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Name | Symbol | Market | Type |
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GOLD | CCOM:GOLD | Currency.com | Future |
Price Change | % Change | Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Traded | Last Trade | |
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2.47 | 0.10% | 2,471.00 | 2,470.85 | 2,471.15 | 2,482.43 | 2,461.92 | 2,468.01 | 0 | 13:11:26 |
GOLD FIELDS LIMITED Incorporated in the Republic of South Africa Registration number 1968/004880/06 ISIN: ZAE000018123 Share Code: GFI Issuer Code: GOGOF QUARTER AND YEAR END RESULTS TO 30 JUNE 2003 REVIEWED PRELIMINARY RESULTS ANOTHER RECORD PRODUCTION YEAR YEAR ENDED 30 JUNE 2003 * Attributable gold production year on year increases 5 per cent to an all-time high of 4.33 million ounces. * Net earnings of R2.95 billion (US$326 million) achieved. * Capital expenditure increased 46 per cent to R2.3 billion (US$251 million). * Exploration spend up 129 per cent to R212 million (US$23 million). * Final dividend of SA 100 cents declared. * Offshore debt reduced from US$182 million at the beginning of the year to US$42 million at the end of the year. QUARTER ENDED 30 JUNE 2003 * Attributable gold production of 1,041,000 ounces. * Strong Rand reduced operating profit 36 per cent to R717 million (US$100 million). * Profit on the sale of investments R302 million (US$34 million). * Foreign debt of US$95 million repaid during the quarter. * Net earnings of R789 million. * US Dollar earnings increase 5 per cent to US$98 million STOCK DATA Number of shares in issue - at 30 June 2003 472,364,872 - average for the quarter 472,219,228 Free Float 100% ADR Ratio 1:1 Bloomberg / Reuters GFISJ / GFLJ.J JSE SECURITIES EXCHANGE SOUTH AFRICA - (GFI) Range - Quarter ZAR71.40 ZAR100.70 Average Volume - Quarter 1,524,000 shares / day NYSE - (GFI) Range - Quarter US$9.70 US$13.00 Average Volume - Quarter 1,520,000 shares / day INVESTOR RELATIONS Europe & South Africa Willie Jacobsz Tel: +27 11 644-2460 Fax: +27 11 484-0639 E-mail: investors@goldfields.co.za North America Cheryl A. Martin Tel: +1 303 796-8683 Fax: +1 303 796-8293 E-mail: camartin@gfexpl.com www.goldfields.co.za www.gold-fields.com SALIENT FEATURES SA RAND Year ended Quarter June June June March June 2002 2003 2002 2003 2003 kg Gold produced* oz 127,812 134,813 36,046 33,340 32,380 (000) R/kg Total cash costs $ 56,662 61,766 57,935 60,709 63,369 /oz 000 Tons milled 000 36,953 42,988 11,014 10,792 10,925 R/kg Revenue $/oz 95,730 97,060 105,024 95,068 86,751 R/ton Operating costs $ 213 213 207 201 204 /ton Rm Operating profit $m 4,785 4,741 1,610 1,126 717 Rm Net earnings $m 3,073 2,953 1,180 805 789 SA c.p.s*US c.p.s. 662 626 251 171 167 Net earnings excluding 2,590 2,011 845 476 226 gains and losses on financial instruments and foreign debt net of cash and exceptional Rm items $m SA c.p.s. US c.p.s. 558 426 180 101 48 SALIENT FEATURES US DOLLARS Year ended Quarter June June June March June 2002 2003 2002 2003 2003 kg Gold produced* oz 1,041 1,072 1,159 4,334 4,109 (000) R/kg Total cash costs $ 255 225 171 212 173 /oz 000 Tons milled 000 10,925 10,792 11,014 42,988 36,953 R/kg Revenue $/oz 349 353 311 333 292 R/ton Operating costs $ 26 24 20 23 21 /ton Rm Operating profit $m 100 135 157 523 470 Rm Net earnings $m 98 93 112 326 301 SA c.p.s*US c.p.s. 21 20 24 69 65 Net earnings excluding 34 58 80 222 254 gains and losses on financial instruments and foreign debt net of cash and exceptional Rm items $m SA c.p.s. US c.p.s. 8 12 17 47 55 *Attributable All companies wholly owned except for Ghana (71.1%). DEAR SHAREHOLDERS The Company has again been able to produce a solid set of results for the financial year and quarter, both of which ended on 30 June 2003. Despite the challenges posed by the strengthening Rand, an excessive number of public holidays during the quarter and grade fluctuations at Kloof, we have produced a consistent and credible set of results for both periods. Particularly pleasing has been the safety performance the Group during the past year, with Gold Fields recording the best safety achievements since its inception in 1998. This is the result of a relentless focus on the full compliance safety campaign by each one of our people, and reflects the growing seriousness with which management and employees alike approach safety on our mines. For the year gold production increased by 5 per cent to 4.33 million ounces, largely as a result of the inclusion for a full year of the St Ives, Agnew and Damang Mines, acquired in financial 2002. Production for the June quarter was marginally down, mainly because of lower grades experienced at Kloof Mine. This is evidence of the continuing decline in grades experienced across the South African gold mining industry. Since the quarter end grades have improved at the Kloof mine. Year on year Gold Fields saw a decline of 9 per cent in underground grades at its South African operations, from 8.2 grams per ton to 7.5 grams per ton. In the current strong Rand environment, cost control has become an even higher priority, especially at our South African operations. This is borne out by our operating teams' ability to limit increases in total costs to only two per cent during the June quarter, with Rand per ton costs virtually in line with the previous quarter. Year on year we saw a 3 per cent increase in underground mining costs from R496 per ton to R509 per ton, significantly below inflation. As in the March quarter, the strong Rand has again had a significant impact on the Rand gold price received, resulting in a 36 per cent decline in operating profit quarter on quarter, from R1,126 million to R717 million. However, we have been able to maintain net earnings at R789 million, assisted largely by the opportunistic realisation of non-core holdings in other mining companies, as well as further gains on financial instruments and foreign debt related to our Australian operations. The June quarter also saw a further significant reduction in debt from US$136 million to US$42 million. The proceeds from the sale of the non-core holdings referred to above were utilised for this purpose along with some accelerated close outs of our Australian Dollar currency instruments and other offshore cash. This is in line with management's policy of maintaining a strong and unencumbered balance sheet, as a prerequisite for a company that does not hedge gold, and in order to maintain Gold Fields' competitive position on the corporate front. A highlight of the past quarter has been the announcement of the Black Economic Empowerment transaction through which an empowerment consortium led by Mvelaphanda Resources Limited aims to acquire a 15 per cent stake in the South African assets of Gold Fields, on commercial terms. This transaction, coupled with a wide range of other social and sustainable development initiatives, positions your company at the forefront of the transformation of the South African mining industry and will ensure that Gold Fields meets the requirements of the Mining Charter well within the required timeframes. The past year also saw a significant increase in capital and exploration expenditure which, together with our strong balance sheet, positions Gold Fields well for the future. In conclusion, while the operational outlook for the coming year remains generally positive, Gold Fields, like the rest of the South African gold mining industry, will be challenged by the impact of the volatile and strong Rand as well as increased cost pressures brought about by the recent wage increases negotiated with the National Union of Mineworkers. It is our intention to manage these challenges decisively and in a manner that will safeguard the track record of consistent results that we have developed over the past five years. Yours Sincerely ID COCKERILL CHIEF EXECUTIVE OFFISER 1 August 2003 In order to provide you with the best and most transparent information, within the framework of accounting and JSE requirements, it would be appreciated if you could give us feedback (to Willie or Cheryl listed above) on the information provided in this booklet and any additional information you deem relevant. Thanking you in advance for your participation. COMMENTARY HEALTH AND SAFETY The safety performance of the Group has once again shown improvement quarter on quarter, with the fatal injury frequency rate improving by 28 per cent from 0.32 to 0.23, the serious injury frequency rate improving from 7.1 to 6.5 or 9 per cent and the lost day injury frequency rate improving by 3 per cent from 14.3 to 13.9. During the quarter Beatrix achieved 2,000,000 fatal free shifts and Driefontein 1,000,000. A comparison of the year on year performance indicates a significant improvement, with the best ever safety performance for the Group since establishment in 1998. The fatal injury frequency rate improved year on year by 26 per cent from 0.31 to 0.23. The serious injury frequency rate improved from 8.0 to 6.5 or 19 per cent and the lost day injury frequency rate improved 50 per cent from 28.0 to 13.9. The days lost frequency rate improved from 455 to 421 or 8 per cent. FINANCIAL Quarter ended 30 June 2003 NET EARNINGS Net earnings for the quarter amounted to R789 million (US$98 million), compared to R805 million (US$93 million) earned in the previous quarter. Included in this quarter's earnings are exceptional items of R272 million (US$31 million), which includes a profit on sale of investments of R302 million (US$34 million) and exceptional health care costs of R27 million (US$3 million). The profit on the sale of investments results from the sale of the remaining 19.8 million shares in Eldorado Gold Corporation yielding a profit of R222 million (US$25 million), the sale of 870,000 shares in Glamis Gold Limited (leaving a holding of 88,000 shares), which yielded a profit of R64 million (US$7 million), the sale of 73,000 shares in Chesapeake (7 per cent of our holding), which yielded a profit of R1.4 million (US$0.2 million) and the sale of 400,000 ARMgold shares (18 per cent of our holding), which yielded a profit of R14 million (US$1,5 million). The above is included in exceptional items and compares with the R178 million (US$19 million) profit on the sale of investments included last quarter. Earnings, excluding exceptional items after taxation as well as the net gains on financial instruments and foreign debt, amounted to R226 million (US$34 million) as compared to R476 million (US$58 million) achieved last quarter. REVENUE Revenue is significantly lower than the previous quarter due to an 8 per cent strengthening of the average Rand/US Dollar exchange rate from 8.38 in the March 2003 quarter to 7.74 this quarter. This was exacerbated by the lower US Dollar gold price at US$349 per ounce, compared to US$353 per ounce last quarter. The resultant Rand gold price of R86,751 per kilogram is thus 9 per cent lower than the R95,068 per kilogram achieved last quarter. This, together with the lower gold sales at 34,244 kilograms (1,101,000 ounces) as compared to 35,257 kilograms (1,134,000 ounces) last quarter, resulted in revenue of R2,971 million (US$383 million) compared to R3,352 million (US$397 million) last quarter. The lower gold sales are mainly as a result of lower underground grades at Kloof. OPERATING COSTS Operating costs at R2,224 million (US$281 million) for the quarter were 2 per cent higher than the previous quarter's costs of R2,172 million (US$256 million) mainly as a result of the impact of the higher production at St Ives in Australia. South African operational costs increased 1 per cent compared to the previous quarter. On a Group basis, total cash costs increased from R60,709 per kilogram last quarter to R63,369 per kilogram this quarter. In US Dollar terms total cash costs increased from US$225 per ounce to US$255 per ounce mainly due to the stronger Rand quarter on quarter. The net effect of the decreased revenue and marginally higher costs, together with a gold in process charge due to a net release of inventory at the international operations, was a decrease in operating profit from R1,126 million (US$135 million) in the March quarter to R717 million (US$100 million) this quarter. Amortisation was 10 per cent lower than the previous quarter at R306 million (US$39 million), mainly due to a re-assessment of the allocation of the at acquisition carrying values of the assets of the individual operations (St Ives and Agnew), which affected amortisation tenement rates. Amortisation calculations now provide a better matching of costs and revenues over the life of these operations. FINANCIAL INSTRUMENTS AND DEBT The Australian Dollar once again strengthened against the US Dollar, from 59.4 cents at the end of the March quarter to 66.2 cents at the end of the current quarter. US$84 million of the foreign debt used to finance the acquisition of the Australian operations was repaid during the quarter. The stronger Australian Dollar, resulted in a gain on foreign debt of R66 million (US$7 million) as compared to a gain of R55 million (US$6 million) achieved in the March 2003 quarter. Outstanding debt at the Australian operations thus reduced significantly from US$113 million at the end of the March quarter to US$29 million by the end of June. As previously reported, the Australian operations established currency financial instruments to protect the cash flows against a possible strengthening of the Australian Dollar against the United States Dollar. At the quarter end, US$300 million was outstanding under these instruments. The reduction from US$400 million in the previous quarter is due to an acceleration of close outs of our put/call collar structure in addition to the standard quarterly maturities of US$25 million. This has generated US$24 million in cash, which has been used to prepay offshore debt. Gains on these financial instruments amounted to R320 million (US$36 million) in the current quarter compared to R185 million (US$19 million) in the previous quarter. At the end of the June quarter, the marked to market value of these US Dollar/Australian Dollar financial instruments was a positive R536 million (US$69 million). The gain on financial instruments was partially offset by an unrealised loss on SA Rand/US Dollar forward cover of US$36 million. This was purchased during the quarter to hedge the Group's commitment in respect of the Tarkwa mill and owner mining projects approved last quarter for US$159 million, since this project is to be funded from South African sources. The weighted average forward rate in respect of the forward cover established was R8.73 maturing on 3 June 2004. The marked to market value of this forward purchase at the end of the quarter was a negative R9 million (US$1.1 million). Details of the financial instruments are provided on page 9 of this report. Exploration increased, from R31 million (US$4 million) in the March quarter to R100 million (US$12 million) in the June quarter. For further commentary on exploration, please refer to page three. Profit before taxation and exceptional items was R697 million (US$93 million) compared to R1,037 million (US$122 million) posted in the March 2003 quarter. Taxation at R151 million is 60 per cent below the previous quarter as a result of the impact the mining tax formula has on mining tax, given the reduced operating profit. Net earnings, after accounting for minority interests were thus R789 million (US$98 million) or 167 cents per share (US21 cents), compared to R805 million (US$93 million) or 171 cents per share (US20 cents) in the previous quarter. CASH FLOW Operating cash flow for the quarter was R577 million (US$95 million), which was R637 million lower than operating cash flow in the March quarter of R1,214 million (US$141 million). The decrease is mainly due to the lower operating profit. Capital expenditure was R685 million (US$84 million) as compared to R505 million (US$60 million) in the March 2003 quarter. The increase is due to a catch-up of forecast expenditure, mainly on major projects, which are still forecast to be in line with approved votes. Of this amount, R423 million (US$77 million) was expended at the South African operations with the significant portion directed at the major projects, R119 million at the 1E and 5E shafts and R26 million on the new mill installation at Driefontein, with further development at Kloof 4 shaft of R52 million and Beatrix 3 shaft of R60 million. The Australian operations incurred capital expenditure of R186 million (A$34 million), the majority on development of existing projects and exploration aimed at increasing the ore reserve base at those operations. At the Ghanaian operations, capital expenditure Commentary amounted to R60 million (US$7 million), the majority at Tarkwa for the expansion of the leach pads. The sale of investments, being Eldorado, Glamis, Chesapeake and ARMgold referred to earlier, resulted in a cash inflow of R359 million (US$51 million). The foreign portion of these proceeds was applied to the payment of offshore debt. Net cash outflow for the quarter was R754 million (US$67 million) after taking account of external loan and minority shareholder loan repayments of R736 million (US$99 million), the final tax payment for the year of R124 million and environmental and post-retirement health care payments of R242 million (US$27 million), which includes payment for the settlement of post-retirement health care obligations of R207 million (US$27 million). The cash balance at the end of the June 2003 quarter was R1,041 million (US$134 million) as compared to R1,821 million (US$224 million) at the end of the March 2003 quarter. Debt at the end of June was R324 million (US$42 million) as compared to R1,110 million (US$136 million) at the end of March 2003. Cash net of both long-term and short-term debt at the end of the quarter was a positive R717 million (US$92 million) virtually unchanged from the R711 million (US$88 million) last quarter. Quarter ended 30 June 2003 compared to quarter ended 30 June 2002 Attributable gold production decreased from 1,159,000 ounces in the June 2002 quarter to 1,041,000 ounces this quarter. The decrease in production was partly due to the sale of St Helena earlier in the year and due to the lower grades, particularly at Kloof and Driefontein. Revenue decreased 22 per cent in Rand terms (increase of 3 per cent in US Dollar terms) from R3,826 million (US$372 million) to R2,971 million (US$383 million) due to a reduction in the Rand gold price achieved from R105,024 per kilogram (US$311 per ounce) in the June 2002 quarter to R86,751 per kilogram (US$349 per ounce) in the June 2003 quarter. Operating costs were marginally lower at R2,224 million (US$281 million) compared to R2,261 million (US$219 million) in the June 2002 quarter. Increases at the South African operations were offset by the impact of translating costs at the international operations into South African Rand at a stronger R/US Dollar exchange rate than the corresponding quarter in the previous year. Earnings decreased from R1,180 million (US$112 million) in the June 2002 quarter to R789 million (US$98 million) in the current quarter. Year ended 30 June 2003 compared to the year ended 30 June 2002 Attributable gold production increased 5 per cent from 4,109,000 ounces to 4,334,000 ounces mainly as a result of the acquisition of the Australian and Damang operations, which are included for the full year to June 2003, as compared to seven and five months for the Australian and Damang operations respectively in the year to June 2002. This was partly offset by the sale of St Helena, effective 30 October 2002. Revenue increased by 11 per cent in Rand terms (25 per cent in US Dollar terms) from R12,528 million (US$1,230 million) to R13,893 million (US$1,532 million) due to the increase in production and an increase in the gold price from R95,730 to R97,060 per kilogram for the year ended 30 June 2003. The acquisitions in Australia and Ghana referred to earlier, also contributed to the increase in operating costs from R7,826 million (US$768 million) to R9,142 million (US$1,008 million). Costs were also impacted by normal inflationary increases and the increase in mining volumes at the South African operations required to counter the lower underground grades being achieved, where yields have reduced 9 per cent year on year from 8.2 grams per ton last year to 7.5 grams per ton this year. Earnings decreased 4 per cent to R2,953 million from R3,073 million the previous year but increased in US Dollar terms from US$302 million to US$326 million for the year ended June 2003. OPERATIONS Overview Attributable gold production for the June 2003 quarter decreased to 1,041,000 ounces from 1,072,000 ounces in the March 2003 quarter, of which 31 per cent was produced from the international operations. Production from our Australian operations increased 13 per cent. This was due to an increase in tons throughput at St Ives, as yield was maintained at 2.9 grams per ton. Ghana showed a decrease in production of 3 per cent due to a significant release of gold in process in the previous quarter. Ore milled increased from 10.79 million tons to 10.93 million tons due to an increase in surface tons, mainly at St Ives. This resulted in a decrease in overall yield to 3.1 grams per ton, as compared to 3.3 grams per ton achieved in the March 2003 quarter. Total cash costs in Rand terms increased to R63,369 per kilogram from R60,709 per kilogram achieved last quarter as a result of the lower production. In US Dollar terms, total cash costs increased from US$225 per ounce to US$255 per ounce mainly due to the stronger South African Rand. Operating costs per ton at R204 were virtually unchanged from last quarter. South African Operations DRIEFONTEIN Production at Driefontein decreased 4 per cent to 286,000 ounces. This was due to anticipated lower surface yields compared to the previous quarter as the high grade surface rock dump has now been depleted. Underground tonnage increased to 964,000 tons from 958,000 tons, while surface tonnage decreased to 660,000 tons from 750,000 tons due to a settling in period for the newly commissioned mill at No.2 plant. The decreased proportion of surface to underground ore treated resulted in the combined yield increasing from 5.4 grams per ton last quarter to 5.5 grams per ton this quarter. The lower surface yield (1.6 grams per ton compared to 2.3 grams per ton last quarter) was offset by the increase in underground yield from 7.8 grams per ton to 8.1 grams per ton this quarter. Total cash costs increased by 4 per cent in Rand terms to R63,784 per kilogram from R61,184 per kilogram last quarter. This was due to the lower surface yields, as total operating costs decreased quarter on quarter by 2 per cent despite an increase in stoping and development volumes. In US Dollar terms total cash costs increased from US$227 per ounce to US$256 per ounce quarter on quarter as a result of the stronger Rand, allied with the lower gold production. Operating profit declined from R267 million (US$33 million) in the March quarter to R174 million (US$25 million) in the current quarter also due to the lower production and lower gold price received. Capital expenditure was higher at R193 million (US$34 million) for the quarter compared to R125 million (US$15 million) in the previous quarter due to the funding of the 5E shaft refrigeration plant and the No.1 metallurgical plant renewal programme. KLOOF As mentioned earlier, gold production at Kloof at 260,000 ounces was 38,000 ounces lower than the previous quarter due to lower grades and less shifts due to the June quarter public holidays. The decline in the grade was exacerbated by the short term mining mix variations. The combined yield decreased quarter on quarter from 7.5 grams per ton to 6.4 grams per ton, all due to the drop in underground grades. The mining mix issues have been addressed and grades are improving. Underground tonnage was flat at 973,000 tons and surface tonnage was marginally higher at 284,000 tons, at a higher yield of 1.0 gram per ton. Underground unit costs increased marginally from R580 per ton to R592 per ton due to the 2 per cent increase in operating costs. Total cash costs increased by 17 per cent in Rand terms to R70,516 per kilogram and by 26 per cent in US Dollar terms, from US$224 to US$283 per ounce. The decrease in gold output and the lower gold price, resulted in operating profit decreasing to R106 million (US$17 million) this quarter from R298 million (US$35 million) last quarter. Capital expenditure was R114 million (US$22 million) for the quarter compared to R100 million (US$12 million) in the previous quarter due to an increase in expenditure at 4 shaft. BEATRIX In the Free State, production at Beatrix increased by 2 per cent to 171,000 ounces from 168,000 ounces achieved in the previous quarter. This increase was due to increased yields at both underground and surface operations. Underground yields increased from 4.9 grams per ton to 5.1 grams per ton, while surface yields increased from 0.9 grams per ton to 1.1 grams per ton. Underground ore milled decreased to 1,002,000 tons this quarter from 1,027,000 tons, while surface tons increased 4 per cent from 175,000 tons to 182,000 tons this quarter. Total cash costs increased 3 per cent in Rand terms to R68,401 per kilogram and increased to US$275 per ounce from US$246 per ounce last quarter due to the stronger Rand. Operating profit declined from R131 million (US$16 million) to R81 million (US$11 million) quarter on quarter due to the lower gold price and increased mining costs associated with higher mining volumes, in both stoping and development. Capital expenditure increased from R77 million (US$9 million) last quarter to R117 million (US$21 million) this quarter due to increased expenditure at 3 shaft and the ventilation shaft at 2 shaft. Metallurgical Plant Upgrades Construction of Driefontein's 1 plant mill installation is nearing completion, with commissioning scheduled for the end of September 2003. The Driefontein 2 plant mill installation is operating at design capacities and optimisation of the circuit is in progress. The installation of the carbon-in-pulp pump-cell facility at Kloof 3 plant is slightly behind schedule due to adverse ground conditions experienced at the proposed site and commissioning has been delayed to September 2003. International Operations Ghana TARKWA Gold production decreased by 5 per cent from 136,000 ounces in the March quarter to 129,000 ounces in the June quarter. The March quarter production included an 11,000 ounce release of gold inventory from the leach pads as compared to 7,000 ounces in the June quarter. Tons crushed reduced marginally from 3,847,000 tons last quarter to 3,723,000 tons this quarter. The yield, at 1.1 grams per ton, remained constant. For the June quarter total operating costs increased by 3 per cent to US$26 million (R205 million), due primarily to increased grade control drilling, which combined with the 3 per cent decline in throughput resulted in a 6 per cent increase in unit operating costs from US$6.68 to US$7.06. As a result, total cash costs increased by a similar quantum to US$213 per ounce. Tarkwa contributed US$17 million (R131 million) to operating profit, a decrease of 15 per cent quarter on quarter. DAMANG At Damang, production increased marginally to 78,000 ounces because of an increase in mill throughput, from 1,228,000 tons to 1,309,000 tons. Yield remained constant at 1.9 grams per tons. Total cash costs decreased from US$248 per ounce to US$223 per ounce quarter on quarter. This decrease was due to the increased production, allied with a gold in process credit of US$1.4 million due to the stockpiling of some high grade ore that could not be treated during the quarter. Unit operating costs increased to US$14.20 per ton from US$13.80 per ton in the March quarter. The net result was an increase in operating profit of 18 per cent to US$10 million (R81 million). The contribution from the Ghanaian operations to the Group's operating profit increased to 30 per cent from 22 per cent last quarter and at R212 million (US$27 million) is 14 per cent lower than the contribution of R248 million (US$29 million) achieved last quarter. Australia ST IVES Gold production at St Ives was 141,000 ounces, an increase of 19 per cent when compared to the March quarter's production of 119,000 ounces. This was due to an increase in the total ore treated from 1,263,000 tons for the March quarter to 1,495,000 tons in June, resulting from the inclusion of a tolling campaign during the quarter, which produced 5,000 ounces from 82,000 tons treated, and improved mill and heap leach plant throughputs. Yields remained constant at 2.9 grams per ton. Underground mining operations contributed one third of total gold production, similar to last quarter. Operating costs at A$47 million (R240 million, US$30 million) were 20 per cent above the previous quarter due to costs associated with toll treatment, the increase in ore treated from 1.3 million tons to 1.5 million tons and the inclusion of exploration drilling of A$1.6 million, written off during the quarter. Total cash costs were thus A$338 per ounce (US$221 per ounce) for the June quarter compared to A$326 per ounce (US$193 per ounce) in the March quarter. Operating costs per ton increased marginally from A$31 to A$32 quarter on quarter. St Ives contributed A$30 million (R148 million, US$19 million) to operating profit compared to A$33 million (R163 million, US$20 million) in the previous quarter with the reduced gold price more than offsetting the increase in gold sales. Capital expenditure increased from A$18 million (R78 million, US$10 million) in the March quarter to A$27 million (R144 million, US$26 million) this quarter as a result of additional exploration costs of A$5 million and a A$3 million increase in mine development costs. AGNEW Gold production at Agnew was virtually unchanged at 36,000 ounces. Production from the Crusader/Deliverer underground operations was similar to last quarter and a low grade stockpile was used to offset the reduction in ounces previously available from the Waroonga pit, as operations at this pit were discontinued last quarter. This was the main reason for the drop in reported yield from 3.8 grams per ton last quarter to 3.3 grams per ton this quarter. The mine reported a decrease in total cash costs in Australian Dollars from A$449 per ounce (US$272 per ounce) last quarter, to this quarter's A$440 per ounce (US$286 per ounce). This was due to a decline in operating costs from A$14 million (R68 million, US$9 million) in the March quarter to A$13 million (R63 million, US$8 million) in the current quarter with the termination of open pit mining. The contribution to operating profit from Agnew was negative A$0.5 million (R4 million negative and US$nil) compared to last quarter's contribution of A$6 million (R20 million, US$3 million) due to the stronger Australian Dollar and the lower gold price. The gold price achieved in the June quarter was A$544 per ounce compared to A$600 per ounce in the March quarter. Capital expenditure was little changed at just below A$7 million (R42 million, US$8 million) as development of the underground operations at Waroonga continued. The contribution from the Australian operations to the Group's operating profit increased to 20 per cent from 16 per cent last quarter and at R144 million (A$29 million, US$19 million) is 21 per cent lower than the contribution of R183 million (A$37, US$22 million) achieved last quarter. The increase in the gain on financial instruments and foreign debt relative to the previous quarter resulted in an increase in net earnings to A$74 million (R364 million, US$41 million) this quarter from A$39 million (R194 million, US$21 million) in the March 2003 quarter. Net earnings excluding gains on financial instruments and foreign debt and exceptional items increased to R55 million (A$17 million, US$7 million) compared to R29 million (A$6 million, US$3 million) last quarter. DEVELOPMENT AND EXPLORATION TARKWA We reported in the March quarter that the decision to proceed with the mill project had been taken. During the June quarter, the execution project team was established, the EPCM contractor appointed, and final design and specification of the project completed. Ordering of long lead time items, such as the SAG mill, have been completed and initial earth moving has commenced on the mine site. With an execution decision also taken on the owner mining project in the March quarter, finalisation of fleet requirements and negotiation with equipment and service suppliers continued during the quarter. It is anticipated that procurement will commence in the September quarter, with a view to the first phase of equipment arriving at Tarkwa during the final quarter of this financial year. DAMANG During the quarter, the exploration program focused on testing the conglomerate potential across the Damang license area. By quarter end, the initial phases of exploration drilling at Chida, Chida South, Tomento and Bonsa had been completed. Evaluation of the drilling results is underway and it is expected that by the end of the September quarter initial resource potential in these areas will be assessed, while indicative economics will be understood. This will represent a significant milestone in assessing the longer term potential of Tarkwa style deposits at Damang. ST IVES The optimisation and expansion project feasibility study, examining the viability of installing a new and expanded mill/CIP plant, is continuing and is due for completion at the end of the first quarter of the 2004 financial year. As previously reported, it is envisaged that the capacity of the new plant would be some 4 million ton per annum (mtpa), compared to the current capacity of 3.1 mpta. Exploration drilling to support the feasibility study has been completed. During the 2003 financial year some 380,000 metres of exploration drilling was undertaken at St Ives, of which one third was diamond drilling, at a total cost just short of A$30 million. The exploration effort at St Ives has exceeded expectations allowing the mine to replace reserves mined during the year, while also adding a further year to the mine's ore reserves. The exploration program for the 2004 financial year will continue to focus on reserve expansion as well as development of new resources and will be maintained at current activity levels, with a commitment in excess of A$30 million for the year. Exploration Exploration has more than doubled to R100 million for the June quarter. This amount includes R43 million (US$5 million) in respect of a write-off of all expenditure incurred in previous quarters on exploration "farm-in" projects, in which an ownership interest has not yet vested. Notwithstanding this, there has been a deliberate effort to step up our exploration activities. The bulk of the expenditure has been incurred on a diversified pipeline of early stage projects in Africa, Australia, Bulgaria, China and South and Central America. Subject to continued exploration success, and our ability to finance, expenditure is expected to range between US$30 million and US$40 million per annum. Arctic Platinum Project On the 11th of July Outokumpu announced that it had concluded a transaction with South Atlantic Resources, a Canadian junior mining company, to dispose of its 49 per cent interest in the Arctic Platinum Project, for a total consideration of US$31 million. In terms of the Arctic Platinum Partnership Agreement, this disposal is subject to pre-emptive rights in favour of Gold Fields. We are reviewing the opportunity presented under this arrangement and will make an announcement once a decision has been made in respect of whether the pre-emptive rights will be exercised. BLACK ECONOMIC EMPOWERMENT TRANSACTION On 10 June 2003 a joint cautionary announcement was issued to shareholders stating that a R4.1 billion agreement had been reached, in terms of which a broad based black empowerment consortium, led by Mvelaphanda Resources Limited (Mvela), will acquire a beneficial interest of 15 per cent of the South African gold mining assets of Gold Fields. This transaction represents a significant milestone towards meeting the requirements of the Mining Charter. The value of the assets is based on life of mine valuations and represents fair market value. Funding will be by way of a significant equity capital raising by Mvela, up to R300 million will be financed by Gold Fields on commercial terms and the balance will be financed by the raising of debt. Mvela is in the process of undergoing a debt raising exercise. Once funding commitments are received, a detailed terms announcement will be made. LEGAL Further to our earlier report a law suit was filed by Zalumzi Singleton Mtwesi ("Mtwesi") against Gold Fields Limited in the supreme Court of the State of New York County of New York on May 6, 2003. Mtwesi alleges, inter alia, that during the apartheid era, he was subjected to human rights violations. Mtwesi has filed the suit on behalf of himself and as representative of all other victims and all other persons similarly situated ("the plaintiffs class"). In summary, Mtwesi and the plaintiffs class demand an order certifying the plaintiffs class and compensatory damages from Gold Fields Limited. The suit has not been served on Gold Fields Limited. If and when service of the suit takes place it will be vigorously contested. Gold Fields Limited will keep shareholders appraised of any future developments in this matter. COMMUNITY DEVELOPMENT PROJECTS On 10 April 2003 a R70 million community development project, set to produce 25 million rose stems per year for the overseas market, was launched by Gold Fields. The project, known as Living Gold, is a joint venture with the Industrial Development Corporation. Located on the West Rand this project, together with several other proposals in the pipeline, will assist in the battle against unemployment and poverty in the area. Sustainable development is a core strategy of Gold Fields and it is hoped that the benefits of this project will long outlive mining in that area. OUTLOOK Gold production is not expected to be materially different in the September 2003 quarter. However, should the R/US Dollar exchange rate continue at current levels, this, together with the higher than inflation wage increases, is expected to further erode margins. In addition, the profit generated on sales of investments this quarter will not be repeated in the September quarter and at the current Australian Dollar exchange rate gains will not be generated on the currency forward instruments. As a consequence of the above factors, earnings are expected to be sharply lower in the September 2003 quarter. DIVIDEND A final dividend has been declared payable to all shareholders as follows: - Final dividend: 100 SA cents - Last date to trade "CUM" dividend: 15 August 2003 - Sterling & US Dollar conversion date: 18 August 2003 - Commence trade "EX" dividend: 18 August 2003 - Record date: 22 August 2003 - Payment date: 25 August 2003 Share certificates may not be dematerialised or rematerialised between Monday, 18 August 2003 and Friday, 22 August 2003, both dates inclusive. The dividend results in a payout of 59 per cent for the year based on net earnings excluding gains and losses on financial instruments and foreign debt as well as exceptional items. Most of the gains on the instruments are unrealised and the realised gains, together with the exceptional gains, being mainly profits on sales of investments, have been applied to debt reduction. The dividend was also influenced by the significant capital expenditure which was R2.3 billion for the year. BASIS OF ACCOUNTING The unaudited results for the quarter have been prepared on the International Financial Reporting Standards (IFRS) basis. The detailed financial, operational and development results for the year and the June 2003 quarter are submitted in this report. These consolidated quarterly statements are prepared in accordance with IFRS 34, Interim Financial Reporting. The accounting policies are consistent with those applied at the previous year-end. AUDIT REVIEW The year-end results have been reviewed in terms of Rule 3.23 of the listing requirements of the JSE Securities Exchange SA by the Company's auditors, PricewaterhouseCoopers Inc. This unqualified review opinion is available on request from the Company Secretary and on the web site. ID Cockerill CHIEF EXECUTIVE OFFICER 1 August 2003 INCOME STATEMENT International Financial Reporting Standard Basis SA RAND (Figures are in millions unless otherwise stated) Quarter Year ended June March June June June 2003 2003 2002 2003 2002 Revenue 2,970.7 3,351.8 3,825.7 13,892.8 12,528.4 Operating costs 2,223.8 2,171.6 2,261.2 9,142.3 7,825.9 Gold inventory change 29.7 54.1 (45.3) 10.0 (82.7) Operating profit 717.2 1,126.1 1,609.8 4,740.5 4,785.2 Amortisation and depreciation 306.4 341.3 274.6 1,340.9 978.9 Net operating profit 410.8 784.8 1,335.2 3,399.6 3,806.3 Finance income 94.8 97.1 146.9 239.8 177.3 - Net interest received and investment income 28.6 41.9 23.0 158.4 38.0 - Gain on foreign debt, net of cash 66.2 55.2 123.9 81.4 139.3 Gain on financial instruments 311.4 185.2 345.4 460.9 513.8 Other income/(cost) (20.1) 1.3 19.9 (15.8) 72.9 Exploration (100.4) (31.1) (21.2) (211.8) (92.4) Profit before tax and exceptional items 696.5 1,037.3 1,826.2 3,872.7 4,477.9 Exceptional gain/(loss) 271.7 177.1 (44.6) 571.8 (54.5) Profit before taxation 968.2 1,214.4 1,781.6 4,444.5 4,423.4 Mining and income taxation 151.1 377.6 563.2 1,363.5 1,227.1 - Normal taxation (8.4) 193.7 212.7 728.6 763.2 - Deferred taxation 159.5 183.9 350.5 634.9 463.9 Profit after taxation 817.1 836.8 1,218.4 3,081.0 3,196.3 Minority interest 27.7 32.2 38.4 128.0 123.8 Net earnings 789.4 804.6 1,180.0 2,953.0 3,072.5 Exceptional items: Profit on disposal of St Helena - - - 121.7 - Profit on sale of investments 301.8 177.9 - 479.7 - Retirement of health care obligations (26.7) - - (26.7) - Other (3.4) (0.8) (44.6) (2.9) (54.5) Total exceptional items 271.7 177.1 (44.6) 571.8 (54.5) Taxation (1.7) (16.8) - (37.7) 3.8 Net exceptional items after tax and minorities 270.0 160.3 (44.6) 534.1 (50.7) Net earnings per share (cents) 167 171 251 626 662 Headline earnings 494.4 643.8 1,180.0 2,393.4 3,072.5 Headline earnings per share (cents) 104 136 251 507 662 Diluted earnings per share (cents) 166 169 248 621 656 Net earnings excluding gains and losses on financial instruments and foreign debt, net of cash and exceptional items 225.9 475.9 844.9 2,010.9 2,590.1 Net earnings per share excluding gains and losses on financial instruments and foreign debt, net of cash and exceptional items (cents) 48 101 180 426 558 Gold sold - managed less capitalised kg 34,244 35,257 36,427 143,136 130,872 Gold price received R/kg 86,751 95,068 105,024 97,060 95,730 Total cash costs R/kg 63,369 60,709 57,935 61,766 56,662 INCOME STATEMENT International Financial Reporting Standard Basis US DOLLARS (Figures are in millions unless otherwise stated) Quarter Year ended June March June June June 2003 2003 2002 2003 2002 Revenue 383.2 396.7 372.2 1,531.7 1,229.5 Operating costs 280.5 256.1 218.9 1,008.0 768.0 Gold inventory change 3.2 5.2 (4.0) 1.1 (8.1) Operating profit 99.5 135.4 157.3 522.6 469.6 Amortisation and 39.0 40.0 28.4 147.8 96.1 depreciation Net operating profit 60.5 95.4 128.9 374.8 373.5 Finance income 11.3 10.4 14.7 26.5 17.3 - Net interest received and investment income 3.9 4.9 2.7 17.5 3.7 - Gain on foreign debt, net of cash 7.4 5.5 12.0 9.0 13.6 Gain on financial instruments 35.1 19.2 34.6 50.8 50.4 Other income/(cost) (2.3) 0.2 (1.2) (1.8) 7.2 Exploration (11.6) (3.7) (2.0) (23.3) (9.1) Profit before tax and exceptional items 93.0 121.5 175.0 427.0 439.3 Exceptional gain/(loss) 31.4 19.4 (4.4) 63.0 (5.3) Profit before taxation 124.4 140.9 170.6 490.0 434.0 Mining and income taxation 22.8 44.6 54.6 150.3 120.4 - Normal taxation 2.8 23.5 20.8 80.3 74.9 - Deferred taxation 20.0 21.1 33.8 70.0 45.5 Profit after taxation 101.6 96.3 116.0 339.7 313.6 Minority interest 3.6 3.7 3.8 14.1 12.1 Net earnings 98.0 92.6 112.2 325.6 301.5 Exceptional items: Profit on disposal of St Helena 0.6 0.7 - 13.4 - Profit on sale of investments 34.2 18.7 - 52.9 - Retirement of health care obligations (3.0) - - (3.0) - Other (0.4) - (4.4) (0.3) (5.3) Total exceptional items 31.4 19.4 (4.4) 63.0 (5.3) Taxation (0.4) (1.9) - (4.2) 0.4 Net exceptional items after tax and minorities 31.0 17.5 (4.4) 58.8 (4.9) Net earnings per share (cents) 21 20 24 69 65 Headline earnings 64.2 74.8 112.2 263.9 301.1 Headline earnings per share (cents) 14 16 24 56 65 Diluted earnings per share (cents) 21 19 24 69 64 Net earnings excluding gains and losses on financial instruments and foreign debt, net of cash and exceptional items 34.0 57.7 80.4 221.7 254.2 Net earnings per share excluding gains and losses on financial instruments and foreign debt, net of cash and exceptional items (cents) 8 12 17 47 55 Exchange rate - SA Rand/US Dollar 7.74 8.38 10.51 9.07 10.19 Gold sold - managed less capitalised ozs (000) 1,101 1,134 1,171 4,602 4,208 Gold price received $/oz 349 353 311 333 292 Total cash costs $/oz 255 225 171 212 173 BALANCE SHEETS International Financial Reporting Standard Basis (Figures are in millions unless otherwise stated) SA Rand US Dollars June June June June 2003 2002 2003 2002 Mining and mineral assets 15,371.3 15,064.6 1,973.2 1,454.1 Non-current assets 275.0 252.7 35.3 24.4 Investments 512.1 797.8 65.7 77.0 Current assets 3,059.5 4,256.2 392.7 410.9 - Cash and deposits 1,040.8 2,027.1 133.6 195.7 - Other current assets 2,018.7 2,229.1 259.1 215.2 Total assets 19,217.9 20,371.3 2,466.9 1,966.4 Shareholders' equity 11,295.5 11,095.8 1,450.0 1,071.0 Minority interest 668.2 567.1 85.8 54.7 Deferred taxation 4,279.6 3,736.5 549.4 360.7 Long-term loans 164.2 1,502.2 21.1 145.0 Environmental rehabilitation provisions 715.3 770.2 91.8 74.3 Post-retirement health care provisions 90.7 260.2 11.6 25.1 Current liabilities 2,004.4 2,439.3 257.2 235.6 - Other current liabilities 1,844.7 2,055.9 236.7 198.6 - Current portion of long-term loans 159.7 383.4 20.5 37.0 Total equity and liabilities 19,217.9 20,371.3 2,466.9 1,966.4 S.A. Rand/U.S. Dollar conversion 7.79 10.36 rate Condensed Statements of Changes in Equity (Figures are in millions) SA Rand US Dollars June June June June 2003 2002 2003 2002 Balance as at the beginning of the financial year 11,095.8 7,075.6 1,071.0 876.8 Currency translation adjustment and other (750.9) 469.3 265.9 (162.2) Issue of share capital 1.0 7.3 0.1 0.7 Increase in share premium 24.1 602.4 2.7 66.8 Marked to market valuation of listed investments (281.1) 473.9 (31.0) 47.9 Dividends (1,746.4) (605.2) (184.3) (60.5) Net earnings 2,953.0 3,072.5 325.6 301.5 Balance as at the end of June 11,295.5 11,095.8 1,450.0 1,071.0 Reconciliation of Headline Earnings with Net Earnings (Figures are in millions unless otherwise stated) SA Rand US Dollars June June June June 2003 2002 2003 2002 Net earnings 2,953.0 3,072.5 325.6 301.5 Profit on disposal of St Helena (121.7) - (13.4) - Taxation effect of profit on disposal of St Helena 27.3 - 3.0 - Profit on sale of investments (479.7) - (52.9) - Taxation effect of profit on sale of investments 19.1 - 2.1 - Other after tax adjustments (4.6) - (0.5) - Headline earnings 2,393.4 3,072.5 263.9 301.5 Headline earnings per share - cents 507 662 56 65 Based on headline earnings as given above divided by 471,814,106 (464,146,677) being the weighted average number of ordinary shares in issue CASH FLOW STATEMENT International Financial Reporting Standard Basis (Figures are in millions) SA RAND Quarter Year ended June March June June June 2003 2003 2002 2003 2002 Cash flow from operating activities 577.1 1,213.6 1,446.2 4,101.1 4,471.5 Profit before tax and exceptional items 696.5 1,037.3 1,826.2 3,872.7 4,477.9 Exceptional items 271.7 177.1 (44.6) 571.8 (54.5) Amortisation and depreciation 306.4 341.3 274.6 1,340.9 978.9 Change in working capital (40.9) 251.9 15.7 191.6 91.8 Taxation paid (123.7) (135.1) (178.3) (786.9) (308.9) Other non-cash items (532.9) (458.9) (447.4) (1,089.0) (713.7) Dividends paid (22.5) (707.9) (29.1) (1,798.0) (634.3) Ordinary shareholders - (707.9) - (1,746.4) (605.2) Minority shareholders in subsidiaries (22.5) - (29.1) (51.6) (29.1) Cash utilised in investing activities (579.9) (323.3) (728.1) (1,938.3) (3,999.9) Capital expenditure - net (684.9) (505.3) (542.5) (2,277.4) (1,560.5) Purchase of investments (11.5) (4.0) (117.4) (63.8) (141.1) Sale of investments 358.8 203.1 0.8 561.9 0.8 Environmental and post-retirement health care payments (242.3) (17.1) (69.0) (279.0) (73.9) Disposal/(acquisition) of operations/subsidiaries - - - 120.0 (2,225.2) Cash flow from financing activities (728.7) (209.9) (326.9) (1,143.6) 1,947.0 Loans raised - - - - 2,440.2 Loans repaid (704.9) (195.9) (325.9) (1,101.3) (525.8) Minority shareholder's loan repaid (31.0) (16.2) (20.9) (82.7) (20.9) Shares issued 7.2 2.2 19.9 40.4 53.5 Net cash inflow/(outflow) (754.0) (27.5) 362.1 (778.8) 1,784.3 Translation adjustment (26.6) (77.0) (63.9) (207.5) 52.8 Cash at beginning of period 1,821.4 1,925.9 1,728.9 2,027.1 190.0 Cash at end of period 1,040.8 1,821.4 2,027.1 1,040.8 2,027.1 US DOLLARS (Figures are in millions) Quarter Year ended June March June June June 2003 2003 2002 2003 2002 Cash flow from operating activities 95.0 141.3 140.1 465.7 440.3 Profit before tax and exceptional items 93.0 121.5 175.0 427.0 439.3 Exceptional items 31.4 19.4 (4.4) 63.0 (5.3) Amortisation and 39.0 40.0 28.4 147.8 96.1 depreciation Change in working capital (3.3) 26.3 1.5 21.1 8.9 Taxation paid (3.4) (17.3) (17.2) (73.1) (31.2) Other non-cash items (61.7) (48.6) (43.2) (120.1) (67.5) Dividends paid (2.9) (87.7) (2.9) (190.1) (63.4) Ordinary shareholders - (87.7) - (184.3) (60.5) Minority shareholders in subsidiaries (2.9) - (2.9) (5.8) (2.9) Cash utilised in investing activities (61.2) (40.9) (70.4) (204.9) (386.7) Capital expenditure - net (83.6) (59.5) (52.4) (251.1) (153.1) Purchase of investments (1.4) (0.8) (11.4) (7.0) (13.6) Sale of investments 50.7 21.4 0.1 72.1 0.1 Environmental and post-retirement health care payments (26.9) (2.0) (6.7) (30.8) (7.2) Disposal/(acquisition) of operations/subsidiaries - - - 11.9 (212.9) Cash flow from financing activities (98.2) (21.3) (31.2) (145.7) 186.8 Loans raised - - - - 235.2 Loans repaid (94.5) (20.4) (31.0) (140.4) (51.6) Minority shareholder's loan repaid (4.7) (1.3) (2.1) (9.8) (2.1) Shares issued 1.0 0.4 1.9 4.5 5.3 Net cash inflow/(outflow) (67.3) (8.6) 35.6 (75.0) 177.0 Translation adjustment (22.6) 14.7 8.2 12.9 (4.8) Cash at beginning of period 223.5 217.4 151.9 195.7 23.5 Cash at end of period 133.6 223.5 195.7 133.6 195.7 HEDGING POLICY The Group's policy is to remain unhedged. However, hedges are sometimes undertaken on a project specific basis as follows: * to protect cash flows at times of significant expenditure, * for specific debt servicing requirements, and * to safeguard the viability of higher cost operations. Gold Fields may from time to time establish currency financial instruments to protect underlying cash flows. Gold Fields has various currency financial instruments - those remaining are described in the schedule. It has been decided not to account for these instruments under the hedge accounting rules of IFRS 39 and accordingly the positions have been marked to market at the quarter and year-end. CURRENCY FINANCIAL INSTRUMENTS Year ended 30 June US DOLLAR / AUSTRALIAN DOLLAR 2004 2005 2006 2007 TOTAL Forward sales: Amount (US Dollars) -000's 37,500 50,000 50,000 37,500 175,000 Average rate (USD/AUD) 0.4934 0.4934 0.4934 0.4934 0.4934 Zero cost collar: Amount (US Dollars) -000's - 37,500 50,000 37,500 125,000 Average downside protection level (USD/AUD) - 0.5191 0.5191 0.5191 0.5191 Average upside benefit cap (USD/AUD) - 0.4289 0.4289 0.4289 0.4289 The marked to market value of all transactions making up the positions as at the end of June 2003 in the above table, was a positive R535.6 million (US$68.8 million). The value was based on exchange rates of ZAR/USD7.79 and USD/ AUD0.6622 and the prevailing interest rates and volatilities at the time. Year ended 30 June US DOLLAR / RAND 2004 2005 2006 2007 TOTAL Forward purchases: Amount (US Dollars) -000's 36,000 - - - 36,000 Average rate (ZAR/USD) 8.73 - - - 8.73 During the quarter, forward cover of US$36 million was purchased to hedge the Group's commitment in respect of the Tarkwa mill and owner mining projects approved last quarter at a forward rate of ZAR/USD8.73, which matures on 3 June 2004. The marked to market value of all transactions making up the positions in the above table was a negative R8.6 million (US$1.1 million negative). The value was based on an exchange rate of ZAR/USD7.79 and the prevailing interest rates and volatilities at the time. TOTAL CASH COSTS (All figures are in Rand millions unless otherwise stated) FREE STATE Driefontein Kloof Beatrix St Helena Operating June 2003 595.8 594.2 380.4 - costs (1) March 2003 605.9 584.0 364.5 - Financial year 2,422.0 2,330.3 1,439.6 115.6 Gold in June 2003 - - - - process inventory change* March 2003 - - - - Financial year 34.0 3.6 - - Less: June 2003 2.8 2.3 1.4 - Rehabilitation costs March 2003 2.8 2.3 1.4 - Financial year 11.2 9.2 5.4 0.1 Production taxes June 2003 4.8 3.6 1.7 - March 2003 5.2 3.4 1.7 - Financial year 15.2 14.6 6.8 (0.2) General and June 2003 25.9 22.2 14.9 - admin March 2003 36.6 22.7 16.2 - Financial year 136.0 95.4 63.4 1.7 Cash operating June 2003 562.3 566.1 362.4 - costs March 2003 561.3 555.6 345.2 - Financial year 2,293.6 2,214.7 1,364.0 114.0 Plus: June 2003 4.8 3.6 1.7 - Production taxes March 2003 5.2 3.4 1.7 - Financial year 15.2 14.6 6.8 (0.2) Royalties June 2003 - - - - March 2003 - - - - Financial year - - - - TOTAL CASH June 2003 567.1 569.7 364.1 - COSTS (2) March 2003 566.5 559.0 346.9 - Financial year 2,308.8 2,229.3 1,370.8 113.8 Plus: June 2003 58.8 54.4 16.6 - Amortisation* March 2003 54.3 59.7 25.1 - Financial year 231.3 222.0 85.7 - Rehabilitation June 2003 2.8 2.3 1.4 - March 2003 2.8 2.3 1.4 - Financial year 11.2 9.2 5.4 0.1 TOTAL June 2003 628.7 626.4 382.1 - PRODUCTION COSTS (3) March 2003 623.6 621.0 373.4 - Financial year 2,551.3 2,460.5 1,461.9 113.9 Gold sold - June 2003 285.9 259.7 171.1 - thousand ounces March 2003 297.7 298.0 168.0 - Financial year 1,261.5 1,142.1 658.7 43.7 TOTAL CASH June 2003 256 283 275 - COSTS - US$/oz March 2003 227 224 246 - Financial year 202 215 229 259 TOTAL June 2003 284 312 288 - PRODUCTION COSTS - US$/oz March 2003 250 249 265 - Financial year 223 238 245 259 TOTAL CASH COSTS (All figures are in Rand millions unless otherwise stated) Ghana Australia Total Mine Tarkwa Damang St Ives Agnew Operations Operating June 2003 204.7 146.0 239.8 62.9 2,223.8 costs (1) March 2003 213.7 141.9 193.3 68.3 2,171.6 Financial 938.3 637.1 907.9 351.5 9,142.3 year Gold in process and inventory June 2003 8.9 (14.0) 1.1 16.6 12.6 change* March 2003 17.1 14.8 0.1 15.1 47.1 Financial 16.7 10.1 (28.5) (18.7) 17.2 year Less: June 2003 0.2 0.3 0.1 0.1 7.2 Rehabilitation costs March 2003 0.2 0.3 0.1 0.1 7.2 Financial 0.9 1.3 1.9 0.7 30.7 year Production June 2003 - - - - 10.1 taxes March 2003 - - - - 10.3 Financial - - - - 36.4 year General and June 2003 10.5 3.1 8.8 3.2 88.6 admin March 2003 12.3 3.7 9.8 0.5 101.8 Financial 51.0 14.9 42.8 10.6 415.8 year Cash operating June 2003 202.9 128.6 232.0 76.2 2,130.5 costs March 2003 218.3 152.7 183.5 82.8 2,099.4 Financial 903.1 631.0 834.7 321.5 8,676.6 year Plus: June 2003 - - - - 10.1 Production taxes March 2003 - - - - 10.3 Financial - - - - 36.4 year Royalties June 2003 10.4 6.4 9.5 3.1 29.4 March 2003 12.2 7.0 9.1 2.4 30.7 Financial 49.0 27.2 41.4 10.4 128.0 year TOTAL CASH June 2003 213.3 135.0 241.5 79.3 2,170.0 COSTS (2) March 2003 230.5 159.7 192.6 85.2 2,140.4 Financial 952.1 658.2 876.1 331.9 8,841.0 year Plus: June 2003 32.9 13.5 122.1 298.3 Amortisation* March 2003 35.1 15.8 134.3 324.3 Financial 140.8 64.1 498.2 1,242.1 year Rehabilitation June 2003 0.2 0.3 0.2 7.2 March 2003 0.2 0.3 0.2 7.2 Financial 0.9 1.3 2.6 30.7 year TOTAL June 2003 246.4 148.8 443.1 2,475.5 PRODUCTION COSTS (3) March 2003 265.8 175.8 412.3 2,471.9 Financial 1,093.8 723.6 1,708.8 10,113.8 year Gold sold - June 2003 129.1 78.3 141.0 35.8 1,101.0 thousand ounces March 2003 136.3 76.9 119.3 37.4 1,133.5 Financial 539.9 299.2 513.3 143.6 4,601.9 year TOTAL CASH June 2003 213 223 221 286 255 COSTS - US$/oz March 2003 202 248 193 272 225 Financial 194 243 188 255 212 year TOTAL June 2003 247 246 324 291 PRODUCTION COSTS - US$/oz March 2003 233 273 314 260 Financial 223 267 287 242 year DEFINITIONS Total cash costs and Total production costs are calculated in accordance with the Gold Institute industry standard. (1). Operating costs - All gold mining related costs before amortisation/ depreciation, changes in gold inventory, taxation and exceptional items. (2). Total cash costs - Operating costs less off-mine costs, including general and administration costs, as detailed in the table above. (3). Total production costs - Total cash costs plus amortisation/depreciation and rehabilitation provisions, as detailed in the table above. * Adjusted for amortisation/depreciation (non-cash item) excluded from gold in process change. Average exchange rates are US$1 = R7.74 and US$1 = R8.38 for the June 2003 and March 2003 quarters respectively and an average for the year of US$1 = R9.07. OPERATING AND FINANCIALRESULTS INDIVIDUAL MINES SA RAND Operating Results FREE STATE Driefontein Kloof Beatrix St Helena Ore milled / June 2003 1,624 1,257 1,184 - treated (000 tons) March 2003 1,708 1,237 1,202 - Financial year 6,370 4,838 4,722 217 Yield (grams per June 2003 5.5 6.4 4.5 - ton) March 2003 5.4 7.5 4.3 - Financial year 6.0 7.3 4.3 6.3 Gold produced June 2003 8,891 8,079 5,323 - (kilograms) March 2003 9,259 9,268 5,224 - Financial year 38,516 35,464 20,488 1,358 Gold sold June 2003 8,891 8,079 5,323 - (kilograms) March 2003 9,259 9,268 5,224 - Financial year 39,238 35,523 20,488 1,358 Gold price June 2003 86,616 86,657 86,605 - received (Rand per March 2003 94,276 95,166 94,832 - kilogram) Financial year 97,120 97,044 96,320 106,996 Total cash costs June 2003 63,784 70,516 68,401 - (Rand per March 2003 61,184 60,315 66,405 - kilogram) Financial year 58,841 62,757 66,907 83,800 Total cash costs June 2003 256 283 275 - 213 (US Dollars per March 2003 227 224 246 - ounce) Financial year 202 215 229 259 Total production June 2003 70,712 77,534 71,783 - costs (Rand per March 2003 67,351 67,005 71,478 - kilogram) Financial year 65,021 69,265 71,354 83,873 Operating costs June 2003 367 473 321 - (Rand per ton) March 2003 355 472 303 - Financial year 380 482 305 533 Financial Results June 2003 770.1 700.1 461.0 - (Rand million) Revenue March 2003 872.9 882.0 495.4 - Financial year 3,810.8 3,447.3 1,973.4 145.3 Operating costs June 2003 595.8 594.2 380.4 - March 2003 605.9 584.0 364.5 - Financial year 2,422.0 2,330.3 1,439.6 115.6 Gold inventory June 2003 - - - - change March 2003 - - - - Financial year 38.3 4.3 - - Operating profit June 2003 174.3 105.9 80.6 - March 2003 267.0 298.0 130.9 - Financial year 1,350.5 1,112.7 533.8 29.7 Amortisation of June 2003 58.8 54.4 16.6 - mining assets March 2003 54.3 59.7 25.1 - Financial year 227.0 221.3 85.7 - Net operating June 2003 115.5 51.5 64.0 - profit March 2003 212.7 238.3 105.8 - Financial year 1,123.5 891.4 448.1 29.7 Other income/ June 2003 (9.2) 1.1 (5.9) 2.9 (costs) March 2003 (4.6) 0.2 0.7 - Financial year (10.7) 5.3 (3.8) 7.2 Profit before June 2003 106.3 52.6 58.1 2.9 taxation March 2003 208.1 238.5 106.5 - Financial year 1,112.8 896.7 444.3 36.9 Mining and income June 2003 10.2 8.5 26.3 8.1 taxation March 2003 62.8 73.7 44.3 - Financial year 370.3 287.4 185.9 27.3 - Normal taxation June 2003 (31.2) (19.2) 1.3 8.1 March 2003 52.2 76.6 1.2 - Financial year 273.8 234.5 5.2 27.3 - Deferred June 2003 41.4 27.7 25.0 - taxation March 2003 10.6 (2.9) 43.1 - Financial year 96.5 52.9 180.7 - Exceptional items June 2003 (17.1) (8.6) (1.0) 0.7 March 2003 - - - - Financial year (17.1) (8.6) (1.0) 123.7 Net earnings June 2003 79.0 35.5 30.8 (4.5) March 2003 145.3 164.8 62.2 - 725.4 600.7 257.4 133.3 Financial year Capital June 2003 193.0 113.6 116.5 - expenditure (Rand million) March 2003 124.8 99.8 76.6 - Financial year 572.8 419.7 373.6 - Planned for next 178.9 170.5 131.7 - six months to December 2003 OPERATING AND FINANCIALRESULTS INDIVIDUAL MINES SA RAND Operating Results Ghana Australia Total Mine Operations Tarkwa Damang St Ives Agnew Ore milled / June 2003 3,723 1,309 1,495 333 10,925 treated (000 tons) March 2003 3,847 1,228 1,263 307 10,792 Financial 15,210 4,877 5,486 1,268 42,988 year Yield (grams per June 2003 1.1 1.9 2.9 3.3 3.1 ton) March 2003 1.1 1.9 2.9 3.8 3.3 Financial 1.1 1.9 2.9 3.5 3.3 year Gold produced June 2003 4,015 2,435 4,386 1,115 34,244 (kilograms) March 2003 4,240 2,393 3,711 1,162 35,257 Financial 16,792 9,305 15,966 4,466 142,355 year Gold sold June 2003 4,015 2,435 4,386 1,115 34,244 (kilograms) March 2003 4,240 2,393 3,711 1,162 35,257 Financial 16,792 9,305 15,966 4,466 143,136 year Gold price June 2003 86,102 87,556 87,415 87,175 86,751 received (Rand per March 2003 95,873 96,155 95,715 94,406 95,068 kilogram) Financial 96,897 97,002 97,232 97,156 97,060 year Total cash costs June 2003 53,126 55,441 55,062 71,121 63,369 (Rand per March 2003 54,363 66,736 51,900 73,322 60,709 kilogram) Financial 56,700 70,736 54,873 74,317 61,766 year Total cash costs June 2003 213 223 221 286 255 (US Dollars per March 2003 202 248 193 272 225 ounce) Financial 194 243 188 255 212 year Total production June 2003 61,370 61,109 80,549 72,290 costs (Rand per March 2003 62,689 73,464 84,609 70,111 kilogram) Financial 65,138 77,765 83,634 70,659 year Operating costs June 2003 55 112 160 189 204 (Rand per ton) March 2003 56 116 153 222 201 Financial 62 131 165 277 213 year Financial Results June 2003 345.7 213.2 383.4 97.2 2,970.7 (Rand million) Revenue March 2003 406.5 230.1 355.2 109.7 3,351.8 Financial 1,627.1 902.6 1,552.4 433.9 13,892.8 year Operating costs June 2003 204.7 146.0 239.8 62.9 2,223.8 March 2003 213.7 141.9 193.3 68.3 2,171.6 Financial 938.3 637.1 907.9 351.5 9,142.3 year Gold inventory June 2003 10.0 (14.0) (4.8) 38.5 29.7 change March 2003 18.7 14.8 (0.9) 21.5 54.1 Financial 16.3 10.1 (46.0) (13.0) 10.0 year Operating profit June 2003 131.0 81.2 148.4 (4.2) 717.2 March 2003 174.1 73.4 162.8 19.9 1,126.1 Financial 672.5 255.4 690.5 95.4 4,740.5 year Amortisation of June 2003 31.8 13.5 106.1 281.2 mining assets March 2003 33.5 15.8 129.0 317.4 Financial 141.2 64.1 510.0 1,249.3 year Net operating June 2003 99.2 67.7 38.1 436.0 profit March 2003 140.6 57.6 53.7 808.7 Financial 531.3 191.3 275.9 3,491.2 year Other income/ June 2003 1.3 (3.5) 377.4 364.1 (costs) March 2003 (0.5) (3.2) 235.3 227.9 Financial 4.2 36.9 468.4 507.5 year Profit before June 2003 100.5 64.2 415.5 800.1 taxation March 2003 140.1 54.4 289.0 1,036.6 Financial 535.5 228.2 744.3 3998.7 year Mining and income June 2003 44.2 23.5 60.1 180.9 taxation March 2003 57.7 25.4 94.9 358.8 Financial 220.6 99.1 185.1 1,375.7 year - Normal taxation June 2003 15.1 8.5 12.6 (4.8) March 2003 15.6 8.3 11.5 165.4 Financial 61.2 32.9 51.8 686.7 year - Deferred June 2003 29.1 15.0 47.5 185.7 taxation March 2003 42.1 17.1 83.4 193.4 Financial 159.4 66.2 133.3 689.0 year Exceptional items June 2003 (1.3) - 8.1 (19.2) March 2003 - - - - Financial (1.3) - 8.1 103.8 year Net earnings June 2003 55.0 40.7 363.5 600.0 March 2003 82.4 29.0 194.1 677.8 Financial 313.6 129.1 567.3 2,726.8 year Capital June 2003 56.1 3.9 144.0 42.4 669.5 expenditure (Rand million) March 2003 73.8 3.3 77.7 29.9 485.9 Financial 207.4 14.4 464.5 164.9 2,217.3 year Planned for next 410.5 8.4 272.3 65.4 1,237.7 six months to December 2003 # As a significant portion of the acquisition price was allocated to tenements of St Ives and Agnew on endowment ounces and also as these two Australian operations are entitled to transfer and then off-set tax losses from one company to another, it is not meaningful to split the income statement below operating profit. OPERATING AND FINANCIAL RESULTS INDIVIDUAL MINES US DOLLAR CONVERSION Operating Results FREE STATE Driefontein Kloof Beatrix St Helena Ore milled / June 2003 624 1,257 1,184 - treated (000 tons) March 2003 1,708 1,237 1,202 - Financial year 6,370 4,838 4,722 217 Yield (ounces per ton) June 2003 0.176 0.207 0.145 - March 2003 0.174 0.241 0.140 - Financial year 0.194 0.236 0.139 0.201 Gold produced (000 ounces) June 2003 285.9 259.7 171.1 - March 2003 297.7 298.0 168.0 - Financial year 1,238.3 1,140.2 658.7 43.7 Gold sold (000 ounces) June 2003 285.9 259.7 171.1 - March 2003 297.7 298.0 168.0 - Financial year 1,261.5 1,142.1 658.7 43.7 Gold price June 2003 348 348 348 - received (US Dollars March 2003 350 353 352 - per ounce) Financial year 333 333 330 330 Total cash June 2003 256 283 275 - costs (US Dollars March 2003 227 224 246 - per ounce) Financial year 202 215 229 259 Total June 2003 284 312 288 - production costs (US Dollars March 2003 250 249 265 - per ounce) Financial year 223 238 245 259 Operating June 2003 47 61 42 - costs (US Dollars March 2003 42 56 36 - per ton) Financial year 42 53 34 53 Financial June 2003 100.4 91.3 58.5 0.7 Results (US$ million) Revenue March 2003 104.4 103.6 58.0 0.9 Financial year 420.2 380.1 217.6 16.0 Operating June 2003 75.0 74.4 47.4 0.6 costs March 2003 70.8 68.2 42.4 0.7 Financial year 267.0 256.9 158.7 12.7 Gold inventory June 2003 0.2 - - - change March 2003 0.2 - - - Financial year 4.2 0.5 - - Operating June 2003 25.2 16.9 11.2 0.1 profit March 2003 33.4 35.4 15.7 0.2 Financial year 148.9 122.7 58.9 3.3 Amortisation June 2003 7.3 6.9 2.2 - of mining assets March 2003 6.4 6.9 2.9 - Financial year 25.0 24.4 9.4 - Net operating profit June 2003 17.9 10.0 9.0 0.1 March 2003 27.0 28.5 12.8 0.2 Financial year 123.9 98.3 49.4 3.3 Other income/ June 2003 (1.0) 0.1 (0.6) 0.4 (costs) March 2003 (0.4) - - - Financial year (1.2) 0.6 (0.4) 0.8 Profit before June 2003 16.9 10.2 8.4 0.5 taxation March 2003 26.5 28.6 12.8 0.2 Financial year 122.7 98.9 49.0 4.1 Mining and June 2003 3.0 2.4 3.7 1.0 income taxation March 2003 8.3 8.9 5.3 0.1 Financial year 40.8 31.7 20.5 3.0 - Normal June 2003 (1.9) (0.8) 0.2 1.0 taxation March 2003 6.9 9.1 0.1 0.1 Financial year 30.2 25.9 0.6 3.0 - Deferred June 2003 4.9 3.2 3.5 - taxation March 2003 1.3 (0.1) 5.2 - Financial year 10.6 5.8 19.9 - Exceptional June 2003 (1.9) (0.9) (0.1) 0.7 items March 2003 - - - 0.7 Financial year (1.9) (0.9) (0.1) 13.6 Net earnings June 2003 12.0 6.8 4.6 0.2 March 2003 18.3 19.6 7.5 0.8 Financial year 80.0 66.2 28.4 14.7 Capital June 2003 33.6 21.7 20.9 - expenditure (US$ million) March 2003 14.6 11.7 9.1 - Financial year 73.5 53.9 48.0 - Planned for 23.0 21.9 16.9 - next six months to December 2003 INDIVIDUAL MINES US DOLLAR CONVERSION Operating Results Ghana Australia Total Mine Operations Tarkwa Damang St Ives Agnew Ore milled / June 2003 3,723 1,309 1,495 333 10,925 treated (000 tons) March 2003 3,847 1,228 1,263 307 10,792 Financial 15,210 4,877 5,486 1,268 42,988 year Yield (ounces June 2003 0.035 0.060 0.094 0.108 0.101 per ton) March 2003 0.035 0.063 0.094 0.122 0.105 Financial 0.035 0.061 0.094 0.113 0.106 year Gold produced June 2003 129.1 78.3 141.0 35.8 1,101.0 (000 ounces) March 2003 136.3 76.9 119.3 37.4 1,133.5 Financial 539.9 299.2 513.3 143.6 4,576.8 year Gold sold June 2003 129.1 78.3 141.0 35.8 1,101.0 (000 ounces) March 2003 136.3 76.9 119.3 37.4 1,133.5 Financial 539.9 299.2 513.3 143.6 4,601.9 year Gold price June 2003 346 352 351 350 349 received (US Dollars March 2003 356 357 355 350 353 per ounce) Financial 332 333 333 333 333 year Total cash June 2003 213 223 221 286 255 costs (US Dollars March 2003 202 248 193 272 225 per ounce) Financial 194 243 188 255 212 year Total June 2003 247 246 324 291 production costs (US Dollars March 2003 233 273 314 260 per ounce) Financial 223 267 287 242 year Operating June 2003 7 14 21 24 26 costs (US Dollars March 2003 7 14 18 27 24 per ton) Financial 7 14 18 31 23 year Financial June 2003 44.7 27.0 48.1 12.5 383.2 Results (US$ million) Revenue March 2003 47.8 26.9 42.2 12.8 396.7 Financial 179.4 99.5 171.2 47.8 1,531.7 year Operating June 2003 26.3 18.6 29.9 8.3 280.5 costs March 2003 25.5 16.9 23.1 8.5 256.1 Financial 103.5 70.2 100.1 38.8 1,008.0 year Gold June 2003 1.2 (1.4) (0.8) 4.0 3.2 inventory change March 2003 1.9 1.6 (0.3) 1.8 5.2 Financial 1.8 1.1 (5.1) (1.4) 1.1 year Operating June 2003 17.2 9.8 19.0 0.1 99.5 profit March 2003 20.4 8.4 19.5 2.5 135.4 Financial 74.1 28.2 76.1 10.5 522.6 year Amortisation June 2003 4.1 1.8 13.8 36.0 of mining assets March 2003 4.0 1.8 15.1 37.1 Financial 15.6 7.1 56.2 137.7 year Net operating June 2003 13.2 8.0 5.4 63.6 profit March 2003 16.5 6.5 6.8 98.3 Financial 58.6 21.1 30.4 384.9 year Other income/ June 2003 0.1 (0.2) 42.1 40.9 (costs) March 2003 - (0.1) 23.9 23.4 Financial 0.5 4.1 51.6 56.0 year Profit before June 2003 13.3 7.8 47.4 104.5 taxation March 2003 16.5 6.5 30.7 121.7 Financial 59.0 25.2 82.1 440.9 year Mining and June 2003 5.8 3.0 7.3 26.2 income taxation March 2003 6.7 2.9 10.1 42.4 Financial 24.3 10.9 20.4 151.7 year - Normal June 2003 1.9 1.1 1.6 3.1 taxation March 2003 1.8 0.9 1.4 20.4 Financial 6.7 3.6 5.7 75.7 year - Deferred June 2003 3.9 1.9 5.7 23.1 taxation March 2003 4.9 2.0 8.8 22.0 Financial 17.6 7.3 14.7 76.0 year Exceptional June 2003 (0.1) - 0.9 (1.5) items March 2003 - - - 0.7 Financial (0.1) - 0.9 11.4 year Net earnings June 2003 7.3 4.8 41.0 76.7 March 2003 9.8 3.5 20.5 80.0 Financial 34.6 14.2 62.5 300.6 year Capital June 2003 10.7 0.7 25.9 8.3 121.8 expenditure (US$ million) March 2003 8.2 0.4 9.6 3.7 57.4 Financial 26.6 1.8 59.6 21.2 284.6 year Planned for 52.7 1.1 35.0 8.4 158.9 next six months to December 2003 Average exchange rates are US$1 = R7.74 and US$1 = R8.38 for the June 2003 and March 2003 quarters respectively. Year to date rate US$1=R9.07 # As a significant portion of the acquisition price was allocated to tenements of St Ives and Agnew on endowment ounces and also as these two Australian operations are entitled to transfer and then off-set tax losses from one company to another, it is not meaningful to split the income statement below operating profit. Figures may not add as they are rounded independently. UNDERGROUND AND SURFACE SA RAND AND METRIC UNITS Operating Results FREE STATE Driefontein Kloof Beatrix St Helena Ore milled / treated (000 ton) - underground June 2003 964 973 1,002 - March 2003 958 975 1,027 - Financial year 3,898 3,727 4,053 217 - surface June 2003 660 284 182 - March 2003 750 262 175 - Financial year 2,472 1,111 669 - - total June 2003 1,624 1,257 1,184 - March 2003 1,708 1,237 1,202 - Financial year 6,370 4,838 4,722 217 Yield (grams per ton) - underground June 2003 8.1 8.0 5.1 - March 2003 7.8 9.3 4.9 - Financial year 8.4 9.3 4.9 6.3 - surface June 2003 1.6 1.0 1.1 - March 2003 2.3 0.7 0.9 - Financial year 2.3 0.7 0.9 - - combined June 2003 5.5 6.4 4.5 - March 2003 5.4 7.5 4.3 - Financial year 6.0 7.3 4.3 6.3 Gold produced (kilograms) - underground June 2003 7,806 7,786 5,123 - March 2003 7,505 9,072 5,066 - Financial year 32,886 34,634 19,909 1,358 - surface June 2003 1,085 293 200 - March 2003 1,754 196 158 - Financial year 5,630 830 579 - - total June 2003 8,891 8,079 5,323 - March 2003 9,259 9,268 5,224 - Financial year 38,516 35,464 20,488 1,358 Gold sold (kilograms) - underground June 2003 7,806 7,786 5,123 - March 2003 7,505 9,072 5,066 - Financial year 33,608 34,693 19,909 1,358 - surface June 2003 1,085 293 200 - March 2003 1,754 196 158 - Financial year 5,630 830 579 - - total June 2003 8,891 8,079 5,323 - March 2003 9,259 9,268 5,224 - Financial year 39,238 35,523 20,488 1,358 Operating costs (Rand per ton) - underground June 2003 577 592 376 - March 2003 582 580 349 - Financial year 580 606 350 533 - surface June 2003 59 63 22 - March 2003 65 71 35 - Financial year 64 66 30 - - total June 2003 367 473 321 - March 2003 355 472 303 - Financial year 380 482 305 533 UNDERGROUND AND SURFACE SA RAND AND METRIC UNITS Operating Results Ore milled / treated (000 ton) Total Mine Ghana Australia Operations Tarkwa Damang St Ives Agnew - underground June 2003 - - - - 2,939 March 2003 - - - - 2,960 Financial - - - - 11,895 year - surface June 2003 3,723 1,309 1,495 333 7,986 March 2003 3,847 1,228 1,263 307 7,832 Financial 15,210 4,877 5,486 1,268 31,093 year - total June 2003 3,723 1,309 1,495 333 10,925 March 2003 3,847 1,228 1,263 307 10,792 Financial 15,210 4.877 5,486 1,268 42,988 year Yield (grams per ton) - underground June 2003 - - - - 7.0 March 2003 - - - - 7.3 Financial - - - - 7.5 year - surface June 2003 1.1 1.9 2.9 3.3 1.7 March 2003 1.1 1.9 2.9 3.8 1.7 Financial 1.1 1.9 2.9 3.5 1.7 year - combined June 2003 1.1 1.9 2.9 3.3 3.1 March 2003 1.1 1.9 2.9 3.8 3.3 Financial 1.1 1.9 2.9 3.5 3.3 year Gold produced (kilograms) - underground June 2003 - - - - 20,715 March 2003 - - - - 21,643 Financial - - - - 88,787 year - surface June 2003 4,015 2,435 4,386 1,115 13,529 March 2003 4,240 2,393 3,711 1,162 13,614 Financial 16,792 9,305 15,966 4,466 53,568 year - total June 2003 4,015 2,435 4,386 1,115 34,244 March 2003 4,240 2,393 3,711 1,162 35,257 Financial 16,792 9,305 15,966 4,466 142,355 year Gold sold (kilograms) - underground June 2003 - - - - 20,715 March 2003 - - - - 21,643 Financial - - - - 89,568 year - surface June 2003 4,015 2,435 4,386 1,115 13,529 March 2003 4,240 2,393 3,711 1,162 13,614 Financial 16,792 9,305 15,966 4,466 53,568 year - total June 2003 4,015 2,435 4,386 1,115 34,244 March 2003 4,240 2,393 3,711 1,162 35,257 Financial 16,792 9,305 15,966 4,466 143,136 year Operating costs (Rand per ton) - underground June 2003 - - - - 514 March 2003 - - - - 500 Financial - - - - 509 year - surface June 2003 55 112 160 189 89 March 2003 56 116 153 222 88 Financial 62 131 165 277 99 year - total June 2003 55 112 160 189 204 March 2003 56 116 153 222 201 Financial 62 131 165 277 213 year # Australia operations are defined as surface and near surface operations. Development values represent the actual results of sampling and no allowance has been made for any adjustments which may be necessary when estimating ore reserves. All figures below exclude shaft sinking metres Driefontein June 2003 quarter Reef Carbon Leader Main VCR Advanced (m) 6,465 1,165 1,678 Advanced on (m) 1,044 281 126 reef Sampled (m) 975 279 63 Channel width (cm) 127 85 93 Average value - (g/t) 14.4 6.9 6.6 - (cm.g/t) 1,824 587 611 Driefontein March 2003 quarter Reef Carbon Leader Main VCR Advanced (m) 6,641 1,121 1,355 Advanced on (m) 1,151 405 132 reef Sampled (m) 1,017 378 120 Channel width (cm) 121 97 55 Average value - (g/t) 14.6 6.4 25.0 - (cm.g/t) 1,775 625 1,382 Driefontein Year ended 30 June 2003 Reef Carbon Leader Main VCR Advanced (m) 25,076 4,060 6,542 Advanced on (m) 3,966 1,007 583 reef Sampled (m) 3,648 1,017 468 Channel width (cm) 115 103 75 Average value - (g/t) 13.7 6.4 20.0 - (cm.g/t) 1,574 657 1,505 Kloof June 2003 quarter Reef Kloof Main VCR Advanced (m) 451 2,426 9,488 Advanced on (m) 205 635 1,876 reef Sampled (m) 177 480 1,416 Channel width (cm) 83 94 122 Average value - (g/t) 1.7 12.0 15.7 - (cm.g/t) 139 1,128 1,917 Kloof March 2003 quarter Reef Kloof Main VCR Advanced (m) 94 2,074 8,718 Advanced on (m) 45 510 1,455 reef Sampled (m) 18 423 1,215 Channel width (cm) 175 94 96 Average value - (g/t) 5.2 11.4 19.6 - (cm.g/t) 917 1,069 1,883 Kloof Year ended 30 June 2003 Reef Kloof Main VCR Advanced (m) 725 6,541 42,513 Advanced on (m) 309 1,611 6,939 reef Sampled (m) 249 1,266 5,268 Channel width (cm) 80 86 104 Average value - (g/t) 4.9 12.0 19.6 - (cm.g/t) 396 1,031 2,042 Beatrix June 2003 quarter Reef Beatrix Kalkoekrans Advanced (m) 9,088 2,230 Advanced on reef (m) 1,811 582 Sampled (m) 1,485 540 Channel width (cm) 87 103 Average value - (g/t) 14.2 9.9 - (cm.g/t) 1,236 1,020 Beatrix March 2003 quarter Reef Beatrix Kalkoekrans Advanced (m) 8,877 2,256 Advanced on reef (m) 1,698 506 Sampled (m) 1,545 504 Channel width (cm) 61 105 Average value - (g/t) 14.0 8.0 - (cm.g/t) 853 798 Beatrix Year ended 30 June 2003 Reef Beatrix Kalkoekrans Advanced (m) 36,663 9,506 Advanced on reef (m) 6,292 1,763 Sampled (m) 5,619 1,716 Channel width (cm) 73 108 Average value - (g/t) 14.7 9.4 - (cm.g/t) 1,071 1,016 CORPORATE OFFICE Gold Fields Limited 24 St Andrews Road Parktown Johannesburg 2193 Postnet Suite 252 Private Bag x 30500 Houghton 2041 Tel: +27 11 644-2400 Fax: +27 11 484-0626 London Office St James' Corporate Services Limited 6 St James' Place London SW1A 1 NP Tel: +944 207 499-3916 Fax: +944 207 491-1989 DIRECTORS C M T Thompson^ - Chairman) A J Wright - (Deputy Chairman) I D Cockerill * - (Chief Executive Officer) G J Gerwel N J Holland * - (Chief Financial Officer) J M McMahon * G R Parker # R L Pennant-Rea * P J Ryan T M G Sexwale B R van Rooyen C I von Christierson ^ Canadian * British # USA COMPANY SECRETARY C Farrel 24 St Andrews Road Parktown Johannesburg 2193 Postnet Suite 252 Private Bag x 30500 Houghton 2041 Tel: +27 11 644-2406 Fax: +27 11 484-0626 INVESTOR RELATIONS Europe & South Africa Willie Jacobsz Tel: +27 11 644-2460 Fax: +27 11 484-0639 E-mail: investors@goldfields.co.za North America Cheryl A. Martin Tel: +1 303 796-8683 Fax: +1 303 796-8293 E-mail: camartin@gfexpl.com TRANSFER OFFICES Johannesburg Computershare Limited Ground Floor 70 Marshall Street Johannesburg, 2001 P O Box 61051 Marshalltown, 2107 Tel: 27 11 370-5000 Fax: 27 11 370-5271 London Capita Registrars Bourne House 34 Beckenham Road Beckenham Kent BR3 4TU Tel: +944 208 639-2000 Fax: +944 208 658-3430 AMERICAN DEPOSITARY RECEIPT BANKER United States Bank of New York 101 Barclay Street New York N.Y. 10286 USA Tel: +91 212 815-5133 Fax: +91 212 571-3050 United Kingdom Bank of New York 46 Berkley Street London W1X 6AA Tel: +944 207 322-6341 Fax: +944 207 322-6028 END
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