| Fri 14 Nov 2003, 9:47 | | UNAUDITED CONSOLIDATED FINANCIAL RESULTS FOR THE |
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THE AFRIKANDER LEASE LIMITED - UNAUDITED CONSOLIDATED FINANCIAL RESULTS FOR THE
QUARTER ENDED 30TH SEPTEMBER 2003
THE AFRIKANDER LEASE LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1921/006955/06)
Share code: AFL (JSE) AFKDY (NASDAQ)
ISIN: ZAE000000253
("Aflease" or "the company")
Unaudited Consolidated Financial Results for the quarter ended 30th September
2003
Financial Results
1. Despite a reduction of 1% in the Rand gold price received, the cash operating
loss decreased by 48% from R20.2m in the June quarter to R10.5m in the September
2003 quarter.
2. In line with the trading update released on the 29th of September, the total
loss for the September quarter was slightly lower at R30m compared to R32.4m in
the June 2003 quarter.
3. The Nedcor facility has been reduced from R75m at the end of June 2003 to
R50m at the end of September 2003.
4. The decrease in capital expenditure from R48m to R26m, quarter on quarter,
was mainly as a result of the commissioning of the CIL plant during the
September 2003 quarter.
5. In line with forecasts, open pit mining costs reduced by 32% from
R73.09/tonne mined to R49.52/tonne mined. Underground mining costs of R197.30/
tonne are in line with current production volumes.
6. Improvement in financial and technical systems has enhanced prospects (in
some instances already achieved) for cost reductions and more effective
operational performance.
Operations
7. Gold production increased by 314% from the June to the September 2003 quarter
with 17,168 ounces (534kg) being produced, including 91kg"s by the CIS plant
from the re-treatment of the heap leach pads. The annualized production for the
quarter amounted to 68,636 oz"s.
8. Open Pit production increased by 28% from the June 2003 quarter to 605,882
tonnes in the September quarter, and underground production increased by 164%
from the June quarter to 47,749 tonnes in the September 2003 quarter.
9. The new CIL plant is consistently exceeding its design capacity of 200 000
tonnes per month. The CIL plant operating cost for the quarter amounted to
R38.05 per tonne milled. As the plant is fine-tuned, this cost can be expected
to decrease to about R30 per tonne milled.
10. Cash operating cost reduced by 61% to R94 779/kg, mainly as a result of the
314% increase in gold production. The total costs showed a 51% improvement to
R128 360/kg.
11. Grade remains a concern with the open pit recovered grade being 0.68g/t and
the underground recovered grade 1.37g/t. The combined CIL plant recovered grade
is 0.71g/t.
The board has taken a view that the Rand may continue to strengthen ahead of a
US$ gold price increase which could result in a short-term decrease in the Rand
gold price.
Further, in light of the lower-than-expected recovered grades management has
conducted an in-depth investigation into the recovered grades. The results of
this investigation indicate that dilution and plant efficiencies are in line
with historical averages and expectations. However, the in situ grades have
shown a substantial difference to mine plans. As such, the open pit geological
models have been brought up to date and management is finalizing plans to
restructure both the surface and underground operations in line with the current
economic environment and the new grade information.
Exploration
Modder East
The past quarter has seen exciting developments at the Modder East exploration
programme. An additional 5 holes were drilled, while results from holes drilled
in the previous quarter were returned. Results from DD13 indicate that the width
of economically interesting black reef mineralisation is wider than initially
thought. DD15 drilled in the UC prospect area confirmed the presence of the
Black reef target zone. DD16 was drilled to test the northwestern limit of the
BPLZ mineralisation, but drilled just beyond the shoreline position and
intersected waste on contact. A secondary objective of this hole was to test for
a postulated Black reef channel. It is now thought that this channel is situated
to the north east of DD16. DD17 clipped the shoreline and provided valuable
structural information which allowed for the correct positioning of DD18 which
proved the existence of an eastern extension to the Black reef mineralized zone.
DD19 is thought to have intersected a possible Black Reef channel with
significant grades over a width of over 4 m. As a result of the drilling in the
past quarter, a resource increase of approximately 1 million tonnes has been
made in the inferred and indicated categories. Initial indications are that in
situ grades in the eastern extension are of the order of 4.68g/t over 100cm.
During the next quarter, further drilling will be carried out to further define
the extent and grade of the eastern extension.
Mine planning for the deposit is at an advanced stage.
Bonanza South Central
Drilling at the Bonanza South Central project area has been virtually completed
during the quarter, with the extent of the Bonanza reefs being estimated at
approximately 450,000 tonnes on the lower reef, 300,000 tonnes on the Upper reef
and 200,000 tonnes on the Intermediate reef. Grade estimates on the various
reefs will be updated when results from the current drilling programme are
completed.
Geologically the ore zone comprises a strip of Bonanza reefs dipping to the west
at an average angle of 45. The reefs subcrop to the west in an unconformable
contact with the overlying Base of shale reef. On the eastern side of the ore
zone, the reefs are truncated by a fault/dyke structure. Additional structural
interpretation is being carried out to clarify the constraints on orebody
extent. Gold mineralisation is commonly hosted in carbon/graphite stringers
associated with the conglomerate packages, as well as in the conglomerates
themselves. High, but erratic grades have been returned, and the erratic values
can be attributed to both a nugget effect and to the unavoidable loss of carbon
during the drilling and sampling processes.
Bonanza South
An additional three boreholes have been drilled in this project area,
immediately south of the current mining operation. Borehole NB152 intersected
both upper and lower Bonanza reefs, with carbon stringers clearly evident.
Borehole NB153 drilled into footwall on the western side of the subcrop
position, where no reefs are developed. Borehole NB155 intersected lower reef at
shallow depths with good grades. The holes are intended to define the structural
boundary between the South and South Central resource blocks. Drilling to date
indicates a resource of 175,000 tonnes on Bonanza Lower Reef, grading
approximately 8 g/t in situ, with a contribution of 130,000 tonnes from upper
reef grading approximately 2.5 g/t in situ. The intermediate reef is estimated
to contribute approximately 130,000 tonnes at an in situ grade of 4.3g/t.
Kalahari Goldridge Mining Company Limited ("Kalgold")
Aflease announced on the 7th of November the acquisition of Kalgold from Harmony
for a total consideration of R275m, of which half will be paid via the issue of
25.7m shares at a price of R5.35 per share to Harmony.
The Kalgold acquisition is immediately value accretive. It is cash flow positive
and currently produces in excess of 80 000 oz"s per annum compared to Aflease"s
current annualized production rate of approximately 74 000 oz"s, which will
double as a result of the Kalgold acquisition. The Aflease Board is acutely
aware of the risks associated with managing a single mine operation. Until the
underground mines at Bonanza South and Modder East are brought into production
(currently planned for late 2004 and 2006 respectively), Aflease is entirely
dependent on production from its existing Klerksdorp operations. The acquisition
will facilitate the diversification of risk by increasing Aflease"s asset base.
Aflease is of the opinion that the strong Rand environment may require a
restructuring of the Klerksdorp operations. The acquisition of Kalgold allows
more flexibility for any such restructuring. Although no operational efficiency
improvements have been factored into the valuation of Kalgold, Aflease is
confident in being able to realize synergies between its Klerksdorp operations
and the Aflease low cost overhead structure. The extensive Aflease open pit
mining skills could also result in operational improvements which have not been
factored into the valuation. An increase in Aflease market capitalization will
also increase Aflease"s ability to continue to grow organically and by
acquisition.
Africa Vanguard Resources (Proprietary) Limited
On the 10th of September 2003 Aflease and Africa Vanguard Resources
(Proprietary) Limited ("AVR"), a broad based black economic empowerment mining
company, founded and led by entrepreneur, Sandile Zungu, concluded a strategic
alliance. In the spirit of their strategic alliance Aflease and AVR are
currently evaluating a funding mechanism aimed at effecting the acquisition of
up to 26% of Kalgold by AVR from Aflease. Aflease and AVR will keep shareholders
informed as to progress in this regard.
American Depositary Receipts ("ADR")
As indicated in the June 2003 update, the company has embarked on a process of
implementing enhanced corporate governance and operational systems. Aflease is
pleased to announce that the most important of these processes have now been
completed and is confident that the company is now aligned with the US legal
requirements it will become subject to on completion of the ADR level 2 upgrade.
A detailed time schedule for completion of the ADR upgrade will be made
available on the Company"s web site in due course.
Prospects
Aflease will continue to strive for further operational improvements in the
December quarter. The operations will be restructured in line with the new
grade information and the strengthening Rand environment. With the possible
strengthening Rand environment it is important to expedite production from
Aflease"s high quality, high margin assets at Modder East and Bonanza South. As
such the board has approved the start up of mine development at both Bonanza
South and Modder East. Aflease"s focused and structured exploration program
will continue to build up our high quality resource base. The Kalgold
acquisition will receive the necessary attention to ensure that the transaction
is completed.
Bonanza South Central - Reef drilling Results for the September 2003 quarter
Borehole From To Accepted Stoping Stope Reef type
Number Value width grade
(m) (m) (cmg/t) (cm) (g/t)
NB113 n/d n/d n/a n/a n/a Upper Reef
NB113 n/d n/d n/a n/a n/a Intermediate Reef
NB113 215.75 217.43 183 100 1.83 Lower Reef
NB121 77.07 77.41 NEG NEG NEG Upper Reef
NB121 82.96 84.22 37 100 0.37 Intermediate Reef
NB121 84.57 86.04 43 100 0.42 Lower Reef
NB127 216.43 217.39 468 100 4.68 Upper Reef
NB127 236.28 237.59 75 100 0.75 Intermediate Reef
NB127 239.82 241.37 80 100 0.80 Lower Reef
NB126 195.94 200.75 66 100 0.66 Upper reef
NB126 204.96 206.03 27 100 0.27 Intermediate Reef
NB126 206.84 208.53 679 100 6.79 Lower Reef
NB129 71.46 72.66 1221 100 12.21 Upper Reef
NB129 94.42 95.55 261 100 2.61 Intermediate Reef
NB129 101.98 103.29 136 100 1.36 Lower Reef
NB154* 192.1 193.89 602 100 6.02 Upper Reef
NB154* 194.46 195.82 441 100 4.41 Intermediate Reef
NB154* 195.82 196.89 634 100 6.34 Lower Reef
* Result excludes one or more intersections which are awaiting analysis
Notes: From/To = depth below surface in meters; Stoping width = estimated mining
stoping width; Cmg/t = centimeter grams per ton of channel; g/t = estimated face
grade.
Bonanza South - Reef drilling Results for the September 2003 quarter
Borehole From To Accepted Stoping Stope Reef type
Number Value width grade
(m) (m) (cmg/t) (cm) (g/t)
NB152* 83.72 84.75 224 100 2.24 Upper Reef
NB152* 92.4 93.5 53 100 0.53 Intermediate Reef
NB152* 93.82 94.87 454 100 4.54 Lower Reef
NB153 Beyond subcrop Upper Reef
position
NB153 Beyond subcrop Intermediate Reef
position
NB153 Beyond subcrop Lower Reef
position
NB155* N/D N/D N/D N/D N/D Upper Reef
NB155* N/D N/D N/D N/D N/D Intermediate Reef
NB155* 46.71 47.53 1281 100 12.81 Lower Reef
* Result excludes one or more intersections which are awaiting analysis
Notes: From/To = depth below surface in meters; Stoping width = estimated mining
stoping width;
Cmg/t = centimeter grams per ton of channel; g/t = estimated face grade.
Modder East drilling Results for the September 2003 quarter
Borehole From To Accepted Stoping Stope Reef type
Number Value width grade
(m) (m) (cmg/t) (cm) (g/t)
DD12** 296.06 296.48 274 100 2.74 BPLZ
DD12** 296.48 300.66 534 482 1.1 Blanket/Channel
DD13** 294.10 294.44 236 100 2.36 BPLZ
DD13** 294.44 298.83 148 395 0.38 Blanket/Channel
DD15 295.60 295.90 244 100 2.24 BPLZ
DD15 296.86 299.14 126 228 0.56 Blanket/Channel
DD16 n/a n/a n/a n/a n/a no intersection
DD16 n/a n/a n/a n/a n/a no intersection
DD17 266.53 266.61 88 100 0.88 BPLZ***
DD17 267.54 270.19 11 252 0.04 Blanket/Channel
DD18 261.33 261.81 468 100 4.68 BPLZ
DD18 262.42 263.85 91 2.27 0.40 Blanket/Channel
DD19* 252.99 253.75 182 100 1.82 BPLZ
DD19* 253.75 257.67 1119 383 2.92 Blanket/Channel
* Result excludes one or more intersections which are awaiting analysis
** Updated as a result of additional deflection information since last quarterly
report.
***DD17 intersected a poorly developed, non representative Buckshot pyrite zone,
probably due to intersection of the shoreline. It does not therefore impact on
the resource estimates.
Notes: From/To = depth below surface in meters; Stoping width = estimated mining
stoping width;
Cmg/t = centimeter grams per ton of channel (average of motherhole &
deflections); g/t = estimated face grade
Reef type: BPLZ = Buckshot Pyrite Leader Zone; Blanket/Channel = Black Reef
blanket or channel facies
UNAUDITED FINANCIAL RESULTS FOR SEPTEMBER 2003
UNAUDITED UNAUDITED UNAUDITED AUDITED
QUARTER TO QUARTER TO QUARTER TO YEAR TO
30 SEP 2003 30 JUNE 2003 30 SEP 2002 31 DEC 2002
R"000 R"000 R"000 R"000
HIGHLIGHTS:-
GOLD PRODUCED AND SOLD:-
-KILOGRAMS
(INCLUDING UNDERGROUND) 534 129 355 1,075
-OUNCES 17,168 4,150 11,414 34,562
CASH OPERATING COST PER
TON MINED* 83.53 64.09 54.38 49.29
CASH OPERATING COST:-
-RAND / KG 94,779 243,280 72,639 77,533
-$ / OZ 399 985 219 233
CASH OPERATING(LOSS)
/PROFIT(R"000) (10,550) (20,217) 11,352 28,020
OPERATING (LOSS)
/PROFIT (R "000) (28,480) (28,504) 7,044 15,593
NET(LOSS)/EARNINGS(R"000) (30,015) (32,435) 7,044 15,593
HEADLINE AND BASIC(LOSS)
/EARNINGS PER SHARE(CENTS) (15.62) (17.21) 4.79 10.53
*Excluding underground tonnage for Sept 2003 results.
OPERATING RESULTS:-
TONS MINED - OPEN PIT 605,882 471,854 474,207 1,691,068
TONS MINED - UNDERGROUND 47,749 18,070 - -
TONS STACKED - CIS * 427,666 185,484 452,376 1,728,943
TONS MILLED - CIL 620,999 140,696 - -
GOLD PRODUCED AND SOLD (KG) 534 129 355 1,075
GRADE STACKED - CIS * 0.21 0.49 0.92 1.08
GRADE MILLED - CIL 0.80 0.91 - -
GOLD PRICE RECEIVED:-
-RAND/KG(INCLUDES
UNDERGROUND PRODUCTION) 85,815 86,645 104,617 103,537
-RAND / OZ 2,669 2,695 3,254 3,222
-$ / OZ 361 356 315 312
* INCLUDES RE-HANDLING OF HEAP LEACH PADS
INCOME STATEMENT
UNAUDITED UNAUDITED UNAUDITED AUDITED
QUARTER TO QUARTER TO QUARTER TO YEAR TO
30 SEP 2003 30 JUNE 2003 30 SEP 2002 31 DEC 2002
R"000 R"000 R"000 R"000
REVENUE * 40,062 11,183 37,139 111,368
CASH OPERATING COSTS 50,612 35,702 28,842 102,892
CASH MOVEMENT IN LOCK-UP - (4,302) (3,055) (19,544)
CASH OPERATING(LOSS)/PROFIT(10,550) (20,217) 11,352 28,020
AMORTISATION AND
DEPRECIATION 4,110 3,696 2,565 9,047
NON-CASH MOVEMENT IN
LOCK-UP 4,767 - (5) (1,777)
NET FINANCE COSTS 4,238 1,262 818 1,640
GENERAL AND ADMINISTRATIVE 4,166 1,352 367 1,421
EXPLORATION EXPENDITURE 649 1,977 563 2,096
OPERATING(LOSS)/PROFIT (28,480) (28,504) 7,044 15,593
NON RECURRING AND
OTHER COSTS
DECOMMISSIONING ** - 2,602 - -
FUNDING EXPENSES
AND LEGAL FEES 1,535 1,329 - -
(LOSS)/PROFIT BEFORE
TAXATION (30,015) (32,435) 7,044 15,593
TAXATION - - - -
INCOME/(LOSS) ATTRIBUTABLE
TO ORDINARY SHAREHOLDERS (30,015) (32,435) 7,044 15,593
* Excludes revenue from underground mining which has been capitalised net of
underground capital expenditure amounting to R3,4 million.
** Net of revenue
RATIOS:-
(LOSS)/ EARNINGS PER SHARE
(CENTS):-
- CASH OPERATING (LOSS)
/PROFIT (5.49) (10.73) 7.71 18.92
- OPERATING (LOSS)/PROFIT (14.82) (15.13) 4.79 10.53
- HEADLINE AND BASIC (15.62) (17.21) 4.79 10.53
- FULLY DILUTED (14.86) (16.32) 4.69 10.34
WEIGHTED AVERAGE NUMBER
OF ORDINARY SHARES
IN ISSUE 192,189,181 188,438,191 147,150,863 148,098,027
NUMBER OF SHARES IN
ISSUE AT END OF PERIOD 199,598,406 188,569,073 163,079,123 173,329,123
THE FULLY DILUTED EARNINGS PER SHARE IS BASED UPON THE DILUTIVE EFFECT OF
EMPLOYEE SHARE OPTIONS.
UNAUDITED UNAUDITED UNAUDITED AUDITED
QUARTER AS AT QUARTER AS ATQUARTER AS ATYEAR AS AT
30 SEP 2003 30 JUNE 2003 30 SEP 2002 31 DEC 2002
R"000 R"000 R"000 R"000
ABRIDGED BALANCE SHEET:-
ASSETS
NON-CURRENT ASSETS:-
-MINING ASSETS 420,820 398,497 191,501 238,714
-OTHER ASSETS 9,890 10,151 20,739 1,421
-LEACH PADS 39,221 39,221 21,514 39,221
-INVESTMENTS 13,382 12,818 9,575 10,036
483,313 460,687 243,329 289,392
CURRENT ASSETS:-
-INVENTORIES 29,344 24,813 10,212 6,038
-LEACH PADS 5,038 9,805 5,378 9,805
-RECEIVABLES AND
PREPAYMENTS 13,284 12,647 15,098 21,799
-AMOUNTS OWING BY RELATED
THIRD PARTIES 213 835 - 817
-BANK AND CASH BALANCES 1,682 18,943 49,906 76,209
49,561 67,043 80,594 114,668
TOTAL ASSETS 532,874 527,730 323,923 404,060
EQUITY AND LIABILITIES
CAPITAL AND RESERVES:-
-ORDINARY SHARE CAPITAL 3,992 3,772 3,017 3,467
-SHARE PREMIUM 434,681 383,364 175,744 315,604
-ACCUMULATED EARNINGS (51,850) (21,835) 25,310 24,561
386,823 365,301 204,071 343,632
NON-CURRENT LIABILITIES:-
-INTEREST BEARING
BORROWINGS 73,672 78,261 20,178 26,685
-REHABILITATION AND
CLOSURE COST OBLIGATIONS 5,528 5,528 4,500 4,500
-AMOUNTS OWING TO RELATED
THIRD PARTIES 65 71 2,022 50
79,265 83,860 26,700 31,235
CURRENT LIABILITIES:-
-TRADE AND OTHER PAYABLES 29,520 32,155 18,156 14,886
-PROVISIONS 6,236 5,242 1,279 1,160
-CREDITOR IN LIEU OF SHARES - - 66,279 -
-CURRENT PORTION OF
INTEREST BEARING BORROWINGS 20,448 32,622 5,290 6,066
-BANK OVERDRAFT BALANCES 10,582 8,550 2,148 7,081
66,786 78,569 93,152 29,193
TOTAL EQUITY AND
LIABILITIES 532,874 527,730 323,923 404,060
ABRIDGED CASH FLOW STATEMENT:-
UNAUDITED UNAUDITED UNAUDITED AUDITED
QUARTER TO QUARTER TO QUARTER TO YEAR TO
30 SEP 2003 30 JUNE 2003 30 SEP 2002 31 DEC 2002
R"000 R"000 R"000 R"000
CASH FLOW(UTILISED BY)
/GENERATED FROM:-
OPERATING ACTIVITIES (39,499) (4,704) 83,858 (6,460)
INVESTING ACTIVITIES (26,736) (51,483) (93,450) (132,002)
FINANCING ACTIVITIES 46,942 50,224 43,351 195,648
NET (DECREASE)/INCREASE IN
CASH AND CASH EQUIVALENTS (19,293) (5,963) 33,759 57,186
CASH & CASH EQUIVALENTS
AT BEGINNING OF PERIOD 10,393 16,356 13,999 11,942
CASH & CASH EQUIVALENTS
AT END OF PERIOD (8,900) 10,393 47,758 69,128
SHARE SHARE ACCUM TOTAL
CAPITAL PREMIUM PROFIT EQUITY
R"000 R"000 R"000 R"000
STATEMENT OF CHANGES IN EQUITY:-
BALANCE AT 31ST DECEMBER 2002 3,467 315,604 24,561 343,632
ISSUED DURING THE PERIOD 299 - - 299
SHARE PREMIUM - 67,334 - 67,334
NET LOSS AFTER TAXATION - - (13,961) (13,961)
BALANCE AT 31ST MARCH 2003 3,766 382,938 10,600 397,304
ISSUED DURING THE PERIOD 6 - - 6
SHARE PREMIUM - 426 - 426
NET LOSS AFTER TAXATION - - (32,435) (32,435)
BALANCE AT 3OTH JUNE 2003 3,772 383,364 (21,835) 365,301
ISSUED DURING THE PERIOD 220 - - 220
SHARE PREMIUM - 51,317 - 51,317
NET LOSS AFTER TAXATION - - (30,015) (30,015)
BALANCE AT 30TH SEPTEMBER 2003 3,992 434,681 (51,850) 386,823
UNAUDITED UNAUDITED UNAUDITED AUDITED
QUARTER TO QUARTER TO QUARTER TO YEAR TO
30 SEP 2003 30 JUNE 2003 30 SEP 2002 31 DEC 2002
R"000 R"000 R"000 R"000
SUPPLEMENTARY INFORMATION:-
CAPITAL COMMITMENTS 8,000 8,000 79,143 50,000
CAPITAL EXPENDITURE 24,590 52,300 75,703 119,306
ASSET FINANCE LEASES:- 29,370 30,977 16,544 23,826
LESS:- SHORT-TERM PORTION (7,222) (6,553) (5,290) (6,003)
22,148 24,424 11,254 17,823
THE ABOVE FINANCE LEASES
ARE REPAYABLE OVER PERIODS
VARYING FROM ONE TO FIVE
YEARS AND BEAR INTEREST AT
AN AVERAGE RATE OF 13%.
LOAN-HEAP LEACH PLANT:- 8,924 8,924 8,924 8,924
THE ABOVE LOAN IS REPAYABLE
IN 2005 AND BEARS INTEREST
AT A RATE OF 15.25%.
LOAN-NEDBANK:- 50,000 67,400 - -
LESS:- SHORT-TERM PORTION (12,500) (25,000) - -
37,500 42,400 - -
THE ABOVE IS A THREE YEAR
FACILITY AND BEARS INTEREST
AT A RATE OF JIBAR PLUS A
MARGIN OF 4% DECREASING TO 3%.
TOTAL LEASES 68,572 75,748 20,178 26,747
SECURITY:-
1. THE LOAN FOR THE HEAP-LEACH PLANT IS SECURED BY MOVABLE EQUIPMENT LIMITED TO
R8M, BOND OVER MINERAL RIGHTS FOR AN AMOUNT OF R11M AND BY A PLEDGE AND CESSION
OF ALL SHORT-TERM INSURANCE POLICIES COVERING THE HEAP LEACH PLANT.
2. THE NEDBANK LOAN FACILITY IS SECURED BY A BOND OVER MINERAL RIGHTS.
NOTES TO THE FINANCIAL STATEMENTS:-
THE SAME ACCOUNTING POLICIES HAVE BEEN APPLIED TO THE CURRENT YEAR
AS WERE USED IN THE PRIOR YEAR"S ANNUAL FINANCIAL STATEMENTS.
THESE FINANCIAL RESULTS HAVE BEEN COMPILED IN ACCORDANCE WITH THE GENERALLY
ACCEPTED ACCOUNTING PRACTICE IN SOUTH AFRICA.
NO DIVIDEND HAS BEEN PROPOSED OR DECLARED FOR THE PERIOD UNDER REVIEW.
CERTAIN PRIOR PERIOD COMPARITIVES HAVE BEEN CHANGED TO REFLECT UPDATED
DISCLOSURE.
Disclaimer
Statements made in this document with respect to Aflease"s current plans,
estimates, strategies and beliefs and other statements that are not historical
facts are forward-looking statements about the future performance of Aflease.
These statements are based on management"s assumptions and beliefs in light of
the information currently available to it. Aflease cautions you that a number of
risk and assumptions could cause actual results to differ materially from those
discussed in the forward looking statements, and therefore you should not place
undue reliance on them. The potential risks and assumptions include, amongst
others, risks associated with fluctuations in the Rand-dollar exchange rate,
dollar market price of gold, gold production at operations, estimates of
reserves and resources. Aflease assumes no obligation to update the information
of this release.
Date: 14/11/2003 07:00:28 AM Supplied by www.sharenet.co.za
Produced by the JSE SENS Department
