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Gold/Mining/Energy : Gold Price Monitor -- Ignore unavailable to you. Want to Upgrade?

To: Herb Duncan who wrote (63106)	1/31/2001 6:50:10 AM
From: long-gone	Read Replies (1) \| Respond to of 116764

more Profit than made in all of AMZN history(should we even discuss dividend?): Results for the Quarter ended 31 December 2000 Date: Wednesday, January 31, 2001 ANGLOGOLD REPORTS INCREASES IN PRODUCTION, OPERATING PROFIT AND EARNINGS Key features for the quarter - Good performance overall despite reduced number of operating shifts in SA - Gold production up 2% to 57,906 kilograms (1.86 million ounces) - Operating profit up 9% to R75 million - Headline earnings up 1% to R430 million - Growth projects add value: Morila brings 57,000 attributable ounces at $88/oz cash cost and $7 million to operating profit - Impairment of certain assets results in a net loss of R132 million - Final dividend of R6.50, giving dividend of R14 for the year at yield of 6.4% Chairman and CEO Bobby Godsell said that while the gold price had remained at the lowest levels in two decades and the company had experienced disappointing performance in its South African operations, the year 2000 had seen a major expansion in AngloGold’s key Australian mine, Sunrise Dam; the launching of Yatela, a new mine in Mali; and the acquisition of substantial interests in two other African mines: Morila, also in Mali, and Geita in Tanzania. Together, these expansions and acquisitions would add some 20 million ounces of production, at an average cost of $175 over the next 15 years. A pleasing feature of the operating performance in South Africa had been the continued improvement in safety. He pointed out that since the intensive safety drive had started two years ago, the number of fatal accidents had decreased by 52%, the fatality rate by 42% and lost-time accidents by 33%. Turning to the company’s fourth quarter performance, he said Great Noligwa and TauTona were now performing at or above expectations while Elandsrand and Deelkraal were in the process of being sold to Harmony. Bambanani and Joel, however, were still underperforming and AngloGold would “act decisively, as we have with Elandrand and Deelkraal”, if their performance could not be improved. The company’s operations elsewhere in Africa, South America and Australia continued to deliver impressive results. Morila had been “especially rewarding”, producing 57,000 attributable ounces in its first operating quarter at cash costs of $88 per ounce. Looking to 2001 and beyond, he said there were a number of challenges facing the company. These were: - to complete the improvement in operating performance in South Africa with the focus on Bambanani and Joel; - to drive down costs – management had set itself the target of reducing both overhead and operating costs; and - to pursue rationalisation in South Africa and diversification abroad. Disclaimer Except for the historical information which may be contained herein, there maybe matters discussed in this news release that are forward-looking statements. Such statements are only predictions and actual events or results may differ materially. For a discussion of important factors including, but not limited to, development of the Company's business, the economic outlook in the gold mining industry, expectations regarding gold prices and production, and other factors, which could cause actual results to differ materially from such forward-looking statements, refer to the Company's annual report on the Form 20-F for the year ended December 31, 1998 which was filed with the Securities and Exchange Commission on March 30, 1999. anglogold.co.za