Edgar Filing: ANGLOGOLD LTD

Page 1

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

11 JULY 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:

   ANGLOGOLD REPORT FOR THE QUARTER ENDED 31 MARCH 1999,

PREVIOUSLY FILED WITH THE SEC IN HARD COPY -- REFILED TODAY, ON EDGAR

REPORT FOR THE QUARTER

E N D E D  3 1  M A R C H  1 9 9 9

HIGHLIGHTS

Shortfall in gold production, due to operational problems, less than anticipated

Overall production increases by 8% to 53, 7 tonnes (1, 7 million ounces) with addition of Minorco gold mines

Cash costs decrease by 7% to $209 per ounce

Total production costs down by 6% to $238 per ounce

Attributable profit increases by 29% to R611 million

Earnings before exceptional items decline by 3% to R493 million

Cash generated from operations - R793 million

Return on shareholders' equity - 34%

Return (before tax) on capital employed - 22%

All financial figures reported solely according to International Accounting Standards for the first time

Prepared in accordance with
Accounting Standards

Gold

Produced
Revenue
Cash costs

Total production costs

Operating profit

Net capital expenditure

Attributable profit

Attributable earnings

Earnings before
exceptional items

Headline earnings

International

kg/oz (000)
R/kg/$/oz sold
R/kg/$/oz produced
R/kg/$/oz produced
R/$ million

R/$ million

R/$ million

cents per share

cents per share

cents per share

Quarter

ended
March

53 711

60 960
40 951
46 741

746,

249,

611,

Quarter

ended

December

Rand/Metric

798,

253,

473,

Year

ended

December

205 349

58 946
40 587
46 704

2 475, 3

544,

1 710, 5

1 748

1 568

1 568

Quarter

ended
March

1 728

209
238

122.

40.

100.

Quarter

ended

December

Dollar/Imperial

1 604

332
224

138.

44.

82.

Year

ended

December

6 602

334
230
264

444.

98.

317.

anglo

ANGLOGOLD LIMITED

Registration No. 05/17354/06
Incorporated in the Republic of South Africa

Published by the AngloGold Corporate Communications Department

Postal address: PO Box 62117

Marshalltown
2107
South Africa

Telephone: +27 11 637 6152

Facsimile: +27 11 637 6399/6400
E-mail: investors@corp. anglogold. com

LETTER FROM THE CHAIRMAN

AND THE CHIEF EXECUTIVE OFFICER

Dear Shareholder

AngloGold has produced a good set of results for the first quarter of its 1999 financial year. Significant changes have

taken place in this quarter in the composition of the company's assets, its accounting conventions and the fiscal regime

within which it operates, and shareholders need to take account of these changes in order to see in these results both

an accurate picture of current performance as well as an indicator of prospects for the remainder of the year.

During this quarter the company concluded the acquisition of the Minorco gold assets and their financial and operating

results are included for the first time. The quarterly results benefit from both the increased production and lowered

production costs of these assets. A significant increase in debt, and in amortisation (which increased by R72 million)

and a partial write-off of goodwill (R342 million this quarter) in relation to the Minorco acquisition is also evident.

Also during the quarter the company agreed to sell its 21, 5% interest in the South African gold company Driefontein.

AngloGold's attributable share of this company's gold production (some 300 000 annual ounces) has been excluded

from this quarter's operational results. As the sale was only approved by shareholders in April, equity accounted earnings

(R68 million), including a deferred tax rate change (R37 million) have been included this quarter. This will be set off

against the profit from the sale of approximately R544 million, which will be accounted for next quarter. The cash

proceeds amount to some R1, 3 billion, R714 million of which was paid in April with the balance to be paid within nine

months.

For this quarter the company reports its results exclusively according to International Accounting Standards (IAS), as it

is the Board's view that these standards provide the most reliable, effective and internationally comparative picture of

the performance of AngloGold. Last quarter both IAS and appropriation accounting conventions were reported. Last

quarter's profit available for distribution was R414 million (424 cents per share) in appropriation terms, and headline

earnings were R510 million (521 cents per share) in IAS terms. It is the IAS available profits that provide a meaningful

comparison with this set of results.

A further development that has had an impact on the reported results is the change effected to the South African

corporate tax rate during this quarter, where the corporate rate was lowered from 35% to 30% with a similar adjustment

being made to the gold mining tax formula. This lower rate is reflected (in part) in the R82 million reduction in tax and in

a R460 million reduction in deferred tax.

Against this background, the profit attributable to shareholders for the March quarter increased to R611 million (up by

29%), however once the goodwill write-off of R342 million, and the deferred tax adjustment of R460 million are excluded,

earnings are R493 million (504 cents per share). This represents a 3% decrease in the earnings of the December

quarter on a comparable basis.

In terms of the company's operating performance, production problems were experienced at a number of operations,

leading the company to revise downwards its production target for the quarter from 55 tonnes (1, 8 million ounces) to

52 tonnes (1, 7 million ounces) in a public announcement on 6 April 1999. Since this date 1, 7 tonnes (55 000 ounces) of

this deficit has been made up and management is confident of recovering the remaining ounces by the end of the year.

The price received on gold sales declined against the previous quarter by 1% to R60 960 per kilogram. Cash costs fell

from $224 to $209 per ounce and total production costs from $254 to $238 per ounce.

Capital expenditure for the quarter was R249 million compared to R254 million the previous quarter.

The company has therefore been able to repeat the sound operating performance of the December quarter, with an

operating profit margin this quarter of 23%, a return on shareholders' equity of 34% and on capital employed (before

tax)

 of 22%.

Management remains confident of achieving the targeted production levels for the year of 7 million ounces, at cash costs

of around $210 per ounce.

NICKY OPPENHEIMER                                                                                                                                          BOBBY GODSELL

Chairman                                                                                                                                                              Chief Executive Officer

29 April 1999

SOUTH AFRICAN OPERATIONS

As part of AngloGold's restructuring process. Western Deep Levels East, West and South mines have been separated
into three business units from this quarter, each with its own management structure. To reflect these changes they have
been renamed as follows: East Mine is now TauTona ('great lion' in Sotho). West Mine, Savuka (Zulu for 'rise up') and

South Mine. Mponeng ('look at me' or 'see me' in Sotho).

Overall performance

The first quarter got off to a disappointing start for the South African operations. The January and February production
months were plagued by a series of seismic and infrastructural problems but the quarter finished strongly, with March
the second highest production month since June last year.

Due to the initial shortage of quality underground material to the plants, throughputs were maximised by increased
processing of lower-grade surface dump material. This resulted in some dilution of yield.

Gold production at 45, 5 tonnes was 2, 5 tonnes (5%) below the previous quarter, due mainly to underperformance from
Matjhabeng, TauTona (Western Deep Levels East Mine ) and Elandsrand. Lower production at Ergo and Bambanani was
in line with expectations.

Productivity, in grams per total employee, showed a slight deterioration (2%) from the December quarter levels, reflecting

this underperformance.

Cash operating costs were well controlled and ended 3% lower in absolute terms, while the lower production impacted
unfavourably on unit costs which rose by 2% to R43 116 per kilogram.

Gold operating profit fell by some R163 million. The slightly lower gold price received, lower production and the change
in inventory levels were the major contributors.

Mine performance

At TauTona (Western Deep Levels East Mine), a drive for improved safety - in line with AngloGold's zero tolerance safety
campaign - resulted in reduced face advance in a number of high grade areas. The effect of the reduction is being
addressed through productivity initiatives in other areas.

As a result of the fail-off in grade during January and February at Elandsrand, a number of panels were stopped and
crews moved to higher-grade panels. This resulted in an improvement in grade but a shortfall in square metres due to
the time taken to establish the higher-grade panels.

Production at Savuka (Western Deep Levels West Mine) was negatively affected by the damage to the tertiary shaft from

the seismic event reported last quarter. The rock mass has now been stabilised through an intensive support programme
and the shaft steelwork is being repaired. Production performance is expected to improve in the second quarter.

At Mponeng Mine (Western Deep Levels South Mine), a seismic event closed two raise lines in high-grade areas. This
reduced available face length and consequently, tonnage and grade were lower than planned.

Significant pumping problems were experienced at Deelkraal at the beginning of the year, leading to the suspension of
operations in some areas. The resulting shortage of underground tonnage was offset by an increase in throughput of
lower-grade surface dump material.

Great Noligwa had an exceptional quarter with a clean-up of the plant boosting production to 8, 7 tonnes. Production is
expected to return to below 8 tonnes in the second quarter.

A switch from single-to twin-streaming of ore from Tau Lekoa and Kopanang Mines through the gold plant has improved
gold accounting at both mines. At Tau Lekoa, an additional 100 kilograms of gold per month are expected to be

produced, while at Kopanang any negative impact will be offset by increased production.

Bambanani experienced substantial shaft downtime during the quarter as a result of shaft infrastructural problems. The
impact was minimised by accelerated production.

Seismic activity and repairs to shaft infrastructure had an adverse impact on production at Matjhabeng. Production levels
had been restored by March.

in the early hours of Friday, 23 April, however, an earth tremor measuring 4, 6 on the Richter Scale struck the Free State

goldfields. All four of Matjhabeng's shafts were affected, Eland shaft the most severely. At the time of publication rescue
teams were still searching for the two employees missing underground. Damage to shaft infrastructure was still being
assessed.

The reduction from two streams to one at Ergo's Daggafontein section - due to declining reserves - resulted in lower
production, as anticipated.

Projects

Capital expenditure at Joel reduced quarter on quarter by R7 million. The shaft-sinking project was affected by poor
ground conditions and technical problems related to the wetcreting operation. Measures are in place to address these
issues. Shaft sinking has progressed to 117 level (1 133 metres below surface) and station development is under way.

The Mponeng (Western Deep Levels South Mine) Deepening project is progressing, on schedule. Scaling problems in
the Sub shaft have resulted in the re-scheduling of expenditure. The Sub shaft has reached 120 level (3 371 metres
below surface) where station development has been completed. Capital expenditure is R4 million lower than the previous
quarter

The Moab Khotsong project is progressing very well and is on schedule. The commissioning of the main winder was
completed successfully and ahead of schedule. Expenditure on capital for the quarter of R75 million was R22 million
higher than the previous period.

The carbon technology projects at West Wits are ahead of schedule and within targeted expenditures. Carbon cells at
No. 2 Plant have been commissioned and are running at acceptable residue levels. Civil construction at Elandsrand Plant
has been completed and erection of structural steelwork has begun. Expenditure of R10 million has been incurred for
the quarter.

INTERNATIONAL OPERATIONS

Other African operations

The Africa International operations comprise AngloGold's 38% interest in the Sadiola mine in Mali and the 70% interest
in the Navachab venture in Namibia.

Both operations have performed well in respect of most key parameters this quarter. The significant variances in
comparison with the preceding quarter are primarily associated with the previously reported requirement for additional
stripping and revised slimes dam operations at Sadiola, coupled with the lower mill head grades expected there and at
Navachab for 1999. At Navachab, excellent progress was made on pit slope recovery work, scheduled for completion at
mid-year.

These factors directly influence labour establishment, costs and productivities, as demonstrated in the numbers.

Nevertheless, the cash costs continuing to be achieved and projected - at Sadiola in particular - are gratifying.

At Sadiola, negotiations are in progress to resolve, in the ensuing quarter, two issues with potential financial implications,
These are: the upgrading of the mine-owned power station's diesel engines, where performance since commissioning

has been disappointing; and interpretation differences with the authorities on several Mali tax and duty clauses in the
operating convention. Satisfactory resolution is expected and financial exposure is not assessed to be material.

From successful extension exploration programmes initiated two years ago, Sadiola's mineral resource model has been
updated and provides, potentially, for the economic exploitation of additional resources. These would support the very
high mining and throughput rates currently being achieved by the operation.

The relocation of both Sadiola and Farabakouta villages should be almost completed during the next quarter, thus
satisfying both local environmental and ore resource access undertakings.

The potential Yatela project north-west of Sadiola continues to be subject to feasibility and trade-off studies and an
investment decision is expected to be taken this year.

At Navachab, the venture management committee has agreed to go ahead with a significant pit expansion project which,
while exploiting additional resources and extending the life by some eight years, provides an attractive return on the

required investment in additional waste stripping.

A six-day strike by plant shift workers and some sympathisers at Navachab was resolved by negotiation on 22 April.

The Americas

The process of integrating into AngloGold the interests acquired from Minorco in gold operations and exploration in the
Americas has proceeded satisfactorily to date and is in line with expectations at the time of acquisition. Management is

firmly in place, with a capacity to bring future expansion and new projects to account.

In aggregate, the production targets for the first quarter were met at cash costs below expectations and below those of
the previous quarter.

North America

These operations comprise AngloGold's 70% interest in the Jerritt Canyon joint venture in Nevada and the 67% interest

in the Cripple Creek and Victor joint venture in Colorado.

Jerritt Canyon performed satisfactorily for the quarter in respect of most key parameters and while the open-pit source
of its production is scheduled to cease later this year, the underground sources at the Murray and SSX mines are
scheduled to compensate in part. Active exploration and the development of additional underground production are in

place.

Cripple Creek and Victor, a low-grade but efficient open-pit and valley heap leach operation, had a slow start to the year,
with new heap areas taking some time to develop the requisite solution flow tenors. It is anticipated that progressive
production shortfalls should be recovered in the third quarter of 1999. Costs remain firmly under control.

South America

These operations comprise AngloGold's 100% interest in the Morro Velho mines and the 50% interest in the Serra
Grande mines, both in Brazil, as well as the 46, 25% interest in Cerro Vanguardia in southern Argentina.

All operations achieved gold and cash cost targets in the first quarter and costs at the Brazilian operations further

benefited to the extent of some US$20 per ounce as a result of the Real devaluation.

Some work to resolve bottlenecking at the Cerro Vanguardia metallurgical plant remains to be done before the full
potential at this operation is realised. Reagent usage is high at present while the cyanide recovery process is being
optimised. Silver grades and recovery have been below expectations to date, thus lowering the useful by-product credit
expected from that source. All these issues are receiving active attention in this, the first year of production.

A feasibility study on the potential Amapari project north of the Amazon is in progress, as are several studies on capacity

increases at the existing operations. Exploration is active.

For the first quarter of 1999, the spot price of gold continued to fluctuate within a narrow price band of some $15.
Overall, the price moved lower from the final quarter of 1998, and the average price for the quarter of $287 per ounce
was around $7 below the previous quarter. The price remains under pressure at the low end of this range.

The reasons for this pressure are not immediately obvious. Whilst there was disappointing news early in the quarter with
the announcement by the Indian Government of an increase in import duties on gold into India (which results in a price
of gold in India about 10% above the free market), this tax has not had any measurable impact on physical gold off-take.
The Indian market retains the fallback source of gold smuggled from Dubai in the event that government taxation on the

metal becomes too onerous, and Indian off-take is still relatively firm after the record demand of 800 tonnes of metal in

that country during 1998. Physical off-take elsewhere in the world is equally reassuring, with indications of recovery in
both South-East Asia and the Middle East.

Similarly, the revival of a proposal to sell a limited amount of IMF gold reserves (5 to 10 million ounces over a period of
years) in a move to ease the debt burdens of poor countries is not a new issue in the gold market. More importantly, the
amount proposed for the sale is not in itself material, and would almost certainly be absorbed in today's markets without
impact on the price. In general, with the exception of the Swiss proposals to sell up to half of their gold reserves over a

number of years, the prognosis for gold sales from the official sector is encouraging, with no large sales likely from any

of the major holders of gold. This is the most positive position we have faced from this sector of the gold market in the

past decade.

The reasons for the malaise in the gold price appear to lie elsewhere, in a banking and investment sector which seems
to ignore any and all good news on gold and which follows a policy of recommending selling on every improvement in
the gold price, no matter how modest. What the motivation might be behind such a negative position is not clear.

However, initiatives are under way to achieve more satisfactory reporting of open positions and flows in gold derivative
markets, and it is to be hoped that with some greater transparency in these markets we may gain a better understanding

of the forces which currently constrain the price of the metal.

The currency markets were generally more stable during this quarter than they were during 1998. The average
rand/dollar exchange rate of R6, 15/US$ was some 4% weaker than the average in the final quarter of 1998, largely due
to a stronger dollar. In general, investors have favoured the South African currency recently, and in the absence of major

upheavals, the rand could well consolidate around current levels against the dollar.

The hedge position reflected below includes an amount of some 142 300 kilograms of forward cover entered into in

respect of forecast production from the newly acquired gold mining assets in the United States and South America.

As at 31 March 1999, the company had outstanding the following net forward pricing commitments against future

production. A portion of these sales consists of US dollar-priced contracts which have been converted to rand prices
at average annual forward rand values based on a spot rand/dollar exchange rate of R6, 20 available on 31 March

1999. The increase in hedge cover reflects the growing diversity of gold production by AngloGold in 1999 and beyond.

The percentage of the sales priced in US dollars is shown below:

12 months ending

31 March

2000
2001
2002
2003
2004 - 2008

The aggregate of US dollar-priced contracts over the full duration of the hedge is 63 per cent.

Kilograms

sold

109 323

80 326
71 273
50 138

22 380
67 121

Ounces Forward price per

sold kilogram sold

3 515
2 583
2 291

1 612

2 158

101 039
129 199

Percentage of

positions

priced in US$

71
53

The hedge position of the company increased by 8, 7% to 12. 9 million ounces spread over ten years - equivalent to a
year and nine months of production. The average price of these positions, 63% of which are priced in US dollars,

increased by 2% to $344 per ounce or R86 506 per kilogram at an exchange rate of R/$6, 20. The increase caters for
the hedging of the additional production of the mines acquired from Minorco in terms of loan agreements.

1.    The results have been prepared in accordance with International Accounting Standards. As from 1 January 1999

results will no longer be presented in accordance with the appropriation method of accounting.

2.     At the general meeting held on Wednesday, 3 February 1999, shareholders approved the transaction for the

acquisition by AngloGold of the gold interests of Minorco for a net consideration of US$492, 4 million.

By 31 March 1999 all conditions precedent had been met and the effective date of the transaction was 1 January

1999.

3.     During the quarter 4 000 ordinary shares were allotted in terms of the Share Incentive Scheme, thereby increasing

the number of ordinary shares in issue at 31 March 1999 to 97 857 199.

4.     Earnings per share have been calculated using a weighted average number of ordinary shares in issue.

5.     Orders placed and outstanding on capital contracts as at 31 March 1999 totalled R350, 0 million, equivalent to

US$56, 4 million at the rate of exchange ruling on that date.

6.     Final dividend No. 85 of 800 South African cents per share was paid on 26 March 1999. The dividend paid on each

American Depositary Share (ADS) was 63. 85 US cents per ADS. Each ADS represents one-half of an ordinary
share.

7.    The financial results for the year ended 31 December 1998 are audited. All other results are unaudited.

By order of the Board

N. F. OPPENHEIMER                                                                                                                                          R. M. GODSELL
Chairman                                                                                                                                                          Chief Executive Officer

29 April 1999

GROUP BALANCE SHEET

Prepared in accordance with International Accounting Standards

31 Dec 1998

31 Mar 1999

31 Mar 1999

31 Dec 1998

US Dollar million

SA Rand million

ASSETS

Non-current assets

1 878.6

2 292.6

Mining assets

14 239.8

11 048.5

 146.1

Goodwill

 907.7

 153.3

 157.6

Investments

 979.0

 901.5

 129.6

 130.2

Long-term loans - unsecured

 808.8

 762.2

2 161.5

2 726.5

16 935.3

12 712.2

Current assets

 115.4

 163.4

Inventories

1 014.8

 679.2

 147.4

 170.8

Trade and other receivables

1 061.1

 866.8

 224.1

 224.5

Cash and cash equivalents

1 394.3

1 318.0

 486.9

 558.7

3 470.2

2 864.0

2 648.4

3 285.2

Total assets

20 405.5

15 576.2

EQUITY AND LIABILITIES

Capital and reserves

 895.6

 848.0

Share capital and premium

5 267.2

5 267.7

 25.0

 25.8

Non-distributable reserve

 160.0

 147.5

 238.8

 330.8

Retained earnings

2 054.7

1 404.1

1 159.4

1 204.6

Shareholders' equity

7 481.9

6 819.3

0.2

 30.3

Minority interests

 187.9

0.9

1 159.6

1 234.9

7 669.8

6 820.2

Non-current liabilities

 121.5

 744.9

Borrowings

4 626.4

 714.7

 15.7

 16.1

Debentures

 99.9

 92.2

 192.7

 288.1

Other long-term liabilities

1 789.5

1 133.2

 733.1

 642.7

Deferred taxation

3 991.8

4 311.6

1 063.0

1 691.8

10 507.6

6 251.7

Current liabilities

 231.4

 236.2

Trade and other payables

1 468.8

1 360.8

0.7

 32.5

Current portion of borrowings

 201.8

4.3

 60.6

 89.8

Taxation

 557.5

 356.4

 133.1

Dividends

 782.8

 425.8

 358.5

2 228.1

2 504.3

2 648.4

3 285.2

Total equity and liabilities

20 405.5

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

15 576.2

GROUP CASH FLOW STATEMENT

Year

Quarter

Prepared in accordance with International Accounting Standards

Quarter

Year

31 Dec 1998

31 Mar 1999

31 Mar 1999

31 Dec 1998

US Dollar million

SA Rand million

Cash flows from operating activities

 501.5

 130.8

Cash generated from operations

 793.3

2 786.1

 44.6

 12.8

Interest received

 77.9

 246.4

( 17.1)

( 2.8)

Interest paid

( 17.4)

( 94.4)

7.2

5.6

Dividends received

 34.2

 39.7

( 258.0)

( 128.3)

Dividends paid

( 782.8)

(1 414.3)

( 112.1)

( 5.3)

Mining and normal taxation paid

( 32.4)

( 614.8)

 166.1

 12.8

Net cash inflow from operating activities

 72.8

 948.7

Cash flows from investing activities

( 184.6)

( 41.1)

Purchase of mining assets

( 250.5)

(1 012.0)

 75.4

0.2

Proceeds from sale of mining assets

1.3

 413.6

( 6.1)

( 0.7)

Investments acquired

( 4.2)

( 33.7)

( 459.2)

Net acquisition of Minorco gold assets

(2 840.8)

7.6

Proceeds from sale of investments

 41.4

( 107.7)

( 500.8)

Net cash outflow from investing activities

(3 094.2)

( 590.7)

Cash flows from financing activities

0.5

0.1

Proceeds from issue of share capital

0.8

2.9

( 20.7)

( 0.2)

Formation and share issue expenses

( 1.3)

( 113.4)

 12.7

 501.3

Proceeds from borrowings

3 100.7

 69.4

( 16.9)

Repayment of borrowings

( 0.2)

( 92.9)

( 12.9)

( 0.4)

Loans advanced

( 2.3)

( 70.5)

( 37.3)

 500.8

Net cash inflow / (outflow) from financing activities

3 097.7

( 204.5)

 21.1

 12.8

Net increase in cash and cash equivalents

 76.3

 153.5

( 36.1)

( 12.4)

Translation adjustment

 239.1

 224.1

Opening cash and cash equivalents

1 318.0

1 164.5

 224.1

 224.5

Closing cash and cash equivalents

1 394.3

1 318.0

Note to the Cash Flow Statement

Cash generated from operations

 444.3

 122.9

Profit on ordinary activities before taxation

 745.3

2 404.0

Adjusted for:

 135.5

 43.5

Amortisation of mining assets

 265.5

 744.8

8.1

4.8

Non-cash movements

 29.2

 43.5

9.1

Loss on sale of mining assets

 107.3

( 68.4)

( 10.7)

Income from associates

( 65.5)

( 363.7)

( 44.6)

( 12.8)

Interest received

( 77.9)

( 246.4)

( 2.4)

( 0.2)

Dividends received

( 1.4)

( 13.4)

 17.1

2.8

Interest paid

 17.4

 94.4

2.8

( 19.5)

Movement in working capital

( 119.3)

 15.6

 501.5

 130.8

 793.3

2 786.1

The following analyses the movement in working capital:

 51.1

4.1

Decrease in inventories

 24.8

 280.0

( 46.5)

7.3

Decrease / (increase) in trade and other receivables

 44.3

( 254.8)

( 1.8)

( 30.9)

Decrease in trade and other payables

( 188.4)

( 9.6)

2.8

( 19.5)

( 119.3)

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

 15.6

GROUP OPERATING RESULTS

Prepared in accordance with International Accounting Standards
Statistics are shown in metric units and financial figures in South African rand.

Issued Capital:

97 857 199 ordinary shares of 50 cents each
2 000 000 A redeemable preference shares
778 896 B redeemable preference shares
All the preference shares are held by a wholly owned subsidiary company

Quarter

Quarter

Year

ended

ended

ended

March

December

December

GOLD

UNDERGROUND OPERATIONS

Tonnes milled

- 000

- reef

5 387

5 285

22 155

- waste

- total

5 557

5 358

22 396

Yield

- g/t

- reef

 8.24

 8.28

 8.16

- waste

 0.71

 0.63

 0.88

- average

 8.01

 8.18

 8.08

Gold produced

- kg

- reef

44 405

43 769

180 831

- waste

- total

44 525

43 815

181 043

PRODUCTIVITY

g/employee

- target

- actual

SURFACE AND  DUMP RECLAMATION

Tonnes treated

- 000

13 823

14 305

57 511

Yield

- g/t

 0.28

 0.29

 0.30

Gold produced

- kg

3 841

4 166

17 025

OPEN-PIT OPERATIONS

Tonnes mined

- 000

12 171

2 207

7 527

Stripping ratio

- t(mined-treated)
 /t treated

 2.63

 1.89

 1.63

Tonnes treated

- 000

3 350

2 863

Yield

- g/t

 1.60

 2.53

 2.54

Gold produced

- kg

5 345

1 933

7 281

TOTAL

Gold produced

- kg

53 711

49 914

205 349

Revenue - R/kg sold

- (excluding accelerated hedge)

60 788

61 125

57 283

- (including accelerated hedge)

60 960

61 653

58 946

Cash costs

- R/kg produced

40 951

41 582

40 587

Total production costs

- R/kg produced

46 741

48 474

47 002

URANIUM

Tonnes treated

- 000

2 576

Yield

- kg/t

 0.36

 0.36

 0.35

Production

- kg

230 000

223 000

891 000

Cost of production

- R/kg

Sales

- kg

 313 591

 671 068

1 508 794

GROUP OPERATING RESULTS

Prepared in accordance with International Accounting Standards
Statistics are shown in imperial units and financial figures in US dollars.

Issued Capital:

97 857 199 ordinary shares of 50 cents each
2 000 000 A redeemable preference shares
778 896 B redeemable preference shares
All the preference shares are held by a wholly owned subsidiary company

Quarter

Quarter

Year

ended

ended

ended

March

December

December

GOLD

UNDERGROUND OPERATIONS

Tons milled

- 000

- reef

5 939

5 825

24 422

- waste

- total

6 127

5 904

24 687

Yield

- oz/t

- reef

 0.240

 0.242

 0.238

- waste

 0.021

 0.018

 0.026

- average

 0.234

 0.239

 0.236

Gold produced - oz

- 000

- reef

1 428

1 408

5 814

- waste

- total

1 432

1 410

5 821

PRODUCTIVITY

oz/employee

- target

 7.07

 5.69

 5.59

- actual

 6.69

 6.08

 5.82

SURFACE AND  DUMP RECLAMATION

Tons treated

- 000

15 236

15 768

63 395

Yield

- oz/t

 0.008

 0.008

 0.009

Gold produced

- oz 000

OPEN-PIT OPERATIONS

Tons mined

- 000

13 416

2 433

8 297

Stripping ratio

- t(mined-treated)
 /t treated

 2.63

 1.89

 1.63

Tons treated

- 000

3 693

3 156

Yield

- oz/t

 0.047

 0.074

 0.074

Gold produced

- oz 000

TOTAL

Gold produced

- oz 000

1 728

1 604

6 602

Revenue - $/oz  sold

- (excluding accelerated hedge)

- (including accelerated hedge)

Cash costs

- $/ounce produced

Total production costs

- $/ounce produced

Rand/US Dollar exchange rate

 6.10

 5.77

 5.49

URANIUM

Tons treated

- 000

2 840

Yield

- lb/t

 0.72

 0.73

 0.69

Production

- lb

507 064

 491 631

1 964 320

Cost of production

- $/lb

 5.37

 5.81

 6.33

Sales

- lb

691 350

1 479 453

3 326 323

GROUP FINANCIAL RESULTS

Prepared in accordance with International Accounting Standards

SA Rand million

Quarter

Quarter

Year

ended

ended

ended

March

December

December

Turnover

3 288.5

3 312.5

12 282.6

Gold revenue

3 231.2

3 194.0

12 002.9

Normal

3 221.9

3 165.8

11 654.9

Accelerated hedge

9.3

 28.2

 348.0

Cost of sales

2 497.9

2 441.6

9 626.6

Cash costs

2 186.4

2 046.9

8 224.4

Retrenchment costs

9.2

 28.2

 348.0

Rehabilitation and other non cash costs

 19.8

 38.5

 78.8

Production costs

2 215.4

2 113.6

8 651.2

Amortisation of mining assets

 265.5

 193.2

 744.8

Total production costs

2 480.9

2 306.8

9 396.0

Inventory change

 17.0

 134.8

 230.6

Gold operating profit

 733.3

 752.4

2 376.3

Uranium and acid profit

 13.5

 45.6

 99.0

Uranium and acid sales

 57.3

 118.5

 279.7

Uranium and acid cost of sales

 43.8

 72.9

 180.7

Operating profit

 746.8

 798.0

2 475.3

Corporate administration and other expenses

 65.0

 75.9

 262.5

Research and development

7.5

 13.4

 27.1

Exploration costs

 56.4

 51.4

 203.5

Profit from operations

 617.9

 657.3

1 982.2

Interest paid

 17.4

 75.3

 94.4

Interest receivable

 77.9

 121.7

246.4

Income from associates

 65.5

 78.9

 363.7

Income from other investments

1.4

1.6

 13.4

Profit / (loss) on sale of mining assets

 13.7

( 107.3)

Profit on ordinary activities before taxation

 745.3

 797.9

2 404.0

Taxation

( 218.1)

 324.0

 693.5

Normal taxation

 230.7

 229.6

 890.5

Deferred taxation

- current

 11.1

 94.4

( 197.0)

- rate change

( 459.9)

Profit on ordinary activities after taxation

 963.4

 473.9

1 710.5

Goodwill written off

 341.7

Minority interest

 10.4

Profit attributable to ordinary shareholders

 611.3

 473.9

1 710.5

Earnings per share

 - cents

 1 748

Headline earnings

 - Rm

 953.0

 509.6

1 533.8

 - cents per share

 1 568

Earnings before exceptional item and deferred

 tax rate adjustment

 - Rm

 493.1

 509.6

1 533.8

 - cents per share

 1 568

Capital expenditure

 - mining direct

 225.9

 226.1

 883.1

 - other

 24.6

 37.7

 64.6

 - recoupments

( 1.3)

( 10.0)

( 402.8)

Net capital expenditure

 249.2

 253.8

 544.9

GROUP FINANCIAL RESULTS

Prepared in accordance with International Accounting Standards

US Dollar million

Quarter

Quarter

Year

ended

ended

ended

March

December

December

Turnover

 538.9

 573.5

2 235.6

Gold revenue

 529.5

 553.0

2 184.6

Normal

 528.0

 548.1

2 116.4

Accelerated hedge

1.5

4.9

 68.2

Cost of sales

 409.5

 422.8

1 757.8

Cash costs

 358.5

 354.4

1 499.1

Retrenchment costs

1.5

4.9

 68.2

Rehabilitation and other non cash costs

3.2

6.7

 12.5

Production costs

 363.2

 366.0

1 579.8

Amortisation costs

 43.5

 33.4

 135.5

Total production costs

 406.7

 399.4

1 715.3

Inventory change

2.8

 23.4

 42.5

Gold operating profit

 120.0

 130.2

 426.8

Uranium and acid profit

2.2

7.9

 17.9

Uranium and acid sales

9.4

 20.5

 51.0

Uranium and acid cost of sales

7.2

 12.6

 33.1

Operating profit

 122.2

 138.1

 444.7

Corporate administration and other expenses

9.8

 12.6

 48.1

Research and development

1.2

2.3

4.7

Exploration costs

9.2

8.9

 36.8

Profit from operations

 102.0

 114.3

 355.1

Interest paid

2.8

 13.0

 17.1

Interest receivable

 12.8

 21.1

 44.6

Income from associates

 10.7

 13.7

 68.4

Income from other investments

0.2

0.3

2.4

Profit / (loss) on sale of mining assets

1.7

( 9.1)

Profit on ordinary activities before taxation

 122.9

 138.1

 444.3

Taxation

( 35.7)

 56.1

 126.8

Normal taxation

 37.8

 39.7

 159.9

Deferred taxation

- current

1.9

 16.4

( 33.1)

- rate change

( 75.4)

Profit on ordinary activities after taxation

 158.6

 82.0

 317.5

Goodwill written off

 56.0

Minority interest

1.7

Profit attributable to ordinary shareholders

 100.9

 82.0

 317.5

Earnings per share

 - cents

Headline earnings

 - $m

 156.9

 88.2

 276.9

 - cents per share

Earnings before exceptional item and deferred

 tax rate adjustment

 - $m

 81.6

 88.2

 276.9

 - cents per share

Capital expenditure

 - mining direct

 37.0

 39.3

 160.4

 - other

4.0

6.5

 11.5

 - recoupments

( 0.2)

( 1.8)

( 73.2)

Net capital expenditure

 40.8

 44.0

 98.7

SOUTH AFRICAN OPERATIONS

VAAL RIVER

Great Noligwa Mine

Prepared in accordance with International

Quarter

Quarter

Year

Quarter

Quarter

Year

Accounting Standards.

ended

ended

ended

ended

ended

ended

March

 December

 December

March

December

December

Rand / Metric

Dollar / Imperial

OPERATING RESULTS

GOLD

Area mined

- m2

- ft2

- 000

Milled - 000

- tonnes

- tons

- reef

2 480

- waste

- surface and

  dump reclamation

 - total

2 484

2 738

Yield

- g/t

- oz/t

- reef

 13.93

 13.66

 13.51

 0.406

 0.398

 0.394

- waste

 0.75

 0.75

 0.022

 0.022

- surface and

  dump reclamation

 - average

 13.93

 13.57

 13.49

 0.406

 0.396

 0.393

Gold produced

- kg

- oz 000

- reef

8 735

7 975

33 509

1 077

- waste

- surface and

  dump reclamation

 - total

8 735

7 978

33 512

1 077

Revenue

- R/kg

- $/oz

- sold

61 087

61 294

57 881

Cash costs

- R

- $

- ton milled

- R/kg

- $/oz

- produced

27 350

28 705

28 174

PRODUCTIVITY

per employee

- g

- oz

- target

 8.68

 7.14

 6.91

- actual

 8.81

 7.78

 7.97

per employee

- m2

- ft2

- target

 3.51

 3.50

 3.37

 37.78

 37.67

 36.27

- actual

 3.29

 3.58

 3.32

 35.41

 38.53

 35.74

FINANCIAL RESULTS ( MILLION)

Gold normal revenue

 532.9

 519.6

1 972.1

 87.3

 90.0

 358.9

Accelerated hedge revenue

0.7

0.9

8.2

0.1

0.2

1.6

Total gold revenue

 533.6

 520.5

1 980.3

 87.4

 90.2

 360.5

Cost of sales

 271.5

 272.5

1 165.6

 44.5

 47.1

 213.2

Cash costs

 238.9

 229.0

 944.2

 39.2

 39.6

 171.8

Retrenchment costs

0.7

0.9

8.1

0.1

0.2

1.6

Rehabilitation costs

1.2

 10.3

 12.1

0.2

1.7

2.1

Other non-cash costs

1.1

1.3

 11.0

0.2

0.1

2.0

Production costs

 241.9

 241.5

 975.4

 39.7

 41.6

 177.5

Amortisation costs

 31.8

 19.1

 147.3

5.2

3.4

 27.5

Inventory change

( 2.2)

 11.9

 42.9

( 0.4)

2.1

8.2

Profit from operations

 262.1

 248.0

 814.7

 42.9

 43.1

 147.3

Capital expenditure

- mining direct

1.8

7.1

 27.1

0.4

1.2

5.0

- other

( 0.5)

 10.6

 17.0

( 0.1)

1.8

3.1

- recoupments

Net capital expenditure

1.3

 17.7

 44.1

0.3

3.0

8.1

Kopanang Mine

Tau Lekoa Mine

Quarter

Quarter

Year

Quarter

Quarter

Year

Quarter

Quarter

Year

Quarter

Quarter

Year

ended

ended

ended

ended

ended

ended

ended

ended

ended

ended

ended

ended

March

December

December

March

December

December

March

December

December

March

December

December

Rand / Metric

Dollar / Imperial

Rand / Metric

Dollar / Imperial

1 882

1 847

1 882

2 075

1 848

2 037

 8.36

 8.48

 7.66

 0.244

 0.247

 0.223

 5.22

 4.85

 4.53

 0.152

 0.142

 0.132

 5.00

 0.146

 8.36

 8.48

 7.66

 0.244

 0.247

 0.223

 5.22

 4.85

 4.54

 0.152

 0.142

 0.132

4 539

4 630

14 415

2 337

2 232

8 376

4 539

4 630

14 415

2 337

2 232

8 381

61 159

61 284

58 717

61 293

61 541

57 223

39 583

38 308

44 281

48 415

51 746

54 372

 5.14

 4.53

 4.37

 5.08

 5.18

 5.02

 6.17

 6.27

 4.69

 5.66

 4.76

 4.18

 4.25

 4.44

 4.19

 45.75

 47.79

 45.10

 6.44

 6.20

 5.92

 69.32

 66.74

 63.72

 4.40

 4.76

 3.97

 47.36

 51.24

 42.73

 6.35

 6.18

 5.65

 68.35

 66.52

 60.82

 276.9

 298.2

 855.4

 45.4

 51.6

 153.0

 142.5

 145.6

 495.5

 23.4

 25.2

 89.6

0.7

0.5

4.2

0.1

0.1

0.8

0.7

0.8

6.1

0.1

0.1

1.1

 277.6

 298.7

 859.6

 45.5

 51.7

 153.8

 143.2

 146.4

 501.6

 23.5

 25.3

 90.7

 191.7

 202.9

 708.4

 31.4

 35.1

 128.5

 134.2

 154.4

 560.4

 22.0

 26.8

 101.7

 179.7

 177.4

 638.3

 29.4

 30.7

 115.6

 113.1

 115.6

 455.7

 18.5

 20.0

 82.8

0.7

0.5

4.2

0.1

0.1

0.8

0.7

0.8

6.1

0.1

0.1

1.1

0.6

5.9

6.7

0.1

1.1

1.2

0.3

2.8

3.4

0.1

0.5

0.6

0.7

0.8

8.2

0.2

1.5

0.4

0.6

5.8

0.1

0.3

1.2

 181.7

 184.6

 657.4

 29.8

 31.9

 119.1

 114.5

 119.8

 471.0

 18.8

 20.9

 85.7

 11.2

9.2

 38.1

1.8

1.6

6.9

 20.3

 26.9

 71.7

3.3

4.6

 12.9

( 1.2)

9.1

 12.9

( 0.2)

1.6

2.5

( 0.6)

7.7

 17.7

( 0.1)

1.3

3.1

 85.9

 95.8

 151.2

 14.1

 16.6

 25.3

9.0

( 8.0)

( 58.8)

1.5

( 1.5)

( 11.0)

( 7.2)

( 0.6)

( 1.2)

( 0.2)

0.6

8.4

1.5

4.4

7.1

0.8

1.3

2.6

4.2

0.5

0.8

( 2.8)

6.5

( 0.4)

1.3

( 0.2)

3.2

 12.6

0.5

2.3

VAAL RIVER

Surface Operations

Prepared in accordance with International

Quarter

Quarter

Year

Quarter

Quarter

Year

Accounting Standards.

ended

ended

ended

ended

ended

ended

March

December

December

March

December

December

Rand / Metric

Dollar / Imperial

OPERATING RESULTS

GOLD

Area mined

- m2

- ft2

- 000

Milled - 000

- tonnes

- tons

- reef

- waste

- surface and

  dump reclamation

1 226

1 150

4 888

1 351

1 267

5 388

 - total

1 226

1 150

4 888

1 351

1 267

5 388

Yield

- g/t

- oz/t

- reef

- waste

- surface and

  dump reclamation

 0.50

 0.50

 0.48

 0.015

 0.015

 0.014

 - average

 0.50

 0.50

 0.48

 0.015

 0.015

 0.014

Gold produced

- kg

- oz 000

- reef

- waste

- surface and

  dump reclamation

2 325

 - total

2 325

Revenue

- R/kg

- $/oz

- sold

61 049

61 447

57 570

Cash costs

- R

- $

- ton milled

- R/kg

- $/oz

- produced

36 348

36 881

44 162

PRODUCTIVITY

per employee

- g

- oz

- target

 11.54

 10.64

 10.16

- actual

 10.26

 7.30

 6.04

per employee

- m2

- ft2

- target

- actual

FINANCIAL RESULTS ( MILLION)

Gold normal revenue

 37.5

 35.0

 133.3

6.1

6.1

 24.4

Accelerated hedge revenue

0.2

0.5

0.1

Total gold revenue

 37.5

 35.2

 133.8

6.2

6.1

 24.4

Cost of sales

 22.4

 21.4

 103.7

3.7

3.7

 19.0

Cash costs

 22.4

 21.2

 102.7

3.7

3.7

 19.0

Retrenchment costs

0.2

0.5

Rehabilitation costs

Other non-cash costs

0.5

Production costs

 22.4

 21.4

 103.7

3.7

3.7

 19.0

Amortisation costs

Inventory change

Profit from operations

 15.1

 13.8

 30.1

2.5

2.4

5.4

Capital expenditure

Moab Khotsong Mine

- mining direct

 75.2

 53.5

 276.9

 12.3

9.3

 50.2

- other

- recoupments

Net capital expenditure

 75.2

 53.5

 276.9

 12.3

9.3

 50.2

ERGO

Ergo

Prepared in accordance with International

Quarter

Quarter

Year

Quarter

Quarter

Year

Accounting Standards.

ended

ended

ended

ended

ended

ended

March

December

December

March

December

December

Rand / Metric

Dollar / Imperial

OPERATING RESULTS
GOLD

Material treated

- tonnes

- tons

- 000

11 977

12 626

50 725

13 202

13 918

55 915

Yield

- g/t

- oz/t

 0.22

 0.24

 0.24

 0.006

 0.007

 0.007

Gold produced

- kg

- oz 000

2 634

3 061

12 265

Revenue

- R/kg

- $/oz

- sold

61 087

61 307

57 065

Cash costs

- R

- $

- ton treated

- R/kg

- $/oz

- produced

47 276

42 171

41 572

FINANCIAL RESULTS (MILLION)

Gold normal revenue

 160.7

 196.8

 710.0

 26.3

 34.0

 128.5

Accelerated hedge revenue

0.2

0.4

3.6

0.1

0.1

0.7

Total gold revenue

 160.9

 197.2

 713.6

 26.4

 34.1

 129.2

Cost of sales

 144.6

 151.7

 599.8

 23.7

 26.2

 109.2

Cash costs

 124.5

 129.1

 509.9

 20.4

 22.4

 92.7

Retrenchment costs

0.2

0.4

3.6

0.1

0.7

Rehabilitation costs

1.2

( 2.8)

2.6

0.2

( 0.5)

0.5

Other non-cash costs

1.3

1.3

5.0

0.3

0.2

0.9

Production costs

 127.2

 128.0

 521.1

 20.9

 22.2

 94.8

Amortisation costs

 18.4

 15.5

 66.8

3.0

2.6

 12.1

Inventory change

( 1.0)

8.2

 11.9

( 0.2)

1.4

2.3

Gold operating profit

 16.3

 45.5

 113.8

2.7

7.9

 20.0

Acid loss

( 6.7)

( 2.5)

( 1.8)

( 1.1)

( 0.4)

( 0.3)

Acid sales

 10.7

 10.1

 43.6

1.7

1.8

8.0

Acid cost of sales

 17.4

 12.6

 45.4

2.8

2.2

8.3

Profit from operations

9.6

 43.0

 112.0

1.6

7.5

 19.7

Capital expenditure

2.1

4.1

 17.9

0.4

0.7

3.3

FREE STATE

Bambanani Mine

Prepared in accordance with International

Quarter

Quarter

Year

Quarter

Quarter

Year

Accounting Standards.

ended

ended

ended

ended

ended

ended

March

December

December

March

December

December

Rand / Metric

Dollar / Imperial

OPERATING RESULTS
GOLD

Area mined

- m2

- ft2

- 000

Milled - 000

- tonnes

- tons

- reef

2 093

- waste

 - surface and dump reclamation

 - total

2 093

Yield

- g/t

- oz/t

- reef

 7.57

 8.20

 8.22

 0.221

 0.239

 0.240

- waste

 - surface and dump reclamation

 - average

 7.57

 8.20

 8.22

 0.221

 0.239

 0.240

Gold produced

- kg

- oz 000

- reef

4 094

4 635

17 195

- waste

 - surface and dump reclamation

 - total

4 094

4 635

17 195

Revenue

- R/kg

- $/oz

- sold

61 281

62 713

57 744

Cash costs

- R

- $

- ton milled

- R/kg

- $/oz

- produced

44 491

45 039

41 927

PRODUCTIVITY

per employee

- g

- oz

- target

 5.63

 5.50

 5.37

- actual

 5.75

 6.66

 5.95

per employee

- m2

- ft2

- target

 3.88

 3.90

 3.71

 41.76

 41.98

 39.93

- actual

 3.79

 3.95

 3.71

 40.80

 42.52

 39.93

FINANCIAL RESULTS (MILLION)

Gold normal revenue

 249.8

 302.7

1 008.6

 40.9

 52.4

 183.2

Accelerated hedge revenue

1.1

7.5

7.6

0.2

1.3

1.3

Total gold revenue

 250.9

 310.2

1 016.2

 41.1

 53.7

 184.5

Cost of sales

 200.7

 247.8

 810.9

 32.9

 43.0

 146.8

Cash costs

 182.1

 208.8

 720.9

 29.9

 36.1

 130.7

Retrenchment costs

1.1

7.5

7.6

0.2

1.3

1.3

Rehabilitation costs

( 0.7)

( 4.2)

( 2.9)

( 0.1)

( 0.7)

( 0.5)

Other non-cash costs

1.5

6.5

5.5

0.2

1.3

0.8

Production costs

 184.0

 218.6

 731.1

 30.2

 38.0

 132.3

Amortisation costs

 10.0

 11.2

 43.7

1.6

1.9

7.9

Inventory change

6.7

 18.0

 36.1

1.1

3.1

6.6

Profit from operations

 50.2

 62.4

 205.3

8.2

 10.7

 37.7

Capital expenditure

- mining direct

6.9

 12.2

 30.9

1.1

1.9

5.3

- other

( 0.5)

0.1

- recoupments

Net capital expenditure

6.9

 12.2

 30.4

1.1

2.0

5.3

Tshepong Mine

Matjhabeng Mine

Quarter

Quarter

Year

Quarter

Quarter

Year

Quarter

Quarter

Year

Quarter

Quarter

Year

ended

ended

ended

ended

ended

ended

ended

ended

ended

ended

ended

ended

March

December

December

March

December

December

March

December

December

March

December

December

Rand / Metric

Dollar / Imperial

Rand / Metric

Dollar / Imperial

1 130

1 219

4 745

1 205

2 087

2 301

1 205

2 087

2 301

 8.28

 8.53

 7.86

 0.242

 0.249

 0.229

 7.37

 7.12

 7.50

 0.215

 0.208

 0.219

 8.28

 8.53

 7.86

 0.242

 0.249

 0.229

 7.37

 7.12

 7.50

 0.215

 0.208

 0.219

2 502

2 631

9 467

3 465

3 923

15 660

2 502

2 631

9 467

3 465

3 923

15 660

61 683

64 334

58 354

61 004

62 706

57 860

46 341

53 744

51 466

53 829

57 672

49 052

 5.02

 4.12

 4.18

 4.53

 4.57

 4.50

 5.08

 5.14

 4.50

 4.05

 4.60

 4.47

 5.71

 5.39

 5.37

 61.46

 58.02

 57.80

 3.94

 3.86

 3.83

 42.41

 41.55

 41.23

 5.39

 5.33

 5.26

 58.02

 57.37

 56.62

 3.81

 4.12

 3.91

 41.01

 44.35

 42.09

 152.6

 177.6

 562.1

 25.0

 30.7

 101.9

 211.4

 269.2

 931.5

 34.6

 46.5

 168.5

1.7

9.1

9.1

0.3

1.6

1.6

6.7

6.7

1.2

1.2

 154.3

 186.7

 571.2

 25.3

 32.3

 103.5

 211.4

 275.9

 938.2

 34.6

 47.7

 169.7

 139.3

 181.0

 562.7

 22.8

 31.3

 101.5

 196.1

 252.6

 839.1

 32.1

 43.6

 152.0

 115.9

 141.4

 487.2

 19.0

 24.5

 88.3

 186.5

 226.3

 768.2

 30.6

 39.2

 139.4

1.7

9.1

9.1

0.3

1.6

1.6

6.7

6.7

1.2

1.2

( 0.4)

( 2.1)

( 1.3)

( 0.1)

( 0.4)

( 0.2)

( 0.5)

( 3.4)

( 1.9)

( 0.1)

( 0.6)

( 0.3)

0.8

3.8

3.0

0.1

0.6

0.2

1.2

5.7

6.4

0.2

0.8

0.6

 118.0

 152.2

 498.0

 19.3

 26.3

 89.9

 187.2

 235.3

 779.4

 30.7

 40.6

 140.9

 17.0

 17.8

 43.9

2.8

3.1

7.8

3.2

3.6

 30.3

0.5

0.6

5.7

4.3

 11.0

 20.8

0.7

1.9

3.8

5.7

 13.7

 29.4

0.9

2.4

5.4

 15.0

5.7

8.5

2.5

1.0

2.0

 15.3

 23.3

 99.1

2.5

4.1

 17.7

( 0.1)

1.6

0.3

0.1

0.5

3.4

0.1

0.6

( 0.1)

1.6

0.3

0.1

0.5

3.4

0.1

0.6

FREE STATE

Surface Operations

Prepared in accordance with International

Quarter

Quarter

Year

Quarter

Quarter

Year

Accounting Standards.

ended

ended

ended

ended

ended

ended

March

December

December

March

December

December

Rand / Metric

Dollar / Imperial

OPERATING RESULTS
GOLD

Area mined

- m2

- ft2

- 000

Milled - 000

- tonnes

- tons

- reef

- waste

 - surface and dump reclamation

1 898

2 092

 - total

1 898

2 092

Yield

- g/t

- oz/t

- reef

- waste

 - surface and dump reclamation

 0.95

 1.01

 1.28

 0.028

 0.029

 0.037

 - average

 0.95

 1.01

 1.28

 0.028

 0.029

 0.037

Gold produced

- kg

- oz 000

- reef

- waste

 - surface and dump reclamation

2 435

 - total

2 435

Revenue

- R/kg

- $/oz

- sold

61 003

61 186

56 546

Cash costs

- R

- $

- ton milled

- R/kg

- $/oz

- produced

46 079

45 158

39 095

PRODUCTIVITY

per employee

- g

- oz

- target

 5.69

 4.05

 4.44

- actual

 7.04

 7.68

 6.88

per employee

- m2

- ft2

- target

- actual

FINANCIAL RESULTS (MILLION)

Gold normal revenue

 36.1

 32.5

 137.7

5.9

5.7

 25.5

Accelerated hedge revenue

Total gold revenue

 36.1

 32.5

 137.7

5.9

5.7

 25.5

Cost of sales

 28.7

 23.1

 101.3

4.7

4.0

 18.5

Cash costs

 27.3

 24.0

 95.2

4.5

4.2

 17.3

Retrenchment costs

Rehabilitation costs

( 0.1)

( 4.0)

( 3.4)

( 0.7)

( 0.6)

Other non-cash costs

0.2

0.8

0.1

( 0.1)

Production costs

 27.4

 20.8

 91.9

4.4

3.5

 16.7

Amortisation costs

0.3

0.3

4.5

0.1

0.1

0.9

Inventory change

1.0

2.0

4.9

0.2

0.4

0.9

Profit from operations

7.4

9.4

 36.4

1.2

1.7

7.0

Capital expenditure

- mining direct

( 0.4)

( 0.1)

- other

- recoupments

Net capital expenditure

( 0.4)

( 0.1)

Joel Mine

Quarter

Quarter

Year

Quarter

Quarter

Year

ended

ended

ended

ended

ended

ended

March

December

December

March

December

December

Rand / Metric

Dollar / Imperial

3 025

1 328

1 464

1 328

1 464

 6.20

 6.38

 6.10

 0.181

 0.186

 0.178

 0.60

 0.018

 5.43

 6.38

 6.10

 0.158

 0.186

 0.178

1 929

2 380

8 105

1 959

2 380

8 105

61 004

61 186

58 847

46 013

40 012

41 975

 4.82

 4.89

 5.21

 4.37

 5.37

 4.76

 5.29

 5.54

 5.75

 56.94

 59.63

 61.89

 4.37

 4.57

 5.13

 47.04

 49.19

 55.22

 119.5

 145.7

 477.0

 19.6

 25.2

 85.9

 119.5

 145.7

 477.0

 19.6

 25.2

 85.9

 101.4

 107.4

 395.6

 16.6

 18.5

 71.5

 90.1

 95.2

 340.2

 14.8

 16.5

 61.6

0.3

( 0.4)

( 0.1)

( 0.4)

0.7

1.4

( 0.1)

0.2

 90.0

 95.9

 341.2

 14.7

 16.5

 61.7

 11.0

 15.5

 63.4

1.8

2.7

 11.6

0.4

( 4.0)

( 9.0)

0.1

( 0.7)

( 1.8)

 18.1

 38.3

 81.4

3.0

6.7

 14.4

 33.5

 41.2

 192.3

5.5

7.1

 35.6

 33.5

 41.2

 192.3

5.5

7.1

 35.6

WEST WITS

TauTona Mine (East Mine)

Prepared in accordance with International

Quarter

Quarter

Year

Quarter

Quarter

Year

Accounting Standards.

ended

ended

ended

ended

ended

ended

March

December

December

March

December

December

Rand / Metric

Dollar / Imperial

OPERATING RESULTS

GOLD

Area mined

- m2

- ft2

- 000

3 315

Milled - 000

- tonnes /

- tons

- reef

1 845

2 034

- waste

- total

1 845

2 034

Yield

- g/t

- oz/t

- reef

 11.34

 12.57

 12.22

 0.331

 0.367

 0.356

- waste

- average

 11.34

 12.57

 12.22

 0.331

 0.367

 0.356

Gold produced

- kg

- oz 000

- reef

4 877

5 769

22 542

- waste

- total

4 877

5 769

22 542

Revenue

- R/kg

- $/oz

- sold

61 113

61 195

57 642

Cash costs

- R

- $

- ton milled

- R/kg

- $/oz

- produced

33 102

28 609

28 122

PRODUCTIVITY

per employee

- g

- oz

- target

 8.68

 6.94

 6.85

- actual

 7.91

 8.91

 8.68

per employee

- m2

- ft2

- target

 3.90

 4.14

 3.93

 41.98

 44.56

 42.30

- actual

 3.28

 3.85

 3.69

 35.31

 41.44

 39.72

FINANCIAL RESULTS (MILLION)

Gold normal revenue

 297.5

 381.7

1 321.6

 48.7

 66.1

 238.8

Accelerated hedge revenue

0.5

0.1

2.8

0.1

0.5

Total gold revenue

 298.0

 381.8

1 324.4

 48.8

 66.1

 239.3

Cost of sales

 178.7

 200.7

 704.5

 29.2

 34.7

 127.8

Cash costs

 161.4

 165.1

 633.9

 26.5

 28.6

 115.1

Retrenchment costs

0.5

0.1

2.8

0.1

0.5

Rehabilitation costs

( 0.1)

( 1.0)

2.0

( 0.2)

0.3

Other non-cash costs

1.0

2.2

4.5

0.4

0.9

Production costs

 162.8

 166.4

 643.2

 26.6

 28.8

 116.8

Amortisation costs

 21.5

 12.2

 45.1

3.5

2.1

8.2

Inventory change

( 5.6)

 22.1

 16.2

( 0.9)

3.8

2.8

Profit from operations

 119.3

 181.1

 619.9

 19.6

 31.4

 111.5

Capital expenditure

- mining direct

0.6

2.8

5.6

0.1

0.4

0.9

- other

0.1

0.9

1.6

0.2

0.3

- recoupments

( 0.1)

Net capital expenditure

0.7

3.7

7.1

0.1

0.6

1.2

Savuka Mine (West Mine)

Mponeng Mine (South Mine)

Quarter

Quarter

Year

Quarter

Quarter

Year

Quarter

Quarter

Year

Quarter

Quarter

Year

ended

ended

ended

ended

ended

ended

ended

ended

ended

ended

ended

ended

March

December

December

March

December

December

March

December

December

March

December

December

Rand / Metric

Dollar / Imperial

Rand / Metric

Dollar / Imperial

2 422

2 928

1 230

1 356

1 733

1 910

1 230

1 356

1 733

1 910

 6.59

 6.58

 6.78

 0.192

 0.192

 0.198

 6.25

 6.36

 7.49

 0.182

 0.185

 0.218

 6.59

 6.58

 6.78

 0.192

 0.192

 0.198

 6.25

 6.36

 7.49

 0.182

 0.185

 0.218

1 897

1 631

8 335

2 605

2 720

12 980

1 897

1 631

8 335

2 605

2 720

12 980

61 052

61 193

57 996

61 116

61 194

57 246

60 899

64 833

51 230

60 618

54 759

45 471

 5.37

 4.82

 4.47

 6.11

 5.59

 5.14

 3.79

 3.25

 4.05

 4.79

 4.79

 5.88

 4.54

 4.37

 4.11

 48.87

 47.04

 44.24

 4.04

 4.04

 3.72

 43.49

 43.49

 40.04

 3.11

 2.91

 3.41

 33.48

 31.32

 36.70

 3.61

 3.49

 3.84

 38.86

 37.57

 41.33

 115.7

 111.2

 487.0

 19.0

 19.2

 88.4

 158.9

 181.1

 752.9

 26.1

 31.3

 137.3

0.1

6.4

1.3

0.3

2.6

0.4

 115.8

 111.2

 493.4

 19.0

 19.2

 89.7

 159.2

 181.1

 755.5

 26.1

 31.3

 137.7

 117.4

 115.0

 450.1

 19.3

 20.0

 82.0

 161.6

 167.2

 635.5

 26.5

 29.0

 115.2

 115.5

 105.7

 427.0

 18.9

 18.3

 77.7

 157.9

 148.9

 590.2

 25.9

 25.8

 107.3

0.1

6.4

1.3

0.3

2.6

0.4

( 0.3)

0.9

0.2

( 0.4)

1.4

( 0.1)

0.2

0.4

1.8

3.0

0.2

0.4

0.5

0.6

1.9

3.4

0.1

0.3

0.4

 116.0

 107.2

 437.3

 19.1

 18.7

 79.7

 158.8

 150.4

 597.6

 26.0

 26.0

 108.3

3.6

1.6

8.9

0.6

0.2

1.6

5.8

6.4

 31.0

1.0

1.2

5.7

( 2.2)

6.2

3.9

( 0.4)

1.1

0.7

( 3.0)

 10.4

6.9

( 0.5)

1.8

1.2

( 1.6)

( 3.8)

 43.3

( 0.3)

( 0.8)

7.7

( 2.4)

 13.9

 120.0

( 0.4)

2.3

 22.5

1.7

4.8

6.5

0.3

0.8

1.1

 26.1

 30.4

 116.3

4.2

5.4

 21.1

0.5

1.9

2.4

0.1

0.3

0.4

5.2

 12.1

 25.0

0.9

2.1

4.4

( 0.1)

( 0.1)

( 0.4)

( 1.7)

( 0.1)

( 0.3)

2.2

6.6

8.8

0.4

1.1

1.5

 31.3

 42.1

 139.6

5.1

7.4

 25.2

WEST WITS

Elandsrand Mine

Prepared in accordance with International

Quarter

Quarter

Year

Quarter

Quarter

Year

Accounting Standards.

ended

ended

ended

ended

ended

ended

March

December

December

March

December

December

Rand / Metric

Dollar / Imperial

OPERATING RESULTS

GOLD

Area mined

- m2

- ft2

- 000

1 173

1 356

4 994

Milled - 000

- tonnes /

- tons

- reef

2 150

2 370

- waste

- total

2 185

2 409

Yield

- g/t

- oz/t

- reef

 6.76

 6.96

 6.96

 0.197

 0.203

 0.203

- waste

 0.33

 0.38

 0.29

 0.010

 0.011

 0.008

- average

 6.68

 6.86

 6.85

 0.195

 0.200

 0.200

Gold produced

- kg

- oz 000

- reef

3 162

3 722

14 964

- waste

- total

3 164

3 725

14 974

Revenue

- R/kg

- $/oz

- sold

61 841

61 280

57 976

Cash costs

- R

- $

- ton milled

- R/kg

- $/oz

- produced

50 330

42 193

41 760

PRODUCTIVITY

per employee

- g

- oz

- target

 7.17

 6.46

 6.30

- actual

 5.40

 6.21

 6.11

per employee

- m2

- ft2

- target

 6.74

 6.22

 6.05

 72.55

 66.95

 65.12

- actual

 5.80

 6.53

 5.89

 62.43

 70.29

 63.40

FINANCIAL RESULTS (MILLION)

Gold normal revenue

 193.1

 246.0

 861.2

 31.7

 42.6

 155.9

Accelerated hedge revenue

2.6

0.4

6.9

0.4

0.1

1.3

Total gold revenue

 195.7

 246.4

 868.1

 32.1

 42.7

 157.2

Cost of sales

 171.3

 183.1

 690.5

 28.1

 31.7

 125.7

Cash costs

 159.2

 157.2

 625.3

 26.1

 27.2

 113.8

Retrenchment costs

2.6

0.4

6.9

0.4

0.1

1.3

Rehabilitation costs

( 0.1)

0.1

( 4.8)

( 1.0)

Other non-cash costs

0.6

1.5

2.8

0.1

0.3

0.6

Production costs

 162.3

 159.2

 630.2

 26.6

 27.6

 114.7

Amortisation costs

9.7

 10.4

 44.9

1.6

1.8

8.3

Inventory change

( 0.7)

 13.5

 15.4

( 0.1)

2.3

2.7

Profit from operations

 24.4

 63.3

 177.6

4.0

 11.0

 31.5

Capital expenditure

- mining direct

 27.6

 29.0

 90.2

4.5

5.0

 16.1

- other

4.6

5.4

8.4

0.8

0.9

1.5

- recoupments

( 0.1)

( 0.1)

( 0.5)

( 0.1)

Net capital expenditure

 32.1

 34.3

 98.1

5.3

5.9

 17.5

Deelkraal Mine

Quarter

Quarter

Year

Quarter

Quarter

Year

ended

ended

ended

ended

ended

ended

March

December

December

March

December

December

Rand / Metric

Dollar / Imperial

1 894

1 020

1 124

1 221

1 346

 7.31

 6.41

 6.71

 0.213

 0.187

 0.196

 0.77

 0.66

 0.97

 0.023

 0.019

 0.028

 4.83

 5.19

 5.77

 0.141

 0.151

 0.168

1 360

1 455

6 847

1 448

1 495

7 041

61 331

62 132

58 599

58 705

59 528

50 030

 6.03

 4.40

 4.40

 3.92

 3.99

 4.37

 4.50

 3.48

 3.46

 48.44

 37.46

 37.24

 2.87

 3.23

 3.40

 30.89

 34.77

 36.60

 88.3

 99.3

 415.2

 14.5

 17.2

 76.0

0.5

1.5

 12.5

0.1

0.2

2.4

 88.8

 100.8

 427.7

 14.6

 17.4

 78.4

 94.4

 106.8

 413.5

 15.5

 18.4

 75.5

 85.0

 89.0

 352.3

 13.9

 15.4

 64.2

0.5

1.5

 12.5

0.1

0.2

2.4

0.3

0.5

( 1.3)

0.1

0.1

( 0.3)

0.5

1.9

3.0

0.1

0.2

0.5

 86.3

 92.9

 366.5

 14.2

 15.9

 66.8

8.4

8.5

 40.5

1.4

1.5

7.5

( 0.3)

5.4

6.5

( 0.1)

1.0

1.2

( 5.6)

( 6.0)

 14.2

( 0.9)

( 1.0)

2.9

3.8

4.7

 12.9

0.6

0.8

2.3

1.1

0.2

3.8

4.7

 14.0

0.6

0.8

2.5

OTHER AFRICAN OPERATIONS

Navachab - Attributable 70%

Prepared in accordance with International

Quarter

Quarter

Year

Quarter

Quarter

Year

Accounting Standards.

ended

ended

ended

ended

ended

ended

March

December

December

March

December

December

Rand / Metric

Dollar / Imperial

OPERATING RESULTS
GOLD

Mined

- tonnes

- tons

- 000

3 621

1 088

1 069

3 991

Volume mined

- bcm

- bcy

- 000

1 330

1 740

Stripping ratio

- t(mined-treated)
 /t treated

 3.15

 2.75

 2.69

 3.15

 2.74

 2.69

Treated

- tonnes

- tons

- 000

1 081

Mill head grade

- g/t

- oz/t

 1.50

 1.58

 1.46

 0.044

 0.046

 0.043

Metallurgical recovery

- %

 91.24

 89.62

 90.74

 91.24

 89.62

 90.74

Gold produced

- kg

- oz 000

1 298

Revenue

- R/kg

- $/oz

- sold

63 224

55 354

54 636

Cash costs

- R/kg

- $/oz

- produced

51 612

44 377

47 846

PRODUCTIVITY
per employee

- g

- oz

- target

 13.86

 15.69

 15.43

- actual

 14.45

 17.52

 15.14

FINANCIAL RESULTS ( MILLION)

Gold revenue

 22.0

 19.7

 71.0

3.6

3.4

 12.8

Cost of sales

 16.6

 18.2

 69.8

2.7

3.2

 12.7

Cash costs

 16.8

 16.2

 62.1

2.7

2.8

 11.3

Rehabilitation costs

0.5

0.4

0.1

0.1

Other non-cash costs

0.1

0.2

0.6

0.1

0.1

Production costs

 17.4

 16.4

 63.1

2.8

2.9

 11.5

Amortisation costs

0.5

1.8

6.7

0.1

0.3

1.2

Inventory change

( 1.3)

( 0.2)

Profit from operations

5.4

1.5

1.2

0.9

0.2

0.1

Capital expenditure

0.1

0.1

1.9

0.4

NOTE: The financial results for Sadiola have been equity accounted
              and the detail above is given for information only.

Sadiola - Attributable 38%

Quarter

Quarter

Year

Quarter

Quarter

Year

ended

ended

ended

ended

ended

ended

March

December

December

March

December

December

Rand / Metric

Dollar / Imperial

1 554

1 237

3 906

1 713

1 364

4 306

2 062

1 054

2 697

 2.27

 1.45

 1.08

 2.27

 1.46

 1.08

1 882

2 075

 3.00

 3.24

 3.30

 0.087

 0.095

 0.096

 96.50

 95.94

 96.40

 96.50

 95.94

 96.40

1 373

1 567

5 983

63 305

60 446

55 739

22 492

18 312

18 424

2 506

2 638

2 538

 80.57

 84.82

 81.60

2 749

2 800

2 572

 88.38

 90.01

 82.69

 86.2

 94.8

 333.2

 14.1

 16.4

 60.3

 54.4

 52.2

 195.3

8.9

9.0

 35.2

 30.9

 28.5

 110.2

5.1

4.9

 19.9

0.3

0.1

6.0

6.0

 20.0

0.9

1.0

3.5

 37.2

 34.5

 130.2

6.1

5.9

 23.4

 18.2

 17.2

 64.5

3.0

3.0

 11.7

( 1.0)

0.5

0.6

( 0.2)

0.1

0.1

 31.8

 42.6

 137.9

5.2

7.4

 25.1

3.2

3.5

 11.1

0.5

0.6

2.0

NORTH AMERICAN OPERATIONS

Cripple Creek & Victor J.V.

Prepared in accordance with International

Quarter

Quarter

Year

Quarter

Quarter

Year

Accounting Standards.

ended

ended

ended

ended

ended

ended

March

December

December

March

December

December

Rand / Metric

Dollar / Imperial

OPERATING RESULTS

GOLD

Underground Operations

Mined

- tonnes

- tons

- 000

Treated

- tonnes

- tons

- 000

Mill head grade

- g/t

- oz/t

Gold in ore

- kg

- oz 000

Yield

- g/t

- oz/t

Gold produced

- kg

- oz 000

Open-pit Operations

Mined

- tonnes

- tons

- 000

6 489

5 830

24 747

7 153

6 427

27 279

Stripping ratio

- t(mined-treated)

 /t treated

 1.68

 1.22

 1.54

 1.68

 1.22

 1.54

Treated

- tonnes

- tons

- 000

2 423

2 628

9 746

2 671

2 897

10 743

Mill head grade

- g/t

- oz/t

 0.59

 0.65

 0.73

 0.017

 0.019

 0.021

Gold in ore

- kg

- oz 000

1 435

1 715

7 154

Yield

- g/t

- oz/t

 0.59

 0.65

 0.73

 0.017

 0.019

 0.021

Gold produced

- kg

- oz 000

1 435

1 715

7 154

Total

Yield

- g/t

- oz/t

 0.59

 0.65

 0.73

 0.017

 0.019

 0.021

Gold produced

- kg

- oz 000

1 435

1 715

7 154

Revenue

- R/kg

- $/oz

- sold

56 304

54 350

52 132

Cash costs

- R/kg

- $/oz

- produced

32 334

31 662

32 877

PRODUCTIVITY

per employee

- g

- oz

- target

1 804

1 804

1 804

- actual

1 555

1 928

2 024

FINANCIAL RESULTS (MILLION)

Gold revenue

 80.5

 93.0

 373.6

 13.2

 16.1

 67.5

Cost of sales

 67.7

 76.3

 328.2

 11.1

 13.2

 59.3

Cash costs

 46.4

 54.3

 235.2

7.6

9.4

 42.5

Rehabilitation costs

2.4

2.9

 10.0

0.4

0.5

1.8

Other non-cash costs

Production costs

 48.8

 57.2

 245.2

8.0

9.9

 44.3

Amortisation costs

 18.9

 19.1

 83.0

3.1

3.3

 15.0

Inventory change

Profit from operations

 12.8

 16.7

 45.4

2.1

2.9

8.2

Capital expenditure

 21.4

 19.6

 70.8

3.5

3.4

 12.8

Note: The gold produced for underground and open-pit
operations is allocated on gold in ore.

Jerritt Canyon J.V. - Attributable 70%

Quarter

Quarter

Year

Quarter

Quarter

Year

ended

ended

ended

ended

ended

ended

March

December

December

March

December

December

Rand / Metric

Dollar / Imperial

 12.58

 13.21

 8.01

 0.367

 0.385

 0.234

1 245

1 149

2 612

 10.78

 12.24

 11.59

 0.312

 0.354

 0.337

1 067

1 065

3 777

2 121

2 356

9 896

2 338

2 597

10 909

 16.98

 17.85

 31.77

 16.98

 17.85

 31.77

 8.31

 7.29

 8.65

 0.246

 0.210

 0.252

2 613

 6.71

 6.31

 12.51

 0.192

 0.181

 0.363

3 778

 8.57

 8.75

 12.03

 0.247

 0.252

 0.350

1 859

1 854

7 555

56 304

61 663

58 359

35 772

40 183

31 211

1 928

1 866

1 866

1 960

1 960

2 022

 104.3

 114.3

 440.5

 17.1

 19.8

 79.6

 98.9

 116.6

 363.6

 16.2

 20.2

 65.7

 66.5

 74.5

 235.8

 10.9

 12.9

 42.6

4.3

6.9

 23.2

0.7

1.2

4.2

 70.8

 81.4

 259.0

 11.6

 14.1

 46.8

 28.1

 35.2

 104.6

4.6

6.1

 18.9

5.4

( 2.3)

 76.9

0.9

( 0.4)

 13.9

 15.9

 32.9

 120.6

2.6

5.7

 21.8

SOUTH AMERICAN OPERATIONS

Morro Velho

Prepared in accordance with International

Quarter

Quarter

Year

Quarter

Quarter

Year

Accounting Standards.

ended

ended

ended

ended

ended

ended

March

December

December

March

December

December

Rand / Metric

Dollar / Imperial

OPERATING RESULTS

GOLD

Underground Operations

Mined

- tonnes

- tons

- 000

Treated

- tonnes

- tons

- 000

Mill head grade

- g/t

- oz/t

 7.45

 8.34

 7.72

 0.217

 0.243

 0.226

Gold in ore

- kg

- oz 000

1 378

1 602

6 149

Yield

- g/t

- oz/t

 6.93

 7.73

 7.17

 0.202

 0.224

 0.209

Gold produced

- kg

- oz 000

1 276

1 500

5 691

Open-pit Operations

Mined

- tonnes

- tons

- 000

1 481

1 633

Stripping ratio

- t(mined-treated)

 /t treated

 9.12

 8.00

 11.66

 9.00

 7.86

 11.66

Treated

- tonnes

- tons

- 000

Mill head grade

- g/t

- oz/t

 6.00

 6.72

 5.58

 0.172

 0.179

 0.163

Gold in ore

- kg

- oz 000

Yield

- g/t

- oz/t

 5.58

 6.28

 5.16

 0.172

 0.179

 0.147

Gold produced

- kg

- oz 000

Total

Yield

- g/t

- oz/t

 6.77

 7.57

 6.91

 0.198

 0.219

 0.201

Gold produced

- kg

- oz 000

1 421

1 657

6 295

Revenue

- R/kg

- $/oz

- sold

56 618

55 329

52 933

Cash costs

- R/kg

- $/oz

- produced

26 179

29 511

32 597

PRODUCTIVITY

per employee

- g

- oz

- target

- actual

FINANCIAL RESULTS (MILLION)

Gold revenue

 89.8

 76.3

 304.0

 14.7

 13.2

 54.9

Cost of sales

 61.8

 54.2

 246.5

 10.1

9.4

 44.6

Cash costs

 37.2

 48.9

 205.2

6.1

8.5

 37.1

Rehabilitation costs

0.2

0.3

2.0

0.1

0.4

Other non-cash costs

Production costs

 37.4

 49.2

 207.2

6.1

8.6

 37.5

Amortisation costs

 14.4

 14.0

 55.2

2.4

2.4

 10.0

Inventory change

 10.0

( 9.0)

( 15.9)

1.6

( 1.6)

( 2.9)

Profit from operations

 28.0

 22.1

 57.5

4.6

3.8

 10.3

Capital expenditure

 10.5

 19.6

 68.2

1.7

3.4

 12.3

Note: The gold produced for underground and open-pit
operations is allocated on gold in ore.

Serra Grande - Attributable 50%

Cerro Vanguardia - Attributable 46.25%

Quarter

Quarter

Year

Quarter

Quarter

Year

Quarter

Quarter

Year

Quarter

Quarter

Year

ended

ended

ended

ended

ended

ended

ended

ended

ended

ended

ended

ended

March

December

December

March

December

December

March

December

December

March

December

December

Rand / Metric

Dollar / Imperial

Rand / Metric

Dollar / Imperial

 7.99

 8.04

 7.81

 0.235

 0.232

 0.229

2 351

 7.57

 7.88

 7.45

 0.222

 0.232

 0.217

2 243

1 702

1 876

 9.81

 11.20

 28.34

 9.84

 11.25

 28.31

 16.89

 15.86

 14.48

 0.49

 0.46

 0.42

1 182

 18.21

 15.86

 13.95

 0.532

 0.464

 0.406

1 275

 7.57

 7.88

 7.45

 0.222

 0.232

 0.217

 18.21

 15.86

 13.95

 0.532

 0.464

 0.406

2 243

1 275

56 696

55 329

52 719

56 108

54 029

51 776

23 929

29 272

27 775

23 922

44 252

43 140

2 550

2 737

1 151

3 173

1 897

 36.3

 28.9

 111.2

6.0

5.0

 20.1

 73.2

 32.3

 31.0

 12.0

5.6

5.6

 23.8

 22.8

 86.4

4.0

4.0

 15.6

 43.9

 21.9

 22.7

7.2

3.8

4.1

 13.4

 17.3

 62.3

2.2

3.0

 11.3

 30.5

 35.8

 34.9

5.0

6.2

6.3

0.3

0.3

1.1

0.1

0.1

0.2

 13.7

 17.6

 63.4

2.3

3.1

 11.5

 30.5

 35.8

 34.9

5.0

6.2

6.3

7.0

6.6

 24.4

1.2

1.2

4.4

 12.2

4.0

4.4

2.0

0.7

0.8

3.1

( 1.4)

( 1.4)

0.5

( 0.3)

( 0.3)

1.2

( 17.9)

( 16.6)

0.2

( 3.1)

( 3.0)

 12.5

6.1

 24.8

2.0

1.0

4.5

 29.3

 10.4

8.3

4.8

1.8

1.5

3.1

2.9

 16.1

0.5

0.5

2.9

4.9

 18.5

 281.1

0.8

3.2

 50.8

SHAFT SINKING

SHAFT SINKING  (metres)

Quarter ended

Quarter ended

Year ended

March 1999

December 1998

December 1998

MOAB KHOTSONG MINE

Main shaft

Depth to date (below collar)

 2 392

 2 384

 2 384

Rock / ventilation sub-vertical shaft

Advance

Depth to date

Station cutting

Man / material sub-vertical shaft

Depth to date

JOEL MINE

Taung North Shaft

Advance

Depth to date (below collar)

 1 116

 1 004

 1 004

MPONENG MINE (SOUTH MINE)

Sub Shaft (previously Western Deep Levels South Deepening)

Advance

Depth to date (below collar)

 1 114

 1 019

 1 019

SHAFT SINKING

SHAFT SINKING  (feet)

Quarter ended

Quarter ended

Year ended

March 1999

December 1998

December 1998

MOAB KHOTSONG MINE

Main shaft

Depth to date (below collar)

 7 847

 7 821

 7 821

Rock / ventilation sub-vertical shaft

Advance

Depth to date

 2 740

 2 645

 2 645

Station cutting

 1 028

 1 801

Man / material sub-vertical shaft

Depth to date

JOEL MINE

Taung North Shaft

Advance

 2 356

Depth to date (below collar)

 3 655

 3 289

 3 289

MPONENG MINE (SOUTH MINE)

Sub Shaft (previously Western Deep Levels South Deepening)

Advance

Depth to date (below collar)

 3 655

 3 342

 3 342

DEVELOPMENT

Development values represent actual results of sampling, no allowances having been made for adjustments
necessary in estimating ore reserves.

Quarter ended March 1999

METRIC

Advance

Sampled

metres

metres

channel

gold

uranium

width

g/t

cm.g/t

kg/t

cm.g/t

cm

VAAL RIVER
Great Noligwa Mine
Vaal reef

5 456

 77.50

 34.77

 2 693

 3.24

 251.30

"C" reef

 8.80

 84.40

 3.23

 28.42

Kopanang Mine
Vaal reef

9 532

 15.30

 106.80

 1 634

 3.92

 59.90

"C" reef

 44.80

 105.00

 4 706

 3.74

 167.66

Tau Lekoa Mine
Ventersdorp Contact reef

6 241

 83.20

 9.76

 0.12

 9.73

Moab Khotsong Mine
Vaal reef

1 213

FREE STATE
Bambanani Mine
Basal reef

3 810

 82.80

 12.29

 1 018

 0.09

 7.29

Tshepong Mine
Basal reef

5 424

 16.50

 69.07

 1 141

 1.83

 30.30

"B" reef

Matjhabeng Mine
Basal reef

1 725

 14.90

 80.81

 1 207

 0.90

 13.48

"A" reef

Joel Mine

Taung South Shaft
Beatrix VS 5 composite reef

2 359

 88.10

 9.08

WEST WITS
TauTona Mine (East Mine)
Ventersdorp Contact reef

Carbon Leader reef

3 606

Savuka Mine (West Mine)
Ventersdorp Contact reef

Carbon Leader reef

1 211

Mponeng Mine (South Mine)
Ventersdorp Contact reef

6 282

 83.90

 18.45

 1 548

Elandsrand Mine
Ventersdorp Contact reef

4 808

 42.00

 29.61

 1 244

Deelkraal Mine
Ventersdorp Contact reef

1 023

 119.00

 7.76

(plus footwall bands)

DEVELOPMENT

Development values represent actual results of sampling, no allowances having been made for adjustments
necessary in estimating ore reserves.

Quarter ended March 1999

IMPERIAL

Advance

Sampled

feet

feet

channel

gold

uranium

width

oz/t

ft.oz/t

lb/t

ft.lb/t

inches

VAAL RIVER
Great Noligwa Mine
Vaal reef

17 899

1 614

 30.50

 1.03

 2.58

 6.62

 16.42

"C" reef

2 986

 3.50

 2.51

 0.71

 6.59

 1.86

Kopanang Mine
Vaal reef

31 274

2 388

 6.00

 3.18

 1.56

 7.99

 3.93

"C" reef

 17.60

 3.13

 4.50

 7.64

 11.00

Tau Lekoa Mine
Ventersdorp Contact reef

20 474

2 431

 32.80

 0.29

 0.78

 0.24

 0.64

Moab Khotsong Mine
Vaal reef

3 980

FREE STATE
Bambanani Mine
Basal reef

12 499

1 601

 32.60

 0.36

 0.97

 0.18

 0.48

Tshepong Mine
Basal reef

17 797

1 942

 6.50

 2.01

 1.09

 3.66

 1.99

"B" reef

Matjhabeng Mine
Basal reef

5 658

 5.87

 2.36

 1.16

 1.80

 0.88

"A" reef

Joel Mine

Taung South Shaft
Beatrix VS 5 composite reef

7 741

2 638

 34.69

 0.26

 0.77

WEST WITS
TauTona Mine (East Mine)
Ventersdorp Contact reef

Carbon Leader reef

11 831

Savuka Mine (West Mine)
Ventersdorp Contact reef

2 574

Carbon Leader reef

3 973

Mponeng Mine (South Mine)
Ventersdorp Contact reef

20 611

1 201

 10.10

 0.54

 1.48

Elandsrand Mine
Ventersdorp Contact reef

15 776

3 045

 16.54

 0.86

 1.19

Deelkraal Mine
Ventersdorp Contact reef

3 357

 46.90

 0.23

 0.88

(plus footwall bands)

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has

duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

AngloGold Limited

Date:  11 JULY 2003

By:    /s/ C R BULL

Name:  C R Bull
Title:     Company Secretary