![](/cdn/assets/images/search/clock.png)
We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Anglogold Ash | LSE:AGD | London | Ordinary Share | ZAE000043485 | ZAR0.25 |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 875.00 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
AngloGold Report to shareholders for the quarter and nine months ended 30 September 2003 Group results for the quarter * * Adjusted headline earnings1 increase by 2% to $67m * Adjusted operating profit2 down by 3% to $136m * Total cash costs increase by 6% to $237/oz impacted by strong local currencies and wage increases in South Africa * Gold production (on a comparable basis3) increases marginally to 1.39Moz * Good performances at Great Noligwa, Kopanang and Geita * Problems persist at Cerro Vanguardia and at CC&V, which are being addressed * Received gold price4 up by 3% to $364/oz * Ashanti board unanimously recommends revised AngloGold offer and Government of Ghana indicate support for the AngloGold/Ashanti merger Quarter ended Nine months Quarter Nine months ended ended ended Sept June Sept Sept Sept June Sept Sept 2003 2003 2003 2002 2003 2003 2003 2002 Rand / Metric Dollar / Imperial Gold Produced - kg / oz (000) 43,240 44,613 131,457 136,543 1,390 1,434 4,226 4,390 Price received4 - R/kg / $/oz 86,619 87,983 88,852 103,567 364 354 354 299 Total cash costs - R/kg / $/ 56,311 55,502 55,966 54,242 237 223 223 157 oz Total production costs - R/kg 65,502 65,654 65,891 68,270 275 264 263 197 / $/oz Operating profit - R / $ 1,304 1,094 3,607 5,026 176 142 463 466 million Adjusted operating profit2 - 1,004 1,082 3,303 5,205 136 140 422 483 R / $ million Net profit - R / $ million 729 444 1,721 2,489 97 57 219 231 Headline earnings - R / $ 674 513 1,794 2,899 90 66 228 268 million Adjusted headline earnings1 - 497 516 1,628 2,996 67 66 207 277 R / $ million Capital expenditure - R / $ 661 538 1,687 1,962 88 69 216 182 million Earnings per ordinary share Basic - cents per share 327 199 773 1,123 44 26 98 104 Diluted - cents per share 326 199 769 1,116 43 26 98 104 Headline - cents per share 303 230 805 1,307 40 30 102 121 Adjusted headline earnings1 - 223 232 731 1,351 30 30 93 125 cents per share Dividends - cents per share 375 675 51 64 Note: 1. Headline earnings before unrealised non-hedge derivatives and marked-to-market of debt financial instruments 2. Operating profit excluding unrealised non-hedge derivatives 3. Prior quarter production includes 56,000oz from Jerritt Canyon, which was sold with effect from 30 June 2003. Reported production is not comparable 4. Price received includes realised non-hedge derivatives $ represents US dollar, unless otherwise stated Letter from Chairman and CEO Dear Shareholder, The decision this week by the Government of Ghana to support AngloGold's proposed merger with Ashanti Goldfields is a significant step towards completion of this transaction. AngloGold has now secured the support of the Ashanti board and its two largest shareholders, the Government of Ghana and Lonmin. Although a further period of three to six months will be required for the completion of the merger, AngloGold's management has already been planning the successful integration of the companies. In this regard, the fiscal and regulatory undertakings that the Government of Ghana has confirmed that it will give, will allow us to lay the foundations for the Obuasi Deep Project, lengthening the life of mine by more than 20 years at current production rates or higher. Obuasi represents possibly the longest life gold orebody in the world. The merger creates a combination of some of the best gold assets and mining talent on the African continent, with a spread of long-life, low-cost operations and reserves around the world. AngloGold's management will be greatly strengthened by the talented Ashanti management team. When the transaction is complete, AngloGold Ashanti will be ready to show how a thoroughly African company can be a world leader in its sector. This is very good news for AngloGold and Ashanti shareholders, the governments and people of both Ghana and South Africa, the employees of both companies and their communities. AngloGold has produced a solid set of financial results for the September quarter which are similar to those for the second quarter this year, despite the 4% strengthening of the rand and higher wage costs in South Africa. Cash operating costs on the South African mines only increased by 2% in local currency terms. Operating profit, adjusted to exclude unrealised gains on non-hedge derivatives, decreased marginally to $136 million. Despite this reduction, headline earnings, similarly adjusted, increased slightly to $67 million, mainly as a result of lower corporate administration costs. The quarter saw good operating performances from Geita, Kopanang and Great Noligwa, all of which reported higher gold production and lower unit total cash costs. Grades on the South African operations and the underground operations as a whole increased by some 4%, while those on the open-pit mines decreased by some 4%, largely as a consequence of the anticipated and significant grade decline at Morila. We expect that the operating problems at Cerro Vanguardia in Argentina, which resulted in a 16% decline in production over the quarter, will be overcome with the commissioning there this month of a material scrubber. At Cripple Creek & Victor, difficulties with the haul truck fleet and the crusher have been resolved and those associated with the heap leach continue to receive management attention. Although total cash costs were well controlled in local currency terms, the continued strength of these currencies against the dollar led to a 6% increase in dollar-denominated costs, to $237 per ounce. A $10 per ounce increase in the received gold price, which was again this quarter higher than the gold spot price, ameliorated the effect of reduced production and stronger operating currencies. We will continue to give shareholders a clear picture of the value creation they can expect from both AngloGold's existing operations and from our merger with Ashanti in the months that lie ahead. Russell Edey Bobby Godsell Chairman Chief Executive Officer 30 October 2003 Operations at a glance for the quarter ended 30 September 2003 Price received1 Production Total cash EBITDA Adjusted costs operating profit2 $/oz % oz % $/oz % $m % $m % Variance (000) Variance Variance Variance Variance ** ** ** ** ** Great Noligwa 384 5 217 11 219 2 37 28 35 30 TauTona 358 - 170 6 198 6 27 - 25 - Morila* 350 4 80 (16) 109 16 19 (17) 14 (18) Kopanang 385 6 132 15 261 (3) 16 45 14 56 Mponeng 358 - 130 2 248 6 15 (6) 10 (17) Geita* 334 9 88 42 188 (18) 12 140 9 243 Cripple Creek & 363 6 66 (15) 217 15 12 (14) 3 - Victor Morro Velho 355 (1) 59 7 146 2 12 - 9 - Sadiola* 373 7 42 8 195 (8) 8 33 5 67 Sunrise Dam 357 (2) 85 1 242 (1) 8 (33) 3 (50) Cerro Vanguardia 320 (7) 41 (16) 173 14 7 (42) 2 (67) * Tau Lekoa 385 6 79 (4) 317 17 5 (29) 4 (33) Serra Grande* 354 (1) 24 - 109 5 5 (29) 4 (8) Yatela* 358 3 20 (33) 250 26 3 (25) 1 (90) Union Reefs 360 (1) 23 (18) 240 3 2 (33) 2 (33) Navachab 360 4 18 (14) 303 38 - (100) - (100) Ergo 361 3 45 (8) 408 16 (3) 200 (3) 200 Savuka 358 - 44 (17) 487 27 (8) 700 (8) 300 Other 27 (68) (9) (57) 7 40 AngloGold Group 364 3 1,390 (3) 237 6 168 - 136 (3) 1. Price received includes realised non-hedge derivatives 2. Operating profit excluding unrealised non-hedge derivatives * Attributable ** Variance September 2003 quarter on June 2003 quarter - Increase (decrease) Review of the gold market The gold market saw yet another volatile and active quarter with a price range of over $50/oz and a closing price of $385/oz almost $40/oz higher than for the opening price for the quarter. The average price of $363/oz was $16/oz higher than the average for the previous quarter. Currency markets also remained volatile, with the US dollar gaining strongly against the Euro for much of the quarter only to end the period close to its lows of $1.19 to the Euro, and fully 10% weaker against the yen. The rand also benefited from the weaker dollar, touching R6.85 to the dollar during the quarter. GOLD PRICE DRIVERS The gold price rallied again during the quarter in spite of the strong recovery in the US dollar against the Euro during July and August, and in spite of rallies in important equity markets. Physical demand for gold remained depressed and provided no help for the price. The driver behind the price was overwhelmingly new and growing investor interest in gold, reflected in buying on the New York Commodity Exchange (Comex). The quarter saw repeatedly higher levels of net long open positions on the Comex, reaching a twenty year high of some 17.1Moz or 532t net long in early September, pushing the spot gold price to its high of $393/oz for the quarter. The new levels of interest were driven by a number of factors, including concerns about global economic recovery, and scepticism about US recovery in particular. Most analysts also see the US dollar as still overvalued, and the US currency weakened sharply again during the last month of the quarter. However, many investors in gold now justify their interest in the metal as appropriate to a range of economic circumstances. This investor interest could be sustained over a number of economic circumstances, and several analysts have recently published higher spot gold price forecasts for next year. INVESTMENT The appearance of new investors in gold has been the critical incremental factor in this market, and the rising gold price over the past eighteen months has been driven by investment and speculative demand for gold. Although volatile, this demand essentially fills the gap caused by falling jewellery demand in the face of higher spot gold prices. The past year has also seen the emergence of new gold investment products in the form of exchange traded gold funds. The first of these has been the Australian instrument launched by Gold Bullion Limited, but further such investment products are under consideration elsewhere. These products provide both institutional and private investors with the opportunity to invest in a traded instrument whose sole underlying asset is physical gold. These products, if successful could add a new category of demand for gold, and would help to sustain a healthier price environment. PHYSICAL The physical market for gold continues to reflect the negative impact of higher spot prices. Supply is up, and demand is down. On the supply side, gold mine production for the first half of 2003 increased by 2% against 2002, whilst scrap gold for sale increased sharply by 26% year on year, at 513t in the first half of 2003. Net mine supply onto the market, however, was reduced by over 300t of gold producer hedge reductions. Net central bank sales were slightly higher than in 2002 at 290t for the first six months of 2003. By contrast, global gold demand for jewellery was down in most areas, with a fall overall of some 4% in gold offtake for jewellery worldwide. CENTRAL BANK The September meetings of the IMF saw the first public comment about a renewal of the 1999 Washington Agreement on official gold sales and lending. The subject will be considered by the central banks concerned early in 2004, and comments seem to imply that renewal is a matter of detail, not of principle. In any extended agreement, the Swiss National Bank would wish to sell a further 130t to complete its original sales target of 1,300t (or approximately half of its reserves in 1999 when the decision to sell was taken). The Bundesbank has also expressed an interest in selling 400 to 600t of its current holdings of 3,440t (second only in the world to the US holdings of 8,135t). It seems likely that the form and extent of the renewal will be orderly and will not negatively impact the gold market. Set against any gold sales programme of a renewed Washington Agreement, the quarter saw encouraging news of official sector interest in increasing gold holdings. Liberalisation of the gold market in China has opened up a measure of debate on gold's possible role in that economy. The quarter saw comment by the Bank of China indicating that it was reasonable that gold should make up a larger percentage of the State's foreign exchange reserves. In addition, a survey indicated Chinese consumer willingness to consider gold in the arena of private savings. Support was also voiced during the quarter by the Russian central bank for a level of gold reserves higher than their current official gold holdings. In the current global economic environment, with American trade and budget deficits likely to endure for some time, and most analysts forecasting further US dollar weakness against both the Euro and major Asian currencies, the comments from China and Russia seem to reflect a diffidence about further growth in official US dollar reserves, and a willingness to reconsider gold as an important reserve asset. CURRENCY Although the US dollar recovered steadily against the Euro from early June, reaching its strongest point of $1.075 to the Euro in August, the recovery was not sustained. During September, the US currency fell back again close to its weakest point of $1.19 to the Euro. An important element in the weakening of the dollar was Japan's retreat from the strategy of the past year of buying dollars to keep the Japanese currency relatively weak against the dollar. During this third quarter, the yen was allowed to strengthen by fully 10% against the dollar, from an opening exchange rate of y120/$ to its current level of y108/$. The return of US dollar weakness to the market was given some official context at the meeting of the G7 Finance Ministers in Dubai in late September, where members of the G7 stated their position that exchange rates should reflect economic fundamentals, and that greater flexibility in exchange rates is desirable for major countries as a means of promoting effective adjustments reflecting market realities in the international financial system. This public position by the G7 was viewed as a recognition of the need for further US dollar weakness. The rand remains strong, disproportionately so by comparison with the weakening of the US dollar against the Euro. The most important single factor here is almost certainly the large interest rate spread in favour of the rand against all major currencies, and the resultant carry trade in rand-denominated instruments. This trade is likely to endure until South African interest rates reduce sufficiently to discourage such funds, or until some other circumstance changes to the disadvantage of the local currency. Until this does, local gold producers - along with many other sectors of the South African economy - will suffer from lower income derived from US dollar-denominated product, and from higher production costs expressed in US dollars. HEDGING As at 30 September 2003, the net delta hedge position of the company was 8,66 Moz or 269,8 tons at a spot price of $383,50 per oz. The marked-to-market value of this position as at 30 September 2003 was negative $447m. The relatively small reduction in the level of hedging compared with the level at 30 June 2003 is a result of a higher delta volume consequent on a sharply higher spot price of gold at this quarter-end. The company continues to manage its hedge positions actively, and to reduce overall levels of forward pricing on gold. Hedge position As at 30 September 2003, the group had outstanding, the following forward-pricing commitments against future production. The total net delta tonnage of the hedge on this date was 8.66Moz or 269.5t (at 30 June 2003: 8.73Moz or 271.5t). The marked-to-market value of all hedge transactions making up the hedge positions was a negative $447m (negative R3.1bn) as at 30 September 2003 (as at 30 June 2003: negative $179.3m - negative R1.35bn). These values were based on a gold price of $383.50/oz, exchange rates of R/$6.95 and A$/$0.6850 and the prevailing market interest rates and volatilities at the time. As at 30 October 2003, the marked-to-market value of the hedge book was a negative $423.2m (negative R2.9bn), based on a gold price of $386.40/oz and exchange rates of R/$6.86 and A$/$0.7053 and the prevailing market interest rates and volatilities at the time. These marked-to-market valuations are in no way predictive of the future value of the hedge position or of future impact on the revenue of the company. The valuation represents the cost of buying all hedge contracts at the time of valuation, at market prices and rates available at the time. Year 2003 2004 2005 2006 2007 2008-2012 Total DOLLAR GOLD Forward Amount 18,374 26,576 19,862 18,974 25,878 109,664 contracts (kg) $ per $315 $324 $333 $337 $355 $334 oz Put options Amount 1,016 5,772 2,624 4,918 728 15,058 purchased (kg) $ per $405 $382 $363 $363 $292 $369 oz *Delta 737 2,555 920 1,587 80 5,879 (kg) Put options Amount 6,532 13,997 2,799 4,354 27,682 sold (kg) $ per $351 $341 $345 $339 $343 oz *Delta 440 3,136 715 1,036 5,327 (kg) Call options Amount 7,268 2,189 9,457 purchased (kg) $ per $343 $328 $340 oz *Delta 6,996 1,863 8,859 (kg) Call options Amount 10,939 12,361 18,227 16,547 14,308 54,245 126,627 sold (kg) $ per $378 $363 $338 $346 $336 $363 $356 oz *Delta 5,820 8,367 13,966 12,245 11,122 41,435 92,955 (kg) RAND GOLD Forward Amount 1,450 8,426 9,078 4,500 4,541 3,732 31,728 contracts (kg) Rand R43,860 R87,523 R116,891 R96,436 R114,915 R119,580 R102,886 per kg Put options Amount 1,875 1,875 1,875 5,625 purchased (kg) Rand R93,602 R93,602 R93,602 R93,602 per kg *Delta 1,329 590 459 2,378 (kg) Put options Amount 1,866 1,866 sold (kg) Rand R89,266 R89,266 per kg *Delta 1,692 1,692 (kg) Call options Amount 632 632 purchased (kg) Rand R75,428 R75,428 per kg *Delta 632 632 (kg) Call options Amount 8,091 2,813 4,687 4,688 2,986 11,944 35,209 sold (kg) Rand R93,689 R129,715 R131,944 R132,647 R173,119 R209,288 R152,798 per kg *Delta 825 94 1,457 1,794 493 2,733 7,396 (kg) Year 2003 2004 2005 2006 2007 2008-2012 Total A DOLLAR GOLD Forward Amount 6,771 5,443 6,221 9,331 8,398 13,343 49,507 contracts (kg) A$ per A$503 A$531 A$685 A$655 A$623 A$635 A$614 oz Put options Amount purchased (kg) A$ per oz *Delta (kg) Put options Amount sold (kg) A$ per oz *Delta (kg) Call options Amount 5,443 3,110 6,221 3,732 11,197 29,703 purchased (kg) A$ per A$637 A$724 A$673 A$668 A$702 A$682 oz *Delta 1,623 877 2,988 1,964 6,365 13,817 (kg) Call options Amount 4,666 4,666 sold (kg) A$ per A$675 A$675 oz *Delta 299 299 (kg) Total net Delta 5,848 38,260 57,216 45,754 41,644 80,756 269,478 gold: (kg) Delta 188,004 1,230,090 1,839,506 1,471,034 1,338,896 2,596,393 8,663,924 (oz) The following table indicates the group's currency hedge position at 30 September 2003 Year 2003 2004 2005 2006 2007 2008-2012 Total RAND DOLLAR (000) Forward Amount contracts ($) Rand per $ Put options Amount purchased ($) Rand per $ *Delta ($) Put options Amount sold ($) Rand per $ *Delta ($) Call options Amount purchased ($) Rand per $ *Delta ($) Call options Amount 10,000 10,000 sold (kg) Rand per R7.55 R7.55 $ *Delta 5 5 ($) A DOLLAR (000) Forward Amount 29,428 29,275 10,847 69,550 contracts ($) A$er $ A$0.59 A$0.59 A$0.51 A$0.58 Put options Amount 10,000 10,000 purchased ($) A$er $ A$0.63 A$0.63 *Delta 6,175 6,175 ($) Put options Amount 10,000 10,000 sold ($) A$er $ A$0.68 A$0.68 *Delta 4,114 4,114 ($) Call options Amount purchased ($) A$er $ *Delta ($) Call options Amount 20,000 20,000 sold ($) A$er $ A$0.60 A$0.60 *Delta 5,676 5,676 ($) * 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-Scholes option formula with the ruling market prices, interest rates and volatilities as at 30 September 2003. GROUP INCOME STATEMENT Quarter Nine ended months ended September June September September 2003 2003 2003 2002 SA Rand million Notes Unaudited Unaudited Unaudited Unaudited Gold income 3,735 3,907 11,580 13,558 Cost of sales 2 (2,821) (2,932) (8,638) (9,208) 914 975 2,942 4,350 Non-hedge derivatives 390 119 665 676 Operating profit (1) 1,304 1,094 3,607 5,026 Corporate (46) (82) (213) (185) administration and other expenses Market development (29) (25) (94) (134) costs Exploration costs (68) (72) (215) (233) Interest receivable 56 63 191 288 Other net expense (31) (66) (130) (54) Finance costs (77) (71) (217) (364) Marked-to-market of 7 - 7 - debt financial instruments Abnormal item - - - - (102) settlement of claim Profit before 1,116 841 2,936 4,242 exceptional items Amortisation of (54) (56) (168) (226) goodwill Impairment of mining (252) (95) (347) - assets Profit (loss) on - 56 56 (139) disposal of assets Profit on disposal of 280 - 280 - investments Termination of - - - 2 retirement benefit plans Profit on ordinary 1,090 746 2,757 3,879 activities before taxation Taxation 3 (334) (266) (938) (1,284) Profit on ordinary 756 480 1,819 2,595 activities after taxation Minority interests (27) (36) (98) (106) Net profit 729 444 1,721 2,489 (1) Adjusted operating profit The operating profit has been adjusted by the following to arrive at adjusted operating profit: Operating profit 1,304 1,094 3,607 5,026 Unrealised non-hedge 300 12 304 (179) derivatives Adjusted operating 1,004 1,082 3,303 5,205 profit Headline earnings The net profit has been adjusted by the following to arrive at headline earnings: Net profit 729 444 1,721 2,489 Amortisation of 54 56 168 226 goodwill Impairment of mining 252 95 347 - assets (Profit) loss on - (56) (56) 139 disposal of assets Profit on disposal of (280) - (280) - investments Termination of - - - (2) retirement benefit plans Taxation on (81) (26) (106) 47 exceptional items Headline earnings 674 513 1,794 2,899 Unrealised non-hedge (307) (12) (311) 179 derivatives and marked-to-market of debt financial instruments Deferred tax on 130 15 145 (82) unrealised non-hedge derivatives Adjusted headline 497 516 1,628 2,996 earnings Earnings per ordinary share (cents) - Basic 327 199 773 1,123 - Diluted 326 199 769 1,116 - Headline 303 230 805 1,307 - Adjusted headline 223 232 731 1,351 Interim dividends - Rm 837 1,506 - cents per share 375 675 The results have been prepared in accordance with International Financial Reporting Standards (IFRS) GROUP INCOME STATEMENT Quarter Nine ended months ended September June September September 2003 2003 2003 2002 US Dollar million Notes Unaudited Unaudited Unaudited Unaudited Gold income 505 505 1,482 1,260 Cost of sales 2 (381) (380) (1,107) (856) 124 125 375 404 Non-hedge derivatives 52 17 88 62 Operating profit (1) 176 142 463 466 Corporate (6) (11) (27) (17) administration and other expenses Market development (4) (3) (12) (12) costs Exploration costs (9) (9) (28) (22) Interest receivable 8 9 24 27 Other net expense (4) (11) (17) (5) Finance costs (11) (9) (28) (34) Marked-to-market of 1 - 1 - debt financial instruments Abnormal item - - - - (10) settlement of claim Profit before 151 108 376 393 exceptional items Amortisation of (7) (7) (21) (21) goodwill Impairment of mining (35) (12) (47) - assets Profit (loss) on - 7 7 (12) disposal of assets Profit on disposal of 38 - 38 - investments Termination of - - - - retirement benefit plans Profit on ordinary 147 96 353 360 activities before taxation Taxation 3 (46) (34) (122) (119) Profit on ordinary 101 62 231 241 activities after taxation Minority interests (4) (5) (12) (10) Net profit 97 57 219 231 (1) Adjusted operating profit The operating profit has been adjusted by the following to arrive at adjusted operating profit: Operating profit 176 142 463 466 Unrealised non-hedge 40 2 41 (17) derivatives Adjusted operating 136 140 422 483 profit Headline earnings The net profit has been adjusted by the following to arrive at headline earnings: Net profit 97 57 219 231 Amortisation of 7 7 21 21 goodwill Impairment of mining 35 12 47 - assets (Profit) loss on - (7) (7) 12 disposal of assets Profit on disposal of (38) - (38) - investments Termination of - - - - retirement benefit plans Taxation on (11) (3) (14) 4 exceptional items Headline earnings 90 66 228 268 Unrealised non-hedge (41) (2) (42) 17 derivatives and marked-to-market of debt financial instruments Deferred tax on 18 2 21 (8) unrealised non-hedge derivatives Adjusted headline 67 66 207 277 earnings Earnings per ordinary share (cents) - Basic 44 26 98 104 - Diluted 43 26 98 104 - Headline 40 30 102 121 - Adjusted headline 30 30 93 125 Interim dividends(2) - $m 113 142 - cents per share 51 64 (2)Dividends are translated at actual rates on date of payment The results have been prepared in accordance with International Financial Reporting Standards (IFRS) GROUP BALANCE SHEET As at As at As at As at September June December September 2003 2003 2002 2002 SA Rand million Unaudited Unaudited Audited Unaudited ASSETS Non-current assets Mining assets 17,711 18,283 19,555 21,845 Goodwill 2,735 2,980 3,210 4,012 Investments in 151 155 165 154 associates Other investments 174 219 197 201 AngloGold 297 292 275 238 Environmental Rehabilitation Trust Other non-current 551 565 466 505 assets Derivatives 563 592 549 867 22,182 23,086 24,417 27,822 Current assets Inventories 1,781 1,778 1,848 2,200 Trade and other 1,316 1,523 2,190 2,464 receivables Cash and cash 3,765 2,330 3,544 3,645 equivalents Current portion of 62 67 3 4 other non-current assets Derivatives 2,762 1,954 1,996 1,561 9,686 7,652 9,581 9,874 TOTAL ASSETS 31,868 30,738 33,998 37,696 EQUITY AND LIABILITIES Equity Shareholders' 10,784 12,146 12,375 12,804 equity Minority interests 257 304 347 402 11,041 12,450 12,722 13,206 Non-current liabilities Borrowings 5,758 4,122 7,219 9,106 Provisions 1,744 1,798 2,008 2,118 Deferred taxation 4,011 3,953 3,445 2,977 Derivatives 1,647 1,200 2,028 3,479 13,160 11,073 14,700 17,680 Current liabilities Current portion of 2,264 2,547 719 990 borrowings Trade and other 2,049 2,181 2,145 2,470 payables Taxation 267 193 1,124 1,331 Derivatives 3,087 2,294 2,588 2,019 7,667 7,215 6,576 6,810 TOTAL EQUITY AND 31,868 30,738 33,998 37,696 LIABILITIES The results have been prepared in accordance with International Financial Reporting Standards (IFRS) GROUP BALANCE SHEET As at As at As at As at September June December September 2003 2003 2002 2002 US Dollar million Unaudited Unaudited Audited Unaudited ASSETS Non-current assets Mining assets 2,552 2,443 2,280 2,071 Goodwill 394 398 374 380 Investments in 22 21 19 15 associates Other investments 25 29 23 19 AngloGold 43 39 32 23 Environmental Rehabilitation Trust Other non-current 79 75 55 48 assets Derivatives 81 79 64 82 3,196 3,084 2,847 2,638 Current assets Inventories 257 238 216 209 Trade and other 190 203 255 234 receivables Cash and cash 542 311 413 346 equivalents Current portion of 9 9 - - other non-current assets Derivatives 398 261 233 148 1,396 1,022 1,117 937 TOTAL ASSETS 4,592 4,106 3,964 3,575 EQUITY AND LIABILITIES Equity Shareholders' 1,555 1,622 1,443 1,216 equity Minority interests 37 41 40 38 1,592 1,663 1,483 1,254 Non-current liabilities Borrowings 830 551 842 863 Provisions 251 240 234 201 Deferred taxation 578 528 402 282 Derivatives 237 160 236 330 1,896 1,479 1,714 1,676 Current liabilities Current portion of 326 340 84 94 borrowings Trade and other 295 291 250 234 payables Taxation 38 26 131 126 Derivatives 445 307 302 191 1,104 964 767 645 TOTAL EQUITY AND 4,592 4,106 3,964 3,575 LIABILITIES The results have been prepared in accordance with International Financial Reporting Standards (IFRS) GROUP CASH FLOW STATEMENT Quarter Nine ended months ended September June September September 2003 2003 2003 2002 SA Rand million Unaudited Unaudited Unaudited Unaudited Cash flows from operating activities Cash generated from 1,043 1,106 3,626 6,150 operations Interest received 46 53 161 258 Environmental and other (41) (33) (125) (105) expenditure Dividends received from - - 9 19 associates Finance costs (67) (58) (211) (333) Recoupment tax received: - 681 681 - Free State assets Recoupment tax paid: - (681) (681) - Free State assets Taxation paid (51) (547) (677) (932) Net cash inflow from 930 521 2,783 5,057 operating activities Cash flows from investing activities Capital expenditure (661) (538) (1,687) (1,962) Proceeds from disposal 5 14 18 - of mining assets Net proceeds from - - - 1,554 disposal of mines Proceeds - - - 1,819 Contractual obligations - - - (265) Investments acquired - (3) (3) (356) Proceeds from disposal 351 - 351 1,834 of investments Acquisition of - - - (979) subsidiary Disposal of subsidiary - 8 8 - Loans advanced (2) (6) (10) (49) Repayment of loans 14 7 22 151 advanced Net cash (outflow) (293) (518) (1,301) 193 inflow from investing activities Cash flows from financing activities Proceeds from issue of 21 3 41 89 share capital Share issue expenses (1) (1) (2) (116) Proceeds from borrowings 2,182 75 2,330 8,520 Repayment of borrowings (366) (305) (780) (9,339) Dividends paid (882) (38) (2,442) (2,792) Net cash inflow 954 (266) (853) (3,638) (outflow) from financing activities Net increase (decrease) 1,591 (263) 629 1,612 in cash and cash equivalents Translation (156) (93) (408) (251) Opening cash and cash 2,330 2,686 3,544 2,284 equivalents Closing cash and cash 3,765 2,330 3,765 3,645 equivalents Cash generated from operations Profit on ordinary 1,090 746 2,757 3,879 activities before taxation Adjusted for: Non-cash movements (97) (15) (189) (147) Amortisation of mining 391 444 1,284 1,908 assets Interest receivable (56) (63) (191) (288) Other net income (3) 26 87 (12) Finance costs 77 71 217 364 Movement on non-hedge (337) (26) (351) 179 derivatives Amortisation of goodwill 54 56 168 226 Impairment of mining 252 95 347 - assets (Profit) loss on - (56) (56) 86 disposal of assets Termination of - - - (2) retirement benefit plans Profit on disposal of (280) - (280) - investments Movement in working (48) (172) (167) (43) capital 1,043 1,106 3,626 6,150 Movement in working capital: Decrease (increase) in 207 (99) 192 240 trade and other receivables (Increase) decrease in (1) 26 54 (253) inventories Decrease in trade and (254) (99) (413) (30) other payables (48) (172) (167) (43) The results have been prepared in accordance with International Financial Reporting Standards (IFRS) GROUP CASH FLOW STATEMENT Quarter Nine ended months ended September June September September 2003 2003 2003 2002 US Dollar million Unaudited Unaudited Unaudited Unaudited Cash flows from operating activities Cash generated from 145 130 457 570 operations Interest received 6 7 20 24 Environmental and other (5) (4) (15) (10) expenditure Dividends received from - - 1 2 associates Finance costs (9) (8) (27) (31) Recoupment tax received: - 91 91 - Free State assets Recoupment tax paid: - (91) (91) - Free State assets Taxation paid (11) (62) (83) (86) Net cash inflow from 126 63 353 469 operating activities Cash flows from investing activities Capital expenditure (88) (69) (216) (182) Proceeds from disposal 1 2 3 - of mining assets Net proceeds from - - - 141 disposal of mines Proceeds - - - 164 Contractual obligations - - - (23) Investments acquired - - - (33) Proceeds from disposal 45 - 45 159 of investments Acquisition of - - - (97) subsidiary Disposal of subsidiary - 1 1 - Loans advanced - (1) (1) (5) Repayment of loans 1 1 2 14 advanced Net cash (outflow) (41) (66) (166) (3) inflow from investing activities Cash flows from financing activities Proceeds from issue of 3 - 6 8 share capital Share issue expenses - - - (11) Proceeds from borrowings 296 9 314 789 Repayment of borrowings (48) (38) (100) (865) Dividends paid (119) (5) (309) (257) Net cash inflow 132 (34) (89) (336) (outflow) from financing activities Net increase (decrease) 217 (37) 98 130 in cash and cash equivalents Translation 14 8 31 25 Opening cash and cash 311 340 413 191 equivalents Closing cash and cash 542 311 542 346 equivalents Cash generated from operations Profit on ordinary 147 96 353 360 activities before taxation Adjusted for: Non-cash movements (13) (2) (25) (14) Amortisation of mining 53 57 164 178 assets Interest receivable (8) (9) (24) (27) Other net income (2) 4 11 (1) Finance costs 11 9 28 34 Movement on non-hedge (45) (3) (47) 17 derivatives Amortisation of goodwill 7 7 21 21 Impairment of mining 35 12 47 - assets (Profit) loss on - (7) (7) 8 disposal of assets Termination of - - - - retirement benefit plans Profit on disposal of (38) - (38) - investments Movement in working (2) (34) (26) (6) capital 145 130 457 570 Movement in working capital: Decrease (increase) in 14 (28) (25) 2 trade and other receivables (Increase) decrease in (19) (9) (43) (46) inventories Decrease in trade and 3 3 42 38 other payables (2) (34) (26) (6) The results have been prepared in accordance with International Financial Reporting Standards (IFRS) STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY Ordinary share Non - Foreign Other capital distributable currency comprehensive Retained and premium reserves translation income earnings Total SA Rand million Balance at 31 8,140 143 2,999 (1,057) 3,132 13,357 December 2001 Movements on (829) (829) other comprehensive income Net profit 2,489 2,489 Dividends paid (2,728) (2,728) Ordinary shares 1,397 1,397 issued Transfer from (6) 6 - non-distributable reserves Translation (870) (12) - (882) Balance at 30 9,537 137 2,129 (1,898) 2,899 12,804 September 2002 Balance at 31 9,607 138 360 (1,583) 3,853 12,375 December 2002 Movements on (69) (69) other comprehensive income Net profit 1,721 1,721 Dividends paid (2,337) (2,337) Ordinary shares 39 39 issued Transfer from - - - non-distributable reserves Translation (1,138) 193 - (945) Balance at 30 9,646 138 (778) (1,459) 3,237 10,784 September 2003 US Dollar million Balance at 31 681 12 250 (88) 262 1,117 December 2001 Movements on (69) (69) other comprehensive income Net profit 231 231 Dividends paid (251) (251) Ordinary shares 129 129 issued Transfer from (1) 1 - non-distributable reserves Translation 94 2 (46) (23) 32 59 Balance at 30 904 13 204 (180) 275 1,216 September 2002 Balance at 31 1,120 16 43 (185) 449 1,443 December 2002 Movements on (2) (2) other comprehensive income Net profit 219 219 Dividends paid (296) (296) Ordinary shares 5 5 issued Transfer from - - - non-distributable reserves Translation 265 5 (155) (23) 94 186 Balance at 30 1,390 21 (112) (210) 466 1,555 September 2003 The results have been prepared in accordance with International Financial Reporting Standards (IFRS) NOTES 1. Basis of preparation The financial statements have been prepared in accordance with the historic cost convention, except for certain financial instruments, which have been stated at fair value. The group's accounting policies used in the preparation of the interim financial statements are consistent with those used in the annual financial statements for the year ended 31 December 2002. The summarised group financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS) and South African Generally Accepted Accounting Practices (SA GAAP), in compliance with the Listings Requirements of the JSE Securities Exchange South Africa (JSE) and in the manner required by the South African Companies Act, 1973 for the preparation of interim financial information. Accordingly, the financial statements do not include all the information and disclosures required by IFRS, SA GAAP and in the manner required by the South African Companies Act, 1973 for annual consolidated financial statements. 2. Cost of sales Rm (unaudited) $m (unaudited) Quarter ended Nine months Quarter ended Nine months ended ended Sept June Sept Sept Sept June Sept Sept 2003 2003 2003 2002 2003 2003 2003 2002 Cash operating 2,395 2,429 7,202 7,305 324 314 923 679 costs Other cash costs 60 63 193 201 8 9 25 18 Total cash costs 2,455 2,492 7,395 7,506 332 323 948 697 Retrenchment costs 7 2 13 30 1 1 2 3 Rehabilitation and 17 25 65 46 2 3 8 4 other non- cash costs Production costs 2,479 2,519 7,473 7,582 335 327 958 704 Amortisation of 391 444 1,284 1,908 53 57 164 178 mining assets Total production 2,870 2,963 8,757 9,490 388 384 1,122 882 costs Inventory change (49) (31) (119) (282) (7) (4) (15) (26) 2,821 2,932 8,638 9,208 381 380 1,107 856 3. Taxation Rm (unaudited) $m (unaudited) Quarter ended Nine months Quarter ended Nine months ended ended Sept June Sept Sept Sept June Sept Sept 2003 2003 2003 2002 2003 2003 2003 2002 Normal taxation 93 151 489 1,104 13 20 61 107 Deferred taxation 192 126 410 262 26 15 54 21 Deferred tax on 130 15 145 (82) 18 2 21 (8) unrealised non-hedge derivatives Taxation on - - - (47) - - - (5) abnormal item Taxation on (81) (26) (106) 47 (11) (3) (14) 4 exceptional items 334 266 938 1,284 46 34 122 119 4. Shares 30 Sept 30 June 30 Sept 2003 2003 2002 Shares in issue: Ordinary shares 222,946,842 222,785,154 222,278,426 A redeemable preference shares 2,000,000 2,000,000 2,000,000 B redeemable preference shares 778,896 778,896 778,896 Weighted average number of ordinary shares for the year: Basic 222,772,159 222,737,513 221,736,404 Diluted 223,817,500 223,437,590 223,024,350 During the quarter, 161,688 ordinary shares were allotted in terms of the AngloGold Share Incentive Scheme. All the preference shares are held by a wholly-owned subsidiary company. 5. Capital commitments: Orders placed and outstanding on capital contracts at the prevailing rate of exchange on that date: Rm $m 30 Sept 30 June 31 Dec 30 Sept 30 Sept 30 June 31 Dec 30 Sept 2003 2003 2002 2002 2003 2003 2002 2002 864 1,123 918 1,067 118 150 107 101 6. Exchange rates 30 Sept 30 June 31 Dec 30 Sept 2003 2003 2002 2002 Rand/US dollar average year to 7.82 8.03 10.48 10.79 date Rand/US dollar average quarterly 7.40 7.73 9.62 10.42 Rand/US dollar closing 6.94 7.48 8.58 10.55 7. Interest Although AngloGold holds a 66.7% interest in Cripple Creek & Victor Gold Mining Company Limited, it is currently entitled to receive 100% of the cash flow from the operation until the loan, extended to the joint venture by AngloGold North America Inc., is repaid. 8. Bond AngloGold launched a senior unsecured, five year, R2 billion bond on 21 August 2003 at a spread of 118 basis points to the South African R194 government bond at a fixed semi-annual coupon of 10.5%. The Bond was listed on the Bond Exchange of South Africa under the code "AG01" on 28 August 2003 and has a maturity date of 28 August 2008. Coupons are payable on 28 August and 28 February. This debut bond issue was placed with a wide spread of domestic institutional investors. 9. Announcements: Since 1 July 2003, AngloGold made the following announcements: 9.1 Further to the announcements made by AngloGold on 16 May 2003 and 13 June 2003, AngloGold and Ashanti Goldfields Company Limited issued a joint announcement on 4 August 2003, which detailed the proposed merger of the two companies. The Transaction Agreement which was signed by both parties outlined the terms and structure of the merger. In essence, the merger, which would be effected by means of a scheme of arrangement between Ashanti and its shareholders, proposed that AngloGold offer to Ashanti shareholders, 26 AngloGold shares for every 100 Ashanti ordinary shares and global depositary securities. This announcement was followed by further cautionary announcements on 22 September 2003, in which AngloGold advised that it was awaiting a response from the Government of Ghana, a substantial shareholder and regulator of Ashanti, on whether it would support the merger, and on 23 September 2003 in which AngloGold advised that it had reached agreement with Ashanti to extend the Transaction Agreement to 31 October 2003, or such later date as may be agreed by Ashanti and AngloGold. On 15 October 2003 it was announced that AngloGold had increased its offer to 29 AngloGold ordinary shares for every 100 Ashanti ordinary shares and global depositary securities and that the board of Ashanti had resolved to recommend the proposed merger to its shareholders. Lonmin Plc, which holds 27.6% of Ashanti's issued share capital, has undertaken to vote its shares in favour of the merger. The merger is conditional on the support of the Government of Ghana as shareholder and regulator of Ashanti, the approval of the scheme of arrangement and its confirmation by the High Court of Ghana and certain other regulatory approvals and third party consents, as detailed in the 4 August 2003 announcement. On 29 October 2003 it was announced that the Government of Ghana supported AngloGold's proposed merger with Ashanti. On 30 October 2003, AngloGold announced the principal terms of commitments with the Government of Ghana. 9.2 On 18 September 2003 AngloGold and Gold Fields Limited jointly announced that agreement had been reached on the sale by Gold Fields of a portion of the Driefontein mining area to AngloGold for a cash consideration of R315 million. Copies of the detailed announcements may be accessed from the AngloGold website on www.anglogold.com. 10. Dividends: Interim dividend No. 94 of 375 South African cents or 31.964 UK pence per share was paid to registered shareholders on 29 August 2003, while a dividend of 15.7425 Australian cents per CHESS Depositary Interest (CDI) was paid on the same day. Each CDI represents one-fifth of an ordinary share. A dividend was paid to holders of American Depositary Receipts (ADRs) on 9 September 2003 at a rate of 50.73 US cents per American Depositary Share (ADS). Each ADS represents one ordinary share. 11. The group financial statements for the quarter and nine months ended 30 September 2003 were authorised for issue in accordance with a resolution of the directors passed on 30 October 2003. AngloGold is a limited liability company incorporated in the Republic of South Africa. 12. This report contains a summary of the results of AngloGold's operations. A detailed report appears on the Internet and is obtainable in printed format from the investor relations contacts, whose details, along with the website address, appear at the end of this report. By order of the board R P EDEY R M GODSELL Chairman Chief Executive Officer 30 October 2003 Exploration AngloGold's exploration activities are focused on discovering long-life, low-cost orebodies, utilising multi-disciplinary teams and appropriate state-of-the-art exploration techniques and technology. During the quarter Exploration continued to yield encouraging results from several projects - the satellite oxide exploration programme at Sadiola and deeper mineralisation extensions at Sunrise Dam in particular. Regional exploration overview 1. In Mali drilling for satellite oxide resources at Sadiola continued to yield positive results. Reverse Circulation (RC) results at the FE3 Southern Extension included: 22m at 8.90g/t from 68m in AFE3S-115 and 44m at 3.71g/t from 36m in AFE3S-114. Resource delineation drilling of the Western Lobe at FE4 continued during the quarter and the deposit still appears to be open-ended to the south-west and west of the current pit position. RC results included: 32m at 2.58g/t from 142m in AFE4-387 and 10m at 2.04g/t from 38m in AFE4-383. Phase VI of the hard sulphides diamond drilling programme at Sadiola is 73% complete. 2. Encouraging results continue to be received from a first pass Rotary Airblast (RAB) drilling campaign at the Garalo greenfields prospect, some 100km south-west of Morila. These will be followed by an RC drilling programme after the rainy season in the fourth quarter. 3. At Geita in Tanzania, exploration drilling was completed at Nyankanga West and East and restarted at Geita Hill. Follow-up diamond drilling of a high-grade zone at Nyankanga West intersected further high-grade mineralisation in drillhole NYDD0147. Results included 4m at 190.20g/t from 189m and 13m at 66.20g/t from 184m. Results of infill down-dip drilling of the north-eastern side of the Geita Hill pit included: 7m at 7.00g/t from 316m in GHDD-127 and 6m at 6.31g/t from 316m in GHDD-129. 4. Drilling at the Navachab expansion project in Namibia was completed. The pre-feasibility study is scheduled for completion in the fourth quarter and, if the results are positive, a feasibility study will take place in 2004. 5. In North America, exploration continued at Cripple Creek, where over 21,500m of drilling was completed to define new mineralisation at the Wild Horse Extension (WHEX) project and to test targets proximal to the current reserve areas. In addition, drill testing for deep, high-grade mineralisation in the district continued. Encouraging results were obtained and additional drilling has been scheduled for the fourth quarter. 6. In Alaska exploration continued on greenfields projects within the Tintina Gold Belt where geophysical surveying, geochemical sampling and approximately 2,000m of drilling was completed on three projects. Encouraging results were obtained and will be the focus of follow-up exploration. 7. In Canada, exploration at the Red Lake Joint Venture was devoted to the Rivard area where geochemical sampling and over 1,600m of drilling was conducted in the quarter. Results of three years of exploration suggest that the western portion of the Red Lake Greenstone Belt is more prospective. Accordingly, AngloGold has arranged with its partner Rubicon, to dissolve the Joint Venture and rationalise the tenement portfolio to leave AngloGold holding 100% of the western area at Rivard. 8. In South America ongoing diamond drilling of the Cachorro Bravo orebody at Córrego do Sítio in Brazil has confirmed flat, north-plunging, sulphide mineralisation over a down-plunge length of 800m, to a vertical depth of 350m. Intersections ranged in grade between 4.00g/t and 13.00g/t over widths of 2m to 4m. The exploration ramp has intersected the 4m thick, well-developed, main ore zone at its anticipated position and assay results are pending. All intersection lengths closely approximate to true widths. 9. At the Crixás Mine in Brazil, diamond drilling of the upper Forquilha Sul ore zone has confirmed continuity of mineralisation over a strike length of approximately 200m and a down-plunge length of 300m at an approximate vertical depth of 350m. This ore zone, which overlies the principal Mina III orebody, has been intercepted in 8 diamond holes, spaced approximately 50m both along strike and downdip, yielded grades varying between 3.00g/t and 7.50g/t over widths of 3 to 10m. The mineralisation has been closed off up-plunge but is still open down-plunge. All intersection lengths are closely approximate to true widths. 10. At Cerro Vanguardia in Argentina, drilling continued to define depth and strike extensions of the Loma del Muerto, Loma Sur, Paula and Mangas Sur veins for possible future open-pit and underground resources. 11. In Peru, regional greenfields exploration was focused on further reconnaissance and property-scale investigation in different areas of the Peruvian Andean region. At La Rescatada the present diamond drilling programme has been extended to year-end to drill test three oxide targets and conduct metallurgical test work in order to reach a decision point by year-end. 12. In Australia drilling at Sunrise Dam has largely focused on deep drilling within and beneath the Sunrise Shear. The Sunrise Shear mineralisation was extended approximately 200m to the northwest on the down-dip extension of the underground resource. The Dolly Lode was intersected at a drilled depth of 1,071m (6m at 5.92g/t in CD827W2), approximately 400m beneath previous drill intercepts, indicating extensions of the structure at depth. Additional narrow, high-grade mineralisation was intersected in the Dolly Hanging Wall Lodes, including 3m at 19.43g/t from 704m (CD827). Shallow mineralisation was again intersected immediately west of the pit in the previously defined Mako and Duckpond areas and could indicate potential for a small high-grade pod of saprolite mineralisation. Furthermore, a new zone of mineralisation has been identified immediately to the west of the current pit design with an intersection of 6m at 5.15g/t from 153m (CRC101) and 2m at 41.31g/t from 61m (CRC104). Further drilling is required to understand the geometry and extent of this zone. 13.In South Africa two diamond drill holes G49 and G51 are in progress at Goedgenoeg to the west of Tau Lekoa. Diamond drill hole G50 was completed during the quarter and intersected the Ventersdorp Contact Reef at a depth of 2,227m, yielding a mean borehole value of 22.08g/t over 18.52cm for 409cmg/t. The five deflection values varied between 83.60g/t over 16.91cm for 1,414cmg/t to 0.26 g/t over 11.88cm for 3cmg/t. All intersection widths are corrected widths. Note: Unless otherwise stated, all intercepts are at drilled widths and drilled depths. Administrative information AngloGold Limited Registration No. 1944/017354/06 Incorporated in the Republic of South Africa ISIN: ZAE000043485 Share codes: JSE: ANG LSE: 79 LK NYSE: AU ASX: AGG Euronext Paris: VA FP Euronext Brussels: ANG BB JSE Sponsor: UBS Auditors: Ernst & Young Contacts South Africa Steve Lenahan Telephone: +27 11 637 6248 Fax: +27 11 637 6400 E-mail: slenahan@anglogold.com Peta Baldwin Telephone: +27 11 637 6647 Fax: +27 11 637 6399 E-mail: pbaldwin@anglogold.com Europe / Asia Tomasz Nadrowski Telephone: +1 212 750 7999 Fax: +1 212 750 5626 E-mail: tnadrowski@anglogold.com United States of America Charles Carter Telephone: (800) 417 9255 (toll free in USA and Canada) or +1 212 750 7999 Fax: +1 212 750 5626 E-mail: cecarter@anglogold.com Australia Andrea Maxey Telephone: +61 8 9425 4604 Fax: +61 8 9425 4662 E-mail: amaxey@anglogold.com.au General E-mail enquiries investors@anglogold.com AngloGold website http://www.anglogold.com Directors Executive R M Godsell (Chief Executive Officer) J G Best D L Hodgson K H Williams Non-Executive R P Edey* (Chairman) Dr T J Motlatsi (Deputy Chairman) F B Arisman# Mrs E le R Bradley C B Brayshaw A W Lea (Alternate: P G Whitcutt) W A Nairn (Alternate: A H Calver*) J Ogilvie Thompson (Alternate: D D Barber) N F Oppenheimer A J Trahar * British # American Offices Registered and Corporate Managing Secretary Ms Y Z Simelane Company Secretary C R Bull 11 Diagonal Street Johannesburg 2001 (PO Box 62117, Marshalltown 2107) South Africa Telephone: +27 11 637 6000 Fax: +27 11 637 6624 Australia Level 13, St Martins Tower 44 St George's Terrace Perth, WA 6000 (PO Box Z5046, Perth WA 6831) Australia Telephone: +61 8 9425 4604 Fax: +61 8 9425 4662 United Kingdom Secretaries St James's Corporate Services Limited 6 St James's Place London SW1A 1NP England Telephone: +44 20 7499 3916 Fax: +44 20 7491 1989 PRINTED BY INCE (PTY) LIMITED Share Registrars South Africa Computershare Limited Ground Floor, 70 Marshall Street Johannesburg 2001 (PO Box 61051, Marshalltown 2107) South Africa Telephone: +27 11 370 7700 Fax: +27 11 688 7722 United Kingdom Computershare Investor Services PLC P O Box 82 The Pavilions Bridgwater Road Bristol BS99 7NH England Telephone: +44 870 702 0001 Fax: +44 870 703 6119 Australia Computershare Investor Services Pty Limited Level 2, 45 St George's Terrace Perth, WA 6000 (GPO Box D182 Perth, WA 6840) Australia Telephone: +61 8 9323 2000 Telephone: 1300 55 7010 (in Australia) Fax: +61 8 9323 2033 ADR Depositary The Bank of New York 101 Barclay Street 22nd Floor New York, NY 10286 United States of America Telephone: +1 888 269 2377 Fax: +1 212 571 3050/3052 Global BuyDIRECTSM The Bank of New York maintains a direct share purchase and dividend reinvestment plan for AngloGold. For additional information, please visit The Bank of New York's website at www.globalbuydirect.com or call Shareholder Relations Department at 1-888-BNY-ADRS or write to: The Bank of New York Church Street Station, PO Box 11258 New York, NY 10286-1258 United States of America Fax: +1 302 738 7210 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 intiatives, changes in the regulatory environment and other government actions, fluctuations in gold prices and exchange rates, and business and operational risk management. For a discussion on such risk factors, refer to the annual report on Form 20-F for the year ended 31 December 2002, which was filed with the Securities and Exchange Commission on 7 April 2003. END
1 Year Anglogold Ash Chart |
1 Month Anglogold Ash Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions