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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 AND SIX MONTHS ENDED 30 JUNE 1999, 
PREVIOUSLY FILED WITH THE SEC IN HARD COPY -- REFILED TODAY, ON EDGAR
 

 
 
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REPORT FOR THE QUARTER
E N D E D  3 0  J U N E  1 9 9 9
KEY  F E A T U R E S
• Hedging serves well - received price of $312 for six months
• Operating profit up 47% to R1, 6 billion (22% to $258 million)
• Headline earnings before deferred tax adjustment up 51% to R1 billion (26% to $168 million)
• 16% return on shareholders' equity (including deferred tax)
• Dividend of 900 cents per share - yield of 7% off a share price of R250
Prepared in accordance with International
Accounting Standards
Gold
Produced
Revenue
Cash costs
Total production costs -
Operating profit
Net capital expenditure
Attributable profit
Attributable earnings
Headline earnings
Headline earnings before
deferred tax adjustment
Dividends
 
kg/oz  (000)
R/kg/$/oz sold
R/kg/$/oz produced
R/kg/$/oz produced
R million/$ million
R million/$ million
R million/$ million
cents per share
cents per share
cents per share
cents per share
Quarter
ended
June
1999
Quarter
ended
March
1999
Six months
ended
June
1999
Six months
ended
June
1998
Rand/Metric
53
 438
61
 841
41
 363
47
 017
797
306
1
 018
1
 040
519
519
53
 711
60
 960
40
 701
46
 492
779
252
611
625
974
504
107 150
61
 398
41
 031
46
 753
1
 576
558
1
 629
1
 664
1
 492
1
 022
900
104 744
56
 464
38
 983
45
 715
1
 071
197
1
 000
1
 022
677
677
750
Quarter
ended
June
1999
1
 717
314
210
239
.
 131
50
166
170
85
85
Quarter Six months
ended ended
March June
1999 1999
Dollar/Imperial
1
 728
311
208
237
127
41
101
103
160
83
3
 445
312
209
238
258
91
267
273
245
168
149
Six months
ended
June
1998
3
 368
347
240
286
211
40
198
202
133
133
127
anglo
ANGLOGOLD LIMITED
Registration No, 05/17354/06
Incorporated in the Republic of South Africa
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Published by the AngloGold Corporate Communications Department
Postal address:         PO Box 62117
Marshalltown
2107
South Africa
Telephone:                  (11) 637 6152
Facsimile:                   (11) 637 6399/6400
E-mail:                         investors@corp. anglogold. com
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LETTER FROM THE CHAIRMAN
AND THE CHIEF EXECUTIVE OFFICER
Dear Shareholder
It is with profound sadness that we begin this communication to you by reflecting on the underground explosion at
Mponeng mine that claimed the lives of 19 workers on the night of 29 July. We have committed your company to
full support of a government inquiry, already under way, and are confident that every effort will be made to identify
the cause of this tragedy, together with ways to prevent any recurrence in the future. It is most important that the
lessons learned are embodied in the company's extensive Zero Tolerance safety campaign launched recently. In
extending our deepest condolences to the families of the men who died, we are mindful of the need to consider
their future well-being. The Board has asked management to identify, in discussion with the representative unions,
the most appropriate means of assisting not only these families but those of all workers who die in accidents on
AngloGold mines.
In the first six months of 1999 - a period during which the gold price first traded in the $278 to $293 range and then
plummeted to a 20-year low
 has produced creditable improvements in performance, compared with the
same period last year.
Operating profit increased by 47% to R1, 6 billion and headline earnings before deferred tax adjustment by 51% to
R1 billion, giving a return on shareholders' equity (including deferred tax) of 16%, compared with 11% for the same
period last year.
The company has been well served by its hedging activities, reporting a received price for the six months of $312,
compared with a spot price of $280. This received price is, nevertheless, significantly lower than the $347 received for
the equivalent period last year.
A dividend of 900 cents per share (compared to 750 for the first half of 1998) has been declared by the Board.
This represents a dividend yield of 7% annualised, thus maintaining our reputation as a high income equity. The
company's sound performance is reflected in its share price, compared with the FTSE gold index, shown in the
graph below.
ANGLOGOLD vs FTSE GOLD INDEX
10
Jun
 94  Dec 94  Jun 95  Dec 95  Jun 96  Dec 96  Jun 97  Dec 97  Jun 98  Dec 98  Jun 99
FTSEGOLD
AngloGold/FTSEGOLD
Share price prior to 30. 06. 98 is the Vaal Reefs share price
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DIVIDENDS AND HEADLINE EARNINGS BEFORE
DEFERRED TAX ADJUSTMENT
1050
ra
. c
_
0)
Q.
C
0)
(J
900
750
600
Jun-98
 
Dec-98
Six months ended
Jun-99
Dividends per share Earnings per share
The South African mines have had a difficult six months. The Elandsrand, Deelkraal, Savuka and Bambanani mines have
all experienced production problems of various kinds and the Matjhabeng mine lost more than one tonne of gold
production in the aftermath of the severe earthquake which occurred in April. We intend to provide more focused
resources to these mines, which comprise 85% of the company's business, and this is expected to contribute to their
improved performance.
The North American mines also had a slower than anticipated start, though production has picked up in the second
quarter and costs have been well controlled. In contrast, the South American mines have had an excellent half-year, with
production up and costs down. This is true also of the Sadiola mine in Mali. The diversity of AngloGold's operations
demonstrates the ability of the company to cope with the inevitable adversities of individual mines.
The medium-term prospects for AngloGold are closely linked to those of the gold price. Our existing price hedges should
allow the company to realise prices in the second half of this year similar to those of the first six months, even if the spot
price remains at its present two-decade low.
Present price levels are frustrating, as the last quarter has seen strong growth in almost all physical off-take markets.
South Korean and South East Asian demand increased by 50%, the Japanese market by 80% and the United States by
17%, while India recovered from a weak first quarter.
However, physical demand is taking second place at the moment to the speculation that most central banks will, in the
foreseeable future, sell most of their gold. Indications from the US Federal Reserve and the European Central Bank
suggest that neither of these important holders intends reducing the 21 000 tonnes they hold. Some perspective needs
to be brought to the debate on the future gold management policies of central banks and other official institutions.
NICKY OPPENHEIMER
Chairman
BOBBY GODSELL
Chief Executive Officer
3 August 1999
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SOUTH AFRICAN OPERATIONS
Overall performance
The performance during the second quarter reflected the impact of the severe earthquake measuring 4. 6 on the Richter
scale that struck the Free State goldfields on 23 April. Although all four of Matjhabeng's shafts were affected, it was Eland
shaft that bore the brunt of the damage. This shaft is scheduled to return to full production in October this year.
Gold production at 44, 6 tonnes (1 433 248 ounces) was 0. 9 tonnes (28 421 ounces), 2% less than the first quarter. Eland
shaft was 1 1 tonnes below expectations but this was offset by improved performances at Mponeng, Savuka and
Elandsrand In line with expectations, the exceptional performances recorded at Great Noligwa and Kopanang in the
March quarter were not sustainable.
In order to maintain full capacity at the metallurgical plants in the face of diminished reef tonnage, surface tonnage was
substituted, resulting in a slight lowering of the yield (1%). Productivity, in grams per employee, fell by 1% from the
previous quarter, mirroring the lower performance.
Cash operating costs were maintained at previous levels in absolute terms, but showed a slight increase in unit cost
terms (2%) to end at R43 717 per kilogram or $222 per ounce.
A 1% improvement in the gold price received partially offset the reduced revenue from lower production. Consequently,
operating profit fell by R31 million.
Earnings for the second quarter were increased by R543 million from the proceeds of R1 314 million received in respect
of the sale of the company's 21. 5% interest in Driefontein.
Mine performance
Great Noligwa, as expected, has not been able to sustain the high grade and consequent gold output of the previous
quarter. Its production has also been impacted by an earlier than planned intersection of the Jersey fault with the
subsequent loss of some high-grade panels. A fire experienced in early July will not have any significant impact on
production for the third quarter.
Management focus on vamping and tramming operations at Kopanang, together with improved tonnage from stoping,
generated above targeted results. These were below the March quarter achievements, however.
Tau Lekoa's good production performance continued during this quarter. The lower grade was a result of the treatment
of material from the Weltevreden dump.
Ergo produced another steady set of results for the quarter. Oil heaters in the elution section caught fire on 8 July which
has interrupted production. At present, the gold inventory is being increased and the effect on the third quarter's results
will be negligible. It is anticipated that Ergo will meet its gold target for the year.
A recent power failure, together with two fires, at Bambanani have meant that the focus on face advance and improved
infrastructure has not yet generated the intended improvements in tonnage and gold production. Plans are afoot to get
the underground operations back to targeted production levels.
The increased output of gold at Tshepong can be ascribed to the concentrated efforts on backlog sweepings and
vamping operations. It is anticipated that this production level will be maintained.
In addition to the earthquake's effect at Eland shaft, Matjhabeng has also been impacted by a lock-up of underground
ore at Nyala shaft. Problems with grade at the three operating shafts are hampering efforts to minimise the gold shortfall.
The lower production at Joel resulted from a gold lock-up in the mills and underground operations. The mill lock-up has
now been resolved and consequently, the pulp grade is back on target.
TauTona's centares mined and average yield are showing some encouraging trends, but volume remains under
pressure. This is impacting on the mine's ability to produce at its full potential.
Production is still being hampered by an inability to mine in the shaft pillar area at Savuka following the seismic incident
in the tertiary shaft in October last year. Despite this constraint, Savuka was able to post improved gold production
results for the quarter.
With face length now available, centares and grade improved at Mponeng. Together with focused effort on plant clean-up,
up, this resulted in a significant increase in gold production.
An increased focus on grade at Elandsrand resulted in the suspension of some lower grade panels. This led to a
shortfall in underground tonnage but had a favourable impact on recovered gold.
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Deelkraal is still being hampered by a lack of face availability, which has necessitated the scheduling of increased low-
grade surface dump material.
Projects
The shaft sinking at Joel has reached 121 level (1 212 metres below surface) and station development is in progress.
Expenditure on this project of R12 million was some R5 million below the March quarter.
Progress on the Mponeng deepening project has been good. At present, sinking operations have reached 121 level
(3 402 metres below surface) and station development is in progress. Capital expenditure for the deepening project at
R35 million was R12 million higher than the previous quarter.
The Moab Khotsong project continues to progress well and capital expenditure at R77 million was R2 million higher than
the March quarter.
The carbon technology projects at West Wits are ahead of schedule and within targeted expenditures. Capital
expenditure at R17 million was R7 million higher than the previous quarter.
INTERNATIONAL OPERATIONS
Other African operations
These operations comprise AngloGold's 38% interest in Sadiola mine in Mali and the 70% interest in the Navachab
venture in Namibia.
In respect of most key second quarter production parameters, both operations have outperformed the previous quarter.
Replanning at Sadiola permitted higher grades to be accessed earlier and at Navachab the effects of the previously
reported slope stability problems have been largely overcome.
At Sadiola, in terms of production and operating costs, it is unlikely that the exceptionally high second quarter production,
which resulted in direct cash costs of $102 per ounce, can be sustained. A modest shortfall in stripping volume at Sadiola
should be recovered in the next period. The additional stripping associated with the pit extension project at Navachab
will continue to exercise pressure on the interim profitability margins.
At Sadiola, negotiations progressed well to resolve the two issues reported previously, namely, the upgrading of the mine
power station's diesel engines/generator sets, where performance since commissioning has been disappointing, and
interpretation differences with the authorities on several Mali tax and duty clauses in the operating convention. Closure
is expected in the third quarter at the forecast costs, for which provision has been made.
An updated mineable reserve model for Sadiola has confirmed a life of mine, at reduced gold prices, through to at least
2004 with some additions very likely as a result of extension drilling and exploration in the current exploitation area.
The relocation of both Sadiola and Farabakouta villages has been successfully carried out and serves as a model of
its kind.
The safety and health programme at Sadiola was subjected to external audit during the last quarter and the mine
achieved a four-star NOSA rating.
The pre-feasibility and trade-off studies for the potential Yatela project north-west of Sadiola have been concluded and
the project team will advance the study to bankable level, based on a 2, 5-million-tonnes-a-year heap leach operation.
The results will be clear by year-end.
Exploration programmes continued throughout Mali, Senegal, Tanzania and Botswana. During the last quarter a joint
venture drilling programme with Cluff Mining began in the southern part of the Democratic Republic of the Congo.
Exploration in Tanzania remains concentrated on the area around southern Lake Victoria which continues to provide
encouraging results for an AngloGold-sized project.
American operations
Integration of the AngloGold interests in the American operations, as well as of the associated exploration activities, into
the AngloGold global business has been largely achieved and synergies, particularly with respect to skilled manpower
and technical expertise, established.
Overall, the second quarter outperformed the first and production targets were met.
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North America
These operations comprise AngloGold's 70% interest in the Jerritt Canyon joint venture in Nevada and the 67% interest
(100% interest in production ounces subject to contract obligations) in the Cripple Creek and Victor joint venture in
Colorado.
Jerritt Canyon maintained the good production performance of the first quarter. Production was held temporarily at higher
levels in order to offset the shortfalls at Cripple Creek and Victor, resulting in accelerated depletion of the DASH open
pit. This ore source is thus reduced for the next period. Nevertheless, the mine outlook for the year remains positive in
respect of ounces and cash costs, with the latter at around $185 per ounce.
Employee productivity improved slightly in the second quarter and no lost time injuries occurred during this period.
The new Murray and SSX underground truck fleet was put into service late in the second quarter. Early stage
development of the new MCE mine exceeded expectations.
The annual maintenance turnaround of the roaster was completed as scheduled and included installation of a Y2K
compliant mill process control system. Toxic Release Inventory (TRI) reporting was completed under new Federal
requirements.
With a slow start to the year as previously reported, Cripple Creek and Victor began the expected production recovery.
Despite heavy snows in April/May, gold production was up 16% on the first quarter. Though still below anticipated levels
due to lower leach solution grades arising from ore stacking and leaching delays, the outlook for the year indicates a
recovery in ounces at an expected cash cost of around $165 per ounce.
Employee productivity improved in the second quarter with one lost time injury occurring during the period.
Crushed tonnes placed improved while run of mine ore tonnages exceeded expectations. TRI reporting was completed
under new Federal requirements, and leach pad extension construction proceeded as planned.
East Cresson mine development began during the second quarter following regulatory approval of Amendment No. 7 in
January.
Exploration at both operating sites and on additional ground in Nevada continued as planned.
South America
These operations comprise AngloGold's 100% interest in the Morro Velho mines and 50% interest in the Serra Grande
mines, both in Brazil, as well as the 46. 25% interest in Cerro Vanguardia in southern Argentina.
The operations in Brazil enjoyed an excellent production quarter, outperforming the previous period in respect of ounces
produced and cash costs achieved.
At Cerro Vanguardia, gold production for the quarter was lower than that for the first quarter, during which more of the
previously accumulated higher grade material in stockpiles had been treated. Although an improvement on the first
quarter, silver production delivered disappointing yields. Efforts continue to remedy the previously reported post-
commissioning plant performance problems at Cerro Vanguardia.
Related to the complexity of the ore type at Cerro Vanguardia, the plant throughput capacity is fully utilised (and is
amenable to further expansion) but the optimisation of reagent usage and cyanide recycle is proving technically difficult.
Although not yet achieved, progress is evident. This negatively affected cash costs, which were $140 per ounce for the
quarter. Despite this, the mine has successfully met the operational requirements for the Senior Lender Technical
Completion Tests and application for the certificate is under review by the responsible consultants.
Safety performance as measured by accident frequency rates was better at all operations, with room for further
improvement.
South American exploration, both on the existing mine exploitation areas and elsewhere in Brazil and Argentina
continued as planned. AngloGold exploration companies in both Venezuela and Peru should be active imminently and
the company is evaluating an increasing number of approaches to form alliances or acquire opportunities on this
continent.
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Circumstances in the gold market changed materially during the second quarter of 1999 with the announcement on
7 May of the United Kingdom's intention to sell 415 tonnes out of 715 tonnes of official gold reserves by public auction
over a number of years, starting on 6 July 1999. This method of pre-announcement and sale by public auction is at odds
with the nature of the traded market in gold, which operates much like a currency market where volumes of derivative
trade substantially outweigh the flows of the underlying currency or metal. The pre-announcement was an invitation to
speculators in that derivative market to sell the metal short, and exactly this process followed, depressing the gold price
to a 20-year low of $257 per ounce. The average price for the quarter was $273 per ounce, compared with an average
of $287 for the first quarter of this year.
The first of the British auctions took place on 6 July with the sale of 25 tonnes of gold out of the 125-tonne first tranche
which the United Kingdom proposes to sell by mid-2000. The sale proceeded without event, but provided speculators
with a benchmark against which to sell short immediately after the auction. The market remains weak at these levels
although there is some evidence of a return of two-way business to the market.
The opportunities provided to speculators by the public pre-announcement of the British sales, and the damage done to
the gold price by this speculation, has revived a view amongst gold market commentators - reflected in the media - that
widespread sales of official gold reserves are inevitable and will, in due course, push the depressed gold price
substantially lower. This view has been supported by the proposal by International Monetary Fund (IMF) management
to sell some 10 million ounces of IMF gold reserves as part of a debt relief scheme for Heavily Indebted Poor Countries.
In addition, Switzerland has continued to move towards its aim of selling half of the Swiss National Bank gold holdings
of 2 590 tonnes, to be spread over a period as long as ten years.
Neither of these proposals to sell gold reserves would necessarily lead to net official sales of gold in any year in excess
of the typical levels absorbed by the gold market annually in recent years. However, the damage done to the gold market
by speculators in reaction to the British gold sale announcement has alerted gold producers and other constituencies in
the gold market to the potential negative impact in today's fragile market of all official gold sales announcements. Whilst
the gold mining industry is absorbed currently with these immediate challenges, in the longer term it will be incumbent
on all of those with an interest in this industry to find a modus operandi for interaction between major holders of gold and
the traded market in the metal which avoids market dislocation. This is clearly not what has happened in the case of the
British sales, where all parties with a long-term interest in gold - official institutions and individuals - have suffered, and
only speculators with no long-term interest in either the metal or the gold market have benefited.
In contrast to the aggressive selling of gold by speculators, the physical market for gold during this past quarter has
shown further encouraging growth. Off-take in South Korea and South East Asia went up by 50% compared with the
second quarter of 1998, whilst gold imports into Japan are 80% up. Demand from the USA was up by 17%, and off-take
in India increased after a disappointing first quarter. New opportunities for market growth are being opened up in
Pakistan and in the Middle East, particularly Egypt.
This paradox of healthy and growing physical demand juxtaposed with aggressive short selling in the derivatives market
reinforces the extent to which the current gold market has lost touch with reality, as speculators from the financial and
investment sectors are encouraged to sell the metal on the as yet unproved speculation of imminent, widespread and
ongoing central bank gold sales. These rumours have been used for a number of years now to depress the gold price,
and yet there remains to date no support in the actual behaviour of the official sector for these views.
By contrast, of the approximately 33 000 tonnes of official gold holdings, we know that nearly 21 000 tonnes is held in
the firm hands of the United States Federal Reserve, and the members of the European Central Bank, both of which
institutions have given reassurances to the market in recent months that they have no intention of reducing their holdings
of gold. The challenge in the market place going forward must be to convey this reality to market commentators and
media alike, in contradiction to the popular misrepresentation described above.
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As at 30 June 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. 00 available on 30 June 1999.
The percentage of the sales priced in US dollars is shown below:
6 months ending
31 December 1999
12 months ending
31 December 2000
2001
2002
2003
2004
January 2005 - June 2009
The aggregate of US dollars priced contracts over the full duration of the hedge is 59%.
 
Kilograms
sold
101 317
79 077
67 930
60 116
31 172
20 272
63 558
 
Forward
price per
kilogram sold
R
60 811
71 215
76 019
82 927
96 731
105 526
135 080
 
Ounces
sold
000
3 257
2 542
2 184
1 933
1 002
652
2 043
 
 

Forward
price per
ounce sold
$
311
350
354
350
346
346
361
 
 
Percentage of
positions
priced in US$
35
63
60
60
78
86
82
The hedge position of the company increased by 6% to 13. 6 million ounces spread over ten years - equivalent to a year
and ten months of production. The average price of these positions, 59% of which are priced in US dollars, decreased
marginally by 0. 3% to $343 per ounce or R84 266 per kilogram at an exchange rate of R/$6. 00. The increase in hedge
tonnage reflects the completion of the hedging for the mines acquired from Minorco in terms of the loan agreements.
The net present value of all hedge transactions making up the hedge positions in the above table was R3. 04 billion
($507 million) as at 30 June 1999. This value was based on a gold price of $262. 45 per ounce, an exchange rate of
R/$6. 00 and the prevailing market interest rates and volatilities at the time.
As at 28 July 1999, the net present value of the hedge book was R3. 57 billion ($583 million), based on a gold price of
$253. 65 per ounce, an exchange rate of R/$6. 12 and the prevailing market interest rates and volatilities at the time.
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1.    The results have been prepared in accordance with International Accounting Standards. All figures are unaudited.
In line with the company's policy of partially consolidating the results of joint ventures, the operations of the Sadiola
mine for the quarter ended 30 June 1999 have been included for the first time.
Profit from sales of the by-products, uranium and acid, is now set off against cash costs, in accordance with the Gold
Institute definition.
The comparative figures for the previous quarter and the corresponding six months period to 30 June 1998 have
been restated accordingly.
2.    During the quarter 9 900 ordinary shares were allotted in terms of the Share Incentive Scheme, thereby increasing
the number of ordinary shares in issue at 30 June 1999 to 97 867 099.
3.    Earnings per share have been calculated using a weighted average number of ordinary shares in issue.
4.    Orders placed and outstanding on capital contracts as at 30 June 1999 totalled R360. 8 million, equivalent to
US$59. 8 million at the rate of exchange ruling on that date.
5.    Year 2000
From a mission critical perspective, the South African operations reached Year 2000 compliance by 31 July 1999,
one month later than anticipated, and are expected to be in a position to continue business as usual on 1 January
2000. Further testing will continue during the remainder of 1999. The total cost is estimated at R30 million. Costs
incurred to 31 July 1999 amount to some R25 million.
The non-South African operations have independent committees dealing with the Year 2000 issue. There are no
indications that these operations will be adversely affected by the change to the new millennium.
The company believes its worst case scenario to be the failure of infrastructural services provided by government
agencies and other third-party suppliers (including energy, water and transport). In the unlikely event of this
occurring, the company's operations could be interrupted. The company is preparing contingency plans for all
mission critical components to address the situation.
6.    Dividend
The directors have today declared Interim Dividend No. 86 of 900 South African cents per ordinary share for the
six months ended 30 June 1999. Payment details are as follows:
To registered holders of ordinary shares
1999
Last day to register for dividend (record date) and for change of address
or dividend instruction
Registers closed from
to (inclusive)
Ex-dividend on Johannesburg and London Stock Exchanges
Friday, 20 August
Saturday, 21 August
Saturday, 28 August
Monday, 23 August
Currency conversion date for British pound sterling payments to shareholders
paid from the United Kingdom                                                                                                                                         Monday, 23 August
Dividend warrants posted                                                                                                                                  Wednesday, 22 September
Payment date of dividend                                                                                                                                       Thursday, 23 September
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To holders of American Depositary Shares
(Each American Depositary Share represents one-half of an ordinary share)
1999
Ex-dividend on New York Stock Exchange                                                                                                               Wednesday, 18 August
Record date                                                                                                                                                                              Friday, 20 August
Approximate date for currency conversion into US dollars                                                                                Thursday, 23 September
Approximate payment date of dividend                                                                                                                             Monday, 4 October
For illustrative purposes, the dividend payable on an American Depositary Share was equivalent to 72. 73 US cents
at the rate of exchange ruling on Monday, 2 August 1999.
By order of the Board
N. F. OPPENHEIMER                                                                                                                                          R. M. GODSELL
Chairman                                                                                                                                                          Chief Executive Officer
3 August 1999
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GROUP BALANCE SHEET
Prepared in accordance with International Accounting Standards
June 1998
March 1999
June 1999
June 1999
March 1999
June 1998
US Dollar million
SA Rand million
ASSETS
Non-current assets
1 990.0
        
2 385.8
        
2 441.4
        
Mining assets
14 735.7
      
14 818.4
      
11 798.5
      
-
                   
 132.5
          
 144.6
          
Goodwill
 872.8
          
 823.0
          
-
                   
 138.5
          
 128.5
          
 4.8
              
Investments
 28.8
            
 798.4
          
 821.1
          
 57.7
            
 70.6
            
 58.8
            
Long-term loans - unsecured
 354.9
          
 438.6
          
 342.1
          
2 186.2
        
2 717.4
        
2 649.6
        
15 992.2
      
16 878.4
      
12 961.7
      
Current assets
 173.6
          
 168.0
          
 173.1
          
Inventories
1 045.0
        
1 043.2
        
1 029.1
        
 157.5
          
 172.7
          
 165.7
          
Trade and other receivables
1 000.3
        
1 072.5
        
 933.5
          
 21.8
            
 22.0
            
 21.2
            
Current portion of loans advanced
 127.7
          
 136.5
          
 129.3
          
 198.9
          
 260.6
          
 484.3
          
Cash and cash equivalents
2 923.0
        
1 618.7
        
1 179.3
        
 551.8
          
 623.3
          
 844.3
          
5 096.0
        
3 870.9
        
3 271.2
        
2 738.0
        
3 340.7
        
3 493.9
        
Total assets
21 088.2
      
20 749.3
      
16 232.9
      
EQUITY AND LIABILITIES
Capital and reserves
 902.7
          
 848.0
          
 872.9
          
Share capital and premium
5 268.8
        
5 267.2
        
5 351.8
        
 20.8
            
 30.2
            
 25.7
            
Non-distributable reserve
 155.0
          
 187.3
          
 123.4
          
 218.6
          
 330.7
          
 364.1
          
Retained earnings
2 197.6
        
2 054.5
        
1 296.1
        
1 142.1
        
1 208.9
        
1 262.7
        
Shareholders' equity
7 621.4
        
7 509.0
        
6 771.3
        
-
                   
 30.3
            
 28.2
            
Minority interests
 170.2
          
 187.9
          
-
                   
1 142.1
        
1 239.2
        
1 290.9
        
7 791.6
        
7 696.9
        
6 771.3
        
Non-current liabilities
 150.4
          
 790.0
          
 714.3
          
Borrowings
4 311.3
        
4 906.8
        
 891.5
          
-
                   
 16.1
            
 16.6
            
Debentures
 99.9
            
 99.9
            
-
                   
 202.3
          
 288.1
          
 293.4
          
Other long-term liabilities
1 771.0
        
1 789.6
        
1 199.6
        
 768.9
          
 642.7
          
 664.8
          
Deferred taxation
4 012.3
        
3 991.8
        
4 558.4
        
1 121.6
        
1 736.9
        
1 689.1
        
10 194.5
      
10 788.1
      
6 649.5
        
Current liabilities
 269.8
          
 242.3
          
 218.9
          
Trade and other payables
1 321.5
        
1 504.6
        
1 599.8
        
 42.3
            
 32.5
            
 94.0
            
Current portion of borrowings
 567.3
          
 201.8
          
 250.8
          
 39.2
            
 89.8
            
 55.1
            
Taxation
 332.5
          
 557.9
          
 232.2
          
 123.0
          
-
                   
 145.9
          
Dividends
 880.8
          
-
                   
 729.3
          
 474.3
          
 364.6
          
 513.9
          
3 102.1
        
2 264.3
        
2 812.1
        
2 738.0
        
3 340.7
        
3 493.9
        
Total equity and liabilities
21 088.2
"The results have been prepared in accordance with International Accounting Standards."      
20 749.3
      
16 232.9
      
background image
GROUP CASH FLOW STATEMENT
Six months ended
Quarter
ended
Prepared in accordance with International Accounting Standards
Quarter
ended
Six months ended
June 1998
June 1999
June 1999
June 1999
June 1999
US Dollar million
SA Rand million
Cash flows from operating activities
 215.9
          
 271.9
          
 136.2
          
Cash generated from operations
 834.2
          
1 656.6
        
 15.0
            
 30.6
            
 17.8
            
Interest received
 109.3
          
 187.2
          
( 3.2)
             
( 19.9)
           
( 15.2)
           
Interest paid
( 92.8)
           
( 121.7)
         
 2.0
              
 5.7
              
 0.1
              
Dividends received
 0.6
              
 34.8
            
( 124.3)
         
( 128.0)
         
-
                   
Dividends paid
-
                   
( 782.8)
         
( 49.8)
           
( 67.5)
           
( 62.4)
           
Mining and normal taxation paid
( 380.9)
         
( 412.9)
         
 55.6
            
 92.8
            
 76.5
            
Net cash inflow from operating activities
 470.4
          
 561.2
          
Cash flows from investing activities
( 86.1)
           
( 91.3)
           
( 50.1)
           
Purchase of mining assets
( 306.0)
         
( 558.4)
         
 47.6
            
-
                   
-
                   
Proceeds from sale of mining assets
-
                   
-
                   
( 4.8)
             
( 1.3)
             
( 0.6)
             
Investments acquired
( 3.6)
             
( 7.7)
             
-
                   
( 459.2)
         
-
                   
Net acquisition of Minorco gold assets
-
                   
(2 840.8)
       
-
                   
 215.3
          
 215.7
          
Proceeds from sale of investments
1 316.4
        
1 316.4
        
( 43.3)
           
( 336.5)
         
 165.0
          
Net cash (outflow) / inflow from investing activities
1 006.8
        
(2 090.5)
       
Cash flows from financing activities
-
                   
 0.5
              
 0.3
              
Proceeds from issue of share capital
 2.1
              
 2.9
              
( 3.2)
             
( 0.3)
             
( 0.1)
             
Formation and share issue expenses
( 0.5)
             
( 1.8)
             
-
                   
 505.5
          
 4.4
              
Proceeds from borrowings
 26.9
            
3 090.4
        
( 0.4)
             
( 32.1)
           
( 32.1)
           
Repayment of borrowings
( 195.9)
         
( 196.1)
         
-
                   
 16.1
            
 15.2
            
Repayment on loans advanced
 92.9
            
 98.4
            
( 3.6)
             
 489.7
          
( 12.3)
           
Net cash inflow / (outflow) from financing activities
( 74.5)
           
2 993.8
        
 8.7
              
 246.0
          
 229.2
          
Net increase in cash and cash equivalents
1 402.7
        
1 464.5
        
( 48.9)
           
( 16.3)
           
( 5.5)
             
Translation adjustment
( 98.4)
           
( 38.8)
           
 239.1
          
 254.6
          
 260.6
          
Opening cash and cash equivalents
1 618.7
        
1 497.3
        
 198.9
          
 484.3
          
 484.3
          
Closing cash and cash equivalents
2 923.0
        
2 923.0
        
Note to the Cash Flow Statement
Cash generated from operations
 257.9
          
 234.9
          
 112.0
          
Profit on ordinary activities before taxation
 685.8
          
1 431.1
        
Adjusted for:
 77.0
            
 91.1
            
 44.6
            
Amortisation of mining assets
 273.3
          
 557.0
          
 0.1
              
 2.5
              
 0.8
              
Non-cash movements
 4.9
              
 15.1
            
( 47.5)
           
-
                   
-
                   
Profit on sale of mining assets
-
                   
-
                   
( 35.1)
           
( 7.1)
             
-
                   
Income from associates
-
                   
( 43.3)
           
( 15.0)
           
( 30.6)
           
( 17.8)
           
Interest received 
( 109.3)
         
( 187.2)
         
( 2.0)
             
( 0.3)
             
( 0.1)
             
Dividends received
( 0.6)
             
( 2.0)
             
 3.2
              
 19.9
            
 15.2
            
Interest paid
 92.8
            
 121.7
          
( 22.7)
           
( 38.5)
           
( 18.5)
           
Movement in working capital
( 112.7)
         
( 235.8)
         
 215.9
          
 271.9
          
 136.2
          
 834.2
          
1 656.6
        
The following analyses the movement in working capital:
( 13.6)
           
 3.7
              
( 0.3)
             
Decrease / (increase) in inventories
( 1.8)
             
 22.6
            
( 41.6)
           
 17.8
            
 11.8
            
Decrease / (increase) in trade and other receivables
 72.2
            
 108.6
          
 32.5
            
( 60.0)
           
( 30.0)
           
(Decrease) / increase in trade and other payables
( 183.1)
         
( 367.0)
         
( 22.7)
           
( 38.5)
           
( 18.5)
           
( 112.7)
"The results have been prepared in accordance with International Accounting Standards."         
( 235.8)
         
background image
Six months ended
June 1998
SA Rand million
1 090.1
        
 75.7
            
( 15.8)
           
 10.1
            
( 637.8)
         
( 255.2)
         
 267.1
          
( 441.4)
         
 244.0
          
( 24.6)
           
-
                   
-
                   
( 222.0)
         
-
                   
( 16.6)
           
-
                   
( 2.1)
             
-
                   
( 18.7)
           
 26.4
            
( 11.6)
           
1 164.5
        
1 179.3
        
1 305.7
        
 389.7
          
 0.5
              
( 244.2)
         
( 175.2)
         
( 75.7)
           
( 10.1)
           
 15.8
            
( 116.4)
         
1 090.1
        
( 69.9)
           
( 213.4)
         
 166.9
          
( 116.4)
         
background image
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:
97 867 099 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
Six months    Six months
ended
ended
ended
ended
June
March
June
June
1999
1999
1999
1998
GOLD
UNDERGROUND OPERATIONS
Tonnes milled
- 000
- reef
5 309
           
5 387
           
10 696
         
11 219
    
- waste
 142
             
 170
             
 312
             
 115
        
- total
5 451
           
5 557
           
11 008
         
11 334
    
Yield
- g/t
- reef
 8.26
            
 8.24
            
 8.25
            
 8.23
       
- waste
 1.13
            
 0.71
            
 0.90
            
 1.09
       
- average
 8.07
            
 8.01
            
 8.04
            
 8.16
       
Gold produced
- kg
- reef
43 848
         
44 405
         
88 253
         
92 336
    
- waste
 160
             
 120
             
 280
             
 125
        
- total
44 008
         
44 525
         
88 533
         
92 461
    
PRODUCTIVITY
g/employee
- target
 220
             
 220
             
 220
             
 161
        
- actual
 209
             
 207
             
 208
             
 170
        
SURFACE AND  DUMP RECLAMATION
Tonnes treated
- 000
13 929
         
13 823
         
27 752
         
28 261
    
Yield
- g/t
 0.29
            
 0.28
            
 0.29
            
 0.31
       
Gold produced
- kg
4 091
           
3 841
           
7 932
           
8 703
      
OPEN-PIT OPERATIONS
Tonnes mined
- 000
12 113
         
12 171
         
24 284
         
3 472
      
Stripping ratio
- t(mined-treated)
 /t treated
 2.59
            
 2.63
            
 2.61
            
 1.49
       
Tonnes treated
- 000
3 372
           
3 350
           
6 722
           
1 397
      
Yield
- g/t
 1.58
            
 1.60
            
 1.59
            
 2.56
       
Gold produced
- kg
5 339
           
5 345
           
10 685
         
3 580
      
TOTAL
Gold produced
- kg
53 438
         
53 711
         
107 150
       
104 744
  
Revenue - R/kg sold
- (excluding accelerated hedge)
61 590
         
60 788
         
61 187
         
53 487
    
- (including accelerated hedge)
61 841
         
60 960
         
61 398
         
56 464
    
Cash costs
- R/kg produced
41 363
         
40 701
         
41 031
         
38 983
    
Total production costs
- R/kg produced
47 017
         
46 492
         
46 753
         
45 715
    
background image
GROUP OPERATING RESULTS
Prepared in accordance with International Accounting Standards
Statistics are shown in imperial units and financial figures in US dollars.
Issued Capital:
97 867 099 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
Six months
Six months
ended
ended
ended
ended
June
March
June
June
1999
1999
1999
1998
GOLD
UNDERGROUND OPERATIONS
Tons milled
- 000
- reef
5 851
           
5 939
           
11 790
         
12 366
         
- waste
 155
             
 188
             
 343
             
 128
             
- total
6 006
           
6 127
           
12 133
         
12 494
         
Yield
- oz/t
- reef
 0.241
          
 0.240
          
 0.241
          
 0.240
          
- waste
 0.033
          
 0.021
          
 0.026
          
 0.032
          
- average
 0.235
          
 0.234
          
 0.235
          
 0.238
          
Gold produced 
- oz 000
- reef
1 410
           
1 428
           
2 838
           
2 968
           
- waste
 5
                 
 4
                 
 9
                 
 4
                 
- total
1 415
           
1 432
           
2 847
           
2 972
           
PRODUCTIVITY
oz/employee
- target
 7.08
            
 7.07
            
 7.08
            
 5.18
            
- actual
 6.71
            
 6.67
            
 6.69
            
 5.47
            
SURFACE AND  DUMP RECLAMATION
Tons treated
- 000
15 355
         
15 236
         
30 591
         
31 153
         
Yield
- oz/t
 0.009
          
 0.008
          
 0.008
          
 0.009
          
Gold produced
- oz 000
 130
             
 124
             
 254
             
 280
             
OPEN-PIT OPERATIONS
Tons mined
- 000
13 353
         
13 416
         
26 769
         
3 828
           
Stripping ratio
- t(mined-treated)
 /t treated
 2.59
            
 2.63
            
 2.61
            
 1.49
            
Tons treated
- 000
3 717
           
3 693
           
7 410
           
1 540
           
Yield
- oz/t
 0.046
          
 0.047
          
 0.046
          
 0.075
          
Gold produced
- oz 000
 172
             
 172
             
 344
             
 116
             
TOTAL
Gold produced
- oz 000
1 717
           
1 728
           
3 445
           
3 368
           
Revenue - $/oz  sold
- (excluding accelerated hedge)
 313
             
 310
             
 311
             
 329
             
- (including accelerated hedge)
 314
             
 311
             
 312
             
 347
             
Cash costs
- $/ounce produced
 210
             
 208
             
 209
             
 240
             
Total production costs
- $/ounce produced
 239
             
 237
             
 238
             
 286
             
Rand/US Dollar average exchange rate
 6.13
            
 6.10
            
 6.11
            
 5.06
            
background image
GROUP FINANCIAL RESULTS
Prepared in accordance with International Accounting Standards
SA Rand million
Quarter
Quarter
Six months
Six months
ended
ended
ended
ended
June
March
June
June
1999
1999
1999
1998
Turnover
3 339.0
        
3 317.4
        
6 656.4
        
5 937.2
        
Gold revenue
3 339.0
        
3 317.4
        
6 656.4
        
5 937.2
        
Normal
3 325.6
        
3 308.2
        
6 633.8
        
5 624.1
        
Accelerated hedge
 13.4
            
 9.2
              
 22.6
            
 313.1
          
Cost of sales
2 541.3
        
2 538.8
        
5 080.1
        
4 866.7
        
Cash costs
2 232.0
        
2 203.9
        
4 435.9
        
4 083.3
        
Retrenchment costs
 13.4
            
 9.2
              
 22.6
            
 313.0
          
Rehabilitation and other non cash costs
 24.6
            
 26.0
            
 50.6
            
 2.4
              
Production costs
2 270.0
        
2 239.1
        
4 509.1
        
4 398.7
        
Amortisation of mining assets
 273.3
          
 283.7
          
 557.0
          
 389.7
          
Total production costs
2 543.3
        
2 522.8
        
5 066.1
        
4 788.4
        
Inventory change
( 2.0)
             
 16.0
            
 14.0
            
 78.3
            
Operating profit
 797.7
          
 778.6
          
1 576.3
        
1 070.5
        
Corporate administration and other expenses
 61.1
            
 63.2
            
 124.2
          
 152.6
          
Research and development
 10.9
            
 7.5
              
 18.4
            
 9.5
              
Exploration costs
 57.0
            
 56.4
            
 113.4
          
 92.1
            
Profit from operations
 668.7
          
 651.5
          
1 320.3
        
 816.3
          
Interest paid
 92.8
            
 28.8
            
 121.7
          
 15.8
            
Interest receivable
 109.3
          
 77.9
            
 187.2
          
 75.7
            
Income from associates
-
                   
 43.3
            
 43.3
            
 175.2
          
Dividends received
 0.6
              
 1.4
              
 2.0
              
 10.1
            
 Profit on sale of mining assets
-
                   
-
                   
-
                   
 244.2
          
Profit on ordinary activities before taxation
 685.8
          
 745.3
          
1 431.1
        
1 305.7
        
Taxation
 176.6
          
( 218.1)
         
( 41.5)
           
 305.5
          
Normal taxation
 155.5
          
 230.7
          
 386.2
          
 382.0
          
Deferred taxation 
- current
 21.1
            
 11.1
            
 32.2
            
( 76.5)
           
- rate change
-
                   
( 459.9)
         
( 459.9)
         
-
                   
Profit on ordinary activities after taxation
 509.2
          
 963.4
          
1 472.6
        
1 000.2
        
 Profit on sale of associate
 543.2
          
-
                   
 543.2
          
-
                   
Goodwill written off
 33.1
            
 341.7
          
 374.8
          
-
                   
Minority interest
 1.8
              
 10.4
            
 12.2
            
-
                   
Profit attributable to ordinary shareholders
1 017.5
        
 611.3
          
1 628.8
        
1 000.2
        
Earnings per share 
 - cents
 1 040
          
  625
            
 1 664
          
 1 022
          
Headline earnings
 - Rm
 507.4
          
 953.0
          
1 460.4
        
 662.8
          
 - cents per share
  519
            
  974
            
 1 492
          
  677
            
Headline earnings before deferred tax
 rate adjustment 
 - Rm
 507.4
          
 493.1
          
1 000.5
        
 662.8
          
 - cents per share
  519
            
  504
            
 1 022
          
  677
            
Dividends
 - Rm
 880.8
          
 729.3
          
 - cents per share
  900
            
  750
            
Capital expenditure
 - mining direct
 268.8
          
 229.1
          
 497.9
          
 423.2
          
 - other
 37.2
            
 23.3
            
 60.5
            
 18.2
            
 - recoupments
-
                   
-
                   
-
                   
( 244.2)
         
Net capital expenditure
 306.0
          
 252.4
          
 558.4
          
 197.2
          
background image
GROUP FINANCIAL RESULTS
Prepared in accordance with International Accounting Standards
US Dollar million
Quarter
Quarter
Six months
Six months
ended
ended
ended
ended
June
March
June
June
1999
1999
1999
1998
Turnover
 545.1
          
 543.7
          
1 088.8
        
1 174.2
        
Gold revenue
 545.1
          
 543.7
          
1 088.8
        
1 174.2
        
Normal
 542.9
          
 542.2
          
1 085.1
        
1 112.0
        
Accelerated hedge
 2.2
              
 1.5
              
 3.7
              
 62.2
            
Cost of sales
 414.8
          
 416.3
          
 831.1
          
 963.0
          
Cash costs
 364.3
          
 361.4
          
 725.7
          
 807.6
          
Retrenchment costs
 2.2
              
 1.5
              
 3.7
              
 62.1
            
Rehabilitation and other non cash costs
 4.0
              
 4.3
              
 8.3
              
 0.1
              
Production costs
 370.5
          
 367.2
          
 737.7
          
 869.8
          
Amortisation of mining assets
 44.6
            
 46.5
            
 91.1
            
 77.0
            
Total production costs
 415.1
          
 413.7
          
 828.8
          
 946.8
          
Inventory change
( 0.3)
             
 2.6
              
 2.3
              
 16.2
            
Operating profit
 130.3
          
 127.4
          
 257.7
          
 211.2
          
Corporate administration and other expenses
 9.9
              
 9.5
              
 19.4
            
 29.8
            
Research and development
 1.8
              
 1.2
              
 3.0
              
 1.7
              
Exploration costs
 9.3
              
 9.2
              
 18.5
            
 18.2
            
Profit from operations
 109.3
          
 107.5
          
 216.8
          
 161.5
          
Interest paid
 15.2
            
 4.7
              
 19.9
            
 3.2
              
Interest receivable
 17.8
            
 12.8
            
 30.6
            
 15.0
            
Income from associates
-
                   
 7.1
              
 7.1
              
 35.1
            
Dividends received
 0.1
              
 0.2
              
 0.3
              
 2.0
              
 Profit on sale of mining assets
-
                   
-
                   
-
                   
 47.5
            
Profit on ordinary activities before taxation
 112.0
          
 122.9
          
 234.9
          
 257.9
          
Taxation
 28.9
            
( 35.7)
           
( 6.8)
             
 60.4
            
Normal taxation
 25.4
            
 37.8
            
 63.2
            
 75.3
            
Deferred taxation 
- current
 3.5
              
 1.9
              
 5.4
              
( 14.9)
           
- rate change
-
                   
( 75.4)
           
( 75.4)
           
-
                   
Profit on ordinary activities after taxation
 83.1
            
 158.6
          
 241.7
          
 197.5
          
 Profit on sale of associate
 88.7
            
-
                   
 88.7
            
-
                   
Goodwill written off
 5.4
              
 56.0
            
 61.4
            
-
                   
Minority interest
 0.3
              
 1.7
              
 2.0
              
-
                   
Profit attributable to ordinary shareholders
 166.1
          
 100.9
          
 267.0
          
 197.5
          
Earnings per share 
 - cents
 170
             
 103
             
 273
             
 202
             
Headline earnings
 - $m
 82.8
            
 156.9
          
 239.7
          
 130.5
          
 - cents per share
 85
               
 160
             
 245
             
 133
             
Headline earnings before deferred  tax
 rate adjustment
 - $m
 82.8
            
 81.6
            
 164.4
          
 130.5
          
 - cents per share
 85
               
 83
               
 168
             
 133
             
Dividends
 - $m
 145.9
          
 123.0
          
 - cents per share
 149
             
 127
             
Capital expenditure
 - mining direct
 43.8
            
 37.6
            
 81.4
            
 83.5
            
 - other
 6.1
              
 3.8
              
 9.9
              
 3.7
              
 - recoupments
-
                   
-
                   
-
                   
( 47.4)
           
Net capital expenditure
 49.9
            
 41.4
            
 91.3
            
 39.8
            
background image
SOUTH AFRICAN OPERATIONS
VAAL RIVER 
Great Noligwa Mine
Prepared in accordance with International
Quarter
Quarter
Six months
Quarter
Quarter
Six months
Accounting Standards.
ended
ended
ended
ended
ended
ended
June
March
June
June
March
June
1999
1999
1999
1999
1999
1999
Rand / Metric
Dollar / Imperial
OPERATING RESULTS
GOLD
Area mined
- m2 
/
- ft2
- 000
 101
               
 105
            
 206
            
1 087
             
1 130
             
2 217
             
Milled - 000
- tonnes
/
- tons
- reef
 573
               
 627
            
1 200
          
 632
               
 691
               
1 323
             
- waste
-
                     
-
                  
-
                  
-
                     
-
                     
-
                     
- surface and
  dump reclamation
-
                     
-
                  
-
                  
-
                     
-
                     
-
                     
 - total
 573
               
 627
            
1 200
          
 632
               
 691
               
1 323
             
Yield
- g/t
/
- oz/t
- reef
 13.17
            
 13.93
         
 13.57
         
 0.384
            
 0.406
            
 0.396
            
- waste
-
                     
-
                  
-
                  
-
                     
-
                     
-
                     
- surface and
  dump reclamation
-
                     
-
                  
-
                  
-
                     
-
                     
-
                     
 - average
 13.17
            
 13.93
         
 13.57
         
 0.384
            
 0.406
            
 0.396
            
Gold produced
- kg
/
- oz 000
- reef
7 546
             
8 735
          
16 281
        
 242
               
 281
               
 523
               
- waste
-
                     
-
                  
-
                  
-
                     
-
                     
-
                     
- surface and
  dump reclamation
-
                     
-
                  
-
                  
-
                     
-
                     
-
                     
 - total
7 546
             
8 735
          
16 281
        
 242
               
 281
               
 523
               
Revenue
- R/kg
/
- $/oz
- sold
61 668
           
61 087
        
61 356
        
 313
               
 311
               
 312
               
Cash costs
- R
/
- $
- ton milled
 379
               
 353
            
 365
            
 56
                 
 52
                 
 54
                 
- R/kg
/
- $/oz
- produced
28 768
           
25 316
        
26 916
        
 146
               
 129
               
 137
               
PRODUCTIVITY
per employee
- g
/
- oz
- target
 253
               
 270
            
 262
            
 8.13
              
 8.68
              
 8.42
              
- actual
 241
               
 274
            
 257
            
 7.75
              
 8.81
              
 8.26
              
per employee
- m2
/
- ft2
- target
 3.55
              
 3.51
           
 3.53
           
 38.21
            
 37.78
            
 38.00
            
- actual
 3.22
              
 3.29
           
 3.26
           
 34.66
            
 35.41
            
 35.09
            
FINANCIAL RESULTS ( MILLION)
Gold normal revenue
 464.1
            
 532.9
         
 997.0
         
 75.8
              
 87.3
              
 163.1
            
Accelerated hedge revenue
 1.2
                
 0.7
             
 1.9
             
 0.2
                
 0.1
                
 0.3
                
Total gold revenue
 465.3
            
 533.6
         
 998.9
         
 76.0
              
 87.4
              
 163.4
            
Cost of sales
 253.1
            
 253.8
         
 506.9
         
 41.4
              
 41.5
              
 82.9
              
Cash costs
 217.1
            
 221.1
         
 438.2
         
 35.5
              
 36.2
              
 71.7
              
Retrenchment costs
 1.2
                
 0.7
             
 1.9
             
 0.2
                
 0.1
                
 0.3
                
Rehabilitation costs
 0.6
                
 1.2
             
 1.8
             
 0.1
                
 0.2
                
 0.3
                
Other non-cash costs
 0.9
                
 1.2
             
 2.1
             
 0.2
                
 0.2
                
 0.4
                
Production costs
 219.8
            
 224.2
         
 444.0
         
 36.0
              
 36.7
              
 72.7
              
Amortisation costs
 30.2
              
 31.8
           
 62.0
           
 4.9
                
 5.2
                
 10.1
              
Inventory change
 3.1
                
( 2.2)
            
 0.9
             
 0.5
                
( 0.4)
               
 0.1
                
Profit from operations
 212.2
            
 279.8
         
 492.0
         
 34.6
              
 45.9
              
 80.5
              
Capital expenditure
- mining direct
 6.8
                
 1.8
             
 8.6
             
 1.1
                
 0.4
                
 1.5
                
- other
 0.6
                
( 0.5)
            
 0.1
             
 0.1
                
( 0.1)
               
-
                     
- recoupments
-
                     
-
                  
-
                  
-
                     
-
                     
-
                     
Net capital expenditure
 7.4
                
 1.3
             
 8.7
             
 1.2
                
 0.3
                
 1.5
                
background image
Kopanang Mine
Tau Lekoa Mine
Quarter
Quarter
Six months
Quarter
Quarter
Six months
Quarter
Quarter
Six months
Quarter
Quarter
Six months
ended
ended
ended
ended
ended
ended
ended
ended
ended
ended
ended
ended
June
March
June
June
March
June
June
March
June
June
March
June
1999
1999
1999
1999
1999
1999
1999
1999
1999
1999
1999
1999
Rand / Metric
Dollar / Imperial
Rand / Metric
Dollar / Imperial
 105
               
 104
            
 209
            
1 131
             
1 119
             
2 250
             
 89
                 
 84
              
 173
            
 958
               
 904
               
1 862
             
 518
               
 543
            
1 061
          
 571
               
 599
               
1 170
             
 532
               
 448
            
 980
            
 586
               
 494
               
1 080
             
-
                     
-
                  
-
                  
-
                     
-
                     
-
                     
-
                     
-
                  
-
                  
-
                     
-
                     
-
                     
-
                     
-
                  
-
                  
-
                     
-
                     
-
                     
-
                     
-
                  
-
                  
-
                     
-
                     
-
                     
 518
               
 543
            
1 061
          
 571
               
 599
               
1 170
             
 532
               
 448
            
 980
            
 586
               
 494
               
1 080
             
 6.90
              
 8.36
           
 7.65
           
 0.201
            
 0.244
            
 0.223
            
 4.64
              
 5.22
           
 4.91
           
 0.135
            
 0.152
            
 0.143
            
-
                     
-
                  
-
                  
-
                     
-
                     
-
                     
-
                     
-
                  
-
                  
-
                     
-
                     
-
                     
-
                     
-
                  
-
                  
-
                     
-
                     
-
                     
-
                     
-
                  
-
                  
-
                     
-
                     
-
                     
 6.90
              
 8.36
           
 7.65
           
 0.201
            
 0.244
            
 0.223
            
 4.64
              
 5.22
           
 4.91
           
 0.135
            
 0.152
            
 0.143
            
3 575
             
4 539
          
8 114
          
 115
               
 146
               
 261
               
2 470
             
2 337
          
4 807
          
 80
                 
 75
                 
 155
               
-
                     
-
                  
-
                  
-
                     
-
                     
-
                     
-
                     
-
                  
-
                  
-
                     
-
                     
-
                     
-
                     
-
                  
-
                  
-
                     
-
                     
-
                     
-
                     
-
                  
-
                  
-
                     
-
                     
-
                     
3 575
             
4 539
          
8 114
          
 115
               
 146
               
 261
               
2 470
             
2 337
          
4 807
          
 80
                 
 75
                 
 155
               
61 690
           
61 159
        
61 393
        
 313
               
 312
               
 312
               
61 699
           
61 293
        
61 502
        
 313
               
 312
               
 313
               
 344
               
 331
            
 337
            
 51
                 
 49
                 
 50
                 
 225
               
 247
            
 235
            
 33
                 
 37
                 
 35
                 
49 890
           
39 583
        
44 124
        
 253
               
 202
               
 224
               
48 355
           
47 385
        
47 883
        
 246
               
 242
               
 244
               
 150
               
 160
            
 155
            
 4.82
              
 5.14
              
 4.98
              
 170
               
 158
            
 164
            
 5.47
              
 5.08
              
 5.27
              
 150
               
 192
            
 171
            
 4.82
              
 6.17
              
 5.50
              
 185
               
 176
            
 181
            
 5.95
              
 5.66
              
 5.82
              
 4.23
              
 4.25
           
 4.24
           
 45.53
            
 45.75
            
 45.64
            
 7.13
              
 6.44
           
 6.77
           
 76.75
            
 69.32
            
 72.87
            
 4.42
              
 4.40
           
 4.41
           
 47.58
            
 47.36
            
 47.47
            
 6.68
              
 6.35
           
 6.51
           
 71.90
            
 68.35
            
 70.07
            
 219.9
            
 276.9
         
 496.8
         
 35.9
              
 45.4
              
 81.3
              
 151.9
            
 142.5
         
 294.4
         
 24.8
              
 23.4
              
 48.2
              
 0.6
                
 0.7
             
 1.3
             
 0.1
                
 0.1
                
 0.2
                
 0.4
                
 0.7
             
 1.1
             
 0.1
                
 0.1
                
 0.2
                
 220.5
            
 277.6
         
 498.1
         
 36.0
              
 45.5
              
 81.5
              
 152.3
            
 143.2
         
 295.5
         
 24.9
              
 23.5
              
 48.4
              
 190.7
            
 191.7
         
 382.4
         
 31.1
              
 31.4
              
 62.5
              
 143.0
            
 131.8
         
 274.8
         
 23.4
              
 21.6
              
 45.0
              
 178.3
            
 179.7
         
 358.0
         
 29.2
              
 29.4
              
 58.6
              
 119.5
            
 110.7
         
 230.2
         
 19.5
              
 18.1
              
 37.6
              
 0.6
                
 0.7
             
 1.3
             
 0.1
                
 0.1
                
 0.2
                
 0.4
                
 0.7
             
 1.1
             
 0.1
                
 0.1
                
 0.2
                
 0.3
                
 0.6
             
 0.9
             
-
                     
 0.1
                
 0.1
                
 0.2
                
 0.3
             
 0.5
             
-
                     
 0.1
                
 0.1
                
 0.8
                
 0.7
             
 1.5
             
-
                     
 0.2
                
 0.2
                
 0.6
                
 0.4
             
 1.0
             
 0.1
                
 0.1
                
 0.2
                
 180.0
            
 181.7
         
 361.7
         
 29.3
              
 29.8
              
 59.1
              
 120.7
            
 112.1
         
 232.8
         
 19.7
              
 18.4
              
 38.1
              
 9.1
                
 11.2
           
 20.3
           
 1.5
                
 1.8
                
 3.3
                
 21.3
              
 20.3
           
 41.6
           
 3.5
                
 3.3
                
 6.8
                
 1.6
                
( 1.2)
            
 0.4
             
 0.3
                
( 0.2)
               
 0.1
                
 1.0
                
( 0.6)
            
 0.4
             
 0.2
                
( 0.1)
               
 0.1
                
 29.8
              
 85.9
           
 115.7
         
 4.9
                
 14.1
              
 19.0
              
 9.3
                
 11.4
           
 20.7
           
 1.5
                
 1.9
                
 3.4
                
 0.1
                
-
                  
 0.1
             
-
                     
-
                     
-
                     
-
                     
( 0.2)
            
( 0.2)
            
-
                     
-
                     
-
                     
-
                     
-
                  
-
                  
-
                     
-
                     
-
                     
-
                     
-
                  
-
                  
-
                     
-
                     
-
                     
-
                     
-
                  
-
                  
-
                     
-
                     
-
                     
-
                     
-
                  
-
                  
-
                     
-
                     
-
                     
 0.1
                
-
                  
 0.1
             
-
                     
-
                     
-
                     
-
                     
( 0.2)
            
( 0.2)
            
-
                     
-
                     
-
                     
background image
VAAL RIVER 
Surface Operations
Prepared in accordance with International
Quarter
Quarter
Six months
Quarter
Quarter
Six months
Accounting Standards.
ended
ended
ended
ended
ended
ended
June
March
June
June
March
June
1999
1999
1999
1999
1999
1999
Rand / Metric
Dollar / Imperial
OPERATING RESULTS
GOLD
Area mined
- m2 
/
- ft2
- 000
-
                     
-
                  
-
                  
-
                     
-
                     
-
                     
Milled - 000
- tonnes
/
- tons
- reef
-
                     
-
                  
-
                  
-
                     
-
                     
-
                     
- waste
-
                     
-
                  
-
                  
-
                     
-
                     
-
                     
- surface and
  dump reclamation
1 249
             
1 226
          
2 475
          
1 377
             
1 351
             
2 728
             
 - total
1 249
             
1 226
          
2 475
          
1 377
             
1 351
             
2 728
             
Yield
- g/t
/
- oz/t
- reef
-
                     
-
                  
-
                  
-
                     
-
                     
-
                     
- waste
-
                     
-
                  
-
                  
-
                     
-
                     
-
                     
- surface and
  dump reclamation
 0.49
              
 0.50
           
 0.49
           
 0.014
            
 0.015
            
 0.014
            
 - average
 0.49
              
 0.50
           
 0.49
           
 0.014
            
 0.015
            
 0.014
            
Gold produced
- kg
/
- oz 000
- reef
-
                     
-
                  
-
                  
-
                     
-
                     
-
                     
- waste
-
                     
-
                  
-
                  
-
                     
-
                     
-
                     
- surface and
  dump reclamation
 607
               
 615
            
1 222
          
 19
                 
 20
                 
 39
                 
 - total
 607
               
 615
            
1 222
          
 19
                 
 20
                 
 39
                 
Revenue
- R/kg
/
- $/oz
- sold
61 537
           
61 049
        
61 291
        
 313
               
 311
               
 312
               
Cash costs
- R
/
- $
- ton milled
 17
                 
 18
              
 18
              
 3
                   
 3
                   
 3
                   
- R/kg
/
- $/oz
- produced
35 862
           
36 348
        
36 106
        
 182
               
 185
               
 184
               
PRODUCTIVITY
per employee
- g
/
- oz
- target
 362
               
 359
            
 361
            
 11.64
            
 11.54
            
 11.61
            
- actual
 318
               
 319
            
 319
            
 10.22
            
 10.26
            
 10.26
            
per employee
- m2
/
- ft2
- target
-
                     
-
                  
-
                  
-
                     
-
                     
-
                     
- actual
-
                     
-
                  
-
                  
-
                     
-
                     
-
                     
FINANCIAL RESULTS ( MILLION)
Gold normal revenue
 37.4
              
 37.5
           
 74.9
           
 6.1
                
 6.2
                
 12.3
              
Accelerated hedge revenue
-
                     
-
                  
-
                  
-
                     
-
                     
-
                     
Total gold revenue
 37.4
              
 37.5
           
 74.9
           
 6.1
                
 6.2
                
 12.3
              
Cost of sales
 21.9
              
 22.4
           
 44.3
           
 3.6
                
 3.7
                
 7.3
                
Cash costs
 21.7
              
 22.4
           
 44.1
           
 3.5
                
 3.7
                
 7.2
                
Retrenchment costs
-
                     
-
                  
-
                  
-
                     
-
                     
-
                     
Rehabilitation costs
-
                     
-
                  
-
                  
-
                     
-
                     
-
                     
Other non-cash costs
 0.2
                
-
                  
 0.2
             
 0.1
                
-
                     
 0.1
                
Production costs
 21.9
              
 22.4
           
 44.3
           
 3.6
                
 3.7
                
 7.3
                
Amortisation costs
-
                     
-
                  
-
                  
-
                     
-
                     
-
                     
Inventory change
-
                     
-
                  
-
                  
-
                     
-
                     
-
                     
Profit from operations
 15.5
              
 15.1
           
 30.6
           
 2.5
                
 2.5
                
 5.0
                
Capital expenditure
Moab Khotsong Mine
- mining direct
 77.1
              
 75.2
           
 152.3
         
 12.6
              
 12.3
              
 24.9
              
- other
-
                     
-
                  
-
                  
-
                     
-
                     
-
                     
- recoupments
-
                     
-
                  
-
                  
-
                     
-
                     
-
                     
Net capital expenditure
 77.1
              
 75.2
           
 152.3
         
 12.6
              
 12.3
              
 24.9
              
background image
ERGO
Ergo
Prepared in accordance with International
Quarter
Quarter
Six months
Quarter
Quarter
Six months
Accounting Standards.
ended
ended
ended
ended
ended
ended
June
March
June
June
March
June
1999
1999
1999
1999
1999
1999
Rand / Metric
Dollar / Imperial
OPERATING RESULTS
GOLD
Material treated 
- tonnes
/
- tons
- 000
11 801
        
11 977
        
23 778
        
13 009
         
13 202
         
26 211
         
Yield
- g/t
/
- oz/t
 0.22
           
 0.22
           
 0.22
           
 0.007
          
 0.006
          
 0.006
          
Gold produced
- kg
/
- oz 000
2 637
          
2 634
          
5 271
          
 84
               
 85
               
 169
             
Revenue
- R/kg
/
- $/oz
- sold
61 601
        
61 087
        
61 344
        
 313
             
 311
             
 312
             
Cash costs
- R
/
- $
- ton treated
 11
              
 11
              
 11
              
 2
                 
 2
                 
 2
                 
- R/kg
/
- $/oz
- produced
51 199
        
49 833
        
50 517
        
 260
             
 254
             
 257
             
FINANCIAL RESULTS (MILLION)
Gold normal revenue
 162.1
         
 160.7
         
 322.8
         
 26.4
            
 26.4
            
 52.8
            
Accelerated hedge revenue
 0.3
             
 0.2
             
 0.5
             
-
                  
-
                  
-
                  
Total gold revenue
 162.4
         
 160.9
         
 323.3
         
 26.4
            
 26.4
            
 52.8
            
Cost of sales
 158.9
         
 151.3
         
 310.2
         
 25.9
            
 24.8
            
 50.7
            
Cash costs
 135.0
         
 131.3
         
 266.3
         
 22.1
            
 21.5
            
 43.6
            
Retrenchment costs
 0.3
             
 0.2
             
 0.5
             
-
                  
-
                  
-
                  
Rehabilitation costs
 1.2
             
 1.2
             
 2.4
             
 0.2
              
 0.2
              
 0.4
              
Other non-cash costs
 1.1
             
 1.2
             
 2.3
             
 0.1
              
 0.3
              
 0.4
              
Production costs
 137.6
         
 133.9
         
 271.5
         
 22.4
            
 22.0
            
 44.4
            
Amortisation costs
 18.8
           
 18.4
           
 37.2
           
 3.1
              
 3.0
              
 6.1
              
Inventory change
 2.5
             
( 1.0)
            
 1.5
             
 0.4
              
( 0.2)
            
 0.2
              
Profit from operations
 3.5
             
 9.6
             
 13.1
           
 0.5
              
 1.6
              
 2.1
              
Capital expenditure
 1.3
             
 2.1
             
 3.4
             
 0.2
              
 0.4
              
 0.6
              
background image
FREE STATE
Bambanani Mine
Prepared in accordance with International
Quarter
Quarter
Six months
Quarter
Quarter
Six months
Accounting Standards.
ended
ended
ended
ended
ended
ended
June
March
June
June
March
June
1999
1999
1999
1999
1999
1999
Rand / Metric
Dollar / Imperial
OPERATING RESULTS
GOLD
Area mined
- m2 
/
- ft2
- 000
 84
                 
 87
              
 171
            
 901
               
 936
               
1 837
             
Milled - 000
- tonnes
/
- tons
- reef
 516
               
 541
            
1 057
          
 569
               
 596
               
1 165
             
- waste
-
                     
-
                  
-
                  
-
                     
-
                     
-
                     
 - surface and dump reclamation
-
                     
-
                  
-
                  
-
                     
-
                     
-
                     
 - total
 516
               
 541
            
1 057
          
 569
               
 596
               
1 165
             
Yield
- g/t
/
- oz/t
- reef
 7.50
              
 7.57
           
 7.53
           
 0.219
            
 0.221
            
 0.220
            
- waste
-
                     
-
                  
-
                  
-
                     
-
                     
-
                     
 - surface and dump reclamation
-
                     
-
                  
-
                  
-
                     
-
                     
-
                     
 - average
 7.50
              
 7.57
           
 7.53
           
 0.219
            
 0.221
            
 0.220
            
Gold produced
- kg
/
- oz 000
- reef
3 870
             
4 094
          
7 964
          
 124
               
 132
               
 256
               
- waste
-
                     
-
                  
-
                  
-
                     
-
                     
-
                     
 - surface and dump reclamation
-
                     
-
                  
-
                  
-
                     
-
                     
-
                     
 - total
3 870
             
4 094
          
7 964
          
 124
               
 132
               
 256
               
Revenue
- R/kg
/
- $/oz
- sold
61 790
           
61 281
        
61 528
        
 314
               
 312
               
 313
               
Cash costs
- R
/
- $
- ton milled
 352
               
 337
            
 344
            
 52
                 
 50
                 
 51
                 
- R/kg
/
- $/oz
- produced
46 884
           
44 491
        
45 654
        
 238
               
 227
               
 232
               
PRODUCTIVITY
per employee
- g
/
- oz
- target
 178
               
 175
            
 177
            
 5.72
              
 5.63
              
 5.69
              
- actual
 170
               
 178
            
 174
            
 5.47
              
 5.72
              
 5.59
              
per employee
- m2
/
- ft2
- target
 3.91
              
 3.88
           
 3.90
           
 42.09
            
 41.76
            
 41.98
            
- actual
 3.69
              
 3.78
           
 3.73
           
 39.72
            
 40.69
            
 40.15
            
FINANCIAL RESULTS (MILLION)
Gold normal revenue
 238.0
            
 249.8
         
 487.8
         
 38.9
              
 40.9
              
 79.8
              
Accelerated hedge revenue
 1.1
                
 1.1
             
 2.2
             
 0.2
                
 0.2
                
 0.4
                
Total gold revenue
 239.1
            
 250.9
         
 490.0
         
 39.1
              
 41.1
              
 80.2
              
Cost of sales
 192.8
            
 200.7
         
 393.5
         
 31.5
              
 32.9
              
 64.4
              
Cash costs
 181.5
            
 182.1
         
 363.6
         
 29.6
              
 29.9
              
 59.5
              
Retrenchment costs
 1.1
                
 1.1
             
 2.2
             
 0.2
                
 0.2
                
 0.4
                
Rehabilitation costs
 0.3
                
( 0.7)
            
( 0.4)
            
-
                 
( 0.1)
               
( 0.1)
               
Other non-cash costs
 1.0
                
 1.5
             
 2.5
             
 0.3
                
 0.2
                
 0.5
                
Production costs
 183.9
            
 184.0
         
 367.9
         
 30.1
              
 30.2
              
 60.3
              
Amortisation costs
 9.8
                
 10.0
           
 19.8
           
 1.6
                
 1.6
                
 3.2
                
Inventory change
( 0.9)
               
 6.7
             
 5.8
             
( 0.2)
               
 1.1
                
 0.9
                
Profit from operations
 46.3
              
 50.2
           
 96.5
           
 7.6
                
 8.2
                
 15.8
              
Capital expenditure
- mining direct
 6.4
                
 6.9
             
 13.3
           
 1.1
                
 1.1
                
 2.2
                
- other
-
                     
-
                  
-
                  
-
                 
-
                 
-
                 
- recoupments
-
                     
-
                  
-
                  
-
                 
-
                 
-
                 
Net capital expenditure
 6.4
                
 6.9
             
 13.3
           
 1.1
                
 1.1
                
 2.2
                
background image
Tshepong Mine
Matjhabeng Mine
Quarter
Quarter
Six months
Quarter
Quarter
Six months
Quarter
Quarter
Six months
Quarter
Quarter
Six months
ended
ended
ended
ended
ended
ended
ended
ended
ended
ended
ended
ended
June
March
June
June
March
June
June
March
June
June
March
June
1999
1999
1999
1999
1999
1999
1999
1999
1999
1999
1999
1999
Rand / Metric
Dollar / Imperial
Rand / Metric
Dollar / Imperial
 94
                 
 85
              
 179
            
1 012
             
 915
               
1 927
             
 76
                 
 105
            
 181
            
 818
               
1 130
             
1 948
             
 327
               
 302
            
 629
            
 360
               
 333
               
 693
               
 347
               
 470
            
 817
            
 383
               
 518
               
 901
               
-
                     
-
                  
-
                  
-
                     
-
                     
-
                     
-
                     
-
                  
-
                  
-
                     
-
                     
-
                     
-
                     
-
                  
-
                  
-
                     
-
                     
-
                     
-
                     
-
                  
-
                  
-
                     
-
                     
-
                     
 327
               
 302
            
 629
            
 360
               
 333
               
 693
               
 347
               
 470
            
 817
            
 383
               
 518
               
 901
               
 8.19
              
 8.28
           
 8.24
           
 0.239
            
 0.242
            
 0.240
            
 6.97
              
 7.37
           
 7.20
           
 0.203
            
 0.215
            
 0.210
            
-
                     
-
                  
-
                  
-
                     
-
                     
-
                     
-
                     
-
                  
-
                  
-
                     
-
                     
-
                     
-
                     
-
                  
-
                  
-
                     
-
                     
-
                     
-
                     
-
                  
-
                  
-
                     
-
                     
-
                     
 8.19
              
 8.28
           
 8.24
           
 0.239
            
 0.242
            
 0.240
            
 6.97
              
 7.37
           
 7.20
           
 0.203
            
 0.215
            
 0.210
            
2 679
             
2 502
          
5 181
          
 87
                 
 80
                 
 167
               
2 417
             
3 465
          
5 882
          
 78
                 
 111
               
 189
               
-
                     
-
                  
-
                  
-
                     
-
                     
-
                     
-
                     
-
                  
-
                  
-
                     
-
                     
-
                     
-
                     
-
                  
-
                  
-
                     
-
                     
-
                     
-
                     
-
                  
-
                  
-
                     
-
                     
-
                     
2 679
             
2 502
          
5 181
          
 87
                 
 80
                 
 167
               
2 417
             
3 465
          
5 882
          
 78
                 
 111
               
 189
               
62 165
           
61 683
        
61 932
        
 316
               
 314
               
 315
               
63 497
           
61 004
        
62 028
        
 322
               
 311
               
 316
               
 354
               
 384
            
 369
            
 53
                 
 57
                 
 55
                 
 496
               
 397
            
 439
            
 73
                 
 59
                 
 65
                 
43 263
           
46 341
        
44 749
        
 220
               
 236
               
 228
               
71 253
           
53 829
        
60 989
        
 362
               
 274
               
 310
               
 148
               
 156
            
 152
            
 4.76
              
 5.02
              
 4.89
              
 143
               
 141
            
 142
            
 4.60
              
 4.53
              
 4.57
              
 177
               
 158
            
 167
            
 5.69
              
 5.08
              
 5.37
              
 90
                 
 126
            
 108
            
 2.89
              
 4.05
              
 3.47
              
 5.63
              
 5.71
           
 5.67
           
 60.60
            
 61.46
            
 61.03
            
 3.94
              
 3.94
           
 3.94
           
 42.41
            
 42.41
            
 42.41
            
 6.21
              
 5.39
           
 5.79
           
 66.84
            
 58.02
            
 62.32
            
 2.83
              
 3.81
           
 3.32
           
 30.46
            
 41.01
            
 35.74
            
 164.9
            
 152.6
         
 317.5
         
 26.9
              
 25.0
              
 51.9
              
 148.6
            
 211.4
         
 360.0
         
 24.3
              
 34.6
              
 58.9
              
 1.7
                
 1.7
             
 3.4
             
 0.3
                
 0.3
                
 0.6
                
 4.8
                
-
                  
 4.8
             
 0.8
                
-
                 
 0.8
                
 166.6
            
 154.3
         
 320.9
         
 27.2
              
 25.3
              
 52.5
              
 153.4
            
 211.4
         
 364.8
         
 25.1
              
 34.6
              
 59.7
              
 136.5
            
 139.3
         
 275.8
         
 22.3
              
 22.8
              
 45.1
              
 180.0
            
 196.1
         
 376.1
         
 29.4
              
 32.1
              
 61.5
              
 115.9
            
 115.9
         
 231.8
         
 18.9
              
 19.0
              
 37.9
              
 172.2
            
 186.5
         
 358.7
         
 28.1
              
 30.6
              
 58.7
              
 1.7
                
 1.7
             
 3.4
             
 0.3
                
 0.3
                
 0.6
                
 4.8
                
-
                  
 4.8
             
 0.8
                
-
                 
 0.8
                
 0.2
                
( 0.4)
            
( 0.2)
            
 0.1
                
( 0.1)
               
-
                 
 0.3
                
( 0.5)
            
( 0.2)
            
 0.1
                
( 0.1)
               
-
                 
 0.9
                
 0.8
             
 1.7
             
 0.1
                
 0.1
                
 0.2
                
 0.7
                
 1.2
             
 1.9
             
-
                 
 0.2
                
 0.2
                
 118.7
            
 118.0
         
 236.7
         
 19.4
              
 19.3
              
 38.7
              
 178.0
            
 187.2
         
 365.2
         
 29.0
              
 30.7
              
 59.7
              
 18.5
              
 17.0
           
 35.5
           
 3.0
                
 2.8
                
 5.8
                
 2.6
                
 3.2
             
 5.8
             
 0.5
                
 0.5
                
 1.0
                
( 0.7)
               
 4.3
             
 3.6
             
( 0.1)
               
 0.7
                
 0.6
                
( 0.6)
               
 5.7
             
 5.1
             
( 0.1)
               
 0.9
                
 0.8
                
 30.1
              
 15.0
           
 45.1
           
 4.9
                
 2.5
                
 7.4
                
( 26.6)
             
 15.3
           
( 11.3)
          
( 4.3)
               
 2.5
                
( 1.8)
               
-
                     
-
                  
-
                  
-
                 
-
                 
-
                 
 4.8
                
 0.1
             
 4.9
             
 0.8
                
-
                 
 0.8
                
-
                     
-
                  
-
                  
-
                 
-
                 
-
                 
-
                     
-
                  
-
                  
-
                 
-
                 
-
                 
-
                     
-
                  
-
                  
-
                 
-
                 
-
                 
-
                     
-
                  
-
                  
-
                 
-
                 
-
                 
-
                     
-
                  
-
                  
-
                 
-
                 
-
                 
 4.8
                
 0.1
             
 4.9
             
 0.8
                
-
                 
 0.8
                
background image
FREE STATE
Surface Operations
Prepared in accordance with International
Quarter
Quarter
Six months
Quarter
Quarter
Six months
Accounting Standards.
ended
ended
ended
ended
ended
ended
June
March
June
June
March
June
1999
1999
1999
1999
1999
1999
Rand / Metric
Dollar / Imperial
OPERATING RESULTS
GOLD
Area mined
- m2 
/
- ft2
- 000
-
                     
-
                  
-
                  
-
                     
-
                     
-
                     
Milled - 000
- tonnes
/
- tons
- reef
-
                     
-
                  
-
                  
-
                     
-
                     
-
                     
- waste
-
                     
-
                  
-
                  
-
                     
-
                     
-
                     
 - surface and dump reclamation
 879
               
 620
            
1 499
          
 969
               
 683
               
1 652
             
 - total
 879
               
 620
            
1 499
          
 969
               
 683
               
1 652
             
Yield
- g/t
/
- oz/t
- reef
-
                     
-
                  
-
                  
-
                     
-
                     
-
                     
- waste
-
                     
-
                  
-
                  
-
                     
-
                     
-
                     
 - surface and dump reclamation
 0.96
              
 0.95
           
 0.96
           
 0.028
            
 0.028
            
 0.028
            
 - average
 0.96
              
 0.95
           
 0.96
           
 0.028
            
 0.028
            
 0.028
            
Gold produced
- kg
/
- oz 000
- reef
-
                     
-
                  
-
                  
-
                     
-
                     
-
                     
- waste
-
                     
-
                  
-
                  
-
                     
-
                     
-
                     
 - surface and dump reclamation
 847
               
 592
            
1 439
          
 27
                 
 19
                 
 46
                 
 - total
 847
               
 592
            
1 439
          
 27
                 
 19
                 
 46
                 
Revenue
- R/kg
/
- $/oz
- sold
61 511
           
61 003
        
61 302
        
 312
               
 311
               
 312
               
Cash costs
- R
/
- $
- ton milled
 47
                 
 44
              
 46
              
 7
                   
 7
                   
 7
                   
- R/kg
/
- $/oz
- produced
48 543
           
46 079
        
47 530
        
 247
               
 235
               
 242
               
PRODUCTIVITY
per employee
- g
/
- oz
- target
 180
               
 177
            
 179
            
 5.79
              
 5.69
              
 5.75
              
- actual
 332
               
 219
            
 274
            
 10.67
            
 7.04
              
 8.81
              
per employee
- m2
/
- ft2
- target
-
                     
-
                  
-
                  
-
                     
-
                     
-
                     
- actual
-
                     
-
                  
-
                  
-
                     
-
                     
-
                     
FINANCIAL RESULTS (MILLION)
Gold normal revenue
 52.1
              
 36.1
           
 88.2
           
 8.5
                
 5.9
                
 14.4
              
Accelerated hedge revenue
-
                     
-
                  
-
                  
-
                 
-
                 
-
                 
Total gold revenue
 52.1
              
 36.1
           
 88.2
           
 8.5
                
 5.9
                
 14.4
              
Cost of sales
 41.5
              
 28.7
           
 70.2
           
 6.8
                
 4.7
                
 11.5
              
Cash costs
 41.1
              
 27.3
           
 68.4
           
 6.7
                
 4.5
                
 11.2
              
Retrenchment costs
-
                     
-
                  
-
                  
-
                 
-
                 
-
                 
Rehabilitation costs
 0.1
                
( 0.1)
            
-
                  
-
                 
-
                 
-
                 
Other non-cash costs
( 0.1)
               
 0.2
             
 0.1
             
 0.2
                
( 0.1)
               
 0.1
                
Production costs
 41.1
              
 27.4
           
 68.5
           
 6.9
                
 4.4
                
 11.3
              
Amortisation costs
 0.6
                
 0.3
             
 0.9
             
-
                 
 0.1
                
 0.1
                
Inventory change
( 0.2)
               
 1.0
             
 0.8
             
( 0.1)
               
 0.2
                
 0.1
                
Profit from operations
 10.6
              
 7.4
             
 18.0
           
 1.7
                
 1.2
                
 2.9
                
Capital expenditure
- mining direct
 0.2
                
-
                  
 0.2
             
-
                 
-
                 
-
                 
- other
-
                     
-
                  
-
                  
-
                 
-
                 
-
                 
- recoupments
-
                     
-
                  
-
                  
-
                 
-
                 
-
                 
Net capital expenditure
 0.2
                
-
                  
 0.2
             
-
                 
-
                 
-
                 
background image
Joel Mine
Quarter
Quarter
Six months
Quarter
Quarter
Six months
ended
ended
ended
ended
ended
ended
June
March
June
June
March
June
1999
1999
1999
1999
1999
1999
Rand / Metric
Dollar / Imperial
 69
                 
 63
              
 132
            
 743
             
 678
             
1 421
           
 324
               
 311
            
 635
            
 357
             
 343
             
 700
             
 13
                 
 50
              
 63
              
 14
               
 55
               
 69
               
-
                     
-
                  
-
                  
-
                  
-
                  
-
                  
 337
               
 361
            
 698
            
 371
             
 398
             
 769
             
 5.62
              
 6.20
           
 5.90
           
 0.164
          
 0.181
          
 0.172
          
 0.85
              
 0.60
           
 0.65
           
 0.025
          
 0.018
          
 0.019
          
-
                     
-
                  
-
                  
-
                  
-
                  
-
                  
 5.43
              
 5.43
           
 5.43
           
 0.158
          
 0.158
          
 0.158
          
1 820
             
1 929
          
3 749
          
 59
               
 62
               
 121
             
 11
                 
 30
              
 41
              
-
                  
 1
                 
 1
                 
-
                     
-
                  
-
                  
-
                  
-
                  
-
                  
1 831
             
1 959
          
3 790
          
 59
               
 63
               
 122
             
61 959
           
61 004
        
61 465
        
 315
             
 311
             
 313
             
 269
               
 250
            
 259
            
 40
               
 37
               
 38
               
49 427
           
46 013
        
47 662
        
 251
             
 235
             
 242
             
 158
               
 150
            
 154
            
 5.08
            
 4.82
            
 4.95
            
 123
               
 136
            
 129
            
 3.95
            
 4.37
            
 4.15
            
 5.49
              
 5.29
           
 5.39
           
 59.09
          
 56.94
          
 58.02
          
 4.62
              
 4.37
           
 4.50
           
 49.73
          
 47.04
          
 48.44
          
 112.6
            
 119.5
         
 232.1
         
 18.4
            
 19.6
            
 38.0
            
 0.8
                
-
                  
 0.8
             
 0.1
              
-
              
 0.1
              
 113.4
            
 119.5
         
 232.9
         
 18.5
            
 19.6
            
 38.1
            
 108.6
            
 101.4
         
 210.0
         
 17.8
            
 16.6
            
 34.4
            
 90.5
              
 90.1
           
 180.6
         
 14.7
            
 14.8
            
 29.5
            
 0.8
                
-
                  
 0.8
             
 0.1
              
-
              
 0.1
              
 0.2
                
 0.3
             
 0.5
             
 0.1
              
-
              
 0.1
              
 0.1
                
( 0.4)
            
( 0.3)
            
 0.1
              
( 0.1)
            
-
              
 91.6
              
 90.0
           
 181.6
         
 15.0
            
 14.7
            
 29.7
            
 15.9
              
 11.0
           
 26.9
           
 2.6
              
 1.8
              
 4.4
              
 1.1
                
 0.4
             
 1.5
             
 0.2
              
 0.1
              
 0.3
              
 4.8
                
 18.1
           
 22.9
           
 0.7
              
 3.0
              
 3.7
              
 22.4
              
 33.5
           
 55.9
           
 3.7
              
 5.5
              
 9.2
              
-
                     
-
                  
-
                  
-
              
-
              
-
              
-
                     
-
                  
-
                  
-
              
-
              
-
              
 22.4
              
 33.5
           
 55.9
           
 3.7
              
 5.5
              
 9.2
              
background image
WEST WITS
TauTona Mine (East Mine)
Prepared in accordance with International
Quarter
Quarter
Six months
Quarter
Quarter
Six months
Accounting Standards.
ended
ended
ended
ended
ended
ended
June
March
June
June
March
June
1999
1999
1999
1999
1999
1999
Rand / Metric
Dollar / Imperial
OPERATING RESULTS
GOLD
Area mined
- m2 
/
- ft2
- 000
 72
                 
 65
              
 137
            
 775
               
 700
               
1 475
             
Milled - 000
- tonnes /
- tons
- reef
 423
               
 430
            
 853
            
 466
               
 474
               
 940
               
- waste
-
                     
-
                  
-
                  
-
                     
-
                     
-
                     
- total
 423
               
 430
            
 853
            
 466
               
 474
               
 940
               
Yield
- g/t
/
- oz/t
- reef
 11.73
            
 11.34
         
 11.53
         
 0.342
            
 0.331
            
 0.336
            
- waste
-
                     
-
                  
-
                  
-
                     
-
                     
-
                     
- average
 11.73
            
 11.34
         
 11.53
         
 0.342
            
 0.331
            
 0.336
            
Gold produced
- kg
/
- oz 000
- reef
4 961
             
4 877
          
9 838
          
 159
               
 157
               
 316
               
- waste
-
                     
-
                  
-
                  
-
                     
-
                     
-
                     
- total
4 961
             
4 877
          
9 838
          
 159
               
 157
               
 316
               
Revenue
- R/kg
/
- $/oz
- sold
61 563
           
61 113
        
61 340
        
 313
               
 312
               
 312
               
Cash costs
- R
/
- $
- ton milled
 364
               
 375
            
 370
            
 54
                 
 56
                 
 55
                 
- R/kg
/
- $/oz
- produced
31 026
           
33 102
        
32 055
        
 158
               
 169
               
 163
               
PRODUCTIVITY
per employee
- g
/
- oz
- target
 279
               
 270
            
 274
            
 8.97
              
 8.68
              
 8.81
              
- actual
 258
               
 246
            
 252
            
 8.29
              
 7.91
              
 8.10
              
per employee
- m2
/
- ft2
- target
 4.07
              
 3.90
           
 3.98
           
 43.81
            
 41.98
            
 42.84
            
- actual
 3.75
              
 3.28
           
 3.51
           
 40.36
            
 35.31
            
 37.78
            
FINANCIAL RESULTS (MILLION)
Gold normal revenue
 305.2
            
 297.5
         
 602.7
         
 49.8
              
 48.7
              
 98.5
              
Accelerated hedge revenue
 0.3
                
 0.5
             
 0.8
             
 0.1
                
 0.1
                
 0.2
                
Total gold revenue
 305.5
            
 298.0
         
 603.5
         
 49.9
              
 48.8
              
 98.7
              
Cost of sales
 153.2
            
 178.7
         
 331.9
         
 25.1
              
 29.2
              
 54.3
              
Cash costs
 154.0
            
 161.4
         
 315.4
         
 25.1
              
 26.5
              
 51.6
              
Retrenchment costs
 0.3
                
 0.5
             
 0.8
             
-
                     
 0.1
                
 0.1
                
Rehabilitation costs
 0.8
                
( 0.1)
            
 0.7
             
 0.1
                
-
                     
 0.1
                
Other non-cash costs
 1.0
                
 1.0
             
 2.0
             
 0.4
                
-
                     
 0.4
                
Production costs
 156.1
            
 162.8
         
 318.9
         
 25.6
              
 26.6
              
 52.2
              
Amortisation costs
 0.7
                
 21.5
           
 22.2
           
 0.1
                
 3.5
                
 3.6
                
Inventory change
( 3.6)
               
( 5.6)
            
( 9.2)
            
( 0.6)
               
( 0.9)
               
( 1.5)
               
Profit from operations
 152.3
            
 119.3
         
 271.6
         
 24.8
              
 19.6
              
 44.4
              
Capital expenditure
- mining direct
 9.3
                
 0.6
             
 9.9
             
 1.5
                
 0.1
                
 1.6
                
- other
 1.6
                
 0.1
             
 1.7
             
 0.3
                
-
                     
 0.3
                
- recoupments
-
                     
-
                  
-
                  
-
                     
-
                     
-
                     
Net capital expenditure
 10.9
              
 0.7
             
 11.6
           
 1.8
                
 0.1
                
 1.9
                
background image
Savuka Mine (West Mine)
Mponeng Mine (South Mine)
Quarter
Quarter
Six months
Quarter
Quarter
Six months
Quarter
Quarter
Six months
Quarter
Quarter
Six months
ended
ended
ended
ended
ended
ended
ended
ended
ended
ended
ended
ended
June
March
June
June
March
June
June
March
June
June
March
June
1999
1999
1999
1999
1999
1999
1999
1999
1999
1999
1999
1999
Rand / Metric
Dollar / Imperial
Rand / Metric
Dollar / Imperial
 55
                 
 50
              
 105
            
 592
               
 538
               
1 130
             
 65
                 
 63
              
 128
            
 700
               
 678
               
1 378
             
 310
               
 288
            
 598
            
 342
               
 317
               
 659
               
 405
               
 417
            
 822
            
 446
               
 460
               
 906
               
-
                     
-
                  
-
                  
-
                     
-
                     
-
                     
-
                     
-
                  
-
                  
-
                     
-
                     
-
                     
 310
               
 288
            
 598
            
 342
               
 317
               
 659
               
 405
               
 417
            
 822
            
 446
               
 460
               
 906
               
 6.69
              
 6.59
           
 6.64
           
 0.195
            
 0.192
            
 0.194
            
 9.35
              
 6.25
           
 7.77
           
 0.273
            
 0.182
            
 0.227
            
-
                     
-
                  
-
                  
-
                     
-
                     
-
                     
-
                     
-
                  
-
                  
-
                     
-
                     
-
                     
 6.69
              
 6.59
           
 6.64
           
 0.195
            
 0.192
            
 0.194
            
 9.35
              
 6.25
           
 7.77
           
 0.273
            
 0.182
            
 0.227
            
2 075
             
1 897
          
3 972
          
 67
                 
 61
                 
 128
               
3 786
             
2 605
          
6 391
          
 121
               
 84
                 
 205
               
-
                     
-
                  
-
                  
-
                     
-
                     
-
                     
-
                     
-
                  
-
                  
-
                     
-
                     
-
                     
2 075
             
1 897
          
3 972
          
 67
                 
 61
                 
 128
               
3 786
             
2 605
          
6 391
          
 121
               
 84
                 
 205
               
61 720
           
61 052
        
61 401
        
 313
               
 311
               
 312
               
61 688
           
61 116
        
61 455
        
 313
               
 312
               
 313
               
 366
               
 401
            
 383
            
 54
                 
 60
                 
 57
                 
 386
               
 379
            
 382
            
 57
                 
 56
                 
 57
                 
54 724
           
60 899
        
57 673
        
 278
               
 310
               
 293
               
41 309
           
60 618
        
49 179
        
 210
               
 309
               
 250
               
 164
               
 167
            
 166
            
 5.27
              
 5.37
              
 5.34
              
 198
               
 190
            
 194
            
 6.37
              
 6.11
              
 6.24
              
 137
               
 118
            
 127
            
 4.40
              
 3.79
              
 4.08
              
 219
               
 149
            
 184
            
 7.04
              
 4.79
              
 5.92
              
 4.32
              
 4.54
           
 4.43
           
 46.50
            
 48.87
            
 47.68
            
 4.12
              
 4.04
           
 4.08
           
 44.35
            
 43.49
            
 43.92
            
 3.63
              
 3.11
           
 3.36
           
 39.07
            
 33.48
            
 36.17
            
 3.77
              
 3.61
           
 3.69
           
 40.58
            
 38.86
            
 39.72
            
 127.7
            
 115.7
         
 243.4
         
 20.8
              
 19.0
              
 39.8
              
 232.9
            
 158.9
         
 391.8
         
 37.9
              
 26.1
              
 64.0
              
 0.4
                
 0.1
             
 0.5
             
 0.1
                
-
                     
 0.1
                
 0.7
                
 0.3
             
 1.0
             
 0.2
                
-
                     
 0.2
                
 128.1
            
 115.8
         
 243.9
         
 20.9
              
 19.0
              
 39.9
              
 233.6
            
 159.2
         
 392.8
         
 38.1
              
 26.1
              
 64.2
              
 115.0
            
 117.4
         
 232.4
         
 18.7
              
 19.3
              
 38.0
              
 166.9
            
 161.6
         
 328.5
         
 27.2
              
 26.5
              
 53.7
              
 113.6
            
 115.5
         
 229.1
         
 18.6
              
 18.9
              
 37.5
              
 156.4
            
 157.9
         
 314.3
         
 25.5
              
 25.9
              
 51.4
              
 0.4
                
 0.1
             
 0.5
             
 0.1
                
-
                     
 0.1
                
 0.7
                
 0.3
             
 1.0
             
 0.2
                
-
                     
 0.2
                
 0.3
                
-
                  
 0.3
             
 0.1
                
-
                     
 0.1
                
 0.5
                
-
                  
 0.5
             
 0.1
                
-
                     
 0.1
                
 0.6
                
 0.4
             
 1.0
             
( 0.2)
               
 0.2
                
-
                     
 0.7
                
 0.6
             
 1.3
             
-
                     
 0.1
                
 0.1
                
 114.9
            
 116.0
         
 230.9
         
 18.6
              
 19.1
              
 37.7
              
 158.3
            
 158.8
         
 317.1
         
 25.8
              
 26.0
              
 51.8
              
 1.6
                
 3.6
             
 5.2
             
 0.3
                
 0.6
                
 0.9
                
 11.3
              
 5.8
             
 17.1
           
 1.8
                
 1.0
                
 2.8
                
( 1.5)
               
( 2.2)
            
( 3.7)
            
( 0.2)
               
( 0.4)
               
( 0.6)
               
( 2.7)
               
( 3.0)
            
( 5.7)
            
( 0.4)
               
( 0.5)
               
( 0.9)
               
 13.1
              
( 1.6)
            
 11.5
           
 2.2
                
( 0.3)
               
 1.9
                
 66.7
              
( 2.4)
            
 64.3
           
 10.9
              
( 0.4)
               
 10.5
              
 2.2
                
 1.7
             
 3.9
             
 0.3
                
 0.3
                
 0.6
                
 41.4
              
 26.1
           
 67.5
           
 6.9
                
 4.2
                
 11.1
              
 0.4
                
 0.5
             
 0.9
             
 0.1
                
 0.1
                
 0.2
                
 8.4
                
 5.2
             
 13.6
           
 1.3
                
 0.9
                
 2.2
                
-
                     
-
                  
-
                  
-
                     
-
                     
-
                     
-
                     
-
                  
-
                  
-
                     
-
                     
-
                     
 2.6
                
 2.2
             
 4.8
             
 0.4
                
 0.4
                
 0.8
                
 49.8
              
 31.3
           
 81.1
           
 8.2
                
 5.1
                
 13.3
              
background image
WEST WITS
Elandsrand Mine
Prepared in accordance with International
Quarter
Quarter
Six months
Quarter
Quarter
Six months
Accounting Standards.
ended
ended
ended
ended
ended
ended
June
March
June
June
March
June
1999
1999
1999
1999
1999
1999
Rand / Metric
Dollar / Imperial
OPERATING RESULTS
GOLD
Area mined
- m2 
/
- ft2
- 000
 105
               
 109
            
 214
            
1 130
             
1 173
             
2 303
             
Milled - 000
- tonnes /
- tons
- reef
 462
               
 468
            
 930
            
 509
               
 516
               
1 025
             
- waste
 8
                   
 6
                
 14
              
 8
                   
 7
                   
 15
                 
- total
 470
               
 474
            
 944
            
 517
               
 523
               
1 040
             
Yield
- g/t
/
- oz/t
- reef
 8.24
              
 6.76
           
 7.49
           
 0.240
            
 0.197
            
 0.219
            
- waste
 0.38
              
 0.33
           
 0.36
           
 0.011
            
 0.010
            
 0.010
            
- average
 8.11
              
 6.68
           
 7.39
           
 0.236
            
 0.195
            
 0.216
            
Gold produced
- kg
/
- oz 000
- reef
3 808
             
3 162
          
6 970
          
 122
               
 102
               
 224
               
- waste
 3
                   
 2
                
 5
                
-
                     
-
                     
-
                     
- total
3 811
             
3 164
          
6 975
          
 122
               
 102
               
 224
               
Revenue
- R/kg
/
- $/oz
- sold
61 700
           
61 841
        
61 764
        
 313
               
 315
               
 314
               
Cash costs
- R
/
- $
- ton milled
 351
               
 336
            
 343
            
 52
                 
 50
                 
 51
                 
- R/kg
/
- $/oz
- produced
43 256
           
50 330
        
46 465
        
 220
               
 257
               
 236
               
PRODUCTIVITY
per employee
- g
/
- oz
- target
 211
               
 216
            
 214
            
 6.78
              
 6.94
              
 6.88
              
- actual
 195
               
 168
            
 182
            
 6.27
              
 5.40
              
 5.85
              
per employee
- m2
/
- ft2
- target
 6.29
              
 6.52
           
 6.40
           
 67.70
            
 70.18
            
 68.89
            
- actual
 5.38
              
 5.80
           
 5.59
           
 57.91
            
 62.43
            
 60.17
            
FINANCIAL RESULTS (MILLION)
Gold normal revenue
 234.3
            
 193.1
         
 427.4
         
 38.2
              
 31.7
              
 69.9
              
Accelerated hedge revenue
 0.8
                
 2.6
             
 3.4
             
 0.2
                
 0.4
                
 0.6
                
Total gold revenue
 235.1
            
 195.7
         
 430.8
         
 38.4
              
 32.1
              
 70.5
              
Cost of sales
 178.9
            
 171.3
         
 350.2
         
 29.2
              
 28.1
              
 57.3
              
Cash costs
 164.9
            
 159.2
         
 324.1
         
 26.9
              
 26.1
              
 53.0
              
Retrenchment costs
 0.8
                
 2.6
             
 3.4
             
 0.2
                
 0.4
                
 0.6
                
Rehabilitation costs
 0.6
                
( 0.1)
            
 0.5
             
 0.1
                
-
                     
 0.1
                
Other non-cash costs
 0.3
                
 0.6
             
 0.9
             
 0.1
                
 0.1
                
 0.2
                
Production costs
 166.6
            
 162.3
         
 328.9
         
 27.3
              
 26.6
              
 53.9
              
Amortisation costs
 11.9
              
 9.7
             
 21.6
           
 1.9
                
 1.6
                
 3.5
                
Inventory change
 0.4
                
( 0.7)
            
( 0.3)
            
-
                     
( 0.1)
               
( 0.1)
               
Profit from operations
 56.2
              
 24.4
           
 80.6
           
 9.2
                
 4.0
                
 13.2
              
Capital expenditure
- mining direct
 28.5
              
 27.5
           
 56.0
           
 4.6
                
 4.5
                
 9.1
                
- other
 6.8
                
 4.6
             
 11.4
           
 1.1
                
 0.8
                
 1.9
                
- recoupments
-
                     
-
                  
-
                  
-
                     
-
                     
-
                     
Net capital expenditure
 35.3
              
 32.1
           
 67.4
           
 5.7
                
 5.3
                
 11.0
              
background image
Deelkraal Mine
Quarter
Quarter
Six months
Quarter
Quarter
Six months
ended
ended
ended
ended
ended
ended
June
March
June
June
March
June
1999
1999
1999
1999
1999
1999
Rand / Metric
Dollar / Imperial
 34
                 
 34
              
 68
              
 366
             
 366
             
 732
             
 195
               
 186
            
 381
            
 215
             
 205
             
 420
             
 121
               
 114
            
 235
            
 133
             
 126
             
 259
             
 316
               
 300
            
 616
            
 348
             
 331
             
 679
             
 6.77
              
 7.31
           
 7.04
           
 0.198
          
 0.213
          
 0.205
          
 1.21
              
 0.77
           
 1.00
           
 0.035
          
 0.023
          
 0.029
          
 4.64
              
 4.83
           
 4.73
           
 0.135
          
 0.141
          
 0.138
          
1 321
             
1 360
          
2 681
          
 42
               
 44
               
 86
               
 146
               
 88
              
 234
            
 5
                 
 3
                 
 8
                 
1 467
             
1 448
          
2 915
          
 47
               
 47
               
 94
               
61 725
           
61 331
        
61 530
        
 313
             
 313
             
 313
             
 276
               
 283
            
 280
            
 41
               
 42
               
 42
               
59 517
           
58 705
        
59 114
        
 302
             
 299
             
 301
             
 173
               
 181
            
 177
            
 5.56
            
 5.82
            
 5.69
            
 125
               
 122
            
 124
            
 4.02
            
 3.92
            
 3.99
            
 4.27
              
 4.36
           
 4.32
           
 45.96
          
 46.93
          
 46.50
          
 2.91
              
 2.87
           
 2.89
           
 31.32
          
 30.89
          
 31.11
          
 90.3
              
 88.3
           
 178.6
         
 14.7
            
 14.5
            
 29.2
            
 0.3
                
 0.5
             
 0.8
             
-
                  
 0.1
              
 0.1
              
 90.6
              
 88.8
           
 179.4
         
 14.7
            
 14.6
            
 29.3
            
 103.3
            
 94.4
           
 197.7
         
 16.8
            
 15.5
            
 32.3
            
 87.3
              
 85.0
           
 172.3
         
 14.3
            
 13.9
            
 28.2
            
 0.3
                
 0.5
             
 0.8
             
-
                  
 0.1
              
 0.1
              
 0.7
                
 0.3
             
 1.0
             
 0.1
              
 0.1
              
 0.2
              
 0.6
                
 0.5
             
 1.1
             
-
                  
 0.1
              
 0.1
              
 88.9
              
 86.3
           
 175.2
         
 14.4
            
 14.2
            
 28.6
            
 14.3
              
 8.4
             
 22.7
           
 2.3
              
 1.4
              
 3.7
              
 0.1
                
( 0.3)
            
( 0.2)
            
 0.1
              
( 0.1)
            
-
                  
( 12.7)
             
( 5.6)
            
( 18.3)
          
( 2.1)
            
( 0.9)
            
( 3.0)
            
 3.9
                
 3.8
             
 7.7
             
 0.7
              
 0.6
              
 1.3
              
-
                     
-
                  
-
                  
-
                  
-
                  
-
                  
-
                     
-
                  
-
                  
-
                  
-
                  
-
                  
 3.9
                
 3.8
             
 7.7
             
 0.7
              
 0.6
              
 1.3
              
background image
OTHER AFRICAN OPERATIONS
Navachab - Attributable 70%
Prepared in accordance with International
Quarter
Quarter
Six months
Quarter
Quarter
Six months
Accounting Standards.
ended
ended
ended
ended
ended
ended
June
March
June
June
March
June
1999
1999
1999
1999
1999
1999
Rand / Metric
Dollar / Imperial
OPERATING RESULTS
GOLD
Mined
- tonnes
/
- tons
- 000
1 024
             
 987
            
2 011
          
1 129
             
1 088
             
2 217
             
Volume mined
- bcm
/
- bcy
- 000
 384
               
 365
            
 749
            
 503
               
 477
               
 980
               
Stripping ratio
- t(mined-treated)
 /t treated
 3.55
              
 3.15
           
 3.34
           
 3.55
              
 3.15
              
 3.34
              
Treated
- tonnes
/
- tons
- 000
 225
               
 238
            
 463
            
 248
               
 262
               
 510
               
Mill head grade
- g/t
/
- oz/t
 1.61
              
 1.50
           
 1.55
           
 0.047
            
 0.044
            
 0.045
            
Metallurgical recovery
- %
 90.26
            
 91.24
         
 90.74
         
 90.26
            
 91.24
            
 90.74
            
Gold produced
- kg
/
- oz 000
 327
               
 325
            
 652
            
 11
                 
 10
                 
 21
                 
Revenue
- R/kg
/
- $/oz
- sold
54 536
           
63 224
        
59 055
        
 277
               
 322
               
 301
               
Cash costs
- R/kg
/
- $/oz
- produced
50 798
           
51 612
        
51 204
        
 258
               
 263
               
 261
               
PRODUCTIVITY
per employee
- g
/
- oz
- target
 443
               
 431
            
 431
            
 14.24
            
 13.86
            
 13.86
            
- actual
 439
               
 449
            
 449
            
 14.12
            
 14.45
            
 14.45
            
FINANCIAL RESULTS ( MILLION)
Gold revenue
 17.5
              
 22.0
           
 39.5
           
 2.9
                
 3.6
                
 6.5
                
Cost of sales
 18.4
              
 16.6
           
 35.0
           
 3.0
                
 2.7
                
 5.7
                
Cash costs
 16.6
              
 16.8
           
 33.4
           
 2.8
                
 2.7
                
 5.5
                
Rehabilitation costs
( 0.5)
               
 0.5
             
-
                  
( 0.1)
               
 0.1
                
 0.0
                
Other non-cash costs
 0.2
                
 0.1
             
 0.3
             
-
                     
-
                     
-
                     
Production costs
 16.3
              
 17.4
           
 33.7
           
 2.7
                
 2.8
                
 5.5
                
Amortisation costs
 0.5
                
 0.5
             
 1.0
             
 0.1
                
 0.1
                
 0.2
                
Inventory change
 1.6
                
( 1.3)
            
 0.3
             
 0.2
                
( 0.2)
               
-
                     
Profit from operations
( 0.9)
               
 5.4
             
 4.5
             
( 0.1)
               
 0.9
                
 0.8
                
Capital expenditure
 0.5
                
 0.1
             
 0.6
             
-
                     
-
                     
-
                     
background image
Sadiola - Attributable 38%
Quarter
Quarter
Six months
Quarter
Quarter
Six months
ended
ended
ended
ended
ended
ended
June
March
June
June
March
June
1999
1999
1999
1999
1999
1999
Rand / Metric
Dollar / Imperial
1 449
             
1 554
          
3 003
          
1 597
           
1 713
           
3 310
           
 824
               
 806
            
1 630
          
1 078
           
1 054
           
2 132
           
 1.99
              
 2.27
           
 2.13
           
 1.99
            
 2.27
            
 2.13
            
 485
               
 475
            
 960
            
 535
             
 524
             
1 058
           
 3.43
              
 3.00
           
 3.22
           
 0.100
          
 0.087
          
 0.094
          
 97.16
            
 96.50
         
 96.77
         
 97.16
          
 96.50
          
 96.77
          
1 614
             
1 373
          
2 987
          
 52
               
 44
               
 96
               
60 814
           
63 305
        
61 999
        
 309
             
 323
             
 315
             
20 158
           
22 492
        
21 231
        
 102
             
 115
             
 108
             
2 076
             
2 151
          
2 115
          
 66.74
          
 69.16
          
 68.00
          
1 972
             
1 677
          
1 825
          
 63.40
          
 53.93
          
 58.66
          
 91.4
              
 86.2
           
 177.6
         
 14.9
            
 14.1
            
 29.0
            
 54.7
              
 54.4
           
 109.1
         
 8.9
              
 8.9
              
 17.8
            
 32.5
              
 30.9
           
 63.4
           
 5.3
              
 5.1
              
 10.4
            
-
                     
 0.3
             
 0.3
             
-
                  
 0.1
              
 0.1
              
 6.4
                
 6.0
             
 12.4
           
 1.0
              
 0.9
              
 1.9
              
 38.9
              
 37.2
           
 76.1
           
 6.3
              
 6.1
              
 12.4
            
 18.5
              
 18.2
           
 36.7
           
 3.0
              
 3.0
              
 6.0
              
( 2.7)
               
( 1.0)
            
( 3.7)
            
( 0.4)
            
( 0.2)
            
( 0.6)
            
 36.7
              
 31.8
           
 68.5
           
 6.0
              
 5.2
              
 11.2
            
 4.9
                
 3.2
             
 8.1
             
 0.8
              
 0.5
              
 1.3
              
background image
NORTH AMERICAN OPERATIONS
Cripple Creek & Victor J.V.
Prepared in accordance with International
Quarter
Quarter
Six months
Quarter
Quarter
Six months
Accounting Standards.
ended
ended
ended
ended
ended
ended
June
March
June
June
March
June
1999
1999
1999
1999
1999
1999
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
6 963
             
6 489
          
13 452
        
7 675
             
7 153
             
14 828
           
Stripping ratio
- t(mined-treated)
 /t treated
 1.80
              
 1.68
           
 1.74
           
 1.80
              
 1.68
              
 1.74
              
Treated
- tonnes
/
- tons
- 000
2 488
             
2 423
          
4 911
          
2 743
             
2 671
             
5 413
             
Mill head grade
- g/t
/
- oz/t
 0.67
              
 0.59
           
 0.63
           
 0.019
            
 0.017
            
 0.018
            
Gold in ore
- kg
/
- oz 000
1 658
             
1 435
          
3 093
          
 53
                 
 46
                 
 99
                 
Yield
- g/t
/
- oz/t
 0.67
              
 0.59
           
 0.63
           
 0.019
            
 0.017
            
 0.018
            
Gold produced
- kg
/
- oz 000
1 658
             
1 435
          
3 093
          
 53
                 
 46
                 
 99
                 
Total
Yield
- g/t
/
- oz/t
 0.67
              
 0.59
           
 0.63
           
 0.019
            
 0.017
            
 0.018
            
Gold produced
- kg
/
- oz 000
1 658
             
1 435
          
3 093
          
 53
                 
 46
                 
 99
                 
Revenue
- R/kg
/
- $/oz
- sold
62 434
           
56 304
        
59 497
        
 317
               
 287
               
 303
               
Cash costs
- R/kg
/
- $/oz
- produced
32 871
           
32 334
        
32 622
        
 168
               
 165
               
 167
               
PRODUCTIVITY
per employee
- g
/
- oz
- target
2 115
             
1 804
          
2 022
          
 68
                 
 58
                 
 65
                 
- actual
1 773
             
1 555
          
1 680
          
 57
                 
 50
                 
 54
                 
FINANCIAL RESULTS (MILLION)
Gold revenue
 103.5
            
 80.5
           
 184.0
         
 16.9
              
 13.2
              
 30.1
              
Cost of sales
 71.1
              
 67.7
           
 138.8
         
 11.6
              
 11.1
              
 22.7
              
Cash costs
 54.5
              
 46.4
           
 100.9
         
 8.9
                
 7.6
                
 16.5
              
Rehabilitation costs
 3.1
                
 2.4
             
 5.5
             
 0.5
                
 0.4
                
 0.9
                
Other non-cash costs
-
                     
-
                  
-
                  
-
                     
-
                     
-
                     
Production costs
 57.6
              
 48.8
           
 106.4
         
 9.4
                
 8.0
                
 17.4
              
Amortisation costs
 13.5
              
 18.9
           
 32.4
           
 2.2
                
 3.1
                
 5.3
                
Inventory change
-
                     
-
                  
-
                  
-
                     
-
                     
-
                     
Profit from operations
 32.4
              
 12.8
           
 45.2
           
 5.3
                
 2.1
                
 7.4
                
Capital expenditure
 27.6
              
 21.4
           
 49.0
           
 4.5
                
 3.5
                
 8.0
                
Note: The gold produced for underground and open-pit
operations is allocated on gold in ore.
background image
Jerritt Canyon J.V. - Attributable 70%
Quarter
Quarter
Six months
Quarter
Quarter
Six months
ended
ended
ended
ended
ended
ended
June
March
June
June
March
June
1999
1999
1999
1999
1999
1999
Rand / Metric
Dollar / Imperial
 159
               
 139
            
 298
            
 175
             
 153
             
 328
             
 109
               
 99
              
 208
            
 120
             
 109
             
 229
             
 13.15
            
 12.58
         
 12.88
         
 0.383
          
 0.367
          
 0.376
          
1 433
             
1 245
          
2 678
          
 46
               
 40
               
 86
               
 13.78
            
 10.78
         
 12.35
         
 0.400
          
 0.312
          
 0.358
          
1 502
             
1 067
          
2 569
          
 48
               
 34
               
 82
               
1 466
             
2 121
          
3 587
          
1 616
           
2 338
           
3 953
           
 20.84
            
 16.97
         
 18.39
         
 20.84
          
 16.97
          
 18.39
          
 67
                 
 118
            
 185
            
 74
               
 130
             
 204
             
 5.75
              
 8.31
           
 7.38
           
 0.162
          
 0.246
          
 0.216
          
 385
               
 980
            
1 365
          
 12
               
 32
               
 44
               
 6.01
              
 6.71
           
 6.46
           
 0.176
          
 0.192
          
 0.186
          
 403
               
 792
            
1 195
          
 13
               
 25
               
 38
               
 10.82
            
 8.57
           
 9.58
           
 0.314
          
 0.247
          
 0.277
          
1 905
             
1 859
          
3 764
          
 61
               
 59
               
 120
             
62 699
           
56 304
        
60 540
        
 318
             
 287
             
 308
             
38 268
           
35 772
        
37 035
        
 195
             
 185
             
 190
             
1 742
             
1 928
          
1 835
          
 56
               
 62
               
 59
               
1 991
             
1 960
          
1 991
          
 64
               
 63
               
 64
               
 119.4
            
 104.3
         
 223.8
         
 19.5
            
 17.1
            
 36.6
            
 99.9
              
 98.9
           
 198.7
         
 16.3
            
 16.2
            
 32.5
            
 72.9
              
 66.5
           
 139.4
         
 11.9
            
 10.9
            
 22.8
            
 3.1
                
 4.3
             
 7.3
             
 0.5
              
 0.7
              
 1.2
              
-
                     
-
                  
-
                  
-
                  
-
                  
-
                  
 76.0
              
 70.8
           
 146.7
         
 12.4
            
 11.6
            
 24.0
            
 23.9
              
 28.1
           
 52.0
           
 3.9
              
 4.6
              
 8.5
              
-
                     
-
                  
-
                  
-
                  
-
                  
-
                  
 19.5
              
 5.4
             
 25.1
           
 3.2
              
 0.9
              
 4.1
              
 23.9
              
 15.9
           
 39.8
           
 3.9
              
 2.6
              
 6.5
              
background image
SOUTH AMERICAN OPERATIONS
Morro Velho
Prepared in accordance with International
Quarter
Quarter
Six months
Quarter
Quarter
Six months
Accounting Standards.
ended
ended
ended
ended
ended
ended
June
March
June
June
March
June
1999
1999
1999
1999
1999
1999
Rand / Metric
Dollar / Imperial
OPERATING RESULTS
GOLD
Underground Operations
Mined
- tonnes
/
- tons
- 000
 190
               
 185
            
 375
            
 209
             
 204
             
 413
             
Treated
- tonnes
/
- tons
- 000
 190
               
 184
            
 374
            
 209
             
 203
             
 412
             
Mill head grade
- g/t
/
- oz/t
 8.02
              
 7.45
           
 7.74
           
 0.234
          
 0.217
          
 0.226
          
Gold in ore
- kg
/
- oz 000
1 524
             
1 378
          
2 902
          
 49
               
 44
               
 93
               
Yield
- g/t
/
- oz/t
 7.52
              
 6.93
           
 7.23
           
 0.220
          
 0.202
          
 0.211
          
Gold produced
- kg
/
- oz 000
1 428
             
1 276
          
2 704
          
 46
               
 41
               
 87
               
Open-pit Operations
Mined
- tonnes
/
- tons
- 000
 376
               
 263
            
 639
            
 415
             
 290
             
 705
             
Stripping ratio
- t(mined-treated)
 /t treated
 10.06
            
 9.12
           
 9.83
           
 10.22
          
 9.00
            
 9.68
            
Treated
- tonnes
/
- tons
- 000
 34
                 
 26
              
 59
              
 37
               
 29
               
 66
               
Mill head grade
- g/t
/
- oz/t
 6.41
              
 6.00
           
 6.34
           
 0.189
          
 0.172
          
 0.182
          
Gold in ore
- kg
/
- oz 000
 218
               
 156
            
 374
            
 7
                 
 5
                 
 12
               
Yield
- g/t
/
- oz/t
 5.47
              
 5.58
           
 5.61
           
 0.162
          
 0.172
          
 0.167
          
Gold produced
- kg
/
- oz 000
 186
               
 145
            
 331
            
 6
                 
 5
                 
 11
               
Total
Yield
- g/t
/
- oz/t
 7.21
              
 6.77
           
 7.01
           
 0.211
          
 0.198
          
 0.205
          
Gold produced
- kg
/
- oz 000
1 614
             
1 421
          
3 035
          
 52
               
 46
               
 98
               
Revenue
- R/kg
/
- $/oz
- sold
63 146
           
56 618
        
59 361
        
 321
             
 289
             
 302
             
Cash costs
- R/kg
/
- $/oz
- produced
25 403
           
26 179
        
25 766
        
 129
             
 133
             
 131
             
PRODUCTIVITY
per employee
- g
/
- oz
- target
 467
               
 373
            
 404
            
 15
               
 12
               
 13
               
- actual
 467
               
 404
            
 435
            
 15
               
 13
               
 14
               
FINANCIAL RESULTS (MILLION)
Gold revenue
 102.9
            
 89.8
           
 192.7
         
 16.8
            
 14.7
            
 31.5
            
Cost of sales
 59.4
              
 61.8
           
 121.2
         
 9.7
              
 10.1
            
 19.8
            
Cash costs
 41.0
              
 37.2
           
 78.2
           
 6.7
              
 6.1
              
 12.8
            
Rehabilitation costs
-
                     
 0.2
             
 0.2
             
-
                  
-
                  
-
                  
Other non-cash costs
-
                     
-
                  
-
                  
-
                  
-
                  
-
                  
Production costs
 41.0
              
 37.4
           
 78.4
           
 6.7
              
 6.1
              
 12.8
            
Amortisation costs
 15.9
              
 14.4
           
 30.3
           
 2.6
              
 2.4
              
 5.0
              
Inventory change
 2.5
                
 10.0
           
 12.5
           
 0.4
              
 1.6
              
 2.0
              
Profit from operations
 43.5
              
 28.0
           
 71.5
           
 7.1
              
 4.6
              
 11.7
            
Capital expenditure
 10.4
              
 10.5
           
 20.9
           
 1.7
              
 1.7
              
 3.4
              
Note: The gold produced for underground and open-pit
operations is allocated on gold in ore.
background image
Serra Grande - Attributable 50%
Cerro Vanguardia - Attributable 46.25%
Quarter
Quarter
Six months
Quarter
Quarter
Six months
Quarter
Quarter
Six months
Quarter
Quarter
Six months
ended
ended
ended
ended
ended
ended
ended
ended
ended
ended
ended
ended
June
March
June
June
March
June
June
March
June
June
March
June
1999
1999
1999
1999
1999
1999
1999
1999
1999
1999
1999
1999
Rand / Metric
Dollar / Imperial
Rand / Metric
Dollar / Imperial
 79
                 
 75
              
 154
            
 87
               
 83
               
 170
             
 78
                 
 74
              
 152
            
 86
               
 81
               
 167
             
 7.97
              
 7.99
           
 7.98
           
 0.233
          
 0.235
          
 0.234
          
 622
               
 591
            
1 213
          
 20
               
 19
               
 39
               
 7.58
              
 7.57
           
 7.57
           
 0.221
          
 0.222
          
 0.222
          
 591
               
 560
            
1 151
          
 19
               
 18
               
 37
               
-
                     
-
                  
-
                  
-
                  
-
                  
-
                  
 835
               
 757
            
1 592
          
 920
             
 835
             
1 755
           
-
                     
-
                  
-
                  
-
                  
-
                  
-
                  
 10.28
            
 9.81
           
 10.06
         
 10.36
          
 9.84
            
 10.11
          
-
                     
-
                  
-
                  
-
                  
-
                  
-
                  
 74
                 
 70
              
 144
            
 81
               
 77
               
 158
             
-
                     
-
                  
-
                  
-
                  
-
                  
-
                  
 16.32
            
 16.89
         
 16.60
         
 0.48
            
 0.49
            
 0.49
            
-
                     
-
                  
-
                  
-
                  
-
                  
-
                  
1 208
             
1 182
          
2 390
          
 39
               
 38
               
 77
               
-
                     
-
                  
-
                  
-
                  
-
                  
-
                  
 15.55
            
 18.21
         
 16.85
         
 0.457
          
 0.532
          
 0.494
          
-
                     
-
                  
-
                  
-
                  
-
                  
-
                  
1 151
             
1 275
          
2 426
          
 37
               
 41
               
 78
               
 7.58
              
 7.57
           
 7.57
           
 0.221
          
 0.222
          
 0.222
          
 15.55
            
 18.21
         
 16.85
         
 0.457
          
 0.532
          
 0.494
          
 591
               
 560
            
1 151
          
 19
               
 18
               
 37
               
1 151
             
1 275
          
2 426
          
 37
               
 41
               
 78
               
62 188
           
56 696
        
58 968
        
 316
             
 289
             
 300
             
62 017
           
56 108
        
58 968
        
 315
             
 286
             
 300
             
23 858
           
23 929
        
23 892
        
 121
             
 122
             
 122
             
27 107
           
23 922
        
25 433
        
 138
             
 122
             
 129
             
 840
               
 809
            
 809
            
 27
               
 26
               
 26
               
2 830
             
2 550
          
2 582
          
 91
               
 82
               
 83
               
 840
               
 840
            
 840
            
 27
               
 27
               
 27
               
2 893
             
3 173
          
3 017
          
 93
               
 102
             
 97
               
 36.8
              
 36.3
           
 73.1
           
 6.0
              
 6.0
              
 12.0
            
 74.2
              
 73.2
           
 147.4
         
 12.1
            
 12.0
            
 24.1
            
 20.9
              
 23.8
           
 44.6
           
 3.4
              
 4.0
              
 7.4
              
 48.2
              
 43.9
           
 92.2
           
 7.9
              
 7.2
              
 15.1
            
 14.1
              
 13.4
           
 27.5
           
 2.3
              
 2.2
              
 4.5
              
 31.2
              
 30.5
           
 61.7
           
 5.1
              
 5.0
              
 10.1
            
-
                     
 0.3
             
 0.3
             
-
                  
 0.1
              
 0.1
              
-
                     
-
                  
-
                  
-
                  
-
                  
-
                  
-
                     
-
                  
-
                  
-
                  
-
                  
-
                  
 3.4
                
-
                  
 3.4
             
 0.6
              
-
                  
 0.6
              
 14.1
              
 13.7
           
 27.8
           
 2.3
              
 2.3
              
 4.6
              
 34.6
              
 30.5
           
 65.1
           
 5.7
              
 5.0
              
 10.7
            
 8.0
                
 7.0
             
 15.0
           
 1.3
              
 1.2
              
 2.5
              
 14.2
              
 12.2
           
 26.4
           
 2.3
              
 2.0
              
 4.3
              
( 1.2)
               
 3.1
             
 1.8
             
( 0.2)
            
 0.5
              
 0.3
              
( 0.6)
               
 1.2
             
 0.7
             
( 0.1)
            
 0.2
              
 0.1
              
 15.9
              
 12.5
           
 28.5
           
 2.6
              
 2.0
              
 4.6
              
 26.0
              
 29.3
           
 55.2
           
 4.2
              
 4.8
              
 9.0
              
 3.1
                
 3.1
             
 6.1
             
 0.5
              
 0.5
              
 1.0
              
 2.3
                
 4.9
             
 7.1
             
 0.4
              
 0.8
              
 1.2
              
background image
SHAFT SINKING
SHAFT SINKING  (metres)
Quarter ended
Quarter ended
Six months ended
June 1999
March 1999
June 1999
MOAB KHOTSONG MINE
Main shaft
Advance
  20
               
  8
                 
  28
               
Depth to date (below collar)
 2 412
           
 2 392
           
 2 412
           
Rock / ventilation sub-vertical shaft
Advance
  45
               
  29
               
  74
               
Depth to date
  880
             
  835
             
  880
             
Station cutting
  36
               
  20
               
  56
               
JOEL MINE
Taung North Shaft
Advance
  71
               
  112
             
  183
             
Depth to date (below collar)
 1 187
           
 1 116
           
 1 187
           
MPONENG MINE
Sub Shaft 1
Advance
  35
               
  95
               
  130
             
Depth to date
 1 149
           
 1 114
           
 1 149
           
background image
SHAFT SINKING
SHAFT SINKING  (feet)
Quarter ended
Quarter ended
Six months ended
June 1999
March 1999
June 1999
MOAB KHOTSONG MINE
Main shaft
Advance
  66
               
  26
               
  92
               
Depth to date (below collar)
 7 913
           
 7 847
           
 7 913
           
Rock / ventilation sub-vertical shaft
Advance
  148
             
  95
               
  243
             
Depth to date
 2 887
           
 2 740
           
 2 887
           
Station cutting
  118
             
  66
               
  184
             
JOEL MINE
Taung North Shaft
Advance
  234
             
  366
             
  600
             
Depth to date (bellow collar)
 3 889
           
 3 655
           
 3 889
           
MPONENG MINE
Sub Shaft 1
Advance
  116
             
  313
             
  429
             
Depth to date
 3 771
           
 3 655
           
 3 771
           
background image
DEVELOPMENT
Development values represent actual results of sampling, no allowances having been made for adjustments
necessary in estimating ore reserves.
Quarter ended June 1999
METRIC
Advance
Sampled
metres
metres
channel
gold
uranium
width
g/t
cm.g/t
kg/t
cm.kg/t
cm
VAAL RIVER
Great Noligwa Mine
Vaal reef 
5 246
        
  512
         
 111.80
     
 26.27
         
 2 937
       
 1.04
         
 116.30
     
"C" reef
 685
          
  276
         
 10.40
       
 83.56
         
  869
         
 2.89
         
 30.03
       
Kopanang Mine
Vaal reef 
10 055
      
  996
         
 14.20
       
 123.10
       
 1 748
       
 4.16
         
 59.08
       
"C" reef
 117
          
  64
           
 33.10
       
 231.80
       
 7 671
       
 3.48
         
 115.26
     
Tau Lekoa Mine
Ventersdorp Contact reef
5 688
        
  928
         
 90.68
       
 11.56
         
 1 048
       
 0.14
         
 12.58
       
Moab Khotsong Mine
Vaal reef 
1 055
        
-
               
-
               
-
                  
-
               
-
               
-
               
FREE STATE
Bambanani Mine
Basal reef
3 513
        
  300
         
 86.00
       
 8.12
           
  698
         
 0.06
         
 4.95
         
Tshepong Mine
Basal reef
5 524
        
  816
         
 19.80
       
 85.39
         
 1 689
       
 1.41
         
 27.96
       
"B" reef
 172
          
  80
           
 148.90
     
 64.85
         
  966
         
 0.09
         
 13.71
       
Matjhabeng Mine
Basal reef
1 299
        
  144
         
 19.40
       
 29.47
         
  571
         
 0.80
         
 15.47
       
"A" reef
 261
          
  16
           
 100.00
     
 6.97
           
  697
         
 0.36
         
 36.07
       
Taung South Shaft
(previously Joel No. 3 shaft)
Beatrix VS 5 Composite reef
2 321
        
  765
         
 87.70
       
 9.66
           
  847
         
-
               
-
               
WEST WITS
TauTona Mine (East Mine)
Ventersdorp Contact reef
 4
              
-
               
-
               
-
                  
-
               
Carbon Leader reef
3 566
        
  158
         
 32.20
       
 33.91
         
 1 092
       
Savuka Mine (West Mine)
Ventersdorp Contact reef
 77
            
  77
           
 24.89
       
 4.40
           
  866
         
Mponeng Mine (South Mine)
Ventersdorp Contact reef
5 739
        
  784
         
 79.80
       
 20.48
         
 1 634
       
Elandsrand
Ventersdorp Contact reef
5 142
        
  838
         
 48.60
       
 19.09
         
  928
         
Deelkraal
Ventersdorp Contact reef
1 097
        
  200
         
 145.00
     
 4.67
           
  677
         
(plus footwall bands)
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DEVELOPMENT
Development values represent actual results of sampling, no allowances having been made for adjustments
necessary in estimating ore reserves.
Quarter ended June 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 
17 211
      
1 680
        
 44.02
       
 0.77
         
 2.81
         
 2.08
         
 7.63
         
"C" reef
2 246
        
 906
          
 4.09
         
 2.44
         
 0.83
         
 5.77
         
 1.97
         
Kopanang Mine
Vaal reef 
32 990
      
3 268
        
 5.59
         
 3.59
         
 1.67
         
 8.32
         
 3.88
         
"C" reef
 384
          
 210
          
 13.03
       
 6.76
         
 7.34
         
 6.96
         
 7.56
         
Tau Lekoa Mine
Ventersdorp Contact reef
18 661
      
3 045
        
 35.70
       
 0.34
         
 1.00
         
 0.28
         
 0.83
         
Moab Khotsong Mine
Vaal reef 
3 462
        
-
               
-
               
-
               
-
               
-
               
-
               
FREE STATE
Bambanani Mine
Basal reef
11 526
      
 984
          
 33.86
       
 0.24
         
 0.67
         
 0.12
         
 0.32
         
Tshepong Mine
Basal reef
18 123
      
2 677
        
 7.80
         
 2.49
         
 1.62
         
 2.82
         
 1.83
         
"B" reef
 564
          
 262
          
 58.62
       
 1.89
         
 9.24
         
 0.18
         
 0.90
         
Matjhabeng Mine
Basal reef
4 262
        
 472
          
 7.64
         
 0.86
         
 0.55
         
 1.60
         
 1.02
         
"A" reef
 856
          
 52
            
 39.37
       
 0.20
         
 0.67
         
 0.72
         
 2.37
         
Taung South Shaft
(previously Joel No. 3 shaft)
Beatrix VS 5 Composite reef
7 615
        
2 510
        
 34.53
       
 0.28
         
 0.81
         
-
-
WEST WITS
TauTona Mine (East Mine)
Ventersdorp Contact reef
 13
            
-
               
-
               
-
               
-
               
Carbon Leader reef
11 699
      
 518
          
 12.68
       
 0.99
         
 1.04
         
Savuka Mine (West Mine)
Ventersdorp Contact reef
 253
          
 253
          
 9.80
         
 0.13
         
 0.10
         
Mponeng Mine (South Mine)
Ventersdorp Contact reef
18 829
      
2 572
        
 31.42
       
 0.60
         
 1.56
         
Elandsrand
Ventersdorp Contact reef
16 869
      
2 748
        
 19.13
       
 0.56
         
 0.89
         
Deelkraal
Ventersdorp Contact reef
3 599
        
 656
          
 57.09
       
 0.14
         
 0.65
         
(plus footwall bands)
background image
 
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