| Thu 26 Apr 2007, 12:00 | | DRD-DRDGOLD -Report to shareholders: Quarter and n |
|
DRD
DRDD
DRD-DRDGOLD -Report to shareholders: Quarter and nine months ended 31 March 2007
DRDGOLD LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1895/000926/06)
ARBN: 086 277 616
JSE trading symbol: DRD
ISIN: ZAE000058723
Issuer code: DUSM
Nasdaq trading symbol: DROOY
("DRDGOLD" or "the company")
REPORT TO SHAREHOLDERS FOR THE QUARTER AND NINE MONTHS ENDED 31 MARCH 2007
GROUP RESULTS (Unaudited)
KEY FEATURES
- Porgera Joint Venture ("Porgera") stake sale agreed for US$250 million
subject to shareholder and regulatory approvals
- Discontinued Vatukuola operation including assets and liabilities sold
- Blyvooruitzicht Gold Mining Company Limited ("Blyvoor") strike impacts
DRDGOLD South African Operations (Pty) Limited results
KEY RESULTS SUMMARY
GROUP Quarter Quarter % Quarter
Mar 07 Dec 06 Change Mar06
Attributable gold production*
Australasian operations oz 28 009 35 660 (21) 36 069
kg 871 1 109 (21) 1 122
Discontinued operation oz 429 9 143 (95) 6 910
Kg 13 284 (95) 215
South African operations oz 75 330 87 322 (14) 86 678
kg 2 343 2 716 (14) 2 696
Group oz 103 768 132 125 (21) 129 657
kg 3 227 4 109 (21) 4 033
Cash operating costs
Australasian operations US$/oz 707 541 (31) 499
ZAR/kg 164 963 127 967 (29) 102 217
Discontinued operation US$/oz - 1 120 na -
ZAR/kg - 265 169 na -
South African operations US$/oz 572 505 (13) 511
ZAR/kg 133 492 119 388 (12) 103 519
Group US$/oz 606 558 (9) 507
ZAR/kg 141 449 131 780 (7) 102 227
Gold price received US$/oz 663 617 7 547
ZAR/kg 154 629 145 909 6 109 580
Capital expenditure US$ million 9.0 11.5 22 6.8
ZAR million 65.9 84.5 22 41.6
9 months to 9 months to
31 Mar 07 31 Mar 06
Attributable gold production*
Australasian operations oz 105 189 143 405
kg 3 270 4 462
Discontinued operation oz 26 910 26 344
Kg 836 820
South African operations oz 253 991 225 795
kg 7 900 7 023
Group oz 386 090 395 544
kg 12 006 12 305
Cash operating costs
Australasian operations US$/oz 580 367
ZAR/kg 135 385 75 744
Discontinued operation US$/oz 795 -
ZAR/kg 185 506 -
South African operations US$/oz 524 468
ZAR/kg 122 288 96 493
Group US$/oz 558 424
ZAR/kg 130 257 87 480
Gold price received US$/oz 633 496
ZAR/kg 147 652 102 408
Capital expenditure US$ million 34.7 24.3
ZAR million 252.0 156.1
* Emperor Mines Limited ("Emperor") consolidated 100% from 6 April 2006
(previously 39.52% attributable) and Crown Gold Recoveries (Pty) Limited
("Crown"), which included East Rand Proprietary Mines Limited ("ERPM"),
consolidated 100% from 1 December 2005 (previously 40% attributable).
STOCK
ISSUED CAPITAL
361 191 981 ordinary no par value shares
5 000 000 cumulative preference shares
Total ordinary no par value shares issued and committed: 377 446 755
STOCK TRADED JSE NASDAQ
Avg. volume for the quarter per day (000) 1 040 3 886
% of issued stock traded (annualised) 75 281
Price - High R6.60 US$0.94
- Low R3.70 US$0.54
- Close R4.85 US$0.67
FORWARD LOOKING STATEMENTS
Many factors could cause the actual results, performance or achievements to be
materially different from any future results, performance or achievements that
may be expressed or implied by such forward-looking statements, including, among
others, adverse changes or uncertainties in general economic conditions in the
markets that DRDGOLD serves, a drop in the gold price, a continuing
strengthening of the Rand against the Dollar, regulatory developments adverse to
DRDGOLD or difficulties in maintaining necessary licenses or other governmental
approvals, changes in DRDGOLD`s competitive position, changes in business
strategy, any major disruption in production at key facilities or adverse
changes in foreign exchange rates and various other factors.
These risks include, without limitations, those described in the section
entitled "Risk Factors" included in the annual report for the fiscal year ended
30 June 2006, which was filed with the United States Securities and Exchange
Commission on 22 December 2006 on Form 20-F. Shareholders should not place
undue reliance on these forward-looking statements, which speak only as of the
date thereof. DRDGOLD does not undertake any obligation to publicly update or
revise these forward-looking statements to reflect events or circumstances after
the date of this report or on the occurrence of unanticipated events.
OVERVIEW
Dear shareholder
Safety
With deep regret, I announce the death of two employees in work-related
incidents during the quarter. Blyvoor employee Jacinto Chivambo and ERPM
employee Ernest Vuma both died from injuries sustained in tramming accidents
underground. I am particularly perturbed by the circumstances of these
fatalities as I am firmly of the view that tramming-related accidents are
entirely preventable. It is apposite that, at Blyvoor, a seven-week programme
relating to trucking and tramming safety has been completed.
Safety performance generally at the South African operations during the quarter
took an unsatisfactory turn. At ERPM the Disabling Injury Frequency Rate
("DIFR") deteriorated from 15.39 to 20.52 and the Reportable Injury Frequency
Rate ("RIFR") from 5.13 to 8.98, while at Crown the DIFR worsened from 3.74 to
6.16 and the RIFR from 1.26 to 3.69. Blyvoor recorded an improvement in its RIFR
from 3.0 to 2.59, but its DIFR deteriorated from 6.28 to 6.49.
In these circumstances I am reassured that a number of initiatives are under way
throughout the South African operations to turn the trend; these include a
campaign to emphasise employee rights and duties in respect of safety.
Turning to the Australasian operations, at Tolukuma, in Papua New Guinea
("PNG"), safety performance was largely satisfactory. While the Lost Time Injury
Frequency Rate ("LTIFR") remained at 1.93, both the RIFR and DIFR dropped from
7.72 to 0, reflecting no reportable or disabling injuries during the quarter.
One lost time incident occurred in which a drill operator was struck by falling
rock and admitted to hospital for observation.
Production
Total gold production was 21% lower at 103 768oz, reflecting both a 37% decline
in gold production from the Australasian operations to 28 438oz and a 14%
decrease in gold production from the South African operations to 75 330oz.
The primary reason for lower Australasian production, of course, was the
previously reported discontinuation of operations at the Vatukoula Mine in Fiji;
just 429oz were produced for the quarter. Production was also down, however, at
the Porgera and Tolukuma operations in PNG; Tolukuma produced 9 483oz, down from
11 996oz in the previous quarter, while Porgera (20% share) produced 18 525oz,
down from 23 664oz in the previous quarter.
Tolukuma reports that slower than expected progress on remediation of production
issues - for example, poor ventilation, the extension of compressed air
infrastructure and limited stope drilling capacity - impacted negatively on
production during the quarter.
Porgera reported lower productivity due to generally lower than expected grades
realised from stockpiles and parts of the open pit.
In South Africa, all three operations reported decreased production. At both
Blyvoor and ERPM, the rate of return of workers after the Christmas break was
poor, and at Blyvoor, this was exacerbated by a five-day illegal strike. At
ERPM, underground tonnes continued to be adversely affected by inadequate and
timeous opening up and development of infrastructure, and the delivery of
services to the eastern longwall. Grade was, and will continue to be affected
for at least the next twelve months by occurrence of a fault that runs the
entire length of the eastern longwall. It is worth noting that, at both Blyvoor
and ERPM, surface production rose and helped to offset the impact of lower
underground production. At Crown, however, the effect on production of depleting
high-grade material underscores the urgent need to bring on line the 3L2 and Top
Star reserves.
Financial
Group revenue decreased by 6% to R514.9 million, reflecting reduced production.
After accounting for cash operating costs, which were 2% lower at R456.4
million, cash operating profit declined by 29% to R58.5 million.
Revenue from the South African operations was 9% lower at R356.2 million, and
while cash operating costs decreased by 4% to R312.8 million, cash operating
profit was down 35% to R43.4 million.
Revenue from the continuing Australasian operations rose slightly to R158.7
million, and after accounting for cash operating costs, which were 1% higher at
R143.6 million, cash operating profit was 5% lower at R15.1 million.
Corporate developments
During the quarter, 78.9%-held Emperor completed the sale of Vatukoula and
associated Fijian assets and liabilities to Westech Gold Limited ("Westech") and
announced a conditional agreement to sell its 20% interest in Porgera to Barrick
Gold Corporation for US$250 million.
Proceeds from the sale of its Porgera interest will allow Emperor to repay debt
in full. After the sale and debt repayment, its key assets will include the
wholly owned Tolukuma gold mine, a significant copper/gold exploration portfolio
incorporating over 5 000 square kilometres of exploration tenements in minerals-
rich PNG and a significant amount of cash on the balance sheet.
Looking ahead
The developments in respect of Emperor and sign-off on the sale of the Porgera
stake will contribute towards a good foundation for DRDGOLD. The return of the
South African operations to an acceptable level of operational stability -
involving a strong focus on cost controls and volumes to ensure the improvement
of margins - will also be critical to the success of this process.
Regarding exploration in South Africa, over-stoping of the prospect drive on
reef at ERPM Extension 1 will take place during the June quarter in order to
further define the ore body and supplement existing borehole data. At Blyvoor,
work has begun on defining the uranium resource contained in the 110 million
tonnes of slimes and 10 million tonnes of rock dump material available. Uranium
was produced at Blyvoor until 1982 and mining of reefs containing uranium has
continued subsequently.
It is pleasing to reflect on a further development in South Africa, announced
separately today. DRDGOLD and ASX-listed Mintails Limited have reached agreement
on the formation of a joint venture company, to be known as Kgosi Mining, which
will explore for gold and uranium in the western rand goldfields with a view to
mining, using both opencast and underground methods.
I expect to be able to report on further progress towards our recovery as a
group in three months` time. In closing, I would caution that - against this
process of recovery - the higher gold price has raised expectations amongst our
South African workforce and their representatives on the outcome of wage
negotiations, scheduled to begin shortly.
John Sayers
Chief Executive Officer
NOTE REGARDING FINANCIAL INFORMATION
The condensed consolidated financial statements below are prepared in accordance
with International Financial Reporting Standards (IFRS).
CONSOLIDATED Quarter Quarter Quarter
Mar 07 Dec 06 Mar 06
Income Statement (Unaudited) Rm Rm Rm
Continuing operations
Gold and silver revenue 514.9 548.5 419.3
Cash operating costs (456.4) 466.3) (390.3)
Cash operating profit 58.5 82.2 29.0
Corporate administration
and other expenses (45.0) (69.9) (36.5)
Share-based payments (2.0) (0.5) (3.4)
Exploration costs (4.9) (2.9) (11.2)
Care and maintenance costs (3.2) (2.8) (2.8)
Cash profit from operations 3.4 6.1 (24.9)
Retrenchment costs (0.8) - -
Investments income 19.5 14.7 1.3
Finance charge (13.1) (24.3) (13.8)
Net operating profit/(loss) 9.0 (3.5) (37.4)
Rehabilitation (3.1) (3.1) (10.5)
Depreciation (36.9) (39.5) (52.3)
Profit/(loss)on financial instruments 1.3 (1.4) -
Movement in gold process (15.8) 37.1 (6.8)
Loss before taxation (45.5) (10.4) (107.0)
Taxation (0.2) 21.0 17.7
Deferred taxation 1.7 (11.2) (15.1)
Loss after taxation (44.0) (0.6) (104.4)
Profit/(loss) on sale of
assets/investment 90.6 (7.8) -
Impairments - 15.6 (1.7)
Loss from associates - - (72.1)
Discontinued operation
Loss for the period from discontinued
operation (44.2) (145.6) (0.1)
Impairment from discontinued operation (3.9) (783.1) -
Net loss for the period (1.5) (921.5) (178.3)
Attributable to:
Minority interest 3.5 (194.1) (3.0)
Ordinary shareholders of the company (5.0) (727.4) (175.3)
(1.5) (921.5) (178.3)
Headline loss per share-cents
from continuing operations (16.7) (12.7) (13.4)
from total operations (26.8) (47.5) (50.0)
Basic profit/(loss) per share-cents
from continuing operations 9.5 (10.4) (56.0)
from total operations (1.4) (220.9) (56.0)
Calculated on the weighted average
ordinary shares issued of: 345 510 540 329 252 570 312 864 814
Diluted headline loss per share-cents (16.1) (12.7) (13.4)
Diluted basic loss per share-cents (1.4) (220.9) (56.0)
9 months to 6 months to
31 Mar 07 31 Mar 06
Rm Rm
Continuing operations
Gold and silver revenue 1 638.1 1 048.8
Cash operating costs (1 408.8) (898.6)
Cash operating profit 229.3 150.2
Corporate administration and other expenses (158.0) (114.9)
Share-based payments (5.9) (10.2)
Exploration costs (12.0) (12.1)
Care and maintenance costs (8.1) (7.6)
Cash profit from operations 45.3 5.4
Retrenchment costs (0.8) (1.0)
Investments income 24.8 36.7
Finance charge (52.6) (36.8)
Net operating profit 16.7 4.3
Rehabilitation (9.3) (18.3)
Depreciation (123.0) (123.7)
Loss on financial instruments (9.3) (7.5)
Movement in gold process 37.3 5.3
Loss before taxation (87.6) (139.9)
Taxation 5.5 0.4
Deferred taxation (6.9) 1.4
Loss after taxation (89.0) (138.1)
Profit/(loss)on sale of assets/investment 82.8 (3.4)
Impairments 15.6 50.5
Loss from associates - (152.0)
Discontinued operation
Loss for the period from discontinued operation (225.8) (6.4)
Impairment from discontinued operation (787.0) -
Net loss for the period (1 003.4) (249.4)
Attributable to:
Minority interest (204.9) (4.2)
Ordinary shareholders of the company (798.5) (245.2)
(1 003.4) (249.4)
Headline loss per share-cents
from continuing operations (41.4) (93.3)
from total operations (95.0) (95.4)
Basic loss per share-cents
from continuing operations (11.8) (77.9)
from total operations (240.6) (80.0)
Calculated on the weighted average
ordinary shares issued of: 331 852 870 306 385 191
Diluted headline loss per share-cents (41.4) (93.3)
Diluted basic loss per share-cents (240.6) (80.0)
SEGMENTAL INFORMATION FOR THE QUARTER ENDED 31 MARCH 2007
South Africa Australasia Discontinued Other
Rm Rm Rm Rm
Gold and silver revenue 356.2 158.7 7.1 -
Cash operating costs (312.8) (143.6) - -
Cash operating profit 43.4 15.1 7.1 -
Corporate administration and
other expenses (8.2) (23.6) (21.2) (13.2)
Share based payments - - - (2.0)
Exploration costs - (4.9) - -
Care and maintenance costs - - - (3.2)
Cash profit/(loss) from
operations 35.2 (13.4) (14.1) (18.4)
Retrenchment costs - - 6.9 (0.8)
Investment income 3.2 14.6 (6.7) 1.7
Finance charge (2.2) (10.4) (1.6) (0.5)
Net operating profit/(loss) 36.2 (9.2) (15.5) (18.0)
Rehabilitation (2.3) - - (0.8)
Depreciation (22.5) (18.3) (0.3) 3.9
Loss on financial instruments - 1.4 (22.3) (0.1)
Movement in gold process (1.0) (14.8) (5.9) -
Profit/(loss) before taxation 10.4 (40.9) (44.0) (15.0)
Taxation (0.2) - (0.1) -
Deferred taxation - 1.7 - -
Profit/(loss) after taxation 10.2 (39.2) (44.1) (15.0)
SEGMENTAL INFORMATION FOR THE QUARTER ENDED 31 DECEMBER 2006
South Africa Australasia Discontinued Other
Rm Rm Rm Rm
Gold and silver revenue 390.6 157.9 45.8 -
Cash operating costs (324.3) (142.0) (75.3) -
Cash operating profit/(loss) 66.3 15.9 (29.5) -
Corporate administration and
other expenses (18.3) (33.2) 0.2 (18.4)
Share based payments - - - (0.5)
Exploration costs - (2.9) (0.6) -
Care and maintenance costs - - - (2.8)
Cash profit/(loss) from
operations 48.0 (20.2) (29.9) (21.7)
Retrenchment costs - - (27.2) -
Investment income 2.3 (1.5) (1.6) 13.9
Finance charge (9.3) (1.5) (20.0) (13.5)
Net operating profit/(loss) 41.0 (23.2) (78.7) (21.3)
Rehabilitation (2.3) - (0.2) (0.8)
Depreciation (23.4) (17.1) (31.6) 1.0
(Loss)/profit on financial
instruments - (1.4) (22.3) -
Movement in gold process 0.6 36.5 (12.0) -
Profit/(loss) before taxation 15.9 (5.2) (144.8) (21.1)
Taxation (0.3) 21.2 (0.8) 0.1
Deferred taxation - (11.2) - -
Profit/(loss) after taxation 15.6 4.8 (145.6) (21.0)
CONDENSED CONSOLIDATED As at As at As at
31 Mar 07 31 Dec 06 31 Mar 06
Balance Sheet (Unaudited) Rm Rm Rm
Assets
Property, plant and equipment 704.6 680.3 852.6
Investments 62.0 61.8 73.3
Environmental trust funds 71.1 67.0 57.5
Other non-current assets - - 208.0
Current assets 1 170.4 1 178.3 380.9
Inventories 99.6 109.5 141.5
Accounts receivables 66.5 68.4 93.9
Financial assets 10.7 9.8 12.5
Cash and cash equivalents 108.3 134.3 133.0
Assets classified as held for sale 885.3 856.3 -
2 008.1 1 987.4 1 572.3
Equity and Liabilities
Equity 239.8 109.5 475.5
Shareholders equity 204.9 77.1 450.0
Minority shareholders interest 34.9 32.4 25.5
Long-term borrowings 130.2 278.0 6.0
Post retirement and other employee
benefits 21.6 21.1 18.6
Provision for environmental
rehabilitation 276.0 281.4 281.2
Financial liabilities - - 7.5
Deferred mining and income taxes 101.6 99.5 41.4
Current liabilities 1 238.9 1 197.9 742.1
Accounts payable and accrued
liabilities 346.2 450.5 374.5
Financial liabilities 240.9 207.5 -
Current portion of
long-term borrowings 530.6 406.8 367.6
Liabilities classified as held
for sale 121.2 133.1 -
2 008.1 1 987.4 1 572.3
CONDENSED Quarter Quarter Quarter
Statement of changes in equity Mar 07 Dec 06 Mar 06
(Unaudited) Rm Rm Rm
Balance at the beginning of the period 109.5 1 093.3 507.6
Share capital issued 142.5 84.7 79.2
for acquisition finance and cash 141.4 88.2 77.9
for share options exercised - 0.7 -
for increase in share-based
payment reserve 2.0 0.5 3.4
for costs (0.9) (4.7) (2.1)
Net loss attributed to
ordinary shareholders (5.0) (727.4) (175.3)
Net loss attributed to
minority shareholders 3.5 (194.1) (3.0)
Increase in minorities - 18.5 -
Currency translation adjustments
and other (10.7) (165.5) 67.0
Balance as at the end of the period 239.8 109.5 475.5
Reconciliation of headline loss
Net loss (5.0) (727.4) (175.3)
Adjusted for:
Impairments - (15.6) 1.7
Impairments from discontinued
operation 3.9 783.1 -
Minority share of impairment from
discontinued operation (0.8) (204.4) -
Loss/(profit) on sale of assets (90.6) 7.8 -
Headline loss (92.5) (156.5) (173.6)
Statement of changes in equity 9 months to 6 months to
(Unaudited) 31 Mar 07 31 Mar 06
Rm Rm
Balance at the beginning of the period 1 015.3 483.1
Share capital issued 268.7 177.6
for acquisition finance and cash 269.6 172.0
for share options exercised 1.0 1.0
for increase in share-based payment reserve 5.9 10.2
for costs (7.8) (5.6)
Net loss attributed to ordinary shareholders (798.5) (245.2)
Net loss attributed to minority shareholders (204.9) (4.2)
Increase in minorities 18.5 23.9
Currency translation adjustments and other (59.3) 40.3
Balance as at the end of the period 239.8 475.5
Reconciliation of headline loss
Net loss (798.5) (245.2)
Adjusted for:
Impairments (15.6) (50.5)
Impairment from discontinued operation 787.0 -
Minority share of impairment from
discontinued operation (205.2) -
Loss/(profit) on sale of assets (82.8) 3.4
Headline loss (315.1) (292.3)
CONDENSED CONSOLIDATED Quarter Quarter Quarter
Cash Flow Statement Mar 07 Dec 06 Mar 06
(Unaudited) Rm Rm Rm
Net cash outflow from operations (15.8) (84.2) (33.1)
Working capital changes (64.5) 57.2 (12.5)
Net cash outflow from investing
activities (73.2) (72.1) (41.9)
Net cash in/(out)flow from
financing activities 113.5 (203.4) 67.3
Decrease in cash and cash equivalents (40.0) (302.5) (20.2)
Translation adjustment (2.2) (46.0) 15.4
Opening cash and cash equivalents 168.7 517.2 137.8
Closing cash and cash equivalents 126.5 168.7 133.0
CONDENSED CONSOLIDATED 9 months to 9 months to
Cash Flow Statement 31 Mar 07 31 Mar 06
(Unaudited) Rm Rm
Net cash outflow from operations (111.5) (32.1)
Working capital changes 63.9 (3.8)
Net cash outflow from investing activities (251.1) (139.2)
Net cash (out)/inflow from financing activities (51.5) 39.5
Decrease in cash and cash equivalents (350.2) (135.6)
Translation adjustment (12.3) 27.4
Opening cash and cash equivalents 489.0 241.2
Closing cash and cash equivalents 126.5 133.0
Closing cash and cash equivalents, as at 31 March 2007, include R18.2 million
classified as assets held for sale.
CONDENSED CONSOLIDATED Quarter Quarter Quarter
Cash Flow Statement Mar 07 Dec 06 Mar 06
(Unaudited) Rm Rm Rm
Reconciliation of net cash outflow from operations
Net operating profit/(loss) 9.0 (3.5) (37.4)
Net operating loss from discontinued
operation (15.6) (78.7) (0.1)
(6.6) (82.2) (37.5)
Adjusted for:
Interest provision on convertible bond - (7.0) 6.8
Amortisation of convertible cost - 1.8 1.9
Financial instruments 21.0 23.7 -
Unrealised foreign exchange (gain)/loss (7.9) (9.8) 2.0
Growth in Environmental Trust funds (2.2) (2.3) (1.6)
Other non cash items 1.3 36.8 6.1
Interest paid (20.2) (44.3) (5.7)
Taxation paid (1.2) (0.9) (5.1)
Net cash outflow from operations (15.8) (84.2) (33.1)
9 months to 9 months to
31 Mar 07 31 Mar 06
Rm Rm
Reconciliation of net cash outflow from operations
Net operating profit 16.7 4.3
Net operating loss from discontinued operation (117.9) (6.4)
(101.2) (2.1)
Adjusted for:
Interest provision on convertible bond - 21.3
Amortisation of convertible cost 3.5 5.6
Financial instruments 48.9 (3.7)
Unrealised foreign exchange gain (1.3) (26.1)
Growth in Environmental Trust funds (5.3) (4.2)
Other non cash items 41.5 17.6
Interest paid (76.7) (25.0)
Taxation paid (20.9) (15.5)
Net cash outflow from operations (111.5) (32.1)
KEY OPERATING AND FINANCIAL RESULTS (Unaudited)
AUSTRALASIAN OPERATIONS
Porgera Quarter Quarter % Quarter
(20% of the Joint Venture) Mar 07 Dec 06 Change Mar 06
Ore milled t`000 214 238 (10) 241
Yield g/t 2.69 3.09 (13) 3.15
Gold produced oz 18 526 23 664 (22) 24 410
kg 576 736 (22) 760
Cash operating costs US$/oz 597 396 (51) 416
ZAR/kg 139 262 93 834 (48) 82 386
ZAR/t 375 290 (29) 260
Cash operating profit US$ m 2.9 3.3 (12) 2.7
ZAR m 21.2 24.2 (12) 15.8
Capital expenditure (net)US$ m 3.1 2.8 (11) 2.4
ZAR m 22.3 19.9 (12) 14.4
9 months to 9 month to
31 Mar 07 31 Mar 06
Ore milled t`000 714 792
Yield g/t 3.12 3.97
Gold produced oz 71 569 101 023
kg 2 225 3 144
Cash operating costs US$/oz 450 309
ZAR/kg 105 063 63 654
ZAR/t 327 253
Cash operating profit US$ m 10.7 17.5
ZAR m 77.6 112.5
Capital expenditure (net)US$ m 7.6 11.2
ZAR m 55.2 71.6
Porgera attributable gold production was 214 000 tonnes at a recovered grade of
2.69 g/t producing 18 526 ounces, at a cash operating cost of US$597/oz.
Gold production at Porgera early in the quarter continued to be impacted by
power disruptions caused by a lightning strike in December, with repairs and a
return to full production achieved in early January.
Decreases in material mined during the quarter are attributed in part to lower
productivity on the narrow Stage 5 bench. The repairs to the Hides power station
and increased diesel power generation and load shedding during the period of
repairs also contributed to higher costs incurred during the period.
Tolukuma Quarter Quarter % Quarter
Mar 07 Dec 06 Change Mar 06
Ore milled t`000 48 45 7 47
Yield g/t 6.15 8.29 (26) 7.70
Gold produced oz 9 483 11 996 (21) 11 659
kg 295 373 (21) 362
Cash operating costs US$/oz 922 827 (12) 671
ZAR/kg 215 146 195 319 (10) 134 260
ZAR/t 1 322 1 619 18 1 034
Cash operating loss US$ m (0.8) (1.0) 20 (0.5)
ZAR m (6.1) (8.3) 27 (3.1)
Capital expenditure (net)US$ m 1.3 1.6 19 -
ZAR m 9.5 11.8 19 (0.2)
9 months to 9 months to
31 Mar 07 31 Mar 06
Ore milled t`000 136 148
Yield g/t 7.68 8.91
Gold produced oz 33 620 42 382
kg 1 045 1 318
Cash operating costs US$/oz 857 507
ZAR/kg 199 947 104 584
ZAR/t 1 536 931
Cash operating loss US$ m (4.8) (0.4)
ZAR m (35.2) (2.7)
Capital expenditure (net)US$ m 4.9 3.7
ZAR m 35.6 23.5
Total gold production was 9 483oz, down from 11 996oz in the previous quarter,
mainly as the result of a 26% decline in yield to 6.15 g/t.
The mine reports that mining machine fleet constraints have hampered the
excavation of high grade material, however, plans are in place to use the
existing fleet more efficiently while additional machinery is sourced.
The current mine plan at Tolukuma is focusing on maintaining production and
vertical development on the Zine and Tinabar structures, as well as re-
establishing stoping on the Gulbadi structure.
Underground production for the quarter focused primarily on Zine, with minor
levels of stoping from the Tinabar zone. Stoping was constrained on three areas
by mine fleet, compressed air and backfill constraints, however the compressed
air infrastructure work undertaken in March will see improved drilling rates
between Zine and Tinabar in future.
Cash operating costs increased for the quarter to US$922/oz, driven largely by
higher helicopter and aircraft cost increases combined with lower head grades.
DISCONTINUED OPERATION
Vatukoula ("Old" Emperor) Quarter Quarter % Quarter
100% Consolidated from 6 April Mar 07 Dec 06 Change Mar 06
2006(Previously 39.52% attributable)
Ore milled t`000 - 37 na 36
Yield g/t - 7.68 na 5.97
Gold produced oz 429 9 143 (95) 6 910
kg 13 284 (95) 215
Cash operating cost US$/oz - 1 120 na 694
ZAR/kg - 265 169 na 137 860
ZAR/t - 2 035 na 814
Cash operating profit/(loss)
US$ m 1.0 (4.1) 124 (2.7)
ZAR m 7.1 (29.4) 124 (17.2)
Cash operating profit/(loss)
attributable to DRDGOLD US$ m 1.0 (4.1) 124 -
ZAR m 7.1 (29.4) 124 -
Capital expenditure (net)US$ m 0.1 3.3 97 3.1
ZAR m 0.7 24.7 97 19.1
Capital expenditure (net)
attributable to DRDGOLD US$ m 0.1 3.3 97 -
ZAR m 0.7 24.7 97 -
9 months to 9 months to
31 Mar 07 31 Mar 06
Ore milled t`000 117 138
Yield g/t 7.15 5.94
Gold produced oz 26 910 26 344
kg 836 820
Cash operating costs US$/oz 795 598
ZAR/kg 185 506 123 332
ZAR/t 1 326 733
Cash operating loss # US$ m (4.8) (7.3)
ZAR m (34.8) (46.7)
Cash operating loss
attributable to DRDGOLD US$ m (4.8) -
ZAR m (34.8) -
Capital expenditure (net) #
US$ m 9.0 7.4
ZAR m 65.3 47.8
Capital expenditure (net)
attributable to DRDGOLD US$ m 9.0 -
ZAR m 65.3 -
# Represents total operation
On 28 March 2007, management of the Vatukoula mine confirmed that the sale of
the Vatukoula mine and associated assets to Westech had been completed. All
assets and liabilities of Emperor`s Fijian operations were transferred to
Westech.
SOUTH AFRICAN OPERATIONS
Blyvoor Quarter Quarter % Quarter
Mar 07 Dec 06 Change Mar 06
Ore milled
Underground t`000 141 183 (23) 171
Surface t`000 900 896 - 927
Total t`000 1 041 1 079 (4) 1 098
Yield
Underground g/t 4.97 5.06 (2) 4.59
Surface g/t 0.38 0.32 19 0.38
Total g/t 1.00 1.12 (11) 1.03
Gold produced
Underground oz 22 538 29 772 (24) 25 238
kg 701 926 (24) 785
Surface oz 11 092 9 099 22 11 221
kg 345 283 22 349
Total oz 33 630 38 871 (13) 36 459
kg 1 046 1 209 (13) 1 134
Cash operating costs
Underground US$/oz 714 582 (23) 692
ZAR/kg 166 572 137 586 (21) 138 084
ZAR/t 828 696 (19) 634
Surface US$/oz 265 313 15 233
ZAR/kg 61 855 73 926 16 46 553
ZAR/t 24 23 (4) 18
Total US$/oz 566 519 (9) 551
ZAR/kg 132 033 122 685 (8) 109 914
ZAR/t 133 137 3 114
Cash operating profit/(loss)
US$ m 2.9 3.5 (17) -
ZAR m 20.9 25.4 (18) (0.6)
Capital expenditure (net)US$ m 2.0 2.3 13 2.4
ZAR m 14.8 16.9 12 15.1
9 months to 9 months to
31 Mar 07 31 Mar 06
Ore milled
Underground t`000 506 496
Surface t`000 2 762 2 714
Total t`000 3 268 3 210
Yield
Underground g/t 5.07 5.65
Surface g/t 0.34 0.34
Total g/t 1.08 1.16
Gold produced
Underground oz 82 435 90 054
kg 2 564 2 801
Surface oz 30 543 29 709
kg 950 924
Total oz 112 978 119 763
kg 3 514 3 725
Cash operating costs
Underground US$/oz 635 532
ZAR/kg 148 034 109 692
ZAR/t 750 619
Surface US$/oz 289 239
ZAR/kg 67 386 49 250
ZAR/t 23 17
Total US$/oz 541 459
ZAR/kg 126 231 94 699
ZAR/t 136 110
Cash operating profit US$ m 9.6 3.4
ZAR m 69.3 22.0
Capital expenditure (net)US$ m 7.0 6.6
ZAR m 50.8 42.5
Total gold production was 13% lower at 33 630oz, reflecting a 24% decline in
gold production from underground to 22 538oz. Surface gold production was 22%
higher at 11 092oz.
Lower underground gold production resulted both from a 23% drop in underground
ore milled to 141 000t and a 2% decline in underground yield to 4.97 g/t. The
lower volume was primarily as a consequence of five production days lost during
the quarter due to illegal strike action. The lower yield reflected some
residual impact of the underground fire in the previous quarter. Full access to
the affected high-grade areas was restored at the end of January.
The illegal strikers` non-compliance with an agreement in terms of which lost
production of 15 000t would be worked back has been referred to arbitration.
Higher surface gold production resulted from a 19% increase in yield from the
slimes retreatment project and higher rock dump throughput, being amongst
measures taken to optimise plant operation during the illegal strike. Total
surface throughput was stable at 900 000t while average surface yield rose to
0.38 g/t.
Total cash operating costs were 9% higher at US$566/oz, due to a 23% increase in
underground cash operating costs to US$714/oz arising from lower underground
gold production. Surface cash operating costs were 15% lower at US$265/oz due to
higher surface gold production. Cash operating profit was 18% lower at R20.9
million.
Capital expenditure was R14.8 million, some R2.4 million of which was spent on
the Way Ahead Project ("WAP"). WAP, which has replaced the No. 2 Sub-shaft
Project, involves accessing the No. 2 Sub-shaft reserves from levels 27 to 35 of
No. 5 Shaft at a substantially reduced cost of R37 million over the next three
years.
Projects currently under investigation include: opening up of Main Reef workings
to access `old gold` - ore broken but unrecovered during earlier mining
activity; a re-evaluation of the Doornfontein and Blyvoor slimes dams for gold
and uranium recovery; and, to reduce costs, re-treatment of process water for
re-
use on-mine.
Crown Quarter Quarter % Quarter
100% Consolidated from 1 Dec Mar 07 Dec 06 Change Mar 06
2005(Previously 40% attributable)
Ore milled t`000 2 011 2 231 (10) 1 946
Yield g/t 0.36 0.41 (12) 0.37
Gold produced oz 23 180 29 643 (22) 23 213
kg 721 922 (22) 722
Cash operating costs US$/oz 491 399 (23) 502
ZAR/kg 114 423 94 268 (21) 99 841
ZAR/t 41 39 (5) 37
Cash operating profit US$ m 3.8 6.2 (39) 1.2
ZAR m 27.5 46.0 (40) 7.3
Cash operating profit
attributable to DRDGOLD US$ m 3.8 6.2 (39) 1.2
ZAR m 27.5 46.0 (40) 7.3
Capital expenditure (net)US$ m 1.2 0.5 (140) 1.3
ZAR m 9.0 3.8 (137) 7.8
Capital expenditure (net)
attributable to DRDGOLD US$ m 1.2 0.5 (140) 1.3
ZAR m 9.0 3.8 (137) 7.8
9 months to 9 months to
31 Mar 07 31 Mar 06
Ore milled t`000 6 298 4 095
Yield g/t 0.40 0.40
Gold produced oz 80 344 52 136
kg 2 499 1 621
Cash operating costs # US$/oz 434 416
ZAR/kg 101 174 85 809
ZAR/t 40 35
Cash operating profit # US$ m 15.5 5.9
ZAR m 112.6 37.8
Cash operating profit
attributable to DRDGOLD US$ m 15.5 2.1
ZAR m 112.6 12.8
Capital expenditure (net) #
US$ m 2.7 3.3
ZAR m 19.9 21.0
Capital expenditure (net)
attributable to DRDGOLD US$ m 2.7 1.7
ZAR m 19.9 10.9
#Represents total operation
Total throughput declined by 10% to 2 011 000t and average yield by 12% to 0.36
g/t, resulting in a 22% decrease in gold production to 23 180oz. A primary
contributor was the depletion of high grade sand sites supplying the Crown
plant. This is expected to be remedied by tonnage from the new 3/L/2 site
scheduled to come on stream at the end of April 2007 and from the Top Star dump,
for which a mining licence application is lodged with the Department of Minerals
and Energy ("DME").
Cash operating costs increased by 23% to US$491/oz, reflecting the lower gold
production. Cash operating profit was 40% lower at R27.5 million.
ERPM Quarter Quarter % Quarter
100% consolidated from Mar 07 Dec 06 Change Mar 06
1 Dec 2005(Previously 40% attributable)
Ore milled
Underground t`000 61 64 (5) 72
Surface t`000 430 388 11 537
Total t`000 491 452 9 609
Yield
Underground g/t 6.52 7.06 (8) 8.86
Surface g/t 0.41 0.34 21 0.38
Total g/t 1.17 1.29 (9) 1.38
Gold produced
Underground oz 12 796 14 532 (12) 20 512
kg 398 452 (12) 638
Surface oz 5 724 4 276 34 6 494
kg 178 133 34 202
Total oz 18 520 18 808 (2) 27 006
kg 576 585 (2) 840
Cash operating costs
Underground US$/oz 711 627 (13) 470
ZAR/kg 165 952 148 044 (12) 93 624
ZAR/t 1 083 1 046 (4) 830
Surface US$/oz 629 704 11 563
ZAR/kg 146 725 166 173 12 112 010
ZAR/t 61 57 (7) 42
Total US$/oz 686 644 (7) 493
ZAR/kg 160 010 152 166 (5) 98 045
ZAR/t 188 197 5 135
Cash operating (loss)/
profit US$ m (0.7) (0.7) - 1.5
ZAR m (5.0) (5.1) 2 9.5
Cash operating (loss)/profit
attributable to DRDGOLD US$ m (0.7) (0.7) - 1.5
ZAR m (5.0) (5.1) 2 9.5
Capital expenditure (net)US$ m 1.3 1.2 (8) 0.7
ZAR m 9.5 8.5 (12) 4.4
Capital expenditure (net)
attributable to DRDGOLD US$ m 1.3 1.2 (8) 0.7
ZAR m 9.5 8.5 (12) 4.4
9 months to 9 months to
31 Mar 07 31 Mar 06
Ore milled
Underground t`000 201 148
Surface t`000 1 253 1 124
Total t`000 1 454 1 272
Yield
Underground g/t 7.06 8.36
Surface g/t 0.37 0.39
Total g/t 1.30 1.32
Gold produced
Underground oz 45 653 39 776
kg 1 420 1 237
Surface oz 15 016 14 120
kg 467 440
Total oz 60 669 53 896
kg 1 887 1 677
Cash operating costs #
Underground US$/oz 604 455
ZAR/kg 140 795 93 890
ZAR/t 994 776
Surface US$/oz 640 488
ZAR/kg 149 332 100 713
ZAR/t 56 40
Total US$/oz 613 464
ZAR/kg 142 908 95 678
ZAR/t 185 129
Cash operating profit # US$ m 0.7 2.1
ZAR m 5.0 13.3
Cash operating profit
Attributable to DRDGOLD US$ m 0.7 0.9
ZAR m 5.0 5.6
Capital expenditure (net) #
US$ m 3.6 1.4
ZAR m 26.1 8.9
Capital expenditure (net)
attributable to DRDGOLD US$ m 3.6 0.9
ZAR m 26.1 5.8
# Represents total operation
Total gold production was 2% lower at 18 520oz, reflecting a 12% decline in
underground gold production to 12 796oz. Surface gold production, however, rose
by 34% to 5 724oz.
Lower underground gold production was a consequence of both a 5% decline in
underground volume to 61 000t and an 8% decline in underground yield to 6.52
g/t. The deterioration in both underground volume and yield, discernable in the
month of December, continued into January as the focus shifted from scattered
mining in the west to longwall mining in the east. Opening up and development of
the eastern longwalls fell behind and infrastructure such as ventilation and ore
conveyancing proved inadequate. While this was the primary cause of reduced
volume, fault negotiation below 70 level and steps taken to reduce seismicity
above 70 level were also contributors. Lower yield resulted mainly from the
shift from selective scattered mining in the west to longwall mining in the
east.
During the quarter, ore pass development and the delivery of ventilation and
other services to the eastern longwalls were accelerated and by the end of March
volume showed some improvement. However, volume and yield below previous
expectation are likely to continue for the next six to 12 months as fault
negotiation below 70 level proceeds.
Higher surface gold production resulted from an 11% improvement in throughput to
430 000t and a 21% increase in yield to 0.41 g/t. Volume was boosted by the
start of a project to treat low-grade surface material from various sources,
which is expected to continue until December 2007 and contribute significantly
to a reduction in rehabilitation liability; during the quarter 35 000t of such
material was treated. The Cason retreatment site was the primary contributor to
the improvement in surface yield.
Total cash operating costs were 6% higher at US$686/oz. While underground cash
operating costs rose by 13% to US$711/oz, surface cash operating costs were 11%
lower at US$629/oz. The cash operating loss was unchanged at R5 million.
CASH OPERATING COSTS RECONCILIATION
AUSTRALASIAN OPERATIONS (R000 unless otherwise stated)
Tolukuma Porgera Continued Discontinued
(20%)Operations Vatukoula
Total cash costs
Mar 07 Qtr 80 021 96 381 176 402 20 208
Dec 06 Qtr 90 006 39 474 129 480 119 010
9 months to Mar 07 242 713 220 708 463 421 230 667
Movement in gold in process
Mar 07 Qtr (8 400) (6 380) (14 780) (5 863)
Dec 06 Qtr (4 017) 40 494 36 477 (12 002)
9 months to Mar 07 (1 176) 38 082 36 906 (21 080)
Less: Exploration, production
taxes, rehabilitation and other
Mar 07 Qtr 749 6 710 7 459 18 446
Dec 06 Qtr 5 847 7 836 13 683 309
9 months to Mar 07 11 033 15 871 26 904 19 070
Less: Retrenchment costs
Mar 07 Qtr - - - (6 901)
Dec 06 Qtr - - - 27 162
9 months to Mar 07 - - - 19 252
Less: Corporate and general
administration costs
Mar 07 Qtr 7 404 3 076 10 480 2 800
Dec 06 Qtr 7 288 3 070 10 358 4 229
9 months to Mar 07 21 559 9 154 30 713 16 182
Cash operating costs
Mar 07 Qtr 63 468 80 215 143 683 -
Dec 06 Qtr 72 854 69 062 141 916 75 308
9 months to Mar 07 208 945 233 765 442 710 155 083
Gold produced (kg)
Mar 07 Qtr 295 576 871 13
Dec 06 Qtr 373 736 1 109 284
9 months to Mar 07 1 045 2 225 3 270 836
Cash operating costs (R/kg)
Mar 07 Qtr 215 146 139 262 164 963 -
Dec 06 Qtr 195 319 93 834 127 968 265 169
9 months to Mar 07 199 947 105 063 135 385 185 506
Cash operating costs (US$/oz)
Mar 07 Qtr 922 597 707 -
Dec 06 Qtr 827 396 541 1 120
9 months to Mar 07 857 450 581 795
SOUTH AFRICAN OPERATIONS(R000 unless otherwise stated)
Crown ERPM Blyvoor Total
Total cash costs
Mar 07 Qtr 90 131 98 670 143 993 332 794
Dec 06 Qtr 93 703 94 829 153 520 342 052
9 months to Mar 07 273 484 287 917 459 714 1 021 115
Movement in gold in process
Mar 07 Qtr (416) (371) (259) (1 046)
Dec 06 Qtr 33 187 419 639
9 months to Mar 07 (142) (222) 747 383
Less: Exploration, production
taxes, rehabilitation and other
Mar 07 Qtr 3 340 2 200 1 457 6 997
Dec 06 Qtr 2 943 2 064 1 443 6 450
9 months to Mar 07 8 926 6 224 4 274 19 424
Less: Retrenchment costs
Mar 07 Qtr - - - -
Dec 06 Qtr - - - -
9 months to Mar 07 - - - -
Less: Corporate and general
administration costs
Mar 07 Qtr 3 876 3 933 4 170 11 979
Dec 06 Qtr 3 878 3 935 4 170 11 983
9 months to Mar 07 11 582 11 804 12 610 35 996
Cash operating costs
Mar 07 Qtr 82 499 92 166 138 107 312 772
Dec 06 Qtr 86 915 89 017 148 326 324 258
9 months to Mar 07 252 834 269 667 443 577 966 078
Gold produced (kg)
Mar 07 Qtr 721 576 1 046 2 343
Dec 06 Qtr 922 585 1 209 2 716
9 months to Mar 07 2 499 1 887 3 514 7 900
Cash operating costs (R/kg)
Mar 07 Qtr 114 423 160 010 132 033 133 492
Dec 06 Qtr 94 268 152 166 122 685 119 388
9 months to Mar 07 101 174 142 908 126 231 122 288
Cash operating costs (US$/oz)
Mar 07 Qtr 491 686 566 572
Dec 06 Qtr 399 644 519 505
9 months to Mar 07 434 613 541 524
EXPLORATION AND DEVELOPMENT
Australasian operations
Papua New Guinea
Tolukuma
The company maintains over 5 000 km2, drilling overall was reduced during the
quarter as a result of mechanical issues with several drilling rigs, near-mine
exploration at Tolukuma continues to focus on the Zine and Fundoot structures,
with minor work also undertaken on the Tinabar structure. The Zine structure
continued to be tested by both drilling and underground development, with
drilling undertaken both underground and from surface locations.
Surface drill pads were prepared to test the southern Fundoot structure.
Excavation in the northern Fundoot area exposed stockwork mineralisation with
hangingwall splay veins.
Regional exploration was undertaken on a number of tenements, with stream
sediment sampling and geological mapping undertaken on EL1271 and EL1366, in the
North-east of Emperor`s tenement holdings.
Field work was also undertaken at the Saki prospect, located to the East of the
Tolukuma mine, where 28 shallow target drill holes have been completed. The
current work is aimed at extending geochemical analyses and geological mapping
away from the main mineralised zone to provide better information for future
drilling in those areas.
Using this data, new deep drilling targets will be identified by May 2007, with
targets likely to exceed historical drilling depths.
Drill and assay results for the quarter:
Hole ID From To RL(m) Width(m) Au(g/t) Ag(g/t) Target
LM007 125.0 125.2 1528.0 0.20 2.90 32.80 Zine
LM008 117.5 120.0 1524.0 0.63 6.53 17.30 Zine
LM010 281.5 285.9 1257.5 1.50 1.16 8.10 Zine
LM010 305.4 308.2 1240.0 0.90 1.46 2.90 Zine
IV037 62.6 63.0 1614.0 0.31 2.54 25.40 Fundoot
IV038 47.5 48.6 1703.0 0.70 0.26 5.00 Fundoot
IV039 70.3 71.2 1673.0 0.89 0.33 8.30 Fundoot
IV039 74.1 75.0 1673.0 0.89 0.38 21.10 Fundoot
IV041 69.6 72.1 1630.0 2.56 1.44 10.30 Fundoot
ZN090 422.1 424.6 1368.0 0.75 8.32 29.90 Zine
*Assay results are uncut; intersection width calculation based on angle to drill
core axis.
PNG:Regional Programme
The company maintains eleven Exploration Licences. During the Quarter, field
work was undertaken in EL1271 and 1366, located in the North east portion of the
company`s tenement holdings. This work comprised stream sediment sampling and
reconnaissance geological mapping. No assay results have been received to date.
Field work was also undertaken at Saki prospect, located 3km East of the
Tolukuma mine. This prospect has previously been explored, and 28 shallow drill
holes have been completed. The current phase of work is aimed at extending the
stream sediment geochemical coverage away from the main mineralized zone, and
completing a geological mapping program, to provide improved context for the
future targeting of drill holes. Drill targets will be defined in May 2007 and
are expected to target zones deeper than the previous historical drilling.
South Africa
ERPM
ERPM Extension 1(Sallies)
The fourth borehole has been completed. Hole has been surveyed to assist with
geological interpretation. Borehole assay results:
- Channel Value 7.45 g/t / 246 cm (1829 cmgt).
- Mining Cut Value 13.14 g/t / 126 cm (1659 cmgt).
Future drilling will concentrate within the current mining lease area to define
and firm up on geological structures and strike change.
The Annual Prospecting Report submitted to the DME on 13 February, 2007 and
currently awaiting response from the DME regarding permission for the
overstoping of exploration development (mine mini longwall through boundary).
ERPM Extension 2(Sallies)
The prospecting right granted.
Blyvoor
The current depth of the Savuka exploration hole is 91.4 m, which is continuing
to encounter numerous problems.
An exploration drilling programme has been compiled to evaluate the down dip,
South West extension of the ore body below 35 level.
Drilling to be conducted on the slimes dams for gold and uranium values and to
determine the mining potential for No. 7 slimes dam. Drilling expected to
commence in May.
Crown
4L 49 Dump: 19 holes drilled at an average grade of 0.311 g/t.
4/L/10 Dump: 64 000 tons at 0.567 g/t.
Argonaut
We are still awaiting official response regarding the status of the Prospecting
Right Application. The Annual Prospecting Report was submitted to the DME on 8
March 2007.
INVESTOR RELATIONS
DIRECTORS - (*British)(**Australian)(***American)
Executive:
JWC Sayers (Chief Executive Officer)
Non-executives:
J Turk ***
Independent non-executives:
DJM Blackmur** (Senior Non-Executive Director); GC Campbell*(Non-Executive
Chairman); RP Hume
Alternate:
JH Dissel
Group Company Secretary:
TJ Gwebu
INVESTOR RELATIONS
For further information, contact Ilja Graulich at:
Tel: (+27-11) 219-8700, Fax: (+27-11) 476-2637,
e-mail: ilja.graulich@za.drdgold.com,
website: http://www.drdgold.com
Ebsco House 4, 299 Pendoring Avenue,
Blackheath, Randburg, South Africa.
PO Box 390,
Maraisburg, 1700,
South Africa.
Johannesburg
26 April 2007
Date: 26/04/2007 12:00:01 Produced by the JSE SENS Department.
