Vaal Reefs (North Lease) was an amalgamation of Western Reefs mine which commenced milling in 1941 and Vaal Reefs mine which started in 1956. Up to the early 1990s the mine was split into two operating divisions, West and East reflecting the original ownership. During 1998 the Vaal Reefs mines were rationalised and reorganised, prior to the formation of AngloGold. Wood Mackenzie’s asset reports are built from the bottom up, incorporating a number of granular data metrics to ultimately produce our industry standard cash operating costs. This report contains a detailed asset note giving you a holistic view of the asset, including an operational overview through to a timeline of events from inception to now. This qualitative analysis is supplemented by the associated Excel download which enables interrogation of a whole series of cost and production metrics over the life of the asset.