Canyon J.V.
- Attributable 70% 75,078 108,780 89,908 107,928 145,478 124,451
SOUTH AMERICA REGION 43,351 46,313 44,818 68,562 73,383 70,949
Morro Velho 46,922 53,887 50,249 68,311 78,812 73,327
Serra Grande
- Attributable 50% 36,456 40,248 38,332 55,348 61,904 58,591
Cerro Vanguardia
-Attributable 46.25% 36,641 34,557 35,552 71,469 66,730 68,994
AUSTRALIA REGION 62,458 72,674 67,189 80,891 92,875 86,441
Sunrise Dam 56,392 66,094 60,785 73,485 84,073 78,279
Boddington
-Attributable 33.33% - 52,041 60,372 - 93,763 102,863
Tanami
- Attributable 40% - - - - - -
Union Reefs 74,285 83,441 78,699 91,966 105,235 98,362
ANGLOGOLD GROUP 54,177 56,033 55,085 67,645 69,653 68,629
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
2002 2002 2002 2002
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