Wrap Text
Registration No. 1944/017354/06
Incorporated in the Republic of South Africa
REPORT TO SHAREHOLDERS
FOR THE QUARTER AND NINE MONTHS ENDED 30 SEPTEMBER 2001
Another good quarter - the third in succession
Group results for the quarter
* Headline earnings before unrealised hedging activities up 15% to $76 million ($0.71 per share or $0.36 per ADR), or 19% to R637 million (595 cents per share).
* Total cash costs down 5% to $176 per ounce.
* Total production costs down 5% to $211 per ounce.
* Return on capital of 13.6%.
* Sale of the Free State assets is being finalised.
* Offer documents filed in Normandy bid, with approval for the transaction received from the South African Reserve Bank.
* Continued safety improvements in all regions.
Regional operating results for the quarter
SOUTH AFRICA
* Key operations once again exceed production and cost targets.
* Gold production increases marginally to 36,466 kilograms (1,172,000 ounces).
* Total cash costs 1% lower at R49,648 per kilogram.
* Operating profit increases by 25% through improved operating performance and lower retrenchment costs.
Great Noligwa produces 268,000 ounces at a total cash cost of $118 per ounce.
AFRICA
* Another good quarter, with inclusion of Yatela mine for the first time.
* Gold production up 9% (down 4% excluding Yatela).
* Operating profit maintained for the quarter.
* Morila successfully completes its 90-day continuous production and economic completion testing.
* Excellent safety performance for the region, improving the year-to-date LTIF rate by 25% to 1.32.
NORTH AMERICA
* Gold production up 4%.
* Total cash costs down 1% to $199 per ounce.
* Total cash costs at Jerritt Canyon down 8% to $200 per ounce, with production up 1%.
* Production at CC&V up 6% and total cash costs up 9% ($193 per ounce) due to increased consumables.
SOUTH AMERICA
* Gold production up 6%, with increased production at all operations.
* Total cash costs down 9% to $128 per ounce.
* Total production costs down 9% to $193 per ounce.
AUSTRALIA
* Gold production up 14%.
* Total cash costs increase by 1% to $197 per ounce resulting from Tanami closure and start of hard ore processing at Sunrise Dam.
* Sunrise Dam throughputs exceed design targets and production up 14%.
* Significant improvement at Union Reefs following implementation of revised mining plan.
Encouraging exploration results at Sunrise Dam and Coyote in western Tanami.
Nine Nine
Quarter Quarter months months
ended ended ended ended
Sept Jun Sept Sept
2001 2001 2001 2000
Rand/Metric
Gold
Produced - kg/oz 000 55,440 53,915 163,732 167,389
Revenue - R/kg/$/oz sold 77,635 73,578 75,071 65,901
Total cash costs - R/kg/$/oz produced 47,687 47,663 47,887 45,763
Total production costs - R/kg/$/oz produced 57,046 57,079 57,164 52,601
Operating profit - R/$ million 1,136 966 2,995 2,384
Net capital expenditure - R/$ million 629 576 1,740 1,071
Net profit - R/$ million 439 509 1,285 1,247
Net earnings (basic) - cents per share 410 475 1,200 1,166
Headline earnings - cents per share 459 538 1,405 1,256
Headline earnings
before unrealised
hedging activities - cents per share 595 501 1,504 1,256
Dividends - cents per share 700 750
Nine Nine
Quarter Quarter months months
ended ended ended ended
Sept Jun Sept Sept
2001 2001 2001 2000
Dollar/Imperial
Gold
Produced - kg/oz 000 1,782 1,733 5,264 5,382
Revenue - R/kg/$/oz sold 288 285 289 305
Total cash costs - R/kg/$/oz produced 176 185 184 212
Total production costs - R/kg/$/oz produced 211 221 220 244
Operating profit - R/$ million 135 120 369 352
Net capital expenditure - R/$ million 75 71 215 158
Net profit - R/$ million 53 63 159 184
Net earnings (basic) - cents per share 50 59 149 171
Headline earnings - cents per share 55 67 174 185
Headline earnings
before unrealised
hedging activities - cents per share 71 62 185 185
Dividends - cents per share 85 110
Certain forward-looking statements
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 initiatives, changes in the regulatory environment and other government actions, fluctuations in gold prices and exchange rates, and business and operational risk management.
Throughout this document, $ refers to US dollars, unless otherwise stated.
Published by AngloGold
PO Box 62117, Marshalltown 2107
South Africa
Telephone: +27 11 637 6000
Fax: +27 11 637 6399/6400
E-mail: investors@anglogold.com
LETTER FROM THE CHAIRMAN AND DEPUTY CHAIRMAN
Dear Shareholder,
The market
In both economic and geopolitical terms this third quarter stands in the shadow of the events in New York and Washington of 11 September. It remains too early to confidently describe, let alone predict, the medium- to long-term effects of these events for markets, including the gold market. In the short term, the gold price went up into the low $290s, rising less and for a shorter time than many commentaries predicted. It has now returned to its pre-11 September trading range. On the demand side, the likelihood is that jewellery demand will be down for the third quarter, reflecting the economic downturn already in progress; an unusually long period in India that was regarded as astrologically inauspicious and affected gold sales; and reduced Asian gold demand after the terror attacks in the United States.
Operating performance
The company has achieved sound operating results, with operating profit up 13% on the previous quarter, headline earnings before unrealised hedging activities up 15% and total cash and total production costs both down 5% to $176 per ounce and $211 per ounce respectively. In the context of a received gold price which rose by 1% this is a solid performance, with all regions doing well.
The South African operations reduced their costs in rand terms by 1% to R49,648 per kilogram, despite the effect of annual wage increases this quarter, and operating profit rose by 25% to R715 million. With the impact of the rand/dollar devaluation, cash costs measured in dollar per ounce terms decreased by $10 an ounce to $184, reflecting a 5% improvement. Leading the enhanced performance in South Africa this quarter and clearly showing that deep-level gold mines and high unit costs are not synonymous, was AngloGold's largest and most profitable mine, Great Noligwa, which produced 268,000 ounces during the quarter at a cash cost of $118, contributing $40 million to the quarterly operating profits of the company.
The African region benefited from the inclusion of Yatela, with gold production rising by 9% to 229,000 attributable ounces. Prospects for increasing the rate of mining and extending the reserves of the Geita mine are good.
Our operations in both North and South America achieved higher gold production while recording lower cash operating costs. In Australia, production increased by 14% and cash costs held steady.
As always, there are operational challenges. Matjhabeng and Joel in South Africa, and Union Reefs in Australia are all in close-down mode. Tau Lekoa's grade problems are receiving our attention and we will be looking for a slow but steady improvement in performance there.
Against the background of very significant success in South Africa, we are delighted to confirm that Dave Hodgson will be taking up the role of AngloGold's Chief Operating Officer. We are confident that he will bring coherence and wisdom to the co-ordination and leadership of the global operations as he has done in the South African region.
Possible sale of Free State assets in South Africa
We have received offers for all of AngloGold's Free State mines and are in the process of finalising the transaction. The primary concern here must, of course, be the received price. We are, however, aware of the need to be mindful of the character of the new entity after the sale. Here, considerations are the imperative to consolidate ownership and management in the region, the capacity and record of the purchaser in ventures of this kind and a concern to promote sustainable and viable black economic empowerment in the mining sector.
Normandy
The Normandy offer is progressing according to plan, although the regulatory burden involved in a multi-jurisdictional transaction such as this has delayed the filing process by some two weeks. Nevertheless, we still anticipate the closing date of the offer period to be 14 December. The management of Normandy is currently reviewing the Bidder's Statement and the board will make its recommendation within two weeks of the posting of the document which is scheduled for this week. We remain confident that the bid will succeed.
BOBBY GODSELL
Chairman and Chief Executive Officer
RUSSELL EDEY
Deputy Chairman
30 October 2001
OPERATING AND FINANCIAL REVIEW
OVERVIEW
Strong, broadly-based and sustainable operational performances from all of AngloGold's regions have resulted in operating profit for the quarter ended 30 September 2001 increasing by 13% to $135 million. Headline earnings (excluding unrealised losses on hedging activities) improved by 15% to $76 million ($0.71 per share or $0.36 per ADR).
The price received for gold for the quarter was 1% higher at $288 per ounce. Gold production increased by 3% to 1.78 million ounces. Total cash costs and total production costs both decreased by 5% to $176 per ounce and $211 per ounce respectively, as a result of improved production and lower operating costs. AngloGold's return on capital for the quarter was 13.6%.
Management continues to focus attention on improving workplace safety and health in all of its operating regions and reports steady overall progress. There have also been some notable safety achievements during the quarter at Jerritt Canyon, Sadiola and in South Africa.
The company has received unsolicited offers from interested parties for its Free State assets, accounting in this quarter for 16% of AngloGold's production and 6% of its operating profit. Shareholders will be advised of the outcome of these discussions in due course.
SOUTH AFRICA
Overall performance
This was another good quarter for the South African region, with production, total cash costs and operating profit all showing improvements over the previous quarter. Total cash costs were 1% lower at R49,648 per kilogram (5% lower in dollar terms to $184 per ounce). Operating profit increased by 25% because of an enhanced operating performance and lower retrenchment costs. Productivity indices, expressed in grams per employee as well as square metres per employee, both showed improvements of 3% and 7% respectively, over the previous quarter.
Regrettably, seven employees lost their lives during the quarter as a result of mine accidents. This performance represents the best on record for the company in respect of the number of occupational deaths occurring in any quarter. This performance was underpinned by a Lost-Time Injury Frequency Rate (LTIFR) of 11.59 which is a 7% improvement on the same period last year. The ongoing process of risk identification and management continues to yield safety benefits. The Lower Carbon Leader section at TauTona, the world's deepest working level in a gold mine, has been free of fatal accidents now for two years, whilst Kopanang has achieved more than 1.5 million fatal accident free shifts.
Mine performance
In the Vaal River region, Great Noligwa, accounting for 23% of AngloGold's South African production this quarter, performed strongly with improved productivity, a higher recovered grade (up 9%) and total cash costs lower at R31,758 per kilogram ($118 per ounce). Operating profit at R336 million (up 28%) mirrored these impressive operating performances. At Kopanang, an improvement in grade and area mined resulted in gold production of 4,033 kilograms (130,000 ounces), which exceeded the exceptional achievement of the first quarter. Total cash costs at R47,030 per kilogram reflect a 9% improvement with operating profit of R94 million exceeding target.
Tau Lekoa, after a good first half-year, produced disappointing results. Gold production decreased by 24% to 1,819 kilograms (58,000 ounces) and total cash costs increased to R65,845 per kilogram due to a combination of unexpectedly lower grade, poor environmental conditions and safety concerns. Management has focused attention on grade improvement and anticipates a slow but steady return to normal performance levels.
In the West Wits region, gold production at TauTona increased by 3% to 5,021 kilograms (161,000 ounces). Total cash costs decreased slightly (2%) to R41,583 per kilogram ($154 per ounce). Savuka was unable to sustain its gold output (down 8%) despite an increase in volume mined. Recovered grade fell by 3% as a result of lower mining volumes in the shaft pillar. Total cash costs increased by 9% to R69,087 per kilogram ($256 per ounce). The significant but expected improvement at Mponeng was mainly owing to the availability of new panels in the recently holed raise lines. Gold production at 3,144 kilograms (101,000 ounces) increased by 28% and total cash costs fell by 19% to R57,009 per kilogram ($211 per ounce). The operating profit moved from a loss of R38 million to a profit of R11 million.
In the Free State, the level of gold production at Bambanani was not sustained owing to a slightly lower grade and a reduction in tonnes milled. Bambanani experienced a fire in the pillar area and this resulted in some lost production and the unavailability of certain working areas. Total cash
costs were lower in absolute terms but unit costs increased to R63,913 per kilogram ($238 per ounce). Tshepong experienced a drop in recovered grade (down 4%) although still above target. Total cash costs rose because a greater area was mined and there was increased development. Matjhabeng and Joel, whilst both operating in closure mode, have posted improved operating results.
At Ergo, gold production increased by 8% through improved head grade and higher metallurgical efficiency as well as through the gold recovered from the clean-up of the now closed gold elution circuit of the Daggafontein plant. Operating profit rose by 73% to R31 million.
AFRICA
Overall performance
The Africa region had a good production quarter with the inclusion of Yatela mine for the first time. This enabled the region to produce 229,000 attributable ounces, an increase of 9% on the previous quarter, at a total cash cost of $131 per ounce. Operating profit was maintained at $22 million for the quarter. The region had an excellent safety quarter, recording one lost-time injury and thereby improving its year-to-date LTIF rate by 25% to 1.32.
Mine performance
Production at Sadiola (38% attributable) decreased by 10% to 47,000 attributable ounces, mainly due to treating lower grade material as planned. The lower production increased unit total cash costs by 10% to $137 per ounce. The mine has been accident-free for the year. Yatela (40% attributable) had an excellent start by producing 25,000 attributable ounces. This was above expectation, and at a creditable total cash cost of $146 per ounce. The mine is now fully commissioned and operating at its designed capacity of 400 tons per hour.
Morila (40% attributable) continued its good performance by producing 65,000 attributable ounces for the quarter - a level similar to the previous quarter - at a total cash cost of $104 per ounce, an increase of 4%. Morila successfully completed its 90-day continuous production and economic completion testing, making the project loan non-recourse to AngloGold.
Production at Geita (50% attributable) was maintained at levels similar to those of the previous quarter at 72,000 attributable ounces and at a total cash cost of $150 per ounce, an increase of 13% on the previous quarter. The increased cost is mainly due to higher power costs as a result of the hardness of the ore being treated. The mine recorded no accidents for the quarter.
Production at Navachab decreased by 8% for the quarter to 20,000 ounces at a total cash cost of $181 per ounce, an increase of 12% on the previous quarter. The lower production was largely due to recovery problems which have since been resolved.
NORTH AMERICA
Overall performance
Gold production in North America increased by 4% compared to the previous quarter due to the realisation of production from second quarter crushed ore placement at Cripple Creek &Victor (CC&V). Total cash costs per ounce decreased by $3 per ounce to $199 as a result of improved ounce placement at CC&V and the benefits realised from ongoing cost-cutting efforts.
Mine performance
At Jerritt Canyon (70% attributable), production of 74,000 ounces was 1% higher than the second quarter, as a result of increased processing of Cortez ore tons. Total tonnage processed this quarter was approximately 12% higher than the second quarter, with a 20% increase in the processing of Cortez ore. Total cash costs were $200 per ounce, a decrease of 8% on the previous quarter, as significant savings from cost-cutting initiatives were realised. Jerritt Canyon's SSX mine was selected for the Mine Safety and Health Administration's highest award - Sentinels of Safety - as the safest underground metal group mine in the United States for year 2000.
Production at CC&V (67% attributable - effectively 100% - see Note 4 on page 8) was 61,000 ounces, 6% higher than levels for the previous quarter. Crushed ore tons placed for leaching were approximately 2% higher. Reduced run-of-mine ore tonnage mined during the period resulted in total ore placement being 11% lower than the second quarter. Production continued to benefit from prior period ounce placement. Total cash costs were $193 per ounce, an increase of 9% on the second quarter due partly to higher mobile maintenance expenditures, increased costs and consumption of commodities.
SOUTH AMERICA
Overall performance
Gold production in the South American region was 6% higher at 112,000 ounces. Total cash costs were down by 9% ($128 per ounce) as a result of improved production, the continuing cost-cutting programme, adjustments to the optimised stripping ratio, increased by-products at Cerro Vanguardia and currency impacts in Brazil.
Mine performance
Gold production for the quarter was up at all operations: by 14% at Cerro Vanguardia (46.25% attributable) as a result of increased ore treated and better grades (11%), by 3% at Morro Velho due to a higher volume of ore treated, and by 3% at Serra Grande (50% attributable) due to improved production from quartz veins ore with higher grades.
With respect to safety, Cerro Vanguardia was affected by four lost-time injuries, while Serra Grande remains below the Ontario benchmark, with Morro Velho showing improvements following the implementation of a new safety action plan.
AUSTRALIA
Overall performance
Production for the quarter of 134,000 ounces was 14% above the previous quarter, with strong increases at all mines except Tanami, which has been processing remnant stockpile ore prior to its closure in early October. At A$384 ($197) per ounce, total cash costs have been maintained at close to the level achieved in the previous quarter.
Mine performance
At Sunrise Dam, the benefits from the expansion of the plant have been quickly realised. Throughputs have exceeded design targets and gold production during the quarter increased by 14% to 77,000 ounces. Cash expenditure rose because of an increase in activity levels across the operation as processing rates were lifted. As anticipated, head grade fell by 13% and recovery declined from 89% to 83% as full processing of hard ore commenced. As a consequence, there was an increase in total cash costs of 15% to A$332 ($170) per ounce.
The performance of Union Reefs improved significantly from the previous quarter. The implementation of a revised mine plan resulted in an increase in production to 29,000 ounces, an improvement of 25% on the June quarter. The strong improvement in production flowed through to total cash costs, which fell by 14% to A$452 ($232) per ounce from A$524 ($269) per ounce in the previous quarter. No offers were received for Union Reefs' mine assets, so AngloGold will continue to manage the operation through to closure in late 2002 or early 2003. Negotiations are proceeding on the disposal of the Brocks Creek assets.
At the Boddington oxide operation an improvement in production of 10% to 22,000 ounces was achieved. Total cash costs were also reduced significantly as mining activity wound down, falling to A$343 ($176) per ounce from A$417 ($215) per ounce in the previous quarter. The current operations at Boddington are scheduled to cease at the end of November and the plant will be placed on care and maintenance pending the commencement of the Boddington Expansion Project.
At Tanami, processing of remnant stockpiled ore continued. Production for the September quarter was down 8% compared to the previous quarter. Although all operational mining has ceased, hauling and mining activities associated with site rehabilitation have contributed to the higher total cash costs of A$471 ($239) per ounce compared with A$370 ($193) per ounce in the previous quarter.
EXPLORATION OVERVIEW
Drilling at Sunrise Dam resulted in numerous high-grade intercepts during the quarter. In the northern area, the Mako and Sunrise Shear zones returned 19 metres at 12.9 g/t and 3 metres at 36.3 g/t respectively. To the south, significant results from the Western Shear and the Watu structure included 20 metres at 8.1 g/t and 6 metres at 27.1 g/t. Preliminary evaluation of the southern area indicates that a pit cutback to access at least 250,000 ounces is economically attractive.
At Coyote, located in the Western Tanami, drilling at Buggsy-Gonzalez and Speedy-Sylvester increased the mineralised strike length to 800 metres. Drilling is in progress to realise the resource potential on strike and at depth prior to infill drilling. Significant intercepts were 8 metres at 20.5 g/t at Buggsy-Gonzalez and 5 metres at 10.0 g/t at Speedy-Sylvester.
At Geita Hill, drilling for down plunge mineralisation intersected 39 metres at 7.1 g/t. At Chipaka, 300,000 ounces of indicated resource has been defined. Reconnaissance drilling at Prospect 30 and Samena returned 5 metres at 16.1 g/t and 5 metres at 13.3 g/t respectively.
GOLD MARKET
For the third quarter in succession, the gold market has been moved by unforeseen and extraordinary events. During the first quarter and again in the second quarter, the gold price rose sharply: on the first occasion on the back of unexpected tightness in the short-term gold lending market, on the second occasion on fears of a resurgence of inflation in the United States following a further cut in US interest rates. In both cases, the price corrected promptly to the comfort zone of $265-$275 per ounce. The third quarter was different, with the gold price affected by the terrorist attacks on the USA, a political event quite outside the gold market. This event saw gold almost immediately priced up by $20 per ounce to a spot price of over $290. Unlike the rallies of the first two quarters of this year when the gold price retraced promptly, on this occasion the gold price traded through to the end of the third quarter at around $290 per ounce. Only since the end of the quarter have we seen the price retrace to its earlier trading range in the $270s. The quarter was unusual too in seeing the South African currency weaken sharply at the beginning of September out of its long-term trading trend to a low of R9.03 to the US dollar, a low since eclipsed by further post-quarter-end weakness which saw the currency trade at R9.54 to the dollar on 22 October 2001.
The impact of these trading circumstances on gold revenues has been material. Whilst the average US dollar gold price for the quarter was up 2% on the previous quarter, at its peak the dollar gold spot price was over 9% higher than the opening price for the quarter. Similarly, whilst the average value of the rand against the US dollar for the quarter lost only 4% on the previous quarter's average, at its weakest point it had lost 13% of its opening value, and the currency has lost a further 6% since the end of the quarter. These circumstances produced a new high rand gold price of some R85,300 per kilogram in late September which has since been eclipsed by the highest rand gold price ever of R88,391 per kilogram on 8 October 2001. The average rand per kilogram for the quarter was R73,916 per kilogram, up by 7% on the average for the previous quarter. At its high point, the rand per kilogram price was over 23% higher than the opening price.
The events of 11 September that triggered the gold price increase were in all respects a classic extraneous influence eliciting the traditional response of a move to gold as a safe haven asset. Much has been written since that event regarding gold's role in uncertain times, and the argument has been made that the emerging realities of global economic circumstances provide further support for a new cycle of investment in gold. The supportive circumstances are several, including expectations of a weaker US dollar on the back of the certainty of recession in the United States, the dangers of renewed inflation that arise from lower interest rates and loosening of monetary policy, and the dangers of banking crises in a global economic decline.
Whilst many of these circumstances would be supportive of gold in model circumstances, we are still in a developing environment where not all of these elements are guaranteed to occur in a conventional fashion, or perhaps at all. Analysts and market commentators have forecast the decline of the US dollar for almost two years now, but the global nature of current economic problems may leave the dollar at current levels with no material weakening in the near to medium term. Equally, there are strong arguments that the nature of the economic problems facing the US economy today will tend to be deflationary, irrespective of Federal monetary policy, and that inflation is not likely to be a factor. These elements together leave gold still in a zone of uncertainty, although it has benefited from the renewed interest of commentators and analysts. A re-rating of the gold price, and a change of market balance in favour of gold in any event would be unlikely to occur in a matter of weeks, and we should watch the evolving balances of interest in this market in the months to come.
Predictably, the sharp price rise saw an equally sharp decline in physical demand in our largest market, India. Encouragingly, the higher price did not deter other physical markets, and there has been good buying for investment purposes in Turkey, Thailand and Indonesia. In the early stages of the price rally, investor and speculator buying was able to sustain the price rise. Unfortunately, after the initial price movement, there was little new investment buying, and volume on the futures market in gold has been very thin for a number of weeks. The beginning of the rally saw the New York Comex long position increase to a little over 120 tons net, but position-squaring in October has seen this long position fall back to around 75 tons. These levels of interest are within the sort of parameters of trading that we have seen on the market for some time, and in this respect the rally does not appear to have lifted investor interest to new levels.
Regarding currency markets, there has been no material change to the strength of the dollar in international markets during the period under review, and the US currency has continued to dominate global markets. The quarter saw a severe dislocation in our own currency market, as the rand broke out of an eight-to-nine year trading channel against the US dollar to reach new lows against the US currency. Since the end of the quarter, an all-time low of R9.54 to the US dollar has been seen. There are a number of aspects of the market in our currency which have contributed to weakness and to its vulnerability, and there is little doubt that the market has seen the rand as a one-way bet against the dollar. For some time now, this structural bias has been made worse by a lack of liquidity in the market, leading to a situation in which the currency can be moved by very small volumes of business. The current value of the rand is clearly reflective neither of purchasing power realities in the economy nor of the quality of economic policy and leadership in the country. Whilst it is difficult to imagine what steps might be taken to stabilise or correct the position in the market, there is little doubt that this will be a matter of concern for both market makers and those responsible for monetary policy for the foreseeable future.
GOLD MARKET
NET DELTA OPEN HEDGE POSITION AS AT 30 SEPTEMBER 2001
As at 30 September 2001, the group 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 rate of 9.0152 available on 30 September 2001.
Kilograms Forward Price Forward Price Ounces
Sold R per kg $ per oz Sold
'000
12 months ending
31 December 2001 41,134 R83,813 $288 1,322
2002 150,550 R84,416 $281 4,840
2003 90,457 R93,778 $292 2,908
2004 67,321 R100,940 $298 2,164
2005 47,864 R116,087 $326 1,539
January 2006 - December 2010 108,831 R134,481 $325 3,499
506,156 R101,997 $300 16,273
The marked-to-market value of all hedge transactions making up the hedge positions in the above table was a negative R1,517 million (negative $168 million) as at 30 September 2001. The value was based on a gold price of $291.65 per ounce, exchange rates of R/$9.0152 and $/A$ 0.4918 and the prevailing market interest rates and volatilities at the time.
As at 29 October 2001, the marked-to-market value of the hedge book was a positive R322 million ($34.4 million) based on a gold price of $277.50 per ounce and exchange rates of $/R9.38 and A$/$0.5024 and the prevailing market interest rates and volatilities at the time.
Note to AngloGold Hedge Position as at 30 September 2001
*The delta position indicated hereafter reflects the nominal amount of the option multiplied by the mathematical probability of the option being exercised. This is calculated using the Black and Scholes option formula with the ruling market prices, interest rates and volatilities as at 30 September 2001.
ANGLOGOLD HEDGE POSITION
AS AT 30 SEPTEMBER 2001
Year 2001 2002 2003 2004 2005 2006- Total
DOLLAR GOLD 2010
Forward Contracts
Amount (kg) 16,064 74,773 51,652 47,066 30,825 75,708 296,087
$ per oz $303 $299 $311 $310 $323 $342 $316
Put Options Purchased
Amount (kg) 1,747 10,238 5,808 2,662 757 1,291 22,504
$ per oz $385 $312 $352 $390 $291 $291 $336
*Delta (kg) 1,652 4,500 4,187 1,970 252 370 12,931
Put Options Sold
Amount (kg) 4,665 4,665
$ per oz $283 $283
*Delta (kg) 1,437 1,437
Call Options Purchased
Amount (kg) 14,272 5,407 667 572 20,918
$ per oz $297 $297 $350 $360 $301
*Delta (kg) 6,993 2,766 168 166 10,093
Call Options Sold
Amount (kg) 41,778 21,962 10,463 3,303 1,704 2,233 81,444
$ per oz $310 $348 $372 $342 $358 $338 $331
*Delta (kg) 14,219 3,911 2,045 1,261 644 1,210 23,290
RAND GOLD
Forward Contracts
Amount (kg) 11,068 42,167 16,401 10,311 9,700 15,433 105,080
Rand per kg R80,071 R78,261 R82,939 R89,067 R120,396 R130,557 R91,812
Put Options Purchased
Amount (kg) 311 311
Rand per kg R75,555 R75,555
*Delta (kg) 25 25
Put Options Sold
Amount (kg)
Rand per kg
*Delta (kg)
Call Options Purchased
Amount (kg)
Rand per kg
*Delta (kg)
Call Options Sold
Amount (kg) 5,361 14,357 4,519 1,875 3,119 1,875 31,105
Rand per kg R84,469 R87,003 R93,766 R93,603 R125,774 R93,603 R92,232
*Delta (kg) 3,209 9,153 2,783 1,436 1,651 1,652 19,884
AUS DOLLAR (A$) GOLD
Forward Contracts
Amount (kg) 3,694 18,040 13,841 5,443 6,221 31,726 78,965
A$ per oz A$519 A$567 A$521 A$531 A$654 A$617 A$581
Call Options Purchased
Amount (kg) 2,099 6,687 778 3,110 26,282 38,957
A$ per oz A$732 A$728 A$703 A$724 A$687 A$699
*Delta (kg) 367 2,007 285 1,428 17,268 21,355
Call Options Sold
Amount (kg) 3,732 3,732
A$ per oz A$554 A$554
*Delta (kg) 2,779 2,779
RAND DOLLAR (000)
Forward Contracts
Amount ($) 19,839 30,000 49,839
Rand / $ R 4.67 R 7.17 R 6.18
Put Options Purchased
Amount ($) 105,000 105,000 210,000
Rand per $ R 7.64 R 8.18 R 7.91
*Delta ($) 19 4,872 4,891
Put Options Sold
Amount ($) 10,000 10,000
Rand per $ R 7.60 R 7.60
*Delta ($) 1,901 1,901
Call Options Purchased
Amount ($) 32,670 5,450 38,120
Rand per $ R 7.85 R 6.48 R 7.66
*Delta ($) 32,670 5,450 38,120
Call Options Sold
Amount ($) 165,670 153,450 8,000 327,120
Rand per $ R 8.59 R 8.76 R 6.94 R 8.63
*Delta ($) 138,594 101,273 7,942 247,809
AUS DOLLAR (000)
Forward Contracts
Amount ($) (133) 43,748 29,428 15,970 89,012
$ per A$ $0.49 $0.58 $0.59 $0.64 $0.60
NOTES
1. The results included herein for the quarter and nine months ended 30 September 2001, which are unaudited, have been prepared using the accounting policies which are in accordance with the standards issued by the International Accounting Standards Board and the South African Institute of Chartered Accountants. Where appropriate, comparative figures have been restated.
2. During the quarter, 13,400 ordinary shares were allotted in terms of the Share Incentive Scheme, thereby increasing the number of ordinary shares in issue at 30 September 2001 to 107,181,237.
3. Orders placed and outstanding on capital contracts as at 30 September 2001 totalled R943 million (30 June 2001: R1,112 million), equivalent to $105 million (30 June 2001: $138 million) at the rate of exchange ruling on that date.
4. 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 a loan, extended to the joint venture by AngloGold North America Inc., is repaid.
5. On 5 September 2001, AngloGold announced that it was to make an offer to acquire the entire issued share capital of Normandy Mining Limited, Australia's largest and leading gold company. The offer is to be settled in AngloGold shares in the ratio of 2.15 AngloGold shares for every 100 Normandy shares. The acquisition is subject to the fulfilment of certain conditions, including approval by AngloGold shareholders in general meeting. For this purpose a notice calling a general meeting of members, to be held at 11:00 on Monday, 19 November 2001 at The Johannesburg Country Club, Napier Road, Auckland Park, Johannesburg, South Africa is contained in the circular to members which was posted on Friday, 26 October 2001.
6. On 11 October 2001, AngloGold announced its intention to implement a 10-for-1 split of the AngloGold CHESS Depositary Interests (CDIs), which trade on the Australian Stock Exchange.
7. On 10 October 2001, AngloGold published a cautionary announcement in which shareholders were advised that an offer had been received for the purchase of its assets in the Free State. Subsequent offers were received and the sale of the assets is being finalised.
8. STRATE
Relevant information concerning the conversion of certificated ordinary shares of AngloGold into uncertificated shares (dematerialisation) in terms of the STRATE system was contained in a letter dated 30 July 2001 posted to shareholders on the South African register, together with the June 2001 quarterly report. The dematerialisation process commenced on 15 October 2001. Trading for electronic settlement begins on 5 November 2001 with the first electronic settlement taking place on 12 November 2001.
9. Dividend
Interim dividend No. 90 of 700 South African cents per ordinary share was paid to registered shareholders on 28 September 2001. A dividend was paid to holders of American Depositary Receipts (ADRs) on 9 October 2001 at a rate of 38.21 US cents per American Depositary Share (ADS). Each ADS represents one-half of an ordinary share.
10. 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 M GODSELL R P EDEY
Chairman and Chief Executive Officer Deputy Chairman
30 October 2001
FINANCIAL RESULTS : CONTENTS
Group operating results
Group income statement
Group balance sheet
Group cash flow statement
Key operating results per region
Notes to the cash flow statement
Statement of changes in shareholders' equity
Shaft sinking
GROUP OPERATING RESULTS
Issued Capital: 107,181,237 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
Weighted average: 107,080,120 ordinary shares in issue for the year to date
Statistics are shown in metric units and financial figures in South African Rand.
Nine Nine
Quarter Quarter months months
ended ended ended ended
September June September September
2001 2001 2001 2000
GOLD
UNDERGROUND OPERATIONS
Tonnes milled - 000 - reef 4,445 4,462 13,536 16,003
- waste - - 2 132
- total 4,445 4,462 13,538 16,135
Yield - g/t - reef 8.38 8.29 8.22 7.95
- waste - - 1.00 0.62
- average 8.38 8.29 8.22 7.89
Gold produced - kg - reef 37,254 37,008 111,236 127,266
- waste - - 2 82
- total 37,254 37,008 111,238 127,348
PRODUCTIVITY
g/employee - target 229 218 217 208
- actual 224 215 212 192
SURFACE AND DUMP RECLAMATION
Tonnes treated - 000 12,620 12,584 38,687 37,949
Yield - g/t 0.30 0.31 0.32 0.31
Gold produced - kg 3,843 3,902 12,284 11,748
OPEN-PIT OPERATIONS
Tonnes mined - 000 22,498 20,424 61,305 34,956
Stripping ratio * 2.27 2.03 2.00 1.02
Tonnes treated - 000 6,881 6,739 20,463 17,332
Yield - g/t 2.08 1.93 1.97 1.63
Gold produced - kg 14,343 13,005 40,210 28,293
TOTAL
Gold produced - kg 55,440 53,915 163,732 167,389
Gold sold - kg 56,081 55,019 164,085 167,660
Revenue - R/kg sold 77,635 73,578 75,071 65,901
Total cash costs - R/kg produced 47,687 47,663 47,887 45,763
Total production costs - R/kg produced 57,046 57,079 57,164 52,601
CAPITAL EXPENDITURE
- mining direct 529 513 1 458 1 014
- other 102 76 297 103
- recoupments (2) (13) (15) (46)
Net capital expenditure 629 576 1 740 1 071
* Stripping ratio = (tonnes mined - tonnes treated) / tonnes treated
GROUP OPERATING RESULTS
Issued Capital: 107,181,237 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
Weighted average: 107,080,120 ordinary shares in issue for the year to date
Statistics are shown in imperial units and financial figures in US dollars.
Nine Nine
Quarter Quarter months months
ended ended ended ended
September June September September
2001 2001 2001 2000
GOLD
UNDERGROUND OPERATIONS
Tons milled - 000 - reef 4,900 4,919 14,922 17,640
- waste - - 2 145
- total 4,900 4,919 14,924 17,785
Yield - oz/t - reef 0.244 0.242 0.240 0.232
- waste - - - 0.021
- average 0.244 0.242 0.240 0.230
Gold produced - oz 000 - reef 1,197 1,190 3,576 4,092
- waste - - - 3
- total 1,197 1,190 3,576 4,095
PRODUCTIVITY
oz/employee - target 7.36 7.01 6.97 6.70
- actual 7.20 6.92 6.80 6.18
SURFACE AND DUMP RECLAMATION
Tons treated - 000 13,911 13,871 42,644 41,833
Yield - oz/t 0.009 0.009 0.009 0.009
Gold produced - oz 000 124 125 395 377
OPEN-PIT OPERATIONS
Tons mined - 000 24,800 22,514 67,577 38,532
Stripping ratio * 2.27 2.03 2.00 1.02
Tons treated - 000 7,585 7,428 22,557 19,106
Yield - oz/t 0.061 0.056 0.057 0.048
Gold produced - oz 000 461 418 1,293 910
TOTAL
Gold produced - oz 000 1,782 1,733 5,264 5,382
Gold sold - oz 000 1,803 1,769 5,275 5,390
Revenue - $/oz sold 288 285 289 305
Total cash costs - $/oz produced 176 185 184 212
Total production costs - $/oz produced 211 221 220 244
Rand/US Dollar average exchange rate 8.39 8.03 8.08 6.71
CAPITAL EXPENDITURE
- mining direct 63 64 180 150
- other 12 9 37 15
- recoupments - (2) (2) (7)
Net capital expenditure 75 71 215 158
* Stripping ratio = (tons mined - tons treated) / tons treated
GROUP INCOME STATEMENT
Nine Nine
Quarter Quarter months months
ended ended ended ended
September June September September
2001 2001 2001 2000
SA Rand million
Gold income 4,429 4,106 12,521 11,207
Gold sales 4,429 4,106 12,521 11,207
Realised gain (loss) on
hedging instruments - - - -
Unrealised gain (loss) on
hedging activities - - - -
Cost of sales (3,293) (3,140) (9,526) (8,823)
Cash operating costs 2,606 2,518 7,722 7,630
Other cash costs 62 67 181 98
Total cash costs 2,668 2,585 7,903 7,728
Retrenchment costs 25 77 153 63
Rehabilitation and other
non-cash costs 48 9 69 28
Production costs 2,741 2,671 8,125 7,819
Amortisation of mining assets 462 437 1,346 1,092
Total production costs 3,203 3,108 9,471 8,911
Inventory change 90 32 55 (88)
Operating profit 1,136 966 2,995 2,384
Corporate administration and
other expenses (44) (44) (132) (126)
Market development costs (31) (31) (94) (72)
Research and development costs (5) (4) (15) (33)
Exploration costs (51) (50) (152) (200)
Profit from operations 1,005 837 2,602 1,953
Finance costs (132) (151) (465) (326)
Unwinding of decommissioning
obligation - - - -
Exchange gain (loss) on transactions
other than sales - - - -
Realised gain (loss) on
hedging instruments 31 15 50 -
Unrealised (loss) gain on
hedging activities (235) 64 (173) -
Interest receivable 31 42 114 206
Growth in AngloGold Environmental
Rehabilitation Trust - - - -
Income from associates before taxation - - - -
Other net income (expense) 21 (23) 4 67
Profit before exceptional items 721 784 2,132 1,900
Profit (loss) on sale of mining assets 7 7 (31) -
Impairment of mining assets - (3) (3) -
Amortisation of goodwill (59) (56) (170) (96)
Debt written-off - (21) (21) -
Profit before taxation 669 711 1,907 1,804
Taxation (211) (186) (573) (516)
Normal taxation 280 110 539 428
Deferred taxation (69) 82 40 88
Taxation on exceptional items - (6) (6) -
Profit after taxation 458 525 1,334 1,288
Minority interest (19) (16) (49) (41)
Net profit 439 509 1,285 1,247
Headline earnings
The net profit has been adjusted by
the following to arrive at
headline earnings:
Net profit 439 509 1,285 1,247
(Profit) loss on sale of mining assets (7) (7) 31 -
Impairment of mining assets - 3 3 -
Amortisation of goodwill 59 56 170 96
Debt written-off - 21 21 -
Taxation on exceptional items - (6) (6) -
Headline earnings 491 576 1,504 1,343
Unrealised loss (gain) on
hedging activities 235 (64) 173 -
Deferred tax on unrealised (loss)
gain on hedging activities (89) 24 (66) -
Headline earnings before unrealised
(loss) gain on hedging activities 637 536 1,611 1,343
Earnings per ordinary share - cents
- Basic 410 475 1,200 1,166
- Headline 459 538 1,405 1,256
- Headline before unrealised gain
on hedging activities 595 501 1,504 1,256
Dividends
- Rm 750 803
- cents per share 700 750
GROUP INCOME STATEMENT
Nine Nine
Quarter Quarter months months
ended ended ended ended
September June September September
2001 2001 2001 2000
US Dollar million
Gold income 528 511 1 548 1 665
Gold sales 528 511 1 548 1 665
Realised gain on hedging instruments - - - -
Unrealised loss on hedging activities - - - -
Cost of sales ( 393) (391) (1 179) (1 313)
Cash operating costs 311 314 956 1 135
Other cash costs 7 8 23 15
Total cash costs 318 322 979 1 150
Retrenchment costs 3 10 19 9
Rehabilitation and other
non-cash costs 6 1 8 5
Production costs 327 333 1 006 1 164
Amortisation of mining assets 55 54 167 162
Total production costs 382 387 1 173 1 326
Inventory change 11 4 6 (13)
Operating profit 135 120 369 352
Corporate administration and
other expenses (5) (5) (16) (19)
Market development costs (4) (4) (12) (10)
Research and development costs (1) (1) (2) (5)
Exploration costs (6) (6) (19) (30)
Profit from operations 119 104 320 288
Finance costs (16) (19) (58) (49)
Unwinding of decommissioning
obligation - - - -
Exchange gain (loss) on transactions
other than sales - - - -
Realised gain (loss) on
hedging instruments 4 2 7 -
Unrealised (loss) gain on
hedging activities (27) 8 (19) -
Interest receivable 4 5 14 31
Growth in AngloGold Environmental
Rehabilitation Trust - - - -
Income from associates before taxation - - - -
Other net income (expense) 3 (3) - 10
Profit before exceptional items 87 97 264 280
Profit (loss) on sale of mining assets 1 1 (4) -
Impairment of mining assets - - - -
Amortisation of goodwill (7) (7) (21) (14)
Debt written-off - (3) (3) -
Profit before taxation 81 88 236 266
Taxation (25) (23) (71) (76)
Normal taxation 33 14 66 64
Deferred taxation (8) 10 6 12
Taxation on exceptional items - (1) (1) -
Profit after taxation 56 65 165 190
Minority interest (3) (2) (6) (6)
Net profit 53 63 159 184
Headline earnings
The net profit has been adjusted by
the following to arrive at
headline earnings:
Net profit 53 63 159 184
(Profit) loss on sale of mining assets (1) (1) 4 -
Impairment of mining assets - - - -
Amortisation of goodwill 7 7 21 14
Debt written-off - 3 3 -
Taxation on exceptional items - (1) (1) -
Headline earnings 59 71 186 198
Unrealised loss (gain) on
hedging activities 27 (8) 19 -
Deferred tax on unrealised (loss)
gain on hedging activities (10) 3 (7) -
Headline earnings before
unrealised (loss) gain 76 66 198 198
on hedging activities
Earnings per ordinary share - cents
- Basic 50 59 149 171
- Headline 55 67 174 185
- Headline before unrealised
gain on hedging activities 71 62 185 185
Dividends
- $m 91 118
- cents per share 85 110
GROUP BALANCE SHEET
Sept. June Sept. Sept. June Sept.
2001 2001 2000 2001 2001 2000
US Dollar million SA Rand million
ASSETS
Non-current assets
2 297 2 429 2 607 Mining assets 20 737 19 538 18 862
359 373 275 Goodwill 3 244 3 003 1 988
16 18 19 Investments in associates 149 146 140
7 7 6 Other investments 65 59 44
40 43 40 AngloGold Environmental 365 349 287
Rehabilitation Trust
22 27 49 Long-term loans 195 218 354
2 741 2 897 2 996 24 755 23 313 21 675
Current assets
183 197 189 Inventories 1 648 1 586 1 370
160 163 224 Trade and other receivables 1 447 1 314 1 623
66 141 - Financial instruments 597 1 137 -
19 19 19 Current portion of 169 156 138
long-term loans
170 149 160 Cash and cash equivalents 1 537 1 202 1 154
598 669 592 5 398 5 395 4 285
3 339 3 566 3 588 Total assets 30 153 28 708 25 960
EQUITY AND LIABILITIES
Share capital and reserves
885 992 1 099 Share capital and premium 7 986 7 983 7 949
113 65 22 Non-distributable reserves 1 032 563 162
(66) 61 - Other comprehensive income (593) 488 -
246 315 376 Retained earnings 2 224 2 533 2 718
1 178 1 433 1 497 Shareholders' equity 10 649 11 567 10 829
29 30 25 Minority interests 263 240 183
1 207 1 463 1 522 10 912 11 807 11 012
Non-current liabilities
378 525 600 Borrowings 3 416 4 220 4 343
- - 17 Debentures - - 121
243 267 296 Provisions 2 190 2 145 2 143
380 499 601 Deferred taxation 3 431 4 015 4 350
1 001 1 291 1 514 9 037 10 380 10 957
Current liabilities
261 259 255 Trade and other payables 2 352 2 081 1 841
180 38 - Financial instruments 1 626 302 -
627 475 256 Current portion of borrowings 5 660 3 819 1 853
63 40 41 Taxation 566 319 297
1 131 812 552 10 204 6 521 3 991
3 339 3 566 3 588 Total equity and liabilities 30 153 28 708 25 960
Refer to page 25 for statement of changes in shareholders' equity.
GROUP CASH FLOW STATEMENT
Nine Nine Nine Nine
Quarter months months Quarter months months
ended ended ended ended ended ended
Sept. Sept. Sept. Sept. Sept. Sept.
2001 2001 2000 2001 2001 2000
US Dollar million SA Rand million
Cash flows from
operating activities
188 471 366 Cash generated 1 566 3 799 2 484
from operations
4 14 31 Interest receivable 31 114 206
- 1 2 Dividends received 4 8 12
from associates
(16) (58) (49) Finance costs (132) (465) (326)
(6) (60) (77) Mining and normal (49) (486) (517)
taxation paid
(83) (170) (295) Dividends paid (750) (1 446) (1 981)
87 198 (22) Net cash inflow (outflow) 670 1 524 (122)
from operating activities
Cash flows from
investing activities
(75) (217) (165) Capital expenditure (631) (1 755) (1 117)
- 2 7 Proceeds from sale of 2 15 46
mining assets
Proceeds from disposal of
- 109 - Elandsrand and Deelkraal - 872 -
(1) (1) (141) Subsidiaries and other (6) (8) (949)
investments acquired
- - 1 Proceeds from sale of - - 8
investments
(2) (12) (3) Loans advanced (14) (101) (19)
9 36 9 Repayment of loans advanced 75 294 63
(69) (83) (292) Net cash outflow from (574) (683) (1 968)
investing activities
Cash flows from
financing activities
- 4 1 Proceeds from issue of 3 35 10
share capital
- - (3) Share issue expenses - - (17)
26 271 97 Proceeds from borrowings 220 2 189 653
(14) (397) (76) Repayment of borrowings (116) (3 212) (508)
12 (122) 19 Net cash inflow (outflow) 107 (988) 138
from financing activities
30 (7) (295) Net increase (decrease) in 203 (147) (1 952)
cash and cash equivalents
(9) (18) (38) Translation adjustment 132 207 75
149 195 493 Opening cash and 1 202 1 477 3 031
cash equivalents
170 170 160 Closing cash and 1 537 1 537 1 154
cash equivalents
Refer to page 24 for notes to the cash flow statement.
KEY OPERATING RESULTS
PER REGION
Nine Nine
Quarter Quarter months Quarter Quarter months
ended ended ended ended ended ended
Sept. June Sept. Sept. June Sept.
2001 2001 2001 2001 2001 2001
SA Rand / Metric Yield - g/t Gold produced - kg
SOUTH AFRICAN REGION * 8.41 8.27 8.21 36,466 36,341 109,799
VAAL RIVER
Great Noligwa Mine 13.51 12.34 12.44 8,333 7,790 23,686
Kopanang Mine 7.58 7.46 7.61 4,033 3,820 11,773
Tau Lekoa Mine 3.72 4.70 4.38 1,819 2,383 6,582
Surface Operations 0.46 0.53 0.53 660 811 2,280
ERGO 0.25 0.23 0.25 2,551 2,368 7,767
FREE STATE
Bambanani Mine 7.78 7.82 7.79 3,141 3,418 9,676
Tshepong Mine 8.24 8.61 8.29 3,034 3,150 8,877
Matjhabeng Mine 8.52 6.95 7.34 1,328 1,440 4,475
Joel Mine 3.07 4.21 3.53 910 1,099 3,044
Surface Operations 0.67 0.83 0.79 622 722 2,183
WEST WITS
TauTona Mine 12.30 11.87 12.19 5,021 4,870 14,574
Savuka Mine 7.98 8.20 8.11 1,860 2,017 5,641
Mponeng Mine 8.35 7.09 7.46 3,144 2,453 8,150
Elandsrand Mine - - 6.13 - - 620
Deelkraal Mine - - 7.55 - - 417
Surface Operations 0.76 0.01 0.93 10 - 54
AFRICAN REGION 3.84 3.68 3.86 7,113 6,579 19,738
Navachab 1.95 2.15 2.05 636 689 1,971
Sadiola
- Attributable 38% 2.81 3.25 3.02 1,455 1,616 4,612
Morila
- Attributable 40% 6.74 6.91 7.27 2,031 2,037 6,052
Geita
- Attributable 50% 4.61 3.31 4.06 2,225 2,237 6,337
Yatela
- Attributable 40% 3.38 - 3.38 766 - 766
NORTH AMERICAN REGION 1.45 1.27 1.27 4,189 4,047 12,129
Cripple Creek &
Victor J.V. 0.72 0.60 0.60 1,899 1,784 5,255
Jerritt Canyon J.V.
- Attributable 70% 8.99 9.95 9.58 2,290 2,263 6,874
SOUTH AMERICAN REGION 8.07 7.81 7.80 3,494 3,291 10,110
Morro Velho 6.78 6.85 6.55 1,642 1,589 4,771
Serra Grande
- Attributable 50% 8.46 8.15 8.26 784 763 2,287
Cerro Vanguardia
- Attributable 46.25% 10.89 9.82 10.47 1,068 939 3,052
AUSTRALIAN REGION 1.84 1.94 1.94 4,178 3,657 11,956
Sunrise Dam 3.36 4.37 4.12 2,393 2,104 6,799
Boddington
- Attributable 33.33% 0.92 0.88 0.88 679 615 1,894
Tanami
- Attributable 40% 1.25 2.37 1.74 191 208 643
Union Reefs 1.36 1.18 1.31 915 730 2,620
ANGLOGOLD GROUP 55,440 53,915 163,732
* Yield excludes surface operations.
KEY OPERATING RESULTS
PER REGION
Nine Nine
Quarter Quarter months Quarter Quarter months
ended ended ended ended ended ended
Sept. June Sept. Sept. June Sept.
2001 2001 2001 2001 2001 2001
SA Rand / Metric Productivity per employee - g Gold sold - kg
SOUTH AFRICAN REGION 37,027 36,642 110,070
VAAL RIVER
Great Noligwa Mine 293 269 275 8,622 7,608 23,798
Kopanang Mine 176 165 170 4,164 3,738 11,826
Tau Lekoa Mine 136 182 168 1,907 2,325 6,617
Surface Operations 369 484 452 680 791 2,280
ERGO 689 628 687 2,552 2,638 7,790
FREE STATE
Bambanani Mine 153 163 152 3,184 3,389 9,693
Tshepong Mine 222 227 213 3,076 3,119 8,888
Matjhabeng Mine 150 129 135 1,345 1,429 4,484
Joel Mine 109 110 99 831 1,180 3,036
Surface Operations 407 555 548 631 714 2,182
WEST WITS
TauTona Mine 279 265 263 5,021 5,080 14,582
Savuka Mine 144 157 146 1,860 2,090 5,644
Mponeng Mine 194 149 165 3,144 2,541 8,154
Elandsrand Mine - - 104 - - 623
Deelkraal Mine - - 123 - - 419
Surface Operations - - - 10 - 54
AFRICAN REGION 7,360 6,474 19,823
Navachab 621 659 634 636 689 1,971
Sadiola
- Attributable 38% 2,203 2,449 2,329 1,510 1,511 4,505
Morila
- Attributable 40% 3,125 4,310 3,921 2,031 2,037 6,052
Geita
- Attributable 50% 1,800 1,977 1,925 2,225 2,237 6,337
Yatela
- Attributable 40% 1,698 - 1,698 958 - 958
NORTH AMERICAN REGION 4,189 4,047 12,129
Cripple Creek
& Victor J.V. 2,255 2,158 2,109 1,899 1,784 5,255
Jerritt Canyon J.V.
- Attributable 70% 2,712 2,658 2,643 2,290 2,263 6,874
SOUTH AMERICAN REGION 3,524 3,432 10,431
Morro Velho 381 376 375 1,722 1,686 5,094
Serra Grande
- Attributable 50% 1,003 967 972 784 759 2,334
Cerro Vanguardia
- Attributable 46.25% 1,893 1,868 1,887 1,018 987 3,003
AUSTRALIAN REGION 3,981 4,424 11,632
Sunrise Dam 2,819 2,057 2,338 2,222 2,578 6,568
Boddington
- Attributable 33.33% 1,691 1,694 1,693 673 669 1,851
Tanami
- Attributable 40% 1,396 1,400 1,177 188 250 634
Union Reefs 1,430 1,299 1,472 898 927 2,579
ANGLOGOLD GROUP 56,081 55,019 164,085
KEY OPERATING RESULTS
PER REGION
Nine Nine
Quarter Quarter months Quarter Quarter months
ended ended ended ended ended ended
Sept. June Sept. Sept. June Sept.
2001 2001 2001 2001 2001 2001
SA Rand / Metric Total cash costs-R/kg Total production costs-R/kg
SOUTH AFRICAN REGION 49,648 50,120 50,164 55,536 56,460 56,147
VAAL RIVER
Great Noligwa Mine 31,758 34,398 33,718 34,561 36,430 35,941
Kopanang Mine 47,030 51,796 48,752 51,902 56,220 53,103
Tau Lekoa Mine 65,845 53,106 55,535 74,990 60,019 62,949
Surface Operations 43,428 43,165 40,798 43,431 43,173 40,802
ERGO 59,616 64,414 58,439 62,607 67,663 62,119
FREE STATE
Bambanani Mine 63,913 60,185 61,837 71,675 65,840 68,173
Tshepong Mine 50,260 44,579 48,256 60,363 52,949 57,116
Matjhabeng Mine 66,335 60,344 66,198 74,994 85,853 85,408
Joel Mine 92,976 89,091 94,699 110,614 112,994 117,348
Surface Operations 52,022 42,584 43,672 52,568 42,738 43,964
WEST WITS
TauTona Mine 41,583 42,229 41,832 44,836 44,476 44,797
Savuka Mine 69,087 63,636 66,540 70,795 66,000 70,628
Mponeng Mine 57,009 70,461 63,139 71,345 90,441 77,109
Elandsrand Mine - - 90,300 - - 90,373
Deelkraal Mine - - 82,790 - - 83,180
Surface Operations - - 2,820 - - 2,820
AFRICAN REGION 35,330 31,208 32,696 51,755 44,996 48,214
Navachab 48,868 41,765 44,746 52,652 44,627 48,131
Sadiola
- Attributable 38% 37,009 32,361 33,904 55,702 48,409 51,016
Morila
- Attributable 40% 28,236 25,814 25,552 48,304 44,620 45,079
Geita
- Attributable 50% 40,461 34,275 36,778 56,429 45,107 51,167
Yatela
- Attributable 40% 39,359 - 39,359 53,102 - 53,102
NORTH AMERICAN REGION 53,915 52,131 53,074 73,563 71,763 72,771
Cripple Creek &
Victor J.V. 52,099 45,677 47,053 76,005 68,040 69,957
Jerritt Canyon J.V.
- Attributable 70% 54,108 56,059 56,212 70,222 73,539 73,455
SOUTH AMERICAN REGION 34,543 36,320 35,892 52,026 54,912 53,811
Morro Velho 32,493 35,708 33,698 48,891 50,728 49,049
Serra Grande
- Attributable 50% 27,005 28,081 27,609 41,784 43,301 42,754
Cerro Vanguardia
- Attributable 46.25% 31,775 37,387 35,070 51,759 63,418 57,856
AUSTRALIAN REGION 53,263 50,286 51,411 63,434 62,246 62,383
Sunrise Dam 46,048 38,221 39,262 58,494 51,832 51,828
Boddington
- Attributable 33.33% 47,472 55,385 51,438 48,678 65,274 57,839
Tanami
- Attributable 40% 64,301 49,741 75,658 84,277 57,093 86,832
Union Reefs 62,595 69,558 59,298 69,870 77,901 67,776
ANGLOGOLD GROUP 47,687 47,663 47,887 57,046 57,079 57,164
KEY OPERATING RESULTS
PER REGION
Nine Nine
Quarter Quarter months Quarter Quarter months
ended ended ended ended ended ended
Sept. June Sept. Sept. June Sept.
2001 2001 2001 2001 2001 2001
SA Rand / Metric Operating profit - Rm Capital expenditure - Rm
SOUTH AFRICAN REGION 190.9 202.8 557.3
VAAL RIVER
Great Noligwa Mine 335.7 261.8 867.8 1.3 1.5 4.8
Kopanang Mine 94.3 60.9 238.0 5.6 2.5 11.8
Tau Lekoa Mine (15.1) 19.8 37.2 2.2 6.4 12.9
Surface Operations 21.9 25.9 78.2 - - -
Moab Khotsong 102.5 90.4 268.7
ERGO 31.4 18.2 79.4 - 0.5 1.0
FREE STATE
Bambanani Mine 10.9 18.1 49.5 1.8 7.8 14.3
Tshepong Mine 44.8 54.9 148.6 - - -
Matjhabeng Mine 0.3 (25.3) (55.0) - - -
Joel Mine (10.9) (18.2) (61.5) 9.1 13.7 29.2
Surface Operations 22.0 30.0 84.3 - - -
WEST WITS
TauTona Mine 150.3 143.9 406.7 16.8 17.1 41.8
Savuka Mine 7.6 6.7 14.2 - - -
Mponeng Mine 11.0 (37.8) (37.6) 51.6 62.7 160.8
Elandsrand Mine - - (14.0) - 0.2 12.0
Deelkraal Mine - - (6.4) - - -
Surface Operations 0.8 - 3.6 - - -
AFRICAN REGION 69.0 64.7 222.6
Navachab 14.9 18.8 46.2 0.2 0.4 1.5
Sadiola
- Attributable 38% 37.4 44.8 118.0 9.5 10.0 25.4
Morila
- Attributable 40% 53.4 53.8 155.8 22.5 16.9 71.2
Geita
- Attributable 50% 46.7 58.5 142.0 35.8 8.2 73.2
Yatela 22.8 - 22.8 1.0 29.2 51.3
NORTH AMERICAN REGION 191.4 178.7 478.4
Cripple Creek &
Victor J.V. 18.7 25.2 70.0 166.4 156.2 406.5
Jerritt Canyon J.V.
- Attributable 70% 30.0 22.7 63.6 25.0 22.5 71.2
Exploration - - 0.7
SOUTH AMERICAN REGION 54.9 42.7 147.8
Morro Velho 49.3 51.9 164.7 25.0 18.5 63.9
Serra Grande
- Attributable 50% 34.0 29.3 94.0 9.3 5.8 18.5
Cerro Vanguardia
- Attributable 46.25% 33.7 19.0 69.7 7.6 8.3 33.0
Minorities and exploration 13.0 10.1 32.4
AUSTRALIAN REGION 99.0 87.3 306.6
Sunrise Dam 39.4 57.8 157.0 91.8 79.9 282.4
Boddington
- Attributable 33.33% 19.5 4.8 30.7 - 2.1 3.6
Tanami
- Attributable 40% (1.9) 7.6 (5.9) - 0.2 1.9
Union Reefs 15.5 (9.5) 8.1 1.7 - 2.7
Brocks Creek (0.5) 0.1 (0.6) - - 0.2
Exploration 5.5 5.1 15.8
Other 18.1 22.3 25.9 25.8 12.8 42.3
Recoupments (2.0) (13.0) (15.0)
ANGLOGOLD GROUP TOTAL 1,136 966 2,995 629 576 1,740
KEY OPERATING RESULTS
PER REGION
Nine Nine
Quarter Quarter months Quarter Quarter months
ended ended ended ended ended ended
Sept. June Sept. Sept. June Sept.
2001 2001 2001 2001 2001 2001
US Dollar / Imperial Yield - oz/t Gold produced - oz 000
SOUTH AFRICAN REGION * 0.245 0.241 0.239 1,172 1,168 3,530
VAAL RIVER
Great Noligwa Mine 0.394 0.360 0.363 268 251 762
Kopanang Mine 0.221 0.218 0.222 130 123 379
Tau Lekoa Mine 0.109 0.137 0.128 58 76 212
Surface Operations 0.013 0.015 0.015 21 26 74
ERGO 0.007 0.007 0.007 82 76 250
FREE STATE
Bambanani Mine 0.227 0.228 0.227 101 110 311
Tshepong Mine 0.240 0.251 0.242 98 101 285
Matjhabeng Mine 0.248 0.203 0.214 43 46 144
Joel Mine 0.090 0.123 0.103 29 36 98
Surface Operations 0.020 0.024 0.023 21 23 70
WEST WITS
TauTona Mine 0.359 0.346 0.355 161 156 469
Savuka Mine 0.233 0.239 0.236 60 65 181
Mponeng Mine 0.244 0.207 0.218 101 79 262
Elandsrand Mine - - 0.179 - - 20
Deelkraal Mine - - 0.220 - - 13
Surface Operations 0.022 - 0.027 - - 2
AFRICAN REGION 0.112 0.107 0.113 229 211 635
Navachab 0.057 0.063 0.060 20 22 63
Sadiola
- Attributable 38% 0.082 0.095 0.088 47 52 148
Morila
- Attributable 40% 0.197 0.202 0.212 65 65 195
Geita
- Attributable 50% 0.134 0.097 0.118 72 72 204
Yatela
- Attributable 40% 0.099 - 0.099 25 - 25
NORTH AMERICAN REGION 0.042 0.037 0.037 135 130 390
Cripple Creek &
Victor J.V. 0.021 0.018 0.017 61 57 169
Jerritt Canyon J.V.
- Attributable 70% 0.262 0.290 0.279 74 73 221
SOUTH AMERICAN REGION 0.235 0.228 0.228 112 106 325
Morro Velho 0.198 0.200 0.191 53 51 153
Serra Grande
- Attributable 50% 0.247 0.238 0.241 25 25 74
Cerro Vanguardia
- Attributable 46.25% 0.318 0.287 0.306 34 30 98
AUSTRALIAN REGION 0.054 0.057 0.056 134 118 384
Sunrise Dam 0.098 0.128 0.120 77 68 219
Boddington
- Attributable 33.33% 0.027 0.026 0.026 22 20 61
Tanami
- Attributable 40% 0.036 0.069 0.051 6 7 21
Union Reefs 0.038 0.034 0.038 29 23 83
ANGLOGOLD GROUP 1,782 1,733 5,264
* Yield excludes surface operations.
KEY OPERATING RESULTS
PER REGION
Nine Nine
Quarter Quarter months Quarter Quarter months
ended ended ended ended ended ended
Sept. June Sept. Sept. June Sept.
2001 2001 2001 2001 2001 2001
US Dollar / Imperial Productivity per employee-oz Gold sold - oz 000
SOUTH AFRICAN REGION 1,191 1,178 3,539
VAAL RIVER
Great Noligwa Mine 9.40 8.65 8.85 277 245 765
Kopanang Mine 5.66 5.31 5.45 134 120 380
Tau Lekoa Mine 4.39 5.86 5.40 61 74 213
Surface Operations 11.85 15.56 14.52 21 26 73
ERGO 22.16 20.18 22.10 82 85 250
FREE STATE
Bambanani Mine 4.92 5.23 4.90 103 109 312
Tshepong Mine 7.14 7.28 6.84 99 100 286
Matjhabeng Mine 4.83 4.13 4.33 43 46 144
Joel Mine 3.50 3.54 3.20 27 38 98
Surface Operations 13.09 17.85 17.62 20 23 70
WEST WITS
TauTona Mine 8.98 8.51 8.45 162 163 469
Savuka Mine 4.63 5.05 4.69 60 67 182
Mponeng Mine 6.23 4.79 5.31 101 82 262
Elandsrand Mine - - 3.34 - - 20
Deelkraal Mine - - 3.97 - - 13
Surface Operations - - - 1 - 2
AFRICAN REGION 236 208 637
Navachab 19.95 21.19 20.39 20 22 63
Sadiola
- Attributable 38% 70.82 78.72 74.87 48 49 144
Morila
- Attributable 40% 100.48 138.55 126.06 65 65 195
Geita
- Attributable 50% 57.87 63.55 61.89 72 72 204
Yatela
- Attributable 40% 54.61 - 54.61 31 - 31
NORTH AMERICAN REGION 134 130 390
Cripple Creek &
Victor J.V. 72.51 69.37 67.80 61 57 169
Jerritt Canyon J.V.
- Attributable 70% 87.18 85.47 84.98 73 73 221
SOUTH AMERICAN REGION 114 110 335
Morro Velho 12.25 12.08 12.04 56 54 164
Serra Grande
- Attributable 50% 32.26 31.08 31.25 26 24 75
Cerro Vanguardia
- Attributable 46.25% 60.88 60.04 60.66 32 32 96
AUSTRALIAN REGION 128 143 374
Sunrise Dam 90.63 66.13 75.17 71 83 211
Boddington
- Attributable 33.33% 54.37 54.48 54.43 22 22 60
Tanami
- Attributable 40% 44.89 45.00 37.84 6 8 20
Union Reefs 44.73 41.76 47.31 29 30 83
ANGLOGOLD GROUP 1,803 1,769 5,275
KEY OPERATING RESULTS
PER REGION
Nine Nine
Quarter Quarter months Quarter Quarter months
ended ended ended ended ended ended
Sept. June Sept. Sept. June Sept.
2001 2001 2001 2001 2001 2001
US Dollar / Imperial Total cash costs-$/oz Total production costs-$/oz
SOUTH AFRICAN REGION 184 194 193 206 219 216
VAAL RIVER
Great Noligwa Mine 118 133 130 128 141 138
Kopanang Mine 175 201 188 193 218 204
Tau Lekoa Mine 245 206 214 279 232 243
Surface Operations 161 167 157 161 167 157
ERGO 221 249 225 233 262 239
FREE STATE
Bambanani Mine 238 233 238 267 255 263
Tshepong Mine 187 173 186 224 205 220
Matjhabeng Mine 246 234 256 279 332 331
Joel Mine 345 345 366 411 438 454
Surface Operations 193 165 168 195 166 169
WEST WITS
TauTona Mine 154 164 161 166 172 172
Savuka Mine 256 246 256 263 255 272
Mponeng Mine 211 273 243 265 350 296
Elandsrand Mine - - 362 - - 363
Deelkraal Mine - - 331 - - 333
Surface Operations - - 13 - - 13
AFRICAN REGION 131 121 125 192 174 185
Navachab 181 162 172 195 173 185
Sadiola
- Attributable 38% 137 125 130 206 187 196
Morila
- Attributable 40% 104 100 98 179 173 173
Geita
- Attributable 50% 150 133 141 209 175 196
Yatela
- Attributable 40% 146 - 146 197 - 197
NORTH AMERICAN REGION 199 202 204 272 278 280
Cripple Creek &
Victor J.V. 193 177 180 281 263 268
Jerritt Canyon J.V.
- Attributable 70% 200 217 217 260 285 283
SOUTH AMERICAN REGION 128 141 138 193 213 207
Morro Velho 121 138 130 181 196 189
Serra Grande
- Attributable 50% 100 109 106 155 168 165
Cerro Vanguardia
- Attributable 46.25% 118 145 135 192 246 223
AUSTRALIAN REGION 197 195 198 235 241 240
Sunrise Dam 170 148 150 216 201 199
Boddington
- Attributable 33.33% 176 215 198 181 253 223
Tanami
- Attributable 40% 239 193 294 314 221 337
Union Reefs 232 269 228 259 302 261
ANGLOGOLD GROUP 176 185 184 211 221 220
KEY OPERATING RESULTS
PER REGION
Nine Nine
Quarter Quarter months Quarter Quarter months
ended ended ended ended ended ended
Sept. June Sept. Sept. June Sept.
2001 2001 2001 2001 2001 2001
US Dollar / Imperial Operating profit - $m Capital expenditure - $m
SOUTH AFRICAN REGION 22.6 25.3 68.7
VAAL RIVER
Great Noligwa Mine 40.0 32.6 107.2 0.1 0.2 0.6
Kopanang Mine 11.2 7.5 29.4 0.6 0.4 1.4
Tau Lekoa Mine (1.7) 2.6 4.7 0.2 0.9 1.6
Surface Operations 2.6 3.1 9.8 - - -
Moab Khotsong 12.2 11.2 33.1
ERGO 3.7 2.4 9.9 - - 0.1
FREE STATE
Bambanani Mine 1.1 2.4 6.0 0.2 1.0 1.8
Tshepong Mine 5.3 6.9 18.3 - - -
Matjhabeng Mine (0.1) (3.3) (7.0) - - -
Joel Mine (1.3) (2.2) (7.8) 1.1 1.7 3.6
Surface Operations 2.7 3.8 10.4 - - -
WEST WITS
TauTona Mine 17.9 17.9 50.1 2.0 2.1 5.1
Savuka Mine 0.9 0.9 1.7 - - -
Mponeng Mine 1.4 (4.8) (4.8) 6.2 7.8 19.9
Elandsrand Mine - - (1.8) - - 1.5
Deelkraal Mine - - (0.8) - - -
Surface Operations 0.1 - 0.5 - - -
AFRICAN REGION 8.3 8.1 27.6
Navachab 1.8 2.3 5.8 - 0.1 0.2
Sadiola
- Attributable 38% 4.5 5.6 14.7 1.1 1.2 3.1
Morila
- Attributable 40% 6.4 6.5 19.4 2.8 2.1 8.9
Geita
- Attributable 50% 5.6 7.3 17.6 4.3 1.0 9.0
Yatela 2.8 - 2.8 0.1 3.7 6.4
NORTH AMERICAN REGION 22.8 22.2 58.8
Cripple Creek &
Victor J.V. 2.3 3.1 8.7 19.8 19.4 49.9
Jerritt Canyon J.V.
- Attributable 70% 3.7 2.8 7.9 3.0 2.8 8.8
Exploration - - 0.1
SOUTH AMERICAN REGION 6.6 5.2 18.3
Morro Velho 6.0 6.6 20.5 3.0 2.3 7.9
Serra Grande
- Attributable 50% 4.0 3.7 11.6 1.1 0.7 2.3
Cerro Vanguardia
- Attributable 46.25% 4.0 2.4 8.4 0.9 1.0 4.1
Minorities and exploration 1.6 1.2 4.0
AUSTRALIAN REGION 11.7 10.9 38.0
Sunrise Dam 4.5 7.2 19.4 11.0 9.9 35.1
Boddington
- Attributable 33.33% 2.3 0.4 3.6 - 0.3 0.5
Tanami
- Attributable 40% (0.2) 1.0 (0.7) - - 0.2
Union Reefs 1.8 (0.9) 1.0 0.2 - 0.3
Brocks Creek (0.1) - (0.1) - - -
Exploration 0.5 0.7 1.9
Other 1.8 2.2 2.7 3.0 1.3 5.4
Recoupments - (2.0) (2.0)
ANGLOGOLD GROUP TOTAL 135 120 369 75 71 215
NOTES TO THE CASH FLOW STATEMENT
Nine Nine Nine Nine
Quarter months months Quarter months months
ended ended ended ended ended ended
Sept. Sept. Sept. Sept. Sept. Sept.
2001 2001 2000 2001 2001 2000
US Dollar million SA Rand million
Cash generated from
operations
81 236 266 Profit before taxation 669 1 907 1 804
Adjusted for:
55 167 162 Amortisation of 462 1 346 1 092
mining assets
6 8 5 Rehabilitation and 48 69 28
other non-cash costs
16 58 49 Finance costs 132 465 326
1 2 - Unwinding of decommis- 8 13 1
sioning obligation
20 (6) - Movement on hedging 169 (46) -
activities
(4) (14) (31) Interest receivable (31) (114) (206)
Growth in AngloGold
Environmental
(2) (4) (3) Rehabilitation Trust (16) (32) (15)
(1) (1) (3) Income from associates (8) (12) (22)
before taxation
- 3 (4) (Profit) loss on (1) 23 (29)
sale of assets
(1) 4 - (Profit) loss on sale of (7) 31 -
mining assets
- - - Impairment of mining - 3 -
assets
- 3 - Debt written-off - 21 -
7 21 14 Amortisation of goodwill 59 170 96
10 (6) (89) Movement in working capital 82 (45) (591)
188 471 366 1 566 3 799 2 484
The following analyses the
movement in working capital:
(7) (31) (30) Increase in inventories (61) (250) (201)
(15) 25 (31) (Increase) decrease in trade (128) 206 (205)
and other receivables
32 - (28) Increase (decrease) in trade 271 (1) (185)
and other payables
10 (6) (89) 82 (45) (591)
STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY
Ordinary Non - Foreign Other Retained Total
share distributable currency compre- earnings
capital and reserves translation hensive
premium income
SA Rand million
Balance at
31 December 2000 7 951 150 324 - 2 579 11 004
Effect of change
in treatment of
IAS 39 (593) (196) (789)
Net profit 1 285 1 285
Dividends paid (1 446) (1 446)
Ordinary shares
issued 35 35
Transfer to non-
distributable
reserves (2) 2 -
Translation
adjustment 560 - 560
Balance at
30 September 2001 7 986 148 884 (593) 2 224 10 649
US Dollar million
Balance at
31 December 2000 1 050 20 43 - 340 1 453
Effect of change
in treatment of
IAS 39 (66) (26) (92)
Net profit 159 159
Dividends paid (170) (170)
Ordinary shares
issued 4 4
Transfer to non-
distributable
reserves - - -
Translation
adjustment (169) (4) 54 (57) (176)
Balance at
30 September 2001 885 16 97 (66) 246 1 178
SHAFT SINKING
Nine
Quarter Quarter months
ended ended ended
September June September
2001 2001 2001
Statistics are shown in metric units metres
MOAB KHOTSONG MINE
Main shaft
Advance 117 183 384
Depth to date (below collar) 2,923 2,806 2,923
Rock / ventilation sub-vertical shaft
Depth to date 939 939 939
Station cutting - - -
JOEL MINE
Taung North Shaft
Depth to date (below collar) 1,453 1,453 1,453
MPONENG MINE
Sub Shaft 1
Depth to date 1,209 1,209 1,209
Sub Shaft Vent Shaft Deepening
Advance - - 23
Depth to date 27 27 27
Statistics are shown in imperial units feet
MOAB KHOTSONG MINE
Main shaft
Advance 385 599 1,258
Depth to date (below collar) 9,591 9,206 9,591
Rock / ventilation sub-vertical shaft
Depth to date 3,080 3,080 3,080
Station cutting - - -
JOEL MINE
Taung North Shaft
Depth to date (bellow collar) 4,766 4,766 4,766
MPONENG MINE
Sub Shaft 1
Depth to date 3,965 3,965 3,965
Sub Shaft Vent Shaft Deepening
Advance - - 76
Depth to date 89 89 89
DIRECTORATE AND ADMINISTRATION
DIRECTORS
Executive
R M Godsell (Chairman and Chief Executive Officer)
J G Best
D L Hodgson (effective 1 November 2001)
K H Williams
Non-Executive
R P Edey* (Deputy Chairman)
F B Arisman#
Mrs E le R Bradley
C B Brayshaw
Dr V K Fung#
A W Lea* (Alternate: P G Whitcutt)
W A Nairn (Alternate: A H Calver*)
T J Motlatsi
N F Oppenheimer
J Ogilvie Thompson
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 & 14
St Martins Tower
44 St Georges 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
SHARE REGISTRARS
South Africa
Computershare Services Limited
2nd Floor, Edura, 41 Fox Street
Johannesburg 2001
(PO Box 61051, Marshalltown 2107)
South Africa
Telephone: +27 11 370 7700
Fax: +27 11 836 0792
United Kingdom
Computershare Services PLC
PO Box 82
The Pavilions,
Bridgwater Road
Bristol BS99 7NH
England
Telephone: +44 870 702 0001
Fax: +44 870 703 6119
Australia
Computershare Investor Services Pty Limited
Level 12, 565 Bourke Street
Melbourne, Victoria 3000
(GPO Box 2975EE
Melbourne, Victoria 3001)
Australia
Telephone: +61 3 9611 5711
Fax: +61 3 9611 5710
ADR DEPOSITARY
The Bank of New York
620 Avenue of the Americas
6th Floor
New York, NY 10011
United States of America
Telephone: +1 212 462 6667
Fax: +1 212 462 6215
AUTHORISED REPRESENTATIVE
United States of America
Puglisi & Associates
850 Library Avenue, Suite 204
PO Box 885
Newark, Delaware 19715
United States of America
Telephone: +1 302 738 6680
Fax: +1 302 738 7210
CONTACTS
South Africa
Steve Lenahan
Telephone: +27 11 637 6248
Fax: +27 11 637 6107
E-mail: slenahan@anglogold.com
Peta Baldwin
Telephone: +27 11 637 6647
Fax: +27 11 637 6107
E-mail: pbaldwin@anglogold.com
11 Diagonal Street
Johannesburg 2001
(PO Box 62117, Marshalltown 2107)
South Africa
Europe
Tomasz Nadrowski
Telephone: +41 22 718 3312
Fax: +41 22 718 3334
E-mail: tnadrowski@anglogold.com
67, rue du Rhone
4th Floor
1207 Geneva
Switzerland
Alex Buck
Telephone: +44 20 7664 8712/3
Fax: +44 20 7664 8711
E-mail: abuck@anglogold.com
4th Floor, The Linen Hall
162-168 Regent Street
London W1B 5TE
England
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: ccarter@anglogold.com
509 Madison Avenue
Suite 1914
New York, NY 10022
United States of America
Australia
Andrea Maxey
Telephone: + 61 8 9425 4604
Fax: + 61 8 9425 4662
E-mail: amaxey@anglogold.com.au
Level 13 & 14
St Martins Tower
44 St Georges Terrace
Perth
Western Australia 6000
(PO Box Z5046, Perth WA6831)
Australia
General E-mail enquiries
investors@anglogold.com
AngloGold website
http://www.anglogold.com
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 at 1-888-BNY-ADRS or write to:
The Bank of New York
Shareholder Relations Department -
Global BuyDIRECTSM
Church Street Station
PO Box 11258
New York, NY 10286-1258
United States of America
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