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DRDGOLD - Interim results
DRDGOLD LIMITED
(Formerly Durban Roodepoort Deep, Limited)
(Incorporated in the Republic of South Africa)
(Registration number 1895/000926/06)
ARB number 086 277 616
JSE trading symbol: DRD
ISIN Code: ZAE000058723
Issuer code: DUSM
Nasdaq trading symbol: DROOY
ASX trading symbol: DRD
(`DRDGOLD` or `THE COMPANY`)
REPORT TO SHAREHOLDERS FOR THE SIX MONTHS ENDED 30 JUNE 2005
2005 FINANCIAL YEAR
GROUP RESULTS
(Unaudited)
KEY FEATURES
- Cash operating profit up by 7% to R157.1 million
- R180 million capital raising
- Emperor investment written down to A$0.28 cents per share
- A$10 million Convertible loan and operational support for Emperor
- Buffelsfontein liquidated following loss of No.5 Shaft
- Improved Balance Sheet - current ratio at 1.45
KEY RESULTS SUMMARY
GROUP 6 months to 6 months to 6 months to
30 Jun 2005 31 Dec 2004 30 Jun 2004
Attributable gold production(*)
Australasian operations oz 151 996 165 138 144 004
kg 4 726 5 138 4 479
South African operations oz 125 485 126 417 156 202
kg 3 903 3 932 4 858
Discontinued operations oz 47 584 152 266 169 017
kg 1 480 4 736 5 257
Group oz 325 065 443 821 469 223
kg 10 109 13 806 14 594
Cash operating costs
Australasian operations US$/oz 254 206 204
ZAR/kg 50 889 41 103 45 085
South African operations US$/oz 407 498 431
ZAR/kg 81 575 99 590 93 035
Discontinued operations US$/oz 665 459 388
ZAR/kg 133 275 91 814 82 894
Group US$/oz 377 372 336
ZAR/kg 75 627 74 339 72 565
Gold price received
Group US$/oz 428 420 401
ZAR/kg 85 771 83 941 87 240
Capital expenditure
Net Group US$ m 10.2 12.5 10.4
ZAR m 63.3 77.9 70.0
12 months to 12 months to
30 Jun 2005 30 Jun 2004
Attributable gold production(*)
Australasian operations oz 317 134 233 190
Kg 9 864 7 253
South African operations oz 251 902 329 972
Kg 7 835 10 263
Discontinued operations oz 199 850 341 861
Kg 6 216 10 633
Group oz 768 886 905 023
Kg 23 915 28 149
Cash operating costs
Australasian operations US$/oz 231 219
ZAR/kg 46 289 48 641
South African operations US$/oz 453 385
ZAR/kg 90 598 85 453
Discontinued operations US$/oz 508 400
ZAR/kg 101 701 88 710
Group US$/oz 375 344
ZAR/kg 75 095 76 209
Gold price received
Group US$/oz 423 391
ZAR/kg 84 690 86 788
Capital expenditure
Net Group US$ m 22.7 23.2
ZAR m 141.2 160.4
* Attributable - including Emperor Mines Limited (`Emperor`) (45.33%) and Crown
Gold Recoveries (Pty) Limited (`CGR`)(40%)
STOCK
ISSUED CAPITAL
296 206 048 ordinary no par value shares
5 000 000 cumulative preference shares
Total ordinary no par value shares issued
and committed: 326 348 457
STOCK TRADED JSE ASX NASDAQ FRANKFURT
Avg. volume for the 6 months
per day (000) 191 20 3 082 103
% of issued stock traded
(annualised) 17% 2% 272% 9%
Price - High R9.10 A$2.10 US$1.57 Euro 1.18
- Low R4.15 A$0.76 US$0.30 Euro 0.50
- Close R5.69 A$1.12 US$0.88 Euro 0.77
NOTE REGARDING FINANCIAL INFORMATION
The condensed consolidated financial statements, Key Results Summary and
Overview are based on our interim financial statements for the six months ended
30 June 2005 and for the twelve months ended 30 June 2005 prepared in accordance
with South African Statements of Generally Accepted Accounting Practice. The
company will be releasing US GAAP financial statements for the twelve months
ended 30 June 2005 on or before 31 December 2005, which it will file with the US
Securities and Exchange Commission (`SEC`) on Form 20F.
FORWARD LOOKING STATEMENTS
Some of the information in this report may contain projections or other forward
looking statements regarding future events or other financial performance,
including forward-looking statements and information relating to DRDGOLD that
are based on the beliefs of management, as well as assumptions, made by and
information currently available to management. When used in this report, the
words `estimate`, `project`, `believe`, `anticipate`, `intend`, `expect` and
similar expressions are intended to identify forward-looking statements. Such
statements reflect management`s current views with respect to future events and
are subject to risks, uncertainties and assumptions.
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 we serve, 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 limitation, those described in the section entitled
`Risk Factors` included in our annual report for the fiscal year ended 30 June
2004, which we filed with the SEC on 29 November 2004 on Form 20-F, as amended
by the Form 20-F/A filed on 29 April 2005, and those detailed from time to time
with the SEC. You should not place undue reliance on these forward-looking
statements, which speak only as of the date thereof. We do 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
With deep regret we report that eight of our employees died in work-related
incidents during the second half of the 2005 financial year - four related to
the discontinued operations at our North West Operations (`NWO`) compared with
two during the first half. Our Fatal Injury Frequency Rate (`FIFR`) from
continuing operations deteriorated from 0.16 in the first half to 0.70 in the
second, our Lost Time Injury Frequency Rate (`LTIFR`) from 5.43 to 10.88 and our
Reportable Injury Frequency Rate (`RIFR`) from 2.30 to 3.95.
Total operations had one less fatality in 2005 compared with 2004, but given a
decline in our total number of employees, the FIFR year on year was unchanged at
0.25. While the RIFR for the year declined slightly from 3.49 to 3.44, the LTIFR
increased from 8.99 to 9.55.
The earthquake at NWO in South Africa in March 2005 undoubtedly skewed our
performance overall but these are disappointing results, nonetheless. In our
South African operations particularly, management, employees and their
representatives are looking afresh at issues such as underground support
standards and are re-gauging the effectiveness of current training and
orientation programs designed to create greater awareness and achieve behavioral
change.
Individually, some operations have achieved distinction during the year, most
notably our Blyvooruitzicht Gold Mining Company Limited (`Blyvoor`) mine which
won the West Rand Mine Managers` Association Safety Competition for the seventh
consecutive year.
PRODUCTION
The Group`s attributable production for the second half was 27% lower than for
the first at 325 065 ounces (10 109 kilograms). While this was due mainly to the
discontinuation of mining at the Buffelsfontein Gold Mines Limited
(`Buffelsfontein`) following the earthquake, a decline in production from the
Australasian operations for the period, was also a contributing factor.
AUSTRALASIAN OPERATIONS
Year-on-year, attributable production from the Australasian operations was 36%
higher at 317 134 ounces. This represents 56% of DRDGOLD`s total production for
the year if production from discontinued operations is excluded. In essence, the
weighting of the Australasian operations in DRDGOLD`s production profile has
continued to grow.
Lower gold production has reflected in higher unit costs. For the region, cash
operating unit costs in the second half, as mentioned above, were 23% higher
than in the first at US$254 per ounce. At Tolukuma they were 18% higher at
US$367 per ounce; at Porgera, 25% higher at US$208 per ounce; and at Emperor,
35% higher at US$507 per ounce. Rising fuel costs which have impacted on power
generations, logistics and other consumables have been a compounding common
factor for all three operations.
SOUTH AFRICAN OPERATIONS
Attributable production from continuing operations was less than 1% lower in
the second half at 125 485 ounces, reflecting a pleasing degree of stabilisation
resulting from restructuring process that continued for the whole of the 2005
financial year. Production from these operations, year on year, was 24% lower at
251 902 ounces due to the restructuring.
What happened to cash operating unit costs during the second half vindicates our
restructuring activity; for the South African operations as a whole, they
dropped 18% from the first half to US$407 per ounce. There is little doubt that,
had we not acted how we did when we did, the South African operations would not
have survived.
DISCONTINUED OPERATIONS
As has been previously reported, Buffelsfontein, a wholly owned subsidiary of
DRDGOLD went into provisional liquidation on 22 March 2005. The loss from the
discontinued operations amounted to R291.1 million for the financial year ending
30 June 2005.
The Company has agreed to abide by the directives issued by the South African
Department of Water Affairs and Forestry, in terms of which the Company,
Stilfontein, Harmony and AngloGold Ashanti are to equally share the costs of the
dewatering, as well as the costs of the continued operation and maintenance of
all infrastructure associated with any aspects of management of the water
impacting upon relevant mines/shafts of Buffelsfontein until October 31, 2005.
The commitment on behalf of the Company amounts to approximately R1.8 million
per month.
FINANCIALS
The Group`s cash operating profit from continuing operations for the second half
was 7% higher than in the first at R157.1 million and 3% higher year on year at
R304.5 million. These results reflect steady recovery of our South African
operations as a whole that has followed, particularly during the second half,
from the radical restructuring we have conducted, and a comparatively sound
performance overall from our Australasian operations as a whole and from Porgera
in particular.
While the average US$ gold price received year-on-year was 8% higher at US$423
per ounce, the ravages of Rand strength are revealed in the average Rand gold
price received - more than 2% down at R84 690 per kilogram. In the second half,
the average US$ price received was almost 2% higher than in the first half at
US$428 per ounce; and fortuitously, a moderate weakening in the Rand resulted in
an increase of more than 2% in the average Rand gold price received to R85 771
per kilogram. This was still lower, though, than the average for the 2004
financial year of R86 788.
Group cash operating costs year on year were 9% higher at US$375, the benefits
of the South African restructuring are becoming apparent from the containment of
the cash operating cost increase in the second half to little more than 1%
compared with the first half. Were it not for a 23% increase in cash operating
costs for the Australasian operations as a whole, half-year on half-year, and
the residual impact of the NWOs` high costs, we would have done even better.
Net operating profit from continuing operations was 34% higher at R41.2 million
for six months ending 30 June 2005 compared to the previous six months ending 31
December 2004. The loss before taxation of R140.0 million included a loss of
R127.4 million from associates. The loss from associates represents an
impairment of DRDGOLD`s 45.33% investment in Emperor down to A$0.28 cents per
share.
Shareholders equity increased from R428.1 million to R627.1 million and the
current ratio increased from 0.84 to 1.45. During the six months ending 30 June
2005 the Eskom `gold for electricity` contract was closed out. Cash and cash
equivalents increased to R241.2 million from R143.1 million as at 31 December
2004. Your attention is drawn to the withdrawal by KPMG Inc of the emphasis of
matter as per our interim financial report which we filed with the United States
Securities and Exchange Commission on 2 June 2005.
CORPORATE DEVELOPMENTS
We have reported extensively in recent weeks on our two most significant
corporate developments during the half year:
the signing of a Memorandum of Understanding (`MOU`) regarding the next steps in
our Black Economic Empowerment (`BEE`) relationship with Khumo Bathong Holdings
(Pty) Limited (`KBH`);
and our financial and management assistance package to Emperor.
THE WAY FORWARD
The 2005 financial year has been one of the toughest in DRDGOLD`s recent
history. It was disappointing - and for a while discouraging - to witness the
deleterious impact of two major extraneous factors on our plans for the
company`s growth and development ambitions. Here, we refer to the Rand
strength/Rand gold price weakness combination and to the devastating earthquake,
which precipitated our struggling NWO into provisional liquidation.
This was our 110th year in business however, and we would simply not have
survived this long had it been in our nature as a corporate entity to simply
`give up`. We have long characterised ourselves as the `turnaround` experts,
fixing or as a last resort, closing, mature gold mining operations that the more
faint-hearted had long since abandoned. More recently we have argued that we do
what we say, even when it is unpleasant and what some people want neither to
witness nor hear.
The restructuring of our South African operations was unpleasant and tested to
the extreme our relationships with many of our key stakeholders. But we are now
a whole lot more confident, not only about these operations surviving the macro-
economic environment of which they are part, but indeed, about their holding
their own well into the future.
We rank among few in the South African gold mining industry to have announced
ore replacement strategies recently - specifically, the No. 2 Sub-Shaft Project
extensions to the surface retreatment project at Blyvoor, and underground
exploration at East Rand Proprietary Mines Limited (`ERPM`) of the contiguous
Sallies property. We`re optimistic, too, of further brownfields opportunities
provided we continue to manage current mine planning and costs as tightly as we
have in the 2005 financial year. What better time than to extend our
relationship with our BEE partner, and get back on track as a serious player in
the South African gold mining industry for the duration.
We could have hoped, given the difficulties faced by our South African business
during the year, that our Australasian interests had not come somewhat `off the
boil` in the second half but such is life. As the South African operations have
been restored to rights, we have been able to redirect financial and human
resources to Australasia, building our support systems there just when they are
needed. Already - at Emperor`s Vatukoula mine in Fiji, particularly - the
difference is being felt.
In summary then, we have entered the 2006 financial year in much better shape -
materially and psychologically - than we entered the 2005 financial year. From
past events we have learned never to be sanguine, but the 2006 financial year is
at least starting on a better base.
The condensed consolidated financial statements below are prepared with South
African Statements of Generally Accepted Accounting Practice (`SA GAAP`). The
accounting policies are, in all material respects, consistent with those used to
prepare the annual financial statements for the year ended 30 June 2004.
CONSOLIDATED 6 months to 6 months to 6 months to
30 Jun 2005 31 Dec 2004 30 Jun 2004
(Unaudited) (Reviewed)* (Reviewed)*
Income Statements Rm Rm Rm
Continuing operations
Gold and Silver revenue 570.0 581.9 691.7
Cash operating costs (412.9) (434.5) (514.6)
Cash operating profit 157.1 147.4 177.1
Corporate administration and
other expenses (39.0) (71.6) (59.9)
Business development (8.5) (9.5) (3.5)
Exploration costs (6.6) (4.9) -
Care and maintenance costs (4.5) (6.1) (3.6)
Cash profit from operations 98.5 55.3 110.1
Retrenchment costs (5.6) (20.5) (5.9)
Investment income (33.4) 14.5 16.3
Interest paid (18.3) (18.5) (15.4)
Net operating profit 41.2 30.8 105.1
Rehabilitation and post closure
provisions (19.8) 2.7 (6.0)
Depreciation (44.5) (66.4) (126.2)
Profit on financial Instruments 5.0 1.7 13.2
Movement in gold in process 5.5 5.2 22.8
Loss from associates ** (127.4) (20.7) (88.9)
Loss before taxation (140.0) (46.7) (80.0)
Taxation (33.4) (36.6) (46.4)
Deferred taxation 52.4 (10.1) (82.6)
Loss after taxation (121.0) (93.4) (209.0)
Profit on sale of assets/
investments - 3.0 -
Impairments - - (22.4)
Discontinued operations
Loss for the period from
discontinued operations (11.4) (279.7) (447.7)
Net loss (132.4) (370.1) (679.1)
Headline loss per share-cents
- From continuing operations (18.5) (37.8) (99.5)
- Total operations (47.3) (64.4) (252.7)
Basic loss per share-cents
- From continuing operations (45.0) (36.6) (102.6)
- Total operations (49.3) (149.9) (301.2)
Calculated on the weighted
average shares issued of: 268 646 022 246 924 284 225 438 347
Diluted headline loss per Share
-cents (47.3) (64.4) (252.7)
Diluted basic loss per share
-cents (49.3) (149.9) (301.2)
12 months to 12 months to
30 Jun 2005 30 Jun 2004
(Unaudited) (Reviewed*)
Income Statements Rm Rm
Continuing operations
Gold and Silver revenue 1 151.9 1 268.8
Cash operating costs (847.4) (972.4)
Cash operating profit 304.5 296.4
Corporate administration and other expenses (110.6) (158.8)
Business development (18.0) (6.1)
Exploration costs (11.5) -
Care and maintenance costs (10.6) (8.3)
Cash profit from operations 153.8 123.2
Retrenchment costs (26.1) (6.2)
Investment income (18.9) 124.7
Interest paid (36.8) (40.7)
Net operating profit 72.0 201.0
Rehabilitation and post closure provisions (17.1) (8.6)
Depreciation (110.9) (189.0)
Profit/(loss) on financial instruments 6.7 (21.4)
Movement in gold in process 10.7 6.4
Loss from associates ** (148.1) (88.9)
Loss before taxation (186.7) (100.5)
Taxation (70.0) (51.0)
Deferred taxation 42.3 (47.7)
Loss after taxation (214.4) (199.2)
Profit on sale of assets/Investments 3.0 -
Impairments - (22.4)
Discontinued operations
Loss for the period from discontinued
operations (291.1) (494.8)
Minority interest - -
Net loss (502.5) (716.4)
Headline loss per share-cents
- From continuing operations (55.6) (99.1)
- Total operations (111.1) (328.3)
Basic loss per share-cents
- From continuing operations (82.0) (102.4)
- Total operations (195.0) (330.9)
Calculated on the weighted
Average shares issued of: 257 695 796 216 509 843
Diluted headline loss per Share
-cents (111.1) (328.3)
Diluted basic loss per share
-cents (195.0) (330.9)
*Financial results have been restated to disclose discontinued operations
** Loss from associates include DRDGOLD`s write down of its investment in
Emperor to A$0.28 cents per share
CONDENSED CONSOLIDATED As at As at As at
30 Jun 2005 31 Dec 2004 30 Jun 2004
(Unaudited) (Reviewed) (Reviewed)
Balance Sheets Rm Rm Rm
Employment of Capital
Net mining assets 799.1 707.4 956.1
Investments 108.4 213.8 92.4
Environmental trust funds 42.9 144.4 143.3
Other non-current assets 214.6 186.2 200.8
Current assets 399.9 331.4 359.0
Inventories 103.3 93.6 103.5
Trade and other receivables 55.4 94.7 114.6
Cash and cash equivalents 241.2 143.1 140.9
1 564.9 1 583.2 1 751.6
Capital employed
Shareholders equity 627.1 428.1 564.1
Minority shareholders interest 5.8 5.8 5.8
Long-term borrowings 359.3 300.6 309.0
Derivative instruments 3.7 9.7 31.8
Rehabilitation and post closure
provisions 151.0 242.6 245.4
Deferred mining and income taxes 95.7 127.9 132.4
Provisions 45.7 72.3 82.9
Current liabilities 276.6 396.2 380.2
Trade and other payables 211.9 328.7 321.7
Derivative instruments-net - 15.3 -
Current portion of long-term
borrowings 64.7 52.2 58.5
1 564.9 1 583.2 1 751.6
CONDENSED CONSOLIDATED 6 months to 6 months to 6 months to
30 Jun 2005 31 Dec 2004 30 Jun 2004
(Unaudited) (Reviewed) (Reviewed)
Rm Rm Rm
Changes in shareholders interest
Shareholders interest at the
beginning of the period 428.1 564.1 1 092.6
Share capital issued 225.6 270.3 239.2
- for acquisition finance and cash 240.7 281.9 237.4
- for share options exercised - 0.5 5.8
- for costs (15.1) (12.1) (4.0)
Movement in retained income (132.4) (370.1) (679.1)
Currency adjustments and
Other movements 105.8 (36.2) (88.6)
Shareholders interest at the
end of the period 627.1 428.1 564.1
Reconciliation of headline loss
Net loss (132.4) (370.1) (679.1)
Adjusted for:
- impairment of associate and
mining assets 70.5 214.0 109.5
- Gain on liquidation of
subsidiary (65.2) - -
- Profit on sale of investments - (3.0) -
Headline loss (127.1) (159.1) (569.6)
12 months to 12 months to
30 June 2005 30 June 2004
Shareholders interest at the
beginning of the period 564.1 456.1
Share capital issued 495.9 883.6
- for acquisition finance and cash 522.6 882.4
- for share options exercised 0.5 2.2
- for costs (27.2) -
- for equity portion of
convertible note - (1.0)
Movement in retained income (502.5) (716.4)
Currency adjustments and
other movements 69.6 (59.2)
Shareholders interest at the
end of the period 627.1 564.1
Reconciliation of headline loss
Net loss (502.5) (716.4)
Adjusted for:
- impairment of associate and
mining assets 284.5 5.2
- Gain on liquidation of
subsidiary (65.2) -
- (Profit)/loss on sale of investments (3.0) 0.4
Headline loss (286.2) (710.8)
CONDENSED CONSOLIDATED 6 months to 6 months to 6 months to
30 Jun 2005 31 Dec 2004 30 Jun 2004
(Unaudited) (Reviewed) (Reviewed)
Rm Rm Rm
Cash Flow Statements
Net cash (out)/in flow from
operations (55.2) (72.6) 44.1
Working capital changes (10.0) 8.6 (14.2)
Net cash outflow from investing
activities (63.6) (220.9) (105.6)
Net cash in flow from financing
activities 223.7 303.0 46.3
Increase/(decrease) in cash and
and cash equivalents 94.9 18.1 (29.4)
Translation adjustment 3.2 (15.9) 24.9
Opening cash and cash equivalents 143.1 140.9 145.4
Closing cash and cash equivalents 241.2 143.1 140.9
Reconciliation of net cash (out)/in
flow from operations
Net operating profit from continued
operations 41.2 30.8 105.1
Net (loss)/profit from discontinued
operations (76.9) (51.4) 2.7
Net operating (loss)/profit (35.7) (20.6) 107.8
Adjusted for:
interest provision on
convertible bond 13.7 13.6 14.5
Amortisation of costs of
convertible notes 3.7 3.8 3.7
Financial instruments (4.7) (5.2) (4.5)
Unrealised foreign exchange
gain/(loss) 3.5 (12.6) (32.0)
Growth in Environmental
trust funds (3.9) (1.0) (3.7)
Profit on sale of assets and
other non cash items - 3.0 4.6
Interest paid (12.3) (12.3) (19.7)
Taxation paid (19.5) (41.3) (26.6)
Net cash (out)/in flow from
operations (55.2) (72.6) 44.1
12 months to 12 months to
30 Jun 2005 30 Jun 2004
(Unaudited) (Reviewed)
Rm Rm
Cash Flow Statements
Net cash outflow from
operations (127.8) (59.0)
Working capital changes (1.4) 117.9
Net cash outflow from investing
activities (284.5) (660.8)
Net cash in flow from financing
activities 526.7 477.7
Increase/(decrease) in cash and
and cash equivalents 113.0 (124.2)
Translation adjustment (12.7) (66.7)
Opening cash and cash equivalents 140.9 331.8
Closing cash and cash equivalents 241.2 140.9
Reconciliation of net cash (out)/in
Flow from operations
Net operating profit from continued
operations 72.0 201.0
Net operating loss from discontinued
operations (128.3) (90.5)
Net operating (loss)/profit (56.3) 110.5
Adjusted for:
interest provision on convertible bond 27.3 29.7
Amortisation of costs of convertible notes 7.5 7.9
Financial instruments (9.9) (171.9)
Unrealised foreign exchange (loss)/gain (9.1) 28.0
Growth in Environmental trust funds (4.9) (7.6)
Profit on sale of assets and
other non cash items 3.0 -
Interest paid (24.6) (27.5)
Taxation paid (60.8) (28.1)
Net cash outflow from operations (127.8) (59.0)
KEY OPERATING AND FINANCIAL RESULTS (Unreviewed)
Australasian operations
Porgera (20% of the 6 months to 6 months to 6 months to
Joint Venture) 30 Jun 2005 31 Dec 2004 30 Jun 2004
Ore milled t`000 594 606 646
Yield g/t 4.86 5.27 4.88
Gold produced oz 92 815 102 579 101 339
kg 2 888 3 191 3 152
Cash operating costs US$/oz 208 166 184
ZAR/kg 41 683 33 110 41 319
ZAR/tonne 203 174 202
Cash operating profit US$ m 20.3 26.3 22.9
ZAR m 126.6 163.2 159.6
Capital expenditure US$ m 9.2 6.9 2.3
ZAR m 57.3 42.9 16.0
12 months to 12 months to
30 Jun 2005 30 Jun 2004
Ore milled t`000 1 200 941
Yield g/t 5.07 4.87
Gold produced oz 195 394 147 475
kg 6 079 4 587
Cash operating costs US$/oz 186 196
ZAR/kg 37 291 43 480
ZAR/tonne 189 212
Cash operating profit US$ m 46.6 31.7
ZAR m 289.8 218.5
Capital expenditure US$ m 16.1 4.1
ZAR m 100.2 28.3
Tolukuma 6 months to 6 months to 6 months to
30 Jun 2005 31 Dec 2004 30 Jun 2004
Ore milled t`000 104 107 102
Yield g/t 11.24 11.24 13.01
Gold produced oz 37 647 38 667 42 665
kg 1 169 1 203 1 327
Cash operating costs US$/oz 367 312 253
ZAR/kg 73 632 62 306 54 028
ZAR/tonne 828 701 703
Cash operating profit US$ m 3.1 4.1 6.1
ZAR m 19.2 25.4 41.4
Capital expenditure US$ m 1.1 2.3 4.0
ZAR m 6.9 14.4 27.1
12 months to 12 months to
30 Jun 2005 30 Jun 2004
Ore milled t`000 211 196
Yield g/t 11.24 13.60
Gold produced oz 76 314 85 715
kg 2 372 2 666
Cash operating costs US$/oz 346 259
ZAR/kg 69 348 57 522
ZAR/tonne 780 782
Cash operating profit US$ m 7.2 10.9
ZAR m 44.6 75.2
Capital expenditure US$ m 3.4 6.0
ZAR m 21.3 41.3
Emperor 6 months to 6 months to 6 months to
(45.33% attributable) 30 Jun 2005 31 Dec 2004 30 Jun 2004
Ore milled t`000 108 105 -
Yield g/t 6.19 7.09 -
Gold produced oz 21 534 23 892 -
kg 669 744 -
Cash operating costs US$/oz 507 376 -
ZAR/kg 100 986 75 208 -
ZAR/tonne 624 543 -
12 months to 12 months to
30 June 2005 30 June 2004
Ore milled t`000 213 -
Yield g/t 6.63 -
Gold produced oz 45 426 -
kg 1 413 -
Cash operating costs US$/oz 431 -
ZAR/kg 85 957 -
ZAR/tonne 580 -
South African operations
Blyvoor 6 months to 6 months to 6 months to
30 Jun 2005 31 Dec 2004 30 Jun 2004
Ore milled
Underground t`000 278 309 416
Surface t`000 1 587 1 345 1 469
Total t`000 1 865 1 654 1 885
Yield
Underground g/t 7.59 7.06 6.84
Surface g/t 0.26 0.24 0.35
Total g/t 1.36 1.52 1.78
Gold produced
Underground oz 67 870 70 088 91 501
kg 2 111 2 180 2 846
Surface oz 13 439 10 481 16 525
kg 418 326 514
Total oz 81 309 80 569 108 026
kg 2 529 2 506 3 360
Cash operating costs
Underground US$/oz 442 525 440
ZAR/kg 88 492 104 884 94 996
ZAR/tonne 672 740 650
Surface US$/oz 233 321 380
ZAR/kg 46 641 64 190 82 175
ZAR/tonne 12 16 29
Total US$/oz 407 498 431
ZAR/kg 81 575 99 590 93 035
ZAR/tonne 111 151 166
Cash operating profit/
(loss) US$ m 1.8 (6.6) (3.6)
ZAR m 11.3 (41.2) (24.0)
Capital expenditure US$ m - (0.1) 2.0
ZAR m (0.3) (0.4) 13.0
12 months to 12 months to
30 Jun 2005 30 Jun 2004
Ore milled
Underground t`000 587 831
Surface t`000 2 932 2 287
Total t`000 3 519 3 118
Yield
Underground g/t 7.31 7.42
Surface g/t 0.25 0.47
Total g/t 1.43 2.33
Gold produced
Underground oz 137 958 198 211
kg 4 291 6 165
Surface oz 23 920 34 883
kg 744 1 085
Total oz 161 878 233 094
kg 5 035 7 250
Cash operating costs
Underground US$/oz 484 387
ZAR/kg 96 887 85 748
ZAR/tonne 708 636
Surface US$/oz 272 378
ZAR/kg 54 331 83 776
ZAR/tonne 14 40
Total US$/oz 453 385
ZAR/kg 90 598 85 453
ZAR/tonne 130 199
Cash operating (loss)/
profit US$m (4.8) 0.3
ZARm (29.9) 2.7
Capital expenditure US$ m (0.1) 8.8
ZAR m (0.7) 60.4
Crown 6 months to 6 months to 6 months to
(40% attributable) 30 Jun 2005 31 Dec 2004 30 Jun 2004
Ore milled t`000 1 745 1 807 1 975
Yield g/t 0.38 0.41 0.40
Gold produced oz 21 529 23 895 25 232
kg 670 743 785
Cash operating costs US$/oz 412 379 351
ZAR/kg 82 297 75 805 75 518
ZAR/tonne 32 31 30
12 months to 12 months to
30 Jun 2005 30 Jun 2004
Ore milled t`000 3 552 4 011
Yield g/t 0.40 0.40
Gold produced oz 45 424 51 982
kg 1 413 1 617
Cash operating costs US$/oz 395 343
ZAR/kg 78 890 75 967
ZAR/tonn 31 31
ERPM 6 months to 6 months to 6 months to
(40% attributable) 30 Jun 2005 31 Dec 2004 30 Jun 2004
Ore milled
Underground t`000 63 82 114
Surface t`000 390 362 86
Total t`000 453 444 200
Yield
Underground g/t 8.51 6.92 6.07
Surface g/t 0.43 0.33 0.24
Total g/t 1.55 1.54 3.57
Gold produced
Underground oz 17 233 18 159 22 248
kg 536 565 692
Surface oz 5 414 3 794 696
kg 168 118 21
Total oz 22 647 21 953 22 944
kg 704 683 713
Cash operating costs US$/oz 411 412 366
ZAR/kg 82 196 82 382 78 789
ZAR/tonne 127 127 281
12 months to 12 months to
30 Jun 2005 30 Jun 2004
Ore milled
Underground t`000 145 230
Surface t`000 752 87
Total t`000 897 317
Yield
Underground g/t 7.58 5.97
Surface g/t 0.38 0.25
Total g/t 1.55 4.40
Gold produced
Underground oz 35 392 44 189
kg 1 101 1 374
Surface oz 9 208 707
kg 286 22
Total oz 44 600 44 896
kg 1 387 1 396
Cash operating costs US$/oz 411 367
ZAR/kg 82 287 81 543
ZAR/tonne 127 359
Discontinued operations
North West 6 months to 6 months to 6 months to
(Hartebeestfontein 30 Jun 2005 31 Dec 2004 30 Jun 2004
and Buffelsfontein mines)
Ore milled
Underground t`000 246 740 799
Surface t`000 320 564 94
Total t`000 566 1 304 893
Yield
Underground g/t 4.68 5.70 6.02
Surface g/t 1.03 0.92 4.77
Total g/t 2.61 3.63 5.89
Gold produced
Underground oz 37 006 135 516 154 613
kg 1 151 4 215 4 809
Surface oz 10 578 16 750 14 404
kg 329 521 448
Total oz 47 584 152 266 169 017
kg 1 480 4 736 5 257
Cash operating costs US$/oz 665 459 388
ZAR/kg 133 275 91 814 82 894
ZAR/tonne 348 333 488
Cash operating
(loss)/profit US$ m (12.1) (6.5) 1.7
ZAR m (75.3) (40.2) 15.1
Capital expenditure US$ m (0.1) 3.4 2.1
ZAR m (0.7) 21.0 13.8
12 months to 12 months to
30 Jun 2005 30 Jun 2004
Ore milled
Underground t`000 986 1 665
Surface t`000 884 1 493
Total t`000 1 870 3 158
Yield
Underground g/t 5.44 5.58
Surface g/t 0.96 0.90
Total g/t 3.32 3.37
Gold produced
Underground oz 172 522 298 681
kg 5 366 9 290
Surface oz 27 328 43 180
kg 850 1 343
Total oz 199 850 341 861
kg 6 216 10 633
Cash operating costs US$/oz 508 400
ZAR/kg 101 701 88 710
ZAR/tonne 338 299
Cash operating loss US$ m (18.6) (4.4)
ZAR m (115.5) (30.6)
Capital expenditure US$ m 3.3 4.3
ZAR m 20.3 29.8
Share Option Scheme
The following summary provides information in respect of the DRDGOLD (1996)
Share Option Scheme as at 30 June 2005:
Number of Options % of issued capital
In issue 12 542 409 4.23
Options currently vested 6 507 374 2.2
INVESTOR INFORMATION
DIRECTORS - (*British)(**Australian)(***American)
Executives:
MM Wellesley-Wood (Chief Executive Officer)*
IL Murray (Chief Financial Officer)
Non-executives:
MP Ncholo (Non-Executive Chairman)
J Turk ***
Independent non-executives:
DJM Blackmur**; GC Campbell*; RP Hume
Group Company Secretary:
T 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
25 August 2005
Date: 25/08/2005 08:00:28 AM
Produced by the JSE SENS Department
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