Annual Report 2010 Annual Report 2010

Key features 2010

Operating and financial


  • Safety remains a priority
  • Restructured company
  • Improving grades
  • Positioned to deliver


  • Production of 1.43Moz* of gold
  • Commercial production begins at Hidden Valley
  • Wafi-Galpu resource increases significantly
  • Projects start to gear up
  • Mineral reserve levels maintained


  • Revenue of R11.3 billion (US$1.5 billion)
  • Operating margins maintained at a healthy 26%
  • Dividend of 50 SA cents per share

* Of this, 51 046 ounces were capitalised


  • Integrated approach to reporting

Safety and health

  • 21 fatalities in South Africa and one in PNG
  • Illegal miners remain an important area of concern at Free State operations
  • Focus on occupational health and employee well-being


  • In South Africa, R58.8 million spent on local economic development projects and R23.1 million on corporate social responsibility projects
  • In PNG, US$1.1 million was spent on community programmes
  • BBBEE procurement expenditure totalled R2.04 billion (38% of total expenditure)

Labour practices and human rights

  • 7% decrease in employee numbers, a result of shaft closures in South Africa and end of construction in PNG
  • In South Africa:
    • HDSAs made up 40% of management and women, 12% of total workforce


    • Formal environmental management systems are being rolled out across the group
    • Studies undertaken and plans being developed to mitigate impact of operations on Watut River in PNG
    • New environmental strategy developed, with group targets set for reductions in fresh water consumption, energy usage, CO2 emissions, among others.
    • Good progress with implementation of Cyanide Code
    • Framework developed to establish an internal GHG management strategy for PNG