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GOLDFIELDS LIMITED
QUARTERLY AND YEAR END RESULTS JUNE 2002
EARNINGS AND PRODUCTION GOING FROM
STRENGTH TO STRENGTH
* HIGHLIGHTS *
* Record earnings for Gold Fields.
* One million fatality free shifts at Driefontein, Tarkwa and Beatrix.
* Attributable gold production increases 7 per cent to 1,159,000 ounces.
* Operating profit maintained at R1,610 million (US$157 million) despite
lower
gold price.
* Environmental impact management certification, ISO14001, awarded.
* Listed on the New York Stock Exchange on 9 May 2002.
* Dividend declared of 220 cents per share.
QUARTER ENDED 30 JUNE 2002
STOCK DATA
Number of shares in issue
- at 30 June 2002 470,522,224
- average for the quarter 470,054,473
Free Float 100%
ADR Ratio 1:1
Bloomberg / Reuters GFISJ / GFLJ.J
JSE Securities Exchange South Africa - [GFI]
Range - Quarter SAR 101.00 - SAR 171.50
Average Volume - Quarter 2,453,000 shares / day
NASDAQ / NYSE - [GOLD] / [GFI]
Range - Quarter $9.40 - $17.15
Average Volume - Quarter 2,540,000 shares / day
INVESTOR RELATIONS
Europe & South Africa
Willie Jacobsz
Tel: +27 11 644-2460
Fax: +27 11 484-0639
E-mail: investors@goldfields.co.za
North America
Cheryl A. Martin
Tel: +1 303 796-8683
Fax: +1 303 796-8293
E-mail: camartin@gfexpl.com
www.goldfields.co.za www.gold-fields.com
DEAR SHAREHOLDERS,
In this, my first report to Shareholders as Chief Executive Officer.
We reflect on the results for the fourth quarter as well as those for the
financial year 2002, both amongst the most exciting reporting periods in the
short history of Gold Fields.
During the quarter all of our operations performed well, enabling us to
increase attributable production by a further 7% to 1.16 million ounces and,
despite a lower price received, to maintain operating profit steady at R1.6
billion. Particularly pleasing has been the ability of our operations to
contain costs despite the inflationary environment. Net earnings rose by 12%
to R1,180 million, which marks the third consecutive quarter of record
earnings.
For the year Gold Fields increased gold production by 12% to 4.1 million
ounces of gold largely as a result of the acquisition of the St Ives and
Agnew Gold Mines in Australia and the Damang Gold Mine in Ghana. Operating
profit for the year improved by 162% to R4,785 million and headline earnings
by 290% to R3,073 million. In addition to the increase in production, the
improved earnings can be ascribed to the strengthening of the gold price
received from US$269 in the previous year to US$292 for the year under
review, as well as the weakening of the South African Rand from an average
of US$1:R7.61 to US$1:R10.19 during the same period.
The highlight of the past year was without doubt when Nelson Mandela, the
former President of South Africa, on 9 May, 2002, rang the bell for Gold
Fields in New York, marking the listing of our company on the New York Stock
Exchange. We took this step in the interests of our North American
shareholders who asked us to do so. Another highlight of the year was the
consistent out-performance of our share price against that of all of the
other major gold producers in the world.
An area that remains of concern and significant effort for everybody in
Gold Fields is that of safety. While good progress had been made over the
past year, far too many of our people are still injured in the workplace.
We continue to explore every avenue to achieve a safety record of which we
can all be proud.
During the quarter the environmental management programmes for all of our
South African operations were certified as ISO 14001 compliant. Gold Fields
is the first major South African gold producer to have achieved this
distinction, which reflects the seriousness with which this company
discharges its responsibility to the environment and society in general.
During the quarter Chris Thompson stepped down as Chief Executive Officer.
We are fortunate that he remains as non-executive chairman of the Board.
His contribution to the development and growth of the company has been
inestimable. Gold Fields will always be a monument to his vision and wisdom
as well as his understanding of and insight into the gold market and the
needs of gold shareholders. We wish him well in his new role.
Yours sincerely
Ian Cockerill
CHIEF EXECUTIVE OFFICER
1 August 2002
SALIENT FEATURES
SA RAND US DOLLARS
Year end Quarter Quarter Year end
June June March June June March June June
2001 2002 2002 2002 2002 2002 2002 2001
113,758 127,812 33,620 36,046 kg Gold oz 1,159 1,081 4,109 3,657
produced*(000)
48,030 56,662 59,138 57,935 R/kg $/oz 171 160 173 196
Total cash costs
26,746 36,953 9,910 11,014 000 000 11,014 9,910 36,953 26,746
Tons milled
65,835 95,730 107,732 105,024 R/kg $/oz 311 291 292 269
Revenue
224 213 221 207 R/ton $/ton 20 19 21 29
Operating costs
1,823 4,785 1,614 1,610 Rm $m 157 145 470 240
Operating profit
(906) 3,073 1,049 1,180 Rm $m 112 98 301 (119)
Net earnings
(199) 662 224 251 SA US 24 21 65 (26)
c.p.s. c.p.s.
788 3,073 1,049 1,180 Rm $m 112 98 301 103
Headline earnings
173 662 224 251 SA US 24 21 65 23
c.p.s. c.p.s.
*Attributable - All companies wholly owned except for Ghana (71.1%).
COMMENTARY
Management Structure
Following Ian Cockerill`s succession of Chris Thompson as Chief Executive
Officer on 1 July 2002, the position previously held by Ian of Chief
Operating Officer was split into International and South African Operations
with John Munro, formerly General Manager: Corporate Development, heading up
International Operations and Mike Prinsloo, formerly Managing Director of
Driefontein, heading up the South African Operations. The Executive
Committee now consists of Ian Cockerill (Chief Executive Officer),
Nick Holland (Chief Financial Officer), Craig Nelsen (Executive Vice
President: Exploration), Mike Prinsloo (Executive Vice President: South
African Operations), John Munro (Senior Vice President: International
Operations), Terence Goodlace (Senior Vice President: Strategic Planning)
Willie Jacobsz (Senior Vice President: Investor Relations and Corporate
Affairs), Jimmy Dowsley (Senior Vice President: Corporate Development) and
Mike Adan
(Senior Vice President: Human Resources).
At an operational level Derek Steyn takes over from Mike Prinsloo as
Vice President: Operations at the Driefontein Division and Neal Froneman
(formerly of JCI Gold and Harmony) as Vice President: Operations at the
Kloof Division. Dana Roets remains as Vice President: Free State Division.
New York Listing
Former South African President Nelson Mandela, together with Mrs Sheila
Sisulu - South Africa`s ambassador to the United States of America - and
senior Gold Fields` executives and Board members, attended the New York
Stock Exchange listing ceremony on 9 May 2002, which, with the ringing of
the opening bell by Mr Mandela, commenced the trading of Gold Fields on the
exchange. This listing represents an important step in our ongoing efforts
to make Gold Fields more attractive to international investors and should
enhance the visibility and liquidity of Gold Fields in North America, thus
benefiting the company and its shareholders.
Health and Safety
The fatal injury frequency rate continued its improvement and, at 0.3, was
3.2 per cent lower than the previous quarter. We regret that 10 employees
lost their lives during the quarter and management and the Board extend
their sincere condolences to the families and friends of the deceased. The
lost day injury frequency rate improved by 5.1 per cent. However, a
deterioration of 7.1 per cent was recorded for the serious injury frequency
rate.
Driefontein was awarded a Mine Health and Safety Council`s Millionaires
Shield after achieving a million fatality free shifts on 10 April 2002.
Beatrix and Tarkwa also achieved a million fatality free shifts on 8 May and
3 June 2002 respectively. The safety related initiatives, set in place over
the previous two quarters, are ongoing and the positive impacts on the
safety statistics should result in further improvements towards achieving
the international benchmarks that we had set ourselves.
Further, all South African operations have been awarded ISO14001
certification demonstrating our commitment to the health and safety of our
employees and the environment in which we operate. Gold Fields is the first
gold mining company to achieve this distinction, setting a benchmark for
environmental management in the industry.
Financial
- Quarter ended 30 June 2002
For the third successive quarter Gold Fields generated record earnings.
This quarter`s earnings of R1,180 million (US$112 million) are 12 per cent
higher than earnings of R1,049 million (US$98 million) achieved during the
previous quarter. Despite lower Rand gold prices achieved, operating income
was maintained due to higher production. The increase in earnings compared
to the March quarter arose from the effects of the appreciation of the
Australian Dollar, which resulted in a significant marked to market gain on
currency financial instruments previously established to protect the cash
flows of the recently acquired Australian operations. The stronger
Australian Dollar also resulted in a significant unrealised exchange gain on
foreign debt.
Revenue for the quarter was R3,826 million (US$372 million), an increase
of R83 million or 2 per cent (in Rand terms) over the previous quarter`s
revenue of R3,743 million (US$326 million).
Attributable gold production increased from 1,081,000 ounces to 1,159,000
ounces, an increase of 7 per cent. Damang contributed approximately 21,000
additional ounces to the group`s attributable production for the quarter due
to a full three months included as opposed to only two months in the
previous quarter. Production at the West Wits operations, Kloof and
Driefontein, improved in aggregate 42,000 ounces, quarter on quarter. The
Rand gold price received decreased from R107,732 per kilogram to R105,024
per kilogram (mainly due to the strengthening of the quarterly average
Rand/US Dollar exchange rate by 9 per cent, from R11.53 during the March
quarter to R10.51 in the June 2002 quarter). The effects of the stronger
Rand were partially offset by the average US Dollar gold price increasing
from $291 per ounce to $311 per ounce, quarter on quarter.
Operating costs increased to R2,261 million (US$219 million) for the
quarter, compared to R2,173 million (US$184 million) during the previous
quarter. Of this increase of R88 million, R54 million relates to the
inclusion of Damang for the full quarter. An increase of below 2 per cent
was once again achieved at the South African operations despite an increase
in output of 40,000 ounces, quarter on quarter. Significantly higher costs
were experienced at Agnew in Australia mainly due to abnormally high waste
volumes in the Waroonga pit. The stronger Rand/US Dollar exchange rate
resulted in lower Rand costs at Tarkwa, which is largely US Dollar based.
The increased production, offset by the lower gold price received and
increased costs, resulted in operating profit for the June 2002 quarter
remaining flat at R1,610 million (US$157 million) compared to R1,614 million
(US$145 million) for the March 2002 quarter.
Amortisation and depreciation decreased from R340 million (US$29 million)
in the March 2002 quarter to R275 million (US$28 million) in the current
quarter mainly as a result of the allocation of a portion of the tenements
assets at the Australian operations to undeveloped tenements which are not
depreciated. This adjustment results in a better matching of revenues and
expenditures at these operations.
Income for the quarter was once again boosted by the inclusion of gains on
foreign debt and financial instruments associated with the Australian
operations, St Ives and Agnew. However, these gains were substantially
higher than the previous quarter due to a strengthening of the Australian
Dollar against the US Dollar from 53,0 cents at the end of the March quarter
to 57,7 cents at the end of the current quarter. The unrealised gain on
foreign debt of R134 million (US$13 million) compares to the gain in March
of R51 million (US$5 million) and arises from the revaluation of the US$165
million loan established for the acquisition of the Australian operations.
This loan now stands at US$149 million due to repayments during the quarter.
Net gains on financial instruments are split between unrealised and realised
gains.
The unrealised gain on financial instruments increased from R125 million
(US$11 million) last quarter to R297 million (US$30 million) in the current
quarter. R294 million of this relates to the United States
Dollar/Australian Dollar currency financial instruments and the balance of
R3 million relates to the US$13 million which remained from the US$31
million of South African Rand/United States Dollar forward sales held at the
end of the previous quarter. The realised gain on financial instruments
amounted to R48 million (US$4 million) and includes a R21 million gain on
the close out of US$18 million of Rand/US Dollar forward sales, a gain of R3
million on close out of US Dollar/Australian Dollar financial instruments
and amortisation of deferred hedging gains at Damang of R24 million.
Details of the financial instruments are provided on page 9.
Included under exceptional items for the quarter are the costs associated
with the Securities and Exchange Commission registration and listing on the
New York Stock Exchange, which amounted to R45 million.
Profit before tax at R1,782 million (US$171 million) compares to
R1,437 million (US$134 million) recorded in the March 2002 quarter.
Taxation at R563 million (US$55 million) is 62 per cent above the previous
quarter as a result of increased deferred tax at Damang and at the
Australian operations. The latter is mainly as a result of the significant
increase in the value of financial instruments and exchange gain on foreign
debt.
Net earnings, after deducting minorities, were thus R1,180 million
(US$112 million) or 251 cents per share (US24 cents) compared to R1,049
million (US$98 million) or 224 cents per share (US21 cents) in the previous
quarter.
Operating cash flow for the quarter was R1,446 million (US$140 million) a
decrease of R41 million compared to the March 2002 quarter. Capital
expenditure was R542 million (US$52 million) as compared to R358 million
(US$31 million) in the March 2002 quarter. The higher capital expenditure
is mainly due to increased development and exploration at the Australian
operations to improve the ore reserve base. In particular, approximately
R30 million (US$3 million) was incurred on development and infrastructure in
respect of the Argo underground operation at St. Ives, which should provide
important replacement tonnage in the years ahead and a further R94 million
(US$9 million) on development at St Ives and Agnew. In addition,
significant additional capital expenditure was incurred at Driefontein due
to increased development at the 1 E and 5 E shaft projects and due to the
purchase of plant and shaft surveillance cameras some of which were
previously leased. Loan repayments included US$16 million at the Australian
operations, leaving a balance of US$149 million, and the full repayment of
the Damang loan of
US$15 million. Net cash flow for the quarter, after taking account of
investing and financing activities, was R362 million (US$36 million) as
compared to R873 million (US$71 million) in the March 2002 quarter. The
cash balance at the year end, 30 June 2002, was thus R2,027 million
(US$196 million), a 17 per cent increase when compared to the previous
quarter despite the repayment of over R300 million in loans. Debt at the
end of the quarter (relating to the acquisition of the Agnew and St Ives
operations from WMC and the purchase of Damang Gold Mine in Ghana from
Ranger Minerals Limited) was R1,886 million (US$182 million). Cash net of
both long and short term debt at the end of the quarter was R141 million
(US$14 million), leaving the group in a strong net ungeared position.
- Quarter ended 30 June 2002 compared to quarter ended 30 June 2001
As compared to the June 2001 quarter, attributable gold production increased
36 per cent from 854,000 ounces to 1,159,000 ounces as a result of the
acquisition of Damang in Ghana and St Ives and Agnew in Australia. In line
with this, operating costs increased from R1,496 million (US$186 million) to
R2,261 million (US$219 million). The higher production together with the
increase in the US Dollar and Rand gold price from US$269 per ounce
(R69,470 per kilogram) to US$311 per ounce (R105,024 per kilogram) this
quarter, as compared to the same quarter last year, has resulted in headline
earnings increasing from R130 million to a record R1,180 million.
- Year ended 30 June 2002
Financial 2002 saw Gold Fields come of age. The acquisition of St Ives and
Agnew in Australia and the increased activity in Ghana, resulting from the
purchase of Damang, as well as the exploration success achieved at Arctic
Platinum, saw the company truly internationalise. This, together with a
solid performance from the South African operations, saw the market
capitalisation peak at just below R80 billion, an increase of nearly 400%
over the year.
Attributable gold production for this financial year at 4.11 million
ounces compares with 3.66 million ounces produced in financial 2001 at a
total cash cost of US$173 per ounce (R56,662 per kilogram) compared to
US$196 per ounce (R48,030 per kilogram) last year. The increase in gold
price from US$269 per ounce to US$292 per ounce and the weakening of the
exchange rate by 34 per cent from US$1 = R7.61 to US$1 = R10.19 resulted in
the increase in the Rand gold price achieved from R65,835 per kilogram to
R95,730 per kilogram for the current year. The resultant increase in
revenue due to the unhedged nature of the group, together with a good
control of costs and gains on foreign currency instruments, resulted in net
earnings for the year of R3.1 billion (US$301 million) as compared to
headline earnings of R0.8 billion (US$103 million) which, after taking
account of impairments, resulted in a loss of R0.9 billion for last year.
- Net Earnings excluding gains and losses on financial instruments and
foreign debt
Earnings for the June 2002 quarter excluding gains and losses on financial
instruments and foreign debt were R845 million compared to earnings on a
comparable basis for the March 2002 quarter of R918 million. Earnings
derived on the same basis for the year ended 30 June 2002 were R2,590
million.
- Material fact which has occurred between the accounting date and date of
this report
Since the Group`s year end, the Australian Dollar has weakened against the
United States Dollar. Included in the Group`s results are the effects of
revaluing a United States Dollar denominated loan and marking to market of
financial instruments at the rates ruling at the financial year end. As at
July 25, 2002 the effect of the weakened Australian Dollar on the US$149
million loan and currency financial instruments is an after tax reduction of
R289 million.
Operations
- Overview
Attributable gold production for the June quarter increased from 1,081,000
ounces to 1,159,000 ounces of which 29 per cent was produced from the
international operations, compared to 27 per cent in the previous quarter,
as Damang contributed 61,000 attributable ounces compared to 40,000 ounces
included for the two months in the previous quarter. St Ives also had an
excellent quarter contributing an additional 26,000 ounces, a 19 per cent
increase. At the South African operations, production increased by 40,000
ounces, mainly as a result of the increase at Kloof of 15,000 ounces, and an
additional 27,000 ounces from Driefontein, quarter on quarter.
Ore milled increased to 11.0 million tons from 9.9 million tons in the
March 2002 quarter with yields decreasing from 3.6 grams per ton to 3.4
grams per ton due to the inclusion of Damang for the full quarter, increased
production from St Ives and a reduction in yield in the Free State. Total
cash costs for the group increased 7 per cent from US$160 per ounce to
US$171 per ounce as a result of the strengthening of the Rand/Dollar
exchange rate by 9 per cent.
- South African Operations
Driefontein`s production increased 8 per cent to 353,000 ounces, at a
slightly higher yield (6.5 grams per ton vs last quarter`s 6.1 grams per
ton) due to an increase in underground yield from 9.0 to 10.5 grams per ton
quarter on quarter partly offset by a 7 per cent reduction in underground
tonnage, from 958,000 tons to 891,000 tons for the June quarter. Surface
tonnage increased from 695,000 tons to 803,000 tons at an average yield of
2.0 grams per ton. Total cash costs decreased 5 per cent in Rand terms to
R49,639 per kilogram but increased in US Dollar terms from US$141 per ounce
to US$147 per ounce quarter on quarter, still the lowest in the group.
Capital expenditure at R147 million (US$14 million) includes R26 million
relating to the acquisition of security systems at the mine.
At Kloof the 6 per cent increase in production from 258,000 ounces to
273,000 ounces was mainly due to an increase in underground tonnage from
723,000 to 807,000 tons, albeit at a 5 per cent lower yield of 10.3 grams
per ton. Surface tonnage also increased marginally to 416,000 tons. The
increase in gold output resulted in a decrease in the Rand per kilogram cost
to
R59,128 or 4 per cent. However, the stronger Rand/Dollar exchange rate
resulted in total cash costs in US Dollar terms increasing from US$166 per
ounce to US$175 per ounce.
In the Free State, production at Beatrix remained static at 172,000
ounces, with the increase in tons milled from 990,000 tons to 1,135,000 tons
(resulting from an increase in underground tonnage) being partly offset by
lower yields in the current quarter. Total cash costs increased to US$165
per ounce from US$146 per ounce and in Rand terms increased by 3 per cent to
R55,730 per kilogram.
St Helena`s production decreased from 28,000 ounces, to 25,000 ounces, as
the increase in milling tonnage from 151,000 tons in the March 2002 quarter
to 164,000 tons for this quarter was offset by a 19 per cent lower yield at
4.7 grams per ton. The lower production resulted in an increase in total
cash costs from R86,912 per kilogram (US$234 per ounce) to R92,318 per
kilogram (US$273 per ounce). For the third quarter in succession the mine
reported an operating profit and net earnings for the year amounted to R51
million.
- Metallurgical Plants
The Driefontein 2 plant mill installation is due for completion by the end
of August. The detailed design phase of the Driefontein 1 plant mill
upgrade project is progressing according to plan with construction scheduled
to start by October 2002.
- International Operations
Ghana (Tarkwa and Damang)
Total production at Tarkwa decreased 7 per cent from 129,000 ounces, to
120,000 ounces, as a result of anticipated lower yields and gold in process
movements. Total cash costs increased from US$167 per ounce to US$180 per
ounce due to the lower production, while cost per ton remained constant at
US$7 due to vigilant cost control and marginally higher throughput. At
Damang production increased in line with the additional month`s production
as compared to only two months for last quarter. Total cash costs reduced
from US$216 per ounce to US$190 per ounce in line with cost per ton
reductions. In Dollar terms net earnings from Ghanian operations remained
fairly constant at approximately US$13 million.
Australia (St Ives and Agnew)
Australia contributed R362 million (US$33 million) to net earnings for the
June 2002 quarter, as compared to R181 million (US$16 million) in the March
quarter, although R295 million is attributable to the marked to market
valuation movement of United States Dollar/Australian Dollar currency
financial instruments, realised gains on such instruments and an unrealised
exchange gain on its foreign debt. Normalised earnings, excluding the
effects of the valuation of the currency financial instruments and exchange
gain on foreign debt, were thus R67 million or US$6 million at the average
exchange rate as compared to normalised earnings of R55 million (US$5
million) in the previous quarter.
Gold production at St Ives increased from 132,000 ounces, to 157,000 ounces,
while Agnew was marginally down at 32,000 ounces, due to the mining of lower
grade material while waiting for higher grade areas to come on line. Total
cash costs were marginally up at St Ives at US$164 per ounce, while costs at
Agnew were 67 per cent higher than the previous quarter at US$311 per ounce
due to increasing volumes with high levels of waste at the Waroonga pit, all
of which was expensed due to the relatively short remaining life of the pit,
a once off contractor settlement cost, and lower achieved grades due to a
change in mix arising from more open pit material, and costs associated with
remedial work
on slips at the Waroonga pit. With the build up in higher grade ore from
underground and open pit sources the forecast for the coming months is a
decline in waste volumes and as a result unit costs are expected to be lower
than the current quarter.
- Arctic Platinum
Arctic Platinum has released a revised resource estimate for the Suhanko
project following a further season of resource development drilling. This
independent estimate was prepared by Snowden Mineral Industry Consultants in
accordance with JORC standards. The new resource at Suhanko indicates
9.1 million ounces of platinum, palladium and gold (2PGE+AU), contained in
183.7 million tonnes grading 1.54 g/t. This compares with the original
Suhanko resource statement of 6.0 million ounces of 2PGE+AU (contained in
117.5 million tons at a grade of 1.58g/t), announced in July 2001. Combined
with the SK Reef resources announced in March 2002 of this year, total
resources at Arctic Platinum now stand at 14.0 million ounces of 2PGE+AU.
During the quarter a total of 19,125 meters of drilling was undertaken on
the Project including infill and extensional drilling at Suhanko, and
definition drilling on the SK Reef prospect. Communition and flotation test-
work continued during the quarter as part of the feasibility study of the
Suhanko project, completion of which is still expected during the third
quarter of this year. The assessment of downstream processing and
realisation options remains a further focus area for Arctic Platinum.
Gold Fields and Outokumpu continue joint funding of this programme at
their respective 51/49 per cent interests.
Sale of St Helena
An agreement has been reached to sell St Helena Gold Mine to Free Gold
(a Joint Venture company between ARMgold and Harmony). The gross sale
consideration is R120 million as well as a one per cent royalty on future
revenue, the latter effective for a period of 48 months. The main
outstanding condition precedent is the approval of the Competition
Commission.
Philadelphia Gold and Silver index (PHLX)
Effective from 1 July 2002, Gold Fields has been added to the PHLX Gold
and Silver Sector (XAU) Index. The XAU is a capitalisation weighted index
composed of the common shares of eleven companies involved in the gold and
silver mining industry. On a current market value basis, Gold Fields will
comprise approximately 12.5 per cent of this Index, thereby ranking it the
fourth
largest component.
Dividend
A final dividend of 220 cents per share has been declared payable to all
shareholders. Together with the interim dividend of 90 cents per share this
amounts to a total dividend of 310 cents per share for the financial year.
The last date to trade "CUM" the dividend, in order to participate in the
dividend will be Friday, 16 August 2002. The shares will commence trading
"EX" the dividend from the commencement of business on Monday 19 August
2002, and the record date will be Friday 23 August 2002. Payment from the
United Kingdom will be made in Sterling at the rate of exchange ruling on 26
August 2002 or the first date thereafter on which a rate of exchange is
available. Payment will be made on 26 August 2002 or when an exchange rate
is available. Share certificates may not be dematerialised or
rematerialised between Monday,
19 August 2002 and Friday, 23 August 2002, both dates inclusive.
Outlook
September quarter`s gold production is expected to be similar to that
realised in the June quarter. Costs should increase in line with the
increase in labour costs, which become effective from 1 July for the
majority of the workforce.
Basis of Accounting
The unaudited results for the quarter and year end have been prepared on
the International Accounting Standards basis. The detailed financial,
operational and development results for the June 2002 quarter are submitted
in this report.
These consolidated quarterly financial statements are prepared in
accordance with IAS 34, Interim Financial Reporting. The accounting
policies are consistent with those applied at the previous year-end except
for the adoption of IAS 39, Financial Instruments: Recognition and
Measurement.
Audit Review
The year-end results have been reviewed in terms of Rule 3.23 of the
listing requirements of the JSE Securities Exchange SA by the Company`s
auditors PricewaterhouseCoopers Inc. This review opinion is available on
request from the Company Secretary.
INCOME STATEMENTS
International Accounting Standards Basis
SA RAND Quarter Year ended
(Figures are in millions June March June June June
unless otherwise stated.) 2002 2002 2001 2002 2001
Revenue 3,825.7 3,742.5 1,891.8 12,528.4 7,690.6
Operating costs# 2,261.2 2,173.2 1,496.3 7,825.9 5,946.9
Gold inventory change (45.3) (44.6) (52.1) (82.7) (79.3)
Operating profit 1,609.8 1,613.9 447.6 4,785.2 1,823.0
Amortisation and depreciation 274.6 339.9 147.3 978.9 614.9
Net operating profit 1,335.2 1,274.0 300.3 3,806.3 1,208.1
Finance income/(cost): 146.9 57.3 1.4 177.3 55.1
- Net interest received/(paid) 23.0 6.0 1.4 38.0 55.1
- Unrealised gain/(loss)
on foreign debt, net of cash 133.7 51.3 - 149.1 -
- Realised gain/(loss)
on foreign debt, net of cash (9.8) - - (9.8) -
Unrealised gain/(loss)
on financial instruments 297.2 125.2 - 472.7 -
Realised gain/(loss)
on financial instruments 48.2 (7.1) 1.8 41.1 39.7
Other income 19.9 18.7 34.1 72.9 62.6
Exploration (21.2) (20.8) (20.0) (92.4) (60.8)
Profit before tax
and exceptional items 1,826.2 1,447.3 317.6 4,477.9 1,304.7
Exceptional gain/(loss)# (44.6) (9.9)(2,201.0) (54.5)(2,209.8)
Profit before taxation 1,781.6 1,437.4 (1,883.4) 4,423.4 (905.1)
Mining and income taxation: 563.2 347.4 (335.1) 1,227.1 (66.1)
- Normal taxation 212.7 346.3 11.7 763.2 97.9
- Deferred taxation 350.5 1.1 (346.8) 463.9 (164.0)
Profit after taxation 1,218.4 1,090.0 (1,548.3) 3,196.3 (839.0)
Minority interest 38.4 40.6 15.3 123.8 67.1
Net earnings 1,180.0 1,049.4 (1,563.6) 3,072.5 (906.1)
Exceptional items:
Impairment of assets - - (2,121.2) - (2,121.2)
Write down of investments - - (60.5) - (60.5)
Franco Nevada merger cost - - (18.8) - (18.8)
New York listing
and associated costs (44.6) - - (44.6) -
Other - (9.9) (0.5) (9.9) (9.3)
Total exceptional items (44.6) (9.9)(2,201.0) (54.5)(2,209.8)
Taxation - 3.8 426.5 3.8 417.7
Net exceptional items after tax (44.6) (6.1)(1,774.5 (50.7)(1,792.1)
Net earnings per share (cents) 251 224 (343) 662 (199)
Headline earnings 1,180.0 1,049.4 130.4 3,072.5 787.9
Headline earnings
per share (cents) 251 224 29 662 173
Diluted earnings
per share (cents) 248 221 656
Headline earnings excluding
gains and losses on financial
instruments and foreign debt 844.9 918.3 128.6 2,590.1 759.7
Gold sold - managed
less capitalised kg 36,427 34,739 27,232 130,872 116,817
Gold price received R/kg 105,024 107,732 69,470 95,730 65,835
Total cash costs R/kg 57,935 59,138 50,411 56,662 48,030
# Prior years quarterly results have been reclassified to include
retrenchment costs as part of operating costs and not as exceptional items
and hedge
profits have been reclassified as part of realised gain/(loss) on financial
instruments.
INCOME STATEMENTS
International Accounting Standards Basis
US DOLLARS Quarter Year ended
(Figures are in millions June March June June June
unless otherwise stated.) 2002 2002 2001 2002 2001
Revenue 372.2 325.5 235.6 1,229.5 1,010.6
Operating costs# 218.9 184.3 186.3 768.0 781.5
Gold inventory change (4.0) (4.1) (6.5) (8.1) (10.4)
Operating profit 157.3 145.3 55.8 469.6 239.5
Amortisation and depreciation 28.4 29.2 18.3 96.1 80.8
Net operating profit 128.9 116.1 37.5 373.5 158.7
Finance income/(cost): 14.7 5.1 0.2 17.3 7.1
- Net interest received/(paid) 2.7 0.4 0.2 3.7 7.1
- Unrealised gain/(loss)
on foreign debt, net of cash 13.0 4.7 - 14.6 -
- Realised gain/(loss) on
foreign debt, net of cash (1.0) - - (1.0) -
Unrealised gain/(loss)
on financial instruments 30.4 11.1 - 46.4 -
Realised gain/(loss)
on financial instruments 4.2 (0.2) 0.2 4.0 5.2
Other income (1.2) 3.9 4.2 7.2 8.4
Exploration (2.0) (1.6) (2.5) (9.1) (8.0)
Profit before tax
and exceptional items 175.0 134.4 39.6 439.3 171.4
Exceptional gain/(loss)# (4.4) (0.9) (274.1) (5.3) (290.4)
Profit before taxation 170.6 133.5 (234.5) 434.0 (119.0)
Mining and income taxation: 54.6 31.9 (41.7) 120.4 (8.6)
- Normal taxation 20.8 32.3 1.5 74.9 13.0
- Deferred taxation 33.8 (0.4) (43.2) 45.5 (21.6)
Profit after taxation 116.0 101.6 (192.8) 313.6 (110.4)
Minority interest 3.8 3.5 1.9 12.1 8.8
Net earnings 112.2 98.1 (194.7) 301.5 (119.2)
Exceptional items:
Impairment of assets - - (278.7) - (278.7)
Write down of investments - - (8.0) - (8.0)
Franco Nevada merger costs - - (2.5) - (2.5)
New York listing
and associated costs (4.4) - - (4.4) -
Other (0.9) 15.1 (0.9) (1.2)
Total exceptional items (4.4) (0.9) (274.1) (5.3) (290.4)
Taxation - 0.3 53.1 0.4 54.9
Net exceptional items
after tax and minorities (4.4) (0.6) (221.0) (4.9) (235.5)
Net earnings per share (cents) 24 21 (43) 65 (26)
Headline earnings 112.2 98.1 27.9 301.1 103.4
Headline earnings
per share (cents) 24 21 6 65 23
Diluted earnings
per share (cents) 24 21 64
Headline earnings excluding
gains and losses on financial
instruments and foreign debt 80.4 79.6 27.7 254.2 99.8
Gold sold - managed
less capitalised ozs (000) 1,171 1,117 876 4,208 3,756
Gold price received $/oz 311 291 269 292 269
Total cash costs $/oz 171 160 195 173 196
# Prior years quarterly results have been reclassified to include
retrenchment costs as part of operating cost and not as exceptional items
and hedge profits have been reclassified as part of realised gain/(loss) on
financial
instruments.
The March quarter has been restated using a weighted average Rand:Dollar
exchange rate for the year to date compared to an unweighted average
previously used. The translation difference has been included in other
income. The SA Rand/US Dollar conversion rate for the year ended June 2002
is US$1:R10.19 as compared to the previous financial year`s US$1:R7.61
BALANCE SHEETS
International Accounting Standards Basis
SA Rand US Dollars
(Figures are in millions June June June June
unless otherwise stated.) 2002 2001 2002 2001
Mining and mineral assets 15,064.6 11,077.2 1,454.1 1,372.6
Non-current assets 252.7 180.6 24.4 22.4
Investments 797.8 259.6 77.0 32.2
Current assets 4,256.2 1,050.1 410.9 130.1
- Cash and deposits 2,027.1 190.0 195.7 23.5
- Other current assets 2,229.1 860.1 215.2 106.6
Total assets 20,371.3 12,567.5 1,966.4 1,557.3
Shareholders` equity 11,095.8 7,075.6 1,071.0 876.8
Outside shareholders` interest 567.1 317.1 54.7 39.3
Deferred taxation 3,736.5 3,381.2 360.7 419.0
Long-term loans 1,502.2 - 145.0 -
Environmental
rehabilitation provisions 770.2 530.8 74.3 65.8
Post-retirement
health care provisions 260.2 235.4 25.1 29.2
Current liabilities 2,439.3 1,027.4 235.6 127.2
- Other current liabilities 2,055.9 1,027.4 198.6 127.2
- Current portion of
long term loans 383.4 - 37.0 -
Total equity and liabilities 20,371.3 12,567.5 1,966.4 1,557.3
S.A. Rand/US Dollar conversion rate 10.36
8.07
CONDENSED STATEMENTS OF CHANGES IN EQUITY
SA Rand US Dollars
June June June June
(Figures are in millions) 2002 2001 2002 2001
Balance as at the beginning
of the financial year 7,075.6 8,214.4 876.8 1,213.4
Currency translation
adjustment and other 469.3 179.9 (162.2) (169.3)
Issue of share capital 7.3 1.3 0.7 0.2
Marked to market valuation
of listed investments 473.9 - 47.9 -
Increase in share premium 602.4 63.8 66.8 15.6
Dividends (605.2) (477.7) (60.5) (63.9)
Net earnings 3,072.5 (906.1) 301.5 (119.2)
Balance as at the end of June 11,095.8 7,075.6 1,071.0 876.8
CASH FLOW STATEMENTS
International Accounting Standards Basis
SA RAND Quarter Year ended
June March June June
(Figures are in millions) 2002 2001 2002 2001
Cash flow from
operating activities 1,446.2 1,486.7 4,471.5 1,595.8
Profit before tax
and exceptional items 1,826.2 1,447.3 4,477.9 1,304.7
Exceptional items (44.6) (9.9) (54.5) (2,209.8)
Amortisation and depreciation 274.6 339.9 978.9 614.9
Change in working capital 15.7 (69.3) 91.8 (239.2)
Taxation paid (178.3) (95.1) (308.9) (183.1)
Other non-cash items (447.4) (126.2) (713.7) 2,308.3
Dividends paid (29.1) (422.7) (634.3) (477.7)
Cash utilised in
investing activities (728.1) (750.1) (3,999.9) (1,264.5)
Capital expenditure - net (542.5) (358.0) (1,560.5) (1,114.4)
Purchase of investments - net (116.6) (12.4) (140.3) (75.7)
Investments in environmental
trust funds and post retirement
health care payments (69.0) (4.8) (73.9) (74.4)
Acquisition of subsidiaries - (374.9) (2,225.2) -
Cash flow from
financing activities (326.9) 558.9 1,947.0 (178.5)
Loans raised - 545.3 2,440.2 -
Loans repaid (325.9) - (525.8) (218.2)
Outside shareholder`s loan repaid (20.9) - (20.9) -
Shares issued 19.9 13.6 53.5 39.7
Net cash inflow/(outflow) 362.1 872.8 1,784.3 (324.9)
Translation adjustment (63.9) (31.4) 52.8 -
Cash at beginning of period 1,728.9 887.5 190.0 514.9
Cash at end of period 2,027.1 1,728.9 2,027.1 190.0
US DOLLARS Quarter Year ended
June March June June
(Figures are in millions) 2002 2001 2002 2001
Cash flow from
operating activities 140.1 137.2 440.3 207.9
Profit before tax
and exceptional items 175.0 134.4 439.3 171.4
Exceptional items (4.4) (0.9) (5.3) (290.4)
Amortisation and depreciation 28.4 29.2 96.1 80.8
Change in working capital 1.5 (5.7) 8.9 (31.4)
Taxation paid (17.2) (8.4) (31.2) (25.8)
Other non-cash items (43.2) (11.4) (67.5) 303.3
Dividends paid (2.9) (49.8) (63.4) (63.9)
Cash utilised in
investing activities (70.4) (65.9) (386.7) (166.1)
Capital expenditure - net (52.4) (31.3) (153.1) (146.4)
Purchase of investments - net (11.3) (1.3) (13.5) (9.9)
Investments in environmental
trust funds and post retirement
health care payments (6.7) (0.4) (7.2) (9.8)
Acquisition of subsidiaries - (32.9) (212.9) -
Cash flow from
financing activities (31.2) 49.2 186.8 (23.9)
Loans raised - 48.0 235.2 -
Loans repaid (31.0) - (51.6) (29.1)
Outside shareholder`s loan repaid (2.1) - (2.1) -
Shares issued 1.9 1.2 5.3 5.2
Net cash inflow/(outflow) 35.6 70.7 177.0 (46.0)
Translation adjustment 8.2 7.2 (4.8) (6.6)
Cash at beginning of period 151.9 74.0 23.5 76.1
Cash at end of period 195.7 151.9 195.7 23.5
HEDGING
POLICY
As a general rule Gold Fields does not hedge the gold price except in
exceptional circumstances, such as
* to protect cash flows at times of significant expenditure,
* for specific debt servicing requirements, and
* to safeguard the viability of higher cost operations.
Gold Fields may from time to time establish currency instruments to protect
underlying cash flows.
During the year Gold Fields established various currency instruments -
those remaining are described in the schedule. It has been decided not to
account
for these instruments under the hedge accounting rules of IAS 39 and
accordingly the positions have been marked to market at the quarter end.
CURRENCY FINANCIAL INSTRUMENTS
Year ending 30 June 2003 2004 2005 2006 2007
TOTAL
US DOLLAR / AUSTRALIAN DOLLAR
Forward sales:
Amount (US Dollars) -000`s 62,500 50,000 50,000 50,000 25,000 237,500
Average Rate (USD/AUD) 0.4934 0.4934 0.4934 0.4934 0.4934
Zero cost collar:
Amount (US Dollars) -000`s 62,500 50,000 50,000 50,000 25,000 237,500
Average downside protection
level (USD/AUD) 0.5191 0.5191 0.5191 0.5191 0.5191
Average upside benefit
cap (USD/AUD) 0.4289 0.4289 0.4289 0.4289 0.4289
The marked to market value of all transactions making up the positions in
the above table was a positive R447.2 million (US$43.2 million). The value
was based on exchange rates of R/USD10.36 and USD/AUD 0.5771 and the
prevailing interest rates and volatilities at the time. This compares to a
marked to market value at the end of the previous quarter of a positive
R146.1 million (US$12.9 million). The difference has been accounted for in
the income statement.
RAND / US DOLLAR
Forward sales:
Amount (US Dollars) -000`s 13,000 13,000
Average Rate (R/USD) 13.3363
The marked to market value of the transaction making up the position in
the above table was a positive R32.9 million (US$3.2 million). The value
was
based on the exchange rate of R/USD 10.36 and the prevailing interest rates
and volatilities at the time. This compares to a marked to market value at
the end of the previous quarter of a positive R30.6 million (US$2.6
million). The difference has been accounted for in the income statement.
TOTAL CASH COSTS
(All figures are in Rand millions
unless otherwise stated)
Driefontein Kloof Free State Division
Division Division Beatrix St Helena
Operating costs(1) June 2002 583.7 489.9 316.1 72.4
March 2002 564.7 488.6 304.2 77.5
Financial
year to date 2,250.3 1,950.8 950.8 1,194.9
Gold in process
and inventory
change* June 2002 (34.0) (3.6) 0.0 0.0
March 2002 0.0 0.0 0.0 0.0
Financial
year to date (34.0) (3.6) 0.0 0.0
Less: Rehabilitation
costs June 2002 2.8 1.6 0.7 0.2
March 2002 2.8 1.6 0.6 0.2
Financial
year to date 11.2 6.4 3.1 0.4
Production
Taxes June 2002 4.5 4.4 1.6 0.2
March 2002 5.4 4.7 1.8 0.4
Financial
year to date 20.0 15.8 6.3 1.3
General
and admin June 2002 38.0 26.1 16.8 1.3
March 2002 31.1 26.3 15.7 1.7
Financial
year to date 131.3 98.4 53.4 6.0
Cash
operating costs June 2002 504.4 454.2 297.0 70.7
March 2002 525.4 456.0 286.1 75.2
Financial
year to date 2,053.8 1,826.6 1,132.1 299.6
Plus: Production
taxes June 2002 4.5 4.4 1.6 0.2
March 2002 5.4 4.7 1.8 0.4
Financial
year to date 20.0 15.8 6.3 1.3
Royalties June 2002 0.0 0.0 0.0 0.0
March 2002 0.0 0.0 0.0 0.1
Financial
year to date 0.0 0.0 0.0 0.1
TOTAL CASH COSTS(2) June 2002 508.9 458.6 298.6 70.9
March 2002 530.8 460.7 287.9 75.7
Financial
year to date 2,073.8 1,842.4 1,138.4 301.0
Plus: Amortisation* June 2002 58.3 35.4 16.7 0.0
March 2002 57.5 29.6 22.5 (0.1)
Financial
year to date 224.4 128.1 76.4 0.0
Rehabilitation
June 2002 2.8 1.6 0.7 0.2
March 2002 2.8 1.6 0.6 0.2
Financial
year to date 11.2 6.4 3.1 0.4
TOTAL PRODUCTION COSTS(3)
June 2002 570.0 495.6 316.0 71.1
March 2002 591.1 491.9 311.0 75.8
Financial
year to date 2,309.4 1,976.9 1,217.9 301.4
Gold sold - thousand ounces #
June 2002 329.6 249.4 172.3 24.7
March 2002 326.1 240.8 171.3 28.0
Financial
year to date 1,303.4 1,024.2 654.8 116.4
TOTAL CASH COSTS - US$/oz
June 2002 147 175 165 273
March 2002 141 166 146 234
Financial
year to date 158 179 173 257
TOTAL PRODUCTION COSTS - US$/oz
June 2002 165 189 175 274
March 2002 157 177 157 235
Financial
year to date 176 192 185 257
Ghana Australia Total Mine
Tarkwa Damang St Ives Agnew
Operations
Operating costs(1) June 2002 259.2 174.3 235.3 130.3 2,261.2
March 2002 285.2 120.5 248.6 83.9 2,173.2
Financial
year to date 1,026.3 294.8 557.7 243.8 7,825.9
Gold in process
and inventory
change* June 2002 (32.2) (7.6) 37.1 (19.9) (60.2)
March 2002 (36.7) 15.1 (6.0) (9.0) (36.6)
Financial
year to date (94.3) 7.5 56.5 (22.9) (90.8)
Less: Rehabilitation
costs June 2002 0.3 0.1 3.6 6.5 15.8
March 2002 0.3 0.2 4.2 2.0 11.9
Financial
year to date 1.0 0.3 9.3 9.2 40.9
Production
taxes June 2002 0.0 0.0 0.0 0.0 10.7
March 2002 0.0 0.0 0.0 0.0 12.3
Financial
year to date 0.0 0.0 0.0 0.0 43.4
General
and admin June 2002 12.0 3.8 8.9 1.6 108.5
March 2002 13.0 2.9 9.0 2.8 102.5
Financial
year to date 43.9 6.7 25.0 7.8 372.5
Cash
operating costs June 2002 214.7 162.8 259.9 102.3 2,066.0
March 2002 235.2 132.5 229.4 70.1 2,009.9
Financial
year to date 887.1 295.3 579.9 203.9 7,278.3
Plus: Production
taxes June 2002 0.0 0.0 0.0 0.0 10.7
March 2002 0.0 0.0 0.0 0.0 12.3
Financial
year to date 0.0 0.0 0.0 0.0 43.4
Royalties June 2002 11.9 8.5 10.9 2.4
33.7
March 2002 13.0 5.6 10.1 3.1 31.9
Financial
year to date 47.6 14.1 25.2 6.8 93.8
TOTAL CASH COSTS(2) June 2002 226.6 171.3 270.8 104.7 2,110.4
March 2002 248.2 138.1 239.5 73.2 2,054.1
Financial
year to date 934.7 309.4 605.1 210.7 7,415.5
Plus: Amortisation* June 2002 31.5 10.7 109.2 261.8
March 2002 40.1 24.7 131.9 306.2
Financial
year to date 134.4 35.4 287.0 885.7
Rehabilitation
June 2002 0.3 0.1 10.1 15.8
March 2002 0.3 0.2 6.2 11.9
Financial
year to date 1.0 0.3 18.5 40.9
TOTAL PRODUCTION COSTS(3)
June 2002 258.4 182.1 494.8 2,388.0
March 2002 288.6 163.0 450.8 2,372.2
Financial
year to date 1,070.1 345.1 1,121.3 8,342.1
Gold sold - thousand ounces #
June 2002 120.1 85.7 157.4 32.0 1,171.2
March 2002 129.0 55.6 131.8 34.2 1,116.9
Financial
year to date 544.0 141.4 340.9 82.6 4,207.6
TOTAL CASH COSTS - US$/oz
June 2002 180 190 164 311 171
March 2002 167 216 158 186 160
Financial
year to date 171 200 160 232 173
TOTAL PRODUCTION COSTS - US$/oz
June 2002 205 202 249 194
March 2002 194 255 236 184
Financial
year to date 195 223 239 194
DEFINITIONS
Total cash costs and Total production costs are calculated in accordance
with the Gold Institute industry standard.
(1) Operating costs - All gold mining related costs before
amortisation/depreciation, changes in gold inventory, taxation and
exceptional items.
(2) Total cash costs - Operating costs less off-mine costs, including
general and administration costs, as detailed in the table above.
(3) Total production costs - Total cash costs plus
amortisation/depreciation and rehabilitation provisions, as detailed in the
table above.
* Adjusted for amortisation/depreciation (non-cash item) excluded from
Gold in process change.
# Excludes gold production at Kloof 4 shaft of 688 kilograms (22,120
ounces) for the June 2002 quarter (March 2002 quarter 540 kilograms - 17,364
ounces) and 2,320 kilograms (74,588 ounces) for the year, all of which is
capitalised.
Average exchange rates are US$1 = R10.51 and US$1 = R11.53 for the June 2002
and March 2002 quarters respectively.
Operating and Financial Results
Individual Mines
SA RAND
Driefontein Kloof Free State Division
Division Division Beatrix St Helena
Operating Results
Ore milled / treated (000 tons)
June 2002 1,694 1,223 1,135 164
March 2002 1,653 1,108 990 151
Financial
year to date 6,587 4,657 4,115 649
Yield (grams per ton)
June 2002 6.5 7.0 4.7 4.7
March 2002 6.1 7.2 5.4 5.8
Financial
year to date 6.3 7.4 4.9 5.6
Gold produced (kilograms)
June 2002 10,974 8,503 5,358 768
March 2002 10,144 8,031 5,329 871
Financial
year to date 41,263 34,236 20,367 3,619
Gold sold (kilograms)
June 2002 10,252 8,444 5,358 768
March 2002 10,144 8,031 5,329 871
Financial
year to date 40,541 34,177 20,367 3,619
Gold price received
(Rand per kilogram) June 2002 105,472 105,119 104,890 105,469
March 2002 106,743 108,463 108,444 109,529
Financial
year to date 94,564 93,782 94,997 93,562
Total cash costs
(Rand per kilogram) June 2002 49,639 59,128 55,730 92,318
March 2002 52,326 61,500 54,025 86,912
Financial
year to date 51,153 57,833 55,894 83,172
Total cash costs
(US Dollars per ounce)
June 2002 147 175 165 273
March 2002 141 166 146 234
Financial
year to date 158 179 173 257
Total production costs
(Rand per kilogram)
June 2002 55,599 63,899 58,977 92,578
March 2002 58,271 65,665 58,360 87,026
Financial
year to date 56,965 62.055 59,798 83,283
Operating costs
(Rand per ton) June 2002 345 426 279 441
March 2002 342 467 307 513
Financial
year to date 342 444 290 473
Financial Results
(Rand million)
Revenue June 2002 1,081.3 815.3 562.0 81.0
March 2002 1,082.8 812.5 577.9 95.4
Financial
year to date 3,833.7 2,987.6 1,934.8 338.6
Operating costs
June 2002 583.7 489.9 316.1 72.4
March 2002 564.7 488.6 304.2 77.5
Financial
year to date 2,250.3 1,950.8 1,194.9 307.3
Gold inventory change
June 2002 (38.3) (4.3) 0.0 0.0
March 2002 0.0 0.0 0.0 0.0
Financial
year to date (38.3) (4.3) 0.0 0.0
Operating profit
June 2002 535.9 329.7 245.9 8.6
March 2002 518.1 323.9 273.7 17.9
Financial
year to date 1,621.7 1,041.1 739.9 31.3
Amortisation of mining assets
June 2002 62.6 36.1 16.7 0.0
March 2002 57.5 29.6 22.5 (0.1)
Financial
year to date 228.7 128.8 76.4 0.0
Net operating profit
June 2002 473.3 293.6 229.2 8.6
March 2002 460.6 294.3 251.2 18.0
Financial
year to date 1,393.0 912.3 663.5 31.3
Other income/(costs)
June 2002 1.4 5.2 4.9 16.5
March 2002 1.5 3.0 2.4 2.1
Financial
year to date (3.9) 5.8 8.3 19.5
Profit before taxation
June 2002 474.7 298.8 234.1 25.1
March 2002 462.1 297.3 253.6 20.1
Financial
year to date 1,389.1 918.1 671.8 50.8
Mining and income taxation
June 2002 180.5 111.7 (27.9) 0.0
March 2002 173.8 106.3 1.2 0.0
Financial
year to date 501.7 316.6 (25.9) 0.0
- Normal taxation
June 2002 137.3 76.9 (2.0) 0.0
March 2002 168.9 101.6 1.2 0.0
Financial
year to date 412.9 233.3 0.0 0.0
- Deferred taxation
June 2002 43.2 34.8 (25.9) 0.0
March 2002 4.9 4.7 0.0 0.0
Financial
year to date 88.8 83.3 (25.9) 0.0
Earnings before exceptional items
June 2002 294.2 187.1 262.0 25.1
March 2002 288.3 191.0 252.4 20.1
Financial
year to date 887.4 601.5 697.7 50.8
Exceptional items
June 2002 0.0 0.0 0.0 0.0
March 2002 (9.9) 0.0 0.0 0.0
Financial
year to date (9.9) 0.0 0.0 0.0
Net earnings
June 2002 294.2 187.1 262.0 25.1
March 2002 278.4 191.0 252.4 20.1
Financial
year to date 877.5 601.5 697.7 50.8
Capital expenditure
(Rand million)
June 2002 146.6 88.1 67.0 0.0
March 2002 86.6 63.4 52.3 (0.6)
Financial
year to date 475.2 337.2 215.4 1.5
Planned for next
six months to December 2002 240.5 161.2 193.1 0.0
Ghana Australia# Total Mine
Tarkwa Damang St Ives Agnew
Operations
Operating Results
Ore milled / treated (000 tons)
June 2002 3,767 1,224 1,502 305 11,014
March 2002 3,706 727 1,302 273 9,910
Financial
year to date 14,914 1,951 3,398 682 36,953
Yield (grams per ton)
June 2002 1.0 2.2 3.3 3.3 3.4
March 2002 1.1 2.4 3.1 3.9 3.6
Financial
year to date 1.1 2.3 3.1 3.8 3.6
Gold produced (kilograms)
June 2002 3,735 2,667 4,895 996 37,896
March 2002 4,011 1,730 4,099 1,064 35,279
Financial
year to date 16,920 4,397 10,602 2,569 133,973
Gold sold (kilograms)
June 2002 3,735 2,667 4,895 996 37,115
March 2002 4,011 1,730 4,099 1,064 35,279
Financial
year to date 16,920 4,397 10,602 2,569 133,192
Gold price received
(Rand per kilogram) June 2002 103,534 106,749 104,290 104,618 105,024
March 2002 107,978 107,514 107,051 109,023 107,732
Financial
year to date 92,961 107,050 105,414 106,072 95,730
Total cash costs
(Rand per kilogram) June 2002 60,669 64,229 55,322 105,120 57,935
March 2002 61,880 79,837 58,429 68,797 59,138
Financial
year to date 55,242 70,370 57,074 82,016 56,662
Total cash costs
(US Dollars per ounce)
June 2002 180 190 164 311 171
March 2002 167 216 158 186 160
Financial
year to date 171 200 160 232 173
Total production costs
(Rand per kilogram)
June 2002 69,183 68,279 83,993 65,556
March 2002 71,952 94,230 87,314 68,287
Financial
year to date 63,245 78,490 85,134 63,743
Operating costs
(Rand per ton) June 2002 69 142 157 427 207
March 2002 77 166 191 307 221
Financial
year to date 69 151 164 357 213
Financial Results
(Rand million)
Revenue June 2002 386.7 284.7 510.5 104.2 3,825.7
March 2002 433.1 186.0 438.8 116.0 3,742.5
Financial
year to date 1,572.9 470.7 1,117.6 272.5 12,528.4
Operating costs
June 2002 259.2 174.3 235.3 130.3 2,261.2
March 2002 285.2 120.5 248.6 83.9 2,173.2
Financial
year to date 1,026.3 294.8 557.7 243.8 7,825.9
Gold inventory change
June 2002 (37.4) (7.6) 69.4 (27.1) (45.3)
March 2002 (38.5) 15.1 (7.8) (13.4) (44.6)
Financial
year to date (105.0) 7.5 90.9 (33.5) (82.7)
Operating profit
June 2002 164.9 118.0 205.8 1.0 1,609.8
March 2002 186.4 50.4 198.0 45.5 1,613.9
Financial
year to date 651.6 168.4 469.0 62.2 4,785.2
Amortisation of mining assets
June 2002 36.7 10.7 84.1 246.9
March 2002 41.9 24.7 138.1 314.2
Financial
year to date 145.1 35.4 263.2 877.6
Net operating profit
June 2002 128.2 107.3 122.7 1,362.9
March 2002 144.5 25.7 105.4 1,299.7
Financial
year to date 506.5 133.0 268.0 3,907.6
Other income/(costs)
June 2002 2.0 27.0 407.3 464.3
March 2002 3.0 (48.5) 164.2 127.7
Financial
year to date 8.1 (21.5) 557.6 573.9
Profit before taxation
June 2002 130.2 134.3 530.0 1,827.2
March 2002 147.5 (22.8) 269.6 1,427.4
Financial
year to date 514.6 111.5 825.6 4,481.5
Mining and income taxation
June 2002 44.8 86.8 167.9 563.8
March 2002 50.2 (65.7) 88.6 354.4
Financial
year to date 176.4 21.1 269.0 1,258.9
- Normal taxation
June 2002 14.6 6.1 (24.6) 208.3
March 2002 16.6 4.8 46.8 339.9
Financial
year to date 59.2 10.9 31.9 748.2
- Deferred taxation
June 2002 30.2 80.7 192.5 355.5
March 2002 33.6 (70.5) 41.8 14.5
Financial
year to date 117.2 10.2 237.1 510.7
Earnings before exceptional items
June 2002 85.4 47.5 362.1 1,263.4
March 2002 97.3 42.9 181.0 1,073.0
Financial
year to date 338.2 90.4 556.6 3,222.6
Exceptional items
June 2002 0.0 0.0 0.0 0.0
March 2002 0.0 0.0 0.0 (9.9)
Financial
year to date 0.0 0.0 0.0 (9.9)
Net earnings
June 2002 85.4 47.5 362.1 1,263.4
March 2002 97.3 42.9 181.0 1,063.1
Financial
year to date 338.2 90.4 556.6 3,212.7
Capital expenditure
(Rand million)
June 2002 20.3 (6.3) 153.6 49.4 518.7
March 2002 10.8 11.8 45.4 55.9 325.6
Financial
year to date 80.5 5.5 231.3 122.0 1,468.6
Planned for next
six months to December 2002 111.8 18.2 308.5 157.8 1,191.1
See page 13 for detail of underground and surface operations.
# As a significant portion of the acquisition price was allocated to
tenements at St Ives and Agnew on an arbitrary basis and also as these two
Australian operations are one entity for tax purposes, it is not meaningful
to split the income statement below operating profit.
Operating and Financial Results
Individual Mines
US DOLLAR CONVERSION
Driefontein Kloof Free State Division
Division Division Beatrix St Helena
Operating Results
Ore milled / treated (000 tons)
June 2002 1,694 1,223 1,135 164
March 2002 1,653 1,108 990 151
Financial
year to date 6,587 4,657 4,115 649
Yield (ounces per ton)
June 2002 0.208 0.224 0.152 0.151
March 2002 0.197 0.233 0.173 0.185
Financial
year to date 0.201 0.236 0.159 0.179
Gold produced (000 ounces)
June 2002 352.8 273.4 172.3 24.7
March 2002 326.1 258.2 171.3 28.0
Financial
year to date 1,326.6 1,100.7 654.8 116.4
Gold sold (000 ounces)
June 2002 329.6 271.5 172.3 24.7
March 2002 326.1 258.2 171.3 28.0
Financial
year to date 1,303.4 1,098.8 654.8 116.4
Gold price received
(US Dollars per ounce)
June 2002 312 311 310 312
March 2002 288 293 293 295
Financial
year to date 292 290 294 289
Total cash costs
(US Dollars per ounce)
June 2002 147 175 165 273
March 2002 141 166 146 234
Financial
year to date 158 179 173 257
Total production costs
(US Dollars per ounce)
June 2002 165 189 175 274
March 2002 157 177 157 235
Financial
year to date 176 192 185 257
Operating costs
(US Dollars per ton)
June 2002 33 41 26 42
March 2002 30 40 27 45
Financial
year to date 34 44 29 47
Financial Results
(US$ million)
Revenue
June 2002 106.0 79.9 55.1 8.0
March 2002 94.5 70.0 51.2 8.2
Financial
year to date 381.2 297.1 192.4 33.8
Operating costs
June 2002 57.0 47.9 30.9 7.1
March 2002 47.5 40.8 25.7 6.4
Financial
year to date 223.7 193.9 118.8 30.5
Gold inventory change
June 2002 (3.8) (0.4) 0.0 0.0
March 2002 0.0 0.0 0.0 0.0
Financial
year to date (3.8) (0.4) 0.0 0.0
Operating profit
June 2002 52.8 32.4 24.2 0.9
March 2002 47.0 29.2 25.5 1.8
Financial
year to date 161.3 103.6 73.6 3.3
Amortisation of mining assets
June 2002 6.1 3.6 1.7 0.0
March 2002 4.9 2.4 1.9 0.0
Financial
year to date 22.7 12.8 7.6 0.0
Net operating profit
June 2002 46.7 28.8 22.5 0.9
March 2002 42.1 26.8 23.6 1.8
Financial
year to date 138.6 90.8 66.0 3.3
Other income/(costs)
June 2002 0.1 0.6 0.5 1.6
March 2002 0.2 0.3 0.2 0.2
Financial
year to date (0.4) 0.6 0.8 1.9
Profit before taxation
June 2002 46.7 29.3 23.0 2.4
March 2002 42.3 27.1 23.8 2.0
Financial
year to date 138.1 91.3 66.8 5.0
Mining and income taxation
June 2002 17.7 11.0 (2.8) 0.0
March 2002 16.2 9.8 0.1 0.0
Financial
year to date 49.9 31.5 (2.6) 0.0
- Normal taxation
June 2002 13.5 7.6 (0.2) 0.0
March 2002 16.0 9.7 0.1 0.0
Financial
year to date 41.0 23.2 0.0 0.0
- Deferred taxation
June 2002 4.2 3.4 (2.6) 0.0
March 2002 0.2 0.1 0.0 0.0
Financial
year to date 8.8 8.3 (2.6) 0.0
Earnings before exceptional items
June 2002 29.0 18.3 25.8 2.4
March 2002 26.1 17.3 23.7 2.0
Financial
year to date 88.2 59.8 69.4 5.0
Exceptional items
June 2002 0.0 0.0 0.0 0.0
March 2002 (1.0) 0.0 0.0 0.0
Financial
year to date (1.0) 0.0 0.2 0.0
Net earnings
June 2002 29.0 18.3 25.8 2.4
March 2002 25.1 17.3 23.7 2.0
Financial
year to date 87.2 59.8 69.4 5.0
Capital Expenditure
(US$ million)
June 2002 14.4 8.6 6.6 0.0
March 2002 6.7 4.8 4.4 (0.1)
Financial
year to date 47.2 33.5 21.4 0.1
Planned for the next
six months to December 2002 23.2 15.6 18.6 0.0
Ghana Australia# Total Mine
Tarkwa Damang St Ives Agnew Operations
Operating Results
Ore milled / treated (000 tons)
June 2002 3,767 1,224 1,502 305 11,014
March 2002 3,706 727 1,302 273 9,910
Financial
year to date 14,914 1,951 3,398 682 36,953
Yield (ounces per ton)
June 2002 0.032 0.070 0.105 0.105 0.111
March 2002 0.035 0.077 0.101 0.125 0.114
Financial
year to date 0.036 0.072 0.100 0.121 0.117
Gold produced (000 ounces)
June 2002 120.1 85.7 157.4 32.0 1,218.4
March 2002 129.0 55.6 131.8 34.2 1,134.2
Financial
year to date 544.0 141.4 340.9 82.6 4,307.3
Gold sold (000 ounces)
June 2002 120.1 85.7 157.4 32.0 1,193.3
March 2002 129.0 55.6 131.8 34.2 1,134.2
Financial
year to date 544.0 141.4 340.9 82.6 4,282.2
Gold price received
(US Dollars per ounce)
June 2002 306 316 309 310 311
March 2002 291 291 289 294 291
Financial
year to date 287 305 296 297 292
Total cash costs
(US Dollars per ounce)
June 2002 180 190 164 311 171
March 2002 167 216 158 186 160
Financial
year to date 171 200 160 232 173
Total production costs
(US Dollars per ounce)
June 2002 205 202 249 194
March 2002 194 255 236 184
Financial
year to date 195 223 239 194
Operating costs
(US Dollars per ton)
June 2002 7 14 15 41 20
March 2002 7 14 17 27 19
Financial
year to date 7 14 15 32 21
Financial Results
(US$ million)
Revenue
June 2002 37.7 27.0 48.4 10.1 372.2
March 2002 37.2 16.2 38.1 10.1 325.5
Financial
year to date 156.4 43.2 100.8 24.6 1,229.5
Operating costs
June 2002 25 16.4 22.4 12.2 218.9
March 2002 24.5 10.5 21.6 7.3 184.3
Financial
year to date 101.8 27.0 50.3 22.0 768.0
Gold inventory change
June 2002 (3.3) (0.5) 6.4 (2.4) (4.0)
March 2002 (3.4) 1.2 (0.7) (1.2) (4.1)
Financial
year to date (9.8) 0.7 8.2 (3.0) (8.1)
Operating profit
June 2002 16.0 11.1 19.6 0.3 157.3
March 2002 16.1 4.5 17.2 4.0 145.3
Financial
year to date 64.4 15.5 42.3 5.6 469.6
Amortisation of mining assets
June 2002 3.6 1.1 8.2 24.3
March 2002 3.6 2.1 12.0 27.0
Financial
year to date 14.4 3.2 23.7 84.5
Net operating profit
June 2002 12.4 10.0 11.7 133.0
March 2002 12.5 2.4 9.2 118.3
Financial
year to date 50.0 12.3 24.2 385.1
Other income/(costs)
June 2002 0.2 2.3 37.2 42.4
March 2002 0.3 (4.2) 14.2 11.2
Financial
year to date 0.8 (2.0) 50.3 52.1
Profit before taxation
June 2002 13.0 12.2 48.8 175.4
March 2002 12.4 (2.0) 23.4 129.5
Financial
year to date 51.2 10.2 74.4 437.1
Mining and income taxation
June 2002 4.3 7.7 15.5 53.4
March 2002 4.4 (5.7) 7.7 32.4
Financial
year to date 17.5 1.9 24.3 122.5
- Normal taxation
June 2002 1.4 0.6 (2.0) 20.8
March 2002 1.4 0.4 4.1 31.7
Financial
year to date 5.9 1.0 2.9 74.0
- Deferred taxation
June 2002 3.0 7.1 17.5 32.6
March 2002 2.9 (6.1) 3.6 0.7
Financial
year to date 11.7 0.9 21.4 48.5
Earnings before exceptional items
June 2002 8.6 4.6 33.3 122.0
March 2002 8.0 3.7 15.7 97.1
Financial
year to date 33.6 8.3 50.2 314.6
Exceptional items
June 2002 0.0 0.0 0.0 0.0
March 2002 0.0 0.0 0.0 (1.0)
Financial
year to date 0.0 0.0 0.0 (1.0)
Net earnings
June 2002 8.6 4.6 33.3 122.0
March 2002 8.0 3.7 15.7 96.1
Financial
year to date 33.6 8.3 50.2 313.6
Capital Expenditure
(US$ million)
June 2002 2.0 (0.6) 16.1 4.3 52.6
March 2002 0.9 1.1 4.0 4.8 26.6
Financial
year to date 8.0 0.5 20.9 11.0 144.1
Planned for the next
six months to December 2002 10.8 1.8 29.8 15.2 115.0
Figures may not add as they are rounded independently.
The March quarter has been restated using a weighted average Rand:Dollar
exchange rate for the year to date compared to an unweighted average
previously used. The translation difference has been included in other
income. The SA Rand/US Dollar conversion rate for the year ended June 2002
is US$1:R10.19 as compared to the previous financial year`s US$1:R7.61.
# As a significant portion of the acquisition price was allocated to
tenements at St Ives and Agnew on an arbitrary basis and also as these two
Australian operations are one entity for tax purposes, it is not meaningful
to split the income statement below operating profit.
UNDERGROUND AND SURFACE
SA RAND AND METRIC UNITS
Driefontein Kloof Free State Division
Division Division Beatrix St Helena
Operating Results
Ore milled / treated (000 ton)
- underground June 2002 891 807 979 164
March 2002 958 723 821 151
Financial
year to date 3,770 3,222 3,633 649
- surface June 2002 803 416 156 -
March 2002 695 385 169 -
Financial
year to date 2,817 1,435 482 -
- total June 2002 1,694 1,223 1,135 164
March 2002 1,653 1,108 990 151
Financial
year to date 6,587 4,657 4,115 649
Yield (grams per ton)
- underground June 2002 10.5 10.3 5.3 4.7
March 2002 9.0 10.8 6.3 5.8
Financial
year to date 9.4 10.4 5.5 5.6
- surface June 2002 2.0 0.5 0.9 -
March 2002 2.2 0.6 1.0 -
Financial
year to date 2.1 0.6 1.0 -
- combined June 2002 6.5 7.0 4.7 4.7
March 2002 6.1 7.2 5.4 5.8
Financial
year to date 6.3 7.4 4.9 5.6
Gold produced (kilograms)
- underground June 2002 9,357 8,277 5,217 768
March 2002 8,622 7,791 5,158 871
Financial
year to date 35,431 33,365 19,886 3,619
- surface June 2002 1,617 226 141 -
March 2002 1,522 240 171 -
Financial
year to date 5,832 871 481 -
- total June 2002 10,974 8,503 5,358 768
March 2002 10,144 8,031 5,329 871
Financial
year to date 41,263 34,236 20,367 3,619
Gold sold (kilograms)
- underground June 2002 8,635 8,218 5,217 768
March 2002 8,622 7,791 5,158 871
Financial
year to date 34,709 33,306 19,886 3,619
- surface June 2002 1,617 226 141 -
March 2002 1,522 240 171 -
Financial
year to date 5,832 871 481 -
- total June 2002 10,252 8,444 5,358 768
March 2002 10,144 8,031 5,329 871
Financial
year to date 40,541 34,177 20,367 3,619
Operating costs (Rand per ton)
- underground June 2002 606 644 318 441
March 2002 549 706 367 513
Financial
year to date 554 637 325 473
- surface June 2002 54 41 32 -
March 2002 56 55 19 -
Financial
year to date 57 45 27 -
- total June 2002 345 426 279 441
March 2002 342 467 307 513
Financial
year to date 342 444 290 473
Ghana Australia# Total Mine
Tarkwa Damang St Ives Agnew Operations
Operating Results
Ore milled / treated (000 ton)
- underground June 2002 - - - - 2,841
March 2002 - - - - 2,653
Financial
year to date - - - - 11,274
- surface June 2002 3,767 1,224 1,502 305 8,173
March 2002 3,706 727 1,302 273 7,257
Financial
year to date 14,914 1,951 3,398 682 25,679
- total June 2002 3,767 1,224 1,502 305 11,014
March 2002 3,706 727 1,302 273 9,910
Financial
year to date 14,914 1,951 3,398 682 36,953
Yield (grams per ton)
- underground June 2002 - - - - 8.3
March 2002 - - - - 8.5
Financial
year to date - - - - 8.2
- surface June 2002 1.0 2.2 3.3 3.3 1.7
March 2002 1.1 2.4 3.1 3.9 1.8
Financial
year to date 1.1 2.3 3.1 3.8 1.6
- combined June 2002 1.0 2.2 3.3 3.3 3.4
March 2002 1.1 2.4 3.1 3.9 3.6
Financial
year to date 1.1 2.3 3.1 3.8 3.6
Gold produced (kilograms)
- underground June 2002 - - - - 23,619
March 2002 - - - - 22,442
Financial
year to date - - - - 92,301
- surface June 2002 3,735 2,667 4,895 996 14,277
March 2002 4,011 1,730 4,099 1,064 12,837
Financial
year to date 16,920 4,397 10,602 2,569 41,672
- total June 2002 3,735 2,667 4,895 996 37,896
March 2002 4,011 1,730 4,099 1,064 35,279
Financial
year to date 16,920 4,397 10,602 2,569 133,973
Gold sold (kilograms)
- underground June 2002 - - - - 22,838
March 2002 - - - - 22,442
Financial
year to date - - - - 91,520
- surface June 2002 3,735 2,667 4,895 996 14,277
March 2002 4,011 1,730 4,099 1,064 12,837
Financial
year to date 16,920 4,397 10,602 2,569 41,672
- total June 2002 3,735 2,667 4,895 996 37,115
March 2002 4,011 1,730 4,099 1,064 35,279
Financial
year to date 16,920 4,397 10,602 2,569 133,192
Operating costs (Rand per ton)
- underground June 2002 - - - - 505
March 2002 - - - - 529
Financial
year to date - - - - 496
- surface June 2002 69 142 157 427 106
March 2002 77 166 191 307 110
Financial
year to date 69 151 164 357 92
- total June 2002 69 142 157 427 207
March 2002 77 166 191 307 221
Financial
year to date 69 151 164 357 213
# Australia operations are defined as surface and near surface operations.
DEVELOPMENT RESULTS
Development values represent the actual results of sampling and no
allowance has been made for any adjustments, which may be necessary when
estimating ore reserves. All figures below exclude shaft sinking metres
June 2002 March 2002 Year ended
quarter quarter June 2002
Driefontein
Reef Carbon Carbon Carbon
Leader Main VCR Leader Main VCR Leader Main VCR
Advanced (m) 6,736 241 1,754 6,409 154 1,366 26,266 761 6,538
Advanced
on reef (m) 764 21 64 813 - 103 3,486 148 630
Sampled (m) 642 48 69 774 - 45 3,417 195 573
Channel
width (cm) 115 136 127 127 - 138 98 86 53
Average
Value -(g/t) 11.5 2.1 7.1 31.8 - 16.7 24.5 10.5 28.6
-(cm.g/t) 1,327 281 894 4,047 - 2,314 2,406 897 1,505
June 2002 March 2002 Year ended
quarter quarter June 2002
Kloof
Reef Kloof Main VCR Kloof Main VCR Kloof Main VCR
Advanced (m) 86 695 10,654 211 625 9,803 1,243 2,733 40,425
Advanced
on reef (m) 16 141 1,281 73 135 1,337 359 756 5,795
Sampled (m) 15 84 1,233 84 162 960 276 603 4,971
Channel
width (cm) 142 99 108 153 209 91 153 142 89
Average
value -(g/t) 31.9 12.5 19.8 4.5 15.5 26.7 7.7 12.2 25.2
-(cm.g/t) 4,532 1,235 2,126 699 3,240 2,433 1,183 1,740 2,245
June 2002 March 2002 Year ended
quarter quarter June 2002
Beatrix
Reef Beatrix Kalkoenkrans Beatrix Kalkoenkrans Beatrix
Kalkoenkrans
Advanced (m) 8,343 1,632 7,324 1,141 29,135 6,835
Advanced
on reef (m) 1,335 228 1,230 461 4,961 1,741
Sampled (m) 1,218 192 1,128 507 4,353 1,779
Channel
width (cm) 114 126 66 123 81 105
Average value
- (g/t) 12.3 8.1 13.0 12.1 13.6 12.5
- (cm.g/t) 1,407 1,031 858 1,488 1,105 1,321
June 2002 March 2002 Year ended
quarter quarter June 2002
Beatrix
St Helena
Reef Basal Leader Basal Leader Basal Leader
Advanced (m) 446 13 268 7 1,752 291
Advanced
on reef (m) 91 13 102 7 505 244
Sampled (m) 72 6 33 - 576 117
Channel
width (cm) 84 93 73 - 94 80
Average value
- (g/t) 12.4 6.1 17.4 - 11.5 4.6
- (cm.g/t) 1,038 566 1,268 - 1,058 367
CONTACT DETAILS
FORWARD LOOKING STATEMENTS
Certain statements in this document constitute "forward looking
statements" within the meaning of Section 27A of the US Securities Act of
1933 and Section 21E of the US Securities Exchange Act of 1934.
Such forward looking statements involve known and unknown risks,
uncertainties and other important factors that could cause the actual
results, performance or achievements of the company to be materially
different from the future results, performance or achievements expressed or
implied by such forward looking statements. Such risks, uncertainties and
other important factors include among others: economic, business and
political conditions in South Africa; decreases in the market price of gold;
hazards associated with underground and surface gold mining; labour
disruptions; changes in government regulations, particularly environmental
regulations; changes in exchange rates; currency devaluations; inflation and
other macro-economic factors; and the impact of the AIDS crisis in South
Africa. These forward looking statements speak only as of the date of this
document.
The company undertakes no obligation to update publicly or release any
revisions to these forward looking statements to reflect events or
circumstances after the date of this document or to reflect the occurrence
of unanticipated events.
Corporate Office:
Gold Fields Limited
24 St Andrews Road
Parktown
Johannesburg
2193
Postnet Suite 252
Private Bag x 30500
Houghton 2041
Tel: +27 11 644-2400
Fax: +27 11 484-0626
Directors:
C M T Thompson =(Chairman)
A J Wright (Deputy Chairman)
I D Cockerill * (Chief Executive Officer)
N J Holland *
J M McMahon *
G R Parker #
R L Pennant-Rea *
P J Ryan
T M G Sexwale
B R van Rooyen
C I von Christierson
= Canadian * British # USA
London Office:
St James` Corporate Services Limited
6 St James` Place
London SW1A 1 NP
Tel: +944 207 499-3916
Fax: +944 207 491-1989
Transfer Offices:
Johannesburg
Computershare Investor Services Limited
7th Floor
11 Diagonal Street
Johannesburg, 2001
Tel: 27 11 370-5000
Fax: 27 11 370-5271
Company Secretary:
V D MacDonald
24 St Andrews Road
Parktown
Johannesburg
2193
Postnet Suite 252
Private Bag x 30500
Houghton 2041
Tel: +27 11 644-2406
Fax: +27 11 484-0626
London:
Capita IRG
Bourne House
34 Beckenham Road
Beckenham Kent BR3 4TU
Tel: +944 208 639-2000
Fax: +944 208 658-3430
American Depositary:
Receipt Banker
Bank of New York
101 Barclay Street
New York N.Y. 10286
USA
Tel: +91 212 815-5133
Fax: +91 212 571-3050
Investor Relations:
Europe & South Africa
Willie Jacobsz
Tel: +27 11 644-2460
Fax: +27 11 484-0639
E-mail: investors@goldfields.co.za
United Kingdom
46 Berkley Street
London
W1X 6AA
Tel: +944 207 322-6341
Fax: +944 207 322-6028
North America
Cheryl A. Martin
Tel: +91 303 796-8683
Fax: +91 303 796-8293
E-mail: camartin@gfexpl.com
Gold Fields Limited
Incorporated in the Republic of South Africa
Registration Number 1968/004880/06
ISIN: ZAE 000018123
Date: 01/08/2002 08:19:20 AM Produced by the JSE SENS Department
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