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AngloGold Limited - News Release AngloGold Limited (Incorporated in the Republic of South Africa) CORPORATE AFFAIRS DEPARTMENT (Registration Number: 1944/017354/06) ISIN Number:ZAE000014601 JSE Share Code: ANG SKB/CAD/AGO ANGLOGOLD RESULTS FOR THE QUARTER AND YEAR ENDED 31 DECEMBER 2002 Key features Results for the quarter * Solid results despite predicted lower mining grades at Morila and a stronger rand * Gold production down 2% to 1.55 million ounces * Headline earnings down 11% to $90 million .and for the year * Very good results with * Total cash costs down 10% to $161/oz * Operating profit up 21% to $638 million * Headline earnings up 29% to $368 million * Gold production down 15% to 5.94 million ounces due to sale of Free State assets * 15% return on capital; 21% return on equity * Final dividend of R6.75 or 78 US cents per share resulting in a total dividend for 2002 of R13.50 or 142 US cents per share Commenting on AngloGold`s fourth quarter, CEO Bobby Godsell said the results reflected a sound operating performance, despite expected lower mining grades at Morila, Geita and Sunrise Dam and a strengthened rand. These factors led to an 11% decrease in headline earnings to $90 million and a 2% decline in gold production from the very high level of the September quarter. While dollar- denominated unit cash costs increased by 9% with the strengthened rand, the South African operations had kept local currency costs steady. Turning to the year, he said: "AngloGold`s results 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/oz and headline earnings increased by 29% to $368 million." He reported today that AngloGold`s ore reserves had increased by 22% to 72.3 million ounces and its mineral resources by 2% to 287.6 million ounces. Looking ahead, Godsell said that in 2003 the company anticipated gold production to be unchanged at around 6 million ounces, rising to 6.5 million ounces in 2006. 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, the Board had encouraged the continuing management and restructuring of the hedge book. During the past year hedging contracts had decreased by some 133 tonnes. He announced a final dividend for the year of R6.75 per share which, with the interim dividend of R6.75 per share, gave 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," he said. In his review of the gold market, AngloGold Marketing Director, Kelvin Williams, noted that the factors which had driven the gold price during 2002, had made a "particularly strong impact" in the final quarter. "These factors include US dollar weakness, international political tension and a decline in the equity markets. There has been a consequent return of investor and speculator interest to gold. During this past quarter, the price was influenced most significantly by dollar weakness and escalating conflict over Iraq." The physical market had shown weakness throughout the year. "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," he commented. "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," he concluded. ends For a full copy of the quarterly results, please visit the AngloGold website: www.anglogold.com Queries South Africa Tel: Mobile: E-mail: Steve Lenahan +27 11 637 6248 +27 83 308 2200 slenahan@anglogold.com Alan Fine +27 11 637 6383 +27 83 250 0757 afine@anglogold.com Shelagh +27 11 637 6379 +27 83 308 2471 sblackman@anglogold.com Blackman Europe & Asia Tomasz + 1 212 750 7999 +1 917 9124 641 tnadrowski@anglogold.com Nadrowski UK Alex Buck +44 7932 2740 452 abuck@anglogold.com USA Charles Carter Toll Free cecarter@anglogold.com 800 417 9255 +1 212 750 7999
Australia Andrea Maxey +61 8 9425 4604 +61 438 001 393 amaxey@anglogold.com.au News Release (Incorporated in the Republic of South Africa) (Registration Number: 1944/017354/06) ISIN Number: ZAE000014601 JSE Share Code: ANG SKB/CAD/AGO CORPORATE AFFAIRS DEPARTMENT 16th Floor, 11 Diagonal Street, Johannesburg 2001, South Africa Tel: (+27 11) 637-6385 or Fax: (+27 11) 637-6399/6400 ANGLOGOLD`S RESERVES INCREASE BY 22% AngloGold`s reserves have increased by 22% to 72.3 million ounces and its resources by 2% to 287.6 million ounces since the company last announced these figures in its 2001 Annual Report. Ore reserves were calculated at $325/oz and resources at $400/oz - both at an exchange rate of R10.5=$1. Commenting on the updated reserve/resource statement, AngloGold CEO Bobby Godsell pointed out that the reserve figure included a 30% increase in the South African ore reserve to 47.5 million ounces. The breakdown of the most significant increases in reserves in South Africa follows: Mponeng - 4.6 million ounces through the inclusion of reserves below 120 level; Moab Khotsong Phase 2 - 4.3 million ounces through the inclusion of a project to exploit ore below 101 level; Savuka - 1.2 million ounces through changes in mine design to increase the life of mine; TauTona - 0.8 million ounces through the inclusion of ore below 120 level, the area east of the Bank Dyke on 116 level and area ``A`` on 66 level; and Tau Lekoa - 0.7 million ounces through changes in mine design to increase the life of mine. Outside South Africa, the major increases are as follows : Cerro Vanguardia in South America - 1.1 million ounces, chiefly through AngloGold`s increasing its ownership in this operation to 92.5% in 2002; and Geita in Tanzania - 0.8 million ounces through the redesign of the Nyankanga, Geita Hill and Lone Cone pits and the inclusion of three new pits. Queries: www.anglogold.com South Africa Tel: Mobile: E-mail: Steve Lenahan +27 11 637 6248 +27 83 308 2200 slenahan@anglogold.com Alan Fine +27 11 637 6383 +27 83 250 0757 afine@anglogold.com Shelagh Blackman +27 11 637 6379 +27 83 308 2471 skblackman@anglogold.com Europe & Asia Tomasz Nadrowski +1 212 750 7999 +1 917 9124 641 tnadrowski@anglogold.com UK Alex Buck +44 7932 740 452 abuck@anglogold.com USA Charles Carter (Toll free) 800 417 9255 +1 212 750 7999 cecarter@anglogold.com Australia Andrea Maxey +61 8 9425 4604 +61 438 001 393 amaxey@anglogold.com.au NYSE Ticker: AU 31 January 2003 For release 08:00 SA time, 31 January 2003 Date: 31/01/2003 08:07:58 AM Supplied by www.sharenet.co.za Produced by the JSE SENS Department
