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Anglogold Limited - Financial Report
ANGLOGOLD LIMITED
Registration No. 1944/017354/06
Incorporated in the Republic of South Africa
ISIN: ZAE000014601
JSE Share Code: ANG
Report to shareholders
Group results for the quarter ended 31 December 2002...
* Solid set of results achieved despite expected lower mining grades at
Morila and the stronger rand
* Gold production 2% down at 1.55Moz
* Headline earnings down 11% to $90m or 41 US cents per share
* Ordinary shares sub-divided at close of business on 24 December 2002 on a
2:1 basis - see note 1 on page 8
...and for the year
* A very good year:
* Total cash costs down 10% to $161/oz
* Operating profit up 21% to $638m
* Headline earnings up 29% to $368m
* Gold production down 15% to 5.9Moz due to the sale of the Free State
assets
* Return on capital and return on equity 15% and 21% respectively
* Reserves up by 22% to 72.3Moz and resources up by 2% to 287.6Moz
* Final dividend declared at R6.75 or 78 US cents per share resulting in a
total dividend for 2002 of R13.50 or 142 US cents per share
Quarter Quarter Year Year
ended ended ended ended
Dec 02 Sept 02 Dec 02 Dec 01
Dollar/Imperial
Gold
Produced - oz (000)/kg 1,549 1,587 5,939 6,983
*Price received - $/oz /R/kg 314 305 303 287
Total cash costs - $/oz /R/kg 173 158 161 178
Total production costs - $/oz /R/kg 220 202 203 213
Operating profit - $/R million 184 150 650 517
Operating profit excluding unrealised
non-hedge derivatives - $/R million 155 174 638 527
Net profit - $/R million 100 81 332 245
Headline earnings - $/R million 107 88 376 281
Headline earnings before unrealised
non-hedge derivatives - $/R million 90 101 368 286
Capital expenditure - $/R million 89 64 271 298
Net earnings (basic) - cents per share 45 37 150 114
Headline earnings - cents per share 48 40 169 131
Headline earnings before unrealised
non-hedge derivatives - cents per share 41 46 166 133
Dividends - cents per share 142 87
Quarter Quarter Year Year
ended ended ended ended
Dec 02 Sept 02 Dec 02 Dec 01
Rand/Metric
Gold
Produced - oz (000)/kg 48,168 49,358 184,711 217,203
*Price received - $/oz /R/kg 96,911 102,267 101,817 79,523
Total cash costs - $/oz /R/kg 53,457 52,751 54,037 48,828
Total production costs - $/oz /R/kg 68,159 67,637 68,241 58,579
Operating profit - $/R million 1,758 1,566 6,784 4,521
Operating profit excluding unrealised
non-hedge derivatives - $/R million 1,478 1,822 6,683 4,647
Net profit - $/R million 955 850 3,444 2,180
Headline earnings - $/R million 1,021 925 3,920 2,476
Headline earnings before unrealised
non-hedge derivatives - $/R million 858 1,062 3,854 2,536
Capital expenditure - $/R million 880 665 2,842 2,567
Net earnings (basic) - cents per share 430 383 1,552 1,017
Headline earnings - cents per share 460 417 1,767 1,156
Headline earnings before unrealised
non-hedge derivatives - cents per share 387 479 1,737 1,184
Dividends - cents per share 1,350 900
* Price received includes realised non-hedge derivitives
$ represents US dollar, unless otherwise stated
Letter from Chairman and CEO
Dear Shareholder
AngloGold`s results for the fourth quarter of 2002 reflect a sound operating
performance. As predicted, production and profit levels at Morila declined
compared to the third quarter, though they remain impressive. Compared to the
third quarter, the South African rand strengthened by almost 8% against the US
dollar. These factors combined to reduce headline earnings by 11% to $90
million. Gold production decreased by only 2% from the very high level of the
September quarter and, while dollar-denominated unit cash costs increased by 9%
with the strengthened rand, the South African operations kept local currency
costs steady.
Production levels at both Morila and Geita continue to be affected by
substantial (though anticipated) decreases in grade this quarter. We expect
grades and production to return to a steady state in the next two quarters.
Similarly, at Sunrise Dam in Australia, as mining moved through lower grade
areas of the pit during the fourth quarter, production was below the high levels
of the September quarter, but still above target. Drilling results at the
operation indicate sound performances for the future. Production at the Cripple
Creek & Victor operation in Colorado improved by 33% over the quarter as our
efforts to overcome the recovery problems in the leach pad began to bear fruit.
AngloGold`s results for the year 2002 are impressive, reflecting the longer-
term benefits of the company`s growth and risk diversification strategy.
Although gold production declined with the sale of the Free State mines in South
Africa, cash costs were down year-on-year by 10% to $161 per ounce and headline
earnings increased by 29% on the 2001 performance, to $368 million.
Looking ahead, the increase in reserves has resulted in longer mine lives
rather than increased production and we anticipate gold production for 2003 to
be unchanged at around 6 million ounces, increasing to 6.5 million ounces in
2006. Part of the increased reserve is due to the rise in the gold price, which
has the effect of making lower-grade areas profitable. This leads to a lower
average grade overall and, consequently, increased unit costs which are also
affected by the stronger rand. Total cash costs for 2003 are estimated to be
$190 per ounce and total production costs $229 per ounce, with capital
expenditure forecast at $330 million.
There are two other noteworthy developments. First, we publish our annual
reserve and resource statement today and report a 22% increase in the company`s
ore reserve, to 72.3 million ounces. Included in this is a 30% increase in the
South African ore reserve to 47.5 million ounces.
The company has reduced its hedging contracts by some 133 tonnes during the
past year. In the light of the continued strength of the gold price and of the
steady improvement in AngloGold`s operating performance over the past two years,
and consequently the reduced need for the company to manage revenue through
forward pricing, the Board has encouraged the continuing management and
restructuring of the hedge book.
We also announce today that AngloGold proposes to pay a final dividend for
the year of R6.75 per share, unchanged in rand terms from the interim dividend,
but 22% higher in dollar terms at 78 US cents per share. This gives a total
dividend for the year of R13.50 (R9.00 in 2001) and a yield of 4.4%, calculated
on a share price of R305 per share. This level of dividend is consistent with
AngloGold`s established practice of paying out a high proportion of its earnings
to shareholders, once we have provided for our organic growth objectives.
Russell Edey Bobby Godsell
Chairman Chief Executive Officer
30 January 2003
THE QUARTER AT A GLANCE
Production Price received Total cash costs
oz % oz % %
(000) Variance** (000) Variance** $/oz Variance**
$m % Variance** $m % Variance**
Morila* 130 (24) 316 2 78 59
Great Noligwa 204 (3) 307 4 152 12
TauTona 168 - 307 5 142 8
Cerro Vanguardia* 66 29 336 5 108 5
Kopanang 138 7 309 5 185 4
Mponeng 127 (7) 304 4 186 9
Cripple Creek & Victor* 76 33 330 (1) 178 (3)
Morro Velho 54 - 328 1 120 (2)
Tau Lekoa 86 12 311 6 202 -
Sunrise Dam 90 (14) 331 - 193 14
Jerritt Canyon* 63 11 327 (1) 221 (18)
Sadiola* 48 20 325 9 204 19
Serra Grande* 22 (8) 326 1 94 4
Geita* 61 (26) 289 (4) 216 29
Navachab 21 (9) 318 1 168 19
Yatela* 29 (3) 325 4 202 16
Ergo 66 6 307 4 204 4
Union Reefs 28 (3) 318 (4) 244 19
Savuka 48 (16) 307 5 320 21
Other 24 -
Anglogold Group 1 549 (2) 314 3 173 9
EBITDA Operating profit
excluding unrealised
non-hedge derivatives
% %
$m Variance** $m Variance**
Morila* 34 (19) 25 (19)
Great Noligwa 33 - 30 (3)
TauTona 29 4 27 4
Cerro Vanguardia* 17 31 11 57
Kopanang 15 - 13 -
Mponeng 15 (17) 7 (30)
Cripple Creek & Victor* 12 - 5 (100)
Morro Velho 11 - 8 -
Tau Lekoa 10 43 7 40
Sunrise Dam 8 (53) 4 (67)
Jerritt Canyon* 6 100 1 (100)
Sadiola* 5 - 2 -
Serra Grande* 5 - 4 -
Geita* 4 (64) 1 (86)
Navachab 4 - 3 (25)
Yatela* 4 - 2 (33)
Ergo 3 (25) 3 (25)
Union Reefs - (100) - (100)
Savuka (1) (150) (2) (300)
Other (15) - 4 (33)
Anglogold Group 199 (10) 155 (11)
* Attributable
** Variance quarter on quarter
Review of the gold market
The price of gold finished the year strongly, touching a high of $354/oz in
December. The average spot price for the quarter of $323/oz is almost $10 higher
than the price for the previous quarter. Market volatility also increased with a
price range of $45/oz for the quarter. The US dollar moved in the other
direction, downwards against other currencies, including the rand. The local
currency gained almost 20% against the dollar during this quarter, finishing at
an exchange rate of R8.55 to the dollar, off an opening rate of R10.41. Both of
these trends have been maintained into 2003.
The factors which drove the gold price during 2002 made a particularly strong
impact in the final quarter. These factors included US dollar weakness,
international political tension, equity market declines and a halt to the
dismantling of producer hedging. This last factor had the effect of both
lowering gold producer selling in the spot market, and introducing some buying
in the market. During this past quarter, the price was influenced most
significantly by dollar weakness and escalating conflict over Iraq. Over the
past year, the spot price has responded almost perfectly to the dollar`s fall
against the euro (see graph below), and this correlation was maintained in the
final quarter. The additional tension in the Middle East provided the lift to
take gold up further. All of the factors that have been positive for gold in
2002 remain firmly in play, and there is good reason to expect higher gold
prices in the year ahead.
Under the favourable price performance of gold, the physical market continued
to show weakness throughout 2002. There has been a decline in physical demand
for gold in both the jewellery and the investment sectors, with exceptions in
only a few countries. Compounding this lower demand, scrap sales and gold
recycling have increased sharply in the face of higher gold prices. The negative
impact of these factors in the physical market has been mitigated to a degree by
slightly lower new mine production, and by the reduction in supply occasioned by
the rundown in gold producer hedging referred to above. As is the case in all
periods of rising gold prices and gold price volatility, the physical market
should revive once the price returns to a stable trading range for a period of
time. However, with further gold price volatility expected in 2003, a resurgence
of physical demand should not be expected immediately.
A critical factor in the strength of the gold market in 2002 has been the
return of investor and speculator interest in the metal. This interest has not
translated particularly into demand for physical gold, but can most certainly be
seen in the derivative markets, and particularly in the futures and options
positions on the New York Comex and, from time to time, on the Tokyo Comex.
There is no doubt also a considerable over-the-counter derivative trade in gold,
although this is not easily measured. The importance of this gold buying in the
derivatives markets for the gold price can be seen from the graph below, showing
gold trading positions on New York Comex from the beginning of 2000, and the US
dollar spot price of gold. Buying in the derivatives markets is directly
influenced by the factors referred to above, and is directly responsible for
moving the price of gold.
Compared with the previous quarter, the net delta hedge position reflects a
reduction of some 120,000oz, or 4t. This small reduction was achieved in the
face of a sharply higher dollar gold price which has the effect of increasing
the net delta of open option positions in the hedge. Notwithstanding this, the
overall cover in the book continues to decrease. As an illustration, without
changes to the hedge book during the fourth quarter of 2002, the hedge book of
324t net short as reported to shareholders at 30 September 2002 valued at the
market rates for 31 December 2002 would have risen to 344t. Likewise, the
negative marked-to-market value at 30 September of ($441m) would have risen,
unmanaged, to ($674m). Instead, the actual delta of 319.7t (10.3Moz) gives some
measure of the underlying reduction and restructuring in the overall book.
Noting the continued strength of the gold price and of the reduced need for the
company to manage revenue through forward pricing, the Board, at its meeting on
30 January 2003, encouraged the continuing management of the hedge book.
Kelvin Williams
Marketing Director
HEDGE POSITION AT 31 DECEMBER 2002
As at 31 December 2002, the group had outstanding, the following forward-
pricing commitments against future production. The total net delta tonnage of
the hedge on this date was 10.28Moz or 319.7t (at 30 September 2002: 10.40Moz or
323.6t).
The marked-to-market value of all hedge transactions making up the hedge
positions was a negative R3.81bn (negative $446.6m) as at 31 December 2002 (at
30 September 2002: negative R4.65bn - negative $442.3m). These values were based
on a gold price of $345.50 per ounce, exchange rates of R/$8.53 and A$/$0.56 and
the prevailing market interest rates and volatilities at the time.
As at 29 January 2003, the marked-to-market value of the hedge book was a
negative $591.3m (negative R5.085bn) based on a gold price of $363/oz and
exchange rates of R/$8.6 and A$/$0.588 and the prevailing market interest rates
and volatilities at the time.
These marked-to-market valuations are in no way predictive of the future
value of the hedge position nor of future impact on the revenue of the company.
The mark-to market represents the current profit/loss value of the hedge book at
market prices and rates available at that time.
Year 2003 2004 2005 2006 2007 2008-2012 Total
DOLLAR GOLD
Forward Contracts
Amount (kg) 15,289 18,056 25,049 19,862 18,974 25,878 123,108
$ per oz $307 $313 $325 $333 $337 $355 $331
Put Options Purchased
Amount (kg) 5,808 796 757 563 728 8,652
$ per oz $352 $291 $291 $291 $292 $332
*Delta (kg) 2,353 119 129 99 126 2,826
Put Options Sold
Amount (kg) 12,752 7,465 20,217
$ per oz $307 $317 $311
*Delta (kg) 1,837 2,034 3,871
Call Options Purchased
Amount (kg) 4,555 572 5,127
$ per oz $351 $360 $352
*Delta (kg) 2,339 277 2,616
Call Options Sold
Amount (kg) 18,830 5,829 16,360 14,681 14,308 54,245 124,253
$ per oz $332 $330 $322 $329 $336 $363 $344
*Delta (kg) 13,150 3,835 11,415 9,983 9,656 39,963 84,002
RAND GOLD
Forward Contracts
Amount (kg) 15,936 12,476 9,855 6,335 4,541 3,732 52,875
Rand per kg 82,931 98,532 119,730 108,426 114,915 119,580 101,860
Put Options Purchased
Amount (kg) 1,875 1,875 1,875 1,875 7,500
Rand per kg 93,602 93,602 93,602 93,602 93,602
*Delta (kg) 399 322 258 209 1,188
Put Options Sold
Amount (kg)
Rand per kg
*Delta (kg)
Call Options Purchased
Amount (kg)
Rand per kg
*Delta (kg)
Call Options Sold
Amount (kg) 6,553 4,688 4,687 4,688 2,986 11,944 35,546
Rand per kg 100,140 115,284 131,944 132,647 173,119 209,288 153,424
*Delta (kg) 3,798 2,340 2,259 2,620 1,076 4,900 16,993
Year 2002 2003 2004 2005 2006 2007-2011 Total
AUS DOLLAR (A$) GOLD
Forward Contracts
Amount (kg) 16,392 5,443 6,221 9,331 8,398 13,343 59,128
A$ per oz A$544 A$548 A$652 A$644 A$590 A$603 A$591
Put Options Purchased
Amount (kg)
A$ per oz
*Delta (kg)
Put Options Sold
Amount (kg)
A$ per oz
*Delta (kg)
Call Options Purchased
Amount (kg) 3,888 3,110 6,221 3,732 11,197 28,148
A$ per oz A$701 A$724 A$673 A$668 A$702 A$693
*Delta (kg) 1,251 1,368 3,776 2,400 7,469 16,264
Call Options Sold
Amount (kg) 4,821 4,821
A$ per oz A$662 A$662
*Delta (kg) 2,354 2,354
Total Net Gold:
Delta (kg) 64,243 40,279 53,818 44,663 40,371 76,348 319,723
Delta (oz) 2,065,462 1,295,012 1,730,288 1,435,961 1,297,969 2,454,640
10,279,332
RAND DOLLAR (000)
Forward Contracts
Amount ($)
Rand / $
Put Options Purchased
Amount ($)
Rand per $
*Delta ($)
Put Options Sold
Amount ($)
Rand per $
*Delta ($)
Call Options Purchased
Amount ($)
Rand per $
*Delta ($)
Call Options Sold
Amount ($) 10,000 10,000
Rand per $ R9.12 R9.12
*Delta ($) 1,550 1,550
AUS DOLLAR (000)
Forward Contracts
Amount ($) 29,428 29,275 10,847 69,550
$ per A$ A$0.59 A$0.59 A$0.51 A$0.58
*The delta position indicated 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 December 2002.
NOTES
The results included herein for the quarter and 12 months ended 31 December
2002, which have been reviewed by the auditors, are 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.
1. With effect from close of business on 24 December 2002, AngloGold`s
ordinary shares were subdivided at a ratio of 2 for 1. All references to
ordinary shares and all calculations relating thereto, have been restated to
take cognisance of the sub-division. Holdings of ADSs and CDIs did not change.
2. During the quarter, 65,400 ordinary shares were allotted in terms of the
AngloGold Share Incentive Scheme and 278,196 ordinary shares were allotted in
terms of the AngloGold Odd-lot Offer.
3. Orders placed and outstanding on capital contracts as at 31 December 2002
totalled R918m (30 September 2002: R1,067m), equivalent to $107m (30 September
2002: $101m) 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. At the general meeting of shareholders held on 5 December 2002, all the
ordinary and special resolutions, as specified in the notice of meeting dated 11
November 2002, were passed by the requisite majority of shareholders. The
results of the Odd-lot Offer are as follows:
Number of Number of Share
shareholders shares Capital (R)
Holders electing to purchase
ordinary shares 4,643* 495,534 116,116,004.55
Holders electing/deemed to have elected
to sell shares and consequently removed
from register of members 11,213 217,338 53,608,591.08
Total ordinary shares allotted by
AngloGold 278,196 62,507,413.47
* Includes nominee companies and brokers acting on behalf of beneficial
shareholders.
A total of 2,098 shareholders holding 50,794 ordinary shares elected to
retain their odd-lot holdings.
6. Dividend
To holders of ordinary shares and to holders of CHESS Depositary Interests
(CDIs)
Each CDI represents one-fifth of an ordinary share.
The directors have today declared Final Dividend No. 93 of 675 (Final
Dividend No. 91: 550) South African cents per ordinary share for the 12 months
ended 31 December 2002. In compliance with the requirements of STRATE, the
salient dates for the payment of the dividend are as follows:
2003
Currency conversion date for UK pounds
and Australian dollars Thursday 6 February
Last date to trade ordinary shares cum dividend Friday 14 February
Last date to register transfers of certificated
securities cum dividend Friday 14 February
Ordinary shares trade ex dividend Monday 17 February
Record date Friday 21 February
Payment date Friday 28 February
On the payment date, dividends due to holders of certificated securities on
the South African share register will either be electronically transferred to
shareholders` bank accounts or, in the absence of suitable mandates, dividend
cheques will be posted to such shareholders.
Dividends in respect of dematerialised shareholdings will be credited to
shareholders` accounts with the relevant CSDP or broker.
To comply with the further requirements of STRATE, between Monday, 17
February 2003 and Friday, 21 February 2003, both days inclusive, no transfers
between the South African, United Kingdom and Australian share registers will be
permitted and no ordinary shares pertaining to the South African share
register may be dematerialised or rematerialised.
To holders of American Depositary Shares
Each American Depositary Share (ADS) represents one ordinary share.
2003
Ex dividend on New York Stock Exchange Wednesday 19 February
Record date Friday 21 February
Approximate date for currency conversion Friday 28 February
Approximate payment date of dividend Friday 14 March
Assuming an exchange rate of R8.607/$1, the dividend payable on an ADS is
equivalent to 78.42 US cents. This compares with the final dividend of 49.06 US
cents per ADS paid on 14 March 2002. However, the actual rate of payment will
depend on the exchange rate on the date for currency conversion.
7. This report contains a summary of the results of AngloGold`s operations. A
detailed report appears on the Internet and is obtainable in printed format from
the investor relations contacts, whose details, along with the website address,
appear at the end of this report.
By order of the Board
R P EDEY R M GODSELL
Chairman Chief Executive Officer
30 January 2003
SHAREHOLDERS` DIARY
Financial year-end 31 December 2002
Annual financial statements scheduled posting date 27 March 2003
Annual general meeting 11:00 30 April 2003
Quarterly Reports released
Quarter ended 31 March 2003 30 April 2003
Quarter and six months ended 30 June 2003 31 July 2003
Quarter and nine months ended 30 September 2003 31 October 2003
Quarter and year ended 31 December 2003 30 January 2004
Dividends
Dividend number Declared Last date to trade
ordinary shares cum
dividend
Final - No. 93 30 January 2003 14 February 2003
Interim - No. 94 30 July 2003* 15 August 2003*
Final - No. 95 29 January 2004* 13 February 2004*
Dividends
Dividend number Payment date to Payment date to ADS
Shareholders holders
Final - No. 93 28 February 2003 14 March 2003*
Interim - No. 94 29 August 2003* 12 September 2003*
Final - No. 95 27 February 2004* 12 March 2004*
* Approximate dates
GROUP INCOME STATEMENT
Quarter Quarter Year Year
ended ended ended ended
December September December December
SA Rand million 2002 2002 2002 2001
Gold income 4,814 5,015 18,372 17,590
Cost of sales (3,341) (3,328) (12,550) (12,973)
Cash operating costs 2,506 2,569 9,812 10,454
Other cash costs 90 84 291 240
Total cash costs 2,596 2,653 10,103 10,694
Retrenchment costs - 5 30 185
Rehabilitation and
other non-cash costs 74 20 119 123
Production costs 2,670 2,678 10,252 11,002
Amortisation of mining assets 657 733 2,566 1,884
Total production costs 3,327 3,411 12,818 12,886
Inventory change 14 (83) (268) 87
1,473 1,687 5,822 4,617
Non-hedge derivatives 285 (121) 962 (96)
Operating profit * 1,758 1,566 6,784 4,521
Corporate administration
and other expenses (73) (72) (258) (194)
Market development costs (45) (46) (179) (133)
Exploration costs (63) (90) (296) (228)
Interest receivable 84 84 373 176
Other net (expense) income (36) (41) (91) 1
Finance costs (100) (105) (464) (608)
Abnormal item - settlement of claim - - (102) -
Profit before exceptional items 1,525 1,296 5,767 3,535
Amortisation of goodwill (67) (73) (293) (259)
Debt written-off - - - (21)
Impairment of mining assets - - - (3)
Loss on disposal of assets (6) (2) (145) (32)
Impairment reversal of investments - - - 67
Termination of retirement benefit plans (1) - 2 (54)
Profit on ordinary
activities before taxation 1,451 1,221 5,331 3,233
Taxation (447) (328) (1,730) (983)
Normal taxation (211) (364) (1,315) (950)
Deferred taxation (127) (83) (387) (105)
Deferred tax on unrealised
non-hedge derivatives (117) 119 (35) 66
Taxation on abnormal item - - 47 -
Taxation on exceptional items 8 - (40) 6
Profit on ordinary
activities after taxation 1,004 893 3,601 2,250
Minority interest (49) (43) (157) (70)
Net profit 955 850 3,444 2,180
* Operating profit excluding
unrealised non-hedge derivatives 1,478 1,822 6,683 4,647
Headline earnings
The net profit has been
adjusted by the following
to arrive at headline earnings:
Net profit 955 850 3,444 2,180
Amortisation of goodwill 67 73 293 259
Debt written-off - - - 21
Impairment of mining assets - - - 3
Loss on disposal of assets 6 2 145 32
Impairment reversal of investments - - - (67)
Termination of retirement benefit plans 1 - (2) 54
Taxation on exceptional items (8) - 40 (6)
Headline earnings 1,021 925 3,920 2,476
Unrealised non-hedge derivatives (280) 256 (101) 126
Deferred tax on unrealised
non-hedge derivatives 117 (119) 35 (66)
Headline earnings before
unrealised non-hedge derivatives 858 1,062 3,854 2,536
Earnings per ordinary share - cents
- Basic 430 383 1,552 1,017
- Headline 460 417 1,767 1,156
- Headline before unrealised
non-hedge derivatives 387 479 1,737 1,184
Dividends
- Rm 3,008 1,974
- cents per share 1,350 900
The results have been reviewed by the auditors and are prepared in accordance
with International Accounting Standards.
GROUP INCOME STATEMENT
Quarter Quarter Year Year
ended ended ended ended
December September December December
US Dollar million 2002 2002 2002 2001
Gold income 502 481 1,761 2,041
Cost of sales (348) (320) (1,203) (1,519)
Cash operating costs 261 247 939 1,226
Other cash costs 9 8 28 29
Total cash costs 270 255 967 1,255
Retrenchment costs - 1 3 22
Rehabilitation and
other non-cash costs 8 2 12 13
Production costs 278 258 982 1,290
Amortisation of mining assets 68 70 245 220
Total production costs 346 328 1,227 1,510
Inventory change 2 (8) (24) 9
154 161 558 522
Non-hedge derivatives 30 (11) 92 (5)
Operating profit * 184 150 650 517
Corporate administration
and other expenses (8) (7) (25) (22)
Market development costs (5) (4) (17) (16)
Exploration costs (6) (9) (28) (26)
Interest receivable 9 8 36 20
Other net (expense) income (4) (4) (9) (1)
Finance costs (11) (10) (44) (72)
Abnormal item - settlement of claim - - (10) -
Profit before exceptional items 159 124 553 400
Amortisation of goodwill (7) (7) (28) (29)
Debt written-off - - - (3)
Impairment of mining assets - - - (1)
Loss on disposal of assets (1) - (13) (4)
Impairment reversal of investments - - - 6
Termination of retirement benefit plans - - - (5)
Profit on ordinary
activities before taxation 151 117 512 364
Taxation (46) (32) (165) (111)
Normal taxation (22) (35) (124) (103)
Deferred taxation (13) (8) (39) (13)
Deferred tax on unrealised
non-hedge derivatives (12) 11 (4) 5
Taxation on abnormal item - - 5 -
Taxation on exceptional items 1 - (3) -
Profit on ordinary
activities after taxation 105 85 347 253
Minority interest (5) (4) (15) (8)
Net profit 100 81 332 245
* Operating profit excluding
unrealised non-hedge derivatives 155 174 638 527
Headline earnings
The net profit has been
adjusted by the following
to arrive at headline earnings:
Net profit 100 81 332 245
Amortisation of goodwill 7 7 28 29
Debt written-off - - - 3
Impairment of mining assets - - - 1
Loss on disposal of assets 1 - 13 4
Impairment reversal of investments - - - (6)
Termination of retirement benefit plans - - - 5
Taxation on exceptional items (1) - 3 -
Headline earnings 107 88 376 281
Unrealised non-hedge derivatives (29) 24 (12) 10
Deferred tax on unrealised
non-hedge derivatives 12 (11) 4 (5)
Headline earnings before
unrealised non-hedge derivatives 90 101 368 286
Earnings per ordinary share - cents
- Basic 45 37 150 114
- Headline 48 40 169 131
- Headline before unrealised
non-hedge derivatives 41 46 166 133
Dividends
- $m 317 190
- cents per share 142 87
The results have been reviewed by the auditors and are prepared in accordance
with International Accounting Standards.
GROUP BALANCE SHEET
December September December December September December
2002 2002 2001 2002 2002 2001
SA Rand million US Dollar million
Non-current assets
19,555 21,845 24,606 Mining assets 2,280 2,071 2,057
3,210 4,012 4,652 Goodwill 374 380 389
165 154 151 Investments in associates 19 15 13
197 201 275 Other investments 23 19 23
275 238 460 AngloGold Environmental 32 23 38
Rehabilitation Trust
549 867 1,372 Financial instruments 64 82 115
466 505 204 Other non-current assets 55 48 17
24,417 27,822 31,720 2,847 2,638 2,652
Current assets
1,996 1,561 1,534 Financial instruments 233 148 128
2,190 2,464 1,867 Trade and other receivables 255 234 156
1,848 2,200 1,948 Inventories 216 209 163
3 4 109 Current portion of other - - 9
non-current assets
3,544 3,645 2,284 Cash and cash equivalents 413 346 191
9,581 9,874 7,742 1,117 937 647
33,998 37,696 39,462 Total assets 3,964 3,575 3,299
EQUITY AND LIABILITIES
12,375 12,804 13,357 Shareholders` equity 1,443 1,216 1,117
347 402 355 Minority interests 40 38 30
12,722 13,206 13,712 1,483 1,254 1,147
Non-current liabilities
7,219 9,106 4,192 Borrowings 842 863 350
2,008 2,118 2,573 Provisions 234 201 215
3,445 2,977 3,423 Deferred taxation 402 282 286
2,028 3,479 1,917 Financial instruments 236 330 160
14,700 17,680 12,105 1,714 1,676 1,011
Current liabilities
2,588 2,019 2,984 Financial instruments 302 191 250
2,145 2,470 2,464 Trade and other payables 250 234 206
719 990 7,619 Current portion 84 94 637
of borrowings
1,124 1,331 578 Taxation 131 126 48
6,576 6,810 13,645 767 645 1,141
33,998 37,696 39,462 Total equity 3,964 3,575 3,299
and liabilities
The results have been reviewed by the auditors and are prepared in accordance
with International Accounting Standards.
GROUP CASH FLOW STATEMENT
Quarter Year Year Quarter Year Year
ended ended ended ended ended ended
December December December December December December
2002 2002 2001 2002 2002 2001
SA Rand million US Dollar million
Cash flows from
operating activities
2,106 8,255 5,472 Cash generated 189 758 673
from operations
73 331 176 Interest received 8 32 20
(64) (169) (85) Environmental contributions (6) (16) (10)
and expenditure
- 19 11 Dividends received - 2 1
from associates
(77) (410) (613) Finance costs (8) (40) (73)
(444) (1,376) (897) Mining and normal (45) (131) (111)
taxation paid
1,594 6,650 4,064 Net cash inflow 138 605 500
from operating activities
Cash flows from
investing activities
(880) (2,842) (2,567) Capital expenditure (89) (271) (298)
- 11 63 Proceeds from disposal - 1 6
of mining assets
- 1,544 878 Net proceeds from - 140 109
disposal of mines
- 1,813 878 Proceeds - 164 109
- (269) - Contractual obligations - (24) -
- - (11) Associate acquired - - (1)
- (355) (24) Investments acquired - (34) (3)
- 1,829 4 Proceeds from sale - 158 -
of investments
- (979) - Acquisition of subsidiary - (97) -
(2) (51) (37) Loans advanced - (5) (4)
24 175 367 Repayment of loans advanced 3 17 43
(858) (668) (1,327) Net cash outflow from (86) (91) (148)
investing activities
Cash flows from
financing activities
67 156 85 Proceeds from issue 10 18 7
of share capital
- (116) - Share issue expenses - (11) -
80 8,599 2,381 Proceeds from borrowings 9 798 276
(450) (9,789) (3,567) Repayment of borrowings (47) (912) (414)
(29) (2,821) (1,447) Dividends paid (3) (260) (167)
(332) (3,971) (2,548) Net cash outflow from (31) (367) (298)
financing activities
404 2,011 189 Net increase in cash 21 147 54
and cash equivalents
(505) (751) 618 Translation 46 75 (58)
3,645 2,284 1,477 Opening cash and 346 191 195
cash equivalents
3,544 3,544 2,284 Closing cash and 413 413 191
cash equivalents
The results have been reviewed by the auditors and are prepared in accordance
with International Accounting Standards.
NOTES TO THE CASH FLOW STATEMENT
Quarter Year Year Quarter Year Year
ended ended ended ended ended ended
December December December December December December
2002 2002 2001 2002 2002 2001
SA Rand million US Dollar million
Cash generated
from operations
1,451 5,331 3,233 Profit on ordinary 151 512 364
activities before
taxation
Adjusted for:
(40) (187) 324 Non-cash movements (4) (18) 31
657 2,566 1,884 Amortisation of 68 245 220
mining assets
(84) (373) (176) Interest receivable (9) (36) (20)
7 (6) (17) Other net income (expense) 1 - (1)
100 464 608 Finance costs 11 44 72
(311) (132) (53) Movement on non-hedge (33) (16) (12)
derivatives
67 293 259 Amortisation of goodwill 7 28 29
- - 21 Debt written off - - 3
- - 3 Impairment of mining assets - - 1
- - (67) Impairment reversal - - (6)
of investments
6 92 32 Loss on disposal of assets 1 8 4
1 (2) 54 Termination of retirement - - 5
benefit plans
252 209 (633) Movement in working capital (4) (9) (17)
2,106 8,255 5,472 189 758 673
Movement in working capital:
248 488 (193) (Increase) decrease in (7) (5) 65
trade and other receivables
338 85 (551) (Increase) decrease in (9) (54) 22
inventories
(334) (364) 111 Increase (decrease) in 12 50 (104)
trade and other payables
252 209 (633) (4) (9) (17)
STATEMENT OF CHANGES IN SHAREHOLDERS` EQUITY
Ordinary Non- Foreign Other Retained Total
share distri- currency compre- earnings
capital and butable trans- hensive
premium reserves lation income
US Dollar million
Balance at
31 December 2001 681 12 250 (88) 262 1,117
Movements on
Other
Comprehensive
income (50) - (50)
Net profit 332 332
Dividends paid (251) (251)
Ordinary
shares issued 140 140
Transfer from
non-distributable
reserves (1) 1 -
Translation 299 5 (207) (47) 105 155
Balance at
31 December 2002 1,120 16 43 (185) 449 1,443
SA Rand million
Balance at
31 December 2001 8,140 143 2,999 (1,057) 3,132 13,357
Movements on
Other
Comprehensive
income (526) (526)
Net profit 3,444 3,444
Dividends paid (2,728) (2,728)
Ordinary
shares issued 1,467 1,467
Transfer from
non-distributable
reserves (5) 5 -
Translation (2,639) - (2,639)
Balance at
31 December 2002 9,607 138 360 (1,583) 3,853 12,375
The results have been reviewed by the auditors and are prepared in accordance
with International Accounting Standards.
Continuing the Growth story
Reserves and Resources as at 31 December 2002
* Overall, ore reserves have increased by 22% from 59.4Moz to 72.3Moz and
mineral resources by 2% from 281.7Moz to 287.6Moz during the 12 months ended
31 December 2002. (These figures exclude the Free State assets which were
declared effectively sold on 1 January 2002)
* Mineral resources were calculated at $400/oz, at an exchange rate of
R10.5=$1
* Ore reserves were calculated at $325/oz, at an exchange rate of R10.5=$1
* The ore reserve depletion for 2002 (that is, the reduction in the ore
reserves due to mining) was 6.5Moz. Reserve additions excluding depletion were
19.6Moz (excluding the Free State), a 33% increase on the 2001 stated reserve.
These ore reserves are relatively insensitive to changes in gold price and
exchange rates of up to 10%, positive or negative.
Growing reserves
Some of the significant increases in ore reserves include:
* Mponeng - increase by 4.6Moz mainly due to the inclusion of the Mponeng CL
and VCR below 120 level
* Moab Khotsong - increase by 4.3Moz due to the inclusion of the Phase 2
project which aims to exploit the Vaal reef below 101 level
* TauTona - increase by 0.8Moz due to the inclusion of the CL below 120
level, the area East of the Bank Dyke on 116 level and the VCR area "A"
* Savuka and Tau Lekoa - increase by 1.2Moz and 0.7Moz respectively owing to
changes in mine design leading to additional life at both operations
* Geita - increase by 0.8Moz due to the redesign of the Nyankanga, Geita Hill
and Lone Cone pits as well as the inclusion of the Chipaka, Area 3W and Roberts
pits
* Cerro Vanguardia - increase of 1.1Moz mainly as a result of AngloGold`s
increase in ownership to 92.5%.
(The above figures are the year-on-year difference in reserve including the
effect of depletion)
MINERAL RESOURCE AND ORE RESERVE COMPARISON 2001 vs 2002
Gold Content (Attributable)
REGION (Moz)
2001 2002 Difference Difference %
SOUTH AFRICA Resource 228.1 228.6 0.5 0
(excluding Free State) Reserve 36.6 47.5 10.9 30
EAST AND WEST AFRICA Resource 16.9 20.7 3.8 22
Reserve 7.8 8.7 0.9 12
AUSTRALIA Resource 11.8 11.8 0.0 0
Reserve 6.2 6.3 0.1 2
NORTH AMERICA Resource 10.1 10.1 0.0 0
Reserve 5.7 4.7 (1.0) (18)
SOUTH AMERICA Resource 14.8 16.3 1.5 10
Reserve 3.1 5.1 2.0 65
TOTAL ANGLOGOLD Resource 281.7 287.6 5.9 2
(excluding Free State*) Reserve 59.4 72.3 12.9 22
* The Free State assets were declared sold as at 1 January 2002. Reserves of
9.0Moz and resources of 65.1Moz for the Free State operations were included in
the AngloGold reserves and resources statement as at 31 December 2001.
Competent persons
Competent persons, designated in terms of the JORC and SAMREC codes and
taking corporate responsibility for the reporting of AngloGold`s Mineral
Resources are:
* VA Chamberlain, MSc (Mining Engineering), BSc (Hons) (Geology), MAusIMM,
17 years` experience
* MF O`Brien, MSc (Engineering), BSc (Hons) (Geology), Pr.Sci.Nat., MAusIMM,
23 years` experience
Designated competent persons taking corporate responsibility for the reporting
of Ore Reserves are:
* BW Guenther, BSc (Mining Engineering), MAusIMM, 22 years` experience
* DL Worrall, ACSM, MAusIMM, 22 years` experience
* J van Zyl Visser, BSc (Mineral Resource Management), PLATO, 16 years`
experience
The competent persons are employed by AngloGold Limited and have consented to
the inclusion of the Mineral Resources and Ore Reserves information outlined
above.
NOTES -
Supplementary information containing a detailed breakdown of the Mineral
Resources and Ore Reserves, together with plans of the South African operations,
will be provided in the annual report section of the AngloGold website
(www.anglogold.com) and will be available in March 2003.
Following the release of the annual report in March, the supplementary
information will also be available from the AngloGold offices at the addresses
given on the back cover of this report.
Ore reserves
(as at 31 December 2002)
METRIC IMPERIAL
Tonnes Grade Contained Tons Grade Contained gold
million g/t gold tonnes million oz/t million oz
East & West Africa*
Proved 21.5 3.50 75.1 23.7 0.102 2.4
Probable 52.3 3.73 195.3 57.7 0.109 6.3
Total 73.8 3.66 270.4 81.4 0.107 8.7
Australia* Proved 49.0 1.42 69.7 54.0 0.042 2.2
Probable 100.4 1.26 126.4 110.7 0.037 4.1
Total 149.4 1.31 196.1 164.7 0.038 6.3
North America*
Proved 57.8 1.34 77.7 63.7 0.039 2.5
Probable 69.4 0.99 68.8 76.5 0.029 2.2
Total 127.3 1.15 146.5 140.3 0.034 4.7
South Africa (2)
Proved 94.7 2.22 210.4 104.4 0.065 6.8
Probable 246.3 5.14 1,267.2 271.5 0.150 40.7
Total 341.0 4.33 1,477.5 375.9 0.126 47.5
South America*
Proved 15.3 6.22 95.5 16.9 0.181 3.1
Probable 12.7 4.92 62.4 14.0 0.143 2.0
Total 28.0 5.63 157.8 30.9 0.164 5.1
Totals* Proved 238.3 2.22 528.3 262.7 0.065 17.0
Probable 481.2 3.57 1,720.0 530.4 0.104 55.3
Total 719.5 3.12 2,248.3 793.1 0.091 72.3
* Reserves attributable to AngloGold
(2) Excludes the Free State Mines which were sold to Harmony effective from 1
January 2002
Mineral resources(1)
(as at 31 December 2002)
METRIC IMPERIAL
Tonnes Grade Contained Tons Grade Contained gold
million g/t gold tonnes million oz/t million oz
East & West Africa**
Measured 37.5 2.68 100.7 41.3 0.078 3.2
Indicated 107.6 2.81 301.9 118.6 0.082 9.7
Inferred 144.4 1.68 242.2 159.2 0.049 7.8
Total 289.5 2.23 644.7 319.1 0.065 20.7
Australia**
Measured 61.2 1.41 86.4 67.5 0.041 2.8
Indicated 143.5 1.22 175.0 158.2 0.036 5.6
Inferred 89.7 1.18 106.3 98.9 0.035 3.4
Total 294.4 1.25 367.7 324.5 0.036 11.8
North America**
Measured 85.1 1.24 105.7 93.8 0.036 3.4
Indicated 107.3 1.12 120.1 118.3 0.033 3.9
Inferred 69.2 1.28 88.7 76.3 0.037 2.9
Total 261.6 1.20 314.6 288.4 0.035 10.1
South Africa (2)
Measured 300.3 1.84 552.1 331.0 0.054 17.8
Indicated 647.7 4.42 2,865.1 714.0 0.129 92.1
Inferred 463.1 7.97 3,692.3 510.5 0.233 118.7
Total 1,411.0 5.04 7,109.5 1,555.4 0.147 228.6
South America**
Measured 32.4 4.41 143.1 35.7 0.129 4.6
Indicated 22.1 4.68 103.4 24.4 0.137 3.3
Inferred 42.2 6.20 261.8 46.5 0.181 8.4
Total 96.7 5.26 508.4 106.6 0.153 16.3
Totals** Measured 516.5 1.91 988.0 569.3 0.056 31.8
Indicated 1,028.2 3.47 3,565.5 1,133.4 0.101 114.6
Inferred 808.6 5.43 4,391.3 891.3 0.158 141.2
Total 2,353.2 3.80 8,944.8 2,594.0 0.111 287.6
** Resources attributable to AngloGold
(1) Inclusive of the Ore Reserve component
(2) Excludes the Free State Mines which were sold to Harmony effective from 1
January 2002
NB: Rounding of figures may result in computational discrepancies
Adding value to gold downstream
Ensuring a sustainable gold industry
AngloGold`s marketing department has for some years been developing and
implementing strategies to better understand and expand the market for its
product around the world. As part of this programme, opportunities for local
beneficiation - or adding value through processing, refining and marketing
within the region or country in which the gold has been mined - have been
explored.
South Africa`s new minerals legislation has focused attention on the need for
the South African mining industry to develop initiatives which add value
downstream from the refinery, to enhance mineral products locally, to create job
opportunities and to develop skills. AngloGold is currently well-placed to meet
the requirements of this legislation as a result of its downstream activities to
date.
Some of AngloGold`s key projects are:
OroAfrica - In July 2000, AngloGold acquired a 25% stake in OroAfrica, South
Africa`s largest gold jewellery manufacturer providing an opportunity to promote
and market gold jewellery in the markets of the developed world. OroAfrica
employs 170 people and consumes about 4 tons of fine gold each year. AngloGold
and OroAfrica have collaborated on projects such as consumer research in the
USA, the establishment of a new product design centre in Cape Town and the
initiation of an African gold jewellery brand.
Riches of Africa Jewellery Design Competition - Established by AngloGold in
1998, the competition aims to encourage innovative gold jewellery design by
South African designers, to enhance technical skills and to support the local
jewellery industry. This annual event showcases South Africa`s jewellery design
talent and manufacturing expertise. Training workshops are held for the benefit
of competition entrants, with the winning works exhibited and used in fashion
shows throughout the world.
Project AuTEK - This is a programme to research and develop the use of gold
in advanced industrial processes and devices as well as in consumer
applications. Launched in 2000 with Mintek (the national metallurgical research
organisation), the project is focused on the application of gold as a catalyst
and, in particular, on its use in air purification, automotive applications and
in the chemical industry.
Atteridgeville Jewellery Project - This project was established in January
2000 to open the South African jewellery industry to previously disadvantaged
people through training and development and to encourage jewellery production
innovation and design through training programmes. AngloGold`s founding
sponsorship has been followed by the company`s active participation in the
programme. The founding project manager, Vukani Ubuntu Community Development
Projects, has now set up branches in three other South African centres.
Gold of Africa Museum, Workshop and Educational Programmes - Opened in
November 2001, the museum is built around a collection of more than 350 gold
artefacts from West Africa, the bulk of which was purchased by AngloGold from
the Muse Barbier-Mueller in Geneva. In addition to housing the Traditional
African Goldsmith Training Programme, the museum hosts seminars and design
workshops, and offers gold heritage tours to scholars to instil knowledge and
pride in the history of gold which has played an integral part in South African
culture and history.
Traditional African Goldsmith Training Programmes - In 1999, AngloGold
established the Traditional African Goldsmith Training Programme and through
this exchange of skills in both South Africa and Mali, in West Africa,
traditional goldsmithing techniques are now being taught as part of jewellery
design and manufacturing courses throughout tertiary institutions and design
schools in South Africa.
GoldAvenue - The partnership, established in 2000 between AngloGold, JP
Morgan and PAMP, is a commercial venture established to investigate commercial
business and consumer-related downstream opportunities on e-commerce. As part of
this project, GoldAvenue has launched a catalogue of gold jewellery for retail
sale in the USA with Vivre, a US-based luxury goods catalogue business.
Jewellery Designer Forum - Brazil
The Designer Forum is a jewellery design competition - the first of its kind
in Brazil - and sponsored entirely by AngloGold. Targeted at Brazilian jewellery
designers, more than 400 designs were submitted for judging in several
categories in 2002. The Forum has significantly raised the profile of talented
Brazilian jewellery designers and has also contributed to the GoldAvenue project
- the next catalogue will feature 28 of the winning Brazilian pieces from this
competition. The Forum is planned to be a regular
event in South America.
AngloGold published a report on the company`s beneficiation programme in
December 2002. The report may be obtained from the company`s website -
www.anglogold.com
Administrative information
Contacts:
South Africa:
Steve Lenahan
Telephone: +27 11 637 6248
Fax: +27 11 637 6247
E-mail: slenahan@anglogold.com
Peta Baldwin
Telephone: +27 11 637 6647
Fax: +27 11 637 6399
E-mail: pbaldwin@anglogold.com
Europe/Asia:
Tomasz Nadrowski
Telephone: (800) 417 9255 (toll free in
USA and Canada)
Fax: +1 212 750 5626
E-mail: tnadrowski@anglogold.com
United States of America:
Charles Carter
Telephone: (800) 417 9255 (toll free in USA
and Canada) or +1 212 750 7999
Fax: +1 212 750 5626
E-mail: cecarter@anglogold.com
Australia:
Andrea Maxey
Telephone: + 61 8 9425 4604
Fax: + 61 8 9425 4662
E-mail: amaxey@anglogold.com.au
General E-mail enquiries:
investors@anglogold.com
AngloGold website:
http://www.anglogold.com
Global BuyDIRECTSM:
The Bank of New York maintains a direct
share purchase and dividend reinvestment
plan for AngloGold.
For additional information, please visit The
Bank of New York`s website at
www.globalbuydirect.com or call Shareholder
Relations Department at 1-888-BNY-ADRS or
write to:
The Bank of New York
Church Street Station
PO Box 11258
New York, NY 10286-1258
United States of America
Directors:
Executive:
R M Godsell (Chief Executive Officer)
J G Best
D L Hodgson
K H Williams
Non-Executive:
R P Edey* (Chairman)
Dr T J Motlatsi (Deputy Chairman)
F B Arisman#
Mrs E le R Bradley
C B Brayshaw
Dr V K Fung#
A W Lea (Alternate: P G Whitcutt)
W A Nairn (Alternate: A H Calver*)
J Ogilvie Thompson (Alternate: D D Barber)
N F Oppenheimer
A J Trahar
* British # American
Offices:
Registered and Corporate:
Managing Secretary:
Ms Y Z Simelane
Company Secretary
C R Bull
11 Diagonal Street
Johannesburg 2001
(PO Box 62117, Marshalltown 2107)
South Africa
Telephone: +27 11 637 6000
Fax: +27 11 637 6624
Australia:
Level 13, St Martins Tower
44 St 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 Investor Services Limited
Ground Floor, 70 Marshall Street
Johannesburg 2001
(PO Box 61051, Marshalltown 2107)
South Africa
Telephone: +27 11 370 5000
Fax: +27 11 688 7719
United Kingdom:
Computershare Investor 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 2, 45 St Georges Terrace
Perth, WA 6000
(GPO Box D182 Perth, WA 6840)
Australia
Telephone: +61 8 9323 2000
Telephone: 1300 55 70 10 (in Australia)
Fax: +61 8 9323 2033
ADR Depositary:
The Bank of New York
101 Barclay Street
22nd Floor
New York, NY 10286
United States of America
Telephone: +1 888 269 2377
Fax: +1 212 571 3050/3052
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
AngloGold Limited
Registration No. 1944/017354/06
Incorporated in the Republic of South Africa
Date: 31/01/2003 08:00:24 AM Supplied by www.sharenet.co.za
Produced by the JSE SENS Department
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