EXHIBIT 4 Randgold & Exploration Company Limited Reg No 1992/005642/06 Sharecode : RNG ISIN: ZAE000008819 NASDAQ trading symbol: RANGY INTERIM REPORT FOR THE SIX MONTHS ENDED 30 JUNE 2003 * Consolidated earnings per share increases by 430% * Board representation is broadened * Major empowerment deal reaffirms commitment to build a profitable exploration, development and mining business * Randgold Resources share sale realises R126 million and is applied to eliminate debt and to supporting its South African business plan * Drilling starts in northern bushveld * Randgold Resources continues to perform CONSOLIDATED INCOME STATEMENT Unaudited Unaudited Audited 6 months 6 months 12 months ended ended ended 30 Jun 30 Jun 31 Dec R000 2003 2002 2002 Revenue Gold sales - 404,064 404,064 Cost and expenses Cash operating costs - (119,081) (127,379) Royalties - (27,220) (27,220) Total cash costs - (146,301) (154,599) Operating profit from mining activities - 257,763 249,465 Dividends and interest received 1,571 1,701 3,766 Interest expense (5,673) (33,303) (40,139) Depreciation and amortisation (76) (41,947) (42,009) Exploration and corporate expenditure (11,052) (69,702) (63,121) Profit/(loss) on sale of investments 3,142 (2,096) (1,493) Other 4,468 (28,206) 31,796 Income/(loss) on ordinary activities (7,620) 84,210 138,265 Share of pre-tax income from associate 126,471 - 285,627 Income/(loss) on ordinary activities before taxes and minority interest 118,851 84,210 423,892 Income and mining taxes - - - Income/(loss) on ordinary activities before minority interest 118,851 84,210 423,892 Minority interest - (39,201) (38,594) Headline earnings for the period 118,851 45,009 385,298 Profit on the sale of shares in Randgold Resources 81,771 - - Net income/(loss) for the period 200,622 45,009 385,298 Ordinary shares in issue (000s) 44,354 43,334 41,702 Earnings/(loss) per share (cents) 452 104 895 Fully diluted earnings/ (loss) per share (cents) 450 101 887 Headline earnings/(loss) per share (cents) 268 104 895 Fully diluted headline earnings/(loss) per share (cents) 267 101 887 CONSOLIDATED CASH FLOW STATEMENT Unaudited Unaudited Audited 6 months 6 months 12 months ended ended ended 30 Jun 30 Jun 31 Dec R000 2003 2002 2002 Net cash provided by/ (utilised in) operations (12,142) 51,978 73,476 Net cash provided by/ (utilised in) investing activities 141,628 15,890 (74,554) Net cash (utilised in)/ provided by financing activities (54,312) (68,847) (98,991) Net (decrease)/increase in cash and cash equivalents 75,174 (979) (100,069) Cash and cash equivalents at beginning of period 22,003 122,072 122,072 Cash and cash equivalents at end of period 97,177 121,093 22,003 CONSOLIDATED BALANCE SHEET Unaudited Unaudited Audited at at at 30 Jun 30 Jun 31 Dec R000 2003 2002 2002 ASSETS Current assets Cash and equivalents 97,177 142,310 22,003 Receivables 9,540 182,638 6,219 Inventories - 111,684 - Total current assets 106,717 436,632 28,222 Property, plant, equipment and other long-term assets 15,184 861,074 14,872 Investments 85,380 175,341 150,028 Investment in associate 521,744 - 495,798 Total assets 729,025 1,473,047 688,920 LIABILITIES AND SHAREHOLDERS' EQUITY Current liabilities Accounts payable and accrued liabilities 21,882 382,014 89,291 Bank overdraft - 21,217 - Total current liabilities 21,882 403,231 89,291 Long-term liabilities Provision for post retirement benefits 52,000 53,077 52,000 Long-term loans - 530,804 - Provision for rehabilitation - 46,499 - Loans from outside shareholders - 226,439 - Total long-term liabilities 52,000 856,819 52,000 Total liabilities 73,882 1,260,050 141,291 Shareholders' equity Share capital 448 433 437 Share premium 307,094 288,811 292,929 Other reserves 549,264 717,054 656,548 Accumulated losses (201,663) (742,575) (402,285) Total shareholders' equity 655,143 263,723 547,629 Minority interest - (50,726) - Total liabilities and equity 729,025 1,473,047 688,920 MOVEMENT IN SHAREHOLDERS' EQUITY Unaudited Unaudited Audited 6 months 6 months 12 months ended ended ended 30 Jun 30 Jun 31 Dec R000 2003 2002 2002 Balance at beginning of period 547,629 164,072 164,072 Share options exercised 14,176 17,251 21,373 Other reserves (107,284) 37,391 (23,114) Net income/(loss) for the period 200,622 45,009 385,298 Closing balance 655,143 263,723 547,629 NET ASSET FAIR VALUE NET ASSET FAIR VALUE FOR RANDGOLD & EXPLORATION COMPANY LIMITED (UNAUDITED) Market Price value per 30 June Units share Percent 2003 DESCRIPTION held R held R000 Listed investments Durban Roodepoort Deep, Limited 3,521,513 19.30 2.0% 67,965 Western Areas Limited 107,755 36.25 0.1% 3,906 JCI Gold Limited 18,848,838 0.66 1.4% 12,440 Kelgran Limited 2,321,115 0.46 2.7% 1,068 Randgold Resources Limited 12,312,480 126.64 42.9% 1,559,253 1,644,632 Other assets 152,645 Liabilities (73,882) Net assets 1,723,395 Shares in issue (000) 44,354 NAV per share (cents) 3,886 SEGMENTAL ANALYSIS OF THE NET PROFIT/(LOSS) Randgold Randgold & Resources Minrico Exploration R000 Limited Limited Corporate Total FOR THE 6 MONTHS ENDED 30 JUNE 2003 Gold sales - - - - Total cash cost - - - - Cash profit - - - - Net interest - - (4,102) (4,102) Depreciation - (26) (50) (76) Profit/(loss) on sale of investment - - 84,913 84,913 Exploration and corporate expenditure - (878) (10,174) (11,052) Other - 231 4,237 4,468 Profit/(loss) before tax, equity income and minority interest - (673) 74,824 74,151 Equity income from associate 126,471 - - 126,471 Tax and minority interest - - - - Net profit/(loss) 126,471 (673) 74,824 200,622 Randgold Randgold & Resources Minrico Exploration R000 Limited Limited Corporate Total FOR THE 6 MONTHS ENDED 30 JUNE 2002 Gold sales 404,064 - - 404,064 TOTAL CASH COST (146,301) - - (146,301) Cash profit/(loss) 257,763 - - 257,763 INTEREST (21,966) - (9,636) (31,602 Depreciation (41,947) - - (41,947) Loss on sale of investment - - (2,096 (2,096) Exploration and corporate expenditure (63,121) (282) (6,299) (69,702) Other (34,118) 389 5,523 (28,206) Profit/(loss) before tax and minority interest 96,611 107 (12,508) 84,210 Equity income from associate - - - - Tax and minority interest (39,201) - - (39,201) Net profit/(loss) 57,410 107 (12,508) 45,009 COMMENTS In June 2003 the Group disposed of 1 million of its shares in Randgold Resources receiving R126 million. This transaction reduced the stake in that company to 42.9%. The proceeds from the sale of the shares were used to repay loans including the amount of R34.9 million owing to Consolidated Mining Management Services Limited as well as the balance of R20 million in respect of the ABSA loan. During the period under review, our joint venture with Rio Tinto Mining and Exploration, exploring a total of 730 000 hectares in the Limpopo Province for diamonds, progressed well, with some interesting new targets being identified. The joint venture with Pan Palladium for platinum group metals in the northern limb of the bushveld has progressed to drilling. Our joint venture agreement with Eurasia Mining & Exploration plc over the Doornbosch platinum property in the eastern limb of the bushveld complex is awaiting the issue of a prospecting permit to enable drilling to commence. On 28 July 2003, Randgold announced a strategic empowerment partnership with Phikoloso Mining (Pty) Ltd ("Phikoloso"). Randgold issued 8.8 million new ordinary shares (16.4% of Randgold & Exploration's enlarged issued share capital) to Phikoloso in exchange for the total issued share capital and all the shareholders claims on loan accounts against Viking Pony Properties 359 (Pty) Ltd ("VPP"). VPP holds 0.2 million Anglo Platinum shares, 0.3 million Harmony Gold shares and 7.3 million Afrikander Lease shares, as well as approximately 75% of Kabusha Mining and Finance, which holds 23 million shares in Afrikander Lease. This transaction forms the foundation from which Randgold & Exploration will drive the development of a new South African mining company. FINANCIAL REVIEW The results for the six months ended 30 June 2003 have been prepared in terms of South African statements of Generally Accepted Accounting Practice, and in accordance with the Group's accounting policies which are consistent with that of the previous year. As previously advised, the decrease in the Group's holding in Randgold Resources resulted in a change in accounting for the interest from a subsidiary to an investment in associate. Therefore, there is no operating profit from mining activities for the six months ending 30 June 2003 compared to R258 million for the corresponding six months in 2002. The Group's portion of the net profit from Randgold Resources for the first six months ending 30 June 2003 amounted to R126.5 million. After corporate and exploration costs, depreciation charges, interest paid, income from associate and minority interest, the Group's net income for the six months ending 30 June 2003 was R200.6 million (six months ending 30 June 2002: R45 million). The increase in profitability is largely due to an improved performance at Morila, a higher gold price and profits from the sale of a portion of the Group's holding in Randgold Resources. The interest expense for the first six months of 2003, amounting to R5.7 million, is substantially lower than the same period in 2002 due to lower debt levels. Depreciation and amortisation, as well as exploration and corporate expenditure are materially lower than the previous year due to the exclusion of the Randgold Resources costs from these line items. The profit on the sale of investments relates primarily to the sale of 1 million shares in Randgold Resources during June 2003. Portions of the investments in JCI, JCI Debentures and Western Areas have also been disposed of during the six month period. The consolidated balance sheet reflects a continuous improvement in the group's financial health over the last six months, with a significant increase in cash, as well as a reduction in debt. PROSPECTS Randgold & Exploration is re-establishing itself as an active corporation and to this end intends to focus on new mining opportunities, both internally generated and with the aim of participating in the transformation taking place in the South African mining industry. The Group's pursuit of new growth opportunities will include our ongoing joint venture and exploration activities, due diligence reviews, together with the prospects that our empowerment partnership will provide. R A R Kebble Chairman Johannesburg 12 August 2003 Registered office: 5 Press Avenue, Selby, 2025, Johannesburg, PO Box 82291, Southdale, 2135, Republic of South Africa, Telephone +27(11) 309-6000, Telefax: +27(11) 837-2396, e-mail: haddond@randgold.co.za Share transfer secretaries: Computershare Limited, 70 Marshall Street, Johannesburg, 2001, P.O Box 61051, Marshalltown, 2107, Republic of South Africa, Telephone: 27(11) 370-7700, Telefax +27(11) 834-2446 Depository bank: American Depository Receipts, The Bank of New York, Shareholder Relations Department, 101 Barclay Street, New York, NY 10286, Telephone: 1 (800) 524-4458 Sponsor: HSBC Investor and media relations: For further information contact Kathy du Plessis on Telephone +27(11) 728-4701, Telefax +27(11) 728-2547, e-mail: randgold@dpapr.com Website: www.randgold.co.za DISCLAIMER: Certain of the statements in this document are forward-looking in nature and are based on certain assumptions which involve risks and uncertainty because they relate to events and depend on circumstances that will occur in the future. Randgold & Exploration undertakes no obligation to update any forward-looking statements. Mining and exploration by its very nature, is a risky business and one in which the producers have little influence over the price of their product. Consequently investors should be mindful of the inherent risks associated with all mineral development projects.