AngloGold
Report to shareholders
for the quarter and nine months ended 30 September 2003
Group results for the quarter *
* Adjusted headline earnings1 increase by 2% to $67m
* Adjusted operating profit2 down by 3% to $136m
* Total cash costs increase by 6% to $237/oz impacted by strong local
currencies and wage increases in South Africa
* Gold production (on a comparable basis3) increases marginally to 1.39Moz
* Good performances at Great Noligwa, Kopanang and Geita
* Problems persist at Cerro Vanguardia and at CC&V, which are being addressed
* Received gold price4 up by 3% to $364/oz
* Ashanti board unanimously recommends revised AngloGold offer and Government
of Ghana indicate support for the AngloGold/Ashanti merger
Quarter ended Nine months Quarter Nine months
ended ended ended
Sept June Sept Sept Sept June Sept Sept
2003 2003 2003 2002 2003 2003 2003 2002
Rand / Metric Dollar / Imperial
Gold
Produced - kg / oz (000) 43,240 44,613 131,457 136,543 1,390 1,434 4,226 4,390
Price received4 - R/kg / $/oz 86,619 87,983 88,852 103,567 364 354 354 299
Total cash costs - R/kg / $/ 56,311 55,502 55,966 54,242 237 223 223 157
oz
Total production costs - R/kg 65,502 65,654 65,891 68,270 275 264 263 197
/ $/oz
Operating profit - R / $ 1,304 1,094 3,607 5,026 176 142 463 466
million
Adjusted operating profit2 - 1,004 1,082 3,303 5,205 136 140 422 483
R / $ million
Net profit - R / $ million 729 444 1,721 2,489 97 57 219 231
Headline earnings - R / $ 674 513 1,794 2,899 90 66 228 268
million
Adjusted headline earnings1 - 497 516 1,628 2,996 67 66 207 277
R / $ million
Capital expenditure - R / $ 661 538 1,687 1,962 88 69 216 182
million
Earnings per ordinary share
Basic - cents per share 327 199 773 1,123 44 26 98 104
Diluted - cents per share 326 199 769 1,116 43 26 98 104
Headline - cents per share 303 230 805 1,307 40 30 102 121
Adjusted headline earnings1 - 223 232 731 1,351 30 30 93 125
cents per share
Dividends - cents per share 375 675 51 64
Note: 1. Headline earnings before unrealised non-hedge derivatives and
marked-to-market of debt financial instruments
2. Operating profit excluding unrealised non-hedge derivatives
3. Prior quarter production includes 56,000oz from Jerritt Canyon, which was
sold with effect from 30 June 2003. Reported production is not comparable
4. Price received includes realised non-hedge derivatives
$ represents US dollar, unless otherwise stated
Letter from Chairman and CEO
Dear Shareholder,
The decision this week by the Government of Ghana to support AngloGold's
proposed merger with Ashanti Goldfields is a significant step towards
completion of this transaction. AngloGold has now secured the support of the
Ashanti board and its two largest shareholders, the Government of Ghana and
Lonmin. Although a further period of three to six months will be required for
the completion of the merger, AngloGold's management has already been planning
the successful integration of the companies. In this regard, the fiscal and
regulatory undertakings that the Government of Ghana has confirmed that it will
give, will allow us to lay the foundations for the Obuasi Deep Project,
lengthening the life of mine by more than 20 years at current production rates
or higher. Obuasi represents possibly the longest life gold orebody in the
world.
The merger creates a combination of some of the best gold assets and mining
talent on the African continent, with a spread of long-life, low-cost
operations and reserves around the world. AngloGold's management will be
greatly strengthened by the talented Ashanti management team. When the
transaction is complete, AngloGold Ashanti will be ready to show how a
thoroughly African company can be a world leader in its sector. This is very
good news for AngloGold and Ashanti shareholders, the governments and people of
both Ghana and South Africa, the employees of both companies and their
communities.
AngloGold has produced a solid set of financial results for the September
quarter which are similar to those for the second quarter this year, despite
the 4% strengthening of the rand and higher wage costs in South Africa. Cash
operating costs on the South African mines only increased by 2% in local
currency terms. Operating profit, adjusted to exclude unrealised gains on
non-hedge derivatives, decreased marginally to $136 million. Despite this
reduction, headline earnings, similarly adjusted, increased slightly to $67
million, mainly as a result of lower corporate administration costs.
The quarter saw good operating performances from Geita, Kopanang and Great
Noligwa, all of which reported higher gold production and lower unit total cash
costs. Grades on the South African operations and the underground operations as
a whole increased by some 4%, while those on the open-pit mines decreased by
some 4%, largely as a consequence of the anticipated and significant grade
decline at Morila.
We expect that the operating problems at Cerro Vanguardia in Argentina, which
resulted in a 16% decline in production over the quarter, will be overcome with
the commissioning there this month of a material scrubber. At Cripple Creek &
Victor, difficulties with the haul truck fleet and the crusher have been
resolved and those associated with the heap leach continue to receive
management attention.
Although total cash costs were well controlled in local currency terms, the
continued strength of these currencies against the dollar led to a 6% increase
in dollar-denominated costs, to $237 per ounce. A $10 per ounce increase in the
received gold price, which was again this quarter higher than the gold spot
price, ameliorated the effect of reduced production and stronger operating
currencies.
We will continue to give shareholders a clear picture of the value creation
they can expect from both AngloGold's existing operations and from our merger
with Ashanti in the months that lie ahead.
Russell Edey Bobby Godsell
Chairman Chief Executive Officer
30 October 2003
Operations at a glance
for the quarter ended 30 September 2003
Price received1 Production Total cash EBITDA Adjusted
costs operating
profit2
$/oz % oz % $/oz % $m % $m %
Variance (000) Variance Variance Variance Variance
** ** ** ** **
Great Noligwa 384 5 217 11 219 2 37 28 35 30
TauTona 358 - 170 6 198 6 27 - 25 -
Morila* 350 4 80 (16) 109 16 19 (17) 14 (18)
Kopanang 385 6 132 15 261 (3) 16 45 14 56
Mponeng 358 - 130 2 248 6 15 (6) 10 (17)
Geita* 334 9 88 42 188 (18) 12 140 9 243
Cripple Creek & 363 6 66 (15) 217 15 12 (14) 3 -
Victor
Morro Velho 355 (1) 59 7 146 2 12 - 9 -
Sadiola* 373 7 42 8 195 (8) 8 33 5 67
Sunrise Dam 357 (2) 85 1 242 (1) 8 (33) 3 (50)
Cerro Vanguardia 320 (7) 41 (16) 173 14 7 (42) 2 (67)
*
Tau Lekoa 385 6 79 (4) 317 17 5 (29) 4 (33)
Serra Grande* 354 (1) 24 - 109 5 5 (29) 4 (8)
Yatela* 358 3 20 (33) 250 26 3 (25) 1 (90)
Union Reefs 360 (1) 23 (18) 240 3 2 (33) 2 (33)
Navachab 360 4 18 (14) 303 38 - (100) - (100)
Ergo 361 3 45 (8) 408 16 (3) 200 (3) 200
Savuka 358 - 44 (17) 487 27 (8) 700 (8) 300
Other 27 (68) (9) (57) 7 40
AngloGold Group 364 3 1,390 (3) 237 6 168 - 136 (3)
1. Price received includes realised non-hedge derivatives
2. Operating profit excluding unrealised non-hedge derivatives
* Attributable
** Variance September 2003 quarter on June 2003 quarter - Increase (decrease)
Review of the gold market
The gold market saw yet another volatile and active quarter with a price range
of over $50/oz and a closing price of $385/oz almost $40/oz higher than for the
opening price for the quarter. The average price of $363/oz was $16/oz higher
than the average for the previous quarter. Currency markets also remained
volatile, with the US dollar gaining strongly against the Euro for much of the
quarter only to end the period close to its lows of $1.19 to the Euro, and
fully 10% weaker against the yen. The rand also benefited from the weaker
dollar, touching R6.85 to the dollar during the quarter.
GOLD PRICE DRIVERS
The gold price rallied again during the quarter in spite of the strong recovery
in the US dollar against the Euro during July and August, and in spite of
rallies in important equity markets. Physical demand for gold remained
depressed and provided no help for the price.
The driver behind the price was overwhelmingly new and growing investor
interest in gold, reflected in buying on the New York Commodity Exchange
(Comex). The quarter saw repeatedly higher levels of net long open positions on
the Comex, reaching a twenty year high of some 17.1Moz or 532t net long in
early September, pushing the spot gold price to its high of $393/oz for the
quarter.
The new levels of interest were driven by a number of factors, including
concerns about global economic recovery, and scepticism about US recovery in
particular. Most analysts also see the US dollar as still overvalued, and the
US currency weakened sharply again during the last month of the quarter.
However, many investors in gold now justify their interest in the metal as
appropriate to a range of economic circumstances.
This investor interest could be sustained over a number of economic
circumstances, and several analysts have recently published higher spot gold
price forecasts for next year.
INVESTMENT
The appearance of new investors in gold has been the critical incremental
factor in this market, and the rising gold price over the past eighteen months
has been driven by investment and speculative demand for gold. Although
volatile, this demand essentially fills the gap caused by falling jewellery
demand in the face of higher spot gold prices.
The past year has also seen the emergence of new gold investment products in
the form of exchange traded gold funds. The first of these has been the
Australian instrument launched by Gold Bullion Limited, but further such
investment products are under consideration elsewhere. These products provide
both institutional and private investors with the opportunity to invest in a
traded instrument whose sole underlying asset is physical gold. These products,
if successful could add a new category of demand for gold, and would help to
sustain a healthier price environment.
PHYSICAL
The physical market for gold continues to reflect the negative impact of higher
spot prices. Supply is up, and demand is down.
On the supply side, gold mine production for the first half of 2003 increased
by 2% against 2002, whilst scrap gold for sale increased sharply by 26% year on
year, at 513t in the first half of 2003. Net mine supply onto the market,
however, was reduced by over 300t of gold producer hedge reductions. Net
central bank sales were slightly higher than in 2002 at 290t for the first six
months of 2003. By contrast, global gold demand for jewellery was down in most
areas, with a fall overall of some 4% in gold offtake for jewellery worldwide.
CENTRAL BANK
The September meetings of the IMF saw the first public comment about a renewal
of the 1999 Washington Agreement on official gold sales and lending. The
subject will be considered by the central banks concerned early in 2004, and
comments seem to imply that renewal is a matter of detail, not of principle. In
any extended agreement, the Swiss National Bank would wish to sell a further
130t to complete its original sales target of 1,300t (or approximately half of
its reserves in 1999 when the decision to sell was taken). The Bundesbank has
also expressed an interest in selling 400 to 600t of its current holdings of
3,440t (second only in the world to the US holdings of 8,135t). It seems likely
that the form and extent of the renewal will be orderly and will not negatively
impact the gold market.
Set against any gold sales programme of a renewed Washington Agreement, the
quarter saw encouraging news of official sector interest in increasing gold
holdings.
Liberalisation of the gold market in China has opened up a measure of debate on
gold's possible role in that economy. The quarter saw comment by the Bank of
China indicating that it was reasonable that gold should make up a larger
percentage of the State's foreign exchange reserves. In addition, a survey
indicated Chinese consumer willingness to consider gold in the arena of private
savings. Support was also voiced during the quarter by the Russian central bank
for a level of gold reserves higher than their current official gold holdings.
In the current global economic environment, with American trade and budget
deficits likely to endure for some time, and most analysts forecasting further
US dollar weakness against both the Euro and major Asian currencies, the
comments from China and Russia seem to reflect a diffidence about further
growth in official US dollar reserves, and a willingness to reconsider gold as
an important reserve asset.
CURRENCY
Although the US dollar recovered steadily against the Euro from early June,
reaching its strongest point of $1.075 to the Euro in August, the recovery was
not sustained. During September, the US currency fell back again close to its
weakest point of $1.19 to the Euro. An important element in the weakening of
the dollar was Japan's retreat from the strategy of the past year of buying
dollars to keep the Japanese currency relatively weak against the dollar.
During this third quarter, the yen was allowed to strengthen by fully 10%
against the dollar, from an opening exchange rate of y120/$ to its current
level of y108/$. The return of US dollar weakness to the market was given some
official context at the meeting of the G7 Finance Ministers in Dubai in late
September, where members of the G7 stated their position that exchange rates
should reflect economic fundamentals, and that greater flexibility in exchange
rates is desirable for major countries as a means of promoting effective
adjustments reflecting market realities in the international financial system.
This public position by the G7 was viewed as a recognition of the need for
further US dollar weakness.
The rand remains strong, disproportionately so by comparison with the weakening
of the US dollar against the Euro. The most important single factor here is
almost certainly the large interest rate spread in favour of the rand against
all major currencies, and the resultant carry trade in rand-denominated
instruments. This trade is likely to endure until South African interest rates
reduce sufficiently to discourage such funds, or until some other circumstance
changes to the disadvantage of the local currency. Until this does, local gold
producers - along with many other sectors of the South African economy - will
suffer from lower income derived from US dollar-denominated product, and from
higher production costs expressed in US dollars.
HEDGING
As at 30 September 2003, the net delta hedge position of the company was 8,66
Moz or 269,8 tons at a spot price of $383,50 per oz. The marked-to-market value
of this position as at 30 September 2003 was negative $447m. The relatively
small reduction in the level of hedging compared with the level at 30 June 2003
is a result of a higher delta volume consequent on a sharply higher spot price
of gold at this quarter-end. The company continues to manage its hedge
positions actively, and to reduce overall levels of forward pricing on gold.
Hedge position
As at 30 September 2003, the group had outstanding, the following
forward-pricing commitments against future production. The total net delta
tonnage of the hedge on this date was 8.66Moz or 269.5t (at 30 June 2003:
8.73Moz or 271.5t).
The marked-to-market value of all hedge transactions making up the hedge
positions was a negative $447m (negative R3.1bn) as at 30 September 2003 (as at
30 June 2003: negative $179.3m - negative R1.35bn). These values were based on
a gold price of $383.50/oz, exchange rates of R/$6.95 and A$/$0.6850 and the
prevailing market interest rates and volatilities at the time.
As at 30 October 2003, the marked-to-market value of the hedge book was a
negative $423.2m (negative R2.9bn), based on a gold price of $386.40/oz and
exchange rates of R/$6.86 and A$/$0.7053 and the prevailing market interest
rates and volatilities at the time.
These marked-to-market valuations are in no way predictive of the future value
of the hedge position or of future impact on the revenue of the company. The
valuation represents the cost of buying all hedge contracts at the time of
valuation, at market prices and rates available at the time.
Year 2003 2004 2005 2006 2007 2008-2012 Total
DOLLAR GOLD
Forward Amount 18,374 26,576 19,862 18,974 25,878 109,664
contracts (kg)
$ per $315 $324 $333 $337 $355 $334
oz
Put options Amount 1,016 5,772 2,624 4,918 728 15,058
purchased (kg)
$ per $405 $382 $363 $363 $292 $369
oz
*Delta 737 2,555 920 1,587 80 5,879
(kg)
Put options Amount 6,532 13,997 2,799 4,354 27,682
sold (kg)
$ per $351 $341 $345 $339 $343
oz
*Delta 440 3,136 715 1,036 5,327
(kg)
Call options Amount 7,268 2,189 9,457
purchased (kg)
$ per $343 $328 $340
oz
*Delta 6,996 1,863 8,859
(kg)
Call options Amount 10,939 12,361 18,227 16,547 14,308 54,245 126,627
sold (kg)
$ per $378 $363 $338 $346 $336 $363 $356
oz
*Delta 5,820 8,367 13,966 12,245 11,122 41,435 92,955
(kg)
RAND GOLD
Forward Amount 1,450 8,426 9,078 4,500 4,541 3,732 31,728
contracts (kg)
Rand R43,860 R87,523 R116,891 R96,436 R114,915 R119,580 R102,886
per kg
Put options Amount 1,875 1,875 1,875 5,625
purchased (kg)
Rand R93,602 R93,602 R93,602 R93,602
per kg
*Delta 1,329 590 459 2,378
(kg)
Put options Amount 1,866 1,866
sold (kg)
Rand R89,266 R89,266
per kg
*Delta 1,692 1,692
(kg)
Call options Amount 632 632
purchased (kg)
Rand R75,428 R75,428
per kg
*Delta 632 632
(kg)
Call options Amount 8,091 2,813 4,687 4,688 2,986 11,944 35,209
sold (kg)
Rand R93,689 R129,715 R131,944 R132,647 R173,119 R209,288 R152,798
per kg
*Delta 825 94 1,457 1,794 493 2,733 7,396
(kg)
Year 2003 2004 2005 2006 2007 2008-2012 Total
A DOLLAR GOLD
Forward Amount 6,771 5,443 6,221 9,331 8,398 13,343 49,507
contracts (kg)
A$ per A$503 A$531 A$685 A$655 A$623 A$635 A$614
oz
Put options Amount
purchased (kg)
A$ per
oz
*Delta
(kg)
Put options Amount
sold (kg)
A$ per
oz
*Delta
(kg)
Call options Amount 5,443 3,110 6,221 3,732 11,197 29,703
purchased (kg)
A$ per A$637 A$724 A$673 A$668 A$702 A$682
oz
*Delta 1,623 877 2,988 1,964 6,365 13,817
(kg)
Call options Amount 4,666 4,666
sold (kg)
A$ per A$675 A$675
oz
*Delta 299 299
(kg)
Total net Delta 5,848 38,260 57,216 45,754 41,644 80,756 269,478
gold: (kg)
Delta 188,004 1,230,090 1,839,506 1,471,034 1,338,896 2,596,393 8,663,924
(oz)
The following table indicates the group's currency hedge position at
30 September 2003
Year 2003 2004 2005 2006 2007 2008-2012 Total
RAND DOLLAR
(000)
Forward Amount
contracts ($)
Rand per
$
Put options Amount
purchased ($)
Rand per
$
*Delta
($)
Put options Amount
sold ($)
Rand per
$
*Delta
($)
Call options Amount
purchased ($)
Rand per
$
*Delta
($)
Call options Amount 10,000 10,000
sold (kg)
Rand per R7.55 R7.55
$
*Delta 5 5
($)
A DOLLAR
(000)
Forward Amount 29,428 29,275 10,847 69,550
contracts ($)
A$er $ A$0.59 A$0.59 A$0.51 A$0.58
Put options Amount 10,000 10,000
purchased ($)
A$er $ A$0.63 A$0.63
*Delta 6,175 6,175
($)
Put options Amount 10,000 10,000
sold ($)
A$er $ A$0.68 A$0.68
*Delta 4,114 4,114
($)
Call options Amount
purchased ($)
A$er $
*Delta
($)
Call options Amount 20,000 20,000
sold ($)
A$er $ A$0.60 A$0.60
*Delta 5,676 5,676
($)
* The Delta position indicated above reflects the nominal amount of the option
multiplied by the mathematical probability of the option being exercised. This
is calculated using the Black-Scholes option formula with the ruling market
prices, interest rates and volatilities as at 30 September 2003.
GROUP INCOME
STATEMENT
Quarter Nine
ended months
ended
September June September September
2003 2003 2003 2002
SA Rand million Notes Unaudited Unaudited Unaudited Unaudited
Gold income 3,735 3,907 11,580 13,558
Cost of sales 2 (2,821) (2,932) (8,638) (9,208)
914 975 2,942 4,350
Non-hedge derivatives 390 119 665 676
Operating profit (1) 1,304 1,094 3,607 5,026
Corporate (46) (82) (213) (185)
administration and
other expenses
Market development (29) (25) (94) (134)
costs
Exploration costs (68) (72) (215) (233)
Interest receivable 56 63 191 288
Other net expense (31) (66) (130) (54)
Finance costs (77) (71) (217) (364)
Marked-to-market of 7 - 7 -
debt financial
instruments
Abnormal item - - - - (102)
settlement of claim
Profit before 1,116 841 2,936 4,242
exceptional items
Amortisation of (54) (56) (168) (226)
goodwill
Impairment of mining (252) (95) (347) -
assets
Profit (loss) on - 56 56 (139)
disposal of assets
Profit on disposal of 280 - 280 -
investments
Termination of - - - 2
retirement benefit
plans
Profit on ordinary 1,090 746 2,757 3,879
activities before
taxation
Taxation 3 (334) (266) (938) (1,284)
Profit on ordinary 756 480 1,819 2,595
activities after
taxation
Minority interests (27) (36) (98) (106)
Net profit 729 444 1,721 2,489
(1) Adjusted
operating profit
The operating profit
has been adjusted by
the following to
arrive at adjusted
operating profit:
Operating profit 1,304 1,094 3,607 5,026
Unrealised non-hedge 300 12 304 (179)
derivatives
Adjusted operating 1,004 1,082 3,303 5,205
profit
Headline earnings
The net profit has
been adjusted by the
following to arrive
at headline earnings:
Net profit 729 444 1,721 2,489
Amortisation of 54 56 168 226
goodwill
Impairment of mining 252 95 347 -
assets
(Profit) loss on - (56) (56) 139
disposal of assets
Profit on disposal of (280) - (280) -
investments
Termination of - - - (2)
retirement benefit
plans
Taxation on (81) (26) (106) 47
exceptional items
Headline earnings 674 513 1,794 2,899
Unrealised non-hedge (307) (12) (311) 179
derivatives and
marked-to-market of
debt financial
instruments
Deferred tax on 130 15 145 (82)
unrealised non-hedge
derivatives
Adjusted headline 497 516 1,628 2,996
earnings
Earnings per ordinary
share (cents)
- Basic 327 199 773 1,123
- Diluted 326 199 769 1,116
- Headline 303 230 805 1,307
- Adjusted headline 223 232 731 1,351
Interim dividends
- Rm 837 1,506
- cents per share 375 675
The results have been
prepared in
accordance with
International
Financial Reporting
Standards (IFRS)
GROUP INCOME
STATEMENT
Quarter Nine
ended months
ended
September June September September
2003 2003 2003 2002
US Dollar million Notes Unaudited Unaudited Unaudited Unaudited
Gold income 505 505 1,482 1,260
Cost of sales 2 (381) (380) (1,107) (856)
124 125 375 404
Non-hedge derivatives 52 17 88 62
Operating profit (1) 176 142 463 466
Corporate (6) (11) (27) (17)
administration and
other expenses
Market development (4) (3) (12) (12)
costs
Exploration costs (9) (9) (28) (22)
Interest receivable 8 9 24 27
Other net expense (4) (11) (17) (5)
Finance costs (11) (9) (28) (34)
Marked-to-market of 1 - 1 -
debt financial
instruments
Abnormal item - - - - (10)
settlement of claim
Profit before 151 108 376 393
exceptional items
Amortisation of (7) (7) (21) (21)
goodwill
Impairment of mining (35) (12) (47) -
assets
Profit (loss) on - 7 7 (12)
disposal of assets
Profit on disposal of 38 - 38 -
investments
Termination of - - - -
retirement benefit
plans
Profit on ordinary 147 96 353 360
activities before
taxation
Taxation 3 (46) (34) (122) (119)
Profit on ordinary 101 62 231 241
activities after
taxation
Minority interests (4) (5) (12) (10)
Net profit 97 57 219 231
(1) Adjusted
operating profit
The operating profit
has been adjusted by
the following to
arrive at adjusted
operating profit:
Operating profit 176 142 463 466
Unrealised non-hedge 40 2 41 (17)
derivatives
Adjusted operating 136 140 422 483
profit
Headline earnings
The net profit has
been adjusted by the
following to arrive
at headline earnings:
Net profit 97 57 219 231
Amortisation of 7 7 21 21
goodwill
Impairment of mining 35 12 47 -
assets
(Profit) loss on - (7) (7) 12
disposal of assets
Profit on disposal of (38) - (38) -
investments
Termination of - - - -
retirement benefit
plans
Taxation on (11) (3) (14) 4
exceptional items
Headline earnings 90 66 228 268
Unrealised non-hedge (41) (2) (42) 17
derivatives and
marked-to-market of
debt financial
instruments
Deferred tax on 18 2 21 (8)
unrealised non-hedge
derivatives
Adjusted headline 67 66 207 277
earnings
Earnings per ordinary
share (cents)
- Basic 44 26 98 104
- Diluted 43 26 98 104
- Headline 40 30 102 121
- Adjusted headline 30 30 93 125
Interim dividends(2)
- $m 113 142
- cents per share 51 64
(2)Dividends are
translated at actual
rates on date of
payment
The results have been
prepared in
accordance with
International
Financial Reporting
Standards (IFRS)
GROUP BALANCE SHEET
As at As at As at As at
September June December September
2003 2003 2002 2002
SA Rand million Unaudited Unaudited Audited Unaudited
ASSETS
Non-current assets
Mining assets 17,711 18,283 19,555 21,845
Goodwill 2,735 2,980 3,210 4,012
Investments in 151 155 165 154
associates
Other investments 174 219 197 201
AngloGold 297 292 275 238
Environmental
Rehabilitation
Trust
Other non-current 551 565 466 505
assets
Derivatives 563 592 549 867
22,182 23,086 24,417 27,822
Current assets
Inventories 1,781 1,778 1,848 2,200
Trade and other 1,316 1,523 2,190 2,464
receivables
Cash and cash 3,765 2,330 3,544 3,645
equivalents
Current portion of 62 67 3 4
other non-current
assets
Derivatives 2,762 1,954 1,996 1,561
9,686 7,652 9,581 9,874
TOTAL ASSETS 31,868 30,738 33,998 37,696
EQUITY AND
LIABILITIES
Equity
Shareholders' 10,784 12,146 12,375 12,804
equity
Minority interests 257 304 347 402
11,041 12,450 12,722 13,206
Non-current
liabilities
Borrowings 5,758 4,122 7,219 9,106
Provisions 1,744 1,798 2,008 2,118
Deferred taxation 4,011 3,953 3,445 2,977
Derivatives 1,647 1,200 2,028 3,479
13,160 11,073 14,700 17,680
Current liabilities
Current portion of 2,264 2,547 719 990
borrowings
Trade and other 2,049 2,181 2,145 2,470
payables
Taxation 267 193 1,124 1,331
Derivatives 3,087 2,294 2,588 2,019
7,667 7,215 6,576 6,810
TOTAL EQUITY AND 31,868 30,738 33,998 37,696
LIABILITIES
The results have
been prepared in
accordance with
International
Financial Reporting
Standards (IFRS)
GROUP BALANCE SHEET
As at As at As at As at
September June December September
2003 2003 2002 2002
US Dollar million Unaudited Unaudited Audited Unaudited
ASSETS
Non-current assets
Mining assets 2,552 2,443 2,280 2,071
Goodwill 394 398 374 380
Investments in 22 21 19 15
associates
Other investments 25 29 23 19
AngloGold 43 39 32 23
Environmental
Rehabilitation
Trust
Other non-current 79 75 55 48
assets
Derivatives 81 79 64 82
3,196 3,084 2,847 2,638
Current assets
Inventories 257 238 216 209
Trade and other 190 203 255 234
receivables
Cash and cash 542 311 413 346
equivalents
Current portion of 9 9 - -
other non-current
assets
Derivatives 398 261 233 148
1,396 1,022 1,117 937
TOTAL ASSETS 4,592 4,106 3,964 3,575
EQUITY AND
LIABILITIES
Equity
Shareholders' 1,555 1,622 1,443 1,216
equity
Minority interests 37 41 40 38
1,592 1,663 1,483 1,254
Non-current
liabilities
Borrowings 830 551 842 863
Provisions 251 240 234 201
Deferred taxation 578 528 402 282
Derivatives 237 160 236 330
1,896 1,479 1,714 1,676
Current liabilities
Current portion of 326 340 84 94
borrowings
Trade and other 295 291 250 234
payables
Taxation 38 26 131 126
Derivatives 445 307 302 191
1,104 964 767 645
TOTAL EQUITY AND 4,592 4,106 3,964 3,575
LIABILITIES
The results have
been prepared in
accordance with
International
Financial Reporting
Standards (IFRS)
GROUP CASH FLOW
STATEMENT
Quarter Nine
ended months
ended
September June September September
2003 2003 2003 2002
SA Rand million Unaudited Unaudited Unaudited Unaudited
Cash flows from
operating activities
Cash generated from 1,043 1,106 3,626 6,150
operations
Interest received 46 53 161 258
Environmental and other (41) (33) (125) (105)
expenditure
Dividends received from - - 9 19
associates
Finance costs (67) (58) (211) (333)
Recoupment tax received: - 681 681 -
Free State assets
Recoupment tax paid: - (681) (681) -
Free State assets
Taxation paid (51) (547) (677) (932)
Net cash inflow from 930 521 2,783 5,057
operating activities
Cash flows from
investing activities
Capital expenditure (661) (538) (1,687) (1,962)
Proceeds from disposal 5 14 18 -
of mining assets
Net proceeds from - - - 1,554
disposal of mines
Proceeds - - - 1,819
Contractual obligations - - - (265)
Investments acquired - (3) (3) (356)
Proceeds from disposal 351 - 351 1,834
of investments
Acquisition of - - - (979)
subsidiary
Disposal of subsidiary - 8 8 -
Loans advanced (2) (6) (10) (49)
Repayment of loans 14 7 22 151
advanced
Net cash (outflow) (293) (518) (1,301) 193
inflow from investing
activities
Cash flows from
financing activities
Proceeds from issue of 21 3 41 89
share capital
Share issue expenses (1) (1) (2) (116)
Proceeds from borrowings 2,182 75 2,330 8,520
Repayment of borrowings (366) (305) (780) (9,339)
Dividends paid (882) (38) (2,442) (2,792)
Net cash inflow 954 (266) (853) (3,638)
(outflow) from financing
activities
Net increase (decrease) 1,591 (263) 629 1,612
in cash and cash
equivalents
Translation (156) (93) (408) (251)
Opening cash and cash 2,330 2,686 3,544 2,284
equivalents
Closing cash and cash 3,765 2,330 3,765 3,645
equivalents
Cash generated from
operations
Profit on ordinary 1,090 746 2,757 3,879
activities before
taxation
Adjusted for:
Non-cash movements (97) (15) (189) (147)
Amortisation of mining 391 444 1,284 1,908
assets
Interest receivable (56) (63) (191) (288)
Other net income (3) 26 87 (12)
Finance costs 77 71 217 364
Movement on non-hedge (337) (26) (351) 179
derivatives
Amortisation of goodwill 54 56 168 226
Impairment of mining 252 95 347 -
assets
(Profit) loss on - (56) (56) 86
disposal of assets
Termination of - - - (2)
retirement benefit plans
Profit on disposal of (280) - (280) -
investments
Movement in working (48) (172) (167) (43)
capital
1,043 1,106 3,626 6,150
Movement in working
capital:
Decrease (increase) in 207 (99) 192 240
trade and other
receivables
(Increase) decrease in (1) 26 54 (253)
inventories
Decrease in trade and (254) (99) (413) (30)
other payables
(48) (172) (167) (43)
The results have been
prepared in accordance
with International
Financial Reporting
Standards (IFRS)
GROUP CASH FLOW
STATEMENT
Quarter Nine
ended months
ended
September June September September
2003 2003 2003 2002
US Dollar million Unaudited Unaudited Unaudited Unaudited
Cash flows from
operating activities
Cash generated from 145 130 457 570
operations
Interest received 6 7 20 24
Environmental and other (5) (4) (15) (10)
expenditure
Dividends received from - - 1 2
associates
Finance costs (9) (8) (27) (31)
Recoupment tax received: - 91 91 -
Free State assets
Recoupment tax paid: - (91) (91) -
Free State assets
Taxation paid (11) (62) (83) (86)
Net cash inflow from 126 63 353 469
operating activities
Cash flows from
investing activities
Capital expenditure (88) (69) (216) (182)
Proceeds from disposal 1 2 3 -
of mining assets
Net proceeds from - - - 141
disposal of mines
Proceeds - - - 164
Contractual obligations - - - (23)
Investments acquired - - - (33)
Proceeds from disposal 45 - 45 159
of investments
Acquisition of - - - (97)
subsidiary
Disposal of subsidiary - 1 1 -
Loans advanced - (1) (1) (5)
Repayment of loans 1 1 2 14
advanced
Net cash (outflow) (41) (66) (166) (3)
inflow from investing
activities
Cash flows from
financing activities
Proceeds from issue of 3 - 6 8
share capital
Share issue expenses - - - (11)
Proceeds from borrowings 296 9 314 789
Repayment of borrowings (48) (38) (100) (865)
Dividends paid (119) (5) (309) (257)
Net cash inflow 132 (34) (89) (336)
(outflow) from financing
activities
Net increase (decrease) 217 (37) 98 130
in cash and cash
equivalents
Translation 14 8 31 25
Opening cash and cash 311 340 413 191
equivalents
Closing cash and cash 542 311 542 346
equivalents
Cash generated from
operations
Profit on ordinary 147 96 353 360
activities before
taxation
Adjusted for:
Non-cash movements (13) (2) (25) (14)
Amortisation of mining 53 57 164 178
assets
Interest receivable (8) (9) (24) (27)
Other net income (2) 4 11 (1)
Finance costs 11 9 28 34
Movement on non-hedge (45) (3) (47) 17
derivatives
Amortisation of goodwill 7 7 21 21
Impairment of mining 35 12 47 -
assets
(Profit) loss on - (7) (7) 8
disposal of assets
Termination of - - - -
retirement benefit plans
Profit on disposal of (38) - (38) -
investments
Movement in working (2) (34) (26) (6)
capital
145 130 457 570
Movement in working
capital:
Decrease (increase) in 14 (28) (25) 2
trade and other
receivables
(Increase) decrease in (19) (9) (43) (46)
inventories
Decrease in trade and 3 3 42 38
other payables
(2) (34) (26) (6)
The results have been
prepared in accordance
with International
Financial Reporting
Standards (IFRS)
STATEMENT OF
CHANGES IN
SHAREHOLDERS'
EQUITY
Ordinary
share Non - Foreign Other
capital distributable currency comprehensive Retained
and
premium reserves translation income earnings Total
SA Rand
million
Balance at 31 8,140 143 2,999 (1,057) 3,132 13,357
December 2001
Movements on (829) (829)
other
comprehensive
income
Net profit 2,489 2,489
Dividends paid (2,728) (2,728)
Ordinary shares 1,397 1,397
issued
Transfer from (6) 6 -
non-distributable
reserves
Translation (870) (12) - (882)
Balance at 30 9,537 137 2,129 (1,898) 2,899 12,804
September 2002
Balance at 31 9,607 138 360 (1,583) 3,853 12,375
December 2002
Movements on (69) (69)
other
comprehensive
income
Net profit 1,721 1,721
Dividends paid (2,337) (2,337)
Ordinary shares 39 39
issued
Transfer from - - -
non-distributable
reserves
Translation (1,138) 193 - (945)
Balance at 30 9,646 138 (778) (1,459) 3,237 10,784
September 2003
US
Dollar
million
Balance at 31 681 12 250 (88) 262 1,117
December 2001
Movements on (69) (69)
other
comprehensive
income
Net profit 231 231
Dividends paid (251) (251)
Ordinary shares 129 129
issued
Transfer from (1) 1 -
non-distributable
reserves
Translation 94 2 (46) (23) 32 59
Balance at 30 904 13 204 (180) 275 1,216
September 2002
Balance at 31 1,120 16 43 (185) 449 1,443
December 2002
Movements on (2) (2)
other
comprehensive
income
Net profit 219 219
Dividends paid (296) (296)
Ordinary shares 5 5
issued
Transfer from - - -
non-distributable
reserves
Translation 265 5 (155) (23) 94 186
Balance at 30 1,390 21 (112) (210) 466 1,555
September 2003
The results have
been prepared in
accordance with
International
Financial
Reporting
Standards (IFRS)
NOTES
1. Basis of preparation
The financial statements have been prepared in accordance with the historic
cost convention, except for certain financial instruments, which have been
stated at fair value. The group's accounting policies used in the preparation
of the interim financial statements are consistent with those used in the
annual financial statements for the year ended 31 December 2002.
The summarised group financial statements have been prepared in accordance with
International Financial Reporting Standards (IFRS) and South African Generally
Accepted Accounting Practices (SA GAAP), in compliance with the Listings
Requirements of the JSE Securities Exchange South Africa (JSE) and in the
manner required by the South African Companies Act, 1973 for the preparation of
interim financial information. Accordingly, the financial statements do not
include all the information and disclosures required by IFRS, SA GAAP and in
the manner required by the South African Companies Act, 1973 for annual
consolidated financial statements.
2. Cost of sales
Rm (unaudited) $m (unaudited)
Quarter ended Nine months Quarter ended Nine months
ended ended
Sept June Sept Sept Sept June Sept Sept
2003 2003 2003 2002 2003 2003 2003 2002
Cash operating 2,395 2,429 7,202 7,305 324 314 923 679
costs
Other cash costs 60 63 193 201 8 9 25 18
Total cash costs 2,455 2,492 7,395 7,506 332 323 948 697
Retrenchment costs 7 2 13 30 1 1 2 3
Rehabilitation and 17 25 65 46 2 3 8 4
other non- cash
costs
Production costs 2,479 2,519 7,473 7,582 335 327 958 704
Amortisation of 391 444 1,284 1,908 53 57 164 178
mining assets
Total production 2,870 2,963 8,757 9,490 388 384 1,122 882
costs
Inventory change (49) (31) (119) (282) (7) (4) (15) (26)
2,821 2,932 8,638 9,208 381 380 1,107 856
3. Taxation
Rm (unaudited) $m (unaudited)
Quarter ended Nine months Quarter ended Nine months
ended ended
Sept June Sept Sept Sept June Sept Sept
2003 2003 2003 2002 2003 2003 2003 2002
Normal taxation 93 151 489 1,104 13 20 61 107
Deferred taxation 192 126 410 262 26 15 54 21
Deferred tax on 130 15 145 (82) 18 2 21 (8)
unrealised
non-hedge
derivatives
Taxation on - - - (47) - - - (5)
abnormal item
Taxation on (81) (26) (106) 47 (11) (3) (14) 4
exceptional items
334 266 938 1,284 46 34 122 119
4. Shares
30 Sept 30 June 30 Sept
2003 2003 2002
Shares in issue:
Ordinary shares 222,946,842 222,785,154 222,278,426
A redeemable preference shares 2,000,000 2,000,000 2,000,000
B redeemable preference shares 778,896 778,896 778,896
Weighted average number of ordinary
shares for the year:
Basic 222,772,159 222,737,513 221,736,404
Diluted 223,817,500 223,437,590 223,024,350
During the quarter, 161,688 ordinary shares were allotted in terms of the
AngloGold Share Incentive Scheme. All the preference shares are held by a
wholly-owned subsidiary company.
5. Capital commitments:
Orders placed and outstanding on capital contracts at the prevailing rate of
exchange on that date:
Rm $m
30 Sept 30 June 31 Dec 30 Sept 30 Sept 30 June 31 Dec 30 Sept
2003 2003 2002 2002 2003 2003 2002 2002
864 1,123 918 1,067 118 150 107 101
6. Exchange rates
30 Sept 30 June 31 Dec 30 Sept
2003 2003 2002 2002
Rand/US dollar average year to 7.82 8.03 10.48 10.79
date
Rand/US dollar average quarterly 7.40 7.73 9.62 10.42
Rand/US dollar closing 6.94 7.48 8.58 10.55
7. Interest
Although AngloGold holds a 66.7% interest in Cripple Creek & Victor Gold Mining
Company Limited, it is currently entitled to receive 100% of the cash flow from
the operation until the loan, extended to the joint venture by AngloGold North
America Inc., is repaid.
8. Bond
AngloGold launched a senior unsecured, five year, R2 billion bond on 21 August
2003 at a spread of 118 basis points to the South African R194 government bond
at a fixed semi-annual coupon of 10.5%. The Bond was listed on the Bond
Exchange of South Africa under the code "AG01" on 28 August 2003 and has a
maturity date of 28 August 2008. Coupons are payable on 28 August and 28
February. This debut bond issue was placed with a wide spread of domestic
institutional investors.
9. Announcements: Since 1 July 2003, AngloGold made the following
announcements:
9.1 Further to the announcements made by AngloGold on 16 May 2003 and 13 June
2003, AngloGold and Ashanti Goldfields Company Limited issued a joint
announcement on 4 August 2003, which detailed the proposed merger of the two
companies. The Transaction Agreement which was signed by both parties outlined
the terms and structure of the merger. In essence, the merger, which would be
effected by means of a scheme of arrangement between Ashanti and its
shareholders, proposed that AngloGold offer to Ashanti shareholders,
26 AngloGold shares for every 100 Ashanti ordinary shares and global depositary
securities. This announcement was followed by further cautionary announcements
on 22 September 2003, in which AngloGold advised that it was awaiting a
response from the Government of Ghana, a substantial shareholder and regulator
of Ashanti, on whether it would support the merger, and on 23 September 2003 in
which AngloGold advised that it had reached agreement with Ashanti to extend
the Transaction Agreement to 31 October 2003, or such later date as may be
agreed by Ashanti and AngloGold. On 15 October 2003 it was announced that
AngloGold had increased its offer to 29 AngloGold ordinary shares for every
100 Ashanti ordinary shares and global depositary securities and that the board
of Ashanti had resolved to recommend the proposed merger to its shareholders.
Lonmin Plc, which holds 27.6% of Ashanti's issued share capital, has undertaken
to vote its shares in favour of the merger. The merger is conditional on the
support of the Government of Ghana as shareholder and regulator of Ashanti, the
approval of the scheme of arrangement and its confirmation by the High Court of
Ghana and certain other regulatory approvals and third party consents, as
detailed in the 4 August 2003 announcement. On 29 October 2003 it was announced
that the Government of Ghana supported AngloGold's proposed merger with
Ashanti. On 30 October 2003, AngloGold announced the principal terms of
commitments with the Government of Ghana.
9.2 On 18 September 2003 AngloGold and Gold Fields Limited jointly announced
that agreement had been reached on the sale by Gold Fields of a portion of the
Driefontein mining area to AngloGold for a cash consideration of R315 million.
Copies of the detailed announcements may be accessed from the AngloGold website
on www.anglogold.com.
10. Dividends: Interim dividend No. 94 of 375 South African cents or 31.964 UK
pence per share was paid to registered shareholders on 29 August 2003, while a
dividend of 15.7425 Australian cents per CHESS Depositary Interest (CDI) was
paid on the same day. Each CDI represents one-fifth of an ordinary share. A
dividend was paid to holders of American Depositary Receipts (ADRs) on
9 September 2003 at a rate of 50.73 US cents per American Depositary Share
(ADS). Each ADS represents one ordinary share.
11. The group financial statements for the quarter and nine months ended
30 September 2003 were authorised for issue in accordance with a resolution of
the directors passed on 30 October 2003. AngloGold is a limited liability
company incorporated in the Republic of South Africa.
12. This report contains a summary of the results of AngloGold's operations. A
detailed report appears on the Internet and is obtainable in printed format
from the investor relations contacts, whose details, along with the website
address, appear at the end of this report.
By order of the board
R P EDEY R M GODSELL
Chairman Chief Executive Officer
30 October 2003
Exploration
AngloGold's exploration activities are focused on discovering long-life,
low-cost orebodies, utilising multi-disciplinary teams and appropriate
state-of-the-art exploration techniques and technology.
During the quarter
Exploration continued to yield encouraging results from several projects - the
satellite oxide exploration programme at Sadiola and deeper mineralisation
extensions at Sunrise Dam in particular.
Regional exploration overview
1. In Mali drilling for satellite oxide resources at Sadiola continued to yield
positive results. Reverse Circulation (RC) results at the FE3 Southern
Extension included: 22m at 8.90g/t from 68m in AFE3S-115 and 44m at 3.71g/t
from 36m in AFE3S-114. Resource delineation drilling of the Western Lobe at FE4
continued during the quarter and the deposit still appears to be open-ended to
the south-west and west of the current pit position. RC results included: 32m
at 2.58g/t from 142m in AFE4-387 and 10m at 2.04g/t from 38m in AFE4-383.
Phase VI of the hard sulphides diamond drilling programme at Sadiola is 73%
complete.
2. Encouraging results continue to be received from a first pass Rotary
Airblast (RAB) drilling campaign at the Garalo greenfields prospect, some 100km
south-west of Morila. These will be followed by an RC drilling programme after
the rainy season in the fourth quarter.
3. At Geita in Tanzania, exploration drilling was completed at Nyankanga West
and East and restarted at Geita Hill. Follow-up diamond drilling of a
high-grade zone at Nyankanga West intersected further high-grade mineralisation
in drillhole NYDD0147. Results included 4m at 190.20g/t from 189m and 13m at
66.20g/t from 184m. Results of infill down-dip drilling of the north-eastern
side of the Geita Hill pit included: 7m at 7.00g/t from 316m in GHDD-127 and 6m
at 6.31g/t from 316m in GHDD-129.
4. Drilling at the Navachab expansion project in Namibia was completed. The
pre-feasibility study is scheduled for completion in the fourth quarter and, if
the results are positive, a feasibility study will take place in 2004.
5. In North America, exploration continued at Cripple Creek, where over 21,500m
of drilling was completed to define new mineralisation at the Wild Horse
Extension (WHEX) project and to test targets proximal to the current reserve
areas. In addition, drill testing for deep, high-grade mineralisation in the
district continued. Encouraging results were obtained and additional drilling
has been scheduled for the fourth quarter.
6. In Alaska exploration continued on greenfields projects within the Tintina
Gold Belt where geophysical surveying, geochemical sampling and approximately
2,000m of drilling was completed on three projects. Encouraging results were
obtained and will be the focus of follow-up exploration.
7. In Canada, exploration at the Red Lake Joint Venture was devoted to the
Rivard area where geochemical sampling and over 1,600m of drilling was
conducted in the quarter. Results of three years of exploration suggest that
the western portion of the Red Lake Greenstone Belt is more prospective.
Accordingly, AngloGold has arranged with its partner Rubicon, to dissolve the
Joint Venture and rationalise the tenement portfolio to leave AngloGold holding
100% of the western area at Rivard.
8. In South America ongoing diamond drilling of the Cachorro Bravo orebody at
C�rrego do S�tio in Brazil has confirmed flat, north-plunging, sulphide
mineralisation over a down-plunge length of 800m, to a vertical depth of 350m.
Intersections ranged in grade between 4.00g/t and 13.00g/t over widths of 2m to
4m. The exploration ramp has intersected the 4m thick, well-developed, main ore
zone at its anticipated position and assay results are pending. All
intersection lengths closely approximate to true widths.
9. At the Crix�s Mine in Brazil, diamond drilling of the upper Forquilha Sul
ore zone has confirmed continuity of mineralisation over a strike length of
approximately 200m and a down-plunge length of 300m at an approximate vertical
depth of 350m. This ore zone, which overlies the principal Mina III orebody,
has been intercepted in 8 diamond holes, spaced approximately 50m both along
strike and downdip, yielded grades varying between 3.00g/t and 7.50g/t over
widths of 3 to 10m. The mineralisation has been closed off up-plunge but is
still open down-plunge. All intersection lengths are closely approximate to
true widths.
10. At Cerro Vanguardia in Argentina, drilling continued to define depth and
strike extensions of the Loma del Muerto, Loma Sur, Paula and Mangas Sur veins
for possible future open-pit and underground resources.
11. In Peru, regional greenfields exploration was focused on further
reconnaissance and property-scale investigation in different areas of the
Peruvian Andean region. At La Rescatada the present diamond drilling programme
has been extended to year-end to drill test three oxide targets and conduct
metallurgical test work in order to reach a decision point by year-end.
12. In Australia drilling at Sunrise Dam has largely focused on deep drilling
within and beneath the Sunrise Shear. The Sunrise Shear mineralisation was
extended approximately 200m to the northwest on the down-dip extension of the
underground resource. The Dolly Lode was intersected at a drilled depth of
1,071m (6m at 5.92g/t in CD827W2), approximately 400m beneath previous drill
intercepts, indicating extensions of the structure at depth. Additional narrow,
high-grade mineralisation was intersected in the Dolly Hanging Wall Lodes,
including 3m at 19.43g/t from 704m (CD827). Shallow mineralisation was again
intersected immediately west of the pit in the previously defined Mako and
Duckpond areas and could indicate potential for a small high-grade pod of
saprolite mineralisation. Furthermore, a new zone of mineralisation has been
identified immediately to the west of the current pit design with an
intersection of 6m at 5.15g/t from 153m (CRC101) and 2m at 41.31g/t from 61m
(CRC104). Further drilling is required to understand the geometry and extent of
this zone.
13.In South Africa two diamond drill holes G49 and G51 are in progress at
Goedgenoeg to the west of Tau Lekoa. Diamond drill hole G50 was completed
during the quarter and intersected the Ventersdorp Contact Reef at a depth of
2,227m, yielding a mean borehole value of 22.08g/t over 18.52cm for 409cmg/t.
The five deflection values varied between 83.60g/t over 16.91cm for 1,414cmg/t
to 0.26 g/t over 11.88cm for 3cmg/t. All intersection widths are corrected
widths.
Note:
Unless otherwise stated, all intercepts are at drilled widths and drilled
depths.
Administrative information
AngloGold Limited
Registration No. 1944/017354/06
Incorporated in the Republic of South Africa
ISIN: ZAE000043485
Share codes:
JSE: ANG
LSE: 79 LK
NYSE: AU
ASX: AGG
Euronext Paris: VA FP
Euronext Brussels: ANG BB
JSE Sponsor: UBS
Auditors: Ernst & Young
Contacts
South Africa
Steve Lenahan
Telephone: +27 11 637 6248
Fax: +27 11 637 6400
E-mail: slenahan@anglogold.com
Peta Baldwin
Telephone: +27 11 637 6647
Fax: +27 11 637 6399
E-mail: pbaldwin@anglogold.com
Europe / Asia
Tomasz Nadrowski
Telephone: +1 212 750 7999
Fax: +1 212 750 5626
E-mail: tnadrowski@anglogold.com
United States of America
Charles Carter
Telephone: (800) 417 9255 (toll free in USA and Canada) or +1 212 750 7999
Fax: +1 212 750 5626
E-mail: cecarter@anglogold.com
Australia
Andrea Maxey
Telephone: +61 8 9425 4604
Fax: +61 8 9425 4662
E-mail: amaxey@anglogold.com.au
General E-mail enquiries
investors@anglogold.com
AngloGold website
http://www.anglogold.com
Directors
Executive
R M Godsell (Chief Executive Officer)
J G Best
D L Hodgson
K H Williams
Non-Executive
R P Edey* (Chairman)
Dr T J Motlatsi (Deputy Chairman)
F B Arisman#
Mrs E le R Bradley
C B Brayshaw
A W Lea (Alternate: P G Whitcutt)
W A Nairn (Alternate: A H Calver*)
J Ogilvie Thompson (Alternate: D D Barber)
N F Oppenheimer
A J Trahar
* British # American
Offices
Registered and Corporate
Managing Secretary
Ms Y Z Simelane
Company Secretary
C R Bull
11 Diagonal Street
Johannesburg 2001
(PO Box 62117, Marshalltown 2107)
South Africa
Telephone: +27 11 637 6000
Fax: +27 11 637 6624
Australia
Level 13, St Martins Tower
44 St George's Terrace
Perth, WA 6000
(PO Box Z5046, Perth WA 6831)
Australia
Telephone: +61 8 9425 4604
Fax: +61 8 9425 4662
United Kingdom Secretaries
St James's Corporate Services Limited
6 St James's Place
London SW1A 1NP
England
Telephone: +44 20 7499 3916
Fax: +44 20 7491 1989
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Share Registrars
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ADR Depositary
The Bank of New York
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Global BuyDIRECTSM
The Bank of New York maintains a direct share purchase and dividend
reinvestment plan for AngloGold. For additional information, please visit The
Bank of New York's website at www.globalbuydirect.com
or call Shareholder Relations Department at
1-888-BNY-ADRS or write to:
The Bank of New York
Church Street Station, PO Box 11258
New York, NY 10286-1258
United States of America
Fax: +1 302 738 7210
Certain statements contained in this document, including, without limitation,
those concerning the economic outlook for the gold mining industry,
expectations regarding gold prices and production, the completion and
commencement of commercial operations of certain of AngloGold's exploration and
production projects, and its liquidity and capital resources and expenditure,
contain certain forward-looking statements regarding AngloGold's operations,
economic performance and financial condition. Although AngloGold believes that
the expectations reflected in such forward-looking statements are reasonable,
no assurance can be given that such expectations will prove to have been
correct. Accordingly, results could differ materially from those set out in the
forward-looking statements as a result of, among other factors, changes in
economic and market conditions, success of business and operating intiatives,
changes in the regulatory environment and other government actions,
fluctuations in gold prices and exchange rates, and business and operational
risk management. For a discussion on such risk factors, refer to the annual
report on Form 20-F for the year ended 31 December 2002, which was filed with
the Securities and Exchange Commission on 7 April 2003.
END