Our scorecard

The following are key features of our performance during 2007:

• Gold production declined by 3% to 5.5 million ounces
• Total cash costs increased by 16% to $357 per ounce, largely as a result of lower production, cost pressures facing the gold mining industry, inflation, stronger local currencies and by-product losses
• Adjusted headline earnings for the year were $278 million
• Mineral Resources increased by 34.1 million ounces before depletion, with 6.9 million ounces being added from greenfields exploration discoveries
• Ore Reserves increased by 6.2 million ounces, before depletion, to 73.1 million ounces
• We declared a final dividend of 53 South African cents per share or 7 US cents per share, resulting in a total dividend of 143 South African cents or 20 US cents per share for the year.

The value of gold

The value of gold lies not only in its desirability – in displays of jewellery and as a monetary equivalent – but also its unique properties. Gold is the most malleable and ductile of metals and is usually alloyed to increase its strength. It is an excellent conductor of electricity and heat, and is not affected by exposure to air or almost all reagents. It is inert and a good reflector of infrared radiation.

Gold’s value is enduring given that it can be melted down, re-refined and re-used. It is estimated that around 15% of annual gold consumption is recycled each year – the rest is held and treasured, as a store of value or sentiment or as a useful commodity.