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Key features – 2003
 
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Gold production down by 5% to 5.62Moz, as anticipated
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Average Dollar gold spot price 17% higher at $363/oz, but 16% lower in Rand terms at R88,058/kg
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Total cash costs rise 42% to $229/oz with strengthening local currencies
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Adjusted headline earnings down by 23% to $282 million
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Total dividend for the year of R7.10 per share, or $1.01 per ADS
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Ore Reserves down 15% to 63Moz and Mineral Resources 26% lower at 213Moz at the end of December 2003, due to production depletion and changes to mine planning parameters.
 
 
Throughout this document, $ refers to US Dollars, unless otherwise stated.
For other abbreviations see glossary of terms.
 
    2003   2002
  Average for year Closing rate Average for year Closing rate
R/$ 7.5516 6.6679 10.4835 8.5775
A$/S 1.5406 1.3275 1.8383 1.7873
 
Certain forward-looking statements
Certain statements contained in this document including, without limitation, those concerning the economic outlook for the gold mining industry, expectations regarding gold prices and production, the completion and commencement of commercial operations of certain of AngloGold’s exploration and production projects, and its liquidity and capital resources and expenditure, contain certain forward-looking statements regarding AngloGold’s operations, economic performance and financial condition. Although AngloGold believes that the expectations reflected in such forward-looking statements are reasonable, no assurance can be given that such expectations will prove to have been correct. Accordingly, results could differ materially from those set out in the forward-looking statements as a result of, among other factors, changes in economic and market conditions, success of business and operating initiatives, changes in the regulatory environment and other government action, fluctuations in gold prices and exchange rates, and business and operational risk management. For a discussion of such factors, refer to the annual report on Form 20-F for the year ended 31 December 2003, which was filed with the Securities and Exchange Commission on or about 15 March 2004.
 
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