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Annual Financial Statements 2003
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Economic performance
 
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Designer John Louw?s 18 carat neckpiece of 24 dragonfly wings was the overall winner in the Riches of Africa Design Competition 2003.
 
Designer Pitti Paludo has captured the essence of an authentic Brazilian product and elevated it into fine gold jewellery. This pair of 18 carat gold sandals was a winner at the Brazilian Design Forum 2002.
 
Lee Tau designed a Traditional Gold Bead Collection, inspired by the beadwork of the Ndebele culture. These pieces for part of the 2003 ADJO collection.
 
 
Case studies
 
6.1 Meeting the equity component of the Charter
AngloGold believes that its business is gold, and that its role does not end when the gold has been mined and refined. The group recognises the need to participate in developing and stimulating the market for gold and is committed to fostering the development of a vibrant gold jewellery industry capable of sustaining strong physical demand for the metal. (Almost 80% of demand for gold comes from the jewellery industry). AngloGold spent US$19 million per annum on gold marketing initiatives ? on its own and through the World Gold Council.

The group?s marketing initiatives include:
Promoting excellent gold jewellery design. This is an important element in ensuring the continued appeal of the metal. Among the initiatives undertaken are the sponsorship of several gold jewellery design competitions around the world, including the Riches of Africa in the South Africa and the Brazilian Design Forum.
Innovation in the beneficiation of gold. Central to this has been the group?s 26.6% stake in OroAfrica, the largest manufacturer of gold jewellery in South Africa. Other beneficiation initiatives focus on assisting previously disadvantaged jewellery manufacturers to enter into the mainstream through sponsoring training, design facilities, marketing and logistical support (See section on ADJO below). A partnership with Rand Refinery and the Spatial Development Initiative Programme of the Department of Trade and Industry to establish the Gold Zone at Rand Refinery will see AngloGold contributing a training centre for disadvantaged South Africans who aspire to become jewellers and a jewellery hive to enable newly skilled and talented goldsmiths to set up their own gold ventures.
Preserving Africa?s gold heritage. Since the launch of the Gold of Africa Museum in Cape Town in 2002, this has become a popular landmark for tourists and locals alike. The museum presents a collection of historical gold objects from West Africa and shows the creative goldsmithing skills through the ages. The heart of the museum is the permanent exhibition of one of the largest and most important collections dedicated to the art and craft of the African goldsmith ? the famous Barbier-Mueller Collection comprising over 350 gold artifacts and jewellery from the 19th and 20th century from Mali, Senegal, Ghana and the C?te d?Ivoire. The museum also houses a Working Studio, where training courses are offered in the techniques and artistic heritage of the African goldsmith.
Promotion of gold through the AngloGold jewellery collection. As a result of many of its initiatives AngloGold owns one of the world?s largest all-gold, high-caratage jewellery collections that are representative of innovative design and manufacturing techniques from around the world. This collection is used extensively at both fixed exhibitions and prestigious events to showcase gold jewellery.
 
Riches of Africa Gold Jewellery Design Competition
Since its inception in 1999, AngloGold?s South African jewellery design competition ? Riches of Africa ? has become a highlight on the local jewellery calendar. The competition, which attracted 204 entries in 1999, attracted some 1,100 entries in 2003. The competition is open to both professionals and non-jewellers, and now includes the use of white and rose gold as well. International judges have been added to the local line-up and finished pieces are judged according to a range of criteria, including originality, feasibility and functionality, aesthetic impact, quality of manufacture and visual impact. Workshops are held for all entrants on design and goldsmithing techniques.

AngloGold sponsors all the gold for the competition and awards prizes to the overall winners. More than that though the winners and their pieces are actively promoted by taking each collection on an exhibition tour, both nationally and internationally.

A new approach introduced in 2003 was the Riches of Africa Pr?t-?-Porter range, which represents jewellery for everyday wear. See the AngloGold website for further information on the Riches of Africa competition.
 
Brazilian Designer Forum

AngloGold sponsors a jewellery design competition in Brazil every second year called the ?Designer Forum?. The competition has a strong commercial focus on making innovatively designed jewellery more accessible to consumers. The 2002 winning collection travelled around Brazil and 10 selected pieces were shown at an exhibition in Rome.

Sponsoring young disadvantaged designers

As part of AngloGold?s programme to assist aspirant jewellers from previously disadvantaged communities, AngloGold sponsored seven young designers to produce a collection of gold jewellery reflecting the spirit of Africa and exhibited their jewellery in London in August 2003. The African Designer?s and Jeweller?s Organisation (ADJO) identified the young designers.
 
Supporting the World Gold Council
AngloGold contributed US$10.5 million to the World Gold Council (WGC) in 2003 in support of its initiatives and to facilitate and support its own international gold marketing projects.

Founded in 1987, the WGC is funded by some of the world?s leading gold producers and aims to situate and maximise the demand for and holding of gold by consumers, investors, industry and the official sector. As well as undertaking marketing initiatives to drive demand, the WGC is also instrumental in working to lower regulatory barriers to the ownership of gold products, helping to improve distribution systems and promote the role the role of gold as a reserve asset in the official sector.

 
Useful gold websites:
www.anglogold.com

www.gold.org  (World Gold Council)

www.goldofafrica.com  (Gold of Africa Museum)

www.oroafrica.co.za  (OroAfrica)
 



Ama Abrafi with exhibits from the Gold of Africa Museum collection.
 
 
Economic performance:
  Mission and values
Key indicators and milestones
Review of 2003
  Financial performance
  Adding value
  Gold production
  Income generated by destination
  Distributions to employees (including executive directors)
  Dividends
  Finance costs
  Capital expenditure
  Exploration activities continue
Reporting in line
with GRI
Objectives for 2004
Case studies
  6.1 Meeting the equity component of the Charter
  6.2 Growing the market for gold
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