| Thu 22 Oct 2009, 8:00 | | DRD - DRDGold - Report to shareholders for the 1st quarter ended |
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DRD
DRDD
DRD - DRDGold - Report to shareholders for the 1st quarter ended
30 September 2009
DRDGOLD LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1895/000926/06)
JSE trading symbol: DRD
ISIN: ZAE 000058723
Issuer code: DUSM
Nasdaq trading symbol: DROOY
("DRDGOLD" or "the company")
REPORT TO SHAREHOLDERS FOR THE 1st QUARTER ENDED 30 SEPTEMBER 2009
GROUP RESULTS
KEY FEATURES
- Third successive fatality-free quarter
- Production steady at 57 000 oz for the quarter
- Crown, ERPM surface operations perform well
- Surface production now 68% of total production
- Two-year, single-digit wage agreement struck
- Weaker Rand gold price knocks revenue
- Electricity price hike hits costs
KEY RESULTS SUMMARY
GROUP Quarter Quarter % Quarter
Sep 09 Jun 09 Change Sep 08
Gold production
oz 57 292 57 775 (1) 70 861
kg 1 782 1 797 (1) 2 204
Gold production sold oz 59 864 55 234 8 70 861
kg 1 862 1 718 8 2 204
Cash operating costs US$/oz 968 855 (13) 755
ZAR/kg 243 684 235 499 (3) 188 967
Gold price received US$/oz 950 900 6 864
ZAR/kg 239 098 244 927 (2) 216 297
Capital expenditure US$ million 8.2 13.7 40 9.1
ZAR million 64.2 117.3 45 70.2
STOCK
ISSUED CAPITAL
378 116 316 ordinary no par value shares
5 000 000 cumulative preference shares
Total ordinary no par value shares issued and committed: 394 901 282
STOCK TRADED JSE NASDAQ*
Avg. volume for the quarter per day (000) 497 1 610
% of issued stock traded (annualised) 34 111
Price - High R6.98 US$0.900
- Low 5.24 U$S0.654
- Close R5.25 U$S0.724
* This data represents per share data and not ADS data - one ADS reflects ten
ordinary shares
FORWARD-LOOKING STATEMENTS
Many factors could cause the actual results, performance or achievements of
DRDGOLD 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 DRDGOLD serves, a drop in the gold price, a sustained
strengthening of the Rand against the Dollar, regulatory developments adverse to
DRDGOLD or difficulties in maintaining necessary licences 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 2008, which was filed with the United States Securities and Exchange
Commission on 12 December 2008 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 to the occurrence of unanticipated events.
OVERVIEW
Dear shareholder
Safety, health and environment
We are pleased, and grateful, to be able to report another fatality free
quarter. Performance in respect of other safety parameters was mixed.
At Blyvooruitzicht Gold Mining Company Limited ("Blyvoor"), trending in Dressing
Station Injury Frequency Rate ("DSIFR") and the Disabling Injury Frequency Rate
("DIFR") improved, but the Reportable Injury Frequency Rate ("RIFR")
deteriorated marginally. Crown Gold Recoveries (Pty) Limited ("Crown") showed an
improvement in its DSIFR rate, but the DIFR and RIFR deteriorated. At East Rand
Proprietary Mines Limited ("ERPM"), the DIFR improved, but the DSIFR and the
RIFR deteriorated.
We completed the quantitative risk assessment for airborne pollutants at
Blyvoor`s No. 6 Shaft, while the baseline quantitative risk assessment for
airborne pollutants at the mine`s No 5 shaft, disrupted by wage-related strike
action, has resumed. A baseline quantitative risk assessment for noise at the
mine`s surface operations has begun. The Organisational Cultural Diagnostic
Instrument ("OCDI") survey related to the company`s operations-wide Behaviour
Based Safety Initiative ("BBSI") was scheduled to have been conducted at
Blyvoor`s No. 6 shaft during the quarter but was postponed pending the
completion of the Section 189A consultation process regarding restructuring and
right-sizing at Blyvoor. Consequently, development and rollout of the BBSI has
been placed on hold and will resume when the Section 189A consultation process
is completed.
Muffling of drilling machines and silencing of fans at Blyvoor, aimed at
reducing noise levels in the workplace towards new standards of compliance, have
been completed. Installation of wet scrubbers at tips to improve dust control
will get under way on completion of the current research project.
We have now developed an occupational health register, to be linked to
employees` health records.
During the quarter, our company spent R8.1 million on environmental management
and rehabilitation.
Production
Total gold production was down 1% quarter on quarter at 57 292oz, reflecting a
14% decline in underground production from Blyvoor, the reasons for which are
discussed in more detail below. Surface production increased by 10% to 38 870oz
- a consequence of better performances by Crown and ErgoGold.
Total gold sold was 8% higher at 59 864oz.
Financial
Total revenue for the quarter was 6% higher at R445.2 million, the 8% increase
in gold sold off-setting the impact of a 2% drop in the average Rand gold price
received to R239 098/kg. After accounting for net operating costs - 7% higher at
R449.4 million due to higher electricity prices and wage increase provisions -
an operating loss of R4.2 million was recorded compared with an operating profit
of R1.3 million in the previous quarter.
Depreciation, provision for environmental rehabilitation and retrenchment costs
contributed to a gross loss of R56.5 million, with administration costs of R46.3
million resulting in a pre-tax loss of R97.0 million. Deferred tax reduced the
net loss for the period to R63.3 million. This compares with a net profit of
R42.6 million in the previous quarter.
Corporate
As was previously reported, we reached a wage agreement with the United
Association of South Africa ("UASA") ranging from a 4% basic increase at ERPM to
a 6.5% basic increase plus a gold profit share scheme at Crown and Blyvoor. With
the National Union of Mineworkers ("NUM"), after strike action lasting nearly
four weeks at Crown and Blyvoor, we eventually settled on a 4% basic increase at
ERPM and an 8% basic increase at Crown and Blyvoor. At Crown, settlement
included the gold profit share scheme, which can add up to 7% across the board
to the basic increase. At Blyvoor, the NUM rejected the scheme.
Last quarter, we reported that we had appealed to power utility Eskom for a
delay in the implementation of its 32% price increase. This appeal was rejected.
Detailed operating and financial review
Blyvoor
Total gold production was 18% lower at 25 978oz, reflecting a 14% decline in
gold production from underground to 18 422oz and a 27% decline in surface gold
production to 7 556oz.
Lower underground production resulted from a 5% drop in underground throughput
to 145 000t and a 10% drop in the average underground yield to 3.95g/t.
Underground throughput was negatively affected primarily by the 11 production
shifts lost towards the end of the quarter due to wage-related strike action.
The lower average yield reflects the continuing negative impact of seismicity-
related damage to a high-grade stope at No 5 Shaft and the switching of mining
of the Main Reef from the eastern side of No 5 Shaft to the western side. These
levels of recovery are expected to continue until after the rehabilitation of
the afore-mentioned panels in the third financial quarter.
A 6% decline in surface throughput to 810 000t and a 24% decline in the average
surface yield to 0.29g/t resulted in lower surface gold production. Lower
throughput and yield were a consequence of the discontinuation of recovery and
treatment of material from the surface rock dump, uneconomic at the prevailing
Rand gold price, and of significant quantities of lower-grade, clay-like
material encountered during slimes recovery from the No. 5 Slimes Dam. The
latter issue was a temporary matter, and had been resolved by quarter end.
Whilst total cash operating costs came in at R227.7 million compared to R225.1
million the previous quarter, unit cost per kilogram rose by 24% to R281 782/kg,
a consequence of lower gold production, higher electricity prices and provision
for wage increases. Underground cash operating costs increased by 19% to R346
068/kg and surface cash operating costs by 24% to R125 034/kg. Lower production,
a lower average Rand gold price received and higher costs led to a R34.8 million
cash operating loss, compared with the previous quarter`s cash operating profit
of R19.2 million.
Capital expenditure was 5% higher at R25.1 million, the main items being two re-
conditioned crushers purchased for the gold plant.
Production ramp-up at No. 5 Shaft`s Way Ahead Project continued. Monthly
production is currently around 1 400m2, with full production of 2 500m2 per
month expected in eight months` time. The 15/29 Incline Project has been placed
on hold pending a recovery in the Rand gold price.
Consultations with employees and unions on restructuring and right-sizing
Blyvoor in terms of Section 189 of the Labour Relations Act continued during the
quarter and are scheduled to conclude on Friday, 23 October 2009.
Crown
Gold production rose by 6% to 19 065oz, primarily due to a 5% increase in the
average yield to 0.41g/t. Throughput was 2% higher at 1 440 000t. The higher
average yield reflected good grades obtained from clean-ups of the City Deep
areas, the 3A17 dump site in particular. In spite of wage-related strike action
that began on 16 September and continued for the rest of the quarter, no
production shifts were lost.
Cash operating costs increased by 6% to R198 339/kg, due mainly to higher
electricity prices.
Cash operating profit was 29% higher at R31.4 million, a consequence of higher
gold production. Capital expenditure was 37% lower at R5.0 million. Work
continued on studies to determine the environmental impact and economic
feasibility of a pipeline linking the Crown plants to Ergo`s deposition site at
Brakpan.
ERPM
Underground clean-up following the discontinuation of underground mining was
concluded at the end of the last quarter and the quarter under review was ERPM`s
first as a surface retreatment-only operation.
Gold production from surface sources, nonetheless, was 35% higher quarter-on-
quarter at 7 009oz, reflecting an 18% increase in the average surface yield to
0.45g/t and a 14% increase in surface throughput to 487 000t. The improved
yield, resulting from recovery of higher-grade material from the northern part
of the Cason Dump, is expected to be sustained in the medium-term.
Surface cash operating costs were 20% lower at R157 862/kg and a cash operating
profit of R25.0 million was recorded compared with the previous quarter`s loss
of R18.3 million.
No capital expenditure was incurred during the quarter.
ErgoGold
We achieved an encouraging improvement in the recoveries and efficiencies of our
elution and electro-winning circuits, both of which were well below target at
the end of the previous quarter. Residue values suggest that we are not allowing
more gold than planned to find its way onto our tailings dams, although actual
recoveries are not yet at the steady-state which we had hoped to achieve by
quarter end.
Gold production rose by 181% to 5 240oz, reflecting a 52% increase in throughput
to 2 324 000t and a 75% improvement in the average yield. Test work suggests,
however, that recoveries from the L29 dam remained at around 0.05g/t. We are
also not ruling out the possibility that material from this dam may be affecting
the recovery efficiencies of materials from the Elsburg Tailings Complex
("ETC"). We have now completed a small pilot plant into which we will direct the
flows of material at will, to provide us with better insight into the recovery
characteristics of the two sources.
Cash operating costs were 47% lower at R334 571/kg. The cash operating loss was
reduced to R10.6 million from the R27.8 million in the previous quarter.
Looking ahead
The strength of the Rand continues to impact on revenues, the performance of the
US$ gold price notwithstanding. I have said previously, and I remain of the
view, that businesses should, in the medium term be able to perform sustainably
at a gold price of R250 000/kg. With the increases proposed by Eskom, of 45% per
year for the next three years, electricity as a percentage of total costs will
increase from around 19% to just over 30% by 2012. This means that margins will
remain under pressure until we see further increases in the gold price.
Our assets, and our strategic direction of greater exposure to surface assets,
are starting to demonstrate greater resilience against the risks that have
become typical of deep level mining in South Africa, namely volume and grade
volatility, labour efficiency and costs, especially electricity costs.
In times like these, for assets where the exposure to these risks is higher, the
appropriate counter-measure remains reducing fixed overhead costs. This must be
coupled with optimising the efficiencies of those assets with less exposure.
Reducing Blyvoor`s fixed overhead cost further through the current restructuring
consultations and optimising ErgoGold to steady state will accordingly remain
our near term focus.
Niel Pretorius
Chief Executive Officer
NOTE REGARDING FINANCIAL INFORMATION
The condensed preliminary consolidated financial statements below have been
prepared in accordance with International Financial Reporting Standards ("IFRS")
and the disclosure requirements of IAS 34, which is consistent with the
accounting policies used in the audited annual financial statements for the year
ended 30 June 2009.
CONDENSED CONSOLIDATED Quarter Quarter Quarter
Statement of comprehensive income Sep 09 Jun 09 Sep 08
R m R m R m
Unaudited Unaudited Unaudited
Continuing operations
Gold and silver revenue 445.2 420.7 476.7
Net operating costs (449.4) (419.4) (419.5)
Cash operating costs (434.2) (423.2) (416.5)
Movement in gold in process (15.2) 3.8 (3.0)
Operating (loss)/profit (4.2) 1.3 57.2
Depreciation (42.7) (41.6) (17.0)
Movement in provision for
environmental rehabilitation (8.4) (6.2) (12.1)
Retrenchment costs (1.2) (1.4) (0.9)
Gross (loss)/profit from
operating activities (56.5) (47.9) 27.2
Impairments - (19.4) (47.6)
Administration expenses and
general costs (46.3) (56.5) (8.9)
Share-based payments (0.7) (1.7) (1.1)
Financial liabilities measured
at amortised cost - (8.8) 7.3
Recognition of goodwill on purchase
of subsidiary - 53.0 -
Profit/(loss) on sale of assets
and investments 1.2 - (1.6)
Finance income 8.4 3.3 32.9
Finance expenses and unwinding
of provisions (3.1) (3.2) (2.7)
(Loss)/profit before taxation (97.0) (81.2) 5.5
Income tax (6.8) 3.2 (15.6)
Deferred tax 40.5 120.6 1.3
Net (loss)/profit for the period (63.3) 42.6 (8.8)
Attributable to:
Ordinary shareholders of the company (48.4) 37.2 3.1
Minority interest (14.9) 5.4 (11.9)
(63.3) 42.6 (8.8)
Other comprehensive income
Foreign exchange translation 0.2 10.0 (19.5)
Purchase of assets and investments - 192.9 -
Mark-to-market of available-for-sale
investments - (1.1) -
Total comprehensive income for
the period (63.1) 244.4 (28.3)
Attributable to
Ordinary shareholders of the company (48.2) 179.3 (16.4)
Minority interest (14.9) 65.1 (11.9)
(63.1) 244.4 (28.3)
Reconciliation of headline (loss)/profit
Net (loss)/profit (48.4) 37.2 3.1
Adjusted for
Impairments - 19.4 47.6
Goodwill on purchase of subsidiary - (53.0) -
(Profit)/loss on sale of assets and
investments (1.2) - 1.2
Minority share of headline
earnings adjustment - (4.4) (12.4)
Headline (loss)/profit (49.6) (0.8) 39.5
Headline (loss)/earnings
per share-cents (13.1) (0.2) 10.5
Basic (loss)/earnings per share-cents (12.8) 9.8 0.8
Diluted headline (loss)/earnings
per share-cents (13.1) (0.2) 10.5
Diluted basic (loss)/earnings
per share-cents (12.8) 9.8 0.8
Calculated on the weighted average
ordinary shares issued of: 378 020 712 377 733 911 376 573 381
CONDENSED CONSOLIDATED As at As at As at
Statement of financial position 30 Sep 09 30 Jun 09 30 Sep 08
Rm Rm Rm
Unaudited Audited Unaudited
Property, plant and equipment 1 759.1 1 737.5 821.2
Non-current investments and
other assets 43.0 43.0 65.3
Environmental rehabilitation
trusts funds 134.2 129.7 116.0
Deferred tax 184.9 165.1 82.8
Current assets 458.8 550.5 1 036.6
Inventories 90.1 93.9 67.4
Trade and other receivables 119.4 88.0 145.2
Cash and cash equivalents 234.3 353.6 809.0
Assets classified as held for sale 15.0 15.0 15.0
Total assets 2 580.0 2 625.8 2 121.9
Equity and Liabilities
Equity 1 502.5 1 584.0 1 240.7
Shareholders equity 1 414.9 1 481.5 1 191.4
Minority shareholders interest 87.6 102.5 49.3
Long-term liabilities 65.1 65.1 120.8
Post retirement and other
employee benefits 45.0 43.6 23.4
Provision for environmental
rehabilitation 423.4 412.5 394.9
Deferred tax 173.7 194.6 -
Current liabilities 370.3 326.0 342.1
Trade and other payables 322.3 323.9 270.3
Short-term liabilities 48.0 2.1 34.2
Liabilities classified
as held for sale - - 37.6
Total equity and liabilities 2 580.0 2 625.8 2 121.9
CONDENSED CONSOLIDATED Quarter Quarter Quarter
Statement of changes in equity Sep 09 Jun 09 Sep 08
Rm Rm Rm
Unaudited Unaudited Unaudited
Balance at the beginning of
the period 1 584.0 1 335.7 1 305.5
Share capital issued (0.1) 2.2 -
for share options exercised 0.4 2.2 -
for costs (0.5) - -
Increase in share-based
payment reserve 0.7 1.7 1.1
Net (loss)/profit attributed to
ordinary shareholders (48.4) 37.2 3.1
Net (loss)/profit attributed to
minority shareholders (14.9) 5.4 (11.9)
Dividends declared (19.0) - (37.6)
Decrease in minorities - 59.7 -
Other comprehensive income 0.2 142.1 (19.5)
Balance as at the end of the
period 1 502.5 1 584.0 1 240.7
CONDENSED CONSOLIDATED Quarter Quarter Quarter
Statement of cash flows Sep 09 Jun 09 Sep 08
Rm Rm Rm
Unaudited Unaudited Unaudited
Net cash (out)/inflow from operations(101.6) 39.5 25.3
Net cash out flow
from investing activities (64.2) (377.3) (46.4)
Net cash in/(out) flow from
financing activities 45.9 156.0 (2.6)
Decrease in cash and cash equivalents(119.9) (181.8) (23.7)
Translation adjustment 0.6 (10.3) (13.4)
Opening cash and cash equivalents 353.6 545.7 846.1
Closing cash and cash equivalents 234.3 353.6 809.0
Reconciliation of net
cash (out)/inflow from operations
(Loss)/profit before tax (97.0) (81.2) 5.5
Adjusted for:
Movement in gold process 15.2 (3.8) 3.0
Depreciation and impairments 42.7 61.0 64.6
Movement in provision for
environmental rehabilitation 8.4 6.2 12.1
Share-based payments 0.7 1.7 1.1
Loss/(profit) on derivative financial
instruments - 8.8 (7.3)
(Profit)/loss on sale of assets
and investments (1.2) - 1.6
Recognition of goodwill on purchase
of subsidiary - (53.0) -
Finance expenses and unwinding of
provisions 2.5 3.2 (1.6)
Growth in environmental trust funds (2.4) (2.8) (3.5)
Other non-cash items 5.0 38.5 0.9
Taxation paid - (20.2) -
Working capital changes (75.5) 81.1 (51.1)
Net cash (out)/inflow
from operations (101.6) 39.5 25.3
KEY OPERATING AND FINANCIAL RESULTS (Unaudited)
CONTINUING OPERATIONS Blyvoor Crown ERPM ErgoGold* Total
(Metric)
Ore milled (`000t)
Underground Sep 09 Qtr 145 - - - 145
Jun 09 Qtr 152 - 61 - 213
Surface Sep 09 Qtr 810 1 440 487 2 324 5 061
Jun 09 Qtr 862 1 414 428 1 525 4 229
Total Sep 09 Qtr 955 1 440 487 2 324 5 206
Jun 09 Qtr 1 014 1 414 489 1 525 4 442
Yield (g/t)
Underground Sep 09 Qtr 3.95 - - - 3.95
Jun 09 Qtr 4.37 - 0.51 - 3.26
Surface Sep 09 Qtr 0.29 0.41 0.45 0.07 0.24
Jun 09 Qtr 0.38 0.39 0.38 0.04 0.26
Total Sep 09 Qtr 0.85 0.41 0.45 0.07 0.34
Jun 09 Qtr 0.97 0.39 0.39 0.04 0.40
Gold Produced (kgs)
Underground Sep 09 Qtr 573 - - - 573
Jun 09 Qtr 664 - 31 - 695
Surface Sep 09 Qtr 235 593 218 163 1 209
Jun 09 Qtr 324 558 162 58 1 102
Total Sep 09 Qtr 808 593 218 163 1 782
Jun 09 Qtr 988 558 193 58 1 797
Cash operating costs (ZAR per kg)
Underground Sep 09 Qtr 346 068 - - - 346 068
Jun 09 Qtr 289 816 - 809 968 - 313 017
Surface Sep 09 Qtr 125 034 198 339 157 862 334 571 195 159
Jun 09 Qtr 100 799 187 314 197 173 629 707 186 611
Total Sep 09 Qtr 281 782 198 339 157 862 334 571 243 684
Jun 09 Qtr 227 831 187 314 295 601 629 707 235 499
Cash operating costs (ZAR per tonne)
Underground Sep 09 Qtr 1 368 - - - 1 368
Jun 09 Qtr 1 266 - 412 - 1 021
Surface Sep 09 Qtr 36 82 71 23 47
Jun 09 Qtr 38 74 75 24 49
Total Sep 09 Qtr 238 82 71 23 83
Jun 09 Qtr 222 74 117 24 95
Cash operating profit/(loss)(ZAR million)
Sep 09 Qtr (34.8) 31.4 25.0 (10.6) 11.0
Jun 09 Qtr 19.2 24.4 (18.3) (27.8) (2.5)
Capital expenditure (ZAR million)
Sep 09 Qtr 25.1 5.0 - 34.1 64.2
Jun 09 Qtr 24.0 7.9 - 85.4 117.3
CONTINUING OPERATIONS Blyvoor Crown ERPM ErgoGold* Total
(Imperial)
Gold Produced (oz)
Underground Sep 09 Qtr 18 422 - - - 18 422
Jun 09 Qtr 21 349 - 996 - 22 345
Surface Sep 09 Qtr 7 556 19 065 7 009 5 240 38 870
Jun 09 Qtr 10 417 17 940 5 208 1 865 35 430
Total Sep 09 Qtr 25 978 19 065 7 009 5 240 57 292
Jun 09 Qtr 31 766 17 940 6 204 1 865 57 775
Cash operating costs (US$ per oz)
Underground Sep 09 Qtr 1 375 - - - 1 375
Jun 09 Qtr 1 048 - 2 983 - 1 144
Surface Sep 09 Qtr 497 788 627 1 330 776
Jun 09 Qtr 365 682 723 2 313 673
Total Sep 09 Qtr 1 120 788 627 1 330 968
Jun 09 Qtr 824 682 1 086 2 313 855
Cash operating profit/(loss)(US$ million)
Sep 09 Qtr (4.4) 4.0 3.2 (1.4) 1.4
Jun 09 Qtr 2.5 3.1 (2.2) (3.4) -
Capital expenditure (US$ million)
Sep 09 Qtr 3.2 0.6 - 4.4 8.2
Mar 09 Qtr 2.8 1.0 - 9.9 13.7
CASH OPERATING COSTS RECONCILIATION
(R`000 unless otherwise stated)
CONTINUING OPERATIONS Blyvoor Crown ERPM ErgoGold* Total
Total cash costs
Sep 09 Qtr 238 485 129 195 69 166 62 171 499 017
Jun 09 Qtr 242 879 129 844 54 651 37 719 465 093
Movement in gold in process
Sep 09 Qtr (2 951) (546) (6 646) (5 046) (15 189)
Jun 09 Qtr (11 485) 4 547 4 949 5 787 3 798
Less: Production taxes, rehabilitation and other
Sep 09 Qtr 2 574 6 631 23 465 2 290 34 960
Jun 09 Qtr 2 459 21 140 (2 034) 4 796 26 361
Less: Retrenchment costs
Sep 09 Qtr 447 - - - 447
Jun 09 Qtr - - 1 - 1
Less: Corporate and general administration costs
Sep 09 Qtr 4 833 4 403 4 641 300 14 177
Jun 09 Qtr 3 838 8 730 4 582 2 187 19 337
Cash operating costs
Sep 09 Qtr 227 680 117 615 34 414 54 535 434 244
Jun 09 Qtr 225 097 104 521 57 051 36 523 423 192
Gold produced
Sep 09 Qtr 808 593 218 163 1 782
Jun 09 Qtr 988 558 193 58 1 797
Total cash operating costs - R/kg
Sep 09 Qtr 281 782 198 339 157 862 334 571 243 684
Jun 09 Qtr 227 831 187 314 295 601 629 707 235 499
Total cash operating costs - US$/oz
Sep 09 Qtr 1 120 788 627 1 330 968
Jun 09 Qtr 824 682 1 086 2 313 855
*ErgoGold represents DRDGOLD`s 100% share in the Elsburg Joint Venture and 50%
in the Ergo Joint Venture.
DIRECTORS - (*British)(**American)
Executive:
DJ (Niel) Pretorius (Chief Executive Officer)
CC Barnes (Chief Financial Officer)
Non-executives:
J Turk **
Independent non-executives:
GC Campbell*(Non-Executive Chairman); RP Hume; EA Jeneker
Company Secretary:
TJ Gwebu
INVESTOR RELATIONS
For further information, contact Niel Pretorius at:
Tel: (+27-11) 219-8700, Fax: (+27-11) 476-2637,
website: http://www.drdgold.com
Ebsco House 4, 299 Pendoring Avenue,
Blackheath, Randburg, South Africa.
PO Box 390,
Maraisburg, 1700,
South Africa.
Randburg
22 October 2009
Sponsor
QuestCo Sponsors (Pty) Limited
Date: 22/10/2009 08:00:01 Produced by the JSE SENS Department.
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