SECURITIES AND EXCHANGE COMMISSION 

Washington, D.C. 20549 

FORM 6-K 

REPORT OF FOREIGN PRIVATE ISSUER 

PURSUANT TO RULE 13a-16 or 15d-16 OF 

THE SECURITIES EXCHANGE ACT OF 1934 

Report on Form 6-K dated 

30 APRIL 2003 

AngloGold Limited

_ 

(Name of Registrant)  

11 Diagonal Street 

Johannesburg, 2001 

(P O Box 62117) 

Marshalltown, 2107 

    South Africa____ 

(Address of Principal Executive Offices) 

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F: 

Form 20-F:        Form 40-F:   

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule
101(b)(1): 

Yes: 

      No:    

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule
101(b)(7): 

Yes: 

      No:    

Indicate by check mark whether the registrant by furnishing the information contained in this form is also thereby
furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.
 

Yes: 

      No:    

Enclosures:

   REPORT FOR THE QUARTER ENDED 31 MARCH 2003. 
   THE RESULTS HAVE BEEN PREPARED IN ACCORDANCE WITH INTERNATIONAL ACCOUNTING STANDARDS.

Report 

for the quarter ended 31 March 2003 

Group results for the quarter ... 

 Quarter 

ended 
March 

2003 

 Quarter 

ended 

Dec 

2002 

Year 

ended 

Dec 

2002 

 Quarter  

ended  
March  

2003  

 Quarter 

ended 

Dec 

2002 

Year 

ended 

Dec 

2002 

Rand / Metric 

Dollar / Imperial 

Gold 

     Produced 

- kg / oz (000) 

43,605

48,168

184,711

1,402 

1,549

5,939

     Price received  

- R/kg / $/oz

91,962

96,911

101,817

344 

314

303

     Total cash costs 

- R/kg / $/oz

56,100

53,457

54,037

210 

173

161

     Total production costs 

- R/kg / $/oz

66,520

68,159

68,241

248 

220

203

Operating profit 

- R / $ million 

1,208

1,758

6,784

145 

184

650

Operating profit excluding 
  unrealised non-hedge derivatives 

- R / $ million

1,216

1,478

6,683

146 

155

638

Net profit 

- R / $ million

547

955

3,444

66 

100

332

Headline earnings 

- R / $ million

605

1,021

3,920

73 

107

376

Headline earnings before 
  unrealised non-hedge derivatives 

- R / $ million

614

858

3,854

74 

90

368

Capital expenditure 

- R / $ million

489

880

2,842

59 

89

271

Net earnings (basic) 

- cents per share 

246

430

1,552

30 

45

150

Headline earnings 

- cents per share 

272

460

1,767

33 

48

169

Headline earnings before unrealised 
  non-hedge derivatives 

- cents per share 

276

387

1,737

33 

41

166

Dividends 

- cents per share 

1,350

146

Note: 

All references to price received includes the realised non-hedge derivative gains (losses).

All references to operating profits and headline earnings excludes unrealised non-hedge derivative gains (losses).

$ represents US dollar, unless otherwise stated 

Letter from 

Chairman and CEO 

Russell Edey                                           Bobby Godsell

29 April 2003
 

Operations 

at a glance 

for the quarter ended 31 March 2003 

Price received 

Production 

Total cash costs

EBITDA 

Operating profit 

$/oz 

% 

Variance

** 

oz (000)

% 

Variance

** 

$/oz 

% 

Variance

** 

$m 

% 

Variance

** 

$m 

% 

Variance

** 

Great Noligwa 

 345  

 12  

 182 

 (11)

 205 

 35 

 27  

 (18) 

 25 

 (17)

 Morila* 

 339  

 7  

 95 

 (27)

 84 

 8 

 24  

 (29) 

 18 

 (28)

 TauTona 

 342  

 11  

 152 

 (10)

 183 

 29 

 23  

 (21) 

 22 

 (19)

 Cerro Vanguardia* 

 333  

 (1) 

 60 

 (9)

 120 

 11 

 15  

 (12) 

 9 

 (18)

 Mponeng 

 340  

 12  

 122 

 (4)

 217 

 17 

 14  

 (7) 

 10 

 43 

 Morro Velho 

 380  

 16  

 53 

 (2)

 127 

 6 

 14  

 27  

 11 

 38 

 Kopanang 

 345  

 12  

 125 

 (9)

 239 

 29 

 13  

 (13) 

 12 

 (8)

 Sunrise Dam 

 374  

 13  

 95 

 6 

 198 

 3 

 13  

 63  

 8 

 100 

 Cripple Creek & Victor* 

 324  

 (2) 

 63 

 (17)

 188 

 6 

 9  

 (25) 

 1 

 (80)

 Tau Lekoa 

 345  

 11  

 81 

 (6)

 247 

 - 

 7  

 (30) 

 6 

 (14)

 Sadiola* 

 356  

 9  

 40 

 (17)

 207 

 1 

 6  

 20  

 4 

 100 

 Serra Grande* 

 377  

 16  

 24 

 9 

 93 

 (1)

 6  

 20  

 5 

 25 

 Geita* 

 308  

 7  

 64 

 5 

 217 

 -

 5  

 25  

 3 

 200 

 Navachab 

 347  

 9  

 18 

 (14)

 238 

 42 

 4  

 -  

 4 

 33 

 Yatela* 

 355  

 9  

 21 

 (28)

 204 

 1 

 3  

 (25) 

 2 

 - 

 Jerritt Canyon* 

 324  

 (1) 

 51 

 (19)

 270 

 22 

 2  

 (67) 

 (3)

 (400)

 Ergo 

 334  

 9  

 57 

 (14)

 287 

 41 

 1  

 (67) 

 1 

 (67)

 Union Reefs 

 372  

 17  

 19 

 (32)

 389 

 59 

 (1) 

 (100) 

 (1)

 (100)

 Savuka 

 343  

 12  

 48 

 - 

 399 

 25 

 (3) 

 (100) 

 (3)

 (100)

 Other 

 -  

 -  

 32 

 33 

 - 

 - 

 (12) 

 (100) 

 12 

 200 

 AngloGold Group 

 344  

 10  

 1,402 

 (9)

 210 

 21 

 170  

 (15) 

 146 

 (6)

 *  Attributable 
** Variance March 2003 quarter on December 2002 quarter 
 

Financial

 and Operating Review 

AngloGold produced operating results for the first quarter of the year, which were in line with the company's expectations. Stronger currencies in the operating regions resulted in higher dollar denominated costs, offsetting the benefits of a higher gold price. Operating profit for the group was 6% lower than in the previous quarter, at $146m. This was primarily caused by the anticipated mining of lower grades and decreased mining volumes in South Africa, the result of fewer mining shifts owing to the number of holidays during this quarter. Both of these effects were partially counteracted by a higher gold price. The received gold price increased by 10% to $344/oz, while gold production was in line with expectations at 1.4Moz, 9% down on the previous quarter. The quarter-on-quarter production decrease was largely due to lower grades, particularly at Morila and Geita, where the reduction was expected and at some of the other operations.

The South African operations performed well with continuing lower grades at Great Noligwa being offset by good performances at other operations.

Total cash costs increased by 21% or $37/oz. This was due to exchange rate movements ($18/oz), reduced grade ($14/oz) and marginally lower volume ($5/oz).

Returns on capital and equity for the March quarter were 10.9% and 14.1% respectively.

At the end of the quarter, AngloGold had a net hedge position (or the amount of gold production sold forward) of 9.34Moz, some 9% less than its position reported at the end of December 2002. This reflects the continuing reduction in the company's forward sales position, in line with its confidence in the firmer gold price and the strong overall performance of its diverse range of assets.

SOUTH AFRICA

At Great Noligwa, volume mined decreased according to plan by 11% to 99,000m², although due to seismicity and consequently the lack of availability of high-grade mining panels, the grade did not improve as expected, but rather stayed at last quarter's level of 10.4g/t. The reduced gold production, at 5,676kg (182,000oz), contributed to a 17% rise in total cash costs to R54,937/kg ($205/oz) and a 27% decrease in operating profit quarter-on-quarter to R209m ($25m). Going forward management now anticipates that production for the year at Great Noligwa will be at approximately the same level as in 2002. The mine had two fatal accidents this quarter, both caused by falls of ground. Prior to these accidents, Great Noligwa attained a life of mine record by achieving 1,401,264 fatality-free shifts.

At Kopanang, a drop in grade, together with increased inventory underground, contributed to a 10% reduction in gold production this quarter to 3,874kg (125,000oz). Total cash costs rose 12% to R64,069/kg ($239/oz), while operating profit fell by 18% to R99m ($12m), primarily as a result of the reduced yields and the lower rand gold price. Kopanang had one transport-related fatal accident this quarter.

Last quarter's high volumes at Tau Lekoa were not sustained and gold production returned to planned levels of 2,530kg (81,000oz). Total cash costs consequently increased by 6% to R66,208/kg ($247/oz) and operating profit fell 17% to R50m ($6m).

Although gold production at Mponeng was 4% lower than that of the previous quarter at 3,789kg (122,000oz) due to a 9% drop in volume mined, the release of locked-up higher-grade material contributed to a 7% increase in grade to 9.10g/t. Total cash costs were marginally higher at R58,029/kg ($217/oz). Operating profit increased by 29% to R85m ($10m), due to reduced amortisation charges following a review of the life of mine plans. Two Mponeng employees died this quarter as a result of falls of ground.

At TauTona, the high volumes mined in the previous quarter returned to planned levels and lower face values during the quarter resulted in a 5% drop in yield to 11.10g/t. Gold production fell by 10% to 4,724kg (152,000oz) with total cash costs increasing to R49,103/kg ($183/oz). Operating profit fell to R184m ($22m) due to reduced production and the lower rand gold price. This quarter, the mine recorded one fatal accident as a result of a fall of ground which was caused by a seismic event. Two other mine employees died; one through heat illness and the other through a transport-related accident. Prior to these tragedies, TauTona had achieved one million fatality-free shifts on 20 January.

At Ergo, significant rainfall over the quarter as well as a planned drop in grade contributed to a 3% decrease in tonnes treated and a consequent decline in gold production to 1,777kg (57,000oz). Due to an increased loss on acid by-products and the impact of the lower production as the operation enters its final years, total cash costs increased over the quarter to R76,814/kg ($287/oz). Decreased rehabilitation costs minimised the reduction in operating profit to R7m ($1m).

EAST AND WEST AFRICA

Production at Geita (50% attributable) increased by 5% to 64,000oz in the quarter. Grade was 7% down on the previous quarter at 2.83g/t, although total cash costs were maintained at the previous quarter's level of $217/oz. Increased production, coupled with an improved received gold price, resulted in an operating profit increase of $2m to $3m. Ore grades are expected to recover during the June quarter and leach capacity is being increased to maximise recovery from these grades. In January, Geita recorded one million hours without a lost time injury and had no lost time injuries for the rest of the quarter.

As anticipated in the report on the previous quarter, grades at Morila (40% attributable) were lower than in the previous two quarters, but still at a creditable 8.93g/t. As a result, gold production for the quarter, though higher than expected, decreased by 27% to 95,000oz. With the drop in production, total cash costs increased

At Navachab, an 8% decline in tonnage throughput, together with an 8% decrease in recovered grade, resulted in a drop in production of 14% to 18,000oz. Total cash costs increased by 42% to $238/oz as a result of the lower production and a higher stripping LOM ratio after commencement of the Eastern Pushback project. Operating profit increased by 33% to $4m owing mainly to a reduced amortisation charge. The lower amortisation is as a result of a longer LOM due to the inclusion of the Eastern Pushback project.

Production at Sadiola (38% attributable), though on target, fell by 17% to 40,000oz, largely as a result of a 10% decline in recovered grade and an 8% decrease in tonnage throughput. In spite of lower production this quarter, total cash costs increased by 1% to $207/oz. Due to effective cost management and a higher gold price for the quarter, operating profit increased by 100% to $4m. The mine had one fatal accident on 4 March and no lost time injuries during the quarter.

At Yatela (40% attributable), gold production decreased by 28% to 21,000oz due to a throughput decrease of 6% and a 20% decline in grade to 2.25g/t for the quarter. Total cash costs increased by 1% to $204/oz, whilst operating profit remained constant at $2m despite lower production. We expect, with the installation of new crushers replacing the mineral sizers during the June quarter, throughput will return to previous levels. Two lost time injuries were recorded during the quarter.

NORTH AMERICA

Production at Cripple Creek & Victor (67% ownership with 100% interest in production) was 17% down quarter-on-quarter at 63,000oz, due to leach solution chemistry issues and lower irrigation flows, caused by drought. As a result of lower production volumes and higher reagent costs, total cash costs were 6% higher than those of the fourth quarter of 2002 at $188/oz. Operating profit declined to $1m, primarily due to increased depreciation charges on new crusher assets, higher amortisation charges from a rise in the contained ounces mined and lower gold sales. The new processing facilities are operating nearer to design capacity and, despite lower haulage fleet availability, mining costs were below target.

Jerritt Canyon's (70% attributable) production declined by 19% to 51,000oz this quarter. This decrease was due to lower grades milled in the first quarter despite favourable weather conditions that allowed above-target mill throughput. The fall in production resulted in total cash costs of $270/oz, 22% higher than those of the

SOUTH AMERICA

At Cerro Vanguardia (92.5% attributable), gold production decreased by 9% to 60,000oz, as planned. Total cash costs, at $120/oz, were 11% higher than the previous quarter, chiefly due to higher Peso appreciation and lower by-product credits. Operating profit decreased by 18% to $9m.

At Morro Velho, gold production decreased by 2% to 53,000oz, due to a planned reduction in ore treated (2%). Total cash costs were 6% higher at $127/oz primarily because of Real appreciation and increased total cash costs due to heavy rainfall at the Corrego do Sitio heap leach mine. Operating profit rose by 38% to $11m largely as a result of a 2% increase in sales volume and a 16% improvement in the received price. Cuiaba mine engaged a fourth team of workers this quarter, changing to seven-hour shifts to improve efficiency.

At Serra Grande (50% attributable), gold production rose by 9% to 24,000oz due to an increase in the volume of ore treated and a higher recovery grade. Total cash costs were slightly lower than those for the previous quarter at $93/oz, while operating profit rose by 25% to $5m.

The South America region again had a good safety performance this quarter at its underground operations, with its LTIFR running at 5.46, below the Ontario Underground Metalliferous Mines benchmark of 6.5. Performance has improved since then. As expected, Morro Velho was audited by NOSA and NQA in February. The operation was awarded a "4 Star" rating.

AUSTRALIA

Sunrise Dam performed well this quarter, with a 6% increase in gold production to 95,000oz and a 2% reduction in total cash costs to A$333/oz ($198/oz). Operating profit for the quarter rose to A$14m ($8m). After the reported decrease in sales volume last quarter, volumes increased this quarter by 5% to 90,000oz. The

Negotiations with AngloGold's partners in respect of the Boddington Expansion project are continuing.

EXPLORATION

At Sadiola in Mali, nine drillholes were completed as part of the sulphide drilling programme and these returned encouraging results. Notable intersections include 45m at 3.03g/t from 167m and 69m at 3.37g/t from 213m. Resource estimation and conceptual optimisation studies of the deep sulphides project are planned to commence in the upcoming quarter.

Exploration for satellite oxide deposits at Sadiola focused on the FE4 target, situated some 7km southeast of the main pit. Resource delineation drilling extended mineralisation 250m north of the current FE4 pit, with further mineralisation intersected immediately west and north-west of the current pit.

Satellite oxide delineation drilling in the Yatela area focused on the Alamatoula project, located 13km south- east of the pit. Further resource modelling is in progress at Alamatoula and mining is planned to commence in June 2003, one month earlier than previously reported.

In southern Mali, reverse circulation drill testing of geochemical anomalies at Sin Sin, situated to the east of the Morila lease,commenced during the quarter.

At Geita in Tanzania, drilling continued at Nyankanga West and East, Star and Comet, and at Geita Hill. At Nyankanga, step-out drilling testing strike and depth extensions encountered encouraging mineralisation with an intersection of 20m at 15.30g/t from 190m.

In North America, exploration drilling continued at the Red Lake project in Canada. Drilling was conducted on several targets and will carry on into the second quarter. Planning for the 2003 exploration and drilling programme in Nevada and Alaska was completed.

Brownfields exploration in North America focused on organic growth targets at Cripple Creek & Victor. Drilling in the first quarter of 2003 expanded on the 2002 results and will continue in the second quarter in support of the business plan and 2003 target.

In South America, drilling at Lamego near Cuiaba in Brazil intersected mineralisation averaging approximately 10m in thickness at mean grades of 5-10g/t at 250m to 350m below surface. The mineralisation appears to be open ended to the south. Ramp development to access sulphide mineralisation at Corrego do Sitio is progressing well and drilling ahead of the ramp has yielded intersections including 6m at 38.90g/t.

At Cerro Vanguardia in Argentina, exploration continued to focus on the definition of depth and strike extensions of the Osvaldo Diez and Mangas Sur veins. Significant intercepts at Osvaldo Diez included 5m at 30.58g/t from 80m and at Mangas Sur 6m at 11.53g/t from 110m.

Greenfields exploration in Peru concentrated on multidisciplinary targeting efforts and ground inspection in several parts of the country. At the La Rescatada project, parts of the infrastructure were upgraded to facilitate drilling activities that are planned to recommence early in the second quarter.

In Australia, exploration at Sunrise Dam focused on drilling the Sunrise Shear within the recently purchased Sunrise Lease. Notable intercepts from the Sunrise Shear included 7m at 7.74g/t from 178m and 4m at 4.38g/t from 198m. New results from the Dolly-Cosmo structures include 24m at 5.14g/t from 374m and 21m at 4.45g/t from 429m.

In South Africa, the two boreholes drilled to the west of Tau Lekoa Mine, which were reported on in the last quarter, intersected negligible gold values in the Ventersdorp Contact Reef. One further hole is in progress. The borehole drilling at the Moab extension

EXPLORATION WORKSHOP

To coincide with the Investing in African Mining Indaba in February, AngloGold held an exploration workshop in Cape Town to update the market in detail on its global exploration strategy. To access the workshop presentations, which outline AngloGold's exploration activities by region, please visit the company website at www.anglogold.com.

Note:

All references to price received includes the realised non-hedge derivative gains (losses). All references to operating profits and headline earnings excludes unrealised non-hedge derivative gains (losses). Rounding of figures may result in computational discrepancies. In the case of Joint Venture operations, all production and financial results are attributable to AngloGold.

Review of the 

gold market 

The rand benefited both from the weaker dollar and from positive sentiment towards  the local  currency,  and  the

During the quarter under review, the gold price was influenced most directly by the evolving international conflict over Iraq, and to a lesser degree, by movements from time to time in the value of the US dollar. The correlation between trading activity in gold futures on the New York Comex and the spot price of gold became even more direct. (see Comex Commitment Of Traders Report (COTR) graph below).

As far as the impact of the conflict in Iraq is concerned, it would seem that this has now passed through the gold

At 31 March 2003, the net hedge position of AngloGold was 9.34Moz, almost 1Moz or 29t lower than the hedge position at 31 December 2002. The marked-to-market valuation of this position at 31 March was negative $251.5m. These figures reflect an ongoing reduction in overall forward price commitments of the company. For the balance of 2003, the company has outright forward price commitments in respect of 1.05Moz or some 23% of the forecast production of the company for the balance of this year.

Hedge 

position 

The marked-to-market value of all hedge transactions making up the hedge positions was a negative $251.5m (negative R1.97bn) as at 31 March 2003 (as at 31 December 2002: negative $446.6m negative R3.81bn). These values were based on a gold price of $336.75/oz, exchange rates of R/$7.85 and A$/$0.602 and the prevailing market interest rates and volatilities at the time.

As at 29 April 2003, the marked-to-market value of the hedge book was a negative $154.9m (negative R1.124bn), based on a gold price of $332.75/oz and exchange rates of R/$7.2550 and A$/$0.6183 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 valuation represents the cost of buying all hedge contracts at the time of valuation, at market prices and rates available at the time.

    Year              2003               2004               2005               2006               2007               2008-2012               Total 

DOLLAR GOLD 

Forward contracts 

Amount (kg) 

7,899            16,811           26,576             19,862           18,974                      25,878 

116,000 

$ 

per 

oz 

   $302              $311              $324                $333              $337                          $355               $331 

Put options purchased 

Amount (kg) 

1,515 

3,906 

757 

563 

728 

7,469 

$ 

per 

oz 

$368                 $376               $291               $291               $292                                                 $351 

*Delta 

(kg) 

893 

2,387                 147                 108                 134 

3,669 

Put options sold 

Amount (kg) 

18,849 

10,264 

29,113 

$ per oz 

$324 

$339 

$330 

*Delta 

(kg) 

6,556 

4,313     

10,869 

Call options purchased 

Amount (kg) 

3,455 

572 

4,027 

$ per oz 

$355 

$360 

$356 

*Delta 

(kg) 

1,291 

237     

1,528 

Call options sold 

Amount (kg) 

23,962 

8,006 

16,360 

14,681 

14,308 

54,245 

131,562 

$ 

per 

oz 

$350                 $334                 $322                 $329                 $336                 $363                 $347 

*Delta 

(kg) 

9,638                4,696              10,811                9,562                9,327              35,319              79,353 

RAND GOLD

Forward contracts 

Amount (kg) 

12,596 

11,076 

9,078 

6,335 

4,541 

3,732 

47,358 

Rand 

per 

oz 

R79,777            R94,277           R116,89           R108,426         R114,915          R119,580          R100,621 

Put 

options 

purchased 

Amount 

(kg)                   1,875                 1,875                1,875                 1,875 

                7,500 

Rand 

per 

oz  R93,602             R93,602           R93,602             R93,602 

 R93,602 

*Delta 

(kg) 

893                    606                   460                     356 

2,315 

Put 

options 

sold 

Amount 

(kg)         

Rand 

per 

oz         

*Delta 

(kg) 

Call 

options 

purchased 

Amount 

(kg) 

Rand 

per 

oz         

*Delta 

(kg) 

Call options sold 

Amount (kg) 

10,912 

4,688 

4,687 

4,688 

2,986 

11,944 

39,905 

Rand 

per 

oz             R100,545           R115,284         R131,944         R132,647          R173,119          R209,288          R147,714 

*Delta 

(kg) 

2,285                 1,604                1,747               2,110                    721                3,625              12,092 

A DOLLAR GOLD

Forward contracts 

Amount (kg) 

12,224                 5,443                6,221               9,331                 8,398 

13,343               54,960 

A$ 

per 

oz 

A$523               A$544              A$674             A$652                A$623              A$639               A$607 

Put options purchased 

Amount (kg) 

A$ 

per 

oz 

*Delta 

(kg) 

Put options sold 

Amount (kg) 

1,866 

1,866 

A$ 

per 

oz 

A$556      

A$556 

*Delta 

(kg)                           796      

796 

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) 

382 

883 

2,990 

1,981 

6,633 

12,869 

Call options sold 

Amount (kg) 

5,599 

5,599 

A$ 

per 

oz 

A$661      

A$661 

*Delta (kg)                          840      

840 

Delta 

(kg) 

38,242              38,073               54,157              44,674              40,114              75,264            290,525 

Total net gold: 

Delta 

(oz) 

1,229,518         1,224,062          1,741,189         1,436,314          1,289,706        2,419,789         9,340,579 

 
The following table indicates the group's currency hedge position at 31 March 2003 
 

                                                                    Year              2003                2004               2005               2006               2007               2008-2012                Total 

RAND DOLLAR (000)

Forward 

contracts 

Amount 

($) 

Rand 

per 

$ 

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 (kg) 

20,000 

20,000 

Rand 

per 

$ 

R8.36      

R8.36 

*Delta 

($)                        2,568      

2,568 

A 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 

 
* 

GROUP OPERATING RESULTS

Issued Capital:

222,763,754 ordinary shares of 25 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:

222,700,331 ordinary shares in issue for the year to date

Statistics are shown in metric units and financial figures in South African rand.

Quarter

Quarter

Year

ended

ended

ended

March

December

December

2003

2002

2002

GOLD

UNDERGROUND OPERATIONS

Tonnes milled

- 000

3,299

3,500

13,426

Yield

- g/t

 7.87

 8.04

 8.27

Gold produced

- kg

25,949

28,148

111,017

PRODUCTIVITY

g/employee

- target

230

252

247

- actual

223

240

238

SURFACE AND DUMP RECLAMATION

Tonnes treated

- 000

9,717

9,743

38,366

Yield

- g/t

 0.28

 0.29

 0.30

Gold produced

- kg

2,757

2,798

11,350

OPEN-PIT OPERATIONS

Tonnes mined

- 000

37,337

35,176

148,222

Stripping ratio *

 4.91

 6.01

 4.37

Tonnes treated

- 000

7,459

7,705

27,186

Yield

- g/t

 2.00

 2.24

 2.29

Gold produced

- kg

14,899

17,222

62,344

TOTAL

Gold produced

- kg

43,605

48,168

184,711

Gold sold

- kg

43,526

48,602

184,798

Price received

- R/kg sold **

91,962

96,911

101,817

Total cash costs

- R/kg produced

56,100

53,457

54,037

Total production costs

- R/kg produced

66,520

68,159

68,241

CAPITAL EXPENDITURE

- Rm

489

880

2,842

*  Stripping ratio = (tonnes mined total - tonnes mined ore) / tonnes mined ore

** Price received includes realised non-hedge derivatives 

12

GROUP OPERATING RESULTS

Issued Capital:

222,763,754 ordinary shares of 25 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:

222,700,331 ordinary shares in issue for the year to date

Statistics are shown in imperial units and financial figures in US dollars.

 Quarter

 Quarter

Year

ended

ended

ended

March

  December

  December

2003

2002

2002

GOLD

UNDERGROUND OPERATIONS

Tons milled

- 000

3,636

3,858

14,800

Yield

- oz/t

 0.229

 0.235

 0.241

Gold produced 

- oz 000

834

905

3,569

PRODUCTIVITY

oz/employee

- target

 8.01

 8.11

 7.95

- actual

 7.86

 7.71

 7.66

SURFACE AND DUMP RECLAMATION

Tons treated

- 000

10,711

10,740

42,292

Yield

- oz/t

 0.008

 0.008

 0.009

Gold produced

- oz 000

89

90

365

OPEN-PIT OPERATIONS

Tons mined

- 000

41,157

38,775

163,387

Stripping ratio *

 4.91

 6.01

 4.37

Tons treated

- 000

8,222

8,493

29,966

Yield

- oz/t

 0.058

 0.065

 0.067

Gold produced

- oz 000

479

554

2,005

TOTAL

Gold produced

- oz 000

1,402

1,549

5,939

Gold sold

- oz 000

1,399

1,562

5,941

Price received

- $/oz sold **

344

314

303

Total cash costs

- $/ounce produced

210

173

161

Total production costs

- $/ounce produced

248

220

203

Rand/US Dollar average exchange rate

 8.35

 9.62

 10.48

CAPITAL EXPENDITURE

- $m

59

89

271

*  Stripping ratio = (tons mined total - tons mined ore) / tons mined ore

** Price received includes realised non-hedge derivatives 

13

GROUP INCOME STATEMENT

Quarter

Quarter

Year

ended

ended

ended

March

December

December

SA Rand million

2003

2002

2002

Gold income

3,938

4,814

18,372

Cost of sales

(2,885)

(3,341)

(12,550)

Cash operating costs

2,378

2,506

9,812

Other cash costs

70

90

291

Total cash costs

2,448

2,596

10,103

Retrenchment costs

3

-

30

Rehabilitation and other non-cash costs

24

74

119

Production costs

2,475

2,670

10,252

Amortisation of mining assets

449

657

2,566

Total production costs

2,924

3,327

12,818

Inventory change

(39)

14

(268)

1,053

1,473

5,822

Non-hedge derivatives

155

285

962

Operating profit *

1,208

1,758

6,784

Corporate administration and other expenses

(85)

(73)

(258)

Market development costs

(40)

(45)

(179)

Exploration costs

(75)

(63)

(296)

Interest receivable

71

84

373

Other net expense

(31)

(36)

(91)

Finance costs

(69)

(100)

(464)

Abnormal item - settlement of claim

-

-

(102)

Profit before exceptional items

979

1,525

5,767

Amortisation of goodwill

(58)

(67)

(293)

Loss on disposal of assets

-

(6)

(145)

Termination of retirement benefit plans

-

(1)

2

Profit on ordinary activities before taxation

921

1,451

5,331

Taxation

(338)

(447)

(1,730)

Normal taxation

(245)

(211)

(1,315)

Deferred taxation

(92)

(127)

(387)

Deferred tax on unrealised non-hedge derivatives

(1)

(117)

(35)

Taxation on abnormal item

-

-

47

Taxation on exceptional items

-

8

(40)

Profit on ordinary activities after taxation

583

1,004

3,601

Minority interest

(36)

(49)

(157)

Net profit

547

955

3,444

1,216

1,478

6,683

Headline earnings
The net profit has been adjusted by the following
to arrive at headline earnings:
Net profit

547

955

3,444

Amortisation of goodwill

58

67

293

Loss on disposal of assets

-

6

145

Termination of retirement benefit plans

-

1

(2)

Taxation on exceptional items

-

(8)

40

Headline earnings

605

1,021

3,920

Unrealised non-hedge derivatives 

8

(280)

(101)

Deferred tax on unrealised non-hedge derivatives

1

117

35

614

858

3,854

Earnings per ordinary share - cents
 - Basic

246

430

1,552

 - Headline

272

460

1,767

 - Headline before unrealised non-hedge derivatives

276

387

1,737

Dividends
 - Rm

3,009

 - cents per share

1,350

The results have been prepared in accordance with International Accounting Standards.

* Operating profit excluding unrealised non-hedge derivatives

Headline earnings before unrealised non-hedge derivatives

14

GROUP INCOME STATEMENT

Quarter

Quarter

Year

ended

ended

ended

March

December

December

US Dollar million

2003

2002

2002

Gold income

472

502

1,761

Cost of sales

(346)

(348)

(1,203)

Cash operating costs

286

261

939

Other cash costs

8

9

28

Total cash costs

294

270

967

Retrenchment costs

-

-

3

Rehabilitation and other non-cash costs

3

8

12

Production costs

297

278

982

Amortisation of mining assets

54

68

245

Total production costs

351

346

1,227

Inventory change

(5)

2

(24)

126

154

558

Non-hedge derivatives

19

30

92

Operating profit *

145

184

650

Corporate administration and other expenses

(10)

(8)

(25)

Market development costs

(5)

(5)

(17)

Exploration costs

(9)

(6)

(28)

Interest receivable

8

9

36

Other net expense

(3)

(4)

(9)

Finance costs

(8)

(11)

(44)

Abnormal item - settlement of claim

-

-

(10)

Profit before exceptional items

118

159

553

Amortisation of goodwill

(7)

(7)

(28)

Loss on disposal of assets

-

(1)

(13)

Termination of retirement benefit plans

-

-

-

Profit on ordinary activities before taxation

111

151

512

Taxation

(41)

(46)

(165)

Normal taxation

(29)

(22)

(124)

Deferred taxation

(12)

(13)

(39)

Deferred tax on unrealised non-hedge derivatives

-

(12)

(4)

Taxation on abnormal item

-

-

5

Taxation on exceptional items

-

1

(3)

Profit on ordinary activities after taxation

70

105

347

Minority interest

(4)

(5)

(15)

Net profit

66

100

332

146

155

638

Headline earnings
The net profit has been adjusted by the following
to arrive at headline earnings:
Net profit

66

100

332

Amortisation of goodwill

7

7

28

Loss on disposal of assets

-

1

13

Termination of retirement benefit plans

-

-

-

Taxation on exceptional items

-

(1)

3

Headline earnings

73

107

376

Unrealised non-hedge derivatives 

1

(29)

(12)

Deferred tax on unrealised non-hedge derivatives

-

12

4

74

90

368

Earnings per ordinary share - cents
 - Basic

30

45

150

 - Headline

33

48

169

 - Headline before unrealised non-hedge derivatives

33

41

166

Dividends
 - $m

325

 - cents per share

146

The results have been prepared in accordance with International Accounting Standards.

* Operating profit excluding unrealised non-hedge derivatives

Headline earnings before unrealised non-hedge derivatives

15

GROUP BALANCE SHEET

March

December

March

December

2003

2002

2003

2002

SA Rand million

US Dollar million

Non-current assets

18,902

19,555

Mining assets

2,394

2,280

3,023

3,210

Goodwill

383

374

156

165

Investments in associates

20

19

182

197

Other investments

23

23

286

275

AngloGold Environmental Rehabilitation Trust

36

32

596

549

Derivatives

75

64

469

466

Other non-current assets

59

55

23,614

24,417

2,990

2,847

Current assets

2,162

1,996

Derivatives

274

233

2,107

2,190

Trade and other receivables

267

255

1,818

1,848

Inventories

230

216

3

3

Current portion of other non-current assets

-

-

2,686

3,544

Cash and cash equivalents

340

413

8,776

9,581

1,111

1,117

32,390

33,998

Total assets

4,101

3,964

EQUITY AND LIABILITIES

11,717

12,375

Shareholders' equity

1,484

1,443

325

347

Minority interests

41

40

12,042

12,722

1,525

1,483

Non-current liabilities

6,643

7,219

Borrowings

841

842

1,977

2,008

Provisions

250

234

3,767

3,445

Deferred taxation

477

402

1,398

2,028

Derivatives

177

236

13,785

14,700

1,745

1,714

Current liabilities

2,472

2,588

Derivatives

313

302

2,205

2,145

Trade and other payables

279

250

616

719

Current portion of borrowings

78

84

1,270

1,124

Taxation

161

131

6,563

6,576

831

767

32,390

33,998

Total equity and liabilities

4,101

3,964

The results have been prepared in accordance with International Accounting Standards.

16

GROUP CASH FLOW STATEMENT

Quarter

Quarter

Year

Quarter

Quarter

Year

ended

ended

ended

ended

ended

ended

March

December

December

March

December

December

2003

2002

2002

2003

2002

2002

SA Rand million

US Dollar million

Cash flows from operating 
activities

1,477

2,106

8,255

Cash generated from operations

181

189

758

62

73

331

Interest received

7

8

32

(50)

(64)

(169)

Environmental contributions and 
expenditure

(6)

(6)

(16)

9

-

19

Dividends received from associates

1

-

2

(86)

(77)

(410)

Finance costs

(10)

(8)

(40)

(81)

(444)

(1,376)

Taxation paid

(10)

(45)

(131)

1,331

1,594

6,650

Net cash inflow from operating 
activities

163

138

605

Cash flows from investing 
activities

(488)

(880)