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In its March 2003 quarterly report AngloGold (Marketperform/Average Risk) made the following key announcements

* Anglogold reported Q1/03 earnings of $74 million, or 33 cps, excluding unrealised non-hedge derivatives (30 cps including unrealised non-hedge derivatives). This was slightly weaker than our estimate of 32 cps, including unrealised non-hedge derivatives, and significantly lower than the First Call and Reuters consensus number of 38 cps.

* Attributable production fell 9.5% quarter-on-quarter to 1.4 million ounces, according to plan. Volumes at Great Nogligwa (in South Africa), their key operation declined 11% while the grades at Morila and Geita declined in line with expectations.

* The big issue was costs. Unit production costs rose 21% from $173/oz. to $210/oz. due primarily to the strength of the South African Rand against the US dollar. Costs came in roughly $10/oz higher than our expectations due to disappointing cost control at certain key South African mines as well as currency related cost increases in Latin America and Australia.

* Production at Great Nogligwa for 2003 has been revised 8.5% down from 954,000 oz to 880,000 oz due to persistent problems relating to the availability of high grade mining panels at the mine. We expect that the company will also revise down their production forecast for Cripple Creek in Colorado later on this afternoon (during the conference call).

* Company stated that earnings will remain under pressure through to Q4 due to the SA Rand strength as well as lower than expected grade and mining volumes.

* The hedge book was further restructured this quarter with the net hedge position declining by almost 1 Moz. to 9.4 Moz. The marked-to-market valuation of the hedge book has improved significant from a negative valuation of $447 million at the end of the year to a negative valuation of $155 million yesterday. The improvement is predominantly due to the positive impact of the SA Rand on the Rand portion of the hedge book.

* Overall a disappointing result but not a disaster. Unfortunately no positive surprises on the production front nor the exploration front.

* Conference call today at 10.00 ET.

Georges Lequime
Gold & Precious Metals Analyst
RBC Capital Markets

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