/FIRST ADD -- LNTH008 -- Gold Fields Limited Earnings/ Income
Statement International Financial Reporting Standards Basis SA RAND
Quarter Nine months to (Figures are in millions unless otherwise
stated) March December March March March 2004 2003 2003 2004 2003
Revenue 3,028.3 2,922.9 3,351.8 8,903.6 10,922.1 Operating costs
2,350.8 2,354.7 2,171.6 7,047.3 6,918.5 Gold inventory change 22.0
23.6 54.1 86.4 (19.7) Operating profit 655.5 544.6 1,126.1 1,769.9
4,023.3 Amortisation and depreciation 297.8 307.5 341.3 904.1
1,034.5 Net operating profit 357.7 237.1 784.8 865.8 2,988.8
Finance (cost)/income (38.5) 44.9 97.1 28.3 145.0 - Net interest
and investment (cost)/income (4.4) (15.2) 41.9 1.2 129.8 - Exchange
(losses)/gains on foreign debt and cash (34.1) 60.1 55.2 27.1 15.2
Gain on financial instruments 44.2 119.5 185.2 200.1 149.5 Other
income 25.5 3.5 1.3 41.4 4.3 Exploration (44.4) (35.4) (31.1)
(134.8) (111.4) Profit before taxation and exceptional items 344.5
369.6 1,037.3 1,000.8 3,176.2 Exceptional gain 20.6 31.4 177.1
256.5 300.1 Profit before taxation 365.1 401.0 1,214.4 1,257.3
3,476.3 Mining and income taxation 63.8 83.6 377.6 184.7 1,212.4 -
Normal taxation 70.5 40.0 193.7 158.3 737.0 - Deferred taxation
(6.7) 43.6 183.9 26.4 475.4 Profit after taxation 301.3 317.4 836.8
1,072.6 2,263.9 Minority interest 46.8 40.0 32.2 119.5 100.3 Net
earnings 254.5 277.4 804.6 953.1 2,163.6 Exceptional items: Profit
on sale of investments 47.2 32.3 177.9 95.6 177.9 Write off of
mineral rights (24.7) -- -- (24.7) -- Sale of mineral rights -- --
-- 187.2 -- Retirement of healthcare obligations (5.0) -- -- (5.0)
-- Disposal of St Helena -- -- -- -- 121.7 Other 3.1 (0.9) (0.8)
3.4 0.5 Total exceptional items 20.6 31.4 177.1 256.5 300.1
Taxation (3.4) (6.9) (16.8) 42.0 (36.0) Net exceptional items after
tax 17.2 24.5 160.3 298.5 264.1 Net earnings per share (cents) 51
57 171 197 459 Headline earnings 220.8 249.0 643.8 634.2 1,899.0
Headline earnings per share (cents) 45 51 136 131 403 Diluted
earnings per share (cents) 51 56 169 196 455 Net earnings excluding
gains and losses on financial instruments and foreign debt, net of
cash and exceptional items 237.8 110.4 475.9 484.6 1,785.0 Net
earnings per share excluding gains and losses on financial
instruments and foreign debt, net of cash and exceptional items
(cents) 48 23 101 100 378 Gold sold - managed kg 34,069 34,451
35,257 102,777 108,892 Gold price received R/kg 88,887 84,842
95,068 86,630 100,302 Total cash costs R/kg 67,528 66,991 60,709
67,360 61,263 Income Statement International Financial Reporting
Standards Basis US DOLLARS Quarter Nine months to (Figures are in
millions unless otherwise stated) March December March March March
2004 2003 2003 2004 2003 Revenue 444.4 430.7 396.7 1,271.9 1,148.5
Operating costs 345.3 346.7 256.1 1,006.8 727.5 Gold inventory
change 3.2 3.6 5.2 12.3 (2.1) Operating profit 95.9 80.4 135.4
252.8 423.1 Amortisation and depreciation 43.8 45.2 40.0 129.2
108.8 Net operating profit 52.1 35.2 95.4 123.6 314.3 Finance
(cost)/income (5.3) 6.4 10.4 4.1 15.2 - Net interest and investment
(cost)/income (0.6) (2.0) 4.9 0.2 13.6 - Exchange (losses)/gains on
foreign debt and cash (4.7) 8.4 5.5 3.9 1.6 Gain on financial
instruments 6.6 17.1 19.2 28.6 15.7 Other income 3.7 0.5 0.2 5.9
0.5 Exploration (6.6) (5.3) (3.7) (19.3) (11.7) Profit before
taxation and exceptional items 50.5 53.9 121.5 142.9 334.0
Exceptional gain 3.4 5.7 19.4 36.6 31.6 Profit before taxation 53.9
59.6 140.9 179.5 365.6 Mining and income taxation 9.3 12.1 44.6
26.4 127.5 - Normal taxation 10.2 6.0 23.5 22.6 77.5 - Deferred
taxation (0.9) 6.1 21.1 3.8 50.0 Profit after taxation 44.6 47.5
96.3 153.1 238.1 Minority interest 6.9 5.8 3.7 17.1 10.5 Net
earnings 37.7 41.7 92.6 136.0 227.6 Exceptional items: Profit on
sale of investments 6.9 4.6 18.7 13.7 18.7 Write off of mineral
rights (2.0) -- -- (2.0) -- Sale of mineral rights -- -- -- 25.2 --
Retirement of healthcare obligations (0.7) -- -- (0.7) -- Disposal
of St Helena -- -- 0.7 -- 12.8 Other (0.7) 1.1 -- 0.4 0.1 Total
exceptional items 3.4 5.7 19.4 36.6 31.6 Taxation (0.4) (0.6) (1.9)
6.0 (3.8) Net exceptional items after tax 3.0 5.1 17.5 42.6 27.8
Net earnings per share (cents) 7 9 20 28 48 Headline earnings 32.4
36.1 74.8 90.6 199.7 Headline earnings per share (cents) 7 7 16 19
42 Diluted earnings per share (cents) 7 8 19 28 48 Net earnings
excluding gains and losses on financial instruments and foreign
debt, net of cash and exceptional items 34.4 16.5 57.7 69.2 187.7
Net earnings per share excluding gains and losses on financial
instruments and foreign debt, net of cash and exceptional items
(cents) 7 3 12 14 40 Exchange rate - SA Rand/US Dollar 6.79 6.76
8.38 7.00 9.51 Gold sold - managed ozs (000) 1,095 1,108 1,134
3,304 3,501 Gold price received $/oz 407 390 353 385 328 Total cash
costs $/oz 309 308 225 299 200 Balance Sheets International
Financial Reporting Standards Basis (Figures are in millions) SA
RAND US DOLLARS March June March June 2004 2003 2004 2003 Mining
and mineral assets 15,891.4 15,371.3 2,437.3 1,973.2 Non-current
assets 295.1 275.0 45.3 35.3 Investments 970.0 512.1 148.8 65.7
Current assets 7,061.9 3,059.5 1,083.1 392.7 - Other current assets
2,361.0 2,018.7 362.1 259.1 - Net cash and deposits 4,700.9 1,040.8
721.0 133.6 Total assets 24,218.4 19,217.9 3,714.5 2,466.9
Shareholders' equity 15,850.7 11,295.5 2,431.1 1,450.0 Minority
interest 578.7 668.2 88.8 85.8 Deferred taxation 3,559.5 4,279.6
545.9 549.4 Long-term loans 1,496.6 164.2 229.5 21.1 Environmental
rehabilitation provisions 721.8 715.3 110.7 91.8 Post-retirement
health care provisions 54.7 90.7 8.4 11.6 Current liabilities
1,956.4 2,004.4 300.1 257.2 - Other current liabilities 1,818.6
1,844.7 279.0 236.7 - Current portion of long-term loans 137.8
159.7 21.1 20.5 Total equity and liabilities 24,218.4 19,217.9
3,714.5 2,466.9 S.A. Rand/U.S. Dollar conversion rate 6.52 7.79
Condensed Statements of Changes in Equity International Financial
Reporting Standards Basis (Figures are in millions) SA RAND US
DOLLARS March March March March 2004 2003 2004 2003 Balance as at
the beginning of the financial year 11,295.5 11,095.8 1,450.0
1,071.0 Currency translation adjustment and other (466.4) (758.6)
231.4 203.6 Issue of share capital 9.5 0.8 1.4 0.1 Increase in
share premium 1,562.9 17.2 223.3 1.8 Equity component of Mvela loan
3,130.2 -- 447.2 -- Marked to market valuation of listed
investments 35.0 (113.8) 5.0 (12.0) Dividends (669.1) (1,746.4)
(63.2) (184.3) Net earnings 953.1 2,163.6 136.0 227.6 Balance as at
the end of March 15,850.7 10,658.6 2,431.1 1,307.8 Reconciliation
of Headline Earnings with Net Earnings (Figures are in millions
unless otherwise stated) SA RAND US DOLLARS March December March
March December March 2004 2003 2003 2004 2003 2003 Net earnings
254.5 277.4 804.6 37.7 41.7 92.6 Profit on sale of investments
(47.2) (32.3) (177.9) (9.1) (4.6) (18.7) Taxation effect of profit
on sale of investments 13.5 6.9 16.8 3.8 0.6 1.9 Profit on sundry
asset sales -- (3.0) 0.3 -- (1.6) (1.0) Headline earnings 220.8
249.0 643.8 32.4 36.1 74.8 Headline earnings per share - cents 45
51 136 7 7 16 Based on headline earnings as given above divided by
491,254,653 (December 2003 - 484,511,921 and March 2003 -
472,000,578) being the weighted average number of ordinary shares
in issue Cash Flow Statements International Financial Reporting
Standards Basis SA RAND Quarter Nine months to (Figures are in
millions) March December March March March 2004 2003 2003 2004 2003
Cash flow from operating activities 527.7 676.7 1,213.6 1,236.0
3,549.7 Profit before tax and exceptional items 344.6 369.6 1,037.3
1,000.8 3,176.2 Exceptional items 20.6 31.4 177.1 256.5 300.1
Amortisation and depreciation 297.8 307.5 341.3 904.1 1,034.5
Change in working capital 94.3 85.5 251.9 (31.4) 232.5 Taxation
paid (119.2) (50.7) (135.1) (473.2) (663.2) Other non-cash items
(110.4) (66.6) (458.9) (420.8) (530.4) Dividends paid (196.7) --
(707.9) (669.1) (1,775.5) Ordinary shareholders (196.7) -- (707.9)
(669.1) (1,746.4) Minority shareholders in subsidiaries -- -- -- --
(29.1) Cash utilised in investing activities (654.5) (647.3)
(323.3)(2,067.8) (1,384.1) Capital expenditure - additions (748.8)
(662.0) (505.3)(1,963.5) (1,592.5) Capital expenditure - proceeds
on disposal 326.6 29.5 -- 412.6 -- Purchase of investments (342.8)
(57.3) (4.0) (680.4) (78.0) Sale of investments 130.1 54.2 203.1
201.9 203.1 Proceeds on the disposal of investments/subsidiary --
-- -- -- 120.0 Environmental and post-retirement health care
payments (19.6) (11.7) (17.1) (38.4) (36.7) Cash flow from
financing activities 4,007.8 1,407.3 (209.9) 5,353.2 (414.9) Debt
portion of Mvela loan 2,453.6 -- -- 2,453.6 -- Equity portion of
Mvela loan 1,653.4 -- -- 1,653.4 -- Loans repaid (100.1) (103.2)
(195.9) (293.9) (396.4) Minority shareholder's loan
received/(repaid) -- 15.7 (16.2) 28.1 (51.7) Shares issued 0.9
1,494.8 2.2 1,512.0 33.2 Net cash inflow/(outflow) 3,684.3 1,436.7
(27.5) 3,852.3 (24.8) Translation adjustment (87.4) (53.4) (77.0)
(192.2) (180.9) Cash at beginning of period 1,104.0 (279.3) 1,925.9
1,040.8 2,027.1 Cash at end of period 4,700.9 1,104.0 1,821.4
4,700.9 1,821.4 US DOLLARS Quarter Nine months to (Figures are in
millions) March December March March March 2004 2003 2003 2004 2003
Cash flow from operating activities 76.8 95.5 141.3 176.5 373.3
Profit before tax and exceptional items 50.5 53.9 121.5 142.9 334.0
Exceptional items 3.4 5.7 19.4 36.6 31.6 Amortisation and
depreciation 43.8 45.2 40.0 129.2 108.8 Change in working capital
13.2 10.7 26.3 (4.5) 24.4 Taxation paid (17.7) (9.1) (17.3) (67.6)
(69.7) Other non-cash items (16.4) (10.9) (48.6) (60.1) (55.8)
Dividends paid (29.4) -- (87.7) (92.6) (187.2) Ordinary
shareholders (29.4) -- (87.7) (92.6) (184.3) Minority shareholders
in subsidiaries -- -- -- -- (2.9) Cash utilised in investing
activities (96.5) (96.0) (40.9) (295.5) (146.3) Capital expenditure
- additions (109.4) (96.8) (59.5) (280.5) (167.5) Capital
expenditure - proceeds on disposal 46.8 4.5 -- 58.9 -- Purchase of
investments (49.7) (9.8) (0.8) (97.2) (8.2) Sale of investments
18.7 7.7 21.4 28.8 21.4 Proceeds on the disposal of
investments/subsidiary -- -- -- -- 11.9 Environmental and
post-retirement health care payments (2.9) (1.6) (2.0) (5.5) (3.9)
Cash flow from financing activities 576.3 198.2 (21.3) 766.0 (43.5)
Debt portion of Mvela loan 350.5 -- -- 350.5 -- Equity portion of
Mvela loan 236.2 -- -- 236.2 -- Loans repaid (13.7) (14.6) (20.4)
(40.7) (41.9) Minority shareholder's loan received/(repaid) 0.1 2.2
(1.3) 4.0 (5.1) Shares issued 3.2 210.6 0.4 216.0 3.5 Net cash
inflow/(outflow) 527.2 197.7 (8.6) 554.4 (3.7) Translation
adjustment 33.1 1.8 14.7 33.0 31.5 Cash at beginning of period
160.7 (38.8) 217.4 133.6 195.7 Cash at end of period 721.0 160.7
223.5 721.0 223.5 Hedging / Derivatives Policy The Group's policy
is to remain unhedged. However, hedges are sometimes undertaken on
a project specific basis as follows: * to protect cash flows at
times of significant expenditure, * for specific debt servicing
requirements, and * to safeguard the viability of higher cost
operations. Gold Fields may from time to time establish currency
financial instruments to protect underlying cash flows. Gold Fields
has various currency financial instruments - those remaining are
described in the schedule. It has been decided not to account for
these instruments under the hedge accounting rules of IFRS 39,
except for the debt portion of the interest rate swap which has
been hedge accounted, and accordingly the positions have been
marked to market. On 7 January 2004, Gold Fields Australia closed
out the Australian dollar/United States dollar currency financial
instruments. The existing forward purchases of Australian dollars
and the put and call options were closed out by entering into equal
and opposite transactions. The close out of the outstanding open
position of US$275 million was at an average spot rate of 0.7670
US$/AU$. These transactions locked in gross profit amounting to
US$115.7 million and the underlying cash receipts were deferred to
match the maturity dates of the original transactions. An amount of
US$102.8 million had already been accounted for up until the end of
December 2003. In addition, in order that the Group is able to
participate in further Australian dollar appreciation, a strip of
quarterly maturing Australian dollar/US dollar call options were
purchased in respect of an amount of US$275 million of which the
value dates and amounts match those of the original structure. The
Australian dollar call options resulted in a premium of US$8.3
million. The payment of the premium will match the maturity dates
of the original structure. The average strike price of the options
is 0.7670 US$/AU$. The future US dollar locked-in value and cost of
the new structure is depicted in the table below: Payment value
dates (All figures in US Gross Future Premium Net Future dollars
000's) Cash Flows Payable Cash flows 31 March 2004 6,632 217 6,415
30 June 2004 6,433 278 6,155 30 September 2004 11,578 628 10,950 31
December 2004 11,216 676 10,540 31 March 2005 10,911 716 10,195 30
June 2005 10,634 749 9,885 30 September 2005 10,336 776 9,560 30
December 2005 10,074 799 9,275 31 March 2006 9,845 825 9,020 30
June 2006 9,568 848 8,720 29 September 2006 9,331 871 8,460 29
December 2006 9,140 895 8,245 TOTAL 115,698 8,278 107,420 The call
options purchased at a cost of US$8.3 million are detailed below:
US DOLLAR / AUSTRALIAN DOLLAR Year ended 30 June 2004 2005 2006
2007 TOTAL Australian dollar call options: Amount (US Dollars)
-000's 12,500 87,500 100,000 75,000 275,000 Average strike price
-(US$/AU$) 0.7670 0.7670 0.7670 0.7670 0.7670 The marked to market
value of all transactions making up the positions in the above
table was a positive US$5.1 million. This was based on an exchange
rate of AUD/USD 0.7515. The value was based on the prevailing
interest rates and volatilities at the time. US DOLLAR / RAND Year
ended 30 June 2004 2005 2006 2007 TOTAL Forward purchases: Amount
(US Dollars) -000's 50,000 -- -- -- 50,000 Average rate -(ZAR/US$)
8.4264 -- -- -- 8.4264 The total forward purchase of US$50 million
matures on 3 June 2004. The marked to market value of all
transactions making up the positions in the above table was a
negative R88.8 million (US$13.6 million negative). The value was
based on an exchange rate of ZAR/US$6.52 and the prevailing
interest rates and volatilities at the time. INTEREST SWAP In terms
of the Mvela loan, GFI Mining SA pays Mvela Gold interest on R4,139
million at a fixed interest rate, semi-annually. The interest rate
was fixed with reference to the 5 year ZAR swap rate, at 9.6179%
plus a margin of 0.95%. GFI Mining SA simultaneously entered into
an interest rate swap agreement converting a fixed interest rate
exposure to a floating rate. In terms of the swap GFI Mining SA is
now exposed to the 3 Month Jibar rate plus a margin of 1.025%. For
accounting purposes the Mvela loan is split into a debt component
and an equity component and accordingly the net present value of
future interest payments (R1,654 million) is classified as debt,
while the balance (R2,485 million) is categorised as equity. The
marked to market value of the interest rate swap is a loss of R48
million, which is accounted for in the income statement. The fair
value adjustment of the debt portion of the loan is a gain of R19
million, to which hedge accounting is applied. In terms of hedge
accounting, the liability that exists on the balance sheet (the
loan of R1.6 billion) is decreased accordingly and the gain of R19
million is taken to the income statement, partly offsetting the R48
million above. The net impact on earnings is R29 million pre-tax
and R22 million after tax. From a cash flow perspective the marked
to market loss is offset by the present value of the interest
saving on the loan over the life of the loan. The value was based
on the prevailing interest rates and volatilities at the time.
Total Cash Costs Gold Institute Industry Standard (All figures are
in Rand millions unless otherwise stated) Total Mine SA OPERATIONS
Operations Total Driefontein Kloof Beatrix Operating costs (1)
March 2004 2,350.8 1,643.8 637.6 616.5 389.7 December 2003 2,354.7
1,700.2 648.0 651.6 400.6 Financial year to date 7,047.3 5,029.8
1,921.7 1,917.3 1,190.8 Gold in process and inventory change* March
2004 15.0 -- -- -- -- December 2003 21.9 -- -- -- -- Financial year
to date 73.3 -- -- -- -- Less: Rehabilitation costs March 2004 10.3
9.2 2.8 5.5 0.9 December 2003 10.0 9.0 2.8 5.4 0.8 Financial year
to date 30.5 27.2 8.4 16.2 2.6 Production taxes March 2004 7.6 7.6
0.3 5.0 2.3 December 2003 8.7 8.7 2.1 4.9 1.7 Financial year to
date 24.1 24.1 4.3 14.3 5.5 General and admin March 2004 85.3 57.1
25.8 18.6 12.7 December 2003 88.4 61.5 25.9 20.9 14.7 Financial
year to date 256.3 171.6 75.3 58.0 38.3 Cash operating costs March
2004 2,262.6 1,569.9 608.7 587.4 373.8 December 2003 2,269.5
1,621.0 617.2 620.4 383.4 Financial year to date 6,809.7 4,806.9
1,833.7 1,828.8 1,144.4 Plus: Production taxes March 2004 7.6 7.6
0.3 5.0 2.3 December 2003 8.7 8.7 2.1 4.9 1.7 Financial year to
date 24.1 24.1 4.3 14.3 5.5 Royalties March 2004 30.4 -- -- -- --
December 2003 29.7 -- -- -- -- Financial year to date 89.3 -- -- --
-- TOTAL CASH COSTS (2) March 2004 2,300.6 1,577.5 609.0 592.4
376.1 December 2003 2,307.9 1,629.7 619.3 625.3 385.1 Financial
year to date 6,923.1 4,831.0 1,838.0 1,843.1 1,149.9 Plus:
Amortisation* March 2004 281.3 143.2 60.1 62.0 21.1 December 2003
285.4 137.4 53.5 63.2 20.7 Financial year to date 846.1 418.2 170.7
184.7 62.8 Rehabilitation March 2004 10.3 9.2 2.8 5.5 0.9 December
2003 10.0 9.0 2.8 5.4 0.8 Financial year to date 30.5 27.2 8.4 16.2
2.6 TOTAL PRODUCTION COSTS (3) March 2004 2,592.2 1,729.9 671.9
659.9 398.1 December 2003 2,603.3 1,776.1 675.6 693.9 406.6
Financial year to date 7,799.7 5,276.4 2,017.1 2,044.0 1,215.3 Gold
sold - thousand ounces March 2004 1,095.3 695.2 289.6 250.9 154.7
December 2003 1,107.6 698.1 272.3 265.1 160.8 Financial year to
date 3,304.4 2,103.9 850.9 778.4 474.7 TOTAL CASH COSTS - US$/oz
March 2004 309 334 310 348 358 December 2003 308 345 336 349 354
Financial year to date 299 328 309 338 346 TOTAL PRODUCTION COSTS -
US$/oz March 2004 349 366 342 387 379 December 2003 348 376 367 387
374 Financial year to date 337 358 339 375 366 (All figures are in
Rand millions unless otherwise stated) Total Ghana Australia Tarkwa
Damang St Ives Agnew Operating costs (1) March 2004 707.0 228.9
115.7 287.4 75.0 December 2003 654.5 206.0 112.6 272.5 63.4
Financial year to date 2,017.5 654.5 347.5 808.5 207.0 Gold in
process and inventory change* March 2004 15.0 (7.2) (2.8) 17.9 7.1
December 2003 21.9 11.9 8.2 (4.7) 6.5 Financial year to date 73.3
15.7 4.9 25.6 27.1 Less: Rehabilitation costs March 2004 1.1 0.2
0.2 0.5 0.2 December 2003 1.0 0.1 0.3 0.4 0.2 Financial year to
date 3.3 0.5 0.8 1.4 0.6 Production taxes March 2004 -- -- -- -- --
December 2003 -- -- -- -- -- Financial year to date -- -- -- -- --
General and admin March 2004 28.2 11.5 3.1 11.7 1.9 December 2003
26.9 11.5 2.9 10.7 1.8 Financial year to date 84.7 35.0 9.1 35.5
5.1 Cash operating costs March 2004 692.7 210.0 109.6 293.1 80.0
December 2003 648.5 206.3 117.6 256.7 67.9 Financial year to date
2,002.8 634.7 342.5 797.2 228.4 Plus: Production taxes March 2004
-- -- -- -- -- December 2003 -- -- -- -- -- Financial year to date
-- -- -- -- -- Royalties March 2004 30.4 11.5 6.5 9.1 3.3 December
2003 29.7 11.3 6.3 8.9 3.2 Financial year to date 89.3 34.7 18.4
26.6 9.6 TOTAL CASH COSTS (2) March 2004 723.1 221.5 116.1 302.2
83.3 December 2003 678.2 217.6 123.9 265.6 71.1 Financial year to
date 2,092.1 669.4 360.9 823.8 238.0 Plus: Amortisation* March 2004
138.1 23.4 14.5 100.2 December 2003 148.0 25.2 12.0 110.8 Financial
year to date 427.9 76.1 40.9 310.9 Rehabilitation March 2004 1.1
0.2 0.2 0.7 December 2003 1.0 0.1 0.3 0.6 Financial year to date
3.3 0.5 0.8 2.0 TOTAL PRODUCTION COSTS (3) March 2004 862.3 245.1
130.8 486.4 December 2003 827.2 242.9 136.2 448.1 Financial year to
date 2,523.3 746.0 402.6 1,374.7 Gold sold - thousand ounces March
2004 400.1 137.4 78.1 131.8 52.8 December 2003 409.5 141.8 77.5
140.1 50.1 Financial year to date 1,200.4 426.9 225.8 399.0 148.8
TOTAL CASH COSTS - US$/oz March 2004 266 237 219 338 232 December
2003 245 227 236 280 210 Financial year to date 249 224 228 295 229
TOTAL PRODUCTION COSTS - US$/oz March 2004 317 263 247 388 December
2003 299 253 260 348 Financial year to date 300 250 256 359
DEFINITIONS Total cash costs and Total production costs are
calculated in accordance with the Gold Institute industry standard.
(1) Operating costs - All gold mining related costs before
amortisation/depreciation, changes in gold inventory, taxation and
exceptional items. (2) Total cash costs - Operating costs less
off-mine costs, including general and administration costs, as
detailed in the table above. (3) Total production costs - Total
cash costs plus amortisation/depreciation and rehabilitation
provisions, as detailed in the table above. * Adjusted for
amortisation/depreciation (non-cash item) excluded from gold in
process change. Average exchange rates are US$1 = R6.79 and US$1 =
R6.76 for the March 2004 and December 2003 quarters respectively.
Operating and Financial Results Total SA RAND Mine SA Operations
Operations Total Driefontein Kloof Beatrix Operating Results Ore
milled / treated (000 tons) March 2004 11,815 4,335 1,655 1,227
1,453 December 2003 11,640 4,232 1,558 1,284 1,390 Financial year
to date 34,952 12,800 4,816 3,758 4,226 Yield (grams per ton) March
2004 2.9 5.0 5.4 6.4 3.3 December 2003 3.0 5.1 5.4 6.4 3.6
Financial year to date 2.9 5.1 5.5 6.4 3.5 Gold produced
(kilograms) March 2004 34,069 21,624 9,008 7,803 4,813 December
2003 34,451 21,714 8,469 8,244 5,001 Financial year to date 102,777
65,440 26,465 24,210 14,765 Gold sold (kilograms) March 2004 34,069
21,624 9,008 7,803 4,813 December 2003 34,451 21,714 8,469 8,244
5,001 Financial year to date 102,777 65,440 26,465 24,210 14,765
Gold price received (Rand per kilogram) March 2004 88,887 88,665
88,321 88,633 89,362 December 2003 84,842 84,586 84,579 85,104
83,743 Financial year to date 86,630 86,424 86,189 86,625 86,515
Total cash costs (Rand per kilogram) March 2004 67,528 72,951
67,607 75,920 78,143 December 2003 66,991 75,053 73,126 75,849
77,005 Financial year to date 67,360 73,823 69,450 76,130 77,880
Total production costs (Rand per kilogram) March 2004 76,087 79,999
74,589 84,570 82,713 December 2003 75,565 81,795 79,773 84,170
81,304 Financial year to date 75,890 80,630 76,218 84,428 82,310
Operating costs (Rand per ton) March 2004 199 379 385 502 268
December 2003 202 402 416 507 288 Financial year to date 202 393
399 510 282 Financial Results (Rand million) Revenue March 2004
3,028.3 1,917.3 795.6 691.6 430.1 December 2003 2,922.9 1,836.7
716.3 701.6 418.8 Financial year to date 8,903.6 5,655.6 2,281.0
2,097.2 1,277.4 Operating costs March 2004 2,350.8 1,643.8 637.6
616.5 389.7 December 2003 2,354.7 1,700.2 648.0 651.6 400.6
Financial year to date 7,047.3 5,029.8 1,921.7 1,917.3 1,190.8 Gold
inventory change March 2004 22.0 -- -- -- -- December 2003 23.6 --
-- -- -- Financial year to date 86.4 -- -- -- -- Operating profit
March 2004 655.5 273.5 158.0 75.1 40.4 December 2003 544.6 136.5
68.3 50.0 18.2 Financial year to date 1,769.9 625.8 359.3 179.9
86.6 Amortisation of mining assets March 2004 274.3 143.2 60.1 62.0
21.1 December 2003 283.8 137.5 53.6 63.2 20.7 Financial year to
date 833.1 418.3 170.8 184.7 62.8 Net operating profit March 2004
381.2 130.3 97.9 13.1 19.3 December 2003 260.8 (1.0) 14.7 (13.2)
(2.5) Financial year to date 936.8 207.5 188.5 (4.8) 23.8 Other
income/(expenses) March 2004 56.3 (42.3) (18.1) (12.5) (11.7)
December 2003 120.9 (17.0) (11.0) (1.4) (4.6) Financial year to
date 232.0 (69.8) (35.3) (18.0) (16.5) Profit before taxation March
2004 437.5 88.0 79.8 0.6 7.6 December 2003 381.7 (18.0) 3.7 (14.6)
(7.1) Financial year to date 1,168.8 137.7 153.2 (22.8) 7.3 Mining
and income taxation March 2004 78.1 (31.7) (20.2) (14.5) 3.0
December 2003 95.4 (22.7) (4.5) (15.5) (2.7) Financial year to date
227.0 (116.6) (66.8) (54.0) 4.2 - Normal taxation March 2004 54.0
18.2 5.6 6.2 6.4 December 2003 34.2 (0.2) (0.1) (0.3) 0.2 Financial
year to date 123.2 19.3 6.1 6.5 6.7 - Deferred taxation March 2004
24.1 (49.9) (25.8) (20.7) (3.4) December 2003 61.2 (22.5) (4.4)
(15.2) (2.9) Financial year to date 103.8 (135.9) (72.9) (60.5)
(2.5) Exceptional items March 2004 (1.6) (1.6) (0.9) (0.7) --
December 2003 (0.2) (2.1) (1.0) (1.2) 0.1 Financial year to date
186.6 183.5 185.3 (1.9) 0.1 Net earnings March 2004 357.8 118.1
99.1 14.4 4.6 December 2003 286.1 2.6 7.2 (0.3) (4.3) Financial
year to date 1,128.4 437.8 405.3 29.3 3.2 Capital expenditure (Rand
million) March 2004 703.9 152.7 29.0 56.9 66.8 December 2003 586.1
251.9 81.7 87.4 82.8 Financial year to date 1,825.9 693.2 198.6
268.0 226.6 Planned for next six months to September 2004 1,981.1
432.6 136.5 147.4 148.7 Operating and Financial Results SA RAND
International Total Ghana Australia # Tarkwa Damang St Ives Agnew
Operating Results Ore milled / treated (000 tons) March 2004 7,480
4,165 1,301 1,723 291 December 2003 7,408 3,918 1,358 1,845 287
Financial year to date 22,152 12,163 3,845 5,256 888 Yield (grams
per ton) March 2004 1.7 1.0 1.9 2.4 5.6 December 2003 1.7 1.1 1.8
2.4 5.4 Financial year to date 1.7 1.1 1.8 2.4 5.2 Gold produced
(kilograms) March 2004 12,445 4,274 2,430 4,099 1,642 December 2003
12,737 4,409 2,411 4,359 1,558 Financial year to date 37,337 13,278
7,022 12,409 4,628 Gold sold (kilograms) March 2004 12,445 4,274
2,430 4,099 1,642 December 2003 12,737 4,409 2,411 4,359 1,558
Financial year to date 37,337 13,278 7,022 12,409 4,628 Gold price
received (Rand per kilogram) March 2004 89,273 88,956 89,177 89,729
89,099 December 2003 85,279 85,076 86,105 84,997 85,366 Financial
year to date 86,991 86,768 87,098 87,179 86,971 Total cash costs
(Rand per kilogram) March 2004 58,104 51,825 47,778 73,725 50,731
December 2003 53,246 49,354 51,389 60,931 45,635 Financial year to
date 56,033 50,414 51,396 66,387 51,426 Total production costs
(Rand per kilogram) March 2004 69,289 57,347 53,827 84,724 December
2003 64,945 55,092 56,491 75,731 Financial year to date 67,582
56,183 57,334 80,689 Operating costs (Rand per ton) March 2004 95
55 89 167 258 December 2003 88 53 83 148 221 Financial year to date
91 54 90 154 233 Financial Results (Rand million) Revenue March
2004 1,111.0 380.2 216.7 367.8 146.3 December 2003 1,086.2 375.1
207.6 370.5 133.0 Financial year to date 3,248.0 1,152.1 611.6
1,081.8 402.5 Operating costs March 2004 707.0 228.9 115.7 287.4
75.0 December 2003 654.5 206.0 112.6 272.5 63.4 Financial year to
date 2,017.5 654.5 347.5 808.5 207.0 Gold inventory change March
2004 22.0 (8.0) (2.8) 22.4 10.4 December 2003 23.6 12.7 8.2 (5.7)
8.4 Financial year to date 86.4 16.6 4.9 32.7 32.2 Operating profit
March 2004 382.0 159.3 103.8 58.0 60.9 December 2003 408.1 156.4
86.8 103.7 61.2 Financial year to date 1,144.1 481.0 259.2 240.6
163.3 Amortisation of mining assets March 2004 131.1 24.2 14.5 92.4
December 2003 146.3 24.4 12.0 109.9 Financial year to date 414.8
75.2 40.9 298.7 Net operating profit March 2004 250.9 135.1 89.3
26.6 December 2003 261.8 132.0 74.8 55.0 Financial year to date
729.3 405.8 218.3 105.3 Other income/(expenses) March 2004 98.6 2.8
0.1 95.7 December 2003 137.9 1.7 0.3 135.9 Financial year to date
301.8 5.9 (0.5) 296.4 Profit before taxation March 2004 349.5 137.9
89.4 122.3 December 2003 399.7 133.7 75.1 190.9 Financial year to
date 1,031.1 411.7 217.8 401.7 Mining and income taxation March
2004 109.8 56.0 8.6 45.2 December 2003 118.1 54.1 7.3 56.7
Financial year to date 343.6 166.7 39.9 137.0 - Normal taxation
March 2004 35.8 14.6 8.8 12.4 December 2003 34.4 14.3 8.0 12.1
Financial year to date 103.9 44.1 23.6 36.2 - Deferred taxation
March 2004 74.0 41.4 (0.2) 32.8 December 2003 83.7 39.8 (0.7) 44.6
Financial year to date 239.7 122.6 16.3 100.8 Exceptional items
March 2004 -- -- -- -- December 2003 1.9 -- -- 1.9 Financial year
to date 3.1 -- -- 3.1 Net earnings March 2004 239.7 81.9 80.8 77.0
December 2003 283.5 79.6 67.8 136.1 Financial year to date 690.6
245.0 177.9 267.8 Capital expenditure (Rand million) March 2004
551.2 281.3 0.9 238.9 30.1 December 2003 334.2 189.1 5.0 106.6 33.5
Financial year to date 1,132.7 551.4 13.2 471.2 96.9 Planned for
next six months to September 2004 1,548.5 730.7 21.1 697.1 99.6 #
As a significant portion of the acquisition price was allocated to
tenements of St Ives and Agnew on endowment ounces and also as
these two Australian operations are entitled to transfer and then
off-set tax losses from one company to another, it is not
meaningful to split the income statement below operating profit.
Operating and Financial Results US DOLLARS SA Operations Total Mine
Operations Total Driefontein Kloof Beatrix Operating Results Ore
milled / treated (000 tons) March 2004 11,815 4,335 1,655 1,227
1,453 December 2003 11,640 4,232 1,558 1,284 1,390 Financial year
to date 34,952 12,800 4,816 3,758 4,226 Yield (ounces per ton)
March 2004 0.093 0.160 0.175 0.204 0.106 December 2003 0.095 0.165
0.175 0.206 0.116 Financial year to date 0.095 0.164 0.177 0.207
0.112 Gold produced (000 ounces) March 2004 1,095.3 695.2 289.6
250.9 154.7 December 2003 1,107.6 698.1 272.3 265.1 160.8 Financial
year to date 3,304.4 2,103.9 850.9 778.4 474.7 Gold sold (000
ounces) March 2004 1,095.3 695.2 289.6 250.9 154.7 December 2003
1,107.6 698.1 272.3 265.1 160.8 Financial year to date 3,304.4
2,103.9 850.9 778.4 474.7 Gold price received (Dollars per ounce)
March 2004 407 406 405 406 409 December 2003 390 389 389 392 385
Financial year to date 385 384 383 385 384 Total cash costs
(Dollars per ounce) March 2004 309 334 310 348 358 December 2003
308 345 336 349 354 Financial year to date 299 328 309 338 346
Total production costs (Dollars per ounce) March 2004 349 366 342
387 379 December 2003 348 376 367 387 374 Financial year to date
337 358 339 375 366 Operating costs (Dollars per ton) March 2004 29
56 57 74 39 December 2003 30 59 62 75 43 Financial year to date 29
56 57 73 40 Financial Results ($ million) Revenue March 2004 444.4
281.4 116.6 101.6 63.1 December 2003 430.7 270.9 105.8 103.4 61.7
Financial year to date 1,271.9 807.9 325.9 299.6 182.5 Operating
costs March 2004 345.3 241.6 93.7 90.7 57.3 December 2003 346.7
250.3 95.4 95.9 59.0 Financial year to date 1,006.8 718.5 274.5
273.9 170.1 Gold inventory change March 2004 3.2 -- -- -- --
December 2003 3.6 -- -- -- -- Financial year to date 12.4 -- -- --
-- Operating profit March 2004 95.9 39.8 23.0 10.9 5.9 December
2003 80.4 20.7 10.5 7.4 2.7 Financial year to date 252.8 89.4 51.3
25.7 12.4 Amortisation of mining assets March 2004 40.3 21.0 8.8
9.1 3.1 December 2003 41.7 20.3 7.9 9.3 3.1 Financial year to date
119.0 59.8 24.4 26.4 9.0 Net operating profit March 2004 55.6 18.8
14.2 1.8 2.8 December 2003 38.7 0.4 2.6 (1.8) (0.3) Financial year
to date 133.8 29.6 26.9 (0.7) 3.4 Other income/(expenses) March
2004 8.4 (6.1) (2.6) (1.8) (1.7) December 2003 17.4 (2.5) (1.6)
(0.2) (0.6) Financial year to date 33.1 (10.0) (5.0) (2.6) (2.4)
Profit before taxation March 2004 64.0 12.7 11.5 - 1.1 December
2003 56.1 (2.1) 1.0 (2.1) (1.0) Financial year to date 167.0 19.7
21.9 (3.3) 1.0 Mining and income taxation March 2004 11.5 (4.7)
(3.0) (2.2) 0.4 December 2003 13.8 (3.6) (0.9) (2.3) (0.4)
Financial year to date 32.4 (16.7) (9.5) (7.7) 0.6 - Normal
taxation March 2004 7.9 2.6 0.8 0.9 0.9 December 2003 5.0 - - - -
Financial year to date 17.6 2.8 0.9 0.9 1.0 - Deferred taxation
March 2004 3.6 (7.3) (3.8) (3.0) (0.5) December 2003 8.7 (3.6)
(0.9) (2.3) (0.4) Financial year to date 14.8 (19.4) (10.4) (8.6)
(0.4) Exceptional items March 2004 0.2 0.1 0.2 (0.1) - December
2003 1.2 0.9 1.1 (0.2) - Financial year to date 26.7 26.2 26.5
(0.3) - Net earnings March 2004 61.7 17.5 14.8 2.1 0.7 December
2003 43.5 2.5 2.9 0.1 (0.6) Financial year to date 161.2 62.5 57.9
4.2 0.5 Capital expenditure ($ million) March 2004 116.7 27.6 5.8
10.4 11.5 December 2003 88.9 38.6 12.5 13.5 12.6 Financial year to
date 280.0 106.3 30.5 41.1 34.8 Planned for next six months to
September 2004 303.8 66.3 20.9 22.6 22.8 Average exchange rates are
US$1 = R6.79 and US$1 = R6.76 for the March 2004 and December 2003
quarters respectively. Figures may not add as they are rounded
independently. Operating and Financial Results Australian US
DOLLARS International Dollars Total Ghana Australia# Australia #
Tarkwa Damang St Ives Agnew St Ives Agnew Operating Results Ore
milled / treated (000 tons) March 2004 7,480 4,165 1,301 1,723 291
1,723 291 December 2003 7,408 3,918 1,358 1,845 287 1,845 287
Financial year to date 22,152 12,163 3,845 5,256 888 5,256 888
Yield (ounces per ton) March 2004 0.053 0.033 0.060 0.076 0.181
0.076 0.181 December 2003 0.055 0.036 0.057 0.076 0.175 0.076 0.175
Financial year to date 0.054 0.035 0.059 0.076 0.168 0.076 0.168
Gold produced (000 ounces) March 2004 400.1 137.4 78.1 131.8 52.8
31.8 52.8 December 2003 409.5 141.8 77.5 140.1 50.1 140.1 50.1
Financial year to date 1,200.4 426.9 225.8 399.0 148.8 399.0 148.8
Gold sold (000 ounces) March 2004 400.1 137.4 78.1 131.8 52.8 131.8
52.8 December 2003 409.5 141.8 77.5 140.1 50.1 140.1 50.1 Financial
year to date 1,200.4 426.9 225.8 399.0 148.8 399.0 148.8 Gold price
received (Dollars per ounce) March 2004 409 407 408 411 408 538 534
December 2003 392 391 396 391 393 551 553 Financial year to date
387 386 387 387 387 546 544 Total cash costs (Dollars per ounce)
March 2004 266 237 219 338 233 442 304 December 2003 245 227 236
280 210 395 296 Financial year to date 249 224 228 295 229 415 322
Total production costs (Dollars per ounce) March 2004 317 263 246
388 508 December 2003 299 253 260 348 491 Financial year to date
300 250 256 359 505 Operating costs (Dollars per ton) March 2004 14
8 13 25 38 32 50 December 2003 13 8 12 22 33 31 46 Financial year
to date 13 8 13 22 33 31 47 Financial Results ($ million) Revenue
March 2004 163.0 55.9 31.8 54.0 21.4 70.8 28.3 December 2003 159.7
55.4 30.4 54.4 19.5 76.7 27.5 Financial year to date 464.0 164.6
87.4 154.5 57.5 217.7 81.0 Operating costs March 2004 103.6 33.6
17.0 42.1 11.0 55.5 14.5 December 2003 96.4 30.4 16.6 40.0 9.4 56.4
13.1 Financial year to date 288.2 93.5 49.6 115.5 29.6 162.7 41.6
Gold inventory change March 2004 3.2 (1.1) (0.4) 3.1 1.5 4.5 2.0
December 2003 3.6 1.9 1.2 (0.7) 1.3 (1.2) 1.8 Financial year to
date 12.4 2.4 0.7 4.7 4.7 6.6 6.5 Operating profit March 2004 56.1
23.4 15.2 8.7 8.9 10.8 11.8 December 2003 59.8 23.1 12.7 15.1 8.9
21.4 12.6 Financial year to date 163.4 68.7 37.0 34.4 23.2 48.4
32.9 Amortisation of mining assets March 2004 19.3 3.6 2.1 13.6
17.7 December 2003 21.5 3.6 1.8 16.1 22.7 Financial year to date
59.3 10.7 5.8 42.7 60.1 Net operating profit March 2004 36.8 19.8
13.0 4.0 5.0 December 2003 38.3 19.5 10.9 7.9 11.3 Financial year
to date 104.2 58.0 31.2 15.0 21.2 Other income/(expenses) March
2004 14.5 0.4 -- 14.1 18.3 December 2003 19.8 0.2 -- 19.6 28.0
Financial year to date 43.1 0.8 (0.1) 42.3 59.6 Profit before
taxation March 2004 51.3 20.3 13.0 18.0 23.3 December 2003 58.1
19.7 10.9 27.5 39.3 Financial year to date 147.3 58.8 31.1 57.4
80.8 Mining and income taxation March 2004 16.2 8.2 1.3 6.6 8.7
December 2003 17.4 8.0 1.2 8.2 11.7 Financial year to date 49.1
23.8 5.7 19.6 27.6 - Normal taxation March 2004 5.3 2.1 1.3 1.8 2.4
December 2003 5.1 2.1 1.2 1.8 2.5 Financial year to date 14.8 6.3
3.4 5.2 7.3 - Deferred taxation March 2004 10.9 6.1 -- 4.8 6.3
December 2003 12.3 5.9 -- 6.4 9.2 Financial year to date 34.2 17.5
2.3 14.4 20.3 Exceptional items March 2004 -- -- -- -- -- December
2003 0.3 -- -- 0.3 0.4 Financial year to date 0.4 -- -- 0.4 0.6 Net
earnings March 2004 44.2 12.0 11.7 11.5 14.6 December 2003 41.0
11.7 9.7 19.5 28.0 Financial year to date 98.7 35.0 25.4 38.3 53.9
Capital expenditure ($ million) March 2004 89.1 45.3 0.2 38.5 5.1
50.1 6.5 December 2003 50.3 28.1 0.8 16.4 5.1 20.5 6.5 Financial
year to date 173.7 84.6 2.0 72.3 14.9 96.2 19.8 Planned for next
six months to September 2004 237.5 112.1 3.2 106.9 15.3 142.3 20.3
Average exchange rates are US$1 = R6.79 and US$1 = R6.76 for the
March 2004 and December 2003 quarters respectively. The Australian
Dollar exchange rates were AU$1 = R5.19 and AU$1 = R4.80 for the
March 2004 and December 2003 quarters respectively. # As a
significant portion of the acquisition price was allocated to
tenements of St Ives and Agnew on endowment ounces and also as
these two Australian operations are entitled to transfer and then
off-set tax losses from one company to another, it is not
meaningful to split the income statement below operating profit.
Figures may not add as they are rounded independently. Underground
and Surface SA Rand and Metric Units Operating Results Total SA
OPERATIONS Mine Total Driefontein Kloof Beatrix Operations Ore
milled / treated (000 ton) - underground March 2004 3,148 2,585 838
744 1,003 December 2003 3,306 2,871 950 921 1,000 Financial year to
date 9,889 8,473 2,782 2,634 3,057 - surface March 2004 8,667 1,750
817 483 450 December 2003 8,334 1,361 608 363 390 Financial year to
date 25,063 4,327 2,034 1,124 1,169 - total March 2004 11,815 4,335
1,655 1,227 1,453 December 2003 11,640 4,232 1,558 1,284 1,390
Financial year to date 34,952 12,800 4,816 3,758 4,226 Yield (grams
per ton) - underground March 2004 7.2 7.4 8.6 10.0 4.5 December
2003 6.8 6.9 7.5 8.6 4.7 Financial year to date 6.9 7.0 8.0 8.8 4.6
- surface March 2004 1.3 1.4 2.2 0.7 0.6 December 2003 1.4 1.4 2.3
0.8 0.7 Financial year to date 1.4 1.4 2.0 0.8 0.7 - combined March
2004 2.9 5.0 5.4 6.4 3.3 December 2003 3.0 5.1 5.4 6.4 3.6
Financial year to date 2.9 5.1 5.5 6.4 3.5 Gold produced
(kilograms) - underground March 2004 22,615 19,193 7,191 7,466
4,536 December 2003 22,529 19,763 7,092 7,958 4,713 Financial year
to date 68,521 59,536 22,299 23,304 13,933 - surface March 2004
11,454 2,431 1,817 337 277 December 2003 11,922 1,951 1,377 286 288
Financial year to date 34,256 5,904 4,166 906 832 - total March
2004 34,069 21,624 9,008 7,803 4,813 December 2003 34,451 21,714
8,469 8,244 5,001 Financial year to date 102,777 65,440 26,465
24,210 14,765 Operating costs (Rand per ton) - underground March
2004 554 597 694 790 374 December 2003 539 565 635 685 387
Financial year to date 538 565 642 702 376 - surface March 2004 70
57 69 59 32 December 2003 69 58 74 56 36 Financial year to date 69
56 67 60 36 - total March 2004 199 379 385 502 268 December 2003
202 402 416 507 288 Financial year to date 202 393 399 510 282
Operating Results INTERNATIONAL Total Ghana Australia Tarkwa Damang
St Ives Agnew Ore milled /treated (000 ton) - underground March
2004 563 -- -- 442 121 December 2003 435 -- -- 326 109 Financial
year to date 1,416 -- -- 1,091 325 - surface March 2004 6,917 4,165
1,301 1,281 170 December 2003 6,973 3,918 1,358 1,519 178 Financial
year to date 20,736 12,163 3,845 4,165 563 - total March 2004 7,480
4,165 1,301 1,723 291 December 2003 7,408 3,918 1,358 1,845 287
Financial year to date 22,152 12,163 3,845 5,256 888 Yield (grams
per ton) - underground March 2004 6.1 -- -- 4.6 11.3 December 2003
6.4 -- -- 4.5 11.9 Financial year to date 6.3 -- -- 4.8 11.7 -
surface March 2004 1.3 1.0 1.9 1.6 1.6 December 2003 1.4 1.1 1.8
1.9 1.5 Financial year to date 1.4 1.1 1.8 1.7 1.5 - combined March
2004 1.7 1.0 1.9 2.4 5.6 December 2003 1.7 1.1 1.8 2.4 5.4
Financial year to date 1.7 1.1 1.8 2.4 5.2 Gold produced
(kilograms) - underground March 2004 3,422 -- -- 2,054 1,368
December 2003 2,766 -- -- 1,468 1,298 Financial year to date 8,985
-- -- 5,198 3,787 - surface March 2004 9,023 4,274 2,430 2,045 274
December 2003 9,971 4,409 2,411 2,891 260 Financial year to date
28,352 13,278 7,022 7,211 841 - total March 2004 12,445 4,274 2,430
4,099 1,642 December 2003 12,737 4,409 2,411 4,359 1,558 Financial
year to date 37,337 13,278 7,022 12,409 4,628 Operating costs (Rand
per ton) - underground March 2004 356 -- -- 326 465 December 2003
373 -- -- 355 428 Financial year to date 374 -- -- 346 467 -
surface March 2004 73 55 89 112 111 December 2003 71 53 83 103 94
Financial year to date 72 54 90 103 98 - total March 2004 95 55 89
167 258 December 2003 88 53 83 148 221 Financial year to date 91 54
90 154 233 Development Results Development values represent the
actual results of sampling and no allowance has been made for any
adjustments which may be necessary when estimating ore reserves.
All figures below exclude shaft sinking metres Driefontein March
2004 December 2003 quarter quarter Reef Carbon Carbon Leader Main
VCR Leader Main VCR Advanced (m) 4,774 958 1,511 5,382 970 1,571
Advanced on reef (m) 814 274 171 765 370 285 Sampled (m) 768 303
144 609 276 234 Channel width (cm) 135 34 36 130 57 104 Average
value - (g/t) 18.3 14.7 49.7 14.9 8.5 20.8 - (cm.g/t) 2,475 508
1,788 1,935 486 2,163 Driefontein Year to date F2004 Reef Carbon
Leader Main VCR Advanced (m) 15,351 3,077 4,654 Advanced on reef
(m) 2,434 1,028 587 Sampled (m) 2,277 795 492 Channel width (cm)
128 56 82 Average value - (g/t) 17.3 10.6 27.4 - (cm.g/t) 2,209 587
2,257 Kloof March 2004 quarter Carbon Reef Leader Kloof Main VCR
Advanced (m) -- 1,533 138 7,374 Advanced on reef (m) -- 713 70
1,276 Sampled (m) -- 588 54 1,149 Channel width (cm) -- 122 89 97
Average value - (g/t) -- 20.6 8.7 30.0 - (cm.g/t) -- 2,511 768
2,894 Kloof December 2003 quarter Carbon Reef Leader Kloof Main VCR
Advanced (m) 14 370 1,894 10,268 Advanced on reef (m) 14 193 516
1,664 Sampled (m) 6 150 378 1,086 Channel width (cm) 46 93 78 92
Average value - (g/t) 5.4 15.6 12.5 28.4 - (cm.g/t) 247 1,442 975
2,621 Kloof Year to date F2004 Carbon Reef Leader Kloof Main VCR
Advanced (m) 14 2,387 3,792 27,327 Advanced on reef (m) 14 1,106
1,095 4,754 Sampled (m) 6 897 891 3,663 Channel width (cm) 46 112
74 88 Average value - (g/t) 5.4 17.3 12.5 29.3 - (cm.g/t) 247 1,936
927 2,588 Beatrix March 2004 December 2003 quarter quarter Reef
Beatrix Kalkoenkrans Beatrix Kalkoenkrans Advanced (m) 7,837 2,207
8,732 2,797 Advanced on reef (m) 1,296 545 1,850 699 Sampled (m)
1,101 537 1,719 741 Channel width (cm) 82 157 68 141 Average value
- (g/t) 12.2 14.7 13.2 21.0 - (cm.g/t) 1,003 2,320 895 2,972
Beatrix Year to date F2004 Reef Beatrix Kalkoenkrans Advanced (m)
25,801 7,564 Advanced on reef (m) 5,339 1,921 Sampled (m) 5,175
1,929 Channel width (cm) 76 137 Average value - (g/t) 12.9 17.1 -
(cm.g/t) 974 2,354 FORWARD LOOKING STATEMENTS Certain statements in
this document constitute "forward looking statements" within the
meaning of Section 27A of the US Securities Act of 1933 and Section
21E of the US Securities Exchange Act of 1934. Such forward looking
statements involve known and unknown risks, uncertainties and other
important factors that could cause the actual results, performance
or achievements of the company to be materially different from the
future results, performance or achievements expressed or implied by
such forward looking statements. Such risks, uncertainties and
other important factors include among others: economic, business
and political conditions in South Africa; decreases in the market
price of gold; hazards associated with underground and surface gold
mining; labour disruptions; changes in government regulations,
particularly environmental regulations; changes in exchange rates;
currency devaluations; inflation and other macro-economic factors;
and the impact of the AIDS crisis in South Africa. These forward
looking statements speak only as of the date of this document. The
company undertakes no obligation to update publicly or release any
revisions to these forward looking statements to reflect events or
circumstances after the date of this document or to reflect the
occurrence of unanticipated events. CONTACT DETAILS CORPORATE
OFFICE Gold Fields Limited 24 St Andrews Road Parktown Johannesburg
2193 Postnet Suite 252 Private Bag x 30500 Houghton 2041 Tel: +27
11 644-2400 Fax: +27 11 484-0626 London Office St James' Corporate
Services Limited 6 St James' Place London SW1A 1 NP Tel: +944 207
499-3916 Fax: +944 207 491-1989 DIRECTORS C M T Thompson "
(Chairman) A J Wright (Deputy Chairman) I D Cockerill * (Chief
Executive Officer) K Ansah ~ G J Gerwel N J Holland * (Chief
Financial Officer) J M McMahon * G R Parker # R L Pennant-Rea * P J
Ryan T M G Sexwale B R van Rooyen C I von Christierson " Canadian *
British # USA ~Ghanaian CORPORATE SECRETARY C Farrel 24 St Andrews
Road Parktown Johannesburg 2193 Postnet Suite 252 Private Bag x
30500 Houghton 2041 Tel: +27 11 644-2406 Fax: +27 11 484-0626
INVESTOR RELATIONS Willie Jacobsz Tel: +27 11 644-2460 Europe &
South Africa Nerina Bodasing Tel: +27 11 644-2630 Fax: +27 11
484-0639 E-mail: North America Cheryl A. Martin Tel: +1 303
796-8683 Fax: +1 303 796-8293 E-mail: TRANSFER OFFICES Johannesburg
Computershare Limited Ground Floor 70 Marshall Street Johannesburg,
2001 P O Box 61051 Marshalltown, 2107 Tel: 27 11 370-5000 Fax: 27
11 370-5271 London Capita Registrars Bourne House 34 Beckenham Road
Beckenham Kent BR3 4TU Tel: +944 208 639-2000 Fax: +944 208
658-3430 AMERICAN DEPOSITARY RECEIPT BANKER United States Bank of
New York 101 Barclay Street New York N.Y. 10286 USA Tel: +91 212
815-5133 Fax: +91 212 571-3050 PRNewswire -- May 6 END FIRST AND
FINAL ADD DATASOURCE: Gold Fields Limited
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