Press Release Archive - 2002

When compared to the same period last year, headline earnings declined by 35.8% as a result of lower US dollar metal prices for metals sold, South African rand volatility, inflation and additional costs associated with higher production. The Group achieved a gross profit margin of 49.5%.

The Board has declared an interim dividend of 900 South African cents per ordinary share.

The Group continues to support the process of Black Economic Empowerment (BEE) and is proud of the very significant contribution it has made in recent BEE transactions, worth billions of rands, and which involve Mvelaphanda Platinum, African Rainbow Minerals and the Royal Bafokeng Nation. It is particularly pleasing to advise that the Group has reached agreement with the Government on the processing of mining authorisations required to complete the announced expansion programme in which it will involve more BEE partners.

Executive Chairman, Barry Davison, said that he was generally satisfied with the results. "Despite a huge amount of both brown and greenfields project activity at Anglo Platinum, the steady state operations performed well and achieved a unit cost increase of only 6.6%. The Rustenburg UG2 Phase 1 project was successfully commissioned in the first half of the year. The Union UG2 and Modikwa Platinum Mine projects commenced milling in July."

Regarding the Company's expansion plans, Davison said: "We continue to monitor the validity of our strategy by looking at market demand fundamentals. As a result of our ongoing research we are satisfied that our plan to produce 3.5 million refined platinum ounces per annum in 2006 remains entirely appropriate."

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The information contained in press releases, annual or interim reports, analyst presentations, and financial information should not be deemed accurate or current except as of the date of issue. Anglo American plc does not, does not intend to, and specifically disclaims any duty to, update or correct such information.