| Thu 23 Oct 2003, 8:15 | | REPORT TO SHAREHOLDERS FOR THE 1st QUARTER |
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DURBAN ROODEPOORT DEEP, LIMITED - REPORT TO SHAREHOLDERS FOR THE 1st QUARTER
ENDED 30 SEPTEMBER 2003 OF THE 2004 FINANCIAL YEAR
DURBAN ROODEPOORT DEEP, LIMITED
(Incorporated in the Republic of South Africa)
Registration No.1895/000926/06
ARBN 086 277616
JSE trading symbol: DUR
ISIN Code: ZAE 000015079
Issuer code: DUSM
NASDAQ trading symbol: DROOY
REPORT TO SHAREHOLDERS FOR THE 1st QUARTER ENDED 30 SEPTEMBER 2003
OF THE 2004 FINANCIAL YEAR
GROUP RESULTS
Highlights
* Safety record continues to improve
* North West Operations restructuring completed
* ERPM moves into operating profit
* Tolukuma resource expansion
* Acquisition of 20% of Porgera Joint Venture
Quarter Quarter
Sep 2003 Jun 2003
Gold production
(attributable) oz 198 493 207 725
kg 6 174 6 461
Cash operating costs US$/oz 378 352
R/kg 90 520 87 368
Gold price received US$/oz 362 348
Capital expenditure US$ m 4.7 3.3
R m 35.0 24.9
Stock
ISSUED CAPITAL STOCK TRADED JSE NASDAQ FRANKFURT
211 402 045 ordinary Ave. volume for the
no par value shares quarter per day (000) 123 4 165 165
5 000 000 cumulative % of issued stock
preference shares traded (annualised) 15% 514% 20%
Price - High R 26.50 USD 3.54 Euro 2.95
- Low R 16.51 USD 2.20 Euro 2.04
- Close R 20.71 USD 2.86 Euro 2.53
Address details
REGISTERED OFFICE : SHARE TRANSFER SECRETARIES :
45 Empire Road, Parktown, Ultra Registrars (Pty) Ltd,
South Africa PO Box 4844,
PO Box 390, Johannesburg 2000,
Maraisburg 1700, South Africa
South Africa
UNITED KINGDOM REGISTRARS : DEPOSITORY BANK :
St. James" Corporate Services Ltd, American Depository Receipts,
6 St. James" Place, The Bank of New York,
London Shareholders Relations
SW IA INP Department,
101 Barclay Street,
New York, NY 10296
FORWARD LOOKING STATEMENTS
Some of the information in this voluntary announcement, contain
projections or other forward looking statements regarding future events or
other future performance. We wish to caution you that these statements are
only projections and those actual events or results may differ materially
due to such risks as difficulties in being a marginal producer of gold,
changes and reliability of ore reserve estimates, gold price volatility,
currency fluctuations and mining risks. We undertake no obligation to
publicly release results of any of these forward looking statements, which
may be made to reflect events or circumstances after the date hereof or to
reflect the occurrence of unexpected results.
LETTER TO SHAREHOLDERS
Dear shareholder
Overall performance
The gold price received was substantially unchanged quarter on quarter, with
the rise in the dollar price offset by a stronger Rand. Gold production
increased at most operations, except for the North West Operations where a
14% reduction from underground feed resulted from the 60-day review process
and restructuring exercise. This exercise has now been completed and some
3 000 employees have been retrenched at a cost of R39.5 million
(US$ 5.4 million). Cash operating unit costs increased by 3.6% in Rand terms due
to the annual wage increase which was effective from 1 July 2003. A two-year
agreement has been signed with all unions and associations. The average
increase for the current year will be 9.2%.
Overall performance
Our principal focus has been on turning around the North West Operations.
This has been achieved without resort to industrial action and the co-
operation of all parties in the review process has been much appreciated.
The result has been a reduction in wage costs to 44% of the total working
costs, and a reduction of 26% in monthly working costs, from R 106 million
(US$ 14 million) in July 2003 to R 78 million (US$ 11 million) in October
2003. The new production profile will be 5% lower. Development and opening
up of ore reserves have not been compromised in the process and the mine"s
life remains at 15 years as a result.
DRD has a 40% stake in the Crown Gold Recoveries joint venture with Khumo
Bathong Holdings and manages the ERPM mine and Crown surface retreatment
operations on behalf of the joint venture. ERPM"s gold production build up
continued with a 34% increase on the previous quarter and the mine reported
its first cash operating profit since its acquisition a year ago. Potential
for open-pit mining is being examined.
Blyvoor recovered some of the lost ground from the previous quarter.
Progress on the No 4 and 5 slimes dam project is on track. The budgeted cost
of the project is R 45 million (US$ 6 million) and will come into production
in January 2004 at a rate of 240 000 tonnes per month. Some 27.2 million
tonnes of slime are available at an average delivered grade of 0.568 grams
per tonne. Underground feed is still being restricted by ore pass
constraints, and around 1A sub shaft, approximately 10 000 tonnes of broken
rock is still in circuit. A mid-shaft loading arrangement is being installed
in the shaft to relieve the constraint and will be operational in December
2003.
At Tolukuma, production was stable, but logistics costs impacted
negatively on costs. Mining of the newly discovered Zine Vein on surface is
continuing and exploration for the underground extention is showing
encouraging results. Zine accounted for an additional 2 000 ounces of the
gold this quarter.
Financial
The cash operating loss of R 21 million (US$ 2.7 million) is due to the
loss of R 41.8 million (US$ 5.6 million) incurred at the North West
Operations. All other operations recorded cash operating profits. The
purpose of the North West Operations restructure is to return the mine to
profit and to restore a meaningful margin to shareholders.
Cash and cash equivalents increased to R 612 million (US$ 86 million)
from R 332 million (US$ 44 million), mainly as a result of the capital
raising completed during the quarter. New shares were issued to Investec
Bank on 9 September 2003 (18 million shares) and on 12 September 2003
(9 million shares), at an average price of R 17.86 (US$ 2.40) and R 17.94
(US$ 2.42) respectively, raising a total of R 483 million (US$ 64 million). The
proceeds from the placements are to be used for the North West Operations
restructuring costs and to substantially fund the purchase price for the
20% stake in the Porgera Joint Venture (see Acquisition, below), as well as for
general working capital requirements.
In addition, during the quarter, cash resources were used to reduce debt
by R 118 million (US$ 16 million). As a result of the above activities, the
current ratio has increased to 1.85 (1.09), while shareholders" equity has
more than doubled to R 798 million (US$ 111 million) from R 359 million
(US$ 48 million). Our interest-bearing debt : equity ratio improved to
66% (173%), while our interest-bearing debt : market capitalization improved to
11% (15%).
Acquisition
On 14 October 2003 we announced that an agreement had been reached to
acquire Oil Search Limited"s interest in the Porgera Joint Venture in Papua
New Guinea at a cost of US$ 73.8 million. We refer you to the detailed
announcement issued on 14 October 2003 regarding the acquisition. On
completion, this will increase DRD"s attributable annual gold production
from the Australasian region from 90 000 ounces to 260 000 ounces.
Management
We are pleased to announce the appointment of Andrea Townsend as Group
Company Secretary and Wayne Koonin as Divisional Director Group Finance.
Compliance
I am pleased to report on a continued improvement in our safety
performance. The lost time injury rate has improved by 10% to 8.63, with the
reportable frequency rate improving by 5% to 3.65 and the fatality injury
frequency rate at 0.24, an improvement of 44%.
In September 2003, the Department of Environment and Conservation and the
Provincial Health Department in Papua New Guinea reported on its water
quality and health investigations at DRD"s operations in that country. It
was found that all test results were within compliance limits and that there
was no connection between regional health issues and the operation of the
mine. We will continue to monitor our environment and the roll-out of our
local community programmes in the area.
Outlook
Prospects for the immediate future will depend on the Rand/Dollar
exchange rate. We have closed high-cost capacity at the North West
Operations and seeking to add lower cost production to the portfolio in
Papua New Guinea. We continue to diversify our asset base, and it is
expected that a greater proportion of our earnings and cash flow will be
derived from outside South Africa from the next quarter.
In spite of the cost of restructuring our North West Operations and the
job losses that unfortunately resulted from this, DRD has nevertheless made
a valuable contribution both to the South African economy and the gold
market as a whole. During the last three years we have created more than
6000 jobs on our South African operations, while our localization programmes
in Papua New Guinea have taken the representation of nationals in the
Tolukuma workforce to more than 95%. While we are still one of the most
marginal gold producers in the industry at the current exchange rate, the
recent acquisition of the stake in the Porgera Joint Venture will provide a
sustainable cash flow to support our value creative strategy. We are
confident that the gold price trend will continue upward, at which point our
gearing to gold will become evident.
MARK WELLESLEY-WOOD
Chairman and Chief Executive Officer
23 October 2003
Incorporating the results of all Durban Roodepoort Deep, Limited
subsidiaries, including Blyvooruitzicht Gold Mining Company Limited,
Buffelsfontein Gold Mines Limited, West Witwatersrand Gold Holdings Limited,
Hartebeestfontein Gold Mine (a division of Buffelsfontein Gold Mines
Limited), DRD Australasia and Dome Resources NL on a consolidated basis.
The results of Crown Gold Recoveries (Pty) Ltd which include the East
Rand Proprietary Mines Limited are accounted for on the Equity basis.
The financial statements below are prepared on the historical cost basis
and in accordance with South African Statements of Generally Accepted
Accounting Practice (SA GAAP).
The accounting policies are, in all material respects, consistent with
the annual financial statements for the year ended 30 June 2003.
GROUP INCOME STATEMENTS - SA GAAP
FINANCIAL RESULTS (R m)
(Unaudited) Quarter Quarter
Sep 2003 Jun 2003
Gold revenue 467.5 497.7
Cash operating costs ( 488.5) ( 505.3)
Cash operating loss ( 21.0) ( 7.6)
Other expenses - net ( 20.9) ( 17.4)
Business development ( 1.5) ( 4.2)
Care and maintenance costs ( 2.5) ( 3.3)
Cash loss from operations ( 45.9) ( 32.5)
Retrenchment costs ( 39.5) ( 11.6)
Investment income 11.7 16.2
Interest paid ( 13.6) ( 15.6)
Net cash operating loss ( 87.3) ( 43.5)
Rehabilitation ( 2.7) ( 5.2)
Depreciation ( 27.0) ( 43.5)
(Loss)/gain on financial instruments ( 4.6) 54.7
Gold in process ( 8.9) ( 7.7)
Loss before taxation ( 130.5) ( 45.2)
Loss from associate - ( 30.6)
Taxation - ( 0.2)
Deferred taxation charge 84.0 175.7
(Loss)/profit after taxation ( 46.5) 99.7
Exceptional items 0.7 ( 111.5)
Net loss ( 45.8) ( 11.8)
Headline (loss)/earnings per share-cents ( 24.4) 54.2
Basic loss per share-cents ( 24.1) ( 6.4)
Calculated on the weighted average
ordinary shares issued of : 190 437 051 184 091 468
Diluted headline (loss)/earnings per
share-cents ( 24.4) 53.9
Diluted basic loss per share-cents ( 24.1) ( 6.4)
GROUP BALANCE SHEETS - SA GAAP
ABRIDGED (R m)
(Unaudited) Quarter Quarter
Sep 2003 Jun 2003
Employment of Capital
Net mining assets 585.8 578.5
Investments 154.2 126.4
Environmental Trust funds 135.7 133.7
Deferred mining and income taxes 498.3 414.3
Current assets 756.9 563.8
Inventories 48.5 59.1
Trade and other receivables 96.8 172.9
Cash and equivalents 611.6 331.8
2 130.9 1 816.7
Capital employed
Shareholders" equity 891.2 456.1
Borrowings 394.2 387.5
Deferred financial liability 250.8 244.4
Rehabilitation 186.5 184.0
Other non-current liabilities 74.0 73.2
Current liabilities 334.2 471.5
Trade and other payables 294.2 329.1
Current portion of borrowings 40.0 142.4
2 130.9 1 816.7
CHANGES IN SHAREHOLDERS" INTEREST - SA GAAP
(Unaudited) (R m)
Quarter Quarter
Sep 2003 Jun 2003
Shareholders" interest at the
beginning of the period 456.1 493.5
Share capital issued 483.4 6.8
- for cash 482.9 -
- for share options exercised 0.7 1.4
- for equity portion of convertible note ( 0.2) 5.4
Movement in retained income ( 45.8) ( 11.8)
Currency adjustments and other ( 2.5) ( 32.4)
Shareholders" interest at the end
of the period 891.2 456.1
GROUP CASH FLOW STATEMENTS - SA GAAP
ABRIDGED (R m)
(Unaudited) Quarter Quarter
Sep 2003 Jun 2003
Net cash out flow from operating activities
before working capital changes ( 88.5) ( 87.6)
Working capital changes 40.6 ( 25.2)
Net cash in flow from investing activities 10.5 3.3
Net cash in/(out) flow from financing activities 327.2 ( 103.9)
Increase/(decrease) in cash & equivalents 289.8 ( 213.4)
Translation adjustment ( 10.0) 39.6
Opening cash and equivalents 331.8 505.6
Closing cash and equivalents 611.6 331.8
Incorporating the results of all Durban Roodepoort Deep, Limited
subsidiaries, including Blyvooruitzicht Gold Mining Company Limited,
Buffelsfontein Gold Mines Limited, West Witwatersrand Gold Holdings Limited,
Hartebeestfontein Gold Mine (a division of Buffelsfontein Gold Mines
Limited), DRD Australasia and Dome Resources NL on a consolidated basis.
The results of Crown Gold Recoveries (Pty) Ltd which include the East
Rand Proprietary Mines Limited are accounted for on the Equity basis.
The financial statements below are prepared in accordance to Generally
Accepted Accounting Principles in the United States of America (US GAAP).
The accounting policies are, in all material respects, consistent with the
annual financial statements for the year ended 30 June 2003.
FINANCIAL PERFORMANCE
Quarter Quarter
Sep 2003 Jun 2003
Cash costs $/oz 378 352
Cash operating loss $ million ( 2.7) ( 0.9)
Net (loss)/profit $ million ( 9.5) 1.1
Deferred financial liability (Eskom) $ million 35.1 32.7
Interest-bearing debt $ million 9.5 16.5
Convertible bond $ million 63.9 66.7
Net current assets $ million 48.7 6.4
Total assets $ million 297.5 242.5
Market capitalization $ million 604.6 464.2
GROUP INCOME STATEMENTS - US GAAP
The US GAAP financial information has been restated to reflect the immediate
expense on acquisition of the Argonaut mineral rights during the year ended
June 30, 1998.
FINANCIAL RESULTS (US$ m)
(Unaudited) Quarter Quarter
Jun 2003
Sep 2003 Restated
Revenues
Product sales (Gold revenue) 62.8 64.4
Cost and expenses ( 68.4) ( 67.6)
Production costs ( 66.8) ( 66.4)
Movement in gold in process ( 1.2) ( 0.5)
Movement in rehabilitation provision ( 0.4) ( 0.7)
Other operating expenses
Depreciation and amortization ( 3.3) ( 4.7)
Impairment of assets 0.1 ( 12.5)
Employment termination costs ( 5.4) ( 1.5)
Management and consulting fees ( 0.5) ( 0.7)
(Loss)/profit on financial instruments ( 3.6) 10.4
Profit on sale of investments - 2.7
Administration and general charges ( 3.1) ( 2.3)
Stock based compensation costs ( 0.5) ( 1.2)
Administration and general charges ( 2.6) ( 1.1)
Net operating loss ( 21.4) ( 11.8)
Investment income 1.6 2.4
Other income 0.8 1.1
Finance cost
Interest expense ( 1.8) ( 2.6)
Loss before taxation ( 20.8) ( 10.9)
Loss from associate - ( 3.6)
Income and mining tax benefit - 0.1
Deferred taxation benefit 11.3 15.5
Net (loss)/profit applicable to shareholders ( 9.5) 1.1
Basic (loss)/earnings per share (cents) ( 5.0) 0.2
Diluted (loss)/earnings per share (cents) ( 5.0) 0.2
GROUP BALANCE SHEETS - US GAAP
ABRIDGED (US$ m)
(Unaudited) Quarter Quarter
Jun 2003
Sep 2003 Restated
ASSETS
Current assets 105.8 75.4
Cash and equivalents 85.5 44.4
Receivables 13.5 23.1
Inventories 6.8 7.9
Mining assets 81.6 76.9
Cost 234.4 219.8
Accumulated depreciation & amortization ( 152.8) ( 142.9)
Other assets 110.1 90.2
Deferred income and mining taxes 69.6 55.4
Non-current assets 40.5 34.8
Total assets 297.5 242.5
LIABILITIES & STOCKHOLDERS" EQUITY
Current liabilities 57.1 69.0
Bank overdraft 0.4 3.9
Accounts payable and accrued liabilities 51.1 50.0
Short term portion of long term loans 5.6 15.1
Long term loans 5.6 5.7
Convertible loan note 62.2 62.4
Deferred financial liability 35.1 32.7
Provision-environmental rehabilitation 26.1 24.6
Shareholders" equity 111.4 48.1
Authorised
300 000 000 ordinary no par value shares
5 000 000 cumulative preference shares
Issued
211 402 045 ordinary no par value shares
5 000 000 cumulative preference shares
Stated capital 424.3 360.3
Additional paid in capital 38.2 37.7
Cumulative preference shares 0.1 0.1
Accumulated loss ( 314.5) ( 305.0)
Other comprehensive income ( 36.7) ( 45.0)
Total liabilities & shareholders" equity 297.5 242.5
CHANGES IN SHAREHOLDERS" EQUITY - US GAAP
(Unaudited) (US$ m)
Quarter Quarter
Jun 2003
Sep 2003 Restated
Shareholders" equity at the beginning of the period 48.1 48.9
Prior period adjustment (Argonaut mineral rights) - ( 4.5)
Shareholders" equity at the beginning of the period 48.1 44.4
as restated
Share capital issued 64.5 1.4
- for cash 63.8 -
- for share options exercised 0.2 0.2
- for stock based compensation 0.5 1.2
Movement in retained income ( 1.2) 2.3
- (loss)/profit applicable to shareholders ( 9.5) 1.1
- mark-to-market on investments 3.6 0.1
- currency adjustments and other 4.7 1.1
Shareholders" equity at the end of the period 111.4 48.1
GROUP CASH FLOW STATEMENTS
ABRIDGED (US$ m)
(Unaudited) Quarter Quarter
Sep 2003 Jun 2003
Net cash out flow from operating activities ( 6.4) ( 14.6)
Net cash in flow from investing activities 1.4 0.4
Net cash in/(out) flow from financing activities 44.0 ( 13.4)
Net increase/(decrease) in cash & equivalents 39.0 ( 27.6)
Translation adjustment 2.1 8.9
Cash and equivalents at beginning of period 44.4 63.1
Cash and equivalents at end of period 85.5 44.4
FINANCIAL PERFORMANCE
Quarter Quarter
Sep 2003 Jun 2003
Cash costs R/kg 90 520 87 368
Cash operating loss R million ( 21.0) ( 7.6)
Net (loss)/profit R million ( 70.1) 12.7
Deferred financial liability (Eskom) R million 250.8 244.4
Interest-bearing debt R million 67.8 123.0
Convertible bond R million 457.1 498.8
Net current assets R million 348.8 48.7
Total assets R million 2 128.4 1 811.7
Market capitalization R million 4 378.1 3 555.5
GROUP INCOME STATEMENTS - US GAAP
The US GAAP financial information has been restated to reflect the immediate
expense on acquisition of the Argonaut mineral rights during the year ended
June 30, 1998.
FINANCIAL RESULTS (R m)
(Unaudited) Quarter Quarter
Jun 2003
Sep 2003 Restated
Revenues
Product sales (Gold revenue) 467.5 497.7
Cost and expenses ( 509.1) ( 518.0)
Production costs ( 497.5) ( 509.1)
Movement in gold in process ( 8.9) ( 3.4)
Movement in rehabilitation provision ( 2.7) ( 5.5)
Other operating expenses
Depreciation and amortization ( 24.7) ( 36.4)
Impairment of assets 0.7 ( 98.2)
Employment termination costs ( 39.5) ( 11.6)
Management and consulting fees ( 3.4) ( 5.7)
(Loss)/profit on financial instruments ( 27.1) 84.8
Profit on sale of investments - 17.8
Administration and general charges ( 22.9) ( 17.5)
Stock based compensation costs ( 3.6) ( 10.0)
Administration and general charges ( 19.3) ( 7.5)
Net operating loss ( 158.5) ( 87.1)
Investment income 11.7 18.8
Other income 6.2 8.5
Finance cost
Interest expense ( 13.6) ( 20.7)
Loss before taxation ( 154.2) ( 80.5)
Loss from associate - ( 27.8)
Income and mining tax benefit - 0.9
Deferred taxation benefit 84.1 120.1
Net (loss)/profit applicable to shareholders ( 70.1) 12.7
Basic (loss)/earnings per share (cents) ( 36.8) 6.9
Diluted (loss)/earnings per share (cents) ( 36.8) 6.8
GROUP BALANCE SHEETS - US GAAP
ABRIDGED (R m)
(Unaudited) Quarter Quarter
Jun 2003
Sep 2003 Restated
ASSETS
Current assets 756.9 563.8
Cash and equivalents 611.6 331.8
Receivables 96.8 172.9
Inventories 48.5 59.1
Mining assets 583.5 573.9
Cost 1 676.6 1 641.6
Accumulated depreciation & amortization (1 093.1) (1 067.7)
Other assets 788.0 674.0
Deferred income and mining taxes 498.0 413.9
Non-current assets 290.0 260.1
Total assets 2 128.4 1 811.7
LIABILITIES & STOCKHOLDERS" EQUITY
Current liabilities 408.1 515.1
Bank overdraft 2.6 29.1
Accounts payable and accrued liabilities 365.5 373.2
Short term portion of long term loans 40.0 112.8
Long term loans 39.8 42.5
Convertible loan note 445.1 466.5
Deferred financial liability 250.8 244.4
Provision-environmental rehabilitation 186.5 184.0
Shareholders" equity 798.1 359.2
Authorised
300 000 000 ordinary no par value shares
5 000 000 cumulative preference shares
Issued
211 402 045 ordinary no par value shares
5 000 000 cumulative preference shares
Stated capital 2 684.5 2 200.9
Additional paid in capital 90.3 86.7
Cumulative preference shares 0.5 0.5
Accumulated loss (2 001.6) (1 931.5)
Other comprehensive income 24.4 2.6
Total liabilities & shareholders" equity 2 128.4 1 811.7
CHANGES IN SHAREHOLDERS" EQUITY - US GAAP
(Unaudited) (R m)
Quarter Quarter
Jun 2003
Sep 2003 Restated
Shareholders" equity at the beginning of the period 359.2 392.2
Prior period adjustment (Argonaut mineral rights) - ( 36.1)
Shareholders" equity at the beginning of the period 359.2 356.1
as restated
Share capital issued 487.2 11.4
- for cash 482.9 -
- for share options exercised 0.7 1.4
- for stock based compensation 3.6 10.0
Movement in retained income ( 48.3) ( 8.3)
- (loss)/profit applicable to shareholders ( 70.1) 12.7
- mark-to-market on investments 26.4 1.4
- currency adjustments and other ( 4.6) ( 22.4)
Shareholders" equity at the end of the period 798.1 359.2
GROUP CASH FLOW STATEMENTS
ABRIDGED Quarter Quarter
Sep 2003 Jun 2003
Net cash out flow from operating activities ( 47.9) ( 112.8)
Net cash in flow from investing activities 10.5 3.3
Net cash in/(out) flow from financing activities 327.2 ( 103.9)
Net increase/(decrease) in cash & equivalents 289.8 ( 213.4)
Translation adjustment ( 10.0) 39.6
Cash and equivalents at beginning of period 331.8 505.6
Cash and equivalents at end of period 611.6 331.8
US/SA GAAP RECONCILIATION
(R m)
Quarter Quarter
Reconciliation of net (loss)/profit to SA GAAP Jun 2003
Sep 2003 Restated
Net (loss)/profit determined under US GAAP ( 70.1) 12.7
Adjusted for:
Financial instruments ( 3.2) ( 30.3)
Depreciation of mineral rights ( 2.8) ( 2.8)
Accounting for business combinations 0.4 0.4
Stock based compensation costs 3.6 10.0
Fair value adjustment on investments 26.4 1.4
Deferred taxation on adjustments ( 0.1) ( 3.2)
Effect of US GAAP adjustments 24.3 ( 24.5)
Net loss determined under SA GAAP ( 45.8) ( 11.8)
CONVERSION FACTORS
Balance Sheet : 30 Sep 03 US$1 = R 7.1538
Income Statement average for :
Jul-03 US$1 = R 7.5654
Aug-03 US$1 = R 7.4048
Sep-03 US$1 = R 7.3472
Sep-03 quarter US$1 = R 7.4402
SHARE OPTION SCHEME
The following summary provides information in
respect of the Durban Roodepoort Deep (1996)
Share Option Scheme as at 30 September 2003:
Number of options in issue : 6 027 733
Number of options currently vested : 1 578 883
INVESTOR RELATIONS
For further information, contact Ilja Graulich at :
Tel: (+27-11) 381-7800, Fax: (+27-11) 482-4641,
e-mail: graulich@drd.co.za,
web site: http://www.durbans.com
45 Empire Road,
Parktown, South Africa.
P O Box 390,
Maraisburg 1700,
South Africa.
DIRECTORS - (*British)(**Australian)
Executives :
MM Wellesley-Wood (Chairman and Chief Executive Officer)*
IL Murray (Deputy Chief Executive Officer and Chief Financial Officer)
Non-executives :
MP Ncholo ; RP Hume ; GC Campbell* ; DC Baker**; D Blackmur**
Alternates :
A Lubbe ; D van der Mescht
Group Company Secretary : AI Townsend
Date: 23/10/2003 07:00:27 AM Produced by the JSE SENS Department
