Resources Correspondent
DURBAN Roodepoort Deep's gold production has slipped 7% in the three months ended March 31 when compared with the previous quarter.
Durban Deep said yesterday it had decided it was prudent to release the figures in order to quell what it has described as "unfounded market speculation".
The speculation followed allegations about its performance by former company secretary Maryna Eloff and a meeting in March between the company and the JSE Securities Exchange SA.
After the meeting, Durban Deep said the strong rand and the fire at its 40%-held ERPM gold mine would hit the company's earnings for the March quarter.
The company said production was 6501kg in the three months ended March 31 this year.
This is 505kg down on gold production of 7006kg recorded for the three months ended December 31 2002.
Durban Deep said the decline in production was the result of a number of factors.
"The downscaling of the open-cast operations at the company's North West operations, a power failure and a consequent 11-day interruption of pumping and production at the Buffels' Pioneer Shaft, and the continued effect, into the March quarter, of the seismic event on the Harties 6 shaft pillar in the December quarter," said Durban Deep.
Apr 10 2003 07:05:45:000AM Julie Bain Business Day 1st Edition
Thursday
10 April 2003
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