Economic performance

• Business combination between the operations of AngloGold Limited with those of Ashanti Goldfields Company Limited, effective 26 April 2004.
• Total gold production up 8% to 6.05 million ounces (2003: 5.62 million ounces).
• Total gold income of $2,396 million for 2004 (2003: $2,029 million).
• Total cost of goods and services used to operate mines and produce refined metal, including market development costs and net of other income, was $900 million in 2004 (2003: $760 million).
• Payments to employees, including salaries, wages and other benefits, totalled $860 million in 2004 (2003: $660 million).
• Net $40 million taxation utilised in the group. $142 million distributed in 2003.
• Dividends of $147 million distributed to shareholders.
• Financing costs and unwinding of decommisioning obligations of $87 million in 2004. In 2003 this was $53 million.
• Capital expenditure of $585 million in 2004 (2003: $449 million)⁽¹⁾.
• As at 31 December 2004, Ore Reserves were up 25% to 79 million ounces and Mineral Resources were 3% higher at 218 million ounces.

⁽¹⁾ 2003 restated to reflect the change in accounting treatment of Ore Reserve development expenditure.

Gold production (000 oz)

Total cash costs $/oz

Gold price received $/oz