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 AND NINE MONTHS ENDED 30 SEPTEMBER 1999,

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

REPORT FOR THE QUARTER

E N D E D  3 0  S E P T E M B E R  1 9 9 9

HIGHLIGHTS

Despite

- 5% drop in the average dollar gold spot price

- 6% drop in the average rand spot price

headline earnings rise 4% to R525 million ($86 million)

Sadiola - production up 15%; cash costs down 14% to $88/oz

South African mines - production up 2%; labour productivity up 3%

South American mines - production up 4%; cash costs down 3%

North American mines - production up 18%; cash costs down 3%

17. 5% return on shareholders' equity (17% last quarter)

14. 8% return on capital employed (14, 5% last quarter)

Prepared in accordance with
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

International

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

Sept.

46 714

Quarter Nine months

ended ended

June Sept.

1999 1999

Rand/Metric

162 487

2 4 1 7

Nine months

ended

Sept.

155 435

Quarter

ended

Sept.

316
209
239

Quarter Nine months

ended ended

June Sept.

1999 1999

Dollar/lmperial

Nine months

ended

Sept.

anglo

ANGLOGOLD LIMITED

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

CERTAIN FORWARD-LOOKING STATEMENTS

Certain statements contained in this document, including without limitation, those concerning:
(i) the economic outlook for the gold mining industry, (ii) expectations regarding gold prices and
production, (iii) the completion and commencement of commercial operations of certain of the
company's exploration and production projects, and (iv) the company's liquidity and capital
resources and expenditure, contain certain forward-looking statements concerning the company's
operations, economic performance and financial condition. Although the company believes that
the expectations reflected in such forward-looking statements are reasonable, no assurance can
be given that such expectations will prove to have been correct. Accordingly, results could differ
materially from those set out in the forward-looking statements as a result of, among other factors,
(i) changes in economic and market conditions, (ii) success of business and operating initiatives,
(iii) changes in the regulatory environment and other government actions, (iv) fluctuations in gold
prices and exchange rates, and (v) business and operational risk management.

Published by the AngloGold Corporate Communications Department

Postal address:

Telephone:

Facsimile:
E-mail:

PO Box 62117
Marshalltown
2107
South Africa

(11) 637 6147
(11) 637 6399/6400
investors@corp.anglogold.com

Dear Shareholder

The third quarter of 1999 has been one of the most challenging in living memory. The gold price has been at two-decade
lows. In dollar terms, the average spot price, at $259, was 5% lower than the previous quarter. The rand strengthened

against the dollar over the quarter, so that the spot price in rand terms was 6% lower. In this gloomy market circumstance,
AngloGold has produced improved headline earnings of R525 million, or $86 million. This represents a return on
shareholders' equity of 17. 5% (17% last quarter) and 14. 8% on capital employed (14. 5% last quarter).

Gold production at 1. 8 million ounces improved by 4%, cash costs reduced marginally from $210 to $209, and total costs
were maintained at last quarter's level of $239. Labour productivity, as measured in grams of gold produced, improved
from 209 in the last quarter to 220 this quarter. Of all the operations, Sadiola has had an exceptional quarter, producing
at levels above management's ongoing expectations. The South American mines have performed particularly well.
Production increased at the South African operations, though Matjhabeng mine's important Eland shaft, damaged in an
earthquake in April, only resumed production in early October.

The gas explosion at Mponeng mine is a source of both great sadness and concern to management. Every effort to
learn from this event, and indeed, to enhance the quality of safety at work is being made. In this regard it is pleasing to

note the safety achievements of Moab Khotsong, Great Noligwa and Tau Lekoa.

Two issues have profoundly changed sentiment in gold markets. During September, the International Monetary Fund

decided to avoid gold sales as a means of financing debt relief. On 26 September, European Banks, including Britain
and Switzerland, announced that their gold sales would be limited to no more than 2 000 tonnes over the next five years.
This has laid to rest the notion that most central banks were about to sell most of their gold reserves. Both the spot price,
and the lease rates at which gold can be borrowed, have moved up dramatically.

When we announced our second quarter results we expressed the view that gold was oversold, and indicated we would

not be selling forward in this market. The details of our hedge book are set out as usual, and we continue to believe that
a measure of price security is a way of optimising our operations and the value they generate for our shareholders.

We are making an offer to acquire 100% of the equity of Acacia Resources, one of Australia's most successful gold
companies. Combined with the now substantial North and South American and African production, we believe that
Acacia's gold production, good exploration track record and management competencies, will create a global gold
company of choice.

AngloGold has been able to achieve competitive rates of return for our shareholders in the gloomiest of gold markets.
Should the gold price remain where it is now, and barring any major operational problems, we anticipate a satisfactory
fourth quarter with the outlook for the year being 7 million ounces of production at a cash cost of $209 per ounce.
Assuming a realised gold price of $314 per ounce (at current exchange rates) this should yield net earnings of around

R2. 6 billion with headline earnings before the deferred tax rate adjustment of around R2. 1 billion. In early 2000, the
company intends to release a more detailed strategy, with targeted achievements for the next three years, particularly in
the areas of improving labour productivity and cash and total cost performance.

NICKY OPPENHEIMER

Chairman

BOBBY GODSELL

Chief Executive Officer

28 October 1999

SOUTH AFRICAN OPERATIONS

Overall performance

The South African operations had a satisfactory quarter, notwithstanding the continuing negative impact on production

of Matjhabeng's Eland shaft, disabled by a severe earthquake in April.

Repairs to Eland shaft were completed ahead of schedule at the end of the third quarter and production is expected to
return to full capacity early in the fourth quarter.

Gold production at 45. 3 tonnes (1. 5 million ounces) was 2% higher than in the second quarter mainly as a result of

improved performances by Great Noligwa, Kopanang, Deelkraal and Joel.

Productivity in the South African operations improved quarter on quarter by 3% in terms of grams per employee and by

4% in terms of square metres per employee. Unit cash costs at R43 642 per kilogram, or $223 per ounce, were held at

previous quarter levels despite the annual wage increases.

As a result, operating profit was 4% higher at R632. 4 million.

Mine performance

In spite of a drop in yield (g/t), gold production at Great Noligwa improved quarter on quarter, due to increased tonnes
milled.

At Kopanang, the quarter saw improved performances on all productivity indices. This, together with a significant

increase in yield, saw unit cash costs falling by 17% to R41 625 per kilogram.

Tau Lekoa managed to sustain the good performance of the previous two quarters.

Bambanani suffered two underground fires during the quarter which affected production. This was offset to some extent
by an improved yield. Nevertheless, gold production was down by 4% on the previous quarter.

The solid production performance at Tshepong continued with productivity indices showing further improvements. The
introduction of cementitious support packs as a safety measure has contributed to the increased unit costs. However,
the unit costs are running significantly lower than in the same period last year.

Matjhabeng struggled without Eland shaft production and, in addition, Kudu and Sable shafts experienced grade
difficulties. A significant improvement is expected in the fourth quarter at this operation.

The mill lock-up of gold at Joel was resolved during the quarter. This, together with improved face advance and tonnes
milled, resulted in a significant improvement in gold production.

Improvements in productivity and tonnage milled quarter on quarter, resulted in higher gold production at TauTona.

At Savuka. the repairs to the tertiary shaft have been completed. This will allow access to the high-grade shaft pillar

during the fourth quarter.

A shortfall in tonnes milled at Mponeng was offset by an increase in grade, resulting in gold production being maintained
at a level similar to the previous quarter.

The increased focus on grade continued at Elandsrand but has been negatively affected to some extent by abnormally
high seismicity.

Deelkraal has shown a significantly improved performance quarter on quarter with productivity gains of 15% on the
previous quarter.

The fire in the elution section at Ergo has had a minor impact on gold production. The plant has returned to full

production after the repairs to the damaged area.

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 R20 million was R8 million more than in the second quarter.

Progress on the Mponeng deepening project has been good. At present, sinking operations have reached 123 level
(3 462 metres below surface) and station development is in progress. Capital expenditure for the deepening project at
R30 million was R5 million lower than in the previous quarter.

The Moab Khotsong project continues to progress well Work in the rock/ventilation and main shafts continues at

acceptable rates with no problems envisaged. The capital expenditure at R78 million was R1 million higher than in the
June quarter.

The carbon technology project at West Wits remains ahead of schedule and within planned expenditure. Capital

expenditure at R16 million was R1 million higher than the previous quarter. Project completion is scheduled for November
when the residue thickening project is finished.

INTERNATIONAL OPERATIONS

Other African operations

AngloGold has a 38% interest in Sadiola mine in Mali and recently increased its 70% interest in Navachab mine in

Namibia to 100%.

Sadiola had a record quarter in terms of production and profit, arising from a combination of higher grades and
recoveries resulting in lower unit cash costs. Grades from the pit were higher, and in addition, higher grade material was
sourced from ore stockpiles during the unusually heavy rainy season experienced this year. Work done on the
Kayes/Sadiola road prevented a repetition during this year's rainy season of the transport problems experienced during
last year's rains.

The average grade for the fourth quarter is expected to be lower than for the quarter under review, while stripping ratios

are planned to be higher as normal mining conditions resume in the pit after the rainy season.

The feasibility study for the Yatela heap leach project continues on schedule, for completion by the end of November this
year when all outstanding tenders will be adjudicated. The final capital cost for the project will be compiled from the
successful tenders. Assuming a positive investment decision is made in December and that Government approvals are
timely, construction is expected to begin in February 2000, with gold production starting in January 2001.

Navachab maintained production at a similar level to the previous quarter (on a 100% attributable production basis) but
with improved cost management decreased unit costs by 6% to $242 per ounce. Plans to extend the pit at Navachab
were placed under review due to the low spot gold price, ongoing unstable labour relations, no progress with the

Namibian Government in having the mine declared a continuous operation and persistent difficulties in obtaining work
permits for non-Namibian employees.

American Operations

Overall, the American operations in the third quarter outperformed the second with production and cost targets being
met.

North America

These operations comprise AngloGold's 70% interest in the Jerritt Canyon joint venture and the 67% interest (100%
interest in production ounces, subject to contract obligations) in the Cripple Creek and Victor joint venture in Colorado.

In aggregate, these operations improved their production performance relative to the previous quarter in respect of the

two key parameters - ounces produced and unit cash costs achieved. The combined cash costs for the third quarter's

136 000 ounces were $176 per ounce.

Jerritt Canyon's production was maintained despite a marginally lower mill head grade. The cash costs were lower than
those for the previous quarter, reflecting the positive results of cost containment programmes, particularly in respect of
reagent usage and underground haulage productivity gains. The outlook for the year remains encouraging, with the cash
costs expected to be around $179 per ounce and the production total in ounces above target.

Employee productivity continued to improve, quarter on quarter, benefiting from the introduction of a new underground

truck fleet at SSX and Murray mines. There were no lost time injuries reported during this period.

As expected, at Cripple Creek and Victor the previously reported build-up of gold inventory in the valley heap leach pads
began to be recovered and production was significantly higher than in the second quarter though cash costs were

maintained at similar levels of around $167 per ounce. This gold production for the period is a record for the mine. It is
anticipated that 1999 annual production Will be close to target with cash costs around S159 per ounce.

Employee productivity improved as a result of the increase in production and ongoing cost containment schemes, which
more than offset increases in diesel costs. There was one minor lost time injury reported during the quarter - the first
for the year.

Progress on the capital project to extend the leach pad to accommodate the additional reserves associated with the East
Cresson Pit project progressed according to plan.

Exploration at Cripple Creek and Victor continued to be encouraging, and at the Jerritt Canyon property was subject to

a review with the joint venture partner. Exploration scope and funding at Jerritt Canyon have been increased as a result.

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, and the 46. 25% interest in Cerro Vanguardia in southern Argentina.

The three operations on this continent enjoyed an excellent quarter, outperforming in aggregate the previous quarter in
respect of ounces produced and unit cash costs achieved. Average cash costs for the 112 000 attributable ounces

produced were $122 per ounce. Outlook for the year indicates an above-target performance with the fourth quarter

somewhat below this quarter's results.

Following a fundamental change in the mode of operation of the cyanide recovery circuit at Cerro Vanguardia in July,
reagent usage at this plant has improved considerably - impacting positively on the cost profile at this operation. The
high mill head grades enjoyed this year are not projected to continue at these levels into the year 2000, while efforts
continue to remedy throughput constraints associated with the primary crushing section. In respect of the Senior Lender

Technical Completion Tests for Cerro Vanguardia all certificates, with the exception of the Legal Certificate, have been
lodged with the senior lenders.

The safety performance at the three operations is under scrutiny with a total of seven minor disabling injuries being

reported in the period.

Two joint venture agreements to pursue exploration prospects were announced during the quarter, one in Peru with
Solitaire Resources and the other in Ecuador with lamgold. Other exploration in South America continued as planned on
the existing mine exploitation areas and elsewhere in Brazil and Argentina.

GOLD   MARKET

The end of the third quarter saw a sharp improvement in the gold market, reflected in a very welcome increase in the
gold price. This change came after a quarter during which the market remained under pressure from negative sentiment
and fears of continued official sector gold sales. The gold price slipped to a 20-year low of $251 per ounce and the
average spot price of $259 per ounce for the quarter compared unfavourably with the average of $273 during the

previous quarter. However, by mid-September, the market had consolidated around a price of $255. and fears of further
downside price movement were being replaced by more positive views on gold. Subsequent events capitalised on this
firmer sentiment and the improved circumstances in the market have carried over into October.

The market was helped in the first instance by growing evidence that the International Monetary Fund would fail in its

proposal to sell some 10 million ounces of its total gold holdings of 100 million ounces as part of a debt relief package
for Heavily Indebted Poor Countries. This led the Fund to seek other means of financing which would not require the
sale of gold holdings, and by September alternative proposals had been tabled which would avoid the sale of gold. This

news came in time to reassure the market for the second Bank of England gold auction on 21 September 1999. As a
result, the market firmed around the time of the auction, and some market participants with short positions used the

auction as an opportunity to buy back their short positions

However, the single determining event for the market during the past quarter was the announcement on the night of
Sunday, 26 September 1999 by the members of the European Central Bank, supported by the central banks of Britain
and Switzerland, of a ceiling of 2 000 tonnes of gold sales by that group over the next five years. This includes all sales

of gold already announced (specifically those by the United Kingdom and Switzerland). The announcement also

indicated that those banks would not increase their lending of gold into the market during this period. It has since been
established that the United States Federal Reserve and the Bank of Japan will subscribe to this capping of gold sales

within the same limits announced. The positive effect on the market was immediate, and the price moved up within less
than a week by some $80 per ounce, touching $340 per ounce early in October or over 30% above the low for the third

quarter.

The extent of the price rise has been increased by uncertainty in the market as to the credit positions of a number of

gold mining companies with large hedge positions in proportion to their production. The market remains volatile today at

around $300 per ounce as it reflects the uncertainty over whether or not producers are likely to buy back parts of their
forward price exposures.

The centra! bank announcement should be seen in the context of a dialogue between leading individuals in the official
sector and major gold producers stretching back some two years. The announcement reflects the deep concern amongst

many in the official sectors over negative speculation about official gold sales which has prevailed in the gold market in
recent years, and a desire to eliminate that distortion from the gold market. In essence, the announcement mirrors what
AngloGold has believed for some time, that official sector holders of gold would always be responsible sellers in our
market, and that no avalanche of official gold would overwhelm this market.

Looking forward, our market remains volatile, and we should expect continued interest in, and support for the metal.
There is a degree of uncertainty amongst market participants and a degree of disorder, particularly in the gold leasing

market. However, we believe that this has been caused at least in part by some mismanagement of positions in this
market, and, assuming that official gold lending continues at around current levels, the market should return to a more
orderly state once current problems have been resolved by these affected participants. Should official lenders of gold

materially reduce the amounts of gold that they are prepared to lend to this market, this would bring about a quite
different situation and is likely to lead to further sharp rises in the gold price.

AngloGold's open hedge position at the end of the third quarter is summarised below. We believe that it was a correct
decision on the part of AngloGold to remain out of the market during much of this past quarter, as we believed that the
price had been unduly depressed by unjustified negative sentiment towards gold. It is worth noting that the company has
removed all exposure to gold lending rates through to early 2000. Thereafter, we have only limited exposure to gold
lending rates, and the overwhelming majority of the forward positions are based on the fixed forward prices. This has

contributed substantially to the stability of our hedge position during the current volatile gold prices.

As at 30 September 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 September

1999. The percentage of the sales priced in US dollars is shown below:

Kilograms

3 months ending
31 December 1999

12 months ending
31 December 2000

January 2005 - June 2009

The aggregate of US dollars priced contracts over the full duration of the hedge is 59%.

sold

49 589

Forward

price per                          Ounces

kilogram sold

61 516

66 425
73 365

79 850
85 613
91 598

120 967

sold

1 594

3 0 1 6
2 604
2 160

1 219

2 396

Forward

price per

ounce sold

Percentage of

positions

priced in US$

The net present value of all hedge transactions making up the hedge positions in the above table was R624 million ($104

million) as at 30 September 1999. The value was based on a gold price of $301 per ounce, an exchange rate of R/$6. 00
and the prevailing market interest rates and volatilities at the time.

As at 27 October 1999, the net present value of the hedge book was R840 million ($140 million), based on a gold price
of $292. 1 per ounce, an exchange rate of R/$6. 15 and the prevailing market interest rates and volatilities at the time.

1.    The financial results have been prepared in accordance with International Accounting Standards.  All figures
       are unaudited.

In line with profit from sales of uranium and acid, profit from sales of the by-product silver, is now set off against
cash costs, in accordance with the Gold Institute definition,

The comparative figures for the previous two quarters of 1999 and the corresponding nine months to 30 September

1998 have been restated accordingly.

2.    AngloGold has acquired the balance of 30% interest in the Navachab Joint Venture held by third parties with effect

from 30 April 1999, for a consideration of R30. 0 million. The results for the current quarter therefore represent 100%
of the Joint Venture operations. Comparative figures for the previous quarter which are immaterial have not been
restated.

3.     On 11 October 1999 it was announced that AngloGold had launched a bid to acquire the entire issued share capital

of Acacia Resources Limited, a gold company operating in Australia.

4.     During the quarter 56 150 ordinary shares were allotted in terms of the Share Incentive Scheme, thereby increasing

the number of ordinary shares in issue at 30 September 1999 to 97 923 249.

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

6.     Interim dividend No. 86 of 900 South African cents per share was paid to registered shareholders on 23 September

1999. The dividend was paid to holders of American Depositary Shares (ADS) on 4 October 1999 at the rate of

74. 07 US cents per ADS.

7.     Orders placed and outstanding on capital contracts as at 30 September 1999 totalled R404. 0 million, equivalent to

US$67. 2 million at the rate of exchange ruling on that date.

By order of the Board

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

28 October 1999

GROUP BALANCE SHEET

Prepared in accordance with International Accounting Standards

September 1998

June 1999

September 1999

September 1999

June 1999

September 1998

US Dollar million

SA Rand million

ASSETS

Non-current assets

1 958.7

2 435.3

2 458.4

Mining assets

14 768.4

14 699.1

11 562.4

 144.6

 138.1

Goodwill

 829.6

 872.8

 120.4

 10.9

 10.9

Investments

 65.6

 65.4

 710.8

 84.3

 58.8

 59.4

Long-term loans - unsecured

 357.0

 354.9

 497.4

2 163.4

2 649.6

2 666.8

16 020.6

15 992.2

12 770.6

Current assets

 149.7

 173.1

 167.3

Inventories

1 005.1

1 045.0

 883.5

 140.2

 165.7

 191.2

Trade and other receivables

1 148.9

1 000.3

 827.8

 21.2

 21.2

Current portion of loans advanced

 127.1

 127.7

 178.5

 484.3

 470.8

Cash and cash equivalents

2 828.3

2 923.0

1 053.7

 468.4

 844.3

 850.5

5 109.4

5 096.0

2 765.0

2 631.8

3 493.9

3 517.3

Total assets

21 130.0

21 088.2

15 535.6

EQUITY AND LIABILITIES

Capital and reserves

 901.6

 872.9

 878.9

Share capital and premium

5 279.8

5 268.8

5 322.3

 19.6

 25.7

 26.0

Non-distributable reserve

 156.3

 155.0

 115.9

 290.3

 364.1

 450.2

Retained earnings

2 704.7

2 197.6

1 713.7

1 211.5

1 262.7

1 355.1

Shareholders' equity

8 140.8

7 621.4

7 151.9

 28.2

 26.3

Minority interests

 158.0

 170.2

1 211.5

1 290.9

1 381.4

8 298.8

7 791.6

7 151.9

Non-current liabilities

 185.5

 714.3

 704.5

Borrowings

4 232.6

4 311.3

1 095.0

 16.6

 15.8

Debentures

 95.1

 99.9

 202.1

 293.4

 290.2

Other long-term liabilities

1 743.1

1 771.0

1 192.9

 714.4

 664.8

 667.6

Deferred taxation

4 010.5

4 012.3

4 217.2

1 102.0

1 689.1

1 678.1

10 081.3

10 194.5

6 505.1

Current liabilities

 240.4

 218.9

 281.0

Trade and other payables

1 687.8

1 321.5

1 418.6

 94.0

 107.9

Current portion of borrowings

 648.0

 567.3

 77.9

 55.1

 68.9

Taxation

 414.1

 332.5

 460.0

 145.9

Dividends

 880.8

 318.3

 513.9

 457.8

2 749.9

3 102.1

1 878.6

2 631.8

3 493.9

3 517.3

Total equity and liabilities

21 130.0

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

21 088.2

15 535.6

GROUP CASH FLOW STATEMENT

Nine months

Nine months

Quarter

Prepared in accordance with International Accounting Standards

Quarter

Nine months

Nine months

ended

ended

ended

ended

ended

ended

September

September

September

September

September

September

US Dollar million

SA Rand million

Cash flows from operating activities

 328.3

 486.6

 206.7

Cash generated from operations

1 256.6

2 964.4

1 816.3

 22.9

 46.6

 16.0

Interest received

 97.6

 284.8

 124.7

( 3.7)

( 35.3)

( 15.5)

Interest paid

( 94.1)

( 215.7)

( 19.1)

7.4

5.8

0.1

Dividends received

0.4

 35.2

 38.0

( 275.1)

( 273.5)

( 144.7)

Dividends paid

( 880.8)

(1 663.6)

(1 411.1)

( 58.9)

( 83.0)

( 15.2)

Mining and normal taxation paid

( 92.2)

( 505.1)

( 302.3)

 20.9

 147.2

 47.4

Net cash inflow from operating activities

 287.5

 900.0

 246.5

Cash flows from investing activities

( 134.8)

( 145.5)

( 53.6)

Purchase of mining assets

( 326.5)

( 884.9)

( 691.4)

 76.6

Proceeds from sale of mining assets

 393.0

7.4

1.3

Investments acquired

0.1

7.9

( 24.6)

( 471.9)

( 4.9)

Net acquisition of subsidiaries

( 30.0)

(2 870.5)

7.4

 216.4

Proceeds from sale of investments

1 316.5

 37.9

( 43.4)

( 399.7)

( 58.5)

Net cash outflow from investing activities

( 356.4)

(2 431.0)

( 285.1)

Cash flows from financing activities

2.4

1.9

Proceeds from issue of share capital

 11.7

 14.6

( 5.7)

( 0.4)

( 0.1)

Formation and share issue expenses

( 0.7)

( 2.5)

( 29.3)

8.9

 517.0

2.8

Proceeds from borrowings

 16.9

3 144.5

 45.8

( 11.3)

( 46.2)

( 14.0)

Repayment of borrowings

( 85.0)

( 281.1)

( 58.0)

 15.6

0.6

Repayment on loans advanced

3.9

 94.6

( 8.1)

 488.4

( 8.8)

Net cash (outflow) / inflow from financing activities

( 53.2)

2 970.1

( 41.5)

( 30.6)

 235.9

( 19.9)

Net (decrease) increase in cash and cash equivalents

( 122.1)

1 439.1

( 80.1)

( 30.0)

( 19.7)

6.4

Translation adjustment

 27.4

( 108.1)

( 30.7)

 239.1

 254.6

 484.3

Opening cash and cash equivalents

2 923.0

1 497.3

1 164.5

 178.5

 470.8

 470.8

Closing cash and cash equivalents

2 828.3

2 828.3

1 053.7

Note to the Cash Flow Statement

Cash generated from operations

 306.3

 350.5

 115.6

Profit on ordinary activities before taxation

 703.4

2 134.7

1 606.1

Adjusted for:

 110.7

 137.7

 46.6

Amortisation of mining assets

 283.3

 840.3

 598.9

0.1

5.1

2.7

Non-cash movements

 16.2

 31.3

 12.9

 10.8

Loss on sale of mining assets

 117.2

( 42.0)

( 7.1)

Income from associates

( 43.3)

( 216.5)

( 22.9)

( 46.6)

( 16.0)

Interest received

( 97.6)

( 284.8)

( 124.7)

( 2.3)

( 0.4)

( 0.1)

Dividends received

( 0.4)

( 2.4)

( 11.7)

3.7

 35.3

 15.5

Interest paid

 94.1

 215.7

 19.1

( 36.1)

 12.1

 42.4

Movement in working capital

 257.6

 72.9

( 185.0)

 328.3

 486.6

 206.7

1 256.6

2 964.4

1 816.3

The following analyses the movement in working capital:

 14.8

 10.3

6.6

Decrease in inventories

 39.9

 62.4

 75.7

( 35.4)

( 4.6)

( 24.4)

Increase in trade and other receivables

( 148.6)

( 28.2)

( 181.4)

( 15.5)

6.4

 60.2

Increase / (decrease) in trade and other payables

 366.3

 38.7

( 79.3)

( 36.1)

 12.1

 42.4

 257.6

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

 72.9

( 185.0)

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:

97 923 249 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

Nine months

Nine months

ended

ended

ended

ended

September

June

September

September

GOLD

UNDERGROUND OPERATIONS

Tonnes milled

- 000

- reef

5 247

5 309

15 943

16 871

- waste

- total

5 401

5 451

16 409

17 039

Yield

- g/t

- reef

 8.46

 8.26

 8.32

 8.12

- waste

 0.83

 1.13

 0.87

 0.99

- average

 8.24

 8.07

 8.11

 8.05

Gold produced

- kg

- reef

44 371

43 848

132 625

137 062

- waste

- total

44 499

44 008

133 033

137 228

PRODUCTIVITY

g/employee

- target

- actual

SURFACE AND  DUMP RECLAMATION

Tonnes treated

- 000

13 451

13 929

41 203

43 206

Yield

- g/t

 0.31

 0.29

 0.29

 0.30

Gold produced

- kg

4 113

4 091

12 045

12 859

OPEN-PIT OPERATIONS

Tonnes mined

- 000

12 399

12 113

36 683

5 320

Stripping ratio

- t(mined-treated)
 /t treated

 2.30

 2.59

 2.50

 1.53

Tonnes treated

- 000

3 756

3 372

10 478

2 100

Yield

- g/t

 1.79

 1.58

 1.66

 2.55

Gold produced

- kg

6 725

5 339

17 410

5 348

TOTAL

Gold produced

- kg

55 337

53 438

162 487

155 435

Revenue - R/kg sold

- (excluding accelerated hedge)

61 589

61 590

61 294

55 900

- (including accelerated hedge)

61 754

61 841

61 489

57 951

Cash costs

- R/kg produced

40 823

41 314

40 936

39 798

Total production costs

- R/kg produced

46 714

46 968

46 716

46 060

GROUP OPERATING RESULTS

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

Issued Capital:

97 923 249 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

Nine months

Nine months

ended

ended

ended

ended

September

June

September

September

GOLD

UNDERGROUND OPERATIONS

Tons milled

- 000

- reef

5 784

5 851

17 574

18 597

- waste

- total

5 955

6 006

18 088

18 783

Yield

- oz/t

- reef

 0.247

 0.241

 0.243

 0.237

- waste

 0.024

 0.033

 0.025

 0.029

- average

 0.240

 0.235

 0.236

 0.235

Gold produced

- oz 000

- reef

1 426

1 410

4 264

4 406

- waste

- total

1 430

1 415

4 277

4 411

PRODUCTIVITY

oz/employee

- target

 7.24

 7.08

 7.13

 5.43

- actual

 7.07

 6.71

 6.81

 5.59

SURFACE AND  DUMP RECLAMATION

Tons treated

- 000

14 828

15 355

45 419

47 627

Yield

- oz/t

 0.009

 0.009

 0.009

 0.009

Gold produced

- oz 000

OPEN-PIT OPERATIONS

Tons mined

- 000

13 667

13 353

40 435

5 864

Stripping ratio

- t(mined-treated)
 /t treated

 2.30

 2.59

 2.50

 1.53

Tons treated

- 000

4 140

3 717

11 550

2 315

Yield

- oz/t

 0.052

 0.046

 0.048

 0.074

Gold produced

- oz 000

TOTAL

Gold produced

- oz 000

1 779

1 717

5 224

4 998

Revenue - $/oz  sold

- (excluding accelerated hedge)

- (including accelerated hedge)

Cash costs

- $/ounce produced

Total production costs

- $/ounce produced

Rand/US Dollar average exchange rate

 6.09

 6.13

 6.10

 5.40

GROUP FINANCIAL RESULTS

Prepared in accordance with International Accounting Standards

SA Rand million

Quarter

Quarter

Nine months

Nine months

ended

ended

ended

ended

September

June

September

September

Turnover

3 558.0

3 427.1

10 374.2

9 208.5

Gold revenue

3 452.7

3 339.0

10 109.1

9 036.6

Normal

3 443.5

3 325.6

10 077.3

8 716.9

Accelerated hedge

9.2

 13.4

 31.8

 319.7

Cost of sales

2 615.4

2 538.7

7 691.7

7 255.1

Cash costs

2 283.7

2 229.4

6 715.8

6 186.0

Retrenchment costs

9.1

 13.4

 31.7

 319.8

Rehabilitation and other non cash costs

 38.1

 24.6

 88.7

 54.5

Production costs

2 330.9

2 267.4

6 836.2

6 560.3

Amortisation of mining assets

 283.3

 273.3

 840.3

 598.9

Total production costs

2 614.2

2 540.7

7 676.5

7 159.2

Inventory change

1.2

( 2.0)

 15.2

 95.9

Operating profit

 837.3

 800.3

2 417.4

1 781.5

Corporate administration and other expenses

 66.3

 63.7

 194.2

 226.2

Research and development

 11.4

 10.9

 29.8

 13.7

Exploration costs

 60.1

 57.0

 173.5

 152.1

Profit from operations

 699.5

 668.7

2 019.9

1 389.5

 Interest paid

 94.1

 92.8

 215.7

 19.1

 Interest receivable

 97.6

 109.3

 284.8

 124.7

 Income from associates

 43.3

 216.5

 Dividends received

0.4

0.6

2.4

 11.7

 Loss on sale of mining assets

( 117.2)

Profit on ordinary activities before taxation

 703.4

 685.8

2 134.7

1 606.1

 Taxation

 172.7

 176.6

 131.2

 369.4

 Normal taxation

 173.8

 155.5

 560.0

 660.7

 Deferred taxation

- current

( 1.1)

 21.1

 31.1

( 291.3)

- rate change

( 459.9)

Profit on ordinary activities after taxation

 530.7

 509.2

2 003.5

1 236.7

 Profit on sale of associate

 543.2

 543.2

 Goodwill written off

 32.0

 33.1

 406.8

 Minority interest

5.5

1.8

 17.7

Profit attributable to ordinary shareholders

 493.2

1 017.5

2 122.2

1 236.7

Attributable earnings

 - cents per share

 1 040

 2 168

 1 264

Headline earnings

 - Rm

 525.2

 507.4

1 985.8

1 024.3

 - cents per share

 2 029

 1 047

Headline earnings before deferred tax

 rate adjustment

 - Rm

 525.2

 507.4

1 525.9

1 024.3

 - cents per share

 1 559

 1 047

Dividends

 - Rm

 880.8

 729.3

 - cents per share

Capital expenditure

 - mining direct

 303.1

 268.8

 801.0

 664.5

 - other

 23.4

 37.2

 83.9

 26.9

 - recoupments

( 393.0)

Net capital expenditure

 326.5

 306.0

 884.9

 298.4

GROUP FINANCIAL RESULTS

Prepared in accordance with International Accounting Standards

US Dollar million

Quarter

Quarter

Nine months

Nine months

ended

ended

ended

ended

September

June

September

September

Turnover

 584.7

 559.5

1 699.6

1 705.9

Gold revenue

 567.3

 545.1

1 656.1

1 673.4

Normal

 565.8

 542.9

1 650.9

1 610.1

Accelerated hedge

1.5

2.2

5.2

 63.3

Cost of sales

 429.7

 414.4

1 260.2

1 347.5

Cash costs

 375.3

 363.9

1 100.4

1 145.7

Retrenchment costs

1.5

2.2

5.2

 63.2

Rehabilitation and other non cash costs

6.1

4.0

 14.4

8.8

Production costs

 382.9

 370.1

1 120.0

1 217.7

Amortisation of mining assets

 46.6

 44.6

 137.7

 110.7

Total production costs

 429.5

 414.7

1 257.7

1 328.4

Inventory change

0.2

( 0.3)

2.5

 19.1

Operating profit

 137.6

 130.7

 395.9

 325.9

Corporate administration and other expenses

 10.8

 10.3

 30.9

 42.0

Research and development

1.9

1.8

4.9

2.4

Exploration costs

9.9

9.3

 28.4

 27.9

Profit from operations

 115.0

 109.3

 331.7

 253.6

Interest paid

 15.5

 15.2

 35.3

3.7

Interest receivable

 16.0

 17.8

 46.6

 22.9

Income from associates

7.1

 42.0

Dividends received

0.1

0.1

0.4

2.3

 Loss on sale of mining assets

( 10.8)

Profit on ordinary activities before taxation

 115.6

 112.0

 350.5

 306.3

Taxation

 28.4

 28.9

 21.5

 70.7

Normal taxation

 28.5

 25.4

 91.7

 120.2

Deferred taxation

- current

( 0.1)

3.5

5.2

( 49.5)

- rate change

( 75.4)

Profit on ordinary activities after taxation

 87.2

 83.1

 329.0

 235.6

 Profit on sale of associate

 88.7

 88.7

Goodwill written off

5.3

5.4

 66.7

Minority interest

0.9

0.3

2.9

Profit attributable to ordinary shareholders

 81.0

 166.1

 348.1

 235.6

Attributable earnings

 - cents per share

Headline earnings

 - $m

 86.3

 82.8

 326.1

 188.7

 - cents per share

Headline earnings before deferred  tax

 rate adjustment

 - $m

 86.3

 82.8

 250.7

 188.7

 - cents per share

Dividends

 - $m

 145.9

 123.5

 - cents per share

Capital expenditure

 - mining direct

 49.9

 43.8

 131.3

 122.5

 - other

3.8

6.1

 13.7

5.0

 - recoupments

( 71.4)

Net capital expenditure

 53.7

 49.9

 145.0

 56.1

SOUTH AFRICAN OPERATIONS

VAAL RIVER

Great Noligwa Mine

Prepared in accordance with International

Quarter

Quarter Nine months

Quarter

Quarter

Nine months

Accounting Standards.

ended

ended

ended

ended

ended

ended

September

June

September

September

June

September

Rand / Metric

Dollar / Imperial

OPERATING RESULTS

GOLD

Area mined

- m2

- ft2

- 000

1 249

1 087

3 466

Milled - 000

- tonnes

- tons

- reef

1 827

2 014

- waste

- surface and

  dump reclamation

 - total

1 827

2 014

Yield

- g/t

- oz/t

- reef

 12.59

 13.17

 13.23

 0.367

 0.384

 0.386

- waste

- surface and

  dump reclamation

 - average

 12.59

 13.17

 13.23

 0.367

 0.384

 0.386

Gold produced

- kg

- oz 000

- reef

7 893

7 546

24 174

- waste

- surface and

  dump reclamation

 - total

7 893

7 546

24 174

Revenue

- R/kg

- $/oz

- sold

61 739

61 668

61 481

Cash costs

- R

- $

- ton milled

- R/kg

- $/oz

- produced

30 413

28 768

28 058

PRODUCTIVITY

per employee

- g

- oz

- target

 8.13

 8.13

 8.33

- actual

 8.17

 7.75

 8.23

per employee

- m2

- ft2

- target

 3.75

 3.55

 3.60

 40.36

 38.21

 38.75

- actual

 3.74

 3.22

 3.42

 40.26

 34.66

 36.81

FINANCIAL RESULTS ( MILLION)

Gold normal revenue

 486.1

 464.1

1 483.1

 79.9

 75.8

 243.0

Accelerated hedge revenue

1.2

1.2

3.1

0.2

0.2

0.5

Total gold revenue

 487.3

 465.3

1 486.2

 80.1

 76.0

 243.5

Cost of sales

 275.8

 253.1

 782.7

 45.4

 41.4

 128.3

Cash costs

 240.1

 217.1

 678.3

 39.4

 35.5

 111.1

Retrenchment costs

1.3

1.2

3.2

0.2

0.2

0.5

Rehabilitation costs

1.2

0.6

3.0

0.2

0.1

0.5

Other non-cash costs

1.0

0.9

3.1

0.3

0.2

0.7

Production costs

 243.6

 219.8

 687.6

 40.1

 36.0

 112.8

Amortisation costs

 32.2

 30.2

 94.2

5.3

4.9

 15.4

Inventory change

3.1

0.9

0.5

0.1

Profit from operations

 211.5

 212.2

 703.5

 34.7

 34.6

 115.2

Capital expenditure

- mining direct

8.1

6.8

 16.7

1.3

1.1

2.8

- other

( 0.1)

0.6

0.1

- recoupments

Net capital expenditure

8.0

7.4

 16.7

1.3

1.2

2.8

Kopanang Mine

Tau Lekoa Mine

Quarter

Quarter Nine months

Quarter

Quarter

Nine months

Quarter

Quarter Nine months

Quarter

Quarter

Nine months

ended

ended

ended

ended

ended

ended

ended

ended

ended

ended

ended

ended

September

June

September

September

June

September

September

June

September

September

June

September

Rand / Metric

Dollar / Imperial

Rand / Metric

Dollar / Imperial

1 238

1 131

3 488

1 055

2 917

1 594

1 757

1 462

1 612

1 594

1 757

1 462

1 612

 7.75

 6.90

 7.68

 0.226

 0.201

 0.224

 5.05

 4.64

 4.95

 0.147

 0.135

 0.144

 7.75

 6.90

 7.68

 0.226

 0.201

 0.224

 5.05

 4.64

 4.95

 0.147

 0.135

 0.144

4 132

3 575

12 246

2 436

2 470

7 243

4 132

3 575

12 246

2 436

2 470

7 243

61 907

61 690

61 566

61 771

61 699

61 592

41 625

49 890

43 281

44 651

48 355

46 796

 5.14

 4.82

 5.05

 5.59

 5.47

 5.37

 5.53

 4.82

 5.50

 5.92

 5.95

 5.85

 4.48

 4.23

 4.32

 48.22

 45.53

 46.50

 7.12

 7.13

 6.88

 76.64

 76.75

 74.06

 4.80

 4.42

 4.54

 51.67

 47.58

 48.87

 7.35

 6.68

 6.79

 79.11

 71.90

 73.09

 254.4

 219.9

 751.2

 41.8

 35.9

 123.1

 150.0

 151.9

 444.4

 24.6

 24.8

 72.8

1.4

0.6

2.7

0.2

0.1

0.4

0.5

0.4

1.6

0.1

0.1

0.3

 255.8

 220.5

 753.9

 42.0

 36.0

 123.5

 150.5

 152.3

 446.0

 24.7

 24.9

 73.1

 185.5

 190.7

 567.9

 30.5

 31.1

 93.0

 132.9

 143.0

 407.7

 21.8

 23.4

 66.8

 172.0

 178.3

 530.0

 28.2

 29.2

 86.8

 108.7

 119.5

 338.9

 17.9

 19.5

 55.5

1.4

0.6

2.7

0.2

0.1

0.4

0.5

0.4

1.6

0.1

0.1

0.3

1.7

0.3

2.6

0.3

0.4

1.9

0.2

2.4

0.3

0.4

0.7

0.8

2.2

0.2

0.4

0.7

0.6

1.7

0.1

0.2

 175.8

 180.0

 537.5

 28.9

 29.3

 88.0

 111.8

 120.7

 344.6

 18.3

 19.7

 56.4

9.7

9.1

 30.0

1.6

1.5

4.9

 21.1

 21.3

 62.7

3.5

3.5

 10.3

1.6

0.4

0.3

0.1

1.0

0.4

0.2

0.1

 70.3

 29.8

 186.0

 11.5

4.9

 30.5

 17.6

9.3

 38.3

2.9

1.5

6.3

0.1

0.1

0.1

( 0.1)

( 0.3)

( 0.3)

( 0.1)

( 0.1)

( 0.3)

0.1

( 0.2)

( 0.2)

VAAL RIVER

Surface Operations

Prepared in accordance with International

Quarter

Quarter Nine months

Quarter

Quarter

Nine months

Accounting Standards.

ended

ended

ended

ended

ended

ended

September

June

September

September

June

September

Rand / Metric

Dollar / Imperial

OPERATING RESULTS

GOLD

Area mined

- m2

- ft2

- 000

Milled - 000

- tonnes

- tons

- reef

- waste

- surface and

  dump reclamation

1 402

1 249

3 877

1 546

1 377

4 274

 - total

1 402

1 249

3 877

1 546

1 377

4 274

Yield

- g/t

- oz/t

- reef

- waste

- surface and

  dump reclamation

 0.47

 0.49

 0.49

 0.014

 0.014

 0.014

 - average

 0.47

 0.49

 0.49

 0.014

 0.014

 0.014

Gold produced

- kg

- oz 000

- reef

- waste

- surface and

  dump reclamation

1 882

 - total

1 882

Revenue

- R/kg

- $/oz

- sold

61 583

61 537

61 394

Cash costs

- R

- $

- ton milled

- R/kg

- $/oz

- produced

37 600

35 862

36 630

PRODUCTIVITY

per employee

- g

- oz

- target

 10.67

 11.64

 11.28

- actual

 11.00

 10.22

 10.48

per employee

- m2

- ft2

- target

- actual

FINANCIAL RESULTS ( MILLION)

Gold normal revenue

 40.6

 37.4

 115.5

6.6

6.1

 18.9

Accelerated hedge revenue

Total gold revenue

 40.6

 37.4

 115.5

6.6

6.1

 18.9

Cost of sales

 24.9

 21.9

 69.2

4.0

3.6

 11.3

Cash costs

 24.8

 21.7

 68.9

4.0

3.6

 11.3

Retrenchment costs

Rehabilitation costs

Other non-cash costs

0.1

0.2

0.3

Production costs

 24.9

 21.9

 69.2

4.0

3.6

 11.3

Amortisation costs

Inventory change

Profit from operations

 15.7

 15.5

 46.3

2.6

2.5

7.6

Capital expenditure

Moab Khotsong Mine

- mining direct

 78.1

 77.1

 230.4

 12.8

 12.6

 37.7

- other

- recoupments

Net capital expenditure

 78.1

 77.1

 230.4

 12.8

 12.6

 37.7

ERGO

Ergo

Prepared in accordance with International

Quarter

Quarter Nine months

Quarter

Quarter Nine months

Accounting Standards.

ended

ended

ended

ended

ended

ended

September

June

September

September

June

September

Rand / Metric

Dollar / Imperial

OPERATING RESULTS
GOLD

Material treated

- tonnes

- tons

- 000

11 039

11 801

34 817

12 168

13 009

38 379

Yield

- g/t

- oz/t

 0.23

 0.22

 0.22

 0.007

 0.007

 0.007

Gold produced

- kg

- oz 000

2 489

2 637

7 760

Revenue

- R/kg

- $/oz

- sold

61 661

61 601

61 446

Cash costs

- R

- $

- ton treated

- R/kg

- $/oz

- produced

49 581

50 199

49 746

FINANCIAL RESULTS (MILLION)

Gold normal revenue

 153.3

 162.1

 476.1

 25.2

 26.4

 78.0

Accelerated hedge revenue

0.2

0.3

0.7

Total gold revenue

 153.5

 162.4

 476.8

 25.2

 26.4

 78.0

Cost of sales

 136.3

 156.3

 442.8

 22.2

 25.5

 72.4

Cash costs

 123.4

 132.4

 386.0

 20.2

 21.7

 63.2

Retrenchment costs

0.2

0.3

0.7

Rehabilitation costs

( 4.7)

1.2

( 2.3)

( 0.8)

0.2

( 0.4)

Other non-cash costs

0.8

1.1

3.1

0.1

0.1

0.6

Production costs

 119.7

 135.0

 387.5

 19.5

 22.0

 63.4

Amortisation costs

 16.6

 18.8

 53.8

2.7

3.1

8.8

Inventory change

2.5

1.5

0.4

0.2

Profit from operations

 17.2

6.1

 34.0

3.0

0.9

5.6

Capital expenditure

( 0.2)

1.3

3.2

0.2

0.6

FREE STATE

Bambanani Mine

Prepared in accordance with International

Quarter

Quarter Nine months

Quarter

Quarter

Nine months

Accounting Standards.

ended

ended

ended

ended

ended

ended

September

June

September

September

June

September

Rand / Metric

Dollar / Imperial

OPERATING RESULTS
GOLD

Area mined

- m2

- ft2

- 000

2 646

Milled - 000

- tonnes

- tons

- reef

1 518

1 673

- waste

 - surface and dump reclamation

 - total

1 518

1 673

Yield

- g/t

- oz/t

- reef

 8.06

 7.50

 7.69

 0.235

 0.219

 0.224

- waste

 - surface and dump reclamation

 - average

 8.06

 7.50

 7.69

 0.235

 0.219

 0.224

Gold produced

- kg

- oz 000

- reef

3 717

3 870

11 681

- waste

 - surface and dump reclamation

 - total

3 717

3 870

11 681

Revenue

- R/kg

- $/oz

- sold

61 815

61 790

61 620

Cash costs

- R

- $

- ton milled

- R/kg

- $/oz

- produced

50 428

46 884

47 173

PRODUCTIVITY

per employee

- g

- oz

- target

 5.92

 5.72

 5.75

- actual

 5.34

 5.47

 5.53

per employee

- m2

- ft2

- target

 4.02

 3.91

 3.94

 43.27

 42.09

 42.41

- actual

 3.37

 3.69

 3.61

 36.27

 39.72

 38.86

FINANCIAL RESULTS (MILLION)

Gold normal revenue

 228.9

 238.0

 716.7

 37.6

 38.9

 117.4

Accelerated hedge revenue

0.9

1.1

3.1

0.1

0.2

0.5

Total gold revenue

 229.8

 239.1

 719.8

 37.7

 39.1

 117.9

Cost of sales

 202.1

 192.8

 595.6

 33.2

 31.5

 97.6

Cash costs

 187.4

 181.5

 551.0

 30.8

 29.6

 90.3

Retrenchment costs

0.9

1.1

3.1

0.1

0.2

0.5

Rehabilitation costs

2.8

0.3

2.4

0.5

0.4

Other non-cash costs

1.1

1.0

3.6

0.1

0.3

0.6

Production costs

 192.2

 183.9

 560.1

 31.5

 30.1

 91.8

Amortisation costs

9.9

9.8

 29.7

1.7

1.6

4.9

Inventory change

( 0.9)

5.8

( 0.2)

0.9

Profit from operations

 27.7

 46.3

 124.2

4.5

7.6

 20.3

Capital expenditure

- mining direct

8.8

6.4

 22.1

1.4

1.1

3.6

- other

- recoupments

Net capital expenditure

8.8

6.4

 22.1

1.4

1.1

3.6

Tshepong Mine

Matjhabeng Mine

Quarter

Quarter Nine months

Quarter

Quarter

Nine months

Quarter

Quarter Nine months

Quarter

Quarter

Nine months

ended

ended

ended

ended

ended

ended

ended

ended

ended

ended

ended

ended

September

June

September

September

June

September

September

June

September

September

June

September

Rand / Metric

Dollar / Imperial

Rand / Metric

Dollar / Imperial

1 033

1 012

2 960

2 691

1 058

1 164

1 283

1 058

1 164

1 283

 8.00

 8.19

 8.15

 0.233

 0.239

 0.238

 6.54

 6.97

 7.00

 0.191

 0.203

 0.204

 8.00

 8.19

 8.15

 0.233

 0.239

 0.238

 6.54

 6.97

 7.00

 0.191

 0.203

 0.204

2 647

2 679

7 828

2 270

2 417

8 152

2 647

2 679

7 828

2 270

2 417

8 152

61 680

62 165

61 847

62 482

63 497

62 155

46 260

43 263

45 260

75 473

71 253

65 022

 4.82

 4.76

 4.89

 4.85

 4.60

 4.57

 5.63

 5.69

 5.47

 2.80

 2.89

 3.25

 5.80

 5.63

 5.72

 62.43

 60.60

 61.57

 4.05

 3.94

 3.97

 43.59

 42.41

 42.73

 6.35

 6.21

 5.98

 68.35

 66.84

 64.37

 2.63

 2.83

 3.10

 28.31

 30.46

 33.37

 163.0

 164.9

 480.5

 26.8

 26.9

 78.7

 139.8

 148.6

 499.8

 23.0

 24.3

 81.9

0.2

1.7

3.6

0.3

0.6

2.1

4.8

6.9

0.3

0.8

1.1

 163.2

 166.6

 484.1

 26.8

 27.2

 79.3

 141.9

 153.4

 506.7

 23.3

 25.1

 83.0

 143.7

 136.5

 419.5

 23.6

 22.3

 68.7

 177.9

 180.0

 554.0

 29.3

 29.4

 90.8

 122.5

 115.9

 354.3

 20.1

 18.9

 58.0

 171.4

 172.2

 530.1

 28.1

 28.1

 86.8

0.3

1.7

3.7

0.3

0.6

2.0

4.8

6.8

0.3

0.8

1.1

1.9

0.2

1.7

0.3

0.1

0.3

1.4

0.3

1.2

0.2

0.1

0.2

0.7

0.9

2.4

0.2

0.1

0.4

1.0

0.7

2.9

0.4

0.6

 125.4

 118.7

 362.1

 20.6

 19.4

 59.3

 175.8

 178.0

 541.0

 29.0

 29.0

 88.7

 18.3

 18.5

 53.8

3.0

3.0

8.8

2.1

2.6

7.9

0.3

0.5

1.3

( 0.7)

3.6

( 0.1)

0.6

( 0.6)

5.1

( 0.1)

0.8

 19.5

 30.1

 64.6

3.2

4.9

 10.6

( 36.0)

( 26.6)

( 47.3)

( 6.0)

( 4.3)

( 7.8)

 10.4

4.8

 15.3

1.7

0.8

2.5

 10.4

4.8

 15.3

1.7

0.8

2.5

FREE STATE

Surface Operations

Prepared in accordance with International

Quarter

Quarter Nine months

Quarter

Quarter

Nine months

Accounting Standards.

ended

ended

ended

ended

ended

ended

September

June

September

September

June

September

Rand / Metric

Dollar / Imperial

OPERATING RESULTS
GOLD

Area mined

- m2

- ft2

- 000

Milled - 000

- tonnes

- tons

- reef

- waste

 - surface and dump reclamation

1 010

2 509

1 114

2 766

 - total

1 010

2 509

1 114

2 766

Yield

- g/t

- oz/t

- reef

- waste

 - surface and dump reclamation

 0.95

 0.96

 0.96

 0.028

 0.028

 0.028

 - average

 0.95

 0.96

 0.96

 0.028

 0.028

 0.028

Gold produced

- kg

- oz 000

- reef

- waste

 - surface and dump reclamation

2 403

 - total

2 403

Revenue

- R/kg

- $/oz

- sold

61 581

61 511

61 414

Cash costs

- R

- $

- ton milled

- R/kg

- $/oz

- produced

44 902

48 543

46 395

PRODUCTIVITY

per employee

- g

- oz

- target

 7.11

 5.79

 6.21

- actual

 11.99

 10.67

 9.87

per employee

- m2

- ft2

- target

- actual

FINANCIAL RESULTS (MILLION)

Gold normal revenue

 59.4

 52.1

 147.6

9.8

8.5

 24.2

Accelerated hedge revenue

Total gold revenue

 59.4

 52.1

 147.6

9.8

8.5

 24.2

Cost of sales

 45.0

 41.5

 115.0

7.4

6.8

 18.9

Cash costs

 43.3

 41.1

 111.5

7.2

6.7

 18.3

Retrenchment costs

Rehabilitation costs

0.8

0.7

0.1

0.1

Other non-cash costs

0.3

0.1

0.6

0.2

Production costs

 44.4

 41.2

 112.8

7.3

6.7

 18.6

Amortisation costs

0.6

0.5

1.4

0.1

0.1

0.2

Inventory change

( 0.2)

0.8

0.1

Profit from operations

 14.4

 10.6

 32.6

2.4

1.7

5.3

Capital expenditure

- mining direct

0.2

0.2

- other

- recoupments

Net capital expenditure

0.2

0.2

Joel Mine

Quarter

Quarter Nine months

Quarter

Quarter Nine months

ended

ended

ended

ended

ended

ended

September

June

September

September

June

September

Rand / Metric

Dollar / Imperial

2 209

1 084

1 064

1 173

 5.85

 5.62

 5.89

 0.171

 0.164

 0.172

 0.79

 0.85

 0.68

 0.023

 0.025

 0.020

 5.61

 5.43

 5.49

 0.164

 0.158

 0.160

2 037

1 820

5 786

2 051

1 831

5 841

61 688

61 959

61 543

46 426

49 427

47 228

 5.27

 5.08

 5.05

 4.50

 3.95

 4.28

 5.62

 5.49

 5.47

 60.49

 59.09

 58.88

 4.99

 4.62

 4.66

 53.71

 49.73

 50.16

 126.3

 112.6

 358.4

 20.7

 18.4

 58.7

0.2

0.8

1.0

0.1

0.1

0.2

 126.5

 113.4

 359.4

 20.8

 18.5

 58.9

 102.7

 108.6

 312.7

 16.9

 17.7

 51.2

 95.3

 90.5

 275.9

 15.7

 14.7

 45.2

0.2

0.8

1.0

0.1

0.1

0.2

( 1.8)

0.2

( 1.3)

( 0.3)

0.1

( 0.2)

0.2

0.1

( 0.1)

( 0.1)

 93.9

 91.6

 275.5

 15.5

 14.9

 45.1

8.8

 15.9

 35.7

1.4

2.6

5.8

1.1

1.5

0.2

0.3

 23.8

4.8

 46.7

3.9

0.8

7.7

 33.1

 22.4

 89.0

5.4

3.7

 14.6

 33.1

 22.4

 89.0

5.4

3.7

 14.6

WEST WITS

TauTona Mine (East Mine)

Prepared in accordance with International

Quarter

Quarter Nine months

Quarter

Quarter

Nine months

Accounting Standards.

ended

ended

ended

ended

ended

ended

September

June

September

September

June

September

Rand / Metric

Dollar / Imperial

OPERATING RESULTS

GOLD

Area mined

- m2

- ft2

- 000

2 282

Milled - 000

- tonnes /

- tons

- reef

1 303

1 436

- waste

- total

1 303

1 436

Yield

- g/t

- oz/t

- reef

 11.38

 11.73

 11.48

 0.332

 0.342

 0.335

- waste

- average

 11.38

 11.73

 11.48

 0.332

 0.342

 0.335

Gold produced

- kg

- oz 000

- reef

5 122

4 961

14 960

- waste

- total

5 122

4 961

14 960

Revenue

- R/kg

- $/oz

- sold

61 607

61 563

61 431

Cash costs

- R

- $

- ton milled

- R/kg

- $/oz

- produced

32 498

31 026

32 207

PRODUCTIVITY

per employee

- g

- oz

- target

 9.32

 8.97

 8.97

- actual

 8.62

 8.29

 8.26

per employee

- m2

- ft2

- target

 4.18

 4.07

 4.05

 44.99

 43.81

 43.59

- actual

 3.92

 3.75

 3.65

 42.19

 40.36

 39.29

FINANCIAL RESULTS (MILLION)

Gold normal revenue

 315.4

 305.2

 918.1

 51.8

 49.8

 150.3

Accelerated hedge revenue

0.1

0.3

0.9

0.1

0.1

0.3

Total gold revenue

 315.5

 305.5

 919.0

 51.9

 49.9

 150.6

Cost of sales

 170.9

 153.2

 502.8

 28.1

 25.1

 82.4

Cash costs

 166.4

 154.0

 481.8

 27.3

 25.1

 78.9

Retrenchment costs

0.1

0.3

0.9

0.1

0.2

Rehabilitation costs

2.6

0.8

3.3

0.4

0.1

0.5

Other non-cash costs

1.2

1.0

3.2

0.2

0.4

0.6

Production costs

 170.3

 156.1

 489.2

 28.0

 25.6

 80.2

Amortisation costs

0.6

0.7

 22.8

0.1

0.1

3.7

Inventory change

( 3.6)

( 9.2)

( 0.6)

( 1.5)

Profit from operations

 144.6

 152.3

 416.2

 23.8

 24.8

 68.2

Capital expenditure

- mining direct

5.2

9.3

 15.1

0.9

1.5

2.5

- other

1.4

1.6

3.1

0.2

0.3

0.5

- recoupments

Net capital expenditure

6.6

 10.9

 18.2

1.1

1.8

3.0

Savuka Mine (West Mine)

Mponeng Mine (South Mine)

Quarter

Quarter Nine months

Quarter

Quarter

Nine months

Quarter

Quarter Nine months

Quarter

Quarter

Nine months

ended

ended

ended

ended

ended

ended

ended

ended

ended

ended

ended

ended

September

June

September

September

June

September

September

June

September

September

June

September

Rand / Metric

Dollar / Imperial

Rand / Metric

Dollar / Imperial

1 722

2 077

1 199

1 322

1 199

1 322

 7.48

 6.69

 6.90

 0.218

 0.195

 0.201

 10.05

 9.35

 8.49

 0.293

 0.273

 0.248

 7.48

 6.69

 6.90

 0.218

 0.195

 0.201

 10.05

 9.35

 8.49

 0.293

 0.273

 0.248

1 996

2 075

5 968

3 789

3 786

10 180

1 996

2 075

5 968

3 789

3 786

10 180

61 970

61 720

61 591

61 701

61 688

61 546

55 178

54 724

56 838

42 345

41 309

46 635

 5.37

 5.27

 5.34

 6.27

 6.37

 6.24

 4.37

 4.40

 4.18

 7.20

 7.04

 6.33

 4.38

 4.32

 4.41

 47.15

 46.50

 47.47

 4.30

 4.12

 4.15

 46.28

 44.35

 44.67

 3.76

 3.63

 3.49

 40.47

 39.07

 37.57

 3.84

 3.77

 3.74

 41.33

 40.58

 40.26

 122.9

 127.7

 366.3

 20.2

 20.8

 60.0

 233.3

 232.9

 625.1

 38.3

 37.9

 102.3

0.8

0.4

1.3

0.1

0.1

0.2

0.4

0.7

1.4

0.1

0.2

0.3

 123.7

 128.1

 367.6

 20.3

 20.9

 60.2

 233.7

 233.6

 626.5

 38.4

 38.1

 102.6

 114.3

 115.0

 346.7

 18.8

 18.7

 56.8

 174.8

 166.9

 503.3

 28.7

 27.2

 82.4

 110.1

 113.6

 339.2

 18.1

 18.6

 55.6

 160.4

 156.4

 474.7

 26.4

 25.5

 77.8

0.8

0.4

1.3

0.1

0.1

0.2

0.4

0.7

1.4

0.2

0.2

1.2

0.3

1.5

0.2

0.1

0.3

2.1

0.5

2.6

0.3

0.1

0.4

0.6

0.6

1.6

0.1

0.2

0.7

0.7

2.0

0.2

0.3

 112.7

 114.9

 343.6

 18.5

 18.8

 56.3

 163.6

 158.3

 480.7

 26.9

 25.8

 78.7

1.6

1.6

6.8

0.3

0.2

1.1

 11.2

 11.3

 28.3

1.8

1.8

4.6

( 1.5)

( 3.7)

( 0.3)

( 0.6)

( 2.7)

( 5.7)

( 0.4)

( 0.9)

9.4

 13.1

 20.9

1.5

2.2

3.4

 58.9

 66.7

 123.2

9.7

 10.9

 20.2

2.9

2.2

6.8

0.5

0.3

1.1

 34.8

 41.4

 102.3

5.7

6.9

 16.8

0.8

0.4

1.7

0.1

0.1

0.3

9.6

8.4

 23.2

1.6

1.3

3.8

3.7

2.6

8.5

0.6

0.4

1.4

 44.4

 49.8

 125.5

7.3

8.2

 20.6

WEST WITS

Elandsrand Mine

Prepared in accordance with International

Quarter

Quarter Nine months

Quarter

Quarter

Nine months

Accounting Standards.

ended

ended

ended

ended

ended

ended

September

June

September

September

June

September

Rand / Metric

Dollar / Imperial

OPERATING RESULTS

GOLD

Area mined

- m2

- ft2

- 000

1 098

1 130

3 401

Milled - 000

- tonnes /

- tons

- reef

1 366

1 506

- waste

- total

1 386

1 528

Yield

- g/t

- oz/t

- reef

 7.94

 8.24

 7.64

 0.232

 0.240

 0.223

- waste

 0.33

 0.38

 0.35

 0.010

 0.011

 0.010

- average

 7.84

 8.11

 7.53

 0.229

 0.236

 0.220

Gold produced

- kg

- oz 000

- reef

3 462

3 808

10 432

- waste

- total

3 464

3 811

10 439

Revenue

- R/kg

- $/oz

- sold

61 581

61 700

61 703

Cash costs

- R

- $

- ton milled

- R/kg

- $/oz

- produced

46 336

43 256

46 422

PRODUCTIVITY

per employee

- g

- oz

- target

 6.49

 6.78

 6.75

- actual

 5.79

 6.27

 5.82

per employee

- m2

- ft2

- target

 6.40

 6.29

 6.40

 68.89

 67.70

 68.89

- actual

 5.29

 5.38

 5.49

 56.94

 57.91

 59.09

FINANCIAL RESULTS (MILLION)

Gold normal revenue

 213.4

 234.3

 640.8

 35.0

 38.2

 104.9

Accelerated hedge revenue

( 0.1)

0.8

3.3

0.2

0.6

Total gold revenue

 213.3

 235.1

 644.1

 35.0

 38.4

 105.5

Cost of sales

 171.1

 178.9

 521.3

 28.1

 29.2

 85.4

Cash costs

 160.5

 164.9

 484.6

 26.4

 26.9

 79.4

Retrenchment costs

0.8

3.4

0.2

0.6

Rehabilitation costs

( 1.1)

0.6

( 0.6)

( 0.2)

0.1

( 0.1)

Other non-cash costs

0.4

0.3

1.3

0.1

0.2

Production costs

 159.8

 166.6

 488.7

 26.2

 27.3

 80.1

Amortisation costs

 11.3

 11.9

 32.9

1.9

1.9

5.4

Inventory change

0.4

( 0.3)

( 0.1)

Profit from operations

 42.2

 56.2

 122.8

6.9

9.2

 20.1

Capital expenditure

- mining direct

 23.1

 28.5

 79.1

3.8

4.6

 12.9

- other

4.3

6.8

 15.7

0.7

1.1

2.6

- recoupments

Net capital expenditure

 27.4

 35.3

 94.8

4.5

5.7

 15.5

Deelkraal Mine

Quarter

Quarter Nine months

Quarter

Quarter Nine months

ended

ended

ended

ended

ended

ended

September

June

September

September

June

September

Rand / Metric

Dollar / Imperial

1 152

1 051

 7.52

 6.77

 7.21

 0.219

 0.198

 0.210

 0.85

 1.21

 0.95

 0.025

 0.035

 0.028

 4.94

 4.64

 4.81

 0.144

 0.135

 0.140

1 557

1 321

4 238

1 669

1 467

4 584

62 240

61 725

61 788

54 290

59 517

57 358

 5.11

 5.56

 5.50

 4.60

 4.02

 4.18

 4.37

 4.27

 4.33

 47.04

 45.96

 46.61

 3.35

 2.91

 3.04

 36.06

 31.32

 32.72

 102.7

 90.3

 281.3

 16.9

 14.7

 46.1

1.1

0.3

1.9

0.2

0.3

 103.8

 90.6

 283.2

 17.1

 14.7

 46.4

 104.6

 103.3

 302.3

 17.2

 16.8

 49.5

 90.6

 87.3

 262.9

 14.9

 14.3

 43.1

1.1

0.3

1.9

0.2

0.3

( 1.4)

0.7

( 0.4)

( 0.3)

0.1

( 0.1)

0.7

0.6

1.8

0.2

0.3

 91.0

 88.9

 266.2

 15.0

 14.4

 43.6

 13.6

 14.3

 36.3

2.2

2.3

5.9

0.1

( 0.2)

0.1

( 0.8)

( 12.7)

( 19.1)

( 0.1)

( 2.1)

( 3.1)

2.4

3.9

 10.1

0.3

0.7

1.6

2.4

3.9

 10.1

0.3

0.7

1.6

OTHER AFRICAN OPERATIONS

Navachab

Prepared in accordance with International

Quarter

Quarter Nine months

Quarter

Quarter

Nine months

Accounting Standards.

ended

ended

ended

ended

ended

ended

September

June

September

September

June

September

Rand / Metric

Dollar / Imperial

OPERATING RESULTS
GOLD

Mined

- tonnes

- tons

- 000

1 617

1 024

3 628

1 782

1 129

3 999

Volume mined

- bcm

- bcy

- 000

1 353

1 770

Stripping ratio

- t(mined-treated)
 /t treated

 3.58

 3.55

 3.45

 3.58

 3.55

 3.45

Treated

- tonnes

- tons

- 000

Mill head grade

- g/t

- oz/t

 1.54

 1.61

 1.54

 0.045

 0.047

 0.045

Metallurgical recovery

- %

 89.62

 90.26

 90.74

 89.62

 90.26

 90.74

Gold produced

- kg

- oz 000

1 139

Revenue

- R/kg

- $/oz

- sold

59 622

54 536

59 280

Cash costs

- R/kg

- $/oz

- produced

47 343

50 798

49 553

PRODUCTIVITY
per employee

- g

- oz

- target

 15.96

 14.24

 13.86

- actual

 14.92

 14.12

 14.45

FINANCIAL RESULTS ( MILLION)

Gold revenue

 26.2

 17.5

 65.7

4.3

2.9

 10.8

Cost of sales

 23.7

 18.4

 58.2

3.9

3.0

9.5

Cash costs

 23.0

 16.6

 56.4

3.7

2.8

9.2

Rehabilitation costs

0.3

( 0.5)

( 0.2)

( 0.1)

( 0.1)

Other non-cash costs

0.3

0.2

0.6

0.2

0.2

Production costs

 23.6

 16.3

 56.8

3.9

2.7

9.3

Amortisation costs

0.9

0.5

1.9

0.1

0.1

0.3

Inventory change

( 0.8)

1.6

( 0.5)

( 0.1)

0.2

( 0.1)

Profit from operations

2.5

( 0.9)

7.5

0.4

( 0.1)

1.3

Capital expenditure

0.1

0.5

0.7

0.1

0.1

Sadiola - Attributable 38%

Quarter

Quarter Nine months

Quarter

Quarter Nine months

ended

ended

ended

ended

ended

ended

September

June

September

September

June

September

Rand / Metric

Dollar / Imperial

1 067

1 449

4 070

1 176

1 597

4 486

2 227

1 078

2 913

 1.16

 1.99

 1.80

 1.16

 1.99

 1.80

1 453

1 602

 3.88

 3.43

 3.44

 0.113

 0.100

 0.100

 97.16

 97.16

 96.94

 97.16

 97.16

 96.94

1 858

1 614

4 845

58 129

60 814

60 377

17 153

20 158

19 667

2 974

2 076

2 115

 95.62

 66.74

 68.00

2 254

1 972

1 969

 72.48

 63.40

 63.29

 120.1

 91.4

 297.7

 19.8

 14.9

 48.8

 65.2

 54.7

 174.3

 10.8

8.9

 28.6

 31.9

 32.5

 95.3

5.2

5.3

 15.6

0.3

0.1

8.5

6.4

 20.9

1.5

1.0

3.4

 40.4

 38.9

 116.5

6.7

6.3

 19.1

 18.6

 18.5

 55.3

3.1

3.0

9.1

6.2

( 2.7)

2.5

1.0

( 0.4)

0.4

 54.9

 36.7

 123.4

9.0

6.0

 20.2

2.1

4.9

 10.2

0.4

0.8

1.7

NORTH AMERICAN OPERATIONS

Cripple Creek & Victor J.V.

Prepared in accordance with International

Quarter

Quarter Nine months

Quarter

Quarter

Nine months

Accounting Standards.

ended

ended

ended

ended

ended

ended

September

June

September

September

June

September

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

7 015

6 963

20 467

7 733

7 675

22 561

Stripping ratio

- t(mined-treated)

 /t treated

 1.62

 1.80

 1.70

 1.62

 1.80

 1.70

Treated

- tonnes

- tons

- 000

2 675

2 488

7 586

2 949

2 743

8 362

Mill head grade

- g/t

- oz/t

 0.88

 0.67

 0.72

 0.026

 0.019

 0.021

Gold in ore

- kg

- oz 000

2 358

1 658

5 451

Yield

- g/t

- oz/t

 0.88

 0.67

 0.72

 0.026

 0.019

 0.021

Gold produced

- kg

- oz 000

2 358

1 658

5 451

Total

Yield

- g/t

- oz/t

 0.88

 0.67

 0.72

 0.026

 0.019

 0.021

Gold produced

- kg

- oz 000

2 358

1 658

5 451

Revenue

- R/kg

- $/oz

- sold

62 465

62 434

60 831

Cash costs

- R/kg

- $/oz

- produced

32 655

32 871

32 636

PRODUCTIVITY

per employee

- g

- oz

- target

2 146

2 115

2 022

- actual

2 613

1 773

1 680

FINANCIAL RESULTS (MILLION)

Gold revenue

 147.3

 103.5

 331.3

 24.2

 16.9

 54.3

Cost of sales

 106.9

 71.1

 245.7

 17.6

 11.6

 40.3

Cash costs

 77.0

 54.5

 177.9

 12.7

8.9

 29.2

Rehabilitation costs

3.0

3.1

8.5

0.5

0.5

1.4

Other non-cash costs

Production costs

 80.0

 57.6

 186.4

 13.2

9.4

 30.6

Amortisation costs

 26.9

 13.5

 59.3

4.4

2.2

9.7

Inventory change

Profit from operations

 40.4

 32.4

 85.6

6.6

5.3

 14.0

Capital expenditure

 49.5

 27.6

 98.4

8.1

4.5

 16.1

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

Jerritt Canyon J.V. - Attributable 70%

Quarter

Quarter Nine months

Quarter

Quarter Nine months

ended

ended

ended

ended

ended

ended

September

June

September

September

June

September

Rand / Metric

Dollar / Imperial

 12.87

 13.15

 12.91

 0.375

 0.383

 0.375

1 403

1 433

4 081

 11.51

 13.78

 12.10

 0.333

 0.400

 0.350

1 255

1 502

3 824

1 545

1 466

5 131

1 703

1 616

5 656

 12.52

 20.84

 16.10

 12.52

 20.84

 16.10

 5.95

 5.75

 6.81

 0.175

 0.162

 0.200

2 043

 5.32

 6.01

 6.01

 0.159

 0.176

 0.176

1 802

 8.35

 10.82

 9.13

 0.244

 0.314

 0.265

1 862

1 905

5 626

63 091

62 699

60 657

36 574

38 268

36 882

2 208

1 742

1 835

2 084

1 991

1 991

 117.5

 119.4

 341.2

 19.3

 19.5

 55.9

 100.1

 99.9

 298.7

 16.5

 16.3

 49.0

 68.1

 72.9

 207.5

 11.2

 11.9

 34.0

3.6

3.1

 10.9

0.6

0.5

1.8

 71.7

 76.0

 218.4

 11.8

 12.4

 35.8

 28.4

 23.9

 80.3

4.7

3.9

 13.2

 17.4

 19.5

 42.5

2.8

3.2

6.9

 26.2

 23.9

 65.9

4.3

3.9

 10.8

SOUTH AMERICAN OPERATIONS

Morro Velho

Prepared in accordance with International

Quarter

Quarter Nine months

Quarter

Quarter Nine months

Accounting Standards.

ended

ended

ended

ended

ended

ended

September

June

September

September

June

September

Rand / Metric

Dollar / Imperial

OPERATING RESULTS

GOLD

Underground Operations

Mined

- tonnes

- tons

- 000

Treated

- tonnes

- tons

- 000

Mill head grade

- g/t

- oz/t

 6.88

 8.02

 7.47

 0.203

 0.234

 0.218

Gold in ore

- kg

- oz 000

1 294

1 524

4 196

Yield

- g/t

- oz/t

 7.43

 7.52

 7.30

 0.217

 0.220

 0.213

Gold produced

- kg

- oz 000

1 396

1 428

4 100

Open-pit Operations

Mined

- tonnes

- tons

- 000

1 009

Stripping ratio

- t(mined-treated)

 /t treated

 6.26

 10.06

 8.43

 6.24

 10.22

 8.43

Treated

- tonnes

- tons

- 000

Mill head grade

- g/t

- oz/t

 4.95

 6.41

 5.79

 0.143

 0.189

 0.168

Gold in ore

- kg

- oz 000

Yield

- g/t

- oz/t

 5.55

 5.47

 5.59

 0.167

 0.162

 0.159

Gold produced

- kg

- oz 000

Total

Yield

- g/t

- oz/t

 7.11

 7.21

 7.04

 0.209

 0.211

 0.205

Gold produced

- kg

- oz 000

1 607

1 614

4 642

Revenue

- R/kg

- $/oz

- sold

62 611

63 146

62 975

Cash costs

- R/kg

- $/oz

- produced

22 589

25 403

24 666

PRODUCTIVITY

per employee

- g

- oz

- target

- actual

FINANCIAL RESULTS (MILLION)

Gold revenue

 100.0

 102.9

 292.7

 16.4

 16.8

 47.9

Cost of sales

 55.4

 59.4

 176.6

9.2

9.7

 28.9

Cash costs

 36.3

 41.0

 114.5

6.0

6.7

 18.8

Rehabilitation costs

0.6

0.8

0.1

0.1

Other non-cash costs

Production costs

 36.9

 41.0

 115.3

6.1

6.7

 18.9

Amortisation costs

 15.7

 15.9

 46.1

2.6

2.6

7.5

Inventory change

2.8

2.5

 15.2

0.5

0.4

2.5

Profit from operations

 44.6

 43.5

 116.1

7.2

7.1

 19.0

Capital expenditure

 12.1

 10.4

 33.0

2.0

1.7

5.4

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 Nine months

Quarter

Quarter Nine months

Quarter

Quarter Nine months

Quarter

Quarter Nine months

ended

ended

ended

ended

ended

ended

ended

ended

ended

ended

ended

ended

September

June

September

September

June

September

September

June

September

September

June

September

Rand / Metric

Dollar / Imperial

Rand / Metric

Dollar / Imperial

 7.40

 7.97

 7.78

 0.215

 0.233

 0.227

1 835

 7.88

 7.58

 7.68

 0.226

 0.221

 0.223

1 813

2 471

2 724

 9.59

 10.28

 9.89

 9.65

 10.36

 9.90

 15.77

 16.32

 16.30

 0.46

 0.48

 0.48

1 309

1 208

3 700

 14.52

 15.55

 16.00

 0.429

 0.457

 0.468

1 205

1 151

3 631

 7.88

 7.58

 7.68

 0.226

 0.221

 0.223

 14.52

 15.55

 16.00

 0.429

 0.457

 0.468

1 813

1 205

1 151

3 631

62 618

62 188

60 399

62 619

62 017

60 575

21 148

23 858

22 890

27 469

27 107

26 081

2 488

2 830

2 582

3 048

2 893

3 017

 37.0

 36.8

 110.1

6.1

6.0

 18.0

 70.7

 74.2

 218.1

 11.6

 12.1

 35.7

 21.9

 20.9

 66.5

3.7

3.4

 10.9

 48.7

 48.2

 140.7

8.0

7.9

 23.0

 14.0

 14.1

 41.5

2.3

2.3

6.8

 33.1

 31.2

 94.7

5.4

5.1

 15.5

0.9

1.2

0.2

0.2

0.9

0.9

0.2

0.2

4.1

3.4

7.5

0.7

0.6

1.2

 14.9

 14.1

 42.7

2.5

2.3

7.0

 38.1

 34.6

 103.1

6.3

5.7

 16.9

8.2

8.0

 23.2

1.4

1.3

3.8

 14.8

 14.2

 41.2

2.4

2.3

6.7

( 1.2)

( 1.2)

0.6

( 0.2)

( 0.2)

0.1

( 4.2)

( 0.6)

( 3.6)

( 0.7)

( 0.1)

( 0.6)

 15.1

 15.9

 43.6

2.4

2.6

7.1

 22.0

 26.0

 77.4

3.6

4.2

 12.7

2.4

3.1

8.5

0.4

0.5

1.4

2.7

2.3

9.8

0.4

0.4

1.6

SHAFT SINKING

SHAFT SINKING  (metres)

Quarter ended

Quarter ended

Nine months ended

September 1999

June 1999

September 1999

MOAB KHOTSONG MINE

Main shaft

Advance

Depth to date (below collar)

 2 412

 2 412

 2 412

Rock / ventilation sub-vertical shaft

Advance

Depth to date

Station cutting

JOEL MINE

Taung North Shaft

Advance

Depth to date (below collar)

 1 213

 1 187

 1 213

MPONENG MINE

Sub Shaft 1

Advance

Depth to date

 1 196

 1 149

 1 196

SHAFT SINKING

SHAFT SINKING  (feet)

Quarter ended

Quarter ended

Nine months ended

September 1999

June 1999

September 1999

MOAB KHOTSONG MINE

Main shaft

Advance

Depth to date (below collar)

 7 913

 7 913

 7 913

Rock / ventilation sub-vertical shaft

Advance

Depth to date

 2 985

 2 887

 2 985

Station cutting

JOEL MINE

Taung North Shaft

Advance

Depth to date (bellow collar)

 3 974

 3 889

 3 974

MPONENG MINE

Sub Shaft 1

Advance

Depth to date

 3 925

 3 771

 3 925

DEVELOPMENT

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

Quarter ended September 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

5 619

 86.40

 31.99

 2 764

 1.37

 118.13

"C" reef

 8.30

 96.63

 3.43

 28.47

Kopanang Mine
Vaal reef

10 451

 1 188

 15.70

 147.63

 2 318

 5.27

 82.74

"C" reef

 20.40

 32.84

 0.79

 16.12

Tau Lekoa Mine
Ventersdorp Contact reef

5 649

 1 596

 99.50

 8.63

 0.12

 11.94

Moab Khotsong Mine
Vaal reef

1 313

FREE STATE
Bambanani Mine
Basal reef

3 377

 168.40

 6.06

 1 021

 0.06

 10.10

Tshepong Mine
Basal reef

5 783

 19.70

 72.61

 1 430

 1.94

 38.22

"B" reef

Matjhabeng Mine
Basal reef

1 261

"A" reef

 92.90

 4.23

 0.13

 12.08

Taung South Shaft
(previously Joel No. 3 shaft)
Beatrix VS 5 Composite reef

 192.10

 13.18

 2 532

WEST WITS
TauTona Mine (East Mine)
Ventersdorp Contact reef

Carbon Leader reef

3 457

 28.70

 54.46

 1 563

Savuka Mine (West Mine)
Ventersdorp Contact reef

 38.43

 34.17

 1 313

Mponeng Mine (South Mine)
Ventersdorp Contact reef

5 491

 83.80

 14.00

 1 173

Elandsrand
Ventersdorp Contact reef

5 412

 1 032

 43.20

 28.23

 1 220

Deelkraal
Ventersdorp Contact reef

1 104

 193.00

 4.18

(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 September 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

18 436

1 890

 34.02

 0.93

 2.64

 2.74

 7.77

"C" reef

1 001

 3.27

 2.82

 0.77

 6.86

 1.87

Kopanang Mine
Vaal reef

34 288

3 898

 6.18

 4.31

 2.22

 10.54

 5.43

"C" reef

 8.03

 0.96

 0.64

 1.58

 1.06

Tau Lekoa Mine
Ventersdorp Contact reef

18 533

5 235

 39.17

 0.25

 0.82

 0.24

 0.78

Moab Khotsong Mine
Vaal reef

4 308

FREE STATE
Bambanani Mine
Basal reef

11 078

 66.30

 0.18

 0.98

 0.12

 0.66

Tshepong Mine
Basal reef

18 973

3 176

 7.76

 2.12

 1.37

 3.88

 2.51

"B" reef

Matjhabeng Mine
Basal reef

4 137

"A" reef

1 470

 36.57

 0.12

 0.38

 0.26

 0.79

Taung South Shaft
(previously Joel No. 3 shaft)
Beatrix VS 5 Composite reef

2 710

2 713

 75.63

 0.38

 2.42

WEST WITS
TauTona Mine (East Mine)
Ventersdorp Contact reef

Carbon Leader reef

11 343

 11.30

 1.59

 1.50

Savuka Mine (West Mine)
Ventersdorp Contact reef

 15.13

 1.00

 1.26

Mponeng Mine (South Mine)
Ventersdorp Contact reef

18 015

1 870

 32.99

 0.41

 1.12

Elandsrand
Ventersdorp Contact reef

17 756

3 386

 17.01

 0.82

 1.17

Deelkraal
Ventersdorp Contact reef

3 622

1 699

 75.98

 0.12

 0.77

(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