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 AND SIX MONTHS ENDED 30 JUNE 1999,
PREVIOUSLY FILED WITH THE SEC IN HARD COPY -- REFILED TODAY, ON EDGAR
REPORT FOR THE QUARTER
E N D E D 3 0 J U N E 1 9 9 9
KEY F E A T U R E S
• Hedging serves well - received price of $312 for six months
• Operating profit up 47% to R1, 6 billion (22% to $258 million)
• Headline earnings before deferred tax adjustment up 51% to R1 billion (26% to $168 million)
• 16% return on shareholders' equity (including deferred tax)
• Dividend of 900 cents per share - yield of 7% off a share price of R250
Prepared in accordance with International
Accounting Standards
Gold
Produced Revenue Cash costs Total production costs - Operating profit
Net capital expenditure
Attributable profit
Attributable earnings
Headline earnings
Headline earnings before
deferred tax adjustment
Dividends
kg/oz (000) R/kg/$/oz sold R/kg/$/oz produced R/kg/$/oz produced R million/$ million
R million/$ million
R million/$ million
cents per share
cents per share
cents per share
cents per share
Quarter
ended
June
1999
Quarter
ended March
1999
Six months
ended
June
1999
Six months
ended
June
1998
Rand/Metric
53
438
61
841
41
363
47
017
797
306
1
018
1
040
519
519
53
711
60
960
40
701
46
492
779
252
611
625
974
504
107 150
61
398
41
031
46
753
1
576
558
1
629
1
664
1
492
1
022
900
104 744
56
464
38
983
45
715
1
071
197
1
000
1
022
677
677
750
Quarter
ended
June
1999
1
717
314 210 239
.
131
50
166
170
85
85
Quarter Six months
ended ended March June
1999 1999
Dollar/Imperial
1
728
311 208 237
127
41
101
103
160
83
3
445
312 209 238 258
91
267
273
245
168
149
Six months
ended
June
1998
3
368
347 240 286 211
40
198
202
133
133
127
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: (11) 637 6152
Facsimile: (11) 637 6399/6400 E-mail: investors@corp. anglogold. com
LETTER FROM THE CHAIRMAN
AND THE CHIEF EXECUTIVE OFFICER
Dear Shareholder
It is with profound sadness that we begin this communication to you by reflecting on the underground explosion at Mponeng mine that claimed the lives of 19 workers on the night of 29 July. We have committed your company to full support of a government inquiry, already under way, and are confident that every effort will be made to identify the cause of this tragedy, together with ways to prevent any recurrence in the future. It is most important that the lessons learned are embodied in the company's extensive Zero Tolerance safety campaign launched recently. In extending our deepest condolences to the families of the men who died, we are mindful of the need to consider their future well-being. The Board has asked management to identify, in discussion with the representative unions, the most appropriate means of assisting not only these families but those of all workers who die in accidents on AngloGold mines.
In the first six months of 1999 - a period during which the gold price first traded in the $278 to $293 range and then plummeted to a 20-year low
has produced creditable improvements in performance, compared with the
same period last year.
Operating profit increased by 47% to R1, 6 billion and headline earnings before deferred tax adjustment by 51% to
R1 billion, giving a return on shareholders' equity (including deferred tax) of 16%, compared with 11% for the same period last year.
The company has been well served by its hedging activities, reporting a received price for the six months of $312, compared with a spot price of $280. This received price is, nevertheless, significantly lower than the $347 received for
the equivalent period last year.
A dividend of 900 cents per share (compared to 750 for the first half of 1998) has been declared by the Board. This represents a dividend yield of 7% annualised, thus maintaining our reputation as a high income equity. The
company's sound performance is reflected in its share price, compared with the FTSE gold index, shown in the
graph below.
ANGLOGOLD vs FTSE GOLD INDEX
10
Jun
94 Dec 94 Jun 95 Dec 95 Jun 96 Dec 96 Jun 97 Dec 97 Jun 98 Dec 98 Jun 99
FTSEGOLD
AngloGold/FTSEGOLD
Share price prior to 30. 06. 98 is the Vaal Reefs share price
DIVIDENDS AND HEADLINE EARNINGS BEFORE
DEFERRED TAX ADJUSTMENT
1050
ra
. c
_
0)
Q.
C
0)
(J
900
750
600
Jun-98
Dec-98
Six months ended
Jun-99
Dividends per share Earnings per share
The South African mines have had a difficult six months. The Elandsrand, Deelkraal, Savuka and Bambanani mines have all experienced production problems of various kinds and the Matjhabeng mine lost more than one tonne of gold production in the aftermath of the severe earthquake which occurred in April. We intend to provide more focused
resources to these mines, which comprise 85% of the company's business, and this is expected to contribute to their improved performance.
The North American mines also had a slower than anticipated start, though production has picked up in the second quarter and costs have been well controlled. In contrast, the South American mines have had an excellent half-year, with production up and costs down. This is true also of the Sadiola mine in Mali. The diversity of AngloGold's operations demonstrates the ability of the company to cope with the inevitable adversities of individual mines.
The medium-term prospects for AngloGold are closely linked to those of the gold price. Our existing price hedges should allow the company to realise prices in the second half of this year similar to those of the first six months, even if the spot
price remains at its present two-decade low.
Present price levels are frustrating, as the last quarter has seen strong growth in almost all physical off-take markets. South Korean and South East Asian demand increased by 50%, the Japanese market by 80% and the United States by 17%, while India recovered from a weak first quarter.
However, physical demand is taking second place at the moment to the speculation that most central banks will, in the foreseeable future, sell most of their gold. Indications from the US Federal Reserve and the European Central Bank suggest that neither of these important holders intends reducing the 21 000 tonnes they hold. Some perspective needs to be brought to the debate on the future gold management policies of central banks and other official institutions.
NICKY OPPENHEIMER Chairman
BOBBY GODSELL Chief Executive Officer
3 August 1999
SOUTH AFRICAN OPERATIONS
Overall performance
The performance during the second quarter reflected the impact of the severe earthquake measuring 4. 6 on the Richter scale that struck the Free State goldfields on 23 April. Although all four of Matjhabeng's shafts were affected, it was Eland shaft that bore the brunt of the damage. This shaft is scheduled to return to full production in October this year.
Gold production at 44, 6 tonnes (1 433 248 ounces) was 0. 9 tonnes (28 421 ounces), 2% less than the first quarter. Eland shaft was 1 1 tonnes below expectations but this was offset by improved performances at Mponeng, Savuka and Elandsrand In line with expectations, the exceptional performances recorded at Great Noligwa and Kopanang in the March quarter were not sustainable.
In order to maintain full capacity at the metallurgical plants in the face of diminished reef tonnage, surface tonnage was
substituted, resulting in a slight lowering of the yield (1%). Productivity, in grams per employee, fell by 1% from the previous quarter, mirroring the lower performance.
Cash operating costs were maintained at previous levels in absolute terms, but showed a slight increase in unit cost terms (2%) to end at R43 717 per kilogram or $222 per ounce.
A 1% improvement in the gold price received partially offset the reduced revenue from lower production. Consequently, operating profit fell by R31 million.
Earnings for the second quarter were increased by R543 million from the proceeds of R1 314 million received in respect of the sale of the company's 21. 5% interest in Driefontein.
Mine performance
Great Noligwa, as expected, has not been able to sustain the high grade and consequent gold output of the previous quarter. Its production has also been impacted by an earlier than planned intersection of the Jersey fault with the subsequent loss of some high-grade panels. A fire experienced in early July will not have any significant impact on production for the third quarter.
Management focus on vamping and tramming operations at Kopanang, together with improved tonnage from stoping, generated above targeted results. These were below the March quarter achievements, however.
Tau Lekoa's good production performance continued during this quarter. The lower grade was a result of the treatment of material from the Weltevreden dump.
Ergo produced another steady set of results for the quarter. Oil heaters in the elution section caught fire on 8 July which has interrupted production. At present, the gold inventory is being increased and the effect on the third quarter's results will be negligible. It is anticipated that Ergo will meet its gold target for the year.
A recent power failure, together with two fires, at Bambanani have meant that the focus on face advance and improved
infrastructure has not yet generated the intended improvements in tonnage and gold production. Plans are afoot to get the underground operations back to targeted production levels.
The increased output of gold at Tshepong can be ascribed to the concentrated efforts on backlog sweepings and vamping operations. It is anticipated that this production level will be maintained.
In addition to the earthquake's effect at Eland shaft, Matjhabeng has also been impacted by a lock-up of underground ore at Nyala shaft. Problems with grade at the three operating shafts are hampering efforts to minimise the gold shortfall.
The lower production at Joel resulted from a gold lock-up in the mills and underground operations. The mill lock-up has now been resolved and consequently, the pulp grade is back on target.
TauTona's centares mined and average yield are showing some encouraging trends, but volume remains under
pressure. This is impacting on the mine's ability to produce at its full potential.
Production is still being hampered by an inability to mine in the shaft pillar area at Savuka following the seismic incident in the tertiary shaft in October last year. Despite this constraint, Savuka was able to post improved gold production results for the quarter.
With face length now available, centares and grade improved at Mponeng. Together with focused effort on plant clean-up, up, this resulted in a significant increase in gold production.
An increased focus on grade at Elandsrand resulted in the suspension of some lower grade panels. This led to a
shortfall in underground tonnage but had a favourable impact on recovered gold.
Deelkraal is still being hampered by a lack of face availability, which has necessitated the scheduling of increased low- grade surface dump material.
Projects
The shaft sinking at Joel has reached 121 level (1 212 metres below surface) and station development is in progress.
Expenditure on this project of R12 million was some R5 million below the March quarter.
Progress on the Mponeng deepening project has been good. At present, sinking operations have reached 121 level (3 402 metres below surface) and station development is in progress. Capital expenditure for the deepening project at R35 million was R12 million higher than the previous quarter.
The Moab Khotsong project continues to progress well and capital expenditure at R77 million was R2 million higher than the March quarter.
The carbon technology projects at West Wits are ahead of schedule and within targeted expenditures. Capital expenditure at R17 million was R7 million higher than the previous quarter.
INTERNATIONAL OPERATIONS
Other African operations
These operations comprise AngloGold's 38% interest in Sadiola mine in Mali and the 70% interest in the Navachab venture in Namibia.
In respect of most key second quarter production parameters, both operations have outperformed the previous quarter. Replanning at Sadiola permitted higher grades to be accessed earlier and at Navachab the effects of the previously reported slope stability problems have been largely overcome.
At Sadiola, in terms of production and operating costs, it is unlikely that the exceptionally high second quarter production, which resulted in direct cash costs of $102 per ounce, can be sustained. A modest shortfall in stripping volume at Sadiola should be recovered in the next period. The additional stripping associated with the pit extension project at Navachab will continue to exercise pressure on the interim profitability margins.
At Sadiola, negotiations progressed well to resolve the two issues reported previously, namely, the upgrading of the mine
power station's diesel engines/generator sets, where performance since commissioning has been disappointing, and interpretation differences with the authorities on several Mali tax and duty clauses in the operating convention. Closure is expected in the third quarter at the forecast costs, for which provision has been made.
An updated mineable reserve model for Sadiola has confirmed a life of mine, at reduced gold prices, through to at least 2004 with some additions very likely as a result of extension drilling and exploration in the current exploitation area.
The relocation of both Sadiola and Farabakouta villages has been successfully carried out and serves as a model of
its kind.
The safety and health programme at Sadiola was subjected to external audit during the last quarter and the mine achieved a four-star NOSA rating.
The pre-feasibility and trade-off studies for the potential Yatela project north-west of Sadiola have been concluded and the project team will advance the study to bankable level, based on a 2, 5-million-tonnes-a-year heap leach operation. The results will be clear by year-end.
Exploration programmes continued throughout Mali, Senegal, Tanzania and Botswana. During the last quarter a joint venture drilling programme with Cluff Mining began in the southern part of the Democratic Republic of the Congo. Exploration in Tanzania remains concentrated on the area around southern Lake Victoria which continues to provide
encouraging results for an AngloGold-sized project.
American operations
Integration of the AngloGold interests in the American operations, as well as of the associated exploration activities, into
the AngloGold global business has been largely achieved and synergies, particularly with respect to skilled manpower and technical expertise, established.
Overall, the second quarter outperformed the first and production targets were met.
North America
These operations comprise AngloGold's 70% interest in the Jerritt Canyon joint venture in Nevada and the 67% interest (100% interest in production ounces subject to contract obligations) in the Cripple Creek and Victor joint venture in Colorado.
Jerritt Canyon maintained the good production performance of the first quarter. Production was held temporarily at higher levels in order to offset the shortfalls at Cripple Creek and Victor, resulting in accelerated depletion of the DASH open pit. This ore source is thus reduced for the next period. Nevertheless, the mine outlook for the year remains positive in respect of ounces and cash costs, with the latter at around $185 per ounce.
Employee productivity improved slightly in the second quarter and no lost time injuries occurred during this period.
The new Murray and SSX underground truck fleet was put into service late in the second quarter. Early stage development of the new MCE mine exceeded expectations.
The annual maintenance turnaround of the roaster was completed as scheduled and included installation of a Y2K compliant mill process control system. Toxic Release Inventory (TRI) reporting was completed under new Federal
requirements.
With a slow start to the year as previously reported, Cripple Creek and Victor began the expected production recovery. Despite heavy snows in April/May, gold production was up 16% on the first quarter. Though still below anticipated levels due to lower leach solution grades arising from ore stacking and leaching delays, the outlook for the year indicates a recovery in ounces at an expected cash cost of around $165 per ounce.
Employee productivity improved in the second quarter with one lost time injury occurring during the period.
Crushed tonnes placed improved while run of mine ore tonnages exceeded expectations. TRI reporting was completed under new Federal requirements, and leach pad extension construction proceeded as planned.
East Cresson mine development began during the second quarter following regulatory approval of Amendment No. 7 in January.
Exploration at both operating sites and on additional ground in Nevada continued as planned.
South America
These operations comprise AngloGold's 100% interest in the Morro Velho mines and 50% interest in the Serra Grande mines, both in Brazil, as well as the 46. 25% interest in Cerro Vanguardia in southern Argentina.
The operations in Brazil enjoyed an excellent production quarter, outperforming the previous period in respect of ounces
produced and cash costs achieved.
At Cerro Vanguardia, gold production for the quarter was lower than that for the first quarter, during which more of the
previously accumulated higher grade material in stockpiles had been treated. Although an improvement on the first quarter, silver production delivered disappointing yields. Efforts continue to remedy the previously reported post- commissioning plant performance problems at Cerro Vanguardia.
Related to the complexity of the ore type at Cerro Vanguardia, the plant throughput capacity is fully utilised (and is amenable to further expansion) but the optimisation of reagent usage and cyanide recycle is proving technically difficult.
Although not yet achieved, progress is evident. This negatively affected cash costs, which were $140 per ounce for the quarter. Despite this, the mine has successfully met the operational requirements for the Senior Lender Technical
Completion Tests and application for the certificate is under review by the responsible consultants.
Safety performance as measured by accident frequency rates was better at all operations, with room for further
improvement.
South American exploration, both on the existing mine exploitation areas and elsewhere in Brazil and Argentina continued as planned. AngloGold exploration companies in both Venezuela and Peru should be active imminently and the company is evaluating an increasing number of approaches to form alliances or acquire opportunities on this continent.
Circumstances in the gold market changed materially during the second quarter of 1999 with the announcement on
7 May of the United Kingdom's intention to sell 415 tonnes out of 715 tonnes of official gold reserves by public auction
over a number of years, starting on 6 July 1999. This method of pre-announcement and sale by public auction is at odds
with the nature of the traded market in gold, which operates much like a currency market where volumes of derivative
trade substantially outweigh the flows of the underlying currency or metal. The pre-announcement was an invitation to
speculators in that derivative market to sell the metal short, and exactly this process followed, depressing the gold price
to a 20-year low of $257 per ounce. The average price for the quarter was $273 per ounce, compared with an average
of $287 for the first quarter of this year.
The first of the British auctions took place on 6 July with the sale of 25 tonnes of gold out of the 125-tonne first tranche
which the United Kingdom proposes to sell by mid-2000. The sale proceeded without event, but provided speculators
with a benchmark against which to sell short immediately after the auction. The market remains weak at these levels
although there is some evidence of a return of two-way business to the market.
The opportunities provided to speculators by the public pre-announcement of the British sales, and the damage done to
the gold price by this speculation, has revived a view amongst gold market commentators - reflected in the media - that
widespread sales of official gold reserves are inevitable and will, in due course, push the depressed gold price
substantially lower. This view has been supported by the proposal by International Monetary Fund (IMF) management
to sell some 10 million ounces of IMF gold reserves as part of a debt relief scheme for Heavily Indebted Poor Countries.
In addition, Switzerland has continued to move towards its aim of selling half of the Swiss National Bank gold holdings
of 2 590 tonnes, to be spread over a period as long as ten years.
Neither of these proposals to sell gold reserves would necessarily lead to net official sales of gold in any year in excess
of the typical levels absorbed by the gold market annually in recent years. However, the damage done to the gold market
by speculators in reaction to the British gold sale announcement has alerted gold producers and other constituencies in
the gold market to the potential negative impact in today's fragile market of all official gold sales announcements. Whilst
the gold mining industry is absorbed currently with these immediate challenges, in the longer term it will be incumbent
on all of those with an interest in this industry to find a modus operandi for interaction between major holders of gold and
the traded market in the metal which avoids market dislocation. This is clearly not what has happened in the case of the
British sales, where all parties with a long-term interest in gold - official institutions and individuals - have suffered, and
only speculators with no long-term interest in either the metal or the gold market have benefited.
In contrast to the aggressive selling of gold by speculators, the physical market for gold during this past quarter has
shown further encouraging growth. Off-take in South Korea and South East Asia went up by 50% compared with the
second quarter of 1998, whilst gold imports into Japan are 80% up. Demand from the USA was up by 17%, and off-take
in India increased after a disappointing first quarter. New opportunities for market growth are being opened up in
Pakistan and in the Middle East, particularly Egypt.
This paradox of healthy and growing physical demand juxtaposed with aggressive short selling in the derivatives market
reinforces the extent to which the current gold market has lost touch with reality, as speculators from the financial and
investment sectors are encouraged to sell the metal on the as yet unproved speculation of imminent, widespread and
ongoing central bank gold sales. These rumours have been used for a number of years now to depress the gold price,
and yet there remains to date no support in the actual behaviour of the official sector for these views.
By contrast, of the approximately 33 000 tonnes of official gold holdings, we know that nearly 21 000 tonnes is held in
the firm hands of the United States Federal Reserve, and the members of the European Central Bank, both of which
institutions have given reassurances to the market in recent months that they have no intention of reducing their holdings
of gold. The challenge in the market place going forward must be to convey this reality to market commentators and
media alike, in contradiction to the popular misrepresentation described above.
As at 30 June 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. 00 available on 30 June 1999. The percentage of the sales priced in US dollars is shown below:
6 months ending 31 December 1999
12 months ending 31 December 2000
2001 2002 2003 2004
January 2005 - June 2009
The aggregate of US dollars priced contracts over the full duration of the hedge is 59%.
Kilograms
sold
101 317
79 077 67 930
60 116
31 172 20 272 63 558
Forward
price per
kilogram sold
R
60 811
71 215 76 019 82 927 96 731
105 526 135 080
Ounces
sold
000
3 257
2 542 2 184
1 933 1 002
652
2 043
Forward
price per
ounce sold
$
311
350 354 350 346 346 361
Percentage of
positions
priced in US$
35
63 60 60
78 86 82
The hedge position of the company increased by 6% to 13. 6 million ounces spread over ten years - equivalent to a year and ten months of production. The average price of these positions, 59% of which are priced in US dollars, decreased marginally by 0. 3% to $343 per ounce or R84 266 per kilogram at an exchange rate of R/$6. 00. The increase in hedge tonnage reflects the completion of the hedging for the mines acquired from Minorco in terms of the loan agreements.
The net present value of all hedge transactions making up the hedge positions in the above table was R3. 04 billion ($507 million) as at 30 June 1999. This value was based on a gold price of $262. 45 per ounce, an exchange rate of
R/$6. 00 and the prevailing market interest rates and volatilities at the time.
As at 28 July 1999, the net present value of the hedge book was R3. 57 billion ($583 million), based on a gold price of
$253. 65 per ounce, an exchange rate of R/$6. 12 and the prevailing market interest rates and volatilities at the time.
1. The results have been prepared in accordance with International Accounting Standards. All figures are unaudited.
In line with the company's policy of partially consolidating the results of joint ventures, the operations of the Sadiola
mine for the quarter ended 30 June 1999 have been included for the first time.
Profit from sales of the by-products, uranium and acid, is now set off against cash costs, in accordance with the Gold
Institute definition.
The comparative figures for the previous quarter and the corresponding six months period to 30 June 1998 have
been restated accordingly.
2. During the quarter 9 900 ordinary shares were allotted in terms of the Share Incentive Scheme, thereby increasing
the number of ordinary shares in issue at 30 June 1999 to 97 867 099.
3. Earnings per share have been calculated using a weighted average number of ordinary shares in issue.
4. Orders placed and outstanding on capital contracts as at 30 June 1999 totalled R360. 8 million, equivalent to
US$59. 8 million at the rate of exchange ruling on that date.
5. Year 2000
From a mission critical perspective, the South African operations reached Year 2000 compliance by 31 July 1999,
one month later than anticipated, and are expected to be in a position to continue business as usual on 1 January
2000. Further testing will continue during the remainder of 1999. The total cost is estimated at R30 million. Costs
incurred to 31 July 1999 amount to some R25 million.
The non-South African operations have independent committees dealing with the Year 2000 issue. There are no
indications that these operations will be adversely affected by the change to the new millennium.
The company believes its worst case scenario to be the failure of infrastructural services provided by government
agencies and other third-party suppliers (including energy, water and transport). In the unlikely event of this
occurring, the company's operations could be interrupted. The company is preparing contingency plans for all
mission critical components to address the situation.
6. Dividend
The directors have today declared Interim Dividend No. 86 of 900 South African cents per ordinary share for the
six months ended 30 June 1999. Payment details are as follows:
To registered holders of ordinary shares
1999
Last day to register for dividend (record date) and for change of address
or dividend instruction
Registers closed from
to (inclusive)
Ex-dividend on Johannesburg and London Stock Exchanges
Friday, 20 August
Saturday, 21 August
Saturday, 28 August
Monday, 23 August
Currency conversion date for British pound sterling payments to shareholders
paid from the United Kingdom Monday, 23 August
Dividend warrants posted Wednesday, 22 September
Payment date of dividend Thursday, 23 September
To holders of American Depositary Shares
(Each American Depositary Share represents one-half of an ordinary share)
1999
Ex-dividend on New York Stock Exchange Wednesday, 18 August
Record date Friday, 20 August
Approximate date for currency conversion into US dollars Thursday, 23 September
Approximate payment date of dividend Monday, 4 October
For illustrative purposes, the dividend payable on an American Depositary Share was equivalent to 72. 73 US cents at the rate of exchange ruling on Monday, 2 August 1999.
By order of the Board
N. F. OPPENHEIMER R. M. GODSELL Chairman Chief Executive Officer
3 August 1999
GROUP BALANCE SHEET
Prepared in accordance with International Accounting Standards
June 1998
March 1999
June 1999
June 1999
March 1999
June 1998
US Dollar million
SA Rand million
ASSETS
Non-current assets
1 990.0
2 385.8
2 441.4
Mining assets
14 735.7
14 818.4
11 798.5
-
132.5
144.6
Goodwill
872.8
823.0
-
138.5
128.5
4.8
Investments
28.8
798.4
821.1
57.7
70.6
58.8
Long-term loans - unsecured
354.9
438.6
342.1
2 186.2
2 717.4
2 649.6
15 992.2
16 878.4
12 961.7
Current assets
173.6
168.0
173.1
Inventories
1 045.0
1 043.2
1 029.1
157.5
172.7
165.7
Trade and other receivables
1 000.3
1 072.5
933.5
21.8
22.0
21.2
Current portion of loans advanced
127.7
136.5
129.3
198.9
260.6
484.3
Cash and cash equivalents
2 923.0
1 618.7
1 179.3
551.8
623.3
844.3
5 096.0
3 870.9
3 271.2
2 738.0
3 340.7
3 493.9
Total assets
21 088.2
20 749.3
16 232.9
EQUITY AND LIABILITIES
Capital and reserves
902.7
848.0
872.9
Share capital and premium
5 268.8
5 267.2
5 351.8
20.8
30.2
25.7
Non-distributable reserve
155.0
187.3
123.4
218.6
330.7
364.1
Retained earnings
2 197.6
2 054.5
1 296.1
1 142.1
1 208.9
1 262.7
Shareholders' equity
7 621.4
7 509.0
6 771.3
-
30.3
28.2
Minority interests
170.2
187.9
-
1 142.1
1 239.2
1 290.9
7 791.6
7 696.9
6 771.3
Non-current liabilities
150.4
790.0
714.3
Borrowings
4 311.3
4 906.8
891.5
-
16.1
16.6
Debentures
99.9
99.9
-
202.3
288.1
293.4
Other long-term liabilities
1 771.0
1 789.6
1 199.6
768.9
642.7
664.8
Deferred taxation
4 012.3
3 991.8
4 558.4
1 121.6
1 736.9
1 689.1
10 194.5
10 788.1
6 649.5
Current liabilities
269.8
242.3
218.9
Trade and other payables
1 321.5
1 504.6
1 599.8
42.3
32.5
94.0
Current portion of borrowings
567.3
201.8
250.8
39.2
89.8
55.1
Taxation
332.5
557.9
232.2
123.0
-
145.9
Dividends
880.8
-
729.3
474.3
364.6
513.9
3 102.1
2 264.3
2 812.1
2 738.0
3 340.7
3 493.9
Total equity and liabilities
21 088.2
"The results have been prepared in accordance with International Accounting Standards."
20 749.3
16 232.9
GROUP CASH FLOW STATEMENT
Six months ended
Quarter ended
Prepared in accordance with International Accounting Standards
Quarter ended
Six months ended
June 1998
June 1999
June 1999
June 1999
June 1999
US Dollar million
SA Rand million
Cash flows from operating activities
215.9
271.9
136.2
Cash generated from operations
834.2
1 656.6
15.0
30.6
17.8
Interest received
109.3
187.2
( 3.2)
( 19.9)
( 15.2)
Interest paid
( 92.8)
( 121.7)
2.0
5.7
0.1
Dividends received
0.6
34.8
( 124.3)
( 128.0)
-
Dividends paid
-
( 782.8)
( 49.8)
( 67.5)
( 62.4)
Mining and normal taxation paid
( 380.9)
( 412.9)
55.6
92.8
76.5
Net cash inflow from operating activities
470.4
561.2
Cash flows from investing activities
( 86.1)
( 91.3)
( 50.1)
Purchase of mining assets
( 306.0)
( 558.4)
47.6
-
-
Proceeds from sale of mining assets
-
-
( 4.8)
( 1.3)
( 0.6)
Investments acquired
( 3.6)
( 7.7)
-
( 459.2)
-
Net acquisition of Minorco gold assets
-
(2 840.8)
-
215.3
215.7
Proceeds from sale of investments
1 316.4
1 316.4
( 43.3)
( 336.5)
165.0
Net cash (outflow) / inflow from investing activities
1 006.8
(2 090.5)
Cash flows from financing activities
-
0.5
0.3
Proceeds from issue of share capital
2.1
2.9
( 3.2)
( 0.3)
( 0.1)
Formation and share issue expenses
( 0.5)
( 1.8)
-
505.5
4.4
Proceeds from borrowings
26.9
3 090.4
( 0.4)
( 32.1)
( 32.1)
Repayment of borrowings
( 195.9)
( 196.1)
-
16.1
15.2
Repayment on loans advanced
92.9
98.4
( 3.6)
489.7
( 12.3)
Net cash inflow / (outflow) from financing activities
( 74.5)
2 993.8
8.7
246.0
229.2
Net increase in cash and cash equivalents
1 402.7
1 464.5
( 48.9)
( 16.3)
( 5.5)
Translation adjustment
( 98.4)
( 38.8)
239.1
254.6
260.6
Opening cash and cash equivalents
1 618.7
1 497.3
198.9
484.3
484.3
Closing cash and cash equivalents
2 923.0
2 923.0
Note to the Cash Flow Statement
Cash generated from operations
257.9
234.9
112.0
Profit on ordinary activities before taxation
685.8
1 431.1
Adjusted for:
77.0
91.1
44.6
Amortisation of mining assets
273.3
557.0
0.1
2.5
0.8
Non-cash movements
4.9
15.1
( 47.5)
-
-
Profit on sale of mining assets
-
-
( 35.1)
( 7.1)
-
Income from associates
-
( 43.3)
( 15.0)
( 30.6)
( 17.8)
Interest received
( 109.3)
( 187.2)
( 2.0)
( 0.3)
( 0.1)
Dividends received
( 0.6)
( 2.0)
3.2
19.9
15.2
Interest paid
92.8
121.7
( 22.7)
( 38.5)
( 18.5)
Movement in working capital
( 112.7)
( 235.8)
215.9
271.9
136.2
834.2
1 656.6
The following analyses the movement in working capital:
( 13.6)
3.7
( 0.3)
Decrease / (increase) in inventories
( 1.8)
22.6
( 41.6)
17.8
11.8
Decrease / (increase) in trade and other receivables
72.2
108.6
32.5
( 60.0)
( 30.0)
(Decrease) / increase in trade and other payables
( 183.1)
( 367.0)
( 22.7)
( 38.5)
( 18.5)
( 112.7)
"The results have been prepared in accordance with International Accounting Standards."
( 235.8)
Six months ended
June 1998
SA Rand million
1 090.1
75.7
( 15.8)
10.1
( 637.8)
( 255.2)
267.1
( 441.4)
244.0
( 24.6)
-
-
( 222.0)
-
( 16.6)
-
( 2.1)
-
( 18.7)
26.4
( 11.6)
1 164.5
1 179.3
1 305.7
389.7
0.5
( 244.2)
( 175.2)
( 75.7)
( 10.1)
15.8
( 116.4)
1 090.1
( 69.9)
( 213.4)
166.9
( 116.4)
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:
97 867 099 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
Six months Six months
ended
ended
ended
ended
June
March
June
June
1999
1999
1999
1998
GOLD
UNDERGROUND OPERATIONS
Tonnes milled
- 000
- reef
5 309
5 387
10 696
11 219
- waste
142
170
312
115
- total
5 451
5 557
11 008
11 334
Yield
- g/t
- reef
8.26
8.24
8.25
8.23
- waste
1.13
0.71
0.90
1.09
- average
8.07
8.01
8.04
8.16
Gold produced
- kg
- reef
43 848
44 405
88 253
92 336
- waste
160
120
280
125
- total
44 008
44 525
88 533
92 461
PRODUCTIVITY
g/employee
- target
220
220
220
161
- actual
209
207
208
170
SURFACE AND DUMP RECLAMATION
Tonnes treated
- 000
13 929
13 823
27 752
28 261
Yield
- g/t
0.29
0.28
0.29
0.31
Gold produced
- kg
4 091
3 841
7 932
8 703
OPEN-PIT OPERATIONS
Tonnes mined
- 000
12 113
12 171
24 284
3 472
Stripping ratio
- t(mined-treated) /t treated
2.59
2.63
2.61
1.49
Tonnes treated
- 000
3 372
3 350
6 722
1 397
Yield
- g/t
1.58
1.60
1.59
2.56
Gold produced
- kg
5 339
5 345
10 685
3 580
TOTAL
Gold produced
- kg
53 438
53 711
107 150
104 744
Revenue - R/kg sold
- (excluding accelerated hedge)
61 590
60 788
61 187
53 487
- (including accelerated hedge)
61 841
60 960
61 398
56 464
Cash costs
- R/kg produced
41 363
40 701
41 031
38 983
Total production costs
- R/kg produced
47 017
46 492
46 753
45 715
GROUP OPERATING RESULTS
Prepared in accordance with International Accounting Standards Statistics are shown in imperial units and financial figures in US dollars.
Issued Capital:
97 867 099 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
Six months
Six months
ended
ended
ended
ended
June
March
June
June
1999
1999
1999
1998
GOLD
UNDERGROUND OPERATIONS
Tons milled
- 000
- reef
5 851
5 939
11 790
12 366
- waste
155
188
343
128
- total
6 006
6 127
12 133
12 494
Yield
- oz/t
- reef
0.241
0.240
0.241
0.240
- waste
0.033
0.021
0.026
0.032
- average
0.235
0.234
0.235
0.238
Gold produced
- oz 000
- reef
1 410
1 428
2 838
2 968
- waste
5
4
9
4
- total
1 415
1 432
2 847
2 972
PRODUCTIVITY
oz/employee
- target
7.08
7.07
7.08
5.18
- actual
6.71
6.67
6.69
5.47
SURFACE AND DUMP RECLAMATION
Tons treated
- 000
15 355
15 236
30 591
31 153
Yield
- oz/t
0.009
0.008
0.008
0.009
Gold produced
- oz 000
130
124
254
280
OPEN-PIT OPERATIONS
Tons mined
- 000
13 353
13 416
26 769
3 828
Stripping ratio
- t(mined-treated) /t treated
2.59
2.63
2.61
1.49
Tons treated
- 000
3 717
3 693
7 410
1 540
Yield
- oz/t
0.046
0.047
0.046
0.075
Gold produced
- oz 000
172
172
344
116
TOTAL
Gold produced
- oz 000
1 717
1 728
3 445
3 368
Revenue - $/oz sold
- (excluding accelerated hedge)
313
310
311
329
- (including accelerated hedge)
314
311
312
347
Cash costs
- $/ounce produced
210
208
209
240
Total production costs
- $/ounce produced
239
237
238
286
Rand/US Dollar average exchange rate
6.13
6.10
6.11
5.06
GROUP FINANCIAL RESULTS
Prepared in accordance with International Accounting Standards
SA Rand million
Quarter
Quarter
Six months
Six months
ended
ended
ended
ended
June
March
June
June
1999
1999
1999
1998
Turnover
3 339.0
3 317.4
6 656.4
5 937.2
Gold revenue
3 339.0
3 317.4
6 656.4
5 937.2
Normal
3 325.6
3 308.2
6 633.8
5 624.1
Accelerated hedge
13.4
9.2
22.6
313.1
Cost of sales
2 541.3
2 538.8
5 080.1
4 866.7
Cash costs
2 232.0
2 203.9
4 435.9
4 083.3
Retrenchment costs
13.4
9.2
22.6
313.0
Rehabilitation and other non cash costs
24.6
26.0
50.6
2.4
Production costs
2 270.0
2 239.1
4 509.1
4 398.7
Amortisation of mining assets
273.3
283.7
557.0
389.7
Total production costs
2 543.3
2 522.8
5 066.1
4 788.4
Inventory change
( 2.0)
16.0
14.0
78.3
Operating profit
797.7
778.6
1 576.3
1 070.5
Corporate administration and other expenses
61.1
63.2
124.2
152.6
Research and development
10.9
7.5
18.4
9.5
Exploration costs
57.0
56.4
113.4
92.1
Profit from operations
668.7
651.5
1 320.3
816.3
Interest paid
92.8
28.8
121.7
15.8
Interest receivable
109.3
77.9
187.2
75.7
Income from associates
-
43.3
43.3
175.2
Dividends received
0.6
1.4
2.0
10.1
Profit on sale of mining assets
-
-
-
244.2
Profit on ordinary activities before taxation
685.8
745.3
1 431.1
1 305.7
Taxation
176.6
( 218.1)
( 41.5)
305.5
Normal taxation
155.5
230.7
386.2
382.0
Deferred taxation
- current
21.1
11.1
32.2
( 76.5)
- rate change
-
( 459.9)
( 459.9)
-
Profit on ordinary activities after taxation
509.2
963.4
1 472.6
1 000.2
Profit on sale of associate
543.2
-
543.2
-
Goodwill written off
33.1
341.7
374.8
-
Minority interest
1.8
10.4
12.2
-
Profit attributable to ordinary shareholders
1 017.5
611.3
1 628.8
1 000.2
Earnings per share
- cents
1 040
625
1 664
1 022
Headline earnings
- Rm
507.4
953.0
1 460.4
662.8
- cents per share
519
974
1 492
677
Headline earnings before deferred tax
rate adjustment
- Rm
507.4
493.1
1 000.5
662.8
- cents per share
519
504
1 022
677
Dividends
- Rm
880.8
729.3
- cents per share
900
750
Capital expenditure
- mining direct
268.8
229.1
497.9
423.2
- other
37.2
23.3
60.5
18.2
- recoupments
-
-
-
( 244.2)
Net capital expenditure
306.0
252.4
558.4
197.2
GROUP FINANCIAL RESULTS
Prepared in accordance with International Accounting Standards
US Dollar million
Quarter
Quarter
Six months
Six months
ended
ended
ended
ended
June
March
June
June
1999
1999
1999
1998
Turnover
545.1
543.7
1 088.8
1 174.2
Gold revenue
545.1
543.7
1 088.8
1 174.2
Normal
542.9
542.2
1 085.1
1 112.0
Accelerated hedge
2.2
1.5
3.7
62.2
Cost of sales
414.8
416.3
831.1
963.0
Cash costs
364.3
361.4
725.7
807.6
Retrenchment costs
2.2
1.5
3.7
62.1
Rehabilitation and other non cash costs
4.0
4.3
8.3
0.1
Production costs
370.5
367.2
737.7
869.8
Amortisation of mining assets
44.6
46.5
91.1
77.0
Total production costs
415.1
413.7
828.8
946.8
Inventory change
( 0.3)
2.6
2.3
16.2
Operating profit
130.3
127.4
257.7
211.2
Corporate administration and other expenses
9.9
9.5
19.4
29.8
Research and development
1.8
1.2
3.0
1.7
Exploration costs
9.3
9.2
18.5
18.2
Profit from operations
109.3
107.5
216.8
161.5
Interest paid
15.2
4.7
19.9
3.2
Interest receivable
17.8
12.8
30.6
15.0
Income from associates
-
7.1
7.1
35.1
Dividends received
0.1
0.2
0.3
2.0
Profit on sale of mining assets
-
-
-
47.5
Profit on ordinary activities before taxation
112.0
122.9
234.9
257.9
Taxation
28.9
( 35.7)
( 6.8)
60.4
Normal taxation
25.4
37.8
63.2
75.3
Deferred taxation
- current
3.5
1.9
5.4
( 14.9)
- rate change
-
( 75.4)
( 75.4)
-
Profit on ordinary activities after taxation
83.1
158.6
241.7
197.5
Profit on sale of associate
88.7
-
88.7
-
Goodwill written off
5.4
56.0
61.4
-
Minority interest
0.3
1.7
2.0
-
Profit attributable to ordinary shareholders
166.1
100.9
267.0
197.5
Earnings per share
- cents
170
103
273
202
Headline earnings
- $m
82.8
156.9
239.7
130.5
- cents per share
85
160
245
133
Headline earnings before deferred tax
rate adjustment
- $m
82.8
81.6
164.4
130.5
- cents per share
85
83
168
133
Dividends
- $m
145.9
123.0
- cents per share
149
127
Capital expenditure
- mining direct
43.8
37.6
81.4
83.5
- other
6.1
3.8
9.9
3.7
- recoupments
-
-
-
( 47.4)
Net capital expenditure
49.9
41.4
91.3
39.8
SOUTH AFRICAN OPERATIONS
VAAL RIVER
Great Noligwa Mine
Prepared in accordance with International
Quarter
Quarter
Six months
Quarter
Quarter
Six months
Accounting Standards.
ended
ended
ended
ended
ended
ended
June
March
June
June
March
June
1999
1999
1999
1999
1999
1999
Rand / Metric
Dollar / Imperial
OPERATING RESULTS
GOLD
Area mined
- m2
/
- ft2
- 000
101
105
206
1 087
1 130
2 217
Milled - 000
- tonnes
/
- tons
- reef
573
627
1 200
632
691
1 323
- waste
-
-
-
-
-
-
- surface and
dump reclamation
-
-
-
-
-
-
- total
573
627
1 200
632
691
1 323
Yield
- g/t
/
- oz/t
- reef
13.17
13.93
13.57
0.384
0.406
0.396
- waste
-
-
-
-
-
-
- surface and
dump reclamation
-
-
-
-
-
-
- average
13.17
13.93
13.57
0.384
0.406
0.396
Gold produced
- kg
/
- oz 000
- reef
7 546
8 735
16 281
242
281
523
- waste
-
-
-
-
-
-
- surface and
dump reclamation
-
-
-
-
-
-
- total
7 546
8 735
16 281
242
281
523
Revenue
- R/kg
/
- $/oz
- sold
61 668
61 087
61 356
313
311
312
Cash costs
- R
/
- $
- ton milled
379
353
365
56
52
54
- R/kg
/
- $/oz
- produced
28 768
25 316
26 916
146
129
137
PRODUCTIVITY
per employee
- g
/
- oz
- target
253
270
262
8.13
8.68
8.42
- actual
241
274
257
7.75
8.81
8.26
per employee
- m2
/
- ft2
- target
3.55
3.51
3.53
38.21
37.78
38.00
- actual
3.22
3.29
3.26
34.66
35.41
35.09
FINANCIAL RESULTS ( MILLION)
Gold normal revenue
464.1
532.9
997.0
75.8
87.3
163.1
Accelerated hedge revenue
1.2
0.7
1.9
0.2
0.1
0.3
Total gold revenue
465.3
533.6
998.9
76.0
87.4
163.4
Cost of sales
253.1
253.8
506.9
41.4
41.5
82.9
Cash costs
217.1
221.1
438.2
35.5
36.2
71.7
Retrenchment costs
1.2
0.7
1.9
0.2
0.1
0.3
Rehabilitation costs
0.6
1.2
1.8
0.1
0.2
0.3
Other non-cash costs
0.9
1.2
2.1
0.2
0.2
0.4
Production costs
219.8
224.2
444.0
36.0
36.7
72.7
Amortisation costs
30.2
31.8
62.0
4.9
5.2
10.1
Inventory change
3.1
( 2.2)
0.9
0.5
( 0.4)
0.1
Profit from operations
212.2
279.8
492.0
34.6
45.9
80.5
Capital expenditure
- mining direct
6.8
1.8
8.6
1.1
0.4
1.5
- other
0.6
( 0.5)
0.1
0.1
( 0.1)
-
- recoupments
-
-
-
-
-
-
Net capital expenditure
7.4
1.3
8.7
1.2
0.3
1.5
Kopanang Mine
Tau Lekoa Mine
Quarter
Quarter
Six months
Quarter
Quarter
Six months
Quarter
Quarter
Six months
Quarter
Quarter
Six months
ended
ended
ended
ended
ended
ended
ended
ended
ended
ended
ended
ended
June
March
June
June
March
June
June
March
June
June
March
June
1999
1999
1999
1999
1999
1999
1999
1999
1999
1999
1999
1999
Rand / Metric
Dollar / Imperial
Rand / Metric
Dollar / Imperial
105
104
209
1 131
1 119
2 250
89
84
173
958
904
1 862
518
543
1 061
571
599
1 170
532
448
980
586
494
1 080
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
518
543
1 061
571
599
1 170
532
448
980
586
494
1 080
6.90
8.36
7.65
0.201
0.244
0.223
4.64
5.22
4.91
0.135
0.152
0.143
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
6.90
8.36
7.65
0.201
0.244
0.223
4.64
5.22
4.91
0.135
0.152
0.143
3 575
4 539
8 114
115
146
261
2 470
2 337
4 807
80
75
155
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
3 575
4 539
8 114
115
146
261
2 470
2 337
4 807
80
75
155
61 690
61 159
61 393
313
312
312
61 699
61 293
61 502
313
312
313
344
331
337
51
49
50
225
247
235
33
37
35
49 890
39 583
44 124
253
202
224
48 355
47 385
47 883
246
242
244
150
160
155
4.82
5.14
4.98
170
158
164
5.47
5.08
5.27
150
192
171
4.82
6.17
5.50
185
176
181
5.95
5.66
5.82
4.23
4.25
4.24
45.53
45.75
45.64
7.13
6.44
6.77
76.75
69.32
72.87
4.42
4.40
4.41
47.58
47.36
47.47
6.68
6.35
6.51
71.90
68.35
70.07
219.9
276.9
496.8
35.9
45.4
81.3
151.9
142.5
294.4
24.8
23.4
48.2
0.6
0.7
1.3
0.1
0.1
0.2
0.4
0.7
1.1
0.1
0.1
0.2
220.5
277.6
498.1
36.0
45.5
81.5
152.3
143.2
295.5
24.9
23.5
48.4
190.7
191.7
382.4
31.1
31.4
62.5
143.0
131.8
274.8
23.4
21.6
45.0
178.3
179.7
358.0
29.2
29.4
58.6
119.5
110.7
230.2
19.5
18.1
37.6
0.6
0.7
1.3
0.1
0.1
0.2
0.4
0.7
1.1
0.1
0.1
0.2
0.3
0.6
0.9
-
0.1
0.1
0.2
0.3
0.5
-
0.1
0.1
0.8
0.7
1.5
-
0.2
0.2
0.6
0.4
1.0
0.1
0.1
0.2
180.0
181.7
361.7
29.3
29.8
59.1
120.7
112.1
232.8
19.7
18.4
38.1
9.1
11.2
20.3
1.5
1.8
3.3
21.3
20.3
41.6
3.5
3.3
6.8
1.6
( 1.2)
0.4
0.3
( 0.2)
0.1
1.0
( 0.6)
0.4
0.2
( 0.1)
0.1
29.8
85.9
115.7
4.9
14.1
19.0
9.3
11.4
20.7
1.5
1.9
3.4
0.1
-
0.1
-
-
-
-
( 0.2)
( 0.2)
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
0.1
-
0.1
-
-
-
-
( 0.2)
( 0.2)
-
-
-
VAAL RIVER
Surface Operations
Prepared in accordance with International
Quarter
Quarter
Six months
Quarter
Quarter
Six months
Accounting Standards.
ended
ended
ended
ended
ended
ended
June
March
June
June
March
June
1999
1999
1999
1999
1999
1999
Rand / Metric
Dollar / Imperial
OPERATING RESULTS
GOLD
Area mined
- m2
/
- ft2
- 000
-
-
-
-
-
-
Milled - 000
- tonnes
/
- tons
- reef
-
-
-
-
-
-
- waste
-
-
-
-
-
-
- surface and
dump reclamation
1 249
1 226
2 475
1 377
1 351
2 728
- total
1 249
1 226
2 475
1 377
1 351
2 728
Yield
- g/t
/
- oz/t
- reef
-
-
-
-
-
-
- waste
-
-
-
-
-
-
- surface and
dump reclamation
0.49
0.50
0.49
0.014
0.015
0.014
- average
0.49
0.50
0.49
0.014
0.015
0.014
Gold produced
- kg
/
- oz 000
- reef
-
-
-
-
-
-
- waste
-
-
-
-
-
-
- surface and
dump reclamation
607
615
1 222
19
20
39
- total
607
615
1 222
19
20
39
Revenue
- R/kg
/
- $/oz
- sold
61 537
61 049
61 291
313
311
312
Cash costs
- R
/
- $
- ton milled
17
18
18
3
3
3
- R/kg
/
- $/oz
- produced
35 862
36 348
36 106
182
185
184
PRODUCTIVITY
per employee
- g
/
- oz
- target
362
359
361
11.64
11.54
11.61
- actual
318
319
319
10.22
10.26
10.26
per employee
- m2
/
- ft2
- target
-
-
-
-
-
-
- actual
-
-
-
-
-
-
FINANCIAL RESULTS ( MILLION)
Gold normal revenue
37.4
37.5
74.9
6.1
6.2
12.3
Accelerated hedge revenue
-
-
-
-
-
-
Total gold revenue
37.4
37.5
74.9
6.1
6.2
12.3
Cost of sales
21.9
22.4
44.3
3.6
3.7
7.3
Cash costs
21.7
22.4
44.1
3.5
3.7
7.2
Retrenchment costs
-
-
-
-
-
-
Rehabilitation costs
-
-
-
-
-
-
Other non-cash costs
0.2
-
0.2
0.1
-
0.1
Production costs
21.9
22.4
44.3
3.6
3.7
7.3
Amortisation costs
-
-
-
-
-
-
Inventory change
-
-
-
-
-
-
Profit from operations
15.5
15.1
30.6
2.5
2.5
5.0
Capital expenditure
Moab Khotsong Mine
- mining direct
77.1
75.2
152.3
12.6
12.3
24.9
- other
-
-
-
-
-
-
- recoupments
-
-
-
-
-
-
Net capital expenditure
77.1
75.2
152.3
12.6
12.3
24.9
ERGO
Ergo
Prepared in accordance with International
Quarter
Quarter
Six months
Quarter
Quarter
Six months
Accounting Standards.
ended
ended
ended
ended
ended
ended
June
March
June
June
March
June
1999
1999
1999
1999
1999
1999
Rand / Metric
Dollar / Imperial
OPERATING RESULTS GOLD
Material treated
- tonnes
/
- tons
- 000
11 801
11 977
23 778
13 009
13 202
26 211
Yield
- g/t
/
- oz/t
0.22
0.22
0.22
0.007
0.006
0.006
Gold produced
- kg
/
- oz 000
2 637
2 634
5 271
84
85
169
Revenue
- R/kg
/
- $/oz
- sold
61 601
61 087
61 344
313
311
312
Cash costs
- R
/
- $
- ton treated
11
11
11
2
2
2
- R/kg
/
- $/oz
- produced
51 199
49 833
50 517
260
254
257
FINANCIAL RESULTS (MILLION)
Gold normal revenue
162.1
160.7
322.8
26.4
26.4
52.8
Accelerated hedge revenue
0.3
0.2
0.5
-
-
-
Total gold revenue
162.4
160.9
323.3
26.4
26.4
52.8
Cost of sales
158.9
151.3
310.2
25.9
24.8
50.7
Cash costs
135.0
131.3
266.3
22.1
21.5
43.6
Retrenchment costs
0.3
0.2
0.5
-
-
-
Rehabilitation costs
1.2
1.2
2.4
0.2
0.2
0.4
Other non-cash costs
1.1
1.2
2.3
0.1
0.3
0.4
Production costs
137.6
133.9
271.5
22.4
22.0
44.4
Amortisation costs
18.8
18.4
37.2
3.1
3.0
6.1
Inventory change
2.5
( 1.0)
1.5
0.4
( 0.2)
0.2
Profit from operations
3.5
9.6
13.1
0.5
1.6
2.1
Capital expenditure
1.3
2.1
3.4
0.2
0.4
0.6
FREE STATE
Bambanani Mine
Prepared in accordance with International
Quarter
Quarter
Six months
Quarter
Quarter
Six months
Accounting Standards.
ended
ended
ended
ended
ended
ended
June
March
June
June
March
June
1999
1999
1999
1999
1999
1999
Rand / Metric
Dollar / Imperial
OPERATING RESULTS GOLD
Area mined
- m2
/
- ft2
- 000
84
87
171
901
936
1 837
Milled - 000
- tonnes
/
- tons
- reef
516
541
1 057
569
596
1 165
- waste
-
-
-
-
-
-
- surface and dump reclamation
-
-
-
-
-
-
- total
516
541
1 057
569
596
1 165
Yield
- g/t
/
- oz/t
- reef
7.50
7.57
7.53
0.219
0.221
0.220
- waste
-
-
-
-
-
-
- surface and dump reclamation
-
-
-
-
-
-
- average
7.50
7.57
7.53
0.219
0.221
0.220
Gold produced
- kg
/
- oz 000
- reef
3 870
4 094
7 964
124
132
256
- waste
-
-
-
-
-
-
- surface and dump reclamation
-
-
-
-
-
-
- total
3 870
4 094
7 964
124
132
256
Revenue
- R/kg
/
- $/oz
- sold
61 790
61 281
61 528
314
312
313
Cash costs
- R
/
- $
- ton milled
352
337
344
52
50
51
- R/kg
/
- $/oz
- produced
46 884
44 491
45 654
238
227
232
PRODUCTIVITY
per employee
- g
/
- oz
- target
178
175
177
5.72
5.63
5.69
- actual
170
178
174
5.47
5.72
5.59
per employee
- m2
/
- ft2
- target
3.91
3.88
3.90
42.09
41.76
41.98
- actual
3.69
3.78
3.73
39.72
40.69
40.15
FINANCIAL RESULTS (MILLION)
Gold normal revenue
238.0
249.8
487.8
38.9
40.9
79.8
Accelerated hedge revenue
1.1
1.1
2.2
0.2
0.2
0.4
Total gold revenue
239.1
250.9
490.0
39.1
41.1
80.2
Cost of sales
192.8
200.7
393.5
31.5
32.9
64.4
Cash costs
181.5
182.1
363.6
29.6
29.9
59.5
Retrenchment costs
1.1
1.1
2.2
0.2
0.2
0.4
Rehabilitation costs
0.3
( 0.7)
( 0.4)
-
( 0.1)
( 0.1)
Other non-cash costs
1.0
1.5
2.5
0.3
0.2
0.5
Production costs
183.9
184.0
367.9
30.1
30.2
60.3
Amortisation costs
9.8
10.0
19.8
1.6
1.6
3.2
Inventory change
( 0.9)
6.7
5.8
( 0.2)
1.1
0.9
Profit from operations
46.3
50.2
96.5
7.6
8.2
15.8
Capital expenditure
- mining direct
6.4
6.9
13.3
1.1
1.1
2.2
- other
-
-
-
-
-
-
- recoupments
-
-
-
-
-
-
Net capital expenditure
6.4
6.9
13.3
1.1
1.1
2.2
Tshepong Mine
Matjhabeng Mine
Quarter
Quarter
Six months
Quarter
Quarter
Six months
Quarter
Quarter
Six months
Quarter
Quarter
Six months
ended
ended
ended
ended
ended
ended
ended
ended
ended
ended
ended
ended
June
March
June
June
March
June
June
March
June
June
March
June
1999
1999
1999
1999
1999
1999
1999
1999
1999
1999
1999
1999
Rand / Metric
Dollar / Imperial
Rand / Metric
Dollar / Imperial
94
85
179
1 012
915
1 927
76
105
181
818
1 130
1 948
327
302
629
360
333
693
347
470
817
383
518
901
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
327
302
629
360
333
693
347
470
817
383
518
901
8.19
8.28
8.24
0.239
0.242
0.240
6.97
7.37
7.20
0.203
0.215
0.210
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
8.19
8.28
8.24
0.239
0.242
0.240
6.97
7.37
7.20
0.203
0.215
0.210
2 679
2 502
5 181
87
80
167
2 417
3 465
5 882
78
111
189
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
2 679
2 502
5 181
87
80
167
2 417
3 465
5 882
78
111
189
62 165
61 683
61 932
316
314
315
63 497
61 004
62 028
322
311
316
354
384
369
53
57
55
496
397
439
73
59
65
43 263
46 341
44 749
220
236
228
71 253
53 829
60 989
362
274
310
148
156
152
4.76
5.02
4.89
143
141
142
4.60
4.53
4.57
177
158
167
5.69
5.08
5.37
90
126
108
2.89
4.05
3.47
5.63
5.71
5.67
60.60
61.46
61.03
3.94
3.94
3.94
42.41
42.41
42.41
6.21
5.39
5.79
66.84
58.02
62.32
2.83
3.81
3.32
30.46
41.01
35.74
164.9
152.6
317.5
26.9
25.0
51.9
148.6
211.4
360.0
24.3
34.6
58.9
1.7
1.7
3.4
0.3
0.3
0.6
4.8
-
4.8
0.8
-
0.8
166.6
154.3
320.9
27.2
25.3
52.5
153.4
211.4
364.8
25.1
34.6
59.7
136.5
139.3
275.8
22.3
22.8
45.1
180.0
196.1
376.1
29.4
32.1
61.5
115.9
115.9
231.8
18.9
19.0
37.9
172.2
186.5
358.7
28.1
30.6
58.7
1.7
1.7
3.4
0.3
0.3
0.6
4.8
-
4.8
0.8
-
0.8
0.2
( 0.4)
( 0.2)
0.1
( 0.1)
-
0.3
( 0.5)
( 0.2)
0.1
( 0.1)
-
0.9
0.8
1.7
0.1
0.1
0.2
0.7
1.2
1.9
-
0.2
0.2
118.7
118.0
236.7
19.4
19.3
38.7
178.0
187.2
365.2
29.0
30.7
59.7
18.5
17.0
35.5
3.0
2.8
5.8
2.6
3.2
5.8
0.5
0.5
1.0
( 0.7)
4.3
3.6
( 0.1)
0.7
0.6
( 0.6)
5.7
5.1
( 0.1)
0.9
0.8
30.1
15.0
45.1
4.9
2.5
7.4
( 26.6)
15.3
( 11.3)
( 4.3)
2.5
( 1.8)
-
-
-
-
-
-
4.8
0.1
4.9
0.8
-
0.8
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
4.8
0.1
4.9
0.8
-
0.8
FREE STATE
Surface Operations
Prepared in accordance with International
Quarter
Quarter
Six months
Quarter
Quarter
Six months
Accounting Standards.
ended
ended
ended
ended
ended
ended
June
March
June
June
March
June
1999
1999
1999
1999
1999
1999
Rand / Metric
Dollar / Imperial
OPERATING RESULTS GOLD
Area mined
- m2
/
- ft2
- 000
-
-
-
-
-
-
Milled - 000
- tonnes
/
- tons
- reef
-
-
-
-
-
-
- waste
-
-
-
-
-
-
- surface and dump reclamation
879
620
1 499
969
683
1 652
- total
879
620
1 499
969
683
1 652
Yield
- g/t
/
- oz/t
- reef
-
-
-
-
-
-
- waste
-
-
-
-
-
-
- surface and dump reclamation
0.96
0.95
0.96
0.028
0.028
0.028
- average
0.96
0.95
0.96
0.028
0.028
0.028
Gold produced
- kg
/
- oz 000
- reef
-
-
-
-
-
-
- waste
-
-
-
-
-
-
- surface and dump reclamation
847
592
1 439
27
19
46
- total
847
592
1 439
27
19
46
Revenue
- R/kg
/
- $/oz
- sold
61 511
61 003
61 302
312
311
312
Cash costs
- R
/
- $
- ton milled
47
44
46
7
7
7
- R/kg
/
- $/oz
- produced
48 543
46 079
47 530
247
235
242
PRODUCTIVITY
per employee
- g
/
- oz
- target
180
177
179
5.79
5.69
5.75
- actual
332
219
274
10.67
7.04
8.81
per employee
- m2
/
- ft2
- target
-
-
-
-
-
-
- actual
-
-
-
-
-
-
FINANCIAL RESULTS (MILLION)
Gold normal revenue
52.1
36.1
88.2
8.5
5.9
14.4
Accelerated hedge revenue
-
-
-
-
-
-
Total gold revenue
52.1
36.1
88.2
8.5
5.9
14.4
Cost of sales
41.5
28.7
70.2
6.8
4.7
11.5
Cash costs
41.1
27.3
68.4
6.7
4.5
11.2
Retrenchment costs
-
-
-
-
-
-
Rehabilitation costs
0.1
( 0.1)
-
-
-
-
Other non-cash costs
( 0.1)
0.2
0.1
0.2
( 0.1)
0.1
Production costs
41.1
27.4
68.5
6.9
4.4
11.3
Amortisation costs
0.6
0.3
0.9
-
0.1
0.1
Inventory change
( 0.2)
1.0
0.8
( 0.1)
0.2
0.1
Profit from operations
10.6
7.4
18.0
1.7
1.2
2.9
Capital expenditure
- mining direct
0.2
-
0.2
-
-
-
- other
-
-
-
-
-
-
- recoupments
-
-
-
-
-
-
Net capital expenditure
0.2
-
0.2
-
-
-
Joel Mine
Quarter
Quarter
Six months
Quarter
Quarter
Six months
ended
ended
ended
ended
ended
ended
June
March
June
June
March
June
1999
1999
1999
1999
1999
1999
Rand / Metric
Dollar / Imperial
69
63
132
743
678
1 421
324
311
635
357
343
700
13
50
63
14
55
69
-
-
-
-
-
-
337
361
698
371
398
769
5.62
6.20
5.90
0.164
0.181
0.172
0.85
0.60
0.65
0.025
0.018
0.019
-
-
-
-
-
-
5.43
5.43
5.43
0.158
0.158
0.158
1 820
1 929
3 749
59
62
121
11
30
41
-
1
1
-
-
-
-
-
-
1 831
1 959
3 790
59
63
122
61 959
61 004
61 465
315
311
313
269
250
259
40
37
38
49 427
46 013
47 662
251
235
242
158
150
154
5.08
4.82
4.95
123
136
129
3.95
4.37
4.15
5.49
5.29
5.39
59.09
56.94
58.02
4.62
4.37
4.50
49.73
47.04
48.44
112.6
119.5
232.1
18.4
19.6
38.0
0.8
-
0.8
0.1
-
0.1
113.4
119.5
232.9
18.5
19.6
38.1
108.6
101.4
210.0
17.8
16.6
34.4
90.5
90.1
180.6
14.7
14.8
29.5
0.8
-
0.8
0.1
-
0.1
0.2
0.3
0.5
0.1
-
0.1
0.1
( 0.4)
( 0.3)
0.1
( 0.1)
-
91.6
90.0
181.6
15.0
14.7
29.7
15.9
11.0
26.9
2.6
1.8
4.4
1.1
0.4
1.5
0.2
0.1
0.3
4.8
18.1
22.9
0.7
3.0
3.7
22.4
33.5
55.9
3.7
5.5
9.2
-
-
-
-
-
-
-
-
-
-
-
-
22.4
33.5
55.9
3.7
5.5
9.2
WEST WITS
TauTona Mine (East Mine)
Prepared in accordance with International
Quarter
Quarter
Six months
Quarter
Quarter
Six months
Accounting Standards.
ended
ended
ended
ended
ended
ended
June
March
June
June
March
June
1999
1999
1999
1999
1999
1999
Rand / Metric
Dollar / Imperial
OPERATING RESULTS
GOLD
Area mined
- m2
/
- ft2
- 000
72
65
137
775
700
1 475
Milled - 000
- tonnes /
- tons
- reef
423
430
853
466
474
940
- waste
-
-
-
-
-
-
- total
423
430
853
466
474
940
Yield
- g/t
/
- oz/t
- reef
11.73
11.34
11.53
0.342
0.331
0.336
- waste
-
-
-
-
-
-
- average
11.73
11.34
11.53
0.342
0.331
0.336
Gold produced
- kg
/
- oz 000
- reef
4 961
4 877
9 838
159
157
316
- waste
-
-
-
-
-
-
- total
4 961
4 877
9 838
159
157
316
Revenue
- R/kg
/
- $/oz
- sold
61 563
61 113
61 340
313
312
312
Cash costs
- R
/
- $
- ton milled
364
375
370
54
56
55
- R/kg
/
- $/oz
- produced
31 026
33 102
32 055
158
169
163
PRODUCTIVITY
per employee
- g
/
- oz
- target
279
270
274
8.97
8.68
8.81
- actual
258
246
252
8.29
7.91
8.10
per employee
- m2
/
- ft2
- target
4.07
3.90
3.98
43.81
41.98
42.84
- actual
3.75
3.28
3.51
40.36
35.31
37.78
FINANCIAL RESULTS (MILLION)
Gold normal revenue
305.2
297.5
602.7
49.8
48.7
98.5
Accelerated hedge revenue
0.3
0.5
0.8
0.1
0.1
0.2
Total gold revenue
305.5
298.0
603.5
49.9
48.8
98.7
Cost of sales
153.2
178.7
331.9
25.1
29.2
54.3
Cash costs
154.0
161.4
315.4
25.1
26.5
51.6
Retrenchment costs
0.3
0.5
0.8
-
0.1
0.1
Rehabilitation costs
0.8
( 0.1)
0.7
0.1
-
0.1
Other non-cash costs
1.0
1.0
2.0
0.4
-
0.4
Production costs
156.1
162.8
318.9
25.6
26.6
52.2
Amortisation costs
0.7
21.5
22.2
0.1
3.5
3.6
Inventory change
( 3.6)
( 5.6)
( 9.2)
( 0.6)
( 0.9)
( 1.5)
Profit from operations
152.3
119.3
271.6
24.8
19.6
44.4
Capital expenditure
- mining direct
9.3
0.6
9.9
1.5
0.1
1.6
- other
1.6
0.1
1.7
0.3
-
0.3
- recoupments
-
-
-
-
-
-
Net capital expenditure
10.9
0.7
11.6
1.8
0.1
1.9
Savuka Mine (West Mine)
Mponeng Mine (South Mine)
Quarter
Quarter
Six months
Quarter
Quarter
Six months
Quarter
Quarter
Six months
Quarter
Quarter
Six months
ended
ended
ended
ended
ended
ended
ended
ended
ended
ended
ended
ended
June
March
June
June
March
June
June
March
June
June
March
June
1999
1999
1999
1999
1999
1999
1999
1999
1999
1999
1999
1999
Rand / Metric
Dollar / Imperial
Rand / Metric
Dollar / Imperial
55
50
105
592
538
1 130
65
63
128
700
678
1 378
310
288
598
342
317
659
405
417
822
446
460
906
-
-
-
-
-
-
-
-
-
-
-
-
310
288
598
342
317
659
405
417
822
446
460
906
6.69
6.59
6.64
0.195
0.192
0.194
9.35
6.25
7.77
0.273
0.182
0.227
-
-
-
-
-
-
-
-
-
-
-
-
6.69
6.59
6.64
0.195
0.192
0.194
9.35
6.25
7.77
0.273
0.182
0.227
2 075
1 897
3 972
67
61
128
3 786
2 605
6 391
121
84
205
-
-
-
-
-
-
-
-
-
-
-
-
2 075
1 897
3 972
67
61
128
3 786
2 605
6 391
121
84
205
61 720
61 052
61 401
313
311
312
61 688
61 116
61 455
313
312
313
366
401
383
54
60
57
386
379
382
57
56
57
54 724
60 899
57 673
278
310
293
41 309
60 618
49 179
210
309
250
164
167
166
5.27
5.37
5.34
198
190
194
6.37
6.11
6.24
137
118
127
4.40
3.79
4.08
219
149
184
7.04
4.79
5.92
4.32
4.54
4.43
46.50
48.87
47.68
4.12
4.04
4.08
44.35
43.49
43.92
3.63
3.11
3.36
39.07
33.48
36.17
3.77
3.61
3.69
40.58
38.86
39.72
127.7
115.7
243.4
20.8
19.0
39.8
232.9
158.9
391.8
37.9
26.1
64.0
0.4
0.1
0.5
0.1
-
0.1
0.7
0.3
1.0
0.2
-
0.2
128.1
115.8
243.9
20.9
19.0
39.9
233.6
159.2
392.8
38.1
26.1
64.2
115.0
117.4
232.4
18.7
19.3
38.0
166.9
161.6
328.5
27.2
26.5
53.7
113.6
115.5
229.1
18.6
18.9
37.5
156.4
157.9
314.3
25.5
25.9
51.4
0.4
0.1
0.5
0.1
-
0.1
0.7
0.3
1.0
0.2
-
0.2
0.3
-
0.3
0.1
-
0.1
0.5
-
0.5
0.1
-
0.1
0.6
0.4
1.0
( 0.2)
0.2
-
0.7
0.6
1.3
-
0.1
0.1
114.9
116.0
230.9
18.6
19.1
37.7
158.3
158.8
317.1
25.8
26.0
51.8
1.6
3.6
5.2
0.3
0.6
0.9
11.3
5.8
17.1
1.8
1.0
2.8
( 1.5)
( 2.2)
( 3.7)
( 0.2)
( 0.4)
( 0.6)
( 2.7)
( 3.0)
( 5.7)
( 0.4)
( 0.5)
( 0.9)
13.1
( 1.6)
11.5
2.2
( 0.3)
1.9
66.7
( 2.4)
64.3
10.9
( 0.4)
10.5
2.2
1.7
3.9
0.3
0.3
0.6
41.4
26.1
67.5
6.9
4.2
11.1
0.4
0.5
0.9
0.1
0.1
0.2
8.4
5.2
13.6
1.3
0.9
2.2
-
-
-
-
-
-
-
-
-
-
-
-
2.6
2.2
4.8
0.4
0.4
0.8
49.8
31.3
81.1
8.2
5.1
13.3
WEST WITS
Elandsrand Mine
Prepared in accordance with International
Quarter
Quarter
Six months
Quarter
Quarter
Six months
Accounting Standards.
ended
ended
ended
ended
ended
ended
June
March
June
June
March
June
1999
1999
1999
1999
1999
1999
Rand / Metric
Dollar / Imperial
OPERATING RESULTS
GOLD
Area mined
- m2
/
- ft2
- 000
105
109
214
1 130
1 173
2 303
Milled - 000
- tonnes /
- tons
- reef
462
468
930
509
516
1 025
- waste
8
6
14
8
7
15
- total
470
474
944
517
523
1 040
Yield
- g/t
/
- oz/t
- reef
8.24
6.76
7.49
0.240
0.197
0.219
- waste
0.38
0.33
0.36
0.011
0.010
0.010
- average
8.11
6.68
7.39
0.236
0.195
0.216
Gold produced
- kg
/
- oz 000
- reef
3 808
3 162
6 970
122
102
224
- waste
3
2
5
-
-
-
- total
3 811
3 164
6 975
122
102
224
Revenue
- R/kg
/
- $/oz
- sold
61 700
61 841
61 764
313
315
314
Cash costs
- R
/
- $
- ton milled
351
336
343
52
50
51
- R/kg
/
- $/oz
- produced
43 256
50 330
46 465
220
257
236
PRODUCTIVITY
per employee
- g
/
- oz
- target
211
216
214
6.78
6.94
6.88
- actual
195
168
182
6.27
5.40
5.85
per employee
- m2
/
- ft2
- target
6.29
6.52
6.40
67.70
70.18
68.89
- actual
5.38
5.80
5.59
57.91
62.43
60.17
FINANCIAL RESULTS (MILLION)
Gold normal revenue
234.3
193.1
427.4
38.2
31.7
69.9
Accelerated hedge revenue
0.8
2.6
3.4
0.2
0.4
0.6
Total gold revenue
235.1
195.7
430.8
38.4
32.1
70.5
Cost of sales
178.9
171.3
350.2
29.2
28.1
57.3
Cash costs
164.9
159.2
324.1
26.9
26.1
53.0
Retrenchment costs
0.8
2.6
3.4
0.2
0.4
0.6
Rehabilitation costs
0.6
( 0.1)
0.5
0.1
-
0.1
Other non-cash costs
0.3
0.6
0.9
0.1
0.1
0.2
Production costs
166.6
162.3
328.9
27.3
26.6
53.9
Amortisation costs
11.9
9.7
21.6
1.9
1.6
3.5
Inventory change
0.4
( 0.7)
( 0.3)
-
( 0.1)
( 0.1)
Profit from operations
56.2
24.4
80.6
9.2
4.0
13.2
Capital expenditure
- mining direct
28.5
27.5
56.0
4.6
4.5
9.1
- other
6.8
4.6
11.4
1.1
0.8
1.9
- recoupments
-
-
-
-
-
-
Net capital expenditure
35.3
32.1
67.4
5.7
5.3
11.0
Deelkraal Mine
Quarter
Quarter
Six months
Quarter
Quarter
Six months
ended
ended
ended
ended
ended
ended
June
March
June
June
March
June
1999
1999
1999
1999
1999
1999
Rand / Metric
Dollar / Imperial
34
34
68
366
366
732
195
186
381
215
205
420
121
114
235
133
126
259
316
300
616
348
331
679
6.77
7.31
7.04
0.198
0.213
0.205
1.21
0.77
1.00
0.035
0.023
0.029
4.64
4.83
4.73
0.135
0.141
0.138
1 321
1 360
2 681
42
44
86
146
88
234
5
3
8
1 467
1 448
2 915
47
47
94
61 725
61 331
61 530
313
313
313
276
283
280
41
42
42
59 517
58 705
59 114
302
299
301
173
181
177
5.56
5.82
5.69
125
122
124
4.02
3.92
3.99
4.27
4.36
4.32
45.96
46.93
46.50
2.91
2.87
2.89
31.32
30.89
31.11
90.3
88.3
178.6
14.7
14.5
29.2
0.3
0.5
0.8
-
0.1
0.1
90.6
88.8
179.4
14.7
14.6
29.3
103.3
94.4
197.7
16.8
15.5
32.3
87.3
85.0
172.3
14.3
13.9
28.2
0.3
0.5
0.8
-
0.1
0.1
0.7
0.3
1.0
0.1
0.1
0.2
0.6
0.5
1.1
-
0.1
0.1
88.9
86.3
175.2
14.4
14.2
28.6
14.3
8.4
22.7
2.3
1.4
3.7
0.1
( 0.3)
( 0.2)
0.1
( 0.1)
-
( 12.7)
( 5.6)
( 18.3)
( 2.1)
( 0.9)
( 3.0)
3.9
3.8
7.7
0.7
0.6
1.3
-
-
-
-
-
-
-
-
-
-
-
-
3.9
3.8
7.7
0.7
0.6
1.3
OTHER AFRICAN OPERATIONS
Navachab - Attributable 70%
Prepared in accordance with International
Quarter
Quarter
Six months
Quarter
Quarter
Six months
Accounting Standards.
ended
ended
ended
ended
ended
ended
June
March
June
June
March
June
1999
1999
1999
1999
1999
1999
Rand / Metric
Dollar / Imperial
OPERATING RESULTS GOLD
Mined
- tonnes
/
- tons
- 000
1 024
987
2 011
1 129
1 088
2 217
Volume mined
- bcm
/
- bcy
- 000
384
365
749
503
477
980
Stripping ratio
- t(mined-treated) /t treated
3.55
3.15
3.34
3.55
3.15
3.34
Treated
- tonnes
/
- tons
- 000
225
238
463
248
262
510
Mill head grade
- g/t
/
- oz/t
1.61
1.50
1.55
0.047
0.044
0.045
Metallurgical recovery
- %
90.26
91.24
90.74
90.26
91.24
90.74
Gold produced
- kg
/
- oz 000
327
325
652
11
10
21
Revenue
- R/kg
/
- $/oz
- sold
54 536
63 224
59 055
277
322
301
Cash costs
- R/kg
/
- $/oz
- produced
50 798
51 612
51 204
258
263
261
PRODUCTIVITY per employee
- g
/
- oz
- target
443
431
431
14.24
13.86
13.86
- actual
439
449
449
14.12
14.45
14.45
FINANCIAL RESULTS ( MILLION)
Gold revenue
17.5
22.0
39.5
2.9
3.6
6.5
Cost of sales
18.4
16.6
35.0
3.0
2.7
5.7
Cash costs
16.6
16.8
33.4
2.8
2.7
5.5
Rehabilitation costs
( 0.5)
0.5
-
( 0.1)
0.1
0.0
Other non-cash costs
0.2
0.1
0.3
-
-
-
Production costs
16.3
17.4
33.7
2.7
2.8
5.5
Amortisation costs
0.5
0.5
1.0
0.1
0.1
0.2
Inventory change
1.6
( 1.3)
0.3
0.2
( 0.2)
-
Profit from operations
( 0.9)
5.4
4.5
( 0.1)
0.9
0.8
Capital expenditure
0.5
0.1
0.6
-
-
-
Sadiola - Attributable 38%
Quarter
Quarter
Six months
Quarter
Quarter
Six months
ended
ended
ended
ended
ended
ended
June
March
June
June
March
June
1999
1999
1999
1999
1999
1999
Rand / Metric
Dollar / Imperial
1 449
1 554
3 003
1 597
1 713
3 310
824
806
1 630
1 078
1 054
2 132
1.99
2.27
2.13
1.99
2.27
2.13
485
475
960
535
524
1 058
3.43
3.00
3.22
0.100
0.087
0.094
97.16
96.50
96.77
97.16
96.50
96.77
1 614
1 373
2 987
52
44
96
60 814
63 305
61 999
309
323
315
20 158
22 492
21 231
102
115
108
2 076
2 151
2 115
66.74
69.16
68.00
1 972
1 677
1 825
63.40
53.93
58.66
91.4
86.2
177.6
14.9
14.1
29.0
54.7
54.4
109.1
8.9
8.9
17.8
32.5
30.9
63.4
5.3
5.1
10.4
-
0.3
0.3
-
0.1
0.1
6.4
6.0
12.4
1.0
0.9
1.9
38.9
37.2
76.1
6.3
6.1
12.4
18.5
18.2
36.7
3.0
3.0
6.0
( 2.7)
( 1.0)
( 3.7)
( 0.4)
( 0.2)
( 0.6)
36.7
31.8
68.5
6.0
5.2
11.2
4.9
3.2
8.1
0.8
0.5
1.3
NORTH AMERICAN OPERATIONS
Cripple Creek & Victor J.V.
Prepared in accordance with International
Quarter
Quarter
Six months
Quarter
Quarter
Six months
Accounting Standards.
ended
ended
ended
ended
ended
ended
June
March
June
June
March
June
1999
1999
1999
1999
1999
1999
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
6 963
6 489
13 452
7 675
7 153
14 828
Stripping ratio
- t(mined-treated)
/t treated
1.80
1.68
1.74
1.80
1.68
1.74
Treated
- tonnes
/
- tons
- 000
2 488
2 423
4 911
2 743
2 671
5 413
Mill head grade
- g/t
/
- oz/t
0.67
0.59
0.63
0.019
0.017
0.018
Gold in ore
- kg
/
- oz 000
1 658
1 435
3 093
53
46
99
Yield
- g/t
/
- oz/t
0.67
0.59
0.63
0.019
0.017
0.018
Gold produced
- kg
/
- oz 000
1 658
1 435
3 093
53
46
99
Total
Yield
- g/t
/
- oz/t
0.67
0.59
0.63
0.019
0.017
0.018
Gold produced
- kg
/
- oz 000
1 658
1 435
3 093
53
46
99
Revenue
- R/kg
/
- $/oz
- sold
62 434
56 304
59 497
317
287
303
Cash costs
- R/kg
/
- $/oz
- produced
32 871
32 334
32 622
168
165
167
PRODUCTIVITY
per employee
- g
/
- oz
- target
2 115
1 804
2 022
68
58
65
- actual
1 773
1 555
1 680
57
50
54
FINANCIAL RESULTS (MILLION)
Gold revenue
103.5
80.5
184.0
16.9
13.2
30.1
Cost of sales
71.1
67.7
138.8
11.6
11.1
22.7
Cash costs
54.5
46.4
100.9
8.9
7.6
16.5
Rehabilitation costs
3.1
2.4
5.5
0.5
0.4
0.9
Other non-cash costs
-
-
-
-
-
-
Production costs
57.6
48.8
106.4
9.4
8.0
17.4
Amortisation costs
13.5
18.9
32.4
2.2
3.1
5.3
Inventory change
-
-
-
-
-
-
Profit from operations
32.4
12.8
45.2
5.3
2.1
7.4
Capital expenditure
27.6
21.4
49.0
4.5
3.5
8.0
Note: The gold produced for underground and open-pit operations is allocated on gold in ore.
Jerritt Canyon J.V. - Attributable 70%
Quarter
Quarter
Six months
Quarter
Quarter
Six months
ended
ended
ended
ended
ended
ended
June
March
June
June
March
June
1999
1999
1999
1999
1999
1999
Rand / Metric
Dollar / Imperial
159
139
298
175
153
328
109
99
208
120
109
229
13.15
12.58
12.88
0.383
0.367
0.376
1 433
1 245
2 678
46
40
86
13.78
10.78
12.35
0.400
0.312
0.358
1 502
1 067
2 569
48
34
82
1 466
2 121
3 587
1 616
2 338
3 953
20.84
16.97
18.39
20.84
16.97
18.39
67
118
185
74
130
204
5.75
8.31
7.38
0.162
0.246
0.216
385
980
1 365
12
32
44
6.01
6.71
6.46
0.176
0.192
0.186
403
792
1 195
13
25
38
10.82
8.57
9.58
0.314
0.247
0.277
1 905
1 859
3 764
61
59
120
62 699
56 304
60 540
318
287
308
38 268
35 772
37 035
195
185
190
1 742
1 928
1 835
56
62
59
1 991
1 960
1 991
64
63
64
119.4
104.3
223.8
19.5
17.1
36.6
99.9
98.9
198.7
16.3
16.2
32.5
72.9
66.5
139.4
11.9
10.9
22.8
3.1
4.3
7.3
0.5
0.7
1.2
-
-
-
-
-
-
76.0
70.8
146.7
12.4
11.6
24.0
23.9
28.1
52.0
3.9
4.6
8.5
-
-
-
-
-
-
19.5
5.4
25.1
3.2
0.9
4.1
23.9
15.9
39.8
3.9
2.6
6.5
SOUTH AMERICAN OPERATIONS
Morro Velho
Prepared in accordance with International
Quarter
Quarter
Six months
Quarter
Quarter
Six months
Accounting Standards.
ended
ended
ended
ended
ended
ended
June
March
June
June
March
June
1999
1999
1999
1999
1999
1999
Rand / Metric
Dollar / Imperial
OPERATING RESULTS
GOLD
Underground Operations
Mined
- tonnes
/
- tons
- 000
190
185
375
209
204
413
Treated
- tonnes
/
- tons
- 000
190
184
374
209
203
412
Mill head grade
- g/t
/
- oz/t
8.02
7.45
7.74
0.234
0.217
0.226
Gold in ore
- kg
/
- oz 000
1 524
1 378
2 902
49
44
93
Yield
- g/t
/
- oz/t
7.52
6.93
7.23
0.220
0.202
0.211
Gold produced
- kg
/
- oz 000
1 428
1 276
2 704
46
41
87
Open-pit Operations
Mined
- tonnes
/
- tons
- 000
376
263
639
415
290
705
Stripping ratio
- t(mined-treated)
/t treated
10.06
9.12
9.83
10.22
9.00
9.68
Treated
- tonnes
/
- tons
- 000
34
26
59
37
29
66
Mill head grade
- g/t
/
- oz/t
6.41
6.00
6.34
0.189
0.172
0.182
Gold in ore
- kg
/
- oz 000
218
156
374
7
5
12
Yield
- g/t
/
- oz/t
5.47
5.58
5.61
0.162
0.172
0.167
Gold produced
- kg
/
- oz 000
186
145
331
6
5
11
Total
Yield
- g/t
/
- oz/t
7.21
6.77
7.01
0.211
0.198
0.205
Gold produced
- kg
/
- oz 000
1 614
1 421
3 035
52
46
98
Revenue
- R/kg
/
- $/oz
- sold
63 146
56 618
59 361
321
289
302
Cash costs
- R/kg
/
- $/oz
- produced
25 403
26 179
25 766
129
133
131
PRODUCTIVITY
per employee
- g
/
- oz
- target
467
373
404
15
12
13
- actual
467
404
435
15
13
14
FINANCIAL RESULTS (MILLION)
Gold revenue
102.9
89.8
192.7
16.8
14.7
31.5
Cost of sales
59.4
61.8
121.2
9.7
10.1
19.8
Cash costs
41.0
37.2
78.2
6.7
6.1
12.8
Rehabilitation costs
-
0.2
0.2
-
-
-
Other non-cash costs
-
-
-
-
-
-
Production costs
41.0
37.4
78.4
6.7
6.1
12.8
Amortisation costs
15.9
14.4
30.3
2.6
2.4
5.0
Inventory change
2.5
10.0
12.5
0.4
1.6
2.0
Profit from operations
43.5
28.0
71.5
7.1
4.6
11.7
Capital expenditure
10.4
10.5
20.9
1.7
1.7
3.4
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
Six months
Quarter
Quarter
Six months
Quarter
Quarter
Six months
Quarter
Quarter
Six months
ended
ended
ended
ended
ended
ended
ended
ended
ended
ended
ended
ended
June
March
June
June
March
June
June
March
June
June
March
June
1999
1999
1999
1999
1999
1999
1999
1999
1999
1999
1999
1999
Rand / Metric
Dollar / Imperial
Rand / Metric
Dollar / Imperial
79
75
154
87
83
170
78
74
152
86
81
167
7.97
7.99
7.98
0.233
0.235
0.234
622
591
1 213
20
19
39
7.58
7.57
7.57
0.221
0.222
0.222
591
560
1 151
19
18
37
-
-
-
-
-
-
835
757
1 592
920
835
1 755
-
-
-
-
-
-
10.28
9.81
10.06
10.36
9.84
10.11
-
-
-
-
-
-
74
70
144
81
77
158
-
-
-
-
-
-
16.32
16.89
16.60
0.48
0.49
0.49
-
-
-
-
-
-
1 208
1 182
2 390
39
38
77
-
-
-
-
-
-
15.55
18.21
16.85
0.457
0.532
0.494
-
-
-
-
-
-
1 151
1 275
2 426
37
41
78
7.58
7.57
7.57
0.221
0.222
0.222
15.55
18.21
16.85
0.457
0.532
0.494
591
560
1 151
19
18
37
1 151
1 275
2 426
37
41
78
62 188
56 696
58 968
316
289
300
62 017
56 108
58 968
315
286
300
23 858
23 929
23 892
121
122
122
27 107
23 922
25 433
138
122
129
840
809
809
27
26
26
2 830
2 550
2 582
91
82
83
840
840
840
27
27
27
2 893
3 173
3 017
93
102
97
36.8
36.3
73.1
6.0
6.0
12.0
74.2
73.2
147.4
12.1
12.0
24.1
20.9
23.8
44.6
3.4
4.0
7.4
48.2
43.9
92.2
7.9
7.2
15.1
14.1
13.4
27.5
2.3
2.2
4.5
31.2
30.5
61.7
5.1
5.0
10.1
-
0.3
0.3
-
0.1
0.1
-
-
-
-
-
-
-
-
-
-
-
-
3.4
-
3.4
0.6
-
0.6
14.1
13.7
27.8
2.3
2.3
4.6
34.6
30.5
65.1
5.7
5.0
10.7
8.0
7.0
15.0
1.3
1.2
2.5
14.2
12.2
26.4
2.3
2.0
4.3
( 1.2)
3.1
1.8
( 0.2)
0.5
0.3
( 0.6)
1.2
0.7
( 0.1)
0.2
0.1
15.9
12.5
28.5
2.6
2.0
4.6
26.0
29.3
55.2
4.2
4.8
9.0
3.1
3.1
6.1
0.5
0.5
1.0
2.3
4.9
7.1
0.4
0.8
1.2
SHAFT SINKING
SHAFT SINKING (metres)
Quarter ended
Quarter ended
Six months ended
June 1999
March 1999
June 1999
MOAB KHOTSONG MINE
Main shaft
Advance
20
8
28
Depth to date (below collar)
2 412
2 392
2 412
Rock / ventilation sub-vertical shaft
Advance
45
29
74
Depth to date
880
835
880
Station cutting
36
20
56
JOEL MINE
Taung North Shaft
Advance
71
112
183
Depth to date (below collar)
1 187
1 116
1 187
MPONENG MINE
Sub Shaft 1
Advance
35
95
130
Depth to date
1 149
1 114
1 149
SHAFT SINKING
SHAFT SINKING (feet)
Quarter ended
Quarter ended
Six months ended
June 1999
March 1999
June 1999
MOAB KHOTSONG MINE
Main shaft
Advance
66
26
92
Depth to date (below collar)
7 913
7 847
7 913
Rock / ventilation sub-vertical shaft
Advance
148
95
243
Depth to date
2 887
2 740
2 887
Station cutting
118
66
184
JOEL MINE
Taung North Shaft
Advance
234
366
600
Depth to date (bellow collar)
3 889
3 655
3 889
MPONENG MINE
Sub Shaft 1
Advance
116
313
429
Depth to date
3 771
3 655
3 771
DEVELOPMENT
Development values represent actual results of sampling, no allowances having been made for adjustments necessary in estimating ore reserves.
Quarter ended June 1999
METRIC
Advance
Sampled
metres
metres
channel
gold
uranium
width
g/t
cm.g/t
kg/t
cm.kg/t
cm
VAAL RIVER Great Noligwa Mine Vaal reef
5 246
512
111.80
26.27
2 937
1.04
116.30
"C" reef
685
276
10.40
83.56
869
2.89
30.03
Kopanang Mine Vaal reef
10 055
996
14.20
123.10
1 748
4.16
59.08
"C" reef
117
64
33.10
231.80
7 671
3.48
115.26
Tau Lekoa Mine Ventersdorp Contact reef
5 688
928
90.68
11.56
1 048
0.14
12.58
Moab Khotsong Mine Vaal reef
1 055
-
-
-
-
-
-
FREE STATE Bambanani Mine Basal reef
3 513
300
86.00
8.12
698
0.06
4.95
Tshepong Mine Basal reef
5 524
816
19.80
85.39
1 689
1.41
27.96
"B" reef
172
80
148.90
64.85
966
0.09
13.71
Matjhabeng Mine Basal reef
1 299
144
19.40
29.47
571
0.80
15.47
"A" reef
261
16
100.00
6.97
697
0.36
36.07
Taung South Shaft (previously Joel No. 3 shaft) Beatrix VS 5 Composite reef
2 321
765
87.70
9.66
847
-
-
WEST WITS TauTona Mine (East Mine) Ventersdorp Contact reef
4
-
-
-
-
Carbon Leader reef
3 566
158
32.20
33.91
1 092
Savuka Mine (West Mine) Ventersdorp Contact reef
77
77
24.89
4.40
866
Mponeng Mine (South Mine) Ventersdorp Contact reef
5 739
784
79.80
20.48
1 634
Elandsrand Ventersdorp Contact reef
5 142
838
48.60
19.09
928
Deelkraal Ventersdorp Contact reef
1 097
200
145.00
4.67
677
(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 June 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
17 211
1 680
44.02
0.77
2.81
2.08
7.63
"C" reef
2 246
906
4.09
2.44
0.83
5.77
1.97
Kopanang Mine Vaal reef
32 990
3 268
5.59
3.59
1.67
8.32
3.88
"C" reef
384
210
13.03
6.76
7.34
6.96
7.56
Tau Lekoa Mine Ventersdorp Contact reef
18 661
3 045
35.70
0.34
1.00
0.28
0.83
Moab Khotsong Mine Vaal reef
3 462
-
-
-
-
-
-
FREE STATE Bambanani Mine Basal reef
11 526
984
33.86
0.24
0.67
0.12
0.32
Tshepong Mine Basal reef
18 123
2 677
7.80
2.49
1.62
2.82
1.83
"B" reef
564
262
58.62
1.89
9.24
0.18
0.90
Matjhabeng Mine Basal reef
4 262
472
7.64
0.86
0.55
1.60
1.02
"A" reef
856
52
39.37
0.20
0.67
0.72
2.37
Taung South Shaft (previously Joel No. 3 shaft) Beatrix VS 5 Composite reef
7 615
2 510
34.53
0.28
0.81
-
-
WEST WITS TauTona Mine (East Mine) Ventersdorp Contact reef
13
-
-
-
-
Carbon Leader reef
11 699
518
12.68
0.99
1.04
Savuka Mine (West Mine) Ventersdorp Contact reef
253
253
9.80
0.13
0.10
Mponeng Mine (South Mine) Ventersdorp Contact reef
18 829
2 572
31.42
0.60
1.56
Elandsrand Ventersdorp Contact reef
16 869
2 748
19.13
0.56
0.89
Deelkraal Ventersdorp Contact reef
3 599
656
57.09
0.14
0.65
(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