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DRD
DRDD
DRD - DRDgold - Blyvoor gives Notice of Section 189 (3) process to consider
Employee Reductions
DRDGOLD LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1895/000926/06)
JSE share code: DRD
ISIN: ZAE000058723
Issuer code: DUSM
NYSE trading symbol: DRD
("DRDGOLD")
BLYVOOR GIVES NOTICE OF SECTION 189 (3) PROCESS TO CONSIDER EMPLOYEE
REDUCTIONS
DRDGOLD shareholders are advised that, following a recommendation from the
Board of Directors of its 74%-owned Blyvooruitzicht Gold Mining Company
Limited ("Blyvoor"), it has resolved to suspend all further mining at
Blyvoor`s low-grade Number 4 and 6 Shafts with immediate effect.
Pursuant to this resolution, which may impact on up to 1 800 employees of
the mine, Blyvoor`s management has given notice in terms of Section 189 (3)
of the Labour Relations Act to the National Union of Mineworkers and UASA of
a 60-day process to seek consensus on the possible cutbacks.
These measures follow a decline since April 2011 in recovery grades to below
cut-off at the two shafts, which are used mainly to pump water from
underground to surface and into Blyvoor`s surface recovery circuit. Both
shafts failed to respond to turnaround efforts since the introduction of
business rescue proceedings in the second half of last year.
For the time being, pumping of underground water from the two shafts will
not be affected by the cutbacks.
Production from Blyvoor`s surface recycling circuit and at its principal No
5 production shaft; from which it plans to access an additional 400 000
ounces it is seeking to acquire from AngloGold Ashanti`s Savuka Mine - are
also not affected by the decision.
DRDGOLD has notified Village Main Reef Limited - with whom DRDGOLD is
currently in negotiations for the disposal of its stake in Blyvoor - of its
decision, and is of the view that the proposed sale will not be negatively
affected by it.
Roodepoort
6 February 2012
Sponsor: One Capital
Date: 06/02/2012 08:45:09 Produced by the JSE SENS Department.
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