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| Review of 2003 |
| Financial performance |
A full review of the 2003 financial
year can be found in AngloGold?s
2003 Annual Financial Statements.
Sections of these may be found as follows:
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| Adding value |
The following charts indicate the
distribution of the wealth created by the company during 2003, and a
comparison with 2002. A detailed
value-added statement may be found
in the Annual Financial Statements.
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| Gold production |
AngloGold produced 5.62Moz of gold
in 2003 from 19 operations in eight countries. This was, as expected
5% down on the previous year.
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| Attributable production by region (000 oz) |
|
REGION |
2003 |
2002 |
| South Africa |
3,281 |
3,412 |
| East
and West Africa |
981 |
1,085 |
| South
America |
532 |
478 |
|
Australia |
432 |
502 |
| North America |
390 |
462 |
| Total |
5,616 |
5,939 |
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| Income generated by destination |
Income of US$2,029 million was
generated in the following regions during 2003. Information for 2002
(US$1,761 million) is provided for comparative purposes.
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| Distributions to employees (including executive directors) |
Some US$660 million (equivalent to
44% of the value created by the group) was distributed to employees
during 2003. (US$443 million or 35% in 2002). This may be analysed
as follows:
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| Dividends |
The following dividends were
declared and paid during the 2003 financial year:
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| • |
A dividend of R6.75 per ordinary share (82
US cents per share), declared on 30 January 2003 in respect of
the second half of 2002, was paid on 28 February 2003. This
amounted to a payment of R1.5 billion or US$183 million. |
| • |
A dividend of R3.75 per ordinary share (51
US cents per share), declared on 30 July 2003 in respect of the
first half of 2003, was paid on 29 August. This amounted to a
payment of R836 million or US$113 million. |
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In addition, the following dividend has been declared in respect of
the second half of 2003, was paid in the 2004 financial year.
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| • |
A dividend of R3.35 per ordinary share (50
US cents per share) was declared on 29 January 2004 and was paid
on 27 February 2004. |
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| Finance costs |
Some US$49 million was paid in finance costs
during the year (2002: US$44 million). A breakdown of this is shown
below. Further details may be found in the
Annual Financial Statements.
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| Capital expenditure |
The group recorded significant capital
expenditure during the year in order to sustain operations. This
amounted to some US$363 million, up by 34% on the previous year.
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| Exploration activities continue |
AngloGold?s exploration programme supports the
group?s growth strategy by sustaining or growing existing operations
(brownfields exploration) and trying to discover gold deposits in
new areas (greenfields exploration). Exploration expenditure
amounted to US$63.4 million in 2003.
See the Annual Financial Statements
for a comprehensive review of
exploration undertaken during the year.
Brownfields exploration is being undertaken on and around almost all
of the group?s existing operations. During the year, greenfields
exploration took place in traditional areas such as Australia, Mali,
Canada, Alaska, Peru and Brazil, as well as ?frontier? areas in
Mongolia. (See map below).
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Enlarge map of operations |
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