Wrap Text
NEWSRELEASE
CORPORATE COMMUNICATIONS DEPARTMENT
1ST FLOOR,11 DIAGONALSTREET
JOHANNESBURG 2001
TELEPHONE: (+27 11) 637-6379
FAX: (+27 11) 637 6399/6400
SKB/CCD/AG0143.00
28 APRIL 2000
FOR THE COMPLETE REPORT FOR THE QUARTER AND A
REVIEW OF THE SOUTH AFRICA DIVISION,
VISIT THE ANGLOGOLD WEBSITE WWW.ANGLOGOLD.COM
REPORT FOR THE QUARTER ENDED 31 MARCH 2000
KEY FEATURES
* VERY GOOD OPERATING RESULTS IN SOUTH AMERICA, MALI AND NAMIBIA
* FIVE MINES IN SOUTH AFRICA PERFORM POORLY
* HEAVY RAINS REDUCE PRODUCTION IN NORTH AMERICA AND AUSTRALIA
* FINANCIAL RESULTS
* HEADLINE EARNINGS DOWN 8% TO R449 MILLION
* TOTAL CASH COSTS IMPROVE FROM $223/OZ TO $220/OZ
* TOTAL PRODUCTION COSTS STABLE AT $254/OZ ($255/OZ LAST QUARTER)
* GROWTH
* ANGLOGOLD'S SHARE OF MORILA WILL ADD 168 000 ATTRIBUTABLE OUNCES
ANNUALLY AT A CASH COST OF $137/OZ
* GEITA WILL ADD 250 000 ATTRIBUTABLE OUNCES ANNUALLY AT A CASH COST
OF LESS THAN $180/OZ
* SUNRISE DAM EXPANSION WILL ADD 1.45 MILLION OUNCES OF PRODUCTION
AT A CASH COST OF $186/OZ
* GOLDAVENUE - THE GOLD E-COMMERCE PARTNERSHIP - IS ANNOUNCED
QUARTER QUARTER YEAR
ENDED ENDED ENDED
MARCH DECEMBER DECEMBER
2000 1999 1999
RAND/METRIC
PREPARED IN ACCORDANCE WITH INTERNATIONAL
ACCOUNTING STANDARDS
GOLD
PRODUCED - KG/OZ 000 54 509 52 679 215 166
REVENUE - R/KG/$/OZ SOLD 63 986 62 735 61 830
TOTAL CASH COSTS - R/KG/$/OZ PRODUCED 44 607 43 954 41 973
TOTAL PRODUCTION COSTS - R/KG/$/OZ PRODUCED 51 615 50 201 47 842
OPERATING PROFIT - R/$ MILLION 727 699 3 088
NET CAPITAL EXPENDITURE - R/$ MILLION 274 366 1 330
ATTRIBUTABLE PROFIT - R/$ MILLION 415 532 2 654
ATTRIBUTABLE EARNINGS - CENTS PER SHARE 389 540 2 695
HEADLINE EARNINGS - CENTS PER SHARE 420 494 2 485
HEADLINE EARNINGS BEFORE
DEFERRED TAXATION RATE CHANGE- CENTS PER SHARE 421 494 2 018
DIVIDENDS - CENTS PER SHARE 2 000
QUARTER QUARTER YEAR
ENDED ENDED ENDED
MARCH DECEMBER DECEMBER
2000 1999 1999
DOLLAR/IMPERIAL
PREPARED IN ACCORDANCE WITH INTERNATIONAL
ACCOUNTING STANDARDS
GOLD
PRODUCED - KG/OZ 000 1 753 1 693 6 918
REVENUE - R/KG/$/OZ SOLD 315 319 315
TOTAL CASH COSTS - R/KG/$/OZ PRODUCED 220 223 213
TOTAL PRODUCTION COSTS - R/KG/$/OZ PRODUCED 254 255 244
OPERATING PROFIT - R/$ MILLION 114 114 505
NET CAPITAL EXPENDITURE - R/$ MILLION 43 60 218
ATTRIBUTABLE PROFIT - R/$ MILLION 65 87 434
ATTRIBUTABLE EARNINGS - CENTS PER SHARE 61 88 441
HEADLINE EARNINGS - CENTS PER SHARE 66 81 407
HEADLINE EARNINGS BEFORE
DEFERRED TAXATION RATE CHANGE- CENTS PER SHARE 66 81 330
DIVIDENDS - CENTS PER SHARE 328
LETTER FROM THE CHAIRMAN AND THE CHIEF EXECUTIVE OFFICER
DEAR SHAREHOLDER
ANGLOGOLD'S OPERATING RESULTS FOR THIS QUARTER ARE MIXED. WHILE OUR MINES IN
SOUTH AMERICA, MALI AND NAMIBIA PRODUCED VERY GOOD RESULTS, THE MINING
OPERATIONS IN BOTH NORTH AMERICA AND AUSTRALIA EXPERIENCED EXTREME WEATHER
CONDITIONS WHICH SEVERELY REDUCED PRODUCTION. BOTH OF THESE DOMAINS ARE NOW
BACK TO PROJECTED LEVELS OF PRODUCTION, AND EXPECT TO RECOVER THE PRODUCTION
SHORTFALL OF THE FIRST QUARTER BY YEAR-END. FIVE OF OUR 13 SOUTH AFRICAN MINES
PERFORMED POORLY, RESULTING IN A SECOND DISAPPOINTING QUARTER BY THE SOUTH
AFRICAN DOMAIN. MANAGEMENT HAS PRESENTED TO THE BOARD PLANS TO ADDRESS THE
PROBLEMS EXPERIENCED. THESE INCLUDE, AS SET OUT MORE FULLY IN A WEBSITE
DOCUMENT, IMPROVING MINE INFRASTRUCTURE, EXTENDING OPERATING FLEXIBILITY
THROUGH INCREASED DEVELOPMENT AND RENEWING THE FOCUS ON LABOUR PRODUCTIVITY.
THE BOARD LOOKS FORWARD TO THEIR FULL IMPLEMENTATION.
WITH THE GOLD PRICE RECEIVED BY THE COMPANY MARGINALLY DOWN QUARTER ON
QUARTER FROM $319 TO $315, HEADLINE EARNINGS BEFORE THE DEFERRED TAX RATE
CHANGE DECLINED BY 8% TO R449 MILLION. EARNINGS PER SHARE WERE DOWN 15% TO 421
CENTS PER SHARE. CASH COSTS PER OUNCE IMPROVED SLIGHTLY FROM $223 LAST QUARTER
TO $220, AND TOTAL COSTS PER OUNCE WERE STABLE AT $254 ($255 LAST QUARTER).
THE QUARTER HAS SEEN PROMISING NEW BUSINESS DEVELOPMENTS. THE COMPANY
ACQUIRED STAKES IN TWO OF AFRICA'S BEST GOLD PROSPECTS: 40% OF MORILA IN MALI
AND 50% OF GEITA IN TANZANIA. WHEN IN FULL PRODUCTION NEXT YEAR THESE MINES -
TOGETHER WITH SADIOLA HILL AND NAVACHAB - WILL PRODUCE SOME 800 000 OUNCES OF
COST-EFFECTIVE PRODUCTION ANNUALLY. WITH THE 500 000 OUNCES FROM AUSTRALIA, 490
000 FROM NORTH AMERICA AND 420 000 FROM SOUTH AMERICA, THIS REPRESENTS A
CONSIDERABLE BROADENING OF THE MINING MIX OF THIS COMPANY.
THE E-COMMERCE PARTNERSHIP, GOLDAVENUE, WAS ALSO ANNOUNCED DURING THIS
QUARTER. TOGETHER WITH OUR PARTNERS, J P MORGAN AND PAMP, WE NOW HAVE A VEHICLE
TO MEANINGFULLY REPOSITION GOLD PRODUCTS IN KEY DEVELOPED MARKETS.
FINALLY, THE BOARD TODAY APPROVED A CAPITAL VOTE TO EXPAND ANGLOGOLD'S
AUSTRALIAN OPERATION, SUNRISE DAM. THIS PROJECT, AT A TOTAL COST OF SOME $63
MILLION, IS EXPECTED TO ADD 1.45 MILLION OUNCES OF PRODUCTION TO THE MINE,
EXTENDING ITS LIFE BY THREE AND A HALF YEARS AND ACHIEVING AN AVERAGE CASH COST
FOR ITS REMAINING LIFE OF $186 PER OUNCE. THE PROJECT WILL BE ENTIRELY FINANCED
BY INTERNALLY GENERATED FUNDS. THIS IS THE SECOND ORGANIC EXPANSION PROJECT TO
BE UNDERTAKEN BY ANGLOGOLD THIS YEAR; THE FIRST WAS YATELA, IN MALI, ANNOUNCED
IN FEBRUARY.
NICKY OPPENHEIMER BOBBY GODSELL
CHAIRMAN CHIEF EXECUTIVE OFFICER
26 APRIL 2000
GOLDMARKET
THE AVERAGE SPOT PRICE OF GOLD FOR THE FIRST QUARTER OF 2000 WAS JUST UNDER
$290 PER OUNCE, COMPARED WITH AN AVERAGE OF $295 FOR THE FINAL QUARTER OF 1999.
ONCE AGAIN, THIS AVERAGE PRICE CONCEALED CONSIDERABLE VOLATILITY IN THE MARKET
DURING THIS PERIOD. DURING THE QUARTER, THE SPOT PRICE TRADED BETWEEN A LOW OF
$274 AND A HIGH OF $319 PER OUNCE. MUCH OF THE IMPETUS BEHIND THE RALLY UP TO
THE HIGHS FOR THE QUARTER SEEMS TO HAVE COME FROM ANTICIPATION AMONG SHORT-TERM
SPECULATORS IN THE GOLD MARKET ABOUT ANNOUNCEMENTS TO BE MADE REGARDING THE
PRICE HEDGING POLICIES OF MAJOR GOLD MINING COMPANIES. THIS SPECULATION
GENERATED A CYCLE OF BUYING DURING FEBRUARY, BUT THE MARKET HAS SINCE RETURNED
TO TRADE IN A TIGHTER BUT STABLE RANGE AT AROUND $280 PER OUNCE.
FOR SOUTH AFRICAN PRODUCERS, THE FIRST QUARTER OF 2000 SAW A SIGNIFICANT
MOVE IN THE VALUE OF THE RAND AGAINST THE US DOLLAR. FROM AN EXCHANGE RATE OF
R6.04 TO THE US$ EARLY IN JANUARY, THE LOCAL CURRENCY WEAKENED TO R6.52 AT THE
END OF THE QUARTER, AND IS CURRENTLY TRADING IN A RANGE AROUND R6.60 TO THE
DOLLAR. THIS MOVE IN THE CURRENCY HAS BENEFITS FOR CASH COST LEVELS AT SOUTH
AFRICAN GOLD PRODUCERS. THE WEAKER CURRENCY HAS ALSO GIVEN IMPORTANT SUPPORT TO
THE LOCAL SPOT PRICE OF GOLD, WHICH AVERAGED R58 750 PER KILOGRAM FOR THE THREE
MONTH PERIOD, COMPARED WITH AN AVERAGE PRICE OF R58 123 PER KILOGRAM FOR THE
FINAL QUARTER OF 1999.
THE FIRST QUARTER HAS SEEN A BETTER UNDERSTANDING DEVELOP ON THE WORKINGS OF
THE GOLD SALES AGREEMENT ANNOUNCED IN SEPTEMBER 1999 BETWEEN EUROPEAN CENTRAL
BANK MEMBERS AND OTHER LEADING OFFICIAL GOLD HOLDERS. WHILE SALES OF GOLD BY
THE SWISS NATIONAL BANK ARE LIKELY TO START IN THE NEAR FUTURE, IT IS CLEAR
THAT THESE WILL BE CONSTRAINED BY THE CEILING ON OFFICIAL SALES AGREED IN
SEPTEMBER 1999. IN ADDITION, SWISS AUTHORITIES HAVE INDICATED THAT THEY ARE
LIKELY TO EFFECT SUCH SALES THROUGH CONVENTIONAL MARKET CHANNELS RATHER THAN
THE EXCEPTIONAL METHOD OF LUMP SUM AUCTIONS FOLLOWED BY UNITED KINGDOM
AUTHORITIES. IN THIS REGARD, REPRESENTATIVES OF THE SWISS NATIONAL BANK HAVE
STRESSED THEIR DESIRE TO AVOID NEGATIVE IMPACT ON THE GOLD MARKET THROUGH THEIR
SALES OF RESERVES. THIS HAS BEEN A SENTIMENT ECHOED ALSO BY DUTCH CENTRAL BANK
AUTHORITIES, AND SALES OF GOLD BY HOLLAND DURING THE FIRST QUARTER OF 2000 WERE
CONDUCTED IN AN EFFICIENT AND NON-DISRUPTIVE MANNER.
THE MARKET APPEARS TO HAVE FOUND A LEVEL OF SUPPORT AT AROUND $280 PER OUNCE
IN BOTH THE PHYSICAL AND TRADED MARKETS FOR THE METAL. PHYSICAL DEMAND FOR GOLD
DURING THE FIRST QUARTER HAS BEEN HEALTHY, AND SELL- OFFS IN THE EQUITY MARKETS
HAVE SEEN A MEASURE OF INVESTOR INTEREST IN GOLD.
THE ANGLOGOLD OPEN HEDGE POSITION AS AT THE END OF MARCH 2000 IS SHOWN
BELOW. THE NET EXPOSURE IN THE HEDGE IS LOWER THAN THAT AT THE END OF 1999,
REFLECTING BOTH DELIVERIES INTO HEDGE CONTRACTS DURING THE FIRST QUARTER OF THE
YEAR, AND THE OFFSET OF OPEN POSITIONS DURING THE QUARTER.
NET DELTA OPEN HEDGE POSITION AS AT 31 MARCH 2000
AS AT 31 MARCH 2000, THE COMPANY HAD OUTSTANDING THE FOLLOWING NET FORWARD
PRICING COMMITMENTS AGAINST FUTURE PRODUCTION. A PORTION OF THESE SALES
CONSISTS OF US DOLLAR-PRICED CONTRACTS WHICH HAVE BEEN CONVERTED TO RAND PRICES
AT AVERAGE ANNUAL FORWARD RAND VALUES BASED ON A SPOT RAND/DOLLAR RATE OF 6.53
AVAILABLE ON 31 MARCH 2000.
KILOGRAMS FORWARD PRICE FORWARD PRICE OUNCES % POSITION
SOLD RAND PER KG US$ PER OZ SOLD (000) IN US$
12 MONTHS ENDING
31 DECEMBER 2000 98 871 64 956 304 3 179 28
2001 97 867 73 261 336 3 146 65
2002 83 640 80 724 350 2 689 64
2003 53 837 85 539 347 1 731 80
2004 28 480 91 991 348 916 80
JANUARY 2005 -
DECEMBER 2009 107 300 118 406 362 3 450 81
TOTAL 469 995 85 690 340 15 111 63
THE MARKED TO MARKET VALUE OF ALL HEDGE TRANSACTIONS MAKING UP THE
HEDGE POSITIONS IN THE ABOVE TABLE WAS R720 MILLION ($110 MILLION) AS
AT 31 MARCH 2000. THE VALUE WAS BASED ON A GOLD PRICE OF $279 PER
OUNCE, EXCHANGE RATES OF
R/US$ 6.53 AND US$/AU$ 0.61 AND THE PREVAILING MARKET INTEREST RATES
AND VOLATILITIES AT THE TIME.
AS AT 26 APRIL 2000, THE MARKED TO MARKET VALUE OF THE HEDGE BOOK WAS
R916 MILLION ($136 MILLION) BASED ON A GOLD PRICE OF $278 PER OUNCE
AND EXCHANGE RATES OF R/$ 6.74 AND US$/AU$ 0.59 AND THE PREVAILING
MARKET INTEREST RATES AND VOLATILITIES AT THE TIME.
ANGLOGOLD HEDGE POSITION AS AT 31 MARCH 2000
YEAR 2000 2001 2002 2003
DOLLAR GOLD
FORWARD CONTRACTS AMOUNT (KG) 55 751 52 214 39 926 27 316
US$ PER OZ $309 $326 $330 $336
PUT OPTIONS PURCHASED AMOUNT (KG) 10 575 3 110 3 110 4 977
US$ PER OZ $295 $396 $407 $362
*DELTA (KG) 5 039 2 876 2 690 2 979
PUT OPTIONS SOLD AMOUNT (KG) 14 214
US$ PER OZ $291
*DELTA (KG) 8 483
CALL OPTIONS PURCHASED AMOUNT (KG) 41 057 1 555
US$ PER OZ $324 $350
*DELTA (KG) 2 327 379
CALL OPTIONS SOLD AMOUNT (KG) 45 398 8 731 11 885 10 463
US$ PER OZ $305 $357 $373 $372
*DELTA (KG) 13 213 1 990 3 293 3 887
RAND GOLD
FORWARD CONTRACTS AMOUNT (KG) 27 444 25 903 21 953 8 155
RAND PER KG R66 738 R78 247 R83 171 R86 166
PUT OPTIONS PURCHASED AMOUNT (KG) 933 1 244
RAND PER KG R69 124 R75 554
*DELTA (KG) 810 942
PUT OPTIONS SOLD AMOUNT (KG) 775
RAND PER KG R58 604
*DELTA (KG) 323
CALL OPTIONS PURCHASED AMOUNT (KG) 16 326
RAND PER KG R58 887
*DELTA (KG) 10 160
CALL OPTIONS SOLD AMOUNT (KG) 14 274 18 214 14 357 4 519
RAND PER KG R65 357 R78 116 R87 002 R93 765
*DELTA (KG) 1 942 3 873 4 137 1 696
AU DOLLAR GOLD
FORWARD CONTRACTS AMOUNT (KG) 16 857 10 707 12 597 9 953
AU$ PER OZ AU$492 AU$549 AU$626 AU$588
CALL OPTIONS PURCHASED AMOUNT (KG) 7 776 4 121 6 687 778
AU$ PER OZ AU$595 AU$717 AU$728 AU$703
*DELTA (KG) 892 259 955 149
RAND DOLLAR (000)
FORWARD CONTRACTS AMOUNT (US$) 415 413 20 000 20 000
ZAR PER US$ R6.37 R6.14 R6.48
PUT OPTIONS PURCHASED AMOUNT (US$) 81 250
ZAR PER US$ R6.41
*DELTA (KG) 19 946
PUT OPTIONS SOLDM AMOUNT (US$) 90 000
ZAR PER US$ R6.33
*DELTA (KG) 17 833
CALL OPTIONS PURCHASED AMOUNT (US$) 7 500 10 470 5 450
ZAR PER US$ R5.81 R6.15 R6.48
*DELTA (KG) 7 321 9 061 4 369
CALL OPTIONS SOLD AMOUNT (US$) 155 500 30 670 33 450 8 000
ZAR PER US$ R6.56 R6.57 R7.06 R6.94
*DELTA (KG) 96 534 20 500 20 435 6 340
ANGLOGOLD HEDGE POSITION (CONTINUED)
YEAR 2004 2005-2009 TOTAL
DOLLAR GOLD
FORWARD CONTRACTS AMOUNT (KG) 18 399 68 485 262 091
US$ PER OZ $338 $351 $331
PUT OPTIONS PURCHASED AMOUNT (KG) 1 866 23 638
US$ PER OZ $433 $348
*DELTA (KG) 1 409 14 993
PUT OPTIONS SOLD AMOUNT (KG) 14 214
US$ PER OZ $291
*DELTA (KG) 8 483
CALL OPTIONS PURCHASED AMOUNT (KG) 42 612
US$ PER OZ $325
*DELTA (KG) 2 706
CALL OPTIONS SOLD AMOUNT (KG) 3 303 3 938 83 718
US$ PER OZ $342 $347 $332
*DELTA (KG) 1 896 2 605 26 884
RAND GOLD
FORWARD CONTRACTS AMOUNT (KG) 3 925 14 630 102 010
RAND PER KG R92 959 R137 304 R85 880
PUT OPTIONS PURCHASED AMOUNT (KG) 2 177
RAND PER KG R72 798
*DELTA (KG) 1 752
PUT OPTIONS SOLD AMOUNT (KG) 775
RAND PER KG R58 604
*DELTA (KG) 323
CALL OPTIONS PURCHASED AMOUNT (KG) 16 326
RAND PER KG R58 887
*DELTA (KG) 10 160
CALL OPTIONS SOLD AMOUNT (KG) 1 875 4 994 58 233
RAND PER KG R93 602 R113 695 R81 944
*DELTA (KG) 1 200 3 183 16 031
AU DOLLAR GOLD
FORWARD CONTRACTS AMOUNT (KG) 3 110 36 391 89 615
AU$ PER OZ AU$574 AU$640 AU$591
CALL OPTIONS PURCHASED AMOUNT (KG) 4 666 36 391 60 419
AU$ PER OZ AU$704 AU$686 AU$683
*DELTA (KG) 1 459 17 995 21 709
RAND DOLLAR (000)
FORWARD CONTRACTS AMOUNT (US$) 455 413
ZAR PER US$ R6.36
PUT OPTIONS PURCHASED AMOUNT (US$) 81 250
ZAR PER US$ R6.41
*DELTA (KG) 19 946
PUT OPTIONS SOLDM AMOUNT (US$) 90 000
ZAR PER US$ R6.33
*DELTA (KG) 17 833
CALL OPTIONS PURCHASED AMOUNT (US$) 23 420
ZAR PER US$ R5.81
*DELTA (KG) 20 751
CALL OPTIONS SOLD AMOUNT (US$) 227 620
ZAR PER US$ R6.65
*DELTA (KG) 143 809
*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 AND SCHOLES OPTION
FORMULA WITH THE RULING MARKET PRICES, INTEREST RATES AND VOLATILITIES
AS AT 31 MARCH 2000.
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.
QUERIES:
IN SOUTH AFRICA:
STEVE LENAHAN
TELEPHONE: +27 11 637 6248
FAX: +27 11 637 6107
MOBILE: +27 83 308 2200
JAMES DUNCAN
TELEPHONE: +27 11 637 6147
FAX: +27 11 637 6399/6400
MOBILE: +27 82 892 8052
IN THE UNITED KINGDOM:
ALEX BUCK
TELEPHONE: +44 20 7849 5630
FAX: +44 20 7849 6137
MOBILE: +44 793 274 0452
IN THE UNITED STATES OF AMERICA:
CHARLES CARTER
TELEPHONE +1 917 368 8077
IN AUSTRALIA:
ANDREA MAXEY
TELEPHONE: +9 613 9684 4920
FAX: +9 613 9684 4951
MOBILE +9 61 438 001 393
GROUP BALANCE SHEET
PREPARED IN ACCORDANCE WITH INTERNATIONAL ACCOUNTING STANDARDS
DECEMBER MARCH MARCH DECEMBER
1999 2000 2000 1999
US DOLLAR MILLION SA RAND MILLION
ASSETS
NON-CURRENT ASSETS
2 901.4 2 719.7 MINING ASSETS 17 745.9 17 857.1
221.7 236.3 GOODWILL 1 541.9 1 364.6
12.9 12.4 INVESTMENTS IN ASSOCIATES 81.2 79.4
7.5 7.3 OTHER INVESTMENTS 47.4 45.9
ANGLOGOLD ENVIRONMENTAL
44.5 42.7 REHABILITATION TRUST 278.3 273.7
55.9 53.8 LONG-TERM LOANS - UNSECURED 351.1 343.9
3 243.9 3 072.2 20 045.8 19 964.6
CURRENT ASSETS
189.9 182.7 INVENTORIES 1 191.9 1 169.0
222.9 201.0 TRADE AND OTHER RECEIVABLES 1 311.5 1 372.3
21.3 23.2 CURRENT PORTION OF LOANS ADVANCED 151.6 131.0
492.5 351.0 CASH AND CASH EQUIVALENTS 2 290.6 3 031.0
926.6 757.9 4 945.6 5 703.3
4 170.5 3 830.1 TOTAL ASSETS 24 991.4 25 667.9
EQUITY AND LIABILITIES
CAPITAL AND RESERVES
1 275.8 1 220.5 SHARE CAPITAL AND PREMIUM 7 963.5 7 852.4
29.5 28.6 NON-DISTRIBUTABLE RESERVE 186.6 181.6
367.9 414.2 RETAINED EARNINGS 2 702.6 2 264.6
1 673.2 1 663.3 SHAREHOLDERS' EQUITY 10 852.7 10 298.6
26.5 27.5 MINORITY INTERESTS 179.2 163.1
1 699.7 1 690.8 11 031.9 10 461.7
NON-CURRENT LIABILITIES
679.3 670.2 BORROWINGS 4 373.0 4 180.7
18.7 18.5 DEBENTURES 120.7 114.9
318.5 305.1 OTHER LONG-TERM LIABILITIES 1990.6 1 959.9
710.9 666.9 DEFERRED TAXATION 4 351.7 4 375.5
1 727.4 1 660.7 10 836.0 10 631.0
CURRENT LIABILITIES
359.0 282.8 TRADE AND OTHER PAYABLES 1 846.0 2 209.4
130.3 121.7 CURRENT PORTION OF BORROWINGS 794.0 801.8
62.7 74.1 TAXATION 483.5 385.9
191.4 - DIVIDENDS - 1 178.1
743.4 478.6 3 123.5 4 575.2
4 170.5 3 830.1 TOTAL EQUITY AND LIABILITIES 24 991.4 25 667.9
GROUP CASH FLOW STATEMENT
PREPARED IN ACCORDANCE WITH INTERNATIONAL ACCOUNTING STANDARDS
YEAR QUARTER QUARTER YEAR
ENDED ENDED ENDED ENDED
DECEMBER MARCH MARCH DECEMBER
1999 2000 2000 1999
CASH FLOWS FROM OPERATING ACTIVITIES
596.5 117.7 CASH GENERATED FROM OPERATIONS 747.9 3 664.2
(52.5) (18.5) INTEREST PAID (117.3) (321.3)
71.4 17.1 INTEREST RECEIVED 108.2 436.6
GROWTH IN ANGLOGOLD ENVIRONMENTAL-
4.4 0.7 REHABILITATION TRUST 4.6 26.3
5.4 0.5 DIVIDENDS RECEIVED FROM ASSOCIATES 3.2 32.9
0.7 - DIVIDENDS RECEIVED - 4.8
(272.3) (186.5) DIVIDENDS PAID (1 178.1) (1 663.6)
(100.9) (8.2) MINING AND NORMAL TAXATION PAID (52.0) (616.4)
NET CASH (OUTFLOW) / INFLOW FROM
252.7 (77.2) OPERATING ACTIVITIES (483.5) 1 543.5
CASH FLOWS FROM INVESTING ACTIVITIES
(217.6) (44.3) PURCHASE OF MINING ASSETS (280.0) (1 329.0)
2.5 1.0 PROCEEDS FROM SALE OF MINING ASSETS 6.4 15.0
(2.0) - INVESTMENTS ACQUIRED - (12.7)
(468.3) - ACQUISITION OF SUBSIDIARIES - (2 883.1)
220.5 - PROCEEDS FROM SALE OF INVESTMENTS - 1 347.0
NET CASH OUTFLOW FROM
(464.9) (43.3) INVESTING ACTIVITIES (273.6) (2 862.8)
CASH FLOWS FROM FINANCING ACTIVITIES
3.5 1.0 PROCEEDS FROM ISSUE OF SHARE CAPITAL 6.6 21.3
(6.9) - SHARE ISSUE EXPENSES (0.1) (42.3)
517.9 - PROCEEDS FROM BORROWINGS - 3 164.0
(42.7) (2.5) REPAYMENT OF BORROWINGS (16.0) (260.6)
(8.2) (0.6) LOANS ADVANCED (3.6) (50.0)
23.4 0.9 REPAYMENT OF LOANS ADVANCED 5.9 142.9
487.0 (1.2) NET CASH INFLOW FROM FINANCING ACTIVITIES 7.2 2 975.3
NET (DECREASE) INCREASE IN CASH AND
274.8 (121.7) CASH EQUIVALENTS (764.3) 1 656.0
(35.9) (19.8) TRANSLATION ADJUSTMENT 23.9 (116.8)
253.6 492.5 OPENING CASH AND CASH EQUIVALENTS 3 031.0 1 491.8
492.5 351.0 CLOSING CASH AND CASH EQUIVALENTS 2 290.6 3 031.0
NOTE TO THE CASH FLOW STATEMENT
CASH GENERATED FROM OPERATIONS
PROFIT ON ORDINARY ACTIVITIES-
442.6 92.9 BEFORE TAXATION 591.8 2 703.1
ADJUSTED FOR:
5.0 2.1 NON-CASH MOVEMENTS 13.1 30.6
196.3 58.0 AMORTISATION OF MINING ASSETS 365.7 1 199.3
52.5 18.5 INTEREST PAID 117.3 321.3
(71.4) (17.1) INTEREST RECEIVABLE (108.2) (436.6)
GROWTH IN ANGLOGOLD ENVIRONMENTAL-
(4.4) (0.7) REHABILITATION TRUST (4.6) (26.3)
(7.1) (1.2) INCOME FROM ASSOCIATES (7.7) (43.2)
(0.7) - DIVIDENDS RECEIVED - (4.8)
(4.2) 0.2 LOSS (PROFIT) ON SALE OF MINING ASSETS 1.4 (25.6)
(12.1) (35.0) MOVEMENT IN WORKING CAPITAL (220.9) (73.6)
596.5 117.7 747.9 3 644.2
THE FOLLOWING ANALYSES THE MOVEMENT
IN WORKING CAPITAL:
4.1 (3.6) (INCREASE) DECREASE IN INVENTORIES (22.9) 25.2
DECREASE (INCREASE) IN TRADE AND
(4.5) 9.6 OTHER RECEIVABLES 60.8 (27.5)
(11.7) (41.0) DECREASE IN TRADE AND OTHER PAYABLES (258.8) (71.3)
(12.1) (35.0) (220.9) (73.6)
GROUP OPERATING RESULTS
PREPARED IN ACCORDANCE WITH INTERNATIONAL ACCOUNTING STANDARDS
STATISTICS ARE SHOWN IN METRIC UNITS AND FINANCIAL FIGURES IN
SOUTH AFRICAN RAND.
ISSUED CAPITAL: 106 996 287 ORDINARY SHARES OF 50 CENTS EACH
2 000 000 A REDEEMABLE PREFERENCE SHARES
778 896 B REDEEMABLE PREFERENCE SHARES
ALL THE PREFERENCE SHARES ARE HELD BY A WHOLLY OWNED
SUBSIDIARY COMPANY
QUARTER QUARTER YEAR
ENDED ENDED ENDED
MARCH DEC DEC
2000 1999 1999
GOLD
UNDERGROUND OPERATIONS
TONNES MILLED - 000 - REEF 5 117 5 111 21 055
- WASTE 76 182 649
- TOTAL 5 193 5 293 21 704
YIELD - G/T - REEF 8.17 8.29 8.31
- WASTE 0.69 0.65 0.81
- AVERAGE 8.06 8.03 8.09
GOLD PRODUCED - KG - REEF 41 799 42 370 174 994
- WASTE 52 119 527
- TOTAL 41 851 42 489 175 521
PRODUCTIVITY
G/EMPLOYEE - TARGET 205 224 222
- ACTUAL 185 207 210
SURFACE AND DUMP RECLAMATION
TONNES TREATED - 000 12 356 13 151 54 354
YIELD - G/T 0.32 0.31 0.30
GOLD PRODUCED - KG 3 933 4 119 16 165
OPEN-PIT OPERATIONS
TONNES MINED - 000 11 703 11 198 47 880
STRIPPING RATIO - T(MINED-TREATED)
/T TREATED 1.09 2.55 2.51
TONNES TREATED - 000 5 589 3 151 13 630
YIELD - G/T 1.56 1.93 1.72
GOLD PRODUCED - KG 8 725 6 071 23 480
TOTAL
GOLD PRODUCED - KG 54 509 52 679 215 166
REVENUE - R/KG SOLD - (EXCLUDING ACCELERATED HEDGE) 63 704 62 305 61 577
- (INCLUDING ACCELERATED HEDGE) 63 986 62 735 61 830
TOTAL CASH COSTS - R/KG PRODUCED 44 607 43 954 41 973
TOTAL PRODUCTION COSTS - R/KG PRODUCED 51 615 50 201 47 842
CAPITAL EXPENDITURE
- MINING DIRECT 254.7 361.9 1 254.6
- OTHER 25.3 3.7 90.6
- RECOUPMENTS (6.4) - (15.0)
NET CAPITAL EXPENDITURE 273.6 365.6 1 330.2
GROUP OPERATING RESULTS
PREPARED IN ACCORDANCE WITH INTERNATIONAL ACCOUNTING STANDARDS
STATISTICS ARE SHOWN IN IMPERIAL UNITS AND FINANCIAL FIGURES IN US DOLLARS.
ISSUED CAPITAL: 106 996 287 ORDINARY SHARES OF 50 CENTS EACH
2 000 000 A REDEEMABLE PREFERENCE SHARES
778 896 B REDEEMABLE PREFERENCE SHARES
ALL THE PREFERENCE SHARES ARE HELD BY A WHOLLY OWNED
SUBSIDIARY COMPANY
QUARTER QUARTER YEAR
ENDED ENDED ENDED
MARCH DEC DEC
2000 1999 1999
GOLD
UNDERGROUND OPERATIONS
TONS MILLED - 000 - REEF 5 641 5 634 23 209
- WASTE 83 201 715
- TOTAL 5 724 5 835 23 924
YIELD - OZ/T - REEF 0.238 0.242 0.242
- WASTE 0.024 0.019 0.024
- AVERAGE 0.235 0.234 0.236
GOLD PRODUCED - OZ 000 - REEF 1 344 1 362 5 626
- WASTE 2 4 17
- TOTAL 1 346 1 366 5 643
PRODUCTIVITY
OZ/EMPLOYEE - TARGET 6.60 7.20 7.14
- ACTUAL 5.94 6.66 6.75
SURFACE AND DUMP RECLAMATION
TONS TREATED - 000 13 621 14 497 59 915
YIELD - OZ/T 0.009 0.009 0.009
GOLD PRODUCED - OZ 000 126 132 520
OPEN-PIT OPERATIONS
TONS MINED - 000 12 900 12 344 52 779
STRIPPING RATIO
-T(MINED-TREATED)
/T TREATED 1.09 2.55 2.51
TONS TREATED - 000 6 161 3 474 15 024
YIELD - OZ/T 0.05 0.056 0.050
GOLD PRODUCED - OZ 000 281 195 755
TOTAL
GOLD PRODUCED - OZ 000 1 753 1 693 6 918
REVENUE - $/OZ SOLD - (EXCLUDING ACCELERATED HEDGE) 314 316 313
- (INCLUDING ACCELERATED HEDGE) 315 319 315
TOTAL CASH COSTS - $/OUNCE PRODUCED 220 223 213
TOTAL PRODUCTION COSTS - $/OUNCE PRODUCED 254 255 244
RAND/US DOLLAR AVERAGE EXCHANGE RATE 6.32 6.13 6.11
CAPITAL EXPENDITURE
- MINING DIRECT 40.3 59.1 205.4
- OTHER 4.0 1.1 14.8
- RECOUPMENTS (1.0) - (2.4)
NET CAPITAL EXPENDITURE 43.3 60.2 217.8
GROUP FINANCIAL RESULTS
PREPARED IN ACCORDANCE WITH INTERNATIONAL ACCOUNTING STANDARDS
SA RAND MILLION QUARTER QUARTER YEAR
ENDED ENDED ENDED
MARCH DECEMBER DECEMBER
2000 1999 1999
TURNOVER 3 646.0 3 381.3 13 755.5
GOLD REVENUE 3 568.5 3 341.6 13 473.1
NORMAL 3 553.0 3 319.0 13 418.8
ACCELERATED HEDGE 15.5 22.6 54.3
COST OF SALES 2 842.0 2 643.1 10 385.6
CASH OPERATING COSTS 2 418.4 2 314.3 9 027.4
OTHER CASH COSTS 31.4 4.2 56.4
TOTAL CASH COSTS 2 449.8 2 318.5 9 083.8
RETRENCHMENT COSTS 15.5 25.9 57.7
REHABILITATION AND OTHER NON CASH-COSTS 13.1 19.2 55.7
PRODUCTION COSTS 2 478.4 2 363.6 9 197.2
AMORTISATION OF MINING ASSETS 365.7 305.6 1 199.3
TOTAL PRODUCTION COSTS 2 844.1 2 669.2 10 396.5
INVENTORY CHANGE (2.1) (26.1) (10.9)
OPERATING PROFIT 726.5 698.5 3 087.5
CORPORATE ADMINISTRATION AND OTHER EXPENSES 30.9 33.5 161.4
MARKETING DEVELOPMENT COSTS 20.3 22.8 90.6
RESEARCH AND DEVELOPMENT 9.3 12.9 42.7
EXPLORATION COSTS 71.2 110.1 286.8
PROFIT FROM OPERATIONS 594.8 519.2 2 506.0
INTEREST PAID 117.3 105.5 321.3
UNWINDING OF DECOMMISSIONING OBLIGATION 4.8 4.5 18.1
INTEREST RECEIVABLE 108.2 151.8 436.6
GROWTH IN ANGLOGOLD
ENVIRONMENTAL REHABILITATION TRUST 4.6 5.5 26.3
INCOME FROM ASSOCIATES 7.7 - 43.2
DIVIDENDS RECEIVED - 2.5 4.8
(LOSS) PROFIT ON SALE OF MINING ASSETS (1.4) 25.6 25.6
PROFIT ON ORDINARY ACTIVITIES BEFORE TAXATION 591.8 594.6 2 703.1
TAXATION 128.0 96.6 227.7
NORMAL TAXATION 149.6 89.9 649.8
DEFERRED TAXATION - CURRENT (22.6) 6.7 37.8
- RATE CHANGE 1.0 - (459.9)
PROFIT ON ORDINARY ACTIVITIES AFTER TAXATION 463.8 498.0 2 475.4
PROFIT ON SALE OF ASSOCIATE - - 543.2
AMORTISATION OF GOODWILL 32.5 (45.2) 335.8
MINORITY INTEREST 16.0 11.3 28.9
PROFIT ATTRIBUTABLE TO ORDINARY SHAREHOLDERS 415.3 531.9 2 653.9
HEADLINE EARNINGS
THE BASIC EARNINGS HAVE BEEN ADJUSTED BY THE
FOLLOWING TO ARRIVE AT HEADLINE EARNINGS:
BASIC EARNINGS 415.3 531.9 2 653.9
LESS: PROFIT ON SALE OF ASSOCIATE - - 543.2
ADD: AMORTISATION OF GOODWILL 32.5 (45.2) 335.8
HEADLINE EARNINGS 447.8 486.7 2 446.5
ADD: DEFERRED TAXATION RATE CHANGE 1.0 - (459.9)
HEADLINE EARNINGS BEFORE
DEFERRED TAXATION RATE CHANGE 448.8 486.7 1 986.6
EARNINGS PER ORDINARY SHARE - CENTS
- BASIC 389 540 2 695
- HEADLINE 420 494 2 485
- HEADLINE BEFORE DEFERRED TAXATION RATE CHANGE 421 494 2 018
DIVIDENDS
- RM 2 058.9
- CENTS PER SHARE 2 000
GROUP FINANCIAL RESULTS
PREPARED IN ACCORDANCE WITH INTERNATIONAL ACCOUNTING STANDARDS
US DOLLAR MILLION QUARTER QUARTER YEAR
ENDED ENDED ENDED
MARCH DECEMBER DECEMBER
2000 1999 1999
TURNOVER 576.4 551.9 2 251.5
GOLD REVENUE 564.3 545.5 2 205.2
NORMAL 561.9 541.8 2 196.3
ACCELERATED HEDGE 2.4 3.7 8.9
COST OF SALES 450.0 431.5 1 699.8
CASH OPERATING COSTS 383.1 377.8 1 477.5
OTHER CASH COSTS 4.9 0.8 9.2
TOTAL CASH COSTS 388.0 378.6 1 486.7
RETRENCHMENT COSTS 2.4 4.2 9.4
REHABILITATION AND OTHER NON-CASH COSTS 2.1 3.1 9.2
PRODUCTION COSTS 392.5 385.9 1 505.3
AMORTISATION OF MINING ASSETS 58.0 49.9 196.3
TOTAL PRODUCTION COSTS 450.5 435.8 1 701.6
INVENTORY CHANGE (0.5) (4.3 ) (1.8)
OPERATING PROFIT 114.3 114.0 505.4
CORPORATE ADMINISTRATION AND OTHER EXPENSES 5.1 5.5 26.4
MARKETING DEVELOPMENT COSTS 3.2 3.7 14.8
RESEARCH AND DEVELOPMENT 1.5 2.1 7.0
EXPLORATION COSTS 11.1 18.0 46.9
PROFIT FROM OPERATIONS 93.4 84.7 410.3
INTEREST PAID 18.5 17.2 52.5
UNWINDING OF DECOMMISSIONING OBLIGATION 0.8 0.8 3.0
INTEREST RECEIVABLE 17.1 24.8 71.4
GROWTH IN ANGLOGOLD-
ENVIRONMENTAL REHABILITATION TRUST 0.7 0.9 4.4
INCOME FROM ASSOCIATES 1.2 - 7.1
DIVIDENDS RECEIVED - 0.4 0.7
(LOSS) PROFIT ON SALE OF MINING ASSETS (0.2) 4.2 4.2
PROFIT ON ORDINARY ACTIVITIES BEFORE TAXATION 92.9 97.0 442.6
TAXATION 20.4 15.8 37.2
NORMAL TAXATION 23.7 14.7 106.4
DEFERRED TAXATION - CURRENT (3.5) 1.1 6.2
- RATE CHANGE 0.2 - (75.4)
PROFIT ON ORDINARY ACTIVITIES AFTER TAXATION 72.5 81.2 405.4
PROFIT ON SALE OF ASSOCIATE - - 88.7
AMORTISATION OF GOODWILL 5.1 (7.4) 55.1
MINORITY INTEREST 2.5 1.8 4.7
PROFIT ATTRIBUTABLE TO ORDINARY SHAREHOLDERS 64.9 86.8 434.3
HEADLINE EARNINGS
THE BASIC EARNINGS HAVE BEEN ADJUSTED BY THE
FOLLOWING TO ARRIVE AT HEADLINE EARNINGS:
BASIC EARNINGS 64.9 86.8 434.3
LESS: PROFIT ON SALE OF ASSOCIATE - - 88.7
ADD: AMORTISATION OF GOODWILL 5.1 (7.4) 55.1
HEADLINE EARNINGS 70.0 79.4 400.7
ADD: DEFERRED TAXATION RATE CHANGE 0.2 - (75.4)
HEADLINE EARNINGS BEFORE
DEFERRED TAXATION RATE CHANGE 70.2 79.4 325.3
EARNINGS PER ORDINARY SHARE - CENTS
- BASIC 61 88 441
- HEADLINE 66 81 407
- HEADLINE BEFORE DEFERRED TAXATION RATE CHANGE 66 81 330
DIVIDENDS
- $M 337.4
- CENTS PER SHARE 328
KEY OPERATING RESULTS
PER OPERATION
PREPARED IN ACCORDANCE WITH INTERNATIONAL ACCOUNTING STANDARDS.
QUARTER QUARTER QUARTER QUARTER QUARTER QUARTER
ENDED ENDED ENDED ENDED ENDED ENDED
MARCH DECEMBER MARCH DECEMBER MARCH DECEMBER
2000 1999 2000 1999 2000 1999
RAND / METRIC YIELD - G/T GOLD PRODUCED - KG TOTAL CASH COSTS
SOUTH AFRICAN OPERATIONS - R/KG
VAAL RIVER
GREAT NOLIGWA MINE 11.20 11.34 6 449 6 963 35 185 37 063
KOPANANG MINE 7.22 7.93 3 820 4 026 45 526 41 363
TAU LEKOA MINE 4.69 4.98 2 215 2 250 49 163 52 888
SURFACE OPERATIONS 0.60 0.54 675 641 39 133 35 933
ERGO
ERGO 0.24 0.25 2 506 2 824 49 403 36 161
FREE STATE
BAMBANANI MINE 6.84 7.36 3 639 3 630 54 511 59 291
TSHEPONG MINE 7.19 7.28 2 344 2 363 49 736 55 468
MATJHABENG MINE 7.44 7.85 3 166 3 049 57 552 61 733
SURFACE OPERATIONS 1.08 0.74 649 654 42 208 55 779
JOEL MINE 5.50 5.98 1 776 1 975 56 793 54 252
WEST WITS
TAUTONA MINE (EAST) 10.84 11.05 4 136 4 883 40 691 38 607
SAVUKA MINE (WEST) 8.21 8.07 2 021 1 953 55 164 59 919
MPONENG MINE (SOUTH) 10.48 9.39 3 921 3 522 41 355 48 813
ELANDSRAND MINE 7.18 7.41 3 022 3 214 53 882 56 154
DEELKRAAL MINE 7.38 4.23 1 432 1 416 62 790 69 544
OTHER AFRICAN OPERATIONS
NAVACHAB 1.61 1.60 544 590 43 840 43 124
SADIOLA - ATTRIBUTABLE 38%
3.52 3.09 1 648 1 572 26 109 25 153
NORTH AMERICAN OPERATIONS
CRIPPLE CREEK & VICTOR J.V.
0.65 0.87 1 695 1 741 36 540 33 052
JERRITT CANYON J.V. - ATTRIBUTABLE 70%
15.15 9.09 1 839 2 280 38 570 30 913
SOUTH AMERICAN OPERATIONS
MORRO VELHO 6.89 6.91 1 451 1 500 26 317 25 182
SERRA GRANDE - ATTRIBUTABLE 50%
8.26 8.12 747 604 21 269 23 124
CERRO VANGUARDIA - ATTRIBUTABLE 46.25%
11.52 11.81 1 051 1 029 27 724 26 449
AUSTRALIAN OPERATIONS
SUNRISE DAM 3.47 4.85 1 453 2 051 37 270 24 032
BODDINGTON - ATTRIBUTABLE 33.33%
0.83 0.77 628 590 44 480 42 212
TANAMI - ATTRIBUTABLE 40%
2.60 2.53 309 410 64 824 50 846
UNION REEFS 1.20 1.51 810 1 067 61 601 49 919
BROCKS CREEK 1.63 1.56 459 530 51 875 49 651
QUARTER QUARTER QUARTER QUARTER QUARTER QUARTER
ENDED ENDED ENDED ENDED ENDED ENDED
MARCH DECEMBER MARCH DECEMBER MARCH DECEMBER
2000 1999 2000 1999 2000 1999
TOTAL PRODUCTION PRODUCTIVITY PER PROFIT FROM
RAND / METRIC COSTS - R/KG EMPLOYEE - G OPERATIONS - RM
SOUTH AFRICAN OPERATIONS
VAAL RIVER
GREAT NOLIGWA MINE 37 681 42 438 227 224 163.2 140.6
KOPANANG MINE 49 126 45 099 162 163 53.2 70.3
TAU LEKOA MINE 59 320 63 002 176 174 8.2 (0.9)
SURFACE OPERATIONS 39 153 35 924 402 376 15.9 17.0
ERGO
ERGO 57 907 41 804 11.9 60.2
FREE STATE
BAMBANANI MINE 58 702 63 047 155 158 18.8 6.3
TSHEPONG MINE 58 019 63 849 160 158 13.6 2.7
MATJHABENG MINE 59 950 64 336 119 116 11.3 -
SURFACE OPERATIONS 43 117 56 842 244 256 12.6 5.0
JOEL MINE 63 358 53 685 126 139 0.3 13.9
WEST WITS
TAUTONA MINE (EAST) 44 122 39 716 219 248 78.7 100.4
SAVUKA MINE (WEST) 58 097 66 511 158 139 10.4 (3.6)
MPONENG MINE (SOUTH) 46 148 52 854 235 204 65.5 26.4
ELANDSRAND MINE 58 318 60 324 164 169 15.6 1.8
DEELKRAAL MINE 68 955 78 357 130 125 (7.4) (24.9)
OTHER AFRICAN OPERATIONS
NAVACHAB 49 455 59 155 513 568 6.9 3.9
SADIOLA - ATTRIBUTABLE 38%
38 219 36 962 1 789 1 821 40.6 33.5
NORTH AMERICAN OPERATIONS
CRIPPLE CREEK & VICTOR J.V.
56 572 59 042 2 030 2 092 15.7 6.7
JERRITT CANYON J.V. - ATTRIBUTABLE 70%
51 471 44 702 2 139 2 718 25.8 42.5
SOUTH AMERICAN OPERATIONS
MORRO VELHO 36 563 33 893 397 416 44.0 48.7
SERRA GRANDE - ATTRIBUTABLE 50%
33 561 34 783 984 820 23.8 19.1
CERRO VANGUARDIA - ATTRIBUTABLE 46.25%
46 431 43 869 1 787 1 724 28.3 21.5
AUSTRALIAN OPERATIONS
SUNRISE DAM 58 442 36 299 2 021 2 104 28.4 74.6
BODDINGTON - ATTRIBUTABLE 33.33%
61 331 47 571 1 881 1 735 7.4 5.6
TANAMI - ATTRIBUTABLE 40%
85 774 68 290 1 070 1 454 (4.7) (2.4)
UNION REEFS 79 852 64 949 1 131 1 976 (9.2) (1.1)
BROCKS CREEK 67 560 45 545 1 677 1 621 7.6 (0.3)
KEY OPERATING RESULTS PER OPERATION
PREPARED IN ACCORDANCE WITH INTERNATIONAL ACCOUNTING STANDARDS.
QUARTER QUARTER QUARTER QUARTER QUARTER QUARTER
ENDED ENDED ENDED ENDED ENDED ENDED
MARCH DECEMBER MARCH DECEMBER MARCH DECEMBER
2000 1999 2000 1999 2000 1999
DOLLAR / IMPERIAL YIELD - OZ/T GOLD PRODUCED- TOTAL CASH COSTS-
OZ 000 $/OZ
SOUTH AFRICAN OPERATIONS
VAAL RIVER
GREAT NOLIGWA MINE 0.327 0.331 207 224 173 188
KOPANANG MINE 0.211 0.231 123 129 224 210
TAU LEKOA MINE 0.137 0.145 71 72 242 268
SURFACE OPERATIONS 0.017 0.016 22 21 193 182
ERGO
ERGO 0.007 0.007 81 91 243 180
FREE STATE
BAMBANANI MINE 0.200 0.215 117 117 268 301
TSHEPONG MINE 0.210 0.212 75 76 245 282
MATJHABENG MINE 0.217 0.229 102 98 283 313
SURFACE OPERATIONS 0.031 0.022 21 21 208 283
JOEL MINE 0.160 0.175 57 63 280 276
WEST WITS
TAUTONA MINE (EAST) 0.316 0.322 133 157 200 196
SAVUKA MINE (WEST) 0.240 0.235 65 63 272 304
MPONENG MINE (SOUTH) 0.306 0.274 126 113 204 248
ELANDSRAND MINE 0.209 0.216 97 103 265 285
DEELKRAAL MINE 0.215 0.123 46 46 309 353
OTHER AFRICAN OPERATIONS
NAVACHAB 0.047 0.047 17 19 216 219
SADIOLA - ATTRIBUTABLE 38%
0.103 0.090 53 51 129 128
NORTH AMERICAN OPERATIONS
CRIPPLE CREEK & VICTOR J.V.
0.019 0.025 55 56 179 168
JERRITT CANYON J.V. - ATTRIBUTABLE 70%
0.442 0.265 59 73 190 157
SOUTH AMERICAN OPERATIONS
MORRO VELHO 0.201 0.202 47 48 129 128
SERRA GRANDE - ATTRIBUTABLE 50%
0.241 0.237 24 19 105 117
CERRO VANGUARDIA - ATTRIBUTABLE 46.25%
0.336 0.344 34 33 136 140
AUSTRALIAN OPERATIONS
SUNRISE DAM 0.101 0.141 47 66 184 121
BODDINGTON - ATTRIBUTABLE 33.33%
0.024 0.022 20 19 219 216
TANAMI - ATTRIBUTABLE 40%
0.076 0.074 10 13 320 256
UNION REEFS 0.035 0.044 26 34 304 253
BROCKS CREEK 0.047 0.045 15 17 255 255
KEY OPERATING RESULTS PER OPERATION
PREPARED IN ACCORDANCE WITH INTERNATIONAL ACCOUNTING STANDARDS.
QUARTER QUARTER QUARTER QUARTER QUARTER QUARTER
ENDED ENDED ENDED ENDED ENDED ENDED
MARCH DECEMBER MARCH DECEMBER MARCH DECEMBER
2000 1999 2000 1999 2000 1999
TOTAL PRODUCTION PRODUCTIVITY PROFIT FROM
OPERATIONS - $M
COSTS - $/OZ EMPLOYEE - OZ OPERATIONS - $M
SOUTH AFRICAN OPERATIONS
VAAL RIVER
GREAT NOLIGWA MINE 186 215 7.31 7.19 25.8 23.0
KOPANANG MINE 242 229 5.21 5.23 8.3 11.5
TAU LEKOA MINE 292 320 5.65 5.58 1.3 (0.2)
SURFACE OPERATIONS 193 182 12.92 12.07 2.5 2.8
ERGO
ERGO 285 212 1.9 9.8
FREE STATE
BAMBANANI MINE 289 320 4.97 5.09 2.8 1.1
TSHEPONG MINE 286 324 5.15 5.09 2. 0.5
MATJHABENG MINE 295 327 3.83 3.74 1.8 0.1
SURFACE OPERATIONS 212 289 7.84 8.25 2.0 0.8
JOEL MINE 312 273 4.04 4.47 0.1 2.4
WEST WITS
TAUTONA MINE (EAST) 217 202 7.04 7.99 12.4 16.5
SAVUKA MINE (WEST) 286 338 5.07 4.47 1.7 (0.6)
MPONENG MINE (SOUTH) 227 268 7.56 6.57 10.5 4.4
ELANDSRAND MINE 288 306 5.28 5.44 2.3 0.4
DEELKRAAL MINE 340 398 4.16 4.01 (1.2) (4.1)
OTHER AFRICAN OPERATIONS
NAVACHAB 243 300 16.48 18.27 1.1 0.7
SADIOLA - ATTRIBUTABLE 38%
188 188 57.51 58.55 6.4 5.5
NORTH AMERICAN OPERATIONS
CRIPPLE CREEK & VICTOR J.V.
278 300 65.27 67.26 2.5 1.1
JERRITT CANYON J.V. - ATTRIBUTABLE 70%
254 227 68.77 87.38 4.0 7.0
SOUTH AMERICAN OPERATIONS
MORRO VELHO 180 172 12.78 13.37 6.9 7.9
SERRA GRANDE - ATTRIBUTABLE 50%
165 177 31.65 26.35 3.7 3.0
CERRO VANGUARDIA - ATTRIBUTABLE 46.25%
228 223 57.46 55.44 4.5 3.5
AUSTRALIAN OPERATIONS
SUNRISE DAM 288 184 64.98 67.64 4.5 12.2
BODDINGTON - ATTRIBUTABLE 33.33%
302 243 60.47 55.83 1.2 0.9
TANAMI - ATTRIBUTABLE 40%
422 348 34.40 46.79 (0.7) (0.4)
UNION REEFS 394 330 36.37 63.52 (1.5) (0.2)
BROCKS CREEK 333 232 53.91 52.11 1.2 -
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