Quarter

Quarter

Six months

Six months

Quarter 

Quarter

Six months

Six months

ended

ended

ended

ended

ended                  ended

ended

ended

June

March

June

June

June

March

June

June

2000

2000

2000

1999

2000

2000

2000

1999

Rand/Metric

Dollar/Imperial

Gold

Produced

-  kg/oz 000

55,957

54,509

110,466

107,150

1,799

1,752

3,551

3,445

Revenue

- R/kg/US$/oz sold

66,192

63,986

65,096

61,398

300

315

308

312

Total cash costs

- R/kg/US$/oz produced

45,745

44,569

45,165

41,031

207

219

214

209

Total production costs

- R/kg/US$/oz produced

52,737

51,022

51,891

46,753

239

251

245

238

Operating profit

- R/US$ million

821

749

1,570

1,565

119

118

237

256

Net capital expenditure

- R/US$ million

356

273

629

558

52

43

95

91

Attributable profit

- R/US$ million

424

430

854

1,629

61

67

128

266

Attributable earnings

- cents per share

397

402

799

1,665

57

62

120

272

Headline earnings

- cents per share

429

431

859

1,475

62

67

129

241

Headline earnings before 

deferred taxation rate change

- cents per share

426

431

858

1,005

62

67

129

164

Dividends

- cents per share

750

900

110

149

REPORT 

FOR THE QUARTER AND SIX MONTHS
ENDED 30 JUNE 2000

HIGHLIGHTS 

Company results for the quarter
•     Overall improvement in performance is reflected in a

10% increase in operating profit in rand terms.

•     Gold production increases by 3% to 1.8 million oz.
•     Total cash costs are reduced by 5% to US$207/oz.
•     Increased deferred tax and reduced interest, together,

reduce headline earnings by 0.4% to R458 million.

Regional operating results for the quarter

SOUTH AFRICA
•     A strong recovery at Great Noligwa and TauTona,

achieving many of the objectives set at last quarter
end, and an increase in gold production of 19% and
16% respectively.

•     Corrective action in place at Bambanani, Elandsrand

and Joel but more work is needed.

•     Gold production rises by 25,000 oz.
•     Volume and value productivity indices improve,

despite a 2% decline in grade.

•     Costs and tax reduce headline earnings marginally

by 1%.

AFRICA
•     Record production and a 12% improvement in total

cash costs at Sadiola.

•     Continued good performance at Navachab.
•     First gold is poured at Geita, three months ahead of

schedule.

NORTH AMERICA
•     Lower grades and continued bad weather reduce

production at Jerritt Canyon by 4%, but production

losses for the first two quarters will be recovered by
year end.

•    Gold production increases by 16% at CC&V.
•     Leach pad extension at CC&V is due for completion

ten weeks early.

SOUTH AMERICA
•     Gold production is 1% up to 105,000oz.
•     Total cash costs are 5% lower at US$133/oz.

AUSTRALASIA
•     Sunrise Dam overcomes its first quarter problems

and increases production by 5% to 49,000oz.

•     Production is up at Pine Creek and Tanami, but

slightly lower at Boddington.

  Growth and market development
•     AngloGold buys a 25% stake in OroAfrica, South

Africa's largest gold jewellery producer. It has a
strategic partnership with Filk, the world's largest
gold chain producer, and provides excellent growth
opportunities in South Africa and worldwide.

•     Project AuTEK is launched to develop new industrial

uses for gold, and a gold catalysis symposium is
planned for next year.

Company results for the half year
•    Operating profit virtually unchanged at R1,570 million.
•    Headline earnings before deferred tax rate adjustment

down 7% due to lower interest and earnings from
associates.

•    Attributable profit down 48% due to the inclusion of

abnormal items in the previous period.

•    A dividend of R7.50 per share is declared, giving a 6%

yield on a share price of R269 per share.

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 the economic outlook for the gold

mining industry, expectations regarding gold prices and

production, the completion and commencement of commercial

operations of certain of AngloGold's exploration and production

projects, and its liquidity and capital resources and expenditure,

contain certain forward-looking statements regarding AngloGold's

operations, economic performance and financial condition.

Although AngloGold 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, changes in economic and market conditions, success of

business and operating initiatives, changes in the regulatory

environment and other government actions, fluctuations in gold

prices and exchange rates, and business and operational risk

management.

Published by AngloGold's
Corporate Communications Department

PO Box 62117
Marshalltown
2107
South Africa

Telephone: +27 11 637 6147
Fax: +27 11 637 6399/6400
E-mail: investors@anglogold.com

Dear Shareholder

The results reported for the second quarter reflect

good operating performance. Gold production
improved by 3% to 1.8 million ounces;both cash and
total costs reduced by 5%, and operating profit
increased by 10%. In the context of the 5% decline in
the dollar price received for gold sold this quarter, this
is encouraging. Increased taxation, a result of
improved operating profits in South Africa, and lower
interest earned, a consequence of the significant
investments in growth now being made by the
company, have produced attributable profit and
headline earnings down 1% on the previous quarter.

The Board has declared an interim dividend for the

half year of R7.50, representing a dividend yield of
6% on today's price of R269.

It is particularly pleasing to note the improved

performance of the South African mines, with the two
major profit producers, Great Noligwa and TauTona,
increasing their gold output by 19% and 16%
respectively, and recording significant advances in all
key efficiency measures. While the corrective actions
indicated last quarter have been implemented at the
Bambanani, Elandsrand and Joel mines, and some
improvements are evident, further work is still
necessary. At the end of the last quarter we
published a separate report on the South African
operations, setting out plans for correcting the
performance of these five operations. Today we are
releasing another report, providing an update on the
progress to date at these mines*. For the South
African Region as a whole, gold production improved
by 2%, and both the volume and value measures of
labour productivity rose by 11% and 4% respectively,
notwithstanding an average grade that was 2% lower
than the previous quarter.

It is equally encouraging that this quarter saw the

South African mines record their lowest ever rate of
lost time injuries and their best performance in regard
to fatal accidents. This is clear evidence of what can
be achieved, and we hope this will spur management
and employees to sustained and increased efforts in
this area.

Operating profit for the half year to June at 

R1,570 million is comparable to the first half of 1999,
although headline earnings before the deferred tax
adjustment at R916 million were down 7% from
R983 million. This was as a consequence of lower
net interest earnings and lower earnings from
associates. Attributable profit is 48% down on the
first half of 1999 due to the effect of a deferred tax
rate change, which was reduced by the write-off
of goodwill included in the previous year.

During the first half of this year AngloGold laid

some important foundations for the company's future
growth. The acquisition of significant stakes in the
Morila and Geita mines in Mali and Tanzania
respectively, as well as the commencement of the
Yatela project in Mali will see the African Region
becoming the company's second largest source of
earnings after South Africa. The major pit expansion
at Sunrise Dam in Australia secures significant
production for a number of years to come.

The e-commerce venture, GoldAvenue, and 

the acquisition of a 25% stake in South Africa's
largest gold jewellery manufacturer, OroAfrica,
both announced during the quarter, provide
AngloGold with skilled and experienced partners
and are a further demonstration of AngloGold's
commitment to extracting value from its product
beyond the current limits of mining.

We are equally enthusiastic about gold's potential

to contribute to a cleaner, healthier environment in the
future. During the quarter, we launched Project
AuTEK, an equal joint venture between AngloGold
and Mintek, South Africa's national metallurgical
research organization, to develop gold's application in
catalysis and other environmentally sensitive
industrial uses.

We remain convinced that, in today's gold market,

the future of the industry rests with the companies
that have the energy and determination to innovate,
to invest in and to lead their industry.

*This report is available on the AngloGold website,

http://www.anglogold.com

NICKY OPPENHEIMER
Chairman

BOBBY GODSELL
Chief Executive Officer

26 July 2000

LETTER FROM THE CHAIRMAN AND
THE CHIEF EXECUTIVE OFFICER

1

SOUTH AFRICA

Overall performance

Productivity and efficiency indicators for the
operations in the South African Region have shown
most encouraging improvements. Measured in square
metres per employee, productivity was up by 11%
quarter-on-quarter, while efficiency, measured in
grams per employee, increased by 4% despite
average grade recovered being 2% lower quarter-on-
quarter.

Significantly improved performance at Great

Noligwa and TauTona, together with continued strong
performances from Kopanang, Tau Lekoa, Tshepong,
Savuka and Ergo, resulted in gold production
increasing by approximately 2% over the previous
quarter to 42,640 kilograms (1.4 million oz).

Total cash costs at R47,574 per kilogram 

(US$216 per ounce) were contained to a 2% increase
over the previous quarter, notwithstanding an 8%
increase in area mined and a 3% increase in
development activity.

We regret to report the death of ten employees

during the quarter. Importantly, however, we note the
significant improvement in the safety performance of
the South African Region over the previous quarter
and the corresponding period last year. The number
of lost time injuries for the quarter is the lowest on
record, improving by 19 on the previous best record
in the last quarter of 1999. It is very encouraging to
note that in the quarter both Moab Khotsong and
Great Noligwa recorded lost time injury frequency
rates below the Ontario benchmark.

Mine performance

Production levels at Great Noligwa improved in the
second quarter. Gold production was 19% higher with
improvements in both area mined and grade.
Kopanang had an excellent second quarter,
improving gold production and labour efficiencies
over the previous quarter. Tau Lekoa reports
excellent results with gold production 8% above the
previous quarter and all efficiency parameters
exceeding the levels reported for the March quarter.

Gold output at Bambanani fell by 7% over the

previous period, mainly due to continued
disappointing grades. At Tshepong, production and
efficiency (measured in square metres and grams per
employee) showed significant improvement over the
previous quarter, increasing by 12% and 15%
respectively. The results at Matjhabeng reflect the
scaling down of operations, prior to shaft closures.

Despite a significant increase in mining volume at
Joel, a drop of 11% in the grade and problems in the
gold recovery system led to an 8% decrease in gold
production against the previous quarter.

Management focus on the most profitable mining

panels at TauTona helped improve the area mined,
grade and gold production (which increased by 16%)
over the previous quarter. All efficiency parameters
showed improvements. Despite high levels of
seismicity at Savuka, the operation maintained
mining volume and gold output at the previous
quarter's levels.

Mponeng was unable to sustain the exceptionally

high gold production of the previous quarter.
Seismicity caused the loss of high grade areas and
volumes were increased from lower grade areas to
replace the lost production. The equipping
programme at the Mponeng deepening project has
been completed ahead of schedule. Gold output at
Elandsrand, despite a volume increase, was 6%
down on the previous quarter as a result of lower
grades mined. Damage to high grade faces through
seismicity, coupled with a drop in ore values in the
eastern section, contributed to the lower gold
performance at Deelkraal.

Ergo improved its efficiencies and profit

performance over the previous quarter despite
various production delays experienced this quarter.

AFRICA

Sadiola (38%) has had an excellent quarter with gold
production up 17% to a quarterly record of 62,000
ounces. This was largely achieved as a result of a
record milled throughput of 558,000 tonnes and a
10% increase in recovered grade. Total cash costs
improved by 12% to US$107 per ounce. Unit total
cash costs for the first quarter have been restated
to reflect a change in estimating stockpiles. The mine
has now achieved a record 245 days without a
disabling injury.

The government of Mali has approved the Yatela

shareholders' and operator agreements. The
construction and mining contracts have been
awarded with the construction earthworks having
started on schedule. The first gold production is
scheduled for June 2001.

Navachab had another good quarter with

production of 17,600 ounces at a similar level to the
previous quarter. Total cash costs improved by 4% to
US$208 per ounce. The mine has had no disabling
injuries during the year. The operation retained its
NOSA five-star safety rating.

SUMMARY OF OPERATIONS

2

The transaction relating to the purchase of an

effective 40% interest in the Morila project in Mali
from Randgold Resources was completed on 3 July
2000. AngloGold has been appointed the operator of
the mine. Construction, which began in 1999, is 70%
complete and stockpiling of ore for commissioning is
in progress. The first gold pour at Morila is expected
during October.

AngloGold and Ashanti announced on 26 June

2000 that they had signed an agreement in respect of
the acquisition by AngloGold of a 50% interest in the
Geita project in Tanzania. The transaction, which is
subject to regulatory, governmental, Ashanti
shareholder and bank creditor approvals, is expected
to be completed by the end of September this year.
The two companies have also agreed the terms of a
joint venture agreement that will govern how the two
partners will jointly operate the Geita project. Geita is
currently being commissioned and achieved its first
gold pour during June, three months ahead of
schedule. Under the current mine plan, annual
production is estimated at 500,000 ounces at an
operating total cash cost of under US$180 per ounce.
The official opening of the mine is scheduled for
3 August 2000.

NORTH AMERICA

At Jerritt Canyon (70%), the second quarter's
production, at 57,000 ounces, was some 4% lower
than the first quarter. The mill grade was 4% lower
than the first quarter. Tonnage processed in the
second quarter continued to be affected by wet
weather conditions and was approximately 2% higher
than the first quarter, but lower than expectations.
Production lost during the first half of the year will be
recovered in the next six months. Additionally,
following the conclusion of an ore purchase
agreement with Cortez, production is expected to be
further increased by some 30,000 ounces over the
rest of the year.

Total cash costs for the second quarter were

US$199 per ounce, 7% higher than the first quarter,
owing to increased underground mining costs and
decreased grades.

Production at Cripple Creek & Victor (67%,

with a 100% interest in production ounces, subject
to contractual obligations by the joint venture
partners) was 63,000 ounces, 16% higher than the
first quarter. Despite unanticipated expenditure
arising from costs incurred to counter the cyanide
ban initiative in Colorado and increased diesel fuel
prices, total cash costs were US$193 per ounce,
some 4% lower than the first quarter.

Phase 3 of the leach pad expansion was 95%

complete at quarter-end. The project will be completed
under budget and ten weeks ahead of schedule.

Field exploration work will begin in Alaska and

Canada this summer following completion of two joint
venture agreements during the second quarter.

SOUTH AMERICA

Gold production at the South American operations
Morro Velho (100%), Serra Grande (50%) and Cerro
Vanguardia (46.25%)  was marginally higher than
the previous quarter at 105,000 ounces. This is
attributable to higher volumes of production at Serra
Grande and Cerro Vanguardia and improved grade at
Cerro Vanguardia and Morro Velho.

Total cash costs for the quarter were 5% lower

than the first quarter at US$133 per ounce, chiefly
because of lower costs at Morro Velho and Cerro
Vanguardia and the higher production levels at Serra
Grande and Cerro Vanguardia. Capital expenditure
was some US$2 million higher than the previous
quarter.

Implementation of the NOSA system at the mining

operations is under way and appears to be yielding
positive results: at Cerro Vanguardia the improving
trend noted last quarter continues and Serra Grande
remains below the Ontario benchmark although
Morro Velho has yet to achieve this target.

In Brazil, drilling at the Corrego de Sitio project has

defined a new area of high grade oxide
mineralization at Carvoaria Velha. Highly encouraging
results have also been obtained in Colombia where
AngloGold is in a joint venture with Conquistador
Mines.

AUSTRALASIA

Although some residual impacts of the cyclonic rains
that disrupted activities during the first quarter
continued to be felt in the current quarter, production
increased to 123,000 ounces (4% increase on the
previous quarter).

Sunrise Dam (100%) lifted production to 49,000

ounces which is 5% up on the previous quarter.
However, higher activity levels to replenish ore
stockpiles that had been depleted during the previous
quarter when rain restricted mining, added to total
cash operating costs and increased the unit rate to
A$365 (US$215) per ounce. If the stock build
component is excluded from total cash costs, the rate
falls to below A$300 (US$177) per ounce, which is in
line with the mine's performance profile in the longer
term. The expansion of the operation, which was
approved in April, is proceeding on schedule. The key
mining contract has been awarded and mobilisation
of the expanded mining fleet has begun. Award of
the contract for the upgrade of the plant is imminent,
with construction expected to commence in August.

3

Production from the Pine Creek (100%) operations

increased by 4% to 42,000 ounces. With operations
recovering from the record wet season, Union Reefs
lifted production by 13% to 29,000 ounces.
Nowithstanding this improvement, the mine has
continued to contend with low head grades from ore
being mined in predominantly cut-back areas of the
pit. As a consequence, production has been below
expectations and, although total cash costs fell by 7%
relative to the previous quarter, they are still high at
A$449 (US$264) per ounce. Mining has now ceased
at Brocks Creek and all processing is from stockpiles.
Production for the quarter was 12,000 ounces at a
total cash cost of A$325 (US$191) per ounce. Site
rehabilitation is progressing in accordance with plans,
which will see all operations cease during the
December quarter of this year.

At Boddington (33.3%), production of just under

20,000 ounces was slightly less than the previous
period. The oxide mine is now in the final phase of its
life and, with ore being sourced from low-grade
remnant ore blocks and stockpiles, head grades have

been low, resulting in a 10% increase in total cash
costs to A$385 (US$227) per ounce. New resource
and reserve estimates have been made for the
Boddington Expansion Project (Wandoo). The
resource now totals 720 million tonnes at
0.84 grams/tonne gold and 0.11% copper for
19.7 million ounces of gold (up 28%). The reserve
totals 390 million tonnes at 0.87 grams/tonne gold
and 0.12% copper for 10.9 million ounces of gold.
The expansion feasibility study is progressing rapidly
with completion of the full feasibility anticipated late
in the third quarter.

Although the Tanami mine (40%) continued to feel

the impact of the heavy rain during the March
quarter, production still increased in the June quarter
by 21% (to 12,000 ounces) and total cash costs were
reduced by 12% to A$449 (US$264) per ounce.

Field exploration activities resumed during the

quarter. The most encouraging results have been
obtained from drilling on the Coyote discovery in the
Tanami Desert which remains open at depth and
along strike.

4

The second quarter saw the gold market
considerably quieter than in the first three months of
the year. The market opened under pressure from
disappointing long positions, but physical demand
once again steadied the price at around $270 per
ounce and allowed the market to regroup. The gold
price closed the quarter in the high $280s, and the
average price for the quarter was $280 per ounce,
compared with $290 in the first quarter.

By contrast, the currency market saw considerable

action. After weakening by almost 8% against a
strong US dollar during the first quarter of the year,
the rand lost a further 10% early in the second
quarter to touch a record low of almost R7.20 to the
dollar before recovering to close at around R6.80.
The average of R6.87 for the quarter compares with
the first quarter average of R6.30 to the dollar. The
South African spot price of gold averaged R61,830
per kilogram for the period compared with R58,750
for the previous quarter.

The physical markets for gold presented no

surprises during this quarter. Demand in the major
markets remained healthy, allowing for seasonally
quiet periods in the developed markets, and the pre-
monsoon lull in India.

On the supply side, the Swiss National Bank

commenced their planned sales of reserves without
any particular negative reaction by the market,
reflecting the degree to which official selling in terms
of the Washington Agreement is accepted by market
participants as an integral part of our market today.
The ongoing sales of gold by the United Kingdom
remain an anomaly in this respect, because of the
method of selling by fixed auction into a traded
market. This has the effect of requiring the market to
absorb the metal in a manner at variance with
otherwise effective market conventions.

Notwithstanding the early weakness in the gold

price, the quarter gave clear signals of underlying
support levels for gold in the market. The market has
consistently held up against the pressures of short
selling at around US$270 per ounce and has
consistently managed to regroup above US$280 per
ounce. This support level underlines the importance
of healthy and reliable physical demand for the metal.
The positive impact of this support has been clear for
some time, although market turmoil last year perhaps
concealed the full value of physical demand for some
months in 1999.

Combined with the steady physical support, lower

levels of speculative trading in gold this past quarter
have contributed to a tighter trading range than has
been seen for some time. The withdrawal of certain
managed funds from the market has been a
significant element in the reduced levels of
speculative activity. Looking further forward, as long
as physical demand continues to provide floor price
support, there is likely to be greater potential for gold
on the upside than on the downside. With limited fund
selling and little likelihood of any recurrence of the
large incremental hedge sales by some gold
producers in 1999, there is probably substantially
less liquidity on the upside, and sustained buying
would be unlikely to meet the resistance of heavy
selling that has occurred in recent years.

The AngloGold open hedge position as at the end

of June 2000 is shown overleaf. The net exposure in
the hedge reflects some new hedge cover entered
into for the Yatela, Morila and Geita projects, and a
higher quarter-end spot price ($288 per ounce
against $279 at the end of March) off which the
hedge delta tonnage is calculated.

GOLD MARKET

5

6

NET DELTA OPEN HEDGE POSITION AS AT 30 JUNE 2000

As at 30 June 2000, the group 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 rate of 6.78 available
on 30 June 2000.

Kilograms

Forward price

Forward price

Ounces

sold

rand per kg

US$ per oz

sold (000)

12 months ending

31 December 2000

90,820

66,082

297

2,920

2001

102,447

75,099

327

3,294

2002

87,131

82,384

339

2,801

2003

57,189

88,099

339

1,839

2004

32,767

95,343

342

1,053

January 2005  December 2009

107,614

121,530

350

3,460

Total

477,968

88,111

331

15,367

The marked to market value of all hedge transactions making up the hedge positions in the above table was

R7.5 million (US$1.1 million) as at 30 June 2000. The value was based on a gold price of US$288 per ounce,
exchange rates of R/US$ 6.78 and US$/AU$ 0.60 and the prevailing market interest rates and volatilities at the
time.

As at 26 July 2000, the marked to market value of the hedge book was R713 million (US$102 million) based

on a gold price of US$279 per ounce and exchange rates of R/US$6.97 and US$/AU$0.59 and the prevailing
market interest rates and volatilities at the time.

GOLD MARKET

ANGLOGOLD HEDGE POSITION AS AT 30 JUNE 2000

Year

2000

2001

2002

2003

2004

20052009

Total

DOLLAR GOLD

Forward Contracts

Amount (kg)

72,742

43,941

31,271

27,316

18,399

68,454

262,123

US$ per oz

$287

$328

$330

$336

$338

$351

$324

Put Options Purchased

Amount (kg)

2,177

3,110

3,110

4,977

1,866

15,240

US$ per oz

$327

$396

$407

$362

$433

$382

*Delta (kg)

1,607

2,942

2,744

2,954

1,456

11,703

Put Options Sold

Amount (kg)

11,975

11,975

US$ per oz

$283

$283

*Delta (kg)

4,207

4,207

Call Options Purchased

Amount (kg)

16,174

1,555

17,729

US$ per oz

$334

$350

$335

*Delta (kg)

594

360

954

Call Options Sold

Amount (kg)

27,358

8,731

11,885

10,463

3,303

3,938

65,678

US$ per oz

$304

$357

$373

$372

$342

$347

$339

*Delta (kg)

11,496

1,962

3,198

3,800

2,017

2,743

25,216

RAND GOLD

Forward Contracts

Amount (kg)

104

36,530

33,787

10,635

6,427

15,879

103,362

Rand per kg

R2,044,676

R75,067

R80,159

R84,202

R88,942

R133,729

R89,530

Put Options Purchased

Amount (kg)

622

1,244

1,866

Rand per kg

R69,059

R75,522

R73,368

*Delta (kg)

467

855

1,322

Put Options Sold

Amount (kg)

775

775

Rand per kg

R60,131

R60,131

*Delta (kg)

81

81

Call Options Purchased

Amount (kg)

3,885

3,885

Rand per kg

R62,443

R62,443

*Delta (kg)

2,483

2,483

Call Options Sold

Amount (kg)

12,913

18,214

14,357

4,519

1,875

4,994

56,872

Rand per kg

R68,629

R78,116

R87,002

R93,765

R93,602

R113,695

R83,083

*Delta (kg)

1,764

4,867

4,790

1,941

1,358

3,406

18,126

AU DOLLAR GOLD

Forward Contracts

Amount (kg)

10,264

12,106

12,597

10,731

3,110

36,391

85,199

AU$ per oz

AU$510

AU$550

AU$623

AU$570

AU$532

AU$612

AU$584

Call Options Purchased

Amount (kg)

4,043

4,121

6,687

778

36,391

52,020

AU$ per oz

AU$705

AU$717

AU$728

AU$703

AU$686

AU$696

*Delta (kg)

260

396

1,256

188

19,259

21,359

RAND DOLLAR (000)

Forward Contracts

Amount (US$)

230,414

20,000

20,000

270,414

ZAR per US$ 

R6.59

R6.14

R6.48

R6.55

Put Options Purchased

Amount (US$)

77,500

20,000

97,500

ZAR per US$ 

R6.71

R6.90

R6.75

*Delta (US$)

27,595

8,532

36,127

Put Options Sold

Amount (US$)

50,000

50,000

ZAR per US$ 

R6.46

R6.46

*Delta (US$)

12,008

12,008

Call Options Purchased

Amount (US$)

5,030

10,470

5,450

20,950

ZAR per US$ 

R5.85

R6.15

R6.48

R6.16

*Delta (US$)

4,918

9,150

4,454

18,522

Call Options Sold

Amount (US$)

156,500

45,670

33,450

8,000

243,620

ZAR per US$ 

R6.80

R6.81

R7.06

R6.94

R6.84

*Delta (US$)

82,032

27,753

21,942

6,536

138,263

*The delta position indicated above reflects the nominal amount of the option multiplied by the mathematical probability of the option being

exercised. This is calculated using the Black and Scholes option formula with the ruling market prices, interest rates and volatilities as at
30 June 2000.

7

8

1.

The results included herein for the quarter and six months ended 30 June 2000, which are unaudited, have
been prepared using accounting policies which are in accordance with the standards issued by the
International Accounting Standards Committee and the South African Institute of Chartered Accountants.
Where appropriate, comparative figures have been restated.

2.

During the quarter 18,400 ordinary shares were allotted in terms of the Share Incentive Scheme, thereby
increasing the number of ordinary shares in issue at 30 June 2000 to 107,014,687.

3.

Last quarter it was reported that AngloGold had entered into a non-binding heads of agreement for the
acquisition of a 50% joint venture interest in the Geita project in Tanzania from Ashanti Goldfields Company
Limited (Ashanti). On 26 June 2000 it was announced that the formal agreement had been signed with
Ashanti. The transaction, which is subject to regulatory and governmental approvals as well as Ashanti
shareholders' and bank creditor ratifications, is expected to be completed by the end of September 2000.

4.

The agreement for the previously announced purchase from Randgold Resources Limited of a 40% interest
in the Morila gold mining project in Mali was signed on 29 May 2000 and payment of the purchase price of
US$132 million was effected on 3 July 2000.

5.

An agreement for a revolving credit facility of US$120 million was concluded with Crdit Agricole Indosuez
on 28 June 2000. The facility is intended for general corporate purposes, including overseas investments as
approved by the South African Reserve Bank.

6.

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

7.

Orders placed and outstanding on capital contracts as at 30 June 2000 totalled R126.9 million, equivalent
to US$18.7 million at the rate of exchange ruling on that date.

8.

Dividend

The directors have today declared Interim Dividend No. 88 of 750 (1999: 900) South African cents per
ordinary share for the six months ended 30 June 2000. Payment details are as follows:

To registered holders of ordinary shares

South African and
United Kingdom 

Australian 

share registers

share register

2000

2000

Ex-dividend date

Monday, 14 August

Monday, 7 August

Last day to register for dividend and for change
of address or dividend instruction

Friday, 11 August

Not applicable

Record date

Friday, 11 August

Friday, 11 August

Registers closed

from

Saturday, 12 August

Not applicable

to (inclusive)

Saturday, 19 August

Not applicable

Currency conversion date

Monday, 14 August 

Monday, 14 August 

for UK pounds

for Australian dollars

Dividend cheques posted

Thursday, 21 September

Thursday, 21 September

Payment date of dividend

Friday, 22 September

Friday, 22 September

NOTES

9

To holders of American Depositary Shares

(Each American Depositary Share (ADS) represents one-half of an ordinary share)

2000

Ex-dividend on New York Stock Exchange

Wednesday, 9 August

Record date

Friday, 11 August

Approximate date for currency conversion into US dollars

Friday, 22 September

Approximate payment date of dividend

Monday, 2 October

For illustrative purposes, the dividend payable on an ADS was equivalent to 53.89 US cents at the rate of
exchange ruling on Tuesday, 25 July 2000. This compares with the interim dividend of 74.07 US cents per
ADS paid on 4 October 1999.

9.

Additional information to be disclosed to the Australian Stock Exchange in terms of the requirements of
that Exchange, will be made available on the Internet and in printed format from the investor relations
contacts, whose details, along with the website address, appear at the end of this document.

By order of the Board

N F OPPENHEIMER

R M GODSELL

Chairman

Chief Executive Officer

26 July 2000

GROUP OPERATING RESULTS

Issued Capital:

107,014,687 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

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

Quarter

Quarter

Six months

Six months

ended

ended

ended

ended

June

March

June

June

2000

2000

2000

1999

GOLD

UNDERGROUND OPERATIONS

Tonnes milled

- reef

- 000

5,354

5,118

10,472

10,696

- waste

48

76

124

312

- total

5,402

5,194

10,596

11,008

Yield

- reef

- g/t

7.92

8.17

8.04

8.25

- waste

0.53

0.69

0.63

0.90

- average

7.85

8.06

7.95

8.04

Gold produced

- reef

- kg

42,394

41,800

84,194

88,253

- waste

26

52

78

280

- total

42,420

41,852

84,272

88,533

PRODUCTIVITY

g/employee

- target

207

205

206

220

- actual

192

186

189

208

SURFACE AND  DUMP RECLAMATION

Tonnes treated

- 000

13,482

12,356

25,839

27,752

Yield

- g/t

0.30

0.32

0.31

0.29

Gold produced

- kg

4,069

3,932

8,001

7,933

OPEN-PIT OPERATIONS

Tonnes mined

- 000

12,545

11,822

24,367

24,284

Stripping ratio

- t(mined-treated)

/t treated

1.20

1.04

1.12

2.61

Tonnes treated

- 000

5,694

5,799

11,493

6,723

Yield

- g/t

1.66

1.50

1.58

1.59

Gold produced

- kg

9,468

8,725

18,193

10,684

TOTAL

Gold produced

- kg

55,957

54,509

110,466

107,150

Revenue - R/kg sold

- (excluding accelerated hedge)

65,741

63,704

64,729

61,187

- (including accelerated hedge)

66,192

63,986

65,096

61,398

Total cash costs

- R/kg produced

45,745

44,569

45,165

41,031

Total production costs

- R/kg produced

52,737

51,022

51,891

46,753

CAPITAL EXPENDITURE

- mining direct

333.6

254.7

588.3

497.9

- other

25.6

25.3

50.9

60.5

- recoupments

( 3.6)

( 6.4)

( 10.0)

-

Net capital expenditure

355.6

273.6

629.2

558.4

10

GROUP OPERATING RESULTS

Issued Capital:

107,014,687 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

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

Quarter

Quarter

Six months

Six months

ended

ended

ended

ended

June

March

June

June

2000

2000

2000

1999

GOLD

UNDERGROUND OPERATIONS

Tons milled

- reef

- 000

5,902

5,641

11,543

11,790

- waste

53

83

136

343

- total

5,955

5,724

11,679

12,133

Yield

- reef

- oz/t

0.231

0.238

0.235

0.241

- waste

0.019

0.012

0.015

0.026

- average

0.229

0.235

0.232

0.235

Gold produced

- reef

- oz 000

1,363

1,344

2,707

2,838

- waste

1

1

2

9

- total

1,364

1,345

2,709

2,847

PRODUCTIVITY

oz/employee

- target

6.66

6.60

6.63

7.08

- actual

6.16

5.99

6.07

6.69

SURFACE AND  DUMP RECLAMATION

Tons treated

- 000

14,862

13,621

28,482

30,591

Yield

- oz/t

0.009

0.009

0.009

0.008

Gold produced

- oz 000

131

126

257

254

OPEN-PIT OPERATIONS

Tons mined

- 000

13,829

13,031

26,860

26,769

Stripping ratio

- t(mined-treated)

/t treated

1.20

1.04

1.12

2.61

Tons treated

- 000

6,277

6,392

12,668

7,410

Yield

- oz/t

0.05

0.044

0.046

0.046

Gold produced

- oz 000

304

281

585

344

TOTAL

Gold produced

- oz 000

1,799

1,752

3,551

3,445

Revenue - $/oz  sold

- (excluding accelerated hedge)

298

314

306

311

- (including accelerated hedge)

300

315

308

312

Total cash costs

- $/ounce produced

207

219

214

209

Total production costs

- $/ounce produced

239

251

245

238

Rand/US Dollar average exchange rate

6.87

6.31

6.58

6.11

CAPITAL EXPENDITURE

- mining direct

48.6

40.3

88.9

81.4

- other

3.7

4.0

7.7

9.9

- recoupments

(0.5)

(1.0)

(1.5)

-

Net capital expenditure

51.8

43.3

95.1

91.3

11

*GOUP INCOME STATEMENT

Quarter

Quarter

Six months

Six months

ended

ended

ended

ended

June

March

June

June

SA Rand million

2000

2000

2000

1999

Turnover

3,802.3

3,646.0

7,448.3

6,744.9

Gold revenue

3,734.5

3,568.5

7,303.0

6,671.4

Normal

3,709.4

3,553.0

7,262.4

6,648.8

Accelerated hedge

25.1

15.5

40.6

22.6

Cost of sales

2,913.6

2,819.9

5,733.5

5,106.2

Cash operating costs

2,558.1

2,417.8

4,975.9

4,430.2

Other cash costs

24.9

32.0

56.9

19.1

Total cash costs

2,583.0

2,449.8

5,032.8

4,449.3

Retrenchment costs

25.1

15.5

40.6

22.6

Rehabilitation and other non cash-costs

3.4

13.1

16.5

27.7

Production costs

2,611.5

2,478.4

5,089.9

4,499.6

Amortisation of mining assets

377.3

335.5

712.8

592.6

Total production costs

2,988.8

2,813.9

5,802.7

5,092.2

Inventory change

(75.2)

6.0

(69.2)

14.0

Operating profit

820.9

748.6

1,569.5

1,565.2

Corporate administration and other expenses

32.3

40.9

73.2

89.3

Exchange gain on transactions other than sales

0.4

9.9

10.3

4.6

Marketing development costs

25.5

20.3

45.8

45.1

Research and development

11.7

9.3

21.0

18.4

Exploration costs

54.1

71.1

125.2

114.5

Profit from operations

697.7

616.9

1,314.6

1,302.5

Interest paid

97.3

117.3

214.6

121.7

Unwinding of decommissioning obligation

(4.1)

4.8

0.7

9.1

Interest receivable

41.1

108.3

149.4

187.2

Growth in AngloGold Environmental Rehabilitation Trust

4.6

4.6

9.2

9.9

Income from associates

10.7

7.7

18.4

43.2

Dividends received

-

-

-

2.0

Profit (loss) on sale of mining assets

0.9

(1.4)

(0.5)

-

Profit on ordinary activities before taxation

661.8

614.0

1,275.8

1,414.0

Taxation

195.7

138.4

334.1

(41.5)

Normal taxation

155.0

149.5

304.5

386.2

Deferred taxation

- current

43.4

(12.0)

31.4

32.2

- rate change

(2.7)

0.9

(1.8)

(459.9)

Profit on ordinary activities after taxation

466.1

475.6

941.7

1,455.5

Profit on sale of associate

-

-

-

543.2

Amortisation of goodwill

33.5

30.4

63.9

357.6

Minority interest

8.4

15.9

24.3

12.2

Profit attributable to ordinary shareholders

424.2

429.3

853.5

1,628.9

Headline earnings

The basic earnings have been adjusted by the following

to arrive at headline earnings:

Basic earnings

424.2

429.3

853.5

1,628.9

Less: Profit on sale of associate

-

-

-

543.2

Add: Amortisation of goodwill

33.5

30.4

63.9

357.6

Headline earnings

457.7

459.7

917.4

1,443.3

Add : Deferred taxation rate change

(2.7)

0.9

(1.8)

(459.9)

Headline earnings before deferred taxation rate change

455.0

460.6

915.6

983.4

Earnings per ordinary share - cents

- Basic

397

402

799

1,665

- Headline

429

431

859

1,475

- Headline before deferred taxation rate change

426

431

858

1,005

Dividends

- Rm

802.6

880.8

- cents per share

750

900

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

12

GROUP INCOME STATEMENT

Quarter

Quarter

Six months

Six months

ended

ended

ended

ended

June

March

June

June

US Dollar million

2000

2000

2000

1999

Turnover

553.6

576.5

1,130.1

1,103.3

Gold revenue

543.8

564.4

1,108.2

1,091.2

Normal

540.1

562.0

1,102.1

1,087.5

Accelerated hedge

3.7

2.4

6.1

3.7

Cost of sales

424.6

446.7

871.3

835.1

Cash operating costs

372.8

383.1

755.9

724.6

Other cash costs

3.6

5.0

8.6

3.1

Total cash costs

376.4

388.1

764.5

727.7

Retrenchment costs

3.7

2.4

6.1

3.7

Rehabilitation and other non-cash costs

0.5

2.1

2.6

4.5

Production costs

380.6

392.6

773.2

735.9

Amortisation of mining assets

54.9

53.3

108.2

96.9

Total production costs

435.5

445.9

881.4

832.8

Inventory change

(10.9)

0.8

(10.1)

2.3

Operating profit

119.2

117.7

236.9

256.1

Corporate administration and other expenses

4.7

6.7

11.4

14.7

Exchange gain on transactions other than sales

-

1.5

1.5

0.8

Marketing development costs

3.7

3.3

7.0

7.4

Research and development

1.7

1.5

3.2

3.0

Exploration costs

7.9

11.1

19.0

18.7

Profit from operations

101.2

96.6

197.8

213.1

Interest paid

14.2

18.5

32.7

19.9

Unwinding of decommissioning obligation

(0.6)

0.8

0.2

1.5

Interest receivable

5.9

17.1

23.0

30.6

Growth in AngloGold Environmental Rehabilitation Trust

0.7

0.7

1.4

1.6

Income from associates

1.6

1.1

2.7

7.1

Dividends received

-

-

-

0.3

Profit (loss) on sale of mining assets

0.1

(0.2)

(0.1)

-

Profit on ordinary activities before taxation

95.9

96.0

191.9

231.3

Taxation

28.5

22.1

50.6

(6.9)

Normal taxation

22.6

23.7

46.3

63.2

Deferred taxation

- current

6.3

(1.8)

4.5

5.3

- rate change

(0.4)

0.2

(0.2)

(75.4)

Profit on ordinary activities after taxation

67.4

73.9

141.3

238.2

Profit on sale of associate

-

-

-

88.7

Amortisation of goodwill

4.9

4.8

9.7

58.6

Minority interest

1.2

2.6

3.8

2.0

Profit attributable to ordinary shareholders

61.3

66.5

127.8

266.3

Headline earnings

The basic earnings have been adjusted by the following

to arrive at headline earnings:

Basic earnings

61.3

66.5

127.8

266.3

Less: Profit on sale of associate

-

-

-

88.7

Add: Amortisation of goodwill

4.9

4.8

9.7

58.6

Headline earnings

66.2

71.3

137.5

236.2

Add : Deferred taxation rate change

(0.4)

0.2

(0.2)

(75.4)

Headline earnings before deferred taxation rate change

65.8

71.5

137.3

160.8

Earnings per ordinary share - cents

- Basic

57

62

120

272

- Headline

62

67

129

241

- Headline before deferred taxation rate change

62

67

129

164

Dividends

- $m

118.1

145.9

- cents per share

110

149

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

13

June 2000

June 1999

March 2000

US Dollar million

June 2000

SA Rand million

GROUP BALANCE SHEET

March 2000

June 1999

ASSETS

Non-current assets

Mining assets

2,434.6

2,637.2

2,562.1

17,409.7

14,694.6

17,207.5

Goodwill

144.5

285.3

276.6

1,879.7

872.4

1,861.4

Investments in associates

13.2

12.4

12.4

84.1

79.5

81.2

Other investments

9.4

7.3

6.3

42.8

56.8

47.4

AngloGold Environmental Rehabilitation Trust

38.9

42.7

41.6

282.9

234.6

278.3

Long-term loans - unsecured

58.8

53.8

46.9

318.4

354.9

351.1

2,699.4

3,038.7

2,945.9

20,017.6

16,292.8

19,826.9

Current assets

Inventories

173.1

181.4

196.1

1,332.7

1,044.9

1,183.6

Trade and other receivables

165.7

222.2

235.0

1,596.5

1,000.4

1,450.1

Current portion of loans advanced

21.2

23.2

18.3

124.0

127.7

151.6

Cash and cash equivalents

484.3

351.0

310.6

2,110.4

2,923.0

2,290.6

844.3

777.8

760.0

5,163.6

5,096.0

5,075.9

Total assets

3,543.7

3,816.5

3,705.9

25,181.2

21,388.8

24,902.8

EQUITY AND LIABILITIES

Capital and reserves

Share capital and premium

872.9

1,220.4

1,167.7

7,934.6

5,268.8

7,963.5

Non-distributable reserve

25.6

39.1

35.0

237.6

154.9

255.8

Retained earnings

544.1

412.5

460.1

3,126.5

3,284.0

2,691.3

Shareholders' equity

1,442.6

1,672.0

1,662.8

11,298.7

8,707.7

10,910.6

Minority interests

28.2

27.5

27.2

184.6

170.2

179.2

1,470.8

1,699.5

1,690.0

11,483.3

8,877.9

11,089.8

Non-current liabilities

Borrowings

714.3

670.2

649.8

4,415.4

4,311.3

4,373.0

Debentures

16.6

18.5

17.8

120.7

99.9

120.7

Provisions

309.1

320.2

309.4

2,102.6

1,865.8

2,089.4

Deferred taxation

664.8

644.5

632.2

4,295.8

4,012.3

4,205.1

1,704.8

1,653.4

1,609.2

10,934.5

10,289.3

10,788.2

Current liabilities

Trade and other payables

219.0

267.8

262.1

1,780.9

1,321.8

1,747.3

Current portion of borrowings

94.0

121.7

115.0

781.4

567.3

794.0

Taxation

55.1

74.1

29.6

201.1

332.5

483.5

368.1

463.6

406.7

2,763.4

2,221.6

3,024.8

Total equity and liabilities

3,543.7

3,816.5

3,705.9

25,181.2

21,388.8

24,902.8

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

14

Six months

ended

June

1999

Six months

ended

June

2000

Quarter

ended

June

2000

Quarter

ended

June

2000

Six months

ended

June

2000

Six months

ended

June

1999

US Dollar million

SA Rand million

GROUP CASH FLOW STATEMENT

Cash flows from operating activities

279.1

236.4

118.5

816.5

1,569.0

1,706.5

Cash generated from operations

(19.9)

(32.7)

(14.2)

(97.3)

(214.6)

(121.7)

Interest paid

30.6

23.0

5.9

41.1

149.4

187.2

Interest received

1.6

1.4

0.7

4.6

9.2

9.9

Growth in AngloGold Environmental Rehabilitation Trust

5.7

1.1

0.6

4.3

7.5

34.8

Dividends received from associates

0.3

-

-

-

-

2.0

Dividends received

(272.1)

(178.5)

-

-

(1,178.1)

(1,663.6)

Dividends paid

(67.1)

(74.4)

(63.7)

(437.4)

(489.3)

(410.1)

Mining and normal taxation paid

(41.8)

(23.7)

47.8

331.8

(146.9)

(255.0)

Net cash (outflow) / inflow from operating activities

Cash flows from investing activities

(91.3)

(96.6)

(52.3)

(359.2)

(639.2)

(558.4)

Capital expenditure

-

1.5

0.5

3.6

10.0

-

Recoupments from sale of mining assets

-

(0.2)

(0.2)

(1.2)

(1.2)

-

Investments acquired

(459.2)

-

-

-

-

(2,840.8)

Acquisition of subsidiaries

215.3

1.2

1.2

7.9

7.9

1,316.4

Proceeds from sale of investments

(335.2)

(94.1)

(50.8)

(348.9)

(622.5)

(2,082.8)

Net cash outflow from investing activities

Cash flows from financing activities

0.5

1.5

0.5

3.6

10.0

2.9

Proceeds from issue of share capital

(0.3)

(2.7)

(2.6)

(17.7)

(17.8)

(1.8)

Share issue expenses

505.5

-

-

-

-

3,090.4

Proceeds from borrowings

(32.1)

(45.8)

(41.5)

(285.4)

(301.4)

(196.1)

Repayment of borrowings

-

(3.8)

(3.1)

(21.1)

(24.7)

-

Loans advanced

16.1

18.6

16.9

116.2

122.1

98.4

Repayment of loans advanced

489.7

(32.2)

(29.8)

(204.4)

(211.8)

2,993.8

Net cash (outflow) / inflow from financing activities

112.7

(150.0)

(32.8)

Net (decrease) / increase in cash and cash equivalents

(221.5)

(981.2)

656.0

118.0

(31.9)

(7.6)

41.3

60.6

775.2

Translation adjustment

253.6

492.5

351.0

2,290.6

3,031.0

1,491.8

Opening cash and cash equivalents

484.3

310.6

310.6

Closing cash and cash equivalents

2,110.4

2,110.4

2,923.0

Note to the Cash Flow Statement

Cash generated from operations

231.3

191.9

95.9

661.8

1,275.8

1,414.0

Profit on ordinary activities before taxation

Adjusted for:

4.5

2.6

0.5

3.4

16.5

27.7

Non-cash movements

96.9

108.2

54.9

377.3

712.8

592.6

Amortisation of mining assets

19.9

32.7

14.2

97.3

214.6

121.7

Interest paid

1.5

0.2

(0.6)

(4.1)

0.7

9.1

Unwinding of decommissioning obligation

(30.6)

(23.0)

(5.9)

(41.1)

(149.4)

(187.2)

Interest receivable

(1.6)

(1.4)

(0.7)

(4.6)

(9.2)

(9.9)

Growth in AngloGold Environmental Rehabilitation Trust

(7.1)

(2.7)

(1.6)

(10.7)

(18.4)

(43.2)

Income from associates

(0.3)

-

-

-

-

(2.0)

Dividends received

-

0.1

(0.1)

(0.9)

0.5

-

(Profit) loss on sale of mining assets

(35.4)

(72.2)

(38.1)

(261.9)

(474.9)

(216.3)

Movement in working capital

279.1

236.4

118.5

816.5

1,569.0

1,706.5

The following analyses the movement in working capital:

4.8

(24.9)

(21.7)

(149.1)

(163.7)

29.1

(Increase) decrease in inventories

16.9

(12.5)

(21.3)

(146.4)

(82.1)

103.5

(Increase) decrease in trade and other receivables

(57.1)

(34.8)

4.9

33.6

(229.1)

(348.9)

Decrease in trade and other payables

(35.4)

(72.2)

(38.1)

(261.9)

(474.9)

(216.3)

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

15

KEY OPRATING RESULTS

PER REGION

Yield - g/t

Gold produced - kg

SA Rand / Metric

Quarter

ended

June

2000

Quarter

ended
March

2000

Six months

ended

June

2000

Quarter

ended

June

2000

Quarter

ended
March

2000

Six months

ended

June

2000

SOUTH AFRICAN REGION

VAAL RIVER

12.25

11.20

11.75

Great Noligwa Mine

7,646

6,449

14,095

6.99

7.22

7.10

Kopanang Mine

3,893

3,820

7,713

4.75

4.69

4.72

Tau Lekoa Mine

2,398

2,215

4,613

0.50

0.60

0.54

Surface Operations

691

675

1,366

ERGO

0.23

0.24

0.24

Ergo

2,580

2,506

5,086

FREE STATE

7.07

6.84

6.95

Bambanani Mine

3,388

3,639

7,027

8.10

7.19

7.64

Tshepong Mine

2,614

2,344

4,958

7.37

7.44

7.41

Matjhabeng Mine

3,030

3,166

6,196

0.85

1.08

0.95

Surface Operations

706

649

1,355

4.91

5.50

5.20

Joel Mine

1,626

1,776

3,402

WEST WITS

11.20

10.84

11.03

TauTona Mine

4,778

4,136

8,914

7.99

8.21

8.10

Savuka Mine

2,046

2,021

4,067

7.10

10.48

8.68

Mponeng Mine

3,003

3,921

6,924

6.37

7.18

6.76

Elandsrand Mine

2,848

3,022

5,870

6.66

7.38

7.02

Deelkraal Mine

1,302

1,432

2,734

0.61

0.68

0.64

Surface Operations

92

103

195

AFRICAN REGION

1.80

1.61

1.70

Navachab

548

544

1,092

3.82

3.52

3.67

Sadiola - Attributable 38%

1,931

1,648

3,579

NORTH AMERICAN REGION

0.84

0.65

0.74

Cripple Creek & Victor J.V.

1,968

1,695

3,663

12.90

15.15

13.96

Jerritt Canyon J.V. - Attributable 70%

1,773

1,839

3,612

SOUTH AMERICAN REGION

6.33

6.89

6.59

Morro Velho

1,445

1,451

2,896

8.03

8.26