SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 or 15d-16 OF
THE SECURITIES EXCHANGE ACT OF 1934
Report on Form 6-K dated
11 JULY 2003
AngloGold Limited
_
(Name of Registrant)
11 Diagonal Street
Johannesburg, 2001
(P O Box 62117)
Marshalltown, 2107
South Africa____
(Address of Principal Executive Offices)
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F:
Form 20-F: Form 40-F:
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1):
Yes:
No:
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7):
Yes:
No:
Indicate by check mark whether the registrant by furnishing the information contained in this form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.
Yes:
No:
Enclosures:
ANGLOGOLD REPORT FOR THE QUARTER ENDED 31 MARCH 1999,
PREVIOUSLY FILED WITH THE SEC IN HARD COPY -- REFILED TODAY, ON EDGAR
REPORT FOR THE QUARTER
E N D E D 3 1 M A R C H 1 9 9 9
HIGHLIGHTS
Shortfall in gold production, due to operational problems, less than anticipated
Overall production increases by 8% to 53, 7 tonnes (1, 7 million ounces) with addition of Minorco gold mines
Cash costs decrease by 7% to $209 per ounce
Total production costs down by 6% to $238 per ounce
Attributable profit increases by 29% to R611 million
Earnings before exceptional items decline by 3% to R493 million
Cash generated from operations - R793 million
Return on shareholders' equity - 34%
Return (before tax) on capital employed - 22%
All financial figures reported solely according to International Accounting Standards for the first time
Prepared in accordance with Accounting Standards
Gold
Produced Revenue Cash costs
Total production costs
Operating profit
Net capital expenditure
Attributable profit
Attributable earnings
Earnings before exceptional items
Headline earnings
International
kg/oz (000) R/kg/$/oz sold R/kg/$/oz produced R/kg/$/oz produced R/$ million
R/$ million
R/$ million
cents per share
cents per share
cents per share
Quarter
ended March
1999
53 711
60 960 40 951 46 741
746,
8
249,
2
611,
3
625
504
974
Quarter
ended
December
1998
Rand/Metric
49 914 61 653 41 562 47 247
798,
0
253,
8
473,
9
485
521
521
Year
ended
December
1998
205 349
58 946 40 587 46 704
2 475, 3
544,
9
1 710, 5
1 748
1 568
1 568
Quarter
ended March
1999
1 728
311
209 238
122.
2
40.
8
100.
9
103
83
160
Quarter
ended
December
1998
Dollar/Imperial
1 604
332 224
254
138.
1
44.
0
82.
0
84
90
90
Year
ended
December
1998
6 602
334 230 264
444.
7
98.
7
317.
5
324
283
283
anglo
ANGLOGOLD LIMITED
Registration No. 05/17354/06 Incorporated in the Republic of South Africa
Published by the AngloGold Corporate Communications Department
Postal address: PO Box 62117
Marshalltown 2107 South Africa
Telephone: +27 11 637 6152
Facsimile: +27 11 637 6399/6400 E-mail: investors@corp. anglogold. com
LETTER FROM THE CHAIRMAN
AND THE CHIEF EXECUTIVE OFFICER
Dear Shareholder
AngloGold has produced a good set of results for the first quarter of its 1999 financial year. Significant changes have
taken place in this quarter in the composition of the company's assets, its accounting conventions and the fiscal regime
within which it operates, and shareholders need to take account of these changes in order to see in these results both
an accurate picture of current performance as well as an indicator of prospects for the remainder of the year.
During this quarter the company concluded the acquisition of the Minorco gold assets and their financial and operating
results are included for the first time. The quarterly results benefit from both the increased production and lowered
production costs of these assets. A significant increase in debt, and in amortisation (which increased by R72 million)
and a partial write-off of goodwill (R342 million this quarter) in relation to the Minorco acquisition is also evident.
Also during the quarter the company agreed to sell its 21, 5% interest in the South African gold company Driefontein.
AngloGold's attributable share of this company's gold production (some 300 000 annual ounces) has been excluded
from this quarter's operational results. As the sale was only approved by shareholders in April, equity accounted earnings
(R68 million), including a deferred tax rate change (R37 million) have been included this quarter. This will be set off
against the profit from the sale of approximately R544 million, which will be accounted for next quarter. The cash
proceeds amount to some R1, 3 billion, R714 million of which was paid in April with the balance to be paid within nine
months.
For this quarter the company reports its results exclusively according to International Accounting Standards (IAS), as it
is the Board's view that these standards provide the most reliable, effective and internationally comparative picture of
the performance of AngloGold. Last quarter both IAS and appropriation accounting conventions were reported. Last
quarter's profit available for distribution was R414 million (424 cents per share) in appropriation terms, and headline
earnings were R510 million (521 cents per share) in IAS terms. It is the IAS available profits that provide a meaningful
comparison with this set of results.
A further development that has had an impact on the reported results is the change effected to the South African
corporate tax rate during this quarter, where the corporate rate was lowered from 35% to 30% with a similar adjustment
being made to the gold mining tax formula. This lower rate is reflected (in part) in the R82 million reduction in tax and in
a R460 million reduction in deferred tax.
Against this background, the profit attributable to shareholders for the March quarter increased to R611 million (up by
29%), however once the goodwill write-off of R342 million, and the deferred tax adjustment of R460 million are excluded,
earnings are R493 million (504 cents per share). This represents a 3% decrease in the earnings of the December
quarter on a comparable basis.
In terms of the company's operating performance, production problems were experienced at a number of operations,
leading the company to revise downwards its production target for the quarter from 55 tonnes (1, 8 million ounces) to
52 tonnes (1, 7 million ounces) in a public announcement on 6 April 1999. Since this date 1, 7 tonnes (55 000 ounces) of
this deficit has been made up and management is confident of recovering the remaining ounces by the end of the year.
The price received on gold sales declined against the previous quarter by 1% to R60 960 per kilogram. Cash costs fell
from $224 to $209 per ounce and total production costs from $254 to $238 per ounce.
Capital expenditure for the quarter was R249 million compared to R254 million the previous quarter.
The company has therefore been able to repeat the sound operating performance of the December quarter, with an
operating profit margin this quarter of 23%, a return on shareholders' equity of 34% and on capital employed (before
tax)
of 22%.
Management remains confident of achieving the targeted production levels for the year of 7 million ounces, at cash costs
of around $210 per ounce.
NICKY OPPENHEIMER BOBBY GODSELL
Chairman Chief Executive Officer
29 April 1999
SOUTH AFRICAN OPERATIONS
As part of AngloGold's restructuring process. Western Deep Levels East, West and South mines have been separated into three business units from this quarter, each with its own management structure. To reflect these changes they have been renamed as follows: East Mine is now TauTona ('great lion' in Sotho). West Mine, Savuka (Zulu for 'rise up') and
South Mine. Mponeng ('look at me' or 'see me' in Sotho).
Overall performance
The first quarter got off to a disappointing start for the South African operations. The January and February production months were plagued by a series of seismic and infrastructural problems but the quarter finished strongly, with March the second highest production month since June last year.
Due to the initial shortage of quality underground material to the plants, throughputs were maximised by increased processing of lower-grade surface dump material. This resulted in some dilution of yield.
Gold production at 45, 5 tonnes was 2, 5 tonnes (5%) below the previous quarter, due mainly to underperformance from Matjhabeng, TauTona (Western Deep Levels East Mine ) and Elandsrand. Lower production at Ergo and Bambanani was in line with expectations.
Productivity, in grams per total employee, showed a slight deterioration (2%) from the December quarter levels, reflecting
this underperformance.
Cash operating costs were well controlled and ended 3% lower in absolute terms, while the lower production impacted unfavourably on unit costs which rose by 2% to R43 116 per kilogram.
Gold operating profit fell by some R163 million. The slightly lower gold price received, lower production and the change in inventory levels were the major contributors.
Mine performance
At TauTona (Western Deep Levels East Mine), a drive for improved safety - in line with AngloGold's zero tolerance safety campaign - resulted in reduced face advance in a number of high grade areas. The effect of the reduction is being addressed through productivity initiatives in other areas.
As a result of the fail-off in grade during January and February at Elandsrand, a number of panels were stopped and crews moved to higher-grade panels. This resulted in an improvement in grade but a shortfall in square metres due to the time taken to establish the higher-grade panels.
Production at Savuka (Western Deep Levels West Mine) was negatively affected by the damage to the tertiary shaft from
the seismic event reported last quarter. The rock mass has now been stabilised through an intensive support programme and the shaft steelwork is being repaired. Production performance is expected to improve in the second quarter.
At Mponeng Mine (Western Deep Levels South Mine), a seismic event closed two raise lines in high-grade areas. This reduced available face length and consequently, tonnage and grade were lower than planned.
Significant pumping problems were experienced at Deelkraal at the beginning of the year, leading to the suspension of operations in some areas. The resulting shortage of underground tonnage was offset by an increase in throughput of lower-grade surface dump material.
Great Noligwa had an exceptional quarter with a clean-up of the plant boosting production to 8, 7 tonnes. Production is expected to return to below 8 tonnes in the second quarter.
A switch from single-to twin-streaming of ore from Tau Lekoa and Kopanang Mines through the gold plant has improved gold accounting at both mines. At Tau Lekoa, an additional 100 kilograms of gold per month are expected to be
produced, while at Kopanang any negative impact will be offset by increased production.
Bambanani experienced substantial shaft downtime during the quarter as a result of shaft infrastructural problems. The impact was minimised by accelerated production.
Seismic activity and repairs to shaft infrastructure had an adverse impact on production at Matjhabeng. Production levels had been restored by March.
in the early hours of Friday, 23 April, however, an earth tremor measuring 4, 6 on the Richter Scale struck the Free State
goldfields. All four of Matjhabeng's shafts were affected, Eland shaft the most severely. At the time of publication rescue teams were still searching for the two employees missing underground. Damage to shaft infrastructure was still being assessed.
The reduction from two streams to one at Ergo's Daggafontein section - due to declining reserves - resulted in lower production, as anticipated.
Projects
Capital expenditure at Joel reduced quarter on quarter by R7 million. The shaft-sinking project was affected by poor ground conditions and technical problems related to the wetcreting operation. Measures are in place to address these issues. Shaft sinking has progressed to 117 level (1 133 metres below surface) and station development is under way.
The Mponeng (Western Deep Levels South Mine) Deepening project is progressing, on schedule. Scaling problems in the Sub shaft have resulted in the re-scheduling of expenditure. The Sub shaft has reached 120 level (3 371 metres below surface) where station development has been completed. Capital expenditure is R4 million lower than the previous quarter
The Moab Khotsong project is progressing very well and is on schedule. The commissioning of the main winder was completed successfully and ahead of schedule. Expenditure on capital for the quarter of R75 million was R22 million higher than the previous period.
The carbon technology projects at West Wits are ahead of schedule and within targeted expenditures. Carbon cells at No. 2 Plant have been commissioned and are running at acceptable residue levels. Civil construction at Elandsrand Plant has been completed and erection of structural steelwork has begun. Expenditure of R10 million has been incurred for the quarter.
INTERNATIONAL OPERATIONS
Other African operations
The Africa International operations comprise AngloGold's 38% interest in the Sadiola mine in Mali and the 70% interest in the Navachab venture in Namibia.
Both operations have performed well in respect of most key parameters this quarter. The significant variances in comparison with the preceding quarter are primarily associated with the previously reported requirement for additional stripping and revised slimes dam operations at Sadiola, coupled with the lower mill head grades expected there and at Navachab for 1999. At Navachab, excellent progress was made on pit slope recovery work, scheduled for completion at mid-year.
These factors directly influence labour establishment, costs and productivities, as demonstrated in the numbers.
Nevertheless, the cash costs continuing to be achieved and projected - at Sadiola in particular - are gratifying.
At Sadiola, negotiations are in progress to resolve, in the ensuing quarter, two issues with potential financial implications, These are: the upgrading of the mine-owned power station's diesel engines, where performance since commissioning
has been disappointing; and interpretation differences with the authorities on several Mali tax and duty clauses in the operating convention. Satisfactory resolution is expected and financial exposure is not assessed to be material.
From successful extension exploration programmes initiated two years ago, Sadiola's mineral resource model has been updated and provides, potentially, for the economic exploitation of additional resources. These would support the very high mining and throughput rates currently being achieved by the operation.
The relocation of both Sadiola and Farabakouta villages should be almost completed during the next quarter, thus satisfying both local environmental and ore resource access undertakings.
The potential Yatela project north-west of Sadiola continues to be subject to feasibility and trade-off studies and an investment decision is expected to be taken this year.
At Navachab, the venture management committee has agreed to go ahead with a significant pit expansion project which, while exploiting additional resources and extending the life by some eight years, provides an attractive return on the
required investment in additional waste stripping.
A six-day strike by plant shift workers and some sympathisers at Navachab was resolved by negotiation on 22 April.
The Americas
The process of integrating into AngloGold the interests acquired from Minorco in gold operations and exploration in the Americas has proceeded satisfactorily to date and is in line with expectations at the time of acquisition. Management is
firmly in place, with a capacity to bring future expansion and new projects to account.
In aggregate, the production targets for the first quarter were met at cash costs below expectations and below those of the previous quarter.
North America
These operations comprise AngloGold's 70% interest in the Jerritt Canyon joint venture in Nevada and the 67% interest
in the Cripple Creek and Victor joint venture in Colorado.
Jerritt Canyon performed satisfactorily for the quarter in respect of most key parameters and while the open-pit source of its production is scheduled to cease later this year, the underground sources at the Murray and SSX mines are scheduled to compensate in part. Active exploration and the development of additional underground production are in
place.
Cripple Creek and Victor, a low-grade but efficient open-pit and valley heap leach operation, had a slow start to the year, with new heap areas taking some time to develop the requisite solution flow tenors. It is anticipated that progressive production shortfalls should be recovered in the third quarter of 1999. Costs remain firmly under control.
South America
These operations comprise AngloGold's 100% interest in the Morro Velho mines and the 50% interest in the Serra Grande mines, both in Brazil, as well as the 46, 25% interest in Cerro Vanguardia in southern Argentina.
All operations achieved gold and cash cost targets in the first quarter and costs at the Brazilian operations further
benefited to the extent of some US$20 per ounce as a result of the Real devaluation.
Some work to resolve bottlenecking at the Cerro Vanguardia metallurgical plant remains to be done before the full potential at this operation is realised. Reagent usage is high at present while the cyanide recovery process is being optimised. Silver grades and recovery have been below expectations to date, thus lowering the useful by-product credit expected from that source. All these issues are receiving active attention in this, the first year of production.
A feasibility study on the potential Amapari project north of the Amazon is in progress, as are several studies on capacity
increases at the existing operations. Exploration is active.
For the first quarter of 1999, the spot price of gold continued to fluctuate within a narrow price band of some $15. Overall, the price moved lower from the final quarter of 1998, and the average price for the quarter of $287 per ounce was around $7 below the previous quarter. The price remains under pressure at the low end of this range.
The reasons for this pressure are not immediately obvious. Whilst there was disappointing news early in the quarter with the announcement by the Indian Government of an increase in import duties on gold into India (which results in a price of gold in India about 10% above the free market), this tax has not had any measurable impact on physical gold off-take. The Indian market retains the fallback source of gold smuggled from Dubai in the event that government taxation on the
metal becomes too onerous, and Indian off-take is still relatively firm after the record demand of 800 tonnes of metal in
that country during 1998. Physical off-take elsewhere in the world is equally reassuring, with indications of recovery in both South-East Asia and the Middle East.
Similarly, the revival of a proposal to sell a limited amount of IMF gold reserves (5 to 10 million ounces over a period of years) in a move to ease the debt burdens of poor countries is not a new issue in the gold market. More importantly, the amount proposed for the sale is not in itself material, and would almost certainly be absorbed in today's markets without impact on the price. In general, with the exception of the Swiss proposals to sell up to half of their gold reserves over a
number of years, the prognosis for gold sales from the official sector is encouraging, with no large sales likely from any
of the major holders of gold. This is the most positive position we have faced from this sector of the gold market in the
past decade.
The reasons for the malaise in the gold price appear to lie elsewhere, in a banking and investment sector which seems to ignore any and all good news on gold and which follows a policy of recommending selling on every improvement in the gold price, no matter how modest. What the motivation might be behind such a negative position is not clear.
However, initiatives are under way to achieve more satisfactory reporting of open positions and flows in gold derivative markets, and it is to be hoped that with some greater transparency in these markets we may gain a better understanding
of the forces which currently constrain the price of the metal.
The currency markets were generally more stable during this quarter than they were during 1998. The average rand/dollar exchange rate of R6, 15/US$ was some 4% weaker than the average in the final quarter of 1998, largely due to a stronger dollar. In general, investors have favoured the South African currency recently, and in the absence of major
upheavals, the rand could well consolidate around current levels against the dollar.
The hedge position reflected below includes an amount of some 142 300 kilograms of forward cover entered into in
respect of forecast production from the newly acquired gold mining assets in the United States and South America.
As at 31 March 1999, the company had outstanding the following net forward pricing commitments against future
production. A portion of these sales consists of US dollar-priced contracts which have been converted to rand prices at average annual forward rand values based on a spot rand/dollar exchange rate of R6, 20 available on 31 March
1999. The increase in hedge cover reflects the growing diversity of gold production by AngloGold in 1999 and beyond.
The percentage of the sales priced in US dollars is shown below:
12 months ending
31 March
1999
2000 2001 2002 2003 2004 - 2008
The aggregate of US dollar-priced contracts over the full duration of the hedge is 63 per cent.
Kilograms
sold
109 323
80 326 71 273 50 138
22 380 67 121
Ounces Forward price per
sold kilogram sold
000
R
3 515 2 583 2 291
1 612
720
2 158
67 150 75 859 81 665 89 009
101 039 129 199
Percentage of
positions
priced in US$
71 53
51 55 69 78
The hedge position of the company increased by 8, 7% to 12. 9 million ounces spread over ten years - equivalent to a year and nine months of production. The average price of these positions, 63% of which are priced in US dollars,
increased by 2% to $344 per ounce or R86 506 per kilogram at an exchange rate of R/$6, 20. The increase caters for the hedging of the additional production of the mines acquired from Minorco in terms of loan agreements.
1. The results have been prepared in accordance with International Accounting Standards. As from 1 January 1999
results will no longer be presented in accordance with the appropriation method of accounting.
2. At the general meeting held on Wednesday, 3 February 1999, shareholders approved the transaction for the
acquisition by AngloGold of the gold interests of Minorco for a net consideration of US$492, 4 million.
By 31 March 1999 all conditions precedent had been met and the effective date of the transaction was 1 January
1999.
3. During the quarter 4 000 ordinary shares were allotted in terms of the Share Incentive Scheme, thereby increasing
the number of ordinary shares in issue at 31 March 1999 to 97 857 199.
4. Earnings per share have been calculated using a weighted average number of ordinary shares in issue.
5. Orders placed and outstanding on capital contracts as at 31 March 1999 totalled R350, 0 million, equivalent to
US$56, 4 million at the rate of exchange ruling on that date.
6. Final dividend No. 85 of 800 South African cents per share was paid on 26 March 1999. The dividend paid on each
American Depositary Share (ADS) was 63. 85 US cents per ADS. Each ADS represents one-half of an ordinary share.
7. The financial results for the year ended 31 December 1998 are audited. All other results are unaudited.
By order of the Board
N. F. OPPENHEIMER R. M. GODSELL Chairman Chief Executive Officer
29 April 1999
GROUP BALANCE SHEET
Prepared in accordance with International Accounting Standards
31 Dec 1998
31 Mar 1999
31 Mar 1999
31 Dec 1998
US Dollar million
SA Rand million
ASSETS
Non-current assets
1 878.6
2 292.6
Mining assets
14 239.8
11 048.5
-
146.1
Goodwill
907.7
-
153.3
157.6
Investments
979.0
901.5
129.6
130.2
Long-term loans - unsecured
808.8
762.2
2 161.5
2 726.5
16 935.3
12 712.2
Current assets
115.4
163.4
Inventories
1 014.8
679.2
147.4
170.8
Trade and other receivables
1 061.1
866.8
224.1
224.5
Cash and cash equivalents
1 394.3
1 318.0
486.9
558.7
3 470.2
2 864.0
2 648.4
3 285.2
Total assets
20 405.5
15 576.2
EQUITY AND LIABILITIES
Capital and reserves
895.6
848.0
Share capital and premium
5 267.2
5 267.7
25.0
25.8
Non-distributable reserve
160.0
147.5
238.8
330.8
Retained earnings
2 054.7
1 404.1
1 159.4
1 204.6
Shareholders' equity
7 481.9
6 819.3
0.2
30.3
Minority interests
187.9
0.9
1 159.6
1 234.9
7 669.8
6 820.2
Non-current liabilities
121.5
744.9
Borrowings
4 626.4
714.7
15.7
16.1
Debentures
99.9
92.2
192.7
288.1
Other long-term liabilities
1 789.5
1 133.2
733.1
642.7
Deferred taxation
3 991.8
4 311.6
1 063.0
1 691.8
10 507.6
6 251.7
Current liabilities
231.4
236.2
Trade and other payables
1 468.8
1 360.8
0.7
32.5
Current portion of borrowings
201.8
4.3
60.6
89.8
Taxation
557.5
356.4
133.1
-
Dividends
-
782.8
425.8
358.5
2 228.1
2 504.3
2 648.4
3 285.2
Total equity and liabilities
20 405.5
"The results have been prepared in accordance with International Accounting Standards."
15 576.2
GROUP CASH FLOW STATEMENT
Year
Quarter
Prepared in accordance with International Accounting Standards
Quarter
Year
31 Dec 1998
31 Mar 1999
31 Mar 1999
31 Dec 1998
US Dollar million
SA Rand million
Cash flows from operating activities
501.5
130.8
Cash generated from operations
793.3
2 786.1
44.6
12.8
Interest received
77.9
246.4
( 17.1)
( 2.8)
Interest paid
( 17.4)
( 94.4)
7.2
5.6
Dividends received
34.2
39.7
( 258.0)
( 128.3)
Dividends paid
( 782.8)
(1 414.3)
( 112.1)
( 5.3)
Mining and normal taxation paid
( 32.4)
( 614.8)
166.1
12.8
Net cash inflow from operating activities
72.8
948.7
Cash flows from investing activities
( 184.6)
( 41.1)
Purchase of mining assets
( 250.5)
(1 012.0)
75.4
0.2
Proceeds from sale of mining assets
1.3
413.6
( 6.1)
( 0.7)
Investments acquired
( 4.2)
( 33.7)
-
( 459.2)
Net acquisition of Minorco gold assets
(2 840.8)
-
7.6
-
Proceeds from sale of investments
-
41.4
( 107.7)
( 500.8)
Net cash outflow from investing activities
(3 094.2)
( 590.7)
Cash flows from financing activities
0.5
0.1
Proceeds from issue of share capital
0.8
2.9
( 20.7)
( 0.2)
Formation and share issue expenses
( 1.3)
( 113.4)
12.7
501.3
Proceeds from borrowings
3 100.7
69.4
( 16.9)
-
Repayment of borrowings
( 0.2)
( 92.9)
( 12.9)
( 0.4)
Loans advanced
( 2.3)
( 70.5)
( 37.3)
500.8
Net cash inflow / (outflow) from financing activities
3 097.7
( 204.5)
21.1
12.8
Net increase in cash and cash equivalents
76.3
153.5
( 36.1)
( 12.4)
Translation adjustment
239.1
224.1
Opening cash and cash equivalents
1 318.0
1 164.5
224.1
224.5
Closing cash and cash equivalents
1 394.3
1 318.0
Note to the Cash Flow Statement
Cash generated from operations
444.3
122.9
Profit on ordinary activities before taxation
745.3
2 404.0
Adjusted for:
135.5
43.5
Amortisation of mining assets
265.5
744.8
8.1
4.8
Non-cash movements
29.2
43.5
9.1
-
Loss on sale of mining assets
-
107.3
( 68.4)
( 10.7)
Income from associates
( 65.5)
( 363.7)
( 44.6)
( 12.8)
Interest received
( 77.9)
( 246.4)
( 2.4)
( 0.2)
Dividends received
( 1.4)
( 13.4)
17.1
2.8
Interest paid
17.4
94.4
2.8
( 19.5)
Movement in working capital
( 119.3)
15.6
501.5
130.8
793.3
2 786.1
The following analyses the movement in working capital:
51.1
4.1
Decrease in inventories
24.8
280.0
( 46.5)
7.3
Decrease / (increase) in trade and other receivables
44.3
( 254.8)
( 1.8)
( 30.9)
Decrease in trade and other payables
( 188.4)
( 9.6)
2.8
( 19.5)
( 119.3)
"The results have been prepared in accordance with International Accounting Standards."
15.6
GROUP OPERATING RESULTS
Prepared in accordance with International Accounting Standards Statistics are shown in metric units and financial figures in South African rand.
Issued Capital:
97 857 199 ordinary shares of 50 cents each 2 000 000 A redeemable preference shares 778 896 B redeemable preference shares All the preference shares are held by a wholly owned subsidiary company
Quarter
Quarter
Year
ended
ended
ended
March
December
December
1999
1998
1998
GOLD
UNDERGROUND OPERATIONS
Tonnes milled
- 000
- reef
5 387
5 285
22 155
- waste
170
73
241
- total
5 557
5 358
22 396
Yield
- g/t
- reef
8.24
8.28
8.16
- waste
0.71
0.63
0.88
- average
8.01
8.18
8.08
Gold produced
- kg
- reef
44 405
43 769
180 831
- waste
120
46
212
- total
44 525
43 815
181 043
PRODUCTIVITY
g/employee
- target
220
177
174
- actual
208
189
181
SURFACE AND DUMP RECLAMATION
Tonnes treated
- 000
13 823
14 305
57 511
Yield
- g/t
0.28
0.29
0.30
Gold produced
- kg
3 841
4 166
17 025
OPEN-PIT OPERATIONS
Tonnes mined
- 000
12 171
2 207
7 527
Stripping ratio
- t(mined-treated) /t treated
2.63
1.89
1.63
Tonnes treated
- 000
3 350
763
2 863
Yield
- g/t
1.60
2.53
2.54
Gold produced
- kg
5 345
1 933
7 281
TOTAL
Gold produced
- kg
53 711
49 914
205 349
Revenue - R/kg sold
- (excluding accelerated hedge)
60 788
61 125
57 283
- (including accelerated hedge)
60 960
61 653
58 946
Cash costs
- R/kg produced
40 951
41 582
40 587
Total production costs
- R/kg produced
46 741
48 474
47 002
URANIUM
Tonnes treated
- 000
635
611
2 576
Yield
- kg/t
0.36
0.36
0.35
Production
- kg
230 000
223 000
891 000
Cost of production
- R/kg
72
74
75
Sales
- kg
313 591
671 068
1 508 794
GROUP OPERATING RESULTS
Prepared in accordance with International Accounting Standards Statistics are shown in imperial units and financial figures in US dollars.
Issued Capital:
97 857 199 ordinary shares of 50 cents each 2 000 000 A redeemable preference shares 778 896 B redeemable preference shares All the preference shares are held by a wholly owned subsidiary company
Quarter
Quarter
Year
ended
ended
ended
March
December
December
1999
1998
1998
GOLD
UNDERGROUND OPERATIONS
Tons milled
- 000
- reef
5 939
5 825
24 422
- waste
188
79
265
- total
6 127
5 904
24 687
Yield
- oz/t
- reef
0.240
0.242
0.238
- waste
0.021
0.018
0.026
- average
0.234
0.239
0.236
Gold produced - oz
- 000
- reef
1 428
1 408
5 814
- waste
4
2
7
- total
1 432
1 410
5 821
PRODUCTIVITY
oz/employee
- target
7.07
5.69
5.59
- actual
6.69
6.08
5.82
SURFACE AND DUMP RECLAMATION
Tons treated
- 000
15 236
15 768
63 395
Yield
- oz/t
0.008
0.008
0.009
Gold produced
- oz 000
124
133
547
OPEN-PIT OPERATIONS
Tons mined
- 000
13 416
2 433
8 297
Stripping ratio
- t(mined-treated) /t treated
2.63
1.89
1.63
Tons treated
- 000
3 693
841
3 156
Yield
- oz/t
0.047
0.074
0.074
Gold produced
- oz 000
172
61
234
TOTAL
Gold produced
- oz 000
1 728
1 604
6 602
Revenue - $/oz sold
- (excluding accelerated hedge)
310
329
324
- (including accelerated hedge)
311
332
334
Cash costs
- $/ounce produced
209
224
230
Total production costs
- $/ounce produced
238
261
266
Rand/US Dollar exchange rate
6.10
5.77
5.49
URANIUM
Tons treated
- 000
700
675
2 840
Yield
- lb/t
0.72
0.73
0.69
Production
- lb
507 064
491 631
1 964 320
Cost of production
- $/lb
5.37
5.81
6.33
Sales
- lb
691 350
1 479 453
3 326 323
GROUP FINANCIAL RESULTS
Prepared in accordance with International Accounting Standards
SA Rand million
Quarter
Quarter
Year
ended
ended
ended
March
December
December
1999
1998
1998
Turnover
3 288.5
3 312.5
12 282.6
Gold revenue
3 231.2
3 194.0
12 002.9
Normal
3 221.9
3 165.8
11 654.9
Accelerated hedge
9.3
28.2
348.0
Cost of sales
2 497.9
2 441.6
9 626.6
Cash costs
2 186.4
2 046.9
8 224.4
Retrenchment costs
9.2
28.2
348.0
Rehabilitation and other non cash costs
19.8
38.5
78.8
Production costs
2 215.4
2 113.6
8 651.2
Amortisation of mining assets
265.5
193.2
744.8
Total production costs
2 480.9
2 306.8
9 396.0
Inventory change
17.0
134.8
230.6
Gold operating profit
733.3
752.4
2 376.3
Uranium and acid profit
13.5
45.6
99.0
Uranium and acid sales
57.3
118.5
279.7
Uranium and acid cost of sales
43.8
72.9
180.7
Operating profit
746.8
798.0
2 475.3
Corporate administration and other expenses
65.0
75.9
262.5
Research and development
7.5
13.4
27.1
Exploration costs
56.4
51.4
203.5
Profit from operations
617.9
657.3
1 982.2
Interest paid
17.4
75.3
94.4
Interest receivable
77.9
121.7
246.4
Income from associates
65.5
78.9
363.7
Income from other investments
1.4
1.6
13.4
Profit / (loss) on sale of mining assets
-
13.7
( 107.3)
Profit on ordinary activities before taxation
745.3
797.9
2 404.0
Taxation
( 218.1)
324.0
693.5
Normal taxation
230.7
229.6
890.5
Deferred taxation
- current
11.1
94.4
( 197.0)
- rate change
( 459.9)
-
-
Profit on ordinary activities after taxation
963.4
473.9
1 710.5
Goodwill written off
341.7
-
-
Minority interest
10.4
-
-
Profit attributable to ordinary shareholders
611.3
473.9
1 710.5
Earnings per share
- cents
625
485
1 748
Headline earnings
- Rm
953.0
509.6
1 533.8
- cents per share
974
521
1 568
Earnings before exceptional item and deferred
tax rate adjustment
- Rm
493.1
509.6
1 533.8
- cents per share
504
521
1 568
Capital expenditure
- mining direct
225.9
226.1
883.1
- other
24.6
37.7
64.6
- recoupments
( 1.3)
( 10.0)
( 402.8)
Net capital expenditure
249.2
253.8
544.9
GROUP FINANCIAL RESULTS
Prepared in accordance with International Accounting Standards
US Dollar million
Quarter
Quarter
Year
ended
ended
ended
March
December
December
1999
1998
1998
Turnover
538.9
573.5
2 235.6
Gold revenue
529.5
553.0
2 184.6
Normal
528.0
548.1
2 116.4
Accelerated hedge
1.5
4.9
68.2
Cost of sales
409.5
422.8
1 757.8
Cash costs
358.5
354.4
1 499.1
Retrenchment costs
1.5
4.9
68.2
Rehabilitation and other non cash costs
3.2
6.7
12.5
Production costs
363.2
366.0
1 579.8
Amortisation costs
43.5
33.4
135.5
Total production costs
406.7
399.4
1 715.3
Inventory change
2.8
23.4
42.5
Gold operating profit
120.0
130.2
426.8
Uranium and acid profit
2.2
7.9
17.9
Uranium and acid sales
9.4
20.5
51.0
Uranium and acid cost of sales
7.2
12.6
33.1
Operating profit
122.2
138.1
444.7
Corporate administration and other expenses
9.8
12.6
48.1
Research and development
1.2
2.3
4.7
Exploration costs
9.2
8.9
36.8
Profit from operations
102.0
114.3
355.1
Interest paid
2.8
13.0
17.1
Interest receivable
12.8
21.1
44.6
Income from associates
10.7
13.7
68.4
Income from other investments
0.2
0.3
2.4
Profit / (loss) on sale of mining assets
-
1.7
( 9.1)
Profit on ordinary activities before taxation
122.9
138.1
444.3
Taxation
( 35.7)
56.1
126.8
Normal taxation
37.8
39.7
159.9
Deferred taxation
- current
1.9
16.4
( 33.1)
- rate change
( 75.4)
-
-
Profit on ordinary activities after taxation
158.6
82.0
317.5
Goodwill written off
56.0
-
-
Minority interest
1.7
-
-
Profit attributable to ordinary shareholders
100.9
82.0
317.5
Earnings per share
- cents
103
84
324
Headline earnings
- $m
156.9
88.2
276.9
- cents per share
160
90
283
Earnings before exceptional item and deferred
tax rate adjustment
- $m
81.6
88.2
276.9
- cents per share
83
90
283
Capital expenditure
- mining direct
37.0
39.3
160.4
- other
4.0
6.5
11.5
- recoupments
( 0.2)
( 1.8)
( 73.2)
Net capital expenditure
40.8
44.0
98.7
SOUTH AFRICAN OPERATIONS
VAAL RIVER
Great Noligwa Mine
Prepared in accordance with International
Quarter
Quarter
Year
Quarter
Quarter
Year
Accounting Standards.
ended
ended
ended
ended
ended
ended
March
December
December
March
December
December
1999
1998
1998
1999
1998
1998
Rand / Metric
Dollar / Imperial
OPERATING RESULTS
GOLD
Area mined
- m2
/
- ft2
- 000
105
118
450
1130
1270
4844
Milled - 000
- tonnes
/
- tons
- reef
627
584
2 480
691
644
2734
- waste
-
4
4
-
4
4
- surface and
dump reclamation
-
-
-
-
-
-
- total
627
588
2 484
691
648
2 738
Yield
- g/t
/
- oz/t
- reef
13.93
13.66
13.51
0.406
0.398
0.394
- waste
-
0.75
0.75
-
0.022
0.022
- surface and
dump reclamation
-
-
-
-
-
-
- average
13.93
13.57
13.49
0.406
0.396
0.393
Gold produced
- kg
/
- oz 000
- reef
8 735
7 975
33 509
281
256
1 077
- waste
-
3
3
-
-
-
- surface and
dump reclamation
-
-
-
-
-
-
- total
8 735
7 978
33 512
281
256
1 077
Revenue
- R/kg
/
- $/oz
- sold
61 087
61 294
57 881
311
330
328
Cash costs
- R
/
- $
- ton milled
381
389
380
57
61
63
- R/kg
/
- $/oz
- produced
27 350
28 705
28 174
139
155
159
PRODUCTIVITY
per employee
- g
/
- oz
- target
270
222
215
8.68
7.14
6.91
- actual
274
242
248
8.81
7.78
7.97
per employee
- m2
/
- ft2
- target
3.51
3.50
3.37
37.78
37.67
36.27
- actual
3.29
3.58
3.32
35.41
38.53
35.74
FINANCIAL RESULTS ( MILLION)
Gold normal revenue
532.9
519.6
1 972.1
87.3
90.0
358.9
Accelerated hedge revenue
0.7
0.9
8.2
0.1
0.2
1.6
Total gold revenue
533.6
520.5
1 980.3
87.4
90.2
360.5
Cost of sales
271.5
272.5
1 165.6
44.5
47.1
213.2
Cash costs
238.9
229.0
944.2
39.2
39.6
171.8
Retrenchment costs
0.7
0.9
8.1
0.1
0.2
1.6
Rehabilitation costs
1.2
10.3
12.1
0.2
1.7
2.1
Other non-cash costs
1.1
1.3
11.0
0.2
0.1
2.0
Production costs
241.9
241.5
975.4
39.7
41.6
177.5
Amortisation costs
31.8
19.1
147.3
5.2
3.4
27.5
Inventory change
( 2.2)
11.9
42.9
( 0.4)
2.1
8.2
Profit from operations
262.1
248.0
814.7
42.9
43.1
147.3
Capital expenditure
- mining direct
1.8
7.1
27.1
0.4
1.2
5.0
- other
( 0.5)
10.6
17.0
( 0.1)
1.8
3.1
- recoupments
-
-
-
-
-
-
Net capital expenditure
1.3
17.7
44.1
0.3
3.0
8.1
Kopanang Mine
Tau Lekoa Mine
Quarter
Quarter
Year
Quarter
Quarter
Year
Quarter
Quarter
Year
Quarter
Quarter
Year
ended
ended
ended
ended
ended
ended
ended
ended
ended
ended
ended
ended
March
December
December
March
December
December
March
December
December
March
December
December
1999
1998
1998
1999
1998
1998
1999
1998
1998
1999
1998
1998
Rand / Metric
Dollar / Imperial
Rand / Metric
Dollar / Imperial
104
113
392
1119
1216
4219
84
93
363
904
1001
3907
543
546
1 882
599
602
2075
448
460
1 847
494
507
2036
-
-
-
-
-
-
-
-
1
-
-
1
-
-
-
-
-
-
-
-
-
-
-
-
543
546
1 882
599
602
2 075
448
460
1 848
494
507
2 037
8.36
8.48
7.66
0.244
0.247
0.223
5.22
4.85
4.53
0.152
0.142
0.132
-
-
-
-
-
-
-
-
5.00
-
-
0.146
-
-
-
-
-
-
-
-
-
-
-
-
8.36
8.48
7.66
0.244
0.247
0.223
5.22
4.85
4.54
0.152
0.142
0.132
4 539
4 630
14 415
146
148
463
2 337
2 232
8 376
75
71
269
-
-
-
-
-
-
-
-
5
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
4 539
4 630
14 415
146
148
463
2 337
2 232
8 381
75
71
269
61 159
61 284
58 717
312
330
327
61 293
61 541
57 223
312
331
322
331
325
339
49
51
56
253
251
247
38
39
41
39 583
38 308
44 281
202
206
250
48 415
51 746
54 372
247
279
307
160
141
136
5.14
4.53
4.37
158
161
156
5.08
5.18
5.02
192
195
146
6.17
6.27
4.69
176
148
130
5.66
4.76
4.18
4.25
4.44
4.19
45.75
47.79
45.10
6.44
6.20
5.92
69.32
66.74
63.72
4.40
4.76
3.97
47.36
51.24
42.73
6.35
6.18
5.65
68.35
66.52
60.82
276.9
298.2
855.4
45.4
51.6
153.0
142.5
145.6
495.5
23.4
25.2
89.6
0.7
0.5
4.2
0.1
0.1
0.8
0.7
0.8
6.1
0.1
0.1
1.1
277.6
298.7
859.6
45.5
51.7
153.8
143.2
146.4
501.6
23.5
25.3
90.7
191.7
202.9
708.4
31.4
35.1
128.5
134.2
154.4
560.4
22.0
26.8
101.7
179.7
177.4
638.3
29.4
30.7
115.6
113.1
115.6
455.7
18.5
20.0
82.8
0.7
0.5
4.2
0.1
0.1
0.8
0.7
0.8
6.1
0.1
0.1
1.1
0.6
5.9
6.7
0.1
1.1
1.2
0.3
2.8
3.4
0.1
0.5
0.6
0.7
0.8
8.2
0.2
-
1.5
0.4
0.6
5.8
0.1
0.3
1.2
181.7
184.6
657.4
29.8
31.9
119.1
114.5
119.8
471.0
18.8
20.9
85.7
11.2
9.2
38.1
1.8
1.6
6.9
20.3
26.9
71.7
3.3
4.6
12.9
( 1.2)
9.1
12.9
( 0.2)
1.6
2.5
( 0.6)
7.7
17.7
( 0.1)
1.3
3.1
85.9
95.8
151.2
14.1
16.6
25.3
9.0
( 8.0)
( 58.8)
1.5
( 1.5)
( 11.0)
-
( 7.2)
( 0.6)
-
( 1.2)
-
( 0.2)
0.6
8.4
-
-
1.5
-
4.4
7.1
-
0.8
1.3
-
2.6
4.2
-
0.5
0.8
-
-
-
-
-
-
-
-
-
-
-
-
-
( 2.8)
6.5
-
( 0.4)
1.3
( 0.2)
3.2
12.6
-
0.5
2.3
VAAL RIVER
Surface Operations
Prepared in accordance with International
Quarter
Quarter
Year
Quarter
Quarter
Year
Accounting Standards.
ended
ended
ended
ended
ended
ended
March
December
December
March
December
December
1999
1998
1998
1999
1998
1998
Rand / Metric
Dollar / Imperial
OPERATING RESULTS
GOLD
Area mined
- m2
/
- ft2
- 000
-
-
-
-
-
-
Milled - 000
- tonnes
/
- tons
- reef
-
-
-
-
-
-
- waste
-
-
-
-
-
-
- surface and
dump reclamation
1 226
1 150
4 888
1 351
1 267
5 388
- total
1 226
1 150
4 888
1 351
1 267
5 388
Yield
- g/t
/
- oz/t
- reef
-
-
-
-
-
-
- waste
-
-
-
-
-
-
- surface and
dump reclamation
0.50
0.50
0.48
0.015
0.015
0.014
- average
0.50
0.50
0.48
0.015
0.015
0.014
Gold produced
- kg
/
- oz 000
- reef
-
-
-
-
-
-
- waste
-
-
-
-
-
-
- surface and
dump reclamation
615
573
2 325
20
18
75
- total
615
573
2 325
20
18
75
Revenue
- R/kg
/
- $/oz
- sold
61 049
61 447
57 570
311
331
328
Cash costs
- R
/
- $
- ton milled
18
18
21
3
3
4
- R/kg
/
- $/oz
- produced
36 348
36 881
44 162
185
199
253
PRODUCTIVITY
per employee
- g
/
- oz
- target
359
331
316
11.54
10.64
10.16
- actual
319
227
188
10.26
7.30
6.04
per employee
- m2
/
- ft2
- target
-
-
-
-
-
-
- actual
-
-
-
-
-
-
FINANCIAL RESULTS ( MILLION)
Gold normal revenue
37.5
35.0
133.3
6.1
6.1
24.4
Accelerated hedge revenue
-
0.2
0.5
0.1
-
-
Total gold revenue
37.5
35.2
133.8
6.2
6.1
24.4
Cost of sales
22.4
21.4
103.7
3.7
3.7
19.0
Cash costs
22.4
21.2
102.7
3.7
3.7
19.0
Retrenchment costs
-
0.2
0.5
-
-
-
Rehabilitation costs
-
-
-
-
-
-
Other non-cash costs
-
-
0.5
-
-
-
Production costs
22.4
21.4
103.7
3.7
3.7
19.0
Amortisation costs
-
-
-
-
-
-
Inventory change
-
-
-
-
-
-
Profit from operations
15.1
13.8
30.1
2.5
2.4
5.4
Capital expenditure
Moab Khotsong Mine
- mining direct
75.2
53.5
276.9
12.3
9.3
50.2
- other
-
-
-
-
-
-
- recoupments
-
-
-
-
-
-
Net capital expenditure
75.2
53.5
276.9
12.3
9.3
50.2
ERGO
Ergo
Prepared in accordance with International
Quarter
Quarter
Year
Quarter
Quarter
Year
Accounting Standards.
ended
ended
ended
ended
ended
ended
March
December
December
March
December
December
1999
1998
1998
1999
1998
1998
Rand / Metric
Dollar / Imperial
OPERATING RESULTS GOLD
Material treated
- tonnes
/
- tons
- 000
11 977
12 626
50 725
13 202
13 918
55 915
Yield
- g/t
/
- oz/t
0.22
0.24
0.24
0.006
0.007
0.007
Gold produced
- kg
/
- oz 000
2 634
3 061
12 265
85
98
394
Revenue
- R/kg
/
- $/oz
- sold
61 087
61 307
57 065
311
330
321
Cash costs
- R
/
- $
- ton treated
10
10
10
2
2
2
- R/kg
/
- $/oz
- produced
47 276
42 171
41 572
241
227
235
FINANCIAL RESULTS (MILLION)
Gold normal revenue
160.7
196.8
710.0
26.3
34.0
128.5
Accelerated hedge revenue
0.2
0.4
3.6
0.1
0.1
0.7
Total gold revenue
160.9
197.2
713.6
26.4
34.1
129.2
Cost of sales
144.6
151.7
599.8
23.7
26.2
109.2
Cash costs
124.5
129.1
509.9
20.4
22.4
92.7
Retrenchment costs
0.2
0.4
3.6
-
0.1
0.7
Rehabilitation costs
1.2
( 2.8)
2.6
0.2
( 0.5)
0.5
Other non-cash costs
1.3
1.3
5.0
0.3
0.2
0.9
Production costs
127.2
128.0
521.1
20.9
22.2
94.8
Amortisation costs
18.4
15.5
66.8
3.0
2.6
12.1
Inventory change
( 1.0)
8.2
11.9
( 0.2)
1.4
2.3
Gold operating profit
16.3
45.5
113.8
2.7
7.9
20.0
Acid loss
( 6.7)
( 2.5)
( 1.8)
( 1.1)
( 0.4)
( 0.3)
Acid sales
10.7
10.1
43.6
1.7
1.8
8.0
Acid cost of sales
17.4
12.6
45.4
2.8
2.2
8.3
Profit from operations
9.6
43.0
112.0
1.6
7.5
19.7
Capital expenditure
2.1
4.1
17.9
0.4
0.7
3.3
FREE STATE
Bambanani Mine
Prepared in accordance with International
Quarter
Quarter
Year
Quarter
Quarter
Year
Accounting Standards.
ended
ended
ended
ended
ended
ended
March
December
December
March
December
December
1999
1998
1998
1999
1998
1998
Rand / Metric
Dollar / Imperial
OPERATING RESULTS GOLD
Area mined
- m2
/
- ft2
- 000
87
89
344
936
954
3708
Milled - 000
- tonnes
/
- tons
- reef
541
565
2 093
596
623
2307
- waste
-
-
-
-
-
-
- surface and dump reclamation
-
-
-
-
-
-
- total
541
565
2 093
596
623
2307
Yield
- g/t
/
- oz/t
- reef
7.57
8.20
8.22
0.221
0.239
0.240
- waste
-
-
-
-
-
-
- surface and dump reclamation
-
-
-
-
-
-
- average
7.57
8.20
8.22
0.221
0.239
0.240
Gold produced
- kg
/
- oz 000
- reef
4 094
4 635
17 195
132
149
553
- waste
-
-
-
-
-
-
- surface and dump reclamation
-
-
-
-
-
-
- total
4 094
4 635
17 195
132
149
553
Revenue
- R/kg
/
- $/oz
- sold
61 281
62 713
57 744
312
338
326
Cash costs
- R
/
- $
- ton milled
337
369
344
50
58
57
- R/kg
/
- $/oz
- produced
44 491
45 039
41 927
227
243
236
PRODUCTIVITY
per employee
- g
/
- oz
- target
175
171
167
5.63
5.50
5.37
- actual
179
207
185
5.75
6.66
5.95
per employee
- m2
/
- ft2
- target
3.88
3.90
3.71
41.76
41.98
39.93
- actual
3.79
3.95
3.71
40.80
42.52
39.93
FINANCIAL RESULTS (MILLION)
Gold normal revenue
249.8
302.7
1 008.6
40.9
52.4
183.2
Accelerated hedge revenue
1.1
7.5
7.6
0.2
1.3
1.3
Total gold revenue
250.9
310.2
1 016.2
41.1
53.7
184.5
Cost of sales
200.7
247.8
810.9
32.9
43.0
146.8
Cash costs
182.1
208.8
720.9
29.9
36.1
130.7
Retrenchment costs
1.1
7.5
7.6
0.2
1.3
1.3
Rehabilitation costs
( 0.7)
( 4.2)
( 2.9)
( 0.1)
( 0.7)
( 0.5)
Other non-cash costs
1.5
6.5
5.5
0.2
1.3
0.8
Production costs
184.0
218.6
731.1
30.2
38.0
132.3
Amortisation costs
10.0
11.2
43.7
1.6
1.9
7.9
Inventory change
6.7
18.0
36.1
1.1
3.1
6.6
Profit from operations
50.2
62.4
205.3
8.2
10.7
37.7
Capital expenditure
- mining direct
6.9
12.2
30.9
1.1
1.9
5.3
- other
-
-
( 0.5)
-
0.1
-
- recoupments
-
-
-
-
-
-
Net capital expenditure
6.9
12.2
30.4
1.1
2.0
5.3
Tshepong Mine
Matjhabeng Mine
Quarter
Quarter
Year
Quarter
Quarter
Year
Quarter
Quarter
Year
Quarter
Quarter
Year
ended
ended
ended
ended
ended
ended
ended
ended
ended
ended
ended
ended
March
December
December
March
December
December
March
December
December
March
December
December
1999
1998
1998
1999
1998
1998
1999
1998
1998
1999
1998
1998
Rand / Metric
Dollar / Imperial
Rand / Metric
Dollar / Imperial
85
88
357
915
946
3842
105
113
441
1 130
1 219
4 745
302
309
1 205
333
340
1328
470
551
2 087
518
607
2 301
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
302
309
1 205
333
340
1328
470
551
2 087
518
607
2 301
8.28
8.53
7.86
0.242
0.249
0.229
7.37
7.12
7.50
0.215
0.208
0.219
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
8.28
8.53
7.86
0.242
0.249
0.229
7.37
7.12
7.50
0.215
0.208
0.219
2 502
2 631
9 467
80
84
304
3 465
3 923
15 660
111
125
503
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
2 502
2 631
9 467
80
84
304
3 465
3 923
15 660
111
125
503
61 683
64 334
58 354
314
347
329
61 004
62 706
57 860
311
338
326
384
458
404
57
72
66
397
411
368
59
64
61
46 341
53 744
51 466
236
289
290
53 829
57 672
49 052
274
311
277
156
128
130
5.02
4.12
4.18
141
142
140
4.53
4.57
4.50
158
160
140
5.08
5.14
4.50
126
143
139
4.05
4.60
4.47
5.71
5.39
5.37
61.46
58.02
57.80
3.94
3.86
3.83
42.41
41.55
41.23
5.39
5.33
5.26
58.02
57.37
56.62
3.81
4.12
3.91
41.01
44.35
42.09
152.6
177.6
562.1
25.0
30.7
101.9
211.4
269.2
931.5
34.6
46.5
168.5
1.7
9.1
9.1
0.3
1.6
1.6
-
6.7
6.7
-
1.2
1.2
154.3
186.7
571.2
25.3
32.3
103.5
211.4
275.9
938.2
34.6
47.7
169.7
139.3
181.0
562.7
22.8
31.3
101.5
196.1
252.6
839.1
32.1
43.6
152.0
115.9
141.4
487.2
19.0
24.5
88.3
186.5
226.3
768.2
30.6
39.2
139.4
1.7
9.1
9.1
0.3
1.6
1.6
-
6.7
6.7
-
1.2
1.2
( 0.4)
( 2.1)
( 1.3)
( 0.1)
( 0.4)
( 0.2)
( 0.5)
( 3.4)
( 1.9)
( 0.1)
( 0.6)
( 0.3)
0.8
3.8
3.0
0.1
0.6
0.2
1.2
5.7
6.4
0.2
0.8
0.6
118.0
152.2
498.0
19.3
26.3
89.9
187.2
235.3
779.4
30.7
40.6
140.9
17.0
17.8
43.9
2.8
3.1
7.8
3.2
3.6
30.3
0.5
0.6
5.7
4.3
11.0
20.8
0.7
1.9
3.8
5.7
13.7
29.4
0.9
2.4
5.4
15.0
5.7
8.5
2.5
1.0
2.0
15.3
23.3
99.1
2.5
4.1
17.7
-
( 0.1)
1.6
-
-
0.3
0.1
0.5
3.4
-
0.1
0.6
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
( 0.1)
1.6
-
-
0.3
0.1
0.5
3.4
-
0.1
0.6
FREE STATE
Surface Operations
Prepared in accordance with International
Quarter
Quarter
Year
Quarter
Quarter
Year
Accounting Standards.
ended
ended
ended
ended
ended
ended
March
December
December
March
December
December
1999
1998
1998
1999
1998
1998
Rand / Metric
Dollar / Imperial
OPERATING RESULTS GOLD
Area mined
- m2
/
- ft2
- 000
-
-
-
-
-
-
Milled - 000
- tonnes
/
- tons
- reef
-
-
-
-
-
-
- waste
-
-
-
-
-
-
- surface and dump reclamation
620
529
1 898
683
583
2 092
- total
620
529
1 898
683
583
2 092
Yield
- g/t
/
- oz/t
- reef
-
-
-
-
-
-
- waste
-
-
-
-
-
-
- surface and dump reclamation
0.95
1.01
1.28
0.028
0.029
0.037
- average
0.95
1.01
1.28
0.028
0.029
0.037
Gold produced
- kg
/
- oz 000
- reef
-
-
-
-
-
-
- waste
-
-
-
-
-
-
- surface and dump reclamation
592
532
2 435
19
17
78
- total
592
532
2 435
19
17
78
Revenue
- R/kg
/
- $/oz
- sold
61 003
61 186
56 546
311
330
325
Cash costs
- R
/
- $
- ton milled
44
45
50
7
7
8
- R/kg
/
- $/oz
- produced
46 079
45 158
39 095
235
243
221
PRODUCTIVITY
per employee
- g
/
- oz
- target
177
126
138
5.69
4.05
4.44
- actual
219
239
214
7.04
7.68
6.88
per employee
- m2
/
- ft2
- target
-
-
-
-
-
-
- actual
-
-
-
-
-
-
FINANCIAL RESULTS (MILLION)
Gold normal revenue
36.1
32.5
137.7
5.9
5.7
25.5
Accelerated hedge revenue
-
-
-
-
-
-
Total gold revenue
36.1
32.5
137.7
5.9
5.7
25.5
Cost of sales
28.7
23.1
101.3
4.7
4.0
18.5
Cash costs
27.3
24.0
95.2
4.5
4.2
17.3
Retrenchment costs
-
-
-
-
-
-
Rehabilitation costs
( 0.1)
( 4.0)
( 3.4)
-
( 0.7)
( 0.6)
Other non-cash costs
0.2
0.8
0.1
( 0.1)
-
-
Production costs
27.4
20.8
91.9
4.4
3.5
16.7
Amortisation costs
0.3
0.3
4.5
0.1
0.1
0.9
Inventory change
1.0
2.0
4.9
0.2
0.4
0.9
Profit from operations
7.4
9.4
36.4
1.2
1.7
7.0
Capital expenditure
- mining direct
( 0.4)
-
-
( 0.1)
-
-
- other
-
-
-
-
-
-
- recoupments
-
-
-
-
-
-
Net capital expenditure
( 0.4)
-
-
( 0.1)
-
-
Joel Mine
Quarter
Quarter
Year
Quarter
Quarter
Year
ended
ended
ended
ended
ended
ended
March
December
December
March
December
December
1999
1998
1998
1999
1998
1998
Rand / Metric
Dollar / Imperial
63
65
281
678
700
3 025
311
373
1 328
343
411
1 464
50
-
-
55
-
-
-
-
-
-
-
-
361
373
1 328
398
411
1 464
6.20
6.38
6.10
0.181
0.186
0.178
0.60
-
-
0.018
-
-
-
-
-
-
-
-
5.43
6.38
6.10
0.158
0.186
0.178
1 929
2 380
8 105
62
77
261
30
-
-
1
-
-
-
-
-
-
-
-
1 959
2 380
8 105
63
77
261
61 004
61 186
58 847
311
330
330
250
255
256
37
40
42
46 013
40 012
41 975
235
216
236
150
152
162
4.82
4.89
5.21
136
167
148
4.37
5.37
4.76
5.29
5.54
5.75
56.94
59.63
61.89
4.37
4.57
5.13
47.04
49.19
55.22
119.5
145.7
477.0
19.6
25.2
85.9
-
-
-
-
-
-
119.5
145.7
477.0
19.6
25.2
85.9
101.4
107.4
395.6
16.6
18.5
71.5
90.1
95.2
340.2
14.8
16.5
61.6
-
-
-
-
-
-
0.3
-
( 0.4)
-
-
( 0.1)
( 0.4)
0.7
1.4
( 0.1)
-
0.2
90.0
95.9
341.2
14.7
16.5
61.7
11.0
15.5
63.4
1.8
2.7
11.6
0.4
( 4.0)
( 9.0)
0.1
( 0.7)
( 1.8)
18.1
38.3
81.4
3.0
6.7
14.4
33.5
41.2
192.3
5.5
7.1
35.6
-
-
-
-
-
-
-
-
-
-
-
-
33.5
41.2
192.3
5.5
7.1
35.6
WEST WITS
TauTona Mine (East Mine)
Prepared in accordance with International
Quarter
Quarter
Year
Quarter
Quarter
Year
Accounting Standards.
ended
ended
ended
ended
ended
ended
March
December
December
March
December
December
1999
1998
1998
1999
1998
1998
Rand / Metric
Dollar / Imperial
OPERATING RESULTS
GOLD
Area mined
- m2
/
- ft2
- 000
65
80
308
700
861
3 315
Milled - 000
- tonnes /
- tons
- reef
430
459
1 845
474
506
2 034
- waste
-
-
-
-
-
-
- total
430
459
1 845
474
506
2 034
Yield
- g/t
/
- oz/t
- reef
11.34
12.57
12.22
0.331
0.367
0.356
- waste
-
-
-
-
-
-
- average
11.34
12.57
12.22
0.331
0.367
0.356
Gold produced
- kg
/
- oz 000
- reef
4 877
5 769
22 542
157
186
725
- waste
-
-
-
-
-
-
- total
4 877
5 769
22 542
157
186
725
Revenue
- R/kg
/
- $/oz
- sold
61 113
61 195
57 642
312
330
324
Cash costs
- R
/
- $
- ton milled
375
360
344
56
56
57
- R/kg
/
- $/oz
- produced
33 102
28 609
28 122
169
154
159
PRODUCTIVITY
per employee
- g
/
- oz
- target
270
216
213
8.68
6.94
6.85
- actual
246
277
270
7.91
8.91
8.68
per employee
- m2
/
- ft2
- target
3.90
4.14
3.93
41.98
44.56
42.30
- actual
3.28
3.85
3.69
35.31
41.44
39.72
FINANCIAL RESULTS (MILLION)
Gold normal revenue
297.5
381.7
1 321.6
48.7
66.1
238.8
Accelerated hedge revenue
0.5
0.1
2.8
0.1
-
0.5
Total gold revenue
298.0
381.8
1 324.4
48.8
66.1
239.3
Cost of sales
178.7
200.7
704.5
29.2
34.7
127.8
Cash costs
161.4
165.1
633.9
26.5
28.6
115.1
Retrenchment costs
0.5
0.1
2.8
0.1
-
0.5
Rehabilitation costs
( 0.1)
( 1.0)
2.0
-
( 0.2)
0.3
Other non-cash costs
1.0
2.2
4.5
-
0.4
0.9
Production costs
162.8
166.4
643.2
26.6
28.8
116.8
Amortisation costs
21.5
12.2
45.1
3.5
2.1
8.2
Inventory change
( 5.6)
22.1
16.2
( 0.9)
3.8
2.8
Profit from operations
119.3
181.1
619.9
19.6
31.4
111.5
Capital expenditure
- mining direct
0.6
2.8
5.6
0.1
0.4
0.9
- other
0.1
0.9
1.6
-
0.2
0.3
- recoupments
-
-
( 0.1)
-
-
-
Net capital expenditure
0.7
3.7
7.1
0.1
0.6
1.2
Savuka Mine (West Mine)
Mponeng Mine (South Mine)
Quarter
Quarter
Year
Quarter
Quarter
Year
Quarter
Quarter
Year
Quarter
Quarter
Year
ended
ended
ended
ended
ended
ended
ended
ended
ended
ended
ended
ended
March
December
December
March
December
December
March
December
December
March
December
December
1999
1998
1998
1999
1998
1998
1999
1998
1998
1999
1998
1998
Rand / Metric
Dollar / Imperial
Rand / Metric
Dollar / Imperial
50
47
225
538
506
2 422
63
64
272
678
689
2 928
288
248
1 230
317
274
1 356
417
428
1 733
460
471
1 910
-
-
-
-
-
-
-
-
-
-
-
-
288
248
1 230
317
274
1 356
417
428
1 733
460
471
1 910
6.59
6.58
6.78
0.192
0.192
0.198
6.25
6.36
7.49
0.182
0.185
0.218
-
-
-
-
-
-
-
-
-
-
-
-
6.59
6.58
6.78
0.192
0.192
0.198
6.25
6.36
7.49
0.182
0.185
0.218
1 897
1 631
8 335
61
52
268
2 605
2 720
12 980
84
87
417
-
-
-
-
-
-
-
-
-
-
-
-
1 897
1 631
8 335
61
52
268
2 605
2 720
12 980
84
87
417
61 052
61 193
57 996
311
330
328
61 116
61 194
57 246
312
330
325
401
426
347
60
67
57
379
348
341
56
55
56
60 899
64 833
51 230
310
349
290
60 618
54 759
45 471
309
295
257
167
150
139
5.37
4.82
4.47
190
174
160
6.11
5.59
5.14
118
101
126
3.79
3.25
4.05
149
149
183
4.79
4.79
5.88
4.54
4.37
4.11
48.87
47.04
44.24
4.04
4.04
3.72
43.49
43.49
40.04
3.11
2.91
3.41
33.48
31.32
36.70
3.61
3.49
3.84
38.86
37.57
41.33
115.7
111.2
487.0
19.0
19.2
88.4
158.9
181.1
752.9
26.1
31.3
137.3
0.1
-
6.4
-
-
1.3
0.3
-
2.6
-
-
0.4
115.8
111.2
493.4
19.0
19.2
89.7
159.2
181.1
755.5
26.1
31.3
137.7
117.4
115.0
450.1
19.3
20.0
82.0
161.6
167.2
635.5
26.5
29.0
115.2
115.5
105.7
427.0
18.9
18.3
77.7
157.9
148.9
590.2
25.9
25.8
107.3
0.1
-
6.4
-
-
1.3
0.3
-
2.6
-
-
0.4
-
( 0.3)
0.9
-
-
0.2
-
( 0.4)
1.4
-
( 0.1)
0.2
0.4
1.8
3.0
0.2
0.4
0.5
0.6
1.9
3.4
0.1
0.3
0.4
116.0
107.2
437.3
19.1
18.7
79.7
158.8
150.4
597.6
26.0
26.0
108.3
3.6
1.6
8.9
0.6
0.2
1.6
5.8
6.4
31.0
1.0
1.2
5.7
( 2.2)
6.2
3.9
( 0.4)
1.1
0.7
( 3.0)
10.4
6.9
( 0.5)
1.8
1.2
( 1.6)
( 3.8)
43.3
( 0.3)
( 0.8)
7.7
( 2.4)
13.9
120.0
( 0.4)
2.3
22.5
1.7
4.8
6.5
0.3
0.8
1.1
26.1
30.4
116.3
4.2
5.4
21.1
0.5
1.9
2.4
0.1
0.3
0.4
5.2
12.1
25.0
0.9
2.1
4.4
-
( 0.1)
( 0.1)
-
-
-
-
( 0.4)
( 1.7)
-
( 0.1)
( 0.3)
2.2
6.6
8.8
0.4
1.1
1.5
31.3
42.1
139.6
5.1
7.4
25.2
WEST WITS
Elandsrand Mine
Prepared in accordance with International
Quarter
Quarter
Year
Quarter
Quarter
Year
Accounting Standards.
ended
ended
ended
ended
ended
ended
March
December
December
March
December
December
1999
1998
1998
1999
1998
1998
Rand / Metric
Dollar / Imperial
OPERATING RESULTS
GOLD
Area mined
- m2
/
- ft2
- 000
109
126
464
1 173
1 356
4 994
Milled - 000
- tonnes /
- tons
- reef
468
535
2 150
516
590
2 370
- waste
6
8
35
7
9
39
- total
474
543
2 185
523
599
2 409
Yield
- g/t
/
- oz/t
- reef
6.76
6.96
6.96
0.197
0.203
0.203
- waste
0.33
0.38
0.29
0.010
0.011
0.008
- average
6.68
6.86
6.85
0.195
0.200
0.200
Gold produced
- kg
/
- oz 000
- reef
3 162
3 722
14 964
102
120
481
- waste
2
3
10
-
-
-
- total
3 164
3 725
14 974
102
120
481
Revenue
- R/kg
/
- $/oz
- sold
61 841
61 280
57 976
315
330
326
Cash costs
- R
/
- $
- ton milled
336
289
286
50
46
47
- R/kg
/
- $/oz
- produced
50 330
42 193
41 760
257
227
236
PRODUCTIVITY
per employee
- g
/
- oz
- target
223
201
196
7.17
6.46
6.30
- actual
168
193
190
5.40
6.21
6.11
per employee
- m2
/
- ft2
- target
6.74
6.22
6.05
72.55
66.95
65.12
- actual
5.80
6.53
5.89
62.43
70.29
63.40
FINANCIAL RESULTS (MILLION)
Gold normal revenue
193.1
246.0
861.2
31.7
42.6
155.9
Accelerated hedge revenue
2.6
0.4
6.9
0.4
0.1
1.3
Total gold revenue
195.7
246.4
868.1
32.1
42.7
157.2
Cost of sales
171.3
183.1
690.5
28.1
31.7
125.7
Cash costs
159.2
157.2
625.3
26.1
27.2
113.8
Retrenchment costs
2.6
0.4
6.9
0.4
0.1
1.3
Rehabilitation costs
( 0.1)
0.1
( 4.8)
-
-
( 1.0)
Other non-cash costs
0.6
1.5
2.8
0.1
0.3
0.6
Production costs
162.3
159.2
630.2
26.6
27.6
114.7
Amortisation costs
9.7
10.4
44.9
1.6
1.8
8.3
Inventory change
( 0.7)
13.5
15.4
( 0.1)
2.3
2.7
Profit from operations
24.4
63.3
177.6
4.0
11.0
31.5
Capital expenditure
- mining direct
27.6
29.0
90.2
4.5
5.0
16.1
- other
4.6
5.4
8.4
0.8
0.9
1.5
- recoupments
( 0.1)
( 0.1)
( 0.5)
-
-
( 0.1)
Net capital expenditure
32.1
34.3
98.1
5.3
5.9
17.5
Deelkraal Mine
Quarter
Quarter
Year
Quarter
Quarter
Year
ended
ended
ended
ended
ended
ended
March
December
December
March
December
December
1999
1998
1998
1999
1998
1998
Rand / Metric
Dollar / Imperial
34
39
176
366
419
1 894
186
227
1 020
205
250
1 124
114
61
201
126
68
222
300
288
1 221
331
318
1 346
7.31
6.41
6.71
0.213
0.187
0.196
0.77
0.66
0.97
0.023
0.019
0.028
4.83
5.19
5.77
0.141
0.151
0.168
1 360
1 455
6 847
44
47
220
88
40
194
3
1
6
1 448
1 495
7 041
47
48
226
61 331
62 132
58 599
313
335
334
283
309
289
42
49
48
58 705
59 528
50 030
299
321
284
187
137
137
6.03
4.40
4.40
122
124
136
3.92
3.99
4.37
4.50
3.48
3.46
48.44
37.46
37.24
2.87
3.23
3.40
30.89
34.77
36.60
88.3
99.3
415.2
14.5
17.2
76.0
0.5
1.5
12.5
0.1
0.2
2.4
88.8
100.8
427.7
14.6
17.4
78.4
94.4
106.8
413.5
15.5
18.4
75.5
85.0
89.0
352.3
13.9
15.4
64.2
0.5
1.5
12.5
0.1
0.2
2.4
0.3
0.5
( 1.3)
0.1
0.1
( 0.3)
0.5
1.9
3.0
0.1
0.2
0.5
86.3
92.9
366.5
14.2
15.9
66.8
8.4
8.5
40.5
1.4
1.5
7.5
( 0.3)
5.4
6.5
( 0.1)
1.0
1.2
( 5.6)
( 6.0)
14.2
( 0.9)
( 1.0)
2.9
3.8
4.7
12.9
0.6
0.8
2.3
-
-
1.1
-
-
0.2
-
-
-
-
-
-
3.8
4.7
14.0
0.6
0.8
2.5
OTHER AFRICAN OPERATIONS
Navachab - Attributable 70%
Prepared in accordance with International
Quarter
Quarter
Year
Quarter
Quarter
Year
Accounting Standards.
ended
ended
ended
ended
ended
ended
March
December
December
March
December
December
1999
1998
1998
1999
1998
1998
Rand / Metric
Dollar / Imperial
OPERATING RESULTS GOLD
Mined
- tonnes
/
- tons
- 000
987
970
3 621
1 088
1 069
3 991
Volume mined
- bcm
/
- bcy
- 000
365
358
1 330
477
469
1 740
Stripping ratio
- t(mined-treated) /t treated
3.15
2.75
2.69
3.15
2.74
2.69
Treated
- tonnes
/
- tons
- 000
238
259
981
262
285
1 081
Mill head grade
- g/t
/
- oz/t
1.50
1.58
1.46
0.044
0.046
0.043
Metallurgical recovery
- %
91.24
89.62
90.74
91.24
89.62
90.74
Gold produced
- kg
/
- oz 000
325
366
1 298
10
12
42
Revenue
- R/kg
/
- $/oz
- sold
63 224
55 354
54 636
322
298
307
Cash costs
- R/kg
/
- $/oz
- produced
51 612
44 377
47 846
263
239
270
PRODUCTIVITY per employee
- g
/
- oz
- target
431
488
480
13.86
15.69
15.43
- actual
449
545
471
14.45
17.52
15.14
FINANCIAL RESULTS ( MILLION)
Gold revenue
22.0
19.7
71.0
3.6
3.4
12.8
Cost of sales
16.6
18.2
69.8
2.7
3.2
12.7
Cash costs
16.8
16.2
62.1
2.7
2.8
11.3
Rehabilitation costs
0.5
-
0.4
0.1
-
0.1
Other non-cash costs
0.1
0.2
0.6
-
0.1
0.1
Production costs
17.4
16.4
63.1
2.8
2.9
11.5
Amortisation costs
0.5
1.8
6.7
0.1
0.3
1.2
Inventory change
( 1.3)
-
-
( 0.2)
-
-
Profit from operations
5.4
1.5
1.2
0.9
0.2
0.1
Capital expenditure
0.1
0.1
1.9
-
-
0.4
NOTE: The financial results for Sadiola have been equity accounted and the detail above is given for information only.
Sadiola - Attributable 38%
Quarter
Quarter
Year
Quarter
Quarter
Year
ended
ended
ended
ended
ended
ended
March
December
December
March
December
December
1999
1998
1998
1999
1998
1998
Rand / Metric
Dollar / Imperial
1 554
1 237
3 906
1 713
1 364
4 306
806
658
2 062
1 054
861
2 697
2.27
1.45
1.08
2.27
1.46
1.08
475
504
1 882
524
556
2 075
3.00
3.24
3.30
0.087
0.095
0.096
96.50
95.94
96.40
96.50
95.94
96.40
1 373
1 567
5 983
44
50
192
63 305
60 446
55 739
323
326
314
22 492
18 312
18 424
115
99
104
2 506
2 638
2 538
80.57
84.82
81.60
2 749
2 800
2 572
88.38
90.01
82.69
86.2
94.8
333.2
14.1
16.4
60.3
54.4
52.2
195.3
8.9
9.0
35.2
30.9
28.5
110.2
5.1
4.9
19.9
0.3
-
-
0.1
-
-
6.0
6.0
20.0
0.9
1.0
3.5
37.2
34.5
130.2
6.1
5.9
23.4
18.2
17.2
64.5
3.0
3.0
11.7
( 1.0)
0.5
0.6
( 0.2)
0.1
0.1
31.8
42.6
137.9
5.2
7.4
25.1
3.2
3.5
11.1
0.5
0.6
2.0
NORTH AMERICAN OPERATIONS
Cripple Creek & Victor J.V.
Prepared in accordance with International
Quarter
Quarter
Year
Quarter
Quarter
Year
Accounting Standards.
ended
ended
ended
ended
ended
ended
March
December
December
March
December
December
1999
1998
1998
1999
1998
1998
Rand / Metric
Dollar / Imperial
OPERATING RESULTS
GOLD
Underground Operations
Mined
- tonnes
/
- tons
- 000
Treated
- tonnes
/
- tons
- 000
Mill head grade
- g/t
/
- oz/t
Gold in ore
- kg
/
- oz 000
Yield
- g/t
/
- oz/t
Gold produced
- kg
/
- oz 000
Open-pit Operations
Mined
- tonnes
/
- tons
- 000
6 489
5 830
24 747
7 153
6 427
27 279
Stripping ratio
- t(mined-treated)
/t treated
1.68
1.22
1.54
1.68
1.22
1.54
Treated
- tonnes
/
- tons
- 000
2 423
2 628
9 746
2 671
2 897
10 743
Mill head grade
- g/t
/
- oz/t
0.59
0.65
0.73
0.017
0.019
0.021
Gold in ore
- kg
/
- oz 000
1 435
1 715
7 154
46
55
230
Yield
- g/t
/
- oz/t
0.59
0.65
0.73
0.017
0.019
0.021
Gold produced
- kg
/
- oz 000
1 435
1 715
7 154
46
55
230
Total
Yield
- g/t
/
- oz/t
0.59
0.65
0.73
0.017
0.019
0.021
Gold produced
- kg
/
- oz 000
1 435
1 715
7 154
46
55
230
Revenue
- R/kg
/
- $/oz
- sold
56 304
54 350
52 132
287
293
293
Cash costs
- R/kg
/
- $/oz
- produced
32 334
31 662
32 877
165
171
185
PRODUCTIVITY
per employee
- g
/
- oz
- target
1 804
1 804
1 804
58
58
58
- actual
1 555
1 928
2 024
50
62
65
FINANCIAL RESULTS (MILLION)
Gold revenue
80.5
93.0
373.6
13.2
16.1
67.5
Cost of sales
67.7
76.3
328.2
11.1
13.2
59.3
Cash costs
46.4
54.3
235.2
7.6
9.4
42.5
Rehabilitation costs
2.4
2.9
10.0
0.4
0.5
1.8
Other non-cash costs
-
-
-
-
-
-
Production costs
48.8
57.2
245.2
8.0
9.9
44.3
Amortisation costs
18.9
19.1
83.0
3.1
3.3
15.0
Inventory change
-
-
-
-
-
-
Profit from operations
12.8
16.7
45.4
2.1
2.9
8.2
Capital expenditure
21.4
19.6
70.8
3.5
3.4
12.8
Note: The gold produced for underground and open-pit operations is allocated on gold in ore.
Jerritt Canyon J.V. - Attributable 70%
Quarter
Quarter
Year
Quarter
Quarter
Year
ended
ended
ended
ended
ended
ended
March
December
December
March
December
December
1999
1998
1998
1999
1998
1998
Rand / Metric
Dollar / Imperial
139
129
483
153
142
532
99
87
326
109
96
359
12.58
13.21
8.01
0.367
0.385
0.234
1 245
1 149
2 612
40
37
84
10.78
12.24
11.59
0.312
0.354
0.337
1 067
1 065
3 777
34
34
121
2 121
2 356
9 896
2 338
2 597
10 909
16.98
17.85
31.77
16.98
17.85
31.77
118
125
302
130
138
333
8.31
7.29
8.65
0.246
0.210
0.252
980
911
2 613
32
29
84
6.71
6.31
12.51
0.192
0.181
0.363
792
789
3 778
25
25
121
8.57
8.75
12.03
0.247
0.252
0.350
1 859
1 854
7 555
59
59
242
56 304
61 663
58 359
287
332
328
35 772
40 183
31 211
185
219
176
1 928
1 866
1 866
62
60
60
1 960
1 960
2 022
63
63
65
104.3
114.3
440.5
17.1
19.8
79.6
98.9
116.6
363.6
16.2
20.2
65.7
66.5
74.5
235.8
10.9
12.9
42.6
4.3
6.9
23.2
0.7
1.2
4.2
-
-
-
-
-
-
70.8
81.4
259.0
11.6
14.1
46.8
28.1
35.2
104.6
4.6
6.1
18.9
-
-
-
-
-
-
5.4
( 2.3)
76.9
0.9
( 0.4)
13.9
15.9
32.9
120.6
2.6
5.7
21.8
SOUTH AMERICAN OPERATIONS
Morro Velho
Prepared in accordance with International
Quarter
Quarter
Year
Quarter
Quarter
Year
Accounting Standards.
ended
ended
ended
ended
ended
ended
March
December
December
March
December
December
1999
1998
1998
1999
1998
1998
Rand / Metric
Dollar / Imperial
OPERATING RESULTS
GOLD
Underground Operations
Mined
- tonnes
/
- tons
- 000
185
192
796
204
212
877
Treated
- tonnes
/
- tons
- 000
184
194
794
203
214
876
Mill head grade
- g/t
/
- oz/t
7.45
8.34
7.72
0.217
0.243
0.226
Gold in ore
- kg
/
- oz 000
1 378
1 602
6 149
44
52
198
Yield
- g/t
/
- oz/t
6.93
7.73
7.17
0.202
0.224
0.209
Gold produced
- kg
/
- oz 000
1 276
1 500
5 691
41
48
183
Open-pit Operations
Mined
- tonnes
/
- tons
- 000
263
225
1 481
290
248
1 633
Stripping ratio
- t(mined-treated)
/t treated
9.12
8.00
11.66
9.00
7.86
11.66
Treated
- tonnes
/
- tons
- 000
26
25
117
29
28
129
Mill head grade
- g/t
/
- oz/t
6.00
6.72
5.58
0.172
0.179
0.163
Gold in ore
- kg
/
- oz 000
156
168
653
5
5
21
Yield
- g/t
/
- oz/t
5.58
6.28
5.16
0.172
0.179
0.147
Gold produced
- kg
/
- oz 000
145
157
604
5
5
19
Total
Yield
- g/t
/
- oz/t
6.77
7.57
6.91
0.198
0.219
0.201
Gold produced
- kg
/
- oz 000
1 421
1 657
6 295
46
53
202
Revenue
- R/kg
/
- $/oz
- sold
56 618
55 329
52 933
289
298
298
Cash costs
- R/kg
/
- $/oz
- produced
26 179
29 511
32 597
133
160
184
PRODUCTIVITY
per employee
- g
/
- oz
- target
373
404
383
12
13
12
- actual
404
467
460
13
15
15
FINANCIAL RESULTS (MILLION)
Gold revenue
89.8
76.3
304.0
14.7
13.2
54.9
Cost of sales
61.8
54.2
246.5
10.1
9.4
44.6
Cash costs
37.2
48.9
205.2
6.1
8.5
37.1
Rehabilitation costs
0.2
0.3
2.0
-
0.1
0.4
Other non-cash costs
-
-
-
-
-
-
Production costs
37.4
49.2
207.2
6.1
8.6
37.5
Amortisation costs
14.4
14.0
55.2
2.4
2.4
10.0
Inventory change
10.0
( 9.0)
( 15.9)
1.6
( 1.6)
( 2.9)
Profit from operations
28.0
22.1
57.5
4.6
3.8
10.3
Capital expenditure
10.5
19.6
68.2
1.7
3.4
12.3
Note: The gold produced for underground and open-pit operations is allocated on gold in ore.
Serra Grande - Attributable 50%
Cerro Vanguardia - Attributable 46.25%
Quarter
Quarter
Year
Quarter
Quarter
Year
Quarter
Quarter
Year
Quarter
Quarter
Year
ended
ended
ended
ended
ended
ended
ended
ended
ended
ended
ended
ended
March
December
December
March
December
December
March
December
December
March
December
December
1999
1998
1998
1999
1998
1998
1999
1998
1998
1999
1998
1998
Rand / Metric
Dollar / Imperial
Rand / Metric
Dollar / Imperial
75
74
300
83
82
331
74
75
301
81
82
332
7.99
8.04
7.81
0.235
0.232
0.229
591
603
2 351
19
19
76
7.57
7.88
7.45
0.222
0.232
0.217
560
591
2 243
18
19
72
-
-
-
-
-
-
757
622
1 702
835
686
1 876
-
-
-
-
-
-
9.81
11.20
28.34
9.84
11.25
28.31
-
-
-
-
-
-
70
51
58
77
56
64
-
-
-
-
-
-
16.89
15.86
14.48
0.49
0.46
0.42
-
-
-
-
-
-
1 182
809
840
38
26
27
-
-
-
-
-
-
18.21
15.86
13.95
0.532
0.464
0.406
-
-
-
-
-
-
1 275
809
809
41
26
26
7.57
7.88
7.45
0.222
0.232
0.217
18.21
15.86
13.95
0.532
0.464
0.406
560
591
2 243
18
19
72
1 275
809
809
41
26
26
56 696
55 329
52 719
289
298
296
56 108
54 029
51 776
286
291
291
23 929
29 272
27 775
122
158
157
23 922
44 252
43 140
122
238
242
809
871
809
26
28
26
2 550
2 737
1 151
82
88
37
840
902
871
27
29
28
3 173
1 897
467
102
61
15
36.3
28.9
111.2
6.0
5.0
20.1
73.2
32.3
31.0
12.0
5.6
5.6
23.8
22.8
86.4
4.0
4.0
15.6
43.9
21.9
22.7
7.2
3.8
4.1
13.4
17.3
62.3
2.2
3.0
11.3
30.5
35.8
34.9
5.0
6.2
6.3
0.3
0.3
1.1
0.1
0.1
0.2
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
13.7
17.6
63.4
2.3
3.1
11.5
30.5
35.8
34.9
5.0
6.2
6.3
7.0
6.6
24.4
1.2
1.2
4.4
12.2
4.0
4.4
2.0
0.7
0.8
3.1
( 1.4)
( 1.4)
0.5
( 0.3)
( 0.3)
1.2
( 17.9)
( 16.6)
0.2
( 3.1)
( 3.0)
12.5
6.1
24.8
2.0
1.0
4.5
29.3
10.4
8.3
4.8
1.8
1.5
3.1
2.9
16.1
0.5
0.5
2.9
4.9
18.5
281.1
0.8
3.2
50.8
SHAFT SINKING
SHAFT SINKING (metres)
Quarter ended
Quarter ended
Year ended
March 1999
December 1998
December 1998
MOAB KHOTSONG MINE
Main shaft
Depth to date (below collar)
2 392
2 384
2 384
Rock / ventilation sub-vertical shaft
Advance
29
14
117
Depth to date
835
806
806
Station cutting
20
313
549
Man / material sub-vertical shaft
Depth to date
81
81
81
JOEL MINE
Taung North Shaft
Advance
112
243
719
Depth to date (below collar)
1 116
1 004
1 004
MPONENG MINE (SOUTH MINE)
Sub Shaft (previously Western Deep Levels South Deepening)
Advance
95
75
100
Depth to date (below collar)
1 114
1 019
1 019
SHAFT SINKING
SHAFT SINKING (feet)
Quarter ended
Quarter ended
Year ended
March 1999
December 1998
December 1998
MOAB KHOTSONG MINE
Main shaft
Depth to date (below collar)
7 847
7 821
7 821
Rock / ventilation sub-vertical shaft
Advance
95
46
384
Depth to date
2 740
2 645
2 645
Station cutting
66
1 028
1 801
Man / material sub-vertical shaft
Depth to date
266
266
266
JOEL MINE
Taung North Shaft
Advance
366
796
2 356
Depth to date (below collar)
3 655
3 289
3 289
MPONENG MINE (SOUTH MINE)
Sub Shaft (previously Western Deep Levels South Deepening)
Advance
313
244
326
Depth to date (below collar)
3 655
3 342
3 342
DEVELOPMENT
Development values represent actual results of sampling, no allowances having been made for adjustments necessary in estimating ore reserves.
Quarter ended March 1999
METRIC
Advance
Sampled
metres
metres
channel
gold
uranium
width
g/t
cm.g/t
kg/t
cm.g/t
cm
VAAL RIVER Great Noligwa Mine Vaal reef
5 456
492
77.50
34.77
2 693
3.24
251.30
"C" reef
910
292
8.80
84.40
743
3.23
28.42
Kopanang Mine Vaal reef
9 532
728
15.30
106.80
1 634
3.92
59.90
"C" reef
228
92
44.80
105.00
4 706
3.74
167.66
Tau Lekoa Mine Ventersdorp Contact reef
6 241
741
83.20
9.76
812
0.12
9.73
Moab Khotsong Mine Vaal reef
1 213
-
-
-
-
-
-
FREE STATE Bambanani Mine Basal reef
3 810
488
82.80
12.29
1 018
0.09
7.29
Tshepong Mine Basal reef
5 424
592
16.50
69.07
1 141
1.83
30.30
"B" reef
199
-
-
-
-
-
-
Matjhabeng Mine Basal reef
1 725
136
14.90
80.81
1 207
0.90
13.48
"A" reef
189
-
-
-
-
-
-
Joel Mine
Taung South Shaft Beatrix VS 5 composite reef
2 359
804
88.10
9.08
800
-
-
WEST WITS TauTona Mine (East Mine) Ventersdorp Contact reef
1
-
-
-
-
Carbon Leader reef
3 606
-
-
-
-
Savuka Mine (West Mine) Ventersdorp Contact reef
784
-
-
-
-
Carbon Leader reef
1 211
-
-
-
-
Mponeng Mine (South Mine) Ventersdorp Contact reef
6 282
366
83.90
18.45
1 548
Elandsrand Mine Ventersdorp Contact reef
4 808
928
42.00
29.61
1 244
Deelkraal Mine Ventersdorp Contact reef
1 023
288
119.00
7.76
924
(plus footwall bands)
DEVELOPMENT
Development values represent actual results of sampling, no allowances having been made for adjustments necessary in estimating ore reserves.
Quarter ended March 1999
IMPERIAL
Advance
Sampled
feet
feet
channel
gold
uranium
width
oz/t
ft.oz/t
lb/t
ft.lb/t
inches
VAAL RIVER Great Noligwa Mine Vaal reef
17 899
1 614
30.50
1.03
2.58
6.62
16.42
"C" reef
2 986
958
3.50
2.51
0.71
6.59
1.86
Kopanang Mine Vaal reef
31 274
2 388
6.00
3.18
1.56
7.99
3.93
"C" reef
747
302
17.60
3.13
4.50
7.64
11.00
Tau Lekoa Mine Ventersdorp Contact reef
20 474
2 431
32.80
0.29
0.78
0.24
0.64
Moab Khotsong Mine Vaal reef
3 980
-
-
-
-
-
-
FREE STATE Bambanani Mine Basal reef
12 499
1 601
32.60
0.36
0.97
0.18
0.48
Tshepong Mine Basal reef
17 797
1 942
6.50
2.01
1.09
3.66
1.99
"B" reef
653
-
-
-
-
-
-
Matjhabeng Mine Basal reef
5 658
446
5.87
2.36
1.16
1.80
0.88
"A" reef
619
-
-
-
-
-
-
Joel Mine
Taung South Shaft Beatrix VS 5 composite reef
7 741
2 638
34.69
0.26
0.77
-
-
WEST WITS TauTona Mine (East Mine) Ventersdorp Contact reef
3
-
-
-
-
Carbon Leader reef
11 831
-
-
-
-
Savuka Mine (West Mine) Ventersdorp Contact reef
2 574
-
-
-
-
Carbon Leader reef
3 973
-
-
-
-
Mponeng Mine (South Mine) Ventersdorp Contact reef
20 611
1 201
10.10
0.54
1.48
Elandsrand Mine Ventersdorp Contact reef
15 776
3 045
16.54
0.86
1.19
Deelkraal Mine Ventersdorp Contact reef
3 357
945
46.90
0.23
0.88
(plus footwall bands)
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has
duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
AngloGold Limited
Date: 11 JULY 2003
By: /s/ C R BULL
_
Name: C R Bull Title: Company Secretary