AngloGold had Ore Reserves
of 72.3Moz and Mineral Resources of 287.6Moz as of 31 December
2002.
Mineral Resources and Ore Reserves are reported in accordance
with the Australasian Code for Reporting of Mineral Resources
and Ore Reserves (the JORC Code), together with the South
African Code for the Reporting of Mineral Resources and
Mineral Reserves (the SAMREC Code), for the South African
operations. |
| |
| Mineral Resources |
Mineral Resources
(excluding the Free State mines) calculated at a gold price
of $400/oz, increased by 5.9Moz or 2% to 287.6Moz at the
end of 2002. Ongoing exploration programmes added some 3.6Moz
over and above the 6.5Moz of Mineral Resources that were
depleted in 2002.
Some of the largest increases in resource are:
 an increase
of 3.7Moz at Tau Lekoa to 17.4Moz, due primarily to the
incorporation of adjacent ground at Goedgenoeg;
an increase
of 1Moz to 12.8Moz at Moab Khotsong, due mainly to revised
geological modelling;
an increase
of 0.8Moz to 8.1Moz at Geita. This increase includes recent
exploration successes;
an increase
at Navachab of 1.8Moz to 4.6Moz. This was largely due to
changes in the Namibian Dollar/ US Dollar exchange rate
and the effect of this on the Mineral Resource constraints;
an increase
of 1.9Moz at Cerro Vanguardia to 3.5Moz, due partly to the
increased stake acquired during 2002 and partly due to some
brownfields exploration successes. |
| |
| Ore Reserves |
Ore Reserves, estimated
using a gold price of $325/oz at an exchange rate of R10.50
to the Dollar, show a year-on-year increase of some 12.9Moz
to 72.3Moz. The higher gold price resulted in feasibility
studies being conducted at several of the South African
operations. This gave rise to a net increase of 10.9Moz
or 22% to 47.5Moz, excluding the Free State mines.
The increase in the Group’s reserves relates principally
to the following:
an increase
of 4.6Moz at Mponeng mainly due to the inclusion of the
Carbon Leader and VCR below 120 level;
an increase
of 4.3Moz at Moab Khotsong due to the inclusion of Phase
2 which aims to exploit the Vaal Reef below 101 level;
an increase
of 0.8Moz at TauTona as a result of the inclusion of the
Carbon Leader below 120 level, the area East of the Bank
Dyke on 116 level and area “A” on the VCR;
increases
of 1.2Moz and 0.7Moz at Savuka and Tau Lekoa respectively
due to changes in mine design leading to additional life
at both operations;
an increase
of 0.8Moz at Geita due to the redesign of the Nyankanga,
Geita Hill and Lone Cone pits, as well as the inclusion
of Chipaka, Area 3W and Roberts;
an increase
of 1.1Moz at Cerro Vanguardia mainly as a result of AngloGold’s
increase in ownership to 92.5%.
The Ore Reserves are relatively insensitive to changes in
gold price and exchange rates of up to 10%, positive or
negative.
AngloGold will continue to pursue a strategy of increasing
value-adding reserves through expansion projects, brownfields
and greenfields exploration and acquisition of new assets. |
| |
| Competent persons |
Competent persons, designated in terms
of the JORC (and SAMREC) Codes and taking corporate responsibility
for the reporting of AngloGold’s Mineral Resources,
are:
| • |
VA Chamberlain,
MSc (Mining Engineering), BSc (Hons) (Geology), MAusIMM,
17 years’ experience. |
| • |
MF O’Brien,
MSc (Engineering), BSc (Hons) (Geology), Dip Data,
Pr.Sci.Nat., MAusIMM, 23 years’ experience. |
Designated competent persons taking corporate responsibility
for the reporting of Ore Reserves are:
| • |
BW Guenther,
BSc (Mining Engineering), MAusIMM, 22 years’
experience. |
| • |
DL Worrall, ACSM,
MAusIMM, 22 years’ experience. |
| • |
J van Zyl Visser,
BSc (Mineral Resource Management), PLATO, 16 years’
experience. |
|
| |
| Notes |
A detailed breakdown
of the Mineral Resources and Ore Reserves, together with
plans of the South African operations, is available in a
supplementary statistics document, provided in the annual
report section of the AngloGold website (www.anglogold.com)
and may be downloaded as PDF files using Adobe Acrobat Reader.
This information is also obtainable from the AngloGold offices
at the addresses given in contact
information. Rounding of figures in this report and
in the supplementary statistics document may result in minor
computational discrepancies. |
| |
| ORE RESERVES (as
at 31 December 2002) |
| |
|
METRIC |
IMPERIAL |
| |
|
Tonnes
Mt |
Grade
g/t |
Contained
gold t |
Tons
Mt |
Grade
oz/t |
Contained
gold Moz |
| South Africa*** |
Proved |
94.7 |
2.22 |
210.4 |
104.4 |
0.065 |
6.8 |
| |
Probable |
246.3 |
5.14 |
1,267.2 |
271.5 |
0.150 |
40.7 |
| |
Total |
341.0 |
4.33 |
1,477.5 |
375.9 |
0.126 |
47.5 |
| East & West Africa* |
Proved |
21.5 |
3.50 |
75.1 |
23.7 |
0.102 |
2.4 |
| |
Probable |
52.3 |
3.73 |
195.3 |
57.7 |
0.109 |
6.3 |
| |
Total |
73.8 |
3.66 |
270.4 |
81.4 |
0.107 |
8.7 |
| South America* |
Proved |
15.3 |
6.22 |
95.5 |
16.9 |
0.181 |
3.1 |
| |
Probable |
12.7 |
4.92 |
62.4 |
14.0 |
0.143 |
2.0 |
| |
Total |
28.0 |
5.63 |
157.8 |
30.9 |
0.164 |
5.1 |
| North America* |
Proved |
57.8 |
1.34 |
77.7 |
63.7 |
0.039 |
2.5 |
| |
Probable |
69.4 |
0.99 |
68.8 |
76.5 |
0.029 |
2.2 |
| |
Total |
127.3 |
1.15 |
146.5 |
140.3 |
0.034 |
4.7 |
| Australia* |
Proved |
49.0 |
1.42 |
69.7 |
54.0 |
0.042 |
2.2 |
| |
Probable |
100.4 |
1.26 |
126.4 |
110.7 |
0.037 |
4.1 |
| |
Total |
149.4 |
1.31 |
196.1 |
164.7 |
0.038 |
6.3 |
| Totals* |
Proved |
238.3 |
2.22 |
528.3 |
262.7 |
0.065 |
17.0 |
| |
Probable |
481.2 |
3.57 |
1,720.0 |
530.4 |
0.104 |
55.3 |
| |
Total |
719.5 |
3.12 |
2,248.3 |
793.1 |
0.091 |
72.3 |
|
| * |
Reserves attributable to AngloGold. |
| *** |
Excludes the Free State mines which
were sold effective from 1 January 2002. |
|
| |
| MINERAL RESOURCES* (as
at 31 December 2002) |
| |
|
METRIC |
IMPERIAL |
| |
|
Tonnes
Mt |
Grade
g/t |
Contained
gold t |
Tons
Mt |
Grade
oz/t |
Contained
gold Moz |
| South Africa*** |
Measured |
300.3 |
1.84 |
552.1 |
331.0 |
0.054 |
17.8 |
| |
Indicated |
647.7 |
4.42 |
2,865.1 |
714.0 |
0.129 |
92.1 |
| |
Inferred |
463.1 |
7.97 |
3,692.3 |
510.5 |
0.233 |
118.7 |
| |
Total |
1,411.0 |
5.04 |
7,109.5 |
1,555.4 |
0.147 |
228.6 |
| East & West Africa** |
Measured |
37.5 |
2.68 |
100.7 |
41.3 |
0.078 |
3.2 |
| |
Indicated |
107.6 |
2.81 |
301.9 |
118.6 |
0.082 |
9.7 |
| |
Inferred |
144.4 |
1.68 |
242.2 |
159.2 |
0.049 |
7.8 |
| |
Total |
289.5 |
2.23 |
644.7 |
319.1 |
0.065 |
20.7 |
| South America** |
Measured |
32.4 |
4.41 |
143.1 |
35.7 |
0.129 |
4.6 |
| |
Indicated |
22.1 |
4.68 |
103.4 |
24.4 |
0.137 |
3.3 |
| |
Inferred |
42.2 |
6.20 |
261.8 |
46.5 |
0.181 |
8.4 |
| |
Total |
96.7 |
5.26 |
508.4 |
106.6 |
0.153 |
16.3 |
| North America** |
Measured |
85.1 |
1.24 |
105.7 |
93.8 |
0.036 |
3.4 |
| |
Indicated |
107.3 |
1.12 |
120.1 |
118.3 |
0.033 |
3.9 |
| |
Inferred |
69.2 |
1.28 |
88.7 |
76.3 |
0.037 |
2.9 |
| |
Total |
261.6 |
1.20 |
314.6 |
288.4 |
0.035 |
10.1 |
| Australia** |
Measured |
61.2 |
1.41 |
86.4 |
67.5 |
0.041 |
2.8 |
| |
Indicated |
143.5 |
1.22 |
175.0 |
158.2 |
0.036 |
5.6 |
| |
Inferred |
89.7 |
1.18 |
106.3 |
98.9 |
0.035 |
3.4 |
| |
Total |
294.4 |
1.25 |
367.7 |
324.5 |
0.036 |
11.8 |
| Totals** |
Measured |
516.5 |
1.91 |
988.0 |
569.3 |
0.056 |
31.8 |
| |
Indicated |
1,028.2 |
3.47 |
3,565.5 |
1,133.4 |
0.101 |
114.6 |
| |
Inferred |
808.6 |
5.43 |
4,391.3 |
891.3 |
0.158 |
141.2 |
| |
Total |
2,353.2 |
3.80 |
8,944.8 |
2,594.0 |
0.111 |
287.6 |
|
| * |
Inclusive of the ore reserve component. |
| ** |
Resources attributable to AngloGold. |
| *** |
Excludes the Free State mines which
were sold effective from 1 January 2002. |
| NB: |
Rounding of figures may result in
computational discrepancies. |
|
|
