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ANGLOGOLD LIMITED - TRADING STATEMENT AND CAUTIONARY ANNOUNCEMENT
AngloGold Limited
Incorporated in the Republic of South Africa
Registration Number: 1944/017354/06
ISIN Number: ZAE000043485
JSE Share Code: ANG
("AngloGold" or the "Company")
TRADING STATEMENT AND CAUTIONARY ANNOUNCEMENT
AngloGold will announce its results for the quarter ended 31 March 2004 on
29 April 2004.
AngloGold advises that it expects adjusted headline earnings1 for the three-
month period ended 31 March 2004 to be materially below adjusted headline
earnings for the three-month period ended 31 December 2003. In terms of the JSE
Securities Exchange Listings Requirements material is defined as a movement
between 10% and 30%. AngloGold also expects that earnings will be below the
consensus analysts" forecast for the three-month period ended 31 March 2004.
It is anticipated that gold production for the first quarter of 2004 will be 11%
below that of the previous quarter. This lower production is broadly in line
with AngloGold"s expectations and has these major causes:
* The normal and expected slow production start to the first quarter
following the year-end shut down in South Africa;
* Anticipated lower grades at the Geita operation in Tanzania, following the
unusually high grades reported in the last quarter of 2003;
* Reduced production at Morila in Mali, as a result of lower ore throughput
and grade. Throughput is expected to increase with the commissioning of
the plant extension; and
* Lower production at the Cerro Vanguardia mine in Argentina, due to a
planned reduction in ore throughput.
The earnings variation is also, in part, the result of an abnormal tax credit of
$7 million in the previous quarter.
Management expects that AngloGold (excluding Ashanti) will meet its production
forecast for 2004 of 5.3 million ounces, as published in the Annual Financial
Statements. The total cash cost and capital expenditure projections in that
forecast were based on an exchange rate of $1=R7; the exchange rate for the
March quarter was $1=R6.76.
Shareholders are advised to exercise caution when dealing in the Company"s
securities until the publication of the Company"s results for the three months
ended 31 March 2004.
Johannesburg
21 April 2004
Sponsor:
UBS
(1)Headline earnings before unrealised non-hedge derivatives and fair value
gains (losses) on interest rate swaps.
Queries:
www.anglogold.com
South Africa Tel: Mobile: E-mail:
Steve Lenahan +27 11 637 6248 +27 83 308 2200 slenahan@anglogold.com
Alan Fine +27 11 637 6383 +27 83 250 0757 afine@anglogold.com
Shelagh Blackman +27 11 637 6379 +27 83 308 2471 skblackman@anglogold.com
Europe & Asia
Tomasz Nadrowski +1 917 9124 641 tnadrowski@anglogold.com
USA
Charles Carter (Toll free) 800 417 9255/+1 212 750 7999 cecarter@anglogold.com
Australia
Andrea Maxey +61 8 9425 4604 +61 438 001 393 amaxey@anglogold.com.au
Disclaimer:
Except for the historical information contained herein, there are matters
discussed in this news release that are forward-looking statements. Such
statements are only predictions and actual events or results may differ
materially. For a discussion of important factors including, but not limited to
development of the Company"s business, the economic outlook in the gold mining
industry, expectations regarding gold prices and production, and other factors,
which could cause actual results to differ materially from such forward-looking
statements, refer to the Company"s annual report on the Form 20-F for the year
ended 31 December 2003 which was filed with the Securities and Exchange
Commission on 19 March 2004.
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