Review of operations

Summary

	Attributable tonnes treated/ milled (Mt)		Average grade recovered (g/t)		Attributable gold production (000oz)		Total cash costs ($/oz)⁽¹⁾		Attributable adjusted operating profit (loss) ($m)		Attributable cash operating profit (loss) ($m)⁽²⁾
	2004	2003	2004	2003	2004	2003	2004	2003	2004	2003	2004	2003
South Africa
Vaal River
Great Noligwa	2.4	2.4	10.38	10.57	795	812	231	193	118	121	134	131
Kopanang	2.0	2.2	7.37	7.07	486	497	281	223	46	46	60	53
Tau Lekoa	2.4	2.4	3.87	4.24	293	322	370	263	(6)	15	10	25
Moab Khotsong⁽³⁾	-	-	-	-	-	-	-	-	-	-	-	-
Ergo	28.7	30.9	0.24	0.20	222	203	389	349	(7)	(3)	(7)	(3)
West Wits
Mponeng	1.7	1.7	8.14	8.96	438	499	322	221	11	39	37	57
Savuka	0.8	1.0	6.19	5.81	158	187	455	411	(18)	(21)	(10)	(20)
TauTona	1.6	1.7	10.88	12.09	568	646	245	171	58	100	92	107
Argentina
Cerro Vanguardia (92.5%)	0.9	0.9	7.60	7.15	211	209	156	143	30	23	54	47
Australia
Sunrise Dam	3.7	3.6	3.46	3.12	410	358	260	228	62	29	88	52
Union Reefs⁽⁴⁾	-	2.0	-	1.12	-	74	-	272	-	4	-	4
Brazil
AngloGold Ashanti Mineração⁽⁵⁾	1.0	1.1	7.85	7.22	240	228	133	141	45	37	58	49
Serra Grande (50%)	0.4	0.4	7.80	7.88	94	95	134	109	18	19	22	24
Ghana
Bibiani^{(6) (8)}	1.7	-	1.93	-	105	-	251	-	(2)	-	8	-
Iduapriem (85%)^{(6) (8)}	2.2	-	1.72	-	125	-	303	-	(5)	-	4	-
Obuasi^{(8) (11)}	2.6	-	5.27	-	255	-	305	-	(15)	-	5
Guinea
Siguiri (85%)^{(7) (8)}	2.6	-	1.10	-	83	-	443	-	(14)	-	(13)	-
Mali
Morila (40%)	1.4	1.3	4.44	7.56	204	318	184	108	25	53	40	75
Sadiola (38%)	2.0	1.9	2.77	2.77	174	172	242	210	16	16	26	27
Yatela (40%)⁽⁷⁾	1.1	1.0	3.41	2.84	97	87	255	235	8	3	14	11
Namibia
Navachab	1.3	1.3	1.59	1.75	67	73	348	274	1	7	4	8
Tanzania
Geita⁽¹²⁾	4.8	2.9	3.74	3.60	570	331	250	183	23	34	58	46
USA
Cripple Creek & Victor⁽⁷⁾	18.2	17.1	0.61	0.67	329	283	220	199	7	8	47	45
Jerritt Canyon (70%)⁽⁹⁾	-	0.5	-	7.15	-	107	-	270	-	(5)	-	5
Zimbabwe
Freda-Rebecca^{(8) (10)}	0.1	-	1.66	-	9	-	417	-	(1)	-	-	-

⁽¹⁾	2003 restated to reflect the change in accounting treatment of ore reserve development expenditure.
⁽²⁾	Adjusted operating profit (loss) plus amortisation of tangible assets less non-cash revenues.
⁽³⁾	All income and expenses will be capitalised until commercial production is reached.
⁽⁴⁾	Union Reefs ceased production in February 2004.
⁽⁵⁾	The yield of AngloGold Ashanti Mineração represents underground operations.
⁽⁶⁾	The yield of Bibiani and Iduapriem represents open-pit operations.
⁽⁷⁾	Siguiri, Yatela and Cripple Creek & Victor Joint Venture operations yield reflects gold placed/tonnes placed.
⁽⁸⁾	Interest acquired 26 April 2004 with reporting from 1 May 2004.
⁽⁹⁾	Jerritt Canyon Joint Venture was sold effective 30 June 2003.
⁽¹⁰⁾	Freda-Rebecca was sold effective 1 September 2004.
⁽¹¹⁾	The yield of Obuasi represents underground operations.
⁽¹²⁾	50% holding to 26 April 2004 and 100% from this date.

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Annual Report 2004

OVERVIEW

Review of operations

Summary

South Africa

Argentina

Australia

Brazil

Ghana

Guinea

Mali

Namibia

Tanzania

USA

Zimbabwe